akr-ex992

Future Debt Maturities – As Extended ¹

Supplemental Report Addendum – December 31, 2019

(in thousands)

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

2020 (Remainder)	$	5,705	$	26,250	$	31,955	$	4,297	$	5,833	$	10,130	6.00%	6.00%	n/a
2021		5,938		4,127		10,065		4,488		825		5,313	5.25%	n/a	5.25%
2022		5,986		—		5,986		4,633		—		4,633	n/a	n/a	n/a
2023		5,068		606,151		611,219		3,843		469,106		472,949	3.10%	n/a	3.10%
2024		4,235		65,795		70,030		3,289		35,980		39,269	4.09%	4.09%	n/a
Thereafter		14,661		263,154		277,815		13,258		243,098		256,356	3.95%	4.18%	3.23%
Total	$	41,593	$	965,477	$	1,007,070	$	33,808	$	754,842	$	788,650


Funds	Total Debt Maturities						Acadia's Pro-Rata Share						Weighted Average Interest Rate
														Fixed-
	Scheduled						Scheduled						Total	Rate	Variable-
Year	Amortization		Maturities		Total		Amortization		Maturities		Total		Debt	Debt	Rate Debt

2020 (Remainder)	$	3,343	$	43,734	$	47,077	$	767	$	9,727	$	10,494	3.81%	n/a	3.81%
2021		3,155		238,395		241,550		710		55,612		56,322	3.96%	n/a	3.96%
2022		3,248		510,214		513,462		674		119,903		120,577	4.26%	4.75%	3.86%
2023		4,718		56,867		61,585		930		11,430		12,360	3.68%	n/a	3.68%
2024		3,411		298,631		302,042		670		61,486		62,156	3.58%	n/a	3.58%
Thereafter		253		51,917		52,170		47		9,589		9,636	3.75%	3.64%	3.77%
Total	$	18,128	$	1,199,758	$	1,217,886	$	3,798	$	267,747	$	271,545

Core and Fund debt maturities reflect the exercise of all applicable extension options, but do not reflect subsequent refinancings. As of the date of this Addendum, March 31, 2020, the Funds have extended debt aggregating $46.3 million, of which Acadia’s pro-rata share is $10.7 million. There can be no assurance that the Company will be able to execute any or all of its future Core or Fund extension options. For contractual maturities without regard to the available exercise of extension options, refer to the Company’s complete Supplemental Report for the quarter ended December 31, 2019.

Refer to the Company’s Annual Report on Form 10-K for additional information.

Portfolio Debt - Detail

Supplemental Report Addendum – December 31, 2019

(in thousands)

		Principal Balance at			Acadia's Pro-rata Share						Interest		Extension
Property		December 31, 2019			Percent			Amount			Rate	Maturity	Options

CORE PORTFOLIO

Fixed-Rate Debt
163 Highland Avenue		$	8,582			100.00	%	$	8,582		4.66%	02/01/24	None
Crossroads Shopping Center			64,943			49.00	%		31,822		3.94%	10/06/24	None
555 9th Street			60,000			100.00	%		60,000		3.99%	01/01/25	None
840 N. Michigan			73,500			88.43	%		64,996		4.36%	02/10/25	None
Georgetown Portfolio (2008 Investment)			16,152			50.00	%		8,076		4.72%	12/10/27	None
State & Washington			23,881			100.00	%		23,881		4.40%	09/05/28	None
239 Greenwich Avenue			26,572			75.00	%		19,929		3.88%	01/10/29	None
North & Kingsbury			12,164			100.00	%		12,164		4.01%	11/05/29	None
151 North State Street			13,574			100.00	%		13,574		4.03%	12/01/29	None
Concord & Milwaukee			2,650			100.00	%		2,650		4.40%	06/01/30	None
California & Armitage			2,506			100.00	%		2,506		5.89%	04/15/35	None
Brandywine ²			26,250			22.22	%		5,833		6.00%	07/01/16	None
Unsecured interest rate swaps ¹			410,800			100.00	%		410,800		3.36%	3.1 YRS
Secured interest rate swaps¹			100,978			90.05	%		90,933		4.10%	6.5 YRS

