SEC Filing - Acadia Realty Trust

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a6604875.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of Earliest Event Reported): February 8, 2011

ACADIA REALTY TRUST
(Exact name of registrant as specified in its charter)

Maryland

(State or other

jurisdiction of incorporation)

1-12002

(Commission

File Number)

23-2715194

(I.R.S. Employer

Identification No.)

1311 Mamaroneck Avenue
Suite 260
White Plains, New York 10605
(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:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425 )

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition.

On February 8, 2011, Acadia Realty Trust (the "Company") issued a press release announcing its consolidated financial results for the quarter and year ended December 31, 2010. A copy of this press release is attached to this report on Form 8-K as Exhibit 99.1 and incorporated herein by reference. In addition, on February 8, 2011, the Company made available supplemental information concerning the ownership, operations and portfolio of the Company as of and for the quarter and year ended December 31, 2010. A copy of this supplemental information is attached to this 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 solely pursuant to this Item 2.02, and is not deemed to b e "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 of the Company dated February 8, 2011.
99.2	Financial and Operating Reporting Supplement of the Company for the quarter and year ended December 31, 2010.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		ACADIA REALTY TRUST
		(Registrant)


	Date: February 10, 2011	By: /s/ Michael Nelsen

		Name: Michael Nelsen
		Title: Sr. Vice President
		and Chief Financial Officer

EXHIBIT INDEX

Exhibit Number	Description

99.1	Press release of the Company dated February 8, 2011.
99.2	Financial and Operating Reporting Supplement of the Company for the quarter and year ended December 31, 2010.

a6604875-ex991.htm

Exhibit 99.1

Acadia Realty Trust Reports Fourth Quarter and Full Year 2010 Operating Results

NEW YORK--(BUSINESS WIRE)--February 8, 2011--Acadia Realty Trust (NYSE:AKR), today reported operating results for the quarter and year ended December 31, 2010. All per share amounts are on a fully diluted basis.

Fourth Quarter and Full Year 2010 Highlights

Earnings Consistent With Guidance

Funds from operations (“FFO”) per share of $0.30 for fourth quarter 2010 and $1.23 for full year 2010

Earnings per share (“EPS”) from continuing operations for fourth quarter 2010 of $0.17 and $0.74 for full year 2010

Core Portfolio

Current occupancy of 91.5% increased 30 basis points from third quarter 2010

Same store net operating income (“NOI”) decreased 0.9% for the full year and decreased 1.3% for the fourth quarter 2010 compared to 2009

Balance Sheet

Core portfolio debt, net of cash on hand (“Net Debt”) to EBIDTA ratio of 3.9x

Net Debt to Total Market Capitalization of 32%

Cash on hand and availability under current credit facilities of $145 million at December 31, 2010

External Growth Initiatives

Fund III acquired White City Shopping Center for $56 million and has an additional acquisition under contract for approximately $52 million which is anticipated to close during the first quarter 2011

BJ’s Wholesale Club opened at Fund II’s Canarsie Plaza, which is currently 85% leased

Fund II received an $11.1 million distribution from its Albertsons investment, which has now realized a cumulative equity multiple of 3.4 x on its investment

Fund II’s leasehold interest in the Neiman Marcus location at Oakbrook Center, which was held for sale as of year-end, was subsequently sold for $8.2 million, resulting in an unleveraged 16.5% IRR

Fourth Quarter and Full Year 2010 Operating Results

For the quarter ended December 31, 2010, FFO was $12.1 million, compared to $10.0 million for the quarter ended December 31, 2009. For the year ended December 31, 2010, FFO was $50.5 million compared to $49.6 million for the year ended December 31, 2009.

Earnings for the quarters and years ended December 31, 2010 and 2009 were as follows:


	Quarters ended						Years ended
	December 31,						December 31,
	2010		2009		Variance		2010		2009		Variance

FFO per share	$	0.30	$	0.25	$	0.05	$	1.23	$	1.28	$	(0.05	)
EPS from continuing
operations	$	0.17	$	0.12	$	0.05	$	0.74	$	0.75	$	(0.01	)
EPS	$	0.17	$	0.16	$	0.01	$	0.74	$	0.82	$	(0.08	)

Following are the factors which contributed to the variance in EPS from continuing operations for the quarter and year ended December 31, 2010 as compared to the corresponding periods in 2009:


	Variance 2010 v. 2009
	Quarter			Year

2010 RCP Venture income, net of noncontrolling interests’ share and income taxes	$	0.03		$	0.05
2010 lower general and administrative costs		0.03			0.05
2010 non-cash gain on bargain purchase of CityPoint		--			0.15
2010 decrease in mezzanine interest income		(0.03	)		(0.01	)
2009 reserve for mezzanine loan and development costs		--			0.06
2009 impairment charge related to a Fund I unconsolidated investment, net of noncontrolling interests’ share		--			0.04
2009 gain on extinguishment of convertible debt		--			(0.19	)
2009 lease termination income		--			(0.06	)
2009 income from forfeited contract deposit		--			(0.05	)
Other items, net		0.02			(0.05	)
Total variance	$	0.05		$	(0.01	)

EPS from discontinued operations decreased $0.07 for the full year 2010 as compared to 2009 primarily as a result of gains recognized on the sale of six Kroger Supermarket locations and a core property during 2009.

Strong Balance Sheet with Low Leverage and Access to Available Capital

As of December 31, 2010, Acadia’s solid balance sheet was evidenced by the following:

Available Liquidity

Total liquidity of $145 million, including $86 million of cash on hand and $59 million available under existing lines of credit, excluding the cash and credit facilities of the Company’s opportunity funds (“Funds”)

Approximately $250 million of committed and unallocated Fund III investor capital as of December 31, 2010 available to fund Fund III’s future acquisitions and to repay outstanding subscription line borrowings. Acadia’s pro-rata share amounts to approximately $50 million

Low Leverage

Core portfolio Net Debt to EBIDTA ratio of 3.9 x

Including the Company’s pro-rata share of the Fund debt, a Net Debt to EBITDA ratio of 4.4 x

Including the Company’s pro-rata share of the Fund debt, Net Debt to Total Market Capitalization of 32% and Debt to Total Market Capitalization of 38%

Core portfolio fixed-charge coverage ratio of 3.2 to 1 for the quarter ended December 31, 2010

Combined fixed-charge coverage ratio, including core portfolio and Funds, was 3.5 to 1 for the quarter ended December 31, 2010

Limited Exposure to Interest Rate Variability

100% of the Company’s core portfolio debt is fixed at an average interest rate of 6.2%

Including the Company’s pro-rata share of Fund debt, 86% of the Company’s debt is fixed at an average interest rate of 5.4%

Portfolio Performance

Occupancy and Same Store NOI

At December 31, 2010, Acadia’s core portfolio occupancy was 91.5%. This represents an increase of 30 basis points over the 91.2% occupancy at September 30, 2010 and a 110 basis point decrease from year-end 2009 occupancy of 92.6%.

Acadia’s combined portfolio occupancy, including its core portfolio and Funds, was 90.9% as of December 31, 2010, which represents an increase of 10 basis points over occupancy at September 30, 2010 and a decrease of 100 basis points from year-end 2009.

For the year ended December 31, 2010, core portfolio same store NOI decreased 0.9% from 2009. Fourth quarter 2010 same store NOI decreased 1.3% from fourth quarter 2009.

As previously discussed by the Company, 2010 occupancy and NOI were negatively impacted on a short-term basis as a result of the successful re-anchoring of the New Loudon Shopping Center in Latham, NY. Acadia has executed leases for the entire 65,000 square feet, including the expansion of the existing Price Chopper supermarket, at a 50% increase in rents. The tenants are anticipated to open during the first half of 2011. Adjusting for the effects of the short-term downtime from this accretive re-tenanting, portfolio occupancy at December 31, 2010 would have been 93.2% and 2010 same store NOI for the core portfolio would have decreased by 0.6% for the year.

Leasing Activity

For the year ended December 31, 2010, the Company realized an increase in average rents of 5.1% in its core portfolio on 308,000 square feet of new and renewal leases. Excluding the effect of the straight-lining of rents, the Company experienced a 1.9% decrease in average rents.

During the fourth quarter of 2010, the Company realized an increase in average rents of 0.5% in its core portfolio on 67,000 square feet of new and renewal leases. Excluding the effect of the straight-lining of rents, the Company experienced a 4.1% decrease in average rents.

External Growth Initiatives - Fund Acquisitions, Disposition and RCP Income

Fund III – Acquisitions

During December 2010, a joint venture between Fund III and an unaffiliated partner, Charter Realty & Development Corp., acquired White City Shopping Center for $56.0 million at an initial unlevered yield of approximately 8.5%. At closing, the joint venture also obtained $40.0 million of first mortgage financing. The 255,000 square foot shopping center is located on Route 9, the region’s main retail artery, and adjacent to the Worcester, Massachusetts city line. The property also presents long term re-anchoring and redevelopment opportunities.

In addition, Fund III has entered into a purchase agreement for the acquisition of a portfolio of three properties for approximately $52.0 million. It is expected that this transaction will be completed during the first quarter of 2011. As the closing of this transaction is subject to lender approval of the assignment of existing debt and other customary closing conditions no assurance can be given that the Fund will successfully complete this transaction.

RCP Venture – Albertsons Distributions

During the fourth quarter of 2010, Fund II recognized income of $11.1 million in connection with distributions from its Albertsons investment. Acadia’s share of this income, after allocation to noncontrolling interests, was $1.3 million, net of taxes. Through December 31, 2010, Fund II has realized a cumulative equity multiple of 3.4 x on this investment.

Fund II – Update and Disposition

During the fourth quarter of 2010, BJ’s Wholesale Club occupying 177,000 square feet, opened for business at Fund II’s Canarsie Plaza. In addition, the New York Police Department and Planet Fitness occupying a total of 48,000 square feet are anticipated to commence operations during the first quarter of 2011. Including these leases and other small shop leases, the 275,000 square foot project is currently 85% leased.

During January 2011, Fund II completed the sale of its leasehold interest in the Neiman Marcus location at Oakbrook Center, located in Oak Brook, IL, for $8.2 million. Acquired in November 2005, this investment has yielded an unleveraged 16.5% IRR.

Outlook - Earnings Guidance for 2011

The Company forecasts its 2011 annual FFO will range from $0.94 to $1.05 per share and 2011 EPS from $0.44 to $0.55. The following table summarizes management’s 2011 guidance (dollars in millions, except per share amounts):


	2011						2010
	Low			High			Actual
Core and pro-rata share of opportunity fund portfolio income	$	42.5		$	44.0		$	48.2
Asset and property management fee income, net of taxes		11.0			11.5			10.5
Transactional fee income, net of taxes		6.0			7.0			5.7
Promote income from Funds, RCP Venture and
other income, net of taxes		2.0			3.0			1.9
General and administrative expense		(23.0	)		(22.5	)		(22.2	)
Gain on bargain purchase		--			--			6.4
FFO	$	38.5		$	43.0		$	50.5
FFO per share	$	0.94		$	1.05		$	1.23

The following is a reconciliation of the calculation of FFO per diluted share and earnings per diluted share:

Guidance Range for 2011	Low		High
Earnings per diluted share	$	0.44	$	0.55
Depreciation of real estate and amortization of leasing costs:
Wholly owned and consolidated partnerships		0.45		0.45
Unconsolidated partnerships		0.04		0.04
Noncontrolling interest in Operating Partnership		0.01		0.01
Funds from operations	$	0.94	$	1.05

For the core portfolio, the Company is assuming occupancy to increase up to 50 basis points by the end of 2011 and for same-store NOI to be between -1% and +1% for the year, before any contemplated accretive re-anchoring activities. Additionally, the forecast assumes the repayment of certain mezzanine capital investments and potential redeployment into core and fund investments. Management will discuss its 2011 earnings guidance and related assumptions in further detail on its scheduled year-end investor conference call.

Management Comments

“During the fourth quarter, along with continued progress within our existing portfolio, we were able to execute on two exciting Fund acquisitions,” stated Kenneth F. Bernstein, President and CEO of Acadia Realty Trust. “With this re-acceleration of our acquisition activity, as well as our healthy balance sheet, Acadia is well-positioned for long-term growth.”

Investor Conference Call

Management will conduct a conference call on Wednesday, February 9, 2011 at 12:00 PM ET to review the Company's earnings and operating results. The live conference call can be accessed by dialing 866-800-8651 (internationally 617-614-2704). The pass code is “Acadia”. The call will also be webcast and can be accessed in a listen-only mode at Acadia's web site at www.acadiarealty.com. If you are unable to participate during the live webcast, the call will be archived and available on Acadia's website. Alternatively, to access the replay by phone, dial 888-286-8010 (internationally 617-801-6888), and the passcode will be 30369487. The phone replay will be available through Wednesday, February 16, 2011.

Acadia Realty Trust, headquartered in White Plains, NY, is a fully integrated, self-managed and self-administered equity REIT focused primarily on the ownership, acquisition, redevelopment and management of retail and mixed-use properties, including neighborhood and community shopping centers located in dense urban and suburban markets in major metropolitan areas.

Certain matters in this press release may constitute forward-looking statements within the meaning of federal securities law and as such may involve known and unknown risk, uncertainties and other factors that may cause the actual results, performances or achievements of Acadia to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. These forward-looking statements include statements regarding Acadia’s future financial results and its ability to capitalize on potential opportunities arising from continued economic uncertainty. Factors that could cause the Company’s forward-looking statements to differ from its future results include, but are not limited to, those discussed under the headings “Risk Factors” and "Management's Discuss ion and Analysis of Financial Condition and Results of Operations" in the Company’s most recent annual report on Form 10-K filed with the SEC on March 1, 2010 (“Form 10-K”) and other periodic reports filed with the SEC, including risks related to: (i) the current global financial environment and its effect on retail tenants; (ii) the Company’s reliance on revenues derived from major tenants; (iii) the Company’s limited control over joint venture investments; (iv) the Company’s partnership structure; (v) real estate and the geographic concentration of our properties; (vi) market interest rates; (vii) leverage; (viii) liability for environmental matters; (ix) the Company’s growth strategy; (x) the Company’s status as a REIT; (xi) uninsured losses and (xii) the loss of key executives. Copies of the Form 10-K and the other periodic reports Acadia files with the SEC are available on the Company’s website at www.acadiarealty.com. Any forward-looking statements in this press release speak only as of the date hereof. Acadia expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Acadia's expectations with regard thereto or change in events, conditions or circumstances on which any such statement is based.


ACADIA REALTY TRUST AND SUBSIDIARIES Financial Highlights 1 For the Quarters and Years ended December 31, 2010 and 2009 (dollars in thousands, except per share data)


	For the Quarters ended						For the Years ended
	December 31,						December 31,
Revenues	2010			2009			2010			2009

Minimum rents	$	27,776		$	25,067		$	106,440		$	95,239
Percentage rents		153			85			473			477
Mortgage interest income		3,724			4,831			19,161			19,698
Expense reimbursements		6,191			5,730			22,030			20,982
Lease termination income		225			25			290			2,751
Other property income		477			1,345			2,140			2,895
Management fee income		242			444			1,424			1,961
Other		--			--			--			1,700
Total revenues		38,788			37,527			151,958			145,703
Operating expenses
Property operating		9,379			8,819			30,914			29,651
Real estate taxes		4,601			4,507			18,245			16,812
General and administrative		4,365			5,438			20,217			22,013
Depreciation and amortization		12,008			9,660			40,115			36,634
Abandonment of project costs		--			3			3			2,487
Reserve for notes receivable		--			--			--			1,734
Total operating expenses		30,353			28,427			109,494			109,331
Operating income		8,435			9,100			42,464			36,372
Equity in earnings (losses) of unconsolidated affiliates		10,361			1,922			10,971			(1,529	)
Impairment of investment in unconsolidated affiliate		--			(113	)		--			(3,768	)
Other interest (expense)/income		(54	)		269			408			642
Interest expense and other finance costs		(8,544	)		(8,372	)		(34,471	)		(32,154	)
Gain from bargain purchase		--			--			33,805			--
Gain on extinguishment of debt		--			--			--			7,057
Income from continuing operations before income taxes		10,198			2,806			53,177			6,620
Income tax expense		(1,021	)		(192	)		(2,890	)		(1,541	)
Income from continuing operations		9,177			2,614			50,287			5,079


ACADIA REALTY TRUST AND SUBSIDIARIES Financial Highlights 1 For the Quarters and Years ended December 31, 2010 and 2009 (dollars in thousands, except per share data)


	For the Quarters ended						For the Years ended
	December 31,						December 31,
	2010			2009			2010			2009

Discontinued operations:
Operating income from discontinued operations		205			80			380			484
Gain on sale of property		--			1,506			--			7,143
Income from discontinued operations		205			1,586			380			7,627
Net income		9,382			4,200			50,667			12,706
(Income) loss attributable to noncontrolling interests in subsidiaries:
Continuing operations		(2,206	)		2,228			(20,307	)		23,472
Discontinued operations		(164	)		(36	)		(303	)		(5,045	)
Net (income) loss attributable to noncontrolling interests in subsidiaries		(2,370	)		2,192			(20,610	)		18,427

Net income attributable to Common Shareholders	$	7,012		$	6,392		$	30,057		$	31,133

Supplemental Information
Income from continuing operations attributable to Common Shareholders	$	6,971		$	4,842		$	29,980		$	28,551
Income from discontinued operations attributable to Common Shareholders		41			1,550			77			2,582
Net income attributable to Common Shareholders	$	7,012		$	6,392		$	30,057		$	31,133

Net income attributable to Common Shareholders per
Common Share – Basic
Net income per Common Share – Continuing operations	$	0.17		$	0.12		$	0.75		$	0.75
Net income per Common Share – Discontinued operations		--			0.04			--			0.07
Net income per Common Share	$	0.17		$	0.16		$	0.75		$	0.82
Weighted average Common Shares		40,257			39,756			40,136			38,005

Net income attributable to Common Shareholders per
Common Share – Diluted 2
Net income per Common Share – Continuing operations	$	0.17		$	0.12		$	0.74		$	0.75
Net income per Common Share – Discontinued operations		--			0.04			--			0.07
Net income per Common Share	$	0.17		$	0.16		$	0.74		$	0.82
Weighted average Common Shares		40,594			40,038			40,406			38,242


ACADIA REALTY TRUST AND SUBSIDIARIES Financial Highlights 1 For the Quarters and Years ended December 31, 2010 and 2009 (dollars in thousands, except per share data)

RECONCILIATION OF NET INCOME TO FUNDS FROM OPERATIONS 3

	For the Quarters ended					For the Years ended
	December 31,					December 31,
	2010		2009			2010		2009


Net income attributable to Common Shareholders	$	7,012	$	6,392		$	30,057	$	31,133

Depreciation of real estate and amortization of leasing costs (net of noncontrolling interests' share):
Consolidated affiliates		4,688		4,608			18,445		18,847
Unconsolidated affiliates		374		372			1,561		1,604
Gain on sale (net of noncontrolling interests' share):
Consolidated affiliates		--		(1,506	)		--		(2,436	)
Unconsolidated affiliates		--		--			--		--
Income attributable to noncontrolling interests’ in Operating Partnership		68		120			377		464

