SEC Filing - Acadia Realty Trust

View:

Download DOC

Download PDF

Download XLS

Download XBRL

8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of Earliest Event Reported): October 28, 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 October 28, 2024, Acadia Realty Trust (the “Company”) issued a press release announcing its consolidated financial results for the quarter and year-to-date period ended September 30, 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 September 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 October 28, 2024
99.2	Supplemental Reporting Information as of and for the quarter and year-to-date period ended September 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
October 28, 2024	Title:	Executive Vice President and Chief Financial Officer

EX-99.1

Exhibit 99.1

Sandra Liang

(914) 288-3356

ACADIA REALTY TRUST REPORTS THIRD QUARTER OPERATING RESULTS

•

GAAP Net Earnings of $0.07 per share and FFO Before Special Items of $0.32 per share

•

Core Same-Property NOI Growth of 5.9%

•

GAAP and Cash New Leasing Spreads of 73% and 46%, respectively

•

Core Signed Not Open Pipeline Increased to $10 million (Approximately 7% of ABR)

•

Completed Approximately $150 million of Accretive Core and Investment Management Acquisitions and Increased its Pipeline to $425 million

•

Fully-Funded its Completed Acquisitions and Pipeline with Common Equity Proceeds of Approximately $320 million

•

Reduced its Pro-Rata Net Debt-to-EBITDA (Inclusive of Investment Management Share) to 5.6x

RYE, NY (October 28, 2024) - Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”) today reported operating results for the quarter ended September 30, 2024. All per share amounts are on a fully-diluted basis, where applicable. Acadia owns and operates a high-quality real estate portfolio of street and open-air retail properties in the nation's most dynamic retail corridors ("Core" or "Core Portfolio"), 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, commented:

   

    “Our third-quarter results highlight the ongoing internal growth from our Core Portfolio now coupled with the recent acceleration of our accretive acquisition initiatives. We achieved record acquisition and leasing volumes during the quarter. With approximately $575 million of accretive Core and Investment Management acquisitions completed or in advanced stages of negotiation, along with achieving a record setting volume of $7 million in new Core leases, we have increased confidence in our earnings growth over the next several years. We continue to see compelling investment opportunities and remain focused on acquisitions in our key street markets that provide us with immediate accretion to our earnings, net asset value creation, and complement the continuation of our long-term internal growth. We believe that our highly differentiated platform is well-positioned to deliver meaningful value and provides us with sustainable growth for our stakeholders."

   

1

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. The amounts discussed below are net of noncontrolling interests and all per share amounts are on a fully-diluted basis.


	Financial Results
	2024	2023
	3Q	3Q

Net earnings per share attributable to Acadia	$0.07	($0.02)
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share)	0.23	0.27
Gain on disposition of properties (net of noncontrolling interests' share)	(0.02)	—
Noncontrolling interest in Operating Partnership	—	0.01
NAREIT Funds From Operations per share attributable to Common Shareholders and Common OP Unit holders	$0.28	$0.26
Net unrealized holding loss (gain) 1	0.02	(0.01)
Funds From Operations Before Special Items and Realized Gains and Promotes per share attributable to Common Shareholders and Common OP Unit holders	$0.30	$0.25
Realized gains and promotes1	0.02	0.02
Funds From Operations Before Special Items per share attributable to Common Shareholders and Common OP Unit holders	$0.32	$0.27

________

It is the Company's policy to exclude unrealized gains and losses from FFO Before Special items and to include realized gains related to the Company's investment in Albertsons. The Company realized investment gains of $2.9 million on 150,000 shares for the quarter ended September 30, 2024 and investment gains of $2.4 million for the quarter ended September 30, 2023. Refer to the "Notes to Financial Highlights" page 14 of this document.

2

    Net Income
•Net income for the quarter ended September 30, 2024, was $8.1 million, or $0.07 per share.
•This compares with net loss of $1.7 million, or $0.02 per share for the quarter ended September 30, 2023.
 
NAREIT FFO
•NAREIT Funds From Operations ("NAREIT FFO") for the quarter ended September 30, 2024 was $33.0 million, or $0.28 per share.
•This compares with NAREIT FFO of $26.8 million, or $0.26 per share, for the quarter ended September 30, 2023.
 
FFO Before Special Items
•Funds From Operations ("FFO") Before Special Items for the quarter ended September 30, 2024 was $37.1 million, or $0.32 per share, which includes $2.9 million, or $0.02 per share, of realized investment gains (150,000 shares of Albertsons' stock sold at an average price of $19.52 per share).
•This compares with FFO Before Special Items of $27.6 million, or $0.27 per share for the quarter ended September 30, 2023, which includes $2.4 million, or $0.02 per share, of realized investment gains from the sale of Albertsons' stock.

   

3

CORE PORTFOLIO PERFORMANCE

    Same-Property NOI
•Same-Property Net Operating Income ("NOI") growth, excluding redevelopments, increased 5.9% for the third quarter, driven by the street portfolio.
Leasing and Occupancy Update
•For the quarter ended September 30, 2024, conforming GAAP and cash leasing spreads on new leases were 73% and 46%, respectively, primarily driven by street leases.
•As of September 30, 2024, primarily driven by a new acquisition with acquired vacancy, the Core Portfolio occupancy percentages remained constant at 94.7% leased and 91.7% occupied compared to 94.8% leased and 91.8% occupied as of June 30, 2024.
•Core Signed Not Open ("SNO") pipeline (excluding redevelopments) increased to approximately $10.0 million of annualized base rent ("ABR") at September 30, 2024, representing approximately 7% of in-place rents. This is an increase in excess of 20% from the approximately $8.1 million of SNO as of June 30, 2024.
•During the third quarter of 2024, the Company signed pro-rata ABR of $7.0 million in new leases for the Core portfolio. This included a new lease with the European fashion brand, Mango, for the entirety of its building at 664 North Michigan Avenue in Chicago, along with leasing the entirety of 50-54 East Walton Street in Chicago's Gold Coast to a well-known New York City-based fashion and footwear lifestyle brand.
•Approximately $4.6 million of the $7.0 million above represents incremental ABR. This consists of approximately $3.0 million of new leases signed on vacant space and $4.0 million of new leases on currently occupied space with an increase of approximately  $1.6 million in excess of current rents.

   

4

ACQUISITION ACTIVITY

As further described below, during the quarter and to date, the Company increased its Core and Investment Management acquisition activities to approximately $575 million, consisting of $150 million of completed acquisitions ($120 million and $30 million of Core and Investment Management acquisitions, respectively) and a pipeline of $425 million of acquisitions that are subject to agreements or in advanced stages of negotiation ($150 million and $275 million of Core and Investment Management acquisitions, respectively).

Core Portfolio Acquisitions

Completed: Approximately $120 million | Pipeline: Approximately $150 million

•

Bleecker Street Portfolio, Manhattan, New York. As previously announced, during the third quarter, the Company acquired a four-building retail portfolio along the Bleecker Street retail corridor in the West Village of Manhattan for $20.3 million. The portfolio offers the potential for both lease up and accretive mark-to-market re-leasing opportunities. This acquisition is complementary to its existing Street retail corridors and aligns with the Company's strategy of targeting high-quality core assets in markets with high barriers to entry.

•

Williamsburg, Brooklyn, New York. In October 2024, the Company completed the acquisitions of 123-129 N. 6th Street for $35.0 million and 109 N. 6th Street for $18.3 million in Williamsburg, Brooklyn. This collection of retail assets is located in one of New York City's most dynamic and in-demand retail corridors and offers below-market rents and lease-up opportunities. These acquisitions expand the Company's existing Williamsburg portfolio.

•

SoHo Manhattan, New York. In October 2024, the Company closed on 92-94 Greene Street for $43.4 million which is adjacent to its existing property located on the corner of Spring and Green Street in SoHo. This acquisition expands the Company's SoHo portfolio to 12 buildings, eight of which are on Greene Street. The property provides an opportunity for near-term opportunity for accretive re-leasing.

•

Core Portfolio Pipeline. The Company is also under agreements or in advanced stages of negotiations relating to potential investments with an aggregate purchase price of approximately $150.0 million to acquire Street retail assets within its existing markets, including the Georgetown corridor of Washington D.C., SoHo Manhattan, New York, and Henderson Avenue in Dallas, Texas.

5

Investment Management Acquisitions

Completed: Approximately $30 million | Pipeline: Approximately $275 million

•

The Walk at Highwoods Preserve, Tampa, Florida. As previously announced, in July 2024, the Company completed the acquisition of a 141,000 square foot open-air shopping center anchored by Home Goods and Michaels.

In October 2024, the Company entered into a joint venture with funds managed by the Private Real Estate Group of Cohen & Steers to own the property. The Company will be entitled to an asset management fee and an opportunity to earn a promote upon the ultimate disposition of the investment. Additionally, the Company will manage the day-to-day operations of the investment entitling it to earn management, leasing, and construction fees.

•

Investment Management Pipeline. The Company is in advanced stages of negotiation involving a potential investment with an aggregate purchase price of approximately $275.0 million of gross asset value (including the Company's share). The Company anticipates acquiring a minority interest along with a leading global alternative asset management firm. Upon closing, the Company will be entitled to an asset management fee and an opportunity to earn a promote upon the ultimate disposition of the investment. Additionally, the Company will manage day-to-day operations entitling it to earn management, leasing, and construction fees.

The pending Core and Investment Management transactions described within the Pipeline above 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.

DISPOSITION ACTIVITY

Investment Management Disposition

•

Frederick Crossing, Frederick, Maryland. In the third quarter, the Company, in partnership with DLC Management Corp., completed the sale of Frederick Crossing, a Fund V asset, for $47.2 million, and repaid the related $23.2 million mortgage loan. This sale generated a 27% IRR, 2.1x multiple on the Fund's equity investment and a $11.6 million gain, of which $2.3 million was the Company's share.

PORTFOLIO EXPANSION

Core Portfolio

•

Henderson Avenue Corridor Expansion. In October 2024, the Company, in partnership with Ignite-Rebees, commenced construction on a major expansion to its existing 14 building portfolio on Henderson Avenue in Dallas, Texas. Upon completion, the project will add up to an additional 10 buildings and approximately 160,000 square feet to its existing 121,385 square feet retail portfolio, which was acquired by the Company in 2022. The expansion will accelerate the transformation of this corridor into a vibrant, walkable, street retail destination, positioning the asset to be one of the most exciting

6

urban retail hubs in the Dallas-Fort Worth Metroplex. The project is scheduled for completion in late 2026 and stabilization in 2027.

BALANCE SHEET

•

Equity Activity: Raised net proceeds during the quarter and through October 28, 2024 of $318.8 million from the sale of 14.3 million shares of its common stock consisting of $187.0 million (8.5 million shares) through the Company's at-the-market issuance program and $131.8 million (5.75 million shares, inclusive of the underwriters exercised option to purchase 750,000 additional shares) through an underwritten public offering in connection with forward sales agreements. Subsequent to the quarter end, the Company physically settled the forward sales agreements in its entirety to fund its acquisition activities.

•

Expansion of Unsecured Credit Facility and Repayment of $175 Million Term Loan: In September 2024, the Company increased the borrowing capacity of its credit facility from $350.0 million to $525.0 million along with increasing the facility's accordion feature from $900.0 million to $1.1 billion. Additionally, the Company repaid, in full, its $175.0 million term loan.

•

Debt-to-EBITDA Metrics: Pro-rata Core and Investment Management Net Debt-to-EBITDA improved to 5.6x at September 30, 2024 as compared to 6.3x and 6.7x at June 30, 2024, and December 31, 2023, respectively. Refer to the third quarter 2024 Supplemental Information package for reconciliations and details on financial ratios.

•

$100 Million of Private Unsecured Notes: In August 2024, the Company closed on its previously reported inaugural private placement of $100 million of senior unsecured notes comprised of an $80 million and $20 million note with a five- and three- year term, respectively. The five-year and three-year notes bear interest at fixed annual rates of 5.94% and 5.86%, respectively, based on credit spreads of 150 and 125 basis points over the five- and three-year U.S. Treasury bonds as of the date of pricing (May 21, 2024), respectively.

•

No Significant Core Debt Maturities until 2028: 3.4%, 0.3%, 6.9% and 5.6% of Core debt maturing in 2024, 2025, 2026, and 2027, respectively.

7

CONFERENCE CALL

Management will conduct a conference call on Monday, October 28, 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:	Monday, October 28, 2024
Time:	11:00 AM ET
Participant call:	Third Quarter 2024 Dial-In
Participant webcast:	Third 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. 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

8

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.

