SEC Filing - Acadia Realty Trust

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a50044468.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): October 25, 2011

ACADIA REALTY TRUST

(Exact name of registrant as specified in its charter)

Maryland	1-12002	23-2715194
(State or other	(Commission	(I.R.S. Employer
jurisdiction of incorporation)	File Number)	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 October 25, 2011, Acadia Realty Trust (the "Company") issued a press release announcing its consolidated financial results for the quarter and nine months ended September 30, 2011. 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 October 25, 2011, the Company made available supplemental information concerning the ownership, operations and portfolio of the Company as of and for the quarter and nine months ended September 30, 2011. 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 be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference into any filing under the Securities Act of 1933, as amended ("Securities Act") or the Exchange Act, or otherwise subject to the liabilities of Sections 11 and 12 (a) (2) of the Securities Act.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number	Description
99.1	Press release of the Company dated October 25, 2011.
99.2	Financial and Operating Reporting Supplement of the Company for the quarter and nine months ended September 30, 2011.

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: October 27, 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 October 25, 2011.
99.2	Financial and Operating Reporting Supplement of the Company for the quarter and nine months ended September 30, 2011.

a50044468-ex991.htm

Exhibit 99.1

Acadia Realty Trust Reports Third Quarter 2011 Operating Results

WHITE PLAINS, N.Y.--(BUSINESS WIRE)--October 25, 2011--Acadia Realty Trust (NYSE: AKR) today reported operating results for the quarter ended September 30, 2011. All per share amounts are on a fully diluted basis.

Third Quarter and Year-to-Date 2011 Highlights

Earnings

●	Funds from operations (“FFO”) of $0.22 per share for third quarter 2011

●	Earnings per share (“EPS”) from continuing operations of $0.10 for third quarter 2011

Core Portfolio

●	Year-to-date, closed on $73.7 million of $136.5 million of previously-announced acquisitions

●	During third quarter, entered into additional purchase contract for $21.7 million

●	Current occupancy up 0.5% from second quarter 2011 to 89.8%

●	Re-anchoring progress continues; Bloomfield Town Square 99% leased which will result in an additional 1.8% portfolio occupancy when tenants take occupancy

●	Excluding the impact of re-anchoring activities, same store net operating income (“NOI”) for the third quarter up 0.5% compared to 2010; including the impact, same store NOI decreased 5.3%

Fund III Acquisition Activity

●	Entered into purchase contracts during third quarter for an aggregate $64.5 million

Balance Sheet

●	Core portfolio debt net of cash on hand (“Net Debt”) to EBITDA ratio of 4.4x at September 30, 2011

●	Combined Net Debt to Total Market Capitalization of 32% at September 30, 2011

●	Cash on hand and availability under current credit facilities of $126 million at September 30, 2011

Third Quarter 2011 Operating Results

FFO and Net Income from Continuing Operations for the quarter ended September 30, 2011 were $8.9 million and $4.5 million, respectively, as compared to $10.5 million and $1.8 million, respectively, for the quarter ended September 30, 2010. For the nine months ended September 30, 2011, FFO and Net Income from Continuing Operations were $29.5 million and $13.1 million, respectively, compared to $38.3 million and $40.1 million, respectively, for the nine months ended September 30, 2010.

Earnings for the quarters and nine months ended September 30, 2011 and 2010, on a per share basis, were as follows:

	Quarters ended September 30,							Nine Months ended September 30,
	2011		2010		Variance			2011		2010		Variance
FFO per share		$0.22		$0.26		$(0.04	)		$0.72		$0.94		$(0.22	)
EPS from continuing
operations		$0.10		$0.12		$(0.02	)		$0.41		$0.55		$(0.14	)
EPS		$0.10		$0.13		$(0.03	)		$1.08		$0.57		$0.51

The following significant items contributed to the above variance in EPS from continuing operations:

	Variance 2011 v. 2010
	Quarter			Nine months
2010 additional mortgage interest income		$(0.09	)		$(0.15	)
2011 (loss) gain on extinguishment of debt		(0.01	)		0.03
2011 rents from new acquisitions and redevelopment projects
placed in service		0.03			0.05
Income tax provision		0.03			0.05
2011 RCP Venture income, net of noncontrolling interests’
share and income taxes		0.01			0.01
2010 non-cash gain on purchase of interest in City Point, net of
noncontrolling interests		--			(0.16	)
Other items, net		0.01			0.03
Total variance		$(0.02	)		$(0.14	)

EPS from discontinued operations of $0.67 for the nine months ended September 30, 2011 was primarily attributable to the $28.6 million gain from the sale of the Ledgewood Mall and a $3.9 million gain on the sale of Fund II’s leasehold interest in the Neiman Marcus store at the Oakbrook Center.

Core Portfolio

Acadia’s core portfolio is comprised of properties that are owned in whole or in part by Acadia outside of its three opportunity funds (the “Funds”).

Core Portfolio Asset Recycling Plus Growth – Investments in Urban/Street Retail

Prior to the third quarter, the Company announced a $136.5 million acquisition pipeline comprised of 28 urban/street retail properties (the “Urban/Street Pipeline”), of which the Company closed on two properties – located in Chicago and New York – for an aggregate purchase price of $33.2 million during the second quarter of 2011.

During the third quarter, the Company closed on an additional 13 properties in the Urban/Street Pipeline for an aggregate purchase price of $40.5 million as follows:

●

Chicago - Acadia closed on six properties for a total of $18.0 million, which are part of an $80.9 million, 19-property portfolio with locations throughout Chicago’s high-barrier-to-entry retail corridors, including Clark/Diversey and Armitage/Halsted in the Lincoln Park neighborhood and Rush/Walton in the Gold Coast neighborhood (the “Chicago Portfolio”).

●	Georgetown, Washington D.C. - The Company closed on the acquisition of a 50% interest in a $26.5 million, six-property portfolio for $13.4 million. The portfolio is located primarily on M Street in Georgetown, a premier shopping and dining district in the Washington D.C. metropolitan area.

●	New York - The Company closed on a stand-alone, 13,000 square foot Walgreens drug store located in the Bronx for $9.1 million.

As of September 30, 2011, 13 properties from the Chicago Portfolio, aggregating a purchase price of $62.9 million, remained in the Urban/Street Pipeline. The Company is currently awaiting lender’s approval for the assignment of $28.0 million of first mortgage debt collateralized by the remaining properties, prior to closing on the balance of this portfolio.

Additional Core Portfolio Acquisition

During the third quarter, Acadia entered into an additional purchase contract for $21.7 million.

Occupancy and Same-Store NOI

At September 30, 2011, Acadia’s core portfolio occupancy was 89.8% which represented a net increase of 0.5% from second quarter 2011. The Company’s recapture of two A&P locations and re-anchoring of the Bloomfield Town Square (collectively, the “Re-anchoring Activities”) have driven the decrease in the Company’s core portfolio occupancy since the first quarter of 2011 and, in the aggregate, account for 3.8% of core portfolio occupancy.

During the third quarter, Acadia completed the pre-leasing in connection with the re-anchoring of the Bloomfield Town Square located in Bloomfield Hills, Michigan, which is now 99% leased. Anchor replacement rents represent an increase of over 50% from that of the former tenants. Core portfolio occupancy is anticipated to increase 1.8% in the second half of 2012 for the anchor space currently leased but not yet occupied.

Excluding the impact of the Re-anchoring Activities, core portfolio same-store NOI increased 0.5% for the third quarter 2011 and decreased 0.2% for the nine months ended September 30, 2011, compared to 2010.

Including the impact of the Re-anchoring Activities, core portfolio same-store NOI decreased 5.3% for the third quarter 2011 and decreased 3.8% for the nine months ended September 30, 2011, compared to 2010.

Rent Spreads on New and Renewal Leases

The Company realized an increase in average rents of 25.8% in its core portfolio on 57,000 square feet of new and renewal leases executed during the third quarter of 2011. Excluding the effect of the straight-lining of rents, the Company experienced an increase of 20.5% in average rents in its core portfolio.

Opportunity Funds

During the third quarter, Fund III entered into purchase contracts for an aggregate $64.5 million.

The closings of the core portfolio and Fund III transactions currently under contract are subject to customary closing conditions and in certain instances, lender approval. As such, no assurance can be given that the Company will successfully complete these transactions.

Balance Sheet

Acadia continues to maintain a secure balance sheet with available liquidity, low leverage and limited interest rate exposure as evidenced by the following:

●	As of September 30, 2011, the Company had total liquidity of $126 million, including $63 million of cash on hand and $63 million available under existing lines of credit, excluding the Funds’ cash and credit facilities

●	Core portfolio Net Debt to EBITDA ratio of 4.4x

●	Including the Company’s pro-rata share of the Fund debt (“Combined”), a Net Debt to EBITDA ratio of 5.4x

●	Combined Net Debt to Total Market Capitalization of 32% and Combined Debt to Total Market Capitalization of 36%

●	Core portfolio fixed-charge coverage ratio of 2.4 to 1

●	Combined fixed-charge coverage ratio, including the core portfolio and the Company’s pro- rata share of the Funds, was 2.6 to 1

●	100% of the Company’s core portfolio debt is fixed at an average interest rate of 6.1%

●	81% of the Company’s Combined debt is fixed at an average interest rate of 5.4%

Outlook - Earnings Guidance for 2011

The Company reaffirms its previously announced 2011 FFO and EPS forecast range. On a fully diluted basis, the Company forecasts that its 2011 annual FFO will range from $0.94 to $1.00 per share and 2011 EPS from $0.44 to $0.50 per share.

Management Comments

“I am pleased with our third quarter results, which show continued progress with respect to both our existing assets and new investments,” stated Kenneth F. Bernstein, President and CEO of Acadia Realty Trust. “During the quarter, we finalized the leasing at one shopping center within our core portfolio re-anchoring program and made steady progress on the re-leasing of the two other centers. Over the next 12 to 24 months, these profitable re-anchoring projects are anticipated to make key contributions to our operating metrics. In addition, we closed on another sizeable portion of our previously-announced $137 million urban/street-retail acquisition pipeline, adding 13 high-quality properties to our core portfolio. Within our fund platform, we continue to see strong tenant demand for our high-barrier-to-entry, urban locations and have aggregated a pipeline of interesting new investment opportunities consistent with the fund’s capital allocation strategies. Looking ahead, Acadia is well-positioned to continue to take advantage of new opportunistic and value-add investments requiring its repositioning capabilities.”

Investor Conference Call

Management will conduct a conference call on Wednesday, October 26, 2011 at 12:00 PM ET to review the Company's earnings and operating results. The live conference call can be accessed by dialing 800-573-4754 (internationally 617-224-4325). 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 46879167. The phone replay will be available through Thursday, November 3, 2011.

About Acadia Realty Trust

Acadia Realty Trust, a fully-integrated equity real estate investment trust, is focused on the acquisition, ownership, management and redevelopment of high-quality retail properties and urban/infill mixed-use properties with a strong retail component located primarily in high-barrier-to-entry, densely-populated metropolitan areas along the East Coast and in Chicago. Acadia owns, or has an ownership interest in, 95 properties through its core portfolio and three opportunistic/value-add investment funds. Additional information may be found on the Company’s website at www.acadiarealty.com.

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 Discussion 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 February 28, 2011 (“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 Nine Months ended September 30, 2011 and 2010 (dollars and Common Shares in thousands, except per share data)

	For the Quarters ended						For the Nine Months ended
	September 30,						September 30,
Revenues	2011			2010			2011			2010

Minimum rents	$	29,420		$	26,627		$	85,278		$	75,461
Percentage rents		63			61			286			272
Mortgage interest income		1,585			5,206			9,493			15,437
Expense reimbursements		5,407			4,636			16,213			14,721
Other property income		666			712			1,849			1,786
Management fee income		252			346			1,169			1,182
Total revenues		37,393			37,588			114,288			108,859
Operating expenses
Property operating		7,347			6,887			22,565			20,324
Real estate taxes		5,003			4,523			13,792			12,902
General and administrative		5,758			5,317			17,147			15,852
Depreciation and amortization		8,398			8,687			24,626			23,651
Total operating expenses		26,506			25,414			78,130			72,729

Operating income		10,887			12,174			36,158			36,130

Equity in earnings of unconsolidated affiliates		3,110			143			3,025			610
Other interest income		105			175			219			462
Gain from bargain purchase		--			--			--			33,805
Interest expense and other finance costs		(9,742	)		(9,904	)		(27,598	)		(29,061	)
(Loss) gain on extinguishment of debt		(303	)		--			1,268			--
Income from continuing operations before
Income taxes		4,057			2,588			13,072			41,946
Income tax benefit (expense)		488			(785	)		(7	)		(1,869	)
Income from continuing operations		4,545			1,803			13,065			40,077

ACADIA REALTY TRUST AND SUBSIDIARIES Financial Highlights 1 For the Quarters and Nine Months ended September 30, 2011 and 2010 (dollars and Common Shares in thousands, except per share data)

	For the Quarters ended						For the Nine Months ended
	September 30,						September 30,
	2011			2010			2011			2010
Discontinued operations:
Operating income from discontinued operations		102			478			702			1,208
Impairment of asset		--			--			(6,925	)		--
Gain on sale of property		--			--			32,498			--
Income from discontinued operations		102			478			26,275			1,208
Net income		4,647			2,281			39,340			41,285
(Income) Loss attributable to noncontrolling interests
in subsidiaries:
Continuing operations		(572	)		2,908			3,597			(18,045	)
Discontinued operations		(64	)		(72	)		731			(195	)
Net (income) loss attributable to noncontrolling
interests in subsidiaries		(636	)		2,836			4,328			(18,240	)

Net income attributable to Common Shareholders	$	4,011		$	5,117		$	43,668		$	23,045

Supplemental Information
Income from continuing operations attributable to
Common Shareholders	$	3,973		$	4,711		$	16,662		$	22,032
Income from discontinued operations attributable to
Common Shareholders		38			406			27,006			1,013
Net income attributable to Common Shareholders	$	4,011		$	5,117		$	43,668		$	23,045

Net income attributable to Common Shareholders per
Common Share – Basic
Net income per Common Share – Continuing
operations	$	0.10		$	0.12		$	0.41		$	0.55
Net income per Common Share – Discontinued
operations		--			0.01			0.67			0.02
Net income per Common Share	$	0.10		$	0.13		$	1.08		$	0.57
Weighted average Common Shares		40,340			40,169			40,330			40,096
Net income attributable to Common Shareholders per
Common Share – Diluted (2)
Net income per Common Share – Continuing
operations	$	0.10		$	0.12		$	0.41		$	0.55
Net income per Common Share – Discontinued
operations		--			0.01			0.67			0.02
Net income per Common Share	$	0.10		$	0.13		$	1.08		$	0.57
Weighted average Common Shares		40,629			40,431			40,623			40,335

ACADIA REALTY TRUST AND SUBSIDIARIES Financial Highlights 1 For the Quarters and Nine Months ended September 30, 2011 and 2010 (dollars and Common Shares in thousands, except per share data)
RECONCILIATION OF NET INCOME TO FUNDS FROM OPERATIONS 3

	For the Quarters ended				For the Nine Months ended
	September 30,				September 30,
	2011		2010		2011			2010


Net income attributable to Common Shareholders	$	4,011	$	5,117	$	43,668		$	23,045

Depreciation of real estate and amortization of leasing costs
(net of noncontrolling interests' share):
Consolidated affiliates		4,527		4,967		13,582			13,757
Unconsolidated affiliates		338		354		1,071			1,187
Gain on sale (net of noncontrolling interests' share):
Consolidated affiliates		--		--		(29,360	)		--
Unconsolidated affiliates		--		--		--			--
Income attributable to noncontrolling interests’ in
Operating Partnership		59		64		536			309
Distributions – Preferred OP Units		5		5		14			14
Funds from operations	$	8,940	$	10,507	$	29,511		$	38,312
Funds from operations per share – Diluted
Weighted average Common Shares and OP Units 4		41,147		40,905		41,099			40,841
Funds from operations, per share	$	0.22	$	0.26	$	0.72		$	0.94

ACADIA REALTY TRUST AND SUBSIDIARIES Financial Highlights 1 For the Quarters and Nine Months ended September 30, 2011 and 2010 (dollars in thousands)
RECONCILIATION OF OPERATING INCOME TO NET PROPERTY OPERATING INCOME (“NOI”) 3

	For the Quarters ended						For the Nine Months ended
	September 30,						September 30,
	2011			2010			2011			2010

Operating income	$	10,887		$	12,174		$	36,158		$	36,130

Add back:
General and administrative		5,758			5,317			17,147			15,852
Depreciation and amortization		8,398			8,687			24,626			23,651
Less:
Management fee income		(252	)		(346	)		(1,169	)		(1,182	)
Mortgage interest income		(1,585	)		(5,206	)		(9,493	)		(15,437	)
Straight line rent and other adjustments		(1,743	)		(963	)		(6,921	)		(2,673	)

Consolidated NOI		21,463			19,663			60,348			56,341

Noncontrolling interest in NOI		(7,440	)		(6,363	)		(19,791	)		(16,822	)
Pro-rata share of NOI	$	14,023		$	13,300		$	40,557		$	39,519

SELECTED BALANCE SHEET INFORMATION
	As of
	September 30, 2011		December 31, 2010


Cash and cash equivalents	$	98,027	$	120,592
Rental property, at cost		1,230,609		1,091,990
Total assets		1,606,467		1,524,806
Notes payable		871,223		854,924
Total liabilities		956,918		937,284

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 493 and 449 OP Units into Common Shares for the quarters ended September 30, 2011 and 2010, respectively and 477 and 506 OP Units into Common Shares for the nine months ended September 30, 2011 and 2010, respectively. Diluted FFO also includes the assumed conversion of Preferred OP Units into 25 Common Shares for each of the quarters ended September 30, 2011 and 2010, and for each of the nine months ended September 30, 2011 and 2010. In addition, diluted FFO also includes the effect of employee share options of 288 and 262 Common Shares for the quarters ended September 30, 2011 and 2010, respectively and 267 and 214 Common Shares for the nine months ended September 30, 2011 and 2010, respectively.

