0000899629false00008996292024-07-302024-07-30

 

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): July 30, 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 July 30, 2024, Acadia Realty Trust (the “Company”) issued a press release announcing its consolidated financial results for the quarter and year-to-date period ended June 30, 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 and year-to-date period ended June 30, 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 July 30, 2024
99.2	Supplemental Reporting Information as of and for the quarter and year-to-date period ended June 30, 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
July 30, 2024		Title:		Executive Vice President and Chief Financial Officer

 

 

 

---

Exhibit 99.1

Sandra Liang

(914) 288-3356

 

ACADIA REALTY TRUST REPORTS SECOND QUARTER OPERATING RESULTS

 

RYE, NY (July 30, 2024) - Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”) today reported operating results for the quarter ended June 30, 2024. All per share amounts are on a fully-diluted basis, where applicable. Acadia owns and operates a high-quality core real estate portfolio ("Core" or "Core Portfolio") of street and open-air retail properties in the nation's most dynamic retail corridors, along with an investment management platform that targets opportunistic and value-add investments through its institutional co-investment vehicles ("Investment Management").

 

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

“We had another strong quarter driven by the acceleration of growth within our key Street markets. In light of our strong performance, we have increased our earnings guidance along with our quarterly dividend. Furthermore, we have made progress on strategically positioning and strengthening our balance sheet. Finally, our pipeline of actionable and accretive investment opportunities across our key markets and Investment Management platform is accelerating."

SECOND Quarter and recent Highlights

 

---

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.

 

		Financial Results
		2024		2023
		2Q		2Q
Net earnings per share attributable to Acadia		$0.01		$0.09
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share)		0.23		0.27
Loss on disposition of properties (net of noncontrolling interests' share)		0.01		—
Noncontrolling interest in Operating Partnership		—		0.01
NAREIT Funds From Operations per share attributable to Common Shareholders and Common OP Unit holders		$0.25		$0.37
Net unrealized holding loss (gain)1		0.03		(0.01)
Realized gains and promotes1		0.03		—
Funds From Operations Before Special Items per share attributable to Common Shareholders and Common OP Unit holders		$0.31		$0.36
Less: Non-cash gain from BBBY lease termination2		—		(0.08)
Funds From Operations Before Special Items per share attributable to Common Shareholders and Common OP Unit holders, excluding non-cash BBBY gain		$0.31		$0.28

 

________

---

 

Amounts reflected in the below Net Income, NAREIT FFO and FFO Before Special Items for the quarter ended June 30, 2023 included a non-cash nonrecurring gain of $7.8 million, or $0.08 per share, from the termination of a below-market lease. Net Income • Net income for the quarter ended June 30, 2024 was $1.2 million, or $0.01 per share. • This compares with net income of $9.0 million, or $0.09 per share for the quarter ended June 30, 2023.   NAREIT FFO • NAREIT Funds From Operations ("NAREIT FFO") for the quarter ended June 30, 2024 was $28.5 million, or $0.25 per share. • This compares with NAREIT FFO of $38.2 million, or $0.37 per share, for the quarter ended June 30, 2023.   FFO Before Special Items • Funds From Operations ("FFO") Before Special Items for the quarter ended June 30, 2024 was $34.4 million, or $0.31 per share, which includes $3.6 million, or $0.03 per share, of realized investment gains (175,000 shares of Albertsons' stock sold at an average price of $20.52 per share). • This compares with FFO Before Special Items of $36.5 million, or $0.36 per share for the quarter ended June 30, 2023.

 

 

---

CORE PORTFOLIO PERFORMANCE

 

Same-Property NOI • Same-Property Net Operating Income ("NOI") growth, excluding redevelopments, increased 5.5% for the second quarter, driven by an increase of approximately 12% from the Street Portfolio. Leasing and Occupancy Update • For the quarter ended June 30, 2024, conforming GAAP and cash leasing spreads on new leases were 82% and 55%, respectively, driven by Street leases in Chicago and Washington, D.C. • As of June 30, 2024, the Core Portfolio was 94.8% leased and 91.8% occupied compared to 94.4% leased and 91.8% occupied as of March 31, 2024. • Core SNO (excluding redevelopments) increased to $8.1 million of ABR at June 30, 2024, representing approximately 6% of in-place rents. This is a 5% increase from the $7.7 million of SNO as of March 31, 2024.

 

 

---

TRANSACTIONAL ACTIVITY

Core Portfolio Acquisitions

 

Investment Management Acquisitions

 

The above-mentioned pending Core and Investment Management transactions are subject to final agreement between the parties, customary closing conditions and market uncertainty. Thus, no assurances can be given that the Company will successfully close on any of these transactions on the anticipated timeline or at all.

 

Investment Management Dispositions

---

BALANCE SHEET

 

DIVIDEND

Increased Quarterly Dividend by $0.01 to $0.19 per Common Share: The Company's Board of Trustees has authorized a third quarter cash dividend of $0.19 per common share. The 5.6% increase from the prior quarterly dividend was driven by the Company's continued internal growth. The quarterly dividend is payable on October 15, 2024 to holders of record as of September 30, 2024.

---

GUIDANCE

The Company updated its annual 2024 guidance as follows:

 

		2024 Guidance
		Revised		Prior 1
Net earnings per share attributable to Acadia		$0.07-$0.11		$0.07-$0.13
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-$1.13		$1.09-$1.15
Net unrealized holding loss 2,3		0.04		0.02
Realized gains and promotes 3		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		$1.26-$1.32		$1.24-$1.32

 

________

 

The Company is providing a projection of anticipated net earnings solely to satisfy the disclosure requirements of the Securities and Exchange Commission (the "SEC"). The Company's projections are based on management's current beliefs and assumptions about the Company's business, and the industry and the markets in which it operates; there are known and unknown risks and uncertainties associated with these projections. There can be no assurance that the Company's actual results will not differ from the guidance set forth above. The Company assumes no obligation to update publicly any forward-looking statements, including its 2024 earnings guidance, whether as a result of new information, future events or otherwise. Refer to the "Safe Harbor Statement" disclosures on page 8 of this document.

---

CONFERENCE CALL

Management will conduct a conference call on Wednesday, July 31, 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:	Wednesday, July 31, 2024
Time:	11:00 AM ET
Participant call:	Second Quarter 2024 Dial-In
Participant webcast:	Second 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 owns and operates a high-quality core real estate portfolio ("Core" or "Core Portfolio") of street and open-air retail properties in the nation's most dynamic retail corridors, along with an investment management platform that targets opportunistic and value-add investments through its institutional co-investment vehicles ("Investment Management"). 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; (including the potential acquisitions discussed in this press release); (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 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.

 

---

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  June 30,								Six Months Ended June 30,
		2024				2023				2024				2023
Revenues
Rental income		$	85,626			$	88,141			$	171,663			$	168,878
Other			1,628				1,807				6,947				2,909
Total revenues			87,254				89,948				178,610				171,787
Expenses
Depreciation and amortization			34,281				34,056				69,221				67,229
General and administrative			10,179				10,643				19,947				20,589
Real estate taxes			9,981				11,381				22,327				22,860
Property operating			15,781				14,210				34,877				29,343
Total expenses			70,222				70,290				146,372				140,021
Gain (loss) on disposition of properties			757				—				(441	)			—
Operating income			17,789				19,658				31,797				31,766
Equity in earnings (losses) of unconsolidated affiliates			4,480				(1,437	)			4,168				(1,408	)
Interest income			5,413				4,970				10,651				9,788
Realized and unrealized holding (losses) gains on investments and other			(2,364	)			1,815				(4,415	)			28,572
Interest expense			(23,581	)			(22,089	)			(47,290	)			(43,676	)
Income (loss) from continuing operations before income taxes			1,737				2,917				(5,089	)			25,042
Income tax provision			(155	)			(165	)			(186	)			(288	)
Net income (loss)			1,582				2,752				(5,275	)			24,754
Net loss attributable to redeemable noncontrolling interests			2,292				1,091				4,846				3,166
Net (income) loss attributable to noncontrolling interests			(2,431	)			5,433				5,141				(5,284	)
Net income attributable to Acadia shareholders		$	1,443			$	9,276			$	4,712			$	22,636
Less: net income attributable to participating securities			(290	)			(247	)			(577	)			(490	)
Net income attributable to Common Shareholders -    basic earnings per share		$	1,153			$	9,029			$	4,135			$	22,146
Income from continuing operations net of income attributable to participating securities for diluted earnings per share		$	1,153			$	9,029			$	4,135			$	22,146
Weighted average shares for basic earnings per share			103,592				95,260				102,860				95,225
Weighted average shares for diluted earnings per share			103,592				95,260				102,860				95,225
Net earnings per share - basic (2)		$	0.01			$	0.09			$	0.04			$	0.23
Net earnings per share - diluted (2)		$	0.01			$	0.09			$	0.04			$	0.23

 

---

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 June 30,								Six Months Ended June 30,
		2024				2023				2024				2023
Net income attributable to Acadia		$	1,443			$	9,276			$	4,712			$	22,636
Depreciation of real estate and amortization of leasing costs (net of    noncontrolling interests' share)			26,291				28,248				53,378				54,692
Loss on disposition of properties (net of noncontrolling interests' share)			568				—				843				—
Income attributable to Common OP Unit holders			103				574				306				1,368
Distributions - Preferred OP Units			84				123				207				246
Funds from operations attributable to Common Shareholders and Common OP Unit holders - Diluted		$	28,489			$	38,221			$	59,446			$	78,942
Adjustments for Special Items:
Unrealized holding loss (gain) (net of noncontrolling interest share) (4)			2,308				(1,713	)			4,323				(1,779	)
Realized gain			3,586				—				7,580				—
Funds from operations before Special Items attributable to Common Shareholders and Common OP Unit holders		$	34,383			$	36,508			$	71,349			$	77,163
Funds From Operations per Share - Diluted
Basic weighted-average shares outstanding, GAAP earnings			103,592				95,260				102,860				95,225
Weighted-average OP Units outstanding			7,228				6,918				7,525				6,836
Assumed conversion of Preferred OP Units to common shares			319				464				25				464
Assumed conversion of LTIP units and restricted share units to    common shares			698				—				686				—
Weighted average number of Common Shares and Common OP Units			111,837				102,642				111,096				102,525
Diluted Funds from operations, per Common Share and Common OP Unit		$	0.25			$	0.37			$	0.54			$	0.77
Diluted Funds from operations before Special Items, per Common Share and Common OP Unit		$	0.31			$	0.36			$	0.64			$	0.75

 

---

ACADIA REALTY TRUST AND SUBSIDIARIES

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

(Unaudited, Dollars in thousands)

 

