SEC Filing - Acadia Realty Trust

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a6174817.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of Earliest Event Reported): February 9, 2010

ACADIA REALTY TRUST

(Exact name of registrant as specified in its charter)

Maryland

(State or other

jurisdiction of incorporation)

1-12002

(Commission

File Number)

23-2715194

(I.R.S. Employer

Identification No.)

1311 Mamaroneck Avenue

Suite 260

White Plains, New York 10605

(Address of principal executive offices) (Zip Code)

(914) 288-8100

(Registrant's telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

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

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

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

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

Item 2.02. Results of Operations and Financial Condition.

On February 9, 2010, Acadia Realty Trust (the "Company") issued a press release announcing its consolidated financial results for the quarter and year ended December 31, 2009. A copy of this press release is attached to this report on Form 8-K as Exhibit 99.1 and incorporated herein by reference. In addition, on February 9, 2010, the Company made available supplemental information concerning the ownership, operations and portfolio of the Company as of and for the quarter and year ended December 31, 2009. 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 February 9, 2010.
99.2	Financial and Operating Reporting Supplement of the Company for the quarter and year ended December 31, 2009.

SIGNATURES

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

		ACADIA REALTY TRUST (Registrant)

	Date: February 11, 2010	By: /s/ Michael Nelsen

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

EXHIBIT INDEX

Exhibit Number	Description
99.1	Press release of the Company dated February 9, 2010.
99.2	Financial and Operating Reporting Supplement of the Company for the quarter and year ended December 31, 2009.

a6174817-ex991.htm

Exhibit 99.1

Acadia Realty Trust Reports Fourth Quarter and Full Year 2009 Operating Results

NEW YORK--(BUSINESS WIRE)--February 9, 2010--Acadia Realty Trust (NYSE:AKR), today reported operating results for the quarter and year ended December 31, 2009. All per share amounts are on a fully diluted basis. The information presented below for 2008 has been adjusted as described in footnote 5 to the Financial Highlights tables.

Fourth Quarter and Full Year 2009 Highlights

Earnings – fourth quarter and full year FFO of $0.25 and $1.28, EPS of $0.12 and $0.75

Funds from operations (“FFO”) per share of $0.25 for the fourth quarter 2009 compared to $0.09 for fourth quarter 2008 and $1.28 for the year ended December 31, 2009 compared to $1.09 for the year ended December 31, 2008

Earnings (loss) per share (“EPS”) from continuing operations for fourth quarter 2009 of $0.12 compared to $(0.15) for fourth quarter 2008 and $0.75 for the year ended December 31, 2009 compared to $0.50 for the year ended December 31, 2008

Balance Sheet – Strong Liquidity and Limited Exposure to Maturities

No significant core portfolio debt maturities before December 2011 (including extension options) when $50 million balance of convertible notes are due

Cash on hand and availability under current facilities of approximately $130 million at year-end

Fixed-charge coverage ratio of 3.2 to 1 for the year and 2.8 to 1 for the quarter ended December 31, 2009

Core portfolio debt yield of 13% and 17% on debt net of cash on hand

Raised approximately $65 million of net proceeds from public equity offering during 2009

To date purchased $65 million of face value of the Company’s outstanding convertible debt

Core Portfolio – Net Operating Income consistent with the upper end of 2009 forecast

Same store net operating income decreased 2.6% for the year and 3.6% for the quarter ended December 31, 2009 compared to the same periods in 2008

Year-end 2009 occupancy at 92.6% versus 92.5% at September 30, 2009

During the fourth quarter, sold non-core property, located in Northeast Pennsylvania, at a 7.4% capitalization rate

Opportunity Funds – Leasing and Financing Progress

Received $3.0 million in distributions from RCP Venture investments during the fourth quarter

Leased an additional 33,000 square feet at the Canarsie Plaza (Brooklyn) project, construction financing obtained

Executed 36,000 square foot lease with Bed, Bath and Beyond to re-tenant the former Linens ‘n Things space at Cortlandt Towne Center

Fourth Quarter and Full Year 2009 Operating Results

For the quarter ended December 31, 2009, FFO was $10.0 million, compared to $3.2 million for the quarter ended December 31, 2008. For the year ended December 31, 2009, FFO was $49.6 million compared to $38.0 million for the year ended December 31, 2008.

Earnings (losses) for the quarters and years ended December 31, 2009 and 2008 were as follows:

	Quarter ended December 31,							Year ended December 31,
	2009		2008			Variance		2009		2008		Variance
FFO per share	$	0.25	$	0.09		$	0.16	$	1.28	$	1.09	$	0.19
EPS from continuing operations	$	0.12	$	(0.15	)	$	0.27	$	0.75	$	0.50	$	0.25
EPS	$	0.16	$	(0.15	)	$	0.31	$	0.82	$	0.73	$	0.09

For the fourth quarter 2009 compared with the fourth quarter 2008, the primary factors which contributed to the increase in EPS from continuing operations were charges of $0.13 in 2008 related to a mezzanine loan and $0.08 associated with the bankruptcy of Circuit City in 2008.

In addition to the above items, for the full year 2009 compared with the full year 2008, the primary factors which contributed to the increase in EPS from continuing operations were $0.17 of additional interest income from the full year effect of 2008 mezzanine financing and preferred equity investments, and $0.16 of gain on the purchase of the Company’s outstanding convertible debt. These were partially offset by $0.09 of dilution from the issuance of additional Common Shares in 2009, an $0.08 decrease in RCP Venture income during 2009, net of noncontrolling interests’ share and income taxes, and a $0.07 decrease in lease termination income for 2009, net of noncontrolling interests’ share.

Discontinued operations decreased $0.16 for the year ended December 31, 2009 as compared to the same period in 2008 primarily as a result of a gain recognized on the sale of a core property in 2008.

Strong Balance Sheet with Available Capital

As of December 31, 2009, Acadia’s solid balance sheet was evidenced by the following:

Total liquidity of $130 million, including $72 million of cash and $58 million available under existing lines of credit (excluding the Funds’ cash and credit facilities)

Including extension options, no significant core portfolio debt maturities before December 2011 when $50 million of convertible notes are due

Debt yield of 13% (annualized net operating income divided by principal amount of debt) and net debt yield of 17% (annualized net operating income divided by principal amount of debt less cash on hand) on the core portfolio debt. Including the Company’s pro-rata share of Fund debt, a debt yield of 12% and a net debt yield of 15%

Fixed-charge coverage ratio of 3.2 to 1 for the year and 2.8 to 1 for the quarter ended December 31, 2009

100% of the Company’s core portfolio debt is fixed-rate at an average interest rate of 5.8%. Including the Company’s pro-rata share of Fund debt, 86% of the Company’s debt is fixed-rate at an average interest rate of 5.3%

At December 31, 2009, opportunity fund (“Fund”) debt maturities and capital availability were as follows:

Mortgage debt maturities at the Fund level through 2011 total $48 million, of which Acadia’s pro-rata share was $9.6 million. In addition, borrowings against subscription lines, which are collateralized by unfunded capital commitments, amounted to $48 million and $140 million for Fund II and Fund III, respectively. Acadia’s pro-rata share of the subscription line borrowings aggregated $37.6 million

$406 million of committed Fund III investor capital is unfunded at year end. Approximately $56 million of this amount has been allocated as equity for existing investments. The remaining $350 million of unallocated investor capital commitments is available for Fund III’s equity component in additional investments. Acadia’s pro-rata share of the $406 million of total unfunded capital is $81 million

Also during 2009, Acadia issued 5.75 million Common Shares generating net proceeds of approximately $65 million, and, to date, has purchased $65 million of face value of the Company’s outstanding convertible debt at an average 13% yield to maturity on the transactions.

Retail Portfolio Performance

Through December 2009, the core portfolio performed consistent with the upper end of the Company’s 2009 forecast. The core portfolio includes the Company’s pro-rata share of its joint venture properties, but excludes the Funds. For the year ended December 31, 2009, same store net operating income (“NOI”) decreased 2.6% from the year ended December 31, 2008; approximately half of which was the result of the bankruptcy of Circuit City. Same store NOI decreased 3.6% for the fourth quarter 2009 from the fourth quarter 2008. In addition to the impact of Circuit City, the termination of Acme Markets, as previously discussed by the Company, accounted for a 2.0% decline in NOI for the quarter.

Acadia’s core portfolio occupancy was 92.6% as of December 31, 2009. This represents an increase of 10 basis points from 92.5% occupancy at September 30, 2009, and a decrease of 300 basis points from December 31, 2008 occupancy of 95.6%. During 2009, the Company elected to enter into a lease termination agreement with Acme Markets at the Marketplace of Absecon in New Jersey, in order to re-tenant its 44,800 square foot anchor space in the core portfolio. Acadia received a $2.5 million lease termination payment in connection with this agreement and has re-leased approximately 24,100 square feet, or 54%, of the former Acme space. This accounted for approximately 50 basis points of occupancy decline for 2009.

Acadia’s combined portfolio occupancy, including its pro-rata share of its joint venture properties and its Funds, was 91.9% as of December 31, 2009. This represents an increase of 20 basis points from 91.7% occupancy at September 30, 2009 and a decrease of 330 basis points from December 31, 2008 occupancy of 95.2%.

In connection with portfolio recycling activities, during the fourth quarter Acadia sold a 125,000 square foot property located in Wilkes-Barre, Pennsylvania for $2.5 million, representing a 7.4% capitalization rate.

During the fourth quarter of 2009, the Company realized an increase in average rent of 10.0% in its core portfolio on new and renewal leases totaling 162,000 square feet. Excluding the effect of the straight-lining of rents, the Company realized a decline in average rent of 6.7%. Excluding the impact of the re-anchoring of the Absecon property as discussed above, the Company realized an average rent increase of 13.3% in its core portfolio on new and renewal leases and an average rent increase of 4.5%, excluding the effect of the straight-lining of rents.

Opportunity Funds – Leasing, Financing and Construction Progress at Canarsie, Brooklyn Project; RCP Venture Distributions Received

Of the nine Fund II New York Urban Infill Redevelopment projects, construction is substantially complete on six developments which are in the process of stabilization. On the seventh, Canarsie Plaza, during the quarter, the Company executed a lease for 33,000 square feet with the New York City Police Department. Together with the BJ’s Wholesale Club lease, the project is now 80% pre-leased and construction has commenced. Subsequent to December 31, 2009, the Company closed on a new $48 million construction loan for the project.

The remaining two properties are currently in design phase. At one of these locations, CityPoint, the Company will now develop this project in four phases. The project has been conditionally awarded $20 million of federal stimulus bond financing to fund the construction of 50,000 square feet of retail, representing the first of these phases. Construction is anticipated to commence during the second half of 2010.

During the fourth quarter, Fund II received distributions from its Retailer Controlled Property Venture (“RCP Venture”) investments totaling $3.0 million. Acadia’s share of the income, after deducting noncontrolling interests’ share and taxes, was $0.3 million.

Outlook - Earnings Guidance for 2010

The Company forecasts its 2010 annual FFO will range from $0.95 to $1.00 per share and 2010 EPS from $0.46 to $0.51. This guidance is before contributions from potential 2010 acquisitions and before any potential income from Acadia’s RCP investments, promote or lease termination income. For the core portfolio, the Company is assuming occupancy to be flat to up 100 basis points by the end of 2010 and for same-store NOI to be between -2% and -4% for the year, reflecting the lagging effects of the 2009 downturn in the economy. The following table summarizes management’s 2010 guidance (dollars in millions, except per share amounts):

	2010						2009
	Low			High			Actual
Core and pro-rata share of opportunity fund portfolio income	$	45.5		$	46.0		$	44.0
Asset and property management fee income, net of taxes		11.0			11.0			10.4
Transactional fee income, net of taxes		6.0			7.0			7.1
Promote income from Funds, RCP Venture and
other income, net of taxes		--			--			11.8
General and administrative expense		(23.5	)		(23.0	)		(23.7	)
FFO	$	39.0		$	41.0		$	49.6
FFO per share	$	0.95		$	1.00		$	1.28

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

Guidance Range for 2010	Low		High
Earnings per diluted share	$	0.46	$	0.51
Depreciation of real estate and amortization of leasing costs:
Wholly owned and consolidated partnerships		0.44		0.44
Unconsolidated partnerships		0.04		0.04
Noncontrolling interest in Operating Partnership		0.01		0.01
Funds from operations	$	0.95	$	1.00

Management will discuss Acadia’s 2010 earnings guidance in further detail on its fourth quarter earnings conference call.

Management Comments

“We are pleased with our fourth quarter results, which were consistent with our expectations” stated Kenneth F. Bernstein, President and CEO of Acadia Realty Trust. “While we are observing signs of stabilization in the shopping center sector, both with respect to the capital markets and tenant fundamentals, this fragile recovery will likely take several quarters before it translates into improvements in occupancy and NOI. Accordingly, we remain vigilant on sustaining the strength of our portfolio -- which is dominated by necessity and value-focused retail in dense, high barrier-to-entry locations -- and the strength of our balance sheet. We believe our liquidity, coupled with a significant portion of our Fund III capital still available for new investments, positions us to capitalize on potential opportunities as they arise.”

Investor Conference Call

Management will conduct a conference call on Wednesday, February 10, 2010 at 1:00 PM ET to review the Company's earnings and operating results. The live conference call can be accessed by dialing 1-866-713-8562 (internationally 617-597-5310). 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 52998761. The phone replay will be available through Wednesday, February 17, 2010.

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

Certain matters in this press release may constitute forward-looking statements within the meaning of federal securities law and as such may involve known and unknown risk, uncertainties and other factors that may cause the actual results, performances or achievements of Acadia to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. These forward-looking statements include statements regarding Acadia’s future financial results and its ability to capitalize on potential opportunities arising from the current economic turmoil. 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 27, 2009 (“Form 10-K”) and other periodic reports filed with the SEC, including risks related to: (i) the current global financial crisis and its effect on retail tenants, including several recent bankruptcies of major retailers; (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.

(Financial Tables Follow)

ACADIA REALTY TRUST AND SUBSIDIARIES
Financial Highlights 1
For the Quarters and Years ended December 31, 2009 and 2008
(dollars in thousands, except per share data)

	For the Quarters ended						For the Years ended
	December 31,						December 31,
Revenues	2009			2008 5			2009			2008 5
				(as adjusted)						(as adjusted)
Minimum rents	$	25,317		$	19,535		$	96,239		$	77,610
Percentage rents		85			157			477			510
Expense reimbursements		5,730			4,701			20,982			16,789
Lease termination income		25			(16	)		2,751			23,961
Other property income		1,345			308			2,895			1,099
Management fee income		444			532			1,961			3,434
Interest income		5,100			5,153			20,340			14,533
Other		--			--			1,700			--
Total revenues		38,046			30,370			147,345			137,936
Operating expenses
Property operating		8,864			8,374			29,829			24,092
Real estate taxes		4,507			3,043			16,812			12,123
General and administrative		5,438			5,413			22,013			24,545
Depreciation and amortization		9,806			12,072			37,218			33,334
Abandonment of project costs		3			630			2,487			630
Reserve for notes receivable		--			4,392			1,734			4,392
Total operating expenses		28,618			33,924			110,093			99,116
Operating income (loss)		9,428			(3,554	)		37,252			38,820
Equity in earnings (losses) of unconsolidated affiliates		1,922			(4,462	)		(1,529	)		19,906
Unconsolidated affiliate impairment reserve		(113	)		--			(3,768	)		--
Interest expense and other finance costs		(8,372	)		(6,730	)		(32,154	)		(28,893	)
Gain on extinguishment of debt		--			1,523			7,057			1,523
Gain on sale of land		--			--			--			763
Income (loss) from continuing operations before income taxes		2,865			(13,223	)		6,858			32,119
Income taxes		(192	)		(971	)		(1,541	)		(3,362	)
Income (loss) from continuing operations		2,673			(14,194	)		5,317			28,757

ACADIA REALTY TRUST AND SUBSIDIARIES
Financial Highlights 1
For the Quarters and Years ended December 31, 2009 and 2008
(dollars in thousands, except per share data)

	For the Quarters ended					For the Years ended
	December 31,					December 31,
	2009		2008 5			2009			2008 5
			(as adjusted)						(as adjusted)
Discontinued operations:
Operating income from discontinued operations		21		264			246			1,498
Gain on sale of property		1,506		--			7,143			7,182
Income from discontinued operations		1,527		264			7,389			8,680
Net income (loss)		4,200		(13,930	)		12,706			37,437
Loss (income) attributable to noncontrolling interests in subsidiaries:
Continuing operations		2,181		9,030			23,282			(11,630	)
Discontinued operations		11		(134	)		(4,855	)		(739	)
Net loss (income) attributable to noncontrolling interests in subsidiaries		2,192		8,896			18,427			(12,369	)

Net income (loss) attributable to Common Shareholders	$	6,392	$	(5,034	)	$	31,133		$	25,068

Supplemental Information
Income (loss) from continuing operations attributable to Common Shareholders	$	4,854	$	(5,164	)	$	28,599		$	17,127
Income (loss) from discontinued operations attributable to Common Shareholders		1,538		130			2,534			7,941
Net income (loss) attributable to Common Shareholders	$	6,392	$	(5,034	)	$	31,133		$	25,068

Net income (loss) attributable to Common Shareholders per Common Share – Basic
Net income (loss) per Common Share – Continuing operations	$	0.12	$	(0.15	)	$	0.75		$	0.51
Net income per Common Share – Discontinued operations		0.04		--			0.07			0.23
Net income (loss) per Common Share	$	0.16	$	(0.15	)	$	0.82		$	0.74
Weighted average Common Shares		39,756		33,850			38,005			33,813

Net income (loss) attributable to Common Shareholders per Common Share – Diluted 2
Net income (loss) per Common Share – Continuing operations	$	0.12	$	(0.15	)	$	0.75		$	0.50
Net income (loss) per Common Share – Discontinued operations		0.04		--			0.07			0.23
Net income (loss) per Common Share	$	0.16	$	(0.15	)	$	0.82		$	0.73
Weighted average Common Shares		40,038		33,850			38,242			34,267

ACADIA REALTY TRUST AND SUBSIDIARIES
Financial Highlights 1
For the Quarters and Years ended December 31, 2009 and 2008
(dollars in thousands, except per share data)
RECONCILIATION OF NET INCOME TO FUNDS FROM OPERATIONS 3

	For the Quarters ended						For the Years ended
	December 31,						December 31,
	2009			2008 5			2009			2008 5
				(as adjusted)						(as adjusted)

Net income (loss) attributable to Common Shareholders	$	6,392		$	(5,034	)	$	31,133		$	25,068

Depreciation of real estate and amortization of leasing costs (net of noncontrolling interests' share):
Consolidated affiliates		4,608			7,986			18,847			18,519
Unconsolidated affiliates		372			365			1,603			1,687
Gain on sale (net of noncontrolling interests' share):
Consolidated affiliates		(1,506	)		--			(2,435	)		(7,182	)
Unconsolidated affiliates		--			--			--			(565	)
Income (loss) attributable to noncontrolling interests’ in Operating Partnership		120			(109	)		465			437

