false000089962900008996292023-02-142023-02-14

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of Earliest Event Reported): February 14, 2023

ACADIA REALTY TRUST

(Exact name of registrant as specified in its charter)

 

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

 

411 Theodore Fremd Avenue

Suite 300

Rye, New York 10580

(Address of principal executive offices) (Zip Code)

(914) 288-8100

(Registrant’s telephone number, including area code)

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

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

 

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

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

 

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

 

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

Emerging growth company ☐

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

 

 

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Item 2.02. Results of Operations and Financial Condition.

 

On February 14, 2023, Acadia Realty Trust (the “Company”) issued a press release announcing its consolidated financial results for the quarter and year-to-date period ended December 31, 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 December 31, 2022. A copy of the supplemental reporting information is attached to this Current Report on Form 8-K as Exhibit 99.2 and incorporated herein by reference.

 

The information included in this Item 2.02, including the information included in Exhibits 99.1 and 99.2 attached hereto, is intended to be “furnished” pursuant to Item 2.02, and is not deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference into any filing under the Securities Act of 1933, as amended (“Securities Act”) or the Exchange Act, or otherwise subject to the liabilities of Sections 11 and 12 (a)(2) of the Securities Act.

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits

 

Exhibit Number	Description
99.1	Press release dated February 14, 2023
99.2	Supplemental Reporting Information as of and for the quarter and year-to-date period ended December 31, 2022
104	Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101.)

 

 

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SIGNATURES

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

 

		ACADIA REALTY TRUST
Dated:		(Registrant)
		By:		/s/ John Gottfried
		Name:		John Gottfried
February 17, 2023		Title:		Executive Vice President and Chief Financial Officer

 

 

 

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Exhibit 99.1

 

 

Jennifer Han

(914) 288-8100

 

ACADIA REALTY TRUST REPORTS FOURTH QUARTER AND FULL YEAR 2022 OPERATING RESULTS

RYE, NY (February 14, 2023) - Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”) today reported operating results for the quarter and year ended December 31, 2022. For the quarter ended December 31, 2022, net earnings per share was $0.04 and for the year ended December 31, 2022, net loss per share was $0.40, primarily due to (i) Core and Fund non-cash impairment charges incurred during the three months ended September 30, 2022, as fully detailed in the third quarter 2022 earnings release dated November 1, 2022 and the Form 10-Q for the quarter ending September 30, 2022 and (ii) unrealized mark-to-market holding losses on its investment in Albertsons. 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, net property operating income ("NOI") and same-property NOI.

Fourth Quarter and Recent Highlights

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“We are pleased with our full year 2022 and fourth quarter results. In particular, we have seen a high level of new tenants taking occupancy during the quarter combined with steady leasing activity. Our Street and Urban assets are still in the early stages of a rebound and will continue to benefit from this recovery. Even after taking into account the uncertain macro backdrop and the potential for disruption in 2023, we remain confident with our substantial near and long-term internal growth expectations,” stated Kenneth F. Bernstein, President and CEO of Acadia. "Given the deep transactional expertise embedded in our dual platform business, we continue to pursue opportunistic acquisitions as well as harvest assets accretively as market conditions evolve."

 

CORE PORTFOLIO OPERATING RESULTS

 

The Company had a GAAP earnings per share of $0.04, NAREIT FFO per share of $0.21 and FFO Before Special Items per share of $0.27 for the quarter ended December 31, 2022. Please refer to the Consolidated Financial Results section below for additional details.

The Company's same-property NOI, excluding redevelopments, increased 5.7% for the quarter ended December 31, 2022 and 6.3% for the year ended December 31, 2022, which exceeded the high-end of its 4.0% to 6.0% guidance.

For the quarter ended December 31, 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
Fourth Quarter 2022 Credit Losses and Reserves
Credit Loss and Abatements - Billed Rents and Recoveries		$0.3		$0.1		$0.3		$0.7		$0.01
Prior Period (Benefit), Net		(0.4)		—		(0.1)		(0.5)		—
Total		$(0.1)		$0.1		$0.2		$0.2		$0.01

 

CORE PORTFOLIO LEASING

During the quarter ended December 31, 2022, GAAP and cash leasing spreads were 10.2% and 4.7%, respectively, on 17 renewal leases aggregating approximately 152,000 square feet. While the Company did not sign any new comparable leases during the fourth quarter, the Company executed several profitable non-comparable new leases, including at 555 9th Street, a redevelopment in San Francisco. These non-comparable new leases totaled 54,000 square feet with aggregate ABR of approximately $1.6 million at the Company's share.

 

As of December 31, 2022, the Core Portfolio was 94.9% leased and 92.7% occupied. As of September 30, 2022, the Core Portfolio was 94.3% leased and 91.2% occupied. The leased rate includes space that is leased but not yet occupied and excludes development and redevelopment properties.

 

Post quarter end, the Company signed a lease for the entirety of Bed Bath & Beyond Inc.'s space at Brandywine Town Center in Wilmington, Delaware, one of two locations this tenant has within the Company's Core Portfolio.

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CORE PORTFOLIO AND FUND TRANSACTIONAL ACTIVITY

 

Core Portfolio Acquisition Activity

 

No Core Portfolio acquisitions were completed for the quarter ended December 31, 2022. For the full year 2022, the Company completed Core Portfolio acquisitions of $246.7 million. See Supplemental report for details.

 

Core (Urban) Disposition Activity

 

330-340 River Street, Boston (Cambridge), Massachusetts. In December 2022, the Company completed the disposition of 330-340 River Street at attractive pricing for $26.4 million. During the Company's ownership, lease terms with Whole Foods and Rite-Aid were extended and credit upgrades allowed the Company to obtain premium pricing on the disposition. The property generated a $7.4 million gain.

 

Fund Transactional Activity

Fund V Acquisition

Mohawk Commons (Fund V). Post quarter-end, in January 2023, Fund V completed the acquisition of a 90% interest in Mohawk Commons in Schenectady, New York for $62.1 million in a joint venture with DLC Management. The investment, which was funded with a new non-recourse mortgage of $39.7 million, is expected to result in mid-teens current leveraged returns. This grocery-anchored power center is currently 98% leased and is anchored by Lowe's and a shadow anchor, Target, along with other national junior anchors, including Burlington Coat Factory, PetSmart and Marshalls.

Fund IV Disposition

Promenade at Manassas (Fund IV). As previously announced, in October 2022, Fund IV completed the disposition of Promenade at Manassas in Manassas, Virginia for $46 million and repaid the mortgage of $27.3 million. This sale generated a 17% IRR, 2.2x multiple on the Fund's equity investment and a $13 million gain, of which $3 million gain was the Company's share.

ALBERTSONS SPECIAL DIVIDEND

 

On January 17, 2023, Albertsons announced that the State of Washington’s Supreme Court denied a motion by the Attorney General of the State of Washington to hear an appeal from the trial court’s denial of its request to enjoin the Company from paying its previously announced $6.85 per common share special dividend (the “Special Dividend”), originally scheduled to be paid November 7, 2022. Albertsons further announced that the temporary restraining order preventing the payment of the Special Divided was lifted as a result of the decision. Albertsons paid the Special Dividend on January 20, 2023. Acadia's share of the Special Dividend was approximately $11.3 million, or $0.11 per share.

 

Based on the legal uncertainty that existed at December 31, 2022, Acadia will recognize its share of the Special Dividend in the first quarter of fiscal year 2023.

 

BALANCE SHEET

 

As of December 31, 2022, 97% 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. Amounts discussed below are net of noncontrolling interests and all per share amounts are on a fully-diluted basis.

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Net Income (Loss)

 

Net income attributable to Acadia for the quarter ended December 31, 2022, was $3.8 million, or $0.04 per share, which included a $10.2 million gain, or $0.10 per share, on Core and Fund dispositions, partially offset by a $6.8 million loss, or $0.07 per share, from the unrealized mark-to-market holding loss on its investment in Albertsons.

 

Net income attributable to Acadia for the quarter ended December 31, 2021, was $2.9 million, or $0.03 per share, which included: $1.3 million, or $0.01 per share, from the unrealized mark-to-market holding loss on Albertsons.

 

Net loss attributable to Acadia for the year ended December 31, 2022, was $38.1 million, or $0.40 per share, which included: (i) Core and Fund impairment charges of $58.5 million, or $0.58 per share and (ii) $15.2 million, or $0.15 per share, from the unrealized mark-to-market holding loss on Albertsons, partially offset by $22.1 million gain, or $0.22 per share, on Core and Fund dispositions.

 

Net income attributable to Acadia for the year ended December 31, 2021, was $22.9 million, or $0.26 per share, which included: (i) $13.8 million, or $0.15 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) $6.3 million, or $0.07 per share, related to credit loss, straight-line rent reserves and tenant abatements, primarily due to the COVID-19 Pandemic and (ii) Fund impairment charges of $2.3 million, or $0.02 per share.

 

FFO as Defined by NAREIT

 

FFO for the quarter ended December 31, 2022 was $21.0 million, or $0.21 per share, which included $6.8 million, or $0.07 per share, from the unrealized mark-to-market holding loss on Albertsons.

 

FFO for the quarter ended December 31, 2021 was $26.7 million, or $0.28 per share, which included $1.3 million, or $0.01 per share, primarily from the unrealized mark-to-market holding loss on Albertsons.

 

FFO for the year ended December 31, 2022 was $103.6 million, or $1.02 per share, which included $1.5 million of a gain, or $0.01 per share from the Fund III disposition of its interest in Self Storage Management, which was offset by $15.2 million, or $0.15 per share, from the unrealized mark-to-market holding loss on Albertsons.

 

FFO for the year ended December 31, 2021 was $117.1 million, or $1.26 per share, which included $13.8 million, or $0.15 per share, primarily from the unrealized mark-to-market holding gain on Albertsons and was offset by $6.3 million, or $0.07 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 December 31, 2022 was $27.8 million, or $0.27 per share, which excluded $6.8 million, or $0.07 per share, from the unrealized mark-to-market holding loss on Albertsons.

 

FFO Before Special Items for the quarter ended December 31, 2021 was $28.0 million, or $0.30 per share, which excluded $1.3 million, or $0.01 per share, from the unrealized mark-to-market holding loss on Albertsons.

 

FFO Before Special Items for the year ended December 31, 2022 was $120.9 million, or $1.19 per share, which excluded: (i) $15.2 million, or $0.15 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 year ended December 31, 2021 was $103.4 million, or $1.11 per share, which excluded $13.8 million, or $0.15 per share, from the unrealized mark-to-market holding gain on Albertsons.

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2023 GUIDANCE

The following initial guidance is based upon Acadia's current view of market conditions and assumptions for the year ended December 31, 2023.

 

The Company is setting initial 2023 guidance as follows:

 

These forecasts and comparable 2022 results, both presented below are before gains or losses on sale or impairment of depreciated and non-operating assets. Please refer to the Company's fourth quarter 2022 supplemental information package for additional details.

 

		2023 Annual Guidance		2022 Actuals
Net earnings (loss) per share attributable to Acadia		$0.14 to $0.23		$(0.40)
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share)		$1.01		1.05
Impairment charges (net of noncontrolling interest share)		—		0.58
(Gain) loss on disposition of properties (net of noncontrolling interest share)		—		(0.22)
Noncontrolling interest in Operating Partnership		0.02		0.02
FFO to Common Shareholders and Common OP Unit holders		$1.17 to $1.26		$1.03
Less: Impact of City point share conversion option (a)		—		(0.01)
NAREIT Funds from operations per share attributable to Common Shareholders and Common OP Unit holders		$1.17 to $1.26		$1.02
Unrealized holding loss (gain) (net of noncontrolling interest share) (c)		—		0.15
Transaction and other related costs (a), (b)		—		0.02
Funds from operations Before Special Items per share attributable to Common Shareholders and Common OP Unit holders (d)		$1.17 to $1.26		$1.19

_________

 

 

In reliance on the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K, reconciliation of the assumed range of 2023 same-property NOI growth to the most directly comparable GAAP financial measure is not provided because the Company is unable to provide such reconciliation without unreasonable effort due to the multiple components of the calculation which only includes properties owned for comparable periods and excludes all corporate level activity.