Distributions – Preferred OP Units		5		5			18		19

Funds from operations	$	12,147	$	9,991		$	50,458	$	49,631
Funds from operations per share – Diluted
Weighted average Common Shares and OP Units 4		40,979		40,728			40,876		38,913
Funds from operations, per share	$	0.30	$	0.25		$	1.23	$	1.28


ACADIA REALTY TRUST AND SUBSIDIARIES Financial Highlights 1 For the Quarters and Years ended December 31, 2010 and 2009 (dollars in thousands)

RECONCILIATION OF OPERATING INCOME TO NET PROPERTY OPERATING INCOME (“NOI”) 3

	For the Quarters ended						For the Years ended
	December 31,						December 31,
	2010			2009			2010			2009

Operating income	$	8,435		$	9,100		$	42,464		$	36,372

Add back:
General and administrative		4,365			5,438			20,217			22,013
Depreciation and amortization		12,008			9,660			40,115			36,634
Abandonment of project costs		--			3			3			2,487
Reserve for notes receivable		--			--			--			1,734
Less:
Management fee income		(242	)		(444	)		(1,424	)		(1,961	)
Mortgage interest income		(3,724	)		(4,831	)		(19,161	)		(19,698	)
Other		--			--			--			(1,700	)
Lease termination income		(225	)		(25	)		(290	)		(2,751	)
Straight line rent and other adjustments		(1,158	)		99			(3,830	)		(1,562	)

Consolidated NOI		19,459			19,000			78,094			71,568

Noncontrolling interest in NOI		(5,724	)		(5,383	)		(22,640	)		(15,543	)
Pro-rata share of NOI	$	13,735		$	13,617		$	55,454		$	56,025


SELECTED BALANCE SHEET INFORMATION

	As of
	December 31, 2010		December 31, 2009


Cash and cash equivalents	$	120,592	$	93,808
Rental property, at cost		1,142,407		1,063,143
Total assets		1,524,806		1,382,464
Notes payable		854,924		780,197
Total liabilities		937,284		849,987

Notes:

1		For additional information and analysis concerning the Company’s results of operations, reference is made to the Company’s Quarterly Supplemental Disclosure furnished on Form 8-K to the SEC and included on the Company’s website at www.acadiarealty.com.
2		Reflects the potential dilution that could occur if securities or other contracts to issue Common Shares were exercised or converted into Common Shares. The effect of the conversion of Common OP Units is not reflected in the above table as they are exchangeable for Common Shares on a one-for-one basis. The income allocable to such units is allocated on this same basis and reflected as noncontrolling interests in the consolidated financial statements. As such, the assumed conversion of these 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 its widespread acceptance and use within the REIT and analyst communities. FFO and NOI are presented to assist investors in analyzing the performance of the Company. They are helpful as they exclude various items included in net income that are not indicative of the operating performance, such as gains (losses) from sales of depreciated property and depreciation and amortization. In addition, NOI excludes interest expense. The Company’s method of calculating FFO and NOI may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. FFO does not represent cash generated from operations as defined by generally accepted accounting principles (“GAAP”) and is not indicative of cash available to fund all cash needs, including distributions. It 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. Consistent with the NAREIT definition, the Company defines FFO as net income (computed in accordance with GAAP), excluding gains (losses) from sales of depreciated property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures.
4		In addition to the weighted average Common Shares outstanding, basic and diluted FFO also assumes full conversion of a weighted average 360 and 665 OP Units into Common Shares for the quarters ended December 31, 2010 and 2009, respectively and 470 and 671 OP Units into Common Shares for the years ended December 31, 2010 and 2009, respectively. Diluted FFO also includes the assumed conversion of Preferred OP Units into 25 Common Shares for the quarters and years ended December 31, 2010 and 2009, respectively. In addition, diluted FFO also includes the effect of employee share options of 337 and 281 Common Shares for the quarters ended December 31, 2010 and 2009, respectively, and 245 and 212 Common Shares for the years ended December 31, 2010 and 2009, respectively.

CONTACT:

Acadia Realty Trust

Jon Grisham, 914-288-8100

a6604875-ex992.htm

Exhibit 99.2

ACADIA REALTY TRUST

	Focused.

	Disciplined.

	Value-Driven.

Fourth Quarter 2010

Reporting Supplement

Reporting Supplement
December 31, 2010

Table of Contents
	Page		Page

Section I - Financial Information		Section II - Opportunity Fund Information

Company Information	3	Opportunity Fund Overview	24

Total Market Capitalization	4	Redevelopment Projects - Construction Complete	25

Operating Statements		Redevelopment Projects - Construction and Design	26
Pro-rata Consolidation	5
Joint Ventures	6	RCP Venture Investments	27
Opportunity Funds	7
Funds from Operations ("FFO"), Adjusted FFO ("AFFO")		Section III - Core and Opportunity Fund Portfolio Information
and Funds Available for Distribution ("FAD")	9
EBITDA	10	Core Properties	28
Same Property Net Operating Income	11
Fee Income	12	Core Portfolio by State	30
2011 Guidance	13
Net Asset Valuation	14	Core Top Tenants	31

Balance Sheet - Pro-rata Consolidation	15	Core Lease Expirations	32

Notes Receivable	16	Core New and Renewal Rent Spreads	34

Debt Analysis		Core Capital Expenditures	35
Summary	17
Detail	18	Portfolio Demographics	36
Maturities	21
Maturities with Extension Options	22	Opportunity Fund Properties	37

Selected Financial Ratios	23	Storage Properties	38

		Opportunity Fund Lease Expirations	39

		Important Notes	42

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

Page 2

Reporting Supplement
December 31, 2010

Company Information

Acadia Realty Trust, headquartered in White Plains, NY, is a fully integrated and self-managed real estate investment trust

which specializes in the acquisition, redevelopment and operation of shopping centers which are anchored by grocery and

value-oriented retail. Acadia currently owns (or has interests in) and operates 79 properties totaling approximately 8 million

square feet, located in the Northeast, Mid-Atlantic and Midwest United States.

All of Acadia's assets are held by, and all its operations are conducted through, Acadia Realty Limited Partnership

(and its majority-owned subsidiaries) which is currently 99% controlled by Acadia.

Corporate Headquarters

1311 Mamaroneck Avenue

Investor Relations

Jon Grisham

Suite 260

Senior Vice President,

White Plains, NY 10605

Chief Accounting Officer

(914) 288-8142

jgrisham@acadiarealty.com

New York Stock Exchange

Symbol AKR

Web Site

www.acadiarealty.com

Analyst Coverage

Banc of America / Merrill Lynch

FBR Capital Markets

KeyBanc Capital Markets, Inc.

Craig Schmidt (646) 855-3640

Sri Nagarajan - (646) 885-5429

Todd Thomas - (917) 368-2286

craig_schmidt@ml.com

snagarajan@fbr.com

tthomas@keybanccm.com

Bank of Montreal

Green Street Advisors

Macquarie Capital (USA)

Paul Adornato, CFA - (212) 885-4170

Laura Clark (949) 640-8780

Rob Stevenson (212) 231-8068

paul.adornato@bmo.com

lclark@greenst.com

rob.stevenson@macquarie.com

Citigroup - Smith Barney

Janney Montgomery Scott

RBC Capital Markets

Quentin Velleley, CFA - (212) 816-6981

Andrew T. DiZio, CFA (215) 665-6439

Rich Moore, CFA - (440) 715-2646

quentin.velleley@citi.com

adizio@jmsonline.com

rich.moore@rbccm.com

Cowen and Company

J.P. Morgan Securities, Inc.

UBS

Stephen Boyd - (646) 562-1382

Michael W. Mueller, CFA (212) 622-6689

Christy McElroy - (203) 719-7831

Stephen.Boyd@cowen.com

michael.w.mueller@jpmorgan.com

christy.mcelroy@ubs.com

Keefe, Bruyette & Woods, Inc.

Sheila K. McGrath - (212) 887-7793

smcgrath@kbw.com

Page 3

Reporting Supplement
December 31, 2010

Total Market Capitalization
(including pro-rata share of Opportunity Fund debt)			Total Market Capitalization
(dollars in thousands)	Notes		as of December 31, 2010
			Percent								Capitalization
			of Total								Based
		1	Equity								on "Net Debt"3
Equity Capitalization
Total Common Shares Outstanding				99.1%	$	40,255
Common Operating Partnership ("OP") Units				0.9%		360
Combined Common Shares and OP Units						1

Share Price December 31, 2010						18.24

Equity Capitalization - Common Shares and OP Units						740,818
Preferred OP Units		2				457
Total Equity Capitalization						741,275			62	%		68	%

Debt Capitalization
Consolidated debt						854,856
Adjustment to reflect pro-rata share of debt						(406,980	)
Total Debt Capitalization						447,876			38	%		32	%

Total Market Capitalization					$	1,189,151			100	%		100	%






Weighted Average Outstanding Common Shares and OP Units			December 31, 2010					December 31, 2009
(in thousands)			Quarter		Year-to-date			Quarter			Year-to-date
Weighted average Common Shares - Basic EPS				40,257		40,136			39,756			38,005
Dilutive potential Common Shares				337		270			282			237
Weighted average Common Shares - Diluted EPS				40,594		40,406			40,038			38,242
OP Units				360		470			665			671
Dilutive potential OP Units				25		-			25			-
Weighted average Common Shares and OP Units - Diluted FFO				40,979		40,876			40,728			38,913


Notes:
1 Reflects Debt net of Core Portfolio and pro-rata share of Opportunity Funds cash balance ("Net Debt") as of December 31, 2010 of $ 97,261
2 Represents 188 Series A Preferred OP Units convertible into 25,067 Common OP units x share price at quarter end.
3 Fixed-rate debt includes notional principal fixed through interest rate swap transactions.

Page 4

Reporting Supplement
December 31, 2010

Income Statements - Pro-rata Consolidation 1
Current Quarter and Year-to-Date
(in thousands)

		Year-to-Date																				Current Quarter
		Year																				3 months
		ended December 31, 2010																				ended December 31, 2010
		Core Retail											Opportunity Funds						Total			Core Retail											Opportunity Funds					Total
								Total																				Total
		Wholly			Joint			Continuing			Discontinued		Continuing			Discontinued						Wholly			Joint			Continuing			Discontinued		Continuing			Discontinued
		Owned			Ventures			Operations			Operations		Operations			Operations						Owned			Ventures			Operations			Operations		Operations			Operations
CORE PORTFOLIO AND OPPORTUNITY FUND INCOME

PROPERTY REVENUES
Minimum rents		$	46,524		$	6,469		$	52,993		$	-	$	11,594		$	200		$	64,790		$	11,512		$	1,601		$	13,113		$	-	$	3,122		$	50	$	16,285
Percentage rents			448			46			494			-		6			-			500			140			9			149			-		3			-		152
Expense reimbursements - CAM			5,960			796			6,756			-		867			-			7,623			2,104			232			2,336			-		249			-		2,585
Expense reimbursements - Taxes			7,128			1,012			8,140			-		952			-			9,092			1,629			263			1,892			-		250			-		2,142
Other property income			222			7			229			-		400			-			629			16			7			23			-		92			-		115
			60,282			8,330			68,612			-		13,819			200			82,634			15,401			2,112			17,513			-		3,716			50		21,279
PROPERTY EXPENSES
Property operating - CAM			8,056			1,060			9,116			-		1,245			-			10,361			2,883			298			3,181			-		384			-		3,565
Other property operating (Non-CAM)			2,063			164			2,227			-		2,458			36			4,721			368			50			418			-		576			9		1,003
Real estate taxes			8,907			1,126			10,033			-		1,901			-			11,934			2,148			284			2,432			-		503			-		2,935
			19,026			2,350			21,376			-		5,604			36			27,016			5,399			632			6,031			-		1,463			9		7,503

NET OPERATING INCOME - PROPERTIES			41,256			5,980			47,236			-		8,215			164			55,618			10,002			1,480			11,482			-		2,253			41		13,776

OTHER INCOME (EXPENSE)
Mezzanine interest income			17,885			-			17,885			-		254			-			18,139			3,439			-			3,439			-		57			-		3,496
Other interest income			300			12			312			-		22			-			334			(54	)		(3	)		(57	)		-		-			-		(57	)
Straight-line rent income, net			(138	)		(44	)		(182	)		-		1,038			-			856			(58	)		(9	)		(67	)		-		270			-		203
Straight-line ground rent expense			-			-			-			-		(88	)		-			(88	)		-			-			-			-		(22	)		-		(22	)
FAS 141 rent, net			(596	)		140			(456	)		-		(386	)		-			(842	)		(145	)		35			(110	)		-		(238	)		-		(348	)
FAS 141 interest expense			20			-			20			-		-			-			20			5			-			5					-			-		5
Interest expense			(16,365	)		(3,720	)		(20,085	)		-		(3,603	)		-			(23,688	)		(3,864	)		(936	)		(4,800	)				(921	)		-		(5,721	)
Asset and property management expense			(85	)		-			(85	)		-		(1	)		-			(86	)		(34	)		-			(34	)		-		-			-		(34	)
Promote expense			-			-			-			-		-			-			-			-			-			-			-		-			-		-
Other income			381			-			381			-		-			-			381			95			-			95			-		(4	)		-		91
Equity in earnings of unconsolidated affiliate, net of taxes			-			-			-			-		(182	)		-			(182	)		-			-			-			-		(98	)		-		(98	)
Reserve for investment in unconsolidated property			-			-			-			-		-			-			-			-			-			-			-		-			-		-
Reserve for pre-acquisition costs			-			-			-			-		-			-			-			-			-			-			-		-			-		-
Reserve for notes receivable			-			-			-			-		-			-			-			-			-			-			-		-			-		-

CORE PORTFOLIO AND OPPORTUNITY FUND INCOME			42,658			2,368			45,026			-		5,269			164			50,462			9,386			567			9,953			-		1,297			41		11,291

FEE INCOME
Asset and property management fees and priority distributions			12,125			-			12,125			-		-			-			12,125			3,048			-			3,048			-		-			-		3,048
Transactional fees 2			6,464			-			6,464			-		-			-			6,464			2,711						2,711			-		-			-		2,711
Provision for income taxes			(2,426	)		-			(2,426	)		-		-			-			(2,426	)		(433	)		-			(433	)		-		-			-		(433	)

FEE INCOME			16,163			-			16,163			-		-			-			16,163			5,326			-			5,326			-		-			-		5,326

PROMOTE, RCP AND OTHER INCOME
Equity in earnings from RCP investments			-			-			-			-		2,269			-			2,269			-			-			-			-		2,189			-		2,189
Promote income - RCP			-			-			-			-		2			-			2			-			-			-			-		(15	)		-		(15	)
Promote income - Fund capital transactions			-			-			-			-		-			-			-			-			-			-			-		-			-		-
Equity in earnings of unconsolidated properties			-			-			-			-		82			-			82			-			-			-			-		10			-		10
Forfeited property sale contract deposit			-			-			-			-		-			-			-			-			-			-			-		-			-		-
Lease termination income			275			101			376			-		3			-			379			225			19			244			-		-			-		244
Gain on extinguishment of debt			-			-			-			-		-			-			-			-						-					-			-		-
Gain from bargain purchase			-			-			-			-		6,383			-			6,383			-						-					-			-		-
Provision for income taxes			(812	)		(1	)		(813	)		-		(27	)		-			(840	)		(837	)		-			(837	)		-		1			-		(836	)

PROMOTE, RCP AND OTHER INCOME			(537	)		100			(437	)		-		8,712			-			8,275			(612	)		19			(593	)		-		2,185			-		1,592

GENERAL AND ADMINISTRATIVE			(21,976	)		(20	)		(21,996	)		-		(231	)		-			(22,227	)		(5,142	)		(3	)		(5,145	)		-		(80	)		-		(5,225	)

Depreciation and amortization			(15,445	)		(1,610	)		(17,055	)		-		(5,090	)		(87	)		(22,232	)		(3,837	)		(387	)		(4,224	)		-		(1,696	)		-		(5,920	)
FAS 141 amortization			110			-			110			-		(238	)		-			(128	)		29			-			29					(57	)		-		(28	)
Gain on sale of properties			-			-			-			-		-			-			-			-			-			-			-		-			-		-
Income before noncontrolling interests			20,973			838			21,811			-		8,422			77			30,313			5,150			196			5,346			-		1,649			41		7,036

Noncontrolling interest - OP			(393	)		-			(393	)		-		-			-			(393	)		(72	)		-			(72	)		-		-			-		(72	)
Noncontrolling interests			-			-			-			-		137			-			137			-			-			-			-		48			-		48

NET INCOME		$	20,580		$	838		$	21,418		$	-	$	8,559		$	77		$	30,057		$	5,078		$	196		$	5,274		$	-	$	1,697		$	41	$	7,012

	1 Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim periods. The Company's investments in consolidated and unconsolidated joint ventures are reflected separately for revenues and expenses by calculating it's pro-rata share for each of the above line items. In total, net income agrees with net income as reported in the Company's Form 10Q's and 10K for the corresponding periods.
	2 Consists of development, construction, leasing and legal fees.

