SEC Filing - Acadia Realty Trust

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8-K

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): October 30, 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. ☐

Item 2.02. Results of Operations and Financial Condition.

On October 30, 2023, Acadia Realty Trust (the “Company”) issued a press release announcing its consolidated financial results for the quarter and year-to-date period ended September 30, 2023. A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1 and incorporated herein by reference.

On the same day, the Company made available supplemental reporting information regarding the financial results, operations and portfolio of the Company as of and for the quarter and year-to-date period ended September 30, 2023. 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 October 30, 2023
99.2	Supplemental Reporting Information as of and for the quarter and year-to-date period ended September 30, 2023
104	Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101.)

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
October 30, 2023	Title:	Executive Vice President and Chief Financial Officer

EX-99.1

Exhibit 99.1

Jennifer Han

(914) 288-8100

ACADIA REALTY TRUST REPORTS THIRD QUARTER OPERATING RESULTS

•

Earnings and Operating Metrics Outperformed Expectations

•

Core Cash Rent Spreads in Excess of 50% on New Leases

•

Multi-Year Internal Growth Affirmed with Significant Leasing Progress Completed During the Quarter

RYE, NY (October 30, 2023) - Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”) today reported operating results for the quarter ended September 30, 2023. For the quarter ended September 30, 2023, net loss per share was $0.02. All per share amounts are on a fully-diluted basis, where applicable. Acadia operates a high-quality core real estate portfolio ("Core" or "Core Portfolio"), in the nation's most dynamic corridors, along with an institutional fund business ("Funds") that targets opportunistic and value-add investments.

Kenneth F. Bernstein, President and CEO of Acadia Realty Trust, commented:

“This quarter marks the eighth of the last ten quarters with our Core same-property NOI growth at 5% or higher with an average of 6.8% over that period. Despite macro uncertainties, this consistently strong internal growth is driven by great tenant demand and tenant performance. Additionally, we are strategically pursuing accretive investment opportunities emerging from capital market disruptions, remaining actively engaged with our institutional capital partners to benefit both Acadia's shareholders and our partners."

Third Quarter Highlights

•

NAREIT FFO per share of $0.26 and FFO Before Special Items per share of $0.27

•

Same-property NOI growth of 5.8%

•

Core Cash rent spreads in excess of 50% on new leases

Signed several new street leases in Soho and Williamsburg, NYC totaling over $4 million in annual base rents with individual cash spreads ranging from 45%-95%

•

Core Signed Not Open Pipeline (excluding redevelopment) increased $1.5 million from the second quarter to $8.3 million of annual base rents, representing approximately 6% of in-place rents

•

Solid balance sheet with no significant Core debt maturities until 2026; very limited interest rate risk with Core debt, which is currently 93% fixed and remains substantially fixed through 2026 inclusive of swaps

•

Closed on a $49.4 million Fund V acquisition in Tampa FL, funded with a new origination 65% Loan-to-Value non-recourse mortgage

1

•

Increased and narrowed annual 2023 FFO guidance (refer to guidance table on page 4)

The mid-point of guidance for 2023 FFO Before Special Items represents year-over-year growth above 5%

FINANCIAL RESULTS

A complete reconciliation, in dollars and per share amounts, of (i) net loss attributable to Acadia to FFO (as defined by NAREIT and Before Special Items) attributable to common shareholders and common OP Unit holders and (ii) operating income 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.

Net Loss 
•Net loss for the quarter ended September 30, 2023 was $1.7 million, or $0.02 per share, and was impacted by a $0.01 per share non-cash impairment charge for a Fund asset (see below). 
•This compares with net loss of $57.9 million, or $0.61 per share for the quarter ended September 30, 2022. Net loss for the quarter ended September 30, 2022 included: (i) Core and Fund impairment charges of $58.5 million, or $0.58 per share and (ii) $3.1 million loss, or $0.03 per share, from the unrealized investment holding loss, partially offset by a $2.1 million gain, or $0.02 per share, on a Fund disposition.
 
NAREIT FFO
•NAREIT FFO for the quarter ended September 30, 2023 was $26.8 million, or $0.26 per share.  
•This compares with NAREIT FFO of $24.7 million, or $0.24 per share, for the quarter ended September 30, 2022.
 
FFO Before Special Items
•FFO Before Special Items for the quarter ended September 30, 2023 was $27.6 million, or $0.27 per share, which includes $2.4 million, or $0.02 per share, of realized investment gains (100,000 shares of Albertsons' stock sold at $23.74 per share).  
•This compares with FFO Before Special Items of  $28.1 million, or $0.28 per share for the quarter ended September 30, 2022.
 

2

CORE PORTFOLIO PERFORMANCE

Same-Property NOI
•Same-property NOI, excluding redevelopments, increased 5.8% for the quarter ended September 30, 2023 and 5.9% during the nine months ended September 30, 2023.
Leasing and Occupancy Update
•Driven by street leases, overall GAAP and cash leasing spreads were 39.3% and 29.5%, respectively, on 17 conforming new and renewal leases aggregating approximately 86,000 square feet during the quarter ended September 30, 2023. 
•During the quarter ended September 30, 2023, the Company signed several new street leases in Soho and Williamsburg, NYC, totaling over $4 million in annual base rents with individual cash spreads ranging from 45% to 95%. 
•As of September 30, 2023, the Core Portfolio was 95.3% leased and 92.4% occupied compared to 95.2% leased and 92.2% occupied as of June 30, 2023. The leased rate includes space that is leased but not yet occupied and excludes development and redevelopment properties.
•Core Signed Not Open Pipeline (excluding redevelopments) increased $1.5 million from the second quarter to $8.3 million of annual base rents, representing approximately 6% of in-place rents.

BALANCE SHEET

•

As of September 30, 2023, approximately 93% of Core debt was fixed or effectively fixed, inclusive of interest rate swap contracts at a blended rate of 4.27%. The Company has limited near-term maturity and interest rate risk on its $1.2 billion of Core debt with 2.7%, 3.9% and 10.7% maturing in 2023, 2024 and 2025, respectively, assuming all extension options are exercised. At September 30, 2023, the Company had $856 million of notional swap agreements associated with managing and mitigating future interest rate risk on maturing Core debt with various maturities through 2030.

•

On October 27, 2023, the Company completed the transfer of its 146 Geary property in Union Square, San Francisco (Fund IV) to its lender, in connection with a non-recourse loan, which had an outstanding principal balance of $19.3 million (or $4.4 million at the Company's share). The Company recorded a non-cash impairment charge of $3.7 million, or $ 0.9 million at the Company's share during the third quarter and will be earnings accretive prospectively.

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FUND V TRANSACTIONAL ACTIVITY

•

Cypress Creek, Lutz (Tampa), Florida. As previously announced, in July 2023, Fund V completed its purchase of a 100% interest in Cypress Creek for $49.4 million, inclusive of transaction costs. The asset is leased to anchors including Burlington Coat Factory, Total Wine and Home Goods. Shop space includes national tenants Chipotle, Verizon, T-Mobile, Five Below and Aspen Dental.

GUIDANCE

The Company updated its annual 2023 guidance as follows:


	2023 Guidance
	Revised	Prior

Net earnings per share attributable to Acadia	$0.28-$0.31	$0.25-$0.33
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share)	1.01	1.01
Impairment charges (net of noncontrolling interest share)	0.01	—
Noncontrolling interest in Operating Partnership	0.02	0.02
NAREIT Funds from operations per share attributable to Common Shareholders and Common OP Unit holders	$1.32-$1.35	$1.28-$1.36
Unrealized holding (gain) loss (net of noncontrolling interest share)	(0.03)	(0.02)
Funds from operations Before Special Items per share attributable to Common Shareholders and Common OP Unit holders	$1.29-$1.32	$1.26-$1.34
Incremental portion of gain from BBBY lease termination 1	(0.05)	(0.05)
Funds from operations Before Special Items per share attributable to Common Shareholders and Common OP Unit holders, excluding excess BBBY gain	$1.24-$1.27	$1.21-$1.29

__________

Results for the three months ended June 30, 2023 included a gain of $0.08 per share from the termination of the Bed Bath and Beyond ("BBBY") below-market lease at 555 9th Street in San Francisco. The Company had budgeted $0.03 per share to be realized throughout 2023 within its initial full year 2023 guidance associated with this lease, resulting in an incremental $0.05 per share relative to its prior full year 2023 guidance.

4

CONFERENCE CALL

Management will conduct a conference call on Tuesday, October 31, 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:	Tuesday, October 31, 2023
Time:	11:00 AM ET
Participant call:	Third Quarter 2023 Dial-In
Participant webcast:	Third Quarter 2023 Webcast
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 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

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other factors that could cause the Company's actual results and financial performance to be materially different from future results and financial performance expressed or implied by such forward-looking statements, including, but not limited to: (i) macroeconomic conditions, including geopolitical conditions and instability, which may lead to a disruption of or lack of access to the capital markets, disruptions and instability in the banking and financial services industries and rising inflation; (ii) the Company’s success in implementing its business strategy and its ability to identify, underwrite, finance, consummate and integrate diversifying acquisitions and investments; (iii) 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; (iv) 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 was effected on June 30, 2023; (v) the Company’s ability to pay down, refinance, restructure or extend its indebtedness as it becomes due; (vi) 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; (vii) the Company’s ability to obtain the financial results expected from its development and redevelopment projects; (viii) the tenants’ ability and willingness to renew their leases with the Company upon expiration, the Company’s ability to re-lease its properties on the same or better terms in the event of nonrenewal or in the event the Company exercises its right to replace an existing tenant, and obligations the Company may incur in connection with the replacement of an existing tenant; (ix) the Company’s potential liability for environmental matters; (x) damage to the Company’s properties from catastrophic weather and other natural events, and the physical effects of climate change; (xi) the economic, political and social impact of, and uncertainty surrounding, any public health crisis, such as COVID-19 Pandemic, which adversely affected the Company and its tenants’ business, financial condition, results of operations and liquidity; (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; (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, 2022, 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 to reflect any changes in the Company’s expectations with regard thereto or changes in the events, conditions or circumstances on which such forward-looking statements are based.

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ACADIA REALTY TRUST AND SUBSIDIARIES

Consolidated Statements of Income (1)

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


	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Revenues
Rental income	$	79,961		$	78,453		$	248,839		$	238,479
Other		1,431			1,493			4,340			7,233
Total revenues		81,392			79,946			253,179			245,712

Operating expenses
Depreciation and amortization		33,726			33,744			100,955			102,428
General and administrative		10,309			10,170			30,898			32,768
Real estate taxes		11,726			11,749			34,586			34,657
Property operating		15,254			13,810			44,597			40,727
Impairment charges		3,686			33,311			3,686			33,311
Total operating expenses		74,701			102,784			214,722			243,891

Gain on disposition of properties		—			8,885			—			49,916
Operating income (loss)		6,691			(13,953	)		38,457			51,737
Equity in losses of unconsolidated affiliates		(4,865	)		(50,579	)		(6,273	)		(46,169	)
Interest and other income		5,087			3,994			14,875			9,890
Realized and unrealized holding gains (losses) on investments and other		1,664			(7,862	)		30,236			(18,415	)
Interest expense		(24,885	)		(21,162	)		(68,561	)		(58,309	)
(Loss) income from continuing operations before income taxes		(16,308	)		(89,562	)		8,734			(61,266	)
Income tax benefit (provision)		40			17			(248	)		(7	)
Net (loss) income		(16,268	)		(89,545	)		8,486			(61,273	)
Net loss attributable to redeemable noncontrolling interests		2,495			3,193			5,661			3,193
Net loss attributable to noncontrolling interests		12,347			30,461			7,063			18,653
Net (loss) income attributable to Acadia shareholders	$	(1,426	)	$	(55,891	)	$	21,210		$	(39,427	)

Less: net income attributable to participating securities		(244	)		(198	)		(734	)		—
Net (loss) income attributable to Common Shareholders - basic earnings per share	$	(1,670	)	$	(56,089	)	$	20,476		$	(39,427	)
Impact of assumed conversion of dilutive convertible securities		—			(1,804	)		—			(1,804	)
(Loss) income from continuing operations net of income attributable to participating securities for diluted earnings per share	$	(1,670	)	$	(57,893	)	$	20,476		$	(41,231	)

Weighted average shares for basic (loss) earnings per share		95,320			94,980			95,257			94,758
Weighted average shares for diluted (loss) earnings per share		95,320			95,251			95,257			94,849

Net (loss) earnings per share - basic (2)	$	(0.02	)	$	(0.59	)	$	0.21		$	(0.42	)
Net (loss) earnings per share - diluted (2)	$	(0.02	)	$	(0.61	)	$	0.21		$	(0.43	)

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ACADIA REALTY TRUST AND SUBSIDIARIES

Reconciliation of Consolidated Net Income to Funds from Operations (1,3)

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


	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022

Net (loss) income attributable to Acadia	$	(1,426	)	$	(55,891	)	$	21,210		$	(39,427	)

Depreciation of real estate and amortization of leasing costs (net of noncontrolling interests' share)		27,351			27,097			82,043			78,007
Impairment charges (net of noncontrolling interests' share)		852			58,481			852			58,481
(Gain) on disposition of properties (net of noncontrolling interests' share)		—			(2,055	)		—			(11,892	)
Income attributable to Common OP Unit holders		(55	)		(3,083	)		1,313			(2,057	)
Funds from operations attributable to Common Shareholders and Common OP Unit holders - Basic		123			123			369			369
Funds from operations attributable to Common Shareholders and Common OP Unit holders	$	26,845		$	24,672		$	105,787		$	83,481

Less: Impact of City Point share conversion option		—			(906	)		—			(906	)
FFO to Common Shareholders and Common OP Unit holders - Diluted	$	26,845		$	23,766		$	105,787		$	82,575

Adjustments for Special Items:
Add back: Acquisition costs, net of bargain purchase gain		—			—			—			859
Add back: City Point acquisition and transaction related costs		—			364			—			364
Add back: Impact of City point share conversion option		—			906			—			906
Unrealized holding (gain) loss (net of noncontrolling interest share) (4)		(1,631	)		3,068			(3,410	)		8,379
Realized gain (net of noncontrolling interest share)		2,371			—			2,371			—
Funds from operations before Special Items attributable to Common Shareholders and Common OP Unit holders	$	27,585		$	28,104		$	104,748		$	93,083

Funds From Operations per Share - Diluted
Basic weighted-average shares outstanding, GAAP earnings		95,320			94,980			95,257			94,758
Weighted-average OP Units outstanding		6,962			5,308			6,980			5,311
Assumed conversion of Preferred OP Units to common shares		464			25			464			465
Assumed conversion of LTIP units and restricted share units to common shares		—			—			—			—
Weighted average number of Common Shares and Common OP Units		102,746			100,313			102,701			100,534

