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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): May 2, 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 May 2, 2022, Acadia Realty Trust (the “Company”) issued a press release announcing its consolidated financial results for the quarter ended March 31, 2022. 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 ended March 31, 2022. 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 May 2, 2022
99.2	Supplemental Reporting Information as of and for the quarter ended March 31, 2022
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
May 5, 2022		Title:		Executive Vice President and Chief Financial Officer

 

 

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Exhibit 99.1

 

 

Sunny Holcomb

(914) 288-8100

 

ACADIA REALTY TRUST REPORTS FIRST QUARTER 2022 OPERATING RESULTS

RYE, NY (May 02, 2022) - Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”) today reported operating results for the quarter ended March 31, 2022. 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").

First Quarter and Recent Highlights

 

“Notwithstanding significant volatility in the capital markets, we continue to see strong tenant demand for our locations and strong performance from our retailers,” stated Kenneth F. Bernstein, President and CEO of Acadia Realty Trust.

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"This strong internal growth combined with a robust acquisition pipeline positions us for significant earnings growth in excess of prior expectations. Additionally, our Core balance sheet remains well-hedged and poised to withstand the current environment."

 

CORE PORTFOLIO OPERATING RESULTS

 

The Company exceeded expectations with GAAP earnings per share of $0.18, FFO per share of $0.36 and FFO Before Special Items per share of $0.33. Please refer to the Consolidated Financial Results section below for additional details.

Driven by rent commencements on new leases and improved credit conditions, the Company's same-property NOI, excluding redevelopments, increased 9.7% for the first quarter 2022 as compared to the first quarter 2021.

For the quarter ended March 31, 2022, the Company's pro-rata share of credit losses and reserves was a benefit of $1.3 million, inclusive of a benefit from approximately $1.3 million of previously-reserved tenant accounts and a straight-line rent reserve benefit of $1.1 million from moving certain tenants from cash basis to the accrual method.

The Company's pro-rata share of credit losses and reserves is as follows (dollars in millions):

 

		Core Same Store		Core Other		Funds		Total		Per Share
First Quarter 2022 Credit Losses and Reserves
Credit Loss and Abatements - Billed Rents and Recoveries		$0.1		$0.9		$0.1		$1.1		$0.01
Prior Period (Benefit), Net		(0.6)		(0.6)		(0.1)		(1.3)		(0.01)
Straight-Line Rent Reserves (Benefit)		N/A		(1.0)		(0.1)		(1.1)		(0.01)
Total		$(0.5)		$(0.7)		$(0.1)		$(1.3)		$(0.01)

 

CORE AND FUND TRANSACTIONAL ACTIVITY

 

During the first quarter and post-quarter to date, the Company completed approximately $380 million of investments as follows:

 

Core Acquisitions

 

The Company completed four Core acquisitions totaling approximately $250 million during the first quarter and post-quarter to date as follows (amounts below are inclusive of transaction costs).

 

Henderson Avenue Portfolio, Dallas, Texas. In April 2022, the Company completed its first acquisition in the Knox-Henderson corridor of Dallas, Texas with its purchase of the Henderson Avenue Portfolio ("Portfolio") for $85.4 million. The Portfolio is comprised of 15 retail assets along with future development and redevelopment sites on Henderson Avenue. The Portfolio is located in the heart of rapidly growing East Dallas, and in proximity to the city's most affluent communities of Highland Park, University Park, Uptown and Lakewood.

 

Henderson Avenue is evolving into a vibrant neighborhood, becoming one of the trendiest and most desirable areas in Dallas. The street is one of the few walkable destinations in the city and offers residents and visitors a unique, authentic district experience in a predominantly car-centric environment. The Portfolio already includes a strong line up of digitally-native retailers such as Warby Parker, Tecovas and Bonobos, and a collection of some of the most popular restaurants in the city. The demonstrated success of the retailers and restauranteurs on Henderson Avenue serves as a promising proof of concept for what is to come. The Portfolio also includes a high performing Sprouts Farmers Market.

 

With approvals in place for the development site and plans to invest in the Portfolio and the surrounding neighborhood, Henderson Avenue is poised to become a thriving retail corridor similar to the other street markets where the Company has successfully invested in across the country. Significant redevelopment and densification opportunities will enable

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the Company to add retail and office space to the Portfolio and further connect and activate this already thriving district. These improvements will have an emphasis on placemaking and will bring distinct architecture, public spaces, local art and expanded parking capacity to Henderson Avenue. The Company intends to partner with a local development team to oversee the execution of these projects.

 

The Core acquisitions below have been previously announced.

 

8833 Beverly Boulevard, West Hollywood, California. In March 2022, the Company, in conjunction with Osiris Ventures, completed the acquisition of 8833 Beverly Boulevard in the Design District of West Hollywood, California for $24.1 million expanding its existing footprint in Los Angeles. The property is leased to Luxury Living Group, a leading Italian furniture manufacturer in the luxury lifestyle sector with collections for Fendi Casa, Bentley Home, Trussardi Casa, Paul Mathieu, Bugatti Home, Heritage Collection and Ritz Paris Home Collection. The West Hollywood submarket continues to be desired by design, fashion and restaurant retailers and benefits from high income and supply constrained corridors.

 

Williamsburg Collection, Brooklyn, New York. In February 2022, the Company completed an investment in a collection of 11 retail storefronts and 23 residential units for $97.8 million on Bedford Avenue in the Williamsburg neighborhood of Brooklyn, New York. Williamsburg has emerged as one of the leading retail submarkets in New York City, fueled by robust tenant expansion and increasing residential density. The collection is leased to a variety of national and specialty tenants, many of which are top producing stores in their chain. Tenants at the property include Sephora, Sweetgreen, Levain Bakery and Alo Yoga, and when combined with adjacent retailers including Apple, Whole Foods and Equinox, create a natural center of gravity for the market.

 

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 and is leased to Bang & Olufsen.

 

Fund V Acquisitions

Fund V completed two acquisitions for approximately $130 million during the first quarter as follows (amounts below are inclusive of transaction costs).

 

Wood Ridge Plaza, The Woodlands (Houston), Texas. In March 2022, Fund V, a 90% partner in the joint venture with DLC Management Corp. ("DLC"), completed the acquisition of Wood Ridge Plaza for $49.3 million. This property is strategically located along Interstate 45, a primary north-south thoroughfare for the city, connecting Dallas with Houston and Galveston and is positioned directly across from The Woodlands Mall, one of the most dominant malls in Houston. Tenants at the property include Kirkland's and Skechers.

 

La Frontera Village, Round Rock (Austin), Texas. In March 2022, Fund V, a 90% partner in the joint venture with DLC, completed the acquisition of La Frontera Village for $81.4 million. The property is a necessity-oriented center with a strong line up of high performing tenants including Kohl's, Burlington, Hobby Lobby, Marshalls and Old Navy. The Austin economy has been expanding rapidly due to the increased presence of technology giants like Dell, IBM, Apple, Samsung, Tesla and Amazon.

 

Fund Dispositions

Northeast Grocer Portfolio (Fund IV). In January and March 2022, Fund IV completed the disposition of its two remaining properties located in Pennsylvania within its Northeast Grocer Portfolio for $45.4 million and repaid the mortgages on the properties aggregating $23.3 million.

 

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 mortgage of $34.5 million.

 

Self Storage Management (Fund III). In March 2022, Fund III sold its 50% interest in Storage Post's operating company for approximately $6 million, of which the Company's share was $1.5 million.

 

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CORE PORTFOLIO LEASING

During the first quarter, GAAP and cash leasing spreads were 10.6% and 7.8%, respectively, on 25 conforming new and renewal leases aggregating approximately 298,000 square feet.

The Core Portfolio was 90.5% occupied and 94.1% leased as of March 31, 2022 compared to 90.0% occupied and 93.2% leased as of December 31, 2021. The leased rate includes space that is leased but not yet occupied and excludes development and redevelopment properties.

BALANCE SHEET

During the first quarter and post-quarter to date, the Company raised gross proceeds of approximately $123.9 million (of which approximately $96 million was previously announced) at an average gross issuance price per share of approximately $22.50 through its at-the-market equity program to fund external growth.

In April 2022, the Company entered into a $175 million five-year term loan to repay outstanding amounts under the revolving credit facility.

The Company has effectively fixed its interest rate exposure on the Company's Core borrowings (inclusive of interest rate swaps, structured finance loans and cash on hand).

CONSOLIDATED FINANCIAL RESULTS

A complete reconciliation, in dollars and per share amounts, of (i) net income 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 to NOI is included in the financial tables of this release.

 

Net Income

 

Net income attributable to Acadia for the quarter ended March 31, 2022 was $16.8 million, or $0.18 per share, which included: (i) $8.3 million gain, or $0.08 per share, on dispositions and (ii) $3.6 million, or $0.04 per share, primarily from the unrealized mark-to-market gain on its investment in Albertsons supermarkets ("Albertsons"), offset by $0.9 million, or $0.01 per share for net acquisition and transaction costs from a Core acquisition.

 

Net income attributable to Acadia for the quarter ended March 31, 2021 was $4.8 million, or $0.05 per share, which included: (i) $5.1 million, or $0.06 per share, attributable to an aggregate gain on dispositions of Core and Fund investments and (ii) $1.4 million, or $0.02 per share, primarily from the unrealized mark-to-market gain on Albertsons. These benefits were partially offset by $3.7 million, or $0.04 per share, related to credit loss, straight-line rent reserves and tenant abatements, primarily due to the COVID-19 Pandemic.

 

FFO as Defined by NAREIT

 

FFO for the quarter ended March 31, 2022, was $35.4 million, or $0.36 per share, and included: (i) $3.6 million, or $0.04 per share, primarily from the unrealized mark-to-market gain on Albertsons and (ii) $1.5 million, or $0.01 per share from the Fund III disposition of its interest in Self Storage Management.

 

FFO for the quarter ended March 31, 2021, was $24.0 million, or $0.26 per share, which included $1.4 million, or $0.02 per share, primarily from the unrealized mark-to-market gain on Albertsons. This benefit was partially offset by $3.7 million, or $0.04 per share, related to credit loss, straight-line rent reserves and tenant abatements, primarily due to the COVID-19 Pandemic.

