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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): November 1, 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 November 1, 2022, Acadia Realty Trust (the “Company”) issued a press release announcing its consolidated financial results for the quarter and year-to-date period ended September 30, 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 and year-to-date period ended September 30, 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 November 1, 2022
99.2	Supplemental Reporting Information as of and for the quarter and year-to-date period ended September 30, 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
November 4, 2022		Title:		Executive Vice President and Chief Financial Officer

 

 

 

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Exhibit 99.1

 

 

Jennifer Han

(914) 288-8100

 

ACADIA REALTY TRUST REPORTS THIRD QUARTER 2022 OPERATING RESULTS

RYE, NY (November 01, 2022) - Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”) today reported operating results for the quarter and year-to-date period ended September 30, 2022. For the quarter ended September 30, 2022, net loss per share was $0.61 and for the nine months ended September 30, 2022, net loss per share was $0.43, primarily due to Core and Fund non-cash impairment charges as fully detailed below. 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").

Third Quarter and Recent Highlights

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“We had another strong quarter driven by the internal growth embedded in our Core Portfolio. Notwithstanding increased uncertainty and mixed economic signals about near term economic conditions, we remain confident with our portfolio's continued growth. Furthermore, our meaningful leasing momentum should more than offset the known headwinds,” stated Kenneth F. Bernstein, President and CEO of Acadia Realty Trust. "Additionally, given the dislocation in the capital markets, we are positioning ourselves for the unique opportunities that often arise in these cycles."

 

CORE PORTFOLIO OPERATING RESULTS

 

The Company had a GAAP loss per share of $0.61, NAREIT FFO per share of $0.24 and FFO Before Special Items per share of $0.28 for the quarter ended September 30, 2022. Please refer to the Consolidated Financial Results section below for additional details.

The Company's same-property NOI, excluding redevelopments, increased 5.4% for the quarter ended September 30, 2022 and 6.6% for the nine months ended September 30, 2022.

For the quarter ended September 30, 2022, 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
Third Quarter 2022 Credit Losses and Reserves
Credit Loss and Abatements - Billed Rents and Recoveries		$0.8		$0.3		$0.1		$1.2		$0.01
Prior Period (Benefit), Net		(0.3)		—		(0.1)		(0.4)		—
Straight-Line Rent Reserves		—		0.3		—		0.3		—
Total		$0.5		$0.6		$—		$1.1		$0.01

 

CORE PORTFOLIO AND FUND TRANSACTIONAL ACTIVITY

 

Core Portfolio Acquisition Activity

 

No Core Portfolio acquisitions were completed for the quarter ended September 30, 2022. Year-to-date, the Company completed Core Portfolio acquisitions of $246.7 million. See Supplemental report for details.

 

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Fund Transactional Activity

Fund V Acquisition

Shoppes at South Hills (Fund V). As previously announced, in August 2022, Fund V completed the acquisition of a 90% interest in the Shoppes at South Hills in Poughkeepsie, New York for $47.6 million in a joint venture with DLC Management. The Shoppes at South Hills is a dominant grocery-anchored center. In addition to the cash flow from well performing credit tenants, the investment provides for additional value-add opportunities through future densification.

Fund V Update

The investment period for Fund V has been extended to August 25, 2023, with unanimous approval from its investors.

Fund IV

Wake Forest Crossing (Fund IV). As previously announced, in August 2022, Fund IV completed the disposition of Wake Forest Crossing in Wake Forest, North Carolina for $38.9 million and repaid the mortgage of $20.7 million. This sale generated a 15% IRR and 1.7x multiple on the Fund's equity investment.

Promenade at Manassas (Fund IV). In October 2022, Fund IV completed the disposition of Promenade at Manassas in Manassas, Virginia for $46.0 million and repaid the mortgage of $27.3 million. This sale generated a 17% IRR and 2.2x multiple on the Fund's equity investment.

 

City Point Refinancing and Recapitalization (as previously announced)

 

As previously announced, in August 2022, Acadia refinanced and de-levered City Point, an approximately 550,000 square foot flagship retail property in Downtown Brooklyn, New York, held through Fund II. The approximately $295 million of aggregate debt on the property was refinanced with a single mortgage loan of approximately $200 million (with approximately $130 million of initial proceeds). The new loan has a three-year initial term, resulting in annual interest savings in excess of 150 basis points as compared to the prior blended interest rate. The Company provided a loan to its partners of approximately $65 million to fund their share of the refinancing and recapitalization of City Point.

 

Additionally, during the third quarter, the Company further increased its effective ownership in Fund II from approximately 40% to approximately 62%, consistent with its long-standing goal to expand its ownership in City Point. As previously announced, during the second quarter, in conjunction with a multi-asset secondary offering by one of its limited partners, the Company was able to opportunistically acquire an additional 12% interest in City Point, increasing its ownership to approximately 40% at June 30, 2022. In August 2022, based upon the pricing used to acquire the 12% interest, the Company acquired an additional 22% interest in City Point from other investors, further increasing its interest to approximately 62%. The purchase price of the combined 33% interest was approximately $120 million, inclusive of approximately $110 million of assumed obligations. In addition, the remaining partners have certain redemption rights that could enable the Company to further increase its ownership.

 

The Company anticipates the refinancing and recapitalization to be slightly accretive in 2022 with further accretion in the next several years as City Point achieves stabilization.

 

City Point is located at the center of a densifying Downtown Brooklyn, which has seen approximately 18,000 new residential units since the area was rezoned. Since the refinancing, the Company has executed 37,000 square feet of new leases, with Court 16 and an Alamo Drafthouse expansion (as previously announced). In addition, Sixpoint Brewery opened in October and Primark will follow over the next few months.

 

 

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CORE PORTFOLIO LEASING

Driven by its Street portfolio, GAAP and cash leasing spreads were 27.4% and 21.2%, respectively, on 20 conforming new and renewal leases aggregating approximately 181,000 square feet during the third quarter.

 

Driven by executed Street leases, as of September 30, 2022, the Core Portfolio was 91.2% occupied and 94.3% leased. As of June 30, 2022, the Core Portfolio was 90.5% occupied and 94.1% leased. The leased rate includes space that is leased but not yet occupied and excludes development and redevelopment properties.

 

BALANCE SHEET AND LIQUIDITY

 

As previously announced, in July 2022, the Company closed on a $75 million seven-year unsecured term loan. The proceeds of these loans were used to repay outstanding amounts under the revolving credit facility.

 

As of September 30, 2022, 93% of the Core Portfolio debt was fixed, inclusive of interest rate swap contracts.

CONSOLIDATED FINANCIAL RESULTS

A complete reconciliation, in dollars and per share amounts, of (i) net loss or 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.

Non-Cash Impairments

During the three months ended September 30, 2022, the Company recognized non-cash impairments of approximately $58.5 million, or $0.58 per share as summarized below. While rents within the broader markets of the Company's portfolios in Chicago and San Francisco have largely returned, if not exceeded pre-pandemic levels, the sub-markets listed below have been slower to recover.

Portfolio		AKR Ownership		Property		Market		Sub-Market		AKR Share of Impairment
										(in '000s)
Core		88.43%		840 N. Michigan Avenue		Chicago		Magnificent Mile		$50,779
Fund IV		23.12%		717 N. Michigan Avenue		Chicago		Magnificent Mile		4,827
Fund IV		23.12%		146 Geary Street		San Francisco		Union Square		2,875
								Total		$58,481

 

Net (Loss) Income

 

Amounts discussed below are net of noncontrolling interests.

 

Net loss attributable to Acadia for the quarter ended September 30, 2022, was $57.9 million, or $0.61 per share, which included: (i) Core and Fund impairment charges of $58.5 million, or $0.58 per share (further discussed above) and (ii) $3.1 million loss, or $0.03 per share, from the unrealized mark-to-market holding loss on its investment in Albertsons supermarkets ("Albertsons"), partially offset by a $2.1 million gain, or $0.02 per share, on a Fund disposition.

 

Net income attributable to Acadia for the quarter ended September 30, 2021, was $11.9 million, or $0.13 per share, which included: $13.4 million, or $0.14 per share, from the unrealized mark-to-market holding gain on Albertsons, which was partially offset by Fund impairment charges of $2.3 million, or $0.02 per share.

 

Net loss attributable to Acadia for the nine months ended September 30, 2022, was $41.2 million, or $0.43 per share, which included: (i) Core and Fund impairment charges of $58.5 million, or $0.59 per share and (ii) $8.4 million, or $0.08

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per share, from the unrealized mark-to-market holding loss on Albertsons partially offset by $13.4 million gain, or $0.13 per share, on Fund dispositions.

 

Net income attributable to Acadia for the nine months ended September 30, 2021, was $20.1 million, or $0.23 per share, which included: (i) $15.1 million, or $0.16 per share, primarily from the unrealized mark-to-market holding gain on Albertsons and (ii) $6.6 million, or $0.07 per share, attributable to an aggregate gain on dispositions of Core Portfolio and Fund investments, which were partially offset by (i) $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 and (ii) Fund impairment charges of $2.3 million, or $0.02 per share.

 

FFO as Defined by NAREIT

 

FFO for the quarter ended September 30, 2022 was $24.7 million, or $0.24 per share, which included $3.1 million, or $0.03 per share, from the unrealized mark-to-market holding loss on Albertsons.

 

FFO for the quarter ended September 30, 2021 was $38.3 million, or $0.41 per share, which included $13.2 million, or $0.14 per share, primarily from the unrealized mark-to-market holding gain on Albertsons.

 

FFO for the nine months ended September 30, 2022 was $83.5 million, or $0.82 per share which included $8.4 million, or $0.08 per share, from the unrealized mark-to-market holding loss on Albertsons which was offset by $1.5 million, or $0.01 from the Fund III disposition of its interest in Self Storage Management.

 

FFO for the nine months ended September 30, 2021 was $90.4 million, or $0.97 per share, which included $15.1 million, or $0.16 per share, primarily from the unrealized mark-to-market holding gain on Albertsons and was offset by $3.7 million, or $0.04 per share, related to credit loss, straight-line reserves and tenant abatements, primarily due to the COVID-19 Pandemic.

 

FFO Before Special Items

 

FFO Before Special Items for the quarter ended September 30, 2022 was $28.1 million, or $0.28 per share, which excluded $3.1 million, or $0.03 per share, from the unrealized mark-to-market holding loss on Albertsons and $1.3 million, or $0.01 per share, of non-recurring City Point recapitalization and transaction costs.

 

FFO Before Special Items for the quarter ended September 30, 2021 was $25.1 million, or $0.27 per share, which excluded $13.2 million, or $0.14 per share, from the unrealized mark-to-market holding gain on Albertsons.

 

FFO Before Special Items for the nine months ended September 30, 2022 was $93.1 million, or $0.93 per share, which excluded: (i) $8.4 million, or $0.08 per share, from the unrealized mark-to-market holding loss on Albertsons (ii) $1.3 million, $0.01 per share of non-recurring City Point recapitalization and transaction costs and (iii) $0.9 million, or $0.01 per share for net acquisition and transaction costs from a Core acquisition.

 

FFO Before Special Items for the nine months ended September 30, 2021 was $75.3 million, or $0.81 per share, which excluded $15.1 million, or $0.16 per share, from the unrealized mark-to-market holding gain on Albertsons.

 

Revised 2022 Guidance

The Company updated its annual 2022 guidance of net earnings (loss), NAREIT Funds from Operations and FFO Before Special Items attributable to Common Shareholders and Common OP Unit holders. Additionally, the Company updated its net earnings (loss) and FFO to reflect the unrealized holding (losses) gains recognized related to its investment in Albertsons through September 30, 2022. The Company has not reflected any forward-looking estimates involving future unrealized holding gains or losses (i.e. changes in share price) on Albertsons in its net earnings (loss) and NAREIT FFO guidance assumptions. Unrealized holding (losses) or gains on Albertson's shares are excluded from FFO Before Special Items.