Diluted Funds from operations, per Common Share and Common OP Unit	$	0.26		$	0.24		$	1.03		$	0.82

Diluted Funds from operations before Special Items, per Common Share and Common OP Unit	$	0.27		$	0.28		$	1.02		$	0.93

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ACADIA REALTY TRUST AND SUBSIDIARIES

Reconciliation of Consolidated Operating Income to Net Property Operating Income (“NOI”) (1)

(Dollars in thousands)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022

Consolidated operating income	$	6,691		$	(13,953	)	$	38,457		$	51,737
Add back:
General and administrative		10,309			10,170			30,898			32,768
Depreciation and amortization		33,726			33,744			100,955			102,428
Impairment charges		3,686			33,311			3,686			33,311
Less:
Above/below market rent, straight-line rent and other adjustments		(3,336	)		(4,864	)		(18,666	)		(17,469	)
Gain on disposition of properties		—			(8,885	)		—			(49,916	)
Consolidated NOI		51,076			49,523			155,330			152,859

Redeemable noncontrolling interest in consolidated NOI		(861	)		(517	)		(3,260	)		(517	)
Noncontrolling interest in consolidated NOI		(14,927	)		(13,753	)		(43,132	)		(45,010	)
Less: Operating Partnership's interest in Fund NOI included above		(4,656	)		(3,800	)		(14,458	)		(11,278	)
Add: Operating Partnership's share of unconsolidated joint ventures NOI (5)		3,163			3,397			11,263			10,451
Core Portfolio NOI	$	33,795		$	34,850		$	105,743		$	106,505

Reconciliation of Same-Property NOI

(Dollars in thousands)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Core Portfolio NOI	$	33,795		$	34,850		$	105,743		$	106,505
Less properties excluded from Same-Property NOI		(6,071	)		(8,644	)		(21,305	)		(26,772	)
Same-Property NOI	$	27,724		$	26,206		$	84,438		$	79,733

Percent change from prior year period		5.8	%					5.9	%

Components of Same-Property NOI:
Same-Property Revenues	$	39,714		$	37,756		$	120,755		$	114,982
Same-Property Operating Expenses		(11,990	)		(11,550	)		(36,317	)		(35,249	)
Same-Property NOI	$	27,724		$	26,206		$	84,438		$	79,733

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ACADIA REALTY TRUST AND SUBSIDIARIES

Consolidated Balance Sheets (1)

(Dollars in thousands)


	As of
	September 30, 2023			December 31, 2022
ASSETS
Investments in real estate, at cost
Land	$	880,882		$	817,802
Buildings and improvements		3,072,499			2,987,594
Tenant improvements		250,452			216,899
Construction in progress		19,894			21,027
Right-of-use assets - finance leases		58,637			25,086
		4,282,364			4,068,408
Less: Accumulated depreciation and amortization		(799,689	)		(725,143	)
Operating real estate, net		3,482,675			3,343,265
Real estate under development		92,729			184,602
Net investments in real estate		3,575,404			3,527,867
Notes receivable, net ($988 and $898 of allowance for credit losses as of September 30, 2023 and December 31, 2022, respectively)		123,813			123,903
Investments in and advances to unconsolidated affiliates		184,034			291,156
Other assets, net		243,498			229,591
Right-of-use assets - operating leases, net		30,180			37,281
Cash and cash equivalents		19,312			17,158
Restricted cash		7,868			15,063
Marketable securities		35,197			—
Rents receivable, net		50,415			49,506
Assets of properties held for sale		11,057			11,057
Total assets	$	4,280,778		$	4,302,582

LIABILITIES
Mortgage and other notes payable, net	$	961,611		$	928,639
Unsecured notes payable, net		666,188			696,134
Unsecured line of credit		192,287			168,287
Accounts payable and other liabilities		221,586			196,491
Lease liability - operating leases, net		32,520			35,271
Dividends and distributions payable		18,519			18,395
Distributions in excess of income from, and investments in, unconsolidated affiliates		8,545			10,505
Total liabilities		2,101,256			2,053,722
Commitments and contingencies
Redeemable noncontrolling interests		55,284			67,664
EQUITY
Acadia Shareholders' Equity
Common shares, $0.001 par value per share, authorized 200,000,000 shares, issued and outstanding 95,310,104 and 95,120,773 shares, respectively		95			95
Additional paid-in capital		1,950,212			1,945,322
Accumulated other comprehensive income		65,560			46,817
Distributions in excess of accumulated earnings		(330,639	)		(300,402	)
Total Acadia shareholders’ equity		1,685,228			1,691,832
Noncontrolling interests		439,010			489,364
Total equity		2,124,238			2,181,196
Total liabilities, redeemable noncontrolling interests, and equity	$	4,280,778		$	4,302,582

11

ACADIA REALTY TRUST AND SUBSIDIARIES

Notes to Financial Highlights:

For additional information and analysis concerning the Company’s balance sheet and results of operations, reference is made to the Company’s quarterly supplemental disclosures for the relevant periods furnished on the Company's Current Report on Form 8-K, which is available on the SEC's website at www.sec.gov and on the Company’s website at www.acadiarealty.com.

Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common shares of the Company were exercised or converted into common shares. The effect of the conversion of units of limited partnership interest (“OP Units”) in Acadia Realty Limited Partnership, the operating partnership of the Company (the “Operating Partnership”), is not reflected in the above table; OP Units are exchangeable into common shares on a one-for-one basis. The income allocable to such OP units is allocated on the same basis and reflected as noncontrolling interests in the consolidated financial statements. As such, the assumed conversion of these OP Units would have no net impact on the determination of diluted earnings per share.

The Company considers funds from operations (“FFO”) as defined by the National Association of Real Estate Investment Trusts (“NAREIT”) and net property operating income (“NOI”) to be appropriate supplemental disclosures of operating performance for an equity REIT due to their widespread acceptance and use within the REIT and analyst communities. In addition, the Company believes that given the atypical nature of certain unusual items (as further described below), “FFO Before Special Items” is also an appropriate supplemental disclosure of operating performance. FFO, FFO Before Special Items and NOI are presented to assist investors in analyzing the performance of the Company. The Company believes they are helpful as they exclude various items included in net income (loss) that are not indicative of operating performance, such as (i) gains (losses) from sales of real estate properties; (ii) depreciation and amortization and (iii) impairment of real estate properties. In addition, NOI excludes interest expense and FFO Before Special Items excludes certain unusual items (as further described below). The Company’s method of calculating FFO, FFO Before Special Items and NOI may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. Neither FFO nor FFO Before Special Items represent cash generated from operations as defined by generally accepted accounting principles (“GAAP”), or are indicative of cash available to fund all cash needs, including distributions. Such measures should not be considered as an alternative to net income (loss) for the purpose of evaluating the Company’s performance or to cash flows as a measure of liquidity.

Consistent with the NAREIT definition, the Company defines FFO as net income (computed in accordance with GAAP) excluding:

gains (losses) from sales of real estate properties;

ii.

depreciation and amortization;

iii.

impairment of real estate properties;

iv.

gains and losses from change in control; and

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) incidental to its main business, including those related to its RCP investments such as Albertsons in FFO.

FFO Before Special Items begins with the NAREIT definition of FFO and adjusts FFO (or as an adjustment to the numerator within its earnings per share calculations) to take into account FFO without regard to 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;

12

ii.

the impact of the unrealized holding gains (losses) incidental to its main business, including those related to its Retailer Controlled Property Venture ("RCP") investments such as Albertsons; and

iii.

any realized income or gains from the Company’s investment in Albertsons.

The Company defines Special Items to include (i) unrealized holding losses or gains (net of noncontrolling interest share) on investments and (ii) transaction and other costs that do not occur in the ordinary course of our underwriting and investing business.

The pro-rata share of NOI is based upon the Operating Partnership’s stated ownership percentages in each venture or Fund’s operating agreement and does not include the Operating Partnership's share of NOI from unconsolidated partnerships and joint ventures within the Funds.

13

EX-99.2

Exhibit 99.2

EALTY TRUST—Q220SUPPLEMENTAL REPFORMATIO


Table of Contents		Supplemental Report – September 30, 2023

Section I – Third Quarter 2023 Earnings Press Release
Section II – Financial Information		Section III – Core Portfolio Information

Company Information	3	Core Properties	29
Market Capitalization	4	Core Top Tenants	34
Operating Statements		Core Lease Expirations	35
Consolidated Income Statements	5	Core New and Renewal Rent Spreads	36
Income Statement - Pro-rata Adjustments	7	Core Capital Expenditures	37
Consolidated Balance Sheet	8
Balance Sheet - Pro-rata Adjustments	9
Funds from Operations (“FFO”), FFO Before Special Items, Adjusted FFO (“AFFO”)	11	Section IV – Fund Information
EBITDA	13
Same Property Net Operating Income	14	Fund Overview	38
Fee Income	15	Fund Properties	40
Structured Financing	16	Fund Lease Expirations	43
		Development and Redevelopment Activity	44
Other Information
Transactional Activity	17
2023 Revised Guidance	18
Net Asset Valuation Information	19
Selected Financial Ratios	20	Section V – Other Information
Debt Analysis
Summary	23	Important Notes	45
Detail	24
Maturities	26
Interest Rate Summary	28

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


Supplemental Report – September 30, 2023		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.
	Jeff Spector - (646) 855-1363	Craig Mailman - (212) 816-4471	Todd Thomas - (917) 368-2286
	jeff.spector@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

Market Capitalization

Supplemental Report – September 30, 2023  

(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		95,310				Balance at 12/31/2022		95,121		5,134			100,255
Common Operating Partnership ("OP") Units		5,394				Vesting RS and LTIPs		8		321			329
Combined Common Shares and OP Units		100,704				OP Conversions		37		(37	)		—
						Other		42		—			42
Share Price at September 30, 2023	$	14.35				Balance at 3/31/2023		95,208		5,418			100,626		95,189		95,189		102,539		102,539
						Vesting RS and LTIPs		30		41			71
Equity Capitalization - Common Shares and OP Units	$	1,445,102				OP Conversions		54		(54	)		—
Preferred OP Units 2		6,657				Other		5		—			5
Total Equity Capitalization		1,451,759		50%	50%	Balance at 6/30/2023		95,297		5,405			100,702		95,260		95,225		102,642		102,525
						Vesting RS and LTIPs		—		—			—
Debt Capitalization						OP Conversions		11		(11	)		—
Consolidated debt 3		1,832,269				Other		2		—			2
Adjustment to reflect pro-rata share of debt		(379,869	)			Balance at 9/30/2023		95,310		5,394			100,704		95,320		95,257		102,746		102,701
Total Debt Capitalization		1,452,400		50%	50%

Total Market Capitalization	$	2,904,159		100%	100%

__________

Reflects debt net of Core Portfolio cash of $18,477 and pro-rata share of Funds cash of $2,602 for $21,079 of total cash netted against debt.

Represents 188 Series A and 126,384 Series C Preferred OP Units convertible into 25,067 and 438,831 Common OP Units, respectively, multiplied by the Common Share price at quarter end.

Reflects consolidated debt excluding $12,183 of unamortized premium and unamortized loan costs.


	4

Consolidated Income Statement

Supplemental Report – September 30, 2023

(in thousands)



	September 30, 2023 1
CONSOLIDATED INCOME STATEMENT	Quarter			Year to Date
Revenues
Rental income	$	79,961		$	248,839
Other		1,431			4,340
Total revenues		81,392			253,179
Operating expenses
Depreciation and amortization		33,726			100,955
General and administrative		10,309			30,898
Real estate taxes		11,726			34,586
Property operating		15,254			44,597
Impairment charges		3,686			3,686
Total operating expenses		74,701			214,722

Operating income		6,691			38,457
Equity in losses of unconsolidated affiliates		(4,865	)		(6,273	)
Interest and other income		5,087			14,875
Realized and unrealized holding gains on investments and other		1,664			30,236
Interest expense		(24,885	)		(68,561	)

(Loss) income from continuing operations before income taxes		(16,308	)		8,734
Income tax benefit (provision)		40			(248	)
Net (loss) income		(16,268	)		8,486
Net loss attributable to redeemable noncontrolling interests		2,495			5,661
Net loss attributable to noncontrolling interests		12,347			7,063
Net (loss) income attributable to Acadia	$	(1,426	)	$	21,210


	September 30, 2023 1
	Quarter		Year to Date
Reconciliation of Property Revenues to Consolidated GAAP Revenues
Total Property Revenues	$	77,817	$	234,221
Straight-line rent income		722		2,218
Above/below-market rent income		1,498		12,601
Asset and property management fees		183		574
Development, construction, leasing and legal fees		44		163
Other income		1,128		3,402
Consolidated Total Revenues	$	81,392	$	253,179




Reconciliation of Property Operating Expenses to Consolidated GAAP Expenses
Property operating - CAM and Other	$	12,050	$	34,614
Other property operating (Non-CAM)		3,053		9,518
Asset and property management expense		151		465
Consolidated Total Property Operating Expenses	$	15,254	$	44,597

Consolidated Income Statement - Detail

Supplemental Report – September 30, 2023

(in thousands)



	September 30, 2023 1
CORE PORTFOLIO AND FUND INCOME	Quarter			Year to Date
PROPERTY REVENUES
Minimum rents	$	62,461		$	185,454
Percentage rents		420			1,564
Expense reimbursements - CAM		6,832			21,580
Expense reimbursements - Taxes		8,042			24,189
Other property income		62			1,434
Total Property Revenues		77,817			234,221

PROPERTY EXPENSES
Property operating - CAM		11,811			34,322
Other property operating (Non-CAM)		3,053			9,518
Real estate taxes		11,726			34,586
Asset and property management expense		151			465
Total Property Expenses		26,741			78,891

NET OPERATING INCOME - PROPERTIES		51,076			155,330

OTHER INCOME (EXPENSE)
Interest income		5,087			14,875
Straight-line rent income (expense)		722			2,218
Above/below-market rent income (expense)		1,498			12,601
Interest expense 2		(22,848	)		(63,413	)
Amortization of finance costs		(1,568	)		(4,530	)
Above/below-market interest income (expense)		26			78
Finance lease interest expense		(495	)		(696	)
Other (expense) income		925			3,857
Impairment charges		(3,686	)		(3,686	)
CORE PORTFOLIO AND FUND INCOME		30,737			116,634

FEE AND OTHER INCOME 3
Asset and property management fees		183			574
Development, construction, leasing and legal fees		44			163
Total Fund Fee Income		227			737

Net promote and other transactional income		—			28,207
Total Fund Fee Income, Net Promote and Other Transactional Income		227			28,944

Realized gains on marketable securities, net		2,371			2,371
Less: previously recognized unrealized gains on marketable securities sold		(2,371	)		(2,371	)
Unrealized gains on marketable securities		1,628			1,282
Income tax benefit (provision)		40			(248	)
Total Fee and Other Income (Loss)		1,895			29,978