Page 5

Reporting Supplement December 31, 2010 Income Statements - Joint Ventures 1 Current Quarter and Year-to-Date
(in thousands)

	Year-to-Date															Current Quarter
	Year															3 months
	ended December 31, 2010															ended December 31, 2010

	Joint Ventures - Core Retail															Joint Ventures - Core Retail
				AKR Pro-						AKR Pro-				Total					AKR Pro-						AKR Pro-				Total
				rata share						rata share				AKR Pro-					rata share						rata share				AKR Pro-
	Brandywine			22.22%			Crossroads				49.00%			rata share		Brandywine JV			22.22%			Crossroads				49.00%			rata share
PROPERTY REVENUES
Minimum rents		$16,037			$3,563			$5,926				$2,906		$6,469			$3,961			$880			$1,471				$721			$1,601
Percentage rents		204			45			2				1		46			42			9			-				-			9
Expense reimbursements - CAM		1,729			385			840				411		796			625			139			190				93			232
Expense reimbursements - Taxes		1,155			256			1,543				756		1,012			298			66			402				197			263
Other property income		32			6			2				1		7			29			6			2				1			7
		19,157			4,255			8,313				4,075		8,330			4,955			1,100			2,065				1,012			2,112

PROPERTY EXPENSES
Property operating - CAM		2,946			656			825				404		1,060			880			196			209				102			298
Other property operating (Non-CAM)		386			86			159				78		164			147			33			35				17			50
Real estate taxes		1,248			276			1,732				850		1,126			312			69			438				215			284
		4,580			1,018			2,716				1,332		2,350			1,339			298			682				334			632

NET OPERATING INCOME - PROPERTIES		14,577			3,237			5,597				2,743		5,980			3,616			802			1,383				678			1,480

OTHER INCOME (EXPENSE)
Mezzanine interest income		-			-			-				-		-			-			-			-				-			-
Other interest income		2			-			26				12		12			-			-			(7	)			(3	)		(3	)
Straight-line rent income, net		(101	)		(23	)		(44	)			(21	)	(44	)		(8	)		(2	)		(15	)			(7	)		(9	)
Straight-line ground rent		-			-			-				-		-			-			-			-				-			-
FAS 141 rent, net		628			140			-				-		140			157			35			-				-			35
FAS 141 interest expense		-			-			-				-		-			-			-			-				-			-
Interest expense		(10,092	)		(2,071	)		(3,365	)			(1,649	)	(3,720	)		(2,546	)		(523	)		(843	)			(413	)		(936	)
Property management expense		(1,023	)		-			-				-		-			(236	)		-			-				-			-
Promote expense		-			-			-				-		-			-			-			-				-			-
Other income		-			-			-				-		-																-
Equity in earnings of unconsolidated affiliate, net of taxes		-			-			-				-		-			-			-			-				-			-
Reserve for investment in unconsolidated property		-			-			-				-		-			-			-			-				-			-
Reserve for pre-acquisition costs		-			-			-				-		-			-			-			-				-			-
Reserve for notes receivable		-			-			-				-		-			-			-			-				-			-
CORE PORTFOLIO AND OPPORTUNITY FUND INCOME		3,991			1,283			2,214				1,085		2,368			983			312			518				255			567

FEE INCOME
Asset and property management fees and priority distributions		-			-			-				-		-			-			-			-				-			-
Transactional fees		-			-			-				-		-																-
Provision for income taxes		-			-			-				-		-			-			-			-				-			-
FEE INCOME		-			-			-				-		-			-			-			-				-			-

PROMOTE, RCP AND OTHER INCOME
Equity in earnings from RCP investments		-			-			-				-		-			-			-			-				-			-
Promote income - RCP		-			-			-				-		-			-			-			-				-			-
Promote income - Fund capital transactions		-			-			-				-		-			-			-			-				-			-
Equity in earnings of unconsolidated properties		-			-			-				-		-			-			-			-				-			-
Receipt of forfeited deposit		-			-			-				-		-			-			-			-				-			-
Lease termination income		452			101			-				-		101			84			19			-				-			19
Gain on extinguishment of debt		-			-			-				-		-			-			-			-				-			-
Gain from bargain purchase		-			-			-				-		-																-
Provision for income taxes		-			-			(3	)			(1	)	(1	)		-			-			-				-			-
PROMOTE, RCP AND OTHER INCOME		452			101			(3	)			(1	)	100			84			19			-				-			19

GENERAL AND ADMINISTRATIVE		(67	)		(15	)		(11	)			(5	)	(20	)		(7	)		(2	)		(3	)			(1	)		(3	)

Depreciation and amortization 2		(4,160	)		(924	)		(599	)			(686	)	(1,610	)		(905	)		(201	)		(179	)			(186	)		(387	)
FAS 141 amortization		-			-			-				-		-			-			-			-				-			-
Gain on sale of properties		-			-			-				-		-			-			-			-				-			-
Income before noncontrolling interest		216			445			1,601				393		838			155			128			336				68			196

Noncontrolling interest - OP		-			-			-				-		-			-			-			-				-			-
Noncontrolling interests		-			-			-				-		-			-			-			-				-			-

NET INCOME		$216			$445			$1,601				$393		$838			$155			$128			$336				$68			$196


	1 The Company has a 22.2% interest in the Brandywine Portfolio and a 49% interest in the Crossroads Shopping Center ("Crossroads") which are accounted for as unconsolidated investments in the Company's financial statements.
	2 In addition to its pro-rata share of depreciation, the Company recognizes depreciation on its stepped-up basis in Crossroads.

Page 6

Reporting Supplement

December 31, 2010

Income Statements -Opportunity Funds 1

Year-to-Date

(in thousands)

	Year-to-Date Year ended December 31, 2010
													Continuing			Discontinued								AKR												Continuing			Discontinued						AKR						AKR		Total
													Operations			Operations								Pro-												Operations			Operations						Pro-						Pro-		AKR
	Fund I 3			Fund I		Fund I				AKR			AKR Pro-			AKR Pro-					AKR			rata		Fund II			Fund II			Fund II				AKR Pro-			AKR Pro-						rata						rata		Pro-
	Continuing			Discontinued		Consolidated				Promote			rata share			rata share	Mervyns				Promote			share		Continuing			Discontinued			Consolidated				rata share			rata share		Mervyns				share						share		rata
	Operations			Operations		Operations				20.00%			22.22%			22.22%	I				20.00%			22.22%		Operations			Operations			Operations				20.00%			20.00%		II				20.00%		Fund III				19.90%		share

PROPERTY REVENUES
Minimum rents	$	4,192		$	-	$	4,192		$	838		$	749		$	-	$	-		$	-		$	-		$	24,306		$	1,001		$	25,307		$	4,857		$	200		$	-		$	-		$	25,873		$	5,150		$	11,794
Percentage rents		-			-		-			-			-			-		-			-			-			-			-			-			-			-			-			-			25			6			6
Expense reimbursements - CAM		225			-		225			45			40			-		-			-			-			2,737			-			2,737			547			-			-			-			1,178			235			867
Expense reimbursements - Taxes		205			-		205			41			36			-		-			-			-			1,831			-			1,831			365			-			-			-			2,552			509			952
Other property income		113			-		113			23			20			-		-			-			-			374			-			374			75			-			-			-			1,415			282			400
		4,735			-		4,735			947			846			-		-			-			-			29,248			1,001			30,249			5,844			200			-			-			31,043			6,182			14,019

PROPERTY EXPENSES
Property operating - CAM		362			-		362			72			64			-		-			-			-			3,821			4			3,825			764			-			-			-			1,729			344			1,245
Other property operating (Non-CAM)		136			-		136			27			24			-		-			-			-			5,486			177			5,663			1,096			36			-			-			6,581			1,310			2,494
Real estate taxes		305			-		305			61			54			-		-			-			-			3,647			-			3,647			729			-			-			-			5,312			1,057			1,901
		803			-		803			161			143			-		-			-			-			12,954			181			13,135			2,589			36			-			-			13,622			2,711			5,640

NET OPERATING INCOME - PROPERTIES		3,932			-		3,932			786			703			-		-			-			-			16,294			820			17,114			3,255			164			-			-			17,421			3,471			8,379

OTHER INCOME (EXPENSE)
Mezzanine interest income		-			-		-			-			-			-		-			-			-			1			-			1			-			-			-			-			1,278			254			254
Other interest income		7			-		7			1			1			-		-			-			-			100			-			100			20			-			-			-			-			-			22
Straight-line rent income, net		1,748			-		1,748			350			311			-		-			-			-			1,566			-			1,566			313			-			-			-			321			64			1,038
Straight-line ground rent		-			-		-			-			-			-		-			-			-			(432	)		-			(432	)		(88	)		-			-			-			-			-			(88	)
FAS 141 rent, net		(12	)		-		(12	)		(2	)		(2	)		-		-			-			-			(260	)		-			(260	)		(52	)		-			-			-			(1,661	)		(329	)		(386	)
FAS 141 interest expense		-			-		-			-			-			-		-			-			-			-			-			-			-			-			-			-			-			-			-
Interest expense		(534	)		-		(534	)		(107	)		(95	)		-		-			-			-			(11,485	)		-			(11,485	)		(2,297	)		-			-			-			(5,555	)		(1,105	)		(3,603	)
Property management expense		5			-		5			(0	)		(0	)		-		-			-			-			(5,542	)		-			(5,542	)		-			-			(569	)		-			(8,718	)		-			(1	)
Promote expense		(124	)		-		(124	)		-			-			-		1			-			-			-			-			-			-			-			-			-			-			-			-
Other income		-			-		-			-			-			-		-			-			-			-			-			-			-			-			-			-			-			-			-
Equity in earnings of unconsolidated affiliate, net of taxes		-			-		-			-			-			-		-			-			-			-			-			-			-			-			-			-			(916	)		(182	)		(182	)
Reserve for investment in unconsolidated property		-			-		-			-			-			-		-			-			-			-			-			-			-			-			-			-			-			-			-
Reserve for pre-acquisition costs		-			-		-			-			-			-		-			-			-			-			-			-			-			-			-			-			-			-			-
Reserve for notes receivable		-			-		-			-			-			-		-			-			-			-			-			-			-			-			-			-			-			-			-

OPPORTUNITY FUND INCOME		5,022			-		5,022			1,028			918			-		1			-			-			242			820			1,062			1,151			164			(569	)		-			2,170			2,173			5,433

FEE INCOME
Asset and property management fees and priority distributions		-			-		-			-			-			-		-			-			-			-			-			-			-			-			-			-			-			-			-
Transactional fees		-			-		-			-			-			-		-			-			-			-			-			-			-			-			-			-			-			-			-
Provision for income taxes		-			-		-			-			-			-		-			-			-			-			-			-			-			-			-			-			-			-			-

FEE INCOME		-			-		-			-			-			-		-			-			-			-			-			-			-			-			-			-			-			-			-

PROMOTE, RCP AND OTHER INCOME
Equity in earnings from RCP investments		-			-		-			-			-			-		22			-			4			-			-			-			-			-			11,321			2,264			-			-			2,269
Promote income - RCP		-			-		-			-			-			-		-			4			-			-			-			-			-			-			-			-			-			-			5
Promote income - Fund capital transactions		-			-		-			-			-			-		-			-			-			-			-			-			-			-			-			-			-			-			-
Equity in earnings of unconsolidated properties		-			-		-			-			-			-		-			-			-			536			-			536			108			-			-			-			(131	)		(26	)		82
Receipt of forfeited deposit		-			-		-			-			-			-		-			-			-			-			-			-			-			-			-			-			-			-			-
Lease termination income		-			-		-			-			-			-		-			-			-			-			-			-			-			-			-			-			15			3			3
Gain on extinguishment of debt		-			-		-			-			-			-		-			-			-			-			-			-			-			-			-			-			-			-			-
Gain from bargain purchase		-			-		-			-			-			-		-			-			-			33,805			-			33,805			6,383			-			-			-			-			-			6,383
Provision for income taxes		(57	)		-		(57	)		(11	)		(10	)		-		(1	)		(0	)		(0	)		(14	)		-			(14	)		(3	)		-			(3	)		(1	)		(3	)		(1	)		(27	)

PROMOTE, RCP AND OTHER INCOME		(57	)		-		(57	)		(11	)		(10	)		-		21			4			4			34,327			-			34,327			6,488			-			11,318			2,263			(119	)		(24	)		8,715

GENERAL AND ADMINISTRATIVE		(179	)		-		(179	)		(36	)		(32	)		-		(23	)		(5	)		(4	)		(271	)		-			(271	)		(54	)		-			(46	)		(8	)		(471	)		(95	)		(234	)

Depreciation and amortization		(3,583	)		-		(3,583	)		(717	)		(637	)		-		-			-			-			(9,783	)		(438	)		(10,221	)		(1,957	)		(87	)		-			-			(8,940	)		(1,779	)		(5,176	)
FAS 141 amortization		(5	)		-		(5	)		(1	)		(1	)		-		-			-			-			(276	)		-			(276	)		(56	)		-			-			-			(904	)		(181	)		(238	)
Gain on sale of properties		-			-		-			-			-			-		-			-			-			-			-			-			-			-			-			-			-			-			-
Income before noncontrolling interest		1,198			-		1,198			263			238			-		(1	)		(0	)		(0	)		24,239			382			24,621			5,572			77			10,703			2,255			(8,264	)		94			8,500

Noncontrolling interest - OP		-			-		-			-			-			-		-			-			-			-			-			-			-			-			-			-			-			-			-
Noncontrolling interests		-			-		-			-			-			-		-			-			-			(1,347	)		-			(1,347	)		109			-			-			-			144			28			137

NET INCOME	$	1,198		$	-	$	1,198		$	263		$	238		$	-	$	(1	)	$	(0	)	$	(0	)	$	22,892		$	382		$	23,274		$	5,681		$	77		$	10,703		$	2,255		$	(8,120	)	$	122		$	8,637

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

The Company's investments in consolidated and unconsolidated joint ventures are reflected separately for revenues and expenses by calculating it's pro-rata share for each of the above line items.

In total, net income agrees with net income as reported in the Company's Form 10Q's and 10K for the corresponding periods. The Company currently invests in Funds I. II & III and Mervyn's which are

consolidated with the Company's financial statements.

2 Funds I, II & III and the Mervyn's investments pay various fees to the Company. As it is the recipient of such fees, the Company does not recognize its pro-rata share of these expenses.

3 The 25% noncontrolling interest in the Kroger/Safeway Portfolio has been deducted from each of the income statement line items.

Page 7

Reporting Supplement

December 31, 2010

Income Statements -Opportunity Funds 1

Current Quarter

(in thousands)

	Current Quarter Period ended December 31, 2010

												Continuing			Discontinued								AKR											Continuing			Discontinued					AKR					AKR			Total
												Operations			Operations								Pro-											Operations			Operations					Pro-					Pro-			AKR
	Fund I 3			Fund I		Fund I			AKR			AKR Pro-			AKR Pro-					AKR			rata			Fund II			Fund II		Fund II			AKR Pro-			AKR Pro-					rata					rata			Pro-
	Continuing			Discontinued		Consolidated			Promote			rata share			rata share		Mervyns			Promote			share			Continuing			Discontinued		Consolidated			rata share			rata share		Mervyns			share		Fund			share			rata
	Operations			Operations		Operations			20.00%			22.22%			22.22%		I			20.00%			22.22%			Operations			Operations		Operations			20.00%			20.00%		II			20.00%		III			19.90%			share

PROPERTY REVENUES
Minimum rents	$	1,049		$	-	$	1,049		$	210		$	187		$	-	$	-		$	-		$	-		$	7,211		$	250	$	7,461		$	1,441		$	50	$	-		$	-	$	6,449		$	1,283		$	3,171
Percentage rents		-			-		-			-			-			-		-			-			-			-					-			-			-		-			-		14			3			3
Expense reimbursements - CAM		50			-		50			10			9			-		-			-			-			667					667			133			-		-			-		486			97			249
Expense reimbursements - Taxes		75			-		75			15			13			-		-			-			-			482					482			96			-		-			-		631			126			250
Other property income		-			-		-			-			-			-		-			-			-			93			-		93			19			-		-			-		366			73			92
		1,174			-		1,174			235			210			-		-			-			-			8,453			250		8,703			1,689			50		-			-		7,946			1,582			3,765

PROPERTY EXPENSES
Property operating - CAM		97			-		97			19			17			-		-			-			-			1,056			1		1,057			211			-		-			-		683			136			384
Other property operating (Non-CAM)		42			-		42			8			7			-		-			-			-			1,317			44		1,361			263			9		-			-		1,490			297			585
Real estate taxes		111			-		111			22			20			-		-			-			-			995			-		995			199			-		-			-		1,315			262			503
		250			-		250			50			44			-		-			-			-			3,368			45		3,413			673			9		-			-		3,488			695			1,472

NET OPERATING INCOME - PROPERTIES		924			-		924			185			165			-		-			-			-			5,085			205		5,290			1,016			41		-			-		4,458			887			2,293

OTHER INCOME (EXPENSE)
Mezzanine interest income		-			-		-			-			-			-		-			-			-			-					-			-			-		-			-		285			57			57
Other interest income		1			-		1			0			0			-		-			-			-			-					-			-			-		-			-		-			-			-
Straight-line rent income, net		442			-		442			88			79			-		-			-			-			457					457			91			-		-			-		61			12			270
Straight-line ground rent		-			-		-			-			-			-		-			-			-			(108	)				(108	)		(22	)		-		-			-		-			-			(22	)
FAS 141 rent, net		-			-		-			-			-			-		-			-			-			(65	)				(65	)		(13	)		-		-			-		(1,137	)		(225	)		(238	)
FAS 141 interest expense		-			-		-			-			-			-		-			-			-			-					-			-			-		-			-		-			-			-
Interest expense		(77	)		-		(77	)		(15	)		(14	)		-		-			-			-			(3,267	)				(3,267	)		(653	)		-		-			-		(1,202	)		(239	)		(921	)
Asset and property management expense		2			-		2			-			-			-		-			-			-			(1,341	)				(1,341	)		-			-		(143	)		-		(2,118	)		-			-
Promote expense		(32	)		-		(32	)		-			-			-		15			-			-			-					-			-			-		-			-		-			-			-
Other income		-			-		-			-			-			-		-			-			-			-					-			-			-		-			-		(18	)		(4	)		(4	)
Equity in earnings of unconsolidated affiliate, net of taxes		-			-		-			-			-			-					-			-			-					-			-			-		-			-		(495	)		(98	)		(98	)
Reserve for investment in unconsolidated property		-			-		-			-			-			-					-			-			-					-			-			-		-			-		-			-			-
Reserve for pre-acquisition costs		-			-		-			-			-			-		-			-			-			-					-			-			-		-			-		-			-			-
Reserve for notes receivable		-			-		-			-			-			-		-			-			-			-			-		-			-			-		-			-		-			-			-

OPPORTUNITY FUND INCOME		1,260			-		1,260			258			230			-		15			-			-			761			205		966			419			41		(143	)		-		(166	)		390			1,337

FEE INCOME
Asset and property management fees and priority distributions		-			-		-			-			-			-		-			-			-			-					-			-			-		-			-		-			-			-
Transactional fees		-			-		-			-			-			-		-			-			-			-					-			-			-		-			-		-			-			-
Provision for income taxes		-			-		-			-			-			-		-			-			-			-			-		-			-			-		-			-		-			-			-

FEE INCOME		-			-		-			-			-			-		-			-			-			-			-		-			-			-		-			-		-			-			-

PROMOTE, RCP AND OTHER INCOME
Equity in earnings from RCP investments		-			-		-			-			-			-		(69	)		-			(12	)		-					-			-			-		11,004			2,201		-			-			2,189
Promote income - RCP		-			-		-			-			-			-		-			(14	)		-			-					-			-			-		-			-		-			-			(14	)
Promote income - Fund capital transactions		-			-		-			-			-			-		-			-			-			-					-			-			-		-			-		-			-			-
Equity in earnings of unconsolidated properties		-			-		-			-			-			-		-			-			-			180					180			36			-		-			-		(131	)		(26	)		10
Receipt of forfeited deposit		-			-		-			-			-			-		-			-			-			-					-			-			-		-			-		-			-			-
Lease termination income		-			-		-			-			-			-		-			-			-			-					-			-			-		-			-		-			-			-
Gain on extinguishment of debt		-			-		-			-			-			-		-			-			-			-					-			-			-		-			-		-			-			-
Gain from bargain purchase		-			-		-			-			-			-		-			-			-			-					-			-			-		-			-		-			-			-
Provision for income taxes		1			-		1			0			0			-		1			0			0			-			-		-			-			-		2			-		-			-			1

PROMOTE, RCP AND OTHER INCOME		1			-		1			0			0			-		(68	)		(14	)		(12	)		180			-		180			36			-		11,006			2,201		(131	)		(26	)		2,186

GENERAL AND ADMINISTRATIVE		(67	)		-		(67	)		(13	)		(12	)		-		(6	)		(1	)		(1	)		(41	)				(41	)		(8	)		-		(1	)		-		(225	)		(45	)		(81	)
																											.
Depreciation and amortization		(890	)		-		(890	)		(178	)		(158	)		-		-			-			-			(3,933	)				(3,933	)		(787	)		-		-			-		(2,875	)		(572	)		(1,695	)
FAS 141 amortization		-			-		-			-			-			-		-			-			-			(69	)				(69	)		(14	)		-		-			-		(215	)		(43	)		(57	)
Gain on sale of properties		-			-		-			-			-			-		-			-			-			-			-		-			-			-		-			-		-			-			-
Income before noncontrolling interest		304			-		304			67			60			-		(59	)		(15	)		(13	)		(3,102	)		205		(2,897	)		(354	)		41		10,862			2,201		(3,612	)		(296	)		1,690

Noncontrolling interest - OP		-			-		-			-			-			-		-			-			-			-					-			-			-		-			-		-			-			-
Noncontrolling interests		-			-		-			-			-			-		-			-			-			219			-		219			44			-		-			-		22			4			48

NET INCOME	$	304		$	-	$	304		$	67		$	60		$	-	$	(59	)	$	(15	)	$	(13	)	$	(2,883	)	$	205	$	(2,678	)	$	(310	)	$	41	$	10,862		$	2,201	$	(3,590	)	$	(292	)	$	1,738

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

The Company's investments in consolidated and unconsolidated joint ventures are reflected separately for revenues and expenses by calculating it's pro-rata share for each of the above line items.