 

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FFO Before Special Items

 

FFO Before Special Items for the quarter ended March 31, 2022 was $32.7 million, or $0.33 per share, which excluded: $3.6 million, or $0.04 per share, primarily from the unrealized mark-to-market gain on Albertsons offset by $0.9 million, or $0.01 per share for net acquisition and transaction costs from a Core acquisition.

 

FFO Before Special Items for the quarter ended March 31, 2021 was $22.6 million, or $0.25 per share, which excluded $1.4 million, or $0.02 per share, primarily from the unrealized mark-to-market gain on Albertsons.

 

2022 GUIDANCE

The Company increased its annual 2022 guidance of earnings per share, NAREIT Funds from operations and FFO Before Special Items attributable to Common Shareholders and Common OP Unit holders. Additionally, the Company updated its net income and FFO to reflect the unrealized holding gains recognized related to its investment in Albertsons through March 31, 2022. The Company has not reflected any forward-looking estimates involving future unrealized holding gains (i.e. changes in share price) on Albertsons in its net income and FFO guidance assumptions. The revised guidance is based upon Acadia's current view of existing market conditions and assumptions for the year ending December 31, 2022.

 

		2022 Guidance
		Revised		Prior
Net earnings per share attributable to Common Shareholders		$0.25 to $0.37		$0.19 to $0.32
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interests' share)		1.01 to 1.04		1.01 to 1.04
Gain on disposition of properties (net of noncontrolling interests' share)		(0.07)		(0.07)
Noncontrolling interest in Operating Partnership		0.02		0.02
NAREIT Funds from operations per share attributable to Common Shareholders and Common OP Unit holders		$1.21 to $1.36		$1.15 to $1.31
Net Promote and other Core and Fund profits		(0.06) to (0.11)		(0.06) to (0.10)
Funds from operations, excluding Net Promote and other Core and Fund profits		$1.15 to $1.25		$1.09 to $1.21
Adjustments for Special Items:
Less: Albertsons unrealized holding gain (net of noncontrolling interest share) for the three months ended March 31, 2022		(0.04)		—
Net Promote and other Core and Fund profits		0.06 to 0.11		0.06 to 0.10
Funds from operations Before Special Items per share attributable to Common Shareholders and Common OP Unit holders		$1.17 to $1.32		$1.15 to $1.31

 

 

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CONFERENCE CALL

Management will conduct a conference call on Tuesday, May 3, 2022 at 11:00 AM ET to review the Company’s earnings and operating results. Dial-in and webcast information is listed below.

Live Conference Call:

Date: Tuesday, May 3, 2022

Time: 11:00 AM ET

Dial#: 844-309-6711

Passcode: “Acadia Realty” or “8591189”

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

Phone Replay:

Dial#: 855-859-2056

Passcode: "8591189”

Available Through: Tuesday, May 10, 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 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 rising inflation, 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

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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.

 

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, 2021 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 Income (a)

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

 

		Three Months Ended March 31,
		2022				2021
Revenues						(As Restated)(b)
Rental income		$	79,467			$	65,998
Other			2,040				2,189
Total revenues			81,507				68,187
Operating expenses
Depreciation and amortization			33,713				30,640
General and administrative			11,937				8,992
Real estate taxes			11,280				11,206
Property operating			13,350				13,209
Total operating expenses			70,280				64,047
Gain on disposition of properties			28,815				4,612
Operating income			40,042				8,752
Equity in earnings of unconsolidated affiliates			3,130				1,882
Interest and other income			2,935				1,700
Realized and unrealized holding gains on investments and other			15,730				5,125
Interest expense			(17,925	)			(16,614	)
Income from continuing operations before income taxes			43,912				845
Income tax benefit (provision)			185				(148	)
Net income			44,097				697
Net (income) loss attributable to noncontrolling interests			(27,259	)			4,120
Net income attributable to Acadia		$	16,838			$	4,817
Less: net income attributable to participating securities			(204	)			(156	)
Net income attributable to Common Shareholders -    basic and diluted earnings per share		$	16,634			$	4,661
Weighted average shares for basic and diluted earnings per share			93,310				86,346
Net earnings per share - basic and diluted (C)		$	0.18			$	0.05

 

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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 March 31,
		2022				2021
						(As Restated)(b)
Net income attributable to Acadia		$	16,838			$	4,817
Depreciation of real estate and amortization of leasing costs (net of    noncontrolling interests' share)			24,313				23,807
Gain on disposition of properties (net of noncontrolling interests' share)			(6,876	)			(5,096	)
Income attributable to Common OP Unit holders			998				347
Distributions - Preferred OP Units			123				123
Funds from operations attributable to Common Shareholders and Common OP Unit holders		$	35,396			$	23,998
Adjustments for Special Items:
Add back: Acquisition costs, net of bargain purchase gain			859				—
Less: Unrealized holding (gain) loss and other (net of noncontrolling interest share)			(3,570	)			(1,399	)
Funds from operations before Special Items attributable to Common Shareholders and Common OP Unit holders		$	32,685			$	22,599
Funds From Operations per Share - Diluted
Basic weighted-average shares outstanding, GAAP earnings			93,286				86,323
Weighted-average OP Units outstanding			5,314				5,120
Assumed conversion of Preferred OP Units to common shares			465				465
Assumed conversion of LTIP units and restricted share units to    common shares			38				23
Weighted average number of Common Shares and Common OP Units			99,103				91,931
Diluted Funds from operations, per Common Share and Common OP Unit		$	0.36			$	0.26
Diluted Funds from operations before Special Items, per Common Share and Common OP Unit		$	0.33			$	0.25

 

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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 March 31,
		2022				2021
						(As Restated)(b)
Consolidated operating income		$	40,042			$	8,752
Add back:
General and administrative			11,937				8,992
Depreciation and amortization			33,713				30,640
Less:
Above/below market rent, straight-line rent and other adjustments			(6,596	)			(4,456	)
Gain on disposition of properties			(28,815	)			(4,612	)
Consolidated NOI			50,281				39,316
Noncontrolling interest in consolidated NOI			(15,785	)			(10,272	)
Less: Operating Partnership's interest in Fund NOI included above			(4,073	)			(2,535	)
Add: Operating Partnership's share of unconsolidated    joint ventures NOI (e)			3,773				3,300
NOI - Core Portfolio		$	34,196			$	29,809

 

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ACADIA REALTY TRUST AND SUBSIDIARIES

Consolidated Balance Sheets (a)

(Dollars in thousands)

		As of
		March 31, 2022				December 31, 2021
ASSETS
Investments in real estate, at cost
Land		$	821,841			$	739,641
Buildings and improvements			3,014,853				2,892,051
Tenant improvements			206,755				199,925
Construction in progress			7,825				11,131
Right-of-use assets - finance leases			25,086				25,086
			4,076,360				3,867,834
Less: Accumulated depreciation and amortization			(669,783	)			(648,461	)
Operating real estate, net			3,406,577				3,219,373
Real estate under development			192,115				203,773
Net investments in real estate			3,598,692				3,423,146
Notes receivable, net			153,161				153,886
Investments in and advances to unconsolidated affiliates			413,141				322,326
Other assets, net			198,767				186,509
Right-of-use assets - operating leases, net			39,885				40,743
Cash and cash equivalents			36,151				17,746
Restricted cash			11,875				9,813
Rents receivable, net			44,509				43,625
Assets of properties held for sale			—				63,952
Total assets		$	4,496,181			$	4,261,746
LIABILITIES
Mortgage and other notes payable, net		$	1,095,445			$	1,140,293
Unsecured notes payable, net			529,796				559,040
Unsecured line of credit			194,405				112,905
Accounts payable and other liabilities			202,526				236,415
Lease liability - operating leases, net			37,936				38,759
Dividends and distributions payable			18,320				14,460
Distributions in excess of income from, and investments in, unconsolidated affiliates			9,547				9,939
Total liabilities			2,087,975				2,111,811
Commitments and contingencies
EQUITY
Acadia Shareholders' Equity
Common shares, $0.001 par value, authorized 200,000,000 shares, issued and outstanding 94,507,864 and 89,303,545 shares, respectively			95				89
Additional paid-in capital			1,864,060				1,754,383
Accumulated other comprehensive loss			(5,724	)			(36,214	)
Distributions in excess of accumulated earnings			(196,818	)			(196,645	)
Total Acadia shareholders’ equity			1,661,613				1,521,613
Noncontrolling interests			746,593				628,322
Total equity			2,408,206				2,149,935
Total liabilities and equity		$	4,496,181			$	4,261,746

 

11

 

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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 – March 31, 2022
Section I – First Quarter 2022 Earnings Press Release
Section II – Financial Information			Section III – Core Portfolio Information
Company Information	3		Core Properties		26
Market Capitalization	4		Core Top Tenants		30
Operating Statements			Core Lease Expirations		31
Consolidated Income Statements	5		Core New and Renewal Rent Spreads		32
Income Statement - Pro-rata Adjustments	7		Core Capital Expenditures		33
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		34
Fee Income	14		Fund Properties		35
Structured Financing	15		Fund Lease Expirations		38
Other Information			Development and Redevelopment Activity		39
Transactional Activity	16
2022 Guidance	17
Net Asset Valuation Information	18
Selected Financial Ratios	19		Section V – Other Information
Debt Analysis
Summary	21		Important Notes		41
Detail	22
Maturities	24

 

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

 

 

 

 

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Supplemental Report – March 31, 2022				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		Michael Bilerman - (212) 816-1383		Todd Thomas - (917) 368-2286
		craig.schmidt@bofa.com		michael.bilerman@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 – March 31, 2022	(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			94,508							Balance at 12/31/2021			89,304				5,059				94,363
Common Operating Partnership ("OP") Units			5,302							ATM issuance			5,151				—				5,151
Combined Common Shares and OP Units			99,810							Vesting RS and LTIPs			11				279				290
										OP Conversions			36				(36	)			—
Share Price at March 31, 2022		$	21.67							Other			6				—				6
										Balance at 3/31/2022			94,508				5,302				99,810				93,310				93,310				99,103				99,103
Equity Capitalization - Common Shares and OP Units		$	2,162,883
Preferred OP Units			10,068		2
Total Equity Capitalization			2,172,951			64%		65%
Debt Capitalization
Consolidated debt			1,826,271
Adjustment to reflect pro-rata share of debt			(610,061	)
Total Debt Capitalization			1,216,210			36%		35%
Total Market Capitalization		$	3,389,161		3	100%		100%