General and Administrative		(10,309	)		(30,898	)

Depreciation and amortization		(33,634	)		(100,683	)
Non-real estate depreciation and amortization		(92	)		(272	)
(Loss) gain before equity in earnings and noncontrolling interests		(11,403	)		14,759

Equity in losses of unconsolidated affiliates		(4,865	)		(6,273	)
Noncontrolling interests (including redeemable noncontrolling interests)		14,842			12,724

NET (LOSS) INCOME ATTRIBUTABLE TO ACADIA	$	(1,426	)	$	21,210

Income Statement –  
Pro-Rata Adjustments

Supplemental Report – September 30, 2023

(in thousands)



	Quarter Ended September 30, 2023						Year to Date September 30, 2023
CORE PORTFOLIO AND FUND INCOME	Noncontrolling Interest in Consolidated Subsidiaries 4			Company’s Interest in Unconsolidated Subsidiaries 5			Noncontrolling Interest in Consolidated Subsidiaries 4			Company’s Interest in Unconsolidated Subsidiaries 5
PROPERTY REVENUES
Minimum rents	$	(26,074	)	$	12,735		$	(76,876	)	$	40,537
Percentage rents		(192	)		133			(493	)		392
Expense reimbursements - CAM		(3,419	)		1,529			(10,538	)		4,954
Expense reimbursements - Taxes		(2,816	)		2,036			(8,712	)		7,391
Other property income		9			107			(578	)		295
Total Property Revenues		(32,492	)		16,540			(97,197	)		53,569

PROPERTY EXPENSES
Property operating - CAM		(5,212	)		1,857			(15,104	)		5,738
Other property operating (Non-CAM)		(957	)		364			(2,763	)		1,009
Real estate taxes		(4,546	)		3,184			(12,836	)		8,940
Asset and property management expense		(462	)		582			(1,364	)		1,682
Total Property Expenses		(11,177	)		5,987			(32,067	)		17,369
NET OPERATING INCOME - PROPERTIES		(21,315	)		10,553			(65,130	)		36,200

OTHER INCOME (EXPENSE)
Interest income		(48	)		8			(164	)		27
Straight-line rent income (expense)		(399	)		(305	)		(1,156	)		17
Above/below-market rent income (expense)		(1,217	)		1,322			(2,800	)		3,520
Interest expense		12,432			(6,682	)		33,745			(18,403	)
Amortization of finance costs		831			(366	)		2,335			(1,056	)
Above/below-market interest income (expense)		—			30			—			75
Finance lease interest expense		337			(76	)		421			(145	)
Other income (expense)		(666	)		94			(2,304	)		150
Accelerated amortization due to early lease termination		—			—			—			—
Impairment charges		2,834			—			2,834			—
CORE PORTFOLIO AND FUND INCOME		(7,211	)		4,578			(32,219	)		20,385

FEE AND OTHER INCOME 3
Asset and property management fees		2,458			112			7,459			409
Development, construction, leasing and legal fees		2,830			169			6,221			333
Total Fund Fee Income		5,288			281			13,680			742

Net promote and other transactional income		—			—			(16,924	)		—
Total Fund Fee Income, Net Promote and Other Transactional Income		5,288			281			(3,244	)		742

Realized gains on marketable securities, net		—			—			—			—
Less: previously recognized unrealized gains on marketable securities sold		—			—			—			—
Unrealized gains on marketable securities		—			—			2,125			—
Income tax benefit (provision)		(44	)		(7	)		103			(17	)
Total Fee and Other Income (Loss)		5,244			274			(1,016	)		725

General and Administrative		1,011			(257	)		1,844			(595	)
Depreciation and amortization		15,743			(9,460	)		45,428			(26,788	)
(Loss) gain before equity in earnings and noncontrolling interests		14,787			(4,865	)		14,037			(6,273	)

Equity in losses of unconsolidated affiliates		—			—			—			—
Noncontrolling interests (including redeemable noncontrolling interests) 6		55			—			(1,313	)		—

NET INCOME (LOSS) ATTRIBUTABLE TO ACADIA	$	14,842		$	(4,865	)	$	12,724		$	(6,273	)


	7

Balance Sheet

Supplemental Report – September 30, 2023

(in thousands)


ASSETS	Consolidated Balance Sheet			Line Item Details:
Real estate
Land	$	880,882		The components of Real estate under development, at cost are as follows:
Buildings and improvements		3,072,499		Core	$	64,731
Tenant improvements		250,452		Fund III		27,998
Construction in progress		19,894		Total	$	92,729
Right-of-use assets - finance leases		58,637
		4,282,364
Less: Accumulated depreciation and amortization		(799,689	)
Operating real estate, net		3,482,675
Real estate under development		92,729		Summary of other assets, net:
Net investments in real estate		3,575,404		Deferred charges, net	$	30,486
Notes receivable, net ($988 of allowance for credit losses)		123,813		Accrued interest receivable		24,039
Investments in and advances to unconsolidated affiliates		184,034		Due from seller		2,794
Lease intangibles, net		90,039		Prepaid expenses		17,187
Other assets, net		153,459		Other receivables		1,535
Right-of-use assets - operating leases, net		30,180		Income taxes receivable		1,340
Cash and cash equivalents		19,312		Corporate assets, net		1,016
Restricted cash		7,868		Deposits		583
Marketable securities		35,197		Derivative financial instruments		74,479
Straight-line rents receivable, net		37,040		Total	$	153,459
Rents receivable, net		13,375
Assets of properties held for sale		11,057
Total assets	$	4,280,778

LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgage and other notes payable, net	$	961,611
Unsecured notes payable, net		666,188		Summary of accounts payable and other liabilities:
Unsecured line of credit		192,287		Lease liability - finance leases, net	$	32,838
Accounts payable and other liabilities		152,801		Accounts payable and accrued expenses		67,709
Lease liability - operating leases, net		32,520		Deferred income		34,565
Dividends and distributions payable		18,519		Tenant security deposits, escrow and other		17,689
Lease intangibles, net		68,785		Total	$	152,801
Distributions in excess of income from, and investments in, unconsolidated affiliates		8,545
Total liabilities		2,101,256
Commitments and contingencies
Redeemable noncontrolling interests		55,284
Shareholders' Equity
Common shares		95
Additional paid-in capital		1,950,212
Accumulated other comprehensive income		65,560
Distributions in excess of accumulated earnings		(330,639	)
Total Acadia shareholders’ equity		1,685,228
Noncontrolling interests		439,010
Total equity		2,124,238
Total liabilities, redeemable noncontrolling interests, and equity	$	4,280,778


	8

Balance Sheet – Pro-rata Adjustments7

Supplemental Report – September 30, 2023

(in thousands)


ASSETS	Noncontrolling Interest in Consolidated Subsidiaries 4			Company’s Interest in Unconsolidated Subsidiaries 5
Real estate
Land	$	(213,568	)	$	68,773
Buildings and improvements		(774,705	)		255,788
Tenant improvements		(48,779	)		20,793
Construction in progress		(4,726	)		1,450
Right-of-use assets - finance leases		(22,571	)		22,290
		(1,064,349	)		369,094
Less: Accumulated depreciation and amortization		133,965			(72,746	)
Operating real estate, net		(930,384	)		296,348
Real estate under development		(21,127	)		6,001
Net investments in real estate		(951,511	)		302,349
Notes receivable, net ($988 of allowance for credit losses)		66,119			—
Investments in and advances to unconsolidated affiliates		(80,049	)		(99,513	)
Lease intangibles, net		(33,490	)		8,727
Other assets, net		7,141			7,103
Right-of-use assets - operating leases, net		(1,772	)		—
Cash and cash equivalents		(5,930	)		7,697
Restricted cash		(4,953	)		4,260
Marketable securities		—			—
Straight-line rents receivable, net		(3,751	)		4,754
Rents receivable, net		(8,517	)		1,900
Total assets	$	(1,016,713	)	$	237,277

LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgage and other notes payable, net	$	(564,929	)	$	205,380
Unsecured notes payable, net		(16,193	)		—
Unsecured line of credit		—			—
Accounts payable and other liabilities		(29,844	)		26,332
Lease intangibles, net		(26,881	)		6,196
Lease liability - operating leases, net		(1,855	)		4
Dividends and distributions payable		—			—
Lease liability - finance leases		(20,727	)		7,910
Distributions in excess of income from, and investments in, unconsolidated affiliates		—			(8,545	)
Total liabilities		(660,429	)		237,277
Shareholders' Equity
Common shares		—			—
Additional paid-in capital		—			—
Accumulated other comprehensive income		—			—
Distributions in excess of accumulated earnings		—			—
Total Acadia shareholders’ equity		—			—
Noncontrolling interests (including redeemable noncontrolling interests)		(356,284	)		—
Total equity		(356,284	)		—
Total liabilities, redeemable noncontrolling interests, and equity	$	(1,016,713	)	$	237,277


	9

 Notes to Income Statements,  
Balance Sheet and Pro-rata Adjustments7

Supplemental Report – September 30, 2023

(in thousands)

__________

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

Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management are necessary for a fair presentation of operating results for the interim periods.

Net of consolidated capitalized interest of $1.7 million and $5.7 million, respectively, for the three and nine months ended September 30, 2023.

Refer to Fee Income by Fund page in the Supplemental Report.

Noncontrolling interests represent limited partners’ interests in consolidated partnerships’ activities and includes redeemable noncontrolling interests.

Represents the Company’s pro-rata share of unconsolidated investments, of which each are included on a single line presentation in the Company’s consolidated financial statements in accordance with GAAP.

This represents the (loss) income allocable to Operating Partnership Units of $(0.1) million and $1.3 million, respectively, for the three and nine months ended September 30, 2023.

The Company currently has controlling ownership interests in Funds II, III, IV & V and Mervyns II, as well as controlling interests in non-wholly owned partnerships, which are consolidated within the Company's financial statements.


	10

Funds from Operations (“FFO”), FFO Before Special Items, 
Adjusted Funds from Operations (“AFFO”)

Supplemental Report – September 30, 2023

(in thousands)



	Quarter Ended									Year to Date			Quarter Ended			Year to Date
	March 31, 2023			June 30, 2023			September 30, 2023			September 30, 2023			September 30, 2022			September 30, 2022
Funds from operations ("FFO"):
Net Income (Loss) attributable to Acadia	$	13,360		$	9,276		$	(1,426	)	$	21,210		$	(55,891	)	$	(39,427	)
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share)		26,444			28,248			27,351			82,043			27,097			78,007
Gain on disposition on real estate properties (net of noncontrolling interest share)		—			—			—			—			(2,055	)		(11,892	)
Impairment charges (net of noncontrolling interest share)		—			—			852			852			58,481			58,481
Income attributable to noncontrolling interests' share in Operating Partnership		917			697			68			1,682			(2,960	)		(1,688	)
FFO to Common Shareholders and Common OP Unit holders	$	40,721		$	38,221		$	26,845		$	105,787		$	24,672		$	83,481

Less: Impact of City point share conversion option 1		—			—			—			—			(906	)		(906	)
FFO to Common Shareholders and Common OP Unit holders - Diluted	$	40,721		$	38,221		$	26,845		$	105,787		$	23,766		$	82,575

Add back: acquisition costs, net of bargain purchase gain		—			—			—			—			—			859
Add back: City Point recapitalization and transaction related costs		—			—			—			—			364			364
Add back: Impact of City point share conversion option 1		—			—			—			—			906			906
Unrealized holding (gain) loss (net of noncontrolling interest share)		(66	)		(1,713	)		(1,631	)		(3,410	)		3,068			8,379
Realized gain (net of noncontrolling interest share)		—			—			2,371			2,371			—			—
FFO before Special Items attributable to Common Shareholder and Common OP Unit holders 1	$	40,655		$	36,508		$	27,585		$	104,748		$	28,104		$	93,083

Adjusted Funds from operations ("AFFO"):
FFO	$	40,721		$	38,221		$	26,845		$	105,787		$	24,672		$	83,481
Unrealized holding (gain) loss (net of noncontrolling interest share)		(66	)		(1,713	)		(1,631	)		(3,410	)		3,068			8,379
Realized gain (net of noncontrolling interest share)		—			—			2,371			2,371			—			—
Straight-line rent, net		(193	)		(868	)		(18	)		(1,079	)		(1,367	)		(4,994	)
Above/below-market rent 2		(2,087	)		(9,631	)		(1,603	)		(13,321	)		(3,077	)		(8,225	)
Amortization of finance costs		1,085			1,063			1,103			3,251			1,047			2,622
Above/below-market interest		(47	)		(50	)		(56	)		(153	)		(47	)		(141	)
Non-real estate depreciation		87			93			92			272			90			287
Stock-based compensation		3,776			2,279			2,265			8,320			1,932			8,074
Leasing commissions		(1,507	)		(1,035	)		(1,191	)		(3,733	)		(811	)		(2,921	)
Tenant improvements		(4,805	)		(1,053	)		(3,028	)		(8,886	)		(4,709	)		(10,362	)
Maintenance capital expenditures		(690	)		(1,977	)		(4,517	)		(7,184	)		(1,993	)		(4,680	)
											—			—			—
AFFO to Common Shareholders and Common OP Unit holders	$	36,274		$	25,329		$	20,632		$	82,235		$	18,805		$	71,520

Total weighted-average diluted shares and OP Units		102,539			102,642			102,746			102,701			100,313			100,534

Diluted FFO per Common share and OP Unit:
FFO	$	0.40		$	0.37		$	0.26		$	1.03		$	0.24		$	0.82

FFO before Special Items	$	0.40		$	0.36		$	0.27		$	1.02		$	0.28		$	0.93

Funds from Operations (“FFO”), FFO Before Special Items, 
Adjusted Funds from Operations (“AFFO”)

Supplemental Report – September 30, 2023

(in thousands)

__________

The three months ended June 30, 2023 included a non-recurring gain of $7.8 million, or $0.08 per share, from the termination of the Bed Bath and Beyond below-market lease at 555 9th Street in San Francisco, California.