In total, net income agrees with net income as reported in the Company's Form 10Q's and 10K for the corresponding periods. The Company currently invests in Funds I. II & III and Mervyn's which are

consolidated with the Company's financial statements.

2 Funds I, II & III and the Mervyn's investments pay various fees to the Company. As it is the recipient of such fees, the Company does not recognize its pro-rata share of these expenses.

3 The 25% noncontrolling interest in the Kroger/Safeway Portfolio has been deducted from each of the income statement line items.

Page 8

Reporting Supplement

December 31, 2010

Funds from Operations ("FFO") 1

			2010															2009

			Current			Current			Previous			Previous			Previous			Historic			Historic
			Year-to-Date			Quarter			Quarter			Quarter			Quarter			Year-to-Date			Quarter

			Year ended			3 months ended			3 months ended			3 months ended			3 months ended			Year ended			3 months ended
Funds from operations ("FFO"):	Notes		December 31, 2010			December 31, 2010			September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009			December 31, 2009

Net Income			$	30,057		$	7,012		$	5,117		$	12,798		$	5,130		$	31,133		$	6,392
Add back:
Depreciation of real estate and amortization of leasing costs:
(net of noncontrolling interest share)
Consolidated affiliates				18,445			4,688			4,967			4,202			4,588			18,847			4,608
Unconsolidated affiliates				1,561			374			354			475			358			1,604			372
Gain on sale of properties (net of noncontrolling interest share)
Consolidated affiliates				-			-			-			-			-			(2,436	)		(1,506	)
Income attributable to noncontrolling interests' share in Operating Partnership				377			68			64			160			85			464			120
Distributions on Preferred OP Units		2		18			5			5			4			4			19			5
FFO			$	50,458		$	12,147		$	10,507		$	17,639		$	10,165		$	49,631		$	9,991

Adjusted Funds from operations ("AFFO"):
Diluted FFO			$	50,458		$	12,147		$	10,507		$	17,639		$	10,165		$	49,631		$	9,991
Straight line rent, net				(856	)		(204	)		(138	)		(221	)		(293	)		613			502
Non real estate depreciation				488			117			115			114			142			665			126
Amortization of finance costs				1,539			679			282			249			329			1,149			264
Amortization of cost of management contracts				386			104			104			104			74			511			124
Tenant improvements				(3,855	)		(1,093	)		(1,054	)		(478	)		(1,230	)		(4,391	)		(2,325	)
Leasing commissions				(671	)		(150	)		(126	)		(294	)		(101	)		(600	)		(148	)
Capital expenditures				(146	)		(146	)		-			-			-			(446	)		(44	)
Gain from bargain purchase				(6,383	)		-			-			(6,383	)		-			-			-
Gain on extinguishment of debt				-			-			-			-			-			(7,056	)		-

AFFO			$	40,960		$	11,454		$	9,690		$	10,730		$	9,086		$	40,076		$	8,490

Funds Available for Distribution ("FAD")
AFFO			$	40,960		$	11,454		$	9,690		$	10,730		$	9,086		$	40,076		$	8,490
Scheduled principal repayments				(2,141	)		(586	)		(525	)		(511	)		(519	)		(1,605	)		(439	)

FAD			$	38,819		$	10,868		$	9,165		$	10,219		$	8,567		$	38,471		$	8,051

Total weighted average shares and OP Units:
Basic				40,606			40,643			40,643			40,607			40,581			38,676			40,421
Diluted				40,876			40,979			40,905			40,844			40,776			38,913			40,728

FFO per share:
FFO per share - Basic			$	1.24		$	0.30		$	0.26		$	0.43		$	0.25		$	1.28		$	0.25
FFO per share - Diluted			$	1.23		$	0.30		$	0.26		$	0.43		$	0.25		$	1.28		$	0.25

AFFO per share - Basic			$	1.01		$	0.28		$	0.24		$	0.26		$	0.22		$	1.04		$	0.21
AFFO per share - Diluted			$	1.00		$	0.28		$	0.24		$	0.26		$	0.22		$	1.03		$	0.21

FAD per share - Basic			$	0.96		$	0.27		$	0.23		$	0.25		$	0.21		$	0.99		$	0.20
FAD per share - Diluted			$	0.95		$	0.27		$	0.22		$	0.25		$	0.21		$	0.99		$	0.20

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

2 Quarterly Preferred OP Unit distributions are added back for the purposes of calculating diluted FFO. Refer to "Market Capitalization" for weighted-average basic and diluted shares.

Page 9

Reporting Supplement
December 31, 2010

Income Statements - EBITDA
Current Quarter and Year-to-Date (in thousands)




	Year-to-Date																		Current Quarter
	Year																		3 months
	ended December 31,																		ended December 31,
	2010																		2010
	Core Retail										Opportunity Funds					Total			Core Retail										Opportunity Funds					Total
						Total																		Total
	Wholly			Joint		Continuing			Discontinued		Continuing			Discontinued					Wholly			Joint		Continuing			Discontinued		Continuing			Discontinued
	Owned			Ventures		Operations			Operations		Operations			Operations					Owned			Ventures		Operations			Operations		Operations			Operations


NET INCOME	$	20,580		$	838	$	21,418		$	-	$	8,559		$	77	$	30,057		$	5,078		$	196	$	5,274		$	-	$	1,697		$	41	$	7,012

Add back:
Depreciation and amortization		15,445			1,610		17,055			-		5,090			87		22,232			3,837			387		4,224			-		1,696			-		5,920
FAS 141 amortization		(110	)		-		(110	)		-		238			-		128			(29	)		-		(29	)		-		57			-		28
Interest expense		16,365			3,720		20,085			-		3,603			-		23,688			3,864			936		4,800			-		921			-		5,721
FAS 141 interest expense		(20	)		-		(20	)		-		-			-		(20	)		(5	)		-		(5	)		-		-			-		(5	)
Gain on sale of properties		-			-		-			-		-			-		-			-			-		-			-		-			-		-
Provision for income taxes		3,238			1		3,239			-		(61	)		-		3,178			1,270			-		1,270			-		(50	)		-		1,220
Gain from bargain purchase		-			-		-			-		(6,383	)		-		(6,383	)		-			-		-			-		-			-		-
Noncontrolling interest - OP		393			-		393			-		-			-		393			72			-		72			-		-			-		72
Noncontrolling interests		-			-		-			-		(137	)		-		(137	)		-			-		-			-		(48	)		-		(48	)

EBIDTA	$	55,891		$	6,169	$	62,060		$	-	$	10,909		$	164	$	73,136		$	14,087		$	1,519	$	15,606		$	-	$	4,273		$	41	$	19,920

Page 10

Reporting Supplement
December 31, 2010

Core Portfolio
Net Operating Income (NOI) - Same Property Performance 1	Quarter							Year-to-Date
(in thousands)							Growth in Same							Growth in Same
							Property NOI -							Property NOI -
							Continuing Operations							Continuing Operations
	Current			Historical			Favorable (unfavorable)	Current			Historical			Favorable (unfavorable)

	Three			Three
	months ended			months ended				Year ended			Year ended
	December 31,			December 31,				December 31,			December 31,
Reconciliation of total NOI to same property NOI:		2010			2009				2010			2009

NOI - Retail properties	$	11,482		$	11,626			$	47,236		$	48,334
NOI - Discontinued Operations		-			67				-			135

Total NOI		11,482			11,693				47,236			48,469

NOI - Properties in redevelopment		(708	)		(709	)			(2,972	)		(3,658	)
NOI - Discontinued Operations		-			(67	)			-			(135	)

Total	$	10,774		$	10,917		-1.3%	$	44,264		$	44,676		-0.9%


Same property NOI by revenues/expenses:


Revenues	$	16,311		$	16,195		0.7%	$	63,355		$	64,436		-1.7%
Expenses		5,537			5,278		-4.9%		19,091			19,760		3.4%

Total Core Portfolio	$	10,774		$	10,917		-1.3%	$	44,264		$	44,676		-0.9%

1 The above amounts includes the pro-rata activity related to the Company's consolidated and unconsolidated joint ventures.

Page 11

Reporting Supplement
December 31, 2010

Income Statements - Fee income by Opportunity Fund
Current Quarter and Year-to-Date
(in thousands)

	Fund I		Fund II		Fund III		Other		Total
Year ended December 31, 2010
Asset and property management fees and priority distributions	$	437	$	4,210	$	6,470	$	1,009	$	12,126
Transactional fees		70		5,170		808		416		6,464
Total management fees and priority distributions	$	507	$	9,380	$	7,278	$	1,425	$	18,590


	Fund I		Fund II		Fund III		Other		Total
Current quarter ended December 31, 2010
Asset and property management fees and priority distributions	$	109	$	1,099	$	1,610	$	230	$	3,048
Transactional fees		29		2,454		216		12		2,711
Total management fees and priority distributions	$	138	$	3,553	$	1,826	$	242	$	5,759


	Fund I		Fund II		Fund III		Other		Total
Prior quarter ended September 30, 2010
Asset and property management fees and priority distributions	$	108	$	1,049	$	1,605	$	246	$	3,008
Transactional fees		25		1,103		295		100		1,523
Total management fees and priority distributions	$	133	$	2,152	$	1,900	$	346	$	4,531


	Fund I		Fund II		Fund III		Other		Total
Prior Quarter ended June 30, 2010
Asset and property management fees and priority distributions	$	110	$	1,045	$	1,647	$	305	$	3,107
Transactional fees		13		970		108		132		1,223
Total management fees and priority distributions	$	123	$	2,015	$	1,755	$	437	$	4,330


	Fund I		Fund II		Fund III		Other		Total
Prior Quarter ended March 31, 2010
Asset and property management fees and priority distributions	$	110	$	1,017	$	1,608	$	228	$	2,963
Transactional fees		3		643		189		172		1,007
Total management fees and priority distributions	$	113	$	1,660	$	1,797	$	400	$	3,970

Page 12

Reporting Supplement
December 31, 2010

2011 Guidance - Highlights
(in millions except per share amounts, all per share amounts are fully diluted)		Current
		2011 Guidance
Overall:	Notes	Low/High	2010 Actual

Fully diluted Common Shares and OP Units		41,000	40,876

Full year Funds from Operations ("FFO") per share		$0.94 to $1.05	$1.23

Earnings per Share ("EPS")		$0.44 to $0.55	$0.74

FFO Components:


Core and pro-rata share of opportunity Fund ("Fund") portfolio income	1	$42.5 to $44.0	$48.2

Asset and property management fee income, net of TRS taxes		$11.0 to $11.5	$10.5

Transactional fee income, net of TRS taxes		$6.0 to $7.0	$5.7

Promote, RCP and other income, net of TRS taxes		$2.0 to $3.0	$1.9

Gain on bargain purchase		-	$6.4

General and administrative expense		$(23.0) to $(22.5)	$(22.2)

Total		$38.5 to $43.0	$50.5




1 Includes additional interest on the Company's convertible debt pursuant to ASC Topic 470-20 "Debt with Conversion and Other Options" as follows:
		$1.1	$1.0

Page 13

Reporting Supplement
December 31, 2010
Net Asset Valuation Information	Notes	Core		Fund I					Fund II							Fund III
(in thousands)						AKR pro-rata share			Fund Level				AKR pro-rata share			Fund Level				AKR pro-rata share
				Fund Level		%		$	Quarterly		Annualized (x4)		%		$	Quarterly		Annualized (x4)		%		$
Current NOI
Operating properties	1	$	11,482			--			$	-	$	-	20.00%	$	-	$	1,997	$	7,988	19.90%	$	1,590
Operating properties - Discontinued Operation	2									205		820			164
Development Portfolio			-
Construction complete - Stabilized										1,736		6,944			1,389		-		-			-
Construction complete - Pre-stabilized										3,220		12,880			2,576		-		-			-
Storage portfolio			-							129		516			103		2,461		9,844			1,959
Total NOI		$	11,482						$	5,290	$	21,160		$	4,232	$	4,458	$	17,832		$	3,549


Cost to Date
Construction complete (both stabilized and pre-stabilized)	3										$	393,000		$	78,600			$	-		$	-
Under construction	3											81,800			16,360				18,700			3,721
In-design	3											33,400			6,680				22,800			4,537
Storage portfolio												-			-				185,900			36,995


Costs to Complete
Construction complete (both stabilized and pre-stabilized)	3										$	27,400		$	5,480			$	-		$	-
Under construction	3											118,200			23,640				6,700			1,333
In-design	3											-			-				-			-


Annual NOI Upon Stabilization (Mid-Point of Range)
Construction complete (both stabilized and pre-stabilized)											$	33,632		$	6,726			$	-		$	-
Storage portfolio												-			-				14,872			2,960
Under construction												16,000			3,200				2,032			404


Debt	4	$	326,470	$	8,427						$	314,297		$	59,619			$	262,950		$	51,914


Gross asset value	1				45,400
Net Asset Value				$	36,973	37.78%	$	13,968

Notes:
1	It is not recommended to apply a capitalization rate to current Fund I NOI as this NOI declines in future years
	due primarily to the structure of the Kroger/Safeway Portfolio leases. Fund I value is based on property appraisals.

	Pro-rata share is 20% (AKR promote) + 22% x 80% ( AKR remaining share after promote) = 37.78%
	Total future promote is approximatly $5,700 ($36,973 x 20% x 77.78%)

2	Property was sold subsequent to year-end for $8.200

3	See detail on pages 25 and 26 of this supplement

4	$40,000 of debt for White City has been omitted as NOI only reflects 1 week of NOI (Closed 12/22/10)
	Fund II equity inveseted was approximately $14,000 and should be added for NAV

Page 14

QUARTERLY SUPPLEMENTAL DISCLOSURE
December 31, 2010
Pro-Rata Consolidated Balance Sheet
(in thousands)	Consolidated			Noncontrolling			Company's			Pro-Rata
	Balance			Interest in			Interest in			Consolidated
	Sheet			Consolidated			Unconsolidated			Balance
	As Reported 1			Subsidiaries			Subsidiaries			Sheet 2				Notes
ASSETS
Real estate
Land	$	222,786		$	(111,715	)	$	7,594		$	118,665			1 The interim consolidated balance sheet is unaudited, although it reflect all
Buildings and improvements		915,221			(435,391	)		56,290			536,120			adjustments, which in the opinion of management, are necessary for the fair
Construction in progress		4,400			(2,050	)		-			2,350			presentation of the consolidated balance sheet for the interim period.
		1,142,407			(549,156	)		63,884			657,135
Less: accumulated depreciation		(219,920	)		49,831			(9,759	)		(179,848	)		2 The Company currently invests in Funds I, II & III and Mervyns I & II which
Net real estate		922,487			(499,325	)		54,125			477,287			are consolidated with the Company's financial statements. To provide
														investors with supplemental information, the Company's investments in these
Net real estate under development		243,892			(180,960	)		-			62,932			joint ventures are reflected above on a pro-rata basis by calculating its
														ownership percentage for each of the above asset and liability line items.
Cash and cash equivalents		120,592			(25,573	)		2,242			97,261			Similarly, the above presentation also includes the Company's share of
Cash in escrow		28,610			(18,725	)		846			10,731			assets and liabilities for unconsolidated investments which are accounted
Investments in and advances to unconsolidated affiliates		31,036			(22,208	)		(4,620	)		4,209			for under the equity method of accounting pursuant to GAAP.
Rents receivable, net		3,937			(896	)		(126	)		2,915
Straight-line rents receivable, net		14,107			(6,320	)		1,324			9,111			3 The components of Prepaid expenses and other assets are as follows:
Intercompany		-			-			-			-			Due from Fund Investors	$	34,446
Notes Receivable		89,202			(8,412	)		-			80,790			Accrued interest on Notes Receivable		7,487
Preferred equity investment		-			-			-			-			Prepaid expenses		3,168
Deferred charges, net		25,730			(19,088	)		803			7,445			Income tax receivables		1,204
Prepaid expenses and other assets		22,463			28,773			210			51,446		3	Corporate assets		1,205
Acquired lease intangibles		18,622			(9,495	)		3			9,130			Other		3,936
Assets of discontinued operations		4,128			(3,302	)		-			826			Total	$	51,446

Total Assets	$	1,524,806		$	(765,531	)	$	54,807		$	814,083
														4 The components of Net real estate under development are as follows:
LIABILITIES AND SHAREHOLDERS' EQUITY														Fund II	$	178,262
														Fund III		41,793
Mortgage notes payable	$	806,144		$	(480,670	)	$	73,689		$	399,164			Total Opportunity Funds		220,055
Notes payable		48,712			-			-			48,712			Core Portfolio		23,837
Valuation of debt at acquisition, net of amortization		68			(27	)		992			1,033			Total	$	243,892
Acquired lease intangibles		5,737			(2,469	)		-			3,268
Accounts payable and accrued expenses		27,691			(8,728	)		428			19,391
Dividends and distributions payable		7,427			-			-			7,427
Due to related parties		-			-			-			-
Share of losses in excess of inv. in unconsolidated affiliates		20,884			-			(20,884	)		-
Other liabilities		20,621			(7,616	)		582			13,587
Liabilities of discontinued operations		-			-			-			-
Total liabilities		937,284			(499,510	)		54,807			492,582


Shareholders' equity:
Common shares		40			-			-			40
Additional paid-in capital		303,823			-			-			303,823
Accumulated other comprehensive income		(2,857	)		-			-			(2,857	)
Retained earnings		17,206			-			-			17,206
Total controlling interest		318,212			-			-			318,212
Non-controlling interest in subsidiary		269,310			(266,021	)		-			3,289
Total shareholders' equity		587,522			(266,021	)		-			321,501

Total Liabilities and Shareholders' Equity	$	1,524,806		$	(765,531	)	$	54,807		$	814,083

Page 15

Reporting Supplement
December 31, 2010

Notes Receivable 1
(amounts in thousands)
	Balance at				Balance
	September 30,		Fourth		at December 31, 2010						Stated	Effective		Extension	Underlying third-party
	2010		Quarter				Accrued				Interest	Interest	Maturity	options	first mortgage
Investment	Principal		Activity		Principal		Interest		Total		rate	rate 2	date	(years)	Amount 3		Maturity dates

2008 Investments

Georgetown - 5 property portfolio	$	8,000	$	-	$	8,000	$	675	$	8,675	9.75%	10.23%	11/2011	1 year		9,596	2012 and 2020

72nd Street		45,196		1,519		46,715		6,137		52,852	13.00%	20.85%	7/2011	1 year		170,727	2011 w/ 1 year extension
Total 2008 investments		53,196		1,519		54,715		6,812		61,527	12.52%	19.30%				180,323


Other Investments
First mortgage and other notes		8,854		-		8,854		241		9,095	14.37%	14.41%	2011	-		n/a	n/a
Mezzanine notes		15,059		73		15,132		330		15,462	14.55%	15.55%	2011	-		272,289	2011 thru 2019

Total other investments		23,913		73		23,986		571		24,557	14.48%	15.13%

Total notes receivable	$	77,109	$	1,592	$	78,701	$	7,383	$	86,084	13.12%	18.03%			$	452,612


1 The above activity does not include a $10,000 Fund III first mortgage investment and other non-real estate loans of $501.
2 Inclusive of upfront points and exit fees.
3 The first mortgage amount for 72nd street represents a construction loan.