Distributions – Preferred OP Units		5			19			19			35

Funds from operations	$	9,991		$	3,227			49,632		$	37,999
Funds from operations per share – Diluted
Weighted average Common Shares and OP Units 4		40,728			34,805			38,913			34,940
Funds from operations, per share	$	0.25		$	0.09		$	1.28		$	1.09

ACADIA REALTY TRUST AND SUBSIDIARIES
Financial Highlights 1
For the Quarters and Years ended December 31, 2009 and 2008
(dollars in thousands)
RECONCILIATION OF OPERATING INCOME TO NET PROPERTY
OPERATING INCOME (“NOI”)

	For the Quarters ended						For the Years ended
	December 31,						December 31,
	2009			2008 5			2009			2008 5

Operating income (loss)	$	9,428		$	(3,554	)	$	37,252		$	38,820

Add back:
General and administrative		5,438			5,413			22,013			24,545
Depreciation and amortization		9,806			12,072			37,218			33,334
Abandonment of project costs		3			630			2,487			630
Reserve for notes receivable		--			4,392			1,734			4,392
Less:
Management fee income		(444	)		(532	)		(1,961	)		(3,434	)
Interest income		(5,100	)		(5,153	)		(20,340	)		(14,533	)
Other income		(850	)		--			(2,550	)		--
Lease termination income		(25	)		16			(2,751	)		(23,961	)
Straight line rent and other adjustments		99			818			(1,565	)		(2,515	)

Consolidated NOI		18,355			14,102			71,537			57,278

Noncontrolling interest in NOI		(4,335	)		(683	)		(13,783	)		(1,349	)
Pro-rata share of NOI	$	14,020		$	13,419		$	57,754		$	55,929

SELECTED BALANCE SHEET INFORMATION
	As of
	December 31, 2009			December 31, 2008 5
				(as adjusted)

Cash and cash equivalents		$	93,808		$	86,691
Rental property, at cost			1,070,066			857,226
Total assets			1,382,464			1,291,383
Notes payable			780,094			753,946
Total liabilities			849,987			849,155

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

ACADIA REALTY TRUST AND SUBSIDIARIES

Financial Highlights

For the Quarters and Years ended December 31, 2009 and 2008

(dollars in thousands, except per share data)

Notes (continued):

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 minority interest 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 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 665 and 648 OP Units into Common Shares for the quarters ended December 31, 2009 and 2008, respectively, and 671 and 647 OP Units into Common Shares for the years ended December 31, 2009 and 2008, respectively. Diluted FFO also includes the assumed conversion of Preferred OP Units into 25 Common Shares for each of the quarters ended December 31, 2009 and 2008, and for each of the years ended December 31, 2009 and 2008. In addition, diluted FFO also includes the effect of employee share options of 281 and 282 Common Shares for the quarters ended December 31, 2009 and 2008, respectively, and 212 and 4552 Common Shares for the years ended December 31, 2009 and 2008, respectively.

5 Effective January 1, 2009, the Company adopted the following Financial Accounting Standards Board (“FASB”) accounting pronouncements which require it to retrospectively restate previously disclosed consolidated financial statements. As such, certain prior period amounts have been reclassified in the unaudited consolidated financial statements to conform to the current period presentations.

The Company adopted the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810 “Consolidation” (formerly Statement of Financial Accounting Standard No. 160, “Noncontrolling Interests in Consolidated Financial Statements,”) (“ASC Topic 810”) which, among other things, provides guidance and amends the accounting and reporting for noncontrolling interests in a consolidated subsidiary and the deconsolidation of a subsidiary. Under ASC Topic 810, the Company now reports noncontrolling interests in subsidiaries as a separate component of equity in the consolidated balance sheet and reflects both net income attributable to the noncontrolling interests and net income attributable to Common Shareholders on the face of the consolidated income statement.

The Company adopted ASC Topic 470-20 “Debt with Conversion and Other Options” (formerly FASB Staff Position No. 14-1, “Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement”), (“ASC Topic 470-20”). ASC Topic 470-20 requires the proceeds from the issuance of convertible debt be allocated between a debt component and an equity component. The debt component is measured based on the fair value of similar debt without an equity conversion feature, and the equity component is determined as the residual of the fair value of the debt deducted from the original proceeds received. The resulting discount on the debt component is amortized over the period the convertible debt is expected to be outstanding as additional non-cash interest expense. The equity component, recorded as additional paid-in capital, amounted to $11.3 million, which represents the difference between the proceeds from the issuance of the convertible notes payable and the fair value of the liability at the time of issuance. The Company adopted ASC Topic 470-20 effective January 1, 2009 with a retrospective restatement to prior periods. The additional non cash interest expense recognized in the consolidated income statements was $0.3 million and $0.6 million for the quarters ended December 31, 2009 and 2008, respectively, and $1.3 million and $2.1 million for the years ended December 31, 2009 and 2008, respectively.

CONTACT:

Acadia Realty Trust

Jon Grisham, 914-288-8100

a6174817-ex992.htm

Exhibit 99.2

ACADIA REALTY TRUST

Focused.

Disciplined.

Value-Driven.

Fourth Quarter 2009

Reporting Supplement

Reporting Supplement
December 31, 2009

Table of Contents
	Page		Page

Section I - Financial Information		Section II - Opportunity Fund Information

Company Information	3	Opportunity Fund Overview	24

Market Capitalization	4	Redevelopment Projects - Operating	25

Operating Statements		Redevelopment Projects - Construction and Design	26
Pro-rata Consolidation	5
Joint Ventures	6	RCP Venture Investments	27
Opportunity Funds	7
Funds from Operations ("FFO"), Adjusted FFO ("AFFO")		Section III - Core and Opportunity Fund Portfolio Information
and Funds Available for Distribution ("FAD")	9
EBITDA	10	Core Properties	28
Same Property Net Operating Income	11
Fee Income	12	Core Portfolio by State	30
2010 Guidance	13
Net Asset Valuation	14	Core Top Tenants	31

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

Notes Receivable	16	Core New and Renewal Rent Spreads	34

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

Selected Financial Ratios	23	Opportunity Fund Lease Expirations	38

		Portfolio Demographics	41

		Important Notes	42

Page 2

Reporting Supplement

December 31, 2009

Company Information

Acadia Realty Trust, headquartered in White Plains, NY, is a fully integrated and self-managed real estate investment trust which specializes in the acquisition, redevelopment and operation of shopping centers which are anchored by grocery and value-oriented retail. Acadia currently owns (or has interests in) and operates 77 properties totaling approximately 8 million square feet, located in the Northeast, Mid-Atlantic and Midwest United States.

All of Acadia's assets are held by, and all its operations are conducted through, Acadia Realty Limited Partnership (and its majority-owned subsidiaries) which is currently 98% controlled by Acadia.

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

New York Stock Exchange	Symbol AKR	Web Site		www.acadiarealty.com


Analyst Coverage	Banc of America / Merrill Lynch		Green Street Advisors		KeyBanc Capital Markets, Inc.
	Craig Schmidt (646) 855-3640		Nicholas Vedder (949) 640-8780		Todd Thomas - (917) 368-2286
	craig_schmidt@ml.com		nvedder@greenstreetadvisors.com		tthomas@keybanccm.com

	Bank of Montreal		Janney Montgomery Scott		Macquarie Capital (USA)
	Paul Adornato, CFA - (212) 885-4170		Andrew T. DiZio, CFA (215) 665-6439		Dave Wigginton (212) 231-6380
	paul.adornato@bmo.com		adizio@jmsonline.com		dave.wiggington@maquarie.com

	Citigroup - Smith Barney		J.P. Morgan Securities, Inc.		RBC Capital Markets
	Quentin Velleley, CFA - (212) 816-6981		Michael W. Mueller, CFA (212) 622-6689		Rich Moore, CFA - (216) 378-7625
	quentin.velleley@citi.com		michael.w.mueller@jpmorgan.com		rich.moore@rbccm.com

	Cowen and Company		Keefe, Bruyette & Woods, Inc.		UBS
	Stephen Boyd - (646) 562-1382		Sheila K. McGrath - (212) 887-7793		Christy McElroy - (203) 719-7831
	Stephen.Boyd@cowen.com		smcgrath@kbw.com		christy.mcelroy@ubs.com

Page 3

Reporting Supplement
December 31, 2009										Market Capitalization
										including the hypothetical
Total Market Capitalization										repayment of debt with
(including pro-rata share of joint venture debt) (dollars in thousands)	Market Capitalization as of December 31, 2009									available cash of $79.7 million ("Net Debt")
	Percent						Percent of			Percent						Percent of
	of Total						Total Market			of Total						Total Market
	Equity						Capitalization			Equity						Capitalization
Equity Capitalization
Total Common Shares Outstanding		98.3	%	$	39,787						98.3	%	$	39,787
Common Operating Partnership ("OP") Units		1.6	%		658						1.6	%		658
Combined Common Shares and OP Units					40,445									40,445

Share Price 12/31/2009					16.87									16.87

Equity Capitalization - Common Shares and OP Units					682,307									682,307
Preferred OP Units 1					423									423
Total Equity Capitalization					682,730			59.9	%					682,730			64.4	%

Debt Capitalization
Consolidated debt					780,094									780,094
Adjustment to reflect pro-rata share of debt					(323,638	)								(323,638	)
Total Debt Capitalization					456,456			40.1	%					456,456

Less debt paid with available cash														(79,655	)			3
Total Net Debt Capitalization														376,801			35.6	%

Total Market Capitalization				$	1,139,186			100.0	%				$	1,059,531			100.0	%

1 Represents 188 Series A Preferred OP Units convertible into 25,067 Common OP units x share price at quarter end.
2 Fixed-rate debt includes notional principal fixed through interest rate swap transactions and conversely, variable-rate debt excludes this amount.
3 Reflects Core Portfolio and pro-rata share of Opportunity Funds cash balance as of 12/31/09.

	Weighted Average Outstanding Common Shares and OP Units
	December 31, 2009				December 31, 2008
	Quarter		Year-to-date		Quarter		Year-to-date
Weighted average Common Shares - Basic EPS		39,756,060		38,004,930		33,850,271		33,812,738
Dilutive potential Common Shares		281,494		236,990		-		454,649
Weighted average Common Shares - Diluted EPS		40,037,554		38,241,920		33,850,271		34,267,387
OP Units		665,108		670,890		647,656		647,200
Dilutive potential of OP Units and Common Shares		25,067		-		306,729		25,067
Weighted average Common Shares/OP Units - Diluted FFO		40,727,729		38,912,810		34,804,656		34,939,654

Page 4

Reporting Supplement

December 31, 2009

Income Statements - Pro-rata Consolidation 1

Current Quarter and Year-to-Date

(in thousands)

	Year-to-Date
	Year
	ended December 31, 2009
	Core Retail												Opportunity Funds						Total
							Total
	Wholly			Joint			Continuing			Discontinued			Continuing			Discontinued
	Owned			Ventures 2			Operations			Operations 3			Operations			Operations 3
CORE PORTFOLIO AND OPPORTUNITY FUND INCOME

PROPERTY REVENUES
Minimum rents	$	48,787		$	6,460		$	55,247		$	259		$	11,508		$	18		$	67,033
Percentage rents		477			54			531			85			-			-			616
Expense reimbursements - CAM		6,171			974			7,145			4			823			-			7,972
Expense reimbursements - Taxes		7,615			1,040			8,655			63			709			-			9,427
Other property income		134			1			135			41			386			-			562
		63,184			8,529			71,713			452			13,426			18			85,610
PROPERTY EXPENSES
Property operating - CAM		7,883			1,101			8,984			187			986			-			10,157
Other property operating		2,564			416			2,980			21			2,372			1			5,374
Real estate taxes		9,412			1,079			10,491			109			1,572			11			12,184
		19,859			2,596			22,455			317			4,930			12			27,714

NET OPERATING INCOME - PROPERTIES		43,325			5,933			49,258			135			8,496			6			57,896

OTHER INCOME (EXPENSE)
Interest income		18,830			3			18,833			-			306			-			19,139
Straight-line rent income		575			(1	)		574			4			224			24			825
Straight-line rents written off		(1,356	)		-			(1,356	)		-			(82	)		-			(1,438	)
FAS 141 rent		1,341			140			1,481			-			(1,265	)		-			216
Straight-line ground rent		-			-			-			-			(70	)		-			(70	)
Interest expense		(18,778	)		(3,758	)		(22,536	)		-			(2,792	)		(2	)		(25,329	)
FAS 141 interest		36			-			36			-			-			-			36
Asset and property management expense		(128	)		-			(128	)		-			(2	)		-			(130	)
Promote expense		-			-			-			-			-			-			-
Reserve for investment in and advances to unconsolidated property		-			-			-			-			(1,423	)		-			(1,423	)
Other income		-			-			-			-			170			-			170
Reserve for pre-acquisition costs		-			-			-			-			(481	)		-			(481	)
Reserve for notes receivable		(1,734	)		-			(1,734	)		-			-			-			(1,734	)

CORE PORTFOLIO AND OPPORTUNITY FUND INCOME		42,111			2,317			44,428			139			3,080			28			47,676

FEE INCOME
Asset and property management fees		11,493			-			11,493			-			-			-			11,493
Priority distributions		449			-			449			-			-			-			449
Transactional fees		7,030			-			7,030			-			-			-			7,030
Provision for income taxes		(1,937	)		-			(1,937	)		-			0			-			(1,937	)

FEE INCOME		17,035			-			17,035			-			0			-			17,035

PROMOTE, RCP AND OTHER INCOME
Equity in earnings from RCP investments		-			-			-			-			(401	)		-			(401	)
Promote income - RCP		-			-			-			-			(386	)		-			(386	)
Promote income - Fund capital transactions		-			-			-			-			909			-			909
Equity in earnings of unconsolidated properties		-			-			-			-			(13	)		-			(13	)
Forfeited property sale contract deposit		1,730			-			1,730			-			-			-			1,730
Lease termination income		2,751			223			2,974			-			-			-			2,974
Gain on extinguishment of debt		7,056			-			7,056			-			-			-			7,056
Provision for income taxes		488			-			488			-			(33	)		-			455

PROMOTE, RCP AND OTHER INCOME		12,025			223			12,248			-			76			-			12,324

GENERAL AND ADMINISTRATIVE		(23,316	)		5			(23,311	)		-			(398	)		-			(23,709	)

Depreciation and amortization		(15,668	)		(1,627	)		(17,295	)		(24	)		(4,827	)		-			(22,146	)
FAS 141 amortization		(1,532	)		-			(1,532	)		-			(281	)		-			(1,813	)
Gain on sale of properties		-			-			-			1,506			-			1,002			2,508
Income before noncontrolling interests		30,655			918			31,573			1,621			(2,349	)		1,030			31,876

Noncontrolling interest - OP		(380	)		-			(380	)		(26	)		(38	)		(19	)		(464	)
Noncontrolling interests		17			-			17			-			27			(323	)		(279	)

NET INCOME	$	30,291		$	918		$	31,209		$	1,595		$	(2,360	)	$	688		$	31,133

Page 5

Reporting Supplement

December 31, 2009

Income Statements - Pro-rata Consolidation 1

Current Quarter and Year-to-Date

(in thousands)

	Current Quarter
	3 months
	ended December 31, 2009
	Core Retail												Opportunity Funds						Total
							Total
	Wholly			Joint			Continuing			Discontinued			Continuing			Discontinued
	Owned			Ventures			Operations			Operations 3			Operations			Operations
CORE PORTFOLIO AND OPPORTUNITY FUND INCOME

PROPERTY REVENUES
Minimum rents	$	11,929		$	1,628		$	13,557		$	43		$	3,054		$	-		$	16,654
Percentage rents		85			10			95			81			-			-			176
Expense reimbursements - CAM		1,535			297			1,832			1			264			-			2,097
Expense reimbursements - Taxes		1,926			298			2,224			24			212			-			2,460
Other property income		67			-			67			-			86			-			153
		15,542			2,233			17,775			149			3,616			-			21,540
PROPERTY EXPENSES
Property operating - CAM		2,081			331			2,412			50			320			-			2,782
Other property operating		736			177			913			6			667			-			1,586
Real estate taxes		2,336			273			2,609			26			449			11			3,096
		5,153			781			5,934			82			1,437			11			7,464

NET OPERATING INCOME - PROPERTIES		10,389			1,452			11,841			67			2,179			(11	)		14,076

OTHER INCOME (EXPENSE)
Interest income		4,623			-			4,623			-			96			-			4,719
Straight-line rent income		151			(7	)		144			1			(28	)		-			117
Straight-line rents written off		(555	)		-			(555	)		-			(64	)		-			(619	)
FAS 141 rent		(27	)		35			8			-			(42	)		-			(34	)
Straight-line ground rent		-			-			-			-			(23	)		-			(23	)
Interest expense		(4,365	)		(943	)		(5,308	)					(830	)		-			(6,138	)
FAS 141 interest		9			-			9						-			-			9
Asset and property management expense		(32	)		-			(32	)		-			(0	)		-			(32	)
Promote expense		-			-			-			-			-			-			-
Reserve for investment in and advances to unconsolidated property		-			-			-			-			(43	)		-			(43	)
Other income		-			-			-			-			170			-			170
Reserve for pre-acquisition costs		-			-			-			-			-			-			-
Reserve for notes receivable		-			-			-			-			-			-			-

CORE PORTFOLIO AND OPPORTUNITY FUND INCOME		10,193			537			10,730			68			1,415			(11	)		12,202

FEE INCOME
Asset and property management fees		2,909			-			2,909			-			-			-			2,909
Priority distributions		112			-			112			-			-			-			112
Transactional fees		868						868						-			-			868
Provision for income taxes		(267	)		-			(267	)		-			-			-			(267	)

FEE INCOME		3,622			-			3,622			-			-			-			3,622

PROMOTE, RCP AND OTHER INCOME
Equity in earnings from RCP investments		-			-			-			-			320			-			320
Promote income - RCP		-			-			-			-			(35	)		-			(35	)
Promote income - Fund capital transactions		-			-			-			-			-			-			-
Equity in earnings of unconsolidated properties		-			-			-			-			5			-			5
Forfeited property sale contract deposit		-			-			-			-			-			-			-
Lease termination income		25			222			247			-			-			-			247
Gain on extinguishment of debt		-						-						-			-			-
Provision for income taxes		71			-			71			-			2			-			73

PROMOTE, RCP AND OTHER INCOME		96			222			318			-			291			-			609

GENERAL AND ADMINISTRATIVE		(5,606	)		-			(5,606	)		-			(80	)		-			(5,686	)

Depreciation and amortization		(3,802	)		(384	)		(4,186	)		-			(1,348	)		-			(5,534	)
FAS 141 amortization		(206	)		-			(206	)					(60	)		-			(266	)
Gain on sale of properties		-			-			-			1,506			-			-			1,506
Income before noncontrolling interests		4,297			375			4,672			1,574			218			(11	)		6,453

Noncontrolling interest - OP		(99	)		-			(99	)		(25	)		4			-			(120	)
Noncontrolling interests		28			-			28			-			31			-			59

NET INCOME	$	4,226		$	375		$	4,601		$	1,549		$	253		$	(11	)	$	6,392

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. The Company also has a 22.2% interest in the Brandywine Portfolio and a 49% interest in the Crossroads Shopping Center which are accounted for as unconsolidated investments in the Company's financial statements.