CONTACT:

Acadia Realty Trust

Jon Grisham, (914) 288-8100

a50044468-ex992.htm

Exhibit 99.2

REPORTING SUPPLEMENT

ACADIA REALTY TRUST

Table of Contents
Third Quarter 2011



Section I - Financial Information		Section II - Opportunity Fund Information

Company Information	3	Opportunity Fund Overview	23
Total Market Capitalization	4	Opportunity Fund Properties	24
Operating Statements		Opportunity Fund Lease Expirations	25
Pro-rata Consolidation	5	Redevelopment Projects - Operating	28
Opportunity Funds	6	Redevelopment Projects - Construction and Design	29
Funds from Operations ("FFO"), Adjusted FFO ("AFFO")		RCP Venture Investments	30
and Funds Available for Distribution ("FAD")	8	Storage Portfolio	31
EBITDA	9
Same Property Net Operating Income	10
Fee Income	11	Section III - Core Portfolio Information
Balance Sheet - Pro-rata Consolidation	12
Notes Receivable	13	Core Properties	32
Other Information		Core Portfolio by State	34
2011 Guidance	14	Core Top Tenants	35
Net Asset Valuation	15	Core Lease Expirations	36
Selected Financial Ratios	16	Core New and Renewal Rent Spreads	38
Debt Analysis		Core Capital Expenditures	39
Summary	17	Portfolio Demographics	40
Detail	18	Important Notes	42
Maturities with Extension Options	21
Maturities	22



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

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Company Information

Acadia Realty Trust, a fully-integrated equity real estate investment trust, is focused on the ownership, management and redevelopment of high-quality retail properties and urban/infill mixed-use properties with a strong retail component located primarily in high-barrier-to-entry, densely-populated metropolitan areas along the East Coast and in Chicago. Acadia owns, or has an ownership interest in, 95 properties through its core portfolio and three opportunistic/value-add investment funds. Additional information may be found on the Company’s website at www.acadiarealty.com.


Contact Information

	Corporate Headquarters	Investor Relations	New York Stock Exchange
	1311 Mamaroneck Avenue	Jon Grisham	Symbol AKR
	Suite 260	Senior Vice President,
	White Plains, NY 10605	Chief Accounting Officer
	www.acadiarealty.com	(914) 288-8142
		jgrisham@acadiarealty.com


Analyst Coverage

	Bank of America / Merrill Lynch	FBR Capital Markets	Keefe, Bruyette & Woods, Inc.
	Craig Schmidt - (646) 855-3640	Sri Nagarajan - (646) 885-5429	Sheila K. McGrath - (212) 887-7793
	craig.schmidt@baml.com	snagarajan@fbr.com	smcgrath@kbw.com

	Bank of Montreal	Green Street Advisors	KeyBanc Capital Markets, Inc.
	Paul Adornato, CFA - (212) 885-4170	Cedrik LaChance - (949) 640-8780	Todd Thomas - (917) 368-2286
	paul.adornato@bmo.com	clachance@greenst.com	tthomas@keybanccm.com

	Citigroup - Global Markets	Janney Montgomery Scott	Macquarie Capital (USA)
	Quentin Velleley, CFA - (212) 816-6981	Andrew T. DiZio, CFA - (215) 665-6439	Rob Stevenson - (212) 231-8068
	quentin.velleley@citi.com	adizio@jmsonline.com	rob.stevenson@macquarie.com

	Cowen and Company	J.P. Morgan Securities, Inc.	RBC Capital Markets
	Michael Gorman - (646) 562-1381	Michael W. Mueller, CFA - (212) 622-6689	Rich Moore, CFA - (440) 715-2646
	michael.gorman@cowen.com	michael.w.mueller@jpmorgan.com	rich.moore@rbccm.com

			UBS
			Christy McElroy - (203) 719-7831
			christy.mcelroy@ubs.com

- 3 -

Total Market Capitalization
(including pro-rata share of Opportunity Fund debt, dollars in thousands)


									Capitalization
	Percent of		Total Market Capitalization						based on
	Total Equity		$				%		Net Debt1
Equity Capitalization
Total Common Shares Outstanding	98.8	%	$	40,333
Common Operating Partnership ("OP") Units	1.2	%		493
Combined Common Shares and OP Units				40,826

Share Price September 30, 2011				18.70

Equity Capitalization - Common Shares and OP Units				763,446
Preferred OP Units				469		2
Total Equity Capitalization				763,915			64	%	68	%

Debt Capitalization
Consolidated debt				871,182
Adjustment to reflect pro-rata share of debt				(440,183	)
Total Debt Capitalization				430,999			36	%	32	%

Total Market Capitalization			$	1,194,913			100	%	100	%

Weighted Average Outstanding Common Shares and OP Units
(in thousands)
	September 30, 2011				September 30, 2010
	Quarter		Year-to-date		Quarter		Year-to-date
Weighted average Common Shares - Basic EPS		40,340		40,330		40,169	40,096
Dilutive potential Common Shares		289		292		262	239
Weighted average Common Shares - Diluted EPS		40,629		40,622		40,431	40,335
OP Units		493		477		449	506
Dilutive potential OP Units		25		-		25	-
Weighted average Common Shares and OP Units - Diluted FFO		41,147		41,099		40,905	40,841

Notes:
1 Reflects debt net of Core Portfolio and pro-rata share of Opportunity Funds cash balance ("Net Debt"). Cash balance as of September 30, 2011 was $76,318
2 Represents 188 Series A Preferred OP Units convertible into 25,067 Common OP units multiplied by the Common Share price at quarter end.
3 Fixed-rate debt includes notional principal fixed through interest rate swap transactions.

- 4 -

Income Statements - Pro-rata Consolidation1
Current Quarter and Year-to-Date
(in thousands)

	Year-to-date ended September 30, 2011																					Three months ended September 30, 2011
	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 2			Operations			Operations			Operations			Operations						Owned			Ventures 2			Operations			Operations		Operations			Operations
CORE PORTFOLIO AND OPPORTUNITY FUND INCOME

PROPERTY REVENUES
Minimum rents	$	32,577		$	4,850		$	37,427		$	1,259		$	10,838		$	107		$	49,631		$	11,151		$	1,596		$	12,747		$	-	$	3,842		$	33	$	16,622
Percentage rents		282			49			331			37			9			-			377			58			-			58			-		7			-		65
Expense reimbursements - CAM		3,236			558			3,794			289			864			15			4,962			770			179			949			-		275			4		1,228
Expense reimbursements - Taxes		4,959			729			5,688			172			928			12			6,800			1,748			252			2,000			-		384			4		2,388
Other property income		59			5			64			1			285			-			350			20			2			22			-		118			-		140
Total Property Revenues		41,113			6,191			47,304			1,758			12,924			134			62,120			13,747			2,029			15,776			-		4,626			41		20,443

PROPERTY EXPENSES
Property operating - CAM		4,604			743			5,347			537			1,116			40			7,040			1,180			221			1,401			-		370			17		1,788
Other property operating (Non-CAM)		1,584			122			1,706			86			2,770			13			4,575			491			79			570			-		885			3		1,458
Real estate taxes		6,271			863			7,134			286			1,598			32			9,050			2,272			292			2,564			-		588			10		3,162
Total Property Expenses		12,459			1,728			14,187			909			5,485			84			20,665			3,943			592			4,535			-		1,843			30		6,408

NET OPERATING INCOME - PROPERTIES		28,654			4,463			33,117			849			7,440			49			41,455			9,804			1,437			11,241			-		2,782			12		14,035

OTHER INCOME (EXPENSE)
Mezzanine interest income		8,565			-			8,565			-			185			-			8,750			1,276			-			1,276			-		62			-		1,338
Other interest income		219			-			219			-			-			-			219			105			-			105			-		-			-		105
Straight-line rent income, net		243			35			278			(1	)		1,053			22			1,352			80			5			85			-		258			13		356
Straight-line ground rent expense		-			-			-			-			(66	)		-			(66	)		-			-			-			-		(22	)		-		(22	)
FAS 141 rent, net		(480	)		105			(375	)		-			120			-			(255	)		(237	)		35			(202	)		-		17			-		(185	)
FAS 141 interest expense		15			-			15			-			37			-			52			5			-			5			-		16			-		21
Interest expense		(12,050	)		(2,794	)		(14,844	)		-			(2,833	)		-			(17,677	)		(3,770	)		(943	)		(4,713	)		-		(1,059	)		-		(5,772	)
Amortization of loan costs		(347	)		-			(347	)		-			(511	)		-			(858	)		(99	)		-			(99	)		-		(198	)		-		(297	)
Asset and property management expense		(44	)		-			(44	)		-			2			-			(42	)		(19	)		-			(19	)		-		-			-		(19	)
Promote expense		-			-			-			-			-			-			-			-			-			-			-		-			-		-
Other income		984			-			984			-			10			-			994			410			-			410			-		10			-		420
Pre-acquisition costs		(584	)		-			(584	)		-			(17	)		-			(601	)		(565	)		-			(565	)		-		(1	)		-		(566	)
Impairment of asset		-			-			-			-			(0	)		(2,616	)		(2,616	)		-			-			-			-		-			-		-
Equity in earnings of unconsolidated affiliate, net of taxes		-			-			-			-			-			-			-			-			-			-			-		-			-		-
CORE PORTFOLIO AND OPPORTUNITY FUND INCOME		25,175			1,809			26,984			848			5,420			(2,545	)		30,707			6,990			534			7,524			-		1,866			24		9,414

FEE INCOME
Asset and property management fees and priority distributions		9,449			-			9,449			-			52			-			9,501			3,189			-			3,189			-		15			-		3,204
Transactional fees2		5,193			-			5,193			-			-			-			5,193			1,381						1,381			-		-			-		1,381
Provision for income taxes		(415	)		-			(415	)		-			126			-			(289	)		473			-			473			-		47			-		520
FEE INCOME		14,227			-			14,227			-			178			-			14,405			5,043			-			5,043			-		62			-		5,105

PROMOTE, RCP AND OTHER INCOME
Equity in earnings from RCP investments		-			-			-			-			762			-			762			-			-			-			-		724			-		724
Promote income - RCP		-			-			-			-			(118	)		-			(118	)		-			-			-			-		(90	)		-		(90	)
Promote income - Fund capital transactions		-			-			-			-			-			-			-			-			-			-			-		-			-		-
Equity in earnings of unconsolidated properties		-			-			-			-			-			-			-			-			-			-			-		-			-		-
Lease termination income		96			3			99			-			7			-			106			60			-			60			-		-			-		60
Gain (loss) on extinguishment of debt		1,268			-			1,268			-			-			-			1,268			(303	)		-			(303	)		-		-			-		(303	)
Gain from bargain purchase		-			-			-			-			-			-			-			-			-			-			-		-			-		-
Provision for income taxes (RCP)		(200	)		(1	)		(201	)		-			(7	)		-			(208	)		(217	)		-			(217	)		-		(1	)		-		(218	)
Total Promote, RCP and Other Income		1,164			2			1,166			-			644			-			1,810			(460	)		-			(460	)		-		633			-		173

GENERAL AND ADMINISTRATIVE		(17,218	)		(9	)		(17,227	)		-			(279	)		-			(17,506	)		(5,853	)		(1	)		(5,854	)		-		(90	)		-		(5,944	)

Depreciation and amortization		(9,739	)		(1,084	)		(10,823	)		(343	)		(3,118	)		(26	)		(14,310	)		(3,201	)		(338	)		(3,539	)		-		(1,062	)		-		(4,601	)
FAS 141 amortization		228			-			228			-			(494	)		-			(266	)		108			-			108					(186	)		-		(78	)
Gain on sale of properties		-			-			-			28,576			-			784			29,360			-			-			-			-		-			-		-
Income before noncontrolling interests		13,837			718			14,555			29,081			2,351			(1,787	)		44,200			2,627			195			2,822			-		1,223			24		4,069

Noncontrolling interest - OP		(549	)		-			(549	)		-			-			-			(549	)		(63	)		-			(63	)		-		-			-		(63	)
Noncontrolling interests		-			-			-			-			17			-			17			-			-			-			-		5			-		5

NET INCOME	$	13,288		$	718		$	14,006		$	29,081		$	2,368		$	(1,787	)	$	43,668		$	2,564		$	195		$	2,759		$	-	$	1,228		$	24	$	4,011

Notes:
1Quarterly 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.
2The Company has a 22.2% interest in Brandywine Portfolio ("Brandywine") and a 49% interest in the Crossroads Shopping Center ("Crossroads") which are accounted for as unconsolidated investments in the Company's financial statements.
2Consists of development, construction, leasing and legal fees.

- 5 -

Income Statements - Opportunity Funds1

Year-to-Date

(in thousands)

	Year-to-date ended September 30, 2011
													Continuing			Discontinued																				Continuing			Discontinued					AKR						Pro-rata						AKR			Total
													Operations			Operations																				Operations			Operations					Pro-						share of						Pro-			AKR
	Fund I			Fund I			Fund I			AKR			AKR Pro-			AKR Pro-						AKR			AKR Pro-			Fund II			Fund II		Fund II			AKR Pro-			AKR Pro-					rata						Fund III						rata			Pro-
	Continuing			Discontinued			Consolidated			Promote			rata share			rata share			Mervyns			Promote			rata share			Continuing			Discontinued		Consolidated			rata share			rata share		Mervyns			share						unconsolidated			Adjusted			share			rata
	Operations			Operations			Operations3			20.00%			22.22%			22.22%			I			20.00%			22.22%			Operations			Operations		Operations			20.00%			20.00%		II			20.00%			Fund III			affiliates4			Fund III			19.90%			share

PROPERTY REVENUES
Minimum rents	$	2,518		$	448		$	2,966		$	593		$	430		$	98		$	-		$	-		$	-		$	22,464		$	44	$	22,508		$	4,490		$	9	$	-		$	-		$	21,524		$	5,217		$	26,741		$	5,323		$	10,943
Percentage rents		-			-			-			-			-			-			-			-			-			-			-		-			-			-		-			-			4			44			48			9			9
Expense reimbursements - CAM		115			67			182			36			17			15			-			-			-			2,336			-		2,336			467			-		-			-			973			753			1,726			343			879
Expense reimbursements - Taxes		21			55			76			15			1			12			-			-			-			1,773			-		1,773			354			-		-			-			2,641			159			2,800			557			940
Other property income		-			-			-			-			-			-			-			-			-			301			-		301			60			-		-			-			1,099			34			1,133			225			285
Total Property Revenues		2,654			570			3,224			645			448			125			-			-			-			26,874			44		26,918			5,371			9		-			-			26,241			6,207			32,448			6,457			13,056

PROPERTY EXPENSES
Property operating - CAM		152			178			330			66			19			40			-			-			-			3,385			1		3,386			677			-		-			-			1,283			494			1,777			353			1,156
Other property operating (Non-CAM)		758			58			816			163			132			13			-			-			-			4,194			-		4,194			839			-		-			-			4,888			3,326			8,214			1,635			2,783
Real estate taxes		59			143			202			40			4			32			-			-			-			3,048			-		3,048			609			-		-			-			4,314			434			4,748			945			1,630
Total Property Expenses		969			379			1,348			270			155			84			-			-			-			10,627			1		10,628			2,125			-		-			-			10,485			4,254			14,739			2,933			5,569

NET OPERATING INCOME - PROPERTIES		1,685			191			1,876			375			293			40			-			-			-			16,247			43		16,290			3,246			9		-			-			15,756			1,953			17,709			3,524			7,487