Page 16

Reporting Supplement
December 31, 2010

Portfolio Debt - Summary
Reconciliation from Pro-Rata Share of Debt to GAAP Debt
(amounts in thousands)


	Acadia Pro-Rata Share of Debt 2															Reconciliation to Consolidated Debt as Reported
																Add:		Less:
																Noncontrolling		Pro-rata			Acadia
	Core Portfolio					Opportunity Funds				Total				Fixed		Interest Share of		Share of			Consolidated
	Principal			Interest		Principal		Interest		Principal		Interest		vs		Consolidated		Unconsolidated			Debt
Mortgage Notes Payable	Balance			Rate		Balance		Rate		Balance		Rate		Variable		Debt 3		Debt 4			As Reported

Fixed-Rate Debt 1	$	360,638		5.8	%	$	24,887	5.6	%	$	385,525	5.7	%	86	%	$	96,496	$	(67,001	)	$	415,020
Variable-Rate Debt 1		(34,168	)	1.6	%		96,518	2.4	%		62,350	3.5	%	14	%		384,174		(6,688	)		439,836

Total	$	326,470		6.2	%	$	121,406	3.4	%	$	447,876	5.4	%	100	%	$	480,670	$	(73,689	)		854,856

FAS 141 purchase price debt allocation																						68
Total debt as reported																					$	854,924


Notes

1 Fixed-rate debt includes notional principal fixed through swap transactions.
2 Represents the Company's pro-rata share of debt based on its percent ownership.
3 Represents the noncontrolling Interest pro-rata share of consolidated partnership debt based on its percent ownership.
4 Represents the Company's pro-rata share of unconsolidated partnership debt based on percent ownership.

Page 17

Reporting Supplement
December 31, 2010

Debt Analysis
(amounts in thousands)
			Principal			Acadia's Pro-rata
			Balance at			share						Interest		Maturity	Extension
Property	Notes	Entity	December 31, 2010			Percent		Amount				Rate		Date	Options

CORE PORTFOLIO

Fixed-Rate Debt
Acadia Realty Trust	7	Acadia	$	48,712		100.0	%	$	48,712			6.03	%	12/20/2011	None
Chestnut Hill		Acadia		9,338		100.0	%		9,338			5.45	%	6/11/2013	None
Clark Diversey		Acadia		4,625		100.0	%		4,625			6.35	%	7/1/2014	None
New Loudon Center		Acadia		14,119		100.0	%		14,119			5.64	%	9/6/2014	None
Crossroads Shopping Center		Crossroads JV		61,365		49.0	%		30,068			5.37	%	12/1/2014	None
Crescent Plaza		Acadia		17,539		100.0	%		17,539			4.98	%	9/6/2015	None
Pacesetter Park Shopping Center		Acadia		12,132		100.0	%		12,132			5.12	%	11/6/2015	None
Elmwood Park Shopping Center		Acadia		34,197		100.0	%		34,197			5.53	%	1/1/2016	None
Gateway Shopping Center		Acadia		20,500		100.0	%		20,500			5.44	%	3/1/2016	None
Acadia Brandywine		Brandywine JV		166,200		22.2	%		36,933			5.99	%	7/1/2016	None
Walnut Hill Plaza		Acadia		23,500		100.0	%		23,500			6.06	%	10/1/2016	None
239 Greenwich Avenue		Acadia		26,000		75.0	%		19,500			5.42	%	2/11/2017	None
Merrillville Plaza		Acadia		26,250		100.0	%		26,250			5.88	%	8/1/2017	None
Boonton		Acadia		8,033		60.0	%		4,820			6.40	%	11/1/2032	None
Interest rate swaps	1	Acadia		58,405		100.0	%		58,405			6.08	%	Various

Sub-Total Fixed-Rate Debt				530,915					360,638			5.75	%

Variable-Rate Debt


Various	2	Acadia		1,000		100.0	%		1,000		Libor +	125		12/1/2011	1 x 12 mos.
Branch Plaza		Acadia		13,932		100.0	%		13,932		Libor +	130		12/1/2011	1 x 12 mos.
Village Commons Shopping Center		Acadia		9,305		100.0	%		9,305		Libor +	140		6/29/2012
Interest rate swaps	1	Acadia		(58,405	)	100.0	%		(58,405	)

Sub-Total Variable-Rate Debt				(34,168	)				(34,168	)	Libor +	134

Total Core Portfolio Debt			$	496,747				$	326,470			6.19	%

Page 18

Reporting Supplement
December 31, 2010

Debt Analysis
(amounts in thousands)
			Principal			Acadia's Pro-rata
			Balance at			share						Interest		Maturity	Extension
Property	Notes	Entity	December 31, 2010			Percent		Amount				Rate		Date	Options

OPPORTUNITY FUNDS

Fixed-Rate Debt
Storage Post - Various	4	Fund III	$	41,500		18.9	%	$	7,846			5.30	%	3/16/2011	2 x 12 mos.
CityPoint		Fund II		20,000		18.8	%		3,766			7.25	%	11/1/2014	None
216th Street	3	Fund II		25,500		19.8	%		5,054			5.80	%	10/1/2017	None
Atlantic Avenue		Fund II		11,540		13.3	%		1,539			7.34	%	1/1/2020	None
Interest rate swaps	1	Fund I, II & III		33,130		20.2	%		6,682			4.38	%	Various

Sub-Total Fixed-Rate Debt				131,670					24,887			5.57	%

Variable-Rate Debt

Liberty Avenue		Fund II		10,000		19.8	%		1,982		Libor +	325		9/1/2011	1 x 12 mos.
Fordham Plaza	3	Fund II		85,910		19.8	%		17,027		Libor +	350		10/4/2011	1 x 12 mos.
Acadia Strategic Opportunity Fund III, LLC	6	Fund III		171,450		19.9	%		34,119		Libor +	60		10/9/2011	None
Tarrytown Shopping Center		Fund I		8,427		37.8	%		3,184		Libor +	165		10/30/2011	1 x 12 mos.
Canarsie Plaza		Fund II		40,243		15.9	%		6,381		Libor +	400		1/12/2012	1 x 36 mos.
161st Street	3	Fund II		28,900		19.8	%		5,728		Libor +	400		4/1/2013	None
CityPoint		Fund II		20,650		18.8	%		3,888		Libor +	250		8/12/2013	2 x 12 mos.
Pelham Manor	3	Fund II		31,554		19.8	%		6,254		Libor +	275		12/1/2013	None
Acadia Strategic Opportunity Fund II, LLC	5	Fund II		40,000		20.0	%		8,000		Libor +	290		12/22/2014	None
Cortlandt Towne Center		Fund III		50,000		19.9	%		9,950		Libor +	190		10/26/2015	None
White City Shopping Center	8	Fund III		40,000		16.7	%		6,688		Libor +	260		12/23/2017	None
Interest rate swaps	1	Fund I, II & III		(33,130	)	20.2	%		(6,682	)

Sub-Total Variable-Rate Debt				494,004					96,518		Libor +	218

Total Opportunity Funds Portfolio Debt			$	625,674				$	121,405			3.37	%

Page 19

Reporting Supplement
December 31, 2010
Debt Analysis - Notes





1 The Company has hedged a portion of it's variable-rate debt with variable to fixed-rate swap agreements as follows:

			Average		Maturity
	Notional principal		Swap rate	All-in Rate	Date


Core Portfolio	$	10,530	4.90 %	7.09 %	10/1/2011
		7,875	5.14 %	7.34 %	3/1/2012
		15,000	3.79 %	5.99 %	11/30/2012
		15,000	3.41 %	5.61 %	11/30/2012
		10,000	2.65 %	4.85 %	11/30/2012
	$	58,405	3.88 %	6.08 %

Opportunity Funds	$	4,130	0.42 %	2.62 %	10/28/2011
		9,000	0.50 %	2.70 %	9/1/2011
		20,000	5.50 %	5.50 %	12/26/2017
	$	33,130	3.51 %	4.38 %

Total Core Portfolio and Opportunity Funds	$	91,535	3.74 %	5.46 %

2 This is a revolving facility for up to $64,498 and is collateralized by Bloomfield Town Square, Hobson West Plaza, Marketplace of Absecon, Abington Towne Center, Methuen Shopping Center and Town Line Plaza.
3 Fund II is a 99.1% joint venture partner on this investment. As such, Acadia's pro-rata share of the above debt is 99.1% x 20%, or 19.8%.
4 The loan is collateralized by Storage Post locations - Linden, Webster Avenue, Jersey City, Fordham Road and Lawrence.
5 This is a line of credit for up to $40,000.
6 This is a line of credit with a capacity of $221,000.
7 Convertible note balance pursuant to ASC Topic 470-20. The actual face amount of the convertible notes at December 31, 2010 is $49,775. While the interest rate on the convertible notes is 3.75%, the effective fair value interest rate is 6.03%.
8 Fund III is a 84.0% joint venture partner on this investment. As such, Acadia's pro-rata share of the above debt is 84.0% x 19.9%, or 16.7%.

Page 20

Reporting Supplement

December 31, 2010

Future Debt Maturities - Not Including Extension Options

(in thousands)


Core Portfolio								Acadia's Pro-rata Share								Weighted Average Interest Rate of Maturing Debt
	Scheduled							Scheduled
Year	Amortization		Maturities		Total			Amortization		Maturities		Total				Total Debt			Fixed-Rate Debt			Variable-Rate Debt

2011	$	2,364	$	64,480	$	66,844		$	2,178	$	64,480	$	66,658				3.25	%		3.75	%		1.56	%
2012		3,164		9,052		12,216			2,597		9,052		11,649				1.66	%		n/a			1.66	%
2013		3,323		8,777		12,100			2,727		8,777		11,504				5.45	%		5.45	%		n/a
2014		3,249		17,297		20,546			2,614		17,297		19,911				5.81	%		5.81	%		n/a
2015		2,772		84,472		87,244			2,223		55,345		57,568				5.26	%		5.26	%		n/a
Thereafter		7,325		291,535		298,860			4,738		155,505		160,243				5.85	%		5.85	%		n/a
	$	22,197	$	475,613	$	497,810		$	17,077	$	310,456	$	327,533

Less: additional convertible notes balance						(1,063	)						(1,063	)
Balance per Portfolio Debt Detail					$	496,747						$	326,470


															Weighted Average Interest Rate of Pro-rata Share of Maturing Debt
Opportunity Funds
																Total Debt			Fixed-Rate Debt			Variable-Rate Debt

2011	$	2,666	$	316,461	$	319,127		$	529	$	63,994	$	64,523				2.67	%		5.30	%		2.27	%
2012		1,895		40,243		42,138			376		6,381		6,757				6.50	%		n/a			6.50	%
2013		1,956		90,413		92,369			387		17,742		18,129				3.38	%		n/a			3.38	%
2014		-		45,000		45,000			-		8,766		8,766				4.98	%		7.25	%		3.16	%
2015		49		50,000		50,049			7		9,950		9,957				2.16	%		n/a			2.16	%
Thereafter		248		76,743		76,991			34		13,239		13,273				4.49	%		6.27	%		2.86	%
	$	6,814	$	618,860	$	625,674		$	1,333	$	120,072	$	121,405

1 Includes additional convertible notes balance of $1,063 maturing in 2011.

Page 21

Reporting Supplement

December 31, 2010

Future Debt Maturities - Including Extension Options

(in thousands)

Core Portfolio								Acadia's Pro-rata Share								Weighted Average Interest Rate of Maturing Debt
	Scheduled							Scheduled
Year	Amortization		Maturities		Total			Amortization		Maturities		Total				Total Debt			Fixed-Rate Debt			Variable-Rate Debt

2011	$	2,384	$	49,775	$	52,159		$	2,198	$	49,775	$	51,973				3.75	%		3.75	%		n/a
2012		3,391		23,510		26,901			2,824		23,510		26,334				1.60	%		n/a			1.60	%
2013		3,323		8,777		12,100			2,727		8,777		11,504				5.45	%		5.45	%		n/a
2014		3,249		17,297		20,546			2,614		17,297		19,911				5.81	%		5.81	%		n/a
2015		2,772		84,472		87,244			2,222		55,346		57,568				5.26	%		5.26	%		n/a
Thereafter		7,325		291,535		298,860			4,738		155,505		160,243				5.85	%		5.85	%		n/a
	$	22,444	$	475,366	$	497,810		$	17,323	$	310,210	$	327,533

Less: additional convertible notes balance						(1,063	)						(1,063	)
Balance per Portfolio Debt Detail					$	496,747						$	326,470


															Weighted Average Interest Rate of Pro-rata Share of Maturing Debt
Opportunity Funds
																Total Debt			Fixed-Rate Debt			Variable-Rate Debt

2011	$	2,948	$	171,450	$	174,398		$	585	$	34,119	$	34,704				.86	%		n/a			.86	%
2012		2,763		102,361		105,124			548		21,801		22,349				4.60	%		n/a			4.60	%
2013		1,956		111,263		113,219			387		21,700		22,087				4.21	%		5.30	%		3.56	%
2014		-		45,000		45,000			-		8,766		8,766				4.98	%		7.25	%		3.16	%
2015		49		110,893		110,942			7		20,219		20,226				3.85	%		n/a			3.85	%
Thereafter		248		76,743		76,991			34		13,239		13,273				4.49	%		6.27	%		2.86	%
	$	7,964	$	617,710	$	625,674		$	1,561	$	119,844	$	121,405

1 Includes additional convertible notes balance of $1,063 maturing in 2011.

Page 22

Reporting Supplement

December 31, 2010

Selected Operating Ratios

		Three months ended December 31,								Year ended December 31,
		2010				2009				2010				2009
Coverage Ratios	1
Interest Coverage Ratio
EBIDTA	2	$	19,920			$	16,749			$	73,136			$	71,601
Divided by Interest expense			5,721				5,995				23,688				24,757
			3.48		x		2.79		x		3.09		x		2.89	x
Fixed Charge Coverage Ratio
EBIDTA		$	19,920			$	16,749			$	73,136			$	71,601
Divided by ( Interest expense			5,721				5,995				23,688				24,757
+ Preferred Dividends)	3		5				5				18				19
			3.48		x		2.79		x		3.09		x		2.89	x
Debt Service Coverage Ratio
EBIDTA		$	19,920			$	16,749			$	73,136			$	71,601
Divided by ( Interest expense			5,721				5,995				23,688				24,757
+ Principal Amortization)			586				439				2,141				1,605
			3.16		x		2.60		x		2.83		x		2.72	x
Payout Ratios
FFO Payout Ratio
Dividends (Shares) & Distributions (O.P. Units) paid		$	7,427			$	7,377			$	29,703			$	29,476
FFO			12,147				9,991				50,458				49,631
			61	%			74	%			59	%			59	%
AFFO Payout Ratio
Dividends (Shares) & Distributions (O.P. Units) paid		$	7,427			$	7,377			$	29,703			$	29,476
AFFO			11,454				8,490				40,960				40,076
			65	%			87	%			73	%			74	%
FAD Payout Ratio
Dividends (Shares) & Distributions (O.P. Units) paid		$	7,427			$	7,377			$	29,703			$	29,476
FAD			10,868				8,051				38,819				38,471
			68	%			92	%			77	%			77	%
Leverage Ratios
Debt/Total Market Capitalization
Debt	4	$	447,876
Total Market Capitalization			1,189,151
			38	%

Debt + Preferred Equity (Preferred O.P. Units)		$	448,333
Total Market Capitalization			1,189,151
			38	%
Debt/EBIDTA - Core Portfolio
Debt		$	326,470
EBIDTA (Annualized)			62,423
			5.23		x
Net Debt/EBIDTA - Core Portfolio	5
Debt		$	240,767
EBIDTA (Annualized)			62,423
			3.86		x
Debt/EBIDTA - Core Portfolio and Opportunity Funds
Debt		$	447,876
EBIDTA (Annualized)			79,680
			5.62		x
Net Debt/EBIDTA - Core Portfolio and Opportunity Funds	6
Debt		$	350,615
EBIDTA (Annualized)			79,680
			4.40		x
Debt Yield - Core Portfolio
NOI (Annualized)		$	45,928
Debt			326,470
			14.1	%
Net Debt Yield - Core Portfolio	4
NOI (Annualized)		$	45,928
Debt			240,767
			19.1	%
Debt Yield - Core Portfolio and Opportunity Funds
NOI (Annualized)		$	55,104
Debt			447,876
			12.3	%
Net Debt Yield - Core Portfolio and Opportunity Funds	5
NOI (Annualized)		$	55,104
Debt			350,615
			15.7	%

Notes:
1 Quarterly results for 2010 and 2009 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 EBIDTA, interest expense and principal amortization related to both the Company's consolidated and unconsolidated investments in joint ventures.
2 2010 EBITDA excludes the gain from bargain purchase and 2009 EBITDA excludes gains from the extinguishment of debt.
3 Represents preferred distributions on Preferred Operating partnership Units.
4 Includes the Company's pro-rata share of consolidated and unconsolidated joint venture debt and principal amortization.
5 Reflects debt net of the current Core Portfolio cash balance as of December 31, 2010.
6 Reflects debt net of the current Core Portfolio and pro-rata share of the Opportunity Funds cash balance as of December 31, 2010.