EBITDA

Supplemental Report – September 30, 2023

(in thousands)


	Quarter Ended September 30, 2023									Year to Date September 30, 2023								Quarter Ended September 30, 2022
	Core									Core								Core
	Portfolio			Funds			Total			Portfolio			Funds		Total			Portfolio			Funds			Total
EBITDA:

Net Income (Loss) Attributable to Acadia	$	3,679		$	(5,105	)	$	(1,426	)	$	20,039		$	1,171	$	21,210		$	(45,859	)	$	(10,032	)	$	(55,891	)

Adjustments:
Depreciation and amortization		20,587			6,856			27,443			62,506			19,809		82,315			20,880			6,307			27,187
Interest expense		12,775			4,323			17,098			36,546			11,525		48,071			11,282			3,583			14,865
Amortization of finance costs		683			420			1,103			2,037			1,214		3,251			660			387			1,047
Above/below-market interest		(56	)		—			(56	)		(153	)		—		(153	)		(47	)		—			(47	)
Gain on disposition of properties		—			—			—			—			—		—			—			(2,055	)		(2,055	)
Unrealized holding gains on investment in Albertsons and other		(1,631	)		—			(1,631	)		(3,410	)		—		(3,410	)		3,068			—			3,068
Realized gain (net of noncontrolling interest share)		2,371			—			2,371			2,371			—		2,371			—			—			—
Provision (benefit) for income taxes		11			—			11			121			41		162			(12	)		(1	)		(13	)
Impairment charges		—			852			852			—			852		852			50,779			7,702			58,481
Noncontrolling interest - OP		(55	)		—			(55	)		1,313			—		1,313			(3,083	)		—			(3,083	)
EBITDA	$	38,364		$	7,346		$	45,710		$	121,370		$	34,612	$	155,982		$	37,668		$	5,891		$	43,559

Adjusted EBITDA:

EBITDA	$	38,364		$	7,346		$	45,710		$	121,370		$	34,612	$	155,982		$	37,668		$	5,891		$	43,559
Stock based compensation		2,265			—			2,265			8,320			—		8,320			1,932			—			1,932
Adjusted EBITDA	$	40,629		$	7,346		$	47,975		$	129,690		$	34,612	$	164,302		$	39,600		$	5,891		$	45,491

Core Portfolio – Same Property Performance 1

Supplemental Report – September 30, 2023

(in thousands)


	Quarter Ended						Change			Year to Date				Change
	September 30, 2023			September 30, 2022			Favorable/ (Unfavorable)			September 30, 2023		September 30, 2022		Favorable/ (Unfavorable)

Summary
Minimum rents	$	31,167		$	29,383			6.1	%	$	93,282	$	89,198		4.6	%
Expense reimbursements		8,101			7,583			6.8	%		25,394		23,645		7.4	%
Other property income		446			790			(43.5	)%		2,079		2,139		(2.8	)%

Total Revenue		39,714			37,756			5.2	%		120,755		114,982		5.0	%

Expenses
Property operating - CAM & Real estate taxes		11,034			10,742			(2.7	)%		33,447		32,732		(2.2	)%
Other property operating (Non-CAM)		956			808			(18.3	)%		2,870		2,517		(14.0	)%

Total Expenses		11,990			11,550			(3.8	)%		36,317		35,249		(3.0	)%

Same Property NOI - Core properties	$	27,724		$	26,206			5.8	%	$	84,438	$	79,733		5.9	%

Reconciliation of Same Property NOI to Core NOI
NOI of Properties excluded from Same Property NOI		6,071			8,644						21,305		26,772
Core NOI 2	$	33,795		$	34,850					$	105,743	$	106,505


Other same property information
Physical Occupancy at the end of the period		92.4	%		91.3	%
Leased Occupancy at the end of the period		95.2	%		94.6	%

__________

The above amounts include the pro-rata share of the Company's Core consolidated and unconsolidated investments.

The Company reclassed $0.2 million and $0.8 million, respectively, for the three and nine months ended September 30, 2023 for asset and property management fees to NOI to reflect more accurately property management fees allocable to property operations. The Company also reclassed $0.2 million and $0.5 million, respectively, for the three and nine months ended September 30, 2022. Such reclassifications have been reflected in all periods presented and have no impact on reported Same Property NOI.

to Ne

Fee Income by Fund 1

Supplemental Report – September 30, 2023

(in thousands)


	Fund II		Fund III		Fund IV		Fund V		Other		Total
Year to Date September 30, 2023
Asset and property management fees	$	255	$	61	$	2,421	$	5,243	$	462	$	8,442
Transactional fees		561		176		1,909		3,945		126		6,717
Total fees	$	816	$	237	$	4,330	$	9,188	$	588	$	15,159

Quarter Ended September 30, 2023
Asset and property management fees	$	98	$	17	$	808	$	1,676	$	154	$	2,753
Transactional fees		292		100		1,213		1,408		30		3,043
Total fees	$	390	$	117	$	2,021	$	3,084	$	184	$	5,796


Quarter Ended June 30, 2023
Asset and property management fees	$	88	$	24	$	803	$	1,689	$	125	$	2,729
Transactional fees		57		41		411		1,534		36		2,079
Total fees	$	145	$	65	$	1,214	$	3,223	$	161	$	4,808

Quarter Ended March 31, 2023
Asset and property management fees	$	69	$	20	$	810	$	1,878	$	183	$	2,960
Transactional fees		212		35		285		1,003		60		1,595
Total fees	$	281	$	55	$	1,095	$	2,881	$	243	$	4,555

__________

Fees are shown at the Company's pro-rata share and can be derived from the Consolidated Income Statement - Detail and Income Statement - Pro-Rata Adjustments. The components of the total fee income to the Company are derived by the fees included on the Consolidated Income Statement and the Company's share of fees from the Noncontrolling Interests in Consolidated Subsidiaries and the Company' share of fee income from Unconsolidated Subsidiaries.

Structured Financing Portfolio

Supplemental Report – September 30, 2023

(in thousands)


	June 30, 2023						Quarter Ended September 30, 2023											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 1,2	$	59,801	$	3,809	$	63,610	$	—	$	—	$	59,801		$	3,809	$	63,610		5.99	%		6.39	%	Sept-24

Other notes2		131,741		24,065		155,806		—		—		131,741			28,128		159,869		11.37	%		11.48	%	Jan-24 to Dec-27

Total Core notes receivable	$	191,542	$	27,874	$	219,416	$	—	$	—	$	191,542		$	31,937	$	223,479		9.69	%		9.89	%

__________


Reconciliation of Notes Receivable to the Pro-Rata Balance Sheet:

Total Notes Receivable per above											$	191,542
Fund Notes Receivable												—
Allowance for credit loss												(1,610	)
Total Pro-rata Notes Receivable											$	189,932

________

One Core note which matured on April 20, 2020 in the amount of $17.8 million with accrued interest of $3.8 million was in default at September 30, 2023.

Certain of the first mortgage notes and other notes enable the borrower to prepay or convert its obligations prior to the stated maturity date without penalty.

Transactional Activity

Supplemental Report – September 30, 2023

(in thousands)


PROPERTY ACQUISITIONS AND DISPOSITIONS

Property Name	Location	Date of Transaction	Transaction Amount		Ownership % 1			Fund Share		Acadia Share

ACQUISITIONS 2
Fund V:
Mohawk Commons	Schenectady, NY	January 27, 2023	$	62,078		90.00	%	$	55,870	$	11,230
Cypress Creek	Lutz (Tampa), FL	July 3, 2023		49,374		100.00	%		49,374		9,924

			$	111,452				$	105,244	$	21,154

________

Ownership percentages for Fund transactional activities represent the respective Fund’s ownership, not the Company’s proportionate share.

Acquisition amounts include capitalized acquisition costs, where applicable. Refer to the Company’s latest Form 10-Q or 10-K for further discussion of any such transactions.

2023 Revised Guidance1 

Supplemental Report – September 30, 2023


	2023 Guidance
	Revised	Prior 1

Net earnings per share attributable to Acadia	$0.28-$0.31	$0.25-$0.33
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share)	1.01	1.01
Impairment charges (net of noncontrolling interest share)	0.01	—
Noncontrolling interest in Operating Partnership	0.02	0.02
NAREIT Funds from operations per share attributable to Common Shareholders and Common OP Unit holders	$1.32-$1.35	$1.28-$1.36
Unrealized holding loss (gain) (net of noncontrolling interest share) 2,3	(0.03)	(0.02)
Funds from operations Before Special Items per share attributable to Common Shareholders and Common OP Unit holders	$1.29-$1.32	$1.26-$1.34
Incremental portion of gain from BBBY lease termination 4	(0.05)	(0.05)
Funds from operations Before Special Items per share attributable to Common Shareholders and Common OP Unit holders, excluding excess BBBY gain	$1.24-$1.27	$1.21-$1.29

_________

The prior guidance range represents the updated guidance previously announced on August 1, 2023, in conjunction with second quarter 2023 earnings.

This represents the actual unrealized mark-to-market holding gain related to the Company’s investment in Albertsons, which was recognized in NAREIT FFO for the nine months ended September 30, 2023. The Company has not reflected any forward-looking estimates involving future unrealized holding gains or losses (i.e. changes in share price) on Albertsons in its guidance assumptions.

It is the Company’s consistent practice to exclude unrealized gains and losses from FFO Before Special Items and to include any realized gains related to the Company’s investment in Albertsons.

Results for the three months ended June 30, 2023 included a gain of $0.08 per share from the termination of the Bed Bath and Beyond below-market lease at 555 9th Street in San Francisco. The Company had budgeted $0.03 per share to be realized throughout 2023 within its initial full year 2023 guidance associated with this lease, resulting in an incremental $0.05 per share relative to its prior full year 2023 guidance.

Net Asset Valuation Information

Supplemental Report – September 30, 2023

(in thousands)


	CORE			FUND II 3			FUND III			FUND IV			FUND V			Total

Acadia Ownership Percentage	N/A				61.67	%		24.54	%		23.12	%		20.10	%

Current Quarter NOI
At Pro-Rata 1
Net Operating Income 2	$	33,795		N/A5			$	106		$	857		$	4,325		$	39,083
Less:
Net operating (income) loss from properties sold or assets held for sale		305		N/A5				7			(19	)		—			293
Net operating (income) loss from pre-stabilized assets, development and redevelopment projects 4		(3,626	)	N/A 5				(113	)		(70	)		—			(3,809	)
Net Operating Income of stabilized assets	$	30,474		N/A 5			$	—		$	768		$	4,325		$	35,567

Costs to Date (Pro-Rata)
Assets held for sale	$	11,057		N/A 5			$	—		$	—		$	—		$	11,057
Pre-stabilized assets 4		—		N/A 5				14,305			41,285			—			55,590
Development and redevelopment projects		687,800		N/A 5				6,900			27,200			—			721,900
Total Costs to Date	$	698,857		N/A 5			$	21,205		$	68,485		$	—		$	788,547

Debt (Pro-Rata)	$	1,171,052		$	79,821		$	8,098		$	45,687		$	147,742		$	1,452,400

_________

This Net Asset Valuation Information page shows Acadia’s pro-rata portion of the Fund’s Net Operating Income.

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

Fund II has been substantially liquidated except for its investment in City Point. During the second quarter 2022, the Company increased its ownership in Fund II from 28% to 40%. Additionally, during the third quarter 2022, the Company increased its ownership in Fund II from 40% to 61.7%.

Pre-stabilized assets consist of the following projects for Fund II: City Point; Fund III: 640 Broadway; Fund IV: 210 Bowery, 801 Madison, 27 E 61st Street, 146 Geary Street and 1035 Third Avenue.

Amounts omitted as only remaining asset is City Point.

Selected Financial Ratios

Supplemental Report – September 30, 2023

(in thousands)



	Quarter Ended September 30,						Year to Date September 30,							Quarter Ended
COVERAGE RATIOS 1	2023			2022			2023			2022			LEVERAGE RATIOS	September 30, 2023			June 30, 2023
Fixed-Charge Coverage Ratios													Debt/Market Capitalization Ratios

EBITDA 2 divided by:	$	38,364		$	37,668		$	121,370		$	112,733		Debt + Preferred Equity (Preferred OP Units)	$	1,459,057		$	1,437,987
Interest expense		12,775			11,282			36,546			28,994		Total Market Capitalization		2,904,159			2,887,089
Principal Amortization		776			666			2,389			2,662		Debt + Preferred Equity/
Preferred Dividends 3		123			123			369			369		Total Market Capitalization		50	%		50	%
Fixed-Charge Coverage Ratio - Core Portfolio		2.8	x		3.1	x		3.1	x		3.5	x

EBITDA divided by:	$	45,710		$	43,559		$	155,982		$	131,904		Net debt 6	$	1,437,978		$	1,419,588
Interest expense		17,098			14,865			48,071			37,751		Total Market Capitalization		2,904,159			2,887,089
Principal Amortization		1,383			1,254			3,643			3,928		Net Debt + Preferred Equity/
Preferred Dividends		123			123			369			369		Total Market Capitalization		50	%		49	%
Fixed-Charge Coverage Ratio - Core Portfolio and Funds		2.5	x		2.7	x		3.0	x		3.1	x	Debt/EBITDA Ratios
													Core:
Payout Ratios													Debt	$	1,065,006		$	1,053,582
													Net debt 5		1,046,529			1,038,837
Dividends declared (per share/OP Unit)	$	0.18		$	0.18		$	0.54		$	0.54		EBITDA		159,734			155,790
													Adjusted EBITDA		170,319			164,970
Dividends (Shares) & Distributions (OP Units) declared	$	18,495		$	18,367		$	55,469		$	55,035		Debt/EBITDA - Core Portfolio		6.7	x		6.8	x
FFO		26,845			24,672			105,787			83,481		Debt/Adjusted EBITDA - Core Portfolio		6.3	x		6.4	x
FFO Payout Ratio 8		69	%		74	%		52	%		66	%	Net Debt/EBITDA - Core Portfolio		6.6	x		6.7	x
													Net Debt/ Adjusted EBITDA - Core Portfolio		6.1	x		6.3	x
AFFO 7		20,632			18,805			82,235			71,520		Core and Funds:
AFFO Payout Ratio		90	%		98	%		67	%		77	%	Debt 4	$	1,452,400		$	1,431,312
													Net debt 6		1,431,321			1,412,913
FFO Before Special Items		27,585			28,104			104,748			93,083		EBITDA		201,692			201,677
FFO Before Special Items Payout Ratio		67	%		65	%		53	%		59	%	Adjusted EBITDA		212,277			210,857
													Debt/EBITDA - Core and Funds		7.2	x		7.1	x
													Debt/Adjusted EBITDA - Core and Funds		6.8	x		6.8	x
													Net Debt/EBITDA - Core and Funds		7.1	x		7.0	x
													Net Debt/ Adjusted EBITDA - Core and Funds		6.7	x		6.7	x

Selected Financial Ratios

Supplemental Report – September 30, 2023

(in thousands)


	EBITDA				ADJUSTED EBITDA
	Quarter Ended		Year Ended		Quarter Ended		Year Ended
Reconciliation of EBITDA to Annualized EBITDA	September 30, 2023		December 31, 2022		September 30, 2023		December 31, 2022

Quarter Core EBITDA as reported	$	38,364	$	150,993	$	40,629	$	150,993

Year to Date Core EBITDA as reported	$	121,370	$	150,993	$	129,690	$	150,993
Projected Q4 2023 Core EBITDA 9		38,364		—		40,629		—
Annualized Core EBITDA		159,734		150,993		170,319		150,993

Quarter Funds EBITDA as reported		7,346		25,143		7,346		25,143

Year to Date Funds EBITDA as reported		34,612		—		34,612		—
Projected Q4 2023 Funds EBITDA 9		7,346		—		7,346		—
Annualized Funds EBITDA		41,958		25,143		41,958		25,143

EBITDA Core and Funds	$	201,692	$	176,136	$	212,277	$	176,136


		Quarter Ended
Reconciliation of Core Portfolio Debt		September 30, 2023

Core Portfolio Debt per Debt Summary		$1,171,052
Incremental Core Debt Attributable to City Point8		(106,046)
Adjusted Core Debt for purposes of computing Debt/EBITDA		1,065,006

Fund Portfolio Debt per Debt Summary		281,348
Incremental Core Debt Attributable to City Point8		106,046
Adjusted Fund Debt per EBITDA		387,394

Total Core and Fund Debt for purposes of computing Debt/EBITDA		$1,452,400

Selected Financial Ratios

Supplemental Report – September 30, 2023

(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.