OTHER INCOME (EXPENSE)
Mezzanine interest income		-			-			-			-			-			-			-			-			-			-			-		-			-			-		-			-			930			-			930			185			185
Other interest income		-			-			-			-			-			-			-			-			-			-			-		-			-			-		-			-			-			1			1			-			-
Straight-line rent income, net		113			98			211			42			16			22			-			-			-			3,839			-		3,839			767			-		-			-			828			312			1,140			228			1,075
Straight-line ground rent		-			-			-			-			-			-			-			-			-			(324	)		-		(324	)		(66	)		-		-			-			-			-			-			-			(66	)
FAS 141 rent, net		-			-			-			-			-			-			-			-			-			(152	)		-		(152	)		(30	)		-		-			-			(439	)		1,193			754			150			120
FAS 141 interest expense		-			-			-			-			-			-			-			-			-			-			-		-			-			-		-			-			-			189			189			37			37
Interest expense		(121	)		-			(121	)		(24	)		(22	)		-			-			-			-			(8,068	)		-		(8,068	)		(1,613	)		-		-			-			(3,837	)		(2,071	)		(5,908	)		(1,175	)		(2,833	)
Amortization of loan costs		(27	)		-			(27	)		(5	)		(5	)		-			-			-			-			(1,885	)		-		(1,885	)		(377	)		-		-			-			(625	)		-			(625	)		(125	)		(511	)
Asset and property management expense 2		27			(21	)		6			-			2			-			-			-			-			(4,010	)		-		(4,010	)		-			-		(429	)		-			(7,150	)		(248	)		(7,398	)		-			2
Promote expense2		954			-			954			-			-			-			(62	)		-			-			-			-		-			-			-		-			-			-			-			-			-			-
Other income		-			-			-			-			-			-			-			-			-			-			-		-			-			-		-			-			-			50			50			10			10
Pre-acquisition costs		-			-			-			-			-			-			-			-			-			-			-		-			-			-		-			-			(81	)		1			(80	)		(17	)		(17	)
Impairment of asset		-			(6,925	)		(6,925	)		-			-			(2,616	)		-			-			-			-			-		-			-			-		-			-			-			-			-			-			(2,616	)
Equity in earnings of unconsolidated affiliate, net of taxes		-			-			-			-			-			-			-			-			-			-			-		-			-			-		-			-			(1,285	)		1,285			-			-			-
OPPORTUNITY FUND INCOME		2,631			(6,657	)		(4,026	)		388			284			(2,554	)		(62	)		-			-			5,647			43		5,690			1,927			9		(429	)		-			4,097			2,665			6,762			2,817			2,873

FEE INCOME
Asset and property management fees and
priority distributions 2		-			-			-			-			-			-			-			-			-			-			-		-			-			-		-			-			-			264			264			52			52
Transactional fees		-			-			-			-			-			-			-			-			-			-			-		-			-			-		-			-			-			-			-			-			-
Provision for income taxes		-			-			-			-			-			-			-			-			-			(16	)		-		(16	)		(3	)		-		-			-			649			-			649			129			126
Total Fee Income		-			-			-			-			-			-			-			-			-			(16	)		-		(16	)		(3	)		-		-			-			649			264			913			181			178

PROMOTE, RCP AND OTHER INCOME
Equity in earnings from RCP investments		-			-			-			-			-			-			(582	)		-			(103	)		-			-		-			-			-		4,330			866			-			-			-			-			762
Promote income - RCP		-			-			-			-			-			-			-			(117	)		-			-			-		-			-			-		-			-			-			-			-			-			(117	)
Promote income - Fund capital transactions		-			-			-			-			-			-			-			-			-			-			-		-			-			-		-			-			-			-			-			-			-
Equity in earnings of unconsolidated properties		-			-			-			-			-			-			-			-			-			-			-		-			-			-		-			-			-			-			-			-			-
Lease termination income		-			-			-			-			-			-			-			-			-			-			-		-			-			-		-			-			-			34			34			7			7
Gain on extinguishment of debt		-			-			-			-			-			-			-			-			-			-			-		-			-			-		-			-			-			-			-			-			-
Gain from bargain purchase		-			-			-			-			-			-			-			-			-			-			-		-			-			-		-			-			-			-			-			-			-
Provision for income taxes (RCP)		(11	)		-			(11	)		(2	)		(2	)		-			(1	)		(0	)		(0	)		-			-		-			-			-		(8	)		(2	)		-			-			-			-			(7	)
Total Promote, RCP and Other Income		(11	)		-			(11	)		(2	)		(2	)		-			(583	)		(117	)		(104	)		-			-		-			-			-		4,322			864			-			34			34			7			645

GENERAL AND ADMINISTRATIVE		(79	)		-			(79	)		(16	)		(14	)		-			(5	)		(1	)		(1	)		(602	)		-		(602	)		(120	)		-		(54	)		(11	)		(561	)		(24	)		(585	)		(117	)		(279	)

Depreciation and amortization		(420	)		(118	)		(538	)		(108	)		(69	)		(26	)		-			-			-			(7,803	)		-		(7,803	)		(1,561	)		-		-			-			(5,517	)		(1,408	)		(6,924	)		(1,378	)		(3,143	)
FAS 141 amortization		-			-			-			-			-			-			-			-			-			(161	)		-		(161	)		(33	)		-		-			-			(783	)		(1,531	)		(2,314	)		(461	)		(494	)
Gain on sale of properties		-			-			-			-			-			-			-			-			-			-			3,918		3,918			-			784		-			-			-			-			-			-			784
Income before noncontrolling interest		2,121			(6,775	)		(4,654	)		262			199			(2,580	)		(650	)		(118	)		(104	)		(2,935	)		3,961		1,026			210			793		3,839			853			(2,115	)		-			(2,114	)		1,049			564

Noncontrolling interest - OP		-			-			-			-			-			-			-			-			-			-			-		-			-			-		-			-			-			-			-			-			-
Noncontrolling interests		-			-			-			-			-			-			-			-			-			5			-		5			1			-		-			-			79			-			79			16			17

NET INCOME	$	2,121		$	(6,775	)	$	(4,654	)	$	262		$	199		$	(2,580	)	$	(650	)	$	(118	)	$	(104	)	$	(2,930	)	$	3,961	$	1,031		$	211		$	793	$	3,839		$	853		$	(2,036	)	$	-		$	(2,035	)	$	1,065		$	581

Notes:
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 entities pay various fees to and promotes 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.
4 Represents Fund III's pro-rata share of the following unconsolidated investments: White City, White Oak, Lincoln Road. and Self-Storage Management.

- 6 -

Income Statements - Opportunity Funds1

Current Quarter

(in thousands)

						Three months ended September 30, 2011
												Continuing			Discontinued									AKR											Continuing			Discontinued						AKR						Pro-rata
												Operations			Operations									Pro-											Operations			Operations						Pro-						share of									Total
	Fund I			Fund I		Fund I			AKR			AKR Pro-			AKR Pro-						AKR			rata			Fund II			Fund II		Fund II			AKR Pro-			AKR Pro-						rata						Fund III						AKR Pro-			AKR
	Continuing			Discontinued		Consolidated			Promote			rata share			rata share						Promote			share			Continuing			Discontinued		Consolidated			rata share			rata share						share						unconsolidated			Adjusted			rata share			Pro-
	Operations			Operations		Operations3				20.00	%		22.22	%		22.22	%	Mervyns I				20.00	%		22.22	%	Operations			Operations		Operations				20.00	%		20.00	%	Mervyns II				20.00	%	Fund III			affiliates4			Fund III				19.90	%	rata share

PROPERTY REVENUES
Minimum rents	$	834			148	$	982		$	196		$	142		$	33		$	-		$	-		$	-		$	7,924		$	-	$	7,924		$	1,584		$	-		$	-		$	-		$	7,777		$	1,870		$	9,647		$	1,920		$	3,875
Percentage rents		-			-		-			-			-			-			-			-			-			-					-			-			-			-			-			5			31			36			7			7
Expense reimbursements - CAM		33			19		52			10			5			4			-			-			-			669					669			134			-			-			-			324			305			629			125			279
Expense reimbursements - Taxes		55			18		73			15			9			4			-			-			-			657					657			131			-			-			-			1,096			56			1,152			229			388
Other property income		-			-		-			-			-			-			-			-			-			136			-		136			27			-			-			-			449			7			456			91			118
Total Property Revenues		922			185		1,107			221			156			41			-			-			-			9,386			-		9,386			1,876			-			-			-			9,651			2,269			11,920			2,372			4,667

PROPERTY EXPENSES
Property operating - CAM		43			75		118			24			4			17			-			-			-			1,105			-		1,105			221			-			-			-			440			170			610			121			387
Other property operating (Non-CAM)		289			12		301			60			51			3			-			-			-			1,204			-		1,204			241			-			-			-			1,527			1,151			2,678			533			888
Real estate taxes		68			46		114			23			10			10			-			-			-			1,071			-		1,071			214			-			-			-			1,553			159			1,712			341			598
Total Property Expenses		400			133		533			107			65			30			-			-			-			3,380			-		3,380			676			-			-			-			3,520			1,480			5,000			995			1,873

NET OPERATING INCOME - PROPERTIES		522			52		574			115			90			12			-			-			-			6,006			-		6,006			1,200			-			-			-			6,131			789			6,920			1,377			2,794

OTHER INCOME (EXPENSE)
Mezzanine interest income		-					-			-			-			-			-			-			-			-					-			-			-			-			-			310			-			310			62			62
Other interest income		-					-			-			-			-			-			-			-			-					-			-			-			-			-			-			1			1			-			-
Straight-line rent income, net		16			57		73			15			0			13			-			-			-			766					766			153			-			-			-			297			153			450			90			271
Straight-line ground rent		-					-			-			-			-			-			-			-			(108	)				(108	)		(22	)		-			-			-			-			-			-			-			(22	)
FAS 141 rent, net		-					-			-			-			-			-			-			-			(22	)				(22	)		(4	)		-			-			-			(141	)		246			105			21			17
FAS 141 interest expense		-					-			-			-			-			-			-			-			-					-			-			-			-			-			-			81			81			16			16
Interest expense		(41	)				(41	)		(8	)		(7	)		-			-			-			-			(3,040	)				(3,040	)		(608	)		-			-			-			(1,439	)		(754	)		(2,193	)		(436	)		(1,059	)
Amortization of loan costs		(9	)				(9	)		(2	)		(2	)		-			-			-			-			(708	)				(708	)		(142	)		-			-			-			(264	)		-			(264	)		(53	)		(198	)
Asset and property management expense2		9			-7		2			-			-			-			-			-			-			(1,368	)				(1,368	)		-			-			(143	)		-			(2,594	)		(87	)		(2,681	)		-			-
Promote expense2		(90	)				(90	)		-			-			-			90			-			-			-					-			-			-			-			-			-			-			-			-			-
Other income		-					-			-			-			-			-			-			-			-					-			-			-			-			-			-			48			48			10			10
Pre-acquisition costs		-					-			-			-			-			-			-			-			-					-			-			-			-			-			(3	)		-			(3	)		(1	)		(1	)
Impairment of asset		-					-			-			-			-			-			-			-			-					-			-			-			-			-			-			-			-			-			-
Equity in earnings of unconsolidated affiliate, net of taxes		-					-			-			-			-						-			-			-					-			-			-			-			-			(601	)		601			-			-			-
OPPORTUNITY FUND INCOME		407			102		509			119			82			24			90			-			-			1,526			-		1,526			577			-			(143	)		-			1,696			1,078			2,774			1,086			1,890

FEE INCOME
Asset and property management fees and
priority distributions		-					-			-			-			-			-			-			-			-					-			-			-			-			-			-			75			75			15			15
Transactional fees		-					-			-			-			-			-			-			-			-					-			-			-			-			-			-			-			-			-			-
Provision for income taxes		-					-			-			-			-			-			-			-			(5	)		-		(5	)		(1	)		-			-			-			241			-			241			48			47
Total Fee Income		-			-		-			-			-			-			-			-			-			(5	)		-		(5	)		(1	)		-			-			-			241			75			316			63			62

PROMOTE, RCP AND OTHER INCOME
Equity in earnings from RCP investments		-					-			-			-			-			(449	)		-			(80	)		-					-			-			-			4,020			804			-			-			-			-			724
Promote income - RCP		-					-			-			-			-			-			(90	)		-			-					-			-			-			-			-			-			-			-			-			(90	)
Promote income - Fund capital transactions		-					-			-			-			-			-			-			-			-					-			-			-			-			-			-			-			-			-			-
Equity in earnings of unconsolidated properties		-					-			-			-			-			-			-			-			-					-			-			-			-			-			-			-			-			-			-
Lease termination income		-					-			-			-			-			-			-			-			-					-			-			-			-			-			-			-			-			-			-
Gain on extinguishment of debt		-					-			-			-			-			-			-			-			-					-			-			-			-			-			-			-			-			-			-
Gain from bargain purchase		-					-			-			-			-			-			-			-			-					-			-			-			-			-			-			-			-			-			-
Provision for income taxes (RCP)		-					-			-			-			-			-			-			-			-			-		-			-			-			(4	)		(1	)		-			-			-			-			(1	)
Total Promote, RCP and Other Income		-			-		-			-			-			-			(449	)		(90	)		(80	)		-			-		-			-			-			4,016			803			-			-			-			-			633

GENERAL AND ADMINISTRATIVE		(10	)				(10	)		(2	)		(2	)		-			(1	)		(0	)		(0	)		(247	)				(247	)		(49	)		-			(14	)		(3	)		(157	)		(13	)		(170	)		(34	)		(90	)
																												.
Depreciation and amortization		(89	)				(89	)		(18	)		(16	)		-			-			-			-			(2,685	)				(2,685	)		(537	)		-			-			-			(1,945	)		(517	)		(2,462	)		(490	)		(1,062	)
FAS 141 amortization		-					-			-			-			-			-			-			-			(23	)				(23	)		(5	)		-			-			-			(285	)		(623	)		(908	)		(181	)		(186	)
Gain on sale of properties		-					-			-			-			-			-			-			-			-			-		-			-			-			-			-			-			-			-			-			-
Income before noncontrolling interest		308			102		410			100			64			24			(360	)		(90	)		(80	)		(1,434	)		-		(1,434	)		(15	)		-			3,859			800			(450	)		-			(450	)		444			1,247

Noncontrolling interest - OP		-					-			-			-			-			-			-			-			-					-			-			-			-			-			-			-			-			-			-
Noncontrolling interests		-					-			-			-			-			-			-			-			(1	)		-		(1	)		-			-			-			-			25			-			25			5			5

NET INCOME	$	308		$	102	$	410		$	100		$	64		$	24		$	(360	)	$	(90	)	$	(80	)	$	(1,435	)	$	-	$	(1,435	)	$	(15	)	$	-		$	3,859		$	800		$	(425	)	$	-		$	(425	)	$	449		$	1,252


Notes:
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 entities pay various fees to and promotes 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.
4 Represents Fund III's pro-rata share of the following unconsolidated investments: White City, White Oak, Lincoln Road. and Self-Storage Management.

- 7 -

Funds from Operations ("FFO") 1
(in thousands)

	2011												2010
	Current			Current			Previous			Previous			Historic			Historic
	Year-to-Date			Quarter			Quarter			Quarter			Year-to-Date			Quarter
	Period ended			3 months ended			3 months ended			3 months ended			Period ended			3 months ended
Funds from operations ("FFO"):	September 30, 2011			September 30, 2011			June 30, 2011			March 31, 2011			September 30, 2010			September 30, 2010

Net Income	$	43,668		$	4,011		$	30,234		$	9,423		$	23,045		$	5,117
Add back:
Depreciation of real estate and amortization of leasing costs: (net of noncontrolling interest share)
Consolidated affiliates		13,582			4,527			4,597			4,458			13,757			4,967
Unconsolidated affiliates		1,071			338			381			352			1,187			354
Gain on sale of properties (net of noncontrolling interest share)
Consolidated affiliates		(29,360	)		-			(28,576	)		(784	)		-			-
Income attributable to noncontrolling interests'
share in Operating Partnership		536			59			362			115			309			64
Distributions on Preferred OP Units		14			5			5			4			14			5
FFO	$	29,511		$	8,940		$	7,003		$	13,568		$	38,312		$	10,507

Adjusted Funds from operations ("AFFO"):
Diluted FFO	$	29,511		$	8,940		$	7,003		$	13,568		$	38,312		$	10,507
Straight line rent, net		(1,352	)		(356	)		(539	)		(457	)		(653	)		(138	)
Straight-line ground rent expense		66			22			22			22			66			22
FAS 141 rent, net		255			185			(68	)		138			494			157
FAS 141 interest expense		(52	)		(21	)		(26	)		(5	)		(15	)		(5	)
Impairment of asset		2,616			-			2,616			-			-			-
Amortization of discount on convertible debt		720			180			271			269			774			263
Non real estate depreciation		347			115			116			116			371			115
Amortization of finance costs		866			305			272			289			860			282
Amortization of cost of management contracts		195			60			60			75			282			104
Tenant improvements		(5,817	)		(2,000	)		(2,580	)		(1,237	)		(2,762	)		(1,054	)
Leasing commissions		(1,077	)		(191	)		(411	)		(475	)		(521	)		(126	)
Capital expenditures		(218	)		-			-			(218	)		-			-
Gain from bargain purchase		-			-			-			-			(6,383	)		-
(Gain) loss on extinguishment of debt		(1,268	)		303			102			(1,673	)		-			-
AFFO	$	24,792		$	7,542		$	6,838		$	10,412		$	30,825		$	10,127

Funds Available for Distribution ("FAD")
AFFO	$	24,792		$	7,542		$	6,838		$	10,412		$	30,825		$	10,127
Scheduled principal repayments		(1,953	)		(654	)		(667	)		(632	)		(1,555	)		(525	)
FAD	$	22,839		$	6,888		$	6,171		$	9,780		$	29,270		$	9,602

Total weighted average shares and OP Units:
Basic		40,807			40,833			40,804			40,784			40,602			40,643
Diluted		41,099			41,147			41,104			41,046			40,841			40,905

FFO per share:
FFO per share - Basic	$	0.72		$	0.22		$	0.17		$	0.33		$	0.94		$	0.26
FFO per share - Diluted	$	0.72		$	0.22		$	0.17		$	0.33		$	0.94		$	0.26

AFFO per share - Basic	$	0.61		$	0.18		$	0.17		$	0.26		$	0.76		$	0.25
AFFO per share - Diluted	$	0.60		$	0.18		$	0.17		$	0.25		$	0.75		$	0.25

FAD per share - Basic	$	0.56		$	0.17		$	0.15		$	0.24		$	0.72		$	0.24
FAD per share - Diluted	$	0.56		$	0.17		$	0.15		$	0.24		$	0.72		$	0.23

Notes:
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.