		Three Months Ended  June 30,								Six Months Ended June 30,
		2024				2023				2024				2023
Consolidated operating income		$	17,789			$	19,658			$	31,797			$	31,766
Add back:
General and administrative			10,179				10,643				19,947				20,589
Depreciation and amortization			34,281				34,056				69,221				67,229
(Gain) loss on disposition of properties			(757	)			—				441				—
Less:
Above/below market rent, straight-line rent and other adjustments			(2,869	)			(13,088	)			(7,477	)			(15,330	)
Consolidated NOI			58,623				51,269				113,929				104,254
Redeemable noncontrolling interest in consolidated NOI			(1,381	)			(1,182	)			(2,422	)			(2,399	)
Noncontrolling interest in consolidated NOI			(18,322	)			(13,730	)			(35,253	)			(28,205	)
Less: Operating Partnership's interest in Investment Management NOI included above			(6,132	)			(4,765	)			(11,473	)			(9,802	)
Add: Operating Partnership's share of unconsolidated    joint ventures NOI (5)			2,251				4,141				6,212				8,100
Core Portfolio NOI		$	35,039			$	35,733			$	70,993			$	71,948

Reconciliation of Same-Property NOI

(Unaudited, Dollars in thousands)

 

		Three Months Ended  June 30,								Six Months Ended June 30,
		2024				2023				2024				2023
Core Portfolio NOI		$	35,039			$	35,733			$	70,993			$	71,948
Less properties excluded from Same-Property NOI			(2,961	)			(5,335	)			(6,887	)			(11,235	)
Same-Property NOI		$	32,078			$	30,398			$	64,106			$	60,713
Percent change from prior year period			5.5	%							5.6	%
Components of Same-Property NOI:
Same-Property Revenues		$	45,613			$	43,275			$	91,756			$	87,057
Same-Property Operating Expenses			(13,535	)			(12,877	)			(27,650	)			(26,344	)
Same-Property NOI		$	32,078			$	30,398			$	64,106			$	60,713

 

---

ACADIA REALTY TRUST AND SUBSIDIARIES

Consolidated Balance Sheets (1)

(Unaudited, Dollars in thousands, except shares)

 

		As of
		June 30, 2024				December 31, 2023
ASSETS
Investments in real estate, at cost
Land		$	849,524			$	872,228
Buildings and improvements			3,106,413				3,128,650
Tenant improvements			283,309				257,955
Construction in progress			21,023				23,250
Right-of-use assets - finance leases			58,637				58,637
			4,318,906				4,340,720
Less: Accumulated depreciation and amortization			(871,994	)			(823,439	)
Operating real estate, net			3,446,912				3,517,281
Real estate under development			101,802				94,799
Net investments in real estate			3,548,714				3,612,080
Notes receivable, net ($1,520 and $1,279 of allowance for credit losses as of June 30, 2024 and December 31, 2023, respectively)			126,653				124,949
Investments in and advances to unconsolidated affiliates			203,410				197,240
Other assets, net			213,779				208,460
Right-of-use assets - operating leases, net			27,748				29,286
Cash and cash equivalents			31,915				17,481
Restricted cash			23,139				7,813
Marketable securities			21,668				33,284
Rents receivable, net			54,012				49,504
Assets of properties held for sale			—				11,057
Total assets		$	4,251,038			$	4,291,154
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Liabilities:
Mortgage and other notes payable, net		$	955,069			$	930,127
Unsecured notes payable, net			644,313				726,727
Unsecured line of credit			96,446				213,287
Accounts payable and other liabilities			218,095				229,375
Lease liability - operating leases			29,964				31,580
Dividends and distributions payable			20,285				18,520
Distributions in excess of income from, and investments in, unconsolidated affiliates			7,301				7,982
Total liabilities			1,971,473				2,157,598
Commitments and contingencies
Redeemable noncontrolling interests			40,874				50,339
Equity:
Acadia Shareholders' Equity
Common shares, $0.001 par value per share, authorized 200,000,000 shares, issued and outstanding 105,266,580 and 95,361,676 shares, respectively			105				95
Additional paid-in capital			2,115,689				1,953,521
Accumulated other comprehensive income			47,621				32,442
Distributions in excess of accumulated earnings			(381,945	)			(349,141	)
Total Acadia shareholders’ equity			1,781,470				1,636,917
Noncontrolling interests			457,221				446,300
Total equity			2,238,691				2,083,217
Total liabilities, redeemable noncontrolling interests, and equity		$	4,251,038			$	4,291,154

 

---

ACADIA REALTY TRUST AND SUBSIDIARIES

Notes to Financial Highlights:

---

---

EALTY TRUST—Q220SUPPLEMENTAL REPFORMATIO

---

 

Table of Contents			Supplemental Report – June 30, 2024
Section I – Second 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 – Investment Management Information
EBITDA	12
Same Property Net Operating Income	13		Fund Overview		37
Fee Income Detail	14		Investment Management Properties		39
Structured Financing	15		Investment Management Lease Expirations		42
			Development and Redevelopment Activity		44
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		45
Detail	24
Maturities	26
Interest Rate Summary	28

 

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

 

---

 

Supplemental Report – June 30, 2024				Company Information
Acadia Realty Trust is an equity real estate investment trust that owns and operates a high-quality core real estate portfolio ("Core" or "Core Portfolio") of street and open-air retail properties in the nation's most dynamic retail corridors, along with an investment management platform that targets opportunistic and value-add investments through its institutional co-investment vehicles (“Investment Management”). For further information, please visit www.acadiarealty.com.
Contact Information
		Corporate Headquarters		Investor Relations		New York Stock Exchange
		411 Theodore Fremd Avenue		(914) 288-8100		Symbol AKR
		Suite 300		investorrelations@acadiarealty.com
		Rye, NY 10580
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

 

 

 

---

	Market Capitalization
Supplemental Report – June 30, 2024	(Including pro-rata share of Investment Management 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			105,267							Balance at 12/31/2023			95,362				5,345				100,707
Common Operating Partnership ("OP") Units			4,744							Vesting RS and LTIPs			9				417				426
Combined Common Shares and OP Units			110,011							OP Conversions			795				(795	)			—
										Issuance of Shares			6,987				—				6,987
Share Price at June 30, 2024		$	17.92							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		$	1,971,397							Vesting RS and LTIPs			44				32				76
Preferred OP Units 2			5,725							OP Conversions 4			400				(255	)			145
Total Equity Capitalization			1,977,122			60%		61%		Issuance of Shares			1,652				—				1,652
										Other			15				—				15
Debt Capitalization										Balance at 6/30/2024			105,267				4,744				110,011				103,592				102,860				111,837				111,096
Consolidated debt 3			1,707,658
Adjustment to reflect pro-rata share of debt			(406,138	)
Total Debt Capitalization			1,301,520			40%		39%
Total Market Capitalization		$	3,278,642			100%		100%

__________

 

---

 

	Consolidated Statements of Operations
Supplemental Report – June 30, 2024	(in thousands)

 

		June 30, 2024 1
		Quarter				Year to Date
Revenues
Rental income		$	85,626			$	171,663
Other			1,628				6,947
Total revenues			87,254				178,610
Expenses
Depreciation and amortization			34,281				69,221
General and administrative			10,179				19,947
Real estate taxes			9,981				22,327
Property operating			15,781				34,877
Total expenses			70,222				146,372
Gain (loss) on disposition of properties			757				(441	)
Operating income			17,789				31,797
Equity in earnings of unconsolidated affiliates			4,480				4,168
Interest income			5,413				10,651
Realized and unrealized holding (losses) gains on investments and other			(2,364	)			(4,415	)
Interest expense			(23,581	)			(47,290	)
Income (loss) from continuing operations before income taxes			1,737				(5,089	)
Income tax provision			(155	)			(186	)
Net income (loss)			1,582				(5,275	)
Net loss attributable to redeemable noncontrolling interests			2,292				4,846
Net (income) loss attributable to noncontrolling interests			(2,431	)			5,141
Net income attributable to Acadia		$	1,443			$	4,712

 

		June 30, 2024 1
		Quarter				Year to Date
Reconciliation of Revenues to Consolidated GAAP Revenues
Total Revenues		$	84,400			$	170,182
Straight-line rent income			757				886
Above/below-market rent income			1,467				2,792
Asset and property management fees			234				386
Development, construction, leasing and legal fees			197				263
Other income			199				4,101
Consolidated Total Revenues		$	87,254			$	178,610
Reconciliation of Operating Expenses to Consolidated GAAP Expenses
Property operating - CAM and Other		$	12,297			$	28,022
Other property operating (Non-CAM)			3,334				6,553
Asset and property management expense			150				302
Consolidated Total Operating Expenses		$	15,781			$	34,877

 

 

 

---

 

	Consolidated Statements of Operations - Detail
Supplemental Report – June 30, 2024	(in thousands)

 

		June 30, 2024 1
CORE PORTFOLIO AND INVESTMENT MANAGEMENT INCOME		Quarter				Year to Date
REVENUES
Minimum rents		$	66,592			$	133,124
Percentage rents			565				1,250
Expense reimbursements - CAM			8,089				16,985
Expense reimbursements - Taxes			8,172				16,655
Other property income			982				2,168
Total Revenues			84,400				170,182
EXPENSES
Property operating - CAM			12,312				27,071
Other property operating (Non-CAM)			3,334				6,553
Real estate taxes			9,981				22,327
Asset and property management expense			150				302
Total Expenses			25,777				56,253
NET OPERATING INCOME - PROPERTIES			58,623				113,929
OTHER INCOME (EXPENSE)
Interest income			5,413				10,651
Straight-line rent income			757				886
Above/below-market rent income			1,467				2,792
Interest expense 2			(20,925	)			(42,358	)
Amortization of finance costs			(2,149	)			(3,915	)
Above/below-market interest expense			5				17
Finance lease interest expense			(512	)			(1,034	)
Other income			158				3,025
CORE PORTFOLIO AND INVESTMENT MANAGEMENT INCOME			42,837				83,993
FEE AND OTHER INCOME 3
Asset and property management fees			234				419
Development, construction, leasing and legal fees			197				263
Total Investment Management Fee Income			431				682
Net promote and other transactional income			—				—
Total Investment Management Fee Income, Net Promote and Other Transactional Income			431				682
Realized gains on marketable securities, net			3,586				7,580
Less: previously recognized unrealized gains on marketable securities sold			(3,586	)			(7,580	)
Unrealized losses on marketable securities			(2,308	)			(4,323	)
Income tax provision			(155	)			(186	)
Total Fee and Other Loss			(2,032	)			(3,827	)
General and Administrative			(10,179	)			(19,947	)
Depreciation and amortization			(34,190	)			(69,039	)
Non-real estate depreciation and amortization			(91	)			(182	)
Gain (loss) on disposition of properties			757				(441	)
(Loss) gain before equity in earnings and noncontrolling interests			(2,898	)			(9,443	)
Equity in earnings of unconsolidated affiliates			4,480				4,168
Noncontrolling interests (including redeemable noncontrolling interests)			(139	)			9,987
NET INCOME ATTRIBUTABLE TO ACADIA		$	1,443			$	4,712