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CONFERENCE CALL

Management will conduct a conference call on Wednesday, February 15, 2023 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, February 15, 2023

Time: 11:00 AM ET

Participant Registration: Fourth 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  December 31,								Year Ended December 31,
		2022				2021				2022				2021
Revenues
Rental income		$	79,335			$	77,529			$	317,814			$	285,898
Other			1,243				1,828				8,476				6,599
Total revenues			80,578				79,357				326,290				292,497
Operating expenses
Depreciation and amortization			33,489				32,195				135,917				123,439
General and administrative			11,298				10,570				44,066				40,125
Real estate taxes			10,275				10,909				44,932				45,357
Property operating			16,268				15,228				56,995				53,516
Impairment charges			—				—				33,311				9,925
Total operating expenses			71,330				68,902				315,221				272,362
Gain on disposition of properties			7,245				—				57,161				10,521
Operating income			16,493				10,455				68,230				30,656
Equity in earnings (losses) of unconsolidated affiliates			13,262				2,177				(32,907	)			5,330
Interest and other income			4,751				2,957				14,641				9,065
Realized and unrealized holding (losses) gains on investments and other			(16,579	)			(4,340	)			(34,994	)			49,120
Interest expense			(21,900	)			(17,744	)			(80,209	)			(68,048	)
(Loss) income from continuing operations before income taxes			(3,973	)			(6,495	)			(65,239	)			26,123
Income tax (provision) benefit			(5	)			306				(12	)			(93	)
Net (loss) income			(3,978	)			(6,189	)			(65,251	)			26,030
Net loss attributable to redeemable noncontrolling interests			2,343				—				5,536				—
Net loss (income) attributable to noncontrolling interests			5,617				9,202				24,270				(2,482	)
Net income (loss) attributable to Acadia		$	3,982			$	3,013			$	(35,445	)		$	23,548
Less: net income attributable to participating securities			(199	)			(156	)			(805	)			(624	)
Net income (loss) attributable to Common Shareholders -    basic (loss) earnings per share		$	3,783			$	2,857			$	(36,250	)		$	22,924
Impact of assumed conversion of dilutive convertible securities			—				—				(1,804	)			—
Income (loss) from continuing operations net of income attributable to participating securities for diluted (loss) earnings per share		$	3,783			$	2,857			$	(38,054	)		$	22,924
Weighted average shares for basic earnings (loss) per share			95,066				88,949				94,575				87,654
Weighted average shares for diluted earnings (loss) per share			95,066				88,949				94,643				87,654
Net earnings (loss) per share - basic (b)		$	0.04			$	0.03			$	(0.38	)		$	0.26
Net earnings (loss) per share - diluted (b)		$	0.04			$	0.03			$	(0.40	)		$	0.26

 

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ACADIA REALTY TRUST AND SUBSIDIARIES

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

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

 

		Three Months Ended December 31,								Year Ended December 31,
		2022				2021				2022				2021
Net income (loss) attributable to Acadia		$	3,982			$	3,013			$	(35,445	)		$	23,548
Depreciation of real estate and amortization of leasing costs (net of    noncontrolling interests' share)			26,903				23,393				104,910				93,388
Impairment charges (net of noncontrolling interests' share)			—				—				58,481				2,294
(Gain) loss on disposition of properties (net of noncontrolling interests' share)			(10,245	)			—				(22,137	)			(4,163	)
Income (loss) attributable to Common OP Unit holders			257				213				(1,800	)			1,584
Distributions - Preferred OP Units			123				123				492				492
Funds from operations attributable to Common Shareholders and Common OP Unit holders - Basic		$	21,020			$	26,742			$	104,501			$	117,143
Less: Impact of City point share conversion option (d)			—				—				(906	)			—
FFO to Common Shareholders and Common OP Unit holders - Diluted		$	21,020			$	26,742			$	103,595			$	117,143
Adjustments for Special Items:
Add back: Acquisition costs, net of bargain purchase gain (e)			—				—				859				—
Add back: City Point acquisition and transaction related costs (e)			—				—				364				—
Add back: Impact of City point share conversion option (d)			—				—				906				—
Unrealized holding loss (gain) (net of noncontrolling interest share) (f)			6,786				1,302				15,165				(13,782	)
Funds from operations before Special Items attributable to Common Shareholders and Common OP Unit holders (g)		$	27,806			$	28,044			$	120,889			$	103,361
Funds From Operations per Share - Diluted
Basic weighted-average shares outstanding, GAAP earnings			95,066				88,949				94,575				87,654
Weighted-average OP Units outstanding			6,235				5,085				6,299				5,115
Assumed conversion of Preferred OP Units to common shares			25				465				464				465
Assumed conversion of LTIP units and restricted share units to    common shares			—				6				—				—
Weighted average number of Common Shares and Common OP Units			101,326				94,505				101,338				93,234
Diluted Funds from operations, per Common Share and Common OP Unit		$	0.21			$	0.28			$	1.02			$	1.26
Diluted Funds from operations before Special Items, per Common Share and Common OP Unit		$	0.27			$	0.30			$	1.19			$	1.11

 

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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  December 31,								Year Ended December 31,
		2022				2021				2022				2021
Consolidated operating income		$	16,493			$	10,455			$	68,230			$	30,656
Add back:
General and administrative			11,298				10,570				44,066				40,125
Depreciation and amortization			33,489				32,195				135,917				123,439
Impairment charges			—				—				33,311				9,925
Less:
Above/below market rent, straight-line rent and other adjustments			(3,239	)			(5,746	)			(20,182	)			(19,488	)
Gain on disposition of properties			(7,245	)			—				(57,161	)			(10,521	)
Consolidated NOI			50,796				47,474				204,181				174,136
Redeemable noncontrolling interest in consolidated NOI			(1,382	)			—				(1,919	)			—
Noncontrolling interest in consolidated NOI			(13,190	)			(14,964	)			(57,957	)			(48,401	)
Less: Operating Partnership's interest in Fund NOI included above			(3,393	)			(3,820	)			(15,310	)			(12,337	)
Add: Operating Partnership's share of unconsolidated    joint ventures NOI (h)			4,083				3,786				14,965				13,811
NOI - Core Portfolio		$	36,914			$	32,476			$	143,960			$	127,209

 

10

 

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ACADIA REALTY TRUST AND SUBSIDIARIES

Consolidated Balance Sheets (a)

(Dollars in thousands)

		As of
		December 31, 2022				December 31, 2021
ASSETS
Investments in real estate, at cost
Land		$	817,802			$	739,641
Buildings and improvements			2,987,594				2,892,051
Tenant improvements			216,899				199,925
Construction in progress			21,027				11,131
Right-of-use assets - finance leases			25,086				25,086
			4,068,408				3,867,834
Less: Accumulated depreciation and amortization			(725,143	)			(648,461	)
Operating real estate, net			3,343,265				3,219,373
Real estate under development			184,602				203,773
Net investments in real estate			3,527,867				3,423,146
Notes receivable, net			123,903				153,886
Investments in and advances to unconsolidated affiliates			291,156				322,326
Other assets, net			229,591				186,509
Right-of-use assets - operating leases, net			37,281				40,743
Cash and cash equivalents			17,158				17,746
Restricted cash			15,063				9,813
Rents receivable, net			49,506				43,625
Assets of properties held for sale			11,057				63,952
Total assets		$	4,302,582			$	4,261,746
LIABILITIES
Mortgage and other notes payable, net		$	928,639			$	1,140,293
Unsecured notes payable, net			696,134				559,040
Unsecured line of credit			168,287				112,905
Accounts payable and other liabilities			196,491				236,415
Lease liability - operating leases, net			35,271				38,759
Dividends and distributions payable			18,395				14,460
Distributions in excess of income from, and investments in, unconsolidated affiliates			10,505				9,939
Total liabilities			2,053,722				2,111,811
Commitments and contingencies
Redeemable noncontrolling interests			67,664				—
EQUITY
Acadia Shareholders' Equity
Common shares, $0.001 par value per share, authorized 200,000,000 shares, issued and outstanding 95,120,773 and 89,303,545 shares, respectively			95				89
Additional paid-in capital			1,945,322				1,754,383
Accumulated other comprehensive income (loss)			46,817				(36,214	)
Distributions in excess of accumulated earnings			(300,402	)			(196,645	)
Total Acadia shareholders’ equity			1,691,832				1,521,613
Noncontrolling interests			489,364				628,322
Total equity			2,181,196				2,149,935
Total liabilities, equity and redeemable noncontrolling interests		$	4,302,582			$	4,261,746

 

11

 

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ACADIA REALTY TRUST AND SUBSIDIARIES

Notes to Financial Highlights:

 

12

 

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13

 

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Exhibit 99.2

EALTY TRUST—Q220SUPPLEMENTAL REPFORMATIO

 

 

 

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Table of Contents			Supplemental Report – December 31, 2022
Section I – Fourth Quarter 2022 Earnings Press Release
Section II – Financial Information			Section III – Core Portfolio Information
Company Information	3		Core Properties		32
Market Capitalization	4		Core Top Tenants		37
Operating Statements			Core Lease Expirations		38
Consolidated Income Statements	5		Core New and Renewal Rent Spreads		39
Income Statement - Pro-rata Adjustments	7		Core Capital Expenditures		40
Consolidated Balance Sheet	8
Balance Sheet - Pro-rata Adjustments	9
Funds from Operations (“FFO”), Adjusted FFO (“AFFO”)	11		Section IV – Fund Information
EBITDA	13
Same Property Net Operating Income	14		Fund Overview		41
Fee Income	15		Fund Properties		43
Structured Financing	16		Fund Lease Expirations		46
Other Information			Development and Redevelopment Activity		47
Transactional Activity	17
2023 Guidance	19
Net Asset Valuation Information	22
Selected Financial Ratios	23		Section V – Other Information
Debt Analysis
Summary	26		Important Notes		49
Detail	27
Maturities	29
Interest Rate Summary	31

 

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

 

 

 

 

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Supplemental Report – December 31, 2022				Company Information
Acadia Realty Trust is a fully-integrated equity real estate investment trust, focused on the ownership, acquisition, redevelopment and management of high-quality retail properties located in key street and urban retail corridors as well as suburban locations within high-barrier-to-entry, densely-populated metropolitan areas. Acadia owns, or has an ownership interest in, these properties through its Core Portfolio and through a series of opportunistic/value-add investment funds. Additional information may be found on the Company’s website at www.acadiarealty.com.
Contact Information
		Corporate Headquarters		Investor Relations		New York Stock Exchange
		411 Theodore Fremd Avenue		Stuart Seeley		Symbol AKR
		Suite 300		Senior Managing Director of Strategy & Public Markets
		Rye, NY 10580
				Jennifer Han
				Director, Reporting & Investor Relations
				(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 – December 31, 2022	(Including pro-rata share of Fund debt, in thousands)

 

										Changes in Total Outstanding Common														Weighted Average
		Total Market						Capitalization		Shares and OP Units (in thousands)														Diluted EPS								FFO
		Capitalization ($)				%		Based on Net Debt 1				Common Shares				Common OP Units				Total				Quarter				YTD				Quarter				YTD
Equity Capitalization
Common Shares			95,121							Balance at 12/31/2021			89,304				5,059				94,363
Common Operating Partnership ("OP") Units			5,134							ATM issuance			5,151				—				5,151
Combined Common Shares and OP Units			100,255							Vesting RS and LTIPs			11				279				290
										OP Conversions			36				(36	)			—
Share Price at December 31, 2022		$	14.35							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		$	1,438,659							ATM issuance			375				—				375
Preferred OP Units 2			6,657							Vesting RS and LTIPs			34				30				64
Total Equity Capitalization			1,445,316			51%		51%		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			1,805,414							ATM issuance			—				—				—
Adjustment to reflect pro-rata share of debt			(390,912	)						Vesting RS and LTIPs			—				—				—
Total Debt Capitalization			1,414,502			49%		49%		OP Conversions			20				(20	)			—
										Other			2				—				2
Total Market Capitalization		$	2,859,818			100%		100%		Balance at 9/30/2022			94,951				5,296				100,247				95,251				94,849				100,313				100,534
										ATM issuance			—				—				—
										Vesting RS and LTIPs			3				1				4
										OP Conversions			163				(163	)			—
										Other			4				—				4
										Balance at 12/31/2022			95,121				5,134				100,255				95,066				94,643				101,326				101,338

__________

 

 

	4

 

 

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

 