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.

9. Projected Q4 2023 Core and Funds EBITDA are based upon actual third quarter 2023 results as reported.

Portfolio Debt –  Summary

Supplemental Report – September 30, 2023

(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		4.3	%		3.0	$	—		—			—	$	806,000			56	%		4.3	%		3.0	$	—	$	—		$	806,000
Variable-Rate Debt 5		36,287		6.8	%		1.7		4,073		8.4	%		0.1		40,360			3	%		6.9	%		1.6		16,193		—			56,553
																			59	%
Mortgage and Other Notes Payable

Fixed-Rate Debt 1		287,402		4.2	%		2.9		151,903		4.8	%		2.2		439,305			30	%		4.4	%		2.7		352,581		(141,660	)		650,226
Variable-Rate Debt 5		41,363		7.4	%		0.1		125,372		8.0	%		1.5		166,735			11	%		7.9	%		1.1		217,145		(64,390	)		319,490
																			41	%

Total	$	1,171,052		4.5	%		2.8	$	281,348		6.3	%		1.8	$	1,452,400			100	%		4.8	%		2.6	$	585,919	$	(206,050	)		1,832,269

Unamortized premium																426																266
Net unamortized loan costs																(8,482	)															(12,449	)
Total															$	1,444,344															$	1,820,086

_________

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

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

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

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

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

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

Portfolio Debt  –  Detail

Supplemental Report – September 30, 2023

(in thousands)
 


		Principal Balance at			Acadia's Pro-rata Share						Interest		Extension
Property		September 30, 2023			Percent			Amount			Rate	Maturity Date	Options

CORE PORTFOLIO

Fixed-Rate Debt
163 Highland Avenue		$	7,446			100.00	%	$	7,446		4.66%	02/01/24	None
Crossroads Shopping Center			59,777			49.00	%		29,290		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	%		64,997		4.36%	02/10/25	None
239 Greenwich Avenue			26,000			75.00	%		19,500		4.00%	07/10/27	1x60 mos.
Georgetown Portfolio (2008 Investment)			14,550			50.00	%		7,275		4.72%	12/10/27	None
State & Washington			21,555			100.00	%		21,555		4.40%	09/05/28	None
North & Kingsbury			10,548			100.00	%		10,548		4.01%	11/05/29	None
151 North State Street			12,299			100.00	%		12,299		4.03%	12/01/29	None
Concord & Milwaukee			2,325			100.00	%		2,325		4.40%	06/01/30	None
California & Armitage			2,167			100.00	%		2,167		5.89%	04/15/35	None
Unsecured interest rate swaps 1			806,000			100.00	%		806,000		N/A	Various
Secured interest rate swaps 1			50,000			100.00	%		50,000		4.53%	11/16/28

Sub-Total Fixed-Rate Debt			1,146,167						1,093,402		4.27%

Secured Variable-Rate Debt
Georgetown Portfolio (2016 Investment)			160,000			20.00	%		32,000		SOFR+1.81%	10/30/23	None
Gotham Plaza			17,399			49.00	%		8,526		SOFR+3.00%	12/07/23	None
3104 M Street 2			4,186			20.00	%		837		PRIME+0.00%	01/01/24	None
Sullivan Center			50,000			100.00	%		50,000		SOFR+1.60%	11/16/28	None
Secured interest rate swaps 1			(50,000	)		100.00	%		(50,000	)	4.53%	11/16/28

Unsecured Variable-Rate Debt
Unsecured Line of Credit 3			192,287			100.00	%		192,287		SOFR+1.45%	06/29/25	2x6 mos.
Unsecured Term Loan			400,000			100.00	%		400,000		SOFR+1.60%	06/29/26	None
Unsecured $175 Million Term Loan			175,000			100.00	%		175,000		SOFR+1.60%	04/06/27	None
Unsecured $75 Million Term Loan			75,000			100.00	%		75,000		SOFR+2.05%	07/29/29	None
Unsecured interest rate swaps 1			(806,000	)		100.00	%		(806,000	)	N/A	Various

Sub-Total Variable-Rate Debt			217,872						77,650		7.10%

Total Debt - Core Portfolio		$	1,364,039					$	1,171,052		4.46%

Funds
Fixed-Rate Debt
2207 Fillmore Street 4	Fund IV	$	1,120			20.80	%	$	233		4.50%	10/31/25	None
650 Bald Hill Road 4	Fund IV		15,510			20.80	%		3,227		3.75%	06/01/26	None
Shoppes at South Hills 4	Fund V		31,796			18.09	%		5,752		5.95%	03/01/28	1 x 12 mos.
Broughton Street Portfolio	Fund IV		25,939			23.12	%		5,997		5.62%	06/01/28	None
Canton Marketplace	Fund V		36,000			20.10	%		7,236		6.29%	06/01/28	None
Interest rate swaps 1	Funds II, IV & V		566,850			22.84	%		129,458		N/A	Various
Sub-Total Fixed-Rate Debt			677,215						151,903		4.83%

Portfolio Debt  –  Detail

Supplemental Report – September 30, 2023

(in thousands)
 


		Principal Balance at			Acadia's Pro-rata Share						Interest		Extension
Variable-Rate Debt
146 Geary 5	Fund IV		19,338			23.12	%		4,471		SOFR+3.65%	07/15/23	None
Acadia Strategic Opportunity Fund V	Fund V		20,266			20.10	%		4,073		SOFR+3.05%	11/01/23	1x6 mos.
Restaurants at Fort Point	Fund IV		5,785			23.12	%		1,338		SOFR+2.45%	11/25/23	None
717 N Michigan Avenue	Fund IV		48,500			23.12	%		11,213		SOFR+3.18%	12/09/23	None
Acadia Strategic Opportunity Fund IV	Fund IV		39,200			23.12	%		9,063		SOFR+2.56%	12/29/23	None
Elk Grove Commons	Fund V		40,388			20.10	%		8,118		SOFR+1.61%	01/11/24	None
Hiram Pavilion	Fund V		27,837			20.10	%		5,595		SOFR+2.00%	03/05/24	None
Eden Square 4	Fund IV		24,100			22.78	%		5,491		SOFR+2.35%	09/01/24	None
Hickory Ridge	Fund V		27,751			20.10	%		5,578		SOFR+2.00%	10/05/24	None
Tri-City Plaza 4	Fund V		38,292			18.09	%		6,927		SOFR+2.00%	10/18/24	1x12 mos.
Lincoln Commons	Fund V		38,281			20.10	%		7,694		SOFR+1.80%	10/24/24	None
Landstown Commons	Fund V		60,032			20.10	%		12,068		SOFR+1.80%	10/24/24	None
Palm Coast Landing	Fund V		26,001			20.10	%		5,226		SOFR+1.86%	11/01/24	None
Frederick Crossing 4	Fund V		23,818			18.09	%		4,309		SOFR+1.75%	12/02/24	1x12 mos.
Plaza Santa Fe	Fund V		22,893			20.10	%		4,601		SOFR+2.00%	12/20/24	None
Paramus Plaza	Fund IV		28,214			11.56	%		3,262		SOFR+2.36%	12/28/24	2x12 mos.
Frederick County Square 4	Fund V		23,262			18.09	%		4,208		SOFR+2.51%	01/01/25	1x12 mos.
Wood Ridge Plaza 4	Fund V		32,536			18.09	%		5,886		PRIME+0.125%	03/21/25	2x12 mos.
Midstate Mall	Fund V		42,400			20.10	%		8,522		SOFR+2.50%	04/28/25	2x12 mos.
New Towne Center	Fund V		16,405			20.10	%		3,297		SOFR+2.20%	05/01/25	1x12 mos.
Fairlane Green	Fund V		32,415			20.10	%		6,515		SOFR+2.30%	06/05/25	1x12 mos.
Trussville Promenade	Fund V		28,563			20.10	%		5,741		SOFR+2.30%	06/15/25	1x12 mos.
City Point 4	Fund II		137,485			58.06	%		79,821		SOFR+2.61%	08/01/25	1x12 mos.
Cypress Creek	Fund V		32,200			20.10	%		6,472		SOFR+2.80%	09/01/25	2x12 mos.
640 Broadway	Fund III		33,000			24.54	%		8,098		SOFR+3.75%	10/01/25	3x12 mos.
1964 Union 4	Fund IV		1,362			20.80	%		283		SOFR+2.25%	10/01/25	None
2208-2216 Fillmore Street 4	Fund IV		5,330			20.80	%		1,109		SOFR+2.25%	06/01/26	None
Monroe Marketplace	Fund V		29,150			20.10	%		5,859		SOFR+2.76%	11/12/26	None
La Frontera Village 4	Fund V		55,500			18.09	%		10,040		SOFR+2.61%	06/10/27	None
Riverdale 4	Fund V		38,123			17.97	%		6,852		SOFR+2.46%	11/01/27	None
Mohawk Commons 4	Fund V		39,650			18.09	%		7,173		SOFR+2.00%	03/01/28	None
Interest rate swaps 1	Funds II, IV & V		(566,850	)		22.84	%		(129,458	)
Sub-Total Variable-Rate Debt			471,227						129,445		8.05%
Total Debt - Funds			1,148,442						281,348		6.31%
Total Debt - Core Portfolio and Funds		$	2,512,481					$	1,452,400		4.82%

_________

The Company has hedged a portion of its variable-rate debt with multiple variable to fixed-rate swap agreements which have various maturities (see Swap Interest Rate Summary of this Supplemental report which highlights the notional and actual locked base rate). The indicated maturity for each loan reflects the contractual maturity date of the loan without regard to the expiration of the related swap agreements.

Bears interest at the greater of 3.25% or the Prime Rate.

The interest rate on the unsecured revolving credit facility excludes a 20-basis point facility fee.

Acadia's interest in this Fund debt is reflected net of additional JV interests.

The Company completed the transfer of its 146 Geary property to the non-recourse lender on October 27,2023.

Future Debt Maturities 1

Supplemental Report – September 30, 2023

(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 2	Rate Debt

2023	$	1,001	$	177,399	$	178,400	$	752	$	40,525	$	41,277	7.82%	N/A	7.82%
2024		3,405		69,788		73,193		2,582		36,723		39,305	4.19%	4.09%	8.50%
2025		2,571		325,787		328,358		2,264		317,283		319,547	4.21%	4.21%	N/A
2026		2,920		400,000		402,920		2,542		400,000		402,542	4.25%	4.25%	N/A
2027		2,727		212,537		215,264		2,425		200,053		202,478	4.13%	4.13%	N/A
Thereafter		4,333		161,571		165,904		4,333		161,570		165,903	4.65%	4.65%	N/A
Total	$	16,957	$	1,347,082	$	1,364,039	$	14,898	$	1,156,154	$	1,171,052


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 2	Rate Debt

2023	$	2,252	$	133,080	$	135,332	$	437	$	30,156	$	30,593	8.36%	N/A	8.36%
2024		7,014		352,054		359,068		1,347		67,809		69,156	4.36%	3.41%	7.29%
2025		2,311		377,272		379,583		443		128,405		128,848	7.08%	5.71%	7.46%
2026		2,334		48,405		50,739		433		9,866		10,299	6.72%	6.61%	7.69%
2027		2,490		91,925		94,415		459		16,587		17,046	6.77%	6.11%	7.79%
Thereafter		352		128,953		129,305		67		25,339		25,406	5.93%	5.93%	N/A
Total	$	16,753	$	1,131,689	$	1,148,442	$	3,186	$	278,162	$	281,348

Does not include any applicable extension options or subsequent refinancing.

Fixed Debt includes floating rate debt that is effectively fixed through interest rate swaps.

Future Debt Maturities – As Extended 1

Supplemental Report – September 30, 2023

(in thousands)


Core Portfolio	Extended Debt Maturities 1						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 2	Rate Debt

2023	$	1,001	$	160,000	$	161,001	$	752	$	32,000	$	32,752	7.68%	N/A	7.68%
2024		3,405		87,187		90,592		2,582		45,249		47,831	4.97%	4.09%	8.34%
2025		2,571		133,500		136,071		2,264		124,996		127,260	4.18%	4.18%	N/A
2026		2,920		592,287		595,207		2,542		592,287		594,829	4.24%	4.24%	N/A
2027		2,727		187,401		190,128		2,424		181,201		183,625	4.14%	4.14%	N/A
Thereafter		4,333		186,707		191,040		4,334		180,421		184,755	4.58%	4.58%	N/A
Total	$	16,957	$	1,347,082	$	1,364,039	$	14,898	$	1,156,154	$	1,171,052


Funds	Extended Debt Maturities 1						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 2	Rate Debt

2023	$	22,518	$	112,814	$	135,332	$	4,511	$	26,082	$	30,593	8.36%	N/A	8.36%
2024		7,218		263,444		270,662		1,382		53,589		54,971	4.43%	3.50%	7.20%
2025		5,216		78,149		83,365		952		14,523		15,475	3.74%	3.67%	7.69%
2026		3,737		293,555		297,292		668		108,584		109,252	6.99%	6.26%	7.20%
2027		2,596		196,890		199,486		478		37,074		37,552	6.84%	5.65%	8.04%
Thereafter		1,092		161,213		162,305		201		33,304		33,505	6.69%	5.93%	9.08%
Total	$	42,377	$	1,106,065	$	1,148,442	$	8,192	$	273,156	$	281,348

__________

Includes the effect of all available extension options (subject to customary conditions), excludes any subsequent refinancing.

Fixed Debt includes floating rate debt that is effectively fixed through interest rate swaps. Note that certain swaps (see Swap Interest Rate Summary) have expiration dates beyond the maturity of the Company’s variable rate debt.

