EX-99 3 akr-ex99_2.htm EX-99.2

Exhibit 99.2

EALTY TRUST—Q220SUPPLEMENTAL REPFORMATIO

Table of Contents |  |  | Supplemental Report – March 31, 2023
Section I – First Quarter 2023 Earnings Press Release |  |  |  |  |
Section II – Financial Information |  |  | Section III – Core Portfolio Information |  |
Company Information | 3 |  | Core Properties |  | 0
Market Capitalization | 4 |  | Core Top Tenants |  | 33
Operating Statements |  |  | Core Lease Expirations |  | 34
Consolidated Income Statements | 5 |  | Core New and Renewal Rent Spreads |  | 35
Income Statement - Pro-rata Adjustments | 7 |  | Core Capital Expenditures |  | 36
Consolidated Balance Sheet | 8 |  |  |  |
Balance Sheet - Pro-rata Adjustments | 9 |  |  |  |
Funds from Operations (“FFO”), Adjusted FFO (“AFFO”) | 11 |  | Section IV – Fund Information |  |
EBITDA | 12 |  |  |  |
Same Property Net Operating Income | 13 |  | Fund Overview |  | 37
Fee Income | 14 |  | Fund Properties |  | 39
Structured Financing | 15 |  | Fund Lease Expirations |  | 42
|  |  | Development and Redevelopment Activity |  | 43
Other Information |  |  |  |  |
Transactional Activity | 16 |  |  |  |
2023 Guidance | 17 |  |  |  |
Net Asset Valuation Information | 18 |  |  |  |
Selected Financial Ratios | 19 |  | Section V – Other Information |  |
Debt Analysis |  |  |  |  |
Summary | 22 |  | Important Notes |  | 45
Detail | 23 |  |  |  |
Maturities | 25 |  |  |  |
Interest Rate Summary | 27 |  |  |  |

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

Supplemental Report – March 31, 2023 |  | Company In formation
Acadia Realty Trust is a fully-integrated equity real estate investment trust, focused on the ownership, acquisition, redevelopment and management of high-quality retail properties located in key street and urban retail corridors as well as suburban locations within high-barrier-to-entry, densely-populated metropolitan areas. Acadia owns, or has an ownership interest in, these properties through its Core Portfolio and through a series of opportunistic/value-add investment funds. Additional information may be found on the Company’s website at www.acadiarealty.com.
Contact Information |  |  |  |  |
|  | Corporate Headquarters |  | Investor Relations |  | New York Stock Exchange
|  | 411 Theodore Fremd Avenue |  | Stuart Seeley |  | Symbol AKR
|  | Suite 300 |  | Senior Managing Director of Strategy & Public Markets |  |
|  | Rye, NY 10580 |  |  |  |
|  |  |  | Jennifer Han |  |
|  |  |  | Director, Reporting & Investor Relations |  |
|  |  |  | (914) 288-8100 |  |
|  |  |  | investorrelations@acadiarealty.com |  |
Analyst Coverage |  |  |  |  |
|  | Bank of America / Merrill Lynch |  | Citigroup - Global Markets |  | KeyBanc Capital Markets, Inc.
|  | Craig Schmidt - (646) 855-3640 |  | Craig Mailman - (212) 816-4471 |  | Todd Thomas - (917) 368-2286
|  | craig.schmidt@bofa.com |  | craig.mailman@citi.com |  | tthomas@key.com
|  | Green Street Advisors |  | Compass Point Research & Trading |  | J.P. Morgan Securities, Inc.
|  | Paulina Rojas Schmidt - (949) 640-8780 |  | Floris van Dijkum - (646) 757-2621 |  | Michael W. Mueller, CFA - (212) 622-6689
|  | projasschmidt@greenstreet.com |  | fvandijkum@compasspointllc.com |  | michael.w.mueller@jpmorgan.com
|  | Jefferies |  | Truist
|  | Linda Tsai - (212) 778-8011 |  | Ki Bin Kim, CFA - (212) 303-4124 |  |
|  | ltsai@jefferies.com |  | kibin.kim@truist.com |  |

| 3 |

| Market Capi talization
Supplemental Report – March 31, 2023 | (Including pro-rata share of Fund debt, in thousands)

|  |  |  |  |  |  |  |  | Changes in Total Outstanding Common |  |  | Weighted Average |
|  | Total Market |  |  |  |  | Capitalization |  | Shares and OP Units (in thousands) |  |  | Diluted EPS |  |  | FFO |
|  | Capitalization ($) |  |  | % |  | Based on Net Debt 1 |  |  |  | Common Shares |  |  | Common OP Units |  |  | Total |  |  | Quarter |  |  | YTD |  |  | Quarter |  |  | YTD |
Equity Capitalization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Shares |  |  | 95,208 |  |  |  |  |  |  | Balance at 12/31/2022 |  |  | 95,121 |  |  |  | 5,134 |  |  |  | 100,255 |  |  |  |  |  |  |  |  |  |  |  |  |
Common Operating Partnership ("OP") Units |  |  | 5,418 |  |  |  |  |  |  | Vesting RS and LTIPs |  |  | 8 |  |  |  | 321 |  |  |  | 329 |  |  |  |  |  |  |  |  |  |  |  |  |
Combined Common Shares and OP Units |  |  | 100,626 |  |  |  |  |  |  | OP Conversions |  |  | 37 |  |  |  | (37 | ) |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  | Other |  |  | 42 |  |  |  | — |  |  |  | 42 |  |  |  |  |  |  |  |  |  |  |  |  |
Share Price at March 31, 2023 |  | $ | 13.95 |  |  |  |  |  |  | Balance at 3/31/2023 |  |  | 95,208 |  |  |  | 5,418 |  |  |  | 100,626 |  |  |  | 95,189 |  |  |  | 95,189 |  |  |  | 102,539 |  |  |  | 102,539 |
Equity Capitalization - Common Shares and OP Units |  | $ | 1,403,733 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred OP Units 2 |  |  | 6,471 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Equity Capitalization |  |  | 1,410,204 |  |  | 50% |  | 50% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt Capitalization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated debt 3 |  |  | 1,758,133 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Adjustment to reflect pro-rata share of debt |  |  | (336,993 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Debt Capitalization |  |  | 1,421,140 |  |  | 50% |  | 50% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Market Capitalization |  | $ | 2,831,344 |  |  | 100% |  | 100% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

__________

1.
Reflects debt net of Core Portfolio cash of $11,734 and pro-rata share of Funds cash of $3,944 for $15,678 of total cash netted against debt.
2.
Represents 188 Series A and 126,384 Series C Preferred OP Units convertible into 25,067 and 438,831 Common OP Units, respectively, multiplied by the Common Share price at quarter end.
3.
Reflects consolidated debt excluding $11,527 of unamortized premium and unamortized loan costs.

| 4 |

| Consolidated In come Statement
Supplemental Report – March 31, 2023 | (in thousands)

|  | March 31, 2023 1 |  |  |  | March 31, 2023 1 |  |
CONSOLIDATED INCOME STATEMENT |  | Quarter |  |  |  | Quarter |  |
Revenues |  |  |  |  | Reconciliation of Property Revenues to Consolidated GAAP Revenues |  |  |
Rental income |  | $ | 80,737 |  |  | Total Property Revenues | $ | 79,601 |  |
Other |  |  | 1,102 |  |  | Straight-line rent income |  | 295 |  |
Total revenues |  |  | 81,839 |  |  | Above/below-market rent income |  | 1,605 |  |
Operating expenses |  |  |  |  | Asset and property management fees |  | 224 |  |
Depreciation and amortization |  |  | 33,173 |  |  | Development, construction, leasing and legal fees |  | 70 |  |
General and administrative |  |  | 9,946 |  |  | Other |  | 44 |  |
Real estate taxes |  |  | 11,479 |  |  | Consolidated Total Revenues | $ | 81,839 |  |
Property operating |  |  | 15,133 |  |  |  |  |  |
Total operating expenses |  |  | 69,731 |  |  | Reconciliation of Property Operating Expenses |  |  |
|  |  |  |  | to Consolidated GAAP Expenses |  |  |
Operating income |  |  | 12,108 |  |  | Property operating - CAM | $ | 11,798 |  |
Equity in earnings of unconsolidated affiliates |  |  | 29 |  |  | Other property operating (Non-CAM) |  | 3,161 |  |
Interest and other income |  |  | 4,818 |  |  | Asset and property management expense |  | 174 |  |
Realized and unrealized holding gains on investments and other |  |  | 26,757 |  |  | Consolidated Total Property Operating Expenses | $ | 15,133 |  |
Interest expense |  |  | (21,587 | ) |  |  |  |  |
Income from continuing operations before income taxes |  |  | 22,125 |  |  |  |  |  |
Income tax provision |  |  | (123 | ) |  |  |  |  |
Net income |  |  | 22,002 |  |  |  |  |  |
Net loss attributable to redeemable noncontrolling interests |  |  | 2,075 |  |  |  |  |  |
Net income attributable to noncontrolling interests |  |  | (10,717 | ) |  |  |  |  |
Net income attributable to Acadia |  | $ | 13,360 |  |  |  |  |  |

5

| Consolidated Income Statem ent - Detail
Supplemental Report – March 31, 2023 | (in thousands)

|  | March 31, 2023 1 |
CORE PORTFOLIO AND FUND INCOME |  | Quarter |
PROPERTY REVENUES |  |  |
Minimum rents |  | $ | 62,289 |
Percentage rents |  |  | 709 |
Expense reimbursements - CAM |  |  | 7,775 |
Expense reimbursements - Taxes |  |  | 8,081 |
Other property income |  |  | 747 |
Total Property Revenues |  |  | 79,601 |
PROPERTY EXPENSES |  |  |
Property operating - CAM |  |  | 11,802 |
Other property operating (Non-CAM) |  |  | 3,161 |
Real estate taxes |  |  | 11,479 |
Asset and property management expense |  |  | 174 |
Total Property Expenses |  |  | 26,616 |
NET OPERATING INCOME - PROPERTIES |  |  | 52,985 |
OTHER INCOME (EXPENSE) |  |  |
Interest income |  |  | 4,818 |
Straight-line rent income (expense) |  |  | 295 |
Above/below-market rent income (expense) |  |  | 1,605 |
Interest expense 2 |  |  | (20,004 | )
Amortization of finance costs |  |  | (1,516 | )
Above/below-market interest income (expense) |  |  | 26 |
Finance lease interest expense |  |  | (93 | )
Other (expense) income |  |  | 327 |
CORE PORTFOLIO AND FUND INCOME |  |  | 38,443 |
FEE AND OTHER INCOME 3 |  |  |
Asset and property management fees |  |  | 224 |
Development, construction, leasing and legal fees |  |  | 70 |
Total Fund Fees |  |  | 294 |
Net promote and other transactional income |  |  | 28,207 |
Total Fund Fees, Net Promote and Other Transactional Income |  |  | 28,501 |
Realized and unrealized holding losses on investments and other |  |  | (1,729 | )
Income tax provision |  |  | (123 | )
Total Fee and Other (Loss) Income |  |  | 26,649 |
General and Administrative |  |  | (9,946 | )
Depreciation and amortization |  |  | (33,086 | )
Non-real estate depreciation and amortization |  |  | (87 | )
Gain (loss) before equity in earnings and noncontrolling interests |  |  | 21,973 |
Equity in earnings of unconsolidated affiliates |  |  | 29 |
Noncontrolling interests (including redeemable noncontrolling interests) |  |  | (8,642 | )
NET INCOME ATTRIBUTABLE TO ACADIA |  | $ | 13,360 |

6

| Income Statement – P ro-Rata Adjustments
Supplemental Report – March 31, 2023 | (in thousands)

|  | Quarter Ended March 31, 2023 |
CORE PORTFOLIO AND FUND INCOME |  | Noncontrolling Interest in Consolidated Subsidiaries 4 |  |  | Company’s Interest in Unconsolidated Subsidiaries 5 |
PROPERTY REVENUES |  |  |  |  |  |
Minimum rents |  | $ | (25,327 | ) |  | $ | 13,530 |
Percentage rents |  |  | (218 | ) |  |  | 219 |
Expense reimbursements - CAM |  |  | (3,594 | ) |  |  | 1,576 |
Expense reimbursements - Taxes |  |  | (2,980 | ) |  |  | 2,646 |
Other property income |  |  | (329 | ) |  |  | 91 |
Total Property Revenues |  |  | (32,448 | ) |  |  | 18,062 |
PROPERTY EXPENSES |  |  |  |  |  |
Property operating - CAM |  |  | (5,047 | ) |  |  | 2,064 |
Other property operating (Non-CAM) |  |  | (835 | ) |  |  | 288 |
Real estate taxes |  |  | (4,058 | ) |  |  | 2,750 |
Asset and property management expense |  |  | (478 | ) |  |  | 579 |
Total Property Expenses |  |  | (10,418 | ) |  |  | 5,681 |
NET OPERATING INCOME - PROPERTIES |  |  | (22,030 | ) |  |  | 12,381 |
OTHER INCOME (EXPENSE) |  |  |  |  |  |
Interest income |  |  | (48 | ) |  |  | 10 |
Straight-line rent income (expense) |  |  | (333 | ) |  |  | 231 |
Above/below-market rent income (expense) |  |  | (706 | ) |  |  | 1,188 |
Interest expense |  |  | 10,418 |  |  |  | (5,573 | )
Amortization of finance costs |  |  | 776 |  |  |  | (345 | )
Above/below-market interest income (expense) |  |  | — |  |  |  | 21 |
Finance lease interest expense |  |  | 39 |  |  |  | (4 | )
Other income (expense) |  |  | (311 | ) |  |  | 10 |
CORE PORTFOLIO AND FUND INCOME |  |  | (12,195 | ) |  |  | 7,919 |
FEE AND OTHER INCOME 3 |  |  |  |  |  |
Asset and property management fees |  |  | 2,589 |  |  |  | 147 |
Development, construction, leasing and legal fees |  |  | 1,127 |  |  |  | 398 |
Total Fund Fees |  |  | 3,716 |  |  |  | 545 |
Net promote and other transactional income |  |  | (16,924 | ) |  |  | — |
Total Fund Fees, Net Promote and Other Transactional Income |  |  | (13,208 | ) |  |  | 545 |
Realized and unrealized holding gains on investments and other |  |  | 1,927 |  |  |  | — |
Income tax provision |  |  | 88 |  |  |  | (4 | )
Total Fee and Other (Loss) Income |  |  | (11,193 | ) |  |  | 541 |
General and Administrative |  |  | 625 |  |  |  | (158 | )
Depreciation and amortization |  |  | 14,915 |  |  |  | (8,273 | )
(Loss) gain before equity in earnings and noncontrolling interests |  |  | (7,848 | ) |  |  | 29 |
Equity in earnings of unconsolidated affiliates |  |  | — |  |  |  | — |
Noncontrolling interests (including redeemable noncontrolling interests) 6 |  |  | (794 | ) |  |  | — |
NET (LOSS) INCOME ATTRIBUTABLE TO ACADIA |  | $ | (8,642 | ) |  | $ | 29 |

| 7 |

| Balance Sheet
Supplemental Report – March 31, 2023 | (in thousands)

ASSETS |  | Consolidated Balance Sheet |  |  | Line Item Details: |
Real estate |  |  |  |  |  |  |  |
Land |  | $ | 881,717 |  |  | The components of Real estate under development, at cost are as follows: |
Buildings and improvements |  |  | 2,995,451 |  |  | Core |  | $ | 56,210 |
Tenant improvements |  |  | 235,442 |  |  | Fund II |  |  | 35,179 |
Construction in progress |  |  | 13,299 |  |  | Fund III |  |  | 26,525 |
Right-of-use assets - finance leases |  |  | 25,086 |  |  | Total |  | $ | 117,914 |
|  |  | 4,150,995 |  |  |  |  |  |
Less: Accumulated depreciation and amortization |  |  | (749,627 | ) |  |  |  |  |
Total |  |  | 3,401,368 |  |  | Summary of other assets, net: |  |  |
Real estate under development |  |  | 117,914 |  |  | Deferred charges, net |  | $ | 29,568 |
Operating real estate, net |  |  | 3,519,282 |  |  | Accrued interest receivable |  |  | 19,922 |
Notes receivable, net |  |  | 123,967 |  |  | Due from seller |  |  | 3,036 |
Investments in and advances to unconsolidated affiliates |  |  | 191,552 |  |  | Prepaid expenses |  |  | 12,358 |
Lease intangibles, net |  |  | 94,600 |  |  | Other receivables |  |  | 1,262 |
Other assets, net |  |  | 105,830 |  |  | Income taxes receivable |  |  | 1,906 |
Right-of-use assets - operating leases, net |  |  | 36,379 |  |  | Corporate assets, net |  |  | 1,200 |
Cash and cash equivalents |  |  | 17,125 |  |  | Deposits |  |  | 711 |
Restricted cash |  |  | 14,257 |  |  | Derivative financial instruments |  |  | 35,867 |
Marketable securities |  |  | 34,227 |  |  | Total |  | $ | 105,830 |
Straight-line rents receivable, net |  |  | 35,156 |  |  |  |  |  |
Rents receivable, net |  |  | 10,778 |  |  |  |  |  |
Assets of properties held for sale |  |  | 11,057 |  |  |  |  |  |
Total assets |  | $ | 4,194,210 |  |  |  |  |  |
LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |  |  |  |  |
Mortgage and other notes payable, net |  | $ | 926,918 |  |  | Summary of accounts payable and other liabilities: |  |  |
Unsecured notes payable, net |  |  | 647,101 |  |  | Lease liability - finance leases, net |  | $ | 7,128 |
Unsecured line of credit |  |  | 172,587 |  |  | Accounts payable and accrued expenses |  |  | 57,216 |
Accounts payable and other liabilities |  |  | 115,524 |  |  | Deferred income |  |  | 33,132 |
Lease liability - operating leases, net |  |  | 34,361 |  |  | Tenant security deposits, escrow and other |  |  | 16,877 |
Dividends and distributions payable |  |  | 18,498 |  |  | Derivative financial instruments |  |  | 1,171 |
Lease intangibles, net |  |  | 76,313 |  |  | Total |  | $ | 115,524 |
Distributions in excess of income from, and investments in, unconsolidated affiliates |  |  | 9,376 |  |  |  |  |  |
Total liabilities |  |  | 2,000,678 |  |  |  |  |  |
Commitments and contingencies |  |  |  |  |  |  |  |
Redeemable noncontrolling interests |  |  | 63,269 |  |  |  |  |  |
Shareholders' Equity |  |  |  |  |  |  |  |
Common shares |  |  | 95 |  |  |  |  |  |
Additional paid-in capital |  |  | 1,945,157 |  |  |  |  |  |
Accumulated other comprehensive income |  |  | 30,003 |  |  |  |  |  |
Distributions in excess of accumulated earnings |  |  | (304,173 | ) |  |  |  |  |
Total Acadia shareholders’ equity |  |  | 1,671,082 |  |  |  |  |  |
Noncontrolling interests |  |  | 459,181 |  |  |  |  |  |
Total equity |  |  | 2,130,263 |  |  |  |  |  |
Total liabilities, equity and redeemable noncontrolling interests |  | $ | 4,194,210 |  |  |  |  |  |

| 8 |

| Balance Sheet – Pro-rata Adjustments 7
Supplemental Report – March 31, 2023 | (in thousands)