2 The noncontrolling interest's share of NOI for 239 Greenwich Ave and Boonton Shopping Center aggregated $1,187 for the year ended December 31, 2009.

3 Discontinued Operations reflects six Kroger locations which were sold in January 2009 and Blackman Plaza which was sold in November 2009.

Page 6

Reporting Supplement

December 31, 2009

Income Statements - Joint Ventures 1

Current Quarter and Year-to-Date

(in thousands)

	Year-to-Date															Current Quarter
	Year															3 months
	Ended December 31,															Ended December 31,
	2009															2009
	Joint Ventures - Core Retail															Joint Ventures - Core Retail
				AKR Pro-						AKR Pro-			Total						AKR Pro-						AKR Pro-			Total
				rata share						rata share			AKR Pro-						rata share						rata share			AKR Pro-
	Brandywine			22.22%			Crossroads			49.00%			rata share			Brandywine JV			22.22%			Crossroads			49.00%			rata share
PROPERTY REVENUES
Minimum rents	$	16,039		$	3,563		$	5,912		$	2,897		$	6,460		$	4,028		$	895		$	1,495		$	733		$	1,628
Percentage rents		235			52			5			2			54			47			10			-			-			10
Expense reimbursements - CAM		2,390			531			904			443			974			863			192			215			105			297
Expense reimbursements - Taxes		1,061			235			1,641			805			1,040			276			61			484			237			298
Other property income		7			1			-			-			1			1			-			-			-			-
		19,732			4,382			8,462			4,147			8,529			5,215			1,158			2,194			1,075			2,233

PROPERTY EXPENSES
Property operating - CAM		3,159			703			813			398			1,101			1,016			226			215			105			331
Other property operating		1,325			294			251			122			416			533			118			120			59			177
Real estate taxes		1,204			266			1,662			813			1,079			312			69			417			204			273
		5,688			1,263			2,726			1,333			2,596			1,861			413			752			368			781

NET OPERATING INCOME - PROPERTIES		14,044			3,119			5,736			2,814			5,933			3,354			745			1,442			707			1,452

OTHER INCOME (EXPENSE)
Interest income		5			-			7			3			3			1			-			-			-			-
Straight-line rent income		103			23			(49	)		(24	)		(1	)		(29	)		(6	)		(3	)		(1	)		(7	)
Straight-line rents written off		-			-			-			-			-			-			-			-			-			-
FAS 141 rent		628			140			-			-			140			157			35			-			-			35
Straight-line ground rent		-			-			-			-			-			-			-			-			-			-
Interest expense		(10,102	)		(2,073	)		(3,437	)		(1,685	)		(3,758	)		(2,519	)		(517	)		(869	)		(426	)		(943	)
FAS 141 interest		-			-			-			-			-			-			-			-			-			-
Property management expense		(935	)		-			-			-			-			(233	)		-			-			-			-
Promote expense		-			-			-			-			-			-			-			-			-			-
Reserve for investment in and advances to unconsolidated property		-			-			-			-			-			-			-			-			-			-
Other income
Reserve for pre-acquisition costs		-			-			-			-			-			-			-			-			-			-
Reserve for notes receivable		-			-			-			-			-			-			-			-			-			-
CORE PORTFOLIO AND OPPORTUNITY FUND INCOME		3,743			1,209			2,257			1,108			2,317			731			257			570			280			537

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

PROMOTE, RCP AND OTHER INCOME
Equity in earnings from RCP investments		-			-			-			-			-			-			-			-			-			-
Promote income - RCP		-			-			-			-			-			-			-			-			-			-
Promote income - Fund capital transactions		-			-			-			-			-			-			-			-			-			-
Equity in earnings of unconsolidated properties		-			-			-			-			-			-			-			-			-			-
Receipt of forfeited deposit		-			-			-			-			-			-			-			-			-			-
Lease termination income		1,000			222			2			1			223			1,000			222			-			-			222
Gain on extinguishment of debt		-			-			-			-			-			-			-			-			-			-
Provision for income taxes		-			-			-			-			-			-			-			-			-			-
PROMOTE, RCP AND OTHER INCOME		1,000			222			2			1			223			1,000			222			-			-			222

GENERAL AND ADMINISTRATIVE		23			5			-			-			5			-			-			-			-			-

Depreciation and amortization		(4,301	)		(955	)		(569	)		(672	)		(1,627	)		(978	)		(217	)		(140	)		(167	)		(384	)
FAS 141 amortization		-			-			-			-			-			-			-			-			-			-
Gain on sale of properties		-			-			-			-			-			-			-			-			-			-
Income before noncontrolling interest		465			481			1,690			437			918			753			262			430			113			375

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

NET INCOME	$	465		$	481		$	1,690		$	437		$	918		$	753		$	262		$	430		$	113		$	375

1 The Company has a 22.2% interest in the Brandywine Portfolio and a 49% interest in the Crossroads Shopping Center ("Crossroads") which are accounted for as unconsolidated investments in the Company's financial statements.

2 In addition to its pro-rata share of depreciation, the Company recognizes depreciation on its stepped-up basis in Crossroads.

Page 7

Reporting Supplement

December 31, 2009

Income Statements -Opportunity Funds 1

Year-to-Date

(in thousands)

Year-to-Date

Year

ended December 31, 2009

													Continuing			Discontinued
													Oper- ations			Oper- ations
	Fund I			Fund I			Fund I			AKR			AKR Pro-			AKR Pro-						AKR			AKR Pro-						AKR Pro-						AKR Pro-						AKR Pro-			Total
	Continuing			Discontinued			Consolidated			Promote			rata share			rata share			Mervyns			Promote			rata share						rata share			Mervyns			rata share						rata share			AKR Pro-
	Operations			Operations			Operations			20.00%			22.22%			22.22%			I			20.00%			22.22%			Fund II			20.00%			II			20.00%			Fund III			19.9005%			rata share

PROPERTY REVENUES
Minimum rents	$	8,153		$	82		$	8,235		$	1,647		$	1,447		$	18		$	-		$	-		$	-		$	19,790		$	3,959		$	-		$	-		$	22,371		$	4,455		$	11,526
Percentage rents		-			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-
Expense reimbursements - CAM		194			-			194			39			34			-			-			-			-			2,331			466			-			-			1,430			284			823
Expense reimbursements - Taxes		315			-			315			63			56			-			-			-			-			923			184			-			-			2,045			406			709
Other property income		549			-			549			1			122			-			-			-			-			156			31			-			-			1,166			232			386
		9,211			82			9,293			1,750			1,659			18			-			-			-			23,200			4,640			-			-			27,012			5,377			13,444

PROPERTY EXPENSES
Property operating - CAM		378			3			381			76			67			1			-			-			-			2,671			535			-			-			1,543			307			986
Other property operating		321			47			368			74			55			11			-			-			-			4,887			978			-			-			6,303			1,255			2,373
Real estate taxes		462			-			462			92			82			-			-			-			-			2,494			500			-			-			4,565			909			1,584
		1,161			50			1,211			242			204			12			-			-			-			10,052			2,013			-			-			12,411			2,471			4,942

NET OPERATING INCOME - PROPERTIES 3		8,050			32			8,082			1,508			1,455			6			-			-			-			13,148			2,627			-			-			14,601			2,906			8,502

OTHER INCOME (EXPENSE)
Interest income		33			-			33			7			6			-			-			-			-			144			29			1			-			1,332			265			306
Straight-line rent income		(592	)		106			(486	)		(97	)		(110	)		24			-			-			-			1,900			380			-			-			259			51			247
Straight-line rents written off		(120	)		-			(120	)		(24	)		(21	)		-			-			-			-			(181	)		(37	)		-			-			-			-			(82	)
FAS 141 rent		(8	)		-			(8	)		(2	)		(1	)		-			-			-			-			(260	)		(52	)		-			-			(6,079	)		(1,210	)		(1,265	)
Straight-line ground rent		-			-			-			-			-			-			-			-			-			(343	)		(70	)		-			-			-			-			(70	)
Interest expense		(645	)		(7	)		(652	)		(130	)		(114	)		(2	)		-			-			-			(6,378	)		(1,276	)		-			-			(6,389	)		(1,271	)		(2,793	)
FAS 141 interest		-			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-
Property management expense		(8	)		-			(8	)		(2	)		(1	)		-			-			-			-			(3,290	)		-			(2,299	)		-			(8,848	)		-			(2	)
Promote expense		(175	)		-			(175	)		-			-			-			387			-			-			-			-			-			-			-			-			-
Reserve for investment in and advances to unconsolidated property		(3,768	)		-			(3,768	)		(754	)		(670	)		-			-			-			-			-			-			-			-			-			-			(1,423	)
Other income		-			-			-			-			-			-			-			-			-			850			170			-			-			-			-			170
Reserve for pre-acquisition costs		-			-			-			-			-			-			-			-			-			-			-			-			-			(2,415	)		(481	)		(481	)
Reserve for notes receivable		-			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-

OPPORTUNITY FUND INCOME		2,767			131			2,898			506			542			28			387			-			-			5,590			1,771			(2,298	)		-			(7,539	)		260			3,108

FEE INCOME
Asset and property management fees		-			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-
Priority distributions		-			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-
Transactional fees		-			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-
Provision for income taxes		-			-			-			-			-			-			1			0			0			-			-			-			-			-			-			0

FEE INCOME		-			-			-			-			-			-			1			0			0			-			-			-			-			-			-			0

PROMOTE, RCP AND OTHER INCOME
Equity in earnings from RCP investments		-			-			-			-			-			-			(1,915	)		-			(340	)		(10	)		(2	)		(298	)		(59	)		-			-			(401	)
Promote income - RCP		-			-			-			-			-			-			-			(383	)		-			-			-			-			-			-			-			(383	)
Promote income - Fund capital transactions		-			-			-			108			(24	)		-			-			-			-			-			-			-			-			-			-			84
Equity in earnings of unconsolidated properties		(34	)		-			(34	)		(7	)		(6	)		-			-			-			-			-			-			-			-			-			-			(13	)
Receipt of forfeited deposit		-			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-
Lease termination income		-			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-
Gain on extinguishment of debt		-			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-
Provision for income taxes		(83	)		-			(83	)		(17	)		(15	)		-			(2	)		(0	)		(0	)		-			-			(4	)		(1	)		(5	)		-			(33	)

PROMOTE, RCP AND OTHER INCOME		(117	)		-			(117	)		85			(45	)		-			(1,917	)		(383	)		(341	)		(10	)		(2	)		(302	)		(60	)		(5	)		-			(746	)

GENERAL AND ADMINISTRATIVE		(411	)		-			(411	)		(82	)		(73	)		-			(18	)		(4	)		(3	)		(735	)		(147	)		(47	)		(9	)		(419	)		(83	)		(401	)

Depreciation and amortization		(4,593	)		-			(4,593	)		(919	)		(816	)		-			-			-			-			(9,178	)		(1,835	)		-			-			(6,321	)		(1,257	)		(4,827	)
FAS 141 amortization		(4	)		-			(4	)		(1	)		(1	)		-			-			-			-			(276	)		(56	)		-			-			(1,117	)		(223	)		(281	)
Gain on sale of properties		-			5,637			5,637			1,127			(251	)		1,253			-			-			-			-			-			-			-			-			-			2,129
Income before noncontrolling interest		(2,358	)		5,768			3,410			717			(643	)		1,280			(1,547	)		(387	)		(344	)		(4,609	)		(269	)		(2,647	)		(69	)		(15,401	)		(1,303	)		(1,016	)

Noncontrolling interest - OP		-			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-
Noncontrolling interests		(533	)		(1,454	)		(1,987	)		(397	)		(30	)		(323	)		-			-			-			297			59			-			-			469			93			(599	)

NET INCOME	$	(2,891	)	$	4,314		$	1,423		$	320		$	(674	)	$	957		$	(1,547	)	$	(387	)	$	(344	)	$	(4,312	)	$	(210	)	$	(2,647	)	$	(69	)	$	(14,932	)	$	(1,210	)	$	(1,615	)

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

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

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

consolidated with the Company's financial statements.

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

3 Includes majority-owned affiliates of which the noncontrolling share of NOI for the Kroger/Safeway Portfolio amounts to $1,765 for the year ended December 31, 2009.

Page 8

Reporting Supplement

December 31, 2009

Income Statements -Opportunity Funds 1

Current Quarter

(in thousands)

													Continuing Operations AKR Pro- rata share 22.22%

	Fund I Continuing Operations			Fund I Discontinued Operations			Fund I Consolidated Operations			AKR Promote 20.00%						Current Quarter Period ended December 31, 2009

																Discontinued Operations AKR Pro- rata share 22.22%			Mervyns I			AKR Promote 20.00%			AKR Pro-rata share22.22%			Fund II				AKR Pro- rata share 20.00%		Mervyns II				AKR Pro-rata share 20.00	%	Fund III				AKR Pro- rata share 19.9005	%	Total AKR Pro- rata share

PROPERTY REVENUES
Minimum rents	$	2,039		$	-		$	2,039		$	408		$	363		$	-		$	-		$	-		$	-		$	5,447		$	1,090		$	-		$	-		$	5,991		$	1,193		$	3,054
Percentage rents		-			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-
Expense reimbursements - CAM		57			-			57			11			10			-			-			-			-			705			141			-			-			510			101			264
Expense reimbursements - Taxes		78			-			78			16			14			-			-			-			-			361			72			-			-			558			111			212
Other property income		2			-			2			0			0			-			-			-			-			59			12			-			-			367			73			86
		2,176			-			2,176			435			388			-			-			-			-			6,572			1,315			-			-			7,426			1,478			3,616

PROPERTY EXPENSES
Property operating - CAM		99			-			99			20			18			-			-			-			-			838			168			-			-			577			115			320
Other property operating		60			47			107			21			9			11			-			-			-			1,494			299			-			-			1,642			327			667
Real estate taxes		118			-			118			24			21			-			-			-			-			818			164			-			-			1,265			252			461
		277			47			324			65			47			11			-			-			-			3,150			631			-			-			3,484			694			1,448

NET OPERATING INCOME - PROPERTIES 3		1,899			(47	)		1,852			370			341			(11	)		-			-			-			3,422			684			-			-			3,942			784			2,168

OTHER INCOME (EXPENSE)
Interest income		2			-			2			0			0			-			-			-			-			138			28			-			-			337			67			96
Straight-line rent income		(149	)		-			(149	)		(30	)		(26	)		-			-			-			-			81			16			-			-			62			12			(28	)
Straight-line rents written off		-			-			-			-			-			-			-			-			-			(323	)		(65	)		-			-			4			1			(64	)
FAS 141 rent		(2	)		-			(2	)		(0	)		(0	)		-			-			-			-			(65	)		(13	)		-			-			(140	)		(28	)		(42	)
Straight-line ground rent		-			-			-			-			-			-			-			-			-			(113	)		(23	)		-			-			-			-			(23	)
Interest expense		(158	)		-			(158	)		(32	)		(28	)		-			-			-			-			(2,542	)		(508	)		-			-			(1,315	)		(262	)		(830	)
FAS 141 interest		-			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-
Asset and property management expense		(2	)		-			(2	)		(0	)		(0	)		-			-			-			-			(1,447	)		-			(144	)		-			(2,213	)		-			(0	)
Promote expense		8			-			8			-			-			-			35			-			-			-			-			-			-			-			-			-
Reserve for investment in and advances to unconsolidated property		(113	)		-			(113	)		(23	)		(20	)		-						-			-			-			-			-			-			-			-			(43	)
Other income		-			-			-			-			-			-			-			-			-			850			170			-			-			-			-			170
Reserve for pre-acquisition costs		-			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-
Reserve for notes receivable		-			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-

OPPORTUNITY FUND INCOME		1,485			(47	)		1,438			286			266			(11	)		35			-			-			1			289			(144	)		-			677			574			1,404

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

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

PROMOTE, RCP AND OTHER INCOME
Equity in earnings from RCP investments		-			-			-			-			-			-			(160	)		-			(28	)		-			-			1,738			348			-			-			320
Promote income - RCP		-			-			-			-			-			-			-			(32	)		-			-			-			-			-			-			-			(32	)
Promote income - Fund capital transactions		-			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-
Equity in earnings of unconsolidated properties		14			-			14			3			2			-			-			-			-			-			-			-			-			-			-			5
Receipt of forfeited deposit		-			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-
Lease termination income		-			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-
Gain on extinguishment of debt		-			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-
Provision for income taxes		4			-			4			1			1			-			-			-			-			-			-			-			-			-			-			2

PROMOTE, RCP AND OTHER INCOME		18			-			18			4			3			-			(160	)		(32	)		(28	)		-			-			1,738			348			-			-			294

GENERAL AND ADMINISTRATIVE		(53	)		-			(53	)		(11	)		(9	)		-			(16	)		(3	)		(3	)		(65	)		(13	)		(19	)		(4	)		(200	)		(40	)		(83	)

Depreciation and amortization		(1,148	)		-			(1,148	)		(230	)		(204	)		-			-			-			-			(2,872	)		(574	)		-			-			(1,709	)		(340	)		(1,348	)
FAS 141 amortization		(1	)		-			(1	)		(0	)		(0	)		-			-			-			-			(69	)		(14	)		-			-			(229	)		(46	)		(60	)
Gain on sale of properties		-			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-
Income before noncontrolling interest		301			(47	)		254			49			55			(11	)		(141	)		(35	)		(31	)		(3,005	)		(312	)		1,575			344			(1,461	)		148			207

Noncontrolling interest - OP		-			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-
Noncontrolling interests		(104	)		-			(104	)		(21	)		(18	)		-			-			-			-			314			63			-			-			34			7			31

NET INCOME	$	197		$	(47	)	$	150		$	28		$	37		$	(11	)	$	(141	)	$	(35	)	$	(31	)	$	(2,691	)	$	(249	)	$	1,575		$	344		$	(1,427	)	$	155		$	238


	1 Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim periods.
	The Company's investments in consolidated and unconsolidated joint ventures are reflected separately for revenues and expenses by calculating it's pro-rata share for each of the above line items.
	In total, net income agrees with net income as reported in the Company's Form 10Q's and 10K for the corresponding periods. The Company currently invests in Funds I. II & III and Mervyn's which are
	consolidated with the Company's financial statements.

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

	3 Includes majority-owned affiliates of which the noncontrolling share of NOI for the Kroger/Safeway Portfolio amounts to $403 for the three months ended December 31, 2009.