 

 

---

 

	Statements of Operations – Pro-Rata Adjustments7
Supplemental Report – June 30, 2024	(in thousands)

 

		Quarter Ended June 30, 2024								Year to Date June 30, 2024
CORE PORTFOLIO AND INVESTMENT MANAGEMENT INCOME		Noncontrolling Interest in Consolidated Subsidiaries 4				Company’s Interest in Unconsolidated Subsidiaries 5				Noncontrolling Interest in Consolidated Subsidiaries 4				Company’s Interest in Unconsolidated Subsidiaries 5
REVENUES
Minimum rents		$	(28,984	)		$	13,104			$	(57,928	)		$	27,801
Percentage rents			(125	)			55				(315	)			165
Expense reimbursements - CAM			(4,428	)			1,898				(8,714	)			3,783
Expense reimbursements - Taxes			(3,515	)			1,971				(6,929	)			4,093
Other property income			(455	)			273				(792	)			341
Total Revenues			(37,507	)			17,301				(74,678	)			36,183
EXPENSES
Property operating - CAM			(5,871	)			2,149				(12,718	)			4,560
Other property operating (Non-CAM)			(815	)			237				(1,706	)			537
Real estate taxes			(4,003	)			3,109				(8,672	)			6,241
Asset and property management expense			(495	)			640				(930	)			1,224
Total Expenses			(11,184	)			6,135				(24,026	)			12,562
NET OPERATING INCOME - PROPERTIES			(26,323	)			11,166				(50,652	)			23,621
OTHER INCOME (EXPENSE)
Interest income			(99	)			7				(146	)			14
Straight-line rent income			(1,226	)			1,446				(1,563	)			1,850
Above/below-market rent income (expense)			(684	)			533				(1,328	)			1,027
Interest expense			12,270				(4,843	)			24,601				(9,582	)
Amortization of finance costs			943				(334	)			1,960				(681	)
Above/below-market interest expense			—				104				—				135
Finance lease interest expense			342				(100	)			682				(200	)
Other income (expense)			(185	)			2				(423	)			31
CORE PORTFOLIO AND INVESTMENT MANAGEMENT INCOME			(14,962	)			7,981				(26,869	)			16,215
FEE AND OTHER INCOME 3
Asset and property management fees			2,606				174				5,301				315
Development, construction, leasing and legal fees			1,511				102				3,297				167
Total Investment Management Fee Income			4,117				276				8,598				482
Net promote and other transactional income			—				—				—				—
Total Investment Management Fee Income, Net Promote and Other Transactional Income			4,117				276				8,598				482
Realized gains on marketable securities, net			—				—				—				—
Less: previously recognized unrealized gains on marketable securities sold			—				—				—				—
Unrealized gains on marketable securities			—				—				—				—
Income tax provision			73				(5	)			56				(11	)
Total Fee and Other Loss			4,190				271				8,654				471
General and Administrative			814				(424	)			1,393				(662	)
Depreciation and amortization			15,356				(7,457	)			31,626				(15,965	)
Gain (loss) on disposition of properties			(5,434	)			4,109				(4,511	)			4,109
(Loss) gain before equity in earnings and noncontrolling interests			(36	)			4,480				10,293				4,168
Equity in earnings of unconsolidated affiliates			—				—				—				—
Noncontrolling interests 6			(103	)			—				(306	)			—
NET INCOME (LOSS) ATTRIBUTABLE TO ACADIA		$	(139	)		$	4,480			$	9,987			$	4,168

 

 

---

 

	Balance Sheet
Supplemental Report – June 30, 2024	(in thousands)

 

ASSETS		Consolidated Balance Sheet				Line Item Details:
Real estate
Land		$	849,524			The components of Real estate under development, at cost are as follows:
Buildings and improvements			3,106,413			Core		$	71,976
Tenant improvements			283,309			Fund III			29,826
Construction in progress			21,023			Total		$	101,802
Right-of-use assets - finance leases			58,637
			4,318,906
Less: Accumulated depreciation and amortization			(871,994	)
Operating real estate, net			3,446,912
Real estate under development			101,802			Summary of other assets, net:
Net investments in real estate			3,548,714			Deferred charges, net		$	36,071
Notes receivable, net ($1,520 of allowance for credit losses)			126,653			Accrued interest receivable			28,768
Investments in and advances to unconsolidated affiliates			203,410			Due from seller			2,343
Lease intangibles, net			86,429			Prepaid expenses			13,242
Other assets, net			127,350			Other receivables			2,560
Right-of-use assets - operating leases, net			27,748			Income taxes receivable			1,472
Cash and cash equivalents			31,915			Corporate assets, net			740
Restricted cash			23,139			Deposits			1,816
Marketable securities			21,668			Derivative financial instruments			40,338
Straight-line rents receivable, net			37,730			Total		$	127,350
Rents receivable, net			16,282
Total assets		$	4,251,038
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Liabilities:
Mortgage and other notes payable, net			955,069
Unsecured notes payable, net			644,313			Summary of accounts payable and other liabilities:
Unsecured line of credit			96,446			Lease liability - finance leases, net		$	32,649
Accounts payable and other liabilities			148,681			Accounts payable and accrued expenses			62,198
Lease liability - operating leases			29,964			Deferred income			36,086
Dividends and distributions payable			20,285			Tenant security deposits, escrow and other			13,988
Lease intangibles, net			69,414			Derivative financial instruments			3,760
Distributions in excess of income from, and investments in, unconsolidated affiliates			7,301			Total		$	148,681
Total liabilities			1,971,473
Commitments and contingencies
Redeemable noncontrolling interests			40,874
Shareholders' Equity
Common shares			105
Additional paid-in capital			2,115,689
Accumulated other comprehensive income			47,621
Distributions in excess of accumulated earnings			(381,945	)
Total Acadia shareholders’ equity			1,781,470
Noncontrolling interests			457,221
Total equity			2,238,691
Total liabilities, redeemable noncontrolling interests, and equity		$	4,251,038

 

---

 

	Balance Sheet – Pro-rata Adjustments7
Supplemental Report – June 30, 2024	(in thousands)

 

 

ASSETS		Noncontrolling Interest in Consolidated Subsidiaries 4				Company’s Interest in Unconsolidated Subsidiaries 5
Real estate
Land		$	(202,828	)		$	68,557
Buildings and improvements			(812,572	)			266,417
Tenant improvements			(58,216	)			19,530
Construction in progress			(6,239	)			1,953
Right-of-use assets - finance leases			(22,571	)			22,151
			(1,102,426	)			378,608
Less: Accumulated depreciation and amortization			153,340				(78,322	)
Operating real estate, net			(949,086	)			300,286
Real estate under development			(22,507	)			2,217
Net investments in real estate			(971,593	)			302,503
Notes receivable, net ($1,520 of allowance for credit losses)			66,012				—
Investments in and advances to unconsolidated affiliates			(72,414	)			(126,855	)
Lease intangibles, net			(38,114	)			6,792
Other assets, net			20,093				6,476
Right-of-use assets - operating leases, net			(1,759	)			—
Cash and cash equivalents			(14,857	)			7,735
Restricted cash			(7,490	)			2,982
Marketable securities			—				—
Straight-line rents receivable, net			(9,363	)			5,899
Rents receivable, net			(5,476	)			1,880
Total assets		$	(1,034,961	)		$	207,412
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgage and other notes payable, net		$	(569,012	)		$	179,581
Unsecured notes payable, net			—				—
Unsecured line of credit			—				—
Accounts payable and other liabilities			(31,409	)			21,502
Lease intangibles, net			(30,683	)			5,550
Lease liability - operating leases			(1,830	)			4
Dividends and distributions payable			—				—
Lease liability - finance leases			(20,999	)			8,076
Distributions in excess of income from, and investments in, unconsolidated affiliates			—				(7,301	)
Total liabilities			(653,933	)			207,412
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)			(381,028	)			—
Total equity			(381,028	)			—
Total liabilities, redeemable noncontrolling interests, and equity		$	(1,034,961	)		$	207,412

 

 

---

	Notes to Income Statements, Balance Sheet and Pro-rata Adjustments7
Supplemental Report – June 30, 2024	(in thousands)

 

__________

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

 

 

 

---

 

	Funds from Operations (“FFO”), FFO Before Special Items, Adjusted Funds from Operations (“AFFO”)
Supplemental Report – June 30, 2024	(in thousands, except per share amounts)

 

		Quarter Ended								Year to Date				Quarter Ended				Year to Date
		March 31, 2024				June 30, 2024				June 30, 2024				June 30, 2023				June 30, 2023
Funds from operations ("FFO"):
Net Income (Loss) attributable to Acadia		$	3,269			$	1,443			$	4,712			$	9,276			$	22,636
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share)			27,087				26,291				53,378				28,248				54,692
Loss on disposition on real estate properties (net of noncontrolling interest share)			275				568				843				—				—
Income attributable to noncontrolling interests' share in Operating Partnership			326				187				513				697				1,614
FFO to Common Shareholders and Common OP Unit holders - Diluted		$	30,957			$	28,489			$	59,446			$	38,221			$	78,942
Unrealized holding loss (gain) (net of noncontrolling interest share)			2,015				2,308				4,323				(1,713	)			(1,779	)
Realized gain			3,994				3,586				7,580				—				—
FFO before Special Items attributable to Common Shareholder and Common OP Unit holders 1		$	36,966			$	34,383			$	71,349			$	36,508			$	77,163
Adjusted Funds from operations ("AFFO"):
FFO		$	30,957			$	28,489			$	59,446			$	38,221			$	78,942
Unrealized holding loss (gain) (net of noncontrolling interest share)			2,015				2,308				4,323				(1,713	)			(1,779	)
Realized gain			3,994				3,586				7,580				—				—
Straight-line rent, net			(196	)			(977	)			(1,173	)			(868	)			(1,061	)
Above/below-market rent			(1,175	)			(1,316	)			(2,491	)			(9,631	)			(11,718	)
Amortization of finance costs			1,096				1,540				2,636				1,063				2,148
Above/below-market interest			(43	)			(109	)			(152	)			(50	)			(97	)
Non-real estate depreciation			91				91				182				93				180
Stock-based compensation			3,938				2,406				6,344				2,279				6,055
Leasing commissions			(560	)			(1,362	)			(1,922	)			(1,035	)			(2,542	)
Tenant improvements			(1,212	)			(907	)			(2,119	)			(1,053	)			(5,858	)
Maintenance capital expenditures			(1,640	)			(2,143	)			(3,783	)			(1,977	)			(2,667	)
AFFO to Common Shareholders and Common OP Unit holders		$	37,265			$	31,606			$	68,871			$	25,329			$	61,603
Total weighted-average diluted shares and OP Units			111,051				111,837				111,096				102,642				102,525
Diluted FFO per Common share and OP Unit:
FFO		$	0.28			$	0.25			$	0.54			$	0.37			$	0.77
FFO before Special Items		$	0.33			$	0.31			$	0.64			$	0.36			$	0.75