- 8 -

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

	Year-to-Date																				Current Quarter
	Period ended September 30, 2011																				Three months ended September 30, 2011
	Core Retail											Opportunity Funds									Core Retail										Opportunity Funds
						Total									`											Total
	Wholly			Joint		Continuing			Discontinued			Continuing			Discontinued			TOTAL			Wholly			Joint		Continuing			Discontinued		Continuing			Discontinued		TOTAL
	Owned			Ventures		Operations			Operations			Operations			Operations			TOTAL			Owned			Ventures		Operations			Operations		Operations			Operations		TOTAL


NET INCOME	$	13,288		$	718	$	14,006		$	29,081		$	2,368		$	(1,787	)	$	43,668		$	2,564		$	195	$	2,759		$	-	$	1,228		$	24	$	4,011

Add back:
Depreciation and amortization		9,739			1,084		10,823			343			3,118			26			14,310			3,201			338		3,539			-		1,062			-		4,601
FAS 141 amortization		(228	)		-		(228	)		-			494			-			266			(108	)		-		(108	)		-		186			-		78
Interest expense		12,050			2,794		14,844			-			2,833			-			17,677			3,770			943		4,713			-		1,059			-		5,772
Amortization of loan costs		347			-		347			-			511			-			858			99			-		99			-		198			-		297
FAS 141 interest expense		(15	)		-		(15	)		-			(37	)		-			(52	)		(5	)		-		(5	)		-		(16	)		-		(21	)
Impairment of asset		-			-		-			-			0			2,616			2,616			-			-		-			-		-			-		-
Gain on sale of properties		-			-		-			(28,576	)					(784	)		(29,360	)		-			-		-			-		-			-		-
Provision for income taxes		615			1		616			-			(119	)		-			497			(256	)		-		(256	)		-		(46	)		-		(302	)
(Gain) loss on extinguishment of debt		(1,268	)		-		(1,268	)		-			-			-			(1,268	)		303			-		303			-		-			-		303
Noncontrolling interest - OP		549			-		549			-			-			-			549			63			-		63			-		-			-		63
Noncontrolling interests		-			-		-			-			(17	)		-			(17	)		-			-		-			-		(5	)		-		(5	)

EBITDA	$	35,077		$	4,597	$	39,674		$	848		$	9,151		$	71		$	49,744		$	9,631		$	1,476	$	11,107		$	-	$	3,666		$	24	$	14,797

- 9 -

Core Portfolio
Net Operating Income (NOI) - Same Property Performance 1
(in thousands)

	Quarter									Year-to-Date
							Growth in Same									Growth in Same
	Three months ended						Property NOI -			Period ended						Property NOI -
							Continuing Operations									Continuing Operations
	September 30, 2011			September 30, 2010			Favorable (unfavorable)			September 30, 2011			September 30, 2010			Favorable (unfavorable)

Reconciliation of total NOI to same property NOI:

NOI - Retail properties	$	11,241		$	11,163					$	33,117		$	33,606
NOI - Discontinued Operations		-			773						849			2,147

Total NOI		11,241			11,936						33,966			35,753

NOI - Properties acquired or in redevelopment		(718	)		(56	)					(911	)		(130	)
NOI - Discontinued Operations		-			(773	)					(849	)		(2,147	)

Total	$	10,523		$	11,107			-5.3	%	$	32,206		$	33,476			-3.8	%


Same property NOI by revenues/expenses:


Revenues	$	14,855		$	15,570			-4.6	%	$	46,168		$	47,152			-2.1	%
Expenses		4,332			4,463			2.9	%		13,962			13,676			-2.1	%

Total Core Portfolio	$	10,523		$	11,107			-5.3	%	$	32,206		$	33,476			-3.8	%


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

- 10 -

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

	Fund I		Fund II		Fund III		Other		Total
Period ended September 30, 2011
Asset and property management fees and priority distributions	$	325	$	3,395	$	5,005	$	724	$	9,449
Transactional fees		162		3,231		1,356		444		5,193
Total management fees and priority distributions	$	487	$	6,626	$	6,361	$	1,168	$	14,642


	Fund I		Fund II		Fund III		Other		Total
Current quarter ended September 30, 2011
Asset and property management fees and priority distributions	$	108	$	1,161	$	1,686	$	234	$	3,189
Transactional fees		72		993		298		18		1,381
Total management fees and priority distributions	$	180	$	2,154	$	1,984	$	252	$	4,570


	Fund I		Fund II		Fund III		Other		Total
Prior Quarter ended June 30, 2011
Asset and property management fees and priority distributions	$	109	$	1,180	$	1,661	$	245	$	3,195
Transactional fees		69		705		678		42		1,494
Total management fees and priority distributions	$	178	$	1,885	$	2,339	$	287	$	4,689


	Fund I		Fund II		Fund III		Other		Total
Prior Quarter ended March 31, 2011
Asset and property management fees and priority distributions	$	108	$	1,054	$	1,658	$	245	$	3,065
Transactional fees		21		1,533		380		384		2,318
Total management fees and priority distributions	$	129	$	2,587	$	2,038	$	629	$	5,383

- 11 -

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	$	268,077		$	(136,048	)	$	15,471		$	147,500			1	The interim consolidated balance sheet is unaudited, although it reflect all adjustments, which in the opinion of management, are necessary for the fair presentation of the consolidated balance sheet for the interim period.
Buildings and improvements		958,549			(469,721	)		67,219			556,047
Construction in progress		3,983			(1,654	)		46			2,375
		1,230,609			(607,423	)		82,736			705,922
Less: accumulated depreciation		(200,840	)		59,935			(11,422	)		(152,327	)
Net real estate		1,029,769			(547,488	)		71,314			553,595			2	The Company currently invests in Funds I, II & III and Mervyns I & II which are consolidated with the Company's financial statements. To provide investors with supplemental information, the Company's investments in these 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. Similarly, the above presentation also includes the Company's share of assets and liabilities for unconsolidated investments which are accounted for under the equity method of accounting for the Company's finanical statements.

Net real estate under development		229,223			(169,920	)		-			59,303

Cash and cash equivalents		98,027			(26,160	)		4,451			76,318
Cash in escrow		27,553			(18,168	)		761			10,146
Investments in and advances to unconsolidated affiliates		78,420			(45,466	)		(15,624	)		17,331
Rents receivable, net		4,411			(1,269	)		6			3,148
Straight-line rents receivable, net		18,768			(10,364	)		1,431			9,835
Intercompany		-			-			-			-
Notes Receivable		41,304			(13,249	)		-			28,055
Preferred equity investment		-			-			-			-			3	The components of Net real estate under development are as follows:
Deferred charges, net		25,696			(22,005	)		1,448			5,139				Fund II	$	178,595
Prepaid expenses and other assets		27,637			18,920			(699	)		45,858		4		Fund III		26,100
Acquired lease intangibles		22,975			(11,135	)		1,261			13,101				Total Opportunity Funds		204,695
Assets of discontinued operations		2,684			-			-			2,684				Core Portfolio		24,528
															Total	$	229,223
Total Assets	$	1,606,467		$	(846,304	)	$	64,349		$	824,513
														4	The components of Prepaid expenses and other assets are as follows:
LIABILITIES AND SHAREHOLDERS' EQUITY															Due from Fund Investors	$	35,897
															Prepaid expenses		5,402
Mortgage notes payable	$	846,358		$	(522,433	)	$	82,249		$	406,175				Accrued interest on Notes Receivable		2,062
Notes payable		24,824			-			-			24,824				Income tax receivables		917
Valuation of debt at acquisition, net of amortization		41			(16	)		194			219				Corporate assets		1,138
Acquired lease intangibles		5,592			(2,782	)		1,769			4,579				Other		442
Accounts payable and accrued expenses		31,992			(10,915	)		841			21,918				Total	$	45,858
Dividends and distributions payable		7,507			-			-			7,507
Due to related parties		-			-			-			-
Share of losses in excess of inv. in unconsolidated affiliates		21,401			-			(21,401	)		-
Other liabilities		18,914			(7,592	)		697			12,019
Liabilities of discontinued operations		289			-			-			289
Total liabilities		956,918			(543,738	)		64,349			477,530

Shareholders' equity:
Common shares		40			-			-			40
Additional paid-in capital		303,783			-			-			303,783
Accumulated other comprehensive income		(4,231	)		-			-			(4,231	)
Retained earnings		39,098			-			-			39,098
Total controlling interest		338,690			-			-			338,690
Non-controlling interest in subsidiary		310,859			(302,566	)		-			8,293
Total shareholders' equity		649,549			(302,566	)		-			346,983

Total Liabilities and Shareholders' Equity	$	1,606,467		$	(846,304	)	$	64,349		$	824,513

- 12 -

Notes Receivable 1
(in thousands)

	Balance at						Balance at																Underlying third-party
	June 30, 2011		Third				September 30, 2011						Stated			Effective							first mortgage
			Quarter						Accrued				Interest			Interest			Maturity		Extension
Investment	Principal		Activity				Principal		Interest		Total		Rate			Rate 2			Dates		Options		Amount	Maturity Dates


Georgetown - 5 property portfolio	$	8,000	$	(8,000	)	3	$	-	$	-	$	-

First mortgage and other notes		8,854		4,000				12,854		704		13,558		9.92	%		9.94	%		2011/2012		-	n/a	n/a

Mezzanine notes		18,075		(166	)			17,909		884		18,793		14.42	%		15.22	%	Various			-	272,289	2011 thru 2019

Total notes receivable	$	34,929	$	(4,166	)		$	30,763	$	1,588	$	32,351		12.54	%		13.01	%



Notes:
1 The above activity does not include a $10,000 Fund III first mortgage investment and other non-real estate loans of $541.
2 Inclusive of points and exit fees.
3 During the third quarter 2011, the Company acquired a 50% interest in the Georgetown portfolio. Consequently, the $8.0 million note receivable
was reclassified to Investments in and Advances to Unconsolidated Affiliates.

- 13 -

2011 Guidance - Highlights
(in millions except per share amounts, all per share amounts are fully diluted)


	Current
	2011 Guidance	2010 Actual
Overall:

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

Full year Funds from Operations ("FFO") per share	$0.94 to $1.00	$1.23

Earnings per Share ("EPS")	$0.44 to $0.50	$0.74


FFO Components:

Core and pro-rata share of opportunity Fund ("Fund") portfolio income1	$42.5 to $42.0	$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 $41.0	$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

- 14 -

Net Asset Valuation Information
(in thousands)

	CORE		FUND I					FUND II									FUND III
			Fund Level		AKR pro-rata share			Fund Level				AKR Pro-rata Share					Fund Level				AKR pro-rata share
					%	$		Quarterly		Annualized (x4)		%			$		Quarterly		Annualized (x4)		%			$
Current NOI
Operating properties1	$	11,241		--				$	-	$	-		20.00	%	$	-	$	3,047	$	12,188		19.90	%	$	2,425
Operating properties - Unconsolidated Affiliates									-		-							789		3,156					628
Development Portfolio
Construction complete - Stabilized		-							1,998		7,992					1,598		-		-					-
Construction complete - Pre-stabilized		-							3,619		14,476					2,895		247		988					197
Storage portfolio		-							389		1,556					311		2,837		11,348					2,258
Total NOI	$	11,241						$	6,006	$	24,024				$	4,805	$	6,920	$	27,680				$	5,508


Cost to Date2
Construction complete (both stabilized and pre-stabilized)										$	407,200				$	81,440			$	24,400				$	4,856
Under construction											95,300					19,060				-					-
In-design											34,000					6,800				75,400					15,005
Storage portfolio											-					-				186,700					37,154


Costs to Complete2
Construction complete (both stabilized and pre-stabilized)										$	15,600				$	3,120			$	1,600				$	318
Under construction											154,700					30,940				-					-
In-design											-					-				-					-


Annual NOI Upon Stabilization (Mid-Point of Range)
Construction complete (both stabilized and pre-stabilized)										$	33,824				$	6,765			$	2,080				$	414
Storage portfolio											-					-				14,936					2,972
Under construction											20,000					4,000				-					-


Debt4	$	296,735	$	8,260						$	328,366				$	61,904			$	359,862				$	69,238


Gross asset value1				43,500
Net Asset Value			$	35,240	37.78%	$	13,314


Notes:
1It is not recommended to apply a capitalization rate to current Fund I NOI as this NOI declines during 2011 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 $5,500 ($35,140 x 20% x 77.78%).
2See detail on pages 28 and 29 of this supplement.

- 15 -

Selected Operating Ratios
(in thousands)

	Three months ended September 30,								Nine months ended September 30,									Three months ended September 30,				Three months ended June 30,

	2011				2010				2011				2010					2011				2011
COVERAGE RATIOS1																	LEVERAGE RATIOS

EBITDA2	$	14,797			$	17,961			$	49,744			$	53,254			Debt4	$	430,999			$	438,419
Divided by Interest expense		5,772				6,041				17,677				17,967			Total Market Capitalization		1,194,913				1,268,881
Interest Coverage Ratio		2.56		x		2.97		x		2.81		x		2.96		x	Debt/Total Market Capitalization		36	%			35	%

EBITDA	$	14,797			$	17,961			$	49,744			$	53,254			Debt + Preferred Equity (Preferred O.P. Units)	$	431,467			$	438,929
Divided by ( Interest expense		5,772				6,041				17,677				17,967			Total Market Capitalization		1,194,913				1,268,881
Plus: Preferred Dividends)3		5				5				14				14			Debt+Preferred Equity/Total Market Capitalization		36	%			35	%
Fixed Charge Coverage Ratio		2.56		x		2.97		x		2.81		x		2.96		x
																	Debt	$	296,735			$	306,590
EBITDA	$	14,797			$	17,961			$	49,744			$	53,254			EBITDA (Annualized)		52,899				57,134
Divided by ( Interest expense		5,772				6,041				17,677				17,967			Debt/EBITDA - Core Portfolio		5.61		x		5.37		x
Plus: Principal Amortization)		654				525				1,953				1,555
Debt Service Coverage Ratio		2.30		x		2.74		x		2.53		x		2.73		x	Debt5	$	234,044			$	178,608
																	EBITDA (Annualized)		52,899				57,134
Payout Ratios																	Net Debt/EBITDA - Core Portfolio		4.42		x		3.13		x

Dividends (Shares) & Distributions (O.P. Units) paid	$	7,507			$	7,427			$	22,518			$	22,276			Debt	$	430,999			$	438,419
FFO		8,940				10,507				29,511				38,312			EBITDA (Annualized)		65,100				68,182
FFO Payout Ratio		84	%			71	%			76	%			58	%		Debt/EBITDA - Core Portfolio and Opportunity Funds		6.62		x		6.43		x

Dividends (Shares) & Distributions (O.P. Units) paid	$	7,507			$	7,427			$	22,518			$	22,276			Debt6	$	354,681			$	299,241
AFFO		7,542				10,127				24,792				30,825			EBITDA (Annualized)		65,100				68,182
AFFO Payout Ratio		100	%			73	%			91	%			72	%		Net Debt/EBITDA - Core Portfolio and
																	Opportunity Funds		5.45		x		4.39		x
Dividends (Shares) & Distributions (O.P. Units) paid	$	7,507			$	7,427			$	22,518			$	22,276
FAD		6,888				9,602				22,839				29,270			NOI (Annualized)	$	44,964			$	44,120
FAD Payout Ratio		109	%			77	%			99	%			76	%		Debt		296,735				306,590
																	Debt Yield - Core Portfolio		15.2	%			14.4	%

Notes:																	NOI (Annualized)	$	44,964			$	44,120
1Quarterly results for 2011 and 2010 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 EBITDA, interest expense and principal amortization related to both the Company's consolidated and unconsolidated investments in joint ventures																	Debt5		234,044				178,608
2See page 9 for a calculation of EBITDA.																	Net Debt Yield - Core Portfolio		19.2	%			24.7	%
3Represents preferred distributions on Preferred Operating partnership Units
4Includes the Company's pro-rata share of consolidated and unconsolidated joint venture debt.																	NOI (Annualized)	$	56,140			$	54,016
5Reflects debt net of the current Core Portfolio cash balance as of September 30, 2011.																	Debt		430,999				438,419
6Reflects debt net of the current Core Portfolio and pro-rata share of the Opportunity Funds cash balance as of September 30, 2011.																	Debt Yield - Core Portfolio and Opportunity Funds		13.0	%			12.3	%

																	NOI (Annualized)	$	56,140			$	54,016
																	Debt6		354,681				299,241
																	Net Debt Yield - Core Portfolio and Opportunity Funds		15.8	%			18.1	%

- 16 -

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

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

Fixed-Rate Debt 1	$	329,363		5.6	%	$	20,755	6.0	%	$	350,118	5.6	%	81	%	$	53,930	$	(74,220	)	$	329,828
Variable-Rate Debt 1		(32,628	)	1.6	%		113,508	2.9	%		80,880	4.4	%	19	%		468,503		(8,029	)		541,354

Total	$	296,735		6.1	%	$	134,264	3.9	%	$	430,999	5.4	%	100	%	$	522,433	$	(82,249	)		871,182

FAS 141 purchase price debt allocation																						41
Total debt as reported																					$	871,223


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.