Page 9

Reporting Supplement
December 31, 2009

Funds from Operations ("FFO") 1		2009															2008

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

		Period ended			3 months ended			3 months ended			3 months ended			3 months ended			Period ended			3 months ended
Funds from operations ("FFO"):	Notes	December 31, 2009			December 31, 2009			September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008			December 31, 2008

Net Income		$	31,133		$	6,392		$	7,306		$	7,135		$	10,301		$	25,068		$	(5,034	)
Add back:
Depreciation of real estate and amortization of leasing costs:
(net of noncontrolling interest share)
Consolidated affiliates			18,847			4,608			5,441			4,427			4,371			18,519			7,986
Unconsolidated affiliates			1,603			372			494			365			372			1,687			365
(Gain) loss on sale of properties (net of noncontrollling interest share)			-
Consolidated affiliates			(2,435	)		(1,506	)		-			-			(929	)		(7,182	)		-
Unconsolidated affiliates			-			-			-			-			-			(565	)		-
Income attributable to noncontrolling interests' share in Operating Partnership			465			120			133			60			152			437			(109	)
Extraordinary item (net of noncontrolling interests' share and income taxes)			-																		-
Distributions on Preferred OP Units			19			5			5			5			4			35			19
FFO		$	49,632		$	9,991		$	13,379		$	11,992		$	14,271		$	37,999		$	3,227

Adjusted Funds from operations ("AFFO"):
Diluted FFO		$	49,633		$	9,991		$	13,379		$	11,992		$	14,271		$	37,999		$	3,227
Straight line rent, net			613			502			146			172			(207	)		335			972
Non real estate depreciation			665			126			177			180			182			845			179
Amortization of finance costs			1,149			264			292			308			285			1,235			332
Amortization of cost of management contracts			511			124			115			154			118			927			100
Tenant improvements			(4,391	)		(2,325	)		(1,019	)		(503	)		(544	)		(2,043	)		(1,071	)
Leasing commissions			(600	)		(148	)		(193	)		(72	)		(187	)		(651	)		(301	)
Capital expenditures			(446	)		(44	)		(108	)		(285	)		(9	)		(896	)		(27	)

AFFO		$	47,134		$	8,490		$	12,789		$	11,946		$	13,909		$	37,751		$	3,411

Funds Available for Distribution ("FAD")
AFFO		$	47,134		$	8,490		$	12,789		$	11,946		$	13,909		$	37,751		$	3,411
Gain on extinguishment of debt			(7,056	)		-			(11	)		(3,895	)		(3,150	)
Scheduled prinicpal repayments			(1,605	)		(439	)		(390	)		(378	)		(398	)		(2,781	)		(710	)

FAD		$	38,473		$	8,051		$	12,388		$	7,673		$	10,361		$	34,970		$	2,701

Total weighted average shares and OP Units:
Basic			38,676			40,421			40,359			39,265			34,575			34,460			34,498
Diluted			38,913			40,728			40,641			39,477			34,722			34,940			34,805

FFO per share:
FFO per share - Basic		$	1.28		$	0.25		$	0.33		$	0.31		$	0.41		$	1.10		$	0.09
FFO per share - Diluted		$	1.28		$	0.25		$	0.33		$	0.30		$	0.41		$	1.09		$	0.09

AFFO per share - Basic		$	1.22		$	0.21		$	0.32		$	0.30		$	0.40		$	1.09		$	0.10
AFFO per share - Diluted		$	1.21		$	0.21		$	0.31		$	0.30		$	0.40		$	1.08		$	0.10

FAD per share - Basic		$	0.99		$	0.20		$	0.31		$	0.20		$	0.30		$	1.01		$	0.08
FAD per share - Diluted		$	0.99		$	0.20		$	0.30		$	0.19		$	0.30		$	1.00		$	0.08


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.

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

Page 10

Income Statements - EBITDA
Current Quarter and Year-to-Date

(in thousands)
	Year-to-Date																				Current Quarter
	Year																				3 months
	ended December 31,																				ended December 31.
	2009																				2009
	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		Operations			Operations			Operations			Operations


NET INCOME	$	30,292		$	918	$	31,210		$	1,595		$	(2,359	)	$	688		$	31,134		$	4,226		$	375	$	4,601		$	1,549		$	253		$	(11	)	$	6,392

Add back:
Depreciation and amortization		15,668			1,627		17,295			24			4,827			-			22,146			3,802			384		4,186			-			1,348			-			5,534
FAS 141 amortization		1,532			-		1,532			-			281			-			1,813			206			-		206			-			60			-			266
Interest expense		18,778			3,758		22,536			-			2,792			2			25,329			4,365			943		5,308			-			830			-			6,138
FAS 141 interest		(36	)		-		(36	)		-			-			-			(36	)		(9	)		-		(9	)		-			-			-			(9	)
Gain on sale of properties		-			-		-			(1,506	)		-			(1,002	)		(2,508	)		-			-		-			(1,506	)		-			-			(1,506	)
Provision for income taxes		1,449			-		1,449			-			33			-			1,482			196			-		196			-			(2	)		-			194
Noncontrolling interest - OP		380			-		380			26			39			19			464			99			-		99			25			(4	)		-			120
Noncontrolling interests		(17	)		-		(17	)		-			(27	)		323			279			(28	)		-		(28	)		-			(31	)		-			(59	)

EBIDTA	$	68,047		$	6,303	$	74,350		$	139		$	5,584		$	29		$	80,102		$	12,857		$	1,702	$	14,559		$	68		$	2,455		$	(11	)	$	17,070

Page 11

Reporting Supplement
December 31, 2009

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

		Three			Three
		months ended			months ended						Period ended			Period ended
Reconciliation of total NOI to same property NOI:		December 31,			December 31,						December 31,			December 31,
		2009			2008						2009			2008

NOI - Core Retail properties		$	11,841		$	12,809					$	49,258		$	51,217
NOI - Opportunity Fund properties			2,179			610						8,496			4,712
NOI - Discontinued Operations			56			928						141			3,334
Adjustment to reflect 2006 increase in Fund I ownership percentage	2		-			-						-			(1,092	)

Total NOI			14,076			14,347						57,895			58,171

NOI - Properties Acquired			(1,853	)		(789	)					(8,334	)		(4,396	)
NOI - Discontinued Operations			(56	)		(928	)					(141	)		(3,334	)

		$	12,167		$	12,630			-3.7	%	$	49,420		$	50,441			-2.0	%


Same property NOI by portfolio component and revenues/expenses:
		Core Retail Properties									Core Retail Properties

	Revenues	$	16,498		$	16,773			-1.6	%	$	64,887		$	65,643			-1.2	%
	Expenses		5,371			5,232			-2.7	%		19,852			19,418			-2.2	%
Core Retail Properties			11,127			11,541			-3.6	%		45,035			46,225			-2.6	%

		Opportunity Fund Properties									Opportunity Fund Properties

	Revenues		1,289			1,476			-12.7	%		5,698			5,587			2.0	%
	Expenses		249			387			35.7	%		1,313			1,371			4.2	%
Opportunity Fund Properties			1,040			1,089			-4.6	%		4,385			4,216			4.0	%

Total Core Retail and Opportunity Funds NOI		$	12,167		$	12,630			-3.7	%	$	49,420		$	50,441			-2.0	%




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

2 As a result of the recapitalization of the Brandywine Portfolio which enabled the Fund I investors to receive all of their invested capital and preferred return, the Company is entitled to receive a 20% promote interest. Accordingly, Acadia's effective ownership interest is now 38% [20% + (80% x 22%)]. The Company was entitled to $7.2 million Promote on future Fund I earnings and received 100% of Fund I income until it was repaid. The balance was repaid in the second quarter of 2008 and the Company's share returned to 38%. 2008 NOI from Fund I have been adjusted from 100% down to 38% for comparability.

Page 12

Reporting Supplement
December 31, 2009

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

	Fund I		Fund II		Fund III		Other		Total
Year-to-Date year ended December 31, 2009
Asset and property management fees	$	-	$	4,100	$	6,361	$	1,032	$	11,493
Transactional fees		61		5,331		709		929		7,030
		61		9,431		7,070		1,961		18,523
Priority distributions (Asset and property management fees)		448		-		-		-		448
Total management fees and priority distributions	$	509	$	9,431	$	7,070	$	1,961	$	18,971


	Fund I		Fund II		Fund III		Other		Total
Three months ended December 31, 2009
Asset and property management fees	$	-	$	1,074	$	1,605	$	230	$	2,909
Transactional fees		6		589		59		214		868
		6		1,663		1,664		444		3,777
Priority distributions (Asset and property management fees)		112								112
Total management fees and priority distributions	$	118	$	1,663	$	1,664	$	444	$	3,889

Page 13

Reporting Supplement
December 31, 2009

2010 Guidance - Highlights
(in millions except per share amounts, all per share amounts are fully diluted)

	2010 Guidance
Overall:	Low/High		2009 Actual

Fully diluted Common Shares and OP Units		41,000		38,900

Full year Funds from Operations ("FFO") per share	$	0.95 to $1.00	$	1.28

Earnings per Share ("EPS")	$	0.46 to $0.51	$	0.75

FFO Components:


Core and pro-rata share of opportunity Fund ("Fund") portfolio income 1	$	45.5 to $46.0	$	44.0

Asset and property management fee income, net of TRS taxes	$	11.0	$	10.4

Transactional fee income, net of TRS taxes	$	6.0 to $7.0	$	7.1

Promote, RCP and other income, net of TRS taxes	$	0	$	11.8

General and administrative expense	$	(23.5) to $(23.0)	$	(23.7	)

Total	$	39.0 to $41.0	$	49.6




1 Includes additional interest on the Company's convertible debt pursuant to
ASC Topic 470-20 "Debt with Conversion and Other Options" as follows:	$	1.0	$	1.3

Page 14

Reporting Supplement
December 31, 2009																												Notes/Page
Net Asset Valuation	Core		Fund I							Fund II									Fund III									reference
(in thousands)					AKR pro-rata share								AKR pro-rata share									AKR pro-rata share
			Fund value		%			$		Fund value			%			$			Fund value			%			$

Current Quarter NOI	$	11,841	Note 1							$	3,422			20.00	%	$	684		$	3,942			19.91	%	$	785		P. 5 & 8 / Note 2


Debt	$	358,762						$	4,495							$	48,671								$	44,527			P. 18


Gross asset value 1			$	50,000		37.78	%	$	18,890																			Note 3


Redevelopment Projects - Costs:

Construction in progress or completed
Total cost to date including acquisition cost										$	438,000			20.00	%	$	87,600		$	40,300			19.91	%	$	8,022		P. 25 & 26 / Note 4
Costs placed in service											(294,269	)		20.00	%		(58,854	)		-						-
Less projects in design phase (see below)											(77,800	)		20.00	%		(15,560	)		(22,700	)		19.91	%		(4,518	)
Less projects for which construction not yet commenced (see below)											-						-			(17,600	)		19.91	%		(3,503	)
Less Home Depot termination income											(24,500	)		20.00	%		(4,900	)		-						-		Note 5

Project costs under redevelopment										$	41,431			20.00	%	$	8,286		$	-			19.91	%	$	-
Projected costs to complete											67,200			20.00	%		13,440			-						-		P. 25 & 26
Total costs for projects under redevelopment										$	108,631					$	21,726		$	-					$	-

Average projected stabilized yield on costs										8% to 9%

Construction not yet commenced
Total cost to date including acquisition cost										$	-					$	-		$	17,600			19.91	%	$	3,503			P. 26
Projected costs to complete											-						-			5,400			19.91	%		1,075			P. 26
Total project costs										$	-					$	-		$	23,000					$	4,578

In design
Total cost to date including acquisition cost										$	77,800			20.00	%	$	15,560		$	22,700			19.91	%	$	4,518			P. 26
Projected costs to complete										TBD				20.00	%		n/a		TBD				19.91	%		n/a			P. 26

Average projected stabilized yield on costs										8% to 9%

It is not recommended to apply a capitalization rate to current Fund I NOI as this NOI declines in future years due primarily to the structure of the Kroger/Safeway Portfolio leases

Fund II NOI includes $212 (AKR share $41) from other operating investments Fund III NOI includes $25 (AKR share $50) from redevelopment projects

Based on property appraisals adjusted for 2009 Kroger/Safeway dispositions plus Fund I working capital. Pro-rata share is 20% (AKR promote) + 22% x 80% ( AKR remaining share after promote) = 37.78%

Includes costs reflected under Real estate, Real estate under development, Investments in and advances to unconsolidated affiliates and Deferred charges in the Consolidated Balance Sheet. Fund II includes $6,900 (AKR share $1,380) for other operating investments

Home Depot termination income of $24,500 at Canarsie Plaza was recognized as income for financial reporting purposes. Reflected as a reduction of costs for purposes of presenting net project costs

Page 15

QUARTERLY SUPPLEMENTAL DISCLOSURE
December 31, 2009
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	$	221,740		$	(101,257	)	$	6,830		$	127,313		1 The interim consolidated balance sheet is unaudited, although it reflect all
Buildings and improvements		845,751			(372,895	)		49,362			522,218		adjustments, which in the opinion of management, are necessary for the fair
Construction in progress		2,575			(254	)		4			2,325		presentation of the consolidated balance sheet for the interim period.
		1,070,066			(474,406	)		56,196			651,856
Less: accumulated depreciation		(193,745	)		38,706			(8,980	)		(164,019	)	2 The Company currently invests in Funds I, II & III and Mervyns I & II which
Net real estate		876,321			(435,700	)		47,216			487,837		are consolidated with the Company's financial statements. To provide
													investors with supplemental information, the Company's investments in these
Net real estate under development		137,340			(111,340	)		6,676			32,676		joint ventures are reflected above on a pro-rata basis by calculating its
													ownership percentage for each of the above asset and liability line items.
Cash and cash equivalents		93,808			(15,742	)		1,589			79,655		Similiarly, the above presentation also includes the Company's share of
Cash in escrow		8,582			(1,957	)		1,120			7,745		assets and liaiblities for unconsolidated investments which are accounted
Investments in and advances to unconsolidated affiliates		51,712			(38,741	)		(8,668	)		4,304		for under the equity method of accounting pursuant to GAAP.
Rents receivable, net		7,046			(2,392	)		(329	)		4,325
Straight-line rents receivable, net		9,736			(3,284	)		1,542			7,994		3 The components of Prepaid expenses and other assets are as follows:
Intercompany		-			-			-			-		Due from Fund Investors	$ 29,211
Notes Receivable		85,221			(8,449	)		-			76,772		Accrued interest on Notes Receivable	10,353
Preferred equity investment		40,000			-			-			40,000		Prepaid expenses	3,532
Deferred charges, net		28,311			(17,579	)		1,896			12,628		Income Tax receivables	1,360
Prepaid expenses and other assets		22,005			26,126			376			48,507	3	Corporate assets	1,335
Acquired lease intangibles		22,382			(11,518	)		4			10,868		Restricted cash	556
Assets of discontinued operations		-			-			-			-		Other	2,160
													Total	$ 48,507
Total Assets	$	1,382,464		$	(620,576	)	$	51,422		$	813,311

LIABILITIES AND SHAREHOLDERS' EQUITY

Mortgage notes payable	$	732,184		$	(393,097	)	$	69,458		$	408,546
Notes payable		47,910			-			-			47,910
Valuation of debt at acquisition, net of amortization		103			(41	)		1,133			1,195
Acquired lease intangibles		6,753			(2,665	)		-			4,088
Accounts payable and accrued expenses		17,548			(4,825	)		668			13,391
Dividends and distributions payable		7,377			-			-			7,377
Due to related parties		-			-			-			-
Share of losses in excess of inv. in unconsolidated affiliates		20,589			-			(20,589	)		-
Other liabilities		17,523			(7,512	)		752			10,763
Liabilities of discontinued operations		-			-			-			-
Total liabilities		849,987			(408,140	)		51,422			493,270


Shareholders' equity:
Common shares		40			-			-			40
Additional paid-in capital		299,014			-			-			299,014
Accumulated other comprehensive income		(2,994	)		-			-			(2,994	)
Retained earnings		16,125			-			-			16,125
Total controlling interest		312,185			-			-			312,185
Non-controlling interest in subsidiary		220,292			(212,436	)		-			7,856
Total shareholders' equity		532,477			(212,436	)		-			320,041

Total Liabilities and Shareholders' Equity	$	1,382,464		$	(620,576	)	$	51,422		$	813,311

Page 16

Reporting Supplement
December 31, 2009

Notes Receivable 1
(amounts in thousands)
	Balance at					Balance
	September 30,		Fourth			at December 31, 2009						Stated			Effective					Extension
	2009		Quarter			Accrued						Interest			Interest			Maturity		options		Underlying third-party first mortgage
Investment	Principal		Activity			Principal		Interest		Total		rate			rate 2			date		(years)		Amount 3		Maturity dates

2008 Investments

Georgetown - 5 property portfolio	$	8,000	$	-		$	8,000	$	994	$	8,994		9.75	%		10.19	%		11/2010	2 x 1 year			8,375	2010 through 2012
Georgetown - 18 property portfolio		40,000		-			40,000		5,404		45,404		13.00	%		13.44	%		6/2010	2 x 1 year			115,454	$100 million in 2016, balance in 2011
Sub-total - Georgetown		48,000		-			48,000		6,398		54,398		12.46	%		12.90	%						123,829

72nd Street		39,639		1,336			40,975		3,637		44,612		13.00	%		19.48	%		7/2011	1 year			185,000	2011 w/ 1 year extension

Total 2008 investments		87,639		1,336			88,975		10,035		99,010		12.71	%		15.93	%						308,829


Other Investments
First mortgage and other notes		6,963		3,890	4		10,853		15		10,868		13.70	%		14.30	%		2010/2011	1 six mo.			n/a		n/a
Mezzanine notes		14,866		(22	)		14,844		145		14,989		13.03	%		13.92	%		2011		-		272,559	2011 thru 2019

Total other investments		21,829		3,868			25,697		160		25,857		13.31	%		14.08	%

Total notes receivable	$	109,468	$	5,204		$	114,672	$	10,195	$	124,867		12.84	%		15.52	%					$	581,388


1 The above activity does not include a $10,000 Fund III first mortgage investment and other non-real estate loans of $549.
2 The effective rate includes upfront points and exit fees.
3 The first mortgage amount for 72nd street represents the construction loan when fully drawn.
4 Fourth quarter activity reflects a first mortgage loan payment of $4,695 and a new loan of $8,585.