__________

 

 

	4

 

 

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	Consolidated Income Statement
Supplemental Report – March 31, 2022	(in thousands)

 

		March 31, 2022 1
CONSOLIDATED INCOME STATEMENT		Quarter
Revenues
Rental income		$	79,467
Other			2,040
Total revenues			81,507
Operating expenses
Depreciation and amortization			33,713
General and administrative			11,937
Real estate taxes			11,280
Property operating			13,350
Total operating expenses			70,280
Gain on disposition of properties			28,815
Operating income			40,042
Equity in earnings of unconsolidated affiliates			3,130
Interest and other income			2,935
Realized and unrealized holding gains (losses) on investments and other			15,730
Interest expense			(17,925	)
Income from continuing operations before income taxes			43,912
Income tax benefit			185
Net income			44,097
Net income attributable to noncontrolling interests			(27,259	)
Net income attributable to Acadia		$	16,838

 

 

 

 

	5

 

 

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	Income Statement - Detail
Supplemental Report – March 31, 2022	(in thousands)

 

		March 31, 2022 1
CORE PORTFOLIO AND FUND INCOME		Quarter
PROPERTY REVENUES
Minimum rents		$	58,739
Percentage rents			732
Expense reimbursements - CAM			6,805
Expense reimbursements - Taxes			7,815
Other property income			666
Total Property Revenues			74,757
PROPERTY EXPENSES
Property operating - CAM			10,900
Other property operating (Non-CAM)			2,296
Real estate taxes			11,280
Total Property Expenses			24,476
NET OPERATING INCOME - PROPERTIES			50,281
OTHER INCOME (EXPENSE)
Interest income			2,935
Straight-line rent income (expense)			4,427
Above/below-market rent income (expense)			1,514
Interest expense 2			(16,608	)
Amortization of finance costs			(1,255	)
Above/below-market interest income (expense)			26
Asset and property management income (expense)			(162	)
Other income (expense)			598
Finance lease interest expense			(88	)
CORE PORTFOLIO AND FUND INCOME			41,668
FEE AND OTHER INCOME
Asset and property management fees			169
Net promote and other transactional income			1,473
Realized and unrealized holding gains (losses) on investments and other			13,095
Transactional fees 3			51
Income tax (provision) benefit			185
Total Fee and Other Income (Loss)			14,973
General and Administrative			(9,915	)
Depreciation and amortization			(33,623	)
Non-real estate depreciation and amortization			(90	)
Gain on change of control and other			(859	)
Gain on disposition of properties			28,813
Income (Loss) before equity in earnings and noncontrolling interests			40,967
Equity in earnings of unconsolidated affiliates			3,130
Noncontrolling interests			(27,259	)
NET INCOME ATTRIBUTABLE TO ACADIA		$	16,838

 

 

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	Income Statement – Pro Rata Adjustments
Supplemental Report – March 31, 2022	(in thousands)

 

		Quarter Ended March 31, 2022
CORE PORTFOLIO AND FUND INCOME		Noncontrolling Interest in Consolidated Subsidiaries 4				Company’s Interest in Unconsolidated Subsidiaries 5
PROPERTY REVENUES
Minimum rents		$	(23,137	)		$	9,616
Percentage rents			(463	)			240
Expense reimbursements - CAM			(3,339	)			1,482
Expense reimbursements - Taxes			(2,177	)			1,988
Other property income			(347	)			55
Total Property Revenues			(29,463	)			13,381
PROPERTY EXPENSES
Property operating - CAM			(5,074	)			1,381
Other property operating (Non-CAM)			(627	)			246
Real estate taxes			(3,618	)			2,285
Total Property Expenses			(9,319	)			3,912
NET OPERATING INCOME - PROPERTIES			(20,144	)			9,469
OTHER INCOME (EXPENSE)
Interest income			—				—
Straight-line rent income (expense)			(2,008	)			288
Above/below-market rent income (expense)			(346	)			797
Interest expense 2			8,416				(2,664	)
Amortization of finance costs			689				(241	)
Above/below-market interest income (expense)			—				21
Asset and property management income (expense)			332				(367	)
Other income (expense)			(489	)			305
Finance lease interest expense			64				—
CORE PORTFOLIO AND FUND INCOME			(13,486	)			7,608
FEE AND OTHER INCOME
Asset and property management fees			2,641				164
Net promote and other transactional income			—				—
Realized and unrealized holding gains (losses) on investments and other			(9,385	)			—
Transactional fees 3			1,427				98
Income tax (provision) benefit			52				(3	)
Total Fee and Other Income (Loss)			(5,265	)			259
General and Administrative			514				(134	)
Depreciation and amortization			13,913				(4,603	)
Non-real estate depreciation and amortization			—				—
Gain on change of control and other			—				—
Gain (loss) on disposition of properties			(21,937	)			—
Income (Loss) before equity in earnings and noncontrolling interests			(26,261	)			3,130
Equity in earnings of unconsolidated affiliates			—				—
Noncontrolling interests 6			(998	)			—
NET INCOME ATTRIBUTABLE TO ACADIA		$	(27,259	)		$	3,130

 

 

 

 

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	Balance Sheet
Supplemental Report – March 31, 2022	(in thousands)

 

ASSETS		Consolidated Balance Sheet				Line Item Details:
Real estate
Land		$	821,841			The components of Real estate under development, at cost are as follows:
Buildings and improvements			3,221,608			Core		$	42,975
Construction in progress			7,825			Fund II			35,502
Right-of-use assets - finance leases			25,086			Fund III			24,578
			4,076,360			Fund IV			89,060
Less: Accumulated depreciation and amortization			(669,783	)		Total		$	192,115
Total			3,406,577
Real estate under development			192,115			Summary of other assets, net:
Operating real estate, net			3,598,692			Deferred charges, net		$	26,319
Notes receivable, net			153,161			Accrued interest receivable			18,559
Investments in and advances to unconsolidated affiliates			413,141			Due from seller			3,364
Lease intangibles, net			121,448			Prepaid expenses			13,591
Other assets, net			77,319			Other receivables			6,763
Right-of-use assets - operating leases, net			39,885			Income taxes receivable			2,643
Cash and cash equivalents			36,151			Corporate assets, net			1,561
Restricted cash			11,875			Deposits			4,519
Straight-line rents receivable, net			31,465			Total		$	77,319
Rents receivable, net			13,044
Total Assets		$	4,496,181
LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgage and other notes payable, net		$	1,095,445
Unsecured notes payable, net			529,796			Summary of accounts payable and other liabilities:
Unsecured line of credit			194,405			Lease liability - finance leases, net		$	6,712
Accounts payable and other liabilities			118,732			Accounts payable and accrued expenses			49,657
Lease liability - operating leases, net			37,936			Deferred income			35,714
Dividends and distributions payable			18,320			Tenant security deposits, escrow and other			13,899
Lease intangibles, net			83,794			Derivative financial instruments			12,750
Distributions in excess of income from, and investments in, unconsolidated affiliates			9,547			Total		$	118,732
Total liabilities			2,087,975
Shareholders' Equity
Common shares			95
Additional paid-in capital			1,864,060
Accumulated other comprehensive loss			(5,724	)
Distributions in excess of accumulated earnings			(196,818	)
Total Acadia shareholders’ equity			1,661,613
Noncontrolling interests			746,593
Total equity			2,408,206
Total liabilities and equity		$	4,496,181

 

 

	8

 

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	Balance Sheet – Pro-rata Adjustments7
Supplemental Report – March 31, 2022	(in thousands)

 

 

ASSETS		Noncontrolling Interest in Consolidated Subsidiaries 5				Company’s Interest in Unconsolidated Subsidiaries 6
Real estate
Land		$	(179,509	)		$	74,274
Buildings and improvements			(999,515	)			294,783
Construction in progress			(3,540	)			392
Right-of-use assets - finance leases			(4,129	)			22,563
			(1,186,693	)			392,012
Less: Accumulated depreciation and amortization			133,686				(63,381	)
Total			(1,053,007	)			328,631
Real estate under development			(112,971	)			7,539
Operating real estate, net			(1,165,978	)			336,170
Notes receivable, net			-				—
Investments in and advances to unconsolidated affiliates			(220,122	)			(149,494	)
Lease intangibles, net			(43,561	)			9,815
Other assets, net			7,052				4,885
Right-of-use assets - operating leases, net			(2,262	)			—
Cash and cash equivalents			(22,168	)			6,301
Restricted cash			(8,921	)			5,637
Straight-line rents receivable, net			(7,577	)			4,579
Rents receivable, net			(4,423	)			1,618
Total Assets		$	(1,467,960	)		$	219,511
LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgage and other notes payable, net		$	(693,210	)		$	187,749
Unsecured notes payable, net			(103,395	)			—
Unsecured line of credit			—				—
Accounts payable and other liabilities			(34,921	)			26,487
Lease intangibles, net			(27,889	)			7,189
Lease liability - operating leases, net			(2,371	)			4
Dividends and distributions payable			—				—
Lease liability - finance leases			(4,892	)			7,629
Distributions in excess of income from, and investments in, unconsolidated affiliates			—				(9,547	)
Total liabilities			(866,678	)			219,511
Shareholders' Equity
Common shares			—				—
Additional paid-in capital			—				—
Accumulated other comprehensive loss			—				—
Distributions in excess of accumulated earnings			—				—
Total Acadia shareholders’ equity			—				—
Noncontrolling interests			(601,282	)			—
Total equity			(601,282	)			—
Total liabilities and equity		$	(1,467,960	)		$	219,511

 

 

 

	9

 

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	Balance Sheet – Pro-rata Adjustments7
Supplemental Report – March 31, 2022	(in thousands)

 

__________

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

 

 

	10

 