9

ACADIA REALTY TRUST AND SUBSIDIARIES

Condensed Consolidated Statements of Operations (1)

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


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Revenues
Rental income	$	86,288		$	79,961		$	257,951		$	248,839
Other		1,457			1,431			8,404			4,340
Total revenues		87,745			81,392			266,355			253,179

Expenses
Depreciation and amortization		34,500			33,726			103,721			100,955
General and administrative		10,215			10,309			30,162			30,898
Real estate taxes		11,187			11,726			33,514			34,586
Property operating		14,351			15,254			49,228			44,597
Impairment charges		—			3,686			—			3,686
Total expenses		70,253			74,701			216,625			214,722

Loss on disposition of properties		—			—			(441	)		—
Operating income		17,492			6,691			49,289			38,457
Equity in earnings (losses) of unconsolidated affiliates		11,784			(4,865	)		15,952			(6,273	)
Interest income		7,859			5,087			18,510			14,875
Realized and unrealized holding (losses) gains on investments and other		(1,503	)		1,664			(5,918	)		30,236
Interest expense		(23,363	)		(24,885	)		(70,653	)		(68,561	)
Income (loss) from continuing operations before income taxes		12,269			(16,308	)		7,180			8,734
Income tax (provision) benefit		(15	)		40			(201	)		(248	)
Net income (loss)		12,254			(16,268	)		6,979			8,486
Net loss attributable to redeemable noncontrolling interests		1,672			2,495			6,518			5,661
Net (income) loss attributable to noncontrolling interests		(5,512	)		12,347			(371	)		7,063
Net income (loss) attributable to Acadia shareholders	$	8,414		$	(1,426	)	$	13,126		$	21,210

Less: earnings attributable to unvested participating securities		(306	)		(244	)		(883	)		(734	)
Income from continuing operations net of income attributable to participating securities for diluted earnings per share	$	8,108		$	(1,670	)	$	12,243		$	20,476

Weighted average shares for basic earnings per share		108,351			95,320			104,704			95,257
Weighted average shares for diluted earnings per share		108,351			95,320			104,704			95,257

Net earnings per share - basic (2)	$	0.07		$	(0.02	)	$	0.12		$	0.21
Net earnings per share - diluted (2)	$	0.07		$	(0.02	)	$	0.12		$	0.21

10

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 September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023

Net income (loss) attributable to Acadia	$	8,414		$	(1,426	)	$	13,126		$	21,210

Depreciation of real estate and amortization of leasing costs (net of noncontrolling interests' share)		26,407			27,351			79,785			82,043
Impairment charges (net of noncontrolling interests' share)		—			852			—			852
Gain on disposition of properties (net of noncontrolling interests' share)		(2,324	)		—			(1,481	)		—
Income attributable to Common OP Unit holders		398			(55	)		704			1,313
Funds from operations attributable to Common Shareholders and Common OP Unit holders - Basic and Diluted		67			123			274			369
Funds from operations attributable to Common Shareholders and Common OP Unit holders - Diluted	$	32,962		$	26,845		$	92,408		$	105,787

Adjustments for Special Items:
Unrealized holding loss (gain) (net of noncontrolling interest share) (4)		1,242			(1,631	)		5,565			(3,410	)
Realized gain		2,923			2,371			10,503			2,371
Funds from operations before Special Items attributable to Common Shareholders and Common OP Unit holders	$	37,127		$	27,585		$	108,476		$	104,748

Funds From Operations per Share - Diluted
Basic weighted-average shares outstanding, GAAP earnings		108,351			95,320			104,704			95,257
Weighted-average OP Units outstanding		7,223			6,962			7,340			6,980
Assumed conversion of Preferred OP Units to common shares		256			464			256			464
Assumed conversion of LTIP units and restricted share units to common shares		1,174			—			964			—
Weighted average number of Common Shares and Common OP Units		117,004			102,746			113,264			102,701

Diluted Funds from operations, per Common Share and Common OP Unit	$	0.28		$	0.26		$	0.82		$	1.03

Diluted Funds from operations before Special Items, per Common Share and Common OP Unit	$	0.32		$	0.27		$	0.96		$	1.02

11

ACADIA REALTY TRUST AND SUBSIDIARIES

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

(Unaudited, Dollars in thousands)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023

Consolidated operating income	$	17,492		$	6,691		$	49,289		$	38,457
Add back:
General and administrative		10,215			10,309			30,162			30,898
Depreciation and amortization		34,500			33,726			103,721			100,955
Impairment charges		—			3,686			—			3,686
Loss on disposition of properties		—			—			441			—
Less:
Above/below market rent, straight-line rent and other adjustments		(5,498	)		(3,336	)		(12,975	)		(18,666	)
Consolidated NOI		56,709			51,076			170,638			155,330

Redeemable noncontrolling interest in consolidated NOI		(1,711	)		(861	)		(4,133	)		(3,260	)
Noncontrolling interest in consolidated NOI		(17,060	)		(14,927	)		(52,314	)		(43,132	)
Less: Operating Partnership's interest in Investment Management NOI included above		(6,940	)		(4,656	)		(18,413	)		(14,458	)
Add: Operating Partnership's share of unconsolidated joint ventures NOI (5)		2,291			3,163			8,504			11,263
Core Portfolio NOI	$	33,289		$	33,795		$	104,282		$	105,743

Reconciliation of Same-Property NOI

(Unaudited, Dollars in thousands)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Core Portfolio NOI	$	33,289		$	33,795		$	104,282		$	105,743
Less properties excluded from Same-Property NOI		(1,516	)		(3,780	)		(8,340	)		(15,014	)
Same-Property NOI	$	31,773		$	30,015		$	95,942		$	90,729

Percent change from prior year period		5.9	%					5.7	%

Components of Same-Property NOI:
Same-Property Revenues	$	45,101		$	43,228		$	136,891		$	130,286
Same-Property Operating Expenses		(13,328	)		(13,213	)		(40,949	)		(39,557	)
Same-Property NOI	$	31,773		$	30,015		$	95,942		$	90,729

12

ACADIA REALTY TRUST AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (1)

(Unaudited, Dollars in thousands, except shares)


	As of
	September 30, 2024			December 31, 2023
ASSETS
Investments in real estate, at cost
Buildings and improvements	$	3,121,177		$	3,128,650
Tenant improvements		291,401			257,955
Land		854,487			872,228
Construction in progress		21,212			23,250
Right-of-use assets - finance leases		61,366			58,637
		4,349,643			4,340,720
Less: Accumulated depreciation and amortization		(899,068	)		(823,439	)
Operating real estate, net		3,450,575			3,517,281
Real estate under development		109,778			94,799
Net investments in real estate		3,560,353			3,612,080
Notes receivable, net ($1,835 and $1,279 of allowance for credit losses as of September 30, 2024 and December 31, 2023, respectively)		126,576			124,949
Investments in and advances to unconsolidated affiliates		187,363			197,240
Other assets, net		196,920			208,460
Right-of-use assets - operating leases, net		26,820			29,286
Cash and cash equivalents		46,207			17,481
Restricted cash		23,088			7,813
Marketable securities		17,503			33,284
Rents receivable, net		55,615			49,504
Assets of properties held for sale		35,878			11,057
Total assets	$	4,276,323		$	4,291,154

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Liabilities:
Mortgage and other notes payable, net	$	954,371		$	930,127
Unsecured notes payable, net		569,242			726,727
Unsecured line of credit		56,000			213,287
Accounts payable and other liabilities		221,506			229,375
Lease liability - operating leases		29,013			31,580
Dividends and distributions payable		22,995			18,520
Distributions in excess of income from, and investments in, unconsolidated affiliates		7,797			7,982
Liabilities of properties held for sale		5,435			—
Total liabilities		1,866,359			2,157,598
Commitments and contingencies
Redeemable noncontrolling interests		35,037			50,339

Equity:
Common shares, $0.001 par value per share, authorized 200,000,000 shares, issued and outstanding 113,902,348 and 95,361,676 shares, respectively		114			95
Additional paid-in capital		2,304,534			1,953,521
Accumulated other comprehensive income		17,251			32,442
Distributions in excess of accumulated earnings		(395,172	)		(349,141	)
Total Acadia shareholders’ equity		1,926,727			1,636,917
Noncontrolling interests		448,200			446,300
Total equity		2,374,927			2,083,217
Total liabilities, redeemable noncontrolling interests, and equity	$	4,276,323		$	4,291,154

13

ACADIA REALTY TRUST AND SUBSIDIARIES

Notes to Financial Highlights:

(1)

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

(2)

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

(3)

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

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

gains (losses) from sales of real estate properties;

ii.

depreciation and amortization;

iii.

impairment of real estate properties;

iv.

gains and losses from change in control; and

after adjustments for unconsolidated partnerships and joint ventures.

Also consistent with NAREIT’s definition of FFO, the Company has elected to include: the impact of the unrealized holding gains (losses) incidental to its main business, including those related to its RCP investments such as Albertsons in FFO.

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

charges, income and gains that management believes are not comparable and indicative of the results of the Company’s operating real estate portfolio;

14

ii.

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

iii.

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

(4)

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

(5)

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

15

EX-99.2

Exhibit 99.2

EALTY TRUST—Q220SUPPLEMENTAL REPFORMATIO


Table of Contents			Supplemental Report – September 30, 2024


Section I – Third Quarter 2024 Earnings Press Release

Section II – Financial Information
Company Information	3
Market Capitalization	4
Operating Statements
Consolidated Statements of Operations	5
Statements of Operations - Pro-rata Adjustments	7
Consolidated Balance Sheet	8
Balance Sheet - Pro-rata Adjustments	9
Funds from Operations (“FFO”), FFO Before Special Items, Adjusted Funds from Operations ("AFFO")	10
EBITDA	11
Same Property Net Operating Income	12
Fee Income Detail	13
Structured Financing	14
Other Information
Transactional Activity	15
2024 Guidance	16
Net Asset Valuation Information	17
Selected Financial Ratios	18
Debt Analysis
Summary	20
Detail	21
Maturities	23
Interest Rate Summary	25

Section III – Core Portfolio Information
Core Properties	26
Core Top Tenants	29
Core Lease Expirations	30
Core New and Renewal Rent Spreads	31
Core Capital Expenditures	32

Section IV – Investment Management Information
Fund Overview	33
Investment Management Properties	35
Investment Management Lease Expirations	39
Development and Redevelopment Activity	41

Section V – Other Information
Important Notes	42

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


Supplemental Report – September 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


	3	Table of Contents

    
    Market Capitalization

    Supplemental Report – September 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	113,902			Balance at 12/31/2023	95,362	5,345	100,707
Common Operating Partnership ("OP") Units	4,712			Vesting RS and LTIPs	9	417	426
Combined Common Shares and OP Units	118,614			OP Conversions	795	(795)	—
				Issuance of Shares	6,987	—	6,987
Share Price at September 30, 2024	$23.48			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	$2,785,057			Vesting RS and LTIPs	44	32	76
Preferred OP Units 2	6,012			OP Conversions	400	(255)	145
Total Equity Capitalization	2,791,069	70%	71%	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	1,590,413
Adjustment to reflect pro-rata share of debt	(406,007)			OP Conversions 4	96	(32)	64
Total Debt Capitalization	1,184,406	30%	29%	Issuance of Shares	8,533	—	8,533
				Other	6	—	6
Total Market Capitalization	$3,975,475	100%	100%	Balance at 9/30/2024	113,902	4,712	118,614	108,351	104,704	117,004	113,264

Reflects debt net of Core Portfolio cash of $20,129 and pro-rata share of Investment Management cash of $10,642 for $30,771 of total cash netted against debt.

Represents 188 Series A and 66,519 Series C Preferred OP Units convertible into 25,067 and 230,967 Common OP Units, respectively, multiplied by the Common Share price at quarter end.

Reflects consolidated debt excluding $8,806 of unamortized premium and unamortized loan costs.