 

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		2022 Annual Guidance
		Initial		Updated Q1		Updated Q2		Revised Q3
Net earnings (loss) per share attributable to Common Shareholders		$0.19 to $0.32		$0.25 to $0.37		$0.27 to $0.36		($0.19) to ($0.14)
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interests' share)		1.01 to 1.04		1.01 to 1.04		1.01 to 1.04		1.06 to 1.03
Impairment charges (net of noncontrolling interest share)		—		—		—		0.58
Gain on disposition of properties (net of noncontrolling interests' share)		(0.07)		(0.07)		(0.15)		(0.27)
Noncontrolling interest in Operating Partnership		0.02		0.02		0.02		0.02
NAREIT Funds from operations per share attributable to Common Shareholders and Common OP Unit holders		$1.15 to $1.31		$1.21 to $1.36		$1.15 to $1.27		$1.20 to $1.22
Net Promote and other Core and Fund profits (a)		(0.06) to (0.10)		(0.06) to (0.11)		(0.06) to (0.12)		(0.12)
Less: Albertsons unrealized holding losses (gains) (net of noncontrolling interest share) for the nine months ended September 30, 2022		—		(0.04)		0.05		0.08
Funds from operations Before Special Items, excluding Net Promote and other Core and Fund profits		$1.09 to $1.21		$1.11 to $1.21		$1.14 to $1.20		$1.16 to $1.18
Net Promote and other Core and Fund profits (a)		0.06 to 0.10		0.06 to 0.11		0.06 to 0.12		0.12
Funds from operations Before Special Items per share attributable to Common Shareholders and Common OP Unit holders		$1.15 to $1.31		$1.17 to $1.32		$1.20 to $1.32		$1.28 to $1.30

__________

 

(a) Reflects a special cash dividend of $6.85 per share of Class A common stock of Albertsons that the Company expects to receive on November 7, 2022 as a shareholder on the record date of October 24, 2022. The dividend was declared by the board of directors of Albertsons on October 13, 2022 in connection with Albertsons entering into an Agreement and Plan of Merger, dated October 13, 2022, with The Kroger Company. The merger and related transactions (including the declaration and payment of the special dividend) are subject to regulatory and other approvals, and potential litigation, any of which could affect their expected timing and likelihood of completion.

 

The revised guidance is based upon Acadia's current view of existing market conditions and assumptions for the year ending December 31, 2022. Updated first quarter guidance was previously announced on May 2, 2022 and updated second quarter guidance was previously announced on August 2, 2022. There can be no assurance that the Company’s actual results will not differ from the guidance set forth above. The Company assumes no obligation to update publicly any forward-looking statements, including the earnings guidance above, whether as a result of new information, future events or otherwise. Please refer to the “Safe Harbor Statement” disclosure in this press release and “Risk Factors” disclosed in the Company's annual and quarterly reports filed with the Securities and Exchange Commission for more information.

 

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CONFERENCE CALL

Management will conduct a conference call on Wednesday, November 2, 2022 at 11:00 AM ET to review the Company’s earnings and operating results. Participant registration and webcast information is listed below.

Live Conference Call:

Date: Wednesday, November 2, 2022

Time: 11:00 AM ET

Participant Registration: Third Quarter 2022 Registration

Webcast Listen-only and 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 accretion and guidance 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 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

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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 Operations (a)

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

 

		Three Months Ended  September 30,								Nine Months Ended September 30,
		2022				2021				2022				2021
Revenues						(As Restated)(b)								(As Restated)(b)
Rental income		$	78,453			$	70,302			$	238,479			$	208,369
Other			1,493				1,594				7,233				4,771
Total revenues			79,946				71,896				245,712				213,140
Operating expenses
Depreciation and amortization			33,744				30,064				102,428				91,244
General and administrative			10,170				9,910				32,768				29,555
Real estate taxes			11,749				11,028				34,657				34,448
Property operating			13,810				12,443				40,727				38,288
Impairment charges			33,311				9,925				33,311				9,925
Total operating expenses			102,784				73,370				243,891				203,460
Gain on disposition of properties			8,885				—				49,916				10,521
Operating (loss) income			(13,953	)			(1,474	)			51,737				20,201
Equity in (losses) earnings of unconsolidated affiliates			(50,579	)			372				(46,169	)			3,153
Interest and other income			3,994				2,354				9,890				6,108
Realized and unrealized holding (losses) gains on investments and other			(7,862	)			46,493				(18,415	)			53,460
Interest expense			(21,162	)			(16,614	)			(58,309	)			(50,302	)
(Loss) income from continuing operations before income taxes			(89,562	)			31,131				(61,266	)			32,620
Income tax benefit (provision)			17				(59	)			(7	)			(399	)
Net (loss) income			(89,545	)			31,072				(61,273	)			32,221
Net loss attributable to redeemable noncontrolling interests			3,193				—				3,193				—
Net loss (income) attributable to noncontrolling interests			30,461				(19,065	)			18,653				(11,686	)
Net (loss) income attributable to Acadia		$	(55,891	)		$	12,007			$	(39,427	)		$	20,535
Less: net income attributable to participating securities			(198	)			(156	)			—				(468	)
Net (loss) income attributable to Common Shareholders -    basic (loss) earnings per share		$	(56,089	)		$	11,851			$	(39,427	)		$	20,067
Impact of assumed conversion of dilutive convertible securities			(1,804	)			—				(1,804	)			—
(Loss) income from continuing operations net of income attributable to participating securities for diluted (loss) earnings per share		$	(57,893	)		$	11,851			$	(41,231	)		$	20,067
Weighted average shares for basic (loss) earnings per share			94,980				88,481				94,758				87,217
Weighted average shares for diluted (loss) earnings per share			95,251				88,481				94,849				87,217
Net (loss) earnings per share - basic (C)		$	(0.59	)		$	0.13			$	(0.42	)		$	0.23
Net (loss) earnings per share - diluted (C)		$	(0.61	)		$	0.13			$	(0.43	)		$	0.23

 

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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 September 30,								Nine Months Ended September 30,
		2022				2021				2022				2021
						(As Restated)(b)								(As Restated)(b)
Net (loss) income attributable to Acadia		$	(55,891	)		$	12,007			$	(39,427	)		$	20,535
Depreciation of real estate and amortization of leasing costs (net of    noncontrolling interests' share)			27,097				23,111				78,007				69,995
Impairment charges (net of noncontrolling interests' share)			58,481				2,294				58,481				2,294
Gain on disposition of properties (net of noncontrolling interests' share)			(2,055	)			—				(11,892	)			(4,163	)
Income (loss) attributable to Common OP Unit holders			(3,083	)			749				(2,057	)			1,371
Distributions - Preferred OP Units			123				123				369				369
Funds from operations attributable to Common Shareholders and Common OP Unit holders		$	24,672			$	38,284			$	83,481			$	90,401
Less: Impact of City point share conversion option(e)			(906	)			—				(906	)			—
FFO to Common Shareholders and Common OP Unit holders - Diluted		$	23,766			$	38,284			$	82,575			$	90,401
Adjustments for Special Items:
Add back: Acquisition costs, net of bargain purchase gain			—				—				859				—
Add back: City Point acquisition and transaction related costs			364				—				364				—
Add back: Impact of City point share conversion option(e)			906				—				906				—
Less: Unrealized holding loss (gain) on investment in Albertsons and other (net of noncontrolling interest share)			3,068				(13,198	)			8,379				(15,084	)
Funds from operations before Special Items attributable to Common Shareholders and Common OP Unit holders		$	28,104			$	25,086			$	93,083			$	75,317
Funds From Operations per Share - Diluted
Basic weighted-average shares outstanding, GAAP earnings			94,980				88,481				94,758				87,217
Weighted-average OP Units outstanding			5,308				5,121				5,311				5,125
Assumed conversion of Preferred OP Units to common shares			25				465				465				465
Assumed conversion of LTIP units and restricted share units to    common shares			—				16				—				—
Weighted average number of Common Shares and Common OP Units			100,313				94,083				100,534				92,807
Diluted Funds from operations, per Common Share and Common OP Unit		$	0.24			$	0.41			$	0.82			$	0.97
Diluted Funds from operations before Special Items, per Common Share and Common OP Unit		$	0.28			$	0.27			$	0.93			$	0.81

 

10

 

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ACADIA REALTY TRUST AND SUBSIDIARIES

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

(Dollars in thousands)

 

		Three Months Ended  September 30,								Nine Months Ended September 30,
		2022				2021				2022				2021
						(As Restated)(b)								(As Restated)(b)
Consolidated operating (loss) income		$	(13,953	)		$	(1,474	)		$	51,737			$	20,201
Add back:
General and administrative			10,170				9,910				32,768				29,555
Depreciation and amortization			33,744				30,064				102,428				91,244
Impairment charges			33,311				9,925				33,311				9,925
Less:
Above/below market rent, straight-line rent and other adjustments			(4,680	)			(4,810	)			(16,943	)			(13,742	)
Gain on disposition of properties			(8,885	)			—				(49,916	)			(10,521	)
Consolidated NOI			49,707				43,615				153,385				126,662
Redeemable noncontrolling interest in consolidated NOI			(537	)			—				(537	)			—
Noncontrolling interest in consolidated NOI			(13,669	)			(11,714	)			(44,767	)			(33,437	)
Less: Operating Partnership's interest in Fund NOI included above			(4,009	)			(2,983	)			(11,917	)			(8,517	)
Add: Operating Partnership's share of unconsolidated    joint ventures NOI (f)			3,542				2,961				10,882				10,025
NOI - Core Portfolio		$	35,034			$	31,879			$	107,046			$	94,733

 

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ACADIA REALTY TRUST AND SUBSIDIARIES

Consolidated Balance Sheets (a)

(Dollars in thousands)

		As of
		September 30, 2022				December 31, 2021
ASSETS
Investments in real estate, at cost
Land		$	829,313			$	739,641
Buildings and improvements			2,998,230				2,892,051
Tenant improvements			213,316				199,925
Construction in progress			13,117				11,131
Right-of-use assets - finance leases			25,086				25,086
			4,079,062				3,867,834
Less: Accumulated depreciation and amortization			(704,609	)			(648,461	)
Operating real estate, net			3,374,453				3,219,373
Real estate under development			186,360				203,773
Net investments in real estate			3,560,813				3,423,146
Notes receivable, net			123,966				153,886
Investments in and advances to unconsolidated affiliates			317,422				322,326
Other assets, net			234,558				186,509
Right-of-use assets - operating leases, net			38,158				40,743
Cash and cash equivalents			18,068				17,746
Restricted cash			12,635				9,813
Rents receivable, net			46,821				43,625
Assets of properties held for sale			11,057				63,952
Total assets		$	4,363,498			$	4,261,746
LIABILITIES
Mortgage and other notes payable, net		$	945,235			$	1,140,293
Unsecured notes payable, net			694,310				559,040
Unsecured line of credit			178,287				112,905
Accounts payable and other liabilities			201,033				236,415
Lease liability - operating leases, net			36,157				38,759
Dividends and distributions payable			18,393				14,460
Distributions in excess of income from, and investments in, unconsolidated affiliates			8,880				9,939
Total liabilities			2,082,295				2,111,811
Commitments and contingencies
Redeemable noncontrolling interests			72,352				—
EQUITY
Acadia Shareholders' Equity
Common shares, $0.001 par value, authorized 200,000,000 shares, issued and outstanding 94,951,297 and 89,303,545 shares, respectively			95				89
Additional paid-in capital			1,940,033				1,754,383
Accumulated other comprehensive income (loss)			49,684				(36,214	)
Distributions in excess of accumulated earnings			(287,262	)			(196,645	)
Total Acadia shareholders’ equity			1,702,550				1,521,613
Noncontrolling interests			506,301				628,322
Total equity			2,208,851				2,149,935
Total liabilities, equity and redeemable noncontrolling interests		$	4,363,498			$	4,261,746

 

12

 

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ACADIA REALTY TRUST AND SUBSIDIARIES

Notes to Financial Highlights:

 

 

 

13

 

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Exhibit 99.2

EALTY TRUST—Q220SUPPLEMENTAL REPFORMATIO

 

 

 

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Table of Contents			Supplemental Report – September 30, 2022
Section I – Third Quarter 2022 Earnings Press Release
Section II – Financial Information			Section III – Core Portfolio Information
Company Information	3		Core Properties		29
Market Capitalization	4		Core Top Tenants		33
Operating Statements			Core Lease Expirations		34
Consolidated Income Statements	5		Core New and Renewal Rent Spreads		35
Income Statement - Pro-rata Adjustments	7		Core Capital Expenditures		36
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	14		Fund Overview		37
Fee Income	15		Fund Properties		39
Structured Financing	16		Fund Lease Expirations		42
Other Information			Development and Redevelopment Activity		43
Transactional Activity	17
2022 Guidance	19
Net Asset Valuation Information	20
Selected Financial Ratios	21		Section V – Other Information
Debt Analysis
Summary	24		Important Notes		45
Detail	25
Maturities	27

 

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

 

 

 

 