 

 

 

__________

 

 

---

 

	EBITDA
Supplemental Report – June 30, 2024	(in thousands)

 

		Quarter Ended June 30, 2024												Year to Date June 30, 2024												Quarter Ended June 30, 2023
		Core				Investment								Core				Investment								Core				Investment
		Portfolio				Management				Total				Portfolio				Management				Total				Portfolio				Management				Total
EBITDA:
Net Income (Loss) Attributable to Acadia		$	2,753			$	(1,310	)		$	1,443			$	10,422			$	(5,710	)		$	4,712			$	11,200			$	(1,924	)		$	9,276
Adjustments:
Depreciation and amortization			19,567				6,815				26,382				39,911				13,649				53,560				21,876				6,465				28,341
Interest expense			9,126				4,372				13,498				18,578				8,761				27,339				12,118				3,696				15,814
Amortization of finance costs			1,090				450				1,540				1,714				922				2,636				673				390				1,063
Above/below-market interest			(109	)			—				(109	)			(152	)			—				(152	)			(50	)			—				(50	)
Loss (gain) on disposition of properties			2,213				(1,645	)			568				2,213				(1,370	)			843				—				—				—
Unrealized holding loss (gain) on investment in Albertsons and other			2,308				—				2,308				4,323				—				4,323				(1,713	)			—				(1,713	)
Realized gain			3,586				—				3,586				7,580				—				7,580				—				—				—
Provision for income taxes			69				18				87				121				20				141				88				24				112
Noncontrolling interest - OP			103				—				103				306				—				306				574				—				574
EBITDA		$	40,706			$	8,700			$	49,406			$	85,016			$	16,272			$	101,288			$	44,766			$	8,651			$	53,417
Adjusted EBITDA:
EBITDA		$	40,706			$	8,700			$	49,406			$	85,016			$	16,272			$	101,288			$	44,766			$	8,651			$	53,417
Stock based compensation			2,406				—				2,406				6,344				—				6,344				2,279				—				2,279
Adjusted EBITDA		$	43,112			$	8,700			$	51,812			$	91,360			$	16,272			$	107,632			$	47,045			$	8,651			$	55,696
Core EBITDA excluding realized gains		$	37,120			$	8,700			$	45,820			$	77,436			$	16,272			$	93,708			$	44,766			$	8,651			$	53,417

 

 

 

 

 

---

 

	Core Portfolio – Same Property Performance 1
Supplemental Report – June 30, 2024	(in thousands)

 

		Quarter Ended								Change				Year to Date								Change
		June 30, 2024				June 30, 2023				Favorable/ (Unfavorable)				June 30, 2024				June 30, 2023				Favorable/ (Unfavorable)
Summary
Minimum rents		$	36,013			$	34,192				5.3	%		$	71,883			$	68,043				5.6	%
Expense reimbursements			8,871				8,427				5.3	%			17,940				17,118				4.8	%
Other property income			729				656				11.1	%			1,933				1,896				2.0	%
Total Revenue			45,613				43,275				5.4	%			91,756				87,057				5.4	%
Expenses
Property operating - CAM & Real estate taxes			11,782				11,084				(6.3	)%			24,436				22,974				(6.4	)%
Other property operating (Non-CAM)			1,753				1,793				2.2	%			3,214				3,370				4.6	%
Total Expenses			13,535				12,877				(5.1	)%			27,650				26,344				(5.0	)%
Same Property NOI - Core properties		$	32,078			$	30,398				5.5	%		$	64,106			$	60,713				5.6	%
Reconciliation of Same Property NOI to Core NOI
NOI of Properties excluded from Same Property NOI			2,961				5,335								6,887				11,235
Core NOI		$	35,039			$	35,733							$	70,993			$	71,948
Other same property information
Physical Occupancy at the end of the period			91.8	%			92.2	%
Leased Occupancy at the end of the period			94.8	%			95.1	%

__________

---

 

	Fee Income Detail 1
Supplemental Report – June 30, 2024	(in thousands)

 

		Fund II				Fund III				Fund IV				Fund V				Other 2				Total
Year to Date June 30, 2024
Asset and property management fees		$	155			$	47			$	1,574			$	3,904			$	355			$	6,035
Transactional fees			204				49				573				2,698				203				3,727
Total fees		$	359			$	96			$	2,147			$	6,602			$	558			$	9,762
Quarter Ended June 30, 2024
Asset and property management fees		$	80			$	26			$	709			$	2,000			$	199			$	3,014
Transactional fees			85				34				290				1,251				150				1,810
Total fees		$	165			$	60			$	999			$	3,251			$	349			$	4,824
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

__________

 

---

 

	Structured Financing Portfolio
Supplemental Report – June 30, 2024	(in thousands)

 

		March 31, 2024												Quarter Ended June 30, 2024																				Stated				Effective
		Principal				Accrued				Ending								Repayments/				Current				Accrued				Ending				Interest				Interest				Maturity
Investment		Balance				Interest				Balance				Issuances				Conversions				Principal				Interest				Balance				Rate				Rate				Dates 1,3
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			127,233				36,165				163,398				7,879				—				135,112				40,477				175,589				11.64	%			11.74	%		Sep-24 to Dec-27
Total Core notes receivable		$	187,034			$	39,974			$	227,008			$	7,879			$	—			$	194,913			$	44,286			$	239,199				9.91	%			10.10	%
__________
Reconciliation of Notes Receivable to the Pro-Rata Balance Sheet:
Total Notes Receivable per above																						$	194,913
Allowance for credit loss																							(2,248	)
Total pro-rata Notes Receivable																						$	192,665

 

________

 

 

 

 

 

 

 

 

 

---

 

	Transactional Activity
Supplemental Report – June 30, 2024	(in thousands)

 

PROPERTY ACQUISITIONS AND DISPOSITIONS
Property Name		Location		Date of Transaction		Transaction Amount				Ownership % 1				Investment Management Share				Acadia Share
ACQUISITIONS 2
Investment Management:
Other Co-Investment Vehicles:
Shops at Grand Avenue 3		Queens, NY		May 16, 2024		$	48,509				5.00	%		$	2,425			$	2,425
						$	48,509							$	2,425			$	2,425
DISPOSITIONS
Core:
Shops at Grand Avenue 3		Queens, NY		May 16, 2024		$	48,250				100.00	%		$	48,250			$	48,250
Investment Management:
Fund IV:
2207 & 2208-2216 Fillmore		San Francisco, CA		April 3, 2024			14,060				90.00	%			12,654				2,926
Paramus Plaza		Paramus, NJ		June 28, 2024			36,800				50.00	%			18,400				4,254
Fund V:
Canton Marketplace - Outparcel		Canton, GA		June 28, 2024			2,200				100.00	%			2,200				442
						$	101,310							$	81,504			$	55,872
STRUCTURED FINANCING ACTIVITY
Note Description		Transaction Type		Date of Transaction		Transaction Amount				Ownership % 1				Investment Management Share				Acadia Share
Core:
Georgetown Renaissance Collection		Partner Loan		May 24, 2024		$	7,631				100.00	%		$	—			$	7,631
						$	7,631							$	—			$	7,631

 

 

________

 

 

---

	2024 Guidance
Supplemental Report – June 30, 2024	(in millions, except per share amounts)

 

 

The Company updated its annual 2024 guidance as follows:

 

		2024 Guidance
		Revised		Prior 1
Net earnings per share attributable to Acadia		$0.07-$0.11		$0.07-$0.13
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-$1.13		$1.09-$1.15
Net unrealized holding loss 2,3		0.04		0.02
Realized gains and promotes 3		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		$1.26-$1.32		$1.24-$1.32

 

________

 

 

 

---

9

	Net Asset Valuation Information
Supplemental Report – June 30, 2024	(in thousands)

 

		CORE				FUND II 3				FUND III				FUND IV				FUND V				Other Co-Investment Vehicles 5				Total Investment Management
Acadia Ownership Percentage		N/A					61.67	%			24.54	%			23.12	%			20.10	%			5.00	%
Current Quarter NOI
At Pro-Rata 1
Net Operating Income 2		$	35,039			N/A3				$	111			$	1,026			$	5,297			$	23			$	6,457
Less:
Net operating (income) loss from properties sold or assets held for sale			(511	)		N/A3					(13	)			(231	)			(6	)			—				(250	)
Net operating (income) loss from pre-stabilized assets, development and redevelopment projects 4			(2,812	)		N/A 3					(98	)			(181	)			—				—				(279	)
Net Operating Income of stabilized assets		$	31,716			N/A 3				$	—			$	614			$	5,291			$	23			$	5,928
Costs to Date (Pro-Rata)
Assets held for sale		$	—			N/A 3				$	—			$	—			$	—			$	—			$	—
Pre-stabilized assets 4			—			N/A 3					14,347				30,999				—				—				45,346
Development and redevelopment projects			730,100			N/A 3					7,300				27,800				—				—				35,100
Total Costs to Date		$	730,100			N/A 3				$	21,647			$	58,799			$	—			$	—			$	80,446
Debt (Pro-Rata)		$	1,027,498			$	79,886			$	8,098			$	33,392			$	152,646			$	—			$	274,022

_________

 

 

---

 

	Selected Financial Ratios
Supplemental Report – June 30, 2024	(in thousands, except per share amounts)

 