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	Funds from Operations (“FFO”), Adjusted Funds from Operations (“AFFO”)1
Supplemental Report – March 31, 2022	(in thousands)

 

		Quarter Ended				Quarter Ended
		March 31, 2022				March 31, 2021
Funds from operations ("FFO"):						(As Restated)
Net Income (Loss)		$	16,838			$	4,817
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share)			24,313				23,807
(Gain) loss on disposition on real estate properties (net of noncontrolling interest share)			(6,876	)			(5,096	)
Income (loss) attributable to noncontrolling interests' share in Operating Partnership			1,121				470
FFO to Common Shareholders and Common OP Unit holders		$	35,396			$	23,998
Add back: acquisition costs, net of bargain purchase gain			859				—
Less: Unrealized holding (gain) loss and other (net of noncontrolling interest share)			(3,570	)			(1,399	)
FFO before Special Items		$	32,685			$	22,599
Adjusted Funds from operations ("AFFO"):
FFO		$	35,396			$	23,998
Unrealized (gains) losses			(3,570	)			(1,399	)
Straight-line rent, net			(2,707	)			(402	)
Above/below-market rent			(1,965	)			(1,779	)
Amortization of finance costs			807				775
Above/below-market interest			(47	)			(47	)
Non-real estate depreciation			90				57
Stock-based compensation			3,887				3,861
Leasing commissions			(1,053	)			(98	)
Tenant improvements			(3,403	)			(1,290	)
Maintenance capital expenditures			(638	)			(285	)
AFFO to Common Shareholders and Common OP Unit holders		$	26,797			$	23,391
Total weighted-average diluted shares and OP Units			99,103				91,931
Diluted FFO per Common share and OP Unit:
FFO		$	0.36			$	0.26
FFO before Special Items		$	0.33			$	0.25

 

 

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	EBITDA1
Supplemental Report – March 31, 2022	(in thousands)

 

		Quarter Ended March 31, 2022												Quarter Ended March 31, 2021
		Core												Core
		Portfolio				Funds				Total				Portfolio				Funds				Total
EBITDA:														(As Restated)				(As Restated)				(As Restated)
Net Income (Loss) Attributable to Acadia		$	9,943			$	6,895			$	16,838			$	6,508			$	(1,691	)		$	4,817
Adjustments:
Depreciation and amortization			19,617				4,786				24,403				20,103				3,761				23,864
Interest expense			8,387				2,469				10,856				8,049				2,367				10,416
Amortization of finance costs			605				202				807				571				210				781
Above/below-market interest			(47	)			—				(47	)			(47	)			—				(47	)
Gain on disposition of properties			—				(6,876	)			(6,876	)			(4,520	)			(576	)			(5,096	)
Unrealized holding losses (gains) and other			(3,570	)			—				(3,570	)			(1,738	)			339				(1,399	)
Acquisition costs, net of bargain purchase gain			859				—				859				—				—				—
Provision (benefit) for income taxes			(249	)			15				(234	)			99				14				113
Noncontrolling interest - OP			998				—				998				347				—				347
EBITDA		$	36,543			$	7,491			$	44,034			$	29,372			$	4,424			$	33,796
Adjusted EBITDA:
EBITDA		$	36,543			$	7,491			$	44,034			$	29,372			$	4,424			$	33,796
Stock based compensation			3,887				—				3,887				3,861				—				3,861
Adjusted EBITDA		$	40,430			$	7,491			$	47,921			$	33,233			$	4,424			$	37,657

 

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Notes to Funds from Operations and EBITDA:

 

 

 

 

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	Core Portfolio – Same Property Performance 1
Supplemental Report – March 31, 2022	(in thousands)

 

		Quarter Ended								Change
		March 31, 2022				March 31, 2021				Favorable/ (Unfavorable)
Summary
Minimum rents		$	33,178			$	30,189				9.9	%
Expense reimbursements			9,465				9,314				1.6	%
Other property income			599				385				55.6	%
Total Revenue			43,242				39,888				8.4	%
Expenses
Property operating - CAM & Real estate taxes			12,638				11,948				(5.8	)%
Other property operating (Non-CAM)			764				731				(4.5	)%
Total Expenses			13,402				12,679				(5.7	)%
Same Property NOI - Core properties		$	29,840			$	27,209				9.7	%
Reconciliation of Same Property NOI to Core NOI
NOI of Properties excluded from Same Property NOI			4,356				2,600
Core NOI		$	34,196			$	29,809
Other same property information
Physical Occupancy at the end of the period			90.4	%			88.2	%
Leased Occupancy at the end of the period			94.0	%			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 – March 31, 2022	(in thousands)

 

		Fund II				Fund III				Fund IV				Fund V				Other				Total
Quarter Ended March 31, 2022
Asset and property management fees		$	286			$	32			$	1,055			$	1,463			$	138			$	2,974
Transactional fees			121				217				351				859				28				1,576
Total fees		$	407			$	249			$	1,406			$	2,322			$	166			$	4,550

 

 

 

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	Structured Financing Portfolio
Supplemental Report – March 31, 2022	(in thousands)

 

		December 31, 2021												Quarter Ended March 31, 2022																				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			$	4,852			$	94,184			$	—			$	—			$	89,332			$	5,293			$	94,625				6.38	%			6.95	%		Apr-20 to Sept-24
Other notes4			65,000				11,514				76,514				—				—				65,000				13,077				78,077				8.52	%			8.52	%		Jan-23 to Dec-27
Total Core notes receivable		$	154,332			$	16,366			$	170,698			$	—			$	—			$	154,332			$	18,370			$	172,702				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																							—
Allowance for credit loss																							(1,171	)
Total Pro-rata Notes Receivable																						$	153,161

 

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	Transactional Activity
Supplemental Report – March 31, 2022	(in thousands)

 

PROPERTY ACQUISITIONS AND DISPOSITIONS
Property Name		Location		Date of Transaction		Transaction Amount				Ownership % 1				Fund Share				Acadia Share
ACQUISITIONS 2
Core:
121 Spring Street		New York, NY		January 12, 2022		$	39,637				100.00	%		$	—			$	39,637
Williamsburg Collection 3		Brooklyn, NY		February 18, 2022			97,750				100.00	%			—				97,750
8833 Beverly Boulevard		Hollywood, CA		March 2, 2022			24,117				100.00	%			—				24,117
							161,504								—				161,504
Fund V:
Wood Ridge Plaza		Houston, TX		March 21, 2022			49,317				90.00	%			44,385				8,921
La Frontera		Round Rock, TX		March 30, 2022			81,358				90.00	%			73,222				14,718
							130,675								117,608				23,639
						$	292,179							$	117,608			$	185,143
DISPOSITIONS
Fund III:
Cortlandt Crossing		Mohegan Lake, NY		February 9, 2022		$	65,533				100.00	%		$	65,533			$	16,082
Self Storage Management				March 9, 2022			6,000				50.00	%			—				1,500
Fund IV:
Mayfair		Philadelphia, PA		January 26, 2022			23,700				100.00	%			23,700				5,479
Dauphin		Harrisburg, PA		March 4, 2022			21,650				100.00	%			21,650				5,005
Fund V:
New Town Center (Land Parcel)		Canton, MI		February 1, 2022			2,231				89.43	%			1,995				401
						$	119,114							$	112,878			$	28,468
STRUCTURED FINANCING ACTIVITY
Note Description		Transaction Type		Date of Transaction		Transaction Amount				Ownership % 1				Fund Share				Acadia Share
Fund III:
640 Broadway Note Receivable		Foreclosure		January 26, 2022		$	(5,307	)			100.00	%		$	(5,307	)		$	(1,302	)
						$	(5,307	)						$	(5,307	)		$	(1,302	)

 

 

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

 

		2022 Guidance
		Revised		Prior
Net earnings per share attributable to Common Shareholders		$0.25 to $0.37		$0.19 to $0.32
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interests' share)		1.01 to 1.04		1.01 to 1.04
Gain on disposition of properties (net of noncontrolling interests' share)		(0.07)		(0.07)
Noncontrolling interest in Operating Partnership		0.02		0.02
NAREIT Funds from operations per share attributable to Common Shareholders and Common OP Unit holders		$1.21 to $1.36		$1.15 to $1.31
Net Promote and other Core and Fund profits		(0.06) to (0.11)		(0.06) to (0.10)
Funds from operations, excluding Net Promote and other Core and Fund profits		$1.15 to $1.25		$1.09 to $1.21
Adjustments for Special Items:
Less: Albertsons unrealized holding gain (net of noncontrolling interest share) for the three months ended March 31, 2022		(0.04)		—
Net Promote and other Core and Fund profits		0.06 to 0.11		0.06 to 0.10
Funds from operations Before Special Items per share attributable to Common Shareholders and Common OP Unit holders		$1.17 to $1.32		$1.15 to $1.31

 

 

 

	17

 

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	Net Asset Valuation Information
Supplemental Report – March 31, 2022	(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		$	34,196			N/A				$	790			$	5,695			$	16,604
Less:
Net operating (income) loss from properties sold or under contract			—			N/A					(575	)			(421	)			—
Net operating (income) loss from pre-stabilized assets, development and redevelopment projects 3, 4			(2,339	)		N/A					(215	)			39				—
Net Operating Income of stabilized assets		$	31,857			N/A				$	—			$	5,313			$	16,604
Costs to Date (Pro Rata)
Pre-stabilized assets 3		$	—			N/A				$	13,517			$	41,253			$	—
Development and redevelopment projects 4			181,560			N/A					4,558				26,217				—
Total Costs to Date		$	181,560			N/A				$	18,075			$	67,470			$	—
Debt (Pro Rata)		$	938,161			$	79,664			$	8,827			$	67,411			$	122,147

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	Selected Financial Ratios
Supplemental Report – March 31, 2022	(in thousands)

 