- 17 -

Debt Analysis
(in thousands)

		Principal Balance at			Acadia's Pro-rata Share					Interest		Maturity	Extension
Property	Entity	September 30, 2011			Percent		Amount			Rate		Date	Options

CORE PORTFOLIO

Fixed-Rate Debt
Acadia Realty Trust7	Acadia	$	24,824		100.0	%	$	24,824		6.03	%	12/20/2011	None
Clark Diversey	Acadia		4,525		100.0	%		4,525		6.35	%	7/1/2014	None
New Loudon Center	Acadia		13,943		100.0	%		13,943		5.64	%	9/6/2014	None
Crossroads Shopping Center	Crossroads JV		60,637		49.0	%		29,711		5.37	%	12/1/2014	None
Crescent Plaza	Acadia		17,352		100.0	%		17,352		4.98	%	9/6/2015	None
Pacesetter Park Shopping Center	Acadia		11,990		100.0	%		11,990		5.12	%	11/6/2015	None
Elmwood Park Shopping Center	Acadia		33,857		100.0	%		33,857		5.53	%	1/1/2016	None
Gateway Shopping Center	Acadia		20,375		100.0	%		20,375		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
Georgetown Portfolio	Acadia		6,460		50.0	%		3,230		6.15	%	6/15/2020	None
Georgetown Portfolio	Acadia		994		50.0	%		497		5.50	%	5/26/2021	None
Boonton	Acadia		7,915		60.0	%		4,749		6.40	%	11/1/2032	None
Interest rate swaps1	Acadia		58,127		100.0	%		58,127		5.25	%	Various

Sub-Total Fixed-Rate Debt			502,949					329,363		5.60	%

Variable-Rate Debt

Various2	Acadia		1,000		100.0	%		1,000		Libor + 125		12/1/2011	1 x 12 mos.
Branch Plaza	Acadia		13,746		100.0	%		13,746		Libor + 130		12/1/2011	1 x 12 mos.
Georgetown Portfolio	Acadia		2,826		50.0	%		1,413		Libor + 210		4/11/2012
Village Commons Shopping Center	Acadia		9,340		100.0	%		9,340		Libor + 140		6/30/2018
Interest rate swaps1	Acadia		(58,127	)	100.0	%		(58,127	)

Sub-Total Variable-Rate Debt			(31,215	)				(32,628	)	Libor + 138

Total Core Portfolio Debt		$	471,734				$	296,735		6.05	%

- 18 -

Debt Analysis (continued)
(in thousands)

		Principal Balance at			Acadia's Pro-rata Share					Interest		Maturity	Extension
Property	Entity	September 30, 2011			Percent		Amount			Rate		Date	Options

OPPORTUNITY FUNDS

Fixed-Rate Debt
Lincoln Road9	Fund III		20,355		18.9	%		3,849		6.14	%	8/11/2014	None
CityPoint	Fund II		20,000		18.8	%		3,766		7.25	%	11/1/2014	None
216th Street3	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 swaps1	Funds I, II & III		33,800		19.4	%		6,547		5.12	%	Various

Sub-Total Fixed-Rate Debt			111,195					20,755		6.02	%

Variable-Rate Debt
Liberty Avenue	Fund II		9,912		19.8	%		1,965		Libor + 325		11/1/2011	1 x 12 mos.
Tarrytown Shopping Center	Fund I		8,260		37.8	%		3,121		Libor + 165		10/30/2011	1 x 12 mos.
Acadia Strategic Opportunity Fund III, LLC6	Fund III		195,439		19.9	%		38,892		Libor + 225		10/10/2012	None
Canarsie Plaza	Fund II		52,960		15.9	%		8,397		Libor + 400		1/12/2012	1 x 36 mos.
Fordham Plaza3	Fund II		84,904		19.8	%		16,828		Libor + 350		9/30/2012	None
161st Street3	Fund II		28,900		19.8	%		5,728		Libor + 550		4/1/2013	None
CityPoint	Fund II		20,650		18.8	%		3,888		Libor + 250		8/12/2013	2 x 12 mos.
Storage Post - Various4	Fund III		42,000		18.9	%		7,940		Libor + 415		8/31/2013	None
Pelham Manor3	Fund II		34,000		19.8	%		6,739		Libor + 275		12/1/2013	None
125 Main Street Westport	Fund III		12,500		15.9	%		1,991		Libor + 235		9/30/2014	2 x 12 mos.
Acadia Strategic Opportunity Fund II, LLC5	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 Center8	Fund III		39,568		16.7	%		6,616		Libor + 260		12/23/2017	1 x 36 mos.
Interest rate swaps1	Funds I, II & III		(33,800	)	19.4	%		(6,547	)

Sub-Total Variable-Rate Debt			585,293					113,508		Libor + 270

Total Opportunity Funds Portfolio Debt		$	696,488				$	134,263		3.92	%

- 19 -

Debt Analysis - Notes
(in thousands)


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

	Notional		Average		Maturity
	principal		Swap rate		Date

Core Portfolio	$	10,372	4.90	%	10/1/2011
		7,755	5.14	%	3/1/2012
		15,000	3.79	%	11/30/2012
		15,000	3.41	%	11/30/2012
		10,000	2.65	%	11/30/2012
	$	58,127	3.87	%

Opportunity Funds	$	4,130	0.42	%	10/28/2011
		19,780	2.90	%	12/26/2017
		9,890	3.02	%	12/26/2017
	$	33,800	2.63	%

Total Core Portfolio and Opportunity Funds	$	91,927	3.42	%


2This 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.
3Fund 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%.
4The loan is collateralized by Storage Post locations - Linden, Webster Avenue, Jersey City, Fordham Road, Lawrence and Ridgewood.
5This is a line of credit for up to $40,000.
6This is a line of credit with no additional capacity.
7Convertible note balance pursuant to ASC Topic 470-20. The actual face amount of the convertible notes at September 30, 2011 is $24,933.
While the interest rate on the convertible notes is 3.75%, the effective fair value interest rate is 6.03%.
8Fund III is an 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%.
9Fund III is a 95.0% joint venture partner on this investment. As such, Acadia's pro-rata share of the above debt is 95.0% x 19.9%, or 18.9%.

- 20 -

Future Debt Maturities - Including Extension Options

(in thousands)

Core Portfolio

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

2011	$	842	$	24,933	$	25,775			$	656	$	24,933	$	25,589			3.75	%		3.75	%		n/a
2012		3,814		17,218		21,032				3,124		15,828		18,951			1.67	%		n/a			1.67	%
2013		3,907		-		3,907				3,176		-		3,176			n/a			n/a			n/a
2014		3,951		74,405		78,356				3,176		45,280		48,456			5.47	%		5.47	%		n/a
2015		2,525		27,363		29,888				2,330		27,363		29,693			5.04	%		5.04	%		n/a
Thereafter		9,260		303,625		312,885				6,071		164,907		170,979			5.75	%		5.86	%		1.64	%
Total	$	24,299	$	447,544	$	471,843			$	18,533	$	278,311	$	296,844

Less: additional convertible notes balance						(109	)	1						(109	)
Balance per Portfolio Debt Detail					$	471,734							$	296,735

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

2011	$	561	$	-	$	561			$	106	$	-	$	106			n/a			n/a			n/a
2012		2,354		297,087		299,441				445		60,522		60,967			3.21	%		n/a			3.21	%
2013		1,812		128,801		130,613				332		25,195		25,527			4.17	%		n/a			4.17	%
2014		850		54,180		55,030				147		10,393		10,540			5.72	%		6.71	%		3.14	%
2015		626		123,610		124,236				103		22,235		22,338			4.11	%		n/a			4.11	%
Thereafter		3,131		83,476		86,607				515		14,270		14,785			4.31	%		6.27	%		2.77	%
Total	$	9,334	$	687,154	$	696,488			$	1,648	$	132,615	$	134,263


Notes:
1Represents the equity component of the Company's convertible notes payable which is included in Additional Paid-In Capital.

- 21 -

Future Debt Maturities - Not Including Extension Options

(in thousands)

Core Portfolio

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

2011	$	883	$	39,638	$	40,521			$	697	$	39,638	$	40,335			2.93	%		3.75	%		1.54	%
2012		3,505		2,781		6,286				2,815		1,391		4,205			2.34	%		n/a			2.34	%
2013		3,907		-		3,907				3,176		-		3,176			n/a			n/a			n/a
2014		3,951		74,405		78,356				3,176		45,280		48,456			5.47	%		5.47	%		n/a
2015		2,525		27,363		29,888				2,330		27,363		29,693			5.04	%		5.04	%		n/a
Thereafter		9,260		303,625		312,885				6,071		164,908		170,979			5.75	%		5.86	%		1.64	%
Total	$	24,031	$	447,812	$	471,843			$	18,265	$	278,580	$	296,844

Less: additional convertible notes balance						(109	)	1						(109	)
Balance per Portfolio Debt Detail					$	471,734							$	296,735


Opportunity Funds
	Total Debt Maturities								Acadia's Pro-rata Share							Weighted Average Interest Rate of Maturing Debt
	Scheduled								Scheduled										Fixed-Rate			Variable-Rate
Year	Amortization		Maturities		Total				Amortization		Maturities		Total			Total Debt			Debt			Debt
2011	$	561	$	18,134	$	18,695			$	106	$	5,078	$	5,184			2.76	%		n/a			2.76	%
2012		2,225		332,042		334,267				419		63,867		64,286			3.76	%		n/a			3.76	%
2013		1,812		149,451		151,263				332		29,083		29,415			3.97	%		n/a			3.97	%
2014		850		66,680		67,530				147		12,383		12,530			5.13	%		6.71	%		2.89	%
2015		626		50,000		50,626				103		9,950		10,053			2.14	%		n/a			2.14	%
Thereafter		1,401		72,706		74,107				226		12,569		12,795			4.57	%		6.27	%		2.84	%
Total	$	7,475	$	689,013	$	696,488			$	1,333	$	132,930	$	134,263


Notes:
1Represents the equity component of the Company's convertible notes payable which is included in Additional Paid-In Capital.

- 22 -

Overview of Acadia Strategic Opportunity Funds

Item

FUND I

FUND II

FUND III

Date formed

September 2001

June 2004

May 2007

Capital commitment

$90 million

$300 million

$503 million

Funding

Fully funded

$273.2 million funded through September 30, 2011

$143.0 million funded through September 30, 2011

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

- 23 -

Opportunity Fund Retail Properties - Detail


		Ownership		Gross Leasable Area					Occupancy									Annualized Base Rent
	Anchors	%		Anchors		Shops	Total		Anchors			Shops			Total			Anchors		Shops		Total		Anchors		Shops		Per Sq. Ft.
Fund I Portfolio Detail:

MIDWEST

Ohio
Granville Centre 3	Lifestyle Family Fitness, Inc.	100	%		90,047	44,950		134,997		38.81	%		28.92	%		35.52	%	$	450,336	$	129,001	$	579,337	$	12.88	$	9.92	$	12.08

NEW YORK

New York
Tarrytown Shopping Center	Walgreen's	100	%		15,497	19,482		34,979		100.00	%		70.58	%		83.61	%		475,000		433,439		908,439		30.65		31.52		31.06

VARIOUS

Kroger/Safeway Portfolio (18 Properties)	Kroger/Safeway	75	%		709,978	4,798		714,776		90.14	%		100.00	%		90.21	%		3,169,795		75,390		3,245,185		4.95		15.71		5.03

Grand Total - Fund I					815,522	69,230		884,752		84.66	%		45.57	%		81.60	%	$	4,095,131	$	637,830	$	4,732,961	$	5.93	$	20.22	$	6.56

Fund II Portfolio Detail 2

NEW YORK

New York
Pelham Manor Shopping Plaza	BJ's Wholesale Club, PetSmart, Storage Post	99.1	%		169,512	58,926		228,438		100.00	%		65.02	%		90.98	%	$	4,287,282	$	1,335,369	$	5,622,651	$	25.29	$	34.85	$	27.05
Fordham Place	Walgreens, Best Buy, 24 Hour Fitness, Sears	99.1	%		74,899	44,547		119,446		100.00	%		100.00	%		100.00	%		2,873,228		2,646,532		5,519,760		38.36		59.41		46.21
Liberty Avenue	CVS, Storage Post	99.1	%		10,880	15,245		26,125		100.00	%		100.00	%		100.00	%		394,944		449,361		844,305		36.30		29.48		32.32
Canarsie	BJ's Wholesale Club, Planet Fitness, PetSmart	79.3	%		177,135	96,401		273,536		100.00	%		59.33	%		85.67	%		5,100,000		1,813,780		6,913,780		28.79		31.71		29.50
216th Street	NYC Human Resources Administration	99.1	%		60,000	-		60,000		100.00	%		0.00	%		100.00	%		2,340,000		120,000		2,460,000		39.00		-		41.00
161st Street1	Various New York City & State agencies	99.1	%		120,604	115,070		235,674		100.00	%		74.66	%		87.63	%		2,930,677		1,686,460		4,617,137		24.30		19.63		22.36

Grand Total - Fund II					613,030	330,189		943,219		100.00	%		73.05	%		90.57	%	$	17,926,131	$	8,051,502	$	25,977,633	$	29.24	$	33.38	$	30.41

Fund III Portfolio Detail 2

NEW YORK

Connecticut
Westport 4	Gap	100.0	%		17,448	9,585		27,033		100.00	%		0.00	%		64.54	%	$	1,350,000	$	-	$	1,350,000	$	77.37	$	-	$	77.37

New York
Cortlandt Towne Center	Wal-Mart, Best Buy, A&P	100.0	%		472,901	168,310		641,211		91.50	%		91.16	%		91.41	%		5,846,672		3,533,172		9,379,844		13.51		23.03		16.00

NEW ENGLAND

Massachusetts
White City Shopping Center	Shaw's (Supervalue), Michaels	84.0	%		131,618	123,942		255,560		100.00	%		76.90	%		88.80	%		1,914,804		2,831,484		4,746,288		14.55		29.71		20.92

MID-ATLANTIC

Maryland
White Oak	ShopRite	90.0	%		64,626	-		64,626		100.00	%		-			100.00	%		874,416		-		874,416		13.53		-		13.53

SOUTHEAST

Florida
Lincoln Road	-	95.0	%		-	61,443		61,443		-			42.77	%		42.77	%		-		2,578,777		2,578,777		-		98.12		98.12

MIDWEST
Illinois
Heritage Shops	LA Fitness	100.0	%		49,878	55,571		105,449		100.00	%		54.52	%		76.03	%		1,077,752		1,502,650		2,580,402		21.61		49.60		32.18

Grand Total - Fund III					736,471	418,851		1,155,322		94.54	%		72.90	%		86.69	%	$	11,063,644	$	10,446,083	$	21,509,727	$	15.89	$	34.21	$	21.48

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 construction 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%

1Currently operating, but redevelopment activities have commenced.