		Quarter Ended June 30,								Year to Date June 30,										Quarter Ended
COVERAGE RATIOS 1		2024				2023				2024				2023				LEVERAGE RATIOS		June 30, 2024				March 31, 2024
Fixed-Charge Coverage Ratios																		Debt/Market Capitalization Ratios
EBITDA 2 divided by:		$	40,706			$	44,766			$	85,016			$	83,006			Debt + Preferred Equity (Preferred OP Units)		$	1,307,245			$	1,336,542
Interest expense			9,126				12,118				18,578				23,771			Total Market Capitalization			3,278,642				3,175,714
Principal Amortization			3,077				799				5,519				1,613			Debt + Preferred Equity/
Preferred Dividends 3			84				123				207				246			Total Market Capitalization			40	%			42	%
Fixed-Charge Coverage Ratio - Core Portfolio			3.3	x			3.4	x			3.5	x			3.2	x
EBITDA divided by:		$	49,406			$	53,417			$	101,288			$	110,272			Net debt 6		$	1,263,821			$	1,320,824
Interest expense			13,498				15,814				27,339				30,973			Total Market Capitalization			3,278,642				3,175,714
Principal Amortization			3,443				1,104				6,275				2,260			Net Debt + Preferred Equity/
Preferred Dividends			84				123				207				123			Total Market Capitalization			39	%			42	%
Fixed-Charge Coverage Ratio - Core Portfolio and Investment Management			2.9	x			3.1	x			3.0	x			3.3	x		Debt/EBITDA Ratios
																		Core:
Payout Ratios																		Debt		$	921,452			$	944,643
																		Net debt 7			887,098				932,734
Dividends declared (per share/OP Unit)		$	0.18			$	0.18			$	0.36			$	0.36			EBITDA			166,428				169,695
																		EBITDA excluding Realized Gains (net of noncontrolling share)			151,676				153,719
Dividends (Shares) & Distributions (OP Units) declared		$	20,176			$	18,501			$	40,197			$	36,974			Debt/EBITDA - Core Portfolio			5.5	x			5.6	x
FFO			28,489				38,221				59,446				78,942			Debt/EBITDA excluding Realized Gains - Core Portfolio			6.1	x			6.1	x
FFO Payout Ratio 8			71	%			48	%			68	%			47	%		Net Debt/EBITDA - Core Portfolio			5.3	x			5.5	x
																		Net Debt/EBITDA excluding Realized Gains - Core Portfolio			5.8	x			6.1	x
AFFO 5			31,606				25,329				68,871				61,603			Core and Investment Management:
AFFO Payout Ratio			64	%			73	%			58	%			60	%		Debt 4		$	1,301,520			$	1,328,651
																		Net debt 6			1,258,096				1,312,933
FFO Before Special Items			34,383				36,508				71,349				77,163			EBITDA			200,100				199,983
FFO Before Special Items Payout Ratio			59	%			51	%			56	%			48	%		EBITDA excluding Realized Gains (net of noncontrolling share)			185,348				184,007
																		Debt/EBITDA - Core and Investment Management			6.5	x			6.6	x
																		Debt/EBITDA excluding Realized Gains - Core and Investment Management			7.0	x			7.2	x
																		Net Debt/EBITDA - Core and Investment Management			6.3	x			6.6	x
																		Net Debt/EBITDA excluding Realized Gains - Core and Investment Management			6.8	x			7.1	x

 

 

---

	Selected Financial Ratios
Supplemental Report – June 30, 2024	(in thousands)

 

		EBITDA								ADJUSTED EBITDA
		Quarter Ended				Year Ended				Quarter Ended				Year Ended
Reconciliation of EBITDA to Annualized EBITDA		June 30, 2024				December 31, 2023				June 30, 2024				December 31, 2023
Quarter Core EBITDA as reported		$	40,706			$	159,260			$	40,706			$	159,260
Add back: Stock-based compensation, net of employee equity elections			—				—				2,406				10,581
Subtotal			40,706				159,260				43,112				169,841
Year to Date Core EBITDA as reported		$	85,016			$	159,260			$	85,016			$	169,841
Add: Projected Core EBITDA 9			81,412				—				86,224				—
Annualized Core EBITDA			166,428				159,260				171,240				169,841
Year to Date Realized gain as reported			7,580				4,636				7,580				4,636
Add: Projected Realized gain 9			7,172				—				7,172				—
Annualized realized gain			14,752				4,636				14,752				4,636
Annualized Core EBITDA excluding realized gains			151,676				154,624				156,488				165,205
Quarter Investment Management EBITDA as reported			8,700				42,310				8,700				42,310
Year to Date Investment Management EBITDA as reported			16,272				—				16,272				—
Add: Projected Investment Management EBITDA 9			17,400				—				17,400				—
Annualized Investment Management EBITDA			33,672				42,310				33,672				42,310
EBITDA Core and Investment Management		$	200,100			$	201,570			$	204,912			$	212,151
EBITDA Core and Investment Management excluding realized gains		$	185,348			$	196,934			$	190,160			$	207,515

 

---

 

	Selected Financial Ratios
Supplemental Report – June 30, 2024	(in thousands)

 

 

		Quarter Ended
Reconciliation of Core Portfolio Debt		June 30, 2024
Core Portfolio Debt per Debt Summary		$1,027,498
Incremental Core Debt Attributable to City Point8		(106,046)
Adjusted Core Debt for purposes of computing Debt/EBITDA		921,452
Investment Management Debt per Debt Summary		274,022
Incremental Core Debt Attributable to City Point8		106,046
Adjusted Investment Management Debt per EBITDA		380,068
Total Core and Investment Management Debt for purposes of computing Debt/EBITDA		$1,301,520

 

 

 

---

	Selected Financial Ratios
Supplemental Report – June 30, 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 Investment Management cash and restricted cash balance at end of period.

7. Reflects debt net of the current Core Portfolio cash and restricted 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.

9. Projected Core and Investment Management EBITDA are based upon actual second quarter 2024 results as reported.

---

	Portfolio Debt – Summary
Supplemental Report – June 30, 2024	(in thousands)

 

		Acadia Pro-Rata Share of Debt 2
		Core Portfolio												Investment Management												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		$	746,446				4.2	%			3.7			$	—				—	%			—			$	746,446				57	%			4.7	%			3.7			$	—			$	—			$	746,446
Variable-Rate Debt 5			—				—	%			—				—				—	%			—				—				—	%			—	%			—				—				—				—
																															57	%
Mortgage and Other Notes Payable
Fixed-Rate Debt 1			271,834				4.8	%			3.3				195,417				5.4	%			1.5				467,251				36	%			5.0	%			2.7				348,072				(147,358	)			667,965
Variable-Rate Debt 5			9,218				9.3	%			0.4				78,605				8.1	%			1.2				87,823				7	%			8.1	%			1.1				224,748				(19,324	)			293,247
																															43	%
Total		$	1,027,498				4.4	%			3.6			$	274,022				6.2	%			1.4			$	1,301,520				100	%			5.0	%			3.1			$	572,820			$	(166,682	)			1,707,658
Unamortized premium																											223																								223
Net unamortized loan costs																											(9,051	)																							(12,053	)
Contingent loan obligation																											13,705
Total																										$	1,306,397																							$	1,695,828

_________

---

 

				Principal Balance at				Acadia's Pro-rata Share								Interest				Extension
Property				June 30, 2024				Percent				Amount				Rate		Maturity Date		Options
CORE PORTFOLIO
Fixed-Rate Debt
Crossroads Shopping Center				$	58,651				49.00	%		$	28,739			3.94%		10/06/24		None
840 N. Michigan Avenue 5					33,750				91.85	%			30,999			N/A		12/10/26		None
239 Greenwich Avenue					26,000				75.00	%			19,500			4.00%		07/10/27		1x60 mos.
Georgetown Portfolio (2008 Investment)					14,194				50.00	%			7,097			4.72%		12/10/27		None
555 9th Street					57,500				100.00	%			57,500			3.99%		01/01/28		1x24 mos.
State & Washington					21,042				100.00	%			21,042			4.40%		09/05/28		None
North & Kingsbury					10,195				100.00	%			10,195			4.01%		11/05/29		None
151 N. State Street					12,020				100.00	%			12,020			4.03%		12/01/29		None
Concord & Milwaukee					2,253				100.00	%			2,253			4.40%		06/01/30		None
California & Armitage					2,089				100.00	%			2,089			5.89%		04/15/35		None
Unsecured interest rate swaps 1					746,446				100.00	%			746,446			N/A		Various
Secured interest rate swaps 1					202,000				39.80	%			80,400			N/A		Various
Sub-Total Fixed-Rate Debt					1,186,139								1,018,280			4.4%
Secured Variable-Rate Debt
Gotham Plaza					17,122				49.00	%			8,390			SOFR+4.00%		09/02/24		None
Georgetown Portfolio (2016 Investment)					152,000				20.00	%			30,400			SOFR+2.65%		11/06/26		2x12 mos.
3104 M Street  2					4,139				20.00	%			828			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 $175 Million Term Loan					175,000				100.00	%			175,000			SOFR+1.60%		04/06/27		None
Unsecured Revolving Credit Facility 3					96,446				100.00	%			96,446			SOFR+1.35%		04/15/28		2x6 mos.
Unsecured Term Loan					400,000				100.00	%			400,000			SOFR+1.50%		04/15/28		2x6 mos.
Unsecured $75 Million Term Loan					75,000				100.00	%			75,000			SOFR+1.95%		07/29/29		None
Unsecured interest rate swaps 1					(746,446	)			100.00	%			(746,446	)		N/A		Various
Sub-Total Variable-Rate Debt					21,261								9,218			9.3%
Total Debt - Core Portfolio				$	1,207,400							$	1,027,498			4.4%
Investment Management
Fixed-Rate Debt
650 Bald Hill Road 4		Fund IV			15,204				20.81	%			3,164			3.75%		06/01/26		None
Shoppes at South Hills 4		Fund V			32,256				18.09	%			5,835			5.95%		03/01/28		1x12 mos.
Broughton Street Portfolio		Fund IV			25,939				23.12	%			5,997			5.62%		06/01/28		None
Canton Marketplace		Fund V			34,460				20.10	%			6,926			6.29%		06/01/28		None
Interest rate swaps 1		Funds II, IV & V			678,898				25.56	%			173,495			N/A		Various
Sub-Total Fixed-Rate Debt					786,756								195,417			5.4%
Variable-Rate Debt
Elk Grove Commons		Fund V			39,964				20.10	%			8,033			SOFR+2.10%		07/08/24		1x6 mos.
Eden Square 4		Fund IV			23,773				20.81	%			4,947			SOFR+2.35%		09/01/24		None
Hickory Ridge		Fund V			27,130				20.10	%			5,453			SOFR+2.00%		10/05/24		None
Tri-City Plaza 4		Fund V			37,953				18.09	%			6,866			SOFR+2.00%		10/18/24		1x12 mos.
Lincoln Commons		Fund V			37,840				20.10	%			7,606			SOFR+1.80%		10/24/24		None
Landstown Commons		Fund V			59,322				20.10	%			11,924			SOFR+1.80%		10/24/24		None
Palm Coast Landing		Fund V			25,582				20.10	%			5,142			SOFR+1.86%		11/01/24		None
Frederick Crossing 4		Fund V			23,339				18.09	%			4,222			SOFR+1.75%		12/02/24		1x12 mos.
Plaza Santa Fe		Fund V			22,893				20.10	%			4,601			SOFR+2.00%		12/20/24		None
Frederick County Square 4		Fund V			25,049				18.09	%			4,531			SOFR+2.514%		01/01/25		1x12 mos.
Acadia Strategic Opportunity Fund IV Term Loan		Fund IV			36,200				23.12	%			8,369			SOFR+2.564%		03/31/25		None
Midstate Mall		Fund V			48,226				20.10	%			9,693			SOFR+2.50%		04/28/25		2x12 mos.
New Towne Center		Fund V			16,188				20.10	%			3,254			SOFR+2.20%		05/01/25		1x12 mos.
Fairlane Green		Fund V			31,950				20.10	%			6,422			SOFR+2.30%		06/05/25		1x12 mos.
Trussville Promenade		Fund V			28,291				20.10	%			5,686			SOFR+2.30%		06/15/25		1x12 mos.