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Supplemental Report – September 30, 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		Jennifer Han		Symbol AKR
		Suite 300		Assistant Controller
		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		Craig Mailman - (212) 816-4471		Todd Thomas - (917) 368-2286
		craig.schmidt@bofa.com		craig.mailman@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 – September 30, 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			94,951							Balance at 12/31/2021			89,304				5,059				94,363
Common Operating Partnership ("OP") Units			5,296							ATM issuance			5,151				—				5,151
Combined Common Shares and OP Units			100,247							Vesting RS and LTIPs			11				279				290
										OP Conversions			36				(36	)			—
Share Price at September 30, 2022		$	12.62							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		$	1,265,117							ATM issuance			375				—				375
Preferred OP Units 2			5,864							Vesting RS and LTIPs			34				30				64
Total Equity Capitalization			1,270,981			47%		47%		OP Conversions			16				(16	)			—
										Other			(4	)			—				(4	)
Debt Capitalization										Balance at 6/30/2022			94,929				5,316				100,245				94,945				94,120				100,281				99,898
Consolidated debt 3			1,831,231							ATM issuance			—				—				—
Adjustment to reflect pro-rata share of debt			(390,329	)						Vesting RS and LTIPs			—				—				—
Total Debt Capitalization			1,440,902			53%		53%		OP Conversions			20				(20	)			—
										Other			2				—				2
Total Market Capitalization		$	2,711,883			100%		100%		Balance at 9/30/2022			94,951				5,296				100,247				95,251				94,849				100,313				100,534

__________

 

 

	4

 

 

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	Consolidated Income Statement
Supplemental Report – September 30, 2022	(in thousands)

 

		September 30, 2022 1
CONSOLIDATED INCOME STATEMENT		Quarter				Year to Date
Revenues
Rental income		$	78,453			$	238,479
Other			1,493				7,233
Total revenues			79,946				245,712
Operating expenses
Depreciation and amortization			33,744				102,428
General and administrative			10,170				32,768
Real estate taxes			11,749				34,657
Property operating			13,810				40,727
Impairment charges			33,311				33,311
Total operating expenses			102,784				243,891
Gain on disposition of properties			8,885				49,916
Operating (loss) income			(13,953	)			51,737
Equity in losses of unconsolidated affiliates			(50,579	)			(46,169	)
Interest and other income			3,994				9,890
Realized and unrealized holding losses on investments and other			(7,862	)			(18,415	)
Interest expense			(21,162	)			(58,309	)
Loss from continuing operations before income taxes			(89,562	)			(61,266	)
Income tax benefit (provision)			17				(7	)
Net loss			(89,545	)			(61,273	)
Net loss attributable to redeemable noncontrolling interests			3,193				3,193
Net loss attributable to noncontrolling interests			30,461				18,653
Net loss attributable to Acadia		$	(55,891	)		$	(39,427	)

 

 

 

 

	5

 

 

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	Consolidated Income Statement - Detail
Supplemental Report – September 30, 2022	(in thousands)

 

		September 30, 2022 1
CORE PORTFOLIO AND FUND INCOME		Quarter				Year to Date
PROPERTY REVENUES
Minimum rents		$	59,743			$	180,132
Percentage rents			661				2,113
Expense reimbursements - CAM			6,148				19,816
Expense reimbursements - Taxes			7,984				24,419
Other property income			548				1,791
Total Property Revenues			75,084				228,271
PROPERTY EXPENSES
Property operating - CAM			10,604				31,611
Other property operating (Non-CAM)			3,024				8,618
Real estate taxes			11,749				34,657
Total Property Expenses			25,377				74,886
NET OPERATING INCOME - PROPERTIES			49,707				153,385
OTHER INCOME (EXPENSE)
Interest income			3,994				9,890
Straight-line rent income (expense)			1,320				7,324
Above/below-market rent income (expense)			2,613				6,782
Interest expense 2			(19,496	)			(54,151	)
Amortization of finance costs			(1,602	)			(3,969	)
Above/below-market interest income (expense)			26				78
Finance lease interest expense			(90	)			(267	)
Asset and property management income (expense)			(179	)			(516	)
Other income (expense)			102				2,148
Impairment charges			(33,311	)			(33,311	)
CORE PORTFOLIO AND FUND INCOME			3,084				87,393
FEE AND OTHER INCOME
Asset and property management fees			186				549
Net promote and other transactional income			—				1,473
Realized and unrealized holding losses on investments and other			(7,257	)			(20,545	)
Transactional fees 3			33				150
Income tax benefit (provision)			17				(7	)
Total Fee and Other Income (Loss)			(7,021	)			(18,380	)
General and Administrative			(10,170	)			(30,746	)
Depreciation and amortization			(33,654	)			(102,141	)
Non-real estate depreciation and amortization			(90	)			(287	)
Gain (loss) on change of control and other			—				(859	)
Gain on disposition of properties			8,885				49,916
(Loss) before equity in earnings and noncontrolling interests			(38,966	)			(15,104	)
Equity in losses of unconsolidated affiliates			(50,579	)			(46,169	)
Noncontrolling interests (including redeemable noncontrolling interests)			33,654				21,846
NET LOSS ATTRIBUTABLE TO ACADIA		$	(55,891	)		$	(39,427	)

 

 

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	Income Statement – Pro Rata Adjustments
Supplemental Report – September 30, 2022	(in thousands)

 

		Quarter Ended September 30, 2022								Year to Date September 30, 2022
CORE PORTFOLIO AND FUND INCOME		Noncontrolling Interest in Consolidated Subsidiaries 4				Company’s Interest in Unconsolidated Subsidiaries 5				Noncontrolling Interest in Consolidated Subsidiaries 5				Company’s Interest in Unconsolidated Subsidiaries 6
PROPERTY REVENUES
Minimum rents		$	(23,855	)		$	11,971			$	(71,708	)		$	33,449
Percentage rents			(81	)			98				(723	)			402
Expense reimbursements - CAM			(2,852	)			1,199				(9,530	)			3,960
Expense reimbursements - Taxes			(2,560	)			2,519				(7,511	)			6,933
Other property income			(234	)			83				(831	)			223
Total Property Revenues			(29,582	)			15,870				(90,303	)			44,967
PROPERTY EXPENSES
Property operating - CAM			(4,656	)			1,644				(14,524	)			4,299
Other property operating (Non-CAM)			(869	)			238				(2,526	)			710
Real estate taxes			(4,096	)			2,995				(11,965	)			8,276
Total Property Expenses			(9,621	)			4,877				(29,015	)			13,285
NET OPERATING INCOME - PROPERTIES			(19,961	)			10,993				(61,288	)			31,682
OTHER INCOME (EXPENSE)
Interest income			(5	)			5				(10	)			12
Straight-line rent income (expense)			(391	)			438				(3,506	)			1,176
Above/below-market rent income (expense)			(567	)			1,031				(1,408	)			2,851
Interest expense 2			8,737				(4,106	)			26,339				(9,939	)
Amortization of finance costs			853				(298	)			2,170				(823	)
Above/below-market interest income (expense)			—				21				—				63
Finance lease interest expense			38				—				167				—
Asset and property management income (expense)			405				(483	)			1,120				(1,320	)
Other income (expense)			62				1				(911	)			36
Impairment charges			25,609				(50,779	)			25,609				(50,779	)
CORE PORTFOLIO AND FUND INCOME			14,780				(43,177	)			(11,718	)			(27,041	)
FEE AND OTHER INCOME
Asset and property management fees			2,335				155				7,488				456
Net promote and other transactional income			—				—				—				—
Realized and unrealized holding losses on investments and other			4,354				—				12,610				—
Transactional fees 3			1,353				281				4,183				620
Income tax benefit (provision)			(3	)			(1	)			122				(11	)
Total Fee and Other Income (Loss)			8,039				435				24,403				1,065
General and Administrative			380				(192	)			1,304				(505	)
Depreciation and amortization			14,202				(7,645	)			43,822				(19,688	)
Non-real estate depreciation and amortization			—				—				—				—
Gain (loss) on change of control and other			—				—				—				—
Gain (loss) on disposition of properties			(6,830	)			—				(38,022	)			—
(Loss) before equity in earnings and noncontrolling interests			30,571				(50,579	)			19,789				(46,169	)
Equity in losses of unconsolidated affiliates			—				—				—				—
Noncontrolling interests (including redeemable noncontrolling interests) 6			3,083				—				2,057				—
NET LOSS ATTRIBUTABLE TO ACADIA		$	33,654			$	(50,579	)		$	21,846			$	(46,169	)

 

 

 

 

	7

 

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	Balance Sheet
Supplemental Report – September 30, 2022	(in thousands)

 

ASSETS		Consolidated Balance Sheet				Line Item Details:
Real estate
Land		$	829,313			The components of Real estate under development, at cost are as follows:
Buildings and improvements			3,211,546			Core		$	53,981
Construction in progress			13,117			Fund II			36,612
Right-of-use assets - finance leases			25,086			Fund III			25,373
			4,079,062			Fund IV			70,394
Less: Accumulated depreciation and amortization			(704,609	)		Total		$	186,360
Total			3,374,453
Real estate under development			186,360			Summary of other assets, net:
Operating real estate, net			3,560,813			Deferred charges, net		$	26,899
Notes receivable, net			123,966			Accrued interest receivable			15,098
Investments in and advances to unconsolidated affiliates			317,422			Due from seller			3,036
Lease intangibles, net			110,620			Prepaid expenses			17,077
Other assets, net			123,938			Other receivables			1,527
Right-of-use assets - operating leases, net			38,158			Income taxes receivable			1,826
Cash and cash equivalents			18,068			Corporate assets, net			1,376
Restricted cash			12,635			Deposits			521
Straight-line rents receivable, net			33,361			Derivative financial instruments			56,578
Rents receivable, net			13,460			Total		$	123,938
Assets of properties held for sale			11,057
Total assets		$	4,363,498
LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgage and other notes payable, net		$	945,235
Unsecured notes payable, net			694,310			Summary of accounts payable and other liabilities:
Unsecured line of credit			178,287			Lease liability - finance leases, net		$	6,917
Accounts payable and other liabilities			120,489			Accounts payable and accrued expenses			62,984
Lease liability - operating leases, net			36,157			Deferred income			36,073
Dividends and distributions payable			18,393			Tenant security deposits, escrow and other			14,509
Lease intangibles, net			80,544			Derivative financial instruments			6
Distributions in excess of income from, and investments in, unconsolidated affiliates			8,880			Total		$	120,489
Total liabilities			2,082,295
Commitments and contingencies
Redeemable noncontrolling interests			72,352
Shareholders' Equity
Common shares			95
Additional paid-in capital			1,940,033
Accumulated other comprehensive income (loss)			49,684
Distributions in excess of accumulated earnings			(287,262	)
Total Acadia shareholders’ equity			1,702,550
Noncontrolling interests			506,301
Total equity			2,208,851
Total liabilities, equity and redeemable noncontrolling interests		$	4,363,498

 

 

	8

 

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	Balance Sheet – Pro-rata Adjustments7
Supplemental Report – September 30, 2022	(in thousands)

 

 

ASSETS		Noncontrolling Interest in Consolidated Subsidiaries 5				Company’s Interest in Unconsolidated Subsidiaries 6
Real estate
Land		$	(164,639	)		$	69,616
Buildings and improvements			(759,247	)			255,262
Construction in progress			(4,107	)			656
Right-of-use assets - finance leases			(2,346	)			22,473
			(930,339	)			348,007
Less: Accumulated depreciation and amortization			108,007				(67,551	)
Total			(822,332	)			280,456
Real estate under development			(88,449	)			11,535
Operating real estate, net			(910,781	)			291,991
Notes receivable, net			65,404				—
Investments in and advances to unconsolidated affiliates			(171,937	)			(96,557	)
Lease intangibles, net			(36,091	)			10,151
Other assets, net			507				6,147
Right-of-use assets - operating leases, net			(2,103	)			—
Cash and cash equivalents			(7,663	)			9,164
Restricted cash			(8,792	)			5,211
Straight-line rents receivable, net			(7,046	)			5,254
Rents receivable, net			(4,045	)			1,875
Total assets		$	(1,082,547	)		$	233,236
LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgage and other notes payable, net		$	(544,311	)		$	196,997
Unsecured notes payable, net			(39,732	)			—
Unsecured line of credit			—				—
Accounts payable and other liabilities			(28,578	)			30,229
Lease intangibles, net			(25,906	)			7,165
Lease liability - operating leases, net			(2,204	)			4
Dividends and distributions payable			—				—
Lease liability - finance leases			(2,864	)			7,721
Distributions in excess of income from, and investments in, unconsolidated affiliates			—				(8,880	)
Total liabilities			(643,595	)			233,236
Shareholders' Equity
Common shares			—				—
Additional paid-in capital			—				—
Accumulated other comprehensive income (loss)			—				—
Distributions in excess of accumulated earnings			—				—
Total Acadia shareholders’ equity			—				—
Noncontrolling interests (including redeemable noncontrolling interests)			(438,952	)			—
Total equity			(438,952	)			—
Total liabilities, equity and redeemable noncontrolling interests		$	(1,082,547	)		$	233,236