		December 31, 2022 1
CONSOLIDATED INCOME STATEMENT		Quarter				Year to Date
Revenues
Rental income		$	79,335			$	317,814
Other			1,243				8,476
Total revenues			80,578				326,290
Operating expenses
Depreciation and amortization			33,489				135,917
General and administrative			11,298				44,066
Real estate taxes			10,275				44,932
Property operating			16,268				56,995
Impairment charges			—				33,311
Total operating expenses			71,330				315,221
Gain on disposition of properties			7,245				57,161
Operating income			16,493				68,230
Equity in earnings (losses) of unconsolidated affiliates			13,262				(32,907	)
Interest and other income			4,751				14,641
Unrealized holding losses on investments and other			(16,579	)			(34,994	)
Interest expense			(21,900	)			(80,209	)
Loss from continuing operations before income taxes			(3,973	)			(65,239	)
Income tax provision			(5	)			(12	)
Net loss			(3,978	)			(65,251	)
Net loss attributable to redeemable noncontrolling interests			2,343				5,536
Net loss attributable to noncontrolling interests			5,617				24,270
Net income (loss) attributable to Acadia		$	3,982			$	(35,445	)

 

 

 

 

	5

 

 

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

 

		December 31, 2022 1
CORE PORTFOLIO AND FUND INCOME		Quarter				Year to Date
PROPERTY REVENUES
Minimum rents		$	60,230			$	240,362
Percentage rents			896				3,009
Expense reimbursements - CAM			7,718				27,534
Expense reimbursements - Taxes			7,338				31,757
Other property income			847				2,638
Total Property Revenues			77,029				305,300
PROPERTY EXPENSES
Property operating - CAM			12,345				43,956
Other property operating (Non-CAM)			3,613				12,231
Real estate taxes			10,275				44,932
Total Property Expenses			26,233				101,119
NET OPERATING INCOME - PROPERTIES			50,796				204,181
OTHER INCOME (EXPENSE)
Interest income			4,751				14,641
Straight-line rent income (expense)			1,637				8,961
Above/below-market rent income (expense)			1,532				8,314
Interest expense 2			(20,297	)			(74,448	)
Amortization of finance costs			(1,538	)			(5,507	)
Above/below-market interest income (expense)			26				104
Finance lease interest expense			(91	)			(358	)
Asset and property management (expense) income			(159	)			(675	)
Other (expense) income			(111	)			2,037
Impairment charges			—				(33,311	)
CORE PORTFOLIO AND FUND INCOME			36,546				123,939
FEE AND OTHER INCOME
Asset and property management fees			199				748
Net promote and other transactional income			—				1,473
Unrealized holding losses on investments and other			(16,487	)			(37,032	)
Transactional fees 3			49				199
Income tax provision			(5	)			(12	)
Total Fee and Other (Loss) Income			(16,244	)			(34,624	)
General and Administrative			(11,298	)			(42,044	)
Depreciation and amortization			(33,399	)			(135,540	)
Non-real estate depreciation and amortization			(90	)			(377	)
(Loss) gain on change of control and other			—				(859	)
Gain on disposition of properties			7,245				57,161
(Loss) before equity in earnings and noncontrolling interests			(17,240	)			(32,344	)
Equity in earnings (losses) of unconsolidated affiliates			13,262				(32,907	)
Noncontrolling interests (including redeemable noncontrolling interests)			7,960				29,806
NET INCOME (LOSS) ATTRIBUTABLE TO ACADIA		$	3,982			$	(35,445	)

 

 

	6

 

 

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

 

		Quarter Ended December 31, 2022								Year to Date December 31, 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		$	(23,322	)		$	12,396			$	(95,030	)		$	45,845
Percentage rents			(70	)			136				(793	)			538
Expense reimbursements - CAM			(3,302	)			1,497				(12,832	)			5,457
Expense reimbursements - Taxes			(2,372	)			150				(9,883	)			7,083
Other property income			(236	)			50				(1,067	)			273
Total Property Revenues			(29,302	)			14,229				(119,605	)			59,196
PROPERTY EXPENSES
Property operating - CAM			(5,038	)			1,836				(19,562	)			6,135
Other property operating (Non-CAM)			(885	)			243				(3,411	)			953
Real estate taxes			(3,580	)			418				(15,545	)			8,694
Total Property Expenses			(9,503	)			2,497				(38,518	)			15,782
NET OPERATING INCOME - PROPERTIES			(19,799	)			11,732				(81,087	)			43,414
OTHER INCOME (EXPENSE)
Interest income			(5	)			8				(15	)			20
Straight-line rent income (expense)			(631	)			137				(4,137	)			1,313
Above/below-market rent income (expense)			(588	)			1,148				(1,996	)			3,999
Interest expense 2			9,470				(4,602	)			35,809				(14,541	)
Amortization of finance costs			790				(326	)			2,960				(1,149	)
Above/below-market interest income (expense)			—				21				—				84
Finance lease interest expense			38				(2	)			205				(2	)
Asset and property management (expense) income			397				(492	)			1,517				(1,812	)
Other income (expense)			(96	)			(5	)			(1,007	)			31
Impairment charges			—				—				25,609				(50,779	)
CORE PORTFOLIO AND FUND INCOME			(10,424	)			7,619				(22,142	)			(19,422	)
FEE AND OTHER INCOME
Asset and property management fees			2,365				151				9,853				607
Net promote and other transactional income			—				—				—				—
Unrealized holding losses on investments and other			9,892				—				22,502				—
Transactional fees 3			1,555				273				5,738				893
Income tax provision			4				(2	)			126				(13	)
Total Fee and Other (Loss) Income			13,816				422				38,219				1,487
General and Administrative			689				(139	)			1,993				(644	)
Depreciation and amortization			13,697				(7,201	)			57,519				(26,889	)
Non-real estate depreciation and amortization			—				—				—				—
(Loss) gain on change of control and other			—				—				—				—
Gain (loss) on disposition of properties			(9,561	)			12,561				(47,583	)			12,561
(Loss) before equity in earnings and noncontrolling interests			8,217				13,262				28,006				(32,907	)
Equity in earnings (losses) of unconsolidated affiliates			—				—				—				—
Noncontrolling interests (including redeemable noncontrolling interests) 6			(257	)			—				1,800				—
NET INCOME (LOSS) ATTRIBUTABLE TO ACADIA		$	7,960			$	13,262			$	29,806			$	(32,907	)

 

 

 

 

	7

 

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

 

ASSETS		Consolidated Balance Sheet				Line Item Details:
Real estate
Land		$	817,802			The components of Real estate under development, at cost are as follows:
Buildings and improvements			3,204,493			Core		$	54,817
Construction in progress			21,027			Fund II			34,072
Right-of-use assets - finance leases			25,086			Fund III			25,798
			4,068,408			Fund IV			69,915
Less: Accumulated depreciation and amortization			(725,143	)		Total		$	184,602
Total			3,343,265
Real estate under development			184,602			Summary of other assets, net:
Operating real estate, net			3,527,867			Deferred charges, net		$	28,478
Notes receivable, net			123,903			Accrued interest receivable			18,082
Investments in and advances to unconsolidated affiliates			291,156			Due from seller			3,036
Lease intangibles, net			102,374			Prepaid expenses			15,872
Other assets, net			127,217			Other receivables			2,060
Right-of-use assets - operating leases, net			37,281			Income taxes receivable			1,876
Cash and cash equivalents			17,158			Corporate assets, net			1,287
Restricted cash			15,063			Deposits			1,624
Straight-line rents receivable, net			34,889			Derivative financial instruments			54,902
Rents receivable, net			14,617			Total		$	127,217
Assets of properties held for sale			11,057
Total assets		$	4,302,582
LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgage and other notes payable, net		$	928,639
Unsecured notes payable, net			696,134			Summary of accounts payable and other liabilities:
Unsecured line of credit			168,287			Lease liability - finance leases, net		$	7,022
Accounts payable and other liabilities			118,075			Accounts payable and accrued expenses			59,922
Lease liability - operating leases, net			35,271			Deferred income			34,503
Dividends and distributions payable			18,395			Tenant security deposits, escrow and other			16,582
Lease intangibles, net			78,416			Derivative financial instruments			46
Distributions in excess of income from, and investments in, unconsolidated affiliates			10,505			Total		$	118,075
Total liabilities			2,053,722
Commitments and contingencies
Redeemable noncontrolling interests			67,664
Shareholders' Equity
Common shares			95
Additional paid-in capital			1,945,322
Accumulated other comprehensive income (loss)			46,817
Distributions in excess of accumulated earnings			(300,402	)
Total Acadia shareholders’ equity			1,691,832
Noncontrolling interests			489,364
Total equity			2,181,196
Total liabilities, equity and redeemable noncontrolling interests		$	4,302,582

 

 

	8

 

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

 

 

ASSETS		Noncontrolling Interest in Consolidated Subsidiaries 5				Company’s Interest in Unconsolidated Subsidiaries 6
Real estate
Land		$	(164,639	)		$	67,674
Buildings and improvements			(762,554	)			250,936
Construction in progress			(5,882	)			802
Right-of-use assets - finance leases			(2,346	)			22,428
			(935,421	)			341,840
Less: Accumulated depreciation and amortization			114,290				(67,692	)
Total			(821,131	)			274,148
Real estate under development			(87,348	)			13,909
Operating real estate, net			(908,479	)			288,057
Notes receivable, net			65,391				—
Investments in and advances to unconsolidated affiliates			(150,911	)			(97,601	)
Lease intangibles, net			(32,971	)			9,037
Other assets, net			372				6,383
Right-of-use assets - operating leases, net			(2,022	)			—
Cash and cash equivalents			(8,621	)			8,334
Restricted cash			(10,610	)			3,490
Straight-line rents receivable, net			(7,605	)			4,961
Rents receivable, net			(4,014	)			1,843
Total assets		$	(1,059,470	)		$	224,504
LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgage and other notes payable, net		$	(539,220	)		$	192,079
Unsecured notes payable, net			(40,917	)			—
Unsecured line of credit			—				—
Accounts payable and other liabilities			(27,215	)			28,874
Lease intangibles, net			(25,339	)			6,285
Lease liability - operating leases, net			(2,118	)			4
Dividends and distributions payable			—				—
Lease liability - finance leases			(2,907	)			7,767
Distributions in excess of income from, and investments in, unconsolidated affiliates			—				(10,505	)
Total liabilities			(637,716	)			224,504
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)			(421,754	)			—
Total equity			(421,754	)			—
Total liabilities, equity and redeemable noncontrolling interests		$	(1,059,470	)		$	224,504

 

 

 

	9

 

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

 

__________

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

 

 

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

 

		Quarter Ended																Year to Date				Quarter Ended				Year to Date
		March 31, 2022				June 30, 2022				September 30, 2022				December 31, 2022				December 31, 2022				December 31, 2021				December 31, 2021
Funds from operations ("FFO"):
Net Income (Loss) attributable to Acadia		$	16,838			$	(374	)		$	(55,891	)		$	3,982			$	(35,445	)		$	3,013			$	23,548
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share)			24,313				26,597				27,097				26,903				104,910				23,393				93,388
(Gain) loss on disposition on real estate properties (net of noncontrolling interest share)			(6,876	)			(2,961	)			(2,055	)			(10,245	)			(22,137	)			—				(4,163	)
Impairment charges (net of noncontrolling interest share)			—				—				58,481				—				58,481				—				2,294
Income (loss) attributable to noncontrolling interests' share in Operating Partnership			1,121				151				(2,960	)			380				(1,308	)			336				2,076
FFO to Common Shareholders and Common OP Unit holders - Basic		$	35,396			$	23,413			$	24,672			$	21,020			$	104,501			$	26,742			$	117,143
Less: Impact of City point share conversion option 1			—				—				(906	)			—				(906	)			—				—
FFO to Common Shareholders and Common OP Unit holders - Diluted		$	35,396			$	23,413			$	23,766			$	21,020			$	103,595			$	26,742			$	117,143
Add back: acquisition costs, net of bargain purchase gain 2			859				—				—				—				859				—				—
Add back: City Point recapitalization and transaction related costs 2			—				—				364				—				364				—				—
Add back: Impact of City point share conversion option 1			—				—				906				—				906				—				—
Unrealized holding (gain) loss (net of noncontrolling interest share)			(3,570	)			8,881				3,068				6,786				15,165				1,302				(13,782	)
FFO before Special Items attributable to Common Shareholder and Common OP Unit holders 3		$	32,685			$	32,294			$	28,104			$	27,806			$	120,889			$	28,044			$	103,361
Adjusted Funds from operations ("AFFO"):
FFO		$	35,396			$	23,413			$	24,672			$	21,020			$	104,501			$	26,742			$	117,143
Unrealized (gains) losses			(3,570	)			8,881				3,068				6,786				15,165				1,302				(13,782	)
Straight-line rent, net			(2,707	)			(920	)			(1,367	)			(1,143	)			(6,137	)			1,180				(1,462	)
Above/below-market rent			(1,965	)			(3,183	)			(3,077	)			(2,092	)			(10,317	)			(4,904	)			(10,172	)
Amortization of finance costs			807				768				1,047				1,074				3,696				655				2,982
Above/below-market interest			(47	)			(47	)			(47	)			(47	)			(188	)			(47	)			(188	)
Non-real estate depreciation			90				107				90				90				377				116				388
Stock-based compensation			3,887				2,255				1,932				2,292				10,366				2,243				10,583
Leasing commissions			(1,053	)			(1,057	)			(811	)			(538	)			(3,459	)			(676	)			(2,360	)
Tenant improvements			(3,403	)			(2,250	)			(4,709	)			(4,289	)			(14,651	)			(2,533	)			(10,059	)
Maintenance capital expenditures			(638	)			(2,049	)			(1,993	)			(3,651	)			(8,331	)			(2,968	)			(4,060	)
AFFO to Common Shareholders and Common OP Unit holders		$	26,797			$	25,918			$	18,805			$	19,502			$	91,022			$	21,110			$	89,013
Total weighted-average diluted shares and OP Units			99,103				100,281				100,313				101,326				101,338				94,505				93,234
Diluted FFO per Common share and OP Unit:
FFO		$	0.36			$	0.23			$	0.24			$	0.21			$	1.02			$	0.28			$	1.26
FFO before Special Items		$	0.33			$	0.32			$	0.28			$	0.27			$	1.19			$	0.30			$	1.11