Sub-Total Fixed-Rate Debt			842,552						755,746		3.74%

Secured Variable-Rate Debt
3104 M Street⁵			4,518			20.00	%		904		Prime+50	12/10/21	None
28 Jericho Turnpike			13,416			100.00	%		13,416		LIBOR+190	01/23/23	None
60 Orange Street			7,001			98.00	%		6,861		LIBOR+175	04/03/23	None
Gotham Plaza			19,421			49.00	%		9,516		LIBOR+160	06/10/23	None
Georgetown Portfolio (2016 Investment)			160,000			20.00	%		32,000		LIBOR+170	08/01/23	None
330-340 River Street			11,140			100.00	%		11,140		LIBOR+170	06/01/26	None
Sullivan Center			50,000			100.00	%		50,000		LIBOR+150	11/16/28	None
Secured interest rate swaps ¹			(100,978	)		90.05	%		(90,933	)	LIBOR+240	6.5 YRS

Unsecured Variable-Rate Debt
Unsecured Line of Credit ³			60,800			100.00	%		60,800		LIBOR+115	03/31/22	2 x 6 mos.
Unsecured Term Loan			350,000			100.00	%		350,000		LIBOR+125	03/31/23	None
Unsecured interest rate swaps ¹			(410,800	)		100.00	%		(410,800	)	LIBOR+166	3.1 YRS

Sub-Total Variable-Rate Debt			164,518						32,904		LIBOR+175

Total Debt - Core Portfolio		$	1,007,070					$	788,650		3.73%

Funds
Fixed-Rate Debt
CityPoint⁴	Fund II		200,000			26.67	%		53,340		4.75%	05/29/20	See Note ⁶
1964 Union Street⁴	Fund IV		1,463			20.80	%		304		3.80%	10/01/25	None
2207 Fillmore Street ⁴	Fund IV		1,120			20.80	%		233		4.50%	10/31/25	None
2208-2216 Fillmore Street⁴	Fund IV		5,606			20.80	%		1,166		3.40%	06/01/26	None
Interest rate swaps¹	Funds II, IV & V		648,726			20.73	%		134,512		3.61%	0.5 YRS
Sub-Total Fixed-Rate Debt			856,915						189,555		3.93%

Variable-Rate Debt
Wake Forest Crossing	Fund IV		23,337			23.12	%		5,396		LIBOR+160	02/14/20	2 x 12 mos.
Lincoln Place	Fund IV		23,100			23.12	%		5,341		LIBOR+185	03/13/20	2 x 12 mos.
650 Bald Hill Road ⁴	Fund IV		16,624			20.81	%		3,459		LIBOR+265	04/27/20	None
Acadia Strategic Opportunity Fund V LLC	Fund V		—			20.10	%		—		LIBOR+160	05/04/20	1 x 12 mos.
Eden Square ⁴	Fund IV		24,181			22.78	%		5,508		LIBOR+215	06/01/20	1 x 12 mos.
17 E. 71st Street	Fund IV		18,833			23.12	%		4,354		LIBOR+190	06/09/20	None
Cortlandt Crossing	Fund III		35,084			24.54	%		8,610		LIBOR+275	06/19/20	2 x 12 mos.
Acadia Strategic Opportunity Fund II, LLC	Fund II		40,000			28.33	%		11,332		LIBOR+165	09/20/20	2 x 12 mos.