 

 

 

	9

 

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	Balance Sheet – Pro-rata Adjustments7
Supplemental Report – September 30, 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 – September 30, 2022	(in thousands)

 

		Quarter Ended												Year to Date				Quarter Ended				Year to Date
		March 31, 2022				June 30, 2022				September 30, 2022				September 30, 2022				September 30, 2021				September 30, 2021
Funds from operations ("FFO"):																		(As Restated)				(As Restated)
Net Income (Loss)		$	16,838			$	(374	)		$	(55,891	)		$	(39,427	)		$	12,007			$	20,535
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share)			24,313				26,597				27,097				78,007				23,111				69,995
(Gain) loss on disposition on real estate properties (net of noncontrolling interest share)			(6,876	)			(2,961	)			(2,055	)			(11,892	)			—				(4,163	)
Impairment charges (net of noncontrolling interest share)			—				—				58,481				58,481				2,294				2,294
Income (loss) attributable to noncontrolling interests' share in Operating Partnership			1,121				151				(2,960	)			(1,688	)			872				1,740
FFO to Common Shareholders and Common OP Unit holders - Basic		$	35,396			$	23,413			$	24,672			$	83,481			$	38,284			$	90,401
Less: Impact of City point share conversion option 2			—				—				(906	)			(906	)			—				—
FFO to Common Shareholders and Common OP Unit holders - Diluted		$	35,396			$	23,413			$	23,766			$	82,575			$	38,284			$	90,401
Add back: acquisition costs, net of bargain purchase gain			859				—				—				859				—				—
Add back: City Point recapitalization and transaction related costs			—				—				364				364				—				—
Add back: Impact of City point share conversion option 2			—				—				906				906				—				—
Less: Unrealized holding loss (gain) on investment in Albertsons and other (net of noncontrolling interest share)			(3,570	)			8,881				3,068				8,379				(13,198	)			(15,084	)
FFO before Special Items		$	32,685			$	32,294			$	28,104			$	93,083			$	25,086			$	75,317
Adjusted Funds from operations ("AFFO"):
FFO		$	35,396			$	23,413			$	24,672			$	83,481			$	38,284			$	90,401
Unrealized (gains) losses			(3,570	)			8,881				3,068				8,379				(13,198	)			(15,084	)
Straight-line rent, net			(2,707	)			(920	)			(1,367	)			(4,994	)			(1,229	)			(2,642	)
Above/below-market rent			(1,965	)			(3,183	)			(3,077	)			(8,225	)			(1,572	)			(5,268	)
Amortization of finance costs			807				768				1,047				2,622				895				2,439
Above/below-market interest			(47	)			(47	)			(47	)			(141	)			(47	)			(141	)
Non-real estate depreciation			90				107				90				287				156				272
Stock-based compensation			3,887				2,255				1,932				8,074				2,242				8,340
Leasing commissions			(1,053	)			(1,057	)			(811	)			(2,921	)			(681	)			(1,684	)
Tenant improvements			(3,403	)			(2,250	)			(4,709	)			(10,362	)			(3,570	)			(7,526	)
Maintenance capital expenditures			(638	)			(2,049	)			(1,993	)			(4,680	)			(409	)			(1,092	)
AFFO to Common Shareholders and Common OP Unit holders		$	26,797			$	25,918			$	18,805			$	71,520			$	20,871			$	68,015
Total weighted-average diluted shares and OP Units			99,103				100,281				100,313				100,534				94,083				92,807
Diluted FFO per Common share and OP Unit:
FFO		$	0.36			$	0.23			$	0.24			$	0.82			$	0.41			$	0.97
FFO before Special Items		$	0.33			$	0.32			$	0.28			$	0.93			$	0.27			$	0.81

 

 

	11

 

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	EBITDA1
Supplemental Report – September 30, 2022	(in thousands)

 

		Quarter Ended September 30, 2022												Year to Date September 30, 2022												Quarter Ended September 30, 2021
		Core												Core												Core
		Portfolio				Funds				Total				Portfolio				Funds				Total				Portfolio				Funds				Total
EBITDA:																										(As Restated)				(As Restated)				(As Restated)
Net Loss Attributable to Acadia		$	(45,859	)		$	(10,032	)		$	(55,891	)		$	(37,541	)		$	(1,886	)		$	(39,427	)		$	15,758			$	(3,751	)		$	12,007
Adjustments:
Depreciation and amortization			20,880				6,307				27,187				62,589				15,705				78,294				19,788				3,479				23,267
Interest expense			11,282				3,583				14,865				28,994				8,757				37,751				8,143				2,338				10,481
Amortization of finance costs			660				387				1,047				1,870				752				2,622				703				192				895
Above/below-market interest			(47	)			—				(47	)			(141	)			—				(141	)			(47	)			—				(47	)
Gain on disposition of properties			—				(2,055	)			(2,055	)			—				(11,894	)			(11,894	)			—				—				—
Unrealized holding losses (gains) on investment in Albertsons and other			3,068				—				3,068				8,379				—				8,379				(13,384	)			186				(13,198	)
(Benefit) provision for income taxes			(12	)			(1	)			(13	)			(139	)			35				(104	)			55				1				56
Impairment charges			50,779				7,702				58,481				50,779				7,702				58,481				—				2,294				2,294
Noncontrolling interest - OP			(3,083	)			—				(3,083	)			(2,057	)			—				(2,057	)			748				—				748
EBITDA		$	37,668			$	5,891			$	43,559			$	112,733			$	19,171			$	131,904			$	31,764			$	4,739			$	36,503
Adjusted EBITDA:
EBITDA		$	37,668			$	5,891			$	43,559			$	112,733			$	19,171			$	131,904			$	31,764			$	4,739			$	36,503
Stock based compensation			1,932				—				1,932				8,074				—				8,074				2,242				—				2,242
		$	39,600			$	5,891			$	45,491			$	120,807			$	19,171			$	139,978			$	34,006			$	4,739			$	38,745

 

__________

Notes to Funds from Operations and EBITDA:

 

 

	12

 

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	13

 

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	Core Portfolio – Same Property Performance 1
Supplemental Report – September 30, 2022	(in thousands)

 

		Quarter Ended								Change				Year to Date								Change
		September 30, 2022				September 30, 2021				Favorable/ (Unfavorable)				September 30, 2022				September 30, 2021				Favorable/ (Unfavorable)
Summary
Minimum rents		$	32,257			$	31,249				3.2	%		$	99,256			$	94,457				5.1	%
Expense reimbursements			8,782				8,561				2.6	%			27,525				27,240				1.0	%
Other property income			707				458				54.4	%			2,003				1,178				70.0	%
Total Revenue			41,746				40,268				3.7	%			128,784				122,875				4.8	%
Expenses
Property operating - CAM & Real estate taxes			11,917				11,741				(1.5	)%			36,440				36,038				(1.1	)%
Other property operating (Non-CAM)			809				1,005				19.5	%			2,539				2,575				1.4	%
Total Expenses			12,726				12,746				0.2	%			38,979				38,613				(0.9	)%
Same Property NOI - Core properties		$	29,020			$	27,522				5.4	%		$	89,805			$	84,262				6.6	%
Reconciliation of Same Property NOI to Core NOI
NOI of Properties excluded from Same Property NOI			6,014				4,357								17,241				10,471
Core NOI		$	35,034			$	31,879							$	107,046			$	94,733
Other same property information
Physical Occupancy at the end of the period			91.1	%			89.5	%
Leased Occupancy at the end of the period			94.3	%			92.2	%

__________

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

 

 

	14

 

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	Fee Income by Fund
Supplemental Report – September 30, 2022	(in thousands)

 

		Fund II				Fund III				Fund IV				Fund V				Other				Total
Year to Date September 30, 2022
Asset and property management fees		$	703			$	57			$	2,937			$	4,337			$	459			$	8,493
Transactional fees			531				341				1,077				2,916				88				4,953
Total fees		$	1,234			$	398			$	4,014			$	7,253			$	547			$	13,446
Quarter Ended September 30, 2022
Asset and property management fees		$	142			$	12			$	915			$	1,454			$	153			$	2,676
Transactional fees			246				56				342				996				27				1,667
Total fees		$	388			$	68			$	1,257			$	2,450			$	180			$	4,343
Quarter Ended June 30, 2022
Asset and property management fees		$	275			$	13			$	967			$	1,420			$	168			$	2,843
Transactional fees			164				68				384				1,061				33				1,710
Total fees		$	439			$	81			$	1,351			$	2,481			$	201			$	4,553
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

 

 

 

	15

 

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	Structured Financing Portfolio
Supplemental Report – September 30, 2022	(in thousands)

 

		June 30, 2022												Quarter Ended September 30, 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 2,3		$	73,331			$	4,085			$	77,416			$	—			$	(13,530	)		$	59,801			$	3,809			$	63,610				5.99	%			6.39	%		Apr-20 to Sept-24
Other notes3,4			65,000				14,698				79,698				65,945				—				130,945				12,192				143,137				11.28	%			11.28	%		Jan-23 to Dec-27
Total Core notes receivable		$	138,331			$	18,783			$	157,114			$	65,945			$	(13,530	)		$	190,746			$	16,001			$	206,747				9.62	%			9.75	%
__________
Reconciliation of Notes Receivable to the Pro-Rata Balance Sheet:
Total Notes Receivable per above																						$	190,746
Fund Notes Receivable																							—
Allowance for credit loss																							(1,376	)
Total Pro-rata Notes Receivable																						$	189,370

 

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	Transactional Activity
Supplemental Report – September 30, 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
Henderson Portfolio 4		Dallas, TX		April 18, 2022			85,192				100.00	%			—				85,192
							246,696								—				246,696
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
Shoppes at South Hills		Poughkeepsie, NY		August 22, 2022			47,609				90.00	%			42,848				8,612
							178,284								160,455				32,251
						$	424,980							$	160,455			$	278,947
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
Lincoln Place		Fairview Heights, IL		May 25, 2022			40,670				100.00	%			40,670				9,403
Wake Forest Crossing		Wake Forest, NC		August 24, 2022			38,919				100.00	%			38,919				8,998
Fund V:
New Town Center (Land Parcel)		Canton, MI		February 1, 2022			2,231				89.43	%			1,995				401
						$	198,703							$	192,467			$	46,868
STRUCTURED FINANCING ACTIVITY
Note Description		Transaction Type		Date of Transaction		Transaction Amount				Ownership % 1				Fund Share				Acadia Share
Core:
White Oak		Repayment		May 26, 2022		$	(16,000	)			100.00	%		$	—			$	(16,000	)
							(16,000	)							—				(16,000	)
Core:
City Point Loan		Recapitalization		August 1, 2022		$	65,945				100.00	%		$	65,945			$	65,945
							65,945								65,945				65,945
Fund III:
640 Broadway Note Receivable		Foreclosure		January 26, 2022			(5,307	)			100.00	%			(5,307	)			(1,302	)
						$	44,638							$	60,638			$	48,643

 

 

 

 

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	Transactional Activity
Supplemental Report – September 30, 2022	(in thousands)

________

 

 

 

 

 

	18

 

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	2022 Revised Guidance 1
Supplemental Report – September 30, 2022	(in millions)

 

		2022 Annual Guidance
		Initial		Updated Q1		Updated Q2		Revised Q3
Net earnings per share attributable to Common Shareholders		$0.19 to $0.32		$0.25 to $0.37		$0.27 to $0.36		($0.19) to ($0.14)
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interests' share)		1.01 to 1.04		1.01 to 1.04		1.01 to 1.04		1.06 to 1.03
Impairment charges (net of noncontrolling interest share)		—		—		—		0.58
Gain on disposition of properties (net of noncontrolling interests' share)		(0.07)		(0.07)		(0.15)		(0.27)
Noncontrolling interest in Operating Partnership		0.02		0.02		0.02		0.02
NAREIT Funds from operations per share attributable to Common Shareholders and Common OP Unit holders		$1.15 to $1.31		$1.21 to $1.36		$1.15 to $1.27		$1.20 to $1.22
Net Promote and other Core and Fund profits (2)		(0.06) to (0.10)		(0.06) to (0.11)		(0.06) to (0.12)		(0.12)
Less: Albertsons unrealized holding losses (gains) (net of noncontrolling interest share) for the nine months ended September 30, 2022		—		(0.04)		0.05		0.08
Funds from operations Before Special Items, excluding Net Promote and other Core and Fund profits		$1.09 to $1.21		$1.11 to $1.21		$1.14 to $1.20		$1.16 to $1.18
Net Promote and other Core and Fund profits (2)		0.06 to 0.10		0.06 to 0.11		0.06 to 0.12		0.12
Funds from operations Before Special Items per share attributable to Common Shareholders and Common OP Unit holders		$1.15 to $1.31		$1.17 to $1.32		$1.20 to $1.32		$1.28 to $1.30