		Quarter Ended March 31,										Quarter Ended
COVERAGE RATIOS 1		2022				2021				LEVERAGE RATIOS		March 31, 2022				December 31, 2021
Fixed-Charge Coverage Ratios						(As Restated)				Debt/Market Capitalization Ratios
EBITDA 2 divided by:		$	36,543			$	29,372			Debt + Preferred Equity (Preferred OP Units)		$	1,226,278			$	1,171,433
Interest expense			8,387				8,049			Total Market Capitalization			3,389,161				3,231,377
Principal Amortization			1,036				1,021			Debt + Preferred Equity/
Preferred Dividends 3			123				123			Total Market Capitalization			36	%			36	%
Fixed-Charge Coverage Ratio - Core Portfolio			3.8	x			3.2	x
EBITDA divided by:		$	44,034			$	33,796			Debt 6		$	1,205,994			$	1,153,533
Interest expense			10,856				10,416			Total Market Capitalization			3,389,161				3,231,377
Principal Amortization			1,261				1,279			Net Debt + Preferred Equity/
Preferred Dividends			123				123			Total Market Capitalization			36	%			36	%
Fixed-Charge Coverage Ratio - Core Portfolio and Funds			3.6	x			2.9	x		Debt/EBITDA Ratios
										Core:
Payout Ratios										Debt		$	938,161			$	869,957
										Net debt 5			925,946				855,384
Dividends declared (per share/OP Unit)		$	0.18			$	0.15			EBITDA			146,172				127,360
										Adjusted EBITDA			155,570				137,943
Dividends (Shares) & Distributions (OP Units) declared		$	18,295			$	13,994			Debt/EBITDA - Core Portfolio			6.4	x			6.8	x
FFO			35,396				23,998			Debt/Adjusted EBITDA - Core Portfolio			6.0	x			6.3	x
FFO Payout Ratio 8			52	%			58	%		Net Debt/EBITDA - Core Portfolio			6.3	x			6.7	x
										Net Debt/ Adjusted EBITDA - Core Portfolio			6.0	x			6.2	x
AFFO 7			26,797				23,391			Core and Funds:
AFFO Payout Ratio			68	%			60	%		Debt 4		$	1,216,210			$	1,161,290
										Net debt 6			1,195,926				1,143,390
FFO Before Special Items			32,685				22,599			EBITDA			171,717				146,189
FFO Before Special Items Payout Ratio			56	%			62	%		Adjusted EBITDA			181,115				156,772
										Debt/EBITDA - Core and Funds			7.1	x			7.9	x
										Debt/Adjusted EBITDA - Core and Funds			6.7	x			7.4	x
										Net Debt/EBITDA - Core and Funds			7.0	x			7.8	x
										Net Debt/ Adjusted EBITDA - Core and Funds			6.6	x			7.3	x

 

 

 

 

	19

 

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	Selected Financial Ratios
Supplemental Report – March 31, 2022	(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. See Funds from Operations (“FFO”), Adjusted Funds from Operations (“AFFO”) for a reconciliation of AFFO to net income attributable to Acadia.

 

		EBITDA								ADJUSTED EBITDA
		Quarter Ended				Year Ended				Quarter Ended				Year Ended
Reconciliation of EBITDA to Annualized EBITDA		March 31, 2022				December 31, 2021				March 31, 2022				December 31, 2021
Core EBITDA as reported		$	36,543			$	127,360			$	36,543			$	127,360
Add back: Stock-based compensation, net of employee equity elections			—				—				1,837				10,583
Subtotal			36,543				127,360				38,380				137,943
Annualized Core EBITDA			146,172				127,360				153,520				137,943
Add: Employee election to receive equity in lieu of cash in Q1			—				—				2,050				—
Annualized Core EBITDA			146,172				127,360				155,570				137,943
Funds EBITDA as reported			7,491				18,829				7,491				18,829
Subtract: Promote in Q2			(1,473	)			—				(1,473	)			—
Subtotal			6,018				18,829				6,018				18,829
Annualized Fund EBITDA			24,072				18,829				24,072				18,829
Add back: Promote in Q2			1,473				—				1,473				—
Annualized Fund EBITDA			25,545				18,829				25,545				18,829
Annualized EBITDA Core and Funds		$	171,717			$	146,189			$	181,115			$	156,772

 

 

 

 

	20

 

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	Portfolio Debt – Summary
Supplemental Report – March 31, 2022	(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		$	441,354				4.1	%			5.4			$	—				—				—			$	441,354				36	%			4.1	%			5.4			$	—			$	—			$	441,354
Variable-Rate Debt 5			153,051				1.6	%			3.3				30,131				2.3	%			0.2				183,182				15	%			1.7	%			2.8				103,395				—				286,577
																															51	%
Mortgage and Other Notes Payable
Fixed-Rate Debt 1			310,919				4.1	%			4.5				89,353				3.4	%			1.9				400,272				33	%			3.9	%			3.9				269,342				(135,027	)			534,587
Variable-Rate Debt 5			32,837				2.0	%			1.4				158,565				3.8	%			0.7				191,402				16	%			3.5	%			0.8				425,803				(53,452	)			563,753
																															49	%
Total		$	938,161				3.6	%			4.6			$	278,049				3.5	%			1.1			$	1,216,210				100	%			3.6	%			3.8			$	798,540			$	(188,479	)			1,826,271
Unamortized premium																											716																								420
Net unamortized loan costs																											(6,136	)																							(7,045	)
Total																										$	1,210,790																							$	1,819,646

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	21

 

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	Portfolio Debt - Detail
Supplemental Report – March 31, 2022	(in thousands)

 

 

 

 

 

				Principal Balance at				Acadia's Pro-rata Share								Interest				Extension
Property				March 31, 2022				Percent				Amount				Rate		Maturity		Options
CORE PORTFOLIO
Fixed-Rate Debt
163 Highland Avenue				$	7,924				100.00	%			7,924			4.66%		02/01/24		None
Crossroads Shopping Center					61,936				49.00	%			30,349			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)					15,325				50.00	%			7,663			4.72%		12/10/27		None
State & Washington					22,532				100.00	%			22,532			4.40%		09/05/28		None
239 Greenwich Avenue					25,580				75.00	%			19,185			3.88%		01/10/29		None
North & Kingsbury					11,224				100.00	%			11,224			4.01%		11/05/29		None
151 North State Street					12,832				100.00	%			12,832			4.03%		12/01/29		None
Concord & Milwaukee					2,461				100.00	%			2,461			4.40%		06/01/30		None
California & Armitage					2,315				100.00	%			2,315			5.89%		04/15/35		None
Unsecured interest rate swaps 1					441,354				100.00	%			441,354			4.11%		Various
Secured interest rate swaps 1					78,709				88.22	%			69,438			3.80%		Various
Sub-Total Fixed-Rate Debt					815,692								752,273			4.11%
Secured Variable-Rate Debt
Gotham Plaza					18,179				49.00	%			8,908			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					4,186				20.00	%			837			Prime+0		01/01/24		None
330-340 River Street					10,530				100.00	%			10,530			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					(78,709	)			88.22	%			(69,438	)		LIBOR+355		Various
Unsecured Variable-Rate Debt
Unsecured Line of Credit 3					194,405				100.00	%			194,405			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					(441,354	)			100.00	%			(441,354	)		LIBOR+387		Various
Sub-Total Variable-Rate Debt					317,237								185,888			LIBOR+146
Total Debt - Core Portfolio				$	1,132,929							$	938,161			3.63%
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			406,108				19.55	%			79,398			3.39%		Various
Sub-Total Fixed-Rate Debt					455,029								89,353			3.41%
Variable-Rate Debt
Acadia Strategic Opportunity Fund V LLC		Fund V			93,526				20.10	%			18,799			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			33,297				20.10	%			6,693			LIBOR+190		06/05/22		1 x 12 mos.
Trussville Promenade		Fund V			29,099				20.10	%			5,849			LIBOR+185		06/15/22		1 x 12 mos.
Lincoln Place		Fund IV			22,759				23.12	%			5,262			LIBOR+185		06/13/22		None
Acadia Strategic Opportunity IV LLC 5		Fund IV			50,825				23.12	%			11,751			LIBOR+250		06/30/22		None

 

 

	22

 

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	Portfolio Debt - Detail
Supplemental Report – March 31, 2022	(in thousands)

 

 

 

 

640 Broadway 4		Fund III			35,970				24.54	%			8,827			LIBOR+310		07/09/22		1 x 12 mos.
City Point 4		Fund II			200,000				26.67	%			53,340			Prime+200		08/11/22		None
City Point 5		Fund II			16,741				26.67	%			4,465			LIBOR+275		08/11/22		None
17 E. 71st Street		Fund IV			8,857				23.12	%			2,048			LIBOR+300		09/09/22		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			25,682				23.12	%			5,938			LIBOR+300		10/31/22		None
Promenade at Manassas 4		Fund IV			27,403				22.78	%			6,242			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.
Restaurants at Fort Point		Fund IV			5,827				23.12	%			1,347			LIBOR+235		11/25/22		1 x 12 mos.
Acadia Strategic Opportunity IV LLC		Fund IV			—				23.12	%			—			SOFR+201		12/29/22		None
Elk Grove Commons		Fund V			41,375				20.10	%			8,316			LIBOR+150		01/01/23		1 x 12 mos.
New Towne Center		Fund V			15,052				20.10	%			3,025			LIBOR+220		02/01/23		None
Wake Forest Crossing		Fund IV			20,798				23.12	%			4,808			SOFR+175		02/14/23		None
Eden Square 4		Fund IV			22,792				22.78	%			5,192			SOFR+235		03/01/23		None
City Point Phase III 4		Fund II			39,471				26.67	%			10,527			LIBOR+300		03/01/23		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			28,935				20.10	%			5,816			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			28,815				11.56	%			3,331			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.
Wood Ridge Plaza		Fund V			32,338				18.09	%			5,850			Prime+013		03/21/25		2 x 12 mos.
1964 Union Street 4		Fund IV			1,407				20.80	%			293			LIBOR+225		10/01/25		None
2208-2216 Fillmore Street 4		Fund IV			5,495				20.80	%			1,143			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			(406,108	)			19.55	%			(79,398	)		LIBOR+315		Various
Sub-Total Variable-Rate Debt					808,293								188,696			LIBOR+331
Total Debt - Funds				$	1,263,322							$	278,049			3.50%
Total Debt - Core Portfolio and Funds				$	2,396,251							$	1,216,210			3.60%

