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): April 29, 2024

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 April 29, 2024, Acadia Realty Trust (the “Company”) issued a press release announcing its consolidated financial results for the quarter ended March 31, 2024. A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1 and incorporated herein by reference.

On the same day, the Company made available supplemental reporting information regarding the financial results, operations and portfolio of the Company as of and for the quarter ended March 31, 2024. 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 April 29, 2024
99.2	Supplemental Reporting Information as of and for the quarter ended March 31, 2024
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
April 29, 2024	Title:	Executive Vice President and Chief Financial Officer

EX-99.1

Exhibit 99.1

Jennifer Han

(914) 288-8100

ACADIA REALTY TRUST REPORTS FIRST QUARTER OPERATING RESULTS

•

GAAP Net Earnings of $0.03

•

FFO Before Special Items of $0.33

•

Same-Property NOI Growth of 5.7% Driven by the Street Portfolio

•

Street Rent Spreads of 37% (16% Overall Core Portfolio)

RYE, NY (April 29, 2024) - Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”) today reported operating results for the quarter ended March 31, 2024. For the quarter ended March 31, 2024, net earnings per share was $0.03. 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 retail corridors, along with a fund business ("Funds") that targets opportunistic and value-add investments.

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

   

    “Once again, we delivered same-property NOI growth in excess of 5% which we have achieved for the past twelve quarters. With the ongoing rebound playing out in the nation's must-have street retail corridors, we are well poised for above trend multi-year internal growth. Additionally, we are in active discussions on several exciting and actionable investment opportunities. Through the equity raise completed during the quarter along with the extension and expansion of our corporate facility, our balance sheet positions us well to go on offense."

   

first Quarter and recent Highlights

•

NAREIT FFO per share of $0.28 and FFO Before Special Items per share of $0.33

•

Reaffirmed 2024 guidance for FFO Before Special Items

•

Same-property NOI growth was 5.7% for the first quarter driven by the Street Portfolio

•

New Core GAAP and cash rent spreads of 34% and 16%, respectively, for the first quarter, driven by a 37% cash spread on a Street lease in Washington, D.C.

•

Core Signed Not Open ("SNO") Pipeline (excluding redevelopments) increased to $7.7 million of annual base rents at March 31, 2024 (compared to $7.0 million at December 31, 2023), representing approximately 5.5% of in-place rents

•

Balance Sheet:

Post quarter-end, the Company completed an extension and expansion of its unsecured credit facility at existing credit spreads

No significant Core debt maturities until 2028, along with interest rate swap protection until mid-2027

1

Improved its Core Net Debt-to-EBITDA by 0.6x during the quarter

FINANCIAL RESULTS

A complete reconciliation, in dollars and per share amounts, of (i) net income attributable to Acadia to FFO (as defined by NAREIT and Before Special Items) attributable to common shareholders and common OP Unit holders and (ii) operating income to NOI is included in the financial tables of this release. Amounts discussed below are net of noncontrolling interests and all per share amounts are on a fully-diluted basis.

    Net Income
•Net income for the quarter ended March 31, 2024 was $3.0 million, or $0.03 per share.
•This compares with net income of $13.1 million, or $0.14 per share for the quarter ended March 31, 2023.
 
NAREIT FFO
•NAREIT FFO for the quarter ended March 31, 2024 was $31.0 million, or $0.28 per share.
•This compares with NAREIT FFO of $40.7 million, or $0.40 per share, for the quarter ended March 31, 2023.
 
FFO Before Special Items
•FFO Before Special Items for the quarter ended March 31, 2024 was $37.0 million, or $0.33 per share, which includes $4.0 million, or $0.04 per share, of realized investment gains (175,000 shares of Albertsons' stock sold at an average price of $22.86 per share). 
•This compares with FFO Before Special Items of $40.7 million, or $0.40 per share for the quarter ended March 31, 2023.
Amounts reflected in the above Net Income, NAREIT FFO and FFO Before Special Items include $0.11 per share for the quarter ended March 31, 2023 from the receipt of Acadia's share of the Albertsons Special Dividend and $0.03 per share for the quarter ended March 31, 2024 from a previously anticipated payment related to a terminated disposition. 
 

   

2

CORE PORTFOLIO PERFORMANCE

    Same-Property NOI
•Same-property NOI growth, excluding redevelopments, increased 5.7% for the first quarter, driven by the Street Portfolio. 
Leasing and Occupancy Update
•For the quarter ended March 31, 2024, conforming GAAP and cash leasing spreads on new leases were 34% and 16%, respectively, driven by a 37% cash spread in Washington, D.C.
•As of March 31, 2024, the Core Portfolio was 94.4% leased and 91.8% occupied compared to 95.0% leased and 93.0% occupied as of December 31, 2023. Approximately 70 bps of the decline in occupancy was due to the expiration of a locally operated anchor in a suburban shopping center. The leased rate includes space that is leased but not yet occupied and excludes development and redevelopment properties.
•Core SNO (excluding redevelopments) increased to $7.7 million of annual base rents at March 31, 2024 (compared to $7.0 million at December 31, 2023), representing approximately 5.5% of in-place rents. 

   

BALANCE SHEET

•

Extension and Expansion of $750 Million Unsecured Credit Facility: Completed in April 2024, the new four-year term extends the maturity to 2028 (with two additional six-month extension options to 2029). The facility was oversubscribed and maintained the pricing spread and improved its financial covenant package.

•

No Significant Core Debt Maturities until 2028: 4.1%, 5.9%, and 5.8% of Core debt maturing in 2024, 2025 and 2026, respectively, after giving effect for the credit facility recast.

•

Limited Interest Rate Exposure: $845 million of Core notional swap agreements with various maturities through 2030 provide the Company with virtually no base interest rate exposure within its Core Portfolio until 2027.

•

Debt-to-EBITDA Metrics Improved: Core Net Debt-to-EBITDA declined to 6.1x at March 31, 2024 from 6.7x at December 31, 2023. Refer to the first quarter 2024 supplemental information package for reconciliations and details on ratios.

•

Equity Issuance Activity: Issued approximately 7 million shares for net proceeds of approximately $115 million.

TRANSACTIONAL ACTIVITY

•

The Company is under contract to sell one of its Core suburban assets for a gross purchase price of approximately $50 million to an institutional investor. The Company

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anticipates closing in the second quarter of 2024. Acadia expects to retain a 5% ownership interest along with continued management responsibilities, entitling it to earn customary fees in addition to a promoted interest. The Company and the institutional partner intend to pursue additional retail investment opportunities.

•

In addition, the Company has one asset under agreement for purchase that it intends to fund through its institutional relationships.

•

2207 & 2208-2216 Fillmore, San Francisco, California. In April 2024, Fund IV completed the disposition of 2207 & 2208-2216 Fillmore, two street retail assets, for $14.1 million and repaid the mortgage of $6.4 million.

The above-mentioned property transactions are subject to customary closing conditions and market uncertainty. No assurance can be given that the Company will successfully close on any of these transactions.

CONFERENCE CALL

Management will conduct a conference call on Tuesday, April 30, 2024 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, April 30, 2024
Time:	11:00 AM ET
Participant call:	First Quarter 2024 Dial-In
Participant webcast:	First Quarter 2024 Webcast
Webcast Listen-only and Replay:	www.acadiarealty.com/investors under Investors, Presentations & Events

The Company uses, and intends to use, the Investors page of its website, which can be found at https://www.acadiarealty.com/investors, 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 and certain portfolio updates. Additionally, the Company also uses its LinkedIn profile to communicate with its investors and the public. Accordingly, investors are encouraged to monitor the Investors page of the Company's website and its LinkedIn profile, in addition to following the Company’s press releases, SEC filings, public conference calls, presentations and webcasts.

About Acadia Realty Trust

Acadia Realty Trust is an equity real estate investment trust focused on delivering long-term, profitable growth. Acadia operates a high-quality core real estate portfolio ("Core" or "Core Portfolio"), in the nation's most dynamic retail corridors, along with a fund business ("Funds") that

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targets opportunistic and value-add investments. 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 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 due to 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; (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 ability and willingness of the Company's tenants 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 the 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

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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 most recent Annual Report on Form 10-K 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 Operations (1)

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


	Three Months Ended March 31,
	2024			2023
Revenues
Rental income	$	86,037		$	80,737
Other		5,319			1,102
Total revenues		91,356			81,839

Expenses
Depreciation and amortization		34,940			33,173
General and administrative		9,768			9,946
Real estate taxes		12,346			11,479
Property operating		19,096			15,133
Total expenses		76,150			69,731

Loss related to a previously disposed property		(1,198	)		—
Operating income		14,008			12,108
Equity in (losses) earnings of unconsolidated affiliates		(312	)		29
Interest income		5,238			4,818
Realized and unrealized holding (losses) gains on investments and other		(2,051	)		26,757
Interest expense		(23,709	)		(21,587	)
(Loss) income from continuing operations before income taxes		(6,826	)		22,125
Income tax provision		(31	)		(123	)
Net (loss) income		(6,857	)		22,002
Net loss attributable to redeemable noncontrolling interests		2,554			2,075
Net loss (income) attributable to noncontrolling interests		7,572			(10,717	)
Net income attributable to Acadia shareholders	$	3,269		$	13,360

Less: net income attributable to participating securities		(288	)		(243	)
Net income attributable to Common Shareholders - basic earnings per share	$	2,981		$	13,117
Income from continuing operations net of income attributable to participating securities for diluted earnings per share	$	2,981		$	13,117

Weighted average shares for basic earnings per share		102,128			95,189
Weighted average shares for diluted earnings per share		102,128			95,189

Net earnings per share - basic (2)	$	0.03		$	0.14
Net earnings per share - diluted (2)	$	0.03		$	0.14

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ACADIA REALTY TRUST AND SUBSIDIARIES

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

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


	Three Months Ended March 31,
	2024		2023

Net income attributable to Acadia	$	3,269	$	13,360

Depreciation of real estate and amortization of leasing costs (net of noncontrolling interests' share)		27,087		26,444
Loss on disposition of properties (net of noncontrolling interests' share)		275		—
Income attributable to Common OP Unit holders		203		794
Distributions - Preferred OP Units		123		123
Funds from operations attributable to Common Shareholders and Common OP Unit holders - Diluted	$	30,957	$	40,721

Adjustments for Special Items:
Unrealized holding loss (gain) (net of noncontrolling interest share) (4)		2,015		(66	)
Realized gain		3,994		—
Funds from operations before Special Items attributable to Common Shareholders and Common OP Unit holders	$	36,966	$	40,655