 

 

 

 

 

 

 

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	Net Asset Valuation Information
Supplemental Report – September 30, 2022	(in thousands)

 

		CORE				FUND II 2				FUND III				FUND IV				FUND V
Ownership Percentage		N/A					61.67	%			24.54	%			23.12	%			20.10	%
Current Quarter NOI
Net Operating Income 1, 2		$	35,034			N/A5				$	383			$	4,581			$	18,736
Less:
Net operating (income) loss from properties sold or under contract			—			N/A5					12				(685	)			—
Net operating (income) loss from pre-stabilized assets, development and redevelopment projects 3, 4			(3,216	)		N/A5					(395	)			(328	)			—
Net Operating Income of stabilized assets		$	31,818			N/A				$	—			$	3,568			$	18,736
Costs to Date (Pro Rata)
Pre-stabilized assets 3		$	—			N/A5				$	13,529			$	41,447			$	—
Development and redevelopment projects 4			354,867			N/A5					4,591				17,866				—
Total Costs to Date		$	354,867			N/A5				$	18,120			$	59,313			$	—
Debt (Pro Rata)		$	1,170,634			$	76,786			$	8,827			$	53,079			$	131,576
Finance Lease (Pro Rata)		$	41,895			$	3,318			$	—			$	—			$	—

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	20

 

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	Selected Financial Ratios
Supplemental Report – September 30, 2022	(in thousands)

 

		Quarter Ended September 30,								Year to Date September 30,										Quarter Ended
COVERAGE RATIOS 1		2022				2021				2022				2021				LEVERAGE RATIOS		September 30, 2022				June 30, 2022
Fixed-Charge Coverage Ratios						(As Restated)								(As Restated)				Debt/Market Capitalization Ratios
EBITDA 2 divided by:		$	37,668			$	31,764			$	112,733			$	95,364			Debt + Preferred Equity (Preferred OP Units)		$	1,446,766			$	1,325,408
Interest expense			11,282				8,143				28,994				24,365			Total Market Capitalization			2,711,883				2,891,235
Principal Amortization			666				1,074				2,662				3,155			Debt + Preferred Equity/
Preferred Dividends 3			123				123				369				369			Total Market Capitalization			53	%			46	%
Fixed-Charge Coverage Ratio - Core Portfolio			3.1	x			3.4	x			3.5	x			3.4	x
EBITDA divided by:		$	43,559			$	36,503			$	131,904			$	107,979			Debt 6		$	1,427,197			$	1,307,354
Interest expense			14,865				10,481				37,751				31,461			Total Market Capitalization			2,711,883				2,891,235
Principal Amortization			1,254				1,381				3,928				4,212			Net Debt + Preferred Equity/
Preferred Dividends			123				123				369				369			Total Market Capitalization			53	%			45	%
Fixed-Charge Coverage Ratio - Core Portfolio and Funds			2.7	x			3.0	x			3.1	x			3.0	x		Debt/EBITDA Ratios
																		Core:
Payout Ratios																		Debt		$	1,064,588			$	1,014,281
																		Net debt 5			1,049,689				1,002,057
Dividends declared (per share/OP Unit)		$	0.18			$	0.15			$	0.54			$	0.45			EBITDA			150,672				157,564
																		Adjusted EBITDA			158,400				166,584
Dividends (Shares) & Distributions (OP Units) declared		$	18,367			$	14,437			$	55,035			$	42,745			Debt/EBITDA - Core Portfolio			7.1	x			6.4	x
FFO			24,672				38,284				83,481				90,401			Debt/Adjusted EBITDA - Core Portfolio			6.7	x			6.1	x
FFO Payout Ratio 8			74	%			38	%			66	%			47	%		Net Debt/EBITDA - Core Portfolio			7.0	x			6.4	x
																		Net Debt/ Adjusted EBITDA - Core Portfolio			6.6	x			6.0	x
AFFO 7			18,805				20,871				71,520				68,015			Core and Funds:
AFFO Payout Ratio			98	%			69	%			77	%			63	%		Debt 4		$	1,440,902			$	1,318,151
																		Net debt 6			1,421,333				1,300,097
FFO Before Special Items			28,104				25,086				93,083				75,317			EBITDA			175,709				182,193
FFO Before Special Items Payout Ratio			65	%			58	%			59	%			57	%		Adjusted EBITDA			183,437				191,213
																		Debt/EBITDA - Core and Funds			8.2	x			7.2	x
																		Debt/Adjusted EBITDA - Core and Funds			7.9	x			6.9	x
																		Net Debt/EBITDA - Core and Funds			8.1	x			7.1	x
																		Net Debt/ Adjusted EBITDA - Core and Funds			7.7	x			6.8	x

 

 

 

 

	21

 

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	Selected Financial Ratios
Supplemental Report – September 30, 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.

8. Amount represents the Company's reallocation of its pro-rata portion of the de-leveraging of Fund II's property-level debt associated with the City Point refinancing to align with the inclusion of the associated EBITDA derived from its investment.

 

 

 

	22

 

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	Selected Financial Ratios
Supplemental Report – September 30, 2022	(in thousands)

 

 

		EBITDA								ADJUSTED EBITDA
		Quarter Ended				Year Ended				Quarter Ended				Year Ended
Reconciliation of EBITDA to Annualized EBITDA		September 30, 2022				December 31, 2021				September 30, 2022				December 31, 2021
Core EBITDA as reported		$	37,668			$	127,360			$	37,668			$	127,360
Add back: Stock-based compensation, net of employee equity elections			—				—				1,932				10,583
Subtotal			37,668				127,360				39,600				137,943
Annualized Core EBITDA			150,672				127,360				158,400				137,943
Annualized Core EBITDA			150,672				127,360				158,400				137,943
Funds EBITDA as reported			5,891				18,829				5,891				18,829
Subtotal			5,891				18,829				5,891				18,829
Annualized Fund EBITDA			23,564				18,829				23,564				18,829
Add back: Promote YTD			1,473				—				1,473				—
Annualized Fund EBITDA			25,037				18,829				25,037				18,829
Annualized EBITDA Core and Funds		$	175,709			$	146,189			$	183,437			$	156,772

 

 

		Quarter Ended
Reconciliation of Core Portfolio Debt		September 30, 2022
Core Portfolio Debt per Debt Summary		$1,170,634
Incremental Core Debt Attributable to City Point8		(106,046)
Adjusted Core Debt per EBITDA		1,064,588
Fund Portfolio Debt per Debt Summary		270,268
Incremental Core Debt Attributable to City Point8		106,046
Adjusted Fund Debt per EBITDA		376,314
Total Core and Fund Debt per EBITDA		$1,440,902

 

 

	23

 

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	Portfolio Debt – Summary
Supplemental Report – September 30, 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		$	766,237				4.3	%			4.4			$	—				—				—			$	766,237				53	%			4.3	%			4.4			$	—			$	—			$	766,237
Variable-Rate Debt 5			62,050				4.0	%			2.8				9,995				4.9	%			0.6				72,045				5	%			4.1	%			2.5				39,734				—				111,779
																															58	%
Mortgage and Other Notes Payable
Fixed-Rate Debt 1			325,510				4.2	%			3.7				96,270				3.6	%			1.5				421,780				29	%			4.0	%			3.2				302,447				(149,109	)			575,118
Variable-Rate Debt 5			16,837				4.4	%			1.7				164,003				5.5	%			2.2				180,840				13	%			5.4	%			2.2				245,874				(48,617	)			378,097
																															42	%
Total		$	1,170,634				4.2	%			4.1			$	270,268				4.8	%			1.9			$	1,440,902				100	%			4.3	%			3.6			$	588,055			$	(197,726	)			1,831,231
Unamortized premium																											623																								369
Net unamortized loan costs																											(10,739	)																							(13,768	)
Total																										$	1,430,786																							$	1,817,832

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	24

 

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	Portfolio Debt – Detail
Supplemental Report – September 30, 2022	(in thousands)

 

 

				Principal Balance at				Acadia's Pro-rata Share								Interest				Extension
Property				September 30, 2022				Percent				Amount				Rate		Maturity		Options
CORE PORTFOLIO
Fixed-Rate Debt
163 Highland Avenue				$	7,768				100.00	%			7,768			4.66%		02/01/24		None
Crossroads Shopping Center					61,231				49.00	%			30,003			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
239 Greenwich Avenue					26,000				75.00	%			19,500			3.88%		07/10/27		None
Georgetown Portfolio (2008 Investment)					15,056				50.00	%			7,528			4.72%		12/10/27		None
State & Washington					22,213				100.00	%			22,213			4.40%		09/05/28		None
North & Kingsbury					11,003				100.00	%			11,003			4.01%		11/05/29		None
151 North State Street					12,658				100.00	%			12,658			4.03%		12/01/29		None
Concord & Milwaukee					2,417				100.00	%			2,417			4.40%		06/01/30		None
California & Armitage					2,267				100.00	%			2,267			5.89%		04/15/35		None
Unsecured interest rate swaps 1					766,237				100.00	%			766,237			4.26%		Various
Secured interest rate swaps 1					158,282				53.80	%			85,157			4.08%		Various
Sub-Total Fixed-Rate Debt					1,218,632								1,091,747			4.23%
Secured Variable-Rate Debt
Gotham Plaza					17,892				49.00	%			8,767			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					10,390				100.00	%			10,390			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					(158,282	)			53.80	%			(85,157	)		4.08%		Various
Unsecured Variable-Rate Debt
Unsecured Line of Credit 3					178,287				100.00	%			178,287			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 $175 Million Term Loan					175,000				100.00	%			175,000			SOFR+150		04/06/27		None
Unsecured $75 Million Term Loan					75,000				100.00	%			75,000			SOFR+205		07/29/29		1 x 12 mos.
Unsecured interest rate swaps 1					(766,237	)			100.00	%			(766,237	)		4.26%		Various
Sub-Total Variable-Rate Debt					146,236								78,887			LIBOR+149
Total Debt - Core Portfolio				$	1,364,868							$	1,170,634			4.21%
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			15,905				20.81	%			3,310			3.75%		06/01/26		None
Interest rate swaps 1		Funds II, IV & V			439,922				19.63	%			86,335			3.66%		Various
Sub-Total Fixed-Rate Debt					488,748								96,270			3.65%
Variable-Rate Debt
Broughton Street Portfolio 5		Fund IV			25,520				23.12	%			5,900			LIBOR+300		10/31/22		None
Restaurants at Fort Point		Fund IV			5,864				23.12	%			1,356			LIBOR+235		11/25/22		1 x 12 mos.
Promenade at Manassas 4		Fund IV			27,250				22.78	%			6,208			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.