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	23

 

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	Future Debt Maturities 1
Supplemental Report – March 31, 2022	(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 (Remainder)		$	3,927			$	—			$	3,927			$	2,879			$	—			$	2,879			n/a		n/a		n/a
2023			5,018				177,496				182,514				3,780				40,573				44,353			4.08%		4.08%		n/a
2024			4,241				69,892				74,133				3,294				36,774				40,068			4.09%		4.08%		n/a
2025			3,264				327,905				331,169				2,862				319,401				322,263			4.13%		4.13%		n/a
2026			3,219				409,273				412,492				2,799				409,273				412,072			4.08%		4.08%		n/a
Thereafter			8,175				120,519				128,694				7,595				108,931				116,526			4.35%		4.35%		n/a
Total		$	27,844			$	1,105,085			$	1,132,929			$	23,209			$	914,952			$	938,161
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 (Remainder)		$	4,714			$	665,544			$	670,258			$	970			$	158,112			$	159,082			3.63%		4.44%		3.53%
2023			5,923				188,783				194,706				1,142				42,333				43,475			3.21%		3.31%		3.10%
2024			4,878				288,166				293,044				921				54,329				55,250			3.17%		3.20%		2.65%
2025			746				55,993				56,739				152				10,193				10,345			3.78%		4.03%		3.60%
2026			257				48,318				48,575				49				9,848				9,897			3.28%		3.75%		3.08%
Thereafter			—				—				—				—				—				—			n/a		n/a		n/a
Total		$	16,518			$	1,246,804			$	1,263,322			$	3,234			$	274,815			$	278,049

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	24

 

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	Future Debt Maturities – As Extended 1
Supplemental Report – March 31, 2022	(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 (Remainder)		$	3,927			$	—			$	3,927			$	2,879			$	—			$	2,879			n/a		n/a		n/a
2023			5,018				177,496				182,514				3,780				40,573				44,353			4.08%		4.08%		n/a
2024			4,241				69,892				74,133				3,294				36,774				40,068			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			3,218				603,679				606,897				2,799				603,679				606,478			4.08%		4.08%		n/a
Thereafter			8,175				120,519				128,694				7,594				108,931				116,525			4.35%		4.35%		n/a
Total		$	27,843			$	1,105,086			$	1,132,929			$	23,208			$	914,953			$	938,161
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 (Remainder)		$	4,714			$	457,965			$	462,679			$	970			$	112,833			$	113,803			3.52%		n/a		3.52%
2023			5,923				291,541				297,464				1,142				64,467				65,609			3.57%		3.75%		3.43%
2024			4,876				304,281				309,157				920				63,236				64,156			3.36%		3.39%		3.24%
2025			746				63,364				64,110				152				11,527				11,679			3.13%		3.13%		3.15%
2026			257				98,215				98,472				54				17,064				17,118			3.33%		3.89%		2.94%
Thereafter			—				31,440				31,440				—				5,684				5,684			3.63%		n/a		3.63%
Total		$	16,516			$	1,246,806			$	1,263,322			$	3,238			$	274,811			$	278,049

 

 

 

	25

 

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	Core Portfolio Retail Properties - Detail
Supplemental Report – March 31, 2022

 

 

 

 

 

				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	%		$	3,298,490			$	181.83
840 N. Michigan Avenue		H & M, Verizon    Wireless		2014			88.4	%			87,135				—				—				87,135				100.0	%			—	%			—	%			100.0	%			100.0	%			8,521,951				97.80
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	%			1,196,145				30.00
Clark Street and W. Diversey    Collection (4 properties)		Starbucks;TJ Maxx; J Crew Factory		2011 2012			100.0	%			53,277				—				—				53,277				68.3	%			—	%			—	%			68.3	%			68.3	%			1,467,205				40.34
Halsted and Armitage    Collection (13 properties)		Serena and Lily,    Bonobos, Allbirds    Warby Parker,    Marine Layer,    Kiehl's		2011 2012 2019 2020			100.0	%			51,778				—				—				51,778				93.0	%			—	%			—	%			93.0	%			100.0	%			2,339,993				48.61
North Lincoln Park Chicago    Collection (6 properties)		Champion,    Carhartt		2011 2014			100.0	%			22,125				—				27,796				49,921				27.7	%			—	%			100.0	%			67.9	%			67.9	%			1,047,845				30.89
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	%			1,573,000				57.44
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	%			439,870				33.57
California and Armitage		—		2016			100.0	%			—				—				18,275				18,275				—	%			—	%			70.6	%			70.6	%			78.8	%			681,917				52.89
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	%			6,433,561				38.30
											656,332				—				84,066				740,398				89.5	%			—	%			70.0	%			87.3	%			89.7	%			38,863,674				60.14
New York Metro
Soho Collection    (12 properties)		Faherty, ALC    Stone Island, Taft,    Frame, Theory;    Bang & Olufsen		2011 2014 2019 2020 2022			100.0	%			36,889				—				—				36,889				67.1	%			—	%			—	%			67.1	%			82.7	%			7,730,021				312.50
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	%			1,291,535				281.87
61 Main Street		—		2014			100.0	%			3,470				—				—				3,470				100.0	%			—	%			—	%			100.0	%			100.0	%			303,798				87.55
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

 

 

	26

 

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	Core Portfolio Retail Properties - Detail
Supplemental Report – March 31, 2022

 

 

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	%			893,373				111.87
2914 Third Avenue		Planet Fitness		2006			100.0	%			—				21,650				18,953				40,603				—	%			100.0	%			100.0	%			100.0	%			100.0	%			1,022,572				25.18
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	%			2,074,884				187.97
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
Williamsburg		Sephora, SweetGreen,    Levain Bakery		2022			100.0	%			50,842				—				—				50,842				100	%			—	%			—				100.0	%			100.0	%			5,038,310				99.10
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, Taco Bell		2016			49.0	%			—				—				25,922				25,922				—	%			—	%			73.9	%			73.9	%			91.6	%			1,450,686				75.74
											172,634				86,950				135,928				395,512				84.7	%			100.0	%			92.9	%			90.9	%			94.2	%			32,317,003				89.92
Los Angeles Metro
8833 Beverly Blvd		Luxury Living		2022			100.0	%			9,757				—				—				9,757				100.0	%			—	%			—	%			100.0	%			100.0	%			1,235,786				126.66
Melrose Place Collection		The Row, Chloe,    Oscar de la Renta		2019			100.0	%			14,000				—				—				14,000				100.0	%			—	%			—	%			100.0	%			100.0	%			2,610,181				186.44
											23,757				—				—				23,757				100.0	%			—	%			—	%			100.0	%			100.0	%			3,845,967				161.89
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	%			789,568				65.10
14th Street Collection		Mitchell Gold and Bob Williams, Verizon		2021			100.0	%			19,461				—				—				19,461				100.0	%			—	%			—	%			100.0	%			100.0	%			1,384,216				71.13
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	%			1,848,045				34.30
M Street and Wisconsin Corridor    (26 Properties) 3		Lululemon, Duxiana, Rag and Bone,    The Reformation		2011 2016 2019			24.8	%			242,317				—				—				242,317				68.2	%			—	%			—	%			68.2	%			73.6	%			11,344,609				68.61
											282,447				25,134				32,533				340,114				69.7	%			100.0	%			88.4	%			73.7	%			78.7	%			15,366,438				61.26
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											1,136,220				152,884				265,953				1,555,057				84.1	%			100.0	%			85.4	%			85.9	%			89.0	%		$	92,007,759			$	68.89
Acadia Share Total Street and Urban Retail											939,818				152,884				252,733				1,345,435				87.3	%			100.0	%			86.0	%			88.5	%			91.1	%		$	81,902,259			$	68.77
SUBURBAN PROPERTIES
New Jersey
Elmwood Park Shopping Center		Walgreens, Lidl		1998			100.0	%			—				43,531				100,379				143,910				—	%			100.0	%			76.6	%			83.7	%			87.1	%			3,159,998				26.25

 

 

	27

 

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	Core Portfolio Retail Properties - Detail
Supplemental Report – March 31, 2022

 

 

Marketplace of Absecon		Walgreens, Dollar Tree		1998			100.0	%			—				46,724				57,832				104,556				—	%			100.0	%			85.9	%			92.2	%			92.2	%			1,442,036				14.96
New York
Village Commons    Shopping Center		—		1998			100.0	%			—				—				87,128				87,128				—	%			—	%			93.7	%			93.7	%			95.6	%			2,764,004				33.87
Branch Plaza		LA Fitness,    The Fresh Market		1998			100.0	%			—				76,264				47,081				123,345				—	%			100.0	%			94.8	%			98.0	%			98.8	%			3,393,388				28.07
Amboy Center		Stop & Shop (Ahold)		2005			100.0	%			—				37,266				26,024				63,290				—	%			100.0	%			66.1	%			86.1	%			86.1	%			1,861,371				34.17
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				108,928				311,655				—	%			50.3	%			48.8	%			49.8	%			85.7	%			5,407,473				34.86
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	%			1,996,500				20.72
Bedford Green		Shop Rite, CVS		2014			100.0	%			—				37,981				52,608				90,589				—	%			100.0	%			57.1	%			75.1	%			78.7	%			2,364,956				34.77
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	%			1,902,242				17.49
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	%			1,467,752				11.29
Crescent Plaza		Home Depot, Shaw's    (Supervalu)		1993			100.0	%			—				156,985				61,163				218,148				—	%			100.0	%			85.7	%			96.0	%			96.0	%			2,065,005				9.86
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	%			2,192,007				21.92
Illinois
Hobson West Plaza		Garden Fresh    Markets		1998			100.0	%			—				51,692				47,270				98,962				—	%			100.0	%			92.5	%			96.4	%			98.9	%			1,253,908				13.14
Indiana
Merrillville Plaza		Jo-Ann Fabrics,   TJ Maxx		1998			100.0	%			—				123,352				112,782				236,134				—	%			82.2	%			75.1	%			78.8	%			88.0	%			2,705,768				14.54
Michigan
Bloomfield Town Square		HomeGoods,    TJ Maxx		1998			100.0	%			—				153,332				81,588				234,920				—	%			81.2	%			68.3	%			76.7	%			99.6	%			3,193,930				17.72
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
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	%			3,168,592				31.89