Funds From Operations per Share - Diluted
Basic weighted-average shares outstanding, GAAP earnings		102,128		95,189
Weighted-average OP Units outstanding		7,717		6,885
Assumed conversion of Preferred OP Units to common shares		464		464
Assumed conversion of LTIP units and restricted share units to common shares		742		1
Weighted average number of Common Shares and Common OP Units		111,051		102,539

Diluted Funds from operations, per Common Share and Common OP Unit	$	0.28	$	0.40

Diluted Funds from operations before Special Items, per Common Share and Common OP Unit	$	0.33	$	0.40

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ACADIA REALTY TRUST AND SUBSIDIARIES

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

(Unaudited, Dollars in thousands)


	Three Months Ended March 31,
	2024			2023

Consolidated operating income	$	14,008		$	12,108
Add back:
General and administrative		9,768			9,946
Depreciation and amortization		34,940			33,173
Loss on disposition of properties		1,198			—
Less:
Above/below market rent, straight-line rent and other adjustments		(4,608	)		(2,242	)
Consolidated NOI		55,306			52,985

Redeemable noncontrolling interest in consolidated NOI		(204	)		(1,217	)
Noncontrolling interest in consolidated NOI		(17,768	)		(14,475	)
Less: Operating Partnership's interest in Fund NOI included above		(5,341	)		(5,037	)
Add: Operating Partnership's share of unconsolidated joint ventures NOI (5)		3,961			3,959
Core Portfolio NOI	$	35,954		$	36,215

Reconciliation of Same-Property NOI

(Unaudited, Dollars in thousands)


	Three Months Ended March 31,
	2024			2023
Core Portfolio NOI	$	35,954		$	36,215
Less properties excluded from Same-Property NOI		(3,926	)		(5,900	)
Same-Property NOI	$	32,028		$	30,315

Percent change from prior year period		5.7	%

Components of Same-Property NOI:
Same-Property Revenues	$	46,143		$	43,782
Same-Property Operating Expenses		(14,115	)		(13,467	)
Same-Property NOI	$	32,028		$	30,315

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ACADIA REALTY TRUST AND SUBSIDIARIES

Consolidated Balance Sheets (1)

(Unaudited, Dollars in thousands, except shares)


	As of
	March 31, 2024			December 31, 2023
ASSETS
Investments in real estate, at cost
Land	$	871,084		$	872,228
Buildings and improvements		3,137,273			3,128,650
Tenant improvements		264,548			257,955
Construction in progress		22,884			23,250
Right-of-use assets - finance leases		58,637			58,637
		4,354,426			4,340,720
Less: Accumulated depreciation and amortization		(854,731	)		(823,439	)
Operating real estate, net		3,499,695			3,517,281
Real estate under development		96,594			94,799
Net investments in real estate		3,596,289			3,612,080
Notes receivable, net ($1,416 and $1,279 of allowance for credit losses as of March 31, 2024 and December 31, 2023, respectively)		118,877			124,949
Investments in and advances to unconsolidated affiliates		198,702			197,240
Other assets, net		212,699			208,460
Right-of-use assets - operating leases, net		28,348			29,286
Cash and cash equivalents		18,795			17,481
Restricted cash		8,119			7,813
Marketable securities		27,274			33,284
Rents receivable, net		51,532			49,504
Assets of properties held for sale		11,147			11,057
Total assets	$	4,271,782		$	4,291,154

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Liabilities:
Mortgage and other notes payable, net	$	962,468		$	930,127
Unsecured notes payable, net		646,524			726,727
Unsecured line of credit		114,687			213,287
Accounts payable and other liabilities		218,116			229,375
Lease liability - operating leases		30,620			31,580
Dividends and distributions payable		19,978			18,520
Distributions in excess of income from, and investments in, unconsolidated affiliates		7,858			7,982
Total liabilities		2,000,251			2,157,598
Commitments and contingencies
Redeemable noncontrolling interests		45,462			50,339
Equity:
Acadia Shareholders' Equity
Common shares, $0.001 par value per share, authorized 200,000,000 shares, issued and outstanding 103,155,933 and 95,361,676 shares, respectively		103			95
Additional paid-in capital		2,078,295			1,953,521
Accumulated other comprehensive income		46,942			32,442
Distributions in excess of accumulated earnings		(364,440	)		(349,141	)
Total Acadia shareholders’ equity		1,760,900			1,636,917
Noncontrolling interests		465,169			446,300
Total equity		2,226,069			2,083,217
Total liabilities, redeemable noncontrolling interests, and equity	$	4,271,782		$	4,291,154

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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 depreciable 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;

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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) 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.

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EX-99.2

Exhibit 99.2

EALTY TRUST—Q220SUPPLEMENTAL REPFORMATIO


Table of Contents		Supplemental Report – March 31, 2024

Section I – First Quarter 2024 Earnings Press Release
Section II – Financial Information		Section III – Core Portfolio Information

Company Information	3	Core Properties	29
Market Capitalization	4	Core Top Tenants	33
Operating Statements		Core Lease Expirations	34
Consolidated Statements of Operations	5	Core New and Renewal Rent Spreads	35
Statements of Operations - Pro-rata Adjustments	7	Core Capital Expenditures	36
Consolidated Balance Sheet	8
Balance Sheet - Pro-rata Adjustments	9
Funds from Operations (“FFO”), FFO Before Special Items, Adjusted Funds from Operations ("AFFO")	11	Section IV – Fund Information
EBITDA	12
Same Property Net Operating Income	13	Fund Overview	37
Fee Income	14	Fund Properties	39
Structured Financing	15	Fund Lease Expirations	42
		Development and Redevelopment Activity	43
Other Information
Transactional Activity	16
2024 Guidance	17
Net Asset Valuation Information	18
Selected Financial Ratios	19	Section V – Other Information
Debt Analysis
Summary	23	Important Notes	44
Detail	24
Maturities	26
Interest Rate Summary	28

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


Supplemental Report – March 31, 2024		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 – March 31, 2024  

    (Including pro-rata share of Fund debt, in thousands, except per share amounts)


						Changes in Total Outstanding Common								Weighted Average
	Total Market				Capitalization	Shares and OP Units								Diluted EPS				Diluted FFO
	Capitalization ($)			%	Based on Net Debt 1		Common Shares		Common OP Units			Total		Quarter		YTD		Quarter		YTD
Equity Capitalization
Common Shares		103,156				Balance at 12/31/2023		95,362		5,345			100,707
Common Operating Partnership ("OP") Units		4,967				Vesting RS and LTIPs		9		417			426
Combined Common Shares and OP Units		108,123				OP Conversions		795		(795	)		—
						Issuance of Shares		6,987		—			6,987
Share Price at March 31, 2024	$	17.01				Other		3		—			3
						Balance at 3/31/2024		103,156		4,967			108,123		102,128		102,128		111,051		111,051
Equity Capitalization - Common Shares and OP Units	$	1,839,172
Preferred OP Units 2		7,891
Total Equity Capitalization		1,847,063		58%	58%

Debt Capitalization
Consolidated debt 3		1,734,463
Adjustment to reflect pro-rata share of debt		(405,812	)
Total Debt Capitalization		1,328,651		42%	42%

Total Market Capitalization	$	3,175,714		100%	100%

__________

Reflects debt net of Core Portfolio cash of $11,909 and pro-rata share of Funds cash of $3,809 for $15,718 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 $10,784 of unamortized premium and unamortized loan costs.


	4

     
    Consolidated Statements of Operations

    Supplemental Report – March 31, 2024

    (in thousands)



	March 31, 2024 1
	Quarter
Revenues
Rental income	$	86,037
Other		5,319
Total revenues		91,356
Expenses
Depreciation and amortization		34,940
General and administrative		9,768
Real estate taxes		12,346
Property operating		19,096
Total expenses		76,150

Loss related to a previously disposed property		(1,198	)
Operating income		14,008
Equity in losses of unconsolidated affiliates		(312	)
Interest income		5,238
Realized and unrealized holding losses on investments and other		(2,051	)
Interest expense		(23,709	)
Loss from continuing operations before income taxes		(6,826	)
Income tax provision		(31	)
Net loss		(6,857	)
Net loss attributable to redeemable noncontrolling interests		2,554
Net loss attributable to noncontrolling interests		7,572
Net income attributable to Acadia	$	3,269


	March 31, 2024 1
	Quarter
Reconciliation of Revenues to Consolidated GAAP Revenues
Total Revenues	$	85,782
Straight-line rent income		129
Above/below-market rent income		1,325
Asset and property management fees		185
Development, construction, leasing and legal fees		66
Other income		3,869
Consolidated Total Revenues	$	91,356




Reconciliation of Operating Expenses to Consolidated GAAP Expenses
Property operating - CAM and Other	$	15,725
Other property operating (Non-CAM)		3,219
Asset and property management expense		152
Consolidated Total Operating Expenses	$	19,096

     
    Consolidated Statements 
of Operations - Detail

    Supplemental Report – March 31, 2024

    (in thousands)



	March 31, 2024 1
CORE PORTFOLIO AND FUND INCOME	Quarter
REVENUES
Minimum rents	$	66,532
Percentage rents		685
Expense reimbursements - CAM		8,896
Expense reimbursements - Taxes		8,483
Other property income		1,186
Total Revenues		85,782

EXPENSES
Property operating - CAM		14,759
Other property operating (Non-CAM)		3,219
Real estate taxes		12,346
Asset and property management expense		152
Total Expenses		30,476

NET OPERATING INCOME - PROPERTIES		55,306

OTHER INCOME (EXPENSE)
Interest income		5,238
Straight-line rent income		129
Above/below-market rent income		1,325
Interest expense 2		(21,433	)
Amortization of finance costs		(1,766	)
Above/below-market interest income		12
Finance lease interest expense		(522	)
Other income		2,867
CORE PORTFOLIO AND FUND INCOME		41,156

FEE AND OTHER INCOME 3
Asset and property management fees		185
Development, construction, leasing and legal fees		66
Total Fund Fee Income		251

Net promote and other transactional income		—
Total Fund Fee Income, Net Promote and Other Transactional Income		251

Realized gains on marketable securities, net		3,994
Less: previously recognized unrealized gains on marketable securities sold		(3,994	)
Unrealized losses on marketable securities		(2,015	)
Income tax provision		(31	)
Total Fee and Other Loss		(1,795	)

General and Administrative		(9,768	)

Depreciation and amortization		(34,849	)
Non-real estate depreciation and amortization		(91	)
Loss related to a previously disposed property		(1,198	)
(Loss) gain before equity in earnings and noncontrolling interests		(6,545	)

Equity in losses of unconsolidated affiliates		(312	)
Noncontrolling interests (including redeemable noncontrolling interests)		10,126