 

 

	25

 

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	Portfolio Debt – Detail
Supplemental Report – September 30, 2022	(in thousands)

 

				Principal Balance at				Acadia's Pro-rata Share								Interest				Extension
Property				September 30, 2022				Percent				Amount				Rate		Maturity		Options
Acadia Strategic Opportunity IV LLC		Fund IV			—				23.12	%			—			SOFR+201		12/29/22		None
Elk Grove Commons		Fund V			41,121				20.10	%			8,265			LIBOR+150		01/01/23		1 x 12 mos.
New Towne Center		Fund V			14,829				20.10	%			2,981			LIBOR+220		02/01/23		None
Eden Square 4		Fund IV			22,375				22.78	%			5,097			SOFR+235		03/01/23		None
Acadia Strategic Opportunity Fund V LLC		Fund V			49,727				20.10	%			9,995			SOFR+187		05/01/23		None
Riverdale 4		Fund V			24,361				17.97	%			4,379			LIBOR+170		05/28/23		1 x 12 mos.
Fairlane Green		Fund V			33,030				20.10	%			6,639			LIBOR+190		06/05/23		None
Trussville Promenade		Fund V			28,920				20.10	%			5,813			LIBOR+185		06/15/23		None
640 Broadway 4		Fund III			35,970				24.54	%			8,827			LIBOR+310		07/09/23		1 x 12 mos.
146 Geary Street		Fund IV			19,338				23.12	%			4,471			LIBOR+365		07/15/23		None
Acadia Strategic Opportunity IV LLC		Fund IV			42,200				23.12	%			9,757			SOFR+256		12/29/23		None
Hiram Pavilion		Fund V			28,504				20.10	%			5,729			LIBOR+190		03/05/24		None
Hickory Ridge		Fund V			28,549				20.10	%			5,738			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			28,620				11.56	%			3,308			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 Plaza4		Fund V			32,338				18.09	%			5,850			Prime+013		03/21/25		2 x 12 mos.
Midstate Mall		Fund V			42,400				20.10	%			8,522			SOFR+250		04/28/25		2 x 12 mos.
City Point 4		Fund II			132,259				58.06	%			76,786			SOFR+261		08/01/25		1 x 12 mos.
1964 Union Street 4		Fund IV			1,388				20.80	%			289			LIBOR+225		10/01/25		None
2208-2216 Fillmore Street 4		Fund IV			5,425				20.80	%			1,128			LIBOR+225		06/01/26		None
Monroe Marketplace		Fund V			29,150				20.10	%			5,859			SOFR+265		11/12/26		None
La Frontera Village4		Fund V			55,500				18.09	%			10,040			SOFR+250		06/10/27		2 x 12 mos.
Interest rate swaps 1		Funds II, IV & V			(439,922	)			19.63	%			(86,335	)		3.66%		Various
Sub-Total Variable-Rate Debt					600,974								173,998			LIBOR+291
Total Debt - Funds					1,089,722								270,268			4.82%
Total Debt - Core Portfolio and Funds				$	2,454,590							$	1,440,902			4.33%

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	26

 

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	Future Debt Maturities 1
Supplemental Report – September 30, 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)		$	1,194			$	—			$	1,194			$	872			$	—			$	872			n/a		n/a		n/a
2023			4,470				177,496				181,966				3,369				40,573				43,942			4.08%		4.08%		n/a
2024			3,671				69,862				73,533				2,866				36,759				39,625			4.14%		4.09%		6.25%
2025			2,885				311,787				314,672				2,578				303,283				305,861			4.13%		4.13%		n/a
2026			3,053				409,273				412,326				2,674				409,273				411,947			4.08%		4.08%		n/a
Thereafter			7,069				374,108				381,177				6,763				361,624				368,387			4.21%		4.21%		n/a
Total		$	22,342			$	1,342,526			$	1,364,868			$	19,122			$	1,151,512			$	1,170,634
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)		$	1,942			$	110,556			$	112,498			$	388			$	25,469			$	25,857			5.33%		n/a		5.33%
2023			6,620				342,396				349,016				1,274				72,350				73,624			4.75%		3.97%		5.42%
2024			5,244				288,167				293,411				987				54,329				55,316			3.30%		3.20%		4.83%
2025			748				229,962				230,710				153				95,378				95,531			5.11%		4.76%		5.17%
2026			257				48,330				48,587				50				9,850				9,900			4.74%		3.75%		5.17%
Thereafter			—				55,500				55,500				—				10,040				10,040			5.08%		n/a		5.08%
Total		$	14,811			$	1,074,911			$	1,089,722			$	2,852			$	267,416			$	270,268

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	27

 

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	Future Debt Maturities – As Extended 1
Supplemental Report – September 30, 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)		$	1,194			$	—			$	1,194			$	872			$	—			$	872			n/a		n/a		n/a
2023			4,470				177,496				181,966				3,369				40,573				43,942			4.08%		4.08%		n/a
2024			3,671				69,862				73,533				2,866				36,759				39,625			4.14%		4.09%		6.25%
2025			2,885				133,500				136,385				2,578				124,996				127,574			4.18%		4.18%		n/a
2026			3,052				587,561				590,613				2,674				587,561				590,235			4.08%		4.08%		n/a
Thereafter			9,664				371,513				381,177				8,709				359,677				368,386			4.21%		4.21%		n/a
Total		$	24,936			$	1,339,932			$	1,364,868			$	21,068			$	1,149,566			$	1,170,634
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)		$	1,942			$	25,493			$	27,435			$	388			$	5,894			$	6,282			5.55%		n/a		5.55%
2023			6,619				362,108				368,727				1,274				79,308				80,582			5.01%		4.02%		5.37%
2024			5,242				264,813				270,055				987				52,709				53,696			3.39%		3.39%		n/a
2025			748				63,367				64,115				153				11,528				11,681			3.17%		3.13%		4.80%
2026			258				229,793				230,051				54				93,728				93,782			4.99%		3.89%		5.08%
Thereafter			—				129,339				129,339				—				24,245				24,245			5.40%		5.11%		5.55%
Total		$	14,809			$	1,074,913			$	1,089,722			$	2,856			$	267,412			$	270,268

__________

 

 

	28

 

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	Core Portfolio Retail Properties - Detail
Supplemental Report – September 30, 2022	(in thousands)

 

 

 

 

				Year		Acadia's				Gross Leasable Area (GLA)																In Place Occupancy																Leased Occupancy				Annualized Base Rent				ABR
Property		Key Tenants		Acquired		Interest				Street				Anchors				Shops				Total				Street				Anchors				Shops				Total				Total				(ABR)				PSF
STREET AND URBAN RETAIL
Chicago Metro
664 N. Michigan Avenue		Tommy Bahama,    Ann Taylor Loft		2013			100.0	%			18,141				—				—				18,141				100.0	%			—	%			—	%			100.0	%			100.0	%		$	3,350,038			$	184.67
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	%			6,766,398				190.04
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	%			76.1	%			1,452,248				39.93
Halsted and Armitage    Collection (13 properties)		Serena and Lily,    Bonobos, Allbirds    Warby Parker,    Marine Layer,    Kiehl's		2011 2012 2019 2020			100.0	%			51,596				—				—				51,596				97.6	%			—	%			—	%			97.6	%			100.0	%			2,475,407				49.16
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	%			1,062,570				31.32
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, Backcountry		2016			100.0	%			41,791				—				—				41,791				100.0	%			—	%			—	%			100.0	%			100.0	%			1,837,987				43.98
Concord and Milwaukee		—		2016			100.0	%			13,147				—				—				13,147				80.8	%			—	%			—	%			80.8	%			100.0	%			357,370				33.63
California and Armitage		—		2016			100.0	%			—				—				18,275				18,275				—	%			—	%			70.5	%			70.5	%			78.8	%			687,120				53.29
Roosevelt Galleria		Petco, Vitamin    Shoppe		2015			100.0	%			—				—				37,995				37,995				—	%			—	%			47.7	%			47.7	%			89.7	%			613,881				33.86
Sullivan Center		Target		2016			100.0	%			176,181				—				—				176,181				78.9	%			—	%			—	%			78.9	%			78.9	%			5,009,637				36.05
											609,933				—				84,066				693,999				87.1	%			—	%			70.0	%			85.0	%			88.7	%			37,053,842				62.79
New York Metro
Soho Collection    (12 properties)		Faherty, ALC    Stone Island, Taft,    Frame, Theory;    Bang & Olufsen		2011 2014 2019 2020 2022			100.0	%			36,389				—				—				36,389				70.2	%			—	%			—	%			70.2	%			90.7	%			8,355,335				327.08
5-7 East 17th Street		—		2008			100.0	%			8,488				—				—				8,488				—	%			—	%			—	%			—	%			46.8	%			—				—
200 West 54th Street		—		2007			100.0	%			5,862				—				—				5,862				70.6	%			—	%			—	%			70.6	%			100.0	%			1,098,019				265.35
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
Bartow Avenue		—		2005			100.0	%			—				—				14,590				14,590				—	%			—	%			80.0	%			80.0	%			80.0	%			396,697				33.97

 

 

	29

 

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	Core Portfolio Retail Properties - Detail
Supplemental Report – September 30, 2022	(in thousands)

 

239 Greenwich Avenue		Watches of Switzerland		1998			75.0	%			16,621				—				—				16,621				100.0	%			—	%			—	%			100.0	%			100.0	%			1,793,298				107.89
252-256 Greenwich Avenue		Veronica Beard,    The RealReal,    Blue Mercury		2014			100.0	%			7,986				—				—				7,986				100.0	%			—	%			—	%			100.0	%			100.0	%			910,725				114.04
2914 Third Avenue		Planet Fitness		2006			100.0	%			—				21,650				18,953				40,603				—	%			100.0	%			100.0	%			100.0	%			100.0	%			1,099,431				27.08
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		2013			100.0	%			6,600				—				—				6,600				100.0	%			—	%			—	%			100.0	%			100.0	%			527,076				79.86
120 West Broadway		Citizens Bank		2013			100.0	%			13,838				—				—				13,838				79.8	%			—	%			—	%			79.8	%			100.0	%			2,089,073				189.25
2520 Flatbush Avenue		Bob's Disc. Furniture,    Capital One		2014			100.0	%			—				—				29,114				29,114				—	%			—	%			100.0	%			100.0	%			100.0	%			1,181,175				40.57
Williamsburg		Sephora, SweetGreen,    Levain Bakery		2022			100.0	%			50,842				—				—				50,842				100.0	%			—	%			—				100.0	%			100.0	%			5,021,426				98.77
991 Madison Avenue		Vera Wang,    Gabriella Hearst		2016			100.0	%			7,513				—				—				7,513				91.1	%			—	%			—	%			91.1	%			91.1	%			3,007,496				439.24
Shops at Grand		Stop & Shop (Ahold)		2014			100.0	%			—				52,336				47,349				99,685				—	%			100.0	%			87.9	%			94.2	%			100.0	%			3,166,201				33.71
Gotham Plaza		Bank of America,    Footlocker, Taco Bell		2016			49.0	%			—				—				25,922				25,922				—	%			—	%			73.9	%			73.9	%			91.6	%			1,506,196				78.64
											171,154				86,950				135,928				394,032				85.7	%			100.0	%			88.6	%			89.9	%			96.5	%			32,899,845				92.92
Los Angeles Metro
8833 Beverly Blvd		Luxury Living		2022			100.0	%			9,757				—				—				9,757				100.0	%			—	%			—	%			100.0	%			100.0	%			1,272,860				130.46
Melrose Place Collection		The Row, Chloe,    Oscar de la Renta		2019			100.0	%			14,000				—				—				14,000				100.0	%			—	%			—	%			100.0	%			100.0	%			2,667,090				190.51
											23,757				—				—				23,757				100.0	%			—	%			—	%			100.0	%			100.0	%			3,939,950				165.84
District of Columbia Metro
1739-53 & 1801-03    Connecticut Avenue		TD Bank		2012			100.0	%			20,669				—				—				20,669				58.7	%			—	%			—	%			58.7	%			66.7	%			792,815				65.37
14th Street Collection (3 properties)		Mitchell Gold and Bob Williams, Verizon		2021			100.0	%			19,461				—				—				19,461				100.0	%			—	%			—	%			100.0	%			100.0	%			1,394,030				71.63
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	%			1,882,009				34.93
M Street and Wisconsin Corridor    (26 Properties) 3		Lululemon, Duxiana, Rag and Bone, Reformation, Glossier		2011 2016 2019			24.8	%			245,289				—				—				245,289				74.2	%			—	%			—	%			74.2	%			84.1	%			12,312,536				67.68
											285,419				25,134				32,533				343,086				74.8	%			100.0	%			88.4	%			77.9	%			86.6	%			16,381,390				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
Dallas Metro

 

 

	30

 

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	Core Portfolio Retail Properties - Detail
Supplemental Report – September 30, 2022	(in thousands)

 

Henderson Avenue Portfolio (14 properties)		Sprouts Market		2022			100.0	%			90,080				31,635				—				121,715				86.8	%			100.0	%			—	%			90.2	%			93.1	%			4,115,910				37.48
Total Street and Urban Retail											1,181,393				184,519				265,953				1,631,865				84.2	%			100.0	%			83.3	%			85.8	%			91.0	%		$	96,005,614			$	68.55
Acadia Share Total Street and Urban Retail											982,596				184,519				252,733				1,419,848				86.1	%			100.0	%			83.8	%			87.5	%			92.0	%		$	85,136,707			$	68.52
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	%			96.9	%			3,215,942				26.71
Marketplace of Absecon		Walgreens, Dollar Tree		1998			100.0	%			—				46,724				57,832				104,556				—	%			100.0	%			85.9	%			92.2	%			92.2	%			1,442,524				14.96
New York
Village Commons    Shopping Center		—		1998			100.0	%			—				—				87,128				87,128				—	%			—	%			90.2	%			90.2	%			92.1	%			2,699,755				34.35
Branch Plaza		LA Fitness,    The Fresh Market		1998			100.0	%			—				76,264				47,081				123,345				—	%			100.0	%			88.4	%			95.6	%			98.8	%			3,173,817				26.92
Amboy Center		Stop & Shop (Ahold)		2005			100.0	%			—				37,266				26,024				63,290				—	%			100.0	%			71.9	%			88.4	%			88.4	%			1,875,858				33.51
Crossroads Shopping Center		HomeGoods,Pet-    Smart		1998			49.0	%			—				202,727				108,928				311,655				—	%			50.3	%			57.9	%			53.0	%			85.3	%			5,724,365				34.67
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	%			75.1	%			2,366,064				34.79
Connecticut
Town Line Plaza 4		Wal-Mart, Stop    & Shop (Ahold)		1998			100.0	%			—				163,159				42,930				206,089				—	%			100.0	%			94.2	%			98.8	%			98.8	%			1,869,859				17.40
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	%			2,066,246				9.87
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	%			2,205,414				22.05
Illinois
Hobson West Plaza		Garden Fresh    Markets		1998			100.0	%			—				51,692				47,270				98,962				—	%			100.0	%			97.4	%			98.7	%			98.7	%			1,334,056				13.65
Indiana