Page 23

Reporting Supplement

December 31, 2010

Overview of Acadia Strategic Opportunity Funds

FUND I

FUND II

FUND III

Item

Description

Date formed

September 2001

June 2004

May 2007

Capital commitment

$90 million

$300 million

$503 million

Funding

Fully funded

$265.2 million funded through December 31, 2010

$96.5 million funded through December 31, 2010

Partnership structure

Equity Contribution:

22.22% - Acadia

20% - Acadia

77.78% - Four institutional investors

80% - Six institutional investors

80% - 14 institutional investors

Cash flow distribution:

22.22% - Acadia

20% - Acadia

77.78% - Four institutional investors

80% - Six institutional investors

80% - 14 institutional investors

Promote:

20% to Acadia once all partners (including

Acadia) have received 9% preferred return and

Acadia) have received 8% preferred return and

Acadia) have received 6% preferred return and

return of equity

Remaining 80% is distributed to all the partners

(including Acadia).

All original capital and accumulated preference

All unfunded capital is anticipated to be used to

The Fund is currently in acquisition phase through

has been paid. Acadia is entitled to a Promote

complete existing projects

June 2012.

on all future distributions.

Fees to Acadia

Priority distribution fee equal to 1.5% of implied

Asset management fee equal to 1.5% of total

capital

committed capital

Priority distribution fee equal to 4% of gross

Property management fee equal to 4% of gross

property revenues

Market rate leasing fees

Market rate construction/project management fees

Development fee equal to 3% of total project cost

Page 24

Reporting Supplement

December 31, 2010

New York Urban/Infill: Development costs - Construction Complete
			Estimated		Total cost
		Estimated	square		to date		Estimated		Total		Debt as of
		completion	footage upon		(including		future		project		December 31,
Property	Anchors/Tenants	of Construction	completion		acquisition cost)		cost		cost		2010		% Leased 2

Fund II							($ in millions)
Construction complete
													Retail - 100%
Fordham Place	Sears, Walgreens, Best Buy, 24 Hour Fitness	Completed		276,000	$	124.5	$	9.8	$	134.3	$	85.9	Office - 29%
Pelham Manor Shopping Plaza 1	BJ's Wholesale Club, Petsmart, Storage Post	Completed		320,000		61.4		2.6		64.0		31.6		91%
216th Street	City of New York Dept of General Services	Completed		60,000		27.7		-		27.7		25.5		100%
Liberty Avenue 1	CVS, Storage Post	Completed		125,000		15.5		-		15.5		10.0		100%
161st Street 3	Various New York City and State Agencies	To be determined		230,000		61.6		5.1		66.7		28.9		93%
Atlantic Avenue	Storage Post	Completed		110,000		22.0		0.1		22.1		11.5		n/a
Canarsie Plaza 4	BJ's Wholesale Club, Planet Fitness, NYPD	Completed		275,000		80.3		9.8		90.1		40.2		85%
													Retail - 90%
Total				1,396,000	$	393.0	$	27.4	$	420.4	$	233.6	Office - 72%

1 Fund II acquired a ground lease interest at this property.

2 Percentage leased excludes self storage at Pelham Manor, Liberty Avenue and Atlantic Avenue.

3 161st Street is currently cash flowing at 83% occupancy. The redevelopment plan includes the recapture and conversion of street level office space to retail. The tenant consolidations necessary to accomplish this plan have already begun, which will cause a temporary decline in physical occupancy until completed.

4 Cost to date is net of lease termination income from Home Depot.

5 Reconciliation of development costs to the Balance Sheet:

Operating real estate	$	387.3
Net real estate under development		220.1
Gain from bargain purchase		(33.8	)
Canarsie lease termination income		(23.9	)
Total costs to date	$	549.7

Construction completed	$	393.0
Under development		100.5
In design		56.2
Total	$	549.7

Page 25

Reporting Supplement

December 31, 2010

New York Urban/Infill: Development costs - Construction/Design

Estimated

Total cost

Estimated

square

to date

Estimated

Total

Debt as of

completion

footage upon

(including

future

project

December 31,

Property

Anchors/Tenants

of Construction

completion

acquisition cost)

cost

2010

% Leased

Fund II

($ in millions)

Under Construction

CityPoint 1

TBD

550,000

81.8

118.2

200.0

40.6

In Design

Sherman Plaza

TBD

33.4

TBD

1 Fund II acquired a ground lease interest at this property. Construction on the first 50,000 square feet of the project (Phase 1) has commenced.

Fund III

Under Construction

125 Main Street (Westport, CT)

GAP, Brooks Brothers Women

2nd half 2011

26,000

18.7

6.7

25.4

77%

In Design

Sheepshead Bay

TBD

22.8

TBD

Page 26

Reporting Supplement

December 31, 2010

Retailer Controlled Property ("RCP") Venture - Overview

* Note - The RCP Venture is not a separate AKR Fund, rather it is a venture in which AKR, Funds I and II have invested approximately $62 million in equity. *

Item	Description
Date formed	January 2004

Partnership structure
Equity Contribution:	Up to $300 million of total equity

	Up to 20% ($60 million) - AKR Fund I ($20 million) and Fund II ($40 million)

	80% - Klaff Realty LP and Lubert-Adler

Cash flow distribution:	20% - AKR Funds
	80% - Four institutional investors

Promote:	20% to Klaff once all partners (including Klaff) have received 10% preferred return and return of equity (50% of first $40 million of AKR Fund equity is not subject to this promote)

	Remaining 80% is distributed to all the partners (including Klaff)

RCP Venture - Investments

The following table summarizes the RCP Venture investments from inception through December 31, 2010

		Years	Invested		Equity
Investor	Investment	acquired	capital	Distributions	Multiple

Mervyns I and Mervyns II	Mervyns	2004 through 2007	$ 32,575	$ 47,669	1.5	X

Mervyns II	Albertson’s	2006 through 2007	23,129	78,268	3.4	X

Fund II and Mervyns II	Other investments 1	2006 through 2008	6,476	5,134	0.8	X

Total			$ 62,180	$ 131,071	2.1	X

1 Represents investments in Shopko, Marsh and Rex.

Page 27

QUARTERLY SUPPLEMENTAL DISCLOSURE

December 31, 2010

Core Portfolio Retail Properties - Detail

			Acadia's			Gross Leaseable Area						Occupancy									Annualized Base Rent
Property	Anchors		interest			Anchors		Shops		Total		Anchors			Shops			Total			Anchors		Shops		Total		Per Sq. Ft.

New York
Connecticut
239 Greenwich Avenue 1	Restoration Hardware, Coach			75.0	%		16,834		-		16,834		100.00	%		-			100.00	%	$	1,554,663	$	-	$	1,554,663	$	92.35

New Jersey
Elmwood Park Shopping Center	Walgreens, Pathmark (A&P)			100.0	%		62,610		86,881		149,491		100.00	%		85.94	%		91.83	%		1,486,006		1,911,949		3,397,955		24.75
A & P Shopping Plaza	A&P			60.0	%		49,463		13,445		62,908		100.00	%		53.55	%		90.07	%		950,000		216,305		1,166,305		20.58
Total - New Jersey							112,073		100,326		212,399		100.00	%		81.59	%		91.31	%		2,436,006		2,128,254		4,564,260		23.54

New York
Village Commons Shopping Center		-		100.0	%		14,121		73,209		87,330		0.00	%		89.26	%		74.83	%		-		2,065,110		2,065,110		31.60
Branch Plaza	A&P, CVS			100.0	%		74,050		51,662		125,712		100.00	%		98.50	%		99.38	%		1,264,448		1,416,696		2,681,144		21.46
Amboy Center	King Kullen, Duane Reade			100.0	%		46,964		13,126		60,090		100.00	%		100.00	%		100.00	%		1,052,068		553,723		1,605,791		26.72
Bartow Avenue		-		100.0	%		-		14,676		14,676		0.00	%		89.49	%		89.49	%		-		439,249		439,249		33.43
Pacesetter Park Shopping Center	Stop & Shop			100.0	%		52,052		44,328		96,380		100.00	%		79.92	%		90.76	%		405,346		703,275		1,108,621		12.67
LA Fitness	LA Fitness			100.0	%		55,000		-		55,000		100.00	%		-			100.00	%		1,265,000		-		1,265,000		23.00
West 54th Street	Stage Deli			100.0	%		4,211		5,482		9,693		100.00	%		100.00	%		100.00	%		999,996		1,564,848		2,564,844		264.61
East 17th Street	Barnes & Noble			100.0	%		19,622		-		19,622		100.00	%		0.00	%		100.00	%		625,000		-		625,000		31.85
Crossroads Shopping Center	Kmart, A&P			49.0	%		210,114		99,373		309,487		100.00	%		80.54	%		93.75	%		2,546,429		3,546,576		6,093,005		21.00
Total - New York							476,134		301,856		777,990		97.03	%		87.27	%		93.25	%		8,158,287		10,289,477		18,447,764		25.43

Total New York							605,041		402,182		1,007,223		97.67	%		85.86	%		92.95	%		12,148,956		12,417,731		24,566,687		26.24


New England

Connecticut
Town Line Plaza 2	Wal-Mart, Stop & Shop			100.0	%		163,159		43,187		206,346		100.00	%		90.60	%		98.03	%		969,144		663,687		1,632,831		15.55

Massachusetts
Methuen Shopping Center	Wal-Mart, Market Basket			100.0	%		120,004		10,017		130,021		100.00	%		100.00	%		100.00	%		736,464		222,225		958,689		7.37
Crescent Plaza	Home Depot, Shaw's (Supervalu)			100.0	%		156,985		61,156		218,141		100.00	%		66.69	%		90.66	%		1,178,872		406,747		1,585,619		8.02
Total - Massachusetts							276,989		71,173		348,162		100.00	%		71.37	%		94.15	%		1,915,336		628,972		2,544,308		7.76

New York
	Marshalls, Price Chopper,
New Loudon Center 3	Raymour & Flanigan			100.0	%		251,058		4,615		255,673		74.03	%		100.00	%		74.49	%		1,404,928		130,418		1,535,346		8.06

Rhode Island
Walnut Hill Plaza	Sears, Shaw's (Supervalu), CVS			100.0	%		121,892		162,825		284,717		100.00	%		88.72	%		93.55	%		1,005,500		1,349,428		2,354,928		8.84

Vermont
The Gateway Shopping Center	Shaw's (Supervalu)			100.0	%		73,184		28,600		101,784		100.00	%		72.19	%		92.19	%		1,353,904		444,138		1,798,042		19.16

Total New England							886,282		310,400		1,196,682		92.64	%		83.65	%		90.31	%		6,648,812		3,216,643		9,865,455		10.03

General note - The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has not yet commenced.

1 239 Greenwich Avenue contains 16,834 square feet of retail GLA and 21 residential units encompassing 14,434 square feet. Residential activities are not included above.
2 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.
3 Leased occupancy is 100% with a signed expansion lease with Price Chopper Supermarket and a new Hobby Lobby to be replacing the 65,000 square foot Bonton.

Page 28

QUARTERLY SUPPLEMENTAL DISCLOSURE

December 31, 2010

Core Portfolio (continued):

Midwest
Illinois
Hobson West Plaza	Garden Fresh Markets		100.0	%	51,692	47,434	99,126	100.00	%	83.36	%	92.04	%	$	225,436	$	861,743	1,087,179		11.92
Clark Diversey		-	100.0	%	-	19,265	19,265	-		91.57	%	91.57	%		-		799,766	799,766		45.34
Total - Illinois					51,692	66,699	118,391	100.00	%	85.73	%	91.96	%		225,436		1,661,509	1,886,945		17.33

Indiana
	JC Penney, Office Max, TJ Maxx,
Merrillville Plaza	K&G Superstore, Pier I		100.0	%	145,778	90,126	235,904	100.00	%	80.77	%	92.65	%		1,633,928		1,225,102	2,859,030		13.08

Michigan
	Best Buy, Home Goods, TJ Maxx,
Bloomfield Towne Square	Marshalls, Officemax		100.0	%	154,858	79,237	234,095	100.00	%	94.49	%	98.13	%		1,368,005		1,473,016	2,841,021		12.37

Ohio
Mad River Station 1	Babies 'R' Us, Office Depot, Pier I		100.0	%	68,297	57,687	125,984	100.00	%	72.99	%	87.63	%		779,210		618,698	1,397,908		12.66

Total Midwest					420,625	293,749	714,374	100.00	%	84.07	%	93.45	%		4,006,579		4,978,325	8,984,904		13.46

Mid-Atlantic
New Jersey
Marketplace of Absecon	Rite Aid, Dollar Tree		100.0	%	44,049	60,669	104,718	52.95	%	85.18	%	71.62	%		443,115		685,789	1,128,904		15.05
Total - New Jersey					44,049	60,669	104,718	52.95	%	85.18	%	71.62	%		443,115		685,789	1,128,904		15.05

Delaware
	Lowes, Target, Bed, Bath & Beyond,
Brandywine Town Center	Dicks Sporting Goods		22.2	%	840,172	34,817	874,989	94.23	%	89.09	%	94.02	%		12,301,568		599,868	12,901,436		15.68
Market Square Shopping Center	TJ Maxx, Trader Joe's		22.2	%	42,850	59,197	102,047	100.00	%	100.00	%	100.00	%		671,888		1,778,958	2,450,846		24.02
Naamans Road		-	22.2	%	-	19,970	19,970	0.00	%	54.94	%	54.94	%		-		558,340	558,340		50.89
Total - Delaware					883,022	113,984	997,006	94.51	%	88.77	%	93.85	%		12,973,456		2,937,166	15,910,622		17.00

Pennsylvania
Mark Plaza	Kmart, Redner's Market		100.0	%	157,595	58,806	216,401	100.00	%	48.60	%	86.03	%		652,095		177,827	829,922		4.46
Plaza 422	Home Depot, Dunham's		100.0	%	139,968	16,311	156,279	100.00	%	100.00	%	100.00	%		643,503		152,349	795,852		5.09
Route 6 Plaza	Kmart, Rite Aid		100.0	%	146,498	29,021	175,519	100.00	%	100.00	%	100.00	%		806,351		365,339	1,171,690		6.68
Chestnut Hill 2			100.0	%	31,420	9,150	40,570	0.00	%	100.00	%	22.55	%		-		325,483	325,483		35.57
Abington Towne Center 3	Target, TJ Maxx		100.0	%	184,616	31,753	216,369	100.00	%	94.75	%	99.23	%		270,000		823,775	1,093,775		19.16
Total - Pennsylvania					660,097	145,041	805,138	95.24	%	78.01	%	92.14	%		2,371,949		1,844,773	4,216,722		7.22

Total Mid-Atlantic					1,587,168	319,694	1,906,862	93.66	%	83.21	%	91.91	%		15,788,520		5,467,728	21,256,248		13.33


Total Core Properties					3,499,116	1,326,025	4,825,141	94.86	%	84.31	%	91.96	%		38,592,867		26,080,427	64,673,294		15.46


Total Core Properties - weighted based on ownership interest 4					2,681,150	1,181,310	3,862,460	94.69	%	84.27	%	91.51	%		26,434,768		21,900,624	48,335,392	$	13.68


General note - The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has not yet commenced.
1 The GLA for this property excludes 29,857 square feet of office space.
2 This consists of two separate buildings.
3 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.
4 Weighted based on Acadia's ownership interest in the properties.

Page 29

Reporting Supplement

December 31, 2010

Core Portfolio Retail Properties by State - Summary


									Gross Leasable Area						Occupancy									Annualized Base Rent
	Ownership			Percent of			Number of
	%			base rent 1			properties		Anchors 2		Shops		Total		Anchors			Shops			Total			Anchors		Shops		Total



Connecticut		75.0	%		5.8	%		2		179,993		43,187		223,180		100.00	%		90.60	%		98.18	%	$	2,523,807	$	663,687	$	3,187,494

Delaware		22.2	%		7.1	%		3		883,022		113,984		997,006		94.51	%		88.77	%		93.85	%		12,973,456		2,937,166		15,910,622

Illinois		100.0	%		3.9	%		2		51,692		66,699		118,391		100.00	%		85.73	%		91.96	%		225,436		1,661,509		1,886,945

Indiana		100.0	%		5.9	%		1		145,778		90,126		235,904		100.00	%		80.77	%		92.65	%		1,633,928		1,225,102		2,859,030

Massachusetts		100.0	%		5.3	%		2		276,989		71,173		348,162		100.00	%		71.37	%		94.15	%		1,915,336		628,972		2,544,308

Michigan		100.0	%		5.9	%		1		154,858		79,237		234,095		100.00	%		94.49	%		98.13	%		1,368,005		1,473,016		2,841,021

New Jersey		89.8	%		10.8	%		3		156,122		160,995		317,117		86.73	%		82.95	%		84.81	%		2,879,121		2,814,043		5,693,164

New York		83.2	%		35.1	%		10		727,192		306,471		1,033,663		89.09	%		87.46	%		88.61	%		9,563,215		10,419,895		19,983,110

Ohio		100.0	%		2.9	%		1		68,297		57,687		125,984		100.00	%		72.99	%		87.63	%		779,210		618,698		1,397,908

Pennsylvania		100.0	%		8.8	%		5		660,097		145,041		805,138		95.24	%		78.01	%		92.14	%		2,371,949		1,844,773		4,216,722

Rhode Island		100.0	%		4.9	%		1		121,892		162,825		284,717		100.00	%		88.72	%		93.55	%		1,005,500		1,349,428		2,354,928

Vermont		100.0	%		3.7	%		1		73,184		28,600		101,784		100.00	%		72.19	%		92.19	%		1,353,904		444,138		1,798,042

Total - Core Portfolio					100.0	%		32		3,499,116		1,326,025		4,825,141		94.86	%		84.31	%		91.96	%	$	38,592,867	$	26,080,427	$	64,673,294

General note - The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has not yet commenced.

1 The Company's pro-rata share of base rent from joint venture properties has been included for the purpose of calculating percentage of base rent by state.

2 Anchor GLA includes a total of 254,916 square feet which is not owned by the Company. This square footage has been excluded for calculating annualized base rent per square foot.