ASSETS |  | Noncontrolling Interest in Consolidated Subsidiaries 4 |  |  | Company’s Interest in Unconsolidated Subsidiaries 5 |
Real estate |  |  |  |  |  |
Land |  | $ | (213,777 | ) |  | $ | 68,773 |
Buildings and improvements |  |  | (733,531 | ) |  |  | 242,182 |
Tenant improvements |  |  | (44,353 | ) |  |  | 19,890 |
Construction in progress |  |  | (2,981 | ) |  |  | 1,022 |
Right-of-use assets - finance leases |  |  | (2,346 | ) |  |  | 22,382 |
|  |  | (996,988 | ) |  |  | 354,249 |
Less: Accumulated depreciation and amortization |  |  | 120,688 |  |  |  | (68,877 | )
Total |  |  | (876,300 | ) |  |  | 285,372 |
Real estate under development |  |  | (34,605 | ) |  |  | 16,491 |
Operating real estate, net |  |  | (910,905 | ) |  |  | 301,863 |
Notes receivable, net |  |  | 65,403 |  |  |  | — |
Investments in and advances to unconsolidated affiliates |  |  | (86,591 | ) |  |  | (100,774 | )
Lease intangibles, net |  |  | (29,998 | ) |  |  | 11,223 |
Other assets, net |  |  | 7,395 |  |  |  | 6,580 |
Right-of-use assets - operating leases, net |  |  | (1,940 | ) |  |  | — |
Cash and cash equivalents |  |  | (8,775 | ) |  |  | 7,328 |
Restricted cash |  |  | (10,055 | ) |  |  | 3,385 |
Marketable securities |  |  | — |  |  |  | — |
Straight-line rents receivable, net |  |  | (7,808 | ) |  |  | 5,061 |
Rents receivable, net |  |  | (2,401 | ) |  |  | 1,742 |
Total assets |  | $ | (985,675 | ) |  | $ | 236,408 |
LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |  |  |
Mortgage and other notes payable, net |  | $ | (538,078 | ) |  | $ | 205,107 |
Unsecured notes payable, net |  |  | (1,457 | ) |  |  | — |
Unsecured line of credit |  |  | — |  |  |  | — |
Accounts payable and other liabilities |  |  | (28,470 | ) |  |  | 25,506 |
Lease intangibles, net |  |  | (24,689 | ) |  |  | 7,353 |
Lease liability - operating leases, net |  |  | (2,032 | ) |  |  | 4 |
Dividends and distributions payable |  |  | — |  |  |  | — |
Lease liability - finance leases |  |  | (2,951 | ) |  |  | 7,814 |
Distributions in excess of income from, and investments in, unconsolidated affiliates |  |  | — |  |  |  | (9,376 | )
Total liabilities |  |  | (597,677 | ) |  |  | 236,408 |
Shareholders' Equity |  |  |  |  |  |
Common shares |  |  | — |  |  |  | — |
Additional paid-in capital |  |  | — |  |  |  | — |
Accumulated other comprehensive income |  |  | — |  |  |  | — |
Distributions in excess of accumulated earnings |  |  | — |  |  |  | — |
Total Acadia shareholders’ equity |  |  | — |  |  |  | — |
Noncontrolling interests (including redeemable noncontrolling interests) |  |  | (387,998 | ) |  |  | — |
Total equity |  |  | (387,998 | ) |  |  | — |
Total liabilities, equity and redeemable noncontrolling interests |  | $ | (985,675 | ) |  | $ | 236,408 |

| 9 |

| Notes to Income Statements, Balance Sheet and Pro-rata Adjustments 7
Supplemental Report – March 31, 2023 | (in thousands)

__________

Notes to income statements, balance sheet and pro-rata adjustments:

1.
Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management are necessary for a fair presentation of operating results for the interim periods.
2.
Net of consolidated capitalized interest of $2.0 million for the three months ended March 31, 2023.
3.
Refer to Fee Income by Fund page in the Supplemental Report.
4.
Noncontrolling interests represent limited partners’ interests in consolidated partnerships’ activities and includes redeemable noncontrolling interests.
5.
Represents the Company’s pro-rata share of unconsolidated investments, of which each are included on a single line presentation in the Company’s consolidated financial statements in accordance with GAAP.
6.
This represents the income allocable to Operating Partnership Units of $0.8 million for the three months ended March 31, 2023.
7.
The Company currently has controlling ownership interests in Funds II, III, IV & V and Mervyns II, as well as controlling interests in non-wholly owned partnerships, which are consolidated within the Company's financial statements.

| 10 |

| Funds from Opera tions (“FFO”), Adjusted Funds from Operations (“AFFO”)
Supplemental Report – March 31, 2023 | (in thousands)

|  | Quarter Ended |  |  | Quarter Ended |
|  | March 31, 2023 |  |  | March 31, 2022 |
Funds from operations ("FFO"): |  |  |  |  |  |
Net Income attributable to Acadia |  | $ | 13,360 |  |  | $ | 16,838 |
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share) |  |  | 26,444 |  |  |  | 24,313 |
Gain on disposition on real estate properties (net of noncontrolling interest share) |  |  | — |  |  |  | (6,876 | )
Income attributable to noncontrolling interests' share in Operating Partnership |  |  | 917 |  |  |  | 1,121 |
FFO to Common Shareholders and Common OP Unit holders |  | $ | 40,721 |  |  | $ | 35,396 |
Add back: acquisition costs, net of bargain purchase gain |  |  | — |  |  |  | 859 |
Unrealized holding gain (net of noncontrolling interest share) |  |  | (66 | ) |  |  | (3,570 | )
FFO before Special Items attributable to Common Shareholder and Common OP Unit holders 1 |  | $ | 40,655 |  |  | $ | 32,685 |
Adjusted Funds from operations ("AFFO"): |  |  |  |  |  |
FFO |  | $ | 40,721 |  |  | $ | 35,396 |
Unrealized gains |  |  | (66 | ) |  |  | (3,570 | )
Straight-line rent, net |  |  | (193 | ) |  |  | (2,707 | )
Above/below-market rent |  |  | (2,087 | ) |  |  | (1,965 | )
Amortization of finance costs |  |  | 1,085 |  |  |  | 807 |
Above/below-market interest |  |  | (47 | ) |  |  | (47 | )
Non-real estate depreciation |  |  | 87 |  |  |  | 90 |
Stock-based compensation |  |  | 3,776 |  |  |  | 3,887 |
Leasing commissions |  |  | (1,507 | ) |  |  | (1,053 | )
Tenant improvements |  |  | (4,805 | ) |  |  | (3,403 | )
Maintenance capital expenditures |  |  | (690 | ) |  |  | (638 | )
AFFO to Common Shareholders and Common OP Unit holders |  | $ | 36,274 |  |  | $ | 26,797 |
Total weighted-average diluted shares and OP Units |  |  | 102,539 |  |  |  | 99,376 |
Diluted FFO per Common share and OP Unit: |  |  |  |  |  |
FFO |  | $ | 0.40 |  |  | $ | 0.36 |
FFO before Special Items |  | $ | 0.40 |  |  | $ | 0.33 |

__________

1.
The Company defines Special Items to include (i) unrealized holding losses or gains (net of noncontrolling interest share) on investments and (ii) transaction and other costs that do not occur in the ordinary course of the Company's underwriting and investing business.

11

| EBI TDA
Supplemental Report – March 31, 2023 | (in thousands)

|  | Quarter Ended March 31, 2023 |  |  | Quarter Ended March 31, 2022 |
|  | Core |  |  |  |  |  |  |  |  | Core |  |  |  |  |  |  |
|  | Portfolio |  |  | Funds |  |  | Total |  |  | Portfolio |  |  | Funds |  |  | Total |
EBITDA: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Income Attributable to Acadia |  | $ | 5,160 |  |  | $ | 8,200 |  |  | $ | 13,360 |  |  | $ | 9,943 |  |  | $ | 6,895 |  |  | $ | 16,838 |
Adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 20,043 |  |  |  | 6,488 |  |  |  | 26,531 |  |  |  | 19,617 |  |  |  | 4,786 |  |  |  | 24,403 |
Interest expense |  |  | 11,653 |  |  |  | 3,506 |  |  |  | 15,159 |  |  |  | 8,387 |  |  |  | 2,469 |  |  |  | 10,856 |
Amortization of finance costs |  |  | 681 |  |  |  | 404 |  |  |  | 1,085 |  |  |  | 605 |  |  |  | 202 |  |  |  | 807 |
Above/below-market interest |  |  | (47 | ) |  |  | — |  |  |  | (47 | ) |  |  | (47 | ) |  |  | — |  |  |  | (47 | )
Gain on disposition of properties |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (6,876 | ) |  |  | (6,876 | )
Unrealized holding gains on investment in Albertsons and other |  |  | (66 | ) |  |  | — |  |  |  | (66 | ) |  |  | (3,570 | ) |  |  | — |  |  |  | (3,570 | )
Acquisition costs, net of bargain purchase gain |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 859 |  |  |  | — |  |  |  | 859 |
Provision (benefit) for income taxes |  |  | 22 |  |  |  | 17 |  |  |  | 39 |  |  |  | (249 | ) |  |  | 15 |  |  |  | (234 | )
Noncontrolling interest - OP |  |  | 794 |  |  |  | — |  |  |  | 794 |  |  |  | 998 |  |  |  | — |  |  |  | 998 |
EBITDA |  | $ | 38,240 |  |  | $ | 18,615 |  |  | $ | 56,855 |  |  | $ | 36,543 |  |  | $ | 7,491 |  |  | $ | 44,034 |
Adjusted EBITDA: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
EBITDA |  | $ | 38,240 |  |  | $ | 18,615 |  |  | $ | 56,855 |  |  | $ | 36,543 |  |  | $ | 7,491 |  |  | $ | 44,034 |
Stock based compensation |  |  | 3,776 |  |  |  | — |  |  |  | 3,776 |  |  |  | 3,887 |  |  |  | — |  |  |  | 3,887 |
Adjusted EBITDA |  | $ | 42,016 |  |  | $ | 18,615 |  |  | $ | 60,631 |  |  | $ | 40,430 |  |  | $ | 7,491 |  |  | $ | 47,921 |

12

| Core Portfolio – Same P roperty Performance 1
Supplemental Report – March 31, 2023 | (in thousands)

|  | Quarter Ended |  |  | Change |
|  | March 31, 2023 |  |  | March 31, 2022 |  |  | Favorable/ (Unfavorable) |
Summary |  |  |  |  |  |  |  |  |
Minimum rents |  | $ | 30,937 |  |  | $ | 29,688 |  |  |  | 4.2 | %
Expense reimbursements |  |  | 8,860 |  |  |  | 8,180 |  |  |  | 8.3 | %
Other property income |  |  | 1,011 |  |  |  | 599 |  |  |  | 68.8 | %
Total Revenue |  |  | 40,808 |  |  |  | 38,467 |  |  |  | 6.1 | %
Expenses |  |  |  |  |  |  |  |  |
Property operating - CAM & Real estate taxes |  |  | 11,787 |  |  |  | 11,358 |  |  |  | (3.8 | )%
Other property operating (Non-CAM) |  |  | 837 |  |  |  | 757 |  |  |  | (10.6 | )%
Total Expenses |  |  | 12,624 |  |  |  | 12,115 |  |  |  | (4.2 | )%
Same Property NOI - Core properties |  | $ | 28,184 |  |  | $ | 26,352 |  |  |  | 7.0 | %
Reconciliation of Same Property NOI to Core NOI |  |  |  |  |  |  |  |  |
NOI of Properties excluded from Same Property NOI |  |  | 8,031 |  |  |  | 7,688 |  |  |  |
Core NOI 2 |  | $ | 36,215 |  |  | $ | 34,040 |  |  |  |
Other same property information |  |  |  |  |  |  |  |  |
Physical Occupancy at the end of the period |  |  | 92.8 | % |  |  | 90.0 | % |  |  |
Leased Occupancy at the end of the period |  |  | 94.7 | % |  |  | 93.9 | % |  |  |

__________

1.
The above amounts include the pro-rata share of the Company's Core consolidated and unconsolidated investments.
2.
The Company reclassed $0.3 million and $0.2 million, for the three months ended March 31, 2023 and March 31, 2022, respectively, for asset and property management fees to NOI to reflect more accurately property management fees allocable to property operations. Such reclassifications have been reflected in all periods presented and have no impact on reported Same Property NOI.

to Ne

13

| Fee Income by Fund 1
Supplemental Report – March 31, 2023 | (in thousands)

|  | Fund II |  |  | Fund III |  |  | Fund IV |  |  | Fund V |  |  | Other |  |  | Total |
Quarter Ended March 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset and property management fees |  | $ | 69 |  |  | $ | 20 |  |  | $ | 810 |  |  | $ | 1,878 |  |  | $ | 183 |  |  | $ | 2,960 |
Development, construction, leasing and legal fees |  |  | 212 |  |  |  | 35 |  |  |  | 285 |  |  |  | 1,003 |  |  |  | 60 |  |  |  | 1,595 |
Total fees |  | $ | 281 |  |  | $ | 55 |  |  | $ | 1,095 |  |  | $ | 2,881 |  |  | $ | 243 |  |  | $ | 4,555 |

__________

1.
Fees are shown at the Company's pro-rata share and can be derived from the Consolidated Income Statement - Detail and Income Statement - Pro-Rata Adjustments. The components of the total fee income to the Company are derived by the fees included on the Consolidated Income Statement and the Company's share of fees from the Noncontrolling Interests in Consolidated Subsidiaries and the Company' share of fee income from Unconsolidated Subsidiaries.

14

| Structured Financing Portfolio
Supplemental Report – March 31, 2023 | (in thousands)

|  | December 31, 2022 |  |  | Quarter Ended March 31, 2023 |  |  | Stated |  |  | Effective |  |  |
|  | Principal |  |  | Accrued |  |  | Ending |  |  |  |  |  | Repayments/ |  |  | Current |  |  | Accrued |  |  | Ending |  |  | Interest |  |  | Interest |  |  | Maturity
Investment |  | Balance |  |  | Interest |  |  | Balance |  |  | Issuances 1 |  |  | Conversions |  |  | Principal |  |  | Interest |  |  | Balance |  |  | Rate |  |  | Rate |  |  | Dates
First mortgage notes 2,3 |  | $ | 59,801 |  |  | $ | 3,809 |  |  | $ | 63,610 |  |  | $ | — |  |  | $ | — |  |  | $ | 59,801 |  |  | $ | 3,809 |  |  | $ | 63,610 |  |  |  | 5.99 | % |  |  | 6.39 | % |  | Sept-24
Other notes 3 |  |  | 130,945 |  |  |  | 16,132 |  |  |  | 147,077 |  |  |  | — |  |  |  | — |  |  |  | 130,945 |  |  |  | 20,051 |  |  |  | 150,996 |  |  |  | 11.36 | % |  |  | 11.46 | % |  | Jan-24 to Dec-27
Total Core notes receivable |  | $ | 190,746 |  |  | $ | 19,941 |  |  | $ | 210,687 |  |  | $ | — |  |  | $ | — |  |  | $ | 190,746 |  |  | $ | 23,860 |  |  | $ | 214,606 |  |  |  | 9.67 | % |  |  | 9.87 | % |  |
__________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reconciliation of Notes Receivable to the Pro-Rata Balance Sheet: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Notes Receivable per above |  |  | $ | 190,746 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fund Notes Receivable |  |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for credit loss |  |  |  | (1,376 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Pro-rata Notes Receivable |  |  | $ | 189,370 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

________

1.
See Transactional Activity page that follows.
2.
One Core note which matured on April 20, 2020 in the amount of $17.8 million with accrued interest of $3.8 million was in default at March 31, 2023.
3.
Certain of the first mortgage notes and other notes enable the borrower to prepay or convert its obligations prior to the stated maturity date without penalty.

15

| Transactional Activity
Supplemental Report – March 31, 2023 | (in thousands)

PROPERTY ACQUISITIONS AND DISPOSITIONS |
Property Name |  | Location |  | Date of Transaction |  | Transaction Amount |  |  | Ownership % 1 |  |  | Fund Share |  |  | Acadia Share |
ACQUISITIONS 2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fund V: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mohawk Commons |  | Schenectady, NY |  | January 27, 2023 |  | $ | 62,078 |  |  |  | 90.00 | % |  | $ | 55,870 |  |  | $ | 11,230 |

________

1.
Ownership percentages for Fund transactional activities represent the respective Fund’s ownership, not the Company’s proportionate share.

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

16

| 2023 Guidance 1
Supplemental Report – March 31, 2023 |

|  | 2023 Guidance |
|  | Revised |  | Prior |
Net earnings per share attributable to Acadia |  | $0.16 to $0.23 |  | $0.14 to $0.23 |
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share) |  | $1.01 |  | $1.01 |
Impairment charges (net of noncontrolling interest share) |  | — |  | — |
Gain on disposition of properties (net of noncontrolling interest share) |  | — |  | — |
Noncontrolling interest in Operating Partnership |  | 0.02 |  | 0.02 |
NAREIT Funds from operations per share attributable to Common Shareholders and Common OP Unit holders |  | $1.19 to $1.26 |  | $1.17 to $1.26 |
Unrealized holding loss (gain) (net of noncontrolling interest share) |  | — |  | — |
Transaction and other related costs |  | — |  | — |
Funds from operations Before Special Items per share attributable to Common Shareholders and Common OP Unit holders |  | $1.19 to $1.26 |  | $1.17 to $1.26 |

________

1.
The Company increased its annual 2023 guidance of net earnings per share, NAREIT Funds from operations per share and FFO Before Special Items per share attributable to Common Shareholders and Common OP Unit holders.