 

 

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

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	EBITDA
Supplemental Report – December 31, 2022	(in thousands)

 

		Quarter Ended December 31, 2022												Year to Date December 31, 2022												Quarter Ended December 31, 2021
		Core												Core												Core
		Portfolio				Funds				Total				Portfolio				Funds				Total				Portfolio				Funds				Total
EBITDA:
Net Income (Loss) Attributable to Acadia		$	4,796			$	(814	)		$	3,982			$	(32,745	)		$	(2,700	)		$	(35,445	)		$	4,813			$	(1,800	)		$	3,013
Adjustments:
Depreciation and amortization			20,771				6,222				26,993				83,360				21,927				105,287				19,420				4,089				23,509
Interest expense			12,270				3,159				15,429				41,264				11,916				53,180				8,412				2,676				11,088
Amortization of finance costs			670				404				1,074				2,540				1,156				3,696				574				81				655
Above/below-market interest			(47	)			—				(47	)			(188	)			—				(188	)			(47	)			—				(47	)
Gain on disposition of properties			(7,245	)			(3,000	)			(10,245	)			(7,245	)			(14,894	)			(22,139	)			—				—				—
Unrealized holding losses (gains) on investment in Albertsons and other			6,786				—				6,786				15,165				—				15,165				1,097				205				1,302
Provision (benefit) for income taxes			2				1				3				(137	)			36				(101	)			(298	)			—				(298	)
Impairment charges			—				—				—				50,779				7,702				58,481				—				—				—
Noncontrolling interest - OP			257				—				257				(1,800	)			—				(1,800	)			212				—				212
EBITDA		$	38,260			$	5,972			$	44,232			$	150,993			$	25,143			$	176,136			$	34,183			$	5,251			$	39,434
Adjusted EBITDA:
EBITDA		$	38,260			$	5,972			$	44,232			$	150,993			$	25,143			$	176,136			$	34,183			$	5,251			$	39,434
Stock based compensation			2,292				—				2,292				10,366				—				10,366				2,243				—				2,243
		$	40,552			$	5,972			$	46,524			$	161,359			$	25,143			$	186,502			$	36,426			$	5,251			$	41,677

 

 

 

 

 

 

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

 

		Quarter Ended								Change				Year to Date								Change
		December 31, 2022				December 31, 2021				Favorable/ (Unfavorable)				December 31, 2022				December 31, 2021				Favorable/ (Unfavorable)
Summary
Minimum rents		$	33,744			$	32,468				3.9	%		$	133,000			$	126,926				4.8	%
Expense reimbursements			7,527				9,948				(24.3	)%			35,053				37,188				(5.7	)%
Other property income			518				550				(5.8	)%			2,522				1,727				46.0	%
Total Revenue			41,789				42,966				(2.7	)%			170,575				165,841				2.9	%
Expenses
Property operating - CAM & Real estate taxes			9,852				12,529				21.4	%			46,292				48,567				4.7	%
Other property operating (Non-CAM)			1,299				1,444				10.0	%			3,838				4,019				4.5	%
Total Expenses			11,151				13,973				20.2	%			50,130				52,586				4.7	%
Same Property NOI - Core properties		$	30,638			$	28,993				5.7	%		$	120,445			$	113,255				6.3	%
Reconciliation of Same Property NOI to Core NOI
NOI of Properties excluded from Same Property NOI			6,276				3,483								23,515				13,954
Core NOI		$	36,914			$	32,476							$	143,960			$	127,209
Other same property information
Physical Occupancy at the end of the period			92.7	%			89.8	%
Leased Occupancy at the end of the period			94.9	%			93.1	%

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	Fee Income by Fund
Supplemental Report – December 31, 2022	(in thousands)

 

		Fund II				Fund III				Fund IV				Fund V				Other				Total
Year to Date December 31, 2022
Asset and property management fees		$	889			$	73			$	3,766			$	5,858			$	622			$	11,208
Transactional fees			596				382				1,542				4,182				128				6,830
Total fees		$	1,485			$	455			$	5,308			$	10,040			$	750			$	18,038
Quarter Ended December 31, 2022
Asset and property management fees		$	186			$	16			$	829			$	1,521			$	163			$	2,715
Transactional fees			65				41				465				1,266				40				1,877
Total fees		$	251			$	57			$	1,294			$	2,787			$	203			$	4,592
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

 

 

 

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

 

		September 30, 2022												Quarter Ended December 31, 2022																				Stated				Effective
		Principal				Accrued				Ending								Repayments/				Current				Accrued				Ending				Interest				Interest				Maturity
Investment		Balance				Interest				Balance				Issuances 1				Conversions				Principal				Interest				Balance				Rate				Rate				Dates
First mortgage notes 2,3		$	59,801			$	3,809			$	63,610			$	—			$	—			$	59,801			$	3,809			$	63,610				5.99	%			6.39	%		Apr-20 to Sept-24
Other notes3,4			130,945				12,192				143,137				—				—				130,945				16,132				147,077				11.28	%			11.38	%		Jan-24 to Dec-27
Total Core notes receivable		$	190,746			$	16,001			$	206,747			$	—			$	—			$	190,746			$	19,941			$	210,687				9.62	%			9.82	%
__________
Reconciliation of Notes Receivable to the Pro-Rata Balance Sheet:
Total Notes Receivable per above																						$	190,746
Fund Notes Receivable																							—
Allowance for credit loss																							(1,452	)
Total Pro-rata Notes Receivable																						$	189,294

 

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

 

PROPERTY ACQUISITIONS AND DISPOSITIONS
Property Name		Location		Date of Transaction		Transaction Amount				Ownership % 1				Fund Share				Acadia Share
ACQUISITIONS 2
Core:
121 Spring Street		New York, NY		January 12, 2022		$	39,637				100.00	%		$	—			$	39,637
Williamsburg Collection 3		Brooklyn, NY		February 18, 2022			97,750				100.00	%			—				97,750
8833 Beverly Boulevard		Hollywood, CA		March 2, 2022			24,117				100.00	%			—				24,117
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
Core:
Henderson Avenue (Land Parcel)		Dallas, TX		October 7, 2022		$	3,050				100.00	%		$	—			$	3,050
330-340 River Street		Boston, MA		December 13, 2022			26,400				100.00	%			—				26,400
							29,450								—				29,450
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
Promenade at Manassas		Manassas, VA		October 13, 2022			46,000				98.57	%			45,342				10,483
Fund V:
New Town Center (Land Parcel)		Canton, MI		February 1, 2022			2,231				89.43	%			1,995				401
							244,703								237,809				57,351
						$	274,153							$	237,809			$	86,801

 

 

 

 

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

 

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)
Core:
City Point Loan		Recapitalization		August 1, 2022		$65,945		100.00%		—		$65,945
Fund III:
640 Broadway Note Receivable		Foreclosure		January 26, 2022		(5,307)		100.00%		(5,307)		(1,302)
						$44,638				$(5,307)		$48,643

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	2023 Guidance
Supplemental Report – December 31, 2022	(in millions)

 

		2023 Guidance Forecast
		Low				High				2022 Actuals
(in $ millions, except per share amounts)		$ Millions		$/Share		$ Millions		$/Share		$ Millions		$/Share
Net earnings (loss) per share attributable to Acadia9		$13.9		$0.14		$22.1		$0.23		$(35.4)		$(0.40)
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share)				1.01				1.01				1.05
Impairment charges (net of noncontrolling interest share)				—				—				0.58
(Gain) loss on disposition of properties (net of noncontrolling interest share)				—				—				(0.22)
Noncontrolling interest in Operating Partnership				0.02				0.02				0.02
FFO to Common Shareholders and Common OP Unit holders				$1.17				$1.26				$1.03
Less: Impact of City point share conversion option1				—				—				(0.01)
NAREIT Funds from operations per share attributable to Common Shareholders and Common OP Unit holders				$1.17				$1.26				$1.02

 

 

 

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	2023 Guidance
Supplemental Report – December 31, 2022	(in millions)

 

		2023 Guidance Forecast
		Low				High				2022 Actuals
(in $ millions, except per share amounts)		$ Millions		$/Share		$ Millions		$/Share		$ Millions		$/Share
FFO Comprises3:
Core property NOI4		$144				$147				$139
Fund property NOI4		26				27				21
Cash recoveries of prior period rents/lease termination income5		2				4				7
Total NOI		172				178				167
Core interest expense, net of capitalized interest6		(43)				(46)				(42)
Fund interest expense, net of capitalized interest6		(22)				(24)				(15)
Total interest expense		(65)				(70)				(57)
Interest income (Structured Finance Portfolio)		16				17				15
Straight-line and above/below market rents		11				14				17
Fund fee income, net		15				17				18
General and administrative10		(39)				(42)				(40)
Non-real estate depreciation and other expenses		(0.5)				(0.5)				—
Net Promote and other Core and Fund transactional income		11				16				1
Funds from operations before Special Items per share attributable to Common Shareholders and Common OP Unit holders7		$120.5		$1.17		$129.5		$1.26		$121.0		$1.19
Unrealized holding loss (gain) (net of noncontrolling interest share)8		—		—		—		—		(15)		(0.15)
Transaction and other related costs1,2,10		—		—		—		—		(2)		(0.02)
NAREIT Funds from operations per share attributable to Common Shareholders and Common OP Unit holders		$120.5		$1.17		$129.5		$1.26		$104.0		$1.02
Additional Guidance Assumptions
Fully diluted common shares - weighted average		96				96				94.6
Fully diluted common shares and OP Units - weighted average		103				103				101.3
Same property net operating income growth		5%				6%				6.3%

 

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	2023 Guidance
Supplemental Report – December 31, 2022	(in millions)

 

 

	21

 

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	Net Asset Valuation Information
Supplemental Report – December 31, 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		$	36,914			N/A5				$	120			$	3,197			$	19,683
Less:
Net operating (income) loss from properties sold or under contract			(258	)		N/A5					(2	)			178				—
Net operating (income) loss from pre-stabilized assets, development and redevelopment projects 3, 4			(3,042	)		N/A5					(118	)			(791	)			—
Net Operating Income of stabilized assets		$	33,614			N/A				$	—			$	2,584			$	19,683
Costs to Date (Pro Rata)
Pre-stabilized assets 3		$	—			N/A5				$	13,496			$	35,016			$	—
Development and redevelopment projects 4			357,540			N/A5					4,607				17,860				—
Total Costs to Date		$	357,540			N/A5				$	18,103			$	52,876			$	—
Debt (Pro Rata)		$	1,149,441			$	77,597			$	8,827			$	45,261			$	133,376

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

 