Page 17

Reporting Supplement
December 31, 2009

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


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

Fixed-Rate Debt 1	$	366,282			5.7	%	$	26,444		5.8	%	$	392,726		5.7	%		86	%	$	113,774	$	(67,459	)	$	439,041
Variable-Rate Debt 1		(7,520	)		1.5	%		71,249		2.5	%		63,729		2.7	%		14	%		279,324		(2,000	)		341,053

Total	$	358,762			5.8	%	$	97,694		3.4	%	$	456,456		5.3	%		100	%	$	393,098	$	(69,459	)		780,094

FAS 141 purchase price debt allocation																										103
Total debt as reported																									$	780,197


Notes

1 Fixed-rate debt includes notional principal fixed through swap transactions. Conversely, variable-rate debt excludes this amount.
2 Represents the Company's economic pro-rata share of debt.
3 Represents the Minority Interest pro-rata share of consolidated partnership debt based on its percent ownership.
4 Represents the Company's pro-rata share of unconsolidated partnership debt based on percent ownership.

Page 18

Reporting Supplement

December 31, 2009

Debt Analysis

(amounts in thousands)

					Principal			Acadia's Pro-rata
					Balance at			share							Interest			Maturity	Extension
Property	Notes		Entity	Lender/Originator	December 31, 2009			Percent			Amount				Rate			Date	Options

CORE PORTFOLIO

Fixed-Rate Debt
Acadia Realty Trust		8	Acadia	3.75% Convertible Note	$	47,910			100.0	%	$	47,910				6.03	%	12/20/2011	None
Chestnut Hill			Acadia	Column Financial, Inc.		9,481			100.0	%		9,481				5.45	%	6/11/2013	None
New Loudon Center			Acadia	RBS Greenwich Capital		14,343			100.0	%		14,343				5.64	%	9/6/2014	None
Crossroads Shopping Center			Crossroads JV	JP Morgan Chase Bank, N.A.		62,295			49.0	%		30,526				5.37	%	12/1/2014	None
Crescent Plaza			Acadia	RBS Greenwich Capital		17,600			100.0	%		17,600				4.98	%	9/6/2015	None
Pacesetter Park Shopping Center			Acadia	RBS Greenwich Capital		12,313			100.0	%		12,313				5.12	%	11/6/2015	None
Elmwood Park Shopping Center			Acadia	Bear Stearns Commercial Mortgage, Inc.		34,600			100.0	%		34,600				5.53	%	1/1/2016	None
Gateway Shopping Center			Acadia	Bear Stearns Commercial Mortgage, Inc.		20,500			100.0	%		20,500				5.44	%	3/1/2016	None
Acadia Brandywine Subsidiary			Brandywine JV	Bear Stearns Commercial Mortgage, Inc.		61,375			22.2	%		13,639				5.99	%	7/1/2016	None
Acadia Brandywine Town Center			Brandywine JV	Bear Stearns Commercial Mortgage, Inc.		31,550			22.2	%		7,011				5.99	%	7/1/2016	None
Acadia Market Square Shopping Center			Brandywine JV	Bear Stearns Commercial Mortgage, Inc.		24,375			22.2	%		5,417				5.99	%	7/1/2016	None
Acadia Brandywine Condominium			Brandywine JV	Bear Stearns Commercial Mortgage, Inc.		22,650			22.2	%		5,033				5.99	%	7/1/2016	None
Acadia Brandywine Holdings			Brandywine JV	Bear Stearns Commercial Mortgage, Inc.		26,250			22.2	%		5,833				5.99	%	7/1/2016	None
Walnut Hill Plaza			Acadia	Merrill Lynch Mortgage Lending, Inc.		23,500			100.0	%		23,500				6.06	%	10/1/2016	None
Clark Diversey			Acadia	American United Life Insurance Company		4,751			100.0	%		4,751				6.35	%	7/1/2014	None
239 Greenwich Avenue			Acadia	Wachovia		26,000			75.0	%		19,500				5.42	%	2/11/2017	None
Merrillville Plaza			Acadia	Bear Stearns Commercial Mortgage, Inc.		26,250			100.0	%		26,250				5.88	%	8/1/2017	None
Boonton			Acadia	J.P. Morgan Chase Commercial Mortgage Securities Corp.		8,182			60.0	%		4,909				6.40	%	11/1/2032	None
Interest rate swaps		1	Acadia	Bank of America, N.A.		63,166			100.0	%		63,166				5.90	%	Various

Sub-Total Fixed-Rate Debt						537,091						366,282				5.73	%

Variable-Rate Debt


Various		2	Acadia	Bank of America, N.A.		30,000			100.0	%		30,000		Libor +		125		12/1/2010	2 x 12 mos.
Branch Plaza			Acadia	Bank of America, N.A.		14,179			100.0	%		14,179		Libor +		130		12/1/2011	1 x 12 mos.
Village Commons Shopping Center		3	Acadia	Bank of America, N.A.		9,467			100.0	%		9,467		Libor +		140		6/29/2012
Ledgewood Mall			Acadia	JP Morgan Chase Bank, N.A.		2,000			100.0	%		2,000		Libor +		125		3/29/2010
Interest rate swaps		1	Acadia	Bank of America, N.A.		(63,166	)		100.0	%		(63,166	)

Sub-Total Variable Rate-Debt						(7,520	)					(7,520	)	Libor+		129

Total Core Portfolio Debt					$	529,571					$	358,762				5.81	%

Page 19

Reporting Supplement
December 31, 2009

Debt Analysis
(amounts in thousands)
					Principal			Acadia's Pro-rata
					Balance at			share							Interest			Maturity	Extension
Property	Notes		Entity	Lender/Originator	December 31, 2009			Percent			Amount				Rate			Date	Options

OPPORTUNITY FUNDS

Fixed-Rate Debt
Storage Post - Various		5	Fund III	GEMSA Loan Services, LP	$	41,500			18.9	%	$	7,846				5.30	%	3/16/2011	2 x 12 mos.
216th Street		4	Fund II	Bank of America, N.A.		25,500			19.8	%		5,038				5.80	%	10/1/2017	None
Pelham Manor		4	Fund II	Bear Sterns Commercial		31,652			19.8	%		6,254				7.18	%	1/1/2020	None
Atlantic Avenue			Fund II	Bear Sterns Commercial		11,543			13.3	%		1,539				7.14	%	1/1/2020	None
Interest rate swaps		1	Fund I	Bank of America, N.A.		20,250			28.5	%		5,767				4.59	%	Various

Sub-Total Fixed-Rate Debt						130,445						26,444				5.79	%

Variable-Rate Debt

CityPoint			Fund II	Bank of America, N.A.		6,111			19.8	%		1,207		Libor +		250		2/12/2010	1 x 6 mos.
Acadia Strategic Opportunity Fund II, LLC		6	Fund II	Bank of America, N.A. / Bank of New York		48,245			20.0	%		9,649		Libor +		250		3/1/2010	None
161st Street		4	Fund II	RBS Greenwich Capital		30,000			19.8	%		5,927		Libor +		140		4/1/2010	1 x 12 mos.
Liberty Avenue			Fund II	PNC Bank, National Association		10,450			19.8	%		2,065		Libor +		325		7/18/2010	1 x 12 mos.
Fordham Plaza		4, 9	Fund II	Eurohypo AG		86,000			19.8	%		16,992		Libor +		350		10/4/2011	1 x 12 mos.
Sterling Heights Shopping Center			Fund I	JP Morgan Chase Bank, N.A.		2,100			37.8	%		793		Libor +		185		8/23/2010	None
Acadia Strategic Opportunity Fund III, LLC		7	Fund III	Bank of America, N.A.		139,450			19.9	%		27,751		Comm Paper +50				10/9/2011	None

Cortlandt Towne Center			Fund III	Bank of America, N.A.		44,878			19.9	%		8,931		Libor +		400		7/29/2012	2 x 12 mos.
Tarrytown Shopping Center			Fund I	Anglo Irish Bank Corporation		9,800			37.8	%		3,702		Libor +		165		10/30/2010	2 x 12 mos.
Interest rate swaps		1	Fund I & Fund II	Bank of America, N.A.		(20,250	)		28.5	%		(5,767	)

Sub-Total Variable-Rate Debt						356,784						71,249		Libor +		228
					$	487,229					$	97,694				3.45	%

Page 20

Reporting Supplement
December 31, 2009
Debt Analysis - Notes





1 The Company has hedged a portion of it's variable-rate debt with variable to fixed-rate swap agreements as follows:
						Average						Maturity
	Notional principal		Spread			Swap rate			All-in Rate			Date

	$	4,390		1.96	%		4.71	%		6.67	%	1/1/2010
		10,741		1.96	%		4.90	%		6.85	%	10/1/2011
		8,035		1.96	%		5.14	%		7.10	%	3/1/2012
		15,000		1.96	%		3.79	%		5.75	%	11/30/2012
		15,000		1.96	%		3.41	%		5.37	%	11/30/2012
		10,000		1.96	%		2.65	%		4.61	%	11/30/2012
Core Portfolio	$	63,166		1.96	%		3.94	%		5.90	%

Opportunity Funds	$	9,800		1.96	%		4.47	%		6.43	%	10/29/2010
		10,450		1.96	%		0.90	%		2.86	%	7/19/2010
	$	20,250		1.96	%		2.63	%		4.59	%

Total Core Portfolio and Opportunity Funds	$	83,416		1.96	%		3.62	%		5.58	%

2 This is a revolving facility for up to $64,498 and is collateralized by Bloomfield Town Square, Hobson West Plaza, Marketplace of Absecon, Abington Towne Center, Methuen Shopping Center and Town Line Plaza.
3 There is an additional $1,600 available under this facility based on certain income hurdles.
4 Fund II is a 98.9% joint venture partner on this investment. As such, Acadia's pro-rata share of the above debt is 98.9% x 20%, or 19.8%.
5 The loan is collateralized by Storage Post locations - Linden, Webster Avenue, Jersey City, Fordham Road and Lawrence.
6 This is a revolving facility for up to $53,455.
7 This is a line of credit with a capacity of $221,000.
8 Convertible notes balance pursuant to ASC Topic 470-20. The actual face amount of the convertible notes at December 31, 2009 is $50,015. While the interest rate on the convertible notes is 3.75%, the effective fair value interest rate is 6.03%.
9 The interest rate is the lenders base rate plus 1.50% or the LIBOR Reference Rate (the greater of (a) LIBOR, or (b) 1.50%) plus 3.50%. The rate at December 31, 2009 was (b) 1.50% plus 3.50% or 5.00%.

Page 21

Reporting Supplement
December 31, 2009

Future Debt Maturities - Not Including Extension Options
(in thousands)

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

2010		$	2,669	$	32,000	$	34,669		$	2,135	$	32,000	$	34,135				1.48	%		n/a			1.48	%
20111			3,045		63,720		66,765			2,481		63,720		66,201				3.26	%		3.75	%		1.53	%
2012			3,206		9,074		12,280			2,615		9,074		11,689				1.63	%		n/a			1.63	%
2013			3,390		8,777		12,167			2,760		8,777		11,537				5.45	%		5.45	%		n/a
2014			3,308		74,406		77,714			2,642		45,281		47,923				5.47	%		5.47	%		n/a
Thereafter			9,183		318,898		328,081			6,513		182,869		189,382				5.78	%		5.78	%		n/a
		$	24,801	$	506,875	$	531,676		$	19,146	$	341,721	$	360,867

Less: additional convertible notes balance							(2,105	)						(2,105	)
Balance per Portfolio Debt Detail						$	529,571						$	358,762


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

	2010	$	519	$	106,573	$	107,092		$	127	$	23,293	$	23,420				2.22	%		n/a			2.22	%
	2011		418		266,950		267,368			83		52,589		52,672				2.79	%		5.30	%		2.35	%
	2012		312		43,814		44,126			62		8,719		8,781				4.23	%		n/a			4.23	%
	2013		619		-		619			122		-		122				n/a			n/a			n/a
	2014		666		-		666			132		-		132				n/a			n/a			n/a
Thereafter			4,155		63,203		67,358			821		11,746		12,567				6.58	%		6.58	%		n/a
		$	6,689	$	480,540	$	487,229		$	1,347	$	96,347	$	97,694

1 Includes additional convertible notes balance of $2,105 maturing in 2011.

Page 22

Reporting Supplement
December 31, 2009

Future Debt Maturities - Including Extension Options
(in thousands)

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

2010		$	2,669	$	2,000	$	4,669		$	2,135	$	2,000	$	4,135				1.48	%		n/a			1.48	%
20111			3,065		50,015		53,080			2,501		50,015		52,516				3.75	%		3.75	%		n/a
2012			3,454		52,511		55,965			2,863		52,511		55,374				1.52	%		n/a			1.52	%
2013			3,390		8,777		12,167			2,760		8,777		11,537				5.45	%		5.45	%		n/a
2014			3,308		74,406		77,714			2,642		45,281		47,923				5.81	%		5.81	%		n/a
Thereafter			9,183		318,898		328,081			6,513		182,869		189,382				5.55	%		5.55	%		n/a
		$	25,069	$	506,607	$	531,676		$	19,414	$	341,453	$	360,867

Less: additional convertible notes balance							(2,105	)						(2,105	)
Balance per Portfolio Debt Detail						$	529,571						$	358,762


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

	2010	$	519	$	56,323	$	56,842		$	127	$	11,599	$	11,726				2.69	%		n/a			2.69	%
	2011		418		179,900		180,318			83		35,743		35,826				1.03	%		n/a			1.03	%
	2012		505		95,800		96,305			100		20,694		20,794				4.44	%		n/a			4.44	%
	2013		1,109		41,500		42,609			220		7,846		8,066				5.30	%		5.30	%		n/a
	2014		971		42,826		43,797			193		8,522		8,715				4.23	%		n/a			4.23	%
Thereafter			4,155		63,203		67,358			821		11,746		12,567				6.58	%		6.58	%		n/a
		$	7,677	$	479,552	$	487,229		$	1,544	$	96,150	$	97,694

1 Includes additional convertible notes balance of $2,105 maturing in 2011.

Page 23

Reporting Supplement
December 31, 2009
Selected Operating Ratios		Three months ended December 31,						Year ended December 31,
		2009			2008			2009			2008
Coverage Ratios	1
Interest Coverage Ratio
EBIDTA		$	17,070		$	11,662		$	80,102		$	73,701
Divided by Interest expense			6,138			6,551			25,329			26,366
			2.78	x		1.78	x		3.16	x		2.80	x
Fixed Charge Coverage Ratio
EBIDTA		$	17,070		$	11,662		$	80,102		$	73,701
Divided by ( Interest expense			6,138			6,551			25,329			26,366
+ Preferred Dividends)	2		5			19			19			35
			2.78	x		1.78	x		3.16	x		2.79	x
Debt Service Coverage Ratio
EBIDTA		$	17,070		$	11,662		$	80,102		$	73,701
Divided by ( Interest expense			6,138			6,551			25,329			26,366
+ Principal Amortization)			439			710			1,605			2,781
			2.60	x		1.61	x		2.97	x		2.53	x
Payout Ratios
FFO Payout Ratio
Dividends (Shares) & Distributions (O.P. Units) paid		$	7,377		$	7,050		$	29,476		$	28,180
FFO			9,991			3,227			49,632			37,999
			74	%		218	%		59	%		74	%
AFFO Payout Ratio
Dividends (Shares) & Distributions (O.P. Units) paid		$	7,377		$	7,050		$	29,476		$	28,180
AFFO			8,490			3,411			47,134			37,751
			87	%		207	%		63	%		75	%
FAD Payout Ratio
Dividends (Shares) & Distributions (O.P. Units) paid		$	7,377		$	7,050		$	29,476		$	28,180
FAD			8,051			2,701			38,473			34,970
			92	%		261	%		77	%		81	%
Leverage Ratios
Debt/Total Market Capitalization
Debt	3	$	456,456					$	456,456
Total Market Capitalization			1,139,186						1,139,186
			40	%					40	%
Debt + Preferred Equity (Preferred O.P. Units)	3	$	456,879					$	456,879
Total Market Capitalization			1,139,186						1,139,186
			40	%					40	%
Debt/EBIDTA - Core Portfolio
Debt		$	358,762					$	358,762
EBIDTA (Annualized)			68,281						80,102
			5.25	x					4.48	x
Net Debt/EBIDTA - Core Portfolio 4
Debt		$	287,080					$	287,080
EBIDTA (Annualized)			68,281						80,102
			4.20	x					3.58	x
Debt/EBIDTA - Core Portfolio and Opportunity Funds
Debt		$	456,456					$	456,456
EBIDTA (Annualized)			68,281						80,102
			6.68	x					5.70	x
Net Debt/EBIDTA - Core Portfolio and Opportunity Funds 5
Debt		$	376,801					$	376,801
EBIDTA (Annualized)			68,281						80,102
			5.52	x					4.70	x
Debt Yield - Core Portfolio
NOI (Annualized)		$	47,632					$	49,393
Debt			358,762						358,762
			13.3	%					13.8	%
Net Debt Yield - Core Portfolio 4
NOI (Annualized)		$	47,632					$	49,393
Debt			287,080						287,080
			16.6	%					17.2	%
Debt Yield - Core Portfolio and Opportunity Funds
NOI (Annualized)		$	56,302					$	57,896
Debt			456,456						456,456
			12.3	%					12.7	%
Net Debt Yield - Core Portfolio and Opportunity Funds 5
NOI (Annualized)		$	56,302					$	57,896
Debt			376,801						376,801
			14.9	%					15.4	%

Notes:
1 Quarterly results for 2009 and 2008 are unaudited, although they reflect all adjustments,
which in the opinion of management, are necessary for a fair presentation of operating
results for the interim periods. The coverage ratios include the Company's pro-rata share
of EBIDTA, interest expense and principal amortization related to both the Company's
consolidated and unconsolidated investments in joint ventures.
2 Represents preferred distributions on Preferred Operating partnership Units.
3 Includes the Company's pro-rata share of consolidated and unconsolidated joint venture
debt and principal amortization.
4 Reflects debt net of the current Core Portfolio cash balance as of 12/31/09.
5 Reflects debt net of the current Core Portfolio and pro-rata share of the Opportunity Funds
cash balance as of 12/31/09.

Page 24

Reporting Supplement

December 31, 2009

Overview of Acadia Strategic Opportunity Funds

FUND I

FUND II

FUND III

Item

Description

Date formed

September 2001

June 2004

May 2007

Capital commitment

$90 million

$300 million

$503 million

Funding

Fully funded

$223.3 million funded through December 31, 2009

$96.5 million funded through December 31, 2009

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

has been paid. Acadia is entitled to a Promote

on all future distributions.