Page 30

Reporting Supplement

December 31, 2010

Core Portfolio Top Tenants - Ranked by Annual Base Rent (ABR)

			Gross												ProRata
	Number of		Wholly Owned				Joint Ventures 1				Combined				Combined				Percentage of Total
	stores in
	combined																		Percentage of
Tenant	portfolio		GLA		Base Rent		GLA		Base Rent		GLA		Base Rent		GLA		Base Rent		Portfolio GLA			Base Rent

A&P		4		160,236	$	3,014,066		38,208	$	504,000		198,444	$	3,518,066		159,173	$	2,881,026		3.6	%		5.6	%
-- A&P		3		112,463		1,963,060		38,208		504,000		150,671		2,467,060		111,400		1,830,020		2.5	%		3.5	%
-- Pathmark		1		47,773		1,051,006		-		-		47,773		1,051,006		47,773		1,051,006		1.1	%		2.0	%

TJX Companies		9		230,627		1,816,973		56,108		920,481		286,735		2,737,454		249,771		2,161,723		5.7	%		4.2	%
-- T.J. Maxx		4		88,200		759,600		31,175		396,888		119,375		1,156,488		95,127		847,789		2.2	%		1.6	%
-- Marshalls		3		102,781		750,116		-		-		102,781		750,116		102,781		750,116		2.3	%		1.4	%
-- Homegoods		2		39,646		307,257		24,933		523,593		64,579		830,850		51,863		563,818		1.2	%		1.1	%

Supervalu (Shaws)		3		175,801		2,420,980		-		-		175,801		2,420,980		175,801		2,420,980		4.0	%		4.7	%

Sears		4		285,314		1,150,615		100,725		566,250		386,039		1,716,865		334,669		1,428,078		7.6	%		2.8	%
-- Kmart		3		224,614		892,615		100,725		566,250		325,339		1,458,865		273,969		1,170,078		6.3	%		2.3	%
-- Sears		1		60,700		258,000		-		-		60,700		258,000		60,700		258,000		1.4	%		0.5	%

Wal-Mart		2		210,114		1,515,409		-		-		210,114		1,515,409		210,114		1,515,409		4.8	%		2.9	%

Ahold (Stop and Shop)		2		117,911		1,363,237		-		-		117,911		1,363,237		117,911		1,363,237		2.7	%		2.6	%

Home Depot		2		211,003		1,099,996		-		-		211,003		1,099,996		211,003		1,099,996		4.8	%		2.1	%

Barnes & Noble		3		32,122		849,000		6,091		194,902		38,213		1,043,902		38,213		1,043,902		0.9	%		2.0	%

Sleepy's		4		32,619		789,858		-		-		32,619		789,858		32,619		789,858		0.7	%		1.5	%

Pier 1 Imports		3		19,255		419,017		8,818		348,576		28,073		767,593		23,576		589,819		0.5	%		1.1	%

Drexel Heritage		2		13,315		332,875		21,827		471,245		35,142		804,120		18,165		437,586		0.4	%		0.8	%
Citibank		3		5,486		263,328		8,470		438,539		13,956		701,867		8,283		417,306		0.2	%		0.8	%
The Avenue		4		17,236		342,869		8,250		327,360		25,486		670,229		21,279		503,275		0.5	%		1.0	%
Payless Shoesource		8		26,236		485,871		3,090		114,330		29,326		600,201		27,750		541,893		0.6	%		1.0	%
CVS		3		34,300		540,819		-		-		34,300		540,819		34,300		540,818		0.8	%		1.0	%
JP Morgan Chase Bank		3		5,922		155,464		3,745		325,000		9,667		480,464		14,435		398,895		0.3	%		0.8	%
Rite Aid		2		25,047		447,710		-		-		25,047		447,710		25,047		447,710		0.6	%		0.9	%
OfficeMax		2		47,657		428,913		-		-		47,657		428,913		47,657		428,913		1.1	%		0.8	%
Dollar Tree		5		45,387		428,872		-		-		45,387		428,872		45,387		428,872		1.0	%		0.8	%
Hallmark Cards		4		22,022		372,898		-		-		22,022		372,898		22,022		372,898		0.5	%		0.7	%
Coldwell Banker		2		14,012		326,958		-		-		14,012		326,958		14,012		326,958		0.3	%		0.6	%
Dots		4		17,698		297,358		-		-		17,698		297,358		17,698		297,358		0.4	%		0.6	%

Total		78		1,749,320	$	18,863,086		255,332	$	4,210,683		2,004,652	$	23,073,769		1,848,885	$	20,436,510		42.2	%		39.5	%

1 Represents Brandywine and Crossroads joint ventures.

Page 31

Reporting Supplement
December 31, 2010

Core Portfolio Lease Expirations


			Gross Leased Area					Annual Base Rent
	No. of Leases		Square		Percent					Percent			Avg. Per
	Expiring		Footage		of Total			Amount		of Total			Sq. Ft.

Anchor Tenants
2011		11		250,667		8.17	%		3,639,622		9.43	%		14.52
2012		7		351,642		11.47	%		3,185,790		8.25	%		9.06
2013		10		379,087		12.36	%		6,289,390		16.30	%		16.59
2014		8		261,101		8.51	%		3,126,044		8.10	%		11.97
2015		8		284,608		9.28	%		3,990,010		10.34	%		14.02
2016		4		82,266		2.68	%		863,992		2.24	%		10.50
2017		4		159,389		5.20	%		2,661,119		6.90	%		16.70
2018		5		358,016		11.67	%		3,888,525		10.08	%		10.86
2019		5		122,539		4.00	%		927,850		2.40	%		7.57
2020		5		233,350		7.61	%		2,309,505		5.98	%		9.90
2021		2		136,148		4.44	%		1,014,568		2.63	%		7.45
2022		2		69,837		2.28	%		1,700,000		4.40	%		24.34
2024		3		188,506		6.15	%		3,273,048		8.48	%		17.36
2028		4		189,509		6.18	%		1,723,404		4.47	%		9.09
Total		78		3,066,665		100.00	%	$	38,592,867		100.00	%	$	12.58


Anchor GLA Owned by Tenants				254,916
Total Vacant				177,535

Total Square Feet				3,499,116


Shop Tenants
M to M		2		2,501		0.22	%		58,493		0.22	%		23.39
2011		48		187,219		16.75	%		4,027,383		15.44	%		21.51
2012		46		151,140		13.52	%		3,224,573		12.36	%		21.34
2013		52		170,801		15.28	%		3,751,292		14.38	%		21.96
2014		50		181,391		16.23	%		4,580,722		17.56	%		25.25
2015		32		159,382		14.26	%		2,645,903		10.15	%		16.60
2016		7		43,586		3.90	%		847,710		3.25	%		19.45
2017		14		42,683		3.82	%		1,972,086		7.56	%		46.20
2018		19		43,051		3.85	%		1,750,665		6.71	%		40.66
2019		14		42,049		3.76	%		929,292		3.56	%		22.10
2020		11		23,587		2.11	%		659,915		2.53	%		27.98
2021		2		30,270		2.71	%		264,013		1.01	%		8.72
2022		4		20,055		1.79	%		526,533		2.02	%		26.25
2023		2		7,362		0.66	%		129,298		0.50	%		17.56
2027		2		9,095		0.81	%		387,549		1.49	%		42.61
2030		1		3,745		0.33	%		325,000		1.25	%		86.78
Total		306		1,117,917		100.00	%	$	26,080,427		100.00	%	$	23.33


Total Vacant				208,108

Total Square Feet				1,326,025

Page 32

Reporting Supplement
December 31, 2010

Core Portfolio Lease Expirations


			Gross Leased Area					Annual Base Rent
	No. of Leases		Square		Percent					Percent			Avg. Per
	Expiring		Footage		of Total			Amount		of Total			Sq. Ft.

Total Anchor and Shop Tenants
M to M		2		2,501		0.06	%		58,493		0.09	%		23.39
2011		59		437,886		10.46	%		7,667,005		11.85	%		17.51
2012		53		502,782		12.02	%		6,410,363		9.91	%		12.75
2013		62		549,888		13.14	%		10,040,682		15.53	%		18.26
2014		58		442,492		10.57	%		7,706,766		11.92	%		17.42
2015		40		443,990		10.61	%		6,635,913		10.26	%		14.95
2016		11		125,852		3.01	%		1,711,702		2.65	%		13.60
2017		18		202,072		4.83	%		4,633,205		7.16	%		22.93
2018		24		401,067		9.58	%		5,639,190		8.72	%		14.06
2019		19		164,588		3.93	%		1,857,142		2.87	%		11.28
2020		16		256,937		6.14	%		2,969,420		4.59	%		11.56
2021		4		166,418		3.98	%		1,278,581		1.98	%		7.68
2022		6		89,892		2.15	%		2,226,533		3.44	%		24.77
2023		2		7,362		0.18	%		129,298		0.20	%		17.56
2024		3		188,506		4.50	%		3,273,048		5.06	%		17.36
2027		2		9,095		0.22	%		387,549		0.60	%		42.61
2028		4		189,509		4.53	%		1,723,404		2.66	%		9.09
2030		1		3,745		0.09	%		325,000		0.50	%		86.78
Total		384		4,184,582		100.00	%		64,673,294		100.00	%		15.46


Anchor GLA Owned by Tenants				254,916
Total Vacant				385,643

Total Square Feet				4,825,141

Page 33

Reporting Supplement

December 31, 2010

	Based on Lease Execution Dates


Core Portfolio	Year-to-Date						3 months ended						3 months ended						3 months ended						3 months ended
New and Renewal Rent Spreads 1	December 31, 2010						December 31, 2010						September 30, 2010						June 30, 2010						March 31, 2010
	Cash 2			GAAP 3			Cash 2			GAAP 3			Cash 2			GAAP 3			Cash 2			GAAP 3			Cash 2			GAAP 3
New leases
Number of new leases commencing		24			24			6			6			5			5			8			8			5			5
GLA		135,348			135,348			19,518			19,518			15,738			15,738			76,535			76,535			23,557			23,557
New base rent	$	11.78		$	12.31		$	16.98		$	17.87		$	22.50		$	24.32		$	8.09		$	8.25		$	12.32		$	12.83
Previous base rent (and percentage rent)	$	12.01		$	11.43		$	18.00		$	17.71		$	25.54		$	23.49		$	6.67		$	6.35		$	15.34		$	14.65
Percentage growth in base rent		-1.9	%		7.7	%		-5.7	%		0.9	%		-11.9	%		3.5	%		21.3	%		30.0	%		-19.7	%		-12.4	%
Average cost per square foot	$	19.57		$	19.57		$	31.85		$	31.85		$	69.38		$	69.38		$	8.38		$	8.38		$	12.49		$	12.49

Renewal leases
Number of renewal leases commencing		34			34			10			10			4			4			11			11			9			9
GLA expiring		221,564			221,564			59,744			59,744			26,740			26,740			66,579			66,579			68,501			68,501
Renewal percentage		78	%		78	%		80	%		80	%		76	%		76	%		84	%		84	%		71	%		71	%
New base rent	$	15.20		$	15.57		$	16.38		$	16.60		$	16.13		$	17.10		$	15.91		$	16.38		$	12.82		$	12.97
Expiring base rent (and percentage rent)	$	15.50		$	15.03		$	16.95		$	16.55		$	16.01		$	15.84		$	16.10		$	15.52		$	13.18		$	12.63
Percentage growth in base rent		-2.0	%		3.6	%		-3.4	%		0.3	%		0.8	%		8.0	%		-1.2	%		5.5	%		-2.7	%		2.7	%
Average cost per square foot	$	1.13		$	1.13		$	0.00		$	0.00		$	8.63		$	8.63		$	0.37		$	0.37		$	0.00		$	0.00

Total new and renewal Leases
Number of new and renewal leases commencing		58			58			16			16			9			9			19			19			14			14
GLA commencing		307,802			307,802			67,259			67,259			35,927			35,927			132,595			132,595			72,021			72,021
New base rent	$	13.70		$	14.13		$	16.55		$	16.97		$	18.92		$	20.26		$	11.40		$	11.69		$	12.66		$	12.92
Expiring base rent (and percentage rent)	$	13.97		$	13.45		$	17.25		$	16.89		$	20.19		$	19.19		$	10.66		$	10.23		$	13.89		$	13.29
Percentage growth in base rent		-1.9	%		5.1	%		-4.1	%		0.5	%		-6.3	%		5.6	%		6.9	%		14.3	%		-8.9	%		-2.8	%
Average cost per square foot	$	9.24		$	9.24		$	9.24		$	9.24		$	36.82		$	36.82		$	4.99		$	4.99		$	4.09		$	4.09

1 Does not include leased square footage and costs related to first generation space and the Company's major redevelopment projects.

2 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.

3 Rents are calculated on a straight-line basis.

Page 34

Reporting Supplement
December 31, 2010

Core Portfolio Capital Expenditures
Current Quarter and Year-to-Date


	Year-to-Date		Current		Prior		Prior		Prior
			Quarter		Quarter		Quarter		Quarter
	Period		3 months		3 months		3 months		3 months		Year
	ended		ended		ended		ended		ended		Ended
	December 31, 2010		December 31, 2010		September 30, 2010		June 30, 2010		March 31, 2010		December 31, 2009


Leasing Commissions:	$	671	$	150	$	126	$	294	$	101	$	600

Tenant Improvements:		3,855		1,093		1,054		478		1,230		4,392

Capital Expenditures:		146		146		-		-		-		446

Redevelopments		-		-		-		-		-		-

Total	$	4,672	$	1,389	$	1,180	$	772	$	1,331	$	5,438

Page 35

QUARTERLY SUPPLEMENTAL DISCLOSURE
December 31, 2010
Property Demographics

										3-Mile Radius2								5-Mile Radius2
				Trade								#
				Area		Base		Total		Total		Households		Median HH		Avg. HH		Total		#		Median HH		Avg. HH
Classification	Property / JV Ownership %	City	State	(Miles)		Rent		GLA		Pop.		("HH")		Income		Income		Pop.		HH		Income		Income
Core	Brandywine Town Center & Mkt Sq./22.22%	Wilmington	DE		3		15,910,622		997,006		110,839		45,584	$	63,729	$	68,575		188,535		76,355	$	72,069	$	74,895
Core	Elmwood Park Shopping Ctr.	Elmwood Park	NJ		3		3,397,955		149,491		248,932		81,257		60,826		69,326		586,661		200,354		67,746		78,008
Core	Chestnut Hill	Philadelphia	PA		3		325,483		40,570		147,322		60,592		63,508		79,148		396,137		159,190		61,052		77,569
Core	Abington Towne Center	Abington	PA		3		1,093,775		216,369		88,887		35,153		78,175		97,812		296,425		117,842		69,750		84,152
Core	Clark & Diversey	Chicago	IL		1		799,766		19,265		80,058		47,674		74,864		107,610		133,868		78,221		80,762		114,242
Core	Hobson West Plaza	Naperville	IL		3		1,087,179		99,126		95,896		34,156		109,898		113,927		236,016		84,332		108,127		112,720
Core	Methuen Shopping Ctr.	Methuen	MA		5		958,689		130,021		91,440		33,166		48,242		56,292		194,882		72,424		55,911		64,367
Core	Crossroads Shopping Ctr. / 49%	White Plains	NY		3		6,093,005		309,487		107,610		40,014		99,898		116,168		213,143		77,239		117,243		135,295
Core	The Branch Plaza	Smithtown	NY		3		2,681,144		125,712		64,812		21,738		103,946		126,961		191,293		61,590		94,383		113,936
Core	Amboy Road	Staten Island	NY		3		1,605,791		60,090		97,141		33,846		82,727		86,666		162,143		57,055		79,869		84,373
Core	Village Commons Shopping Ctr.	Smithtown	NY		3		2,065,110		87,330		63,231		21,079		102,376		124,093		173,029		56,356		98,040		119,322
Core	Bloomfield Town Square	Bloomfield Hills	MI		5		2,841,021		234,095		58,074		22,758		88,141		102,572		157,331		61,379		95,034		105,404
Core	Crescent Plaza	Brockton	MA		3		1,585,619		218,141		96,005		32,593		53,420		62,806		161,182		55,405		59,665		68,969
Core	239 Greenwich Avenue / 75%	Greenwich	CT		5		1,554,663		16,834		64,308		23,814		125,719		162,508		135,320		48,542		122,962		156,902
Core	Town Line Plaza	Rocky Hill	CT		3		1,632,831		206,346		45,422		18,687		75,874		82,339		150,566		58,641		66,002		73,788
Core	New Loudon Center	Latham	NY		5		1,535,346		255,673		42,239		16,004		63,599		76,258		151,343		61,547		55,150		67,252
Core	Pacesetter Park Shopping Ctr.	Pomona	NY		3		1,108,621		96,380		19,646		6,760		101,782		120,862		99,896		29,978		87,372		107,422
Core	LA Fitness, Staten Island	Staten Island	NY		3		1,265,000		55,000		35,839		12,953		67,765		72,134		128,706		44,479		74,225		77,867
Core	West 54th Street	Manhattan	NY		1		2,564,844		9,693		42,128		25,011		91,410		155,737		160,333		90,051		93,753		164,270
Core	East 17th Street	Manhattan	NY		1		625,000		19,622		70,157		39,495		92,939		175,048		261,569		143,187		79,749		138,454
Core	Mad River Station	Dayton	OH		5		1,397,908		125,984		57,875		25,349		66,903		70,623		154,785		55,374		69,503		74,465
Core	Mark Plaza	Edwardsville	PA		5		829,922		216,401		87,545		37,108		37,075		46,254		121,815		50,915		39,826		49,730
Core	Bartow Avenue	The Bronx	NY		2		439,249		14,676		273,331		99,165		49,510		59,160		575,057		206,470		47,306		57,042
Core	Walnut Hill Plaza	Woonsocket	RI		5		2,354,928		284,717		58,072		22,079		50,251		59,544		91,962		35,206		58,299		69,645
Core	A & P Shopping Plaza / 60%	Boonton	NJ		5		1,166,305		62,908		46,107		17,845		104,048		129,404		99,937		37,448		101,964		122,465
Core	Merrillville Plaza	Hobart	IN		5		2,859,030		235,904		28,125		11,745		59,051		57,903		79,178		30,967		55,914		56,106
Core	The Gateway Shopping Ctr.	So. Burlington	VT		3		1,798,042		101,784		49,599		20,331		51,135		64,086		74,461		30,538		54,695		67,272
Core	Marketplace of Absecon	Absecon	NJ		3		1,128,904		104,718		28,925		10,533		59,908		74,572		69,370		23,899		59,194		72,233
Core	Plaza 422	Lebanon	PA		3		795,852		156,279		44,076		18,114		42,329		44,905		63,493		25,552		47,678		49,724
Core	Route 6 Plaza	Honesdale	PA		5		1,171,690		175,519		7,948		3,467		36,983		47,590		12,024		5,030		39,415		49,983
Fund I	Granville Center / 37.78%	Columbus	OH		3		593,022		134,997		111,765		47,215		55,123		56,507		270,244		110,564		61,798		64,113
Fund I	Tarrytown Shopping Center / 37.78%	Tarrytown	NY		2		891,483		34,979		22,110		8,246		86,276		112,075		35,192		12,933		89,621		116,661
Fund II- Urban In-Fill	400 East Fordham Road / 19.8%	The Bronx	NY		2		5,519,760		119,446		649,998		214,775		33,106		43,969		1,214,522		401,588		35,202		47,217
Fund II- Urban In-Fill	Pelham Manor Shopping Plaza / 19.8%	Westchester	NY		3		4,751,941		228,521		401,439		145,255		57,360		68,075		532,763		168,549		35,031		49,370
Fund II- Urban In-Fill	Canarsie / 15.9%	Brooklyn	NY		1		15,610,464		278,737		111,699		36,850		47,249		56,580		1,222,610		400,044		53,590		64,781
Fund II- Urban In-Fill	161st Street /19.8%	The Bronx	NY		1		4,384,824		230,218		199,667		64,948		23,956		35,877		734,022		236,490		25,864		39,464
Fund II- Urban In-Fill	Liberty Avenue / 19.8%	Queens	NY		1		730,377		26,125		91,638		28,967		53,392		62,024		338,406		102,483		50,598		60,663
Fund II- Urban In-Fill	216th Street / 19.8%	Manhattan	NY		1		2,460,000		60,000		160,656		54,093		38,123		51,821		948,832		311,867		35,661		48,955
Fund III- Other	Cortlandt Towne Center/19.9%	Mohegan Lake	NY		3		9,139,440		641,254		36,790		11,992		98,885		106,063		89,641		30,347		90,138		100,808
Fund III- Other	White City/16.7%	Shrewsbury	MA		3		4,880,720		255,199		94,955		38,180		49,759		62,004		211,652		80,653		54,993		68,709
							113,635,325		6,834,617
TOTAL1
Weighted Average - Based on GLA											80,307		30,052	$	66,793	$	77,646		193,571		70,932	$	67,498	$	78,144
Weighted Average - Based on base rent											98,477		36,160	$	71,912	$	86,635		267,555		95,689	$	73,078	$	87,842