During the three months ended September 30, 2024, 31,847 Common OP Units and 18,266 Series C Preferred OP Units were converted into 95,269 Common Shares


	4	Table of Contents

    
    Consolidated Statements of Operations

    Supplemental Report – September 30, 2024

    (in thousands)



	September 30, 2024 1
	Quarter			Year to Date
Revenues
Rental income	$	86,288		$	257,951
Other		1,457			8,404
Total revenues		87,745			266,355
Expenses
Depreciation and amortization		34,500			103,721
General and administrative		10,215			30,162
Real estate taxes		11,187			33,514
Property operating		14,351			49,228
Impairment charges		—			—
Total expenses		70,253			216,625

Loss on disposition of properties		—			(441	)
Operating income		17,492			49,289
Equity in earnings of unconsolidated affiliates		11,784			15,952
Interest income		7,859			18,510
Realized and unrealized holding (losses) gains on investments and other		(1,503	)		(5,918	)
Interest expense		(23,363	)		(70,653	)
Income from continuing operations before income taxes		12,269			7,180
Income tax provision		(15	)		(201	)
Net income		12,254			6,979
Net loss attributable to redeemable noncontrolling interests		1,672			6,518
Net income attributable to noncontrolling interests		(5,512	)		(371	)
Net income attributable to Acadia Shareholders	$	8,414		$	13,126


	September 30, 2024 1
	Quarter		Year to Date
Reconciliation of Revenues to Consolidated GAAP Revenues
Total Revenues	$	83,068	$	253,250
Straight-line rent income		2,523		3,409
Above/below-market rent income		1,359		4,151
Asset and property management fees		205		591
Development, construction, leasing and legal fees		91		354
Other income		499		4,600
Consolidated Total Revenues	$	87,745	$	266,355





Reconciliation of Operating Expenses to Consolidated GAAP Expenses
Property operating - CAM and Other	$	11,403	$	39,425
Other property operating (Non-CAM)		2,803		9,356
Asset and property management expense		145		447
Consolidated Total Operating Expenses	$	14,351	$	49,228


	5	Table of Contents

    
    Consolidated Statements of Operations - Detail

    Supplemental Report – September 30, 2024

    (in thousands)



	September 30, 2024 1
CORE PORTFOLIO AND INVESTMENT MANAGEMENT INCOME	Quarter			Year to Date
REVENUES
Minimum rents	$	65,944		$	199,068
Percentage rents		263			1,513
Expense reimbursements - CAM		8,799			25,784
Expense reimbursements - Taxes		7,417			24,072
Other property income		645			2,813
Total Revenues		83,068			253,250

EXPENSES
Property operating - CAM		12,224			39,295
Other property operating (Non-CAM)		2,803			9,356
Real estate taxes		11,187			33,514
Asset and property management expense		145			447
Total Expenses		26,359			82,612

NET OPERATING INCOME - PROPERTIES		56,709			170,638

OTHER INCOME (EXPENSE)
Interest income		7,859			18,510
Straight-line rent income		2,523			3,409
Above/below-market rent income		1,359			4,151
Interest expense 2		(20,883	)		(63,241	)
Amortization of finance costs		(1,981	)		(5,896	)
Above/below-market interest expense		5			22
Finance lease interest expense		(504	)		(1,538	)
Other income		1,059			4,084
CORE PORTFOLIO AND INVESTMENT MANAGEMENT INCOME		46,146			130,139

FEE AND OTHER INCOME 3
Asset and property management fees		205			624
Development, construction, leasing and legal fees		91			354
Total Investment Management Fee Income		296			978

Net promote and other transactional income		—			—
Total Investment Management Fee Income, Net Promote and Other Transactional Income		296			978

Realized gains on marketable securities, net		2,923			10,503
Less: previously recognized unrealized gains on marketable securities sold		(2,923	)		(10,503	)
Unrealized losses on marketable securities		(1,242	)		(5,565	)
Income tax provision		(15	)		(201	)
Total Fee and Other Loss		(961	)		(4,788	)

General and Administrative		(10,215	)		(30,162	)

Depreciation and amortization		(34,411	)		(103,450	)
Non-real estate depreciation and amortization		(89	)		(271	)
Loss on disposition of properties		—			(441	)
Gain (loss) before equity in earnings and noncontrolling interests		470			(8,973	)

Equity in earnings of unconsolidated affiliates		11,784			15,952
Noncontrolling interests (including redeemable noncontrolling interests)		(3,840	)		6,147

NET INCOME ATTRIBUTABLE TO ACADIA SHAREHOLDERS	$	8,414		$	13,126


	6	Table of Contents

    
    Statements of Operations – Pro-Rata Adjustments7

    Supplemental Report – September 30, 2024

    (in thousands)



	Quarter Ended September 30, 2024						Year to Date September 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	$	(29,520	)	$	13,410		$	(87,448	)	$	41,211
Percentage rents		(126	)		113			(441	)		278
Expense reimbursements - CAM		(4,607	)		1,900			(13,321	)		5,683
Expense reimbursements - Taxes		(3,455	)		1,877			(10,384	)		5,970
Other property income		(286	)		107			(1,078	)		448
Total Revenues		(37,994	)		17,407			(112,672	)		53,590

EXPENSES
Property operating - CAM		(5,999	)		1,786			(18,717	)		6,346
Other property operating (Non-CAM)		(808	)		223			(2,514	)		760
Real estate taxes		(4,763	)		2,971			(13,435	)		9,212
Asset and property management expense		(459	)		587			(1,389	)		1,811
Total Expenses		(12,029	)		5,567			(36,055	)		18,129
NET OPERATING INCOME - PROPERTIES		(25,965	)		11,840			(76,617	)		35,461

OTHER INCOME (EXPENSE)
Interest income		(183	)		42			(329	)		56
Straight-line rent income		(1,745	)		658			(3,308	)		2,508
Above/below-market rent income (expense)		(817	)		554			(2,145	)		1,581
Interest expense		12,280			(4,601	)		36,881			(14,183	)
Amortization of finance costs		969			(333	)		2,929			(1,014	)
Above/below-market interest expense		—			—			—			135
Finance lease interest expense		342			(101	)		1,024			(301	)
Other (expense) income		(547	)		(2	)		(970	)		29
CORE PORTFOLIO AND INVESTMENT MANAGEMENT INCOME		(15,666	)		8,057			(42,535	)		24,272

FEE AND OTHER INCOME 3
Asset and property management fees		3,571			131			8,872			446
Development, construction, leasing and legal fees		1,413			123			4,710			290
Total Investment Management Fee Income		4,984			254			13,582			736

Net promote and other transactional income		—			—			—			—
Total Investment Management Fee Income, Net Promote and Other Transactional Income		4,984			254			13,582			736

Income tax provision		—			(1	)		56			(12	)
Total Fee and Other Loss		4,984			253			13,638			724

General and Administrative		612			(226	)		2,005			(888	)
Depreciation and amortization		15,867			(7,863	)		47,493			(23,828	)
Loss (gain) on disposition of properties		(9,239	)		11,563			(13,750	)		15,672
(Loss) gain before equity in earnings and noncontrolling interests		(3,442	)		11,784			6,851			15,952

Equity in earnings of unconsolidated affiliates		—			—			—			—
Noncontrolling interests 6		(398	)		—			(704	)		—

NET (LOSS) INCOME ATTRIBUTABLE TO ACADIA SHAREHOLDERS	$	(3,840	)	$	11,784		$	6,147		$	15,952


	7	Table of Contents

    
    Balance Sheet

    Supplemental Report – September 30, 2024

    (in thousands)


ASSETS	Consolidated Balance Sheet			Line Item Details:
Real estate
Buildings and improvements	$	3,121,177		Components of Real estate under development:
Tenant improvements		291,401		Core	$	79,213
Land		854,487		Fund III		30,565
Construction in progress		21,212		Total	$	109,778
Right-of-use assets - finance leases		61,366
		4,349,643
Less: Accumulated depreciation and amortization		(899,068	)
Operating real estate, net		3,450,575
Real estate under development		109,778		Summary of other assets, net:
Net investments in real estate		3,560,353		Deferred charges, net	$	37,668
Notes receivable, net ($1,835 of allowance for credit losses)		126,576		Accrued interest receivable		30,542
Investments in and advances to unconsolidated affiliates		187,363		Due from seller		2,343
Lease intangibles, net		83,801		Prepaid expenses		18,031
Other assets, net		113,119		Other receivables		2,748
Right-of-use assets - operating leases, net		26,820		Income taxes receivable		1,557
Cash and cash equivalents		46,207		Corporate assets, net		654
Restricted cash		23,088		Deposits		5,912
Marketable securities		17,503		Derivative financial instruments		13,664
Straight-line rents receivable, net		39,368		Total	$	113,119
Rents receivable, net		16,247
Assets of properties held for sale		35,878
Total assets	$	4,276,323

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Liabilities:
Mortgage and other notes payable, net		954,371
Unsecured notes payable, net		569,242		Summary of accounts payable and other liabilities:
Unsecured line of credit		56,000		Lease liability - finance leases, net	$	31,738
Accounts payable and other liabilities		153,495		Accounts payable and accrued expenses		59,397
Lease liability - operating leases		29,013		Deferred income		37,329
Dividends and distributions payable		22,995		Tenant security deposits, escrow and other		14,185
Lease intangibles, net		68,011		Derivative financial instruments		10,846
Distributions in excess of income from, and investments in, unconsolidated affiliates		7,797		Total	$	153,495
Liabilities of properties held for sale		5,435
Total liabilities		1,866,359
Commitments and contingencies
Redeemable noncontrolling interests		35,037
Shareholders' Equity
Common shares		114
Additional paid-in capital		2,304,534
Accumulated other comprehensive income		17,251
Distributions in excess of accumulated earnings		(395,172	)
Total Acadia shareholders’ equity		1,926,727
Noncontrolling interests		448,200
Total equity		2,374,927
Total liabilities, redeemable noncontrolling interests, and equity	$	4,276,323


	8	Table of Contents

    
    Balance Sheet – Pro-rata Adjustments7

    Supplemental Report – September 30, 2024

    (in thousands)


ASSETS	Noncontrolling Interest in Consolidated Subsidiaries 4			Company’s Interest in Unconsolidated Subsidiaries 5
Real estate
Buildings and improvements	$	(202,828	)	$	67,080
Tenant improvements		(812,544	)		262,775
Land		(60,773	)		19,318
Construction in progress		(5,673	)		2,017
Right-of-use assets - finance leases		(22,571	)		22,104
		(1,104,389	)		373,294
Less: Accumulated depreciation and amortization		161,116			(79,714	)
Operating real estate, net		(943,273	)		293,580
Real estate under development		(23,065	)		2,217
Net investments in real estate		(966,338	)		295,797
Notes receivable, net ($1,835 of allowance for credit losses)		65,968			—
Investments in and advances to unconsolidated affiliates		(58,217	)		(124,942	)
Lease intangibles, net		(35,098	)		5,997
Other assets, net		32,732			5,283
Right-of-use assets - operating leases, net		(1,673	)		—
Cash and cash equivalents		(28,712	)		13,971
Restricted cash		(4,384	)		375
Marketable securities		—			—
Straight-line rents receivable, net		(10,868	)		6,231
Rents receivable, net		(5,653	)		1,811
Total assets	$	(1,012,243	)	$	204,523

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgage and other notes payable, net	$	(568,429	)	$	176,764
Unsecured notes payable, net		—			—
Unsecured line of credit		—			—
Accounts payable and other liabilities		(29,567	)		22,275
Lease intangibles, net		(29,932	)		5,152
Lease liability - operating leases		(1,741	)		4
Dividends and distributions payable		—			—
Lease liability - finance leases		(21,093	)		8,127
Distributions in excess of income from, and investments in, unconsolidated affiliates		—			(7,799	)
Total liabilities		(650,762	)		204,523
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)		(361,481	)		—
Total equity		(361,481	)		—
Total liabilities, redeemable noncontrolling interests, and equity	$	(1,012,243	)	$	204,523

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

Net of consolidated capitalized interest of $1.9 million and $5.2 million for the three and nine months ended September 30, 2024.

Refer to Fee Income Detail page in the Supplemental Report.

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

Represents the Company’s pro-rata share of unconsolidated investments (which consists of unconsolidated Core properties but also includes Investment Management assets that are held off-balance sheet), of which each are included on a single line presentation in the Company’s consolidated financial statements in accordance with GAAP.

This represents the (loss) income allocable to Operating Partnership Units of $0.4 million and $0.7 million, respectively, for the three and nine months ended September 30, 2024.

The Company currently has controlling ownership interests in both (a) Investment Management (represented by Funds II, III, IV & V and Mervyns II) and (b) non-wholly owned Core assets. All properties which the Company is deemed to control are consolidated within the Company's financial statements.