Swap Interest Rate Summary 1

Supplemental Report – September 30, 2023

(in thousands)



Core Portfolio

	Acadia's Pro-rata		Weighted Average
Maturity Year	Notional Balance		Fixed Rate on Swap 2

2023	$	—		—
2024		—		—
2025		25,000		2.13	%
2026		6,000		2.30	%
2027		275,000		2.56	%
2028		150,000		2.99	%
2029		275,000		2.62	%
2030		125,000		2.83	%
Total	$	856,000		2.68	%


Funds

	Acadia's Pro-rata		Weighted Average
Year	Notional Balance		Fixed Rate on Swap 2

2023	$	—		—
2024		46,403		1.32	%
2025		23,777		3.42	%
2026		8,317		3.52	%
2027		15,070		3.39	%
2028		7,173		3.80	%
2029		29,029		3.23	%
2030		—		—
Total	$	129,769		2.65	%

__________

Includes the Company's pro-rata share of consolidated and unconsolidated interest rate swaps.

Represents strike rate (fixed) rate on the swap that the Company pays in exchange for receiving SOFR.

Core Portfolio Retail Properties – Detail 1

Supplemental Report – September 30, 2023


		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												`
Rush and Walton Streets Collection (6 properties)	Lululemon, Reformation, Sprinkle, St. Laurent	2011 2012		100.0	%		40,384		—		—		40,384		78.3	%		—	%		—	%		78.3	%		78.3	%	$	6,650,485	$	210.22
Clark Street and W. Diversey Collection (4 properties)	Starbucks, TJ Maxx, J Crew Factory, Trader Joe's	2011 2012		100.0	%		53,277		—		—		53,277		76.1	%		—	%		—	%		76.1	%		79.6	%		1,759,416		43.37
Halsted and Armitage Collection (13 properties)	Serena and Lily, Bonobos, Allbirds, Warby Parker, Marine Layer, Kiehl's	2011 2012 2019 2020		100.0	%		53,220		—		—		53,220		100.0	%		—	%		—	%		100.0	%		100.0	%		2,747,931		51.63
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	%		1,129,925		33.31
State and Washington	Nordstrom Rack, Uniqlo	2016		100.0	%		65,401		—		—		65,401		100.0	%		—	%		—	%		100.0	%		100.0	%		2,730,087		41.74
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	%		1,923,822		46.03
Concord and Milwaukee	—	2016		100.0	%		13,147		—		—		13,147		100.0	%		—	%		—	%		100.0	%		100.0	%		467,417		35.55
California and Armitage	—	2016		100.0	%		—		—		18,275		18,275		—	%		—	%		78.8	%		78.8	%		78.8	%		732,113		50.87
Roosevelt Galleria	Petco, Vitamin Shoppe, Dollar Tree	2015		100.0	%		—		—		37,995		37,995		—	%		—	%		89.7	%		89.7	%		89.7	%		877,897		25.76
Sullivan Center	Target	2016		100.0	%		176,181		—		—		176,181		78.9	%		—	%		—	%		78.9	%		78.9	%		5,237,761		37.69
							492,911		—		84,066		576,977		84.9	%		—	%		90.7	%		85.7	%		86.0	%		25,829,854		52.23
New York Metro
Soho Collection (12 properties)	Faherty, Watches of Switzerland, ALC, Stone Island, Frame, Theory, Bang & Olufsen	2011 2014 2019 2020 2022		100.0	%		36,359		—		—		36,359		70.9	%		—	%		—	%		70.9	%		90.7	%		9,723,514		377.22
5-7 East 17th Street	—	2008		100.0	%		8,658		—		—		8,658		—	%		—	%		—	%		—	%		100.0	%		—		—
200 West 54th Street	—	2007		100.0	%		5,862		—		—		5,862		100.0	%		—	%		—	%		100.0	%		100.0	%		1,579,759		269.49
61 Main Street	Splendid	2014		100.0	%		3,470		—		—		3,470		100.0	%		—	%		—	%		100.0	%		100.0	%		312,925		90.18

Core Portfolio Retail Properties – Detail 1

Supplemental Report – September 30, 2023


		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
181 Main Street	TD Bank	2012		100.0	%		11,514		—		—		11,514		100.0	%		—	%		—	%		100.0	%		100.0	%		1,085,445		94.27
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	%		—		—		14,824		14,824		—	%		—	%		100.0	%		100.0	%		100.0	%		481,687		32.49
239 Greenwich Avenue	Watches of Switzerland	1998		75.0	%		16,621		—		—		16,621		100.0	%		—	%		—	%		100.0	%		100.0	%		1,847,097		111.13
252-256 Greenwich Avenue	Veronica Beard, The RealReal, Blue Mercury	2014		100.0	%		7,986		—		—		7,986		100.0	%		—	%		—	%		100.0	%		100.0	%		1,037,059		129.86
2914 Third Avenue	Planet Fitness	2006		100.0	%		—		21,650		18,953		40,603		—	%		100.0	%		100.0	%		100.0	%		100.0	%		1,107,063		27.27
868 Broadway	Dr. Martens	2013		100.0	%		2,031		—		—		2,031		100.0	%		—	%		—	%		100.0	%		100.0	%		859,826		423.35
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, Citi Bank	2013		100.0	%		13,838		—		—		13,838		79.8	%		—	%		—	%		79.8	%		100.0	%		2,126,595		192.66
2520 Flatbush Avenue	Bob's Disc. Furniture, Capital One	2014		100.0	%		—		—		29,114		29,114		—	%		—	%		100.0	%		100.0	%		100.0	%		1,285,105		44.14
Williamsburg Collection 3	Sephora, SweetGreen, Levain Bakery	2022		100.0	%		50,842		—		—		50,842		100.0	%		—	%		—			100.0	%		100.0	%		5,493,534		108.05
991 Madison Avenue	Vera Wang, Gabriela Hearst	2016		100.0	%		7,512		—		—		7,512		91.1	%		—	%		—	%		91.1	%		100.0	%		3,273,278		478.06
Shops at Grand	Stop & Shop (Ahold), Starbucks	2014		100.0	%		—		52,336		47,501		99,837		—	%		100.0	%		80.6	%		90.8	%		100.0	%		3,269,643		36.07
Gotham Plaza	Bank of America, Footlocker, Apple Bank	2016		49.0	%		—		—		25,922		25,922		—	%		—	%		91.6	%		91.6	%		91.6	%		2,001,644		84.34
							171,293		86,950		136,314		394,557		86.7	%		100.0	%		91.6	%		91.4	%		98.6	%		36,636,250		101.63
Los Angeles Metro
8833 Beverly Blvd	Luxury Living	2022		97.0	%		9,757		—		—		9,757		100.0	%		—	%		—	%		100.0	%		100.0	%		1,311,046		134.37
Melrose Place Collection	The Row, Chloe, Oscar de la Renta	2019		100.0	%		14,000		—		—		14,000		100.0	%		—	%		—	%		100.0	%		100.0	%		3,072,642		219.47
							23,757		—		—		23,757		100.0	%		—	%		—	%		100.0	%		100.0	%		4,383,688		184.52
District of Columbia Metro
1739-53 & 1801-03 Connecticut Avenue	TD Bank	2012		100.0	%		20,669		—		—		20,669		60.9	%		—	%		—	%		60.9	%		60.9	%		771,854		61.30
14th Street Collection (3 properties)	Verizon	2021		100.0	%		19,461		—		—		19,461		100.0	%		—	%		—	%		100.0	%		100.0	%		1,439,369		73.96
Rhode Island Place Shopping Center	Ross Dress for Less	2012		100.0	%		—		25,134		32,533		57,667	-				100.0	%		88.5	%		93.5	%		93.5	%		1,877,065		34.81
M Street and Wisconsin Corridor (26 Properties) 4	Lululemon, Duxiana, Rag and	2011 2016 2019		25.2	%		246,793		—		—		246,793		87.3	%		—	%		—	%		87.3	%		91.1	%		14,633,052		67.95

Core Portfolio Retail Properties – Detail 1

Supplemental Report – September 30, 2023


		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
	Bone, Reformation, Glossier, Showfields, Alo Yoga
							286,923		25,134		32,533		344,590		86.2	%		100.0	%		88.5	%		87.4	%		90.2	%		18,721,339		62.13
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, Warby Parker, Tecovas	2022		100.0	%		89,751		31,635		—		121,386		80.6	%		100.0	%		—	%		85.6	%		93.6	%		4,137,698		39.81

Total Street and Urban Retail							1,065,685		143,719		252,913		1,462,317		85.5	%		100.0	%		90.9	%		87.9	%		91.3	%	$	90,012,301	$	70.05

Acadia Share Total Street and Urban Retail							876,571		143,719		239,693		1,259,982		85.3	%		100.0	%		90.9	%		88.0	%		91.3	%	$	78,022,359	$	70.36

SUBURBAN PROPERTIES
New Jersey
Elmwood Park Shopping Center	Walgreens, Lidl, Chase Bank, City MD	1998		100.0	%		—		43,531		100,438		143,969		—	%		100.0	%		73.0	%		81.2	%		96.9	%		3,241,858		27.74
Marketplace of Absecon	Walgreens, Dollar Tree	1998		100.0	%		—		46,724		57,832		104,556		—	%		100.0	%		85.9	%		92.2	%		92.2	%		1,489,313		15.44

New York
Village Commons Shopping Center	Citibank, Ace Hardware	1998		100.0	%		—		—		87,128		87,128		—	%		—	%		92.1	%		92.1	%		94.9	%		2,791,813		34.77
Branch Plaza	LA Fitness, The Fresh Market	1998		100.0	%		—		76,264		47,081		123,345		—	%		100.0	%		96.9	%		98.8	%		98.8	%		3,536,805		29.02
Amboy Center	Stop & Shop (Ahold)	2005		100.0	%		—		37,266		26,106		63,372		—	%		100.0	%		80.8	%		92.1	%		100.0	%		2,047,298		35.07
Crossroads Shopping Center	HomeGoods, PetSmart, BJ's Wholesale Club	1998		49.0	%		—		202,727		108,928		311,655		—	%		100.0	%		54.8	%		84.2	%		88.5	%		8,003,879		30.50
New Loudon Center	Price Chopper, Marshalls	1993		100.0	%		—		242,058		16,643		258,701		—	%		94.8	%		100.0	%		95.2	%		95.2	%		2,249,811		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	%		55.1	%		73.9	%		73.9	%		2,278,963		34.04

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	%		1,809,935		17.52

Massachusetts

Core Portfolio Retail Properties – Detail 1

Supplemental Report – September 30, 2023


		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
Methuen Shopping Center	Wal-Mart, Market Basket	1998		100.0	%		—		120,004		10,017		130,021		—	%		100.0	%		100.0	%		100.0	%		100.0	%		1,467,751		11.29
Crescent Plaza	Home Depot, Shaw's	1993		100.0	%		—		156,985		61,017		218,002		—	%		100.0	%		100.0	%		100.0	%		100.0	%		2,212,891		10.15
201 Needham Street	Michael's	2014		100.0	%		—		20,409		—		20,409		—	%		100.0	%		—	%		100.0	%		100.0	%		711,662		34.87
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), Starbucks	1999		100.0	%		—		73,184		29,670		102,854		—	%		100.0	%		88.6	%		96.7	%		96.7	%		2,190,988		22.03

Illinois
Hobson West Plaza	Garden Fresh Markets	1998		100.0	%		—		51,692		47,270		98,962		—	%		100.0	%		97.3	%		98.7	%		98.7	%		1,406,364		14.39

Indiana
Merrillville Plaza	Dollar Tree, TJ Maxx, DD's Discount (Ross)	1998		100.0	%		—		123,144		112,782		235,926		—	%		100.0	%		71.5	%		86.4	%		92.8	%		2,907,515		14.27

Michigan
Bloomfield Town Square	HomeGoods, TJ Maxx, Dick's Sporting Goods, Burlington	1998		100.0	%		—		153,332		81,619		234,951		—	%		100.0	%		98.2	%		99.4	%		99.4	%		4,301,042		18.42

Delaware
Town Center and Other (1 property)	Lowes, Dick's Sporting Goods, Target	2003		100.0	%		—		678,430		25,991		704,421		—	%		89.7	%		100.0	%		90.1	%		97.3	%		10,819,184		17.05
Market Square Shopping Center	Trader Joe's, TJ Maxx	2003		100.0	%		—		42,850		59,197		102,047		—	%		100.0	%		96.8	%		98.1	%		98.1	%		3,277,890		32.73
Naamans Road	Jared Jewelers, American Red Cross	2006		100.0	%		—		—		19,850		19,850		—	%		—	%		63.9	%		63.9	%		63.9	%		705,101		55.60

Pennsylvania
Mark Plaza	Kmart	1993		100.0	%		—		104,956		1,900		106,856		—	%		100.0	%		100.0	%		100.0	%		100.0	%		246,274		2.30
Plaza 422	Home Depot	1993		100.0	%		—		139,968		16,311		156,279		—	%		100.0	%		100.0	%		100.0	%		100.0	%		909,902		5.82
Chestnut Hill	—	2006		100.0	%		—		—		36,492		36,492		—	%		—	%		100.0	%		100.0	%		100.0	%		968,775		26.55
Abington Towne Center 6	Target, TJ Maxx	1998		100.0	%		—		184,616		32,255		216,871		—	%		100.0	%		100.0	%		100.0	%		100.0	%		1,290,926		21.79

Total Suburban Properties							—		2,836,148		1,074,065		3,910,213		—	%		97.1	%		83.8	%		93.4	%		96.2	%	$	64,353,014	$	18.93

Core Portfolio Retail Properties – Detail 1

Supplemental Report – September 30, 2023


		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
Acadia Share Total Suburban Properties					—		2,732,757		1,018,512		3,751,269		—	%		97.0	%		85.4	%		93.8	%		96.6	%	$	60,271,036	$	18.46

Total Core Properties					1,065,685		2,979,867		1,326,978		5,372,530		85.5	%		97.2	%		85.1	%		91.9	%		94.9	%	$	154,365,315	$	32.96

Acadia Share Total Core Properties					876,571		2,876,476		1,258,205		5,011,251		85.3	%		97.1	%		86.4	%		92.4	%		95.3	%	$	138,293,395	$	31.62

__________

Excludes properties under development, redevelopment and pre-stabilized, see Development and Redevelopment Activity page of this Supplemental Report. The above in place occupancy and rent amounts only include spaces where leases have commenced. Leased occupancy includes spaces for which leases have been signed and not yet commenced. ABR and ABR per square foot correlates to in place occupancy.

Represents the annual base rent paid to Acadia pursuant to a master lessee and does not reflect the rent paid by the retail tenants at the property.

The Company’s stated legal ownership is 49.99%. However, given the preferences embedded in its interests, the Company did not attribute any value to the 50.01% non-controlling interest holders.