		Quarter Ended December 31,								Year to Date December 31,										Quarter Ended
COVERAGE RATIOS 1		2022				2021				2022				2021				LEVERAGE RATIOS		December 31, 2022				September 30, 2022
Fixed-Charge Coverage Ratios																		Debt/Market Capitalization Ratios
EBITDA 2 divided by:		$	38,260			$	34,183			$	150,993			$	127,360			Debt + Preferred Equity (Preferred OP Units)		$	1,421,159			$	1,446,766
Interest expense			12,270				8,412				41,264				32,777			Total Market Capitalization			2,859,818				2,711,883
Principal Amortization			877				1,083				3,737				4,238			Debt + Preferred Equity/
Preferred Dividends 3			123				123				492				492			Total Market Capitalization			50	%			53	%
Fixed-Charge Coverage Ratio - Core Portfolio			2.9	x			3.6	x			3.3	x			3.4	x
EBITDA divided by:		$	44,232			$	39,434			$	176,136			$	146,189			Debt 6		$	1,404,288			$	1,427,197
Interest expense			15,429				11,088				53,180				42,550			Total Market Capitalization			2,859,818				2,711,883
Principal Amortization			1,242				1,366				5,368				5,578			Net Debt + Preferred Equity/
Preferred Dividends			123				123				492				492			Total Market Capitalization			49	%			53	%
Fixed-Charge Coverage Ratio - Core Portfolio and Funds			2.6	x			3.1	x			3.0	x			3.0	x		Debt/EBITDA Ratios
																		Core:
Payout Ratios																		Debt		$	1,043,395			$	1,064,588
																		Net debt 5			1,030,572				1,049,689
Dividends declared (per share/OP Unit)		$	0.18			$	0.15			$	0.72			$	0.60			EBITDA			150,993				150,672
																		Adjusted EBITDA			161,359				158,400
Dividends (Shares) & Distributions (OP Units) declared		$	18,370			$	14,557			$	73,405			$	57,057			Debt/EBITDA - Core Portfolio			6.9	x			7.1	x
FFO			21,020				26,742				104,501				117,143			Debt/Adjusted EBITDA - Core Portfolio			6.5	x			6.7	x
FFO Payout Ratio 8			87	%			54	%			70	%			49	%		Net Debt/EBITDA - Core Portfolio			6.8	x			7.0	x
																		Net Debt/ Adjusted EBITDA - Core Portfolio			6.4	x			6.6	x
AFFO 7			19,502				21,110				91,022				89,013			Core and Funds:
AFFO Payout Ratio			94	%			69	%			81	%			64	%		Debt 4		$	1,414,502			$	1,440,902
																		Net debt 6			1,397,631				1,421,333
FFO Before Special Items			27,806				28,044				120,889				103,361			EBITDA			176,136				175,709
FFO Before Special Items Payout Ratio			66	%			52	%			61	%			55	%		Adjusted EBITDA			186,502				183,437
																		Debt/EBITDA - Core and Funds			8.0	x			8.2	x
																		Debt/Adjusted EBITDA - Core and Funds			7.6	x			7.9	x
																		Net Debt/EBITDA - Core and Funds			7.9	x			8.1	x
																		Net Debt/ Adjusted EBITDA - Core and Funds			7.5	x			7.7	x

 

 

 

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

__________

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

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

3. Represents preferred distributions on Preferred Operating Partnership Units.

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

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

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

7. See Funds from Operations (“FFO”), Adjusted Funds from Operations (“AFFO”) for a reconciliation of AFFO to net income attributable to Acadia.

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.

 

 

 

	24

 

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

 

 

		EBITDA								ADJUSTED EBITDA
		Year Ended				Year Ended				Year Ended				Year Ended
Reconciliation of EBITDA to Annualized EBITDA		December 31, 2022				December 31, 2021				December 31, 2022				December 31, 2021
Core EBITDA		$	150,993			$	127,360			$	161,359			$	137,943
Fund EBITDA			25,143				18,829				25,143				18,829
EBITDA Core and Funds		$	176,136			$	146,189			$	186,502			$	156,772

 

 

		Quarter Ended
Reconciliation of Core Portfolio Debt		December 31, 2022
Core Portfolio Debt per Debt Summary		$1,149,441
Incremental Core Debt Attributable to City Point8		(106,046)
Adjusted Core Debt for purposes of computing Debt/EBITDA		1,043,395
Fund Portfolio Debt per Debt Summary		265,061
Incremental Core Debt Attributable to City Point8		106,046
Adjusted Fund Debt per EBITDA		371,107
Total Core and Fund Debt for purposes of computing Debt/EBITDA		$1,414,502

 

 

	25

 

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	Portfolio Debt – Summary
Supplemental Report – December 31, 2022	(in thousands)

 

		Acadia Pro-Rata Share of Debt 2
		Core Portfolio												Funds												Total																Reconciliation to Consolidated Debt as Reported
Unsecured Debt		Principal Balance				Interest Rate				WA Years to Maturity 6				Principal Balance				Interest Rate				WA Years to Maturity 6				Principal Balance				%				Interest Rate				WA Years to Maturity 6				Add: Noncontrolling Interest Share of Debt 3				Less: Pro-rata Share of Unconsolidated Debt 4				Acadia Consolidated Debt as Reported
Fixed-Rate Debt 1		$	806,000				4.2	%			3.8			$	—				—				—			$	806,000				57	%			4.2	%			3.8			$	—			$	—			$	806,000
Variable-Rate Debt 5			12,287				5.8	%			2.5				10,293				6.2	%			0.3				22,580				2	%			6.0	%			1.5				40,917				—				63,497
																															59	%
Mortgage and Other Notes Payable
Fixed-Rate Debt 1			314,317				4.2	%			3.5				125,004				4.3	%			1.7				439,321				31	%			4.2	%			3.0				339,823				(144,371	)			634,773
Variable-Rate Debt 5			16,837				5.9	%			0.6				129,764				7.0	%			2.2				146,601				10	%			6.9	%			2.0				203,037				(48,494	)			301,144
																															41	%
Total		$	1,149,441				4.2	%			3.7			$	265,061				5.7	%			1.9			$	1,414,502				100	%			4.5	%			3.3			$	583,777			$	(192,865	)			1,805,414
Unamortized premium																											577																								343
Net unamortized loan costs																											(10,077	)																							(12,697	)
Total																										$	1,405,002																							$	1,793,060

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	26

 

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

 

 

				Principal Balance at				Acadia's Pro-rata Share								Interest				Extension
Property				December 31, 2022				Percent				Amount				Rate		Maturity		Options
CORE PORTFOLIO
Fixed-Rate Debt
163 Highland Avenue				$	7,689				100.00	%			7,689			4.66%		02/01/24		None
Crossroads Shopping Center					60,873				49.00	%			29,828			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			4.00%		07/10/27		None
Georgetown Portfolio (2008 Investment)					14,920				50.00	%			7,460			4.72%		12/10/27		None
State & Washington					22,051				100.00	%			22,051			4.40%		09/05/28		None
North & Kingsbury					10,891				100.00	%			10,891			4.01%		11/05/29		None
151 North State Street					12,570				100.00	%			12,570			4.03%		12/01/29		None
Concord & Milwaukee					2,394				100.00	%			2,394			4.40%		06/01/30		None
California & Armitage					2,243				100.00	%			2,243			5.89%		04/15/35		None
Unsecured interest rate swaps 1					806,000				100.00	%			806,000			4.19%		Various
Secured interest rate swaps 1					147,745				50.56	%			74,695			4.26%		Various
Sub-Total Fixed-Rate Debt					1,246,876								1,120,317			4.20%
Secured Variable-Rate Debt
Gotham Plaza					17,745				49.00	%			8,695			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
Sullivan Center					50,000				100.00	%			50,000			LIBOR+150		11/16/28		None
Secured interest rate swaps 1					(147,745	)			50.56	%			(74,695	)		4.26%		Various
Unsecured Variable-Rate Debt
Unsecured Line of Credit 3					168,287				100.00	%			168,287			SOFR+150		06/29/25		2 x 6 mos.
Unsecured Term Loan					400,000				100.00	%			400,000			SOFR+165		06/29/26		None
Unsecured $175 Million Term Loan					175,000				100.00	%			175,000			SOFR+160		04/06/27		None
Unsecured $75 Million Term Loan					75,000				100.00	%			75,000			SOFR+205		07/29/29		None
Unsecured interest rate swaps 1					(806,000	)			100.00	%			(806,000	)		4.19%		Various
Sub-Total Variable-Rate Debt					96,473								29,124			LIBOR+173
Total Debt - Core Portfolio				$	1,343,349							$	1,149,441			4.24%
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			15,807				20.81	%			3,289			3.75%		06/01/26		None
Interest rate swaps 1		Funds II, IV & V			485,965				23.68	%			115,090			4.35%		Various
Sub-Total Fixed-Rate Debt					534,693								125,004			4.28%
Variable-Rate Debt
New Towne Center		Fund V			14,716				20.10	%			2,958			LIBOR+220		02/01/23		None
Eden Square 4		Fund IV			22,167				22.78	%			5,050			SOFR+235		03/01/23		None
Broughton Street Portfolio		Fund IV			25,439				23.12	%			5,881			SOFR+310		04/28/23		None

 

	27

 

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

 

				Principal Balance at				Acadia's Pro-rata Share								Interest				Extension
Property				December 31, 2022				Percent				Amount				Rate		Maturity		Options
Acadia Strategic Opportunity Fund V LLC		Fund V			51,210				20.10	%			10,293			SOFR+187		05/01/23		1x12 mos.
Fairlane Green		Fund V			32,877				20.10	%			6,608			LIBOR+190		06/05/23		None
Trussville Promenade		Fund V			28,831				20.10	%			5,795			LIBOR+185		06/15/23		None
640 Broadway 4		Fund III			35,970				24.54	%			8,827			SOFR+335		07/09/23		None
146 Geary Street		Fund IV			19,338				23.12	%			4,471			LIBOR+365		07/15/23		None
Restaurants at Fort Point		Fund IV			5,855				23.12	%			1,354			SOFR+245		11/25/23		None
717 N. Michigan Avenue		Fund IV			48,500				23.12	%			11,213			SOFR+318		12/09/23		None
Acadia Strategic Opportunity IV LLC		Fund IV			39,200				23.12	%			9,063			SOFR+256		12/29/23		None
Elk Grove Commons		Fund V			40,990				20.10	%			8,239			LIBOR+150		01/11/24		None
Hiram Pavilion		Fund V			28,341				20.10	%			5,697			LIBOR+190		03/05/24		None
Hickory Ridge		Fund V			28,351				20.10	%			5,699			LIBOR+190		10/05/24		None
Tri-City Plaza 4		Fund V			38,594				18.09	%			6,982			LIBOR+190		10/18/24		1 x 12 mos.
Landstown Commons		Fund V			60,742				20.10	%			12,209			SOFR+180		10/24/24		None
Lincoln Commons		Fund V			38,722				20.10	%			7,783			SOFR+180		10/24/24		None
Palm Coast Landing		Fund V			26,409				20.10	%			5,308			LIBOR+175		11/01/24		None
Frederick Crossing 4		Fund V			24,237				18.09	%			4,384			LIBOR+175		12/02/24		1 x 12 mos.
Plaza Santa Fe		Fund V			22,893				20.10	%			4,601			SOFR+200		12/20/24		None
Paramus Plaza 4		Fund IV			28,521				11.56	%			3,297			SOFR+236		12/28/24		2 x 12 mos.
Frederick County Square 4		Fund V			22,389				18.09	%			4,050			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			133,655				58.06	%			77,597			SOFR+261		08/01/25		1 x 12 mos.
1964 Union Street 4		Fund IV			1,381				20.80	%			287			LIBOR+225		10/01/25		None
2208-2216 Fillmore Street 4		Fund IV			5,398				20.80	%			1,123			LIBOR+225		06/01/26		None
Monroe Marketplace		Fund V			29,150				20.10	%			5,859			SOFR+276		11/12/26		None
La Frontera Village4		Fund V			55,500				18.09	%			10,040			SOFR+261		06/10/27		None
Riverdale 4		Fund V			33,977				17.97	%			6,107			SOFR+246		11/01/27		None
Interest rate swaps 1		Funds II, IV & V			(485,965	)			23.68	%			(115,090	)		4.35%		Various
Sub-Total Variable-Rate Debt					532,126								140,057			LIBOR+278
Total Debt - Funds					1,066,819								265,061			4.36%
Total Debt - Core Portfolio and Funds				$	2,410,168							$	1,414,502			4.26%