 

 

	28

 

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	Core Portfolio Retail Properties - Detail
Supplemental Report – March 31, 2022

 

 

Naamans Road		—		2006			100.0	%			—				—				19,850				19,850				—	%			—	%			30.1	%			30.1	%			63.9	%			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	%			1,309,005				22.09
Total Suburban Properties											—				2,964,381				1,095,276				4,059,657				—	%			93.0	%			80.3	%			89.6	%			94.8	%		$	62,788,958			$	18.42
Acadia Share Total Suburban Properties											—				2,860,990				1,039,723				3,900,713				—	%			94.5	%			82.0	%			91.2	%			95.1	%		$	60,031,147			$	18.06
Total Core Properties											1,136,220				3,117,265				1,361,229				5,614,714				84.1	%			93.3	%			81.3	%			88.5	%			93.2	%		$	154,796,717			$	32.62
Acadia Share Total Core Properties											939,818				3,013,874				1,292,456				5,246,148				87.3	%			94.8	%			82.8	%			90.5	%			94.1	%		$	141,933,406			$	31.42

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	29

 

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	Core Portfolio – Top Tenants 1
Supplemental Report – March 31, 2022	(Pro Rata Basis)

 

		Number of				Combined								Percentage of Total
Tenant		Stores				GLA				ABR				GLA				ABR
Target			3				408,895			$	8,126,134				7.8	%			5.7	%
Walgreens			6				95,189				4,154,379				1.8	%			2.9	%
Bed, Bath, and Beyond 2			3				172,432				3,942,421				3.3	%			2.8	%
Royal Ahold 3			3				155,461				3,475,460				3.0	%			2.4	%
TJX Companies 4			8				229,043				2,765,292				4.4	%			1.9	%
Verizon			2				26,054				2,754,366				0.5	%			1.9	%
Lululemon			2				7,533				2,541,414				0.1	%			1.8	%
LA Fitness International LLC			2				100,000				2,524,787				1.9	%			1.8	%
Trader Joe's			3				40,862				2,357,003				0.8	%			1.7	%
Fast Retailing 5			2				32,013				2,327,489				0.6	%			1.6	%
PetSmart, Inc.			3				55,867				2,314,710				1.1	%			1.6	%
Gap 6			3				44,895				2,133,405				0.9	%			1.5	%
Albertsons Companies7			2				123,409				1,980,640				2.4	%			1.4	%
Bob's Discount Furniture			2				68,793				1,843,336				1.3	%			1.3	%
Tapestry 8			2				4,250				1,686,218				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	%			1.0	%
JP Morgan Chase			6				21,721				1,446,408				0.4	%			1.0	%
Citibank			4				16,160				1,337,924				0.3	%			0.9	%
TOTAL			63				1,768,721			$	52,260,696				33.9	%			36.7	%

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	30

 

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	Core Portfolio – Lease Expirations
Supplemental Report – March 31, 2022	(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			—				—				—	%		$	—				—	%			—				—				—	%		$	—				—	%
2022			8				35,200				4.3	%			73.78				3.7	%			1				55,000				2.1	%			27.01				3.8	%
2023			27				171,607				20.9	%			74.55				18.4	%			7				332,664				12.8	%			17.40				14.6	%
2024			14				55,523				6.8	%			102.34				8.2	%			13				492,207				18.9	%			14.34				17.9	%
2025			25				89,883				11.0	%			122.07				15.8	%			10				391,435				15.0	%			19.52				19.3	%
2026			26				84,758				10.3	%			126.68				15.5	%			10				444,889				17.1	%			10.93				12.3	%
2027			9				18,663				2.3	%			122.74				3.3	%			2				74,188				2.9	%			14.72				2.8	%
2028			10				167,109				20.4	%			52.84				12.7	%			6				416,588				16.0	%			10.11				10.7	%
2029			13				33,619				4.1	%			107.22				5.2	%			5				182,205				7.0	%			16.04				7.4	%
2030			9				71,456				8.7	%			59.78				6.1	%			—				—				—	%			—				—	%
2031			3				28,697				3.5	%			77.91				3.2	%			2				50,566				1.9	%			13.94				1.8	%
Thereafter			13				64,040				7.7	%			85.41				7.9	%			6				162,538				6.3	%			23.11				9.4	%
Total			157				820,555				100.0	%		$	84.68				100.0	%			62				2,602,280				100.0	%		$	15.11				100.0	%
Anchor GLA Owned by Tenants							—																				254,916
Total Vacant							119,263																				156,678
Total Square Feet							939,818																				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			1				1,400				0.1	%		$	24.40				0.1	%			1				1,400				0.0	%		$	24.40				0.0	%
2022			16				56,571				5.3	%			27.97				4.8	%			25				146,771				3.3	%			38.60				4.0	%
2023			41				140,816				13.2	%			30.61				13.1	%			75				645,087				14.4	%			35.49				16.1	%
2024			35				153,156				14.3	%			25.79				12.0	%			62				700,886				15.6	%			23.82				11.8	%
2025			34				115,664				10.8	%			28.48				10.0	%			69				596,982				13.3	%			36.70				15.4	%
2026			37				143,139				13.4	%			25.58				11.1	%			73				672,786				15.0	%			28.63				13.6	%
2027			30				111,027				10.4	%			35.57				12.0	%			41				203,878				4.5	%			35.96				5.2	%
2028			23				97,406				9.1	%			39.04				11.5	%			39				681,103				15.2	%			24.73				11.9	%
2029			10				27,474				2.6	%			28.84				2.4	%			28				243,298				5.4	%			30.09				5.2	%
2030			13				37,839				3.5	%			32.66				3.8	%			22				109,295				2.4	%			50.39				3.9	%
2031			17				86,236				8.1	%			28.79				7.5	%			22				165,499				3.8	%			32.77				3.8	%
Thereafter			23				99,644				9.2	%			38.45				11.7	%			42				326,222				7.1	%			40.02				9.1	%
Total			280				1,070,372				100.0	%		$	30.76				100.0	%			499				4,493,207				100.0	%		$	31.42				100.0	%
Anchor GLA Owned by Tenants							—																				254,916
Total Vacant							222,084																				498,025
Total Square Feet							1,292,456																				5,246,148

_________

 

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

 

 

	31

 

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	Core Portfolio – New and Renewal Rent Spreads 1
Supplemental Report – March 31, 2022

 

		Quarter Ended
		March 31, 2022
		GAAP 2				Cash 3
New Leases
Number of new leases executed			4				4
GLA			12,970				12,970
New base rent		$	37.83			$	34.10
Previous base rent		$	34.75			$	35.01
Average cost per square foot		$	42.51			$	42.51
Weighted Average Lease Term (years)			12.0				12.0
Percentage growth in base rent			8.9	%			(2.6	)%
Renewal Leases
Number of renewal leases executed			21				21
GLA			284,858				284,858
New base rent		$	32.60			$	32.29
Expiring base rent		$	29.45			$	29.81
Average cost per square foot		$	21.29			$	21.29
Weighted Average Lease Term (years)			5.8				5.8
Percentage growth in base rent			10.7	%			8.3	%
Total New and Renewal Leases
Number of new and renewal leases executed			25				25
GLA commencing			297,828				297,828
New base rent		$	32.83			$	32.37
Expiring base rent		$	29.68			$	30.04
Average cost per square foot		$	22.21			$	22.21
Weighted Average Lease Term (years)			6.1				6.1
Percentage growth in base rent			10.6	%			7.8	%

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	32

 

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	Core Portfolio – Capital Expenditures
Supplemental Report – March 31, 2022

 

		Year to Date
		March 31, 2022				December 31, 2021
Leasing Commissions		$	1,053			$	2,360
Tenant Improvements			3,403				10,059
Maintenance Capital Expenditures			638				4,060
Total Capital Expenditures		$	5,094			$	16,479

 

 

 

	33

 

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	Fund Overview
Supplemental Report – March 31, 2022

 

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			$		384.1		Million			$		448.1		Million			$		488.1		Million			$		347.9		Million			$		1,754.9		Million
Cumulative Net Distributions 3		$		195.4		Million			$		169.8		Million			$		601.5		Million			$		193.1		Million			$		61.0		Million			$		1,220.8		Million
Net Distributions/Contributions				225.6		%					44.2		%					134.2		%					39.6		%					17.5		%					69.6		%
Unfunded Commitment 4		$		0.0		Million			$		1.2		Million			$		1.9		Million			$		41.9		Million			$		172.1		Million			$		217.1		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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	34

 

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	Fund Portfolio Retail Properties – Detail 1
Supplemental Report – March 31, 2022

 

				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	%			24.9	%			50.5	%			75.0	%		$	9,796,023			$	35.83
Total - Fund II											—				352,201				188,869				541,070				—	%			64.3	%			24.9	%			50.5	%			75.0	%		$	9,796,023			$	35.83
Fund III Portfolio Detail
NEW YORK
New York
640 Broadway		Swatch		2012			100.0	%			4,637				—				—				4,637				76.3	%			—	%			—	%			76.3	%			91.6	%		$	895,245			$	252.90
Total - Fund III											4,637				—				—				4,637				76.3	%			—	%			—	%			76.3	%			91.6	%		$	895,245			$	252.90
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				82.2	%			—	%			—	%			82.2	%			82.2	%			1,832,345				264.33
1035 Third Avenue 2		─		2015			100.0	%			7,634				—				—				7,634				100.0	%			—	%			—	%			100.0	%			100.0	%			1,265,746				165.80
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
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	%			2,052,672				14.99
MID-ATLANTIC
Virginia
Promenade at Manassas		Home Depot		2013			98.6	%			—				209,356				71,404				280,760				—	%			100.0	%			100.0	%			100.0	%			100.0	%			3,681,263				13.11
Delaware
Eden Square		Giant Food, LA Fitness		2014			98.6	%			—				116,003				113,933				229,936				—	%			100.0	%			81.9	%			91.0	%			91.0	%			3,265,630				15.60
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	%			3,087,479				11.88
SOUTHEAST