---

				Principal Balance at				Acadia's Pro-rata Share								Interest				Extension
Property				June 30, 2024				Percent				Amount				Rate		Maturity Date		Options
City Point 4		Fund II			137,485				58.10	%			79,886			SOFR+2.614%		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			1,345				20.81	%			280			LSOFR+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			27,398				20.10	%			5,507			SOFR+2.30%		03/05/26		1x12 mos.
Monroe Marketplace		Fund V			25,300				20.10	%			5,085			SOFR+2.764%		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			36,106				18.09	%			6,532			SOFR+2.90%		03/21/27		None
La Frontera Village 4		Fund V			55,500				18.09	%			10,040			SOFR+2.614%		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			(678,898	)			25.56	%			(173,495	)		N/A		Various
Sub-Total Variable-Rate Debt					320,685								78,605			8.1%
Total Debt - Investment Management					1,107,442								274,022			6.2%
Total Debt - Core Portfolio and Investment Management				$	2,314,842							$	1,301,520			4.8%

_________

 

---

	Future Debt Maturities 1
Supplemental Report – June 30, 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)		$	5,336			$	75,334			$	80,670			$	4,672			$	36,914			$	41,586			5.16%		3.94%		9.33%
2025			2,577				—				2,577				2,246				—				2,246			N/A		N/A		N/A
2026			5,463				182,000				187,463				5,050				57,955				63,005			6.82%		6.82%		N/A
2027			5,267				216,575				221,842				4,954				200,860				205,814			4.23%		4.21%		8.50%
2028			1,833				616,809				618,642				1,833				616,808				618,641			4.15%		4.15%		N/A
Thereafter			2,498				93,708				96,206				2,498				93,708				96,206			4.76%		4.76%		N/A
Total		$	22,974			$	1,184,426			$	1,207,400			$	21,253			$	1,006,245			$	1,027,498
Investment Management		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)		$	3,052			$	296,331			$	299,383			$	598			$	58,507			$	59,105			4.27%		3.32%		7.49%
2025			3,124				434,529				437,653				600				143,048				143,648			6.77%		5.91%		8.23%
2026			2,856				66,044				68,900				528				13,377				13,905			5.86%		5.85%		8.09%
2027			2,734				170,610				173,344				505				31,693				32,198			7.15%		6.60%		8.09%
2028			485				127,677				128,162				92				25,074				25,166			5.92%		5.92%		N/A
Thereafter			—				—				—				—				—				—			N/A		N/A		N/A
Total		$	12,251			$	1,095,191			$	1,107,442			$	2,323			$	271,699			$	274,022

 

 

---

	Future Debt Maturities – As Extended 1
Supplemental Report – June 30, 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)		$	5,336			$	75,334			$	80,670			$	4,672			$	36,914			$	41,586			5.16%		3.94%		9.33%
2025			2,577				—				2,577				2,246				—				2,246			N/A		N/A		N/A
2026			5,463				30,000				35,463				5,050				27,555				32,605			6.50%		6.50%		N/A
2027			5,267				187,401				192,668				4,954				181,201				186,155			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			2,498				671,829				674,327				2,498				662,313				664,811			4.20%		4.20%		8.50%
Total		$	22,974			$	1,184,426			$	1,207,400			$	21,253			$	1,006,245			$	1,027,498
Investment Management		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)		$	3,052			$	195,563			$	198,615			$	598			$	39,476			$	40,074			3.95%		3.38%		7.58%
2025			3,124				184,279				187,403				600				38,309				38,909			6.63%		3.12%		8.05%
2026			2,856				277,272				280,128				528				107,584				108,112			6.26%		5.93%		7.93%
2027			2,734				234,000				236,734				505				44,435				44,940			6.64%		6.26%		7.82%
2028			485				129,806				130,291				92				27,587				27,679			6.82%		5.91%		9.08%
Thereafter			—				74,271				74,271				—				14,308				14,308			7.28%		5.95%		8.18%
Total		$	12,251			$	1,095,191			$	1,107,442			$	2,323			$	271,699			$	274,022

__________

.

---

	Swap Interest Rate Summary 1
Supplemental Report – June 30, 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			265,446				2.60	%
2028			150,000				2.99	%
2029			225,000				2.60	%
2030			125,000				2.83	%
2031			—				—
Total		$	826,846				2.76	%
Investment Management
		Acadia's Pro-rata				Weighted Average
Year		Notional Balance				Fixed Rate on Swap 2
2024 (Remainder)		$	40,340				1.20	%
2025			23,268				3.44	%
2026			23,988				4.10	%
2027			20,621				3.14	%
2028			7,173				3.80	%
2029			58,105				3.42	%
2030			—				—
2031			—				—
Total		$	173,495				2.98	%

__________

---

 

				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%		$6,266,229		$263.64
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%		80.2%		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%		2,684,573		50.44
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%		1,154,465		34.03
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%		1,983,790		47.47
Concord and Milwaukee		—		2016		100.0%		13,147		—		—		13,147		100.0%		—%		—%		100.0%		100.0%		478,695		36.41
California and Armitage		—		2016		100.0%		—		—		18,275		18,275		—%		—%		70.5%		70.5%		70.5%		700,736		54.35
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%		85.5%		25,548,592		52.56
New York Metro
Soho Collection    (12 properties)		Zimmermann, Club Monaco, Madewell, Faherty, Watches of    Switzerland,    ALC, Stone    Island, Frame,    Theory,    Bang &    Olufsen		2011 2014 2019 2020 2022		100.0%		36,359		—		—		36,359		80.7%		—%		—%		80.7%		100.0%		10,864,410		370.22
5-7 East 17th Street		—		2008		100.0%		8,658		—		—		8,658		—%		—%		—%		—%		100.0%		—		—
200 West 54th Street		—		2007		100.0%		5,862		—		—		5,862		92.3%		—%		—%		92.3%		100.0%		1,504,881		278.12
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

---

				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%		483,127		32.59
239 Greenwich Avenue		Watches of    Switzerland		1998		75.0%		16,621		—		—		16,621		100.0%		—%		—%		100.0%		100.0%		1,902,510		114.46
252-256 Greenwich Avenue		Veronica Beard,    The RealReal,    Blue Mercury		2014		100.0%		7,986		—		—		7,986		100.0%		—%		—%		100.0%		100.0%		1,048,219		131.26
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%		2,294,073		165.78
2520 Flatbush Avenue		Bob's Disc.    Furniture,    Capital One		2014		100.0%		—		—		29,114		29,114		—%		—%		100.0%		100.0%		100.0%		1,291,368		44.36
Williamsburg Collection 3		Sephora, SweetGreen,    Levain Bakery		2022		100.0%		50,842		—		—		50,842		95.3%		—%		—		95.3%		95.3%		5,315,507		109.74
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
Gotham Plaza		Bank of America,    Footlocker,    Apple Bank		2016		49.0 %		—		—		25,931		25,931		—%		—%		68.0%		68.0%		76.4%		1,515,919		86.02
								171,293		34,614		88,822		294,729		89.2%		100.0%		90.6%		90.9%		97.1%		34,327,090		128.14
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%		3,070,012		219.29
								23,757		—		—		23,757		100.0%		—%		—%		100.0%		100.0%		4,381,058		184.41
District of Columbia Metro
1739-53 & 1801-03    Connecticut Avenue		—		2012		100.0 %		20,669		—		—		20,669		66.7%		—%		—%		66.7%		66.7%		849,992		61.70
14th Street Collection (3 properties)		Verizon		2021		100.0 %		19,077		—		—		19,077		63.5%		—%		—%		63.5%		100.0%		1,032,106		85.14
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%		1,919,422		35.60
M Street and Wisconsin Corridor    (27 Properties) 4		Lululemon,    Duxiana,    Rag and Bone,    Reformation,    Glossier,    Alo Yoga		2011 2016 2019		26.8 %		260,429		—		—		260,429		84.4%		—%		—%		84.4%		86.9%		16,742,712		76.13
								300,175		25,134		32,533		357,842		81.9%		100.0%		88.5%		83.8%		87.5%		20,544,231		68.54
Boston Metro
165 Newbury Street		Starbucks		2016		100.0 %		1,050		—		—		1,050		100.0%		—%		—%		100.0%		100.0%		312,576		297.69
								1,050		—		—		1,050		100.0%		—%		—%		100.0%		100.0%		312,576		297.69

---

				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
Dallas Metro
Henderson Avenue Portfolio (14 properties)		Sprouts Market,    Warby Parker,    Tecovas		2022		100.0 %		89,751		31,635		—		121,386		85.5%		100.0%		—%		89.3%		89.3%		4,528,664		41.79
Total Street and Urban Retail								1,078,759		91,383		205,421		1,375,563		84.5%		100.0%		89.6%		86.3%		89.1%		$89,642,210		$75.53
Acadia Share Total Street and Urban Retail								883,625		91,383		192,196		1,167,204		84.7%		100.0%		91.1%		86.9%		89.7%		$77,014,710		$75.91
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%		85.2%		89.7%		94.8%		3,418,718		26.48
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		—%		—%		90.1%		90.1%		90.1%		2,734,590		34.82
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%		2,053,795		35.18
Crossroads Shopping Center		HomeGoods,    PetSmart,    BJ's Wholesale    Club		1998		49.0 %		—		202,727		105,286		308,013		—%		100.0%		72.6%		90.6%		98.2%		8,887,129		31.84
New Loudon Center		Price Chopper,    Marshalls		1993		100.0 %		—		241,746		16,643		258,389		—%		95.0%		100.0%		95.3%		100.0%		2,284,260		9.28
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%		2,284,577		34.12
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%		2,158,737		10.02
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%		2,276,800		22.89
Illinois