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	Future Debt Maturities 1
Supplemental Report – December 31, 2022	(in thousands)

 

Core Portfolio		Contractual Debt Maturities												Acadia's Pro-Rata Share												Weighted Average Effective Interest Rate
																												Fixed-
		Scheduled												Scheduled												Total		Rate		Variable-
Year		Amortization				Maturities				Total				Amortization				Maturities				Total				Debt		Debt		Rate Debt
2023		$	4,177			$	177,496			$	181,673			$	3,076			$	40,573			$	43,649			4.08%		4.08%		n/a
2024			3,370				69,855				73,225				2,565				36,756				39,321			4.16%		4.09%		7.50%
2025			2,571				301,787				304,358				2,264				293,283				295,547			4.13%		4.13%		n/a
2026			2,920				400,000				402,920				2,542				400,000				402,542			4.09%		4.09%		n/a
2027			2,728				212,538				215,266				2,424				200,053				202,477			4.03%		4.03%		n/a
Thereafter			4,336				161,571				165,907				4,334				161,571				165,905			4.43%		4.43%		n/a
Total		$	20,102			$	1,323,247			$	1,343,349			$	17,205			$	1,132,236			$	1,149,441
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
2023		$	7,372			$	355,125			$	362,497			$	1,431			$	77,740			$	79,171			6.16%		4.27%		6.89%
2024			5,322				328,685				334,007				1,001				62,473				63,474			3.64%		3.50%		6.43%
2025			1,289				231,566				232,855				250				96,226				96,476			6.32%		4.75%		6.56%
2026			829				48,345				49,174				156				9,853				10,009			5.85%		3.75%		6.76%
2027			506				87,780				88,286				90				15,841				15,931			6.42%		n/a		6.42%
Thereafter			—				—				—				—				—				—			n/a		n/a		n/a
Total		$	15,318			$	1,051,501			$	1,066,819			$	2,928			$	262,133			$	265,061

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	29

 

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	Future Debt Maturities – As Extended 1
Supplemental Report – December 31, 2022	(in thousands)

 

Core Portfolio		Extended Debt Maturities 1												Acadia's Pro-Rata Share												Weighted Average Interest Rate
																												Fixed-
		Scheduled												Scheduled												Total		Rate		Variable-
Year		Amortization				Maturities				Total				Amortization				Maturities				Total				Debt		Debt		Rate Debt
2023		$	4,177			$	177,496			$	181,673			$	3,076			$	40,573			$	43,649			3.93%		3.93%		n/a
2024			3,370				69,855				73,225				2,565				36,756				39,321			4.23%		4.02%		7.50%
2025			2,571				133,500				136,071				2,264				124,996				127,260			4.19%		4.19%		n/a
2026			2,920				568,287				571,207				2,542				568,287				570,829			4.09%		4.09%		n/a
2027			3,001				187,402				190,403				2,628				181,201				183,829			4.06%		4.06%		n/a
Thereafter			6,428				184,342				190,770				5,905				178,648				184,553			4.38%		4.38%		n/a
Total		$	22,467			$	1,320,882			$	1,343,349			$	18,980			$	1,130,461			$	1,149,441
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
2023		$	7,372			$	303,915			$	311,287			$	1,432			$	67,447			$	68,879			6.16%		4.27%		7.05%
2024			5,321				291,189				296,510				1,001				58,529				59,530			4.03%		3.57%		6.16%
2025			1,289				63,371				64,660				250				11,528				11,778			3.21%		3.13%		6.39%
2026			830				231,408				232,238				157				94,578				94,735			6.31%		3.89%		6.50%
2027			507				161,617				162,124				91				30,048				30,139			6.28%		5.11%		6.74%
Thereafter			—				—				—				—				—				—			n/a		n/a		n/a
Total		$	15,319			$	1,051,500			$	1,066,819			$	2,931			$	262,130			$	265,061

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	Interest Rate Summary 1
Supplemental Report – December 31, 2022	(in thousands)

 

Core Portfolio
		Acadia's Pro-rata		Weighted Average
Maturity Year		Notional Balance		Fixed Rate on Swap 2
2023		$74,695		2.27%
2024		N/A		N/A
2025		25,000		2.24%
2026		6,000		2.40%
2027		275,000		2.57%
2028		100,000		2.92%
2029		275,000		2.68%
2030		125,000		2.93%
Total		$880,695		2.66%
Funds
		Acadia's Pro-rata		Weighted Average
Year		Notional Balance		Fixed Rate on Swap 2
2023		$17,790		2.38%
2024		46,965		1.34%
2025		11,256		2.36%
2026		N/A		N/A
2027		10,050		3.36%
2028		N/A		N/A
2029		29,029		3.23%
2030		N/A		N/A
Total		$115,090		2.26%

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	31

 

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	Core Portfolio Retail Properties – Detail 1
Supplemental Report – December 31, 2022

 

 

 

 

				Year		Acadia's				Gross Leasable Area (GLA)																In Place Occupancy																Leased Occupancy				Annualized Base Rent				ABR
Property		Key Tenants		Acquired		Interest				Street				Anchors				Shops				Total				Street				Anchors				Shops				Total				Total				(ABR)				PSF
STREET AND URBAN RETAIL
Chicago Metro
664 N. Michigan Avenue		Tommy Bahama,    Ann Taylor Loft		2013			100.0	%			18,141				—				—				18,141				100.0	%			—	%			—	%			100.0	%			100.0	%		$	3,350,038			$	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	%			6,996,440				196.50
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	%			78.0	%			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	%			2,493,561				49.52
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	%			1,065,847				31.42
State and Washington		Nordstrom Rack,    Uniqlo		2016			100.0	%			78,771				—				—				78,771				100.0	%			—	%			—	%			100.0	%			100.0	%			3,364,962				42.72
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	%			1,845,756				44.17
Concord and Milwaukee		—		2016			100.0	%			13,147				—				—				13,147				80.8	%			—	%			—	%			80.8	%			100.0	%			359,012				33.79
California and Armitage		—		2016			100.0	%			—				—				18,275				18,275				—	%			—	%			78.8	%			78.8	%			78.8	%			725,404				50.40
Roosevelt Galleria		Petco, Vitamin    Shoppe		2015			100.0	%			—				—				37,995				37,995				—	%			—	%			63.4	%			63.4	%			89.7	%			698,674				29.02
Sullivan Center		Target		2016			100.0	%			176,181				—				—				176,181				78.9	%			—	%			—	%			78.9	%			78.9	%			5,023,101				36.14
											609,933				—				84,066				693,999				87.1	%			—	%			78.8	%			86.1	%			88.8	%			37,469,994				62.71
New York Metro
Soho Collection    (12 properties)		Faherty, Outerknown,    ALC, Stone Island, Taft, Frame, Theory,    Bang & Olufsen		2011 2014 2019 2020 2022			100.0	%			36,389				—				—				36,389				73.8	%			—	%			—	%			73.8	%			90.7	%			9,137,418				340.36
5-7 East 17th Street		—		2008			100.0	%			8,593				—				—				8,593				—	%			—	%			—	%			—	%			47.5	%			—				—
200 West 54th Street		—		2007			100.0	%			5,862				—				—				5,862				100.0	%			—	%			—	%			100.0	%			100.0	%			1,569,139				267.68

 

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	Core Portfolio Retail Properties – Detail 1
Supplemental Report – December 31, 2022

 

				Year		Acadia's				Gross Leasable Area (GLA)																In Place Occupancy																Leased Occupancy				Annualized Base Rent				ABR
Property		Key Tenants		Acquired		Interest				Street				Anchors				Shops				Total				Street				Anchors				Shops				Total				Total				(ABR)				PSF
61 Main Street		—		2014			100.0	%			3,470				—				—				3,470				100.0	%			—	%			—	%			100.0	%			100.0	%			312,925				90.18
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
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 Collection 3		Sephora, SweetGreen,    Levain Bakery		2022			100.0	%			50,842				—				—				50,842				100.0	%			—	%			—				100.0	%			100.0	%			5,027,426				98.88
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	%			100.0	%			100.0	%			100.0	%			3,335,287				33.46
Gotham Plaza		Bank of America,    Footlocker, Taco Bell		2016			49.0	%			—				—				25,922				25,922				—	%			—	%			73.9	%			73.9	%			91.6	%			1,588,117				82.91
											171,259				86,950				135,928				394,137				87.4	%			100.0	%			92.9	%			92.1	%			96.5	%			34,419,182				94.86
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	%			2,677,460				191.25
											23,757				—				—				23,757				100.0	%			—	%			—	%			100.0	%			100.0	%			3,950,320				166.28
District of Columbia Metro
1739-53 & 1801-03    Connecticut Avenue		TD Bank		2012			100.0	%			20,669				—				—				20,669				66.7	%			—	%			—	%			66.7	%			66.7	%			875,265				63.53
14th Street Collection (3 properties)		Mitchell Gold and Bob Williams, Verizon		2021			100.0	%			19,461				—				—				19,461				100.0	%			—	%			—	%			100.0	%			100.0	%			1,410,882				72.50
Rhode Island Place    Shopping Center		Ross Dress for Less		2012			100.0	%			—				25,134				32,533				57,667				—	%			100.0	%			100.0	%			100.0	%			100.0	%			2,080,617				36.08

 

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	Core Portfolio Retail Properties – Detail 1
Supplemental Report – December 31, 2022

 

				Year		Acadia's				Gross Leasable Area (GLA)																In Place Occupancy																Leased Occupancy				Annualized Base Rent				ABR
Property		Key Tenants		Acquired		Interest				Street				Anchors				Shops				Total				Street				Anchors				Shops				Total				Total				(ABR)				PSF
M Street and Wisconsin Corridor    (26 Properties) 4		Lululemon, Duxiana, Rag and Bone, Reformation, Glossier, Showfields		2011 2016 2019			24.8	%			245,249				—				—				245,249				82.1	%			—	%			—	%			82.1	%			87.9	%			12,867,936				63.88
											285,379				25,134				32,533				343,046				82.2	%			100.0	%			100.0	%			85.2	%			89.4	%			17,234,700				58.95
Boston Metro
165 Newbury Street		Starbucks		2016			100.0	%			1,050				—				—				1,050				100.0	%			—	%			—	%			100.0	%			100.0	%			303,471				289.02
											1,050				—				—				1,050				100.0	%			—				—				100.0	%			100.0	%			303,471				289.02
Dallas Metro
Henderson Avenue Portfolio (14 properties)		Sprouts Market		2022			100.0	%			90,080				31,635				—				121,715				88.9	%			100.0	%			—	%			91.8	%			93.1	%			4,379,233				39.20
Total Street and Urban Retail											1,181,458				143,719				252,527				1,577,704				86.4	%			100.0	%			89.1	%			88.1	%			91.4	%		$	97,756,900			$	70.37
Acadia Share Total Street and Urban Retail											982,693				143,719				239,307				1,365,719				87.2	%			100.0	%			90.0	%			89.0	%			91.8	%		$	86,404,051			$	71.07
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	%			100.0	%			3,245,133				26.95
Marketplace of Absecon		Walgreens, Dollar Tree		1998			100.0	%			—				46,724				57,832				104,556				—	%			100.0	%			85.9	%			92.2	%			92.2	%			1,488,815				15.44
New York
Village Commons    Shopping Center		—		1998			100.0	%			—				—				87,128				87,128				—	%			—	%			92.1	%			92.1	%			92.1	%			2,765,190				34.44
Branch Plaza		LA Fitness,    The Fresh Market		1998			100.0	%			—				76,264				47,081				123,345				—	%			100.0	%			96.9	%			98.8	%			98.8	%			3,532,225				28.98
Amboy Center		Stop & Shop (Ahold)		2005			100.0	%			—				37,266				26,024				63,290				—	%			100.0	%			71.9	%			88.4	%			92.2	%			1,924,058				34.38
Crossroads Shopping Center		HomeGoods, PetSmart, BJ's Wholesale Club		1998			49.0	%			—				202,727				108,928				311,655				—	%			100.0	%			57.9	%			85.3	%			88.5	%			8,154,634				30.68
New Loudon Center		Price Chopper,    Marshalls		1993			100.0	%			—				242,058				16,643				258,701				—	%			94.8	%			100.0	%			95.2	%			95.2	%			2,249,812				9.14
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 5		Wal-Mart, Stop    & Shop (Ahold)		1998			100.0	%			—				163,159				42,930				206,089				—	%			100.0	%			87.2	%			97.3	%			97.3	%			1,807,822				17.07
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