NET INCOME ATTRIBUTABLE TO ACADIA	$	3,269

     
    Statements of Operations –  
Pro-Rata Adjustments

    Supplemental Report – March 31, 2024

    (in thousands)



	Quarter Ended March 31, 2024
CORE PORTFOLIO AND FUND INCOME	Noncontrolling Interest in Consolidated Subsidiaries 4			Company’s Interest in Unconsolidated Subsidiaries 5
REVENUES
Minimum rents	$	(28,944	)	$	14,697
Percentage rents		(190	)		110
Expense reimbursements - CAM		(4,286	)		1,885
Expense reimbursements - Taxes		(3,414	)		2,122
Other property income		(337	)		68
Total Revenues		(37,171	)		18,882

EXPENSES
Property operating - CAM		(6,847	)		2,411
Other property operating (Non-CAM)		(891	)		300
Real estate taxes		(4,669	)		3,132
Asset and property management expense		(435	)		584
Total Expenses		(12,842	)		6,427
NET OPERATING INCOME - PROPERTIES		(24,329	)		12,455

OTHER INCOME (EXPENSE)
Interest income		(47	)		7
Straight-line rent income		(337	)		404
Above/below-market rent income (expense)		(644	)		494
Interest expense		12,331			(4,739	)
Amortization of finance costs		1,017			(347	)
Above/below-market interest income		—			31
Finance lease interest expense		340			(100	)
Other income (expense)		(238	)		29
CORE PORTFOLIO AND FUND INCOME		(11,907	)		8,234

FEE AND OTHER INCOME 3
Asset and property management fees		2,695			141
Development, construction, leasing and legal fees		1,786			65
Total Fund Fee Income		4,481			206

Net promote and other transactional income		—			—
Total Fund Fee Income, Net Promote and Other Transactional Income		4,481			206

Realized gains on marketable securities, net		—			—
Less: previously recognized unrealized gains on marketable securities sold		—			—
Unrealized gains on marketable securities		—			—
Income tax provision		(17	)		(6	)
Total Fee and Other Loss		4,464			200

General and Administrative		579			(238	)
Depreciation and amortization		16,270			(8,508	)
Loss related to a previously disposed property		923			—
(Loss) gain before equity in earnings and noncontrolling interests		10,329			(312	)

Equity in losses of unconsolidated affiliates		—			—
Noncontrolling interests (including redeemable noncontrolling interests) 6		(203	)		—

NET INCOME (LOSS) ATTRIBUTABLE TO ACADIA	$	10,126		$	(312	)


	7

     
    Balance Sheet

    Supplemental Report – March 31, 2024

    (in thousands)


ASSETS	Consolidated Balance Sheet			Line Item Details:
Real estate
Land	$	871,084		The components of Real estate under development, at cost are as follows:
Buildings and improvements		3,137,273		Core	$	67,698
Tenant improvements		264,548		Fund III		28,896
Construction in progress		22,884		Total	$	96,594
Right-of-use assets - finance leases		58,637
		4,354,426
Less: Accumulated depreciation and amortization		(854,731	)
Operating real estate, net		3,499,695
Real estate under development		96,594		Summary of other assets, net:
Net investments in real estate		3,596,289		Deferred charges, net	$	30,617
Notes receivable, net ($1,416 of allowance for credit losses)		118,877		Accrued interest receivable		27,004
Investments in and advances to unconsolidated affiliates		198,702		Due from seller		2,389
Lease intangibles, net		93,679		Prepaid expenses		12,802
Other assets, net		119,020		Other receivables		2,121
Right-of-use assets - operating leases, net		28,348		Income taxes receivable		1,839
Cash and cash equivalents		18,795		Corporate assets, net		833
Restricted cash		8,119		Deposits		574
Marketable securities		27,274		Derivative financial instruments		40,841
Straight-line rents receivable, net		37,537		Total	$	119,020
Rents receivable, net		13,995
Assets of properties held for sale		11,147
Total assets	$	4,271,782

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Liabilities:
Mortgage and other notes payable, net		962,468
Unsecured notes payable, net		646,524		Summary of accounts payable and other liabilities:
Unsecured line of credit		114,687		Lease liability - finance leases, net	$	32,696
Accounts payable and other liabilities		145,980		Accounts payable and accrued expenses		58,163
Lease liability - operating leases		30,620		Deferred income		36,248
Dividends and distributions payable		19,978		Tenant security deposits, escrow and other		14,181
Lease intangibles, net		72,136		Derivative financial instruments		4,692
Distributions in excess of income from, and investments in, unconsolidated affiliates		7,858		Total	$	145,980
Total liabilities		2,000,251
Commitments and contingencies
Redeemable noncontrolling interests		45,462
Shareholders' Equity
Common shares		103
Additional paid-in capital		2,078,295
Accumulated other comprehensive income		46,942
Distributions in excess of accumulated earnings		(364,440	)
Total Acadia shareholders’ equity		1,760,900
Noncontrolling interests		465,169
Total equity		2,226,069
Total liabilities, redeemable noncontrolling interests, and equity	$	4,271,782


	8

     
    Balance Sheet – Pro-rata Adjustments7

    Supplemental Report – March 31, 2024

    (in thousands)


ASSETS	Noncontrolling Interest in Consolidated Subsidiaries 4			Company’s Interest in Unconsolidated Subsidiaries 5
Real estate
Land	$	(203,959	)	$	69,033
Buildings and improvements		(811,124	)		268,210
Tenant improvements		(55,912	)		20,809
Construction in progress		(5,228	)		1,670
Right-of-use assets - finance leases		(22,571	)		22,198
		(1,098,794	)		381,920
Less: Accumulated depreciation and amortization		145,906			(77,423	)
Operating real estate, net		(952,888	)		304,497
Real estate under development		(21,805	)		(16	)
Net investments in real estate		(974,693	)		304,481
Notes receivable, net ($1,416 of allowance for credit losses)		66,046			—
Investments in and advances to unconsolidated affiliates		(72,056	)		(122,288	)
Lease intangibles, net		(41,520	)		7,061
Other assets, net		13,331			8,067
Right-of-use assets - operating leases, net		(1,600	)		—
Cash and cash equivalents		(9,856	)		6,779
Restricted cash		(4,329	)		2,020
Marketable securities		—			—
Straight-line rents receivable, net		(9,114	)		5,492
Rents receivable, net		(4,745	)		1,936
Assets of properties held for sale		(8,591	)		—
Total assets	$	(1,047,127	)	$	213,548

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgage and other notes payable, net	$	(572,729	)	$	185,695
Unsecured notes payable, net		—			—
Unsecured line of credit		—			—
Accounts payable and other liabilities		(32,172	)		21,784
Lease intangibles, net		(31,518	)		5,718
Lease liability - operating leases		(1,674	)		4
Dividends and distributions payable		—			—
Lease liability - finance leases		(20,907	)		8,026
Distributions in excess of income from, and investments in, unconsolidated affiliates		—			(7,679	)
Total liabilities		(659,000	)		213,548
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)		(388,127	)		—
Total equity		(388,127	)		—
Total liabilities, redeemable noncontrolling interests, and equity	$	(1,047,127	)	$	213,548


	9

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

    Supplemental Report – March 31, 2024

    (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 $1.6 million for the three months ended March 31, 2024.

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 $0.2 million for the three months ended March 31, 2024.

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 – March 31, 2024

    (in thousands, except per share amounts)



	Quarter Ended			Quarter Ended
	March 31, 2024			March 31, 2023
Funds from operations ("FFO"):
Net Income (Loss) attributable to Acadia	$	3,269		$	13,360
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share)		27,087			26,444
Loss on disposition on real estate properties (net of noncontrolling interest share)		275			—
Income attributable to noncontrolling interests' share in Operating Partnership		326			917
FFO to Common Shareholders and Common OP Unit holders - Diluted	$	30,957		$	40,721

Unrealized holding loss (gain) (net of noncontrolling interest share)		2,015			(66	)
Realized gain		3,994			—
FFO before Special Items attributable to Common Shareholder and Common OP Unit holders 1	$	36,966		$	40,655

Adjusted Funds from operations ("AFFO"):
FFO	$	30,957		$	40,721
Unrealized holding loss (gain) (net of noncontrolling interest share)		2,015			(66	)
Realized gain		3,994			—
Straight-line rent, net		(196	)		(193	)
Above/below-market rent		(1,175	)		(2,087	)
Amortization of finance costs		1,096			1,085
Above/below-market interest		(43	)		(47	)
Non-real estate depreciation		91			87
Stock-based compensation		3,938			3,776
Leasing commissions		(560	)		(1,507	)
Tenant improvements		(1,212	)		(4,805	)
Maintenance capital expenditures		(1,640	)		(690	)
AFFO to Common Shareholders and Common OP Unit holders	$	37,265		$	36,274

Total weighted-average diluted shares and OP Units		111,051			102,539

Diluted FFO per Common share and OP Unit:
FFO	$	0.28		$	0.40

FFO before Special Items	$	0.33		$	0.40

__________

     
    EBITDA

    Supplemental Report – March 31, 2024

    (in thousands)


	Quarter Ended March 31, 2024									Quarter Ended March 31, 2023
	Core									Core
	Portfolio			Funds			Total			Portfolio			Funds		Total
EBITDA:

Net Income (Loss) Attributable to Acadia	$	7,669		$	(4,400	)	$	3,269		$	5,160		$	8,200	$	13,360

Adjustments:
Depreciation and amortization		20,344			6,834			27,178			20,043			6,488		26,531
Interest expense		9,452			4,389			13,841			11,653			3,506		15,159
Amortization of finance costs		624			472			1,096			681			404		1,085
Above/below-market interest		(43	)		—			(43	)		(47	)		—		(47	)
Loss on disposition of properties		—			275			275			—			—		—
Unrealized holding loss (gain) on investment in Albertsons and other		2,015			—			2,015			(66	)		—		(66	)
Realized gain		3,994			—			3,994			—			—		—
Provision for income taxes		52			2			54			22			17		39
Noncontrolling interest - OP		203			—			203			794			—		794
EBITDA	$	44,310		$	7,572		$	51,882		$	38,240		$	18,615	$	56,855

Adjusted EBITDA:

EBITDA	$	44,310		$	7,572		$	51,882		$	38,240		$	18,615	$	56,855
Stock based compensation		3,938			—			3,938			3,776			—		3,776
Adjusted EBITDA	$	48,248		$	7,572		$	55,820		$	42,016		$	18,615	$	60,631


Core EBITDA excluding realized gains	$	40,316								$	38,240

     
    Core Portfolio – Same Property Performance 1

    Supplemental Report – March 31, 2024

    (in thousands)