 

 

	31

 

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	Core Portfolio Retail Properties - Detail
Supplemental Report – September 30, 2022	(in thousands)

 

Merrillville Plaza		Jo-Ann Fabrics,   TJ Maxx		1998			100.0	%			—				123,144				112,782				235,926				—	%			82.3	%			75.1	%			78.8	%			88.1	%			2,707,700				14.56
Michigan
Bloomfield Town Square		HomeGoods,    TJ Maxx		1998			100.0	%			—				153,332				81,619				234,951				—	%			100.0	%			93.3	%			97.7	%			99.4	%			4,110,310				17.91
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	%			12,798,543				17.02
Market Square Shopping Center		Trader Joe's,    TJ Maxx		2003			100.0	%			—				42,850				59,197				102,047				—	%			100.0	%			100.0	%			100.0	%			100.0	%			3,270,246				32.05
Naamans Road		—		2006			100.0	%			—				—				19,850				19,850				—	%			—	%			63.9	%			63.9	%			63.9	%			698,462				55.08
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	%			961,735				26.35
Abington Towne Center 5		Target, TJ Maxx		1998			100.0	%			—				184,616				32,255				216,871				—	%			100.0	%			100.0	%			100.0	%			100.0	%			1,310,553				22.12
Total Suburban Properties											—				2,909,173				1,095,307				4,004,480				—	%			93.8	%			83.5	%			91.0	%			94.8	%		$	62,827,326			$	18.41
Acadia Share Total Suburban Properties											—				2,805,782				1,039,754				3,845,536				—	%			95.5	%			84.9	%			92.6	%			95.2	%		$	59,907,900			$	18.02
Total Core Properties											1,181,393				3,093,692				1,361,260				5,636,345				84.2	%			94.2	%			83.5	%			89.5	%			93.7	%		$	158,832,940			$	32.97
Acadia Share Total Core Properties											982,596				2,990,301				1,292,487				5,265,384				86.1	%			95.7	%			84.7	%			91.2	%			94.3	%		$	145,044,607			$	31.73

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	32

 

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	Core Portfolio – Top Tenants 1
Supplemental Report – September 30, 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	%			5.6	%
Walgreens			6				95,189				4,197,379				1.8	%			2.9	%
Bed, Bath, and Beyond 2			3				172,432				3,942,421				3.3	%			2.7	%
Royal Ahold 3			3				155,461				3,475,460				3.0	%			2.4	%
TJX Companies 4			8				229,043				2,765,292				4.3	%			1.9	%
PetSmart, Inc.			4				76,257				2,760,241				1.4	%			1.9	%
Verizon			2				26,054				2,754,366				0.5	%			1.9	%
Lululemon			2				7,533				2,547,222				0.1	%			1.8	%
Trader Joe's			3				40,862				2,499,318				0.8	%			1.7	%
Fast Retailing 5			2				32,013				2,369,223				0.6	%			1.6	%
Gap 6			3				44,895				2,191,532				0.9	%			1.5	%
Albertsons Companies7			2				123,409				1,980,640				2.3	%			1.4	%
Bob's Discount Furniture			2				68,793				1,843,336				1.3	%			1.3	%
Tapestry8			2				4,250				1,696,218				0.1	%			1.2	%
Watches of Switzerland9			2				13,863				1,624,974				0.3	%			1.1	%
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	%			1.0	%
Citibank			4				16,160				1,337,924				0.3	%			0.9	%
The Home Depot			2				187,914				1,307,040				3.6	%			0.9	%
Michael's			2				45,285				1,219,113				0.9	%			0.8	%
TOTAL			60				1,878,610			$	51,708,464				35.8	%			35.6	%

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	33

 

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	Core Portfolio – Lease Expirations
Supplemental Report – September 30, 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			1				1,600				0.2	%		$	22.50				—	%			—				—				—	%		$	—				—	%
2022			2				2,243				0.3	%			38.34				0.1	%			—				—				—	%			—				—	%
2023			21				104,147				12.3	%			81.36				11.7	%			3				95,734				3.7	%			15.63				3.8	%
2024			20				75,712				8.9	%			87.53				9.2	%			14				523,842				20.1	%			14.45				19.4	%
2025			27				119,572				14.1	%			97.88				16.2	%			10				391,435				15.0	%			19.63				19.7	%
2026			26				73,178				8.6	%			137.67				14.0	%			10				444,889				17.1	%			10.93				12.4	%
2027			14				26,074				3.1	%			143.02				5.2	%			2				74,188				2.8	%			15.37				2.9	%
2028			14				64,966				7.7	%			127.14				11.4	%			9				513,514				19.7	%			11.57				15.2	%
2029			16				47,879				5.7	%			80.61				5.3	%			5				182,205				7.0	%			16.04				7.5	%
2030			8				63,747				7.5	%			60.73				5.4	%			—				—				—	%			—				—	%
2031			7				41,177				4.9	%			68.76				3.9	%			2				50,566				1.9	%			13.94				1.8	%
Thereafter			21				226,025				26.7	%			55.96				17.6	%			8				331,419				12.7	%			20.48				17.3	%
Total			177				846,320				100.0	%		$	85.31				100.0	%			63				2,607,792				100.0	%		$	14.94				100.0	%
Anchor GLA Owned by Tenants							—																				254,916
Total Vacant							136,276																				127,593
Total Square Feet							982,596																				2,990,301
		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	%			2				3,000				0.1	%		$	23.39				0.0	%
2022			4				13,658				1.2	%			29.55				1.2	%			6				15,901				0.3	%			30.79				0.3	%
2023			39				127,151				11.6	%			29.78				11.2	%			63				327,032				7.2	%			42.06				9.5	%
2024			33				144,346				13.2	%			25.22				10.8	%			67				743,900				16.4	%			23.97				12.3	%
2025			34				115,867				10.6	%			28.41				9.8	%			71				626,874				13.8	%			36.18				15.6	%
2026			36				137,392				12.6	%			25.38				10.3	%			72				655,459				14.4	%			28.11				12.7	%
2027			36				129,839				11.9	%			35.56				13.7	%			52				230,101				5.1	%			41.22				6.5	%
2028			23				106,276				9.7	%			37.52				11.8	%			46				684,756				15.1	%			26.56				12.5	%
2029			15				44,239				4.0	%			29.76				3.9	%			36				274,323				6.0	%			29.52				5.6	%
2030			12				35,348				3.2	%			34.04				3.6	%			20				99,095				2.2	%			51.21				3.5	%
2031			17				86,236				7.9	%			28.82				7.4	%			26				177,979				3.9	%			33.83				4.2	%
Thereafter			36				152,844				14.0	%			35.90				16.2	%			65				710,288				15.5	%			35.09				17.3	%
Total			286				1,094,596				100.0	%		$	30.82				100.0	%			526				4,548,708				100.0	%		$	31.73				100.0	%
Anchor GLA Owned by Tenants							—																				254,916
Total Vacant							197,891																				461,760
Total Square Feet							1,292,487																				5,265,384

_________

 

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

 

 

	34

 

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	Core Portfolio – New and Renewal Rent Spreads 1
Supplemental Report – September 30, 2022

 

		Quarter Ended																								Year to Date
		March 31, 2022								June 30, 2022								September 30, 2022								September 30, 2022
		GAAP 2				Cash 3				GAAP 2				Cash 3				GAAP 2				Cash 3				GAAP 2				Cash 3
New Leases
Number of new leases executed			4				4				2				2				3				3				9				9
GLA			12,970				12,970				11,000				11,000				4,544				4,544				28,514				28,514
New base rent		$	37.83			$	34.10			$	113.70			$	99.38			$	78.62			$	70.12			$	73.60			$	65.02
Previous base rent		$	34.75			$	35.01			$	98.17			$	99.15			$	60.47			$	62.72			$	63.31			$	64.17
Average cost per square foot		$	42.51			$	42.51			$	161.05			$	161.05			$	63.39			$	63.39			$	91.57			$	91.57
Weighted Average Lease Term (years)			12.0				12.0				11.8				11.8				10.0				10.0				11.6				11.6
Percentage growth in base rent			8.9	%			(2.6	)%			15.8	%			0.2	%			30.0	%			11.8	%			16.3	%			1.3	%
Renewal Leases
Number of renewal leases executed			21				21				12				12				17				17				50				50
GLA			284,858				284,858				71,026				71,026				176,463				176,463				532,347				532,347
New base rent		$	32.60			$	32.29			$	45.44			$	44.21			$	38.88			$	37.18			$	36.39			$	35.50
Expiring base rent		$	29.45			$	29.81			$	39.43			$	41.79			$	30.56			$	30.56			$	31.15			$	31.66
Average cost per square foot		$	21.29			$	21.29			$	6.34			$	6.34			$	6.89			$	6.89			$	14.52			$	14.52
Weighted Average Lease Term (years)			5.8				5.8				5.1				5.1				4.6				4.6				5.3				5.3
Percentage growth in base rent			10.7	%			8.3	%			15.2	%			5.8	%			27.2	%			21.7	%			16.8	%			12.1	%
Total New and Renewal Leases
Number of new and renewal leases executed			25				25				14				14				20				20				59				59
GLA commencing			297,828				297,828				82,026				82,026				181,007				181,007				560,861				560,861
New base rent		$	32.83			$	32.37			$	54.59			$	51.61			$	39.88			$	38.01			$	38.28			$	37.00
Expiring base rent		$	29.68			$	30.04			$	47.31			$	49.48			$	31.31			$	31.37			$	32.79			$	33.31
Average cost per square foot		$	22.21			$	22.21			$	27.09			$	27.09			$	8.31			$	8.31			$	18.44			$	18.44
Weighted Average Lease Term (years)			6.1				6.1				6.0				6.0				4.7				4.7				5.6				5.6
Percentage growth in base rent			10.6	%			7.8	%			15.4	%			4.3	%			27.4	%			21.2	%			16.8	%			11.1	%

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	35

 

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	Core Portfolio – Capital Expenditures
Supplemental Report – September 30, 2022

 

		Quarter Ended												Year to Date
		March 31,  2022				June 30, 2022				September 30, 2022				September 30, 2022				December 31, 2021
Leasing Commissions		$	1,053			$	1,057			$	811			$	2,921			$	2,360
Tenant Improvements			3,403				2,250				4,709				10,362				10,059
Maintenance Capital Expenditures			638				2,049				1,993				4,680				4,060
Total Capital Expenditures		$	5,094			$	5,356			$	7,513			$	17,963			$	16,479

 

 

 

	36

 

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	Fund Overview
Supplemental Report – September 30, 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			$		472.0		Million 2			$		502.5		Million			$		540.6		Million			$		520.0		Million			$		2,125.1		Million
Acadia's Commitment		$		20.0		Million			$		291.2		Million			$		123.3		Million			$		125.0		Million			$		104.5		Million			$		664.0		Million
Acadia's Pro Rata Share				22.2		%					61.7		% 2					24.5		%					23.1		%					20.1		%					31.2		%
Acadia's Promoted Share 1				37.8		%					69.4		%					39.6		%					38.5		%					36.1		%					45.0		%
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			$		557.3		Million			$		448.1		Million			$		488.1		Million			$		347.9		Million			$		1,928.1		Million
Cumulative Net Distributions 3		$		195.4		Million			$		172.5		Million			$		603.5		Million			$		221.4		Million			$		79.6		Million			$		1,272.3		Million
Net Distributions/Contributions				225.6		%					31.0		%					134.7		%					45.3		%					22.9		%					66.0		%
Unfunded Commitment 4		$		0.0		Million			$		0.0		Million			$		1.9		Million			$		41.9		Million			$		172.1		Million			$		215.8		Million
Acquisition Dry Powder 5			N/A							N/A							N/A							N/A						$		104.0		Million			$		104.0		Million
Investment Period Closes			Closed							Closed							Closed							Closed							Aug-2023
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							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 6-7 of the investment period (August 26, 2021-August 25, 2023); 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