 

	34

 

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	Core Portfolio Retail Properties – Detail 1
Supplemental Report – December 31, 2022

 

				Year		Acadia's				Gross Leasable Area (GLA)																In Place Occupancy																Leased Occupancy				Annualized Base Rent				ABR
Property		Key Tenants		Acquired		Interest				Street				Anchors				Shops				Total				Street				Anchors				Shops				Total				Total				(ABR)				PSF
Crescent Plaza		Home Depot, Shaw's    (Supervalu)		1993			100.0	%			—				156,985				61,163				218,148				—	%			100.0	%			85.7	%			96.0	%			100.0	%			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	%			1,394,982				14.28
Indiana
Merrillville Plaza		Jo-Ann Fabrics,   TJ Maxx		1998			100.0	%			—				123,144				112,782				235,926				—	%			82.3	%			75.1	%			78.8	%			92.8	%			2,711,118				14.57
Michigan
Bloomfield Town Square		HomeGoods,    TJ Maxx		1998			100.0	%			—				153,332				81,619				234,951				—	%			100.0	%			98.2	%			99.4	%			99.4	%			4,263,415				18.26
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	%			12,980,977				17.26
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 6		Target, TJ Maxx		1998			100.0	%			—				184,616				32,255				216,871				—	%			100.0	%			100.0	%			100.0	%			100.0	%			1,314,679				22.19
Total Suburban Properties											—				2,909,173				1,095,307				4,004,480				—	%			97.3	%			84.2	%			93.7	%			95.7	%		$	66,158,994			$	18.83
Acadia Share Total Suburban Properties											—				2,805,782				1,039,754				3,845,536				—	%			97.2	%			85.6	%			94.1	%			95.9	%		$	62,000,131			$	18.36
Total Core Properties											1,181,458				3,052,892				1,347,834				5,582,184				86.4	%			97.4	%			85.1	%			92.1	%			94.4	%		$	163,915,894			$	33.40
Acadia Share Total Core Properties											982,693				2,949,501				1,279,061				5,211,255				87.2	%			97.3	%			86.4	%			92.7	%			94.9	%		$	148,404,182			$	32.29

 

	35

 

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	Core Portfolio Retail Properties – Detail 1
Supplemental Report – December 31, 2022

 

__________

 

 

	36

 

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

 

		Number of				Combined								Percentage of Total
Tenant		Stores				GLA				ABR				GLA				ABR
Target			3				408,895			$	8,126,134				7.8	%			5.5	%
Walgreens			5				81,763				3,719,187				1.6	%			2.5	%
Royal Ahold 2			3				155,461				3,475,460				3.0	%			2.3	%
Bed, Bath, and Beyond			2				124,432				3,288,661				2.4	%			2.2	%
Verizon			2				26,054				2,771,219				0.5	%			1.9	%
TJX Companies 3			8				229,043				2,765,292				4.4	%			1.9	%
PetSmart, Inc.			4				76,257				2,760,241				1.5	%			1.9	%
Lululemon			2				7,533				2,614,752				0.1	%			1.8	%
Trader Joe's			3				40,862				2,499,318				0.8	%			1.7	%
Fast Retailing 4			2				32,013				2,387,950				0.6	%			1.6	%
Gap 5			3				44,895				2,191,532				0.9	%			1.5	%
Albertsons Companies6			2				123,409				1,980,640				2.4	%			1.3	%
Bob's Discount Furniture			2				68,793				1,843,336				1.3	%			1.2	%
Tapestry 7			2				4,250				1,696,218				0.1	%			1.1	%
Watches of Switzerland 8			2				13,863				1,624,974				0.3	%			1.1	%
Ulta Salon Cosmetic & Fragrance			3				31,497				1,550,757				0.6	%			1.0	%
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			58				1,817,184			$	50,679,622				35.0	%			34.1	%

__________

 

 

	37

 

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	Core Portfolio – Lease Expirations
Supplemental Report – December 31, 2022	(Pro Rata Basis)

 

		Street Tenants																				Anchor Tenants
						GLA								ABR												GLA								ABR
		Leases				Expiring				Percent								Percent				Leases				Expiring				Percent								Percent
Year		Expiring				SF				of Total				PSF				of Total				Expiring				SF				of Total				PSF				of Total
M to M 1			3				3,843				0.4	%		$	31.75				0.2	%			—				—				—	%		$	—				—	%
2023			21				113,194				13.2	%			83.49				12.7	%			3				95,734				3.7	%			15.63				3.8	%
2024			21				75,096				8.8	%			88.24				8.9	%			12				425,458				16.3	%			13.81				14.8	%
2025			24				109,640				12.8	%			98.91				14.6	%			9				376,598				14.4	%			19.14				18.1	%
2026			26				72,896				8.5	%			137.95				13.5	%			9				404,089				15.4	%			9.94				10.1	%
2027			14				26,074				3.0	%			143.82				5.1	%			3				89,025				3.4	%			18.18				4.1	%
2028			17				68,050				7.9	%			136.08				12.5	%			9				513,514				19.6	%			11.67				15.1	%
2029			16				47,879				5.6	%			80.87				5.2	%			7				280,589				10.7	%			16.81				11.9	%
2030			8				63,747				7.4	%			61.16				5.3	%			—				—				—				—				—
2031			7				41,177				4.8	%			68.81				3.8	%			2				50,566				1.9	%			16.97				2.2	%
2032			18				56,771				6.6	%			105.08				8.0	%			2				62,382				2.4	%			12.53				2.0	%
Thereafter			9				178,411				20.8	%			42.45				10.2	%			7				318,388				12.2	%			22.59				17.9	%
Total			184				856,778				100.0	%		$	86.67				100.0	%			63				2,616,343				100.0	%		$	15.15				100.0	%
Anchor GLA Owned by Tenants							—																				254,916
Total Vacant							125,915																				78,242
Total Square Feet							982,693																				2,949,501
		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	%			4				5,243				0.1	%		$	29.78				0.1	%
2023			27				82,624				7.5	%			25.91				6.2	%			51				291,552				6.4	%			44.89				8.8	%
2024			33				141,774				12.8	%			24.84				10.2	%			66				642,328				14.0	%			24.95				10.8	%
2025			34				115,867				10.5	%			28.48				9.6	%			67				602,105				13.2	%			35.46				14.4	%
2026			36				139,436				12.6	%			25.64				10.4	%			71				616,421				13.5	%			28.63				11.9	%
2027			39				147,941				13.4	%			34.78				15.0	%			56				263,040				5.7	%			39.97				7.1	%
2028			31				125,328				11.3	%			38.58				14.1	%			57				706,892				15.4	%			28.42				13.5	%
2029			15				44,239				4.0	%			29.85				3.8	%			38				372,707				8.1	%			26.59				6.7	%
2030			11				32,348				2.9	%			35.73				3.4	%			19				96,095				2.1	%			52.60				3.4	%
2031			17				83,961				7.6	%			29.41				7.2	%			26				175,704				3.8	%			35.07				4.2	%
2032			26				101,521				9.2	%			32.13				9.5	%			46				220,674				4.8	%			45.36				6.7	%
Thereafter			20				88,399				8.1	%			41.14				10.5	%			36				585,198				12.9	%			31.45				12.4	%
Total			290				1,104,838				100.0	%		$	31.13				100.0	%			537				4,577,959				100.0	%		$	32.29				100.0	%
Anchor GLA Owned by Tenants							—																				254,916
Total Vacant							174,223																				378,380
Total Square Feet							1,279,061																				5,211,255

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

 

 

	38

 

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

 

		Quarter Ended																																Year to Date
		March 31, 2022								June 30, 2022								September 30, 2022								December 31, 2022								December 31, 2022
		GAAP 2				Cash 3				GAAP 2				Cash 3				GAAP 2				Cash 3				GAAP 2				Cash 3				GAAP 2				Cash 3
New Leases
Number of new leases executed			4				4				2				2				3				3				—				—				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				17				17				67				67
GLA			284,858				284,858				71,026				71,026				176,463				176,463				152,451				152,451				684,798				684,798
New base rent		$	32.60			$	32.29			$	45.44			$	44.21			$	38.88			$	37.18			$	22.23			$	22.02			$	33.24			$	32.50
Expiring base rent		$	29.45			$	29.81			$	39.43			$	41.79			$	30.56			$	30.56			$	20.17			$	21.04			$	28.71			$	29.29
Average cost per square foot		$	21.29			$	21.29			$	6.34			$	6.34			$	6.89			$	6.89			$	5.39			$	5.39			$	12.49			$	12.49
Weighted Average Lease Term (years)			5.8				5.8				5.1				5.1				4.6				4.6				4.6				4.6				5.1				5.1
Percentage growth in base rent			10.7	%			8.3	%			15.2	%			5.8	%			27.2	%			21.7	%			10.2	%			4.7	%			15.8	%			11.0	%
Total New and Renewal Leases
Number of new and renewal leases executed			25				25				14				14				20				20				17				17				76				76
GLA commencing			297,828				297,828				82,026				82,026				181,007				181,007				152,451				152,451				713,312				713,312
New base rent		$	32.83			$	32.37			$	54.59			$	51.61			$	39.88			$	38.01			$	22.23			$	22.02			$	34.85			$	33.80
Expiring base rent		$	29.68			$	30.04			$	47.31			$	49.48			$	31.31			$	31.37			$	20.17			$	21.04			$	30.09			$	30.68
Average cost per square foot		$	22.21			$	22.21			$	27.09			$	27.09			$	8.31			$	8.31			$	5.39			$	5.39			$	15.65			$	15.65
Weighted Average Lease Term (years)			6.1				6.1				6.0				6.0				4.7				4.7				4.6				4.6				5.4				5.4
Percentage growth in base rent			10.6	%			7.8	%			15.4	%			4.3	%			27.4	%			21.2	%			10.2	%			4.7	%			15.8	%			10.2	%

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	39

 

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

 

		Quarter Ended																Year to Date
		March 31,  2022				June 30, 2022				September 30, 2022				December 31, 2022				December 31, 2022				December 31, 2021
Leasing Commissions		$	1,053			$	1,057			$	811			$	538			$	3,459			$	2,360
Tenant Improvements			3,403				2,250				4,709				4,289				14,651				10,059
Maintenance Capital Expenditures			638				2,049				1,993				3,651				8,331				4,060
Total Capital Expenditures		$	5,094			$	5,356			$	7,513			$	8,478			$	26,441			$	16,479

 

 

 

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	Fund Overview
Supplemental Report – December 31, 2022

 

I. KEY METRICS		Fund I							Fund II							Fund III							Fund IV							Fund V							Total
General Information:
Vintage			Sep-2001							Jun-2004							May-2007							May-2012							Aug-2016
Fund Size		$		90.0		Million			$		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			$		1,928.0		Million
Cumulative Net Distributions 3		$		195.4		Million			$		172.9		Million			$		603.5		Million			$		221.4		Million			$		88.7		Million			$		1,281.9		Million
Net Distributions/Contributions				225.6		%					31.0		%					134.7		%					45.4		%					25.5		%					66.5		%
Unfunded Commitment 4		$		0.0		Million			$		0.0		Million			$		1.9		Million			$		41.9		Million			$		172.1		Million			$		215.9		Million
Acquisition Dry Powder 5			N/A							N/A							N/A							N/A						$		80.0		Million			$		80.0		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

 

 

 

	41

 

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	Fund Overview
Supplemental Report – December 31, 2022

_________

 

	42

 

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

 

 

 