	Quarter Ended						Change
	March 31, 2024			March 31, 2023			Favorable/ (Unfavorable)

Summary
Minimum rents	$	35,870		$	33,851			6.0	%
Expense reimbursements		9,069			8,691			4.3	%
Other property income		1,204			1,240			(2.9	)%

Total Revenue		46,143			43,782			5.4	%

Expenses
Property operating - CAM & Real estate taxes		12,654			11,890			(6.4	)%
Other property operating (Non-CAM)		1,461			1,577			7.4	%

Total Expenses		14,115			13,467			(4.8	)%

Same Property NOI - Core properties	$	32,028		$	30,315			5.7	%

Reconciliation of Same Property NOI to Core NOI
NOI of Properties excluded from Same Property NOI		3,926			5,900
Core NOI	$	35,954		$	36,215


Other same property information
Physical Occupancy at the end of the period		91.8	%		92.8	%
Leased Occupancy at the end of the period		94.4	%		94.6	%

__________

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

     
    Fee Income by Fund 1

    Supplemental Report – March 31, 2024

    (in thousands)


	Fund II		Fund III		Fund IV		Fund V		Other		Total
Quarter Ended March 31, 2024
Asset and property management fees	$	75	$	21	$	865	$	1,904	$	156	$	3,021
Transactional fees		119		15		283		1,447		53		1,917
Total fees	$	194	$	36	$	1,148	$	3,351	$	209	$	4,938

__________

Fees are shown at the Company's pro-rata share and can be derived from the Consolidated Statements of Operations - Detail and Statements of Operations - Pro-Rata Adjustments. The components of the total fee income to the Company are derived by the fees included on the Consolidated Statements of Operations 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 – March 31, 2024

    (in thousands)


	December 31, 2023						Quarter Ended March 31, 2024												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 3
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		133,167		32,279		165,446		66		(6,000	)		127,233			36,165		163,398		11.63	%		11.74	%	Sep-24 to Dec-27

Total Core notes receivable	$	192,968	$	36,088	$	229,056	$	66	$	(6,000	)	$	187,034		$	39,974	$	227,008		9.83	%		10.03	%

__________


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

Total Notes Receivable per above												$	187,034
Allowance for credit loss													(2,111	)
Total pro-rata Notes Receivable												$	184,923

________

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 March 31, 2024.

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.

Certain first mortgage notes have extension options subject to customary conditions.

     
    Transactional Activity

    Supplemental Report – March 31, 2024

    (in thousands)


PROPERTY ACQUISITIONS AND DISPOSITIONS

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


DISPOSITIONS

Fund IV:
2207 & 2208-2216 Fillmore	San Francisco, CA	April 3, 2024		14,060		90.00	%		12,654		2,926


			$	14,060				$	12,654	$	2,926

________

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

     
    2024 Guidance

    Supplemental Report – March 31, 2024

     (in millions, except per share amounts)

The Company reaffirmed 2024 guidance for FFO Before Special Items.


	2024 Guidance
	As of 3/31/2024	As of 12/31/2023

Net earnings per share attributable to Acadia	$0.07-$0.13	$0.09-$0.15
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share)	1.01	1.01
Noncontrolling interest in Operating Partnership	0.01	0.01
NAREIT Funds from operations per share attributable to Common Shareholders and Common OP Unit holders	$1.09-$1.15	$1.11-$1.17
Net unrealized holding loss 1,2	0.02	—
Realized gains and promotes2	0.13-0.15	0.13-0.15
Funds from operations Before Special Items per share attributable to Common Shareholders and Common OP Unit holders	$1.24-$1.32	$1.24-$1.32

________

This represents the unrealized mark-to-market holding loss related to the Company’s investment in Albertsons, which was recognized in NAREIT FFO for the three months ended March 31, 2024. 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 2024 guidance assumptions.

It is the Company’s policy to exclude unrealized gains and losses from FFO Before Special Items and to include and provide guidance for any anticipated realized gains related to the Company’s investment in Albertsons within FFO Before Special Items. The Company realized investment gains of $4.0 million on 175,000 shares for the three months ended March 31, 2024.

     
    Net Asset Valuation Information

    Supplemental Report – March 31, 2024

    (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	$	35,954		N/A5			$	108		$	872		$	5,007		$	41,941
Less:
Net operating (income) loss from properties sold or assets held for sale		—		N/A5				(5	)		4			—			(1	)
Net operating (income) loss from pre-stabilized assets, development and redevelopment projects 4		(3,908	)	N/A 5				(103	)		(186	)		—			(4,197	)
Net Operating Income of stabilized assets	$	32,046		N/A 5			$	—		$	690		$	5,007		$	37,743

Costs to Date (Pro-Rata)
Assets held for sale	$	—		N/A 5			$	—		$	—		$	—		$	—
Pre-stabilized assets 4		—		N/A 5				14,337			30,969			—			45,306
Development and redevelopment projects		718,900		N/A 5				7,100			27,800			—			753,800
Total Costs to Date	$	718,900		N/A 5			$	21,437		$	58,769		$	—		$	799,106

Debt (Pro-Rata)	$	1,050,689		$	79,887		$	8,098		$	38,006		$	151,971		$	1,328,651

_________

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.

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 and 1035 Third Avenue.

Amounts omitted as only remaining asset is City Point.

     
    Selected Financial Ratios

    Supplemental Report – March 31, 2024

    (in thousands, except per share amounts)



	Quarter Ended March 31,							Quarter Ended
COVERAGE RATIOS 1	2024			2023			LEVERAGE RATIOS	March 31, 2024			December 31, 2023
Fixed-Charge Coverage Ratios							Debt/Market Capitalization Ratios

EBITDA 2 divided by:	$	44,310		$	38,240		Debt + Preferred Equity (Preferred OP Units)	$	1,336,542		$	1,452,214
Interest expense		9,452			11,653		Total Market Capitalization		3,175,714			3,163,226
Principal Amortization		2,442			877		Debt + Preferred Equity/
Preferred Dividends 3		123			123		Total Market Capitalization		42	%		46	%
Fixed-Charge Coverage Ratio - Core Portfolio		3.7	x		3.0	x

EBITDA divided by:	$	51,882		$	56,855		Net debt 6	$	1,320,824		$	1,433,551
Interest expense		13,841			15,159		Total Market Capitalization		3,175,714			3,163,226
Principal Amortization		2,832			1,242		Net Debt + Preferred Equity/
Preferred Dividends		123			123		Total Market Capitalization		42	%		45	%
Fixed-Charge Coverage Ratio - Core Portfolio and Funds		3.1	x		3.4	x	Debt/EBITDA Ratios
							Core:
Payout Ratios							Debt	$	944,643		$	1,052,475
							Net debt 5		932,734			1,036,837
Dividends declared (per share/OP Unit)	$	0.18		$	0.18		EBITDA		169,695			159,260
							EBITDA excluding Realized Gains (net of noncontrolling share)		153,719			154,624
Dividends (Shares) & Distributions (OP Units) declared	$	20,021		$	18,474		Debt/EBITDA - Core Portfolio		5.6	x		6.6	x
FFO		30,957			40,721		Debt/EBITDA excluding Realized Gains - Core Portfolio		6.1	x		6.8	x
FFO Payout Ratio 8		65	%		45	%	Net Debt/EBITDA - Core Portfolio		5.5	x		6.5	x
							Net Debt/EBITDA excluding Realized Gains - Core Portfolio		6.1	x		6.7	x
AFFO 7		37,265			36,274		Core and Funds:
AFFO Payout Ratio		54	%		51	%	Debt 4	$	1,328,651		$	1,444,332
							Net debt 6		1,312,933			1,425,669
FFO Before Special Items		36,966			40,655		EBITDA		199,983			201,570
FFO Before Special Items Payout Ratio		54	%		45	%	EBITDA excluding Realized Gains (net of noncontrolling share)		184,007			196,934
							Debt/EBITDA - Core and Funds		6.6	x		7.2	x
							Debt/EBITDA excluding Realized Gains - Core and Funds		7.2	x		7.3	x
							Net Debt/EBITDA - Core and Funds		6.6	x		7.1	x
							Net Debt/EBITDA excluding Realized Gains - Core and Funds		7.1	x		7.2	x

     
    Selected Financial Ratios

    Supplemental Report – March 31, 2024

    (in thousands)


	EBITDA					ADJUSTED EBITDA
	EBITDA			Year Ended		Quarter Ended			Year Ended
Reconciliation of EBITDA to Annualized EBITDA	March 31, 2024			December 31, 2023		March 31, 2024			December 31, 2023

Core EBITDA as reported	$	44,310		$	159,260	$	44,310		$	159,260
Add back: Stock-based compensation, net of employee equity elections		—			—		2,048			10,581
Subtract: Nonrecurring Termination Payment		(2,515	)		—		(2,515	)		—
		—			—		—			—
Subtotal		41,795			159,260		43,843			169,841

Annualized Core EBITDA	$	167,180		$	159,260	$	175,372		$	169,841
Add: Nonrecurring Termination Payment		2,515			—		2,515			—
Add: Employee election to receive equity in lieu of cash in Q1		—			—		1,890			—
Annualized Core EBITDA		169,695			159,260		179,777			169,841

Realized gain		3,994			4,636		3,994			4,636
Annualized realized gain		15,976			4,636		15,976			4,636
Annualized Core EBITDA excluding realized gains		153,719			154,624		163,801			165,205

Quarter Funds EBITDA as reported		7,572			42,310		7,572			42,310

Annualized Funds EBITDA		30,288			42,310		30,288			42,310

EBITDA Core and Funds	$	199,983		$	201,570	$	210,065		$	212,151

EBITDA Core and Funds excluding realized gains	$	184,007		$	196,934	$	194,089		$	207,515

     
    Selected Financial Ratios

    Supplemental Report – March 31, 2024

    (in thousands)


		Quarter Ended
Reconciliation of Core Portfolio Debt		March 31, 2024

Core Portfolio Debt per Debt Summary		$1,050,689
Incremental Core Debt Attributable to City Point8		(106,046)
Adjusted Core Debt for purposes of computing Debt/EBITDA		944,643

Fund Portfolio Debt per Debt Summary		277,962
Incremental Core Debt Attributable to City Point8		106,046
Adjusted Fund Debt per EBITDA		384,008

Total Core and Fund Debt for purposes of computing Debt/EBITDA		$1,328,651

     
    Selected Financial Ratios

    Supplemental Report – March 31, 2024

    (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. Amount represents the Company's reallocation of its pro-rata portion of the de-leveraging of Fund II's property-level debt in August 2022 associated with the City Point refinancing to align with the inclusion of the associated EBITDA derived from its investment.