Excludes 94,000 square feet of office GLA.

Anchor GLA includes a 97,300 square foot Wal-Mart store which is not owned by the Company. This square footage has been excluded for calculating annualized base rent per square foot.

Anchor GLA includes a 157,616 square foot Target store which is not owned by the Company. This square footage has been excluded for calculating annualized base rent per square foot.

Core Portfolio – Top Tenants 1

Supplemental Report – September 30, 2023

(Pro-Rata Basis)


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

Target		3		408,895	$	8,323,009		6.9	%		5.4	%
Royal Ahold 2		3		155,461		3,637,677		2.6	%		2.4	%
TJX Companies 3		9		252,043		3,016,565		4.3	%		2.0	%
Walgreens		4		68,393		2,887,312		1.2	%		1.9	%
Verizon		2		26,054		2,835,865		0.4	%		1.9	%
PetSmart, Inc.		4		76,257		2,760,241		1.3	%		1.8	%
Lululemon		2		7,533		2,620,677		0.1	%		1.7	%
Trader Joe's		3		40,862		2,499,318		0.7	%		1.6	%
Fast Retailing 4		2		32,013		2,430,936		0.5	%		1.6	%
Alo Yoga		2		22,566		2,391,048		0.4	%		1.6	%
Supervalu Inc. 5		2		123,409		1,980,640		2.1	%		1.3	%
Bob's Discount Furniture		2		68,793		1,941,185		1.2	%		1.3	%
Tapestry 6		2		4,250		1,747,105		0.1	%		1.1	%
Watches of Switzerland 7		2		13,863		1,705,322		0.2	%		1.1	%
Ulta Salon Cosmetic & Fragrance		3		31,497		1,550,757		0.5	%		1.0	%
Dick's Sporting Goods, Inc		2		98,805		1,544,276		1.7	%		1.0	%
Gap 8		2		37,895		1,363,165		0.6	%		0.9	%
Citibank		4		16,160		1,337,924		0.3	%		0.9	%
The Home Depot		2		187,914		1,307,040		3.2	%		0.9	%
TD Bank		2		14,700		1,285,992		0.2	%		0.8	%
TOTAL		57		1,687,363	$	49,166,054		28.5	%		32.2	%

__________

In accordance with the Company's policy of not disclosing the terms of individual leases, this list does not include tenants that operate at only one Acadia Core location. The following tenants with single locations that would otherwise be included in our top 20 tenants are: Lowe's (Brandywine), Kohl's (28 Jericho), Bang & Olufsen (Soho), Nordstrom Rack (State and Washington), H&M (840 N. Michigan) and Vera Wang (991 Madison).

Stop and Shop (3 locations)

TJ Maxx (6 locations), HomeGoods (2 locations), Marshalls (1 location)

Uniqlo (1 location), Theory (1 location)

Shaw’s (2 locations)

Kate Spade (2 locations)

Grand Seiko (1 location), Betteridge Jewelers (1 location)

Old Navy (2 locations)

Core Portfolio – Lease Expirations

Supplemental Report – September 30, 2023

(Pro-Rata Basis)


	Street Tenants												Anchor Tenants
			GLA					ABR							GLA					ABR
	Leases		Expiring		Percent					Percent			Leases		Expiring		Percent					Percent
Year	Expiring		SF		of Total			PSF		of Total			Expiring		SF		of Total			PSF		of Total
M to M 1		2		2,265		0.3	%	$	15.89		0.1	%		—		—		—	%	$	—		—	%
2023 (remainder)		8		18,609		2.5	%		73.43		2.1	%		4		95,734		3.8	%		15.63		3.9	%
2024		22		62,027		8.3	%		72.00		6.8	%		14		510,077		20.1	%		12.93		17.2	%
2025		24		101,272		13.6	%		106.11		16.4	%		9		376,598		14.8	%		19.14		18.7	%
2026		29		73,897		9.9	%		142.71		16.1	%		9		404,089		15.9	%		9.94		10.5	%
2027		15		26,791		3.6	%		145.39		5.9	%		5		155,675		6.1	%		21.38		8.7	%
2028		17		191,553		25.6	%		62.98		18.4	%		9		465,514		18.3	%		11.66		14.1	%
2029		14		41,663		5.6	%		89.30		5.7	%		3		99,988		3.9	%		16.98		4.4	%
2030		8		63,747		8.5	%		62.13		6.0	%		—		—		—	%		—		—	%
2031		7		41,177		5.5	%		79.88		5.0	%		2		50,566		2.0	%		16.97		2.2	%
2032		18		59,042		7.9	%		107.74		9.7	%		2		62,382		2.5	%		12.53		2.0	%
Thereafter		16		65,334		8.7	%		77.30		7.7	%		7		318,547		12.5	%		22.07		18.3	%
Total		180		747,377		100.0	%	$	87.64		100.0	%		64		2,539,170		100.0	%	$	15.14		100.0	%

Anchor GLA Owned by Tenants				—												254,916
Total Vacant 2				129,194												82,390
Total Square Feet 2				876,571												2,876,476

	Shop Tenants												Total Tenants
			GLA					ABR							GLA					ABR
	Leases		Expiring		Percent					Percent			Leases		Expiring		Percent					Percent
Year	Expiring		SF		of Total			PSF		of Total			Expiring		SF		of Total			PSF		of Total
M to M 1		—		—		—	%	$	—		—	%		2		2,265		0.1	%	$	15.89		—	%
2023 (remainder)		14		58,074		5.3	%		24.02		4.1	%		26		172,417		3.9	%		24.69		3.1	%
2024		33		153,801		14.1	%		25.40		11.4	%		69		725,905		16.6	%		20.62		10.8	%
2025		34		109,521		10.1	%		29.40		9.4	%		67		587,391		13.4	%		36.04		15.3	%
2026		40		143,874		13.2	%		26.06		10.9	%		78		621,859		14.2	%		29.45		13.2	%
2027		37		151,975		14.0	%		33.32		14.7	%		57		334,441		7.6	%		36.74		8.9	%
2028		33		119,727		11.0	%		41.47		14.5	%		59		776,794		17.8	%		28.91		16.2	%
2029		14		33,108		3.0	%		29.26		2.8	%		31		174,759		4.0	%		36.55		4.6	%
2030		11		31,912		2.9	%		35.90		3.3	%		19		95,659		2.2	%		53.38		3.7	%
2031		14		74,555		6.9	%		30.29		6.6	%		23		166,298		3.8	%		38.52		4.6	%
2032		26		99,384		9.1	%		32.93		9.5	%		46		220,808		5.0	%		47.17		7.5	%
Thereafter		25		111,420		10.2	%		39.54		12.8	%		48		495,301		11.3	%		33.29		11.9	%
Total		281		1,087,350		100.0	%	$	31.59		100.0	%		525		4,373,897		100.0	%	$	31.62		100.0	%

Anchor GLA Owned by Tenants				—												254,916
Total Vacant 2				170,855												382,438
Total Square Feet 2				1,258,205												5,011,251

_________

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

2. Totals may not foot due to rounding.

Amounts

Core Portfolio – New and Renewal Rent Spreads 1

Supplemental Report – September 30, 2023


	Quarter Ended																		Year to Date
	March 31, 2023						June 30, 2023						September 30, 2023						September 30, 2023
	GAAP 2			Cash 3			GAAP 2			Cash 3			GAAP 2			Cash 3			GAAP 2			Cash 3
New Leases
Number of new leases executed		1			1			1			1			5			5			7			7
GLA		2,360			2,360			13,496			13,496			18,037			18,037			33,893			33,893
New base rent	$	50.09		$	46.00		$	18.72		$	17.62		$	258.00		$	235.93		$	148.24		$	135.78
Previous base rent	$	31.94		$	32.85		$	15.56		$	15.56		$	155.16		$	157.04		$	90.99		$	92.06
Average cost per square foot	$	16.57		$	16.57		$	39.50		$	39.50		$	282.38		$	282.38		$	167.16		$	167.16
Weighted Average Lease Term (years)		10.0			10.0			10.0			10.0			10.5			10.5			10.3			10.3
Percentage growth in base rent		56.8	%		40.0	%		20.3	%		13.2	%		66.3	%		50.2	%		62.9	%		47.5	%

Renewal Leases
Number of renewal leases executed		16			16			18			18			12			12			46			46
GLA		52,191			52,191			220,867			220,867			67,862			67,862			340,920			340,920
New base rent	$	32.10		$	30.78		$	22.32		$	21.77		$	41.74		$	41.46		$	27.68		$	27.07
Expiring base rent	$	26.66		$	28.42		$	18.35		$	19.25		$	37.93		$	38.67		$	23.52		$	24.52
Average cost per square foot	$	1.91		$	1.91		$	2.73		$	2.73		$	0.88		$	0.88		$	2.24		$	2.24
Weighted Average Lease Term (years)		4.6			4.6			6.8			6.8			5.8			5.8			6.3			6.3
Percentage growth in base rent		20.4	%		8.3	%		21.6	%		13.1	%		10.0	%		7.2	%		17.7	%		10.4	%

Total New and Renewal Leases
Number of new and renewal leases executed		17			17			19			19			17			17			53			53
GLA commencing		54,551			54,551			234,363			234,363			85,899			85,899			374,813			374,813
New base rent	$	32.88		$	31.44		$	22.11		$	21.53		$	87.15		$	82.29		$	38.58		$	36.90
Expiring base rent	$	26.89		$	28.61		$	18.19		$	19.04		$	62.55		$	63.53		$	29.62		$	30.63
Average cost per square foot	$	2.54		$	2.54		$	4.85		$	4.85		$	59.99		$	59.99		$	17.15		$	17.15
Weighted Average Lease Term (years)		4.8			4.8			7.0			7.0			6.8			6.8			6.6			6.6
Percentage growth in base rent		22.3	%		9.9	%		21.6	%		13.1	%		39.3	%		29.5	%		30.3	%		20.5	%

__________

Based on lease execution dates. Does not include leased square footage and costs related to first generation space and the Company's construction and/or redevelopment projects (see Development and Redevelopment Activity page of this Supplemental Report) in both new and renewal leases. Renewal leases include exercised options.

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

Rents have not been calculated on a straight-line basis. Previous/expiring rent is that as of time of expiration and includes any percentage rent paid as well. New rent is that which is paid at commencement.

Core Portfolio – Capital Expenditures

Supplemental Report – September 30, 2023



	Quarter Ended						Year to Date
	March 31, 2023		June 30, 2023		September 30, 2023		September 30, 2023		December 31, 2022
Leasing Commissions	$	1,507	$	1,035	$	1,191	$	3,733	$	3,459
Tenant Improvements		4,805		1,053		3,028		8,886		14,651
Maintenance Capital Expenditures		690		1,977		4,517		7,184		8,331
Total Capital Expenditures	$	7,002	$	4,065	$	8,736	$	19,803	$	26,441

Fund Overview

Supplemental Report – September 30, 2023


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	$		559.4	Million	$		448.1	Million	$		488.1	Million	$		387.0	Million	$		1,969.2	Million
Cumulative Net Distributions 3	$		195.4	Million	$		172.9	Million	$		603.5	Million	$		221.4	Million	$		103.3	Million	$		1,296.5	Million
Net Distributions/Contributions			225.6	%			30.9	%			134.7	%			45.4	%			26.7	%			65.8	%
Unfunded Commitment 4	$		0.0	Million	$		0.0	Million	$		1.9	Million	$		41.9	Million	$		133.0	Million	$		176.8	Million
Acquisition Dry Powder 5		N/A				N/A				N/A				N/A			$	70 - 80		Million	$	70 - 80		Million
Investment Period Closes		Closed				Closed				Closed				Closed				Closed
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

Fund Overview

Supplemental Report – September 30, 2023

_________

Acadia's "Promoted Share" reflects Acadia's share of fund profits once all partners (including Acadia) have received a return of their cumulative contributions plus their cumulative preferred return. Acadia's Promoted Share equals a 20% promote plus Acadia's pro-rata share of the remaining 80%.

With regard to Fund II, the additional contributions over original Fund Size reflects prior-period distributions that were re-contributed to the Fund during 2016, 2020, 2021 and 2022 to fund the on-going redevelopment of existing Fund II investments. The $472 million reflects an incremental $172 million of capital contributed in connection with the City Point recapitalization. Fund II contains one remaining investment, City Point. During the second quarter 2022, the Company increased its ownership in Fund II and Mervyn's II from 28% to 40%. Additionally, during the third quarter 2022, the Company increased its ownership in Fund II from 40% to 61.7%. During the first quarter 2023, Mervyns II distributed the Albertsons shares to its investors upon expiration of the lock-up agreement. During the third quarter 2023, the Company sold 100,000 shares of Albertsons at $23.74 per share. The Company now directly owns 1.5 million Albertsons shares.

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

Unfunded Commitments are set aside to complete leasing and development at existing fund investments and to make new Fund V investments. The Unfunded Commitment will not equal Fund Size less Cumulative Contributions in those instances where certain fund distributions have been marked as recallable or where the fund has released commitments due to, among other reasons, the closing of the fund's investment period or accelerated asset sales.

Unfunded Commitments available to deploy into new unidentified investments.

Implied Capital is Fund Size less capital attributed to sold investments or released. Post-investment period, Fund IV Implied Capital also excludes $41.9 million of general reserves.

Implied Capital is Fund Size less capital attributed to sold investments or released. Allocated Capital Commitments are computed as the Fund Size less Acquisition Dry Powder.