CORE 1
Weighted Average - Based on GLA											72,086		27,363	$	67,160	$	78,195		165,408		62,159	$	68,237	$	78,802
Weighted Average - Based on base rent											79,858		30,305	$	74,933	$	90,487		185,726		70,218	$	76,569	$	91,780

FUND I 1
Weighted Average - Based on GLA											93,315		39,196	$	61,534	$	67,942		221,873		90,473	$	67,524	$	74,927
Weighted Average - Based on base rent											57,925		23,813	$	73,831	$	89,877		129,089		51,934	$	78,506	$	95,669

FUND II - Urban In-Fill 1
Weighted Average - Based on GLA											284,165		96,888	$	41,475	$	52,314		872,871		283,583	$	37,856	$	50,701
Weighted Average - Based on base rent											270,988		91,391	$	42,308	$	52,844		999,310		326,221	$	41,822	$	54,146

FUND III 1
Weighted Average - Based on GLA											51,352		18,548	$	86,586	$	95,032		120,188		42,942	$	81,339	$	92,772
Weighted Average - Based on base rent											54,790		20,096	$	83,682	$	92,428		127,399		45,915	$	79,262	$	90,874

1 Does not include the Kroger/Safeway Portfolio. Calculations have been pro-rated based on the Company's ownership % in the joint venture.
2 West 54th Street & East 17th Street reflect .5 and 1 mile radius figures; Clark & Diversey reflects 1 and 1.5 mile radius figures; Canarsie Plaza, 161st Street and Liberty Avenue
reflect 1 and 2 mile radius figures, 216th St. reflects 1 and 3 mile radius figures and LA Fitness, Bartow, Tarrytown and Fordham Road reflect 2 aned 3 mile radius figures.

Page 36

Reporting Supplement
December 31, 2010
Opportunity Fund Properties - Detail

Fund I Portfolio Detail		Ownership			Gross Leasable Area						Occupancy									Annualized Base Rent
Midwest	Anchors	%			Anchors		Shops		Total		Anchors			Shops			Total			Anchors		Shops		Total		Per Sq. Ft.
Ohio
Granville Centre	Lifestyle Family Fitness, Inc.		100	%		90,047		44,950		134,997		38.81	%		28.92	%		35.52	%	$	450,336	$	142,686	$	593,022	$	12.37

New York
New York
Tarrytown Shopping Center	Walgreen's		100	%		15,497		19,482		34,979		100.00	%		73.14	%		85.04	%		475,000		416,483		891,483		29.97

Various
Kroger/Safeway Portfolio (18 Properties)	Kroger/Safeway		75	%		709,400		-		709,400		100.00	%		0.00	%		100.00	%		3,560,326		-		3,560,326		5.02

Grand Total						814,944		64,432		879,376		93.24	%		42.29	%		89.51	%	$	4,485,662	$	559,169	$	5,044,831		6.41


Fund II Portfolio Detail
New York
New York
Pelham Plaza	BJ's Discount Club, Michaels		99.1	%		149,554		78,967		228,521		100.00	%		36.22	%		77.96	%		3,864,172		887,769		4,751,941		26.67
Fordham Place	Sears, Best Buy		99.1	%		74,899		44,547		119,446		100.00	%		100.00	%		100.00	%		2,873,228		2,646,532		5,519,760		46.21
Liberty Avenue	CVS		99.1	%		10,880		15,245		26,125		100.00	%		70.73	%		82.92	%		394,944		335,433		730,377		33.72
Canarsie	BJ's Discount Club		79.3	%		177,135		101,602		278,737		100.00	%		0.00	%		63.55	%		15,610,464		-		15,610,464		88.13
216th Street	NY Dept of Citywide Admin. Serv.		99.1	%		60,000		-		60,000		100.00	%		0.00	%		100.00	%		2,340,000		120,000		2,460,000		41.00
161st Street 1	The City of New York		99.1	%		128,690		101,528		230,218		100.00	%		60.47	%		82.57	%		3,127,173		1,257,651		4,384,824		23.07
Total New York						601,158		341,889		943,047		100.00	%		42.51	%		79.16	%		28,209,981		5,247,385		33,457,366		44.82

Grand Total						601,158		341,889		943,047		100.00	%		42.51	%		79.16	%	$	28,209,981	$	5,247,385	$	33,457,366		44.82


Fund III Portfolio Detail
New York
New York
Cortlandt Towne Center	Wal-Mart, Best Buy, A&P		100.0	%		508,693		132,561		641,254		91.10	%		88.98	%		90.66	%	$	6,345,679	$	2,793,761	$	9,139,440		15.72
New England
Massachusetts
White City Shopping Center	Shaw's, Michaels		84.0	%		131,618		123,581		255,199		100.00	%		86.04	%		93.24	%		1,914,804		2,965,916		4,880,720		20.51

Grand Total						640,311		256,142		896,453		92.93	%		87.56	%		91.39	%	$	8,260,483	$	5,759,677	$	14,020,160		17.11

Notes:
General note - The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has not yet commenced.

The following Fund II and Fund III properties are currently undergoing redevelopment or are in the design phase as further detailed under Redevelopment Projects.
Property	Ownership %
Sherman Avenue	99.1%
CityPoint	94.2%
Sheepshead Bay	100.0%
125 Main Street, Westport, CT.	100.0%

1 Currently operating, but redevelopment activities have commenced.

Page 37

Reporting Supplement
December 31, 2010
Storage Portfolio Property Detail			Net		Occupancy
			Rentable
			Square		December 31,			September 30,			June 30,			March 31,			December 31,
OWNER	Operating Properties	Location	Feet		2010			2010			2010			2010			2009


	Stabilized
Fund III	Suffern	Suffern, New York		78,950
Fund III	Yonkers	Westchester, New York		100,643
Fund III	Jersey City	Jersey City, New Jersey		76,920
Fund III	Webster Ave	Bronx, New York		36,175
Fund III	Linden	Linden, New Jersey		84,035
Fund III	Bruckner Blvd	Bronx, New York		89,473
Fund III	New Rochelle	Westchester, New York		42,158
Fund III	Lawrence	Lawrence, New York		97,743
	Subtotal Stabilized			606,097		87.5	%		86.3	%		85.2	%		82.4	%		83.2	%

	Repositioned - in Lease-up
Fund III	Long Island City	Queens, New York		135,558
	Subtotal in lease-up			135,558		75.3	%		72.1	%		70.0	%		65.5	%		61.6	%


	In initial Lease-up
Fund II	Liberty Avenue	Queens, New York		72,925
Fund II	Pelham Plaza	Pelham Manor, New York		62,020
Fund II	Atlantic Avenue	Brooklyn, New York		76,946
Fund III	Fordham Road	Bronx, New York		85,155
Fund III	Ridgewood	Queens, New York		88,789
	Subtotal in initial lease-up			385,835		66.1	%		62.7	%		57.0	%		50.3	%		44.5	%

	Total			1,127,490		78.7	%		76.5	%		73.8	%		69.4	%		67.4	%

Page 38

Reporting Supplement
December 31, 2010

Fund I
Lease Expirations

					Gross Leased Area					Annual Base Rent
			No. of Leases		Square		Percent					Percent			Avg. Per
	Notes		Expiring		Footage		of Total			Amount		of Total			Sq. Ft.
Anchor Tenants
2011		1		18		709,400		93.36	%	$	3,560,326		79.37	%	$	5.02
2017				1		34,951		4.60	%		450,336		10.04	%		12.88
2080				1		15,497		2.04	%		475,000		10.59	%		30.65
Total				20		759,848		100.00	%	$	4,485,662		100.00	%	$	5.90


Total Vacant						55,096
Total Square Feet						814,944


Shop Tenants
Month to Month				2		7,200		26.43	%	$	56,522		10.11	%	$	7.85
2011				1		1,955		7.17	%		27,370		4.89	%		14.00
2012				2		2,920		10.72	%		64,002		11.45	%		21.92
2014				1		2,597		9.53	%		93,025		16.64	%		35.82
2015				1		500		1.83	%		2,400		0.43	%		4.80
2018				2		1,761		6.46	%		53,658		9.60	%		30.47
2019				1		1,904		6.99	%		30,000		5.37	%		15.76
2020				3		8,411		30.87	%		232,192		41.52	%		27.61
Total				13		27,248		100.00	%	$	559,169		100.00	%	$	20.52


Total Vacant						37,184
Total Square Feet						64,432


Total Anchor and Shop Tenants
Month to Month				2		7,200		0.91	%	$	56,522		1.12	%	$	7.85
2011				19		711,355		90.39	%		3,587,696		71.12	%		5.04
2012				2		2,920		0.37	%		64,002		1.27	%		21.92
2014				1		2,597		0.33	%		93,025		1.84	%		35.82
2015				1		500		0.06	%		2,400		0.05	%		4.80
2017				1		34,951		4.44	%		450,336		8.93	%		12.88
2018				2		1,761		0.22	%		53,658		1.06	%		30.47
2019				1		1,904		0.24	%		30,000		0.59	%		15.76
2020				3		8,411		1.07	%		232,192		4.60	%		27.61
2080				1		15,497		1.97	%		475,000		9.42	%		-
Total				33		787,096		100.00	%	$	5,044,831		100.00	%	$	6.41


Total Vacant						92,280
Total Square Feet						879,376

1	The 2011 anchor expirations represent the term of the master lease for all 18 Kroger/Safeway locations. The underlying operating leases at
	14 of these locations, representing 547,500 square feet and rents aggregating $2,743,794, expire during 2014. The operating leases
	at 2 locations, representing 91,900 square feet and rents aggregating $426,000, expire during 2019.

Page 39

Reporting Supplement
December 31, 2010

Fund II
Lease Expirations

			Gross Leased Area					Annual Base Rent
	No. of Leases		Square		Percent					Percent			Avg. Per
	Expiring		Footage		of Total			Amount		of Total			Sq. Ft.
Anchor Tenants
2011		1		128,690		21.41	%	$	3,127,173		11.09	%	$	24.30
2013		1		20,149		3.35	%		564,172		2.00	%		28.00
2019		1		39,705		6.60	%		1,747,020		6.19	%		44.00
2023		1		35,194		5.85	%		1,126,208		3.99	%		32.00
2027		1		60,000		9.98	%		2,340,000		8.29	%		39.00
2030		1		177,135		29.47	%		15,610,464		55.34	%		88.13
2032		1		10,880		1.81	%		394,944		1.40	%		36.30
2033		1		129,405		21.53	%		3,300,000		11.70	%		25.50
Total		8		601,158		100.00	%	$	28,209,981		100.00	%	$	46.93


Total Vacant				-
Total Square Feet				601,158


Shop Tenants
Month to Month		1		9,967		6.86	%	$	99,670		1.90	%	$	10.00
2011		3		24,065		16.56	%		584,774		11.14	%		24.30
2012		3		27,365		18.82	%		573,207		10.92	%		20.95
2014		1		5,081		3.50	%		193,078		3.68	%		38.00
2016		1		2,000		1.38	%		86,000		1.64	%		43.00
2018		2		9,600		6.61	%		417,600		7.96	%		43.50
2019		4		9,318		6.41	%		481,052		9.17	%		51.63
2020		2		10,309		7.09	%		143,091		2.73	%		13.88
2022		1		-		0.00	%		120,000		2.29	%		-
2023		1		31,417		21.62	%		1,131,012		21.55	%		36.00
2027		1		6,208		4.27	%		217,901		4.15	%		35.10
2048		1		10,000		6.88	%		1,200,000		22.87	%		120.00
Total		21		145,330		100.00	%	$	5,247,385		100.00	%	$	36.11


Total Vacant				196,559
Total Square Feet				341,889


Total Anchor and Shop Tenants
Month to Month		1		9,967		1.34	%	$	99,670		0.30	%	$	10.00
2011		4		152,755		20.44	%		3,711,947		11.10	%		24.30
2012		3		27,365		3.67	%		573,207		1.71	%		20.95
2013		1		20,149		2.70	%		564,172		1.69	%		28.00
2014		1		5,081		0.68	%		193,078		0.58	%		38.00
2016		1		2,000		0.27	%		86,000		0.26	%		43.00
2018		2		9,600		1.29	%		417,600		1.25	%		43.50
2019		5		49,023		6.57	%		2,228,072		6.66	%		45.45
2020		2		10,309		1.38	%		143,091		0.43	%		13.88
2022		1		-		0.00	%		120,000		0.36	%		-
2023		2		66,611		8.92	%		2,257,220		6.75	%		33.89
2027		2		66,208		8.87	%		2,557,901		7.65	%		38.63
2030		1		177,135		23.73	%		15,610,464		46.66	%		1.00
2032		1		10,880		1.46	%		394,944		1.18	%		36.30
2033		1		129,405		17.34	%		3,300,000		9.86	%		25.50
2048		1		10,000		1.34	%		1,200,000		3.59	%		120.00
Total		29		746,488		100.00	%	$	33,457,366		100.00	%	$	44.82


Total Vacant				196,559
Total Square Feet				943,047

Page 40

Reporting Supplement
December 31, 2010

Fund III
Lease Expirations

			Gross Leased Area					Annual Base Rent
	No. of Leases		Square		Percent					Percent			Avg. Per
	Expiring		Footage		of Total			Amount		of Total			Sq. Ft.
Anchor Tenants
2012		1		19,079		3.21	%		276,564		3.35	%		14.50
2013		3		64,580		10.85	%		1,182,125		14.31	%		18.30
2014		3		71,346		11.99	%		1,103,266		13.36	%		15.46
2015		2		29,489		4.96	%		489,840		5.93	%		16.61
2016		1		19,050		3.20	%		295,284		3.57	%		15.50
2017		2		52,131		8.76	%		927,312		11.23	%		17.79
2018		3		238,707		40.12	%		2,562,678		31.02	%		10.74
2021		1		35,601		5.98	%		382,967		4.64	%		10.76
2022		1		65,028		10.93	%		1,040,447		12.60	%		16.00
Total		17		595,011		100.00	%	$	8,260,483		100.00	%	$	13.88


Total Vacant				45,300
Total Square Feet				640,311


Shop Tenants
2011		6		17,754		7.91	%		399,378		6.93	%		22.50
2012		15		57,430		25.58	%		1,507,444		26.17	%		26.25
2013		6		20,232		9.01	%		574,380		9.97	%		28.39
2014		9		35,899		15.99	%		920,705		15.99	%		25.65
2015		8		19,126		8.52	%		487,426		8.46	%		25.48
2016		7		26,482		11.80	%		725,879		12.60	%		27.41
2017		2		9,688		4.32	%		208,653		3.62	%		21.54
2018		2		7,637		3.40	%		151,020		2.62	%		19.77
2019		3		11,385		5.07	%		329,616		5.72	%		28.95
2020		3		6,175		2.75	%		136,719		2.37	%		22.14
2021		2		9,210		4.10	%		243,961		4.24	%		26.49
2026		1		3,500		1.56	%		74,496		1.29	%		21.28
Total		64		224,518		100.00	%	$	5,759,677		100.00	%	$	25.65


Total Vacant				31,624
Total Square Feet				256,142


Total Anchor and Shop Tenants
2011		6		17,754		2.17	%		399,378		2.85	%		22.50
2012		16		76,509		9.34	%		1,784,008		12.72	%		23.32
2013		9		84,812		10.35	%		1,756,505		12.53	%		20.71
2014		12		107,245		13.09	%		2,023,971		14.44	%		18.87
2015		10		48,615		5.93	%		977,266		6.97	%		20.10
2016		8		45,532		5.56	%		1,021,163		7.28	%		22.43
2017		4		61,819		7.54	%		1,135,965		8.10	%		18.38
2018		5		246,344		30.06	%		2,713,698		19.36	%		11.02
2019		3		11,385		1.39	%		329,616		2.35	%		28.95
2020		3		6,175		0.75	%		136,719		0.98	%		22.14
2021		3		44,811		5.47	%		626,928		4.47	%		13.99
2022		1		65,028		7.93	%		1,040,447		7.42	%		16.00
2026		1		3,500		0.43	%		74,496		0.53	%		21.28
Total		81		819,529		100.00	%	$	14,020,160		100.00	%	$	17.11


Total Vacant				76,924
Total Square Feet				896,453

Page 41

Reporting Supplement

December 31, 2010

Important Notes

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 contain ed 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 s ales of property and depreciation and amortization. However, the Company’s method of calculating FFO may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. FFO does not represent cash generated from operations as defined by generally accepted accounting principles (“GAAP”) and is not indicative of cash available to fund all cash needs, including distributions. It 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. Consistent with the NAREIT definition, t he Company defines FFO as net income (computed in accordance with GAAP), excluding gains (or losses) from sales of depreciated property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. In addition, the Company also discloses FFO as adjusted to include the extraordinary gain from its RCP investment in Albertson's. The Company believes that income or gains derived from its RCP investments, including its investment in Albertson's, are private-equity investments and, as such, should be treated as operating income and therefore FFO. The Company believes that this supplement adjustment more appropriately reflects the results of its operations. The Company also provides two other supplemental disclosures of operating performance, adjusted funds from operations ("AFFO") and funds available for distribution ("FAD"). The Company defines AFFO as FFO adjusted for straight line rent, non-real estate depreciation, amortization of finance costs and costs of management contracts, tenant improvements, leasing commissions and capital expenditures. The Company defines FAD as AFFO adjusted for scheduled debt principal payments.

USE OF EBITDA AND NOI AS NON-GAAP FINANCIAL MEASURES

EBITDA and NOI 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 i tems 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. The Company’s method of calculating EBITDA and NOI may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. EBITDA and 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 distribu tions. 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.

Page 42