---

				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
Hobson West Plaza		Garden Fresh    Markets		1998		100.0 %		—		51,692		47,270		98,962		—%		100.0%		95.1%		97.7 %		98.7%		1,432,456		14.82
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 %		94.3%		3,072,457		14.30
Michigan
Bloomfield Town Square		HomeGoods,    TJ Maxx,    Dick's Sporting    Goods,    Burlington		1998		100.0 %		—		153,332		81,619		234,951		—%		100.0%		93.9%		97.9 %		97.9%		4,221,253		18.36
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%		100.0%		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%		1,321,641		22.30
Total Suburban Properties								—		2,835,836		1,070,680		3,906,516		—%		95.9 %		86.0 %		93.2 %		96.4 %		$64,867,009		$19.16
Acadia Share Total Suburban Properties								—		2,732,445		1,016,984		3,749,429		—%		95.8%		86.7%		93.3%		96.4%		$60,334,573		$18.60
Total Core Properties								1,078,759		2,927,219		1,276,101		5,282,079		84.5%		96.1%		86.6%		91.4%		94.5%		$154,509,219		$33.79
Acadia Share Total Core Properties								883,625		2,823,828		1,209,180		4,916,634		84.7%		95.9%		87.4%		91.8%		94.8%		$137,349,283		$32.26

 

 

__________

 

---

 

	Core Portfolio – Top Tenants 1
Supplemental Report – June 30, 2024	(Pro-Rata Basis)

 

		Number of				Combined								Percentage of Total 2
Tenant		Stores				GLA				ABR				GLA				ABR
Target			3				408,895			$	8,323,009				6.9	%			5.5	%
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				2,794,473				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				2,494,313				0.5	%			1.6	%
ALO Yoga			2				22,566				2,447,658				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				1,756,483				0.2	%			1.2	%
Royal Ahold 8			2				103,125				1,646,284				1.7	%			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 9			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			56				1,654,257			$	46,170,303				27.9	%			30.4	%

__________

 

---

 

	Core Portfolio – Lease Expirations
Supplemental Report – June 30, 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)			14				51,950				6.9	%			52.97				4.1	%			4				258,796				10.5	%			11.08				7.8	%
2025			27				103,258				13.8	%			106.39				16.2	%			9				376,598				15.4	%			19.14				19.7	%
2026			29				73,897				9.9	%			144.83				15.8	%			10				424,984				17.3	%			10.78				12.5	%
2027			16				27,092				3.6	%			146.45				5.8	%			5				155,675				6.3	%			21.38				9.1	%
2028			21				193,762				25.9	%			65.24				18.6	%			11				483,822				19.7	%			12.43				16.4	%
2029			24				52,923				7.1	%			102.38				8.0	%			12				374,283				15.3	%			15.16				15.5	%
2030			10				66,912				8.9	%			76.24				7.5	%			—				—				—	%			—				—	%
2031			6				37,532				5.0	%			83.03				4.6	%			2				50,566				2.1	%			16.97				2.3	%
2032			16				53,042				7.1	%			119.28				9.3	%			2				62,382				2.5	%			12.65				2.2	%
2033			20				42,859				5.7	%			83.95				5.3	%			1				28,881				1.2	%			14.50				1.1	%
Thereafter			7				40,741				5.4	%			75.08				4.5	%			5				237,330				9.7	%			20.34				13.2	%
Total 2			193				748,130				100.0	%		$	90.75				100.0	%			61				2,453,317				100.0	%		$	14.90				100.0	%
Anchor GLA Owned by Tenants							—																				254,916
Total Vacant 2							135,495																				115,595
Total Square Feet 2							883,625																				2,823,828
		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)			17				67,082				6.3	%			28.67				5.8	%			35				377,828				8.9	%			19.96				5.5	%
2025			36				117,127				11.1	%			28.43				10.1	%			72				596,983				14.0	%			36.05				15.7	%
2026			38				132,731				12.6	%			26.01				10.5	%			77				631,611				14.8	%			29.67				13.6	%
2027			36				140,051				13.3	%			34.08				14.5	%			57				322,817				7.6	%			37.39				8.8	%
2028			36				145,970				13.8	%			35.29				15.7	%			68				823,554				19.3	%			28.90				17.3	%
2029			24				101,723				9.6	%			25.33				7.8	%			60				528,929				12.4	%			25.84				10.0	%
2030			10				29,956				2.8	%			37.17				3.4	%			20				96,868				2.3	%			64.16				4.5	%
2031			13				76,607				7.3	%			26.14				6.1	%			21				164,705				3.9	%			36.29				4.4	%
2032			25				96,152				9.1	%			33.06				9.7	%			43				211,576				5.0	%			48.66				7.5	%
2033			21				85,791				8.1	%			31.97				8.3	%			42				157,531				3.7	%			42.91				4.9	%
Thereafter			16				63,377				6.0	%			41.79				8.1	%			28				341,448				8.0	%			30.86				7.7	%
Total 2			272				1,056,566				100.0	%		$	31.13				100.0	%			526				4,258,013				100.0	%		$	32.26				100.0	%
Anchor GLA Owned by Tenants							—																				254,916
Total Vacant 2							152,614																				403,704
Total Square Feet 2							1,209,180																				4,916,634

_________

 

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 – June 30, 2024

 

		Quarter Ended																Year to Date
		March 31, 2024								June 30, 2024								June 30, 2024
		GAAP 2				Cash 3				GAAP 2				Cash 3				GAAP 2				Cash 3
New Leases
Number of new leases executed			2				2				4				4				6				6
GLA			3,460				3,460				10,929				10,929				14,389				14,389
New base rent		$	40.04			$	35.74			$	90.18			$	78.81			$	78.12			$	68.46
Previous base rent		$	29.91			$	30.90			$	49.69			$	50.77			$	44.93			$	45.99
Average cost per square foot		$	49.36			$	49.36			$	88.18			$	88.18			$	78.85			$	78.85
Weighted Average Lease Term (years)			10.0				10.0				9.7				9.7				9.8				9.8
Percentage growth in base rent			33.9	%			15.7	%			81.5	%			55.2	%			73.9	%			48.9	%
Renewal Leases
Number of renewal leases executed			20				20				14				14				34				34
GLA			184,391				184,391				67,887				67,887				252,278				252,278
New base rent		$	22.53			$	22.24			$	75.23			$	72.13			$	36.71			$	35.67
Expiring base rent		$	20.47			$	21.19			$	64.95			$	69.23			$	32.44			$	34.12
Average cost per square foot		$	0.45			$	0.45			$	—			$	—			$	0.33			$	0.33
Weighted Average Lease Term (years)			4.6				4.6				5.5				5.5				4.8				4.8
Percentage growth in base rent			10.1	%			5.0	%			15.8	%			4.2	%			13.2	%			4.5	%
Total New and Renewal Leases
Number of new and renewal leases executed			22				22				18				18				40				40
GLA commencing			187,851				187,851				78,816				78,816				266,667				266,667
New base rent		$	22.85			$	22.49			$	77.31			$	73.06			$	38.94			$	37.44
Expiring base rent		$	20.64			$	21.37			$	62.84			$	66.67			$	33.11			$	34.76
Average cost per square foot		$	1.35			$	1.35			$	12.23			$	12.23			$	4.57			$	4.57
Weighted Average Lease Term (years)			4.7				4.7				6.1				6.1				5.1				5.1
Percentage growth in base rent			10.7	%			5.2	%			23.0	%			9.6	%			17.6	%			7.7	%

__________

 

---

 

	Core Portfolio – Capital Expenditures
Supplemental Report – June 30, 2024

 

		Quarter Ended								Year to Date
		March 31, 2024				June 30, 2024				June 30, 2024				December 31, 2023
Leasing Commissions		$	560			$	1,362			$	1,922			$	5,941
Tenant Improvements			1,212				907				2,119				10,594
Maintenance Capital Expenditures			1,640				2,143				3,783				8,618
Total Capital Expenditures		$	3,412			$	4,412			$	7,824			$	25,153

 

 

---

 

	Fund Overview
Supplemental Report – June 30, 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			$		121.6		Million			$		1,314.8		Million
Net Distributions/Contributions				225.6		%					30.9		%					134.7		%					43.8		%					26.4		%					63.8		%
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 – June 30, 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				205,607				536,055				—	%			100.0	%			39.5	%			76.8	%			85.9	%		$	18,460,889			$	44.84
Total - Fund II											—				330,448				205,607				536,055				—	%			100.0	%			39.5	%			76.8	%			85.9	%		$	18,460,889			$	44.84
Fund III Portfolio Detail
NEW YORK
New York
640 Broadway		─		2012			100.0	%			4,637				—				—				4,637				77.6	%			—	%			—	%			77.6	%			77.6	%		$	854,954			$	237.69
Total - Fund III											4,637				—				—				4,637				77.6	%			—	%			—	%			77.6	%			77.6	%		$	854,954			$	237.69
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
BOSTON
Massachusetts
Restaurants at Fort Point		Santander Bank		2016			100.0	%			15,711				—				—				15,711				9.1	%			—	%			—	%			9.1	%			9.1	%			224,438				157.50
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			90.0	%			—				116,003				113,168				229,171				—	%			100.0	%			81.9	%			91.1	%			100.0	%			3,360,555				16.10
SOUTHEAST
Georgia
Broughton Street Portfolio    (13 properties)		H&M, Lululemon, Warby Parker, Kendra Scott, Starbucks		2014			100.0	%			94,713				—				—				94,713				89.6	%			—	%			—	%			89.6	%			90.2	%			3,140,674				37.00
WEST
California
Union and Fillmore Collection (1 property)		Bonobos		2015			90.0	%			1,044				—				—				1,044				100.0	%			—	%			—	%			100.0	%			100.0	%			143,286				137.25
Total - Fund IV											136,771				171,003				218,616				526,390				77.5	%			100.0	%			79.9	%			85.8	%			89.8	%		$	12,548,531			$	27.79
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	%			99.9	%		$	4,113,674			$	19.18
Texas
Wood Ridge Plaza		Kirkland's, Office Depot		2022			90.0	%			—				—				217,617				217,617				—	%			—	%			90.0	%			90.0	%			91.9	%			4,719,123				24.10