Fund Portfolio Retail Properties – Detail 1

Supplemental Report – September 30, 2023


		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, Trader Joe's	2007		94.2	%		—		330,448		205,750		536,198		—	%		96.0	%		28.4	%		70.0	%		83.9	%	$	15,360,807	$	40.91

Total - Fund II							—		330,448		205,750		536,198		—	%		96.0	%		28.4	%		70.0	%		83.9	%	$	15,360,807	$	40.91

Fund III Portfolio Detail

NEW YORK
New York
640 Broadway	Swatch	2012		100.0	%		4,637		—		—		4,637		91.6	%		—	%		—	%		91.6	%		91.6	%	$	1,105,990	$	260.42
Total - Fund III							4,637		—		—		4,637		91.6	%		—	%		—	%		91.6	%		91.6	%	$	1,105,990	$	260.42

Fund IV Portfolio Detail

NEW YORK
New York
801 Madison Avenue	─	2015		100.0	%		2,522		—		—		2,522		—	%		—	%		—	%		—	%		—	%	$	—	$	—
210 Bowery	─	2012		100.0	%		2,538		—		—		2,538		—	%		—	%		—	%		—	%		—	%		—		—
27 East 61st Street	─	2014		100.0	%		4,177		—		—		4,177		—	%		—	%		—	%		—	%		—	%		—		—
17 East 71st Street	The Row	2014		100.0	%		8,432		—		—		8,432		100.0	%		—	%		—	%		100.0	%		100.0	%		2,055,281		243.75
1035 Third Avenue 3	─	2015		100.0	%		7,634		—		—		7,634		100.0	%		—	%		—	%		100.0	%		100.0	%		1,180,492		154.64

New Jersey
Paramus Plaza	Marshalls, Hobby Lobby, Skechers	2013		50.0	%		—		87,539		65,955		153,494		—	%		100.0	%		100.0	%		100.0	%		100.0	%		3,262,289		21.25

BOSTON
Massachusetts
Restaurants at Fort Point	─	2016		100.0	%		15,711		—		—		15,711		100.0	%		—	%		—	%		100.0	%		100.0	%		1,072,232		68.25

NORTHEAST
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	%		85.3	%		85.3	%		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	%		79.1	%		89.7	%		97.0	%		3,191,292		15.53

SOUTHEAST
Georgia
Broughton Street Portfolio (13 properties)	H&M, Lululemon, Kendra Scott, Starbucks	2014		100.0	%		95,201		—		—		95,201		91.7	%		—	%		—	%		91.7	%		91.7	%		3,245,385		37.17

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	%		654,290		117.57

Total - Fund IV							153,514		258,542		284,571		696,627		81.2	%		100.0	%		83.4	%		89.1	%		91.5	%	$	16,713,932	$	26.93

Fund Portfolio Retail Properties – Detail 1

Supplemental Report – September 30, 2023


		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 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	%		78.0	%		93.1	%		95.7	%	$	3,960,239	$	18.97

Texas
Wood Ridge Plaza	Kirkland's, Office Depot	2022		90.0	%		—		—		211,617		211,617		—	%		—	%		80.6	%		80.6	%		90.8	%		3,886,100		22.80
La Frontera Plaza	Kohl's, Hobby Lobby, Burlington, Marshalls	2022		90.0	%		—		203,500		330,930		534,430		—	%		85.0	%		88.5	%		87.2	%		88.9	%		6,710,579		14.40

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	%		2,363,758		12.41
Fairlane Green	TJ Maxx, Michaels, Burlington	2017		100.0	%		—		109,952		160,235		270,187		—	%		100.0	%		91.9	%		95.2	%		100.0	%		5,073,502		19.72

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	%		90.2	%		94.8	%		94.8	%		7,968,699		15.83

Connecticut
Tri-City Plaza	TJ Maxx, HomeGoods, ShopRite	2019		90.0	%		—		129,940		172,790		302,730		—	%		100.0	%		81.8	%		89.6	%		89.6	%		3,831,545		14.12

New Jersey
Midstate	ShopRite, Best Buy, DSW, PetSmart	2021		100.0	%		—		253,779		131,337		385,116		—	%		90.5	%		71.3	%		84.0	%		93.6	%		6,413,410		19.83

New York
Shoppes at South Hills	ShopRite, At Home, Ashley Furniture	2022		90.0	%		—		416,804		95,414		512,218		—	%		80.7	%		47.8	%		74.6	%		74.6	%		4,538,970		11.88
Mohawk Commons	Lowe's, Target	2023		90.0	%		—		330,874		68,464		399,338		—	%		100.0	%		89.9	%		98.3	%		98.3	%		5,539,886		14.12

Pennsylvania
Monroe Marketplace	Kohl's, Dick's Sporting Goods, Giant Food	2021		100.0	%		—		262,257		108,276		370,533		—	%		100.0	%		100.0	%		100.0	%		100.0	%		4,250,625		11.47

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	%		5,542,450		13.63

SOUTHEAST
Virginia
Landstown Commons	Best Buy, Burlington Coat Factory, Ross Dress for Less	2019		100.0	%		—		87,883		292,316		380,199		—	%		100.0	%		86.9	%		89.9	%		96.3	%		7,114,532		20.80

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	%		3,519,333		21.14
Cypress Creek Town Center	Hobby Lobby, Burlington Coat, Total Wine, Homegoods	2023		100.0	%		—		139,522		100,134		239,656		—	%		100.0	%		96.5	%		98.5	%		98.5	%		4,900,662		20.75

North Carolina
Hickory Ridge	Kohl's, Best Buy, Dick's Sporting Goods	2017		100.0	%		—		266,584		113,981		380,565		—	%		100.0	%		97.5	%		99.3	%		99.3	%		4,741,198		12.55

Fund Portfolio Retail Properties – Detail 1

Supplemental Report – September 30, 2023


		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


Alabama
Trussville Promenade	Wal-Mart, Regal Cinemas	2018		100.0	%		—		366,010		97,671		463,681		—	%		100.0	%		76.9	%		95.1	%		95.1	%		4,197,184		9.51

Georgia
Canton Marketplace	Dick's Sporting Goods, TJ Maxx, Best Buy	2021		100.0	%		—		132,569		219,419		351,988		—	%		100.0	%		91.8	%		94.9	%		96.1	%		5,905,833		17.68
Hiram Pavilion	Kohl's, HomeGoods	2018		100.0	%		—		209,423		153,252		362,675		—	%		100.0	%		98.6	%		99.4	%		100.0	%		4,639,638		12.87

WEST
California
Elk Grove Commons	Kohl's, HomeGoods	2018		100.0	%		—		132,489		109,589		242,078		—	%		100.0	%		100.0	%		100.0	%		100.0	%		5,307,231		21.92

Utah
Family Center at Riverdale	Target, Home Goods, Best Buy, Sierra Trading (TJX)	2019		89.4	%		—		231,673		140,802		372,475		—	%		100.0	%		94.5	%		97.9	%		97.9	%		4,006,667		10.98

Total - Fund V							—		4,092,330		3,266,474		7,358,804		—	%		96.7	%		87.3	%		92.5	%		94.1	%	$	104,412,039	$	15.34

TOTAL FUND PROPERTIES							158,151		4,681,320		3,756,795		8,596,266		81.5	%		96.8	%		83.7	%		90.8	%		93.3	%	$	137,592,768	$	17.62

Acadia Share of Total Fund Properties							36,465		1,030,812		805,181		1,872,458		81.5	%		96.8	%		78.2	%		88.5	%		92.3	%	$	32,858,063	$	19.82

__________

Excludes properties under development, see Development and Redevelopment Activity page of this Supplemental Report. The above in place occupancy and rent amounts only include spaces where leases have commenced. Leased occupancy includes spaces for which leases have been signed and not yet commenced. ABR and ABR per square foot correlates to in place occupancy.

In place occupancy excludes short-term percentage rent.

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

Fund Lease Expirations

Supplemental Report – September 30, 2023

(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 (remainder)		—		—		—	%		—		—		—	%		1		160		15.3	%		64,426		403.90		23.7	%
2024		—		—		—	%		—		—		—	%		—		—		—	%		—		—		—	%
2025		1		1,426		0.7	%		159,739		112.00		1.8	%		—		—		—	%		—		—		—	%
2026		—		—		—	%		—		—		—	%		—		—		—	%		—		—		—	%
2027		3		15,292		7.0	%		1,155,166		75.54		12.9	%		—		—		—	%		—		—		—	%
2028		1		552		0.3	%		107,618		195.00		1.2	%		1		306		29.4	%		73,995		241.80		27.3	%
2029		1		580		0.3	%		86,965		150.00		1.0	%		—		—		—	%		—		—		—	%
2030		—		—		—	%		—		—		—	%		1		177		17.0	%		42,148		238.21		15.5	%
2031		—		—		—	%		—		—		—	%		1		226		21.7	%		55,503		245.31		20.5	%
2032		4		78,364		35.9	%		1,189,550		15.18		13.3	%		1		173		16.6	%		35,338		203.68		13.0	%
Thereafter		5		121,914		55.9	%		6,224,536		51.06		69.8	%		—		—		—	%		—		—		—	%
Total		15		218,128		100.0	%	$	8,923,575	$	40.91		100.0	%		5		1,042		100.0	%	$	271,410	$	260.42		100.0	%

				93,367	Total Vacant 2													96	Total Vacant 2
				311,494	Total Square Feet 2													1,138	Total Square Feet 2


	FUND IV														FUND V
			GLA							ABR							GLA							ABR
	Leases		Expiring		Percent							Percent			Leases		Expiring		Percent							Percent
Year	Expiring		SF		of Total			Amount		PSF		of Total			Expiring		SF		of Total			Amount		PSF		of Total
M to M 1		—		—		—	%	$	—	$	—		—	%		3		1,632		0.1	%	$	29,244	$	17.92		0.1	%
2023 (remainder)		1		274		0.2	%		5,457		19.95		0.2	%		27		15,390		1.2	%		376,714		24.48		1.9	%
2024		5		16,540		13.6	%		352,450		21.31		10.3	%		96		195,918		14.9	%		3,029,430		15.46		15.0	%
2025		6		2,130		1.7	%		480,665		225.67		14.1	%		93		240,492		18.3	%		3,293,247		13.69		16.3	%
2026		13		18,498		15.2	%		496,404		26.84		14.5	%		85		111,909		8.5	%		2,224,494		19.88		11.0	%
2027		11		8,297		6.8	%		224,849		27.10		6.6	%		82		189,872		14.4	%		2,451,312		12.91		12.1	%
2028		8		5,735		4.7	%		174,622		30.45		5.1	%		65		139,553		10.6	%		2,546,154		18.25		12.6	%
2029		4		15,687		12.9	%		322,179		20.54		9.4	%		36		83,139		6.3	%		1,114,087		13.40		5.5	%
2030		1		346		0.3	%		16,278		47.00		0.5	%		33		80,925		6.1	%		1,172,735		14.49		5.8	%
2031		8		14,337		11.8	%		368,055		25.67		10.8	%		30		73,909		5.6	%		1,068,471		14.46		5.3	%
2032		7		25,565		21.0	%		610,736		23.89		17.9	%		35		80,850		6.1	%		1,270,270		15.71		6.3	%
Thereafter		7		14,376		11.8	%		362,531		25.22		10.6	%		39		103,075		7.8	%		1,672,694		16.23		8.3	%
Total		71		121,784		100.0	%	$	3,414,226	$	28.04		100.0	%		624		1,316,665		100.0	%	$	20,248,852	$	15.38		100.0	%

				16,916	Total Vacant 2													104,462	Total Vacant 2
				138,700	Total Square Feet 2													1,421,127	Total Square Feet 2

__________

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

2. Totals may not foot due to rounding.

Development and Redevelopment Activity

Supplemental Report – September 30, 2023


						Acadia's Pro-rata Share
Property	AKR Pro-rata share	Location	Estimated Stabilization	Est. Sq ft Upon Completion		Costs prior to development / redevelopment		Incurred costs since development / redevelopment		Total Costs to Date		Estimated Future Range					Estimated Total Range
CORE

Development:
Henderson - Development 1 & 2	100.0%	Dallas, TX	TBD		160,000	$	9.6	$	6.0	$	15.6	TBD		-	TBD		TBD		-	TBD

Major Redevelopment:
City Center	100.0%	San Francisco, CA	2024		241,000		155.0		51.3		206.3		3.7	-		6.7		210.0	-		213.0
555 9th Street	100.0%	San Francisco, CA	TBD		149,000		141.7		3.2		144.9		21.8	-		31.8		166.7	-		176.7
651-671 West Diversey	100.0%	Chicago, IL	TBD		46,000		29.1		0.4		29.5	TBD		-	TBD		TBD		-	TBD
Route 6 Mall	100.0%	Honesdale, PA	TBD	TBD			14.8		4.4		19.2		1.6	-		4.6		20.8	-		23.8
Mad River	100.0%	Dayton, OH	TBD	TBD			14.3		0.3		14.6		1.6	-		2.0		16.2	-		16.6
840 N. Michigan Avenue	88.4%	Chicago, IL	TBD		87,000		146.5		—		146.5	TBD		-	TBD		TBD		-	TBD
664 N. Michigan Avenue	100.0%	Chicago, IL	TBD		18,000		87.2		—		87.2	TBD		-	TBD		TBD		-	TBD
Brandywine Holdings	100.0%	Wilmington, DE	TBD		96,000		24.0		—		24.0	TBD		-	TBD		TBD		-	TBD
Total Core Redevelopment						$	612.6	$	59.6	$	672.2	$	28.7		$	45.1	$	413.7		$	430.1

Total Core Development and Redevelopment						$	622.2	$	65.6	$	687.8	$	28.7		$	45.1	$	413.7		$	430.1

FUNDS

Development:
FUND III
Broad Hollow Commons	24.5%	Farmingdale, NY	TBD	TBD		$	3.0	$	3.9	$	6.9	TBD		-	TBD		TBD		-	TBD

Major Redevelopment:
FUND IV
717 N. Michigan Avenue	23.1%	Chicago, IL	TBD	TBD			26.9		0.3		27.2	TBD		-	TBD		TBD		-	TBD
Total Funds Development and Major Redevelopment						$	29.9	$	4.2	$	34.1	$	—		$	—	$	—		$	—

Total Core and Funds Development and Major Redevelopment						$	652.1	$	69.8	$	721.9	$	28.7		$	45.1	$	413.7		$	430.1

Pre-Stabilized:
1238 Wisconsin (Core)	80.0%	Washington DC	2024		8,149
City Point (Fund II)	61.7%	Brooklyn, NY	2025/2026		536,198
640 Broadway (Fund III)	24.5%	New York, NY	2024/2025		4,637
210 Bowery (Fund IV)	23.1%	New York, NY	2024/2025		2,538
801 Madison (Fund IV)	23.1%	New York, NY	2024/2025		2,522
27 E 61st Street (Fund IV)	23.1%	New York, NY	2024/2025		4,177
146 Geary Street (Fund IV)	23.1%	San Francisco, CA	N/A		10,151
1035 Third Avenue (Fund IV)	23.1%	New York, NY	2024		7,634

Important Notes

Supplemental Report – September 30, 2023

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) incidental to its main business, including those related to its RCP investments such as Albertsons in FFO.

The Company also provides another supplemental disclosure of operating performance, adjusted funds from operations (“AFFO”). The Company defines AFFO as FFO adjusted for straight line rent, non-real estate depreciation, stock-based compensation, amortization of finance costs and costs of management contracts, tenant improvements, leasing commissions and capital expenditures.

The Company may also provide from time to time another supplemental disclosure of operating performance, FFO Before Special Items. The Company defines FFO Before Special Items as FFO adjusted for certain unusual items including (i) charges, income and gains that management believes are not comparable and indicative of the results of the Company’s operating real estate portfolio; (ii) the impact of the unrealized holding gains (losses) incidental to its main business, including those related to its RCP investments such as Albertsons and (iii) any realized income or gains from the Company’s investment in Albertsons.

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.