17

| Net Asset Valuat ion Information
Supplemental Report – March 31, 2023 | (in thousands)

|  | CORE |  |  | FUND II 2 |  |  | FUND III |  |  | FUND IV |  |  | FUND V |  |  | Total |
Acadia Ownership Percentage |  | N/A |  |  |  | 61.67 | % |  |  | 24.54 | % |  |  | 23.12 | % |  |  | 20.10 | % |  |  |
Current Quarter NOI |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
At Pro Rata 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Operating Income 2, 3 |  | $ | 36,215 |  |  | N/A 6 |  |  | $ | 109 |  |  | $ | 861 |  |  | $ | 4,419 |  |  | $ | 41,604 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net operating (income) loss from properties sold or under contract |  |  | 5 |  |  | N/A 6 |  |  |  | (8 | ) |  |  | (15 | ) |  |  | — |  |  |  | (18 | )
Net operating (income) loss from pre-stabilized assets, development and redevelopment projects 4, 5 |  |  | (5,692 | ) |  | N/A 6 |  |  |  | (101 | ) |  |  | (101 | ) |  |  | — |  |  |  | (5,894 | )
Net Operating Income of stabilized assets |  | $ | 30,528 |  |  | N/A |  |  | $ | — |  |  | $ | 745 |  |  | $ | 4,419 |  |  | $ | 35,692 |
Costs to Date (Pro Rata) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pre-stabilized assets 4 |  | $ | — |  |  | N/A 6 |  |  | $ | 13,880 |  |  | $ | 40,236 |  |  | $ | — |  |  | $ | 54,116 |
Development and redevelopment projects 5 |  |  | 689,600 |  |  | N/A 6 |  |  |  | 6,528 |  |  |  | 26,958 |  |  |  | — |  |  |  | 723,086 |
Total Costs to Date 5 |  | $ | 689,600 |  |  | N/A 6 |  |  | $ | 20,408 |  |  | $ | 67,194 |  |  | $ | — |  |  | $ | 777,202 |
Debt (Pro Rata) |  | $ | 1,152,928 |  |  | $ | 77,597 |  |  | $ | 8,827 |  |  | $ | 45,166 |  |  | $ | 136,622 |  |  | $ | 1,421,140 |

_________

1.
This Net Asset Valuation Information page has been updated this quarter to show Acadia’s pro-rata portion of the Fund’s Net Operating Income.
2.
Does not include a full quarter of NOI for any assets purchased during the current quarter. See Transactional Activity page in this Supplemental Report for descriptions of those acquisitions.
3.
Fund II has been substantially liquidated except for its investment in City Point. During the second quarter 2022, the Company increased its ownership in Fund II from 28% to 40%. Additionally, during the third quarter 2022, the Company increased its ownership in Fund II from 40% to 61.7%.
4.
Pre-stabilized assets consist of the following projects for Fund II: City Point; Fund III: 640 Broadway; Fund IV: 210 Bowery, 801 Madison, 27 E 61st Street, 146 Geary Street and 1035 Third Avenue.
5.
The total costs to date include incremental project costs and reflect the inclusion of the entire basis of assets in the development and redevelopment portfolio including original acquisition costs, without regard to the portions of those assets remaining operational. For the Core Portfolio, this includes the original basis of: City Center - $155.0 million; 555 9 th Street - $140.9 million; 840 North Michigan - $163.5 million; 664 North Michigan - $86.6 million; Mad River - $11.8 million and Route 6 Mall - $1.7 million. See Development and Redevelopment Activity page in this Supplemental Report for more detail.
6.
Amounts omitted as only remaining asset is City Point.

18

| Selected Fina ncial Ratios
Supplemental Report – March 31, 2023 | (in thousands)

|  | Quarter Ended March 31, |  |  |  |  | Quarter Ended |
COVERAGE RATIOS 1 |  | 2023 |  |  | 2022 |  |  | LEVERAGE RATIOS |  | March 31, 2023 |  |  | December 31, 2022 |
Fixed-Charge Coverage Ratios |  |  |  |  |  |  |  | Debt/Market Capitalization Ratios |  |  |  |  |  |
EBITDA 2 divided by: |  | $ | 38,240 |  |  | $ | 36,543 |  |  | Debt + Preferred Equity (Preferred OP Units) |  | $ | 1,427,611 |  |  | $ | 1,421,159 |
Interest expense |  |  | 11,653 |  |  |  | 8,387 |  |  | Total Market Capitalization |  |  | 2,831,344 |  |  |  | 2,859,818 |
Principal Amortization |  |  | 877 |  |  |  | 1,036 |  |  | Debt + Preferred Equity/ |  |  |  |  |  |
Preferred Dividends 3 |  |  | 123 |  |  |  | 123 |  |  | Total Market Capitalization |  |  | 50 | % |  |  | 50 | %
Fixed-Charge Coverage Ratio - Core Portfolio |  |  | 3.0 | x |  |  | 3.8 | x |  |  |  |  |  |  |  |
EBITDA divided by: |  | $ | 56,855 |  |  | $ | 44,034 |  |  | Net debt 6 |  | $ | 1,411,933 |  |  | $ | 1,404,288 |
Interest expense |  |  | 15,159 |  |  |  | 10,856 |  |  | Total Market Capitalization |  |  | 2,831,344 |  |  |  | 2,859,818 |
Principal Amortization |  |  | 1,242 |  |  |  | 1,261 |  |  | Net Debt + Preferred Equity/ |  |  |  |  |  |
Preferred Dividends |  |  | 123 |  |  |  | 123 |  |  | Total Market Capitalization |  |  | 50 | % |  |  | 49 | %
Fixed-Charge Coverage Ratio - Core Portfolio and Funds |  |  | 3.4 | x |  |  | 3.6 | x |  | Debt/EBITDA Ratios |  |  |  |  |  |
|  |  |  |  |  |  |  | Core: |  |  |  |  |  |
Payout Ratios |  |  |  |  |  |  |  | Debt |  | $ | 1,046,882 |  |  | $ | 1,043,395 |
|  |  |  |  |  |  |  | Net debt 5 |  |  | 1,035,148 |  |  |  | 1,030,572 |
Dividends declared (per share/OP Unit) |  | $ | 0.18 |  |  | $ | 0.18 |  |  | EBITDA |  |  | 152,960 |  |  |  | 150,993 |
|  |  |  |  |  |  |  | Adjusted EBITDA |  |  | 163,771 |  |  |  | 161,359 |
Dividends (Shares) & Distributions (OP Units) declared |  | $ | 18,474 |  |  | $ | 18,295 |  |  | Debt/EBITDA - Core Portfolio |  |  | 6.8 | x |  |  | 6.9 | x
FFO |  |  | 40,721 |  |  |  | 35,396 |  |  | Debt/Adjusted EBITDA - Core Portfolio |  |  | 6.4 | x |  |  | 6.5 | x
FFO Payout Ratio 8 |  |  | 45 | % |  |  | 52 | % |  | Net Debt/EBITDA - Core Portfolio |  |  | 6.8 | x |  |  | 6.8 | x
|  |  |  |  |  |  |  | Net Debt/ Adjusted EBITDA - Core Portfolio |  |  | 6.3 | x |  |  | 6.4 | x
AFFO 7 |  |  | 36,274 |  |  |  | 26,797 |  |  | Core and Funds: |  |  |  |  |  |
AFFO Payout Ratio |  |  | 51 | % |  |  | 68 | % |  | Debt 4 |  | $ | 1,421,140 |  |  | $ | 1,414,502 |
|  |  |  |  |  |  |  | Net debt 6 |  |  | 1,405,462 |  |  |  | 1,397,631 |
FFO Before Special Items |  |  | 40,655 |  |  |  | 32,685 |  |  | EBITDA |  |  | 193,571 |  |  |  | 176,136 |
FFO Before Special Items Payout Ratio |  |  | 45 | % |  |  | 56 | % |  | Adjusted EBITDA |  |  | 204,382 |  |  |  | 186,502 |
|  |  |  |  |  |  |  | Debt/EBITDA - Core and Funds |  |  | 7.3 | x |  |  | 8.0 | x
|  |  |  |  |  |  |  | Debt/Adjusted EBITDA - Core and Funds |  |  | 7.0 | x |  |  | 7.6 | x
|  |  |  |  |  |  |  | Net Debt/EBITDA - Core and Funds |  |  | 7.3 | x |  |  | 7.9 | x
|  |  |  |  |  |  |  | Net Debt/ Adjusted EBITDA - Core and Funds |  |  | 6.9 | x |  |  | 7.5 | x

19

| Selected Financial Ratios
Supplemental Report – March 31, 2023 | (in thousands)

|  | EBITDA |  |  | ADJUSTED EBITDA |
|  | Quarter Ended |  |  | Year Ended |  |  | Quarter Ended |  |  | Year Ended |
Reconciliation of EBITDA to Annualized EBITDA |  | March 31, 2023 |  |  | December 31, 2022 |  |  | March 31, 2023 |  |  | December 31, 2022 |
Quarter Core EBITDA as reported |  | $ | 38,240 |  |  | $ | 150,993 |  |  | $ | 38,240 |  |  | $ | 150,993 |
Add back: Stock-based compensation, net of employee equity elections |  |  | — |  |  |  | — |  |  |  | 2,345 |  |  |  | 10,366 |
Subtotal |  |  | 38,240 |  |  |  | 150,993 |  |  |  | 40,585 |  |  |  | 161,359 |
Core EBITDA |  | $ | 152,960 |  |  | $ | 150,993 |  |  | $ | 162,340 |  |  | $ | 161,359 |
Add: Employee election to receive equity in lieu of cash in Q1 |  |  | — |  |  |  | — |  |  |  | 1,431 |  |  |  | — |
Annualized Core EBITDA |  |  | 152,960 |  |  |  | 150,993 |  |  |  | 163,771 |  |  |  | 161,359 |
Funds EBITDA as reported |  |  | 18,615 |  |  |  | 25,143 |  |  |  | 18,615 |  |  |  | 25,143 |
Subtract: Special Dividend |  |  | (11,283 | ) |  |  | — |  |  |  | (11,283 | ) |  |  | — |
Subtotal |  |  | 7,332 |  |  |  | 25,143 |  |  |  | 7,332 |  |  |  | 25,143 |
Annualized Fund EBITDA |  |  | 29,328 |  |  |  | 25,143 |  |  |  | 29,328 |  |  |  | 25,143 |
Add back: Special Dividend |  |  | 11,283 |  |  |  | — |  |  |  | 11,283 |  |  |  | — |
Annualized Fund EBITDA |  |  | 40,611 |  |  |  | 25,143 |  |  |  | 40,611 |  |  |  | 25,143 |
EBITDA Core and Funds |  | $ | 193,571 |  |  | $ | 176,136 |  |  | $ | 204,382 |  |  | $ | 186,502 |

|  | Quarter Ended |
Reconciliation of Core Portfolio Debt |  | March 31, 2023 |
Core Portfolio Debt per Debt Summary |  | $1,152,928 |
Incremental Core Debt Attributable to City Point 8 |  | (106,046) |
Adjusted Core Debt for purposes of computing Debt/EBITDA |  | 1,046,882 |
Fund Portfolio Debt per Debt Summary |  | 268,212 |
Incremental Core Debt Attributable to City Point 8 |  | 106,046 |
Adjusted Fund Debt per EBITDA |  | 374,258 |
Total Core and Fund Debt for purposes of computing Debt/EBITDA |  | $1,421,140 |

20

| Selected Financial Ratios
Supplemental Report – March 31, 2023 | (in thousands)

__________

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 coverage ratios include the Company's pro-rata share of FFO, AFFO, EBITDA, interest expense and principal amortization related to both the Company's consolidated and unconsolidated investments in joint ventures.

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

3. Represents preferred distributions on Preferred Operating Partnership Units.

4. Includes the Company's pro-rata share of consolidated and unconsolidated joint venture debt. Excludes capital lease obligations.

5. Reflects debt net of the current Core Portfolio cash balance at end of period.

6. Reflects debt net of the current Core Portfolio and pro-rata share of the Funds cash balance at end of period.

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

8. Amount represents the Company's reallocation of its pro-rata portion of the de-leveraging of Fund II's property-level debt associated with the City Point refinancing to align with the inclusion of the associated EBITDA derived from its investment.

21

| Portfolio De bt – Summary
Supplemental Report – March 31, 2023 | (in thousands)

|  | Acadia Pro-Rata Share of Debt 2 |  |  |  |
|  | Core Portfolio |  |  | Funds |  |  | Total |  |  | Reconciliation to Consolidated Debt as Reported |
Unsecured Debt |  | Principal Balance |  |  | Interest Rate |  |  | WA Years to Maturity 6 |  |  | Principal Balance |  |  | Interest Rate |  |  | WA Years to Maturity 6 |  |  | Principal Balance |  |  | % |  |  | Interest Rate |  |  | WA Years to Maturity 6 |  |  | Add: Noncontrolling Interest Share of Debt 3 |  |  | Less: Pro-rata Share of Unconsolidated Debt 4 |  |  | Acadia Consolidated Debt as Reported |
Fixed-Rate Debt 1 |  | $ | 806,000 |  |  |  | 4.3 | % |  |  | 3.6 |  |  | $ | — |  |  |  | — |  |  |  | — |  |  | $ | 806,000 |  |  |  | 57 | % |  |  | 4.3 | % |  |  | 3.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 806,000 |
Variable-Rate Debt 5 |  |  | 16,587 |  |  |  | 6.3 | % |  |  | 2.3 |  |  |  | 367 |  |  |  | 6.7 | % |  |  | 0.1 |  |  |  | 16,954 |  |  |  | 1 | % |  |  | 6.3 | % |  |  | 2.3 |  |  |  | 1,457 |  |  |  | — |  |  |  | 18,411 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 58 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage and Other Notes Payable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-Rate Debt 1 |  |  | 313,504 |  |  |  | 4.2 | % |  |  | 3.2 |  |  |  | 136,518 |  |  |  | 4.6 | % |  |  | 2.0 |  |  |  | 450,022 |  |  |  | 32 | % |  |  | 4.7 | % |  |  | 2.8 |  |  |  | 294,637 |  |  |  | (166,934 | ) |  |  | 577,725 |
Variable-Rate Debt 5 |  |  | 16,837 |  |  |  | 6.6 | % |  |  | 0.4 |  |  |  | 131,327 |  |  |  | 7.4 | % |  |  | 1.7 |  |  |  | 148,164 |  |  |  | 10 | % |  |  | 7.3 | % |  |  | 1.6 |  |  |  | 246,867 |  |  |  | (39,034 | ) |  |  | 355,997 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 42 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total |  | $ | 1,152,928 |  |  |  | 4.3 | % |  |  | 3.4 |  |  | $ | 268,212 |  |  |  | 6.0 | % |  |  | 1.9 |  |  | $ | 1,421,140 |  |  |  | 100 | % |  |  | 4.6 | % |  |  | 3.1 |  |  | $ | 542,961 |  |  | $ | (205,968 | ) |  |  | 1,758,133 |
Unamortized premium |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 531 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 317 |
Net unamortized loan costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (9,493 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (11,844 | )
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,412,178 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,746,606 |

_________

1.
Fixed-rate debt includes notional principal fixed through swap transactions.
2.
Represents the Company's pro-rata share of debt based on its percent ownership.
3.
Represents the noncontrolling interest pro-rata share of consolidated partnership debt based on its percent ownership.
4.
Represents the Company's pro-rata share of unconsolidated partnership debt based on its percent ownership.
5.
Variable rate debt includes certain borrowings that are subject to interest rate cap agreements.
6.
Based on debt maturity date without regard to available extension options.

22

| Portfolio Debt – Detail
Supplemental Report – March 31, 2023 | (in thousands)

|  |  |  | Principal Balance at |  |  | Acadia's Pro-rata Share |  |  | Interest |  |  |  | Extension
Property |  |  |  | March 31, 2023 |  |  | Percent |  |  | Amount |  |  | Rate |  | Maturity Date |  | Options
CORE PORTFOLIO |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-Rate Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
163 Highland Avenue |  |  |  | $ | 7,609 |  |  |  | 100.00 | % |  |  | 7,609 |  |  | 4.66% |  | 02/01/24 |  | None
Crossroads Shopping Center |  |  |  |  | 60,512 |  |  |  | 49.00 | % |  |  | 29,651 |  |  | 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
239 Greenwich Avenue |  |  |  |  | 26,000 |  |  |  | 75.00 | % |  |  | 19,500 |  |  | 4.00% |  | 07/10/27 |  | None
Georgetown Portfolio (2008 Investment) |  |  |  |  | 14,781 |  |  |  | 50.00 | % |  |  | 7,391 |  |  | 4.72% |  | 12/10/27 |  | None
State & Washington |  |  |  |  | 21,888 |  |  |  | 100.00 | % |  |  | 21,888 |  |  | 4.40% |  | 09/05/28 |  | None
North & Kingsbury |  |  |  |  | 10,778 |  |  |  | 100.00 | % |  |  | 10,778 |  |  | 4.01% |  | 11/05/29 |  | None
151 North State Street |  |  |  |  | 12,480 |  |  |  | 100.00 | % |  |  | 12,480 |  |  | 4.03% |  | 12/01/29 |  | None
Concord & Milwaukee |  |  |  |  | 2,371 |  |  |  | 100.00 | % |  |  | 2,371 |  |  | 4.40% |  | 06/01/30 |  | None
California & Armitage |  |  |  |  | 2,218 |  |  |  | 100.00 | % |  |  | 2,218 |  |  | 5.89% |  | 04/15/35 |  | None
Unsecured interest rate swaps 1 |  |  |  |  | 806,000 |  |  |  | 100.00 | % |  |  | 806,000 |  |  | n/a |  | Various |  |
Secured interest rate swaps 1 |  |  |  |  | 147,595 |  |  |  | 50.56 | % |  |  | 74,622 |  |  | n/a |  | Various |  |
Sub-Total Fixed-Rate Debt |  |  |  |  | 1,245,732 |  |  |  |  |  |  | 1,119,504 |  |  | 4.25% |  |  |  |
Secured Variable-Rate Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gotham Plaza |  |  |  |  | 17,595 |  |  |  | 49.00 | % |  |  | 8,622 |  |  | LIBOR+160 |  | 06/10/23 |  | None
Georgetown Portfolio (2016 Investment) |  |  |  |  | 160,000 |  |  |  | 20.00 | % |  |  | 32,000 |  |  | LIBOR+170 |  | 08/01/23 |  | None
3104 M Street 2 |  |  |  |  | 4,186 |  |  |  | 20.00 | % |  |  | 837 |  |  | Prime+0 |  | 01/01/24 |  | None
Sullivan Center |  |  |  |  | 50,000 |  |  |  | 100.00 | % |  |  | 50,000 |  |  | SOFR+160 |  | 11/16/28 |  | None
Secured interest rate swaps 1 |  |  |  |  | (147,595 | ) |  |  | 50.56 | % |  |  | (74,622 | ) |  | n/a |  | Various |  |
Unsecured Variable-Rate Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unsecured Line of Credit 3 |  |  |  |  | 172,587 |  |  |  | 100.00 | % |  |  | 172,587 |  |  | SOFR+150 |  | 06/29/25 |  | 2 x 6 mos.
Unsecured Term Loan |  |  |  |  | 400,000 |  |  |  | 100.00 | % |  |  | 400,000 |  |  | SOFR+165 |  | 06/29/26 |  | None
Unsecured $175 Million Term Loan |  |  |  |  | 175,000 |  |  |  | 100.00 | % |  |  | 175,000 |  |  | SOFR+160 |  | 04/06/27 |  | None
Unsecured $75 Million Term Loan |  |  |  |  | 75,000 |  |  |  | 100.00 | % |  |  | 75,000 |  |  | SOFR+205 |  | 07/29/29 |  | None
Unsecured interest rate swaps 1 |  |  |  |  | (806,000 | ) |  |  | 100.00 | % |  |  | (806,000 | ) |  | n/a |  | Various |  |
Sub-Total Variable-Rate Debt |  |  |  |  | 100,773 |  |  |  |  |  |  | 33,424 |  |  | 6.47% |  |  |  |
Total Debt - Core Portfolio |  |  |  | $ | 1,346,505 |  |  |  |  |  | $ | 1,152,928 |  |  | 4.32% |  |  |  |
Funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-Rate Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Canton Marketplace |  | Fund V |  | $ | 31,801 |  |  |  | 20.10 | % |  |  | 6,392 |  |  | 3.35% |  | 05/01/23 |  | None
2207 Fillmore Street 4 |  | Fund IV |  |  | 1,120 |  |  |  | 20.80 | % |  |  | 233 |  |  | 4.50% |  | 10/31/25 |  | None
650 Bald Hill Road 4 |  | Fund IV |  |  | 15,707 |  |  |  | 20.81 | % |  |  | 3,269 |  |  | 3.75% |  | 06/01/26 |  | None
Shoppes at South Hills 4 |  | Fund V |  |  | 31,796 |  |  |  | 18.09 | % |  |  | 5,752 |  |  | 5.95% |  | 03/01/28 |  | 1x12 mos.
Interest rate swaps 1 |  | Funds II, IV & V |  |  | 524,200 |  |  |  | 23.06 | % |  |  | 120,872 |  |  | n/a |  | Various |  |
Sub-Total Fixed-Rate Debt |  |  |  |  | 604,624 |  |  |  |  |  |  | 136,518 |  |  | 4.61% |  |  |  |
Variable-Rate Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Broughton Street Portfolio |  | Fund IV |  |  | 25,358 |  |  |  | 23.12 | % |  |  | 5,863 |  |  | SOFR+310 |  | 04/28/23 |  | None
New Towne Center |  | Fund V |  |  | 14,604 |  |  |  | 20.10 | % |  |  | 2,935 |  |  | LIBOR+220 |  | 05/01/23 |  | None
Acadia Strategic Opportunity Fund V LLC |  | Fund V |  |  | 1,824 |  |  |  | 20.10 | % |  |  | 367 |  |  | SOFR+187 |  | 05/01/23 |  | 1x12 mos.
Eden Square 4 |  | Fund IV |  |  | 22,028 |  |  |  | 22.78 | % |  |  | 5,018 |  |  | SOFR+235 |  | 06/01/23 |  | None
Fairlane Green |  | Fund V |  |  | 32,723 |  |  |  | 20.10 | % |  |  | 6,577 |  |  | SOFR+200 |  | 06/05/23 |  | None