Fees to Acadia

Priority distribution fee equal to 1.5% of implied

Asset management fee equal to 1.5% of total

capital

committed capital

Priority distribution fee equal to 4% of gross

Property management fee equal to 4% of gross

property revenues

Market rate leasing fees

Market rate construction/project management fees

Development fee equal to 3% of total project cost

Page 25

Reporting Supplement
December 31, 2009

New York Urban/Infill: Development costs - Construction Complete

			Estimated		Total cost
		Estimated	square		to date		Estimated		Total		Debt as of
		completion	footage upon		(including		future		project		December 31,
Property	Anchors/Tenants	of Construction	completion		acquisition cost)		cost		cost		2009		% Leased 2

Fund II							($ in millions)

Construction complete
													Retail - 100%
Fordham Place	Sears, Walgreens, Best Buy, 24 Hour Fitness	Completed		276,000	$	123.5	$	6.5	$	130.0	$	86.0	Office - 35%
Pelham Manor Shopping Plaza 1	BJ's Wholesale Club	Completed		320,000		58.0		4.0		62.0		31.7		75	%
216th Street	City of New York Dept of General Services	Completed		60,000		27.7		-		27.7		25.5		100	%
Liberty Avenue 1	CVS, Storage Post	Completed		125,000		15.2		-		15.2		10.5		100	%
161st Street 3	Various New York City and State Agencies	To be determined		230,000		55.3		9.7		65.0		30.0		99	%
Atlantic Avenue	Storage Post	Completed		110,000		21.0		2.0		23.0		11.5
													Retail - 85%
Total				1,121,000	$	300.7	$	22.2	$	322.9	$	195.2	Office - 77%

1 Fund II acquired a ground lease interest at this property.
2 Percentage leased excludes self storage at Pelham Manor, Liberty Avenue and Atlantic Avenue.
3 161st Street is currently cash flowing at 84% occupancy. The redevelopment plan includes the recapture and conversion of street level office space to retail. Tenant consolidations necessary to accomplish this plan have already begun. While the tenant consolidations have caused a temporary decline in occupancy, three leases have been signed which will bring occupancy up to 99%.

Page 26

Reporting Supplement
December 31, 2009

New York Urban/Infill: Development costs - Construction/Design
			Estimated		Total cost
		Estimated	square		to date		Estimated		Total		Debt as of
		completion	footage upon		(including		future		project		December 31,
Property	Anchors/Tenants	of Construction	completion		acquisition cost)		cost		cost		2009		% Leased

Fund II							($ in millions)

Under Construction
Canarsie Plaza 1	BJ's Wholesale Club	1st half 2011		265,000	$	32.1	$	44.9	$	77.0		0		80	%
Total Construction				265,000	$	32.1	$	44.9	$	77.0		0

In Design
Sherman Plaza	TBD	TBD	TBD			34.1	TBD		TBD			0
CityPoint 2	TBD	TBD	TBD			43.7	TBD		TBD			6.1
Total Design				-	$	77.8		-		-		6.1


Fund III

In Design
Sheepshead Bay	TBD	TBD	TBD		$	22.7	TBD		TBD			0

125 Main Street (Westport, CT)	TBD	TBD		30,000	$	17.6	$	5.4	$	23.0		0

1 Cost to date is net of lease termination income from Home Depot.
2 Fund II, along with P/A Associates and Washington Square Partner are co-developing the retail and office components at CityPoint. Amounts represent Fund II's pro-rata share. Fund II has acquired a ground lease interest at this property

Page 27

Reporting Supplement

December 31, 2009

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 are anticipated to invest a total of $60 million equity. ***

Item

Description

Date formed

January 2004

Partnership structure

Equity Contribution:

Up to $300 million of total equity

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

80% - Klaff Realty LP and Lubert-Adler

Cash flow distribution:

20% - AKR Funds

80% - Four institutional investors

Promote:

20% to Klaff once all partners (including Klaff) have received 10% preferred return and return

of equity (50% of first $40 million of AKR Fund equity is not subject to this promote)

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

RCP Venture - Investments

The following table summarizes the RCP Venture investments from inception through December 31, 2009

Years

Invested

Equity

Investor

Investment

acquired

capital

Distributions

Multiple

2004 through

Mervyns I and Mervyns II

Mervyns

2007

31,184

47,669

1.5

2006 through

Mervyns II

Albertson’s

2007

23,126

66,972

2.9

2006 through

Fund II and Mervyns II

Other investments 1

2008

6,468

4,139

0.6

Total

60,778

118,780

2.0

1 Represents investments in Shopko, Marsh and Rex.

Page 28

QUARTERLY SUPPLEMENTAL DISCLOSURE

December 31, 2009

Core Portfolio Retail Properties - Detail

		Acadia's			Gross Leasable Area						Occupancy									Annualized Base Rent
	Anchors	interest			Anchors		Shops		Total		Anchors			Shops			Total			Anchors		Shops		Total

New York
Connecticut
239 Greenwich Avenue 1	Restoration Hardware, Coach		75.0	%		16,834		-		16,834		100.00	%		-			100.00	%	$	1,397,621	$	-	$	1,397,621

New Jersey
Elmwood Park Shopping Center	Walgreens, Pathmark (A&P)		100.0	%		62,610		86,881		149,491		100.00	%		85.93	%		91.82	%		1,486,006		1,895,224		3,381,230
A & P Shopping Plaza	A&P		60.0	%		49,463		13,445		62,908		100.00	%		61.92	%		91.86	%		950,000		239,787		1,189,787
Total - New Jersey						112,073		100,326		212,399		100.00	%		82.71	%		91.83	%		2,436,006		2,135,011		4,571,017

New York
Village Commons Shopping Center	-		100.0	%		3,891		83,346		87,237		0.00	%		76.30	%		72.90	%		-		2,033,013		2,033,013
Branch Plaza	A&P, CVS		100.0	%		74,050		51,701		125,751		100.00	%		88.97	%		95.46	%		1,222,619		1,273,235		2,495,854
Amboy Center	King Kullen, Duane Reade		100.0	%		46,964		13,126		60,090		100.00	%		100.00	%		100.00	%		1,052,068		539,973		1,592,041
Bartow Avenue	-		100.0	%		-		14,676		14,676		0.00	%		76.29	%		76.29	%		-		372,974		372,974
Pacesetter Park Shopping Center	Stop & Shop		100.0	%		52,052		44,301		96,353		100.00	%		75.63	%		88.80	%		394,093		684,897		1,078,990
LA Fitness	LA Fitness		100.0	%		55,000		-		55,000		100.00	%		-			100.00	%		1,265,000		-		1,265,000
West 54th Street	Stage Deli		100.0	%		4,211		5,482		9,693		100.00	%		100.00	%		100.00	%		1,403,822		1,557,608		2,961,430
East 17th Street	Barnes & Noble		100.0	%		19,622		-		19,622		100.00	%		0.00	%		100.00	%		625,000		-		625,000
Crossroads Shopping Center			49.0	%		210,114		100,628		310,742		100.00	%		81.34	%		93.96	%		2,546,428		3,333,927		5,880,355
Total - New York						465,904		313,260		779,164		99.16	%		81.32	%		91.99	%		8,509,030		9,795,627		18,304,657

Total New York						594,811		413,586		1,008,397		99.35	%		81.66	%		92.09	%		12,342,657		11,930,638		24,273,295


New England

Connecticut
Town Line Plaza 2	Wal Mart, Super Stop & Shop		100.0	%		163,159		43,187		206,346		100.00	%		90.60	%		98.03	%		969,144		639,708		1,608,852

Massachusetts
Methuen Shopping Center	Wal Mart, Demoulas Super Markets		100.0	%		120,004		10,017		130,021		100.00	%		100.00	%		100.00	%		736,464		222,225		958,689
Crescent Plaza	Home Depot, Supervalu		100.0	%		156,985		61,156		218,141		100.00	%		69.14	%		91.35	%		1,178,872		429,615		1,608,487
Total - Massachusetts						276,989		71,173		348,162		100.00	%		73.48	%		94.58	%		1,915,336		651,840		2,567,176

New York
	Bon Ton, Marshalls, Price Chopper,
New Loudon Center	A.C. Moore, Raymours Furniture Co.		100.0	%		251,211		4,615		255,826		100.00	%		100.00	%		100.00	%		1,641,430		126,310		1,767,740

Rhode Island
Walnut Hill Plaza	Sears, Supervalu, CVS		100.0	%		121,892		162,825		284,717		100.00	%		92.56	%		95.75	%		1,005,500		1,431,837		2,437,337

Vermont
The Gateway Shopping Center	Supervalu		100.0	%		73,184		28,600		101,784		100.00	%		79.08	%		94.12	%		1,353,904		489,561		1,843,465

Total New England						886,435		310,400		1,196,835		100.00	%		86.78	%		96.57			6,885,314		3,339,256		10,224,570

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

1 239 Greenwich Avenue contains 16,834 square feet of retail GLA and 21 residential units encompassing 14,434 square feet. Residential activities are not included above.
2 Anchor GLA includes a 97,300 square foot Wal-Mart store which is not owned by the Company. This square footage has been excluded for calculating annualized base rent per square foot.

Page 29

QUARTERLY SUPPLEMENTAL DISCLOSURE
December 31, 2009
Core Portfolio Retail Properties - Detail

Core Portfolio (continued):
					Gross Leasble Area						Occupancy									Annualized Base Rent
Midwest	Anchors	Acadia's Interest			Anchors		Shops		Total		Anchors			Shops			Total			Anchors		Shops		Total
Illinois
Hobson West Plaza	Garden Fresh Markets		100.0	%		51,692		47,434		99,126		100.00	%		85.58	%		93.10	%	$	225,436	$	895,648	$	1,121,084
Clark Diversey	-		100.0	%		-		19,265		19,265		-			91.57	%		91.57	%		-		805,406		805,406
Total - Illinois						51,692		66,699		118,391		100.00	%		87.31	%		92.85	%		225,436		1,701,054		1,926,490

Indiana
	JC Penney, Office Max, TJ Maxx,
Merrillville Plaza	David's Bridal, Pier I		100.0	%		145,266		89,760		235,026		100.00	%		85.48	%		94.45	%		1,615,642		1,281,116		2,896,758

Michigan
	Home Goods, TJ Maxx, Marshalls,
Bloomfield Towne Square	Officemax		100.0	%		152,944		79,237		232,181		82.04	%		96.39	%		86.94	%		1,015,349		1,419,440		2,434,789

Ohio
Mad River Station 1	Babies 'R' Us, Office Depot, Pier I		100.0	%		68,297		57,687		125,984		100.00	%		72.99	%		87.63	%		802,719		605,574		1,408,293

Total Midwest						418,199		293,383		711,582		93.43	%		86.39	%		90.53	%		3,659,146		5,007,184		8,666,330

Mid-Atlantic
New Jersey
Marketplace of Absecon	Rite Aid		100.0	%		33,933		70,785		104,718		38.92	%		78.12	%		65.42	%		329,310		647,831		977,141
Total - New Jersey						33,933		70,785		104,718		38.92	%		78.12	%		65.42	%		329,310		647,831		977,141

Delaware
	Lowes, Target, Bed, Bath & Beyond,
Brandywine Town Center	Dicks Sporting Goods		22.2	%		839,624		35,284		874,908		94.78	%		87.91	%		94.50	%		12,252,731		559,980		12,812,710
Market Square Shopping Center	TJ Maxx, Trader Joe's		22.2	%		42,850		59,197		102,047		100.00	%		93.54	%		96.25	%		671,888		1,641,890		2,313,778
Naamans Road	-		22.2	%		-		19,970		19,970		0.00	%		54.94	%		54.94	%		-		558,340		558,340
Total - Delaware						882,474		114,451		996,925		95.04	%		85.07	%		93.89	%		12,924,619		2,760,210		15,684,828

Pennsylvania
Mark Plaza	Kmart, Redner's Market		100.0	%		157,595		58,806		216,401		100.00	%		28.86	%		80.67	%		652,095		152,200		804,295
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
Route 6 Plaza	Kmart, Fashion Bug, Rite Aid		100.0	%		146,498		29,021		175,519		100.00	%		93.11	%		98.86	%		806,351		312,962		1,119,313
Chestnut Hill 2			100.0	%		31,420		9,150		40,570		59.00	%		100.00	%		68.25	%		482,000		325,483		807,483
Abington Towne Center 3	Target, TJ Maxx		100.0	%		184,616		31,753		216,369		100.00	%		94.75	%		99.23	%		270,000		813,400		1,083,400
Total - Pennsylvania						660,097		145,041		805,138		98.05	%		68.63	%		92.75	%		2,853,949		1,756,394		4,610,343

Total Mid-Atlantic						1,576,504		330,277		1,906,781		95.09	%		76.36	%		91.84	%		16,107,878		5,164,435		21,272,312


Total Core Properties						3,475,949		1,347,646		4,823,595		96.87	%		82.57	%		92.88	%	$	38,994,995	$	25,441,513	$	64,436,507


Total Core Properties -
weighted based on ownership interest 4						2,658,409		1,201,928		3,860,337		97.19	%		82.53	%		92.63	%		26,914,143		21,498,404		48,412,547


General note - The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has not yet commenced.
1 The GLA for this property excludes 29,857 square feet of office space.
2 This consists of two separate buildings.
3 Anchor GLA includes a 157,616 square foot Target store which is not owned by the Company. This square footage has been excluded for calculating annualized base rent per square foot.
4 Weighted based on Acadia's ownership interest in the properties.

Page 30

Reporting Supplement
December 31, 2009


Core Portfolio Retail Properties by State - Summary



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



Connecticut		75.0	%		5.5	%		2		179,993		43,187		223,180		100.00	%		90.60	%		98.18	%	$	2,366,765	$	639,708	$	3,006,473

Delaware		22.2	%		6.9	%		3		882,474		114,451		996,925		95.04	%		85.07	%		93.89	%		12,924,619		2,760,210		15,684,828

Illinois		100.0	%		4.0	%		2		51,692		66,699		118,391		100.00	%		87.31	%		92.85	%		225,436		1,701,054		1,926,490

Indiana		100.0	%		6.0	%		1		145,266		89,760		235,026		100.00	%		85.48	%		94.45	%		1,615,642		1,281,116		2,896,758

Massachusetts		100.0	%		5.3	%		2		276,989		71,173		348,162		100.00	%		73.48	%		94.58	%		1,915,336		651,840		2,567,176

Michigan		100.0	%		5.0	%		1		152,944		79,237		232,181		82.04	%		96.39	%		86.94	%		1,015,349		1,419,440		2,434,789

New Jersey		89.6	%		10.5	%		3		146,006		171,111		317,117		85.80	%		80.81	%		83.11	%		2,765,316		2,782,842		5,548,158

New York		83.6	%		35.5	%		10		717,115		317,875		1,034,990		99.46	%		81.59	%		93.97	%		10,150,460		9,921,937		20,072,397

Ohio		100.0	%		2.9	%		1		68,297		57,687		125,984		100.00	%		72.99	%		87.63	%		802,719		605,574		1,408,293

Pennsylvania		100.0	%		9.6	%		5		660,097		145,041		805,138		98.05	%		68.63	%		92.75	%		2,853,949		1,756,394		4,610,343

Rhode Island		100.0	%		5.0	%		1		121,892		162,825		284,717		100.00	%		92.56	%		95.75	%		1,005,500		1,431,837		2,437,337

Vermont		100.0	%		3.8	%		1		73,184		28,600		101,784		100.00	%		79.08	%		94.12	%		1,353,904		489,561		1,843,465

Total - Core Portfolio					100.0	%		32		3,475,949		1,347,646		4,823,595		96.87	%		82.57	%		92.88	%	$	38,994,995	$	25,441,513	$	64,436,507

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

1 The Company's pro-rata share of base rent from joint venture properties has been included for the purpose of calculating percentage of base rent by state.
2 Anchor GLA includes a total of 254,916 square feet which is not owned by the Company. This square footage has been excluded for calculating annualized base rent per square foot.

Page 31

		Reporting Supplement
		December 31, 2009


		Core Portfolio Top Tenants - Ranked by Annualized Base Rent 2


																	Percentage of Total
					Wholly Owned				Joint Ventures				Combined				Represented by Retail Tenant
Ranking		Retail Tenant	Number of stores in combined portfolio		Total GLA		Annualized Base Rent 1		Total GLA		Annualized Base Rent 1		Total GLA		Annualized Base Rent 1		Total Portfolio GLA 2			Annualized Base Rent 1

	1	A&P		4		160,236	$	3,014,066		18,722	$	246,960		178,958	$	3,261,026		4.6	%		6.7	%
		-- A&P		3		112,463		1,963,060		18,722	$	246,960		131,185		2,210,020		3.4	%		4.6	%
		-- Pathmark		1		47,773		1,051,006		-		-		47,773		1,051,006		1.2	%		2.2	%

	2	Supervalu (Shaws)		3		175,801		2,420,980		-		-		175,801		2,420,980		4.6	%		5.0	%

	3	TJX Companies		8		193,482		1,451,600		19,144		344,750		212,626		1,796,350		5.5	%		3.7	%
		-- T.J. Maxx		4		88,200		759,600		6,927		88,189		95,127		847,789		2.5	%		1.8	%
		-- Marshalls		2		65,636		384,743		-		-		65,636		384,743		1.7	%		0.8	%
		-- Homegoods		2		39,646		307,257		12,217		256,561		51,863		563,818		1.3	%		1.2	%

	4	Sears		4		285,314		1,150,615		49,355		277,463		334,669		1,428,078		8.7	%		2.9	%
		-- Kmart		3		224,614		892,615		49,355		277,463		273,969		1,170,078		7.1	%		2.4	%
		-- Sears		1		60,700		258,000		-		-		60,700		258,000		1.6	%		0.5	%