	9	Table of Contents

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

    Supplemental Report – September 30, 2024

    (in thousands, except per share amounts)



	Quarter Ended									Year to Date			Quarter Ended			Year to Date
	March 31, 2024			June 30, 2024			September 30, 2024			September 30, 2024			September 30, 2023			September 30, 2023
Funds from operations ("FFO"):
Net Income (Loss) attributable to Acadia	$	3,269		$	1,443		$	8,414		$	13,126		$	(1,426	)	$	21,210
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share)		27,087			26,291			26,407			79,785			27,351			82,043
Loss (gain) on disposition on real estate properties (net of noncontrolling interest share)		275			568			(2,324	)		(1,481	)		—			—
Impairment charges (net of noncontrolling interest share)		—			—			—			—			852			852
Income attributable to noncontrolling interests' share in Operating Partnership		326			187			465			978			68			1,682
FFO to Common Shareholders and Common OP Unit holders - Diluted	$	30,957		$	28,489		$	32,962		$	92,408		$	26,845		$	105,787

Unrealized holding loss (gain) (net of noncontrolling interest share)		2,015			2,308			1,242			5,565			(1,631	)		(3,410	)
Realized gain		3,994			3,586			2,923			10,503			2,371			2,371
FFO before Special Items attributable to Common Shareholder and Common OP Unit holders 1	$	36,966		$	34,383		$	37,127		$	108,476		$	27,585		$	104,748

Adjusted Funds from operations ("AFFO"):
FFO	$	30,957		$	28,489		$	32,962		$	92,408		$	26,845		$	105,787
Unrealized holding loss (gain) (net of noncontrolling interest share)		2,015			2,308			1,242			5,565			(1,631	)		(3,410	)
Realized gain		3,994			3,586			2,923			10,503			2,371			2,371
Straight-line rent, net		(196	)		(977	)		(1,436	)		(2,609	)		(18	)		(1,079	)
Above/below-market rent		(1,175	)		(1,316	)		(1,096	)		(3,587	)		(1,603	)		(13,321	)
Amortization of finance costs		1,096			1,540			1,345			3,981			1,103			3,251
Above/below-market interest		(43	)		(109	)		(5	)		(157	)		(56	)		(153	)
Non-real estate depreciation		91			91			89			271			92			272
Stock-based compensation		3,938			2,406			2,388			8,732			2,265			8,320
Leasing commissions		(560	)		(1,362	)		(544	)		(2,466	)		(1,191	)		(3,733	)
Tenant improvements		(1,212	)		(907	)		(2,701	)		(4,820	)		(3,028	)		(8,886	)
Maintenance capital expenditures		(1,640	)		(2,143	)		(2,037	)		(5,820	)		(4,517	)		(7,184	)
AFFO to Common Shareholders and Common OP Unit holders	$	37,265		$	31,606		$	33,130		$	102,001		$	20,632		$	82,235

Total weighted-average diluted shares and OP Units		111,051			111,837			117,004			113,264			102,746			102,701

Diluted FFO per Common share and OP Unit:
FFO	$	0.28		$	0.25		$	0.28		$	0.82		$	0.26		$	1.03

FFO before Special Items	$	0.33		$	0.31		$	0.32		$	0.96		$	0.27		$	1.02


	10	Table of Contents

    
    EBITDA

    Supplemental Report – September 30, 2024

    (in thousands)


	Quarter Ended						Year to Date
	September 30,						September 30,
	2024			2023			2024			2023
EBITDA:

Net Income (Loss) Attributable to Acadia	$	8,414		$	(1,426	)	$	13,126		$	21,210

Adjustments:
Depreciation and amortization		26,496			27,443			80,056			82,315
Interest expense		13,204			17,098			40,543			48,071
Amortization of finance costs		1,345			1,103			3,981			3,251
Above/below-market interest		(5	)		(56	)		(157	)		(153	)
(Gain) loss on disposition of properties		(2,324	)		—			(1,481	)		—
Unrealized holding loss (gain) on investment in Albertsons and other		1,242			(1,631	)		5,565			(3,410	)
Realized gain		2,923			2,371			10,503			2,371
Provision for income taxes		16			11			157			162
Impairment charges		—			852			—			852
Noncontrolling interest - OP		398			(55	)		704			1,313
EBITDA	$	51,709		$	45,710		$	152,997		$	155,982

Less: Realized gain		(2,923	)		(2,371	)		(10,503	)		(2,371	)
Core EBITDA excluding realized gains	$	48,786		$	43,339		$	142,494		$	153,611


	11	Table of Contents

    
    Core Portfolio – Same Property Performance 1

    Supplemental Report – September 30, 2024

    (in thousands)


	Quarter Ended September 30,						Change			Year to Date September 30,				Change
	2024			2023			Favorable/ (Unfavorable)			2024		2023		Favorable/ (Unfavorable)

Summary
Minimum rents	$	35,669		$	34,450			3.5	%	$	107,552	$	102,494		4.9	%
Expense reimbursements		8,947			8,223			8.8	%		26,887		25,341		6.1	%
Other property income		485			555			(12.6	)%		2,452		2,451		0.0	%

Total Revenue		45,101			43,228			4.3	%		136,891		130,286		5.1	%

Expenses
Property operating - CAM & Real estate taxes		11,683			11,553			(1.1	)%		36,102		34,527		(4.6	)%
Other property operating (Non-CAM)		1,645			1,660			0.9	%		4,847		5,030		3.6	%

Total Expenses		13,328			13,213			(0.9	)%		40,949		39,557		(3.5	)%

Same Property NOI - Core properties	$	31,773		$	30,015			5.9	%	$	95,942	$	90,729		5.7	%

Reconciliation of Same Property NOI to Core NOI
NOI of Properties excluded from Same Property NOI		1,516			3,780						8,340		15,014
Core NOI	$	33,289		$	33,795					$	104,282	$	105,743


Other same property information
Physical Occupancy at the end of the period		91.7	%		92.4	%
Leased Occupancy at the end of the period		94.6	%		95.3	%

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


	12	Table of Contents

    
    Fee Income Detail 1

    Supplemental Report – September 30, 2024

    (in thousands)


	Fund II		Fund III		Fund IV		Fund V		Other 2		Total
Year to Date September 30, 2024
Asset and property management fees	$	245	$	69	$	2,190	$	6,895	$	543	$	9,942
Transactional fees		407		244		853		3,600		250		5,354
Total fees	$	652	$	313	$	3,043	$	10,495	$	793	$	15,296

Quarter Ended September 30, 2024
Asset and property management fees	$	90	$	22	$	616	$	2,991	$	188	$	3,907
Transactional fees		203		195		280		902		47		1,627
Total fees	$	293	$	217	$	896	$	3,893	$	235	$	5,534


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

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

Other includes fees generated from non-wholly owned joint ventures (within both Core and Investment Management) as well as third-party managed assets.

(1)


	13	Table of Contents

     
    Structured Financing Portfolio

    Supplemental Report – September 30, 2024

    (in thousands)


	June 30, 2024						Quarter Ended September 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 2025

Other notes2		135,112		40,477		175,589		239		—		135,351			46,837		182,188		11.63	%		11.73	%	Sept 2024 - Dec 2027

Total Core notes receivable	$	194,913	$	44,286	$	239,199	$	239	$	—	$	195,152		$	50,646	$	245,798		9.90	%		10.10	%

__________


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

Total Notes Receivable per above											$	195,152
Allowance for credit loss												(2,608	)
Total pro-rata Notes Receivable											$	192,544

One Core note which matured on April 20, 2020 in the amount of $17.8 million with accrued interest of $3.8 million was in default at September 30, 2024.

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

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


	14	Table of Contents

    
    Transactional Activity

    Supplemental Report – September 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

Core:
Bleecker Street Portfolio (4 assets)	New York, NY	September 2024	$	20,347		100.00	%	$	—	$	20,347
1718 N. Henderson Avenue (Land Parcel)	Dallas, TX	September 2024		1,063		100.00	%		—		1,063
123-129 North 6th Street	Brooklyn, NY	October 2024		35,000		100.00	%		—		35,000
109 North 6th Street	Brooklyn, NY	October 2024		18,300		100.00	%		—		18,300
92-94 Greene Street	New York, NY	October 2024		43,375		100.00	%		—		43,375

Investment Management:
Other Co-Investment Vehicles:
Shops at Grand Avenue 3	Queens, NY	May 2024		48,509		5.00	%		2,425		2,425
Walk at Highwoods Preserve 4	Tampa, FL	July 2024		30,793		100.00	%		30,793		30,793

TOTAL ACQUISITIONS			$	197,387				$	33,218	$	151,303

DISPOSITIONS

Core:
Shops at Grand Avenue 3	Queens, NY	May 2024	$	48,250		100.00	%	$	48,250	$	48,250

Investment Management:
Fund IV:
2207 & 2208-2216 Fillmore	San Francisco, CA	April 2024		14,060		90.00	%		12,654		2,926
Paramus Plaza	Paramus, NJ	June 2024		36,800		50.00	%		18,400		4,254

Fund V:
Canton Marketplace	Canton, GA	June 2024		2,200		100.00	%		2,200		442
Frederick Crossing	Frederick, MD	September 2024		47,200		90.00	%		42,480		8,538

TOTAL DISPOSITIONS			$	148,510				$	123,984	$	64,410


STRUCTURED FINANCING ACTIVITY

Note Description	Transaction Type	Date of Transaction	Transaction Amount		Ownership % 1			Investment Management Share		Acadia Share

Core:
Georgetown Renaissance Portfolio	Partner Loan	May 2024	$	7,631		100.00	%	$	—	$	7,631

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

Acquisition amounts include capitalized costs, where applicable. Refer to Note 2 in the Company’s latest Form 10-Q or 10-K for further discussion of any such transactions.

This was a single transaction in which the Company sold a 95% interest in Shops at Grand Avenue. The difference between the $48,509 acquisition amount and the $48,250 disposition amount is due to acquisition costs, which are included in the acquisition amount. Refer to footnote 2.

In October 2024, the Company completed the capitalization of this investment with the sale of an 80% interest to an affiliate of Cohen & Steers Capital Management, Inc.


	15	Table of Contents

    
    2024 Guidance

    Supplemental Report – September 30, 2024

     (in millions, except per share amounts)

The Company’s annual 2024 guidance as follows:

•

Net earnings per share to $0.09-$0.13 from $0.07-$0.13

•

NAREIT FFO per share to $1.09-$1.13 from $1.09-$1.15

•

FFO Before Special Items per share to $1.26-$1.32 from $1.24-$1.32


	2024 Guidance
	Revised	Prior 1

Net earnings per share attributable to Acadia	$0.09-$0.13	$0.07-$0.11
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share)	1.01	1.01
Gain on disposition of properties (net of noncontrolling interest share)	(0.02)	—
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-$1.13
Net unrealized holding loss 2,3	0.04	0.04
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	$1.26-$1.32

The prior guidance range represents the reaffirmed guidance announced on July 30, 2024, in conjunction with second quarter 2024 earnings.

This primarily represents the unrealized mark-to-market holding loss related to the Company’s investment in Albertsons, which was recognized in NAREIT FFO for the nine months ended September 30, 2024. The Company has not reflected any forward-looking estimates involving future unrealized holding gains or losses (i.e. changes in share price) on Albertsons in its 2024 guidance assumptions.

It is the Company’s policy to exclude unrealized gains and losses from FFO Before Special Items and to include and provide guidance for any anticipated realized gains related to the Company’s investment in Albertsons within FFO Before Special Items. The Company realized investment gains of $ 10.5 million on 500,000 shares for the nine months ended September 30, 2024.


	16	Table of Contents

    
    Net Asset Valuation Information

    Supplemental Report – September 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	%

Current Quarter NOI
At Pro-Rata 1
Net Operating Income 2	$	33,289		N/A3			$	105		$	769		$	5,332		$	687		$	6,893
Less:
Net operating loss (income) from properties sold or assets held for sale		—		N/A3				7			10			(141	)		(641	)		(765	)
Net operating (income) loss from pre-stabilized assets, development and redevelopment projects 4		(2,258	)	N/A 3				(112	)		(157	)		—			—			(269	)
Net Operating Income of stabilized assets	$	31,031		N/A 3			$	—		$	621		$	5,191		$	46		$	5,858

Costs to Date (Pro-Rata)
Assets held for sale	$	—		N/A 3			$	—		$	—		$	—		$	—		$	—
Pre-stabilized assets 4		153,196		N/A 3				14,343			30,999			—			—			45,342
Development and redevelopment projects 6		586,000		N/A 3				7,500			27,800			—			—			35,300
Total Costs to Date	$	739,196		N/A 3			$	21,843		$	58,799		$	—		$	—		$	80,642

Debt (Pro-Rata)	$	914,961		$	79,886		$	8,098		$	33,347		$	148,114		$	—		$	269,445

This Net Asset Valuation Information page shows Acadia’s pro-rata portion of the Core and Investment Management Net Operating Income.