5. See Funds from Operations (“FFO”), Adjusted Funds from Operations (“AFFO”) for a reconciliation of AFFO to Net Income attributable to Acadia.

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

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

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

     
    Portfolio Debt –  Summary

    Supplemental Report – March 31, 2024

    (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	$	764,687		4.3	%		2.6	$	—		—	%		—	$	764,687			58	%		4.3	%		2.6	$	—	$	—		$	764,687
Variable-Rate Debt 5		—		—	%		—		—		—	%		—		—			—	%		—	%		—		—		—			—
																			58	%
Mortgage and Other Notes Payable

Fixed-Rate Debt 1		276,738		4.0	%		2.9		185,619		5.4	%		1.8		462,357			35	%		4.6	%		2.5		368,297		(149,384	)		681,270
Variable-Rate Debt 5		9,264		9.2	%		0.4		92,343		8.1	%		1.4		101,607			7	%		8.2	%		1.3		208,975		(22,076	)		288,506
																			42	%

Total	$	1,050,689		4.3	%		2.7	$	277,962		6.3	%		1.7	$	1,328,651			100	%		4.7	%		2.4	$	577,272	$	(171,460	)		1,734,463

Unamortized premium																332																228
Net unamortized loan costs																(7,399	)															(11,012	)
Contingent loan obligation																15,061
Total															$	1,336,645															$	1,723,679

_________

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 – March 31, 2024

     (in thousands)


		Principal Balance at			Acadia's Pro-rata Share						Interest		Extension
Property		March 31, 2024			Percent			Amount			Rate	Maturity Date	Options

CORE PORTFOLIO

Fixed-Rate Debt

Crossroads Shopping Center		$	59,030			49.00	%	$	28,925		3.94%	10/06/24	None
555 9th Street			60,000			100.00	%		60,000		3.99%	01/01/25	None
840 N. Michigan			35,625			91.85	%		32,722		N/A5	12/10/26	None
239 Greenwich Avenue			26,000			75.00	%		19,500		4.00%	07/10/27	1x60 mos.
Georgetown Portfolio (2008 Investment)			14,314			50.00	%		7,157		4.72%	12/10/27	None
State & Washington			21,214			100.00	%		21,214		4.40%	09/05/28	None
North & Kingsbury			10,314			100.00	%		10,314		4.01%	11/05/29	None
151 North State Street			12,114			100.00	%		12,114		4.03%	12/01/29	None
Concord & Milwaukee			2,277			100.00	%		2,277		4.40%	06/01/30	None
California & Armitage			2,115			100.00	%		2,115		5.89%	04/15/35	None
Unsecured interest rate swaps 1			764,687			100.00	%		764,687		N/A	Various
Secured interest rate swaps 1			202,000			39.80	%		80,400		N/A	Various

Sub-Total Fixed-Rate Debt			1,209,690						1,041,425		4.2%

Secured Variable-Rate Debt
Gotham Plaza			17,203			49.00	%		8,430		SOFR+4.00%	06/04/24	None
Georgetown Portfolio (2016 Investment)			152,000			20.00	%		30,400		SOFR+2.65%	11/06/26	2x12 mos.
3104 M Street 2			4,174			20.00	%		834		PRIME	01/01/27	2x12 mos.
Sullivan Center			50,000			100.00	%		50,000		SOFR+1.60%	11/16/28	None
Secured interest rate swaps 1			(202,000	)		39.80	%		(80,400	)	N/A	Various

Unsecured Variable-Rate Debt
Unsecured Revolving Credit Facility 3			114,687			100.00	%		114,687		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+1.95%	07/29/29	None
Unsecured interest rate swaps 1			(764,687	)		100.00	%		(764,687	)	N/A	Various

Sub-Total Variable-Rate Debt			21,377						9,264		9.2%

Total Debt - Core Portfolio		$	1,231,067					$	1,050,689		4.3%

Funds
Fixed-Rate Debt
2207 Fillmore Street 4	Fund IV	$	1,120			20.81	%	$	233		4.50%	10/31/25	None
650 Bald Hill Road 4	Fund IV		15,306			20.81	%		3,185		3.75%	06/01/26	None
Shoppes at South Hills 4	Fund V		32,087			18.09	%		5,804		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		662,026			24.65	%		163,164		N/A	Various
Sub-Total Fixed-Rate Debt			772,478						185,619		5.4%

Variable-Rate Debt
Elk Grove Commons	Fund V		40,107			20.10	%		8,061		SOFR+2.10%	07/08/24	1x6 mos.
Eden Square 4	Fund IV		23,882			20.81	%		4,969		SOFR+2.35%	09/01/24	None
Hickory Ridge	Fund V		27,338			20.10	%		5,495		SOFR+2.00%	10/05/24	None
Tri-City Plaza 4	Fund V		38,066			18.09	%		6,886		SOFR+2.00%	10/18/24	1x12 mos.
Lincoln Commons	Fund V		37,987			20.10	%		7,635		SOFR+1.80%	10/24/24	None
Landstown Commons	Fund V		59,559			20.10	%		11,971		SOFR+1.80%	10/24/24	None
Palm Coast Landing	Fund V		25,722			20.10	%		5,170		SOFR+1.86%	11/01/24	None
Frederick Crossing 4	Fund V		23,502			18.09	%		4,251		SOFR+1.75%	12/02/24	1x12 mos.
Plaza Santa Fe	Fund V		22,894			20.10	%		4,601		SOFR+2.00%	12/20/24	None
Paramus Plaza 4	Fund IV		28,003			11.56	%		3,237		SOFR+2.36%	12/28/24	2x12 mos.
Frederick County Square 4	Fund V		24,012			18.09	%		4,344		SOFR+2.51%	01/01/25	1x12 mos.
Acadia Strategic Opportunity Fund IV Term Loan	Fund IV		36,200			23.12	%		8,369		SOFR+2.56%	03/31/25	None
Midstate Mall	Fund V		44,553			20.10	%		8,955		SOFR+2.50%	04/28/25	2x12 mos.

      
     Portfolio Debt  –  Detail

     Supplemental Report – March 31, 2024

     (in thousands)


		Principal Balance at			Acadia's Pro-rata Share						Interest		Extension
Property		March 31, 2024			Percent			Amount			Rate	Maturity Date	Options

New Towne Center	Fund V		16,262			20.10	%		3,269		SOFR+2.20%	05/01/25	1x12 mos.
Fairlane Green	Fund V		32,105			20.10	%		6,453		SOFR+2.30%	06/05/25	1x12 mos.
Trussville Promenade	Fund V		28,381			20.10	%		5,705		SOFR+2.30%	06/15/25	1x12 mos.
City Point 4	Fund II		137,485			58.10	%		79,887		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		1,350			20.81	%		281		SOFR+2.25%	10/01/25	None
717 N Michigan Avenue	Fund IV		46,000			23.12	%		10,635		SOFR+3.33%	12/09/25	None
Hiram Pavilion	Fund V		27,553			20.10	%		5,538		SOFR+2.30%	03/05/26	1x12 mos.
2208-2216 Fillmore Street 4	Fund IV		5,286			20.81	%		1,100		SOFR+2.25%	06/01/26	None
Monroe Marketplace	Fund V		25,300			20.10	%		5,085		SOFR+2.76%	11/12/26	None
Maple Tree Place	Fund V		43,400			20.10	%		8,723		SOFR+2.85%	02/14/27	2x12 mos.
Wood Ridge Plaza 4	Fund V		34,172			18.09	%		6,183		SOFR+2.90%	03/21/27	None
La Frontera Village 4	Fund V		55,500			18.09	%		10,041		SOFR+2.61%	06/10/27	None
Family Center at Riverdale 4	Fund V		38,500			17.97	%		6,920		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		(662,026	)		24.65	%		(163,164	)	N/A	Various
Sub-Total Variable-Rate Debt			365,943						92,343		8.1%
Total Debt - Funds			1,138,421						277,962		6.3%
Total Debt - Core Portfolio and Funds		$	2,369,488					$	1,328,651		4.7%

_________

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 joint venture interests.

The Company makes cash payments at a stated interest rate of 6.5% on the outstanding principal balance. However, following the modification of the loan, the effective interest rate for GAAP purposes is anticipated to be zero.

     
    Future Debt Maturities 1

    Supplemental Report – March 31, 2024

    (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

2024 (Remainder)	$	7,506	$	75,416	$	82,922	$	6,499	$	36,954	$	43,453	5.15%	3.94%	9.32%
2025		2,536		174,687		177,223		2,238		174,687		176,925	3.94%	3.94%	N/A
2026		2,919		582,625		585,544		2,541		458,529		461,070	4.65%	4.65%	N/A
2027		2,766		216,711		219,477		2,453		200,887		203,340	4.23%	4.21%	8.50%
2028		1,833		67,862		69,695		1,833		67,862		69,695	4.49%	4.49%	N/A
Thereafter		2,497		93,709		96,206		2,497		93,709		96,206	4.76%	4.76%	N/A
Total	$	20,057	$	1,211,010	$	1,231,067	$	18,061	$	1,032,628	$	1,050,689


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

2024 (Remainder)	$	5,072	$	330,613	$	335,685	$	972	$	63,079	$	64,051	4.50%	3.32%	7.53%
2025		3,047		429,752		432,799		586		142,110		142,696	6.93%	5.95%	8.18%
2026		2,721		66,043		68,764		503		13,377		13,880	5.85%	5.84%	8.07%
2027		2,519		169,059		171,578		464		31,413		31,877	7.14%	6.60%	8.07%
2028		350		129,245		129,595		66		25,392		25,458	5.93%	5.93%	N/A
Thereafter		—		—		—		—		—		—	N/A	N/A	N/A
Total	$	13,709	$	1,124,712	$	1,138,421	$	2,591	$	275,371	$	277,962

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 – March 31, 2024

    (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

2024 (Remainder)	$	7,506	$	75,416	$	82,922	$	6,499	$	36,954	$	43,453	5.15%	3.94%	9.32%
2025		2,536		60,000		62,536		2,238		60,000		62,238	3.99%	3.99%	N/A
2026		2,919		545,312		548,231		2,541		542,816		545,357	4.36%	4.36%	N/A
2027		2,766		187,401		190,167		2,453		181,201		183,654	4.24%	4.24%	N/A
2028		1,833		219,862		221,695		1,833		98,262		100,095	5.29%	5.29%	N/A
Thereafter		2,497		123,019		125,516		2,497		113,395		115,892	4.66%	4.64%	8.50%
Total	$	20,057	$	1,211,010	$	1,231,067	$	18,061	$	1,032,628	$	1,050,689