2Fund II and Fund III portfolio detail does not include the Storage Portfolio. Storage Portfolio property detail is reported separately on page 31 of this supplement.

3 Subsequent to quarter end, this property was sold during October 2011.

3 Westport commenced operations in the third quarter 2011.

- 24 -

Opportunity Funds Lease Expirations

	No. of Leases		Gross Leased Area					Annual Base Rent
FUND I:	Expiring		Square Footage		Percent of Total			Amount		Percent of Total			Avg. per Sq. Ft.

Anchor Tenants
2014		14		548,078		79.38	%	$	2,743,795		67.00	%	$	5.01
2017		1		34,951		5.06	%		450,336		11.00	%		12.88
2019		2		91,900		13.31	%		426,000		10.40	%		4.64
2080		1		15,497		2.24	%		475,000		11.60	%		30.65
Total		18		690,426		100.00	%	$	4,095,131		100.00	%	$	5.93

Total Vacant				125,096
Total Square Feet				815,522

Shop Tenants
Month to Month		2		7,200		22.82	%	$	56,522		8.86	%	$	7.85
2012		3		4,875		15.45	%		77,687		12.18	%		15.94
2014		3		4,871		15.44	%		135,520		21.25	%		27.82
2015		2		2,524		8.00	%		35,700		5.60	%		14.14
2018		1		1,761		5.58	%		54,996		8.62	%		31.23
2019		1		1,904		6.04	%		30,000		4.70	%		15.76
2020		3		8,411		26.66	%		247,405		38.79	%		29.41
Total		15		31,546		100.00	%	$	637,830		100.00	%	$	20.22

Total Vacant				37,684
Total Square Feet				69,230

Total Anchor and Shop Tenants
Month to Month		2		7,200		1.00	%	$	56,522		1.19	%	$	7.85
2012		3		4,875		0.68	%		77,687		1.64	%		15.94
2014		17		552,949		76.58	%		2,879,315		60.85	%		5.21
2015		2		2,524		0.35	%		35,700		0.75	%		14.14
2017		1		34,951		4.84	%		450,336		9.51	%		12.88
2018		1		1,761		0.24	%		54,996		1.16	%		31.23
2019		3		93,804		12.99	%		456,000		9.63	%		4.86
2020		3		8,411		1.17	%		247,405		5.23	%		29.41
2080		1		15,497		2.15	%		475,000		10.04	%		30.65
Total		33		721,972		100.00	%	$	4,732,961		100.00	%	$	6.56

Total Vacant				162,780
Total Square Feet				884,752

- 25 -

Opportunity Funds Lease Expirations

	No. of Leases		Gross Leased Area					Annual Base Rent
FUND II:	Expiring		Square Footage		Percent of Total			Amount		Percent of Total			Avg. per Sq. Ft.

Anchor Tenants
Month to Month		1		120,604		19.67	%	$	2,930,677		16.35	%	$	24.30
2013		1		20,149		3.29	%		564,172		3.15	%		28.00
2019		1		39,705		6.48	%		1,747,020		9.75	%		44.00
2021		1		19,958		3.26	%		423,110		2.36	%		21.20
2023		1		35,194		5.74	%		1,126,208		6.28	%		32.00
2027		1		60,000		9.79	%		2,340,000		13.05	%		39.00
2030		1		177,135		28.89	%		5,100,000		28.45	%		28.79
2032		1		10,880		1.77	%		394,944		2.20	%		36.30
2033		1		129,405		21.11	%		3,300,000		18.41	%		25.50
Total		9		613,030		100.00	%	$	17,926,131		100.00	%	$	29.24

Total Vacant				-
Total Square Feet				613,030

Shop Tenants
Month to Month		1		9,967		4.13	%	$	99,670		1.24	%	$	10.00
2012		2		42,497		17.62	%		573,208		7.12	%		13.49
2014		1		5,081		2.11	%		193,078		2.40	%		38.00
2016		2		6,462		2.68	%		197,550		2.45	%		30.57
2018		1		3,600		1.49	%		156,600		1.94	%		43.50
2019		4		9,318		3.86	%		515,177		6.40	%		55.29
2020		2		16,309		6.76	%		547,183		6.80	%		33.55
2021		8		18,859		7.82	%		675,101		8.38	%		35.80
2022		1		-		0.00	%		120,000		1.49	%		-
2023		1		31,417		13.02	%		1,131,012		14.05	%		36.00
2027		1		6,208		2.57	%		217,901		2.71	%		35.10
2031		5		81,492		33.78	%		2,425,022		30.12	%		29.76
2048		1		10,000		4.15	%		1,200,000		14.90	%		120.00
Total		30		241,210		100.00	%	$	8,051,502		100.00	%	$	33.38

Total Vacant				88,979
Total Square Feet				330,189

Total Anchor and Shop Tenants
Month to Month		2		130,571		15.29	%		3,030,347		11.68	%		23.21
2012		2		42,497		4.97	%		573,208		2.21	%		13.49
2013		1		20,149		2.36	%		564,172		2.17	%		28.00
2014		1		5,081		0.59	%		193,078		0.74	%		38.00
2016		2		6,462		0.76	%		197,550		0.76	%		30.57
2018		1		3,600		0.42	%		156,600		0.60	%		43.50
2019		5		49,023		5.74	%		2,262,197		8.71	%		46.15
2020		2		16,309		1.91	%		547,183		2.11	%		33.55
2021		9		38,817		4.54	%		1,098,211		4.23	%		28.29
2022		1		-		0.00	%		120,000		0.46	%		-
2023		2		66,611		7.80	%		2,257,220		8.69	%		33.89
2027		2		66,208		7.75	%		2,557,901		9.85	%		38.63
2030		1		177,135		20.74	%		5,100,000		19.63	%		28.79
2031		5		81,492		9.54	%		2,425,022		9.34	%		29.76
2032		1		10,880		1.27	%		394,944		1.52	%		36.30
2033		1		129,405		15.15	%		3,300,000		12.70	%		25.50
2048		1		10,000		1.17	%		1,200,000		4.62	%		120.00
Total		39		854,240		100.00	%	$	25,977,633		100.00	%	$	30.41

Total Vacant				88,979
Total Square Feet				943,219

- 26 -

Opportunity Funds Lease Expirations


	No. of Leases		Gross Leased Area					Annual Base Rent
FUND III:	Expiring		Square Footage		Percent of Total			Amount		Percent of Total			Avg. per Sq. Ft.

Anchor Tenants
2012		1		19,079		2.74	%		276,564		2.50	%		14.50
2013		2		48,855		7.02	%		877,689		7.93	%		17.97
2014		2		56,379		8.10	%		908,695		8.21	%		16.12
2015		2		29,489		4.24	%		489,840		4.43	%		16.61
2016		1		19,050		2.74	%		295,284		2.67	%		15.50
2017		2		52,131		7.49	%		927,312		8.38	%		17.79
2018		3		238,707		34.28	%		2,562,678		23.16	%		10.74
2021		2		117,675		16.90	%		2,607,383		23.57	%		22.16
2022		1		65,028		9.34	%		1,040,447		9.40	%		16.00
2025		1		49,878		7.16	%		1,077,752		9.74	%		21.61
Total		17		696,271		100.00	%	$	11,063,644		100.00	%	$	15.89

Total Vacant				40,200
Total Square Feet				736,471

Shop Tenants
Month to Month		2		4,634		1.54	%		259,618		2.49	%		56.02
2011		1		1,917		0.64	%		96,000		0.92	%		50.08
2012		9		38,586		12.81	%		1,137,052		10.88	%		29.47
2013		11		49,283		16.36	%		1,571,525		15.04	%		31.89
2014		13		54,413		18.06	%		1,516,344		14.52	%		27.87
2015		10		31,707		10.52	%		833,457		7.98	%		26.29
2016		14		40,543		13.46	%		1,559,164		14.93	%		38.46
2017		4		20,415		6.78	%		1,109,299		10.62	%		54.34
2018		5		14,324		4.75	%		416,758		3.99	%		29.10
2019		4		18,435		6.12	%		1,133,532		10.85	%		61.49
2020		2		6,175		2.05	%		137,646		1.32	%		22.29
2021		4		13,951		4.63	%		527,065		5.05	%		37.78
2026		2		6,935		2.30	%		148,623		1.42	%		21.43
Total		81		301,318		100.00	%	$	10,446,083		100.00	%	$	34.67

Total Vacant				117,533
Total Square Feet				418,851

Total Anchor and Shop Tenants
Month to Month		2		4,634		0.46	%		259,618		1.21	%		56.02
2011		1		1,917		0.19	%		96,000		0.45	%		50.08
2012		10		57,665		5.78	%		1,413,616		6.57	%		24.51
2013		13		98,138		9.84	%		2,449,214		11.39	%		24.96
2014		15		110,792		11.11	%		2,425,039		11.27	%		21.89
2015		12		61,196		6.13	%		1,323,297		6.15	%		21.62
2016		15		59,593		5.97	%		1,854,448		8.62	%		31.12
2017		6		72,546		7.27	%		2,036,611		9.47	%		28.07
2018		8		253,031		25.36	%		2,979,436		13.85	%		11.77
2019		4		18,435		1.85	%		1,133,532		5.27	%		61.49
2020		2		6,175		0.62	%		137,646		0.64	%		22.29
2021		6		131,626		13.19	%		3,134,448		14.57	%		23.81
2022		1		65,028		6.52	%		1,040,447		4.84	%		16.00
2025		1		49,878		5.00	%		1,077,752		5.01	%		21.61
2026		2		6,935		0.70	%		148,623		0.69	%		21.43
Total		98		997,589		100.00	%	$	21,509,727		100.00	%	$	21.56

Total Vacant				157,733
Total Square Feet				1,155,322

- 27 -

Urban/Street Retail Developments - Operating Properties
($ in millions)
								Acquisition & Development Costs
										Estimated		Estimated		Outstanding
Property	Location	Sq. Ft.		Leased (%)4			Anchors/Tenants	Incurred		Future		Total		Debt
FUND II
Fordham Place	Bronx		264,000	100% Retail			Walgreens, Best Buy, 24 Hour Fitness, Sears	$	125.5	$	9.1	$	134.6	$	84.9
				79% Office
Pelham Manor Shopping Plaza1	Westchester		320,000		93%		BJ's Wholesale Club, PetSmart, Storage Post		62.9		1.9		64.8		34.0
216th Street	Manhattan		60,000		100%		NYC Human Resources Administration		27.7		-		27.7		25.5
Liberty Avenue1	Queens		125,000		100%		CVS, Storage Post		15.5		0.1		15.6		9.9
161st Street2	Bronx		236,000		100%		Various New York City and State Agencies		63.9		2.8		66.7		28.9
Atlantic Avenue	Brooklyn		110,000		n/a		Storage Post		22.3		0.1		22.4		11.5
Canarsie Plaza3	Brooklyn		274,000		94%		BJ's Wholesale Club, Planet Fitness, PetSmart		89.4		1.6		91.0		53.0
SUBTOTAL - FUND II, OPERATING			1,389,000	95% Retail 82% Office				$	407.2	$	15.6	$	422.8	$	247.7

FUND III
125 Main Street	Westport, CT		27,000		89	%	Gap, Brooks Brothers Women	$	24.4	$	1.6	$	26.0	$	12.5


Notes:
1 Acquired a ground lease interest in this property.
2 In the process of redeveloping this property.
3 Incurred cost is net of lease termination income of $23.9 million from Home Depot.
4 Excludes the self-storage facilities at Pelham Manor Shopping Plaza, Liberty Avenue, and Atlantic Avenue.

Reconciliation of total incurred development costs to the Balance Sheet:
By Balance Sheet Line Item:
Operating Real Estate	$	489.3
Net Real Estate Under Development		204.7
Gain From Bargain Purchase		(33.8	)
Home Depot Lease Termination Income		(23.9	)
Total Incurred Development Costs	$	636.3
By Project Status:
Operating Properties	$	431.6
Under Construction		95.3
In Design		109.4
Total Incurred Development Costs	$	636.3

- 28 -

Urban/Street Retail Developments - Construction & Design

($ in millions)

Acquisition & Development Costs

Estimated

Outstanding

Property

Location

Completion

Sq. Ft.

Leased (%)

Anchors/Tenants

Incurred

Future

Total

Debt

FUND II

Under Construction

City Point1

Brooklyn

TBD

685,000-710,000

TBD

95.3

154.7-$ 244.7

250.0-$ 340.0

40.7

In Design

Sherman Plaza

Manhattan

TBD

34.0

TBD

FUND III

In Design

Sheepshead Bay

Brooklyn

TBD

22.8

TBD

Lincoln Road Portfolio2

Miami Beach, FL

TBD

61,443

Starbucks, Geox, Sushi Samba

52.6

TBD

20.4

SUBTOTAL - Fund III, In Design

75.4

TBD

20.4

Notes:

1 Acquired a ground lease interest in this property. The first 50,000 square feet of the project (Phase 1) is under construction.

Construction of the next 635,000-660,000 square feet (Phase 2) is anticipated to start during 2012.

2 Data reflects the status of the portfolio as of 9/30/11; certain properties are in the design phase pending redevelopment.

- 29 -

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

August 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 September 30, 2011

		Years	Invested				Equity
Investor	Investment	acquired	capital		Distributions		Multiple

Mervyns I and Mervyns II	Mervyns	2004 through	$	32,575	$	49,524		1.5	x
		2007
Mervyns II	Albertson’s	2006 through		23,133		83,273		3.6	x
		2007
Fund II and Mervyns II	Other investments 1	2006 through		6,476		5,138		0.8	x
		2008
Total			$	62,184	$	137,935		2.2	x

Notes:
1Represents investments in Shopko, Marsh and Rex Stores.

- 30 -

Storage Portfolio Property Detail

					Occupancy
Owner	Operating Properties	Location	Net Rentable Square Feet		September 30, 2011			June 30, 2011			March 31, 2011			December 31, 2010			September 30, 2010


	Stabilized
Fund III	Suffern	Suffern, New York		78,825
Fund III	Yonkers	Westchester, New York		100,697
Fund III	Jersey City	Jersey City, New Jersey		76,920
Fund III	Webster Ave	Bronx, New York		36,339
Fund III	Linden	Linden, New Jersey		84,035
Fund III	Bruckner Blvd	Bronx, New York		89,473
Fund III	New Rochelle	Westchester, New York		42,155
Fund III	Lawrence	Lawrence, New York		97,743
	Subtotal Stabilized			606,187		91.1	%		91.4	%		87.5	%		86.3	%		85.2	%


	Repositioned - in Lease-up
Fund III	Long Island City	Queens, New York		134,193
	Subtotal in lease-up			134,193		80.0	%		80.0	%		75.3	%		72.1	%		70.0	%


	In initial Lease-up
Fund II	Liberty Avenue	Queens, New York		72,775
Fund II	Pelham Plaza	Pelham Manor, New York		62,220
Fund II	Atlantic Avenue	Brooklyn, New York		75,886
Fund III	Fordham Road	Bronx, New York		85,155
Fund III	Ridgewood	Queens, New York		87,645
	Subtotal in initial lease-up			383,681		83.6	%		78.5	%		66.1	%		62.7	%		57.0	%

	Total			1,124,061		87.2	%		85.6	%		78.7	%		76.5	%		73.8	%

- 31 -

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		Anchors		Shops		Per Sq. Ft.