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

Fund II has been substantially liquidated except for its investment in City Point. Amounts omitted as only remaining asset is City Point.

Pre-stabilized assets consist of the following projects for Core: Route 6 Mall, Mad River, 664 N. Michigan Avenue and 651-671 West Diversey; Fund II: City Point; Fund III: 640 Broadway; Fund IV: 210 Bowery, 801 Madison, 27 E 61st Street and 1035 Third Avenue.

Other Co-investment vehicles currently include the Company’s ownership interest in Shops at Grand Avenue and Walk at Highwoods Preserve.

Refer to Development and Redevelopment Activity page for projects.


	17	Table of Contents

    
    Selected Financial Ratios

    Supplemental Report – September 30, 2024

    (in thousands, except per share amounts)



	Quarter Ended September 30,						Year to Date September 30,							Quarter Ended September 30,
COVERAGE RATIOS 1	2024			2023			2024			2023			LEVERAGE RATIOS	2024			2023
Fixed-Charge Coverage Ratios													Debt/Market Capitalization Ratios

EBITDA2 divided by:	$	51,709		$	45,710		$	152,997		$	155,982		Debt + Preferred Equity (Preferred OP Units)	$	1,190,418		$	1,459,057
Interest expense		13,204			17,098			40,543			48,071		Total Market Capitalization		3,975,475			2,904,159
Principal Amortization		2,647			1,383			8,922			3,643		Debt + Preferred Equity/
Preferred Dividends3		67			123			274			369		Total Market Capitalization		30	%		50	%
Fixed-Charge Coverage Ratio - Core Portfolio and Investment Management		3.2	x		2.5	x		3.1	x		3.0	x
													Net debt 4	$	1,159,647		$	1,437,978
Payout Ratios													Total Market Capitalization		3,975,475			2,904,159
													Net Debt + Preferred Equity/
Dividends declared (per share/OP Unit)	$	0.19		$	0.18		$	0.55		$	0.54		Total Market Capitalization		29	%		50	%

Dividends (Shares) & Distributions (OP Units) declared	$	22,747		$	18,495		$	62,944		$	55,469
FFO 3		32,962			26,845			92,408			105,787
FFO Payout Ratio		69	%		69	%		68	%		52	%	Debt/EBITDA Ratios

AFFO 3		33,130			20,632			102,001			82,235		Net debt 4		1,153,635			1,431,321
AFFO Payout Ratio		69	%		90	%		62	%		67	%	EBITDA		204,706			201,692
													EBITDA excluding Realized Gains (net of noncontrolling share)		191,280			212,277
FFO Before Special Items		37,127			27,585			108,476			104,748		Net Debt/EBITDA - Core and Investment Management		5.6	x		7.1	x
FFO Before Special Items Payout Ratio		61	%		67	%		58	%		53	%	Net Debt/EBITDA excluding Realized Gains - Core and Investment Management		6.0	x		6.7	x


	EBITDA
	Quarter Ended		Year Ended
Reconciliation of EBITDA to Annualized EBITDA	September 30, 2024		December 31, 2023

Quarter EBITDA as reported	$	51,709	$	201,570
Add back: Stock-based compensation, net of employee equity elections		—		—
Subtotal		51,709		201,570

Year to Date EBITDA as reported	$	152,997	$	201,570
Add: Projected Core EBITDA 5		51,709		—
Annualized EBITDA		204,706		201,570

Year to Date Realized gain as reported		10,503		4,636
Add: Projected Realized gain 5		2,923		—
Annualized realized gain		13,426		4,636
Annualized EBITDA excluding realized gains		191,280		196,934


	18	Table of Contents

    
    Selected Financial Ratios

    Supplemental Report – September 30, 2024

    (in thousands)

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.

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

Represents preferred distributions on Preferred Operating Partnership Units.

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

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.

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


	19	Table of Contents

    
    Portfolio Debt –  Summary

    Supplemental Report – September 30, 2024

    (in thousands)


	Acadia Pro-Rata Share of Debt 2
	Core Portfolio				Investment Management				Total																Reconciliation to Consolidated Debt as Reported
Debt Type	Principal Balance		WA Years to Maturity 6		Principal Balance		WA Years to Maturity 6		Principal Balance			WA Years to Maturity 6		Swap Notional (7)			Adjusted Debt Total		Interest Rate			%			Add: Noncontrolling Interest Share of Debt 3		Less: Pro-rata Share of Unconsolidated Debt 4			Acadia Consolidated Debt as Reported
Fixed-Rate Debt 1	$	302,742		3.8	$	21,901		3.3	$	324,643			3.8		859,763			1,184,406					100	%	$	69,298	$	(87,562	)	$	1,166,142
Variable-Rate Debt 5		612,219		3.7		247,544		1.0		859,763			2.9		(859,763	)		—					—	%		502,436		(78,165	)		424,271

Total	$	914,961		3.7	$	269,445		1.2	$	1,184,406			3.1	$	—		$	1,184,406		5.0	%		100	%	$	571,734	$	(165,727	)		1,590,413

Unamortized premium										217																					217
Net unamortized loan costs										(9,023	)																				(11,017	)
Contingent loan obligation										12,348																					—
Total									$	1,187,948																				$	1,579,613

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

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

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

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

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

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

Acadia’s pro-rata notional amount of swaps varies from the Swap Interest Rate Summary page due to probable forecasted issuances of debt associated with its acquisition pipeline.


	20	Table of Contents

     
     Portfolio Debt  –  Detail

     Supplemental Report – September 30, 2024

     (in thousands)


		Principal Balance at		Acadia's Pro-rata Share					Interest		Extension
Property		September 30, 2024		Percent			Amount		Rate	Maturity Date	Options

CORE PORTFOLIO

Fixed-Rate Debt

Crossroads Shopping Center		$	58,267		49.00	%	$	28,551	3.94%	11/06/24	None
840 N. Michigan Avenue 2			31,875		91.85	%		29,277	N/A	12/10/26	None
239 Greenwich Avenue			26,000		75.00	%		19,500	4.00%	07/10/27	1x60 mos.
$20M Senior Note, Series A			20,000		100.00	%		20,000	5.86%	08/21/27	None
Georgetown Portfolio (2008 Investment)			14,073		50.00	%		7,036	4.72%	12/10/27	None
555 9th Street			57,500		100.00	%		57,500	3.99%	01/01/28	1x24 mos.
State & Washington			20,867		100.00	%		20,867	4.40%	09/05/28	None
$80M Senior Note, Series B			80,000		100.00	%		80,000	5.94%	08/21/29	None
North & Kingsbury			10,075		100.00	%		10,075	4.01%	11/05/29	None
151 N. State Street			11,925		100.00	%		11,925	4.03%	12/01/29	None
Concord & Milwaukee			2,229		100.00	%		2,229	4.40%	06/01/30	None
Gotham Plaza			28,000		49.00	%		13,720	5.90%	10/05/34	None
California & Armitage			2,062		100.00	%		2,062	5.89%	04/15/35	None

Sub-Total Fixed-Rate Debt			362,873					302,742

Variable-Rate Debt

Georgetown Portfolio (2016 Investment)			152,000		20.00	%		30,400	SOFR+2.65%	11/06/26	2x12 mos.
3104 M Street 3			4,093		20.00	%		819	PRIME	01/01/27	2x12 mos.
Sullivan Center			50,000		100.00	%		50,000	SOFR+1.60%	11/16/28	None
Revolving Credit Facility 4			56,000		100.00	%		56,000	SOFR+1.35%	04/15/28	2x6 mos.
Term Loan			400,000		100.00	%		400,000	SOFR+1.50%	04/15/28	2x6 mos.
$75 Million Term Loan			75,000		100.00	%		75,000	SOFR+1.75%	07/29/29	None

Sub-Total Variable-Rate Debt			737,093					612,219

Total Debt - Core Portfolio		$	1,099,966				$	914,961

INVESTMENT MANAGEMENT

Fixed-Rate Debt

650 Bald Hill Road	Fund IV		15,101		20.81	%		3,142	3.75%	06/01/26	None
Shoppes at South Hills	Fund V		32,256		18.09	%		5,835	5.95%	03/01/28	1x12 mos.
Broughton Street Portfolio	Fund IV		25,939		23.12	%		5,998	5.62%	06/01/28	None
Canton Marketplace	Fund V		34,460		20.10	%		6,926	6.29%	06/01/28	None

Sub-Total Fixed-Rate Debt			107,756					21,901


	21	Table of Contents

     
     Portfolio Debt  –  Detail

     Supplemental Report – September 30, 2024

     (in thousands)


		Principal Balance at		Acadia's Pro-rata Share					Interest		Extension
Property		September 30, 2024		Percent			Amount		Rate	Maturity Date	Options
Variable-Rate Debt 1

Hickory Ridge	Fund V		26,924		20.10	%		5,411	SOFR+2.00%	10/05/24	None
Tri-City Plaza	Fund V		37,801		18.09	%		6,838	SOFR+2.00%	10/18/24	1x12 mos.
Lincoln Commons	Fund V		37,693		20.10	%		7,576	SOFR+1.80%	10/24/24	None
Landstown Commons	Fund V		59,086		20.10	%		11,877	SOFR+1.80%	10/24/24	None
Palm Coast Landing	Fund V		25,441		20.10	%		5,114	SOFR+1.86%	11/01/24	None
Eden Square	Fund IV		23,664		20.81	%		4,924	SOFR+2.35%	11/30/24	None
Santa Fe Plaza	Fund V		22,893		20.10	%		4,601	SOFR+2.00%	12/20/24	None
Frederick County Square	Fund V		24,942		18.09	%		4,512	SOFR+2.51%	01/01/25	1x12 mos.
Elk Grove Commons	Fund V		39,819		20.10	%		8,004	SOFR+2.10%	01/03/25	None
Acadia Strategic Opportunity Fund IV Term Loan	Fund IV		36,200		23.12	%		8,369	SOFR+2.56%	03/31/25	None
Midstate Mall	Fund V		48,226		20.10	%		9,693	SOFR+2.50%	04/28/25	2x12 mos.
New Towne Center	Fund V		16,112		20.10	%		3,239	SOFR+2.20%	05/01/25	1x12 mos.
Fairlane Green	Fund V		31,795		20.10	%		6,391	SOFR+2.30%	06/05/25	1x12 mos.
Trussville Promenade	Fund V		28,200		20.10	%		5,668	SOFR+2.30%	06/15/25	1x12 mos.
City Point	Fund II		137,485		58.10	%		79,886	SOFR+2.61%	08/01/25	1x12 mos.
Cypress Creek	Fund V		32,200		20.10	%		6,473	SOFR+2.80%	09/01/25	None
640 Broadway	Fund III		33,000		24.54	%		8,098	SOFR+3.75%	10/01/25	3x12 mos.
1964 Union	Fund IV		1,339		20.81	%		279	SOFR+2.25%	10/01/25	None
717 N Michigan Avenue	Fund IV		46,000		23.12	%		10,635	SOFR+3.33%	12/09/25	None
Hiram Pavilion	Fund V		27,243		20.10	%		5,476	SOFR+2.30%	03/05/26	1x12 mos.
Monroe Marketplace	Fund V		25,300		20.10	%		5,085	SOFR+2.76%	11/12/26	None
Maple Tree Place	Fund V		43,400		20.10	%		8,723	SOFR+2.85%	02/14/27	None
Wood Ridge Plaza	Fund V		36,149		18.09	%		6,539	SOFR+2.90%	03/21/27	None
La Frontera	Fund V		55,500		18.09	%		10,040	SOFR+2.61%	06/10/27	None
Riverdale FC	Fund V		38,500		17.97	%		6,920	SOFR+2.46%	11/01/27	None
Mohawk Commons	Fund V		39,650		18.09	%		7,173	SOFR+2.00%	03/01/28	None

Sub-Total Variable-Rate Debt			974,562					247,544
Total Debt - Investment Management			1,082,318					269,445
Total Debt - Core Portfolio and Investment Management		$	2,182,284				$	1,184,406

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

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

Bears interest at the greater of 7.00% or the Prime Rate.