		Principal Balance at			Acadia's Pro-rata Share						Interest		Extension
Property		December 31, 2019			Percent			Amount			Rate	Maturity	Options
717 N. Michigan Avenue	Fund IV		56,700			23.12	%		13,109		LIBOR+310	12/09/20	1 x 12 mos.
Acadia Strategic Opportunity IV LLC	Fund IV		8,400			23.12	%		1,942		LIBOR+165	12/31/20	None
640 Broadway ⁴	Fund III		39,470			15.49	%		6,114		LIBOR+310	01/09/21	1 x 12 mos.
New Towne Center	Fund V		16,900			20.10	%		3,397		LIBOR+220	02/01/21	2 x 12 mos.
Broughton Street Portfolio	Fund IV		29,175			23.12	%		6,745		LIBOR+250	05/01/21	None
Fairlane Green	Fund V		40,300			20.10	%		8,100		LIBOR+190	06/05/21	2 x 12 mos.
Trussville Promenade	Fund V		29,370			20.10	%		5,903		LIBOR+185	06/15/21	2 x 12 mos.
Acadia Strategic Opportunity IV LLC	Fund IV		79,225			23.12	%		18,317		LIBOR+200	06/30/21	None
146 Geary Street	Fund IV		22,900			23.12	%		5,294		LIBOR+340	07/14/21	1 x 12 mos.
Restaurants at Fort Point	Fund IV		6,070			23.12	%		1,403		LIBOR+235	08/25/21	None
CityPoint⁴	Fund II		19,073			26.67	%		5,087		LIBOR+139	11/01/21	None
Promenade at Manassas⁴	Fund IV		25,840			22.78	%		5,886		LIBOR+175	12/05/21	2 x 12 mos.
Airport Mall	Fund IV		5,334			23.12	%		1,233		LIBOR+200	04/01/22	None
Colonie Plaza	Fund IV		11,713			23.12	%		2,708		LIBOR+225	04/01/22	None
Dauphin Plaza	Fund IV		9,718			23.12	%		2,247		LIBOR+200	04/01/22	None
Shaw's Plaza (Waterville)	Fund IV		7,636			23.12	%		1,765		LIBOR+200	04/01/22	None
Wells Plaza	Fund IV		3,200			23.12	%		740		LIBOR+200	04/01/22	None
CityPoint Phase III ⁴	Fund II		24,225			26.67	%		6,461		LIBOR+300	03/01/22	2 x 12 mos.
Dauphin Plaza	Fund IV		3,000			23.12	%		694		LIBOR+200	04/01/22	None
Wells Plaza - Second Mortgage	Fund IV		2,500			23.12	%		578		LIBOR+200	04/01/22	None
Paramus Plaza ⁴	Fund IV		18,900			11.56	%		2,185		LIBOR+175	04/26/22	None
Riverdale ⁴	Fund V		32,233			17.97	%		5,794		LIBOR+170	05/28/22	2 x 12 mos.
Shaw's Plaza (Windham)	Fund IV		5,702			23.12	%		1,318		LIBOR+200	12/01/22	None
Mayfair Center	Fund IV		11,895			23.12	%		2,750		LIBOR+200	12/01/22	2 x 12 mos.
Elk Grove Commons	Fund V		41,500			20.10	%		8,342		LIBOR+150	01/01/23	1 x 12 mos.
Hiram Pavilion	Fund V		28,830			20.10	%		5,795		LIBOR+190	03/05/24	None
Hickory Ridge	Fund V		30,000			20.10	%		6,030		LIBOR+190	10/05/24	None
Tri-City Plaza	Fund V		30,206			18.09	%		5,464		LIBOR+190	10/18/24	1 x 12 mos.
Landstown Commons	Fund V		60,900			20.10	%		12,241		LIBOR+170	10/24/24	None
Lincoln Commons	Fund V		38,820			20.10	%		7,803		LIBOR+170	10/24/24	None
Palm Coast Landing	Fund V		26,500			20.10	%		5,327		LIBOR+175	11/01/24	None
Frederick Crossing	Fund V		24,290			18.09	%		4,394		LIBOR+175	12/02/24	1 x 12 mos.
Plaza Santa Fe	Fund V		22,893			20.10	%		4,601		LIBOR+190	12/20/24	None
Frederick County Square	Fund V		15,120			18.09	%		2,735		LIBOR+240	01/01/25	1 x 12 mos.
Interest rate swaps ¹	Funds II, IV & V		(648,726	)		20.73	%		(134,512	)	LIBOR+195	0.5 YRS
Sub-Total Variable-Rate Debt			360,971						81,990		LIBOR+199
Total Debt - Funds		$	1,217,886					$	271,545		3.86%
Total Debt - Core Portfolio and Funds		$	2,224,956					$	1,060,195		3.76%

The Company has hedged a portion of its variable-rate debt with variable to fixed-rate swap agreements. Maturity reflects the weighted-average years to maturity of the swapped loans without regard to the expiration of the related swap agreements. Fund interest rate swaps include $155.4 million of Core swaps which are not designated to specific debt instruments.

See the Company’s Annual Report on Form 10-K form more information on this loan.

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

Acadia's interest in this Fund debt is also reflected net of other JV interests at the investment level.

Bears interest at the greater of 4% or the Prime Rate plus 50 basis points.

The contractual maturity date of this loan is May 29, 2020 (at which time the interest rate changes to Prime + 200 bps, subject to a floor of 4.75%), provided that (a) the term of the Loan automatically extends for not less than 360 days without any further action required by the borrower provided that certain customary conditions shall have been satisfied and (b) after such initial extension, the term of the loan further extends for another 360 days provided that certain customary conditions shall have been satisfied and the borrower shall have delivered to lender certain required documentation. Certain conditions and documentation referenced above for the loan extensions may require certain events be true at the time of the loan extensions and may require the initiation of additional documentation.