NEW YORK

Connecticut
239 Greenwich Avenue1			75.0	%		-		16,834		16,834	-			100.00	%		100.00	%	$	-	$	1,554,663	$	1,554,663	$	-	$	92.35	$	92.35

New Jersey
Elmwood Park Shopping Center	Walgreens, Pathmark (A&P)		100.0	%		62,610		86,652		149,262	100.00	%		85.70	%		91.70	%		1,486,006		1,876,384		3,362,390		23.73		25.27		24.57
A & P Shopping Plaza	A&P		60.0	%		49,463		13,445		62,908	100.00	%		85.12	%		96.82	%		950,000		329,324		1,279,324		19.21		28.78		21.00
Total - New Jersey						112,073		100,097		212,170	100.00	%		85.62	%		93.22	%		2,436,006		2,205,708		4,641,714		21.74		25.74		23.47

New York
Village Commons Shopping Center	-		100.0	%		-		87,330		87,330	-			91.32	%		91.32	%		-		2,391,293		2,391,293		-		29.98		29.98
Branch Plaza	CVS		100.0	%		74,050		52,162		126,212	14.92	%		88.92	%		45.50	%		251,388		1,310,131		1,561,519		22.75		28.25		27.19
Amboy Center	King Kullen		100.0	%		37,266		22,824		60,090	100.00	%		100.00	%		100.00	%		745,320		872,037		1,617,357		20.00		38.21		26.92
Bartow Avenue	-		100.0	%		-		14,676		14,676	-			89.49	%		89.49	%		-		439,246		439,246		-		33.43		33.43
Pacesetter Park Shopping Center	Stop & Shop		100.0	%		52,052		44,328		96,380	100.00	%		76.86	%		89.36	%		416,936		680,811		1,097,747		8.01		19.98		12.75
LA Fitness	LA Fitness		100.0	%		55,000		-		55,000	100.00	%		-			100.00	%		1,265,000		-		1,265,000		23.00		-		23.00
West 54th Street	-		100.0	%		-		9,693		9,693	-			100.00	%		100.00	%		-		2,644,875		2,644,875		-		272.86		272.86
East 17th Street	Barnes & Noble		100.0	%		19,622		-		19,622	100.00	%		-			100.00	%		625,000		-		625,000		31.85		-		31.85
Crossroads Shopping Center	Kmart		49.0	%		201,296		108,191		309,487	81.02	%		85.17	%		82.47	%		1,693,853		3,995,359		5,689,212		10.39		43.36		22.29
Mercer Street	-		100.0	%		-		6,225		6,225	-			100.00	%		100.00	%		-		372,000		372,000		-		59.76		59.76
4401 White Plains Road			100.0	%		-		12,964		12,964	-			100.00	%		100.00	%		-		625,000		625,000		-		48.21		48.21
Total - New York						439,286		358,393		797,679	76.96	%		88.50	%		82.15	%		4,997,497		13,330,752		18,328,249		14.78		42.03		27.97

Total New York						551,359		475,324		1,026,683	81.64	%		88.30	%		84.73	%	$	7,433,503	$	17,091,123	$	24,524,626	$	16.51	$	40.72	$	28.19


NEW ENGLAND

Connecticut
Town Line Plaza2	Wal-Mart, Stop & Shop		100.0	%		163,159		43,187		206,346	100.00	%		95.30	%		99.02	%	$	969,144	$	700,627	$	1,669,771	$	14.72	$	17.02	$	15.60

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		6.14		22.18		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		397,671		1,576,543		7.51		9.75		7.97
Total - Massachusetts						276,989		71,173		348,162	100.00	%		71.38	%		94.15	%		1,915,336		619,896		2,535,232		6.91		12.20		7.73

New York
New Loudon Center	Marshalls, Price Chopper,		100.0	%		251,058		4,615		255,673	100.00	%		100.00	%		100.00	%		1,828,706		130,418		1,959,124		7.28		28.26		7.66
	Raymour & Flanigan
Rhode Island
Walnut Hill Plaza	Sears, Shaw's (Supervalu), CVS		100.0	%		196,710		88,007		284,717	100.00	%		79.14	%		93.55	%		1,463,854		907,491		2,371,345		7.44		13.03		8.90

Vermont
The Gateway Shopping Center	Shaw's (Supervalu)		100.0	%		73,184		28,443		101,627	100.00	%		74.01	%		92.73	%		1,353,904		379,583		1,733,487		18.50		18.03		18.40

Total New England						961,100		235,425		1,196,525	100.00	%		79.55	%		95.98	%	$	7,530,944	$	2,738,015	$	10,268,959	$	8.72	$	14.62	$	9.77

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.
1239 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.
2Anchor 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.

- 32 -

Core Portfolio Retail Properties - Detail (continued)

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

MIDWEST

Illinois
Hobson West Plaza	Garden Fresh Markets	100.0	%		51,692		47,433		99,125	100.00	%		93.89	%		97.07	%	$	225,436	$	928,127		1,153,563	$	4.36	$	20.84		11.99
Clark Diversey	-	100.0	%		-		19,265		19,265	0.00	%		95.72	%		95.72	%		-		810,154		810,154		-		43.93		43.93
West Diversey	Trader Joe's	100.0	%		16,500		29,759		46,259	100.00	%		68.51	%		79.74	%		900,000		457,463		1,357,463		54.55		22.44		36.80
Chicago Street Retail Portfolio1		100.0	%		-		24,374		24,374	-			100.00	%		100.00	%		-		1,278,486		1,278,486		-		52.45		52.45
Total - Illinois					68,192		120,831		189,023	100.00	%		89.16	%		93.07	%		1,125,436		3,474,230		4,599,666		16.50		32.25		26.15

Indiana
Merrillville Plaza	JC Penney, Office Max,	100.0	%		123,369		112,455		235,824	100.00	%		82.17	%		91.50	%		1,251,160		1,599,677		2,850,837		10.14		17.31		13.21
	TJ Maxx, K&G Superstore
Michigan
Bloomfield Towne Square2	Best Buy, Home Goods,	100.0	%		172,436		63,149		235,585	60.91	%		93.55	%		69.66	%		987,559		1,254,323		2,241,882		9.40		21.23		13.66
	TJ Maxx
Ohio
Mad River Station3	Babies 'R' Us, Office Depot,	100.0	%		58,185		67,799		125,984	100.00	%		74.79	%		86.43	%		552,195		821,840		1,374,035		9.49		16.21		12.62

Total Midwest					422,182		364,234		786,416	84.03	%		85.09	%		84.52	%	$	3,916,350	$	7,150,070	$	11,066,420	$	11.04	$	23.07	$	16.65

MID-ATLANTIC

New Jersey
Marketplace of Absecon	Rite Aid, Dollar Tree	100.0	%		47,915		56,847		104,762	56.74	%		84.10	%		71.59	%	$	476,121	$	692,791	$	1,168,912	$	17.51	$	14.49	$	15.59

Delaware
Brandywine Town Center	Lowes, Bed Bath & Beyond,	22.2	%		831,207		43,782		874,989	96.99	%		91.32	%		96.71	%		12,320,113		588,758		12,908,871		15.28		14.73		15.26
	Target, Dicks Sporting Goods
Market Square Shopping Center	TJ Maxx, Trader Joe's	22.2	%		42,850		59,197		102,047	100.00	%		100.00	%		100.00	%		703,062		1,818,108		2,521,170		16.41		30.71		24.71
Naamans Road	-	22.2	%		-		19,970		19,970	0.00	%		54.94	%		54.94	%		-		558,340		558,340		-		50.89		50.89
Total - Delaware					874,057		122,949		997,006	97.14	%		89.59	%		96.21	%		13,023,175		2,965,206		15,988,381		15.34		26.92		16.67

Pennsylvania
Mark Plaza	Kmart, Redner's Market	100.0	%		157,595		58,806		216,401	100.00	%		46.90	%		85.57	%		652,095		168,827		820,922		4.14		6.12		4.43
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		4.60		9.34		5.09
Route 6 Plaza	Kmart, Rite Aid	100.0	%		146,498		29,021		175,519	100.00	%		100.00	%		100.00	%		806,351		367,659		1,174,010		5.50		12.67		6.69
Chestnut Hill4		100.0	%		-		40,570		40,570	0.00	%		12.69	%		12.69	%		-		164,483		164,483		-		31.94		31.94
Abington Towne Center5	Target, TJ Maxx	100.0	%		184,616		31,753		216,369	100.00	%		94.75	%		99.23	%		283,500		835,274		1,118,774		10.50		27.76		19.60
Total - Pennsylvania					628,677		176,461		805,138	100.00	%		61.29	%		91.52	%		2,385,449		1,688,592		4,074,041		5.06		15.61		7.03

District of Columbia
Georgetown Portfolio6		50.0	%		-		27,666		27,666	-			96.39	%		96.39	%	$	-	$	1,649,967	$	1,649,967	$	-	$	61.87	$	61.87

Total Mid-Atlantic					1,550,649		383,923		1,934,572	97.05	%		76.26	%		92.92	%	$	15,884,745	$	6,996,556	$	22,881,301	$	11.79	$	23.90	$	13.95

TOTAL CORE PROPERTIES					3,485,290		1,458,906		4,944,196	93.85	%		82.92	%		90.62	%	$	34,765,542	$	33,975,764	$	68,741,306	$	11.53	$	28.09	$	16.27

TOTAL CORE PROPERTIES - weighted based on ownership interest6					2,683,002		1,284,679		3,967,682	93.46	%		82.11	%		89.79	%	$	23,392,251	$	28,286,415	$	51,678,666	$	9.33	$	26.82	$	14.51

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.

1Includes six properties (56 E. Walton, 841 W. Armitage, 2731 N. Clark, 2140 N. Clybourn, 853 W. Armitage and 2299 N. Clybourn)

2Re-anchoring activities at this property commenced during the second quarter 2011 and are expected to be completed in the second half of 2012.

3The GLA for this property excludes 29,857 square feet of office space.

4This consists of two separate buildings.

5Anchor 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.

6Includes six properties (1533 Wisconsin Ave., 3025 M St.,3034 M St.,3146 M St.,3259-61 M St. and 2809 M St.)

7Weighted based on Acadia's ownership interest in the properties.

- 33 -

Core Portfolio Retail Properties by State - Summary


									Gross Leasable Area						Occupancy									Annualized Base Rent
	Ownership			Percent of			Number of
State	%			base rent1			properties		Anchors 2		Shops		Total		Anchors			Shops			Total			Anchors		Shops		Total


Connecticut		75.0	%		5.5	%		2		163,159		60,021		223,180		100.00	%		96.62	%		99.09	%	$	969,144	$	2,255,290	$	3,224,434

Delaware		22.2	%		6.9	%		3		874,057		122,949		997,006		97.14	%		89.59	%		96.21	%		13,023,175		2,965,206		15,988,381

District of Columbia		50.0	%		1.6	%		6		-		27,666		27,666		0.00	%		96.39	%		96.39	%		-		1,649,967		1,649,967

Illinois		100.0	%		8.9	%		9		68,192		120,831		189,023		100.00	%		89.16	%		93.07	%		1,125,436		3,474,230		4,599,666

Indiana		100.0	%		5.5	%		1		123,369		112,455		235,824		100.00	%		82.17	%		91.50	%		1,251,160		1,599,677		2,850,837

Massachusetts		100.0	%		4.9	%		2		276,989		71,173		348,162		100.00	%		71.38	%		94.15	%		1,915,336		619,896		2,535,232

Michigan		100.0	%		4.3	%		1		172,436		63,149		235,585		60.91	%		93.55	%		69.66	%		987,559		1,254,323		2,241,882

New Jersey		89.0	%		10.3	%		3		159,988		156,944		316,932		87.04	%		85.07	%		86.07	%		2,912,127		2,898,499		5,810,626

New York		84.2	%		33.6	%		12		690,344		363,008		1,053,352		85.34	%		88.65	%		86.48	%		6,826,203		13,461,170		20,287,373

Ohio		100.0	%		2.7	%		1		58,185		67,799		125,984		100.00	%		74.79	%		86.43	%		552,195		821,840		1,374,035

Pennsylvania		100.0	%		7.9	%		5		628,677		176,461		805,138		100.00	%		61.29	%		91.52	%		2,385,449		1,688,592		4,074,041

Rhode Island		100.0	%		4.6	%		1		196,710		88,007		284,717		100.00	%		79.14	%		93.55	%		1,463,854		907,491		2,371,345

Vermont		100.0	%		3.4	%		1		73,184		28,443		101,627		100.00	%		74.01	%		92.73	%		1,353,904		379,583		1,733,487

Total - Core Portfolio					100.0	%		47		3,485,290		1,458,906		4,944,196		93.85	%		82.92	%		90.62	%	$	34,765,542	$	33,975,764	$	68,741,306


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.
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.

- 34 -

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

		Gross												ProRata
	Number of stores	Wholly Owned				Joint Ventures1				Combined				Combined				Percentage of Total
	in combined																	Percentage of
Tenant	portfolio	GLA		Base Rent		GLA		Base Rent		GLA		Base Rent		GLA		Base Rent		Portfolio GLA			Base Rent

Supervalu (Shaws)	3		175,801	$	2,420,980		-	$	-		175,801	$	2,420,980		175,801	$	2,420,980		3.9	%		4.4	%

TJX Companies	7		165,058		1,278,154		56,108		951,655		221,166		2,229,809		184,202		1,872,900		4.1	%		3.4	%
-- T.J. Maxx	4		88,200		773,100		31,175		428,062		119,375		1,201,162		95,127		854,724		2.1	%		1.5	%
-- Marshalls	1		37,212		158,151		-		-		37,212		158,151		37,212		158,151		0.8	%		0.3	%
-- Homegoods	2		39,646		346,903		24,933		523,593		64,579		870,496		51,863		860,025		1.2	%		1.5	%

A&P	2		97,236		2,001,006		-		-		97,236		2,001,006		77,451		1,621,006		1.7	%		2.9	%

Sears	4		285,314		1,150,615		100,725		566,250		386,039		1,716,865		334,669		1,428,078		7.4	%		2.6	%
-- Kmart	3		224,614		892,615		100,725		566,250		325,339		1,458,865		273,969		1,170,078		6.1	%		2.1	%
-- Sears	1		60,700		258,000		-		-		60,700		258,000		60,700		258,000		1.3	%		0.5	%

Ahold (Stop and Shop)	2		117,911		1,386,080		-		-		117,911		1,386,080		117,911		1,386,080		2.6	%		2.5	%

Home Depot	2		211,003		1,099,996		-		-		211,003		1,099,996		211,003		1,099,996		4.7	%		2.0	%

Trader Joe's	2		16,500		900,000		11,675		275,000		28,175		1,175,000		19,094		961,111		0.4	%		1.7	%

Barnes & Noble	2		19,622		625,000		12,430		397,760		32,052		1,022,760		25,713		819,902		0.6	%		1.5	%

Sleepy's	4		32,619		789,858		-		-		32,619		789,858		32,619		789,858		0.7	%		1.4	%

Pier 1 Imports	3		19,255		437,304		8,818		348,576		28,073		785,880		23,576		608,106		0.5	%		1.1	%

CVS	3		34,300		563,823		-		-		34,300		563,823		34,300		563,823		0.8	%		1.0	%
Dollar Tree	6		55,000		558,727		-		-		55,000		558,727		55,000		558,727		1.2	%		1.0	%
JP Morgan Chase Bank	4		16,242		425,081		3,745		325,000		19,987		750,081		17,177		558,145		0.4	%		1.0	%
Payless Shoesource	7		22,236		478,089		3,090		114,330		25,326		592,419		23,750		534,111		0.5	%		1.0	%
The Avenue	4		17,236		342,869		8,250		327,360		25,486		670,229		21,279		503,275		0.5	%		0.9	%
Coach	2		4,541		388,573		6,810		346,000		11,351		734,573		6,811		464,430		0.2	%		0.8	%
Drexel Heritage	2		13,315		332,875		21,827		471,245		35,142		804,120		18,161		437,586		0.4	%		0.8	%
Citibank	3		5,486		263,328		8,470		444,872		13,956		708,200		8,283		417,306		0.2	%		0.8	%
Coldwell Banker	2		14,012		320,948		-		-		14,012		320,948		14,012		320,948		0.3	%		0.6	%
Dots	4		17,698		292,128		-		-		17,698		292,128		17,698		292,128		0.4	%		0.5	%
Starbucks	4		8,316		256,470		-		-		8,316		256,470		8,316		256,470		0.2	%		0.5	%

TOTAL	72		1,348,701	$	16,311,904		241,948	$	4,568,048		1,590,649	$	20,879,952		1,426,825	$	17,914,965		31.7	%		32.3	%


Notes:
1Represents Brandywine, Crossroads and Georgetown Portfolio joint ventures.