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


	22	Table of Contents

    
    Future Debt Maturities 1

    Supplemental Report – September 30, 2024

    (in thousands)


Core Portfolio	Contractual Debt Maturities						Acadia's Pro-Rata Share								Weighted Average2
	Scheduled						Scheduled		Fixed		Variable				Fixed-	Variable-
Year	Amortization		Maturities		Total		Amortization		Maturities		Maturities		Total		Rate Debt	Rate Debt

2024 (Remainder)	$	2,607	$	58,139	$	60,746	$	2,299	$	28,488	$	—	$	30,787	3.94%	N/A
2025		2,676		—		2,676		2,266		—		—		2,266	N/A	N/A
2026		5,559		182,000		187,559		5,069		27,555		30,400		63,024	N/A3	2.65%
2027		5,266		61,316		66,582		4,953		45,052		756		50,761	4.91%	N/A
2028		1,833		576,362		578,195		1,833		70,362		506,000		578,195	4.10%	1.49%
Thereafter		2,500		201,708		204,208		2,500		112,428		75,000		189,928	5.55%	1.85%
Total	$	20,441	$	1,079,525	$	1,099,966	$	18,920	$	283,885	$	612,156	$	914,961


Investment Management	Contractual Debt Maturities						Acadia's Pro-Rata Share								Weighted Average2
	Scheduled						Scheduled		Fixed		Variable				Fixed-	Variable-
Year	Amortization		Maturities		Total		Amortization		Maturities		Maturities		Total		Rate Debt	Rate Debt

2024 (Remainder)	$	1,311	$	233,216	$	234,527	$	258	$	—	$	46,284	$	46,542	N/A	1.94%
2025		3,176		474,121		477,297		610		—		151,009		151,619	N/A	2.66%
2026		2,857		66,044		68,901		528		2,992		10,385		13,905	3.75%	2.52%
2027		5,370		168,060		173,430		981		—		31,232		32,213	N/A	2.70%
2028		485		127,678		128,163		92		18,303		6,771		25,166	5.97%	2.00%
Thereafter		—		—		—		—		—		—		—	N/A	N/A
Total	$	13,199	$	1,069,119	$	1,082,318	$	2,469	$	21,295	$	245,681	$	269,445

Does not include any applicable extension options or subsequent refinancing.

The amounts in the table reflect the all-in fixed rate for maturing debt with a fixed rate, and the spread above the applicable index (typically SOFR) on variable rate debt. The rate does not reflect the all-in rate for variable rate obligations. Refer to Swap Interest Rate Summary page for interest rate protection agreements that fix our variable rate debt.

Refer to footnote 2 on the Portfolio Debt-Detail page.


	23	Table of Contents

    
    Future Debt Maturities – As Extended 1

    Supplemental Report – September 30, 2024

    (in thousands)


Core Portfolio	Extended Debt Maturities 1						Acadia's Pro-Rata Share								Weighted Average2
	Scheduled						Scheduled		Fixed		Variable				Fixed-	Variable-
Year	Amortization		Maturities		Total		Amortization		Maturities		Maturities		Total		Rate Debt	Rate Debt

2024 (Remainder)	$	2,607	$	58,139	$	60,746	$	2,299	$	28,488	$	—	$	30,787	3.94%	N/A
2025		2,676		—		2,676		2,266		—		—		2,266	N/A	N/A
2026		5,559		30,000		35,559		5,069		27,555		—		32,624	N/A3	N/A
2027		5,266		32,402		37,668		4,953		26,201		—		31,154	5.56%	N/A
2028		1,833		219,862		221,695		1,833		17,862		80,400		100,095	4.40%	2.00%
Thereafter		2,500		739,122		741,622		2,500		183,780		531,755		718,035	4.94%	1.53%
Total	$	20,441	$	1,079,525	$	1,099,966	$	18,920	$	283,886	$	612,155	$	914,961


Investment Management	Extended Debt Maturities 1						Acadia's Pro-Rata Share								Weighted Average2
	Scheduled						Scheduled		Fixed		Variable				Fixed-	Variable-
Year	Amortization		Maturities		Total		Amortization		Maturities		Maturities		Total		Rate Debt	Rate Debt

2024 (Remainder)	$	1,311	$	195,453	$	196,764	$	258	$	—	$	39,453	$	39,711	N/A	1.93%
2025		3,176		160,893		164,069		610		—		34,072		34,682	N/A	2.58%
2026		2,857		277,245		280,102		528		2,992		104,590		108,110	3.75%	2.57%
2027		5,370		231,450		236,820		981		—		43,974		44,955	N/A	2.60%
2028		485		129,807		130,292		92		12,718		14,869		27,679	5.98%	2.93%
Thereafter		—		74,271		74,271		—		5,585		8,723		14,308	5.95%	2.85%
Total	$	13,199	$	1,069,119	$	1,082,318	$	2,469	$	21,295	$	245,681	$	269,445

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

Refer to footnote 2 on the Portfolio Debt-Detail page.


	24	Table of Contents

    
    Swap Interest Rate Summary 1

    Supplemental Report – September 30, 2024

    (in thousands)


Maturity	Acadia's Pro-rata Notional Amount		Weighted Average Fixed SOFR (2)
October 2024	$	9,715	1.3%
December 2024		4,182	1.5%
January 2025		2,621	1.6%
March 2025		25,000	2.1%
April 2025		8,522	2.6%
June 2025		12,075	4.4%
March 2026		5,476	4.5%
April 2026		11,020	2.9%
May 2026		3,239	3.5%
November 2026		34,552	4.5%
December 2026		6,055	4.3%
June 2027		5,020	3.4%
July 2027		175,000	2.7%
December 2027		110,050	2.6%
March 2028		57,173	2.8%
April 2028		50,000	3.3%
November 2028		50,000	2.9%
February 2029		100,000	2.7%
June 2029		50,000	2.2%
July 2029		75,000	2.8%
December 2029		79,052	3.5%
July 2030		125,000	2.8%

As of September 30, 2024	$	998,752	2.9%

Includes the Company's pro-rata share of consolidated and unconsolidated interest rate swaps to hedge against interest variability on Core and Investment Management debt.

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


	25	Table of Contents

     
     Core Portfolio Retail Properties – Detail 1

     Supplemental Report – September 30, 2024


		Year	Acadia's	Gross Leasable Area (GLA)				In Place Occupancy				Leased Occupancy	Annualized Base Rent	ABR
Property	Key Tenants	Acquired	Interest	Street	Anchors	Shops	Total	Street	Anchors	Shops	Total	Total	(ABR)	PSF

STREET AND URBAN RETAIL
Chicago Metro							`
Rush and Walton Streets Collection (6 properties)	Lululemon, Reformation, Veronica Beard, St. Laurent	2011 2012	100.0%	40,590	—	—	40,590	58.6%	—%	—%	58.6%	78.4%	$6,280,986	$264.26
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	79.9%	—%	—%	79.9%	79.9%	1,887,906	44.51
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	95.4%	—%	—%	95.4%	100.0%	2,502,308	49.29
North Lincoln Park Chicago Collection (6 properties)	Guitar Center, Carhartt	2011 2014	100.0%	22,125	—	27,796	49,921	13.6 %	—%	77.6%	49.2%	49.2%	885,385	36.05
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%	1,949,790	46.66
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%	704,943	54.68
Roosevelt Galleria	Petco, Vitamin Shoppe, Dollar Tree	2015	100.0%	—	—	37,995	37,995	—%	—%	89.7%	89.7%	89.7%	820,331	24.07
Sullivan Center	Target	2016	100.0%	176,181	—	—	176,181	78.9%	—%	—%	78.9%	82.2%	5,269,918	37.92
				492,939	—	84,066	577,005	82.5%	—%	81.5%	82.4%	85.2%	25,102,450	52.83
New York Metro
Soho Collection/West Village (16 properties)	Zimmermann, Club Monaco, Madewell, Watches of Switzerland, , Stone Island, Frame, Theory, Bang & Olufsen,	2011 2014 2019 2020 2022 2024	100.0%	46,905	—	—	46,905	82.2%	—%	—%	82.2%	100.0%	12,263,930	318.16
5-7 East 17th Street	—	2008	100.0%	8,658	—	—	8,658	47.1%	—%	—%	47.1%	100.0%	742,500	—
200 West 54th Street	—	2007	100.0%	5,862	—	—	5,862	84.1%	—%	—%	84.1%	91.8%	1,344,201	272.71
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%	1,091,009	94.75
4401 White Plains Road	Walgreens	2011	100.0%	—	12,964	—	12,964	—%	100.0%	—%	100.0%	100.0%	625,000	48.21
Bartow Avenue	Wingstop	2005	100.0%	—	—	14,824	14,824	—%	—%	89.6%	89.6%	100.0%	457,979	34.48
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%	1,066,548	133.55
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%	2,309,127	166.87
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, Alo Yoga, Madewell, Lululemon	2022	100.0%	50,842	—	—	50,842	95.3%	—%	—	95.3%	95.3%	5,365,186	110.77
991 Madison Avenue	Vera Wang, Gabriela Hearst	2016	100.0%	7,512	—	—	7,512	100.0%	—%	—%	100.0%	100.0%	3,670,727	488.65
Gotham Plaza	Bank of America, Footlocker, Apple Bank	2016	49.0 %	—	—	25,931	25,931	—%	—%	68.0%	68.0%	83.9%	1,515,919	86.02
				181,839	34,614	88,822	305,275	91.0%	100.0%	88.9%	91.4%	97.7%	36,470,106	130.65


	26	Table of Contents

     
     Core Portfolio Retail Properties – Detail 1

     Supplemental Report – September 30, 2024


		Year	Acadia's	Gross Leasable Area (GLA)				In Place Occupancy				Leased Occupancy	Annualized Base Rent	ABR
Property	Key Tenants	Acquired	Interest	Street	Anchors	Shops	Total	Street	Anchors	Shops	Total	Total	(ABR)	PSF
Los Angeles Metro
8833 Beverly Blvd	Luxury Living	2022	97.0 %	9,757	—	—	9,757	100.0%	—%	—%	100.0%	100.0%	1,350,377	138.40
Melrose Place Collection	The Row, Chloe, Oscar de la Renta	2019	100.0 %	14,000	—	—	14,000	100.0%	—%	—%	100.0%	100.0%	3,124,966	223.21
				23,757	—	—	23,757	100.0%	—%	—%	100.0%	100.0%	4,475,343	188.38
District of Columbia Metro
1739-53 & 1801-03 Connecticut Avenue	—	2012	100.0 %	20,669	—	—	20,669	32.3%	—%	—%	32.3%	32.3%	464,000	69.49
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, Aritzia	2011 2016 2019	26.7 %	261,607	—	—	261,607	86.6%	—%	—%	86.6%	88.5%	17,658,131	77.99
				301,353	25,134	32,533	359,020	81.4%	100.0%	88.5%	83.3%	86.7%	21,073,658	70.45
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

Dallas Metro
Henderson Avenue Portfolio (14 properties)	Sprouts Market, Warby Parker, Tecovas	2022	100.0 %	89,750	31,635	—	121,385	84.4%	100.0%	—%	88.4%	88.4%	4,498,197	41.90

Total Street and Urban Retail				1,090,688	91,383	205,421	1,387,492	84.2%	100.0%	85.8%	85.5%	88.9%	$91,932,330	$77.54

Acadia Share Total Street and Urban Retail				894,612	91,383	192,196	1,178,191	83.8%	100.0%	87.0%	85.6%	89.1%	$78,617,400	$77.94

SUBURBAN PROPERTIES
New Jersey
Elmwood Park Shopping Center	Walgreens, Lidl, Chase Bank, City MD	1998	100.0 %	—	43,531	100,457	143,988	—%	100.0%	85.2%	89.7%	96.9%	3,421,601	26.50
Marketplace of Absecon	Walgreens, Dollar Tree, Aldi	1998	100.0 %	—	46,724	57,832	104,556	—%	28.3%	80.4%	57.1%	78.3%	996,795	16.70