23

| Portfolio Debt – Detail
Supplemental Report – March 31, 2023 | (in thousands)

|  |  |  | Principal Balance at |  |  | Acadia's Pro-rata Share |  |  | Interest |  |  |  | Extension
Property |  |  |  | March 31, 2023 |  |  | Percent |  |  | Amount |  |  | Rate |  | Maturity Date |  | Options
Trussville Promenade |  | Fund V |  |  | 28,742 |  |  |  | 20.10 | % |  |  | 5,777 |  |  | SOFR+195 |  | 06/15/23 |  | None
640 Broadway |  | Fund III |  |  | 35,970 |  |  |  | 24.54 | % |  |  | 8,827 |  |  | SOFR+335 |  | 07/09/23 |  | None
146 Geary Street |  | Fund IV |  |  | 19,338 |  |  |  | 23.12 | % |  |  | 4,471 |  |  | LIBOR+365 |  | 07/15/23 |  | None
Restaurants at Fort Point |  | Fund IV |  |  | 5,829 |  |  |  | 23.12 | % |  |  | 1,348 |  |  | SOFR+245 |  | 11/25/23 |  | None
717 N. Michigan Avenue |  | Fund IV |  |  | 48,500 |  |  |  | 23.12 | % |  |  | 11,213 |  |  | SOFR+318 |  | 12/09/23 |  | None
Acadia Strategic Opportunity IV LLC |  | Fund IV |  |  | 39,200 |  |  |  | 23.12 | % |  |  | 9,063 |  |  | SOFR+256 |  | 12/29/23 |  | None
Elk Grove Commons |  | Fund V |  |  | 40,665 |  |  |  | 20.10 | % |  |  | 8,174 |  |  | SOFR+161 |  | 01/11/24 |  | None
Hiram Pavilion |  | Fund V |  |  | 28,179 |  |  |  | 20.10 | % |  |  | 5,664 |  |  | SOFR+200 |  | 03/05/24 |  | None
Hickory Ridge |  | Fund V |  |  | 28,151 |  |  |  | 20.10 | % |  |  | 5,658 |  |  | SOFR+200 |  | 10/05/24 |  | None
Tri-City Plaza 4 |  | Fund V |  |  | 38,519 |  |  |  | 18.09 | % |  |  | 6,968 |  |  | LIBOR+190 |  | 10/18/24 |  | 1 x 12 mos.
Landstown Commons |  | Fund V |  |  | 60,506 |  |  |  | 20.10 | % |  |  | 12,162 |  |  | SOFR+180 |  | 10/24/24 |  | None
Lincoln Commons |  | Fund V |  |  | 38,575 |  |  |  | 20.10 | % |  |  | 7,754 |  |  | SOFR+180 |  | 10/24/24 |  | None
Palm Coast Landing |  | Fund V |  |  | 26,273 |  |  |  | 20.10 | % |  |  | 5,281 |  |  | LIBOR+175 |  | 11/01/24 |  | None
Frederick Crossing 4 |  | Fund V |  |  | 24,029 |  |  |  | 18.09 | % |  |  | 4,347 |  |  | LIBOR+175 |  | 12/02/24 |  | 1 x 12 mos.
Plaza Santa Fe |  | Fund V |  |  | 22,893 |  |  |  | 20.10 | % |  |  | 4,601 |  |  | SOFR+200 |  | 12/20/24 |  | None
Paramus Plaza 4 |  | Fund IV |  |  | 28,420 |  |  |  | 11.56 | % |  |  | 3,285 |  |  | SOFR+236 |  | 12/28/24 |  | 2 x 12 mos.
Frederick County Square 4 |  | Fund V |  |  | 22,301 |  |  |  | 18.09 | % |  |  | 4,034 |  |  | LIBOR+240 |  | 01/01/25 |  | 1 x 12 mos.
Wood Ridge Plaza 4 |  | Fund V |  |  | 32,536 |  |  |  | 18.09 | % |  |  | 5,886 |  |  | Prime+013 |  | 03/21/25 |  | 2 x 12 mos.
Midstate Mall |  | Fund V |  |  | 42,400 |  |  |  | 20.10 | % |  |  | 8,522 |  |  | SOFR+250 |  | 04/28/25 |  | 2 x 12 mos.
City Point 4 |  | Fund II |  |  | 133,655 |  |  |  | 58.06 | % |  |  | 77,597 |  |  | SOFR+261 |  | 08/01/25 |  | 1 x 12 mos.
1964 Union Street 4 |  | Fund IV |  |  | 1,374 |  |  |  | 20.80 | % |  |  | 286 |  |  | LIBOR+225 |  | 10/01/25 |  | None
2208-2216 Fillmore Street 4 |  | Fund IV |  |  | 5,372 |  |  |  | 20.80 | % |  |  | 1,117 |  |  | LIBOR+225 |  | 06/01/26 |  | None
Monroe Marketplace |  | Fund V |  |  | 29,150 |  |  |  | 20.10 | % |  |  | 5,859 |  |  | SOFR+276 |  | 11/12/26 |  | None
La Frontera Village 4 |  | Fund V |  |  | 55,500 |  |  |  | 18.09 | % |  |  | 10,040 |  |  | SOFR+261 |  | 06/10/27 |  | None
Riverdale 4 |  | Fund V |  |  | 37,272 |  |  |  | 17.97 | % |  |  | 6,699 |  |  | SOFR+246 |  | 11/01/27 |  | None
Mohawk Commons 4 |  | Fund V |  |  | 39,650 |  |  |  | 18.09 | % |  |  | 7,173 |  |  | SOFR+200 |  | 03/01/28 |  | None
Interest rate swaps 1 |  | Funds II, IV & V |  |  | (524,200 | ) |  |  | 23.06 | % |  |  | (120,872 | ) |  | n/a |  | Various |  |
Sub-Total Variable-Rate Debt |  |  |  |  | 485,336 |  |  |  |  |  |  | 131,694 |  |  | 7.44% |  |  |  |
Total Debt - Funds |  |  |  |  | 1,089,960 |  |  |  |  |  |  | 268,212 |  |  | 6.00% |  |  |  |
Total Debt - Core Portfolio and Funds |  |  |  | $ | 2,436,465 |  |  |  |  |  | $ | 1,421,140 |  |  | 4.63% |  |  |  |

_________

1.
The Company has hedged a portion of its variable-rate debt with multiple variable to fixed-rate swap agreements which have various maturities (see Swap Interest Rate Summary of this Supplemental report which highlights the notional and actual locked base rate). The indicated maturity for each loan reflects the contractual maturity date of the loan without regard to the expiration of the related swap agreements.
2.
Bears interest at the greater of 3.25% or the Prime Rate.
3.
The interest rate on the unsecured revolving credit facility excludes a 20-basis point facility fee.
4.
Acadia's interest in this Fund debt is reflected net of additional JV interests.

24

| Future Debt Maturities 1
Supplemental Report – March 31, 2023 | (in thousands)

Core Portfolio |  | Contractual Debt Maturities |  | Acadia's Pro-Rata Share |  | Weighted Average Effective Interest Rate
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Fixed- |  |
|  | Scheduled |  |  |  |  |  | Scheduled |  |  |  |  |  | Total |  | Rate |  | Variable-
Year |  | Amortization |  | Maturities |  | Total |  | Amortization |  | Maturities |  | Total |  | Debt |  | Debt |  | Rate Debt
2023 |  | $3,031 |  | $177,496 |  | $180,527 |  | $2,260 |  | $40,573 |  | $42,833 |  | 4.08% |  | 4.08% |  | n/a
2024 |  | 3,371 |  | 69,855 |  | 73,226 |  | 2,565 |  | 36,756 |  | 39,321 |  | 4.18% |  | 4.09% |  | 8.00%
2025 |  | 2,571 |  | 306,087 |  | 308,658 |  | 2,264 |  | 297,583 |  | 299,847 |  | 4.27% |  | 4.27% |  | n/a
2026 |  | 2,920 |  | 400,000 |  | 402,920 |  | 2,542 |  | 400,000 |  | 402,542 |  | 4.34% |  | 4.34% |  | n/a
2027 |  | 2,727 |  | 212,537 |  | 215,264 |  | 2,423 |  | 200,052 |  | 202,475 |  | 4.32% |  | 4.32% |  | n/a
Thereafter |  | 4,339 |  | 161,571 |  | 165,910 |  | 4,339 |  | 161,571 |  | 165,910 |  | 4.38% |  | 4.38% |  | n/a
Total |  | $18,959 |  | $1,327,546 |  | $1,346,505 |  | $16,393 |  | $1,136,535 |  | $1,152,928 |  |  |  |  |  |
Funds |  | Contractual Debt Maturities |  | Acadia's Pro-Rata Share |  | Weighted Average Effective Interest Rate
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Fixed- |  |
|  | Scheduled |  |  |  |  |  | Scheduled |  |  |  |  |  | Total |  | Rate |  | Variable-
Year |  | Amortization |  | Maturities |  | Total |  | Amortization |  | Maturities |  | Total |  | Debt |  | Debt |  | Rate Debt
2023 |  | $5,304 |  | $305,628 |  | $310,932 |  | $1,022 |  | $67,791 |  | $68,813 |  | 6.64% |  | 4.83% |  | 7.48%
2024 |  | 5,371 |  | 328,413 |  | 333,784 |  | 1,011 |  | 62,419 |  | 63,430 |  | 3.99% |  | 3.41% |  | 6.63%
2025 |  | 1,878 |  | 231,739 |  | 233,617 |  | 356 |  | 96,257 |  | 96,613 |  | 6.58% |  | 4.75% |  | 6.86%
2026 |  | 2,094 |  | 48,362 |  | 50,456 |  | 385 |  | 9,857 |  | 10,242 |  | 6.26% |  | 3.75% |  | 7.35%
2027 |  | 2,057 |  | 91,074 |  | 93,131 |  | 372 |  | 16,434 |  | 16,806 |  | 6.26% |  | 6.11% |  | 6.50%
Thereafter |  | 199 |  | 67,841 |  | 68,040 |  | 36 |  | 12,272 |  | 12,308 |  | 5.87% |  | 5.87% |  | n/a
Total |  | $16,903 |  | $1,073,057 |  | $1,089,960 |  | $3,182 |  | $265,030 |  | $268,212 |  |  |  |  |  |

________

1.
Does not include any applicable extension options or subsequent refinancing.
2.
Fixed Debt includes floating rate debt that is effectively fixed through interest rate swaps.

25

| Future Debt Maturities – As Extended 1
Supplemental Report – March 31, 2023 | (in thousands)

Core Portfolio |  | Extended Debt Maturities 1 |  | 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
2023 |  | $3,031 |  | $177,496 |  | $180,527 |  | $2,260 |  | $40,573 |  | $42,833 |  | 4.08% |  | 4.08% |  | n/a
2024 |  | 3,371 |  | 69,855 |  | 73,226 |  | 2,565 |  | 36,756 |  | 39,321 |  | 4.18% |  | 4.09% |  | 8.00%
2025 |  | 2,571 |  | 133,500 |  | 136,071 |  | 2,264 |  | 124,996 |  | 127,260 |  | 4.18% |  | 4.18% |  | n/a
2026 |  | 2,920 |  | 572,587 |  | 575,507 |  | 2,542 |  | 572,587 |  | 575,129 |  | 4.34% |  | 4.34% |  | n/a
2027 |  | 2,989 |  | 187,402 |  | 190,391 |  | 2,620 |  | 181,201 |  | 183,821 |  | 4.35% |  | 4.35% |  | n/a
Thereafter |  | 6,331 |  | 184,452 |  | 190,783 |  | 5,830 |  | 178,734 |  | 184,564 |  | 4.34% |  | 4.34% |  | n/a
Total |  | $21,213 |  | $1,325,292 |  | $1,346,505 |  | $18,081 |  | $1,134,847 |  | $1,152,928 |  |  |  |  |  |
Funds |  | Extended Debt Maturities 1 |  | 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
2023 |  | $5,304 |  | $303,804 |  | $309,108 |  | $1,022 |  | $67,425 |  | $68,447 |  | 6.64% |  | 4.83% |  | 7.49%
2024 |  | 5,548 |  | 241,567 |  | 247,115 |  | 1,041 |  | 48,555 |  | 49,596 |  | 3.97% |  | 3.50% |  | 6.20%
2025 |  | 4,048 |  | 62,323 |  | 66,371 |  | 723 |  | 11,339 |  | 12,062 |  | 3.22% |  | 3.13% |  | 7.11%
2026 |  | 3,095 |  | 272,628 |  | 275,723 |  | 542 |  | 102,940 |  | 103,482 |  | 6.48% |  | 4.57% |  | 6.82%
2027 |  | 2,163 |  | 121,440 |  | 123,603 |  | 391 |  | 21,926 |  | 22,317 |  | 6.73% |  | 6.11% |  | 7.25%
Thereafter |  | 923 |  | 67,117 |  | 68,040 |  | 167 |  | 12,141 |  | 12,308 |  | 5.87% |  | 5.87% |  | n/a
Total |  | $21,081 |  | $1,068,879 |  | $1,089,960 |  | $3,886 |  | $264,326 |  | $268,212 |  |  |  |  |  |

__________

1.
Includes the effect of all available extension options (subject to customary conditions), excludes any subsequent refinancing.
2.
Fixed Debt includes floating rate debt that is effectively fixed through interest rate swaps. Note that certain swaps (see Swap Interest Rate Summary) have expiration dates beyond the maturity of the Company’s variable rate debt.

.

26

| Swap Interest Rate Summary 1
Supplemental Report – March 31, 2023 | (in thousands)

Core Portfolio |  |  |  |  |  |  |
|  | Acadia's Pro-rata |  |  | Weighted Average |  |
Maturity Year |  | Notional Balance |  |  | Fixed Rate on Swap 2 |  |
2023 |  | $ | 24,622 |  |  |  | 2.59 | % |
2024 |  | N/A |  |  | N/A |  |
2025 |  |  | 25,000 |  |  |  | 2.24 | % |
2026 |  |  | 6,000 |  |  |  | 2.40 | % |
2027 |  |  | 275,000 |  |  |  | 2.57 | % |
2028 |  |  | 150,000 |  |  |  | 3.02 | % |
2029 |  |  | 275,000 |  |  |  | 2.68 | % |
2030 |  |  | 125,000 |  |  |  | 2.93 | % |
Total |  | $ | 880,622 |  |  |  | 2.72 | % |
Funds |  |  |  |  |  |  |
|  | Acadia's Pro-rata |  |  | Weighted Average |  |
Year |  | Notional Balance |  |  | Fixed Rate on Swap 2 |  |
2023 |  | $ | 6,560 |  |  |  | 2.79 | % |
2024 |  |  | 46,778 |  |  |  | 1.33 | % |
2025 |  |  | 11,242 |  |  |  | 2.36 | % |
2026 |  |  | 5,020 |  |  |  | 3.55 | % |
2027 |  |  | 15,070 |  |  |  | 3.39 | % |
2028 |  |  | 7,173 |  |  |  | 3.80 | % |
2029 |  |  | 29,029 |  |  |  | 3.23 | % |
2030 |  | N/A |  |  | N/A |  |
Total |  | $ | 120,872 |  |  |  | 2.46 | % |

__________

1.
Includes the Company's pro-rata share of consolidated and unconsolidated interest rate swaps.
2.
Represents strike rate (fixed) rate on the swap that the Company pays in exchange for receiving LIBOR or SOFR, as applicable.