---

				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
La Frontera Village		Kohl's, Hobby Lobby, Burlington, Marshalls		2022			90.0	%			—				203,500				330,930				534,430				—	%			85.0	%			91.1	%			88.8	%			89.1	%			6,671,780				14.06
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	%			2,412,415				12.66
Fairlane Green		TJ Maxx, Michaels, Burlington		2017			100.0	%			—				109,952				160,235				270,187				—	%			100.0	%			97.1	%			98.3	%			98.3	%			5,220,056				19.66
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	%			89.5	%			94.5	%			95.6	%			7,818,495				15.59
Connecticut
Tri-City Plaza		TJ Maxx, HomeGoods, ShopRite		2019			90.0	%			—				129,940				172,798				302,738				—	%			100.0	%			82.5	%			90.0	%			93.3	%			3,918,106				14.38
New Jersey
Midstate		ShopRite, Best Buy, DSW, PetSmart		2021			100.0	%			—				264,314				122,466				386,780				—	%			74.1	%			74.5	%			74.2	%			97.9	%			6,054,121				21.09
New York
Shoppes at South Hills		ShopRite, At Home, Ashley Furniture		2022			90.0	%			—				416,804				96,164				512,968				—	%			80.7	%			56.1	%			76.1	%			76.1	%			4,396,157				11.26
Mohawk Commons		Lowe's, Target		2023			90.0	%			—				330,874				70,299				401,173				—	%			100.0	%			89.9	%			98.2	%			100.0	%			5,644,438				14.32
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	%			4,436,964				11.94
Rhode Island
Lincoln Commons		Stop and Shop, Marshalls, HomeGoods		2019			100.0	%			—				155,279				305,534				460,813				—	%			100.0	%			94.6	%			96.4	%			96.8	%			5,984,686				13.47
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	%			58.7	%			84.5	%			84.5	%			6,633,578				19.89
SOUTHEAST
Virginia
Landstown Commons		Best Buy, Burlington, Ross Dress for Less		2019			100.0	%			—				87,883				292,316				380,199				—	%			100.0	%			95.3	%			96.4	%			96.4	%			7,555,231				20.62
Florida
Palm Coast Landing		TJ Maxx, PetSmart, Ross Dress for Less		2019			100.0	%			—				73,241				98,558				171,799				—	%			100.0	%			93.3	%			96.2	%			96.2	%			3,487,068				21.10
Cypress Creek		Hobby Lobby, Total Wine, HomeGoods		2023			100.0	%			—				167,978				71,678				239,656				—	%			100.0	%			95.1	%			98.5	%			98.5	%			5,043,339				21.36
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	%			4,410,107				9.83
Georgia
Canton Marketplace		Dick's Sporting Goods, TJ Maxx, Best Buy		2021			100.0	%			—				132,569				219,440				352,009				—	%			100.0	%			91.6	%			94.7	%			96.6	%			6,071,025				18.20
Hiram Pavilion		Kohl's, HomeGoods		2018			100.0	%			—				209,423				153,252				362,675				—	%			90.1	%			96.7	%			92.9	%			92.9	%			4,510,822				13.39

---

				Year		Fund				Gross Leasable Area																In Place Occupancy																Leased				Annualized
Property		Key Tenants		Acquired		Ownership %				Street				Anchors				Shops				Total				Street				Anchors				Shops				Total				Occupancy				Base Rent (ABR)				ABR PSF
WEST
California
Elk Grove Commons		Kohl's, HomeGoods		2018			100.0	%			—				132,489				109,589				242,078				—	%			100.0	%			100.0	%			100.0	%			100.0	%			5,332,773				22.03
Utah
Family Center at Riverdale		Target, Home Goods, Best Buy,  Sierra Trading (TJX)		2019			89.4	%			—				231,895				140,513				372,408				—	%			100.0	%			94.5	%			97.9	%			97.9	%			4,095,427				11.23
Total - Fund V											—				4,340,209				3,423,219				7,763,428				—	%			95.4	%			89.6	%			92.8	%			94.7	%		$	113,286,490			$	15.72
Other Co-investment Vehicles Detail
NORTHEAST
New York
Shops at Grand Avenue		Stop & Shop (Ahold), Starbucks		2024			5.0	%			—				52,336				47,501				99,837				—	%			100.0	%			100.0	%			100.0	%			100.0	%			3,563,628				35.69
Total - Other Co-investment Vehicles											—				52,336				47,501				99,837				—	%			100.0	%			100.0	%			100.0	%			100.0	%		$	3,563,628			$	35.69
TOTAL INVESTMENT MANAGEMENT PROPERTIES											141,408				4,893,996				3,894,943				8,930,347				77.5	%			95.9	%			86.5	%			91.5	%			93.9	%		$	148,714,491			$	18.19
Acadia Share of Total Investment Management Properties											32,735				1,070,822				828,938				1,932,495				77.5	%			96.5	%			82.0	%			89.9	%			93.0	%		$	35,901,134			$	20.66

 

__________

 

---

 

 

	Investment Management Lease Expirations
Supplemental Report – June 30, 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				1.5	%			—				—				—	%			—				—				—	%
2026			—				—				—	%			—				—				—	%			—				—				—	%			—				—				—	%
2027			3				15,292				6.4	%			1,155,166				75.54				10.8	%			—				—				—	%			—				—				—	%
2028			1				552				0.2	%			107,618				195.00				1.0	%			1				306				34.7	%			75,845				247.85				36.2	%
2029			1				580				0.2	%			89,140				153.75				0.8	%			—				—				—	%			—				—				—	%
2030			—				—				—	%			—				—				—	%			1				177				20.0	%			42,148				238.21				20.1	%
2031			—				—				—	%			—				—				—	%			1				226				25.6	%			55,503				245.31				26.5	%
2032			4				78,364				32.8	%			1,245,131				15.89				11.6	%			1				173				19.7	%			36,309				209.28				17.3	%
2033			3				18,877				7.9	%			871,403				46.16				8.1	%			—				—				—	%			—				—				—	%
Thereafter			9				124,056				51.9	%			7,091,521				57.16				66.1	%			—				—				—	%			—				—				—	%
Total 2			22				239,146				100.0	%		$	10,724,510			$	44.84				100.0	%			4				883				100.0	%		$	209,806			$	237.69				100.0	%
							72,265			Total Vacant 2																					255			Total Vacant 2
							311,411			Total Square Feet 2																					1,138			Total Square Feet 2
		FUND IV																								FUND V
						GLA												ABR												GLA												ABR
		Leases				Expiring				Percent												Percent				Leases				Expiring				Percent												Percent
Year		Expiring				SF				of Total				Amount				PSF				of Total				Expiring				SF				of Total				Amount				PSF				of Total
M to M 1			—				—				—	%		$	—			$	—				—	%			3				1,295				0.1	%		$	22,204			$	17.14				0.1	%
2024 (Remainder)			5				2,185				2.3	%			173,195				79.25				6.2	%			—				—				—	%			—				—				—	%
2025			5				1,761				1.8	%			445,406				252.95				16.1	%			143				328,051				23.5	%			4,682,960				14.28				21.3	%
2026			7				13,032				13.5	%			202,639				15.55				7.3	%			93				120,791				8.7	%			2,331,540				19.30				10.6	%
2027			10				7,646				7.9	%			197,915				25.89				7.1	%			94				209,560				15.0	%			2,848,148				13.59				12.9	%
2028			7				4,962				5.1	%			135,778				27.36				4.9	%			87				165,350				11.8	%			3,159,067				19.11				14.3	%
2029			5				27,761				28.8	%			525,282				18.92				19.0	%			69				160,721				11.5	%			2,472,950				15.39				11.2	%
2030			1				346				0.4	%			16,278				47.00				0.6	%			34				81,525				5.8	%			1,197,988				14.69				5.4	%
2031			4				1,628				1.7	%			144,669				88.88				5.2	%			33				75,051				5.4	%			1,112,062				14.82				5.1	%
2032			7				22,742				23.6	%			565,286				24.86				20.4	%			35				69,198				5.0	%			1,171,894				16.94				5.3	%
2033			5				12,850				13.3	%			292,685				22.78				10.6	%			32				61,006				4.4	%			1,158,005				18.98				5.3	%
Thereafter			2				1,472				1.5	%			72,692				49.40				2.6	%			39				123,622				8.9	%			1,859,994				15.05				8.4	%
Total 2			58				96,385				100.0	%		$	2,771,824			$	28.76				100.0	%			662				1,396,169				100.0	%		$	22,016,812			$	15.77				100.0	%
							16,285			Total Vacant 2																					106,115			Total Vacant 2
							112,669			Total Square Feet 2																					1,502,285			Total Square Feet 2

 

---

 

	Investment Management Lease Expirations
Supplemental Report – June 30, 2024	(Pro-Rata Basis)

 

		OTHER CO-INVESTMENT VEHICLES
						GLA												ABR
		Leases				Expiring				Percent												Percent
		Expiring				SF				of Total				Amount				PSF				of Total
M to M 1			—				—				—	%		$	—			$	—				—	%
2024 (Remainder)			—				—				—	%		$	—				—				—	%
2025			1				83				1.7	%		$	4,926				59.28				2.8	%
2026			1				516				10.3	%		$	14,417				27.94				8.1	%
2027			1				130				2.6	%		$	4,883				37.63				2.7	%
2028			3				498				10.0	%		$	30,330				60.92				17.0	%
2029			—				—				—	%		$	—				—				—	%
2030			—				—				—	%		$	—				—				—	%
2031			1				251				5.0	%		$	7,298				29.04				4.1	%
2032			—				—				—	%		$	—				—				—	%
2033			1				2,617				52.4	%		$	89,220				34.09				50.1	%
Thereafter			3				897				18.0	%		$	27,108				30.22				15.2	%
Total 2			11				4,992				100.0	%		$	178,181			$	35.69				100.0	%
							—			Total Vacant 2
							4,992			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 – June 30, 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			$	9.2			$	18.8			TBD			-	TBD				TBD			-	TBD
Major Redevelopment:
City Center		100.0%		San Francisco, CA		2024/2025			241,000				155.0				55.2				210.2				—		-		2.8				210.2		-		213.0
555 9th Street		100.0%		San Francisco, CA		TBD			149,000				141.7				13.1				154.8				11.9		-		21.9				166.7		-		176.7
651-671 West Diversey		100.0%		Chicago, IL		TBD			46,000				29.1				0.8				29.9			TBD			-	TBD				TBD			-	TBD
Route 6 Mall		100.0%		Honesdale, PA		TBD		TBD					14.8				4.5				19.3				3.0		-		4.0				22.3		-		23.3
Mad River		100.0%		Dayton, OH		TBD		TBD					14.3				0.6				14.9				4.0		-		5.0				18.9		-		19.9
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			$	74.3			$	711.3			$	18.9			$	33.7			$	418.1			$	432.9
Total Core Development and Redevelopment												$	646.6			$	83.5			$	730.1			$	18.9			$	33.7			$	418.1			$	432.9
INVESTMENT MANAGEMENT
Development:
FUND III
Broad Hollow Commons		24.5%		Farmingdale, NY		TBD		TBD				$	3.0			$	4.3			$	7.3			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 Investment Management Development and Major Development												$	29.9			$	5.2			$	35.1			$	—			$	—			$	—			$	—
Total Core and Investment Management Development and Major Redevelopment												$	676.5			$	88.7			$	765.2			$	18.9			$	33.7			$	418.1			$	432.9
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 – June 30, 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.

 

---