New York
Village Commons Shopping Center	Citibank, Ace Hardware	1998	100.0 %	—	—	87,128	87,128	—%	—%	87.6%	87.6%	87.6%	2,643,430	34.62
Branch Plaza	LA Fitness, The Fresh Market	1998	100.0 %	—	76,264	47,081	123,345	—%	100.0%	88.4%	95.6%	95.6%	3,323,554	28.19
Amboy Center	Stop & Shop (Ahold)	2005	100.0 %	—	37,266	26,106	63,372	—%	100.0%	80.8%	92.1%	92.1%	2,065,573	35.39
Crossroads Shopping Center	HomeGoods, PetSmart, BJ's Wholesale Club	1998	49.0 %	—	202,727	105,286	308,013	—%	100.0%	76.2%	91.9%	96.8%	9,103,437	32.17
New Loudon Center	Price Chopper, Marshalls	1993	100.0 %	—	241,746	16,643	258,389	—%	100.0%	100.0%	100.0%	100.0%	2,504,004	9.69
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%	1,472,761	14.72

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%	100.0%	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


	27	Table of Contents

     
     Core Portfolio Retail Properties – Detail 1

     Supplemental Report – September 30, 2024


		Year	Acadia's	Gross Leasable Area (GLA)				In Place Occupancy				Leased Occupancy	Annualized Base Rent	ABR
Property	Key Tenants	Acquired	Interest	Street	Anchors	Shops	Total	Street	Anchors	Shops	Total	Total	(ABR)	PSF

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%	2,293,650	23.06

Illinois
Hobson West Plaza	Garden Fresh Markets	1998	100.0 %	—	51,692	47,270	98,962	—%	100.0%	85.2%	92.9 %	94.0%	1,359,021	14.78

Indiana
Merrillville Plaza	Dollar Tree, TJ Maxx, DD's Discount (Ross)	1998	100.0 %	—	123,144	112,782	235,926	—%	100.0%	84.5%	92.6 %	92.6%	3,135,627	14.35

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 %	98.7%	4,240,815	18.44

Delaware
Town Center and Other (1 property)	Lowes, Dick's Sporting Goods, Target	2003	100.0 %	—	678,430	21,891	700,321	—%	89.7%	100.0%	90.0 %	97.3%	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 %	—	—	19,865	19,865	—%	—%	63.8%	63.8 %	100.0%	711,939	56.14

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%	993,248	27.22
Abington Towne Center 6	Target, TJ Maxx	1998	100.0 %	—	184,616	32,255	216,871	—%	100.0%	100.0%	100.0%	100.0%	1,352,743	22.83

Total Suburban Properties				—	2,835,836	1,066,614	3,902,450	—%	96.4 %	86.0 %	93.5 %	96.4 %	$65,031,279	$19.16

Acadia Share Total Suburban Properties				—	2,732,445	1,012,918	3,745,363	—%	96.2%	86.5%	93.6%	96.4%	$60,388,526	$18.58

Total Core Properties				1,090,688	2,927,219	1,272,035	5,289,942	84.2%	96.5%	86.0%	91.4%	94.4%	$156,963,609	$34.27

Acadia Share Total Core Properties				894,612	2,823,828	1,205,114	4,923,554	83.8%	96.3%	86.6%	91.7%	94.7%	$139,005,926	$32.64

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

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

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

Excludes 94,000 square feet of office GLA.

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

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


	28	Table of Contents

    
    Core Portfolio – Top Tenants 1

    Supplemental Report – September 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		7.0	%		5.5	%
TJX Companies 3		9		252,043		3,105,924		4.3	%		2.1	%
Walgreens		4		68,393		2,887,312		1.2	%		1.9	%
PetSmart, Inc.		4		76,257		2,794,473		1.3	%		1.9	%
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	%		1.7	%
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		1,799,519		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		1.8	%		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	%
The Home Depot		2		187,914		1,345,020		3.1	%		0.9	%
Citibank		4		16,160		1,337,924		0.3	%		0.9	%
Gap 9		2		37,895		1,329,165		0.6	%		0.9	%
Michaels Stores, Inc.		2		45,285		1,283,810		0.8	%		0.9	%
Veronica Beard		2		4,136		1,164,628		0.1	%		0.8	%
TOTAL		56		1,643,694	$	46,025,550		28.0	%		30.6	%

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

Totals may not foot due to rounding.

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

Uniqlo (1 location), Theory (1 location)

Shaw’s (2 locations)

Kate Spade (2 locations)

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

Stop and Shop (2 locations)

Old Navy (2 locations)


	29	Table of Contents

    
    Core Portfolio – Lease Expirations

    Supplemental Report – September 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)		9		15,927		2.1	%		59.28		1.4	%		3		208,796		8.5	%		9.90		5.6	%
2025		28		120,258		16.0	%		98.16		17.0	%		9		376,598		15.3	%		19.14		19.6	%
2026		29		73,897		9.9	%		146.12		15.5	%		10		424,984		17.2	%		10.78		12.5	%
2027		20		37,385		5.0	%		136.44		7.3	%		5		155,675		6.3	%		21.38		9.0	%
2028		21		193,762		25.8	%		65.88		18.3	%		11		483,822		19.6	%		12.43		16.3	%
2029		26		54,886		7.3	%		103.11		8.1	%		12		374,283		15.2	%		15.16		15.4	%
2030		10		66,912		8.9	%		76.24		7.3	%		—		—		—	%		—		—	%
2031		7		38,428		5.1	%		85.35		4.7	%		2		50,566		2.1	%		16.97		2.3	%
2032		16		54,851		7.3	%		117.49		9.3	%		2		62,382		2.5	%		12.65		2.1	%
2033		20		42,859		5.7	%		84.14		5.2	%		1		28,881		1.2	%		14.50		1.1	%
Thereafter		11		46,697		6.2	%		83.71		5.6	%		7		299,538		12.1	%		19.52		15.9	%
Total 2		200		750,024		100.0	%	$	92.84		100.0	%		62		2,465,525		100.0	%	$	14.92		100.0	%

Anchor GLA Owned by Tenants				—												254,916
Total Vacant 2				144,588												103,387
Total Square Feet 2				894,612												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)		10		21,831		2.1	%		37.19		2.5	%		22		246,554		5.8	%		15.50		2.8	%
2025		38		130,150		12.5	%		27.37		10.9	%		75		627,006		14.7	%		36.00		16.2	%
2026		37		130,702		12.5	%		25.95		10.4	%		76		629,582		14.8	%		29.82		13.5	%
2027		37		140,051		13.4	%		34.25		14.7	%		62		333,110		7.8	%		39.70		9.5	%
2028		35		143,791		13.8	%		35.19		15.5	%		67		821,375		19.3	%		29.02		17.1	%
2029		30		128,201		12.3	%		26.63		10.5	%		68		557,370		13.1	%		26.46		10.6	%
2030		9		22,285		2.1	%		40.77		2.8	%		19		89,197		2.1	%		67.38		4.3	%
2031		14		80,227		7.7	%		25.71		6.3	%		23		169,221		4.0	%		36.64		4.5	%
2032		25		96,152		9.2	%		33.17		9.8	%		43		213,385		5.0	%		48.84		7.5	%
2033		21		85,791		8.2	%		32.14		8.5	%		42		157,531		3.7	%		43.06		4.9	%
Thereafter		18		64,275		6.2	%		40.97		8.1	%		36		410,511		9.6	%		30.18		8.9	%
Total 2		274		1,043,456		100.0	%	$	31.23		100.0	%		536		4,259,005		100.0	%	$	32.64		100.0	%

Anchor GLA Owned by Tenants				—												254,916
Total Vacant 2				161,659												409,634
Total Square Feet 2				1,205,114												4,923,554

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

Totals may not foot due to rounding.


	30	Table of Contents

    
    Core Portfolio – New and Renewal Rent Spreads 1

    Supplemental Report – September 30, 2024


	Quarter Ended																		Year to Date
	March 31, 2024						June 30, 2024						September 30, 2024						September 30, 2024
	GAAP 2			Cash 3			GAAP 2			Cash 3			GAAP 2			Cash 3			GAAP 2			Cash 3
New Leases
Number of new leases executed		2			2			4			4			5			5			11			11
GLA		3,460			3,460			10,929			10,929			12,542			12,542			26,931			26,931
New base rent	$	40.04		$	35.74		$	90.18		$	78.81		$	80.82		$	71.03		$	79.38		$	69.65
Previous base rent	$	29.91		$	30.90		$	49.69		$	50.77		$	46.84		$	48.74		$	45.82		$	47.27
Average cost per square foot	$	49.36		$	49.36		$	88.18		$	88.18		$	104.35		$	104.35		$	90.72		$	90.72
Weighted Average Lease Term (years)		10.0			10.0			9.7			9.7			11.6			11.6			10.6			10.6
Percentage growth in base rent		33.9	%		15.7	%		81.5	%		55.2	%		72.6	%		45.7	%		73.2	%		47.3	%

Renewal Leases
Number of renewal leases executed		20			20			14			14			7			7			41			41
GLA		184,391			184,391			67,887			67,887			173,205			173,205			425,483			425,483
New base rent	$	22.53		$	22.24		$	75.23		$	72.13		$	27.06		$	26.16		$	32.78		$	31.80
Expiring base rent	$	20.47		$	21.19		$	64.95		$	69.23		$	25.55		$	26.26		$	29.63		$	30.92
Average cost per square foot	$	0.45		$	0.45		$	—		$	—		$	0.58		$	0.58		$	0.43		$	0.43
Weighted Average Lease Term (years)		4.6			4.6			5.5			5.5			4.7			4.7			4.8			4.8
Percentage growth in base rent		10.1	%		5.0	%		15.8	%		4.2	%		5.9	%		(0.4	)%		10.6	%		2.8	%

Total New and Renewal Leases
Number of new and renewal leases executed		22			22			18			18			12			12			52			52
GLA commencing		187,851			187,851			78,816			78,816			185,747			185,747			452,414			452,414
New base rent	$	22.85		$	22.49		$	77.31		$	73.06		$	30.69		$	29.19		$	35.55		$	34.05
Expiring base rent	$	20.64		$	21.37		$	62.83		$	66.67		$	26.99		$	27.78		$	30.59		$	31.89
Average cost per square foot	$	1.35		$	1.35		$	12.23		$	12.23		$	7.58		$	7.58		$	5.80		$	5.80
Weighted Average Lease Term (years)		4.7			4.7			6.1			6.1			5.1			5.1			5.1			5.1
Percentage growth in base rent		10.7	%		5.2	%		23.0	%		9.6	%		13.7	%		5.1	%		16.2	%		6.8	%

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

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

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

(1)


	31	Table of Contents

    
    Core Portfolio – Capital Expenditures

    Supplemental Report – September 30, 2024



	Quarter Ended						Year to Date
	March 31, 2024		June 30, 2024		September 30, 2024		September 30, 2024		December 31, 2023
Leasing Commissions	$	560	$	1,362	$	544	$	2,466	$	5,941
Tenant Improvements		1,212		907		2,701		4,820		10,594
Maintenance Capital Expenditures		1,640		2,143		2,037		5,820		8,618
Total Capital Expenditures	$	3,412	$	4,412	$	5,282	$	13,106	$	25,153


	32	Table of Contents

    
    Fund Overview

    Supplemental Report – September 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	$		462.6	Million	$		2,062.7	Million
Cumulative Net Distributions 3	$		195.4	Million	$		172.9	Million	$		603.5	Million	$		221.4	Million	$		131.1	Million	$		1,324.3	Million
Net Distributions/Contributions			225.6	%			30.9	%			134.7	%			43.8	%			28.3	%			64.2	%
Unfunded Commitment 4	$		0.0	Million	$		0.0	Million	$		1.9	Million	$		24.0	Million	$		57.4	Million	$		83.3	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		Fund I, II & II				0%
Asset Management 5		Fund IV				0.75% of Implied Capital
Asset Management 5		Fund V				1.25% of Implied Capital
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


	33	Table of Contents

    
    Fund Overview

    Supplemental Report – September 30, 2024

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

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

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

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

Implied Capital is Fund Size less capital attributed to sold investments or released.