 

 

 

	35

 

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	Fund Portfolio Retail Properties – Detail 1
Supplemental Report – March 31, 2022

 

Georgia
Broughton Street Portfolio    (13 properties)		H&M, Lululemon, Kendra Scott, Starbucks		2014			100.0	%			96,331				—				—				96,331				88.4	%			—	%			—	%			88.4	%			88.4	%			3,071,601				36.09
North Carolina
Wake Forest Crossing		Lowe's, TJ Maxx		2016			100.0	%			—				113,353				88,972				202,325				—	%			100.0	%			95.5	%			98.0	%			100.0	%			3,128,527				15.78
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				77.9	%			—	%			—	%			77.9	%			77.9	%			632,195				113.60
Total - Fund IV											155,929				725,553				573,470				1,454,952				77.6	%			100.0	%			89.5	%			93.5	%			93.7	%		$	26,281,526			$	19.33
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	%		$	3,988,358			$	18.28
Texas
Wood Ridge Plaza		Kirkland's, Office Depot		2022			90.0	%			—				—				211,183				211,183				—	%			—	%			84.7	%			84.7	%			89.2	%			3,703,330				20.72
La Frontera Plaza		Kohl's, Hobby Lobby		2022			90.0	%			—				203,500				330,930				534,430				—	%			100.0	%			81.1	%			88.3	%			88.3	%			6,452,054				13.67
MIDWEST
Michigan
New Towne Plaza		Kohl's, Jo-Ann's, DSW		2017			100.0	%			—				145,389				45,141				190,530				—	%			100.0	%			89.8	%			97.6	%			97.6	%			2,241,936				12.06
Fairlane Green		TJ Maxx, Michaels, Bed Bath & Beyond		2017			100.0	%			—				109,952				160,235				270,187				—	%			74.5	%			84.3	%			80.3	%			95.2	%			4,396,493				20.27
NORTHEAST
Maryland
Frederick County (2 properties)		Kohl's, Best Buy, Ross Dress for Less		2019			90.0	%			—				251,988				278,778				530,766				—	%			100.0	%			76.1	%			87.4	%			90.6	%			6,753,192				14.55
Connecticut
Tri-City Plaza		TJ Maxx, HomeGoods		2019			90.0	%			—				129,940				172,948				302,888				—	%			100.0	%			81.8	%			89.6	%			89.6	%			3,955,095				14.57
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	%			6,217,529				19.26
Pennsylvania
Monroe Marketplace		Kohl's, Dick's Sporting Goods, Giant Food		2021			100.0	%			—				263,376				108,276				371,652				—	%			100.0	%			100.0	%			100.0	%			100.0	%			4,231,262				11.39
Rhode Island
Lincoln Commons		Stop and Shop, Marshalls, HomeGoods		2019			100.0	%			—				194,470				267,551				462,021				—	%			100.0	%			69.9	%			82.6	%			88.0	%			5,092,933				13.35
SOUTHEAST
Virginia
Landstown Commons		Best Buy, Bed Bath & Beyond, Ross Dress for Less		2019			100.0	%			—				87,883				316,925				404,808				—	%			100.0	%			82.7	%			86.4	%			88.1	%			7,378,347				21.08
Florida

 

 

	36

 

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	Fund Portfolio Retail Properties – Detail 1
Supplemental Report – March 31, 2022

 

Palm Coast Landing		TJ Maxx, PetSmart, Ross Dress for Less		2019			100.0	%			—				73,241				98,558				171,799				—	%			100.0	%			97.6	%			98.6	%			98.6	%			3,470,714				20.48
North Carolina
Hickory Ridge		Kohl's, Best Buy, Dick's		2017			100.0	%			—				266,584				113,981				380,565				—	%			100.0	%			100.0	%			100.0	%			100.0	%			4,726,781				12.42
Alabama
Trussville Promenade		Wal-Mart, Regal Cinemas		2018			100.0	%			—				366,010				97,671				463,681				—	%			100.0	%			72.4	%			94.2	%			95.1	%			4,438,883				10.16
Georgia
Canton Marketplace		Dick's, TJ Maxx, Best Buy		2021			100.0	%			—				132,569				219,409				351,978				—	%			100.0	%			81.3	%			88.3	%			89.8	%			5,335,783				17.16
Hiram Pavilion		Kohl's, HomeGoods		2018			100.0	%			—				209,423				153,252				362,675				—	%			100.0	%			98.6	%			99.4	%			99.4	%			4,529,100				12.56
WEST
California
Elk Grove Commons		Kohl's, HomeGoods		2018			100.0	%			—				132,489				109,589				242,078				—	%			100.0	%			88.8	%			94.9	%			97.0	%			4,874,449				21.22
Utah
Family Center at Riverdale		Target, Sportman's Warehouse		2019			89.4	%			—				256,673				115,709				372,382				—	%			80.5	%			97.7	%			85.9	%			98.0	%			3,337,705				10.44
Total - Fund V											—				3,231,249				3,001,642				6,232,891				—	%			96.8	%			83.7	%			90.5	%			93.0	%		$	85,123,944			$	15.09
TOTAL FUND PROPERTIES											160,566				4,309,003				3,763,981				8,233,550				77.5	%			94.7	%			81.6	%			88.4	%			92.0	%		$	122,096,738			$	16.78
Acadia Share of Total Fund Properties											36,991				881,715				753,357				1,672,063				77.5	%			94.0	%			80.7	%			87.6	%			91.6	%		$	25,073,970			$	17.12

__________

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 – March 31, 2022	(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				159				18.3	%			59,032				371.27				26.9	%
2024			—				—				—	%			—				—				—	%			—				—				—	%			—				—				—	%
2025			—				—				—	%			—				—				—	%			—				—				—	%			—				—				—	%
2026			1				655				0.9	%			71,279				108.82				2.7	%			—				—				—	%			—				—				—	%
2027			—				—				—	%			—				—				—	%			—				—				—	%			—				—				—	%
2028			2				5,951				8.2	%			391,648				65.81				15.0	%			1				306				35.3	%			72,073				235.53				32.9	%
2029			1				254				0.3	%			49,462				194.73				1.9	%			—				—				—	%			—				—				—	%
2030			—				—				—	%			—				—				—	%			1				177				20.4	%			39,664				224.09				18.1	%
2031			—				—				—	%			—				—				—	%			1				226				26.0	%			48,566				214.89				22.1	%
Thereafter			6				66,148				90.6	%			2,103,149				31.79				80.4	%			—				—				—	%			—				—				—	%
Total			10				73,008				100.0	%		$	2,615,538			$	35.83				100.0	%			4				868				100.0	%		$	219,335			$	252.90				100.0	%
							71,458			Total Vacant																					268			Total Vacant
							144,466			Total Square Feet																					1,136			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			—				—				—	%		$	—			$	—				—	%			10				5,288				0.5	%		$	123,776			$	23.41				0.7	%
2022			7				4,780				1.6	%			105,877				22.15				1.9	%			32				24,119				2.2	%			512,729				21.26				3.1	%
2023			10				3,942				1.4	%			107,103				27.17				1.9	%			72				101,545				9.2	%			1,859,797				18.32				11.2	%
2024			6				2,319				0.8	%			60,423				26.06				1.1	%			85				176,465				16.1	%			2,715,686				15.39				16.3	%
2025			18				17,912				6.1	%			779,233				43.50				13.9	%			78				185,251				16.9	%			2,654,314				14.33				16.0	%
2026			24				33,991				11.7	%			788,456				23.20				14.0	%			75				95,195				8.7	%			1,836,784				19.29				11.0	%
2027			18				31,848				10.9	%			548,816				17.23				9.8	%			47				128,276				11.7	%			1,563,709				12.19				9.4	%
2028			10				14,768				5.1	%			280,259				18.98				5.0	%			25				58,187				5.3	%			1,064,690				18.30				6.4	%
2029			11				45,597				15.6	%			794,167				17.42				14.1	%			26				70,935				6.5	%			829,777				11.70				5.0	%
2030			6				11,315				3.9	%			196,426				17.36				3.5	%			27				76,459				7.0	%			1,032,870				13.51				6.2	%
2031			11				47,319				16.2	%			693,847				14.66				12.4	%			26				57,337				5.2	%			922,754				16.09				5.6	%
Thereafter			18				77,923				26.7	%			1,261,942				16.19				22.4	%			27				120,342				10.7	%			1,505,662				12.51				9.1	%
Total			139				291,714				100.0	%		$	5,616,549			$	19.25				100.0	%			530				1,099,399				100.0	%		$	16,622,548			$	15.12				100.0	%
							21,341			Total Vacant																					114,007			Total Vacant
							313,055			Total Square Feet																					1,213,406			Total Square Feet

__________

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

 

 

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	Development and Redevelopment Activity
Supplemental Report – March 31, 2022

 

								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)		$	9.7			$	23.0			to		$	23.8			$	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			24.6				25.4			to			35.4				50.0			to			60.0
FUND IV
717 N. Michigan Avenue		100.0%		Chicago, IL		2025			62,000			0%/14%		TBD		Discretionary spend upon securing tenant(s) for lease up			116.5				12.0			to			19.5				128.5			to			136.0
																		$	150.8			$	60.4					$	78.7			$	211.2					$	229.5
Major Redevelopment:
CORE
City Center		100.0%		San Francisco, CA		2024			241,000			75%/99%		Target, Whole Foods, PetSmart		Ground up development of pad sites and street level retail and re-tenanting/redevelopment for Whole Foods		$	201.8			$	8.2			to		$	11.2			$	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				26%/26%		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
																		$	201.8			$	16.1					$	22.5			$	217.9					$	224.3

_________

 

 

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	Development and Redevelopment Activity
Supplemental Report – March 31, 2022

__________

 

 

Development costs above						$	150.8
Unconsolidated projects (a)							(9.7	)
Projects in redevelopment or partial development (b)							74.1
Deferred costs and other amounts							(5.7	)
Impairment charges taken							(17.4	)
Total per consolidated balance sheet						$	192.1

 

 

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	Important Notes
Supplemental Report – March 31, 2022

 

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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