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

2024 (Remainder)	$	5,072	$	202,017	$	207,089	$	972	$	40,819	$	41,791	4.06%	3.39%	7.60%
2025		3,047		184,427		187,474		586		38,337		38,923	6.62%	3.12%	8.04%
2026		2,721		303,847		306,568		503		110,586		111,089	6.52%	5.96%	7.91%
2027		2,519		228,776		231,295		464		43,416		43,880	6.60%	6.26%	7.80%
2028		350		131,543		131,893		66		27,936		28,002	6.82%	5.92%	9.08%
Thereafter		—		74,102		74,102		—		14,277		14,277	7.28%	5.95%	8.16%
Total	$	13,709	$	1,124,712	$	1,138,421	$	2,591	$	275,371	$	277,962

__________

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 – March 31, 2024

    (in thousands)



Core Portfolio

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

2024 (Remainder)	$	—		—
2025		25,000		2.13	%
2026		36,400		4.14	%
2027		275,000		2.60	%
2028		150,000		2.99	%
2029		233,687		2.63	%
2030		125,000		2.83	%
2031		—		—
Total	$	845,087		2.76	%


Funds

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

2024 (Remainder)	$	40,496		1.20	%
2025		23,334		3.44	%
2026		24,034		4.10	%
2027		15,070		3.39	%
2028		7,173		3.80	%
2029		53,057		3.40	%
2030		—		—
2031		—		—
Total	$	163,164		2.98	%

__________

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 – March 31, 2024


		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, Veronica Beard, St. Laurent	2011 2012	100.0%	40,384	—	—	40,384	58.9%	—%	—%	58.9%	58.9%	$6,242,524	$262.64
Clark Street and W. Diversey Collection (4 properties)	Starbucks, TJ Maxx, J Crew Factory, Trader Joe's	2011 2012	100.0%	53,099	—	—	53,099	78.2%	—%	—%	78.2%	79.9%	1,825,668	43.94
Halsted and Armitage Collection (13 properties)	Serena and Lily, Faherty, Allbirds, Warby Parker, Marine Layer, Kiehl's	2011 2012 2019 2020	100.0%	53,220	—	—	53,220	100.0%	—%	—%	100.0%	100.0%	2,665,119	50.08
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%	1,146,138	33.79
State and Washington	Nordstrom Rack, Uniqlo	2016	100.0%	65,401	—	—	65,401	100.0%	—%	—%	100.0%	100.0%	2,749,189	42.04
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%	1,931,746	46.22
Concord and Milwaukee	—	2016	100.0%	13,147	—	—	13,147	100.0%	—%	—%	100.0%	100.0%	474,323	36.08
California and Armitage	—	2016	100.0%	—	—	18,275	18,275	—%	—%	70.5%	70.5%	70.5%	697,352	54.09
Roosevelt Galleria	Petco, Vitamin Shoppe, Dollar Tree	2015	100.0%	—	—	37,995	37,995	—%	—%	89.7%	89.7%	89.7%	880,649	25.84
Sullivan Center	Target	2016	100.0%	176,181	—	—	176,181	78.9%	—%	—%	78.9%	82.2%	5,251,599	37.79
				492,733	—	84,066	576,799	83.5%	—%	88.9%	84.3%	85.4%	25,437,306	52.33
New York Metro
Soho Collection (12 properties)	Zimmermann, Madewell, Faherty, Watches of Switzerland, ALC, Stone Island, Frame, Theory, Bang & Olufsen	2011 2014 2019 2020 2022	100.0%	36,094	—	—	36,094	74.4%	—%	—%	74.4%	100.0%	10,033,304	373.74
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	92.3%	—%	—%	92.3%	92.3%	1,473,833	272.38
61 Main Street	Splendid	2014	100.0%	3,470	—	—	3,470	100.0%	—%	—%	100.0%	100.0%	322,294	92.88
181 Main Street	TD Bank	2012	100.0%	11,514	—	—	11,514	100.0%	—%	—%	100.0%	100.0%	1,085,445	94.27

      
     Core Portfolio Retail Properties – Detail 1

     Supplemental Report – March 31, 2024


		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
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%	1,114,907	27.46
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	100.0%	—%	—%	100.0%	100.0%	2,462,073	177.92
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	95.3%	—%	—	95.3%	95.3%	5,295,126	109.32
991 Madison Avenue	Vera Wang, Gabriela Hearst	2016	100.0%	7,512	—	—	7,512	100.0%	—%	—%	100.0%	100.0%	3,572,528	475.58
Shops at Grand	Stop & Shop (Ahold), Starbucks	2014	100.0%	—	52,336	47,501	99,837	—%	100.0%	100.0%	100.0%	100.0%	3,563,628	35.69
Gotham Plaza	Bank of America, Footlocker, Apple Bank	2016	49.0 %	—	—	25,931	25,931	—%	—%	68.0%	68.0%	76.4%	1,498,180	85.02
				171,028	86,950	136,323	394,301	87.9%	100.0%	93.9%	92.6%	97.7%	37,084,169	101.54
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%	3,083,482	220.25
				23,757	—	—	23,757	100.0%	—%	—%	100.0%	100.0%	4,394,528	184.98
District of Columbia Metro
1739-53 & 1801-03 Connecticut Avenue	—	2012	100.0 %	20,669	—	—	20,669	60.9%	—%	—%	60.9%	60.9%	788,372	62.61
14th Street Collection (3 properties)	Verizon	2021	100.0 %	19,461	—	—	19,461	62.3%	—%	—%	62.3%	62.3%	1,023,344	84.41
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%	1,908,157	35.39
M Street and Wisconsin Corridor (27 Properties) 4	Lululemon, Duxiana, Rag and Bone, Reformation, Glossier, Alo Yoga	2011 2016 2019	26.8 %	260,385	—	—	260,385	89.5%	—%	—%	89.5%	94.3%	16,768,532	71.96
				300,515	25,134	32,533	358,182	85.8%	100.0%	88.5%	87.0%	90.5%	20,488,405	65.74
Boston Metro
165 Newbury Street	Starbucks	2016	100.0 %	1,050	—	—	1,050	100.0%	—%	—%	100.0%	100.0%	312,576	297.69

      
     Core Portfolio Retail Properties – Detail 1

     Supplemental Report – March 31, 2024


		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
				1,050	—	—	1,050	100.0%	—%	—%	100.0%	100.0%	312,576	297.69

Dallas Metro
Henderson Avenue Portfolio (14 properties)	Sprouts Market, Warby Parker, Tecovas	2022	100.0 %	89,751	31,635	—	121,386	81.0%	100.0%	—%	86.0%	90.4%	4,343,965	41.63

Total Street and Urban Retail				1,078,834	143,719	252,922	1,475,475	85.0%	100.0%	91.6%	87.6%	90.6%	$92,060,948	$71.24

Acadia Share Total Street and Urban Retail				883,735	143,719	239,697	1,267,152	84.1%	100.0%	92.9%	87.5%	90.2%	$79,401,430	$71.57

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%	88.3%	91.8%	91.8%	3,509,685	26.55
Marketplace of Absecon	Walgreens, Dollar Tree	1998	100.0 %	—	46,724	57,832	104,556	—%	28.3%	80.4%	57.1%	78.3%	996,287	16.69

New York
Village Commons Shopping Center	Citibank, Ace Hardware	1998	100.0 %	—	—	87,128	87,128	—%	—%	88.1%	88.1%	90.1%	2,656,662	34.61
Branch Plaza	LA Fitness, The Fresh Market	1998	100.0 %	—	76,264	47,081	123,345	—%	100.0%	96.9%	98.8%	98.8%	3,554,346	29.16
Amboy Center	Stop & Shop (Ahold)	2005	100.0 %	—	37,266	26,106	63,372	—%	100.0%	80.8%	92.1%	92.1%	2,049,928	35.12
Crossroads Shopping Center	HomeGoods, PetSmart, BJ's Wholesale Club	1998	49.0 %	—	202,727	108,801	311,528	—%	100.0%	70.2%	89.6%	92.2%	8,841,227	31.68
New Loudon Center	Price Chopper, Marshalls	1993	100.0 %	—	242,058	16,643	258,701	—%	94.8%	100.0%	95.2%	99.9%	2,270,376	9.22
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%	2,280,620	34.06

Connecticut
Town Line Plaza 5	Wal-Mart, Stop & Shop (Ahold)	1998	100.0 %	—	163,159	43,187	206,346	—%	100.0%	79.1%	95.6%	95.6%	1,509,026	15.09

Massachusetts
Methuen Shopping Center	Wal-Mart, Market Basket	1998	100.0 %	—	120,004	10,017	130,021	—%	100.0%	100.0%	100.0%	100.0%	1,467,751	11.29
Crescent Plaza	Home Depot, Shaw's	1993	100.0 %	—	156,985	61,017	218,002	—%	100.0%	95.9%	98.9%	98.9%	2,111,087	9.80
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%	2,274,230	22.86

      
     Core Portfolio Retail Properties – Detail 1

     Supplemental Report – March 31, 2024


		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
Illinois
Hobson West Plaza	Garden Fresh Markets	1998	100.0 %	—	51,692	47,270	98,962	—%	100.0%	89.9%	95.2 %	97.7%	1,362,710	14.47

Indiana
Merrillville Plaza	Dollar Tree, TJ Maxx, DD's Discount (Ross)	1998	100.0 %	—	123,144	112,782	235,926	—%	100.0%	81.3%	91.1 %	92.6%	3,056,075	14.22

Michigan
Bloomfield Town Square	HomeGoods, TJ Maxx, Dick's Sporting Goods, Burlington	1998	100.0 %	—	153,332	81,619	234,951	—%	100.0%	94.5%	98.1 %	98.1%	4,220,646	18.32

Delaware
Town Center and Other (1 property)	Lowes, Dick's Sporting Goods, Target	2003	100.0 %	—	678,430	25,991	704,421	—%	89.7%	84.2 %	89.5 %	96.7%	10,778,568	17.10
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%	3,321,484	33.17
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	—	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%	956,954	6.12
Chestnut Hill	—	2006	100.0 %	—	—	36,492	36,492	—%	—%	100.0%	100.0%	100.0%	986,067	27.02
Abington Towne Center 6	Target, TJ Maxx	1998	100.0 %	—	184,616	32,255	216,871	—%	100.0%	100.0%	100.0%	100.0%	1,319,743	22.27

Total Suburban Properties				—	2,836,148	1,074,195	3,910,343	—%	95.9 %	85.6 %	93.1 %	95.7 %	$64,673,584	$19.11

Acadia Share Total Suburban Properties				—	2,732,757	1,018,706	3,751,464	—%	95.8%	86.5%	93.2%	95.8%	$60,164,558	$18.55