27

| Core Portfolio Retail Properties – Detail 1
Supplemental Report – March 31, 2023 |

|  |  |  | Year |  | Acadia's |  |  | Gross Leasable Area (GLA) |  |  | In Place Occupancy |  |  | Leased Occupancy |  |  | Annualized Base Rent |  |  | ABR |
Property |  | Key Tenants |  | Acquired |  | Interest |  |  | Street |  |  | Anchors |  |  | Shops |  |  | Total |  |  | Street |  |  | Anchors |  |  | Shops |  |  | Total |  |  | Total |  |  | (ABR) |  |  | PSF |
STREET AND URBAN RETAIL |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Chicago Metro |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | ` |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rush and Walton Streets Collection (6 properties) |  | Lululemon, BHLDN, Reformation, Sprinkles |  | 2011 2012 |  |  | 100.0 | % |  |  | 40,384 |  |  |  | — |  |  |  | — |  |  |  | 40,384 |  |  |  | 88.2 | % |  |  | — | % |  |  | — | % |  |  | 88.2 | % |  |  | 93.0 | % |  | $ | 6,227,897 |  |  | $ | 174.91 |
Clark Street and W. Diversey Collection (4 properties) |  | Starbucks, TJ Maxx, J Crew Factory |  | 2011 2012 |  |  | 100.0 | % |  |  | 53,277 |  |  |  | — |  |  |  | — |  |  |  | 53,277 |  |  |  | 76.1 | % |  |  | — | % |  |  | — | % |  |  | 76.1 | % |  |  | 78.0 | % |  |  | 1,617,568 |  |  |  | 39.87 |
Halsted and Armitage Collection (13 properties) |  | Serena and Lily, Bonobos, Allbirds, Warby Parker, Marine Layer, Kiehl's |  | 2011 2012 2019 2020 |  |  | 100.0 | % |  |  | 53,220 |  |  |  | — |  |  |  | — |  |  |  | 53,220 |  |  |  | 100.0 | % |  |  | — | % |  |  | — | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 2,718,580 |  |  |  | 51.08 |
North Lincoln Park Chicago Collection (6 properties) |  | Champion, Carhartt |  | 2011 2014 |  |  | 100.0 | % |  |  | 22,125 |  |  |  | — |  |  |  | 27,796 |  |  |  | 49,921 |  |  |  | 27.7 | % |  |  | — | % |  |  | 100.0 | % |  |  | 67.9 | % |  |  | 67.9 | % |  |  | 1,114,787 |  |  |  | 32.86 |
State and Washington |  | Nordstrom Rack, Uniqlo |  | 2016 |  |  | 100.0 | % |  |  | 78,771 |  |  |  | — |  |  |  | — |  |  |  | 78,771 |  |  |  | 100.0 | % |  |  | — | % |  |  | — | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 3,394,002 |  |  |  | 43.09 |
151 N. State Street |  | Walgreens |  | 2016 |  |  | 100.0 | % |  |  | 27,385 |  |  |  | — |  |  |  | — |  |  |  | 27,385 |  |  |  | 100.0 | % |  |  | — | % |  |  | — | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 1,573,000 |  |  |  | 57.44 |
North and Kingsbury |  | Old Navy, Backcountry |  | 2016 |  |  | 100.0 | % |  |  | 41,791 |  |  |  | — |  |  |  | — |  |  |  | 41,791 |  |  |  | 100.0 | % |  |  | — | % |  |  | — | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 1,845,756 |  |  |  | 44.17 |
Concord and Milwaukee |  | — |  | 2016 |  |  | 100.0 | % |  |  | 13,147 |  |  |  | — |  |  |  | — |  |  |  | 13,147 |  |  |  | 100.0 | % |  |  | — | % |  |  | — | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 467,417 |  |  |  | 35.55 |
California and Armitage |  | — |  | 2016 |  |  | 100.0 | % |  |  | — |  |  |  | — |  |  |  | 18,275 |  |  |  | 18,275 |  |  |  | — | % |  |  | — | % |  |  | 78.8 | % |  |  | 78.8 | % |  |  | 78.8 | % |  |  | 726,753 |  |  |  | 50.49 |
Roosevelt Galleria |  | Petco, Vitamin Shoppe |  | 2015 |  |  | 100.0 | % |  |  | — |  |  |  | — |  |  |  | 37,995 |  |  |  | 37,995 |  |  |  | — | % |  |  | — | % |  |  | 63.4 | % |  |  | 63.4 | % |  |  | 89.7 | % |  |  | 698,674 |  |  |  | 29.02 |
Sullivan Center |  | Target |  | 2016 |  |  | 100.0 | % |  |  | 176,181 |  |  |  | — |  |  |  | — |  |  |  | 176,181 |  |  |  | 78.9 | % |  |  | — | % |  |  | — | % |  |  | 78.9 | % |  |  | 78.9 | % |  |  | 5,219,976 |  |  |  | 37.56 |
|  |  |  |  |  |  |  |  |  | 506,281 |  |  |  | — |  |  |  | 84,066 |  |  |  | 590,347 |  |  |  | 86.0 | % |  |  | — | % |  |  | 78.8 | % |  |  | 85.0 | % |  |  | 87.2 | % |  |  | 25,604,409 |  |  |  | 51.02 |
New York Metro |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Soho Collection (12 properties) |  | Faherty, Watches of Switzerland, ALC, Stone Island, Taft, Frame, Theory, Bang & Olufsen |  | 2011 2014 2019 2020 2022 |  |  | 100.0 | % |  |  | 36,389 |  |  |  | — |  |  |  | — |  |  |  | 36,389 |  |  |  | 64.0 | % |  |  | — | % |  |  | — | % |  |  | 64.0 | % |  |  | 74.0 | % |  |  | 8,970,484 |  |  |  | 385.38 |
5-7 East 17th Street |  | — |  | 2008 |  |  | 100.0 | % |  |  | 8,593 |  |  |  | — |  |  |  | — |  |  |  | 8,593 |  |  |  | — | % |  |  | — | % |  |  | — | % |  |  | — | % |  |  | 47.5 | % |  |  | — |  |  |  | — |
200 West 54th Street |  | — |  | 2007 |  |  | 100.0 | % |  |  | 5,862 |  |  |  | — |  |  |  | — |  |  |  | 5,862 |  |  |  | 100.0 | % |  |  | — | % |  |  | — | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 1,575,979 |  |  |  | 268.85 |
61 Main Street |  | Splendid |  | 2014 |  |  | 100.0 | % |  |  | 3,470 |  |  |  | — |  |  |  | — |  |  |  | 3,470 |  |  |  | 100.0 | % |  |  | — | % |  |  | — | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 312,925 |  |  |  | 90.18 |
181 Main Street |  | TD Bank |  | 2012 |  |  | 100.0 | % |  |  | 11,514 |  |  |  | — |  |  |  | — |  |  |  | 11,514 |  |  |  | 100.0 | % |  |  | — | % |  |  | — | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 1,080,044 |  |  |  | 93.80 |
4401 White Plains Road |  | Walgreens |  | 2011 |  |  | 100.0 | % |  |  | — |  |  |  | 12,964 |  |  |  | — |  |  |  | 12,964 |  |  |  | — | % |  |  | 100.0 | % |  |  | — | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 625,000 |  |  |  | 48.21 |

28

| Core Portfolio Retail Properties – Detail 1
Supplemental Report – March 31, 2023 |

|  |  |  | Year |  | Acadia's |  |  | Gross Leasable Area (GLA) |  |  | In Place Occupancy |  |  | Leased Occupancy |  |  | Annualized Base Rent |  |  | ABR |
Property |  | Key Tenants |  | Acquired |  | Interest |  |  | Street |  |  | Anchors |  |  | Shops |  |  | Total |  |  | Street |  |  | Anchors |  |  | Shops |  |  | Total |  |  | Total |  |  | (ABR) |  |  | PSF |
Bartow Avenue |  | — |  | 2005 |  |  | 100.0 | % |  |  | — |  |  |  | — |  |  |  | 14,824 |  |  |  | 14,824 |  |  |  | — | % |  |  | — | % |  |  | 78.8 | % |  |  | 78.8 | % |  |  | 100.0 | % |  |  | 396,697 |  |  |  | 33.98 |
239 Greenwich Avenue |  | Watches of Switzerland |  | 1998 |  |  | 75.0 | % |  |  | 16,621 |  |  |  | — |  |  |  | — |  |  |  | 16,621 |  |  |  | 100.0 | % |  |  | — | % |  |  | — | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 1,793,298 |  |  |  | 107.89 |
252-256 Greenwich Avenue |  | Veronica Beard, The RealReal, Blue Mercury |  | 2014 |  |  | 100.0 | % |  |  | 7,986 |  |  |  | — |  |  |  | — |  |  |  | 7,986 |  |  |  | 100.0 | % |  |  | — | % |  |  | — | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 1,019,225 |  |  |  | 127.63 |
2914 Third Avenue |  | Planet Fitness |  | 2006 |  |  | 100.0 | % |  |  | — |  |  |  | 21,650 |  |  |  | 18,953 |  |  |  | 40,603 |  |  |  | — | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 1,107,063 |  |  |  | 27.27 |
868 Broadway |  | Dr. Martens |  | 2013 |  |  | 100.0 | % |  |  | 2,031 |  |  |  | — |  |  |  | — |  |  |  | 2,031 |  |  |  | 100.0 | % |  |  | — | % |  |  | — | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 838,855 |  |  |  | 413.03 |
313-315 Bowery 2 |  | John Varvatos |  | 2013 |  |  | 100.0 | % |  |  | 6,600 |  |  |  | — |  |  |  | — |  |  |  | 6,600 |  |  |  | 100.0 | % |  |  | — | % |  |  | — | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 527,076 |  |  |  | 79.86 |
120 West Broadway |  | Citizens Bank, Citi Bank |  | 2013 |  |  | 100.0 | % |  |  | 13,838 |  |  |  | — |  |  |  | — |  |  |  | 13,838 |  |  |  | 79.8 | % |  |  | — | % |  |  | — | % |  |  | 79.8 | % |  |  | 100.0 | % |  |  | 2,111,979 |  |  |  | 191.34 |
2520 Flatbush Avenue |  | Bob's Disc. Furniture, Capital One |  | 2014 |  |  | 100.0 | % |  |  | — |  |  |  | — |  |  |  | 29,114 |  |  |  | 29,114 |  |  |  | — | % |  |  | — | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 1,181,175 |  |  |  | 40.57 |
Williamsburg Collection 3 |  | Sephora, SweetGreen, Levain Bakery |  | 2022 |  |  | 100.0 | % |  |  | 50,842 |  |  |  | — |  |  |  | — |  |  |  | 50,842 |  |  |  | 100.0 | % |  |  | — | % |  |  | — |  |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 5,236,923 |  |  |  | 103.00 |
991 Madison Avenue |  | Vera Wang, Gabriela Hearst |  | 2016 |  |  | 100.0 | % |  |  | 7,513 |  |  |  | — |  |  |  | — |  |  |  | 7,513 |  |  |  | 100.0 | % |  |  | — | % |  |  | — | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 3,061,496 |  |  |  | 407.49 |
Shops at Grand |  | Stop & Shop (Ahold) |  | 2014 |  |  | 100.0 | % |  |  | — |  |  |  | 52,336 |  |  |  | 47,349 |  |  |  | 99,685 |  |  |  | — | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 3,548,954 |  |  |  | 35.60 |
Gotham Plaza |  | Bank of America, Footlocker, Taco Bell |  | 2016 |  |  | 49.0 | % |  |  | — |  |  |  | — |  |  |  | 25,922 |  |  |  | 25,922 |  |  |  | — | % |  |  | — | % |  |  | 91.6 | % |  |  | 91.6 | % |  |  | 91.6 | % |  |  | 2,001,644 |  |  |  | 84.34 |
|  |  |  |  |  |  |  |  |  | 171,259 |  |  |  | 86,950 |  |  |  | 136,162 |  |  |  | 394,371 |  |  |  | 85.7 | % |  |  | 100.0 | % |  |  | 96.1 | % |  |  | 92.4 | % |  |  | 95.9 | % |  |  | 35,388,818 |  |  |  | 97.08 |
Los Angeles Metro |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
8833 Beverly Blvd |  | Luxury Living |  | 2022 |  |  | 100.0 | % |  |  | 9,757 |  |  |  | — |  |  |  | — |  |  |  | 9,757 |  |  |  | 100.0 | % |  |  | — | % |  |  | — | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 1,272,860 |  |  |  | 130.46 |
Melrose Place Collection |  | The Row, Chloe, Oscar de la Renta |  | 2019 |  |  | 100.0 | % |  |  | 14,000 |  |  |  | — |  |  |  | — |  |  |  | 14,000 |  |  |  | 100.0 | % |  |  | — | % |  |  | — | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 2,734,347 |  |  |  | 195.31 |
|  |  |  |  |  |  |  |  |  | 23,757 |  |  |  | — |  |  |  | — |  |  |  | 23,757 |  |  |  | 100.0 | % |  |  | — | % |  |  | — | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 4,007,207 |  |  |  | 168.67 |
District of Columbia Metro |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1739-53 & 1801-03 Connecticut Avenue |  | TD Bank |  | 2012 |  |  | 100.0 | % |  |  | 20,669 |  |  |  | — |  |  |  | — |  |  |  | 20,669 |  |  |  | 66.7 | % |  |  | — | % |  |  | — | % |  |  | 66.7 | % |  |  | 66.7 | % |  |  | 771,854 |  |  |  | 56.02 |
14th Street Collection (3 properties) |  | Mitchell Gold + Bob Williams, Verizon |  | 2021 |  |  | 100.0 | % |  |  | 19,461 |  |  |  | — |  |  |  | — |  |  |  | 19,461 |  |  |  | 100.0 | % |  |  | — | % |  |  | — | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 1,430,821 |  |  |  | 73.52 |
Rhode Island Place Shopping Center |  | Ross Dress for Less |  | 2012 |  |  | 100.0 | % |  |  | — |  |  |  | 25,134 |  |  |  | 32,533 |  |  |  | 57,667 |  |  |  | — |  |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 2,080,617 |  |  |  | 36.08 |
M Street and Wisconsin Corridor (26 Properties) 4 |  | Lululemon, Duxiana, Rag and Bone, Reformation, Glossier, Showfields |  | 2011 2016 2019 |  |  | 25.2 | % |  |  | 246,672 |  |  |  | — |  |  |  | — |  |  |  | 246,672 |  |  |  | 80.0 | % |  |  | — | % |  |  | — | % |  |  | 80.0 | % |  |  | 86.0 | % |  |  | 13,127,705 |  |  |  | 66.56 |
|  |  |  |  |  |  |  |  |  | 286,802 |  |  |  | 25,134 |  |  |  | 32,533 |  |  |  | 344,469 |  |  |  | 80.4 | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 83.6 | % |  |  | 88.0 | % |  |  | 17,410,996 |  |  |  | 60.43 |
Boston Metro |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

29

| Core Portfolio Retail Properties – Detail 1
Supplemental Report – March 31, 2023 |

|  |  |  | Year |  | Acadia's |  |  | Gross Leasable Area (GLA) |  |  | In Place Occupancy |  |  | Leased Occupancy |  |  | Annualized Base Rent |  |  | ABR |
Property |  | Key Tenants |  | Acquired |  | Interest |  |  | Street |  |  | Anchors |  |  | Shops |  |  | Total |  |  | Street |  |  | Anchors |  |  | Shops |  |  | Total |  |  | Total |  |  | (ABR) |  |  | PSF |
165 Newbury Street |  | Starbucks |  | 2016 |  |  | 100.0 | % |  |  | 1,050 |  |  |  | — |  |  |  | — |  |  |  | 1,050 |  |  |  | 100.0 | % |  |  | — | % |  |  | — | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 303,471 |  |  |  | 289.02 |
|  |  |  |  |  |  |  |  |  | 1,050 |  |  |  | — |  |  |  | — |  |  |  | 1,050 |  |  |  | 100.0 | % |  |  | — | % |  |  | — | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 303,471 |  |  |  | 289.02 |
Dallas Metro |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Henderson Avenue Portfolio (14 properties) |  | Sprouts Market, Warby Parker, Tecovas |  | 2022 |  |  | 100.0 | % |  |  | 89,568 |  |  |  | 31,635 |  |  |  | — |  |  |  | 121,203 |  |  |  | 79.0 | % |  |  | 100.0 | % |  |  | — | % |  |  | 84.5 | % |  |  | 88.3 | % |  |  | 4,058,059 |  |  |  | 39.64 |
Total Street and Urban Retail |  |  |  |  |  |  |  | 1,078,717 |  |  |  | 143,719 |  |  |  | 252,761 |  |  |  | 1,475,197 |  |  |  | 84.2 | % |  |  | 100.0 | % |  |  | 90.8 | % |  |  | 86.9 | % |  |  | 90.0 | % |  | $ | 86,772,961 |  |  | $ | 67.70 |
Acadia Share Total Street and Urban Retail |  |  |  |  |  |  |  | 889,992 |  |  |  | 143,719 |  |  |  | 239,541 |  |  |  | 1,273,252 |  |  |  | 84.6 | % |  |  | 100.0 | % |  |  | 90.8 | % |  |  | 87.5 | % |  |  | 90.7 | % |  | $ | 75,327,252 |  |  | $ | 67.63 |
SUBURBAN PROPERTIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New Jersey |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Elmwood Park Shopping Center |  | Walgreens, Lidl, Chase Bank, City MD |  | 1998 |  |  | 100.0 | % |  |  | — |  |  |  | 43,531 |  |  |  | 100,379 |  |  |  | 143,910 |  |  |  | — | % |  |  | 100.0 | % |  |  | 81.6 | % |  |  | 87.1 | % |  |  | 100.0 | % |  |  | 3,437,633 |  |  |  | 27.41 |
Marketplace of Absecon |  | Walgreens, Dollar Tree |  | 1998 |  |  | 100.0 | % |  |  | — |  |  |  | 46,724 |  |  |  | 57,832 |  |  |  | 104,556 |  |  |  | — | % |  |  | 100.0 | % |  |  | 85.9 | % |  |  | 92.2 | % |  |  | 92.2 | % |  |  | 1,488,816 |  |  |  | 15.44 |
New York |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Village Commons Shopping Center |  | — |  | 1998 |  |  | 100.0 | % |  |  | — |  |  |  | — |  |  |  | 87,128 |  |  |  | 87,128 |  |  |  | — | % |  |  | — | % |  |  | 92.1 | % |  |  | 92.1 | % |  |  | 94.9 | % |  |  | 2,777,972 |  |  |  | 34.60 |
Branch Plaza |  | LA Fitness, The Fresh Market |  | 1998 |  |  | 100.0 | % |  |  | — |  |  |  | 76,264 |  |  |  | 47,081 |  |  |  | 123,345 |  |  |  | — | % |  |  | 100.0 | % |  |  | 96.9 | % |  |  | 98.8 | % |  |  | 98.8 | % |  |  | 3,535,426 |  |  |  | 29.01 |
Amboy Center |  | Stop & Shop (Ahold) |  | 2005 |  |  | 100.0 | % |  |  | — |  |  |  | 37,266 |  |  |  | 26,024 |  |  |  | 63,290 |  |  |  | — | % |  |  | 100.0 | % |  |  | 71.9 | % |  |  | 88.4 | % |  |  | 92.2 | % |  |  | 1,960,211 |  |  |  | 35.02 |
Crossroads Shopping Center |  | HomeGoods, PetSmart, BJ's Wholesale Club |  | 1998 |  |  | 49.0 | % |  |  | — |  |  |  | 202,727 |  |  |  | 108,928 |  |  |  | 311,655 |  |  |  | — | % |  |  | 100.0 | % |  |  | 54.8 | % |  |  | 84.2 | % |  |  | 88.6 | % |  |  | 7,957,099 |  |  |  | 30.32 |
New Loudon Center |  | Price Chopper, Marshalls |  | 1993 |  |  | 100.0 | % |  |  | — |  |  |  | 242,058 |  |  |  | 16,643 |  |  |  | 258,701 |  |  |  | — | % |  |  | 94.8 | % |  |  | 100.0 | % |  |  | 95.2 | % |  |  | 95.2 | % |  |  | 2,249,811 |  |  |  | 9.14 |
28 Jericho Turnpike |  | Kohl's |  | 2012 |  |  | 100.0 | % |  |  | — |  |  |  | 96,363 |  |  |  | — |  |  |  | 96,363 |  |  |  | — | % |  |  | 100.0 | % |  |  | — | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 1,996,500 |  |  |  | 20.72 |
Bedford Green |  | Shop Rite, CVS |  | 2014 |  |  | 100.0 | % |  |  | — |  |  |  | 37,981 |  |  |  | 52,608 |  |  |  | 90,589 |  |  |  | — | % |  |  | 100.0 | % |  |  | 55.1 | % |  |  | 73.9 | % |  |  | 73.9 | % |  |  | 2,275,105 |  |  |  | 33.98 |
Connecticut |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Town Line Plaza 5 |  | Wal-Mart, Stop & Shop (Ahold) |  | 1998 |  |  | 100.0 | % |  |  | — |  |  |  | 163,159 |  |  |  | 42,930 |  |  |  | 206,089 |  |  |  | — | % |  |  | 100.0 | % |  |  | 87.2 | % |  |  | 97.3 | % |  |  | 97.3 | % |  |  | 1,809,935 |  |  |  | 17.52 |
Massachusetts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Methuen Shopping Center |  | Wal-Mart, Market Basket |  | 1998 |  |  | 100.0 | % |  |  | — |  |  |  | 120,004 |  |  |  | 10,017 |  |  |  | 130,021 |  |  |  | — | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 1,467,751 |  |  |  | 11.29 |
Crescent Plaza |  | Home Depot, Shaw's (Supervalu) |  | 1993 |  |  | 100.0 | % |  |  | — |  |  |  | 156,985 |  |  |  | 61,163 |  |  |  | 218,148 |  |  |  | — | % |  |  | 100.0 | % |  |  | 85.7 | % |  |  | 96.0 | % |  |  | 100.0 | % |  |  | 2,072,175 |  |  |  | 9.90 |
201 Needham Street |  | Michael's |  | 2014 |  |  | 100.0 | % |  |  | — |  |  |  | 20,409 |  |  |  | — |  |  |  | 20,409 |  |  |  | — | % |  |  | 100.0 | % |  |  | — | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 711,662 |  |  |  | 34.87 |