	34	Table of Contents

     
     Investment Management Retail Properties – Detail 1

     Supplemental Report – September 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		205,815		536,263		—	%		100.0	%		44.2	%		78.6	%		85.9	%	$	19,635,801	$	46.60

Total - Fund II							—		330,448		205,815		536,263		—	%		100.0	%		44.2	%		78.6	%		85.9	%	$	19,635,801	$	46.60

Fund III Portfolio Detail

NEW YORK
New York
640 Broadway	─	2012		100.0	%		4,547		—		—		4,547		63.6	%		—	%		—	%		63.6	%		93.4	%	$	706,994	$	244.63
Total - Fund III							4,547		—		—		4,547		63.6	%		—	%		—	%		63.6	%		93.4	%	$	706,994	$	244.63

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	%		2,116,939		251.06
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		113,170		229,173		—	%		100.0	%		92.8	%		96.5	%		98.6	%		3,581,722		16.20

SOUTHEAST
Georgia
Broughton Street Portfolio (13 properties)	H&M, Lululemon, Warby Parker, Kendra Scott, Starbucks	2014		100.0	%		94,693		—		—		94,693		90.2	%		—	%		—	%		90.2	%		96.0	%		3,205,420		37.54

WEST
California
Union and Fillmore Collection (1 property)	Bonobos	2015		90.0	%		1,044		—		—		1,044		100.0	%		—	%		—	%		100.0	%		100.0	%		147,585		141.36

Total - Fund IV							136,751		171,003		218,618		526,372		77.8	%		100.0	%		85.5	%		88.2	%		90.2	%	$	12,891,748	$	27.76

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


	35	Table of Contents

     
     Investment Management Retail Properties – Detail 1

     Supplemental Report – September 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
Texas
Wood Ridge Plaza	Kirkland's, Office Depot	2022		90.0	%		—		—		217,617		217,617		—	%		—	%		90.0	%		90.0	%		91.9	%		4,761,317		24.31
La Frontera Village	Kohl's, Hobby Lobby, Burlington, Marshalls	2022		90.0	%		—		203,619		330,930		534,549		—	%		85.0	%		87.9	%		86.8	%		95.0	%		6,460,249		13.93

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	%		2,416,131		12.68
Fairlane Green	TJ Maxx, Michaels, Burlington	2017		100.0	%		—		109,952		160,235		270,187		—	%		100.0	%		97.1	%		98.3	%		98.3	%		5,245,306		19.75

NORTHEAST
Maryland
Frederick County (1 property)	Lidl, Advance Auto, Starbucks	2019		90.0	%		—		90,053		146,454		236,507		—	%		100.0	%		80.1	%		87.7	%		91.3	%		3,758,967		18.13

Connecticut
Tri-City Plaza	TJ Maxx, HomeGoods, ShopRite	2019		90.0	%		—		129,940		172,769		302,709		—	%		100.0	%		84.0	%		90.9	%		94.7	%		4,005,606		14.56

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	%		6,058,470		21.11

New York
Shoppes at South Hills	ShopRite, At Home, Ashley Furniture	2022		90.0	%		—		416,804		96,104		512,908		—	%		80.7	%		58.2	%		76.5	%		76.5	%		4,459,606		11.36
Mohawk Commons	Lowe's, Target	2023		90.0	%		—		330,874		70,299		401,173		—	%		100.0	%		89.9	%		98.2	%		100.0	%		5,657,112		14.36

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	%		4,459,795		12.00

Rhode Island
Lincoln Commons	Stop and Shop, Marshalls, HomeGoods	2019		100.0	%		—		155,279		305,534		460,813		—	%		100.0	%		94.1	%		96.1	%		96.4	%		5,966,607		13.47

Vermont
Maple Tree Place 4	Shaw's, Dick's Sporting Goods, Best Buy, Old Navy	2023		100.0	%		—		246,738		150,031		396,769		—	%		100.0	%		57.9	%		84.1	%		96.3	%		6,637,120		19.90

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	%		7,580,653		20.69

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	%		3,496,692		21.16
Cypress Creek	Hobby Lobby, Total Wine, HomeGoods	2023		100.0	%		—		167,978		71,678		239,656		—	%		100.0	%		95.1	%		98.5	%		98.5	%		5,050,839		21.39

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	%		4,770,435		12.63


Alabama
Trussville Promenade	Wal-Mart, Regal Cinemas	2018		100.0	%		—		366,010		97,671		463,681		—	%		100.0	%		88.5	%		97.6	%		97.6	%		4,461,263		9.86

Georgia


	36	Table of Contents

     
     Investment Management Retail Properties – Detail 1

     Supplemental Report – September 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
Canton Marketplace	Dick's Sporting Goods, TJ Maxx, Best Buy	2021		100.0	%		—		132,569		219,440		352,009		—	%		100.0	%		92.7	%		95.4	%		98.9	%		6,165,940		18.35
Hiram Pavilion	Kohl's, HomeGoods	2018		100.0	%		—		210,139		153,252		363,391		—	%		89.8	%		96.7	%		92.7	%		98.6	%		4,518,742		13.41

WEST
California
Elk Grove Commons	Kohl's, HomeGoods	2018		100.0	%		—		132,489		109,589		242,078		—	%		100.0	%		97.3	%		98.8	%		98.8	%		5,200,286		21.75

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							—		4,179,109		3,293,023		7,472,132		—	%		95.2	%		89.0	%		92.5	%		95.9	%	$	109,340,237	$	15.83

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	%		3,567,567		35.73
SOUTHEAST
Florida
The Walk at Highwoods Preserve	HomeGoods, Michaels	2024		100.0	%		—		80,894		56,862		137,756		—	%		100.0	%		100.0	%		100.0	%		100.0	%		2,728,660		19.81

Total - Other Co-investment Vehicles							—		133,230		104,363		237,593		—	%		100.0	%		100.0	%		100.0	%		100.0	%	$	6,296,227	$	26.50

TOTAL INVESTMENT MANAGEMENT PROPERTIES							141,298		4,813,790		3,821,819		8,776,907		77.4	%		95.8	%		86.7	%		91.5	%		95.1	%	$	148,871,007	$	18.53


Acadia Share of Total Investment Management Properties							32,709		1,057,872		816,925		1,907,505		77.3	%		96.4	%		82.5	%		90.1	%		94.1	%	$	36,455,951	$	21.20

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

In place occupancy excludes short-term percentage rent.

Property also includes 12,371 sf of 2nd floor office space and 29,760 sf parking garage (13 spaces).

Property also includes 93,259 sf of office space.


	37	Table of Contents

    
    Investment Management Lease Expirations

    Supplemental Report – September 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		1.4	%		—		—		—	%		—		—		—	%
2026		—		—		—	%		—		—		—	%		—		—		—	%		—		—		—	%
2027		3		15,292		6.2	%		1,241,238		81.17		10.9	%		—		—		—	%		—		—		—	%
2028		1		552		0.2	%		107,618		195.00		0.9	%		1		306		43.1	%		75,845		247.85		43.7	%
2029		1		580		0.2	%		89,140		153.75		0.8	%		—		—		—	%		—		—		—	%
2030		—		—		—	%		—		—		—	%		1		177		24.9	%		42,148		238.21		24.3	%
2031		—		—		—	%		—		—		—	%		1		226		31.9	%		55,503		245.31		32.0	%
2032		4		78,364		32.0	%		1,245,131		15.89		10.9	%		—		—		—	%		-		—		—	%
2033		3		18,877		7.7	%		871,403		46.16		7.6	%		—		—		—	%		—		—		—	%
Thereafter		12		129,709		53.0	%		7,687,992		59.27		67.4	%		—		—		—	%		—		—		—	%
Total 2		25		244,799		100.0	%	$	11,407,053	$	46.60		100.0	%		3		709		100.0	%	$	173,496	$	244.63		100.0	%

				66,733	Total Vacant 2													407	Total Vacant 2
				311,532	Total Square Feet 2													1,116	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		—		—		—	%	$	—	$	—		—	%		2		661		0.0	%	$	6,886	$	10.42		0.0	%
2024 (Remainder)		3		1,251		1.3	%		79,883		63.86		2.8	%		30		53,358		4.0	%		766,021		14.36		3.6	%
2025		5		1,761		1.8	%		456,828		259.44		16.1	%		90		233,193		17.4	%		3,226,278		13.84		15.1	%
2026		7		13,032		13.2	%		202,639		15.55		7.1	%		92		118,846		8.9	%		2,278,192		19.17		10.7	%
2027		10		7,648		7.7	%		256,984		33.60		9.0	%		91		205,629		15.3	%		2,784,840		13.54		13.1	%
2028		7		4,962		5.0	%		136,814		27.57		4.8	%		86		159,898		11.9	%		3,091,411		19.33		14.5	%
2029		7		28,693		29.0	%		565,659		19.71		19.9	%		81		178,136		13.3	%		2,823,951		15.85		13.3	%
2030		1		346		0.4	%		16,278		47.00		0.6	%		30		60,254		4.5	%		1,000,961		16.61		4.7	%
2031		4		1,628		1.6	%		145,238		89.23		5.1	%		34		77,463		5.8	%		1,153,160		14.89		5.4	%
2032		7		22,742		23.0	%		565,286		24.86		19.9	%		32		65,640		4.9	%		1,088,041		16.58		5.1	%
2033		5		12,850		13.0	%		293,518		22.84		10.3	%		32		61,006		4.5	%		1,158,476		18.99		5.4	%
Thereafter		4		4,168		4.2	%		126,836		30.43		4.5	%		46		128,058		9.5	%		1,927,110		15.05		9.0	%
Total 2		60		99,081		100.0	%	$	2,845,963	$	28.72		100.0	%		646		1,342,141		100.0	%	$	21,305,327	$	15.87		100.0	%

				13,584	Total Vacant 2													107,508	Total Vacant 2
				112,665	Total Square Feet 2													1,449,649	Total Square Feet 2


	39	Table of Contents

    
    Investment Management Lease Expirations

    Supplemental Report – September 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		2		623		1.9	%	$	30,368		48.74		4.2	%
2026		4		2,731		8.4	%	$	81,115		29.70		11.2	%
2027		8		12,594		38.7	%	$	191,661		15.22		26.5	%
2028		6		1,338		4.1	%	$	58,257		43.56		8.0	%
2029		2		1,127		3.5	%	$	30,062		26.66		4.2	%
2030		4		1,909		5.9	%	$	67,766		35.50		9.4	%
2031		1		251		0.8	%	$	7,298		29.04		1.0	%
2032		—		—		—	%	$	—		—		—	%
2033		4		10,793		33.2	%	$	230,475		21.35		31.8	%
Thereafter		4		1,177		3.6	%	$	27,108		23.04		3.7	%
Total 2		35		32,543		100.0	%	$	724,110	$	22.25		100.0	%

				—	Total Vacant 2
				32,543	Total Square Feet 2

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

Totals may not foot due to rounding.


	40	Table of Contents

    
    Development and Redevelopment Activity

    Supplemental Report – September 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 Avenue - Various Development (1)	100.0%	Dallas, TX	2027/2028		160,000	$	10.7	$	13.4	$	24.1	$	30.9	$	130.9	$	55.0	$	155.0

Major Redevelopment:
City Center	100.0%	San Francisco, CA	2026		241,000		155.0		56.2		211.2		2.0		4.0		213.2		215.2
555 9th Street	100.0%	San Francisco, CA	TBD		149,000		141.7		13.9		155.6		11.1		21.1		166.7		176.7
840 N. Michigan Avenue	91.9%	Chicago, IL	TBD		87,000		152.3		0.1		152.4	TBD		TBD		TBD		TBD
Brandywine Holdings	100.0%	Wilmington, DE	2026		138,000		24.0		0.1		24.1		10.0		12.0		34.1		36.1
Westshore Expressway	100.0%	Staten Island, NY	TBD		55,000		18.6		—		18.6	TBD		TBD		TBD		TBD
Total Core Redevelopment						$	491.6	$	70.3	$	561.9	$	23.1	$	37.1	$	414.0	$	428.0

Total Core Development and Redevelopment						$	502.3	$	83.7	$	586.0	$	54.0	$	168.0	$	469.0	$	583.0

INVESTMENT MANAGEMENT

Development:
FUND III
Broad Hollow Commons	24.5%	Farmingdale, NY	2026/2027	TBD		$	3.0	$	4.5	$	7.5	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	$	5.4	$	35.3	$	—	$	—	$	—	$	—

Total Core and Investment Management Development and Major Redevelopment						$	532.2	$	89.1	$	621.3	$	54.0	$	168.0	$	469.0	$	583.0

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	2024/2025		7,634
651-671 West Diversey (Core)	100.0%	Chicago, IL	2026/2027		40,000
Route 6 Mall (Core)	100.0%	Honesdale, PA	2026		154,000
Mad River (Core)	100.0%	Dayton, OH	2027		126,000
664 N. Michigan Avenue (Core)	100.0%	Chicago, IL	2026		17,000

The Company intends to partner with Ignite-Rebees DevCo LLC, and expects to retain a 95% interest.


	41	Table of Contents

    
    Important Notes

    Supplemental Report – September 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.


	42	Table of Contents