Total Core Properties				1,078,834	2,979,867	1,327,117	5,385,818	85.0%	96.1%	86.8%	91.6%	94.3%	$156,734,532	$33.51

Acadia Share Total Core Properties				883,735	2,876,476	1,258,404	5,018,615	84.1%	96.0%	87.7%	91.8%	94.4%	$139,565,988	$32.07

__________

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 – March 31, 2024

    (Pro-Rata Basis)


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

Target		3		408,895	$	8,323,009		6.9	%		5.5	%
Royal Ahold 2		3		155,461		3,430,677		2.6	%		2.3	%
TJX Companies 3		9		252,043		3,105,924		4.3	%		2.0	%
Walgreens		4		68,393		2,887,312		1.2	%		1.9	%
PetSmart, Inc.		4		76,257		2,760,241		1.3	%		1.8	%
Lululemon		2		7,533		2,593,590		0.1	%		1.7	%
Trader Joe's		3		40,862		2,532,593		0.7	%		1.7	%
Fast Retailing 4		2		32,013		2,450,038		0.5	%		1.6	%
Alo Yoga		2		22,566		2,421,292		0.4	%		1.6	%
Supervalu Inc. 5		2		123,409		2,061,142		2.1	%		1.4	%
Bob's Discount Furniture		2		68,793		2,027,670		1.2	%		1.3	%
Tapestry 6		2		4,250		1,788,909		0.1	%		1.2	%
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	%
The Home Depot		2		187,914		1,345,020		3.2	%		0.9	%
Citibank		4		16,160		1,337,924		0.3	%		0.9	%
TD Bank		2		14,700		1,285,992		0.2	%		0.8	%
Michaels Stores, Inc.		2		45,285		1,283,810		0.8	%		0.8	%
TOTAL		57		1,706,594	$	47,798,663		28.8	%		31.5	%

__________

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 (Town Center), Kohl's (28 Jericho Turnpike), Bang & Olufsen (Soho), Nordstrom Rack (State and Washington) 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 – March 31, 2024

    (Pro-Rata Basis)


	Street Tenants												Anchor Tenants
			GLA					ABR							GLA					ABR
	Leases		Expiring		Percent					Percent			Leases		Expiring		Percent					Percent
Year	Expiring		SF		of Total			PSF		of Total			Expiring		SF		of Total			PSF		of Total
M to M 1		3		4,162		0.6	%	$	53.29		0.3	%		—		—		—	%	$	—		—	%
2024 (Remainder)		19		56,550		7.6	%		68.49		5.8	%		8		339,080		13.5	%		11.67		10.3	%
2025		25		97,484		13.1	%		108.55		15.9	%		9		376,598		15.0	%		19.14		18.8	%
2026		29		73,897		9.9	%		143.27		15.9	%		9		404,089		16.1	%		9.94		10.5	%
2027		16		26,520		3.6	%		147.57		5.9	%		5		155,675		6.2	%		21.38		8.7	%
2028		19		193,188		26.0	%		65.22		18.9	%		11		483,822		19.3	%		12.43		15.7	%
2029		20		50,477		6.8	%		90.93		6.9	%		9		314,894		12.6	%		16.20		13.3	%
2030		9		64,412		8.7	%		67.24		6.5	%		—		—		—	%		—		—	%
2031		7		41,177		5.5	%		80.27		5.0	%		2		50,566		2.0	%		16.97		2.2	%
2032		17		56,944		7.7	%		111.05		9.5	%		2		62,382		2.5	%		12.53		2.0	%
2033		20		42,859		5.8	%		82.92		5.3	%		2		81,217		3.2	%		27.13		5.8	%
Thereafter		6		35,396		4.8	%		81.04		4.3	%		5		237,330		9.5	%		20.34		12.6	%
Total		190		743,067		100.0	%	$	89.83		100.0	%		62		2,505,653		100.0	%	$	15.28		100.0	%

Anchor GLA Owned by Tenants				—												254,916
Total Vacant 2				140,669												115,907
Total Square Feet 2				883,735												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		—		—		—	%	$	—		—	%		3		4,162		0.1	%		53.29		0.2	%
2024 (Remainder)		28		136,003		12.3	%		24.47		9.6	%		55		531,633		12.2	%		20.99		8.0	%
2025		35		108,129		9.8	%		30.29		9.5	%		69		582,211		13.4	%		36.18		15.1	%
2026		40		146,127		13.2	%		26.30		11.1	%		78		624,112		14.3	%		29.56		13.2	%
2027		36		141,240		12.8	%		34.03		13.9	%		57		323,435		7.4	%		37.25		8.6	%
2028		39		155,928		14.1	%		36.81		16.6	%		69		832,938		19.1	%		29.23		17.4	%
2029		17		46,714		4.2	%		29.32		4.0	%		46		412,085		9.5	%		26.84		7.9	%
2030		11		31,912		2.9	%		36.54		3.4	%		20		96,324		2.2	%		57.07		3.9	%
2031		14		81,633		7.4	%		26.30		6.2	%		23		173,376		4.0	%		36.40		4.5	%
2032		25		96,152		8.7	%		32.98		9.2	%		44		215,478		5.0	%		47.69		7.4	%
2033		21		85,791		7.8	%		31.92		7.9	%		43		209,867		4.8	%		40.48		6.1	%
Thereafter		16		73,773		6.7	%		39.82		8.5	%		27		346,500		8.0	%		30.69		7.6	%
Total		282		1,103,402		100.0	%	$	31.29		100.0	%		534		4,352,122		100.0	%	$	32.07		100.0	%

Anchor GLA Owned by Tenants				—												254,916
Total Vacant 2				155,002												411,578
Total Square Feet 2				1,258,404												5,018,615

_________

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 – March 31, 2024


	Quarter Ended
	March 31, 2024
	GAAP 2			Cash 3
New Leases
Number of new leases executed		2			2
GLA		3,460			3,460
New base rent	$	40.04		$	35.74
Previous base rent	$	29.91		$	30.90
Average cost per square foot	$	49.36		$	49.36
Weighted Average Lease Term (years)		10.0			10.0
Percentage growth in base rent		33.9	%		15.7	%

Renewal Leases
Number of renewal leases executed		20			20
GLA		184,391			184,391
New base rent	$	22.53		$	22.24
Expiring base rent	$	20.47		$	21.19
Average cost per square foot	$	0.45		$	0.45
Weighted Average Lease Term (years)		4.6			4.6
Percentage growth in base rent		10.1	%		5.0	%

Total New and Renewal Leases
Number of new and renewal leases executed		22			22
GLA commencing		187,851			187,851
New base rent	$	22.85		$	22.49
Expiring base rent	$	20.64		$	21.37
Average cost per square foot	$	1.35		$	1.35
Weighted Average Lease Term (years)		4.7			4.7
Percentage growth in base rent		10.7	%		5.2	%

__________

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 – March 31, 2024



	Quarter to Date				Year to Date
	March 31, 2024		March 31, 2023		December 31, 2023
Leasing Commissions	$	560	$	1,507	$	5,941
Tenant Improvements		1,212		4,805		10,594
Maintenance Capital Expenditures		1,640		690		8,618
Total Capital Expenditures	$	3,412	$	7,002	$	25,153

     
    Fund Overview

    Supplemental Report – March 31, 2024


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	$		506.0	Million	$		459.6	Million	$		2,059.7	Million
Cumulative Net Distributions 3	$		195.4	Million	$		172.9	Million	$		603.5	Million	$		221.4	Million	$		112.6	Million	$		1,305.8	Million
Net Distributions/Contributions			225.6	%			30.9	%			134.7	%			43.8	%			24.5	%			63.4	%
Unfunded Commitment 4	$		0.0	Million	$		0.0	Million	$		1.9	Million	$		24.0	Million	$		60.4	Million	$		86.3	Million
Acquisition Dry Powder 5		N/A				N/A				N/A				N/A			$	N/A		Million	$	N/A		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 – March 31, 2024

_________

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 Mervyns 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.

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 $24.0 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 – March 31, 2024


		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, Sephora, Basis Schools, Alamo Drafthouse, Trader Joe's	2007		94.2	%		—		330,448		207,649		538,097		—	%		100.0	%		38.1	%		76.1	%		85.4	%	$	18,076,469	$	44.13

Total - Fund II							—		330,448		207,649		538,097		—	%		100.0	%		38.1	%		76.1	%		85.4	%	$	18,076,469	$	44.13

Fund III Portfolio Detail

NEW YORK
New York
640 Broadway	─	2012		100.0	%		4,637		—		—		4,637		77.6	%		—	%		—	%		77.6	%		77.6	%	$	850,994	$	236.58
Total - Fund III							4,637		—		—		4,637		77.6	%		—	%		—	%		77.6	%		77.6	%	$	850,994	$	236.58

Fund IV Portfolio Detail

NEW YORK
New York
801 Madison Avenue	─	2015		100.0	%		2,522		—		—		2,522		100.0	%		—	%		—	%		100.0	%		100.0	%	$	300,000	$	118.95
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	%		2,063,935		244.77
1035 Third Avenue 3	─	2015		100.0	%		7,634		—		—		7,634		100.0	%		—	%		—	%		100.0	%		100.0	%		1,222,748		160.17

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	Santander Bank	2016		100.0	%		15,711		—		—		15,711		9.1	%		—	%		—	%		9.1	%		9.1	%		199,500		140.00

NORTHEAST
Rhode Island
650 Bald Hill Road	Dick's Sporting Goods, Burlington	2015		90.0	%		—		55,000		105,448		160,448		—	%		100.0	%		77.7	%		85.3	%		85.3	%		2,092,896		15.28

MID-ATLANTIC
Delaware
Eden Square	Giant Food, LA Fitness	2014		98.6	%		—		116,003		113,168		229,171		—	%		100.0	%		81.9	%		91.1	%		98.6	%		3,358,699		16.10

SOUTHEAST
Georgia
Broughton Street Portfolio (13 properties)	H&M, Lululemon, Kendra Scott, Starbucks	2014		100.0	%		94,713		—		—		94,713		91.1	%		—	%		—	%		91.1	%		93.1	%		3,223,337		37.34

WEST
California
Union and Fillmore Collection (3 properties)	Eileen Fisher, Bonobos	2015		90.0	%		7,183		—		—		7,183		77.5	%		—	%		—	%		77.5	%		77.5	%		665,709		119.62

Total - Fund IV							142,910		258,542		284,571		686,023		78.3	%		100.0	%		84.5	%		89.1	%		91.9	%	$	16,389,112	$	26.82