30

| Core Portfolio Retail Properties – Detail 1
Supplemental Report – March 31, 2023 |

|  |  |  | Year |  | Acadia's |  |  | Gross Leasable Area (GLA) |  |  | In Place Occupancy |  |  | Leased Occupancy |  |  | Annualized Base Rent |  |  | ABR |
Property |  | Key Tenants |  | Acquired |  | Interest |  |  | Street |  |  | Anchors |  |  | Shops |  |  | Total |  |  | Street |  |  | Anchors |  |  | Shops |  |  | Total |  |  | Total |  |  | (ABR) |  |  | PSF |
163 Highland Avenue |  | Staples, Petco |  | 2015 |  |  | 100.0 | % |  |  | — |  |  |  | 40,505 |  |  |  | — |  |  |  | 40,505 |  |  |  | — | % |  |  | 100.0 | % |  |  | — | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 1,490,575 |  |  |  | 36.80 |
Vermont |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
The Gateway Shopping Center |  | Shaw's (Supervalu) |  | 1999 |  |  | 100.0 | % |  |  | — |  |  |  | 73,184 |  |  |  | 29,670 |  |  |  | 102,854 |  |  |  | — | % |  |  | 100.0 | % |  |  | 85.8 | % |  |  | 95.9 | % |  |  | 98.7 | % |  |  | 2,168,365 |  |  |  | 21.98 |
Illinois |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hobson West Plaza |  | Garden Fresh Markets |  | 1998 |  |  | 100.0 | % |  |  | — |  |  |  | 51,692 |  |  |  | 47,270 |  |  |  | 98,962 |  |  |  | — | % |  |  | 100.0 | % |  |  | 97.3 | % |  |  | 98.7 | % |  |  | 98.7 | % |  |  | 1,397,131 |  |  |  | 14.30 |
Indiana |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Merrillville Plaza |  | Jo-Ann Fabrics, TJ Maxx, DD's Discount (Ross) |  | 1998 |  |  | 100.0 | % |  |  | — |  |  |  | 123,144 |  |  |  | 112,782 |  |  |  | 235,926 |  |  |  | — | % |  |  | 100.0 | % |  |  | 71.5 | % |  |  | 86.4 | % |  |  | 91.1 | % |  |  | 2,897,494 |  |  |  | 14.22 |
Michigan |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bloomfield Town Square |  | HomeGoods, TJ Maxx, Dick's Sporting Goods, Burlington |  | 1998 |  |  | 100.0 | % |  |  | — |  |  |  | 153,332 |  |  |  | 81,619 |  |  |  | 234,951 |  |  |  | — | % |  |  | 100.0 | % |  |  | 98.2 | % |  |  | 99.4 | % |  |  | 99.4 | % |  |  | 4,287,818 |  |  |  | 18.36 |
Delaware |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Town Center and Other (2 properties) |  | Lowes, Dick's Sporting Goods, Target |  | 2003 |  |  | 100.0 | % |  |  | — |  |  |  | 751,455 |  |  |  | 48,608 |  |  |  | 800,063 |  |  |  | — | % |  |  | 94.2 | % |  |  | 91.4 | % |  |  | 94.0 | % |  |  | 94.0 | % |  |  | 13,046,255 |  |  |  | 17.35 |
Market Square Shopping Center |  | Trader Joe's, TJ Maxx |  | 2003 |  |  | 100.0 | % |  |  | — |  |  |  | 42,850 |  |  |  | 59,197 |  |  |  | 102,047 |  |  |  | — | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 3,270,256 |  |  |  | 32.05 |
Naamans Road |  | — |  | 2006 |  |  | 100.0 | % |  |  | — |  |  |  | — |  |  |  | 19,850 |  |  |  | 19,850 |  |  |  | — | % |  |  | — | % |  |  | 63.9 | % |  |  | 63.9 | % |  |  | 63.9 | % |  |  | 698,462 |  |  |  | 55.08 |
Pennsylvania |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mark Plaza |  | Kmart |  | 1993 |  |  | 100.0 | % |  |  | — |  |  |  | 104,956 |  |  |  | 1,900 |  |  |  | 106,856 |  |  |  | — | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 246,274 |  |  |  | 2.30 |
Plaza 422 |  | Home Depot |  | 1993 |  |  | 100.0 | % |  |  | — |  |  |  | 139,968 |  |  |  | 16,311 |  |  |  | 156,279 |  |  |  | — | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 909,902 |  |  |  | 5.82 |
Chestnut Hill |  | — |  | 2006 |  |  | 100.0 | % |  |  | — |  |  |  | — |  |  |  | 36,492 |  |  |  | 36,492 |  |  |  | — | % |  |  | — | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 961,735 |  |  |  | 26.35 |
Abington Towne Center 6 |  | Target, TJ Maxx |  | 1998 |  |  | 100.0 | % |  |  | — |  |  |  | 184,616 |  |  |  | 32,255 |  |  |  | 216,871 |  |  |  | — | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 1,289,331 |  |  |  | 21.76 |
Total Suburban Properties |  |  |  |  |  |  |  | — |  |  |  | 2,909,173 |  |  |  | 1,096,687 |  |  |  | 4,005,860 |  |  |  | — | % |  |  | 98.1 | % |  |  | 83.6 | % |  |  | 94.1 | % |  |  | 95.6 | % |  | $ | 66,403,693 |  |  | $ | 18.89 |
Acadia Share Total Suburban Properties |  |  |  |  |  |  |  | — |  |  |  | 2,805,782 |  |  |  | 1,041,134 |  |  |  | 3,846,916 |  |  |  | — | % |  |  | 98.0 | % |  |  | 85.1 | % |  |  | 94.5 | % |  |  | 95.9 | % |  | $ | 62,345,572 |  |  | $ | 18.44 |
Total Core Properties |  |  |  |  |  |  |  | 1,078,717 |  |  |  | 3,052,892 |  |  |  | 1,349,448 |  |  |  | 5,481,057 |  |  |  | 84.2 | % |  |  | 98.2 | % |  |  | 85.0 | % |  |  | 92.2 | % |  |  | 94.1 | % |  | $ | 153,176,654 |  |  | $ | 31.94 |
Acadia Share Total Core Properties |  |  |  |  |  |  |  | 889,992 |  |  |  | 2,949,501 |  |  |  | 1,280,675 |  |  |  | 5,120,168 |  |  |  | 84.6 | % |  |  | 98.1 | % |  |  | 86.2 | % |  |  | 92.8 | % |  |  | 94.6 | % |  | $ | 137,672,824 |  |  | $ | 30.63 |

31

| Core Portfolio Retail Properties – Detail 1
Supplemental Report – March 31, 2023 |

__________

1.
Excludes properties under development, redevelopment and pre-stabilized, see Development and Redevelopment Activity page of this Supplemental Report. The above in place occupancy and rent amounts only include spaces where leases have commenced. Leased occupancy includes spaces for which leases have been signed and not yet commenced. ABR and ABR per square foot correlates to in place occupancy.
2.
Represents the annual base rent paid to Acadia pursuant to a master lessee and does not reflect the rent paid by the retail tenants at the property.
3.
The Company’s stated legal ownership is 49.99%. However, given the preferences embedded in its interests, the Company did not attribute any value to the 50.01% non-controlling interest holders.
4.
Excludes 94,000 square feet of office GLA.
5.
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.
6.
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.

32

| Core Portfolio – Top Tenants 1
Supplemental Report – March 31, 2023 | (Pro Rata Basis)

|  | Number of |  |  | Combined |  |  | Percentage of Total |
Tenant |  | Stores |  |  | GLA |  |  | ABR |  |  | GLA |  |  | ABR |
Target |  |  | 3 |  |  |  | 408,895 |  |  | $ | 8,323,009 |  |  |  | 7.0 | % |  |  | 5.3 | %
Walgreens |  |  | 5 |  |  |  | 81,763 |  |  |  | 3,719,187 |  |  |  | 1.4 | % |  |  | 2.4 | %
Royal Ahold 2 |  |  | 3 |  |  |  | 155,461 |  |  |  | 3,637,677 |  |  |  | 2.7 | % |  |  | 2.3 | %
Bed, Bath, and Beyond |  |  | 2 |  |  |  | 124,432 |  |  |  | 3,560,443 |  |  |  | 2.1 | % |  |  | 2.3 | %
Verizon |  |  | 2 |  |  |  | 26,054 |  |  |  | 2,835,865 |  |  |  | 0.4 | % |  |  | 1.8 | %
TJX Companies 3 |  |  | 8 |  |  |  | 229,043 |  |  |  | 2,765,292 |  |  |  | 3.9 | % |  |  | 1.8 | %
PetSmart, Inc. |  |  | 4 |  |  |  | 76,257 |  |  |  | 2,760,241 |  |  |  | 1.3 | % |  |  | 1.8 | %
Lululemon |  |  | 2 |  |  |  | 7,533 |  |  |  | 2,614,753 |  |  |  | 0.1 | % |  |  | 1.7 | %
Trader Joe's |  |  | 3 |  |  |  | 40,862 |  |  |  | 2,499,318 |  |  |  | 0.7 | % |  |  | 1.6 | %
Fast Retailing 4 |  |  | 2 |  |  |  | 32,013 |  |  |  | 2,387,950 |  |  |  | 0.5 | % |  |  | 1.5 | %
Albertsons Companies 5 |  |  | 2 |  |  |  | 123,409 |  |  |  | 1,980,640 |  |  |  | 2.1 | % |  |  | 1.3 | %
Bob's Discount Furniture |  |  | 2 |  |  |  | 68,793 |  |  |  | 1,843,336 |  |  |  | 1.2 | % |  |  | 1.2 | %
Tapestry 6 |  |  | 2 |  |  |  | 4,250 |  |  |  | 1,736,804 |  |  |  | 0.1 | % |  |  | 1.1 | %
Watches of Switzerland 7 |  |  | 2 |  |  |  | 13,863 |  |  |  | 1,624,974 |  |  |  | 0.2 | % |  |  | 1.0 | %
Ulta Salon Cosmetic & Fragrance |  |  | 3 |  |  |  | 31,497 |  |  |  | 1,550,757 |  |  |  | 0.5 | % |  |  | 1.0 | %
Dick's Sporting Goods, Inc |  |  | 2 |  |  |  | 98,805 |  |  |  | 1,544,276 |  |  |  | 1.7 | % |  |  | 1.0 | %
Gap 8 |  |  | 2 |  |  |  | 37,895 |  |  |  | 1,363,165 |  |  |  | 0.6 | % |  |  | 0.9 | %
Citibank |  |  | 4 |  |  |  | 16,160 |  |  |  | 1,337,924 |  |  |  | 0.3 | % |  |  | 0.9 | %
The Home Depot |  |  | 2 |  |  |  | 187,914 |  |  |  | 1,307,040 |  |  |  | 3.2 | % |  |  | 0.8 | %
TD Bank |  |  | 2 |  |  |  | 14,700 |  |  |  | 1,285,992 |  |  |  | 0.3 | % |  |  | 0.8 | %
TOTAL |  |  | 57 |  |  |  | 1,779,599 |  |  | $ | 50,678,643 |  |  |  | 30.3 | % |  |  | 32.4 | %

__________

1.
In accordance with the Company's policy of not disclosing the terms of individual leases, this list does not include tenants that operate at only one Acadia Core location. The following tenants with single locations that would otherwise be included in our top 20 tenants are: H&M (840 N. Michigan), Lowe's (Brandywine), Kohl's (28 Jericho), Tommy Bahama (664 N. Michigan), Bang & Olufsen (Soho) and Nordstrom Rack (State and Washington).
2.
Stop and Shop (3 locations)
3.
TJ Maxx (5 locations), HomeGoods (2 locations), Marshalls (1 location)
4.
Uniqlo (1 location), Theory (1 location)
5.
Shaw’s (2 locations)
6.
Kate Spade (2 locations)
7.
Grand Seiko (1 location), Betteridge Jewelers (1 location)
8.
Old Navy (2 locations)

33

| Core Portfolio – L ease Expirations
Supplemental Report – March 31, 2023 | (Pro Rata Basis)

|  | Street Tenants |  |  | Anchor Tenants |
|  |  |  |  | GLA |  |  | ABR |  |  |  |  |  | GLA |  |  | ABR |
|  | Leases |  |  | Expiring |  |  | Percent |  |  |  |  |  | Percent |  |  | Leases |  |  | Expiring |  |  | Percent |  |  |  |  |  | Percent |
Year |  | Expiring |  |  | SF |  |  | of Total |  |  | PSF |  |  | of Total |  |  | Expiring |  |  | SF |  |  | of Total |  |  | PSF |  |  | of Total |
M to M 1 |  |  | 2 |  |  |  | 2,265 |  |  |  | 0.3 | % |  | $ | 15.89 |  |  |  | 0.1 | % |  |  | — |  |  |  | — |  |  |  | — | % |  | $ | — |  |  |  | — | %
2023 (remainder) |  |  | 20 |  |  |  | 92,040 |  |  |  | 12.2 | % |  |  | 53.81 |  |  |  | 7.9 | % |  |  | 3 |  |  |  | 95,734 |  |  |  | 3.6 | % |  |  | 15.63 |  |  |  | 3.7 | %
2024 |  |  | 20 |  |  |  | 60,224 |  |  |  | 8.0 | % |  |  | 71.63 |  |  |  | 6.9 | % |  |  | 16 |  |  |  | 561,054 |  |  |  | 21.3 | % |  |  | 13.82 |  |  |  | 19.2 | %
2025 |  |  | 22 |  |  |  | 57,734 |  |  |  | 7.7 | % |  |  | 148.28 |  |  |  | 13.7 | % |  |  | 9 |  |  |  | 376,598 |  |  |  | 14.3 | % |  |  | 19.14 |  |  |  | 17.9 | %
2026 |  |  | 29 |  |  |  | 73,149 |  |  |  | 9.7 | % |  |  | 141.60 |  |  |  | 16.5 | % |  |  | 9 |  |  |  | 404,089 |  |  |  | 15.3 | % |  |  | 9.94 |  |  |  | 10.0 | %
2027 |  |  | 14 |  |  |  | 26,074 |  |  |  | 3.5 | % |  |  | 143.97 |  |  |  | 6.0 | % |  |  | 5 |  |  |  | 155,675 |  |  |  | 5.9 | % |  |  | 21.38 |  |  |  | 8.3 | %
2028 |  |  | 15 |  |  |  | 186,254 |  |  |  | 24.8 | % |  |  | 58.53 |  |  |  | 17.4 | % |  |  | 10 |  |  |  | 513,514 |  |  |  | 19.5 | % |  |  | 11.97 |  |  |  | 15.2 | %
2029 |  |  | 14 |  |  |  | 41,663 |  |  |  | 5.5 | % |  |  | 87.88 |  |  |  | 5.8 | % |  |  | 3 |  |  |  | 99,988 |  |  |  | 3.8 | % |  |  | 16.98 |  |  |  | 4.2 | %
2030 |  |  | 8 |  |  |  | 63,747 |  |  |  | 8.5 | % |  |  | 61.82 |  |  |  | 6.3 | % |  |  | — |  |  |  | — |  |  |  | — | % |  |  | — |  |  |  | — | %
2031 |  |  | 7 |  |  |  | 41,177 |  |  |  | 5.5 | % |  |  | 68.93 |  |  |  | 4.5 | % |  |  | 2 |  |  |  | 50,566 |  |  |  | 1.9 | % |  |  | 16.97 |  |  |  | 2.1 | %
2032 |  |  | 18 |  |  |  | 59,042 |  |  |  | 7.8 | % |  |  | 104.58 |  |  |  | 9.8 | % |  |  | 2 |  |  |  | 62,382 |  |  |  | 2.4 | % |  |  | 12.53 |  |  |  | 1.9 | %
Thereafter |  |  | 10 |  |  |  | 49,138 |  |  |  | 6.5 | % |  |  | 65.36 |  |  |  | 5.1 | % |  |  | 7 |  |  |  | 318,547 |  |  |  | 12.1 | % |  |  | 22.07 |  |  |  | 17.4 | %
Total |  |  | 179 |  |  |  | 752,508 |  |  |  | 100.0 | % |  | $ | 83.32 |  |  |  | 100.0 | % |  |  | 66 |  |  |  | 2,638,147 |  |  |  | 100.0 | % |  | $ | 15.28 |  |  |  | 100.0 | %
Anchor GLA Owned by Tenants |  |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 254,916 |  |  |  |  |  |  |  |  |  |
Total Vacant |  |  |  | 137,484 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 56,438 |  |  |  |  |  |  |  |  |  |
Total Square Feet |  |  |  | 889,992 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,949,501 |  |  |  |  |  |  |  |  |  |
|  | Shop Tenants |  |  | Total Tenants |
|  |  |  |  | GLA |  |  | ABR |  |  |  |  |  | GLA |  |  | ABR |
|  | Leases |  |  | Expiring |  |  | Percent |  |  |  |  |  | Percent |  |  | Leases |  |  | Expiring |  |  | Percent |  |  |  |  |  | Percent |
Year |  | Expiring |  |  | SF |  |  | of Total |  |  | PSF |  |  | of Total |  |  | Expiring |  |  | SF |  |  | of Total |  |  | PSF |  |  | of Total |
M to M 1 |  |  | — |  |  |  | — |  |  |  | — | % |  | $ | — |  |  |  | — | % |  |  | 2 |  |  |  | 2,265 |  |  |  | 0.1 | % |  | $ | 15.89 |  |  |  | — | %
2023 (remainder) |  |  | 30 |  |  |  | 102,733 |  |  |  | 9.3 | % |  |  | 28.66 |  |  |  | 8.5 | % |  |  | 53 |  |  |  | 290,507 |  |  |  | 6.5 | % |  |  | 32.33 |  |  |  | 6.8 | %
2024 |  |  | 33 |  |  |  | 153,801 |  |  |  | 13.9 | % |  |  | 25.27 |  |  |  | 11.2 | % |  |  | 69 |  |  |  | 775,079 |  |  |  | 17.2 | % |  |  | 20.58 |  |  |  | 11.6 | %
2025 |  |  | 34 |  |  |  | 116,318 |  |  |  | 10.5 | % |  |  | 28.50 |  |  |  | 9.6 | % |  |  | 65 |  |  |  | 550,650 |  |  |  | 12.3 | % |  |  | 34.65 |  |  |  | 13.9 | %
2026 |  |  | 39 |  |  |  | 142,809 |  |  |  | 12.9 | % |  |  | 26.03 |  |  |  | 10.7 | % |  |  | 77 |  |  |  | 620,046 |  |  |  | 13.8 | % |  |  | 29.18 |  |  |  | 13.1 | %
2027 |  |  | 39 |  |  |  | 163,825 |  |  |  | 14.8 | % |  |  | 33.36 |  |  |  | 15.8 | % |  |  | 58 |  |  |  | 345,574 |  |  |  | 7.7 | % |  |  | 36.31 |  |  |  | 9.1 | %
2028 |  |  | 26 |  |  |  | 105,912 |  |  |  | 9.6 | % |  |  | 39.06 |  |  |  | 11.9 | % |  |  | 51 |  |  |  | 805,680 |  |  |  | 17.9 | % |  |  | 26.29 |  |  |  | 15.4 | %
2029 |  |  | 13 |  |  |  | 30,831 |  |  |  | 2.8 | % |  |  | 29.11 |  |  |  | 2.6 | % |  |  | 30 |  |  |  | 172,482 |  |  |  | 3.8 | % |  |  | 36.27 |  |  |  | 4.5 | %
2030 |  |  | 10 |  |  |  | 30,848 |  |  |  | 2.8 | % |  |  | 35.58 |  |  |  | 3.2 | % |  |  | 18 |  |  |  | 94,595 |  |  |  | 2.1 | % |  |  | 53.26 |  |  |  | 3.7 | %
2031 |  |  | 16 |  |  |  | 83,070 |  |  |  | 7.5 | % |  |  | 28.70 |  |  |  | 6.9 | % |  |  | 25 |  |  |  | 174,813 |  |  |  | 3.9 | % |  |  | 34.78 |  |  |  | 4.4 | %
2032 |  |  | 26 |  |  |  | 99,384 |  |  |  | 9.0 | % |  |  | 32.77 |  |  |  | 9.4 | % |  |  | 46 |  |  |  | 220,808 |  |  |  | 4.9 | % |  |  | 46.25 |  |  |  | 7.4 | %
Thereafter |  |  | 17 |  |  |  | 74,452 |  |  |  | 6.7 | % |  |  | 47.72 |  |  |  | 10.3 | % |  |  | 34 |  |  |  | 442,137 |  |  |  | 9.8 | % |  |  | 31.20 |  |  |  | 10.0 | %
Total |  |  | 283 |  |  |  | 1,103,981 |  |  |  | 100.0 | % |  | $ | 31.39 |  |  |  | 100.0 | % |  |  | 528 |  |  |  | 4,494,636 |  |  |  | 100.0 | % |  | $ | 30.63 |  |  |  | 100.0 | %
Anchor GLA Owned by Tenants |  |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 254,916 |  |  |  |  |  |  |  |  |  |
Total Vacant |  |  |  | 176,694 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 370,616 |  |  |  |  |  |  |  |  |  |
Total Square Feet |  |  |  | 1,280,675 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5,120,168 |  |  |  |  |  |  |  |  |  |