	5	Stage Deli		1		4,211		1,403,822		-		-		4,211		1,403,822		0.1	%		2.9	%

	6	Ahold (Stop and Shop)		2		117,911		1,363,237		-		-		117,911		1,363,237		3.1	%		2.8	%

	7	L.A. Fitness		1		55,000		1,265,000		-		-		55,000		1,265,000		1.4	%		2.6	%

	8	Home Depot		2		211,003		1,099,996		-		-		211,003		1,099,996		5.5	%		2.3	%

	9	Restoration Hardware		1		12,293		1,041,152		-		-		12,293		1,041,152		0.3	%		2.2	%

	10	Barnes & Noble		2		19,622		625,000		6,091		194,902		25,713		819,902		0.7	%		1.7	%

	11	Price Chopper		1		77,450		802,105		-		-		77,450		802,105		2.0	%		1.7	%
	12	Sleepy's		4		32,619		789,858		-		-		32,619		789,858		0.8	%		1.6	%
	13	King Kullen		1		37,266		745,320		-		-		37,266		745,320		1.0	%		1.5	%
	14	Wal-Mart		1		89,544		626,808		-		-		89,544		626,808		2.3	%		1.3	%
	15	Pier 1 Imports		3		19,254		400,754		4,321		170,802		23,575		571,556		0.6	%		1.2	%
	16	JC Penney		1		50,000		544,500		-		-		50,000		544,500		1.3	%		1.1	%
	17	Payless Shoesource		7		22,225		490,265		1,514		52,994		23,739		543,259		0.6	%		1.1	%
	18	The Avenue		4		17,236		342,869		4,043		160,406		21,279		503,275		0.6	%		1.0	%
	19	CVS		2		34,300		498,990		-		-		34,300		498,990		0.9	%		1.0	%
	20	Border's		1		18,538		482,000		-		-		18,538		482,000		0.5	%		1.0	%
	21	Lowes		1		-		-		31,108		470,509		31,108		470,509		0.8	%		1.0	%
	22	Rite Aid		2		25,047		447,710		-		-		25,047		447,710		0.6	%		0.9	%
	23	Redner's Markets		1		52,639		447,432		-		-		52,639		447,432		1.4	%		0.9	%
	24	JP Morgan Chase Bank		4		17,432		440,748		-		-		17,432		440,748		0.5	%		0.9	%
	25	Walgreens		1		14,837		435,000		-		-		14,837		435,000		0.4	%		0.9	%
	26	OfficeMax		2		47,657		428,913		-		-		47,657		428,913		1.2	%		0.9	%
	27	Drexel Heritage		2		13,315		332,875		4,850		91,034		18,165		423,909		0.5	%		0.9	%
	28	Dollar Tree		5		45,387		423,888		-		-		45,387		423,888		1.2	%		0.9	%
	29	Citibank		3		5,486		263,328		2,797		150,965		8,283		414,293		0.2	%		0.9	%
	30	Big Apple Souvenirs		1		920		381,684		-		-		920		381,684		0.0	%		0.8	%
	31	Access Group		1		-		-		16,989		365,093		16,989		365,093		0.4	%		0.8	%
	32	The Vitamin Shoppe		1		8,850		345,000		-		-		8,850		345,000		0.2	%		0.7	%
	33	54 Computer & Camera		1		996		331,003		-		-		996		331,003		0.0	%		0.7	%
	34	Office Depot		1		25,038		315,479		-		-		25,038		315,479		0.6	%		0.7	%
	35	Duane Reade		1		9,698		306,748		-		-		9,698		306,748		0.3	%		0.6	%
	36	Dots		4		17,698		297,358		-		-		17,698		297,358		0.5	%		0.6	%
	37	BonTon		1		65,365		274,533		-		-		65,365		274,533		1.7	%		0.6	%
	38	K&G Fashion Superstore		1		21,500		269,647		-		-		21,500		269,647		0.6	%		0.6	%
	39	Petco		1		17,578		268,065		-		-		17,578		268,065		0.5	%		0.6	%
	40	Babies "R" Us		1		33,147		260,204		-		-		33,147		260,204		0.9	%		0.5	%
	41	Blockbuster		2		7,877		255,350		-		-		7,877		255,350		0.2	%		0.5	%
	42	Target		1		-		-		36,822		245,503		36,822		245,503		1.0	%		0.5	%
	43	A. C. Moore Arts & Crafts		1		21,520		243,391		-		-		21,520		243,391		0.6	%		0.5	%
	44	Electronics Store		1		428		232,172		-		-		428		232,172		0.0	%		0.5	%
	45	Hallmark Cards		3		14,482		231,391		-		-		14,482		231,391		0.4	%		0.5	%
	46	TransUnion		1		-		-		9,623		227,926		9,623		227,926		0.2	%		0.5	%
	47	Garden Fresh Markets		1		51,692		225,436		-		-		51,692		225,436		1.3	%		0.5	%
	48	99 Cent Dreams		1		9,592		225,124		-		-		9,592		225,124		0.2	%		0.5	%
	49	Pet Supplies "Plus"		1		10,266		214,662		-		-		10,266		214,662		0.3	%		0.4	%
	50	Bed, Bath & Beyond		1		-		-		11,327		212,311		11,327		212,311		0.3	%		0.4	%

		Total		101		2,171,752	$	28,456,078		216,706	$	3,211,618		2,388,458	$	31,667,696		61.9	%		65.4	%

		1 Base rents do not include percentage rents (except where noted), additional rents for property expense reimbursements, and contractual rent escalations due after the date of this report.

		2 Represents total GLA and annualized base rent for the Company's retail properties including its pro-rata share of Brandywine and Crossroads.

Page 32

Reporting Supplement
December 31, 2009

Core Portfolio Lease Expirations


			Gross Leased Area					Annualized Base Rent
	Number of				Percent					Percent			Average
	Leases		Square		of					of			per
	Expiring		Footage		Total			Amount		Total			Sq. Ft.

Anchor Tenant Expirations

2010		10		229,757		7.38	%		2,565,455		6.58	%		11.17
2011		8		176,255		5.66	%		2,938,391		7.54	%		16.67
2012		7		351,642		11.30	%		3,185,790		8.17	%		9.06
2013		9		374,876		12.05	%		5,258,605		13.49	%		14.03
2014		9		326,466		10.49	%		3,257,354		8.35	%		9.98
2015		5		200,735		6.45	%		3,179,880		8.15	%		15.84
2016		4		71,791		2.31	%		958,487		2.46	%		13.35
2017		4		158,877		5.10	%		2,661,119		6.82	%		16.75
2018		6		359,783		11.56	%		5,292,347		13.57	%		14.71
2019		5		122,539		3.94	%		927,850		2.38	%		7.57
2020		3		184,917		5.94	%		1,411,354		3.62	%		7.63
2021		1		106,760		3.43	%		661,912		1.70	%		6.20
2022		2		69,837		2.24	%		1,700,000		4.36	%		24.34
2024		3		188,506		6.06	%		3,273,048		8.39	%		17.36
2028		4		189,509		6.09	%		1,723,403		4.42	%		9.09
Total Occupied		80		3,112,250		100.00	%	$	38,994,995		100.00	%	$	12.53



Anchor GLA Owned by Tenants				254,916
Total Vacant				108,783

Total Square Feet				3,475,949


Shop Tenant Expirations

Month to Month		4		10,716		0.95	%	$	293,426		1.15	%	$	27.38
2010		42		128,826		11.46	%		1,982,401		7.79	%		15.39
2011		49		190,749		16.96	%		3,994,058		15.70	%		20.94
2012		42		147,552		13.12	%		2,988,050		11.74	%		20.25
2013		45		146,253		13.01	%		3,482,078		13.69	%		23.81
2014		45		174,276		15.51	%		4,098,884		16.12	%		23.52
2015		17		83,892		7.46	%		1,819,712		7.15	%		21.69
2016		7		43,586		3.88	%		841,868		3.31	%		19.32
2017		14		42,688		3.80	%		1,931,229		7.59	%		45.24
2018		19		43,051		3.83	%		1,720,588		6.76	%		39.97
2019		13		40,111		3.57	%		787,852		3.10	%		19.64
2020		3		6,000		0.53	%		146,070		0.57	%		24.35
2021		3		30,270		2.69	%		264,013		1.04	%		8.72
2022		4		20,055		1.78	%		522,555		2.05	%		26.06
2023		2		7,362		0.65	%		126,712		0.50	%		17.21
2027		2		9,012		0.80	%		442,017		1.74	%		49.05
Total Occupied		311		1,124,399		100.00	%	$	25,441,513		100.00	%	$	22.63



Total Vacant				223,247

Total Square Feet				1,347,646

Page 33

Reporting Supplement
December 31, 2009

Core Portfolio Lease Expirations


			Gross Leased Area					Annualized Base Rent
	Number of				Percent					Percent			Average
	Leases		Square		of					of			per
	Expiring		Footage		Total			Amount		Total			Sq. Ft.

Total Anchor and Shop Tenant Expirations

Month to Month		4	$	10,716		0.25	%	$	293,426		0.46	%	$	27.38
2010		52		358,583		8.46	%		4,547,856		7.06	%		12.68
2011		57		367,004		8.66	%		6,932,449		10.76	%		18.89
2012		49		499,194		11.78	%		6,173,840		9.58	%		12.37
2013		54		521,129		12.32	%		8,740,683		13.55	%		16.77
2014		54		500,742		11.82	%		7,356,238		11.42	%		14.69
2015		22		284,627		6.72	%		4,999,592		7.76	%		17.57
2016		11		115,377		2.72	%		1,800,355		2.79	%		15.60
2017		18		201,565		4.76	%		4,592,348		7.13	%		22.78
2018		25		402,834		9.51	%		7,012,935		10.88	%		17.41
2019		18		162,650		3.84	%		1,715,702		2.66	%		10.55
2020		6		190,917		4.51	%		1,557,424		2.42	%		8.16
2021		4		137,030		3.23	%		925,925		1.44	%		6.76
2022		6		89,892		2.12	%		2,222,555		3.45	%		24.72
2023		2		7,362		0.17	%		126,712		0.20	%		17.21
2024		3		188,506		4.45	%		3,273,048		5.08	%		17.36
2027		2		9,012		0.21	%		442,017		0.69	%		49.05
2028		4		189,509		4.47	%		1,723,402		2.67	%		9.09
Total Occupied		391	$	4,236,649		100.00	%	$	64,436,507		100.00	%	$	15.21



Anchor GLA Owned by Tenants				254,916
Total Vacant				332,030

Total Square Feet				4,823,595

Page 34

Reporting Supplement
December 31, 2009


	Core Portfolio	Year-to-Date		3 months ended			3 months ended		3 months ended		3 months ended
	New and Renewal Rent Spreads 1	December 31, 2009		December 31, 2009			September 30, 2009		June 30, 2009		March 31, 2009
		Cash 2	GAAP 3	Cash 2		GAAP 3	Cash 2	GAAP 3	Cash 2	GAAP 3	Cash 2	GAAP 3
	New leases
	Number of new leases commencing	12	12	5		5	2	2	1	1	4	4
	GLA	63,712	63,712	40,309		40,309	2,164	2,164	2,997	2,997	18,242	18,242
	New base rent	$12.25	$14.42	$10.47		$13.35	$30.00	$29.58	$14.39	$20.48	$13.73	$13.99
	Previous base rent (and percentage rent)	$16.27	$15.36	$12.83		$11.97	$28.40	$26.10	$25.99	$24.10	$20.84	$20.15
	Percentage growth in base rent	-24.7%	-6.1%	-18.4%	4	11.5%	5.6%	13.3%	-44.6%	-15.0%	-34.1%	-30.6%
	Average cost per square foot	$15.05	$15.05	$14.95		$14.95	$14.38	$14.38	$0.00	$0.00	$17.83	$17.83

	Renewal leases
	Number of renewal leases commencing	56	56	14		14	11	11	10	10	21	21
	GLA expiring	522,341	522,341	143,223		143,223	103,404	103,404	69,431	69,431	206,283	206,283
	Renewal percentage	64%	64%	85%		85%	24%	24%	79%	79%	64%	64%
	New base rent	$12.47	$13.03	$6.27		$6.37	$27.28	$28.24	$14.75	$16.03	$14.49	$15.10
	Expiring base rent (and percentage rent)	$11.90	$11.53	$6.19		$5.85	$24.40	$23.78	$15.99	$15.47	$13.14	$12.84
	Percentage growth in base rent	4.8%	13.0%	1.3%		8.9%	11.8%	18.8%	-7.8%	3.6%	10.3%	17.6%
	Average cost per square foot	$0.43	$0.43	$0.00		$0.00	$0.00	$0.00	$2.62	$2.62	$0.00	$0.00

	Total new and renewal Leases
	Number of new and renewal leases commencing	68	68	19		19	13	13	11	11	25	25
	GLA commencing	395,704	395,704	161,576		161,576	26,546	26,546	58,074	58,074	149,508	149,508
	New base rent	$12.43	$13.25	$7.32		$8.11	$27.50	$28.35	$14.73	$16.26	$14.40	$14.96
	Expiring base rent (and percentage rent)	$12.60	$12.14	$7.85		$7.38	$24.73	$23.97	$16.51	$15.92	$14.08	$13.73
	Percentage growth in base rent	-1.3%	9.1%	-6.7%		10.0%	11.2%	18.3%	-10.8%	2.2%	2.3%	9.0%
	Average cost per square foot	$2.79	$2.79	$3.73		$3.73	$1.17	$1.17	$2.48	$2.48	$2.18	$2.18


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

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

	3 Rents are calculated on a straight-line basis.

	4 Excluding the replacement leases for Acme at Marketplace at Absecon, portfolio leasing spreads for new leases on a cash basis
	were +18.9% for the quarter and -18.8% for the year, and on a GAAP basis, +33.5% for the quarter and -9.9% for the year.

Page 35

Reporting Supplement
December 31, 2009

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


	Year-to-Date		Current
			Quarter
	Period		3 months		Year
	ended		ended		Ended
	December 31, 2009		December 31, 2009		December 31, 2008


Leasing Commissions:	$	600	$	148	$	651

Tenant Improvements:		4,392		2,325		2,043

Capital Expenditures:		446		44		896

Redevelopments		-		-		-

Total	$	5,438	$	2,517	$	3,590

Page 36

Reporting Supplement
December 31, 2009

Fund I Portfolio Detail		Ownership			Gross Leasable Area						Occupancy									Annualized Base Rent
Midwest	Anchors	%			Anchors		Shops		Total		Anchors			Shops			Total			Anchors		Shops		Total
Michigan
Sterling Heights Shopping Center	Burlington Coat Factory, Rite Aid		50	%		90,400		64,435		154,835		100.00	%		4.81	%		60.39	%	$	526,600	$	36,300	$	562,900
Ohio
Granville Centre	Lifestyle Family Fitness, Inc.		100	%		90,047		44,950		134,997		38.81	%		28.92	%		35.52	%		450,336		142,686		593,022
Total Midwest						180,447		109,385		289,832		69.46	%		14.72	%		48.80	%		976,936		178,986		1,155,922

New York
New York
Tarrytown Shopping Center	Walgreen's		100	%		15,497		19,794		35,291		100.00	%		73.52	%		85.15	%		475,000		453,591		928,591

Various
Kroger/Safeway Portfolio (18 Properties)	Kroger/Safeway		75	%		709,400		-		709,400		100.00	%		0.00	%		100.00	%		6,492,215		-		6,492,215

Grand Total						905,344		129,179		1,034,523		93.91	%		23.73	%		85.15	%	$	7,944,151	$	632,577	$	8,576,728


Fund II Portfolio Detail
Midwest
Illinois
Oakbrook	Neiman Marcus		100	%		112,000		-		112,000		100.00	%		0.00	%		100.00	%	$	825,000	$	-	$	825,000
New York
New York
Pelham Plaza	BJ's Discount Club, Michaels		98.8	%		149,554		79,629		229,183		100.00	%		25.23	%		74.02	%		3,864,172		846,102		4,710,274
Fordham Place	Sears, Best Buy		98.8	%		74,899		44,547		119,446		100.00	%		53.00	%		82.47	%		2,873,228		2,431,012		5,304,240
Liberty Avenue	CVS		98.8	%		10,880		15,245		26,125		100.00	%		100.00	%		100.00	%		394,944		506,137		901,081
	New York Dept of
216th Street	Citywide Admin. Services		98.8	%		60,000		-		60,000		100.00	%		0.00	%		100.00	%		2,340,000		225,000		2,565,000
161st Street 1	The City of New York		98.8	%		128,690		98,689		227,379		100.00	%		62.05	%		83.53	%		3,127,173		1,257,651		4,384,824
Total New York						424,023		238,110		662,133		100.00	%		50.47	%		82.19	%		12,599,517		5,265,902		17,865,419

Grand Total						536,023		238,110		774,133		100.00	%		50.47	%		84.77	%	$	13,424,517	$	5,265,902	$	18,690,419


Fund III Portfolio Detail
New York
	Wal Mart, A&P, United Artists
Cortlandt Towne Center	Theatre		100.0	%		510,538		131,259		641,797		83.79	%		87.33	%		84.51	%	$	5,962,712	$	2,671,556	$	8,634,268

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 properties are currently undergoing redevelopment or are in the design phase as further detailed under Redevelopment Projects.
New York	Ownership %
Sherman Avenue	98.8%
CityPoint	23%
Canarsie Plaza	98.8%

1 Currently operating, but will be redeveloped in the future.

Page 37

Reporting Supplement

December 31, 2009

Storage Portfolio Property Detail

Net

Rentable

Square

OWNER

Operating Properties

Location

Feet

Occupancy

Stabilized

Fund III

Suffern

Suffern, New York

78,950

Fund III

Yonkers

Westchester, New York

100,523

Fund III

Jersey City

Jersey City, New Jersey

76,720

Fund III

Webster Ave

Bronx, New York

36,535

Fund III

Linden

Linden, New Jersey

84,235

Subtotal Stabilized

376,963

85.3

Repositioned - in Lease-up

Fund III

Bruckner Blvd

Bronx, New York

89,448

Fund III

New Rochelle

Westchester, New York

42,203

Fund III

Long Island City

Queens, New York

134,816

Fund III

Subtotal in Lease-up

266,467

70.9

Total Operating Properties

643,430

79.3

In initial Lease-up

Fund II

Liberty Avenue

Queens, New York

72,850

Fund II

Pelham Plaza

Pelham Manor, New York

62,020

Fund II

Atlantic Avenue

Brooklyn, New York

76,921

Fund III

Fordham Road

Bronx, New York

84,955

Fund III

Ridgewood

Queens, New York

88,839

Fund III

Lawrence

Lawrence, New York

97,693

Total in lease-up

483,278

51.7

Total

1,126,708

Page 38

Reporting Supplement
December 31, 2009

Fund I
Lease Expirations
	Gross Leased Area							Annualized Base Rent
	Number of				Percent					Percent			Average
	Leases		Square		of					of			per
	Expiring		Footage		Total			Amount		Total			Sq. Ft.
Anchor Tenant Expirations
2011		18		709,400		83.44	%	$	6,492,215		81.73	%	$	9.15
2017		1		34,951		4.11	%		450,336		5.67	%		12.88
2024		1		70,400		8.28	%		281,600		3.54	%		4.00
2026		1		20,000		2.35	%		245,000		3.08	%		12.25
2080		1		15,497		1.82	%		475,000		5.98	%		30.65
Total Occupied		22		850,248		100.00	%	$	7,944,151		100.00	%	$	9.34



Total Vacant				55,096

Total Square Feet				905,344


Shop Tenant Expirations
Month to Month		3		8,200		26.75	%	$	65,522		10.36	%	$	7.99
2010		1		2,547		8.31	%		86,012		13.60	%		33.77
2011		2		3,465		11.30	%		67,574		10.68	%		19.50
2012		2		2,920		9.53	%		62,648		9.90	%		21.45
2014		2		2,597		8.47	%		90,324		14.28	%		34.78
2018		2		3,861		12.61	%		79,655		12.59	%		20.63
2019		1		1,904		6.21	%		30,000		4.74	%		15.76
2020		1		5,157		16.82	%		150,842		23.85	%		29.25
Total Occupied		14		30,651		100.00	%	$	632,577		100.00	%	$	20.64