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	%		86.2	%		95.7	%		95.7	%	$	4,097,104	$	19.10

      
     Fund Portfolio Retail Properties – Detail 1

     Supplemental Report – March 31, 2024


		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

Texas
Wood Ridge Plaza	Kirkland's, Office Depot	2022		90.0	%		—		—		211,617		211,617		—	%		—	%		89.7	%		89.7	%		89.7	%		4,365,051		22.99
La Frontera Village	Kohl's, Hobby Lobby, Burlington, Marshalls	2022		90.0	%		—		203,500		330,930		534,430		—	%		85.0	%		90.7	%		88.5	%		88.8	%		6,645,117		14.04

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	%		2,410,631		12.65
Fairlane Green	TJ Maxx, Michaels, Burlington	2017		100.0	%		—		109,952		160,235		270,187		—	%		100.0	%		100.0	%		100.0	%		100.0	%		5,326,056		19.71

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	%		88.1	%		93.7	%		94.8	%		7,696,127		15.47

Connecticut
Tri-City Plaza	TJ Maxx, HomeGoods, ShopRite	2019		90.0	%		—		129,940		172,798		302,738		—	%		100.0	%		82.5	%		90.0	%		92.0	%		3,915,091		14.36

New Jersey
Midstate	ShopRite, Best Buy, DSW, PetSmart	2021		100.0	%		—		253,779		134,837		388,616		—	%		77.2	%		62.2	%		72.0	%		96.9	%		5,958,609		21.31

New York
Shoppes at South Hills	ShopRite, At Home, Ashley Furniture	2022		90.0	%		—		416,804		95,414		512,218		—	%		71.7	%		46.1	%		67.0	%		76.1	%		3,941,442		11.49
Mohawk Commons	Lowe's, Target	2023		90.0	%		—		330,874		68,464		399,338		—	%		100.0	%		89.9	%		98.3	%		99.5	%		5,583,596		14.23

Pennsylvania
Monroe Marketplace	Kohl's, Dick's Sporting Goods, Giant Food	2021		100.0	%		—		263,376		108,276		371,652		—	%		100.0	%		100.0	%		100.0	%		100.0	%		4,418,808		11.89

Rhode Island
Lincoln Commons	Stop and Shop, Marshalls, HomeGoods	2019		100.0	%		—		194,470		267,525		461,995		—	%		100.0	%		79.9	%		88.3	%		90.8	%		5,621,839		13.78

Vermont
Maple Tree Place 4	Shaw's, Dick's Sporting Goods, Best Buy, Old Navy	2023		100.0	%		—		246,738		147,764		394,502		—	%		100.0	%		59.8	%		84.9	%		84.9	%		6,567,224		19.60

SOUTHEAST
Virginia
Landstown Commons	Best Buy, Burlington, Ross Dress for Less	2019		100.0	%		—		87,883		292,316		380,199		—	%		100.0	%		95.8	%		96.8	%		97.2	%		7,603,810		20.66

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	%		3,526,270		21.19
Cypress Creek	Hobby Lobby, Total Wine, HomeGoods	2023		100.0	%		—		167,978		71,678		239,656		—	%		100.0	%		95.1	%		98.5	%		98.5	%		4,948,622		20.95

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	%		4,757,107		12.59


Alabama
Trussville Promenade	Wal-Mart, Regal Cinemas	2018		100.0	%		—		366,010		97,671		463,681		—	%		100.0	%		84.8	%		96.8	%		97.6	%		4,382,333		9.76

      
     Fund Portfolio Retail Properties – Detail 1

     Supplemental Report – March 31, 2024


		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
Georgia
Canton Marketplace	Dick's Sporting Goods, TJ Maxx, Best Buy	2021		100.0	%		—		132,569		219,419		351,988		—	%		100.0	%		90.8	%		94.3	%		94.7	%		5,908,583		17.80
Hiram Pavilion	Kohl's, HomeGoods	2018		100.0	%		—		209,423		153,252		362,675		—	%		100.0	%		98.6	%		99.4	%		100.0	%		4,702,846		13.04

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	%		5,327,348		22.01

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	%		4,023,618		11.03

Total - Fund V							—		4,368,643		3,389,264		7,757,907		—	%		95.3	%		87.7	%		92.0	%		94.3	%	$	111,727,231	$	15.66

TOTAL FUND PROPERTIES							147,547		4,957,633		3,881,484		8,986,664		78.3	%		95.8	%		84.8	%		90.8	%		93.6	%	$	147,043,806	$	18.02

Acadia Share of Total Fund Properties							34,013		1,084,045		828,715		1,946,772		78.3	%		96.5	%		80.2	%		89.2	%		92.7	%	$	35,706,097	$	20.56

__________

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).

Property also includes 93,259 sf of office space.

     
    Fund Lease Expirations

    Supplemental Report – March 31, 2024

    (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		—		—		—	%	$	—	$	—		—	%		—		—		—	%	$	—	$	—		—	%
2024 (Remainder)		—		—		—	%		—		—		—	%		—		—		—	%		—		—		—	%
2025		1		1,426		0.6	%		164,531		115.36		1.6	%		—		—		—	%		—		—		—	%
2026		—		—		—	%		—		—		—	%		—		—		—	%		—		—		—	%
2027		3		15,292		6.4	%		1,155,166		75.54		11.0	%		—		—		—	%		—		—		—	%
2028		1		552		0.2	%		107,618		195.00		1.0	%		1		306		34.7	%		75,845		247.85		36.3	%
2029		1		580		0.2	%		89,140		153.75		0.8	%		—		—		—	%		—		—		—	%
2030		—		—		—	%		—		—		—	%		1		177		20.0	%		42,148		238.21		20.2	%
2031		—		—		—	%		—		—		—	%		1		226		25.6	%		55,503		245.31		26.6	%
2032		4		78,364		32.9	%		1,201,752		15.34		11.4	%		1		173		19.7	%		35,338		203.68		16.9	%
2033		3		18,877		7.9	%		871,403		46.16		8.3	%		—		—		—	%		—		—		—	%
Thereafter		8		122,856		51.6	%		6,911,577		56.26		65.8	%		—		—		—	%		—		—		—	%
Total		21		237,947		100.0	%	$	10,501,188	$	44.13		100.0	%		4		883		100.0	%	$	208,834	$	236.58		100.0	%

				74,651	Total Vacant 2													255	Total Vacant 2
				312,597	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		—		—		—	%	$	—	$	—		—	%		4		1,536		0.1	%	$	29,701	$	19.33		0.1	%
2024 (Remainder)		6		15,687		13.6	%		392,456		25.02		12.0	%		—		—		—	%		—		—		—	%
2025		6		2,098		1.8	%		481,612		229.54		14.7	%		171		378,820		27.4	%		5,494,380		14.50		25.3	%
2026		8		13,469		11.7	%		251,251		18.65		7.7	%		93		121,975		8.8	%		2,324,384		19.06		10.7	%
2027		11		7,812		6.8	%		221,636		28.37		6.8	%		93		208,404		15.1	%		2,825,569		13.56		13.0	%
2028		8		5,608		4.9	%		173,319		30.91		5.3	%		88		165,694		12.0	%		3,167,814		19.12		14.6	%
2029		5		16,125		14.0	%		356,203		22.09		10.9	%		54		134,751		9.7	%		1,942,631		14.42		8.9	%
2030		1		346		0.3	%		16,278		47.00		0.5	%		34		81,525		5.9	%		1,193,740		14.64		5.5	%
2031		8		14,337		12.4	%		372,500		25.98		11.4	%		32		75,446		5.5	%		1,117,089		14.81		5.1	%
2032		7		25,319		21.9	%		614,515		24.27		18.8	%		35		69,198		5.0	%		1,171,894		16.94		5.4	%
2033		5		12,850		11.1	%		292,137		22.73		8.9	%		32		61,018		4.4	%		1,156,934		18.96		5.3	%
Thereafter		3		1,749		1.5	%		98,702		56.43		3.0	%		25		84,354		6.1	%		1,301,329		15.43		6.0	%
Total		68		115,400		100.0	%	$	3,270,610	$	28.34		100.0	%		661		1,382,722		100.0	%	$	21,725,465	$	15.71		100.0	%

				16,290	Total Vacant 2													118,624	Total Vacant 2
				131,691	Total Square Feet 2													1,501,346	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 – March 31, 2024


						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	$	7.6	$	17.2	TBD		-	TBD		TBD		-	TBD

Major Redevelopment:
City Center	100.0%	San Francisco, CA	2024/2025		241,000		155.0		52.5		207.5		2.5	-		5.5		210.0	-		213.0
555 9th Street	100.0%	San Francisco, CA	TBD		149,000		141.7		6.7		148.4		18.3	-		28.3		166.7	-		176.7
651-671 West Diversey	100.0%	Chicago, IL	TBD		46,000		29.1		0.5		29.6	TBD		-	TBD		TBD		-	TBD
Route 6 Mall	100.0%	Honesdale, PA	TBD	TBD			14.8		4.5		19.3		1.5	-		4.5		20.8	-		23.8
Mad River	100.0%	Dayton, OH	TBD	TBD			14.3		0.4		14.7		1.5	-		1.9		16.2	-		16.6
840 N. Michigan Avenue	91.9%	Chicago, IL	TBD		87,000		152.3		—		152.3	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		0.1		24.1	TBD		-	TBD		TBD		-	TBD
Westshore Expressway	100.0%	Staten Island, NY	TBD		55,000		18.6		—		18.6	TBD		-	TBD		TBD		-	TBD
Total Core Redevelopment						$	637.0	$	64.7	$	701.7	$	23.8		$	40.2	$	413.7		$	430.1

Total Core Development and Redevelopment						$	646.6	$	72.3	$	718.9	$	23.8		$	40.2	$	413.7		$	430.1

FUNDS

Development:
FUND III
Broad Hollow Commons	24.5%	Farmingdale, NY	TBD	TBD		$	3.0	$	4.1	$	7.1	TBD		-	TBD		TBD		-	TBD

Major Redevelopment:
FUND IV
717 N. Michigan Avenue	23.1%	Chicago, IL	TBD	TBD			26.9		0.9		27.8	TBD		-	TBD		TBD		-	TBD
Total Funds Development and Major Development						$	29.9	$	5.0	$	34.9	$	—		$	—	$	—		$	—

Total Core and Funds Development and Major Redevelopment						$	676.5	$	77.3	$	753.8	$	23.8		$	40.2	$	413.7		$	430.1

Pre-Stabilized:
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
1035 Third Avenue (Fund IV)	23.1%	New York, NY	2024		7,634

     
    Important Notes

    Supplemental Report – March 31, 2024

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 depreciable 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.