- 35 -

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	1		18,893		0.63	%		523,962		1.51	%		27.73
2012	8		358,047		11.87	%		3,242,599		9.33	%		9.06
2013	9		342,666		11.36	%		4,320,075		12.43	%		12.61
2014	6		239,665		7.95	%		1,767,951		5.09	%		7.38
2015	6		274,639		9.11	%		3,800,856		10.93	%		13.84
2016	6		173,422		5.75	%		1,761,403		5.07	%		10.16
2017	4		159,389		5.28	%		2,661,119		7.65	%		16.70
2018	5		383,288		12.71	%		4,212,248		12.12	%		10.99
2019	6		136,521		4.53	%		1,074,661		3.09	%		7.87
2020	5		233,350		7.74	%		2,321,096		6.68	%		9.95
2021	6		248,306		8.23	%		2,383,120		6.85	%		9.60
2022	2		69,837		2.32	%		1,700,000		4.89	%		24.34
2024	3		188,506		6.25	%		3,273,048		9.41	%		17.36
2028	4		189,509		6.28	%		1,723,404		4.96	%		9.09
Total	71		3,016,038		100.00	%	$	34,765,542		100.00	%	$	11.53


Anchor GLA Owned by Tenants			254,916
Total Vacant			214,336
Total Square Feet			3,485,290

Shop Tenants
m to m	3	5,354	0.44	%		103,478	0.30	%		19.33
2011	19	74,429	6.18	%		1,672,279	4.92	%		22.47
2012	49	160,933	13.36	%		4,184,897	12.32	%		26.00
2013	53	153,776	12.77	%		4,611,249	13.57	%		29.99
2014	53	213,445	17.72	%		6,410,106	18.87	%		30.03
2015	34	165,232	13.72	%		2,941,370	8.66	%		17.80
2016	33	158,103	13.13	%		3,268,737	9.62	%		20.67
2017	14	54,057	4.49	%		2,668,299	7.85	%		49.36
2018	22	62,736	5.21	%		2,982,856	8.78	%		47.55
2019	14	30,267	2.51	%		875,773	2.58	%		28.93
2020	10	23,587	1.96	%		663,198	1.95	%		28.12
2021	12	49,434	4.10	%		1,596,034	4.70	%		32.29
2022	4	20,055	1.66	%		530,643	1.56	%		26.46
2023	2	7,362	0.61	%		129,298	0.38	%		17.56
2025	1	3,120	0.26	%		29,047	0.09	%		9.31
2027	1	5,975	0.50	%		358,500	1.06	%		60.00
2030	1	3,745	0.31	%		325,000	0.96	%		86.78
2060	1	12,964	1.08	%		625,000	1.84	%		48.21
Total	326	1,204,574	100.00	%	$	33,975,764	100.00	%	$	28.21


Total Vacant			254,332
Total Square Feet			1,458,906

- 36 -

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	3		5,354		0.13	%		103,478		0.15	%		19.33
2011	20		93,322		2.21	%		2,196,241		3.19	%		23.53
2012	57		518,980		12.30	%		7,427,496		10.80	%		14.31
2013	62		496,442		11.76	%		8,931,324		12.99	%		17.99
2014	59		453,110		10.74	%		8,178,057		11.90	%		18.05
2015	40		439,871		10.42	%		6,742,226		9.81	%		15.33
2016	39		331,525		7.85	%		5,030,140		7.32	%		15.17
2017	18		213,446		5.06	%		5,329,418		7.75	%		24.97
2018	27		446,024		10.57	%		7,195,104		10.47	%		16.13
2019	20		166,788		3.95	%		1,950,434		2.84	%		11.69
2020	15		256,937		6.09	%		2,984,294		4.34	%		11.61
2021	18		297,740		7.05	%		3,979,154		5.79	%		13.36
2022	6		89,892		2.13	%		2,230,643		3.24	%		24.81
2023	2		7,362		0.17	%		129,298		0.19	%		17.56
2024	3		188,506		4.47	%		3,273,048		4.76	%		17.36
2025	1		3,120		0.07	%		29,047		0.04	%		9.31
2027	1		5,975		0.14	%		358,500		0.52	%		60.00
2028	4		189,509		4.49	%		1,723,404		2.51	%		9.09
2030	1		3,745		0.09	%		325,000		0.47	%		86.78
2060	1		12,964		0.31	%		625,000		0.91	%		48.21
Total	397		4,220,612		100.00	%		68,741,306		100.00	%		16.29


Anchor GLA Owned by Tenants			254,916
Total Vacant			468,668
Total Square Feet			4,944,196

- 37 -

Core Portfolio - New and Renewal Rent Spreads 1
Based on Lease Execution Dates


	Year to date						3 months ended						3 months ended						3 months ended
	September 30, 2011						September 30, 2011						June 30, 2011						March 31, 2011
	Cash2			GAAP3			Cash2			GAAP3			Cash2			GAAP3			Cash2			GAAP3
New leases
Number of new leases commencing		20			20			8			8			2			2			10			10
GLA		134,384			134,384			34,957			34,957			3,154			3,154			96,273			96,273
New base rent	$	16.92		$	17.18		$	22.08		$	22.60		$	24.43		$	25.07		$	14.80		$	14.95
Previous base rent (and percentage rent)	$	15.65		$	15.28		$	14.94		$	14.75		$	40.52		$	37.69		$	15.10		$	14.74
Percentage growth in base rent		8.1	%		12.4	%		47.8	%		53.2	%		-39.7	%		-33.5	%		-2.0	%		1.4	%
Average cost per square foot	$	69.74		$	69.74		$	75.96		$	75.96		$	69.74		$	69.74		$	67.48		$	67.48
Weighted Average Lease Term (years)		8.3			8.3			9.5			9.5			8.2			8.2			7.8			7.8

Renewal leases
Number of renewal leases commencing		24			24			10			10			8			8			6			6
GLA		174,858			174,858			22,159			22,159			123,099			123,099			29,600			29,600
New base rent	$	12.90		$	13.11		$	26.82		$	27.16		$	9.95		$	10.16		$	14.72		$	14.84
Expiring base rent (and percentage rent)	$	12.87		$	12.50		$	27.60		$	26.66		$	9.54		$	9.25		$	15.71		$	15.40
Percentage growth in base rent		0.2	%		4.9	%		-2.8	%		1.9	%		4.3	%		9.8	%		-6.3	%		-3.6	%
Average cost per square foot	$	0.09		$	0.09		$	0.00		$	0.00		$	0.00		$	0.00		$	0.51		$	0.51
Weighted Average Lease Term (years)		4.7			4.7			3.5			3.5			4.6			4.6			6.0			6.0

Total new and renewal Leases
Number of new and renewal leases commencing		44			44			18			18			10			10			16			16
GLA commencing		309,242			309,242			57,116			57,116			126,253			126,253			125,873			125,873
New base rent	$	14.64		$	14.88		$	23.92		$	24.37		$	10.31		$	10.53		$	14.78		$	14.92
Expiring base rent (and percentage rent)	$	14.08		$	13.71		$	19.85		$	19.37		$	10.31		$	9.96		$	15.24		$	14.90
Percentage growth in base rent		4.0	%		8.5	%		20.5	%		25.8	%		0.0	%		5.7	%		-3.0	%		0.2	%
Average cost per square foot	$	30.35		$	30.35		$	46.49		$	46.49		$	1.74		$	1.74		$	51.73		$	51.73
Weighted Average Lease Term (years)		6.2			6.2			7.2			7.2			4.7			4.7			7.4			7.4



Notes:
1Does not include leased square footage and costs related to first generation space and the Company's major redevelopment
projects; renewal leases include exercised options.
2Rents 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.
3Rents are calculated on a straight-line basis.

- 38 -

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


	Year-to-Date			Current Quarter		Prior Quarter		Prior Quarter

	Period ended			3 months ended		3 months ended		3 months ended		Prior Year ended
	September 30, 2011			September 30, 2011		June 30, 2011		March 31, 2011		December 31, 2010


Leasing Commissions	$	1,077		$	191	$	411	$	475	$	671
Tenant Improvements		5,817	1		2,000		2,580		1,237		3,855
Capital Expenditures		218			-		-		218		146
Redevelopments		-							-		-
Total	$	7,112		$	2,191	$	2,991	$	1,930	$	4,672

Notes:
1 Includes $2,800 of costs associated with the redevelopment of 2914 Third Avenue.

- 39 -

Property Demographics - Core
								3-Mile Radius2						5-Mile Radius2
				Trade Area	Base		Total	Total	#	Median HH		Avg. HH		Total		#	Median HH		Avg. HH
Classification	Property	City	State	(Miles)	Rent		GLA	Pop.	HH	Income		Income		Pop.		HH	Income		Income
Core	239 Greenwich Avenue	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	Elmwood Park Shopping Center	Elmwood Park	NJ	3		3,362,390	149,262	248,932	81,257		60,826		69,326		586,661	200,354		67,746		78,008
Core	A & P Shopping Plaza	Boonton	NJ	5		1,279,324	62,908	46,107	17,845		104,048		129,404		99,937	37,448		101,964		122,465
Core	Village Commons Shopping Center	Smithtown	NY	3		2,391,293	87,330	63,231	21,079		102,376		124,093		173,029	56,356		98,040		119,322
Core	The Branch Plaza	Smithtown	NY	3		1,561,519	126,212	64,812	21,738		103,946		126,961		191,293	61,590		94,383		113,936
Core	Amboy Road	Staten Island	NY	3		1,617,357	60,090	97,141	33,846		82,727		86,666		162,143	57,055		79,869		84,373
Core	Bartow Avenue	The Bronx	NY	2		439,246	14,676	273,331	99,165		49,510		59,160		575,057	206,470		47,306		57,042
Core	Pacesetter Park Shopping Center	Pomona	NY	3		1,097,747	96,380	19,646	6,760		101,782		120,862		99,896	29,978		87,372		107,422
Core	LA Fitness	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		2,644,875	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	Crossroads Shopping Center	White Plains	NY	3		5,689,212	309,487	107,610	40,014		99,898		116,168		213,143	77,239		117,243		135,295
Core	Mercer Street	New York	NY	1		372,000	6,225	48,262	20,078		76,510		134,753		209,871	90,080		70,637		119,525
Core	4401 White Plains Road	White Plains	NY	1		625,000	12,964	93,714	33,031		49,930		62,634		574,653	207,078		52,382		62,813
Core	Town Line Plaza	Rocky Hill	CT	3		1,669,771	206,346	45,422	18,687		75,874		82,339		150,566	58,641		66,002		73,788
Core	Methuen Shopping Center	Methuen	MA	5		958,689	130,021	91,440	33,166		48,242		56,292		194,882	72,424		55,911		64,367
Core	Crescent Plaza	Brockton	MA	3		1,576,543	218,141	96,005	32,593		53,420		62,806		161,182	55,405		59,665		68,969
Core	New Loudon Center	Latham	NY	5		1,959,124	255,673	42,239	16,004		63,599		76,258		151,343	61,547		55,150		67,252
Core	Walnut Hill Plaza	Woonsocket	RI	5		2,371,345	284,717	58,072	22,079		50,251		59,544		91,962	35,206		58,299		69,645
Core	The Gateway Shopping Center	So. Burlington	VT	3		1,733,487	101,627	49,599	20,331		51,135		64,086		74,461	30,538		54,695		67,272
Core	Hobson West Plaza	Naperville	IL	3		1,153,563	99,125	95,896	34,156		109,898		113,927		236,016	84,332		108,127		112,720
Core	Clark & Diversey	Chicago	IL	1		810,154	19,265	80,058	47,674		74,864		107,610		133,868	78,221		80,762		114,242
Core	West Diversey	Chicago	IL	1		1,357,463	46,259	57,904	37,481		66,689		94,576		361,880	198,507		70,933		100,699
Core	Chicago Urban/Street Retail Portfolio	Chicago	IL	1		1,278,486	24,374	62,509	32,901		91,769		141,038		494,291	234,742		71,739		100,859
Core	Merrillville Plaza	Hobart	IN	5		2,850,837	235,824	28,125	11,745		59,051		57,903		79,178	30,967		55,914		56,106
Core	Bloomfield Town Square	Bloomfield Hills	MI	5		2,241,882	235,585	58,074	22,758		88,141		102,572		157,331	61,379		95,034		105,404
Core	Mad River Station	Dayton	OH	5		1,374,035	125,984	57,875	25,349		66,903		70,623		154,785	55,374		69,503		74,465
Core	Marketplace of Absecon	Absecon	NJ	3		1,168,912	104,762	28,925	10,533		59,908		74,572		69,370	23,899		59,194		72,233
Core	Brandywine/Mkt Sq./Naamans Rd.	Wilmington	DE	3		15,988,381	997,006	110,839	45,584		63,729		68,575		188,535	76,355		72,069		74,895
Core	Mark Plaza	Edwardsville	PA	5		820,922	216,401	87,545	37,108		37,075		46,254		121,815	50,915		39,826		49,730
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		1,174,010	175,519	7,948	3,467		36,983		47,590		12,024	5,030		39,415		49,983
Core	Chestnut Hill	Philadelphia	PA	3		164,483	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		1,118,774	216,369	88,887	35,153		78,175		97,812		296,425	117,842		69,750		84,152
Core	Georgetown Portfolio	Georgetown	DC	1		1,649,967	27,666	37,072	18,448		80,669		137,674		306,482	147,883		70,715		110,008
Total Core 1
Weighted Average - Based on GLA								71,758	27,486	$	67,325	$	79,034		171,598	65,618	$	68,265	$	79,329
Weighted Average - Based on base rent								77,768	30,244	$	74,310	$	91,901		203,604	80,481	$	75,241	$	91,789


Notes:
1 Calculations have been pro-rated based on the Company's ownership % in joint ventures.
2 West 54th Street , East 17th Street & Mercer Street reflect .5 and 1 mile radius figures; Clark & Diversey reflects 1 and 1.5 mile radius figures; West Diversey,
4401 White Plains Rd, Chicago Urban/Street Retail Portfolio and Georgetown reflect 1 and 3 mile radius figures; LA Fitness and Bartow reflect 2 aned 3 mile radius figures.

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Property Demographics - Funds
							3-Mile Radius2				5-Mile Radius2
				Trade Area	Base	Total	Total	#	Median HH	Avg. HH	Total	#	Median HH	Avg. HH
Classification	Property	City	State	(Miles)	Rent	GLA	Pop.	HH	Income	Income	Pop.	HH	Income	Income
Fund I	Granville Center	Columbus	OH	3	579,337	134,997	111,765	47,215	55,123	56,507	270,244	110,564	61,798	64,113
Fund I	Tarrytown Shopping Center	Tarrytown	NY	2	908,439	34,979	22,110	8,246	86,276	112,075	35,192	12,933	89,621	116,661
Fund II	Pelham Manor Shopping Plaza	Westchester	NY	3	5,622,651	228,438	401,439	145,255	57,360	68,075	532,763	168,549	35,031	49,370
Fund II	400 East Fordham Road	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	Liberty Avenue	Queens	NY	1	844,305	26,125	91,638	28,967	53,392	62,024	338,406	102,483	50,598	60,663
Fund II	Canarsie	Brooklyn	NY	1	6,913,780	273,536	111,699	36,850	47,249	56,580	1,222,610	400,044	53,590	64,781
Fund II	216th Street	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 II	161st Street	The Bronx	NY	1	4,617,137	235,674	199,667	64,948	23,956	35,877	734,022	236,490	25,864	39,464
Fund III	Westport	Westport	CT	3	1,350,000	27,033	43,980	16,452	157,068	202,669	113,415	42,948	128,347	162,965
Fund III	Cortlandt Towne Center	Mohegan Lake	NY	3	9,379,844	641,211	36,790	11,992	98,885	106,063	89,641	30,347	90,138	100,808
Fund III	White City	Shrewsbury	MA	3	4,746,288	255,560	94,955	38,180	49,759	62,004	211,652	80,653	54,993	68,709
Fund III	White Oak	Silver Spring	MD	3	874,416	64,626	92,060	34,141	80,124	97,014	256,978	88,658	78,604	94,563
Fund III	Lincoln Road	Miami Beach	FL	3	2,578,777	61,443	60,730	35,165	44,469	73,128	213,203	100,137	40,684	60,999
Fund III	Heritage Shops	Chicago	IL	3	2,580,402	105,449	291,977	148,982	70,575	101,644	743,136	328,907	60,757	84,919


Fund I 1
Weighted Average - Based on GLA							93,323	39,199	$ 61,531	$ 67,937	221,893	90,481	$ 67,521	$ 74,922
Weighted Average - Based on base rent							57,033	23,425	$ 74,141	$ 90,430	126,750	50,963	$ 78,783	$ 96,192

Fund II - Urban In-Fill 1
Weighted Average - Based on GLA							284,503	96,990	$ 41,337	$ 52,190	870,291	282,719	$ 37,703	$ 50,561
Weighted Average - Based on base rent							319,354	108,253	$ 41,315	$ 52,204	913,800	297,786	$ 38,128	$ 50,847

Fund III 1
Weighted Average - Based on GLA							76,795	32,653	$ 84,201	$ 97,230	191,632	75,679	$ 78,222	$ 92,145
Weighted Average - Based on base rent							85,598	38,198	$ 82,405	$ 99,030	218,171	89,023	$ 75,793	$ 91,678

Total - Core and Funds1
Weighted Average - Based on GLA							80,767	30,672	$ 67,047	$ 78,711	201,060	75,098	$ 67,535	$ 78,759
Weighted Average - Based on base rent							97,309	36,915	$ 72,226	$ 89,208	260,337	98,058	$ 72,359	$ 88,567

Notes:

1 Does not include the Kroger/Safeway Portfolio. Calculations have been pro-rated based on the Company's ownership % in the joint venture.

2 Canarsie Plaza, 161st Street and Liberty Avenue reflect 1 and 2 mile radius figures, 216th St. reflects 1 and 3 mile radius figures and

Fordham Road reflects 2 aned 3 mile radius figures.

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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 contained or incorporated by reference herein.

USE OF FUNDS FROM OPERATIONS AS NON-GAAP FINANCIAL MEASURE

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 items plus interest expense, depreciation, income taxes and amortization, less any gains (losses including impairment charges) on the sale of income producing properties. The Company computes NOI by taking the difference between Property Revenues and Property Expenses as detailed in this reporting supplement. 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 distributions. They should not be considered as an alternative to net income for the purpose of evaluating the Company’s performance or to cash flows as a measure of liquidity.

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