				Year		Fund				Gross Leasable Area																In Place Occupancy																Leased				Annualized
Property		Key Tenants		Acquired		Ownership %				Street				Anchors				Shops				Total				Street				Anchors				Shops				Total				Occupancy				Base Rent (ABR)				ABR PSF
Fund II Portfolio Detail
NEW YORK
New York
City Point 2		Primark, Target, Basis Schools, Alamo Drafthouse		2007			94.2	%			—				329,945				211,125				541,070				—	%			88.7	%			27.6	%			64.8	%			83.0	%		$	14,408,337			$	41.07
Total - Fund II											—				329,945				211,125				541,070				—	%			88.7	%			27.6	%			64.8	%			83.0	%		$	14,408,337			$	41.07
Fund III Portfolio Detail
NEW YORK
New York
640 Broadway		Swatch		2012			100.0	%			4,637				—				—				4,637				91.6	%			—	%			—	%			91.6	%			91.6	%		$	1,082,505			$	254.89
Total - Fund III											4,637				—				—				4,637				91.6	%			—	%			—	%			91.6	%			91.6	%		$	1,082,505			$	254.89
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	%			1,299,967				170.29
New Jersey
Paramus Plaza		Ashley Furniture, Marshalls		2013			50.0	%			—				87,539				65,955				153,494				—	%			100.0	%			100.0	%			100.0	%			100.0	%			3,258,849				21.23
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
Delaware
Eden Square		Giant Food, LA Fitness		2014			98.6	%			—				116,003				113,168				229,171				—	%			100.0	%			81.5	%			90.9	%			96.3	%			3,249,992				15.60
SOUTHEAST
Georgia
Broughton Street Portfolio    (13 properties)		H&M, Lululemon, Kendra Scott, Starbucks		2014			100.0	%			95,201				—				—				95,201				86.5	%			—	%			—	%			86.5	%			95.5	%			3,017,138				36.62

 

	43

 

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

 

				Year		Fund				Gross Leasable Area																In Place Occupancy																Leased				Annualized
Property		Key Tenants		Acquired		Ownership %				Street				Anchors				Shops				Total				Street				Anchors				Shops				Total				Occupancy				Base Rent (ABR)				ABR PSF
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				258,542				284,571				696,627				77.0	%			100.0	%			84.4	%			88.6	%			91.6	%		$	16,444,724			$	26.66
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	%			99.4	%		$	3,998,589			$	18.33
Texas
Wood Ridge Plaza		Kirkland's, Office Depot		2022			90.0	%			—				—				211,674				211,674				—	%			—	%			84.5	%			84.5	%			87.3	%			3,787,696				21.19
La Frontera Plaza		Kohl's, Hobby Lobby		2022			90.0	%			—				203,500				330,930				534,430				—	%			100.0	%			81.8	%			88.7	%			94.3	%			6,532,919				13.78
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				—	%			100.0	%			91.9	%			95.2	%			95.2	%			5,051,602				19.64
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	%			78.1	%			88.5	%			94.8	%			6,915,187				14.72
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	%			3,812,027				14.22
New Jersey
Midstate		ShopRite, Best Buy, DSW, PetSmart		2021			100.0	%			—				253,779				131,337				385,116				—	%			90.5	%			70.8	%			83.8	%			88.8	%			6,223,830				19.28
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
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	%			4,243,262				11.42
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	%			5,482,073				13.48
SOUTHEAST
Virginia
Landstown Commons		Best Buy, Burlington Coat Factory, Ross Dress for Less		2019			100.0	%			—				87,883				298,532				386,415				—	%			100.0	%			87.6	%			90.4	%			90.4	%			7,366,896				21.08

 

	44

 

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

 

				Year		Fund				Gross Leasable Area																In Place Occupancy																Leased				Annualized
Property		Key Tenants		Acquired		Ownership %				Street				Anchors				Shops				Total				Street				Anchors				Shops				Total				Occupancy				Base Rent (ABR)				ABR PSF
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	%			3,435,796				20.64
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	%			4,775,096				12.55
Alabama
Trussville Promenade		Wal-Mart, Regal Cinemas		2018			100.0	%			—				366,010				97,671				463,681				—	%			100.0	%			78.9	%			95.6	%			95.6	%			4,491,844				10.14
Georgia
Canton Marketplace		Dick's Sporting Goods, TJ Maxx, Best Buy		2021			100.0	%			—				132,569				219,419				351,988				—	%			100.0	%			82.8	%			89.3	%			94.4	%			5,434,763				17.29
Hiram Pavilion		Kohl's, HomeGoods		2018			100.0	%			—				209,423				153,252				362,675				—	%			100.0	%			98.6	%			99.4	%			99.4	%			4,563,956				12.66
WEST
California
Elk Grove Commons		Kohl's, HomeGoods		2018			100.0	%			—				132,489				109,589				242,078				—	%			100.0	%			96.4	%			98.4	%			99.1	%			5,076,275				21.31
Utah
Family Center at Riverdale		Target, Sportsman's Warehouse		2019			89.4	%			—				256,673				115,802				372,475				—	%			80.5	%			97.7	%			85.9	%			97.9	%			3,355,288				10.49
Total - Fund V											—				3,648,053				3,079,307				6,727,360				—	%			95.8	%			85.0	%			90.8	%			93.3	%		$	91,267,351			$	14.94
TOTAL FUND PROPERTIES											158,151				4,236,540				3,575,003				7,969,694				77.4	%			95.5	%			81.5	%			88.9	%			92.5	%		$	123,202,917			$	17.40
Acadia Share of Total Fund Properties											36,433				947,565				772,763				1,756,761				77.5	%			94.7	%			75.9	%			86.1	%			91.4	%		$	29,754,638			$	19.68

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	Fund Lease Expirations
Supplemental Report – December 31, 2022	(Pro Rata Basis)

 

		FUND II																								FUND III
						GLA												ABR												GLA												ABR
		Leases				Expiring				Percent												Percent				Leases				Expiring				Percent												Percent
Year		Expiring				SF				of Total				Amount				PSF				of Total				Expiring				SF				of Total				Amount				PSF				of Total
M to M 1			—				—				—	%		$	—			$	—				—	%			—				—				—	%		$	—			$	—				—	%
2023			—				—				—	%			—				—				—	%			1				159				15.3	%			64,321				404.53				24.3	%
2024			—				—				—	%			—				—				—	%			—				—				—	%			—				—				—	%
2025			2				1,426				0.7	%			155,105				108.77				1.9	%			—				—				—	%			—				—				—	%
2026			—				—				—	%			—				—				—	%			—				—				—	%			—				—				—	%
2027			3				15,294				7.5	%			1,139,686				74.52				13.6	%			—				—				—	%			—				—				—	%
2028			1				552				0.3	%			107,629				194.98				1.3	%			1				306				29.4	%			73,875				241.42				27.9	%
2029			1				580				0.3	%			86,976				149.96				1.0	%			—				—				—	%			—				—				—	%
2030			—				—				—	%			—				—				—	%			1				177				17.0	%			40,854				230.81				15.4	%
2031			—				—				—	%			—				—				—	%			1				226				21.7	%			53,825				238.16				20.3	%
2032			4				78,373				38.4	%			1,066,826				13.61				12.7	%			1				173				16.6	%			32,340				186.94				12.1	%
Thereafter			4				107,616				52.8	%			5,815,021				54.03				69.5	%			—				—				—	%			—				—				—	%
Total			15				203,841				100.0	%		$	8,371,243			$	41.07				100.0	%			5				1,041				100.0	%		$	265,215			$	254.89				100.0	%
							110,521			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			—				—				—	%		$	—			$	—				—	%			7				4,654				0.4	%		$	83,539			$	17.95				0.5	%
2023			2				588				0.5	%			28,655				48.73				0.9	%			48				60,746				5.1	%			1,106,680				18.22				6.2	%
2024			4				2,063				1.7	%			68,246				33.08				2.0	%			83				160,478				13.5	%			2,380,636				14.83				13.4	%
2025			5				2,129				1.8	%			501,387				235.50				15.0	%			83				187,831				15.8	%			2,735,713				14.56				15.4	%
2026			13				18,496				15.3	%			487,020				26.33				14.5	%			82				109,940				9.3	%			2,100,911				19.11				11.8	%
2027			12				8,966				7.4	%			285,688				31.86				8.5	%			66				139,634				11.8	%			1,905,063				13.64				10.7	%
2028			7				5,366				4.4	%			157,748				29.40				4.7	%			43				114,515				9.7	%			1,903,773				16.62				10.7	%
2029			5				30,480				25.2	%			562,494				18.45				16.8	%			30				83,690				7.1	%			1,021,265				12.20				5.7	%
2030			1				346				0.3	%			16,264				47.01				0.5	%			28				77,181				6.5	%			1,061,069				13.75				6.0	%
2031			7				14,380				11.9	%			366,978				25.52				10.9	%			30				76,440				6.4	%			1,094,663				14.32				6.2	%
2032			7				25,565				21.1	%			605,463				23.68				18.3	%			32				70,509				5.9	%			1,050,815				14.90				5.9	%
Thereafter			4				12,579				10.4	%			272,425				21.66				7.9	%			24				100,472				8.5	%			1,321,684				13.15				7.5	%
Total			67				120,958				100.0	%		$	3,352,368			$	27.71				100.0	%			556				1,186,090				100.0	%		$	17,765,811			$	14.98				100.0	%
							17,769			Total Vacant																					116,447			Total Vacant
							138,727			Total Square Feet																					1,302,537			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 – December 31, 2022

 

								Est. SQFT										Acquisition & Development Costs 1
Property		Ownership 1		Location		Estimated Stabilization		Upon Completion				Occupied/ Leased Rate		Key Tenants		Description		Incurred 2				Estimated Future Range										Estimated Total Range
Development:
CORE
1238 Wisconsin		80.0%		Washington DC		2023			29,000			12%/70%		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)		$	18.3			$	14.4			to		$	15.2			$	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.		$	10.5			TBD				to		TBD				TBD				to		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			25.9				24.1			to			34.1				50.0			to			60.0
FUND IV
717 N. Michigan Avenue		100.0%		Chicago, IL		TBD		TBD				14%/26%		Alo Yoga		Discretionary spend upon securing tenant(s) for lease up			116.6			TBD				to		TBD				TBD				to		TBD
																		$	171.3			$	38.5					$	49.3			$	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		$	203.3			$	6.7			to		$	9.7			$	210.0			to		$	213.0
555 9th Street		100.0%		San Francisco, CA		TBD			149,000			65%/81%		The Container Store		Re-tenanting and potential split of former 46,000 square foot Nordstrom; façade upgrade and possible vertical expansion			0.2				17.8			to			27.8				18.0			to			28.0
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				to		TBD
Route 6 Mall		100.0%		Honesdale, PA		TBD		TBD				32%/47%		TJ Maxx		Discretionary spend for re-tenanting former 120,000 square foot Kmart anchor space once tenant(s) are secured			0.1				5.9			to			8.9				6.0			to			9.0
Mad River		100.0%		Dayton, OH		TBD		TBD				73%/73%		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
																		$	203.6			$	32.3					$	48.7			$	235.9					$	252.3

_________

 

 

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	Development and Redevelopment Activity
Supplemental Report – December 31, 2022

__________

 

 

Development costs above						$	171.3
Unconsolidated projects (a)							(18.3	)
Projects in redevelopment or partial development (b)							73.8
Deferred costs and other amounts							(6.1	)
Impairment charges taken							(36.1	)
Total per consolidated balance sheet						$	184.6

 

 

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	Important Notes
Supplemental Report – December 31, 2022

 

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

Certain statements contained in this supplemental disclosure may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934 and as such may involve known and unknown risks, uncertainties and other factors which may cause the Company’s actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations are generally identifiable by use of the words “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend” or “project” or the negative thereof or other variations thereon or comparable terminology. Factors which could have a material adverse effect on the operations and future prospects of the Company include, but are not limited to those set forth under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K. These risks and uncertainties should be considered in evaluating any forward-looking statements contained or incorporated by reference herein.

 

USE OF FUNDS FROM OPERATIONS AS NON-GAAP FINANCIAL MEASURE

 

The Company considers funds from operations (“FFO”) as defined by the National Association of Real Estate Investment Trusts (“NAREIT”) to be an appropriate supplemental disclosure of operating performance for an equity REIT due to its widespread acceptance and use within the REIT and analyst communities. FFO is presented to assist investors in analyzing the performance of the Company. It is helpful as it excludes various items included in net income that are not indicative of the operating performance, such as gains (or losses) from sales of property and depreciation and amortization. Consistent with the NAREIT definition, the Company defines FFO as net income (computed in accordance with GAAP), excluding (i) gains (or losses) from sales of depreciated properties; (ii) depreciation and amortization; (iii) impairment of real estate properties; (iv) gains (losses) from change in control and (v) after adjustments for unconsolidated partnerships and joint ventures. Also consistent with NAREIT’s definition of FFO, the Company has elected to include the impact of the unrealized holding gains (losses), 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. In reliance on the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K, reconciliation of the assumed range of 2023

 

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same-property NOI growth to the most directly comparable GAAP financial measure is not provided because the Company is unable to provide such reconciliation without unreasonable effort due to the multiple components of the calculation which only includes properties owned for comparable periods and excludes all corporate level activity.

 

 

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