Total Vacant				98,528

Total Square Feet				129,179


Total Anchor and Shop Tenant Expirations
Month to Month		3		8,200		0.93	%	$	65,522		0.76	%	$	7.99
2010		1		2,547		0.29	%		86,012		1.00	%		33.77
2011		20		712,865		80.92	%		6,559,789		76.49	%		9.20
2012		2		2,920		0.33	%		62,648		0.73	%		21.45
2014		2		2,597		0.29	%		90,324		1.05	%		34.78
2017		1		34,951		3.97	%		450,336		5.25	%		12.88
2018		2		3,861		0.44	%		79,655		0.93	%		20.63
2019		1		1,904		0.22	%		30,000		0.35	%		15.76
2020		1		5,157		0.59	%		150,842		1.76	%		29.25
2024		1		70,400		7.99	%		281,600		3.28	%		4.00
2026		1		20,000		2.27	%		245,000		2.86	%		12.25
2080		1		15,497		1.76	%		475,000		5.54	%		-
Total Occupied		36		880,899		100.00	%	$	8,576,728		100.00	%	$	9.74



Total Vacant				153,624

Total Square Feet				1,034,523

Page 39

Reporting Supplement
December 31, 2009

Fund II
Lease Expirations
	Gross Leased Area							Annualized Base Rent
	Number of				Percent					Percent			Average
	Leases		Square		of					of			per
	Expiring		Footage		Total			Amount		Total			Sq. Ft.
Anchor Tenant Expirations
2011		2		240,690		44.90	%	$	3,952,173		29.45	%	$	16.42
2013		1		20,149		3.76	%		564,172		4.20	%		28.00
2019		1		39,705		7.41	%		1,747,020		13.01	%		44.00
2023		1		35,194		6.57	%		1,126,208		8.39	%		32.00
2027		1		60,000		11.19	%		2,340,000		17.43	%		39.00
2032		1		10,880		2.03	%		394,944		2.94	%		36.30
2033		1		129,405		24.14	%		3,300,000		24.58	%		25.50
Total Occupied		8		536,023		100.00	%	$	13,424,517		100.00	%	$	25.04



Total Vacant				-
Total Square Feet				536,023


Shop Tenant Expirations
Month to Month		1		9,967		7.18	%	$	99,670		1.89	%	$	10.00
2011		3		24,065		17.33	%		584,773		11.10	%		24.30
2012		3		27,205		19.59	%		573,208		10.89	%		21.07
2013		1		4,462		3.21	%		172,992		3.29	%		38.77
2014		2		7,081		5.10	%		279,078		5.30	%		39.41
2018		3		9,600		6.91	%		417,600		7.93	%		43.50
2019		4		8,873		6.39	%		364,668		6.93	%		41.10
2022		1		-		0.00	%		225,000		4.27	%		-
2023		1		31,417		22.62	%		1,131,012		21.48	%		36.00
2027		1		6,208		4.47	%		217,901		4.14	%		35.10
2048		1		10,000		7.20	%		1,200,000		22.79	%		120.00
Total Occupied		21		138,878		100.00	%	$	5,265,902		100.00	%	$	37.92



Total Vacant				99,232
Total Square Feet				238,110


Total Anchor and Shop Tenant Expirations
Month to Month		1		9,967		1.48	%	$	99,670		0.53	%	$	10.00
2011		5		264,755		39.23	%		4,536,946		24.28	%		17.14
2012		3		27,205		4.03	%		573,208		3.07	%		21.07
2013		2		24,611		3.65	%		737,164		3.94	%		29.95
2014		2		7,081		1.05	%		279,078		1.49	%		39.41
2018		3		9,600		1.42	%		417,600		2.23	%		43.50
2019		5		48,578		7.20	%		2,111,688		11.30	%		43.47
2023		2		66,611		9.87	%		2,257,220		12.08	%		33.89
2027		2		66,208		9.81	%		2,557,901		13.69	%		38.63
2022		1		-		0.00	%		225,000		1.20	%		-
2032		1		10,880		1.61	%		394,944		2.11	%		36.30
2033		1		129,405		19.17	%		3,300,000		17.66	%		25.50
2048		1		10,000		1.48	%		1,200,000		6.42	%		120.00
Total Occupied		29		674,901		100.00	%	$	18,690,419		100.00	%	$	27.69



Total Vacant				99,232
Total Square Feet				774,133

Page 40

Reporting Supplement
December 31, 2009

Fund III
Lease Expirations
	Gross Leased Area							Annualized Base Rent
	Number of				Percent					Percent			Average
	Leases		Square		of					of			per
	Expiring		Footage		Total			Amount		Total			Sq. Ft.
Anchor Tenant Expirations
2013		3		64,580		15.10	%		1,182,125		19.83	%		18.30
2014		3		71,346		16.68	%		1,103,266		18.50	%		15.46
2017		2		52,131		12.19	%		927,312		15.55	%		17.79
2018		2		174,707		40.83	%		1,709,562		28.67	%		9.79
2022		1		65,028		15.20	%		1,040,447		17.45	%		16.00
Total Occupied		11		427,792		100.00	%	$	5,962,712		100.00	%	$	13.94



Total Vacant				82,746
Total Square Feet				510,538


Shop Tenant Expirations
Month to Month		4		7,360		6.42	%	$	154,392		5.78	%	$	20.98
2009		1		5,000		4.36	%		108,000		4.04	%		21.60
2010		5		10,584		9.23	%		152,717		5.72	%		14.43
2011		2		2,000		1.74	%		74,970		2.81	%		37.49
2012		3		8,200		7.15	%		223,000		8.35	%		27.20
2013		1		6,000		5.23	%		166,620		6.24	%		27.77
2014		6		25,872		22.59	%		687,590		25.71	%		26.58
2015		4		9,177		8.01	%		221,222		8.28	%		24.11
2016		1		9,100		7.94	%		176,771		6.62	%		19.43
2017		2		9,688		8.45	%		205,043		7.68	%		21.16
2018		3		9,357		8.16	%		176,202		6.60	%		18.83
2019		2		9,285		8.10	%		266,559		9.98	%		28.71
2020		1		3,000		2.62	%		58,470		2.19	%		-
Total Occupied		35		114,623		100.00	%	$	2,671,556		100.00	%	$	23.31



Total Vacant				16,636
Total Square Feet				131,259					2,563,555


Total Anchor and Shop Tenant Expirations
Month to Month		4		7,360		1.36	%		154,392		1.79	%	$	20.98
2009		1		5,000		0.92	%		108,000		1.25	%		21.60
2010		5		10,584		1.95	%		152,717		1.77	%		14.43
2011		2		2,000		0.37	%		74,970		0.87	%		37.49
2012		3		8,200		1.51	%		223,000		2.58	%		27.20
2013		4		70,580		13.01	%		1,348,745		15.62	%		19.11
2014		9		97,218		17.92	%		1,790,856		20.74	%		18.42
2015		4		9,177		1.69	%		221,222		2.56	%		24.11
2016		1		9,100		1.68	%		176,771		2.05	%		19.43
2017		4		61,819		11.40	%		1,132,355		13.11	%		18.32
2018		5		184,064		33.94	%		1,885,764		21.84	%		10.25
2019		2		9,285		1.71	%		266,559		3.09	%		28.71
2020		1		3,000		0.55	%		58,470		0.68	%		19.49
2022		1		65,028		11.99	%		1,040,447		12.05	%		16.00
Total Occupied		46		542,415		100.00	%	$	8,634,268		100.00	%	$	15.92



Total Vacant				99,382
Total Square Feet				641,797

Page 41


QUARTERLY SUPPLEMENTAL DISCLOSURE
	December 31, 2009
	Property Demographics 1
							3-Mile Radius2						5-Mile Radius
				Trade Area	Cash 2 Base	Total	Total	# Households	Median HH		Avg. HH		Total	#	Median HH		Avg. HH
Classification	Property / JV Ownership %	City	State	(Miles)	Rent	GLA	Pop.	("HH")	Income		Income		Pop.	HH	Income		Income
Core	Brandywine Town Center & Mkt Sq./22.22%	Wilmington	DE	3	15,684,828	996,925	41,222	15,054	$83,769		$102,192		120,306	46,004	$74,110		$93,425
Core	Elmwood Park Shopping Ctr.	Elmwood Park	NJ	3	3,381,230	149,491	257,647	83,959		52,609		62,446	614,727	208,535		57,938		69,562
Core	Chestnut Hill	Philadelphia	PA	3	807,483	40,570	148,084	59,791		53,526		65,990	399,921	157,197		52,171		65,291
Core	Abington Towne Center	Abington	PA	3	1,083,400	216,369	91,293	34,692		66,882		82,491	304,127	117,213		59,851		70,401
Core	Clark & Diversey	Chicago	IL	3	805,406	19,265	419,461	213,740		58,803		81,579	969,623	410,327		51,138		67,593
Core	Hobson West Plaza	Naperville	IL	3	1,121,084	99,126	98,083	34,231		94,977		114,120	241,153	82,668		93,969		113,986
Core	Methuen Shopping Ctr.	Methuen	MA	5	958,689	130,021	89,957	31,569		41,619		49,981	201,503	72,943		47,894		56,306
Core	Crossroads Shopping Ctr. / 49%	White Plains	NY	3	5,880,355	310,742	105,870	39,349		78,556		85,621	205,109	73,112		93,445		108,276
Core	The Branch Plaza	Smithtown	NY	3	2,495,854	125,751	68,832	23,221		89,522		113,455	199,361	64,663		82,867		105,093
Core	Amboy Road	Staten Island	NY	3	1,592,041	60,090	156,384	56,991		69,666		90,260	292,132	105,178		66,927		88,388
Core	Village Commons Shopping Ctr.	Smithtown	NY	3	2,033,013	87,237	68,832	23,221		89,522		113,455	199,361	64,663		82,867		105,093
Core	Bloomfield Town Square	Bloomfield Hills	MI	5	2,434,789	232,181	62,528	23,953		73,997		102,234	166,443	62,677		79,970		105,922
Core	Crescent Plaza	Brockton	MA	3	1,608,487	218,141	99,649	34,369		46,062		56,826	168,246	58,789		46,062		56,826
Core	239 Greenwich Avenue / 75%	Greenwich	CT	5	1,397,621	16,834	67,165	24,889		97,270		125,159	142,822	51,210		94,119		119,232
Core	Town Line Plaza	Rocky Hill	CT	3	1,608,852	206,346	45,606	19,067		65,917		75,855	153,302	61,023		57,724		68,679
Core	New Loudon Center	Latham	NY	5	1,767,740	255,826	41,815	15,619		55,375		66,288	151,655	61,034		47,547		61,261
Core	Pacesetter Park Shopping Ctr.	Pomona	NY	3	1,078,990	96,353	25,618	8,209		89,598		125,526	129,143	36,828		72,841		102,767
Core	LA Fitness, Staten Island	Staten Island	NY	3	1,265,000	55,000	127,542	45,026		65,178		83,167	457,912	162,076		60,236		77,922
Core	West 54th Street	Manhattan	NY	3	2,961,430	9,693	582,613	325,406		80,037		96,770	2,424,848	1,048,312		55,446		67,194
Core	East 17th Street	Manhattan	NY	3	625,000	19,622	1,027,933	495,157		64,629		116,133	2,512,412	1,086,434		53,903		96,755
Core	Mad River Station	Dayton	OH	5	1,408,293	125,984	58,692	25,428		58,119		67,529	135,000	56,693		60,560		71,601
Core	Mark Plaza	Edwardsville	PA	5	804,295	216,401	87,986	37,409		31,982		39,628	124,868	52,566		34,683		43,184
Core	Bartow Avenue	The Bronx	NY	3	372,974	14,676	567,476	209,231		40,253		47,643	1,435,467	511,796		30,552		43,522
Core	Walnut Hill Plaza	Woonsocket	RI	5	2,437,337	284,717	60,322	22,861		42,715		47,867	95,320	35,238		50,142		56,573
Core	A & P Shopping Plaza / 60%	Boonton	NJ	5	1,189,787	62,908	49,442	18,288		87,533		113,042	101,266	36,438		86,509		106,011
Core	Merrillville Plaza	Hobart	IN	5	2,896,758	235,026	26,118	10,066		56,556		64,248	87,796	32,151		54,709		62,531
Core	The Gateway Shopping Ctr.	So. Burlington	VT	3	1,843,465	101,784	46,879	19,366		44,294		55,033	69,993	28,186		47,104		57,514
Core	Marketplace of Absecon	Absecon	NJ	3	977,141	104,718	30,732	11,642		52,106		64,775	68,326	26,137		51,610		62,711
Core	Plaza 422	Lebanon	PA	3	795,852	156,279	43,975	17,347		36,874		47,144	61,197	23,615		41,055		51,545
Core	Route 6 Plaza	Honesdale	PA	5	1,119,313	175,519	7,567	3,014		32,283		43,919	11,899	4,627		34,031		46,300
Fund I	Granville Center / 37.78%	Columbus	OH	3	593,022	134,997	112,547	47,337		47,547		53,746	266,313	108,411		53,466		60,719
Fund I	Sterling Heights Shopping Center / 18.9%	Sterling Heights	MI	3	562,900	154,835	99,813	36,587		66,886		77,416	264,560	103,403		63,816		74,661
Fund I	Tarrytown Shopping Center / 37.78%	Tarrytown	NY	3	928,591	35,291	36,856	13,450		78,415		95,294	123,546	43,654		85,757		103,311
Fund II- Urban In-Fill	400 East Fordham Road / 19.2%	The Bronx	NY	2	5,304,240	119,446	1,205,053	412,674		30,252		38,298	1,997,909	698,322		33,259		40,957
Fund II- Urban In-Fill	Sherman Avenue / 19.2%	Manhattan	NY	2	-	-	535,739	175,108		29,260		36,324	2,049,516	721,521		34,366		42,608
Fund II- Urban In-Fill	Pelham Manor Shopping Plaza / 19.2%	Westchester	NY	3	4,710,274	229,183	398,727	147,238		48,697		56,116	1,109,022	403,897		44,956		53,542
Fund II- Urban In-Fill	161st Street /19.2%	The Bronx	NY	2	4,384,824	227,379	1,274,483	427,111		25,104		31,477	2,531,473	966,482		37,307		48,034
Fund II- Urban In-Fill	Liberty Avenue / 19.2%	Queens	NY	3	901,081	26,125	613,457	201,509		44,915		59,078	613,457	201,509		44,915		59,078
Fund II- Urban In-Fill	216th Street / 19.2%	Manhattan	NY	2	2,565,000	60,000	536,119	183,542		30,978		41,481	536,119	183,542		30,978		41,481
Fund II- Other	Oakbrook/ 20%	Oakbrook	IL	3	825,000	112,000	77,560	29,487		77,130		108,955	288,932	108,039		75,456		97,126
Fund III- Other	Cortlandt Towne Center/19.91%	Mohegan Lake	NY	3	8,634,268	641,797	50,899	17,257		83,556		96,323	85,373	28,902		88,363		103,198
					93,845,707	6,564,648
TOTAL
Weighted Average - Based on GLA							153,642	55,054	$	63,224	$	76,834	331,353	123,148	$	62,893	$	77,075
Weighted Average - Based on base rent 1							176,859	71,352	$	64,719	$	79,876	427,693	165,642	$	60,353	$	74,540

CORE
Weighted Average - Based on GLA							75,047	28,625	$	64,211	$	78,600	184,547	69,155	$	62,566	$	77,398
Weighted Average - Based on base rent 1							133,500	57,765	$	66,097	$	81,813	360,182	142,314	$	60,756	$	75,245

FUND I
Weighted Average - Based on GLA							98,267	38,539	$	60,108	$	69,528	249,981	98,997	$	61,900	$	71,982
Weighted Average - Based on base rent 1							71,580	28,208	$	66,463	$	78,838	192,519	74,281	$	71,711	$	84,830

FUND II -Urban In-fill
Weighted Average - Based on GLA							865,845	296,662	$	35,513	$	43,231	1,686,381	622,251	$	38,951	$	48,506
Weighted Average - Based on base rent 1							883,624	302,686	$	34,695	$	42,827	1,614,805	587,546	$	37,597	$	47,001

FUND II -Other
Weighted Average - Based on GLA							77,560	29,487	$	77,130	$	108,955	288,932	108,039	$	75,456	$	97,126
Weighted Average - Based on base rent 1							77,560	29,487	$	77,130	$	108,955	288,932	108,039	$	75,456	$	97,126

FUND III
Weighted Average - Based on GLA							50,899	17,257	$	83,556	$	96,323	85,373	28,902	$	88,363	$	103,198
Weighted Average - Based on base rent 1							50,899	17,257	$	83,556	$	96,323	85,373	28,902	$	88,363	$	103,198

1 Does not include the Kroger/Safeway Portfolio. Base rent for joint ventures has been pro-rated based on the Company's ownership % in the joint venture.
2 West 54th Street, Sherman 161st Street and 216th Street figures are for 2 mile radius

Page 42

Reporting Supplement

December 31, 2009

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 variationsthereon or comparable terminology. Factors which could have a material adverse effect on the operations and future prospects of the Company include, but are not limited to those set forth under the heading "Risk Factors" in the Company's Annual Report on Form 10-K. These risks and uncertainties should be considered in evaluating any forward-looking statements contained or incorporated by reference herein.

USE OF FUNDS FROM OPERATIONS AS NON-GAAP FINANCIAL MEASURE

The Company considers funds from operations (“FFO”) as defined by the National Association of Real Estate Investment Trusts (“NAREIT”) to be an appropriate supplemental disclosure of operating performance for an equity REIT due to its widespread acceptance and use within the REIT and analyst communities. FFO is presented to assist investors in analyzing the performance of the Company. It is helpful as it excludes various items included in net income that are not indicative of the operating performance, such as gains (or losses) from sales of property and depreciation and amortization. However, the Company’s method of calculating FFO may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. FFO does not represent cash generated from operations as defined by generally accepted accounting principles (“GAAP”) and is not indicative of cash available to fund all cash needs, including distributions. It should not be considered as an alternative to net income for the purpose of evaluating the Company’s performance or to cash flows as a measure of liquidity. Consistent with the NAREIT definition, the Company defines FFO as net income (computed in accordance with GAAP), excluding gains (or losses) from sales of depreciated property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. In addition, the Company also discloses FFO as adjusted to include the extraordinary gain from its RCP investment in Albertson's. The Company believes that income or gains derived from its RCP investments, including its investment in Albertson's, are private-equity investments and, as such, should be treated as operating income and therefore FFO. The Company believes that this supplement adjustment more appropriately reflects the results of its operations. The Company also provides two other supplemental disclosures of operating performance, adjusted funds from operations ("AFFO") and funds available for distribution ("FAD"). The Company defines AFFO as FFO adjusted for straight line rent, non-real estate depreciation, amortization of finance costs and costs of management contracts, tenant improvements, leasing commissions and capital expenditures. The Company defines FAD as AFFO adjusted for scheduled debt principal payments.

USE OF EBITDA AND NOI AS NON-GAAP FINANCIAL MEASURES

EBITDA and NOI are widely used financial measures in many industries, including the REIT industry, and are presented to assist investors and analysts in analyzing the performance of the Company. They are helpful as they exclude various items included in net income that are not indicative of operating performance, such as gains (or losses) from sales of property and depreciation and amortization and is used in computing various financial ratios as a measure of operational performance. The Company computes EBITDA as the sum of net income before extraordinary 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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