_________

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

34

| Core Portfolio – New and Renewal Rent Spreads 1
Supplemental Report – March 31, 2023 |

|  | Quarter Ended |
|  | March 31, 2023 |
|  | GAAP 2 |  |  | Cash 3 |
New Leases |  |  |  |  |  |
Number of new leases executed |  |  | 1 |  |  |  | 1 |
GLA |  |  | 2,360 |  |  |  | 2,360 |
New base rent |  | $ | 50.09 |  |  | $ | 46.00 |
Previous base rent |  | $ | 31.94 |  |  | $ | 32.85 |
Average cost per square foot |  | $ | 16.57 |  |  | $ | 16.57 |
Weighted Average Lease Term (years) |  |  | 10.0 |  |  |  | 10.0 |
Percentage growth in base rent |  |  | 56.8 | % |  |  | 40.0 | %
Renewal Leases |  |  |  |  |  |
Number of renewal leases executed |  |  | 16 |  |  |  | 16 |
GLA |  |  | 52,191 |  |  |  | 52,191 |
New base rent |  | $ | 32.10 |  |  | $ | 30.78 |
Expiring base rent |  | $ | 26.66 |  |  | $ | 28.42 |
Average cost per square foot |  | $ | 1.91 |  |  | $ | 1.91 |
Weighted Average Lease Term (years) |  |  | 4.6 |  |  |  | 4.6 |
Percentage growth in base rent |  |  | 20.4 | % |  |  | 8.3 | %
Total New and Renewal Leases |  |  |  |  |  |
Number of new and renewal leases executed |  |  | 17 |  |  |  | 17 |
GLA commencing |  |  | 54,551 |  |  |  | 54,551 |
New base rent |  | $ | 32.88 |  |  | $ | 31.44 |
Expiring base rent |  | $ | 26.89 |  |  | $ | 28.61 |
Average cost per square foot |  | $ | 2.54 |  |  | $ | 2.54 |
Weighted Average Lease Term (years) |  |  | 4.8 |  |  |  | 4.8 |
Percentage growth in base rent |  |  | 22.3 | % |  |  | 9.9 | %

__________

1.
Based on lease execution dates. Does not include leased square footage and costs related to first generation space and the Company's major redevelopment project in both new and renewal leases. Renewal leases include exercised options.
2.
Rents are calculated on a straight-line ("GAAP") basis and do not incorporate above- or below-market lease adjustments.
3.
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.

35

| Core Portfolio – Ca pital Expenditures
Supplemental Report – March 31, 2023 |

|  | Quarter to Date |  |  | Year to Date |
|  | March 31, 2023 |  |  | March 31, 2022 |  |  | December 31, 2022 |
Leasing Commissions |  | $ | 1,507 |  |  | $ | 1,053 |  |  | $ | 3,459 |
Tenant Improvements |  |  | 4,805 |  |  |  | 3,403 |  |  |  | 14,651 |
Maintenance Capital Expenditures |  |  | 690 |  |  |  | 638 |  |  |  | 8,331 |
Total Capital Expenditures |  | $ | 7,002 |  |  | $ | 5,094 |  |  | $ | 26,441 |

36

| Fund Ov erview
Supplemental Report – March 31, 2023 |

I. KEY METRICS |  | Fund I |  | Fund II |  | Fund III |  | Fund IV |  | Fund V |  | Total
General Information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Vintage |  |  | Sep-2001 |  |  | Jun-2004 |  |  | May-2007 |  |  | May-2012 |  |  | Aug-2016 |  |  |
Fund Size |  | $ |  | 90.0 |  | Million |  | $ |  | 472.0 |  | Million 2 |  | $ |  | 502.5 |  | Million |  | $ |  | 540.6 |  | Million |  | $ |  | 520.0 |  | Million |  | $ |  | 2,125.1 |  | Million
Acadia's Commitment |  | $ |  | 20.0 |  | Million |  | $ |  | 291.2 |  | Million |  | $ |  | 123.3 |  | Million |  | $ |  | 125.0 |  | Million |  | $ |  | 104.5 |  | Million |  | $ |  | 664.0 |  | Million
Acadia's Pro Rata Share |  |  |  | 22.2 |  | % |  |  |  |  | 61.7 |  | % 2 |  |  |  |  | 24.5 |  | % |  |  |  |  | 23.1 |  | % |  |  |  |  | 20.1 |  | % |  |  |  |  | 31.2 |  | % |
Acadia's Promoted Share 1 |  |  |  | 37.8 |  | % |  |  |  |  | 69.4 |  | % |  |  |  |  | 39.6 |  | % |  |  |  |  | 38.5 |  | % |  |  |  |  | 36.1 |  | % |  |  |  |  | 45.0 |  | % |
Preferred Return |  |  |  | 9.0 |  | % |  |  |  |  | 8.0 |  | % |  |  |  |  | 6.0 |  | % |  |  |  |  | 6.0 |  | % |  |  |  |  | 6.0 |  | % |  |  |  | 6.4 |  | % |
Current-Quarter, Fund-Level Information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cumulative Contributions 2 |  | $ |  | 86.6 |  | Million |  | $ |  | 557.3 |  | Million |  | $ |  | 448.1 |  | Million |  | $ |  | 488.1 |  | Million |  | $ |  | 387.0 |  | Million |  | $ |  | 1,967.1 |  | Million
Cumulative Net Distributions 3 |  | $ |  | 195.4 |  | Million |  | $ |  | 172.9 |  | Million |  | $ |  | 603.5 |  | Million |  | $ |  | 221.4 |  | Million |  | $ |  | 94.4 |  | Million |  | $ |  | 1,287.6 |  | Million
Net Distributions/Contributions |  |  |  | 225.6 |  | % |  |  |  |  | 31.0 |  | % |  |  |  |  | 134.7 |  | % |  |  |  |  | 45.4 |  | % |  |  |  |  | 24.4 |  | % |  |  |  |  | 65.5 |  | % |
Unfunded Commitment 4 |  | $ |  | 0.0 |  | Million |  | $ |  | 0.0 |  | Million |  | $ |  | 1.9 |  | Million |  | $ |  | 41.9 |  | Million |  | $ |  | 133.0 |  | Million |  | $ |  | 176.8 |  | Million
Acquisition Dry Powder 5 |  |  | N/A |  |  |  |  |  | N/A |  |  |  |  |  | N/A |  |  |  |  |  | N/A |  |  |  |  | $ | 70 - 80 |  | Million |  | $ | 70 - 80 |  | Million
Investment Period Closes |  |  | Closed |  |  |  |  |  | Closed |  |  |  |  |  | Closed |  |  |  |  |  | Closed |  |  |  |  |  | Aug-2023 |  |  |  |  |  |  |  |  |
Currently in a Promote Position? (Yes/No) |  |  | No |  |  |  |  |  | No |  |  |  |  |  | No |  |  |  |  |  | No |  |  |  |  |  | No |  |  |  |  |  |  |  |  |
II. FEES & PRIORITY DISTRIBUTIONS EARNED BY ACADIA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Type: |  |  | Applicable to |  |  | Description
Asset Management 6 |  |  | Fund I & II |  |  | 0.75% in 2022, 0% in 2023
Asset Management |  |  | Fund III |  |  | Currently 0%
Asset Management 6 |  |  | Fund IV |  |  | 1.5% of Implied Capital during the investment period; 1.25% of Implied Capital post-investment period
Asset Management 7 |  |  | Fund V |  |  | 1.5% of Implied Capital for Year 1-4 of the investment period; 1.5% of Allocated Capital Commitments for Year 5 of the investment period (August 26, 2020-August 25, 2021); 1.0% of Allocated Capital Commitments for Year 6-7 of the investment period (August 26, 2021-August 25, 2023); 1.25% of Implied Capital post-investment period
Property Management |  |  | All funds |  |  | 4.0% of gross property revenues
Leasing |  |  | All funds |  |  | Market-rate leasing commissions
Construction/Project Management |  |  | All funds |  |  | Market-rate fees
Development |  |  | Fund III, IV & V |  |  | 3.0% of total project costs

37

| Fund Overview
Supplemental Report – March 31, 2023 |

_________

1.
Acadia's "Promoted Share" reflects Acadia's share of fund profits once all partners (including Acadia) have received a return of their cumulative contributions plus their cumulative preferred return. Acadia's Promoted Share equals a 20% promote plus Acadia's pro rata share of the remaining 80%.
2.
With regard to Fund II, the additional contributions over original Fund Size reflects prior-period distributions that were re-contributed to the Fund during 2016, 2020, 2021 and 2022 to fund the on-going redevelopment of existing Fund II investments. The $472 million reflects an incremental $172 million of capital contributed in connection with the City Point recapitalization. Fund II contains one remaining investment, City Point. During the second quarter 2022, the Company increased its ownership in Fund II and Mervyn's II from 28% to 40%. Additionally, during the third quarter 2022, the Company increased its ownership in Fund II from 40% to 61.7%. During the first quarter 2023, Mervyns II distributed the Albertsons shares to its investors upon expiration of the lock-up agreement. The Company now directly owns 1.6 million Albertsons shares.
3.
Net of fees and promote. Fund I has made its final distribution and was fully liquidated in 2018.
4.
Unfunded Commitments are set aside to complete leasing and development at existing fund investments and to make new Fund V investments. The Unfunded Commitment will not equal Fund Size less Cumulative Contributions in those instances where certain fund distributions have been marked as recallable or where the fund has released commitments due to, among other reasons, the closing of the fund's investment period or accelerated asset sales.
5.
Unfunded Commitments available to deploy into new unidentified investments.
6.
Implied Capital is Fund Size less capital attributed to sold investments or released. Post-investment period, Fund IV Implied Capital also excludes $41.9 million of general reserves.
7.
Implied Capital is Fund Size less capital attributed to sold investments or released. Allocated Capital Commitments are computed as the Fund Size less Acquisition Dry Powder.

38

| Fund Portfolio Retail Properties – Detail 1
Supplemental Report – March 31, 2023 |

|  |  |  | Year |  | Fund |  |  | Gross Leasable Area |  |  | In Place Occupancy |  |  | Leased |  |  | Annualized |  |  |  |
Property |  | Key Tenants |  | Acquired |  | Ownership % |  |  | Street |  |  | Anchors |  |  | Shops |  |  | Total |  |  | Street |  |  | Anchors |  |  | Shops |  |  | Total |  |  | Occupancy |  |  | Base Rent (ABR) |  |  | ABR PSF |
Fund II Portfolio Detail |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
NEW YORK |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New York |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
City Point 2 |  | Primark, Target, Basis Schools, Alamo Drafthouse, Trader Joe's |  | 2007 |  |  | 94.2 | % |  |  | — |  |  |  | 329,945 |  |  |  | 206,384 |  |  |  | 536,329 |  |  |  | — | % |  |  | 88.7 | % |  |  | 30.6 | % |  |  | 66.3 | % |  |  | 83.9 | % |  | $ | 14,640,416 |  |  | $ | 41.16 |
Total - Fund II |  |  |  |  |  |  |  |  |  | — |  |  |  | 329,945 |  |  |  | 206,384 |  |  |  | 536,329 |  |  |  | — | % |  |  | 88.7 | % |  |  | 30.6 | % |  |  | 66.3 | % |  |  | 83.9 | % |  | $ | 14,640,416 |  |  | $ | 41.16 |
Fund III Portfolio Detail |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
NEW YORK |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New York |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
640 Broadway |  | Swatch |  | 2012 |  |  | 100.0 | % |  |  | 4,637 |  |  |  | — |  |  |  | — |  |  |  | 4,637 |  |  |  | 91.6 | % |  |  | — | % |  |  | — | % |  |  | 91.6 | % |  |  | 91.6 | % |  | $ | 1,082,505 |  |  | $ | 254.89 |
Total - Fund III |  |  |  |  |  |  |  |  |  | 4,637 |  |  |  | — |  |  |  | — |  |  |  | 4,637 |  |  |  | 91.6 | % |  |  | — | % |  |  | — | % |  |  | 91.6 | % |  |  | 91.6 | % |  | $ | 1,082,505 |  |  | $ | 254.89 |
Fund IV Portfolio Detail |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
NEW YORK |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New York |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
801 Madison Avenue |  | ─ |  | 2015 |  |  | 100.0 | % |  |  | 2,522 |  |  |  | — |  |  |  | — |  |  |  | 2,522 |  |  |  | — | % |  |  | — | % |  |  | — | % |  |  | — | % |  |  | — | % |  | $ | — |  |  | $ | — |
210 Bowery |  | ─ |  | 2012 |  |  | 100.0 | % |  |  | 2,538 |  |  |  | — |  |  |  | — |  |  |  | 2,538 |  |  |  | — | % |  |  | — | % |  |  | — | % |  |  | — | % |  |  | — | % |  |  | — |  |  |  | — |
27 East 61st Street |  | ─ |  | 2014 |  |  | 100.0 | % |  |  | 4,177 |  |  |  | — |  |  |  | — |  |  |  | 4,177 |  |  |  | — | % |  |  | — | % |  |  | — | % |  |  | — | % |  |  | — | % |  |  | — |  |  |  | — |
17 East 71st Street |  | The Row |  | 2014 |  |  | 100.0 | % |  |  | 8,432 |  |  |  | — |  |  |  | — |  |  |  | 8,432 |  |  |  | 82.2 | % |  |  | — | % |  |  | — | % |  |  | 82.2 | % |  |  | 100.0 | % |  |  | 1,887,315 |  |  |  | 272.26 |
1035 Third Avenue 3 |  | ─ |  | 2015 |  |  | 100.0 | % |  |  | 7,634 |  |  |  | — |  |  |  | — |  |  |  | 7,634 |  |  |  | 100.0 | % |  |  | — | % |  |  | — | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 1,322,724 |  |  |  | 173.27 |
New Jersey |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Paramus Plaza |  | Marshall, Hobby Lobby, Skechers |  | 2013 |  |  | 50.0 | % |  |  | — |  |  |  | 87,539 |  |  |  | 65,955 |  |  |  | 153,494 |  |  |  | — | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 3,262,289 |  |  |  | 21.25 |
BOSTON |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Massachusetts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Restaurants at Fort Point |  | ─ |  | 2016 |  |  | 100.0 | % |  |  | 15,711 |  |  |  | — |  |  |  | — |  |  |  | 15,711 |  |  |  | 100.0 | % |  |  | — | % |  |  | — | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 1,050,946 |  |  |  | 66.89 |
NORTHEAST |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rhode Island |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
650 Bald Hill Road |  | Dick's Sporting Goods, Burlington Coat Factory |  | 2015 |  |  | 90.0 | % |  |  | — |  |  |  | 55,000 |  |  |  | 105,448 |  |  |  | 160,448 |  |  |  | — | % |  |  | 100.0 | % |  |  | 77.7 | % |  |  | 85.3 | % |  |  | 85.3 | % |  |  | 2,052,672 |  |  |  | 14.99 |
MID-ATLANTIC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Delaware |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Eden Square |  | Giant Food, LA Fitness |  | 2014 |  |  | 98.6 | % |  |  | — |  |  |  | 116,003 |  |  |  | 113,168 |  |  |  | 229,171 |  |  |  | — | % |  |  | 100.0 | % |  |  | 81.5 | % |  |  | 90.9 | % |  |  | 97.0 | % |  |  | 3,252,023 |  |  |  | 15.61 |
SOUTHEAST |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Georgia |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Broughton Street Portfolio (13 properties) |  | H&M, Lululemon, Kendra Scott, Starbucks |  | 2014 |  |  | 100.0 | % |  |  | 95,201 |  |  |  | — |  |  |  | — |  |  |  | 95,201 |  |  |  | 86.5 | % |  |  | — | % |  |  | — | % |  |  | 86.5 | % |  |  | 93.1 | % |  |  | 3,036,641 |  |  |  | 36.86 |
WEST |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
California |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
146 Geary Street |  | ─ |  | 2015 |  |  | 100.0 | % |  |  | 10,151 |  |  |  | — |  |  |  | — |  |  |  | 10,151 |  |  |  | — | % |  |  | — | % |  |  | — | % |  |  | — | % |  |  | — | % |  |  | — |  |  |  | — |
Union and Fillmore Collection (3 properties) |  | Eileen Fisher, Bonobos |  | 2015 |  |  | 90.0 | % |  |  | 7,148 |  |  |  | — |  |  |  | — |  |  |  | 7,148 |  |  |  | 77.9 | % |  |  | — | % |  |  | — | % |  |  | 77.9 | % |  |  | 77.9 | % |  |  | 650,117 |  |  |  | 116.82 |
Total - Fund IV |  |  |  |  |  |  |  |  |  | 153,514 |  |  |  | 258,542 |  |  |  | 284,571 |  |  |  | 696,627 |  |  |  | 77.0 | % |  |  | 100.0 | % |  |  | 84.4 | % |  |  | 88.6 | % |  |  | 91.7 | % |  | $ | 16,514,727 |  |  | $ | 26.77 |