 

 

 

	37

 

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	Fund Overview
Supplemental Report – September 30, 2022

_________

 

	38

 

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	Fund Portfolio Retail Properties – Detail 1
Supplemental Report – September 30, 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 2		Target, Basis Schools, Alamo Drafthouse		2007			94.2	%			—				332,404				208,666				541,070				—	%			68.1	%			25.5	%			51.7	%			82.0	%		$	10,450,369			$	37.36
Total - Fund II											—				332,404				208,666				541,070				—	%			68.1	%			25.5	%			51.7	%			82.0	%		$	10,450,369			$	37.36
Fund III Portfolio Detail
NEW YORK
New York
640 Broadway		Swatch		2012			100.0	%			4,637				—				—				4,637				91.6	%			—	%			—	%			91.6	%			91.6	%		$	1,075,151			$	253.15
Total - Fund III											4,637				—				—				4,637				91.6	%			—	%			—	%			91.6	%			91.6	%		$	1,075,151			$	253.15
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	%			1,878,913				271.05
1035 Third Avenue 3		─		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	%			1,050,946				66.89
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	%			3,710,514				13.22
Delaware
Eden Square		Giant Food, LA Fitness		2014			98.6	%			—				116,003				113,933				229,936				—	%			100.0	%			78.4	%			89.3	%			92.7	%			3,246,996				15.82
SOUTHEAST
Georgia

 

 

	39

 

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	Fund Portfolio Retail Properties – Detail 1
Supplemental Report – September 30, 2022

 

Broughton Street Portfolio    (13 properties)		H&M, Lululemon, Kendra Scott, Starbucks		2014			100.0	%			95,201				—				—				95,201				87.7	%			—	%			—	%			87.7	%			95.4	%			2,970,279				35.56
				Year		Fund				Gross Leasable Area																In Place Occupancy																Leased				Annualized
Property		Key Tenants		Acquired		Ownership %				Street				Anchors				Shops				Total				Street				Anchors				Shops				Total				Occupancy				Base Rent (ABR)				ABR PSF
WEST
California
146 Geary Street		─		2015			100.0	%			10,151				—				—				10,151				—	%			—	%			—	%			—	%			—	%			—				—
Union and Fillmore Collection (3 properties)		Eileen Fisher, Bonobos		2015			90.0	%			7,148				—				—				7,148				77.9	%			—	%			—	%			77.9	%			77.9	%			636,247				114.33
Total - Fund IV											153,514				467,898				356,740				978,152				77.8	%			100.0	%			86.5	%			91.6	%			93.1	%		$	20,046,147			$	22.38
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	%			85.3	%			3,746,487				20.96
La Frontera Plaza		Kohl's, Hobby Lobby		2022			90.0	%			—				203,500				330,930				534,430				—	%			100.0	%			81.8	%			88.7	%			92.8	%			6,519,161				13.75
MIDWEST
Michigan
New Towne Center		Kohl's, Jo-Ann's, DSW		2017			100.0	%			—				145,389				45,141				190,530				—	%			100.0	%			100.0	%			100.0	%			100.0	%			2,344,851				12.31
Fairlane Green		TJ Maxx, Michaels		2017			100.0	%			—				109,952				160,235				270,187				—	%			74.5	%			91.9	%			84.8	%			95.2	%			4,672,366				20.39
NORTHEAST
Maryland
Frederick County (2 properties)		Kohl's, Best Buy, Ross Dress for Less		2019			90.0	%			—				251,988				278,828				530,816				—	%			100.0	%			75.2	%			87.0	%			90.6	%			6,775,898				14.68
Connecticut
Tri-City Plaza		TJ Maxx, HomeGoods, ShopRite		2019			90.0	%			—				129,940				172,948				302,888				—	%			100.0	%			79.9	%			88.5	%			91.5	%			3,810,683				14.21
New Jersey
Midstate		ShopRite, Best Buy, DSW, PetSmart		2021			100.0	%			—				253,779				131,337				385,116				—	%			90.5	%			70.8	%			83.8	%			86.2	%			6,220,936				19.27
New York
Shoppes at South Hills		ShopRite, At Home, Ashley Furniture		2022			90.0	%			—				416,804				95,414				512,218				—	%			80.7	%			46.2	%			74.3	%			74.3	%			4,375,401				11.50
Pennsylvania

 

 

	40

 

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	Fund Portfolio Retail Properties – Detail 1
Supplemental Report – September 30, 2022

 

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	%			79.3	%			88.0	%			88.0	%			5,457,042				13.42
SOUTHEAST
Virginia
Landstown Commons		Best Buy, Burlington Coat Factory, Ross Dress for Less		2019			100.0	%			—				87,883				298,532				386,415				—	%			100.0	%			87.2	%			90.1	%			91.0	%			7,449,844				21.40
				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
Florida
Palm Coast Landing		TJ Maxx, PetSmart, Ross Dress for Less		2019			100.0	%			—				73,241				98,558				171,799				—	%			100.0	%			94.6	%			96.9	%			96.9	%			3,426,590				20.59
North Carolina
Hickory Ridge		Kohl's, Best Buy, Dick's Sporting Goods		2017			100.0	%			—				266,584				113,981				380,565				—	%			100.0	%			100.0	%			100.0	%			100.0	%			4,728,944				12.43
Alabama
Trussville Promenade		Wal-Mart, Regal Cinemas		2018			100.0	%			—				366,010				97,671				463,681				—	%			100.0	%			72.3	%			94.2	%			95.6	%			4,447,125				10.18
Georgia
Canton Marketplace		Dick's Sporting Goods, TJ Maxx, Best Buy		2021			100.0	%			—				132,569				219,409				351,978				—	%			100.0	%			83.6	%			89.8	%			92.0	%			5,462,290				17.29
Hiram Pavilion		Kohl's, HomeGoods		2018			100.0	%			—				209,423				153,252				362,675				—	%			100.0	%			98.6	%			99.4	%			99.4	%			4,559,438				12.64
WEST
California
Elk Grove Commons		Kohl's, HomeGoods		2018			100.0	%			—				132,489				109,589				242,078				—	%			100.0	%			93.4	%			97.0	%			99.1	%			5,069,120				21.58
Utah
Family Center at Riverdale		Target, Sportman's Warehouse		2019			89.4	%			—				256,673				115,802				372,475				—	%			80.5	%			97.7	%			85.9	%			97.9	%			3,352,616				10.48
Total - Fund V											—				3,648,053				3,078,806				6,726,859				—	%			95.0	%			84.4	%			90.2	%			92.5	%		$	90,638,412			$	14.94
TOTAL FUND PROPERTIES											158,151				4,448,355				3,644,212				8,250,718				78.2	%			93.5	%			81.3	%			87.8	%			91.9	%		$	122,210,079			$	16.87
Acadia Share of Total Fund Properties											36,433				996,727				787,698				1,820,858				78.2	%			90.4	%			75.6	%			83.8	%			90.8	%		$	28,154,491			$	18.46

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	41

 

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	Fund Lease Expirations
Supplemental Report – September 30, 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				15.3	%			64,320				404.53				24.4	%
2024			—				—				—	%			—				—				—	%			—				—				—	%			—				—				—	%
2025			1				1,426				0.9	%			155,105				108.77				2.6	%			—				—				—	%			—				—				—	%
2026			—				—				—	%			—				—				—	%			—				—				—	%			—				—				—	%
2027			3				15,294				9.4	%			1,139,686				74.52				18.8	%			—				—				—	%			—				—				—	%
2028			1				552				0.3	%			107,630				194.98				1.8	%			1				306				29.4	%			72,073				235.53				27.4	%
2029			—				—				—	%			—				—				—	%			—				—				—	%			—				—				—	%
2030			—				—				—	%			—				—				—	%			1				177				17.0	%			40,854				230.81				15.5	%
2031			—				—				—	%			—				—				—	%			1				226				21.7	%			53,825				238.16				20.4	%
Thereafter			6				145,261				89.4	%			4,669,244				32.14				76.8	%			1				173				16.6	%			32,340				186.94				12.3	%
Total			11				162,533				100.0	%		$	6,071,665			$	37.36				100.0	%			5				1,041				100.0	%		$	263,412			$	253.15				100.0	%
							151,829			Total Vacant																					95			Total Vacant
							314,362			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			—				—				—	%		$	—			$	—				—	%			11				4,106				0.3	%		$	88,860			$	21.64				0.5	%
2022			1				867				0.5	%			13,141				15.16				0.3	%			10				8,604				0.7	%			174,446				20.27				1.0	%
2023			7				2,381				1.3	%			92,593				38.89				2.2	%			60				75,469				6.4	%			1,361,543				18.04				7.7	%
2024			4				1,687				0.9	%			46,207				27.39				1.1	%			87				182,004				15.5	%			2,711,937				14.90				15.4	%
2025			8				3,132				1.7	%			536,164				171.19				12.8	%			83				193,346				16.4	%			2,774,482				14.35				15.7	%
2026			15				20,662				11.2	%			548,853				26.56				13.1	%			80				109,389				9.3	%			2,081,816				19.03				11.8	%
2027			14				9,536				5.2	%			300,219				31.48				7.2	%			57				135,267				11.5	%			1,793,153				13.26				10.2	%
2028			7				5,366				2.9	%			156,409				29.15				3.7	%			38				101,033				8.6	%			1,719,224				17.02				9.7	%
2029			7				40,666				22.0	%			694,262				17.07				16.6	%			29				73,207				6.2	%			873,739				11.94				5.0	%
2030			2				4,567				2.5	%			79,582				17.43				1.9	%			27				76,460				6.5	%			1,033,550				13.52				5.9	%
2031			11				47,319				25.6	%			694,795				14.68				16.8	%			31				79,889				6.8	%			1,156,807				14.48				6.6	%
Thereafter			14				48,377				26.2	%			1,013,826				20.96				24.3	%			42				138,319				11.8	%			1,873,806				13.55				10.5	%
Total			90				184,560				100.0	%		$	4,176,051			$	22.63				100.0	%			555				1,177,093				100.0	%		$	17,643,363			$	14.99				100.0	%
							18,355			Total Vacant																					125,353			Total Vacant
							202,915			Total Square Feet																					1,302,446			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 – September 30, 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			0%/65%		Wolford, Everbody		Redevelopment/addition to existing building with ground level retail, upper floor office and residential units upon completion. Discretionary spend upon securing tenant(s)		$	14.7			$	18.0			to		$	18.8			$	32.7			to		$	33.5
Henderson - Development 1 & 2		100.0%		Dallas, TX		TBD			160,000			—		TBD		Ground up development for mixed-use street-level retail spaces and upper level office spaces.		$	10.1			TBD				to		TBD				TBD						TBD
FUND III
Broad Hollow Commons		100.0%		Farmingdale, NY		TBD		TBD				—		TBD		Discretionary spend upon securing necessary approvals and tenant(s) for lease up			25.4				24.6			to			34.6				50.0			to			60.0
FUND IV
717 N. Michigan Avenue		100.0%		Chicago, IL		TBD		TBD				14%/14%		TBD		Discretionary spend upon securing tenant(s) for lease up			116.5			TBD				to		TBD				TBD				to		TBD
																		$	166.7			$	42.6					$	53.4			$	82.7					$	93.5
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		$	202.8			$	7.2			to		$	10.2			$	210.0			to		$	213.0
555 9th Street		100.0%		San Francisco, CA		TBD			149,000			67%/67%		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
651-671 West Diversey		100.0%		Chicago, IL		TBD			46,000			86%/86%		TBD		'Discretionary spend for future re-tenanting and re-configuration of approximately 30,000 sf.			—			TBD				to		TBD				TBD						TBD
Route 6 Mall		100.0%		Honesdale, PA		TBD		TBD				30%/47%		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				74%/74%		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
																		$	202.8			$	15.1					$	21.5			$	217.9					$	224.3

_________

 

 

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	Development and Redevelopment Activity
Supplemental Report – September 30, 2022

__________

 

 

Development costs above						$	166.7
Unconsolidated projects (a)							(14.7	)
Projects in redevelopment or partial development (b)							76.2
Deferred costs and other amounts							(5.7	)
Impairment charges taken							(36.1	)
Total per consolidated balance sheet						$	186.4

 

 

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	Important Notes
Supplemental Report – September 30, 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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