39

| Fund Portfolio Retail Properties – Detail 1
Supplemental Report – March 31, 2023 |

|  |  |  | Year |  | Fund |  |  | Gross Leasable Area |  |  | In Place Occupancy |  |  | Leased |  |  | Annualized |  |  |  |
Property |  | Key Tenants |  | Acquired |  | Ownership % |  |  | Street |  |  | Anchors |  |  | Shops |  |  | Total |  |  | Street |  |  | Anchors |  |  | Shops |  |  | Total |  |  | Occupancy |  |  | Base Rent (ABR) |  |  | ABR PSF |
Fund V Portfolio Detail |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
SOUTHWEST |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New Mexico |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Plaza Santa Fe |  | TJ Maxx, Best Buy, Ross Dress for Less |  | 2017 |  |  | 100.0 | % |  |  | — |  |  |  | 153,983 |  |  |  | 70,169 |  |  |  | 224,152 |  |  |  | — | % |  |  | 100.0 | % |  |  | 91.5 | % |  |  | 97.3 | % |  |  | 99.3 | % |  | $ | 4,026,220 |  |  | $ | 18.45 |
Texas |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Wood Ridge Plaza |  | Kirkland's, Office Depot |  | 2022 |  |  | 90.0 | % |  |  | — |  |  |  | — |  |  |  | 211,674 |  |  |  | 211,674 |  |  |  | — | % |  |  | — | % |  |  | 85.1 | % |  |  | 85.1 | % |  |  | 87.3 | % |  |  | 3,841,444 |  |  |  | 21.33 |
La Frontera Plaza |  | Kohl's, Hobby Lobby, Burlington, Marshalls |  | 2022 |  |  | 90.0 | % |  |  | — |  |  |  | 203,500 |  |  |  | 330,930 |  |  |  | 534,430 |  |  |  | — | % |  |  | 100.0 | % |  |  | 86.1 | % |  |  | 91.4 | % |  |  | 92.9 | % |  |  | 6,753,566 |  |  |  | 13.83 |
MIDWEST |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Michigan |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New Towne Center |  | Kohl's, Jo-Ann's, DSW |  | 2017 |  |  | 100.0 | % |  |  | — |  |  |  | 145,389 |  |  |  | 45,141 |  |  |  | 190,530 |  |  |  | — | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 2,348,896 |  |  |  | 12.33 |
Fairlane Green |  | TJ Maxx, Michaels, Burlington |  | 2017 |  |  | 100.0 | % |  |  | — |  |  |  | 109,952 |  |  |  | 160,235 |  |  |  | 270,187 |  |  |  | — | % |  |  | 100.0 | % |  |  | 91.9 | % |  |  | 95.2 | % |  |  | 95.2 | % |  |  | 5,063,602 |  |  |  | 19.68 |
NORTHEAST |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Maryland |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Frederick County (2 properties) |  | Kohl's, Best Buy, Ross Dress for Less |  | 2019 |  |  | 90.0 | % |  |  | — |  |  |  | 251,988 |  |  |  | 278,828 |  |  |  | 530,816 |  |  |  | — | % |  |  | 100.0 | % |  |  | 79.0 | % |  |  | 89.0 | % |  |  | 94.8 | % |  |  | 7,021,363 |  |  |  | 14.87 |
Connecticut |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tri-City Plaza |  | TJ Maxx, HomeGoods, ShopRite |  | 2019 |  |  | 90.0 | % |  |  | — |  |  |  | 129,940 |  |  |  | 172,790 |  |  |  | 302,730 |  |  |  | — | % |  |  | 100.0 | % |  |  | 82.5 | % |  |  | 90.0 | % |  |  | 90.0 | % |  |  | 3,815,472 |  |  |  | 14.00 |
New Jersey |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Midstate |  | ShopRite, Best Buy, DSW, PetSmart |  | 2021 |  |  | 100.0 | % |  |  | — |  |  |  | 253,779 |  |  |  | 131,337 |  |  |  | 385,116 |  |  |  | — | % |  |  | 90.5 | % |  |  | 66.6 | % |  |  | 82.4 | % |  |  | 87.4 | % |  |  | 6,135,938 |  |  |  | 19.34 |
New York |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Shoppes at South Hills |  | ShopRite, At Home, Ashley Furniture |  | 2022 |  |  | 90.0 | % |  |  | — |  |  |  | 416,804 |  |  |  | 95,414 |  |  |  | 512,218 |  |  |  | — | % |  |  | 80.7 | % |  |  | 46.2 | % |  |  | 74.3 | % |  |  | 74.3 | % |  |  | 4,387,135 |  |  |  | 11.53 |
Mohawk Commons |  | Lowe's, Target |  | 2023 |  |  | 90.0 | % |  |  | — |  |  |  | 330,874 |  |  |  | 68,464 |  |  |  | 399,338 |  |  |  | — | % |  |  | 100.0 | % |  |  | 89.9 | % |  |  | 98.3 | % |  |  | 98.3 | % |  |  | 5,537,375 |  |  |  | 14.11 |
Pennsylvania |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Monroe Marketplace |  | Kohl's, Dick's Sporting Goods, Giant Food |  | 2021 |  |  | 100.0 | % |  |  | — |  |  |  | 263,376 |  |  |  | 108,276 |  |  |  | 371,652 |  |  |  | — | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 4,243,262 |  |  |  | 11.42 |
Rhode Island |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lincoln Commons |  | Stop and Shop, Marshalls, HomeGoods |  | 2019 |  |  | 100.0 | % |  |  | — |  |  |  | 194,470 |  |  |  | 267,551 |  |  |  | 462,021 |  |  |  | — | % |  |  | 100.0 | % |  |  | 78.7 | % |  |  | 87.7 | % |  |  | 88.0 | % |  |  | 5,454,027 |  |  |  | 13.46 |
SOUTHEAST |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Virginia |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Landstown Commons |  | Best Buy, Burlington Coat Factory, Ross Dress for Less |  | 2019 |  |  | 100.0 | % |  |  | — |  |  |  | 87,883 |  |  |  | 292,316 |  |  |  | 380,199 |  |  |  | — | % |  |  | 100.0 | % |  |  | 88.2 | % |  |  | 90.9 | % |  |  | 97.3 | % |  |  | 7,223,010 |  |  |  | 20.90 |
Florida |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Palm Coast Landing |  | TJ Maxx, PetSmart, Ross Dress for Less |  | 2019 |  |  | 100.0 | % |  |  | — |  |  |  | 73,241 |  |  |  | 98,558 |  |  |  | 171,799 |  |  |  | — | % |  |  | 100.0 | % |  |  | 94.6 | % |  |  | 96.9 | % |  |  | 96.9 | % |  |  | 3,437,278 |  |  |  | 20.65 |
North Carolina |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hickory Ridge |  | Kohl's, Best Buy, Dick's Sporting Goods |  | 2017 |  |  | 100.0 | % |  |  | — |  |  |  | 266,584 |  |  |  | 113,981 |  |  |  | 380,565 |  |  |  | — | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 4,827,296 |  |  |  | 12.68 |

40

| Fund Portfolio Retail Properties – Detail 1
Supplemental Report – March 31, 2023 |

|  |  |  | Year |  | Fund |  |  | Gross Leasable Area |  |  | In Place Occupancy |  |  | Leased |  |  | Annualized |  |  |  |
Property |  | Key Tenants |  | Acquired |  | Ownership % |  |  | Street |  |  | Anchors |  |  | Shops |  |  | Total |  |  | Street |  |  | Anchors |  |  | Shops |  |  | Total |  |  | Occupancy |  |  | Base Rent (ABR) |  |  | ABR PSF |
Alabama |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trussville Promenade |  | Wal-Mart, Regal Cinemas |  | 2018 |  |  | 100.0 | % |  |  | — |  |  |  | 366,010 |  |  |  | 97,671 |  |  |  | 463,681 |  |  |  | — | % |  |  | 100.0 | % |  |  | 75.2 | % |  |  | 94.8 | % |  |  | 94.8 | % |  |  | 4,558,377 |  |  |  | 10.37 |
Georgia |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Canton Marketplace |  | Dick's Sporting Goods, TJ Maxx, Best Buy |  | 2021 |  |  | 100.0 | % |  |  | — |  |  |  | 132,569 |  |  |  | 219,419 |  |  |  | 351,988 |  |  |  | — | % |  |  | 100.0 | % |  |  | 89.2 | % |  |  | 93.3 | % |  |  | 94.6 | % |  |  | 5,736,361 |  |  |  | 17.47 |
Hiram Pavilion |  | Kohl's, HomeGoods |  | 2018 |  |  | 100.0 | % |  |  | — |  |  |  | 209,423 |  |  |  | 153,252 |  |  |  | 362,675 |  |  |  | — | % |  |  | 100.0 | % |  |  | 98.6 | % |  |  | 99.4 | % |  |  | 99.4 | % |  |  | 4,578,501 |  |  |  | 12.70 |
WEST |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
California |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Elk Grove Commons |  | Kohl's, HomeGoods |  | 2018 |  |  | 100.0 | % |  |  | — |  |  |  | 132,489 |  |  |  | 109,589 |  |  |  | 242,078 |  |  |  | — | % |  |  | 100.0 | % |  |  | 96.4 | % |  |  | 98.4 | % |  |  | 99.1 | % |  |  | 5,084,305 |  |  |  | 21.35 |
Utah |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Family Center at Riverdale |  | Target, Home Goods, Best Buy, Sierra Trading (TJX) |  | 2019 |  |  | 89.4 | % |  |  | — |  |  |  | 231,673 |  |  |  | 140,802 |  |  |  | 372,475 |  |  |  | — | % |  |  | 100.0 | % |  |  | 94.5 | % |  |  | 97.9 | % |  |  | 97.9 | % |  |  | 3,993,137 |  |  |  | 10.95 |
Total - Fund V |  |  |  |  |  |  |  |  |  | — |  |  |  | 3,953,927 |  |  |  | 3,166,397 |  |  |  | 7,120,324 |  |  |  | — | % |  |  | 97.4 | % |  |  | 85.9 | % |  |  | 92.3 | % |  |  | 93.7 | % |  | $ | 98,066,565 |  |  | $ | 14.93 |
TOTAL FUND PROPERTIES |  |  |  | 158,151 |  |  |  | 4,542,414 |  |  |  | 3,657,352 |  |  |  | 8,357,917 |  |  |  | 77.4 | % |  |  | 96.9 | % |  |  | 82.7 | % |  |  | 90.3 | % |  |  | 92.9 | % |  | $ | 130,304,213 |  |  | $ | 17.27 |
Acadia Share of Total Fund Properties |  |  |  | 36,465 |  |  |  | 1,002,701 |  |  |  | 785,433 |  |  |  | 1,824,599 |  |  |  | 77.5 | % |  |  | 95.9 | % |  |  | 77.4 | % |  |  | 87.6 | % |  |  | 91.9 | % |  | $ | 31,134,993 |  |  | $ | 19.49 |

__________

1.
Excludes properties under development, see Development and Redevelopment Activity page of this Supplemental Report. The above in place occupancy and rent amounts only include spaces where leases have commenced. Leased occupancy includes spaces for which leases have been signed and not yet commenced. ABR and ABR per square foot correlates to in place occupancy.
2.
In place occupancy excludes short-term percentage rent.
3.
Property also includes 12,371 sf of 2nd floor office space and 29,760 sf parking garage (131 spaces).

41

| Fund Lease Expirations
Supplemental Report – March 31, 2023 | (Pro Rata Basis)

|  | FUND II |  |  |  |  |  |  |  |  | FUND III |  |  |  |  |  |  |
|  |  |  |  | GLA |  |  |  |  |  | ABR |  |  |  |  |  | GLA |  |  |  |  |  | ABR |
|  | Leases |  |  | Expiring |  |  | Percent |  |  |  |  |  |  |  |  | Percent |  |  | Leases |  |  | Expiring |  |  | Percent |  |  |  |  |  |  |  |  | Percent |
Year |  | Expiring |  |  | SF |  |  | of Total |  |  | Amount |  |  | PSF |  |  | of Total |  |  | Expiring |  |  | SF |  |  | of Total |  |  | Amount |  |  | PSF |  |  | of Total |
M to M 1 |  |  | — |  |  |  | — |  |  |  | — | % |  | $ | — |  |  | $ | — |  |  |  | — | % |  |  | — |  |  |  | — |  |  |  | — | % |  | $ | — |  |  | $ | — |  |  |  | — | %
2023 (remainder) |  |  | — |  |  |  | — |  |  |  | — | % |  |  | — |  |  |  | — |  |  |  | — | % |  |  | 1 |  |  |  | 160 |  |  |  | 15.3 | % |  |  | 64,426 |  |  |  | 403.90 |  |  |  | 24.3 | %
2024 |  |  | — |  |  |  | — |  |  |  | — | % |  |  | — |  |  |  | — |  |  |  | — | % |  |  | — |  |  |  | — |  |  |  | — | % |  |  | — |  |  |  | — |  |  |  | — | %
2025 |  |  | 1 |  |  |  | 1,426 |  |  |  | 0.7 | % |  |  | 159,739 |  |  |  | 112.00 |  |  |  | 1.9 | % |  |  | — |  |  |  | — |  |  |  | — | % |  |  | — |  |  |  | — |  |  |  | — | %
2026 |  |  | — |  |  |  | — |  |  |  | — | % |  |  | — |  |  |  | — |  |  |  | — | % |  |  | — |  |  |  | — |  |  |  | — | % |  |  | — |  |  |  | — |  |  |  | — | %
2027 |  |  | 3 |  |  |  | 15,292 |  |  |  | 7.4 | % |  |  | 1,139,551 |  |  |  | 74.52 |  |  |  | 13.4 | % |  |  | — |  |  |  | — |  |  |  | — | % |  |  | — |  |  |  | — |  |  |  | — | %
2028 |  |  | 1 |  |  |  | 552 |  |  |  | 0.3 | % |  |  | 107,618 |  |  |  | 195.00 |  |  |  | 1.3 | % |  |  | 1 |  |  |  | 306 |  |  |  | 29.4 | % |  |  | 73,995 |  |  |  | 241.80 |  |  |  | 27.9 | %
2029 |  |  | 1 |  |  |  | 580 |  |  |  | 0.3 | % |  |  | 86,965 |  |  |  | 150.00 |  |  |  | 1.0 | % |  |  | — |  |  |  | — |  |  |  | — | % |  |  | — |  |  |  | — |  |  |  | — | %
2030 |  |  | — |  |  |  | — |  |  |  | — | % |  |  | — |  |  |  | — |  |  |  | — | % |  |  | 1 |  |  |  | 177 |  |  |  | 17.0 | % |  |  | 40,920 |  |  |  | 231.28 |  |  |  | 15.4 | %
2031 |  |  | — |  |  |  | — |  |  |  | — | % |  |  | — |  |  |  | — |  |  |  | — | % |  |  | 1 |  |  |  | 226 |  |  |  | 21.7 | % |  |  | 53,912 |  |  |  | 238.28 |  |  |  | 20.3 | %
2032 |  |  | 4 |  |  |  | 78,364 |  |  |  | 37.9 | % |  |  | 1,176,305 |  |  |  | 15.01 |  |  |  | 13.8 | % |  |  | 1 |  |  |  | 173 |  |  |  | 16.6 | % |  |  | 32,393 |  |  |  | 186.70 |  |  |  | 12.2 | %
Thereafter |  |  | 6 |  |  |  | 110,444 |  |  |  | 53.4 | % |  |  | 5,834,899 |  |  |  | 52.83 |  |  |  | 68.6 | % |  |  | — |  |  |  | — |  |  |  | — | % |  |  | — |  |  |  | — |  |  |  | — | %
Total |  |  | 16 |  |  |  | 206,658 |  |  |  | 100.0 | % |  | $ | 8,505,077 |  |  | $ | 41.16 |  |  |  | 100.0 | % |  |  | 5 |  |  |  | 1,042 |  |  |  | 100.0 | % |  | $ | 265,647 |  |  | $ | 254.89 |  |  |  | 100.0 | %
|  |  |  |  |  | 104,912 |  |  | Total Vacant |  |  |  |  |  |  |  |  |  |  |  |  | 96 |  |  | Total Vacant |  |  |  |  |  |  |
|  |  |  |  |  | 311,570 |  |  | Total Square Feet |  |  |  |  |  |  |  |  |  |  |  |  | 1,138 |  |  | Total Square Feet |  |  |  |  |  |  |
|  | FUND IV |  |  |  |  |  |  |  |  | FUND V |  |  |  |  |  |  |
|  |  |  |  | GLA |  |  |  |  |  | ABR |  |  |  |  |  | GLA |  |  |  |  |  | ABR |
|  | Leases |  |  | Expiring |  |  | Percent |  |  |  |  |  |  |  |  | Percent |  |  | Leases |  |  | Expiring |  |  | Percent |  |  |  |  |  |  |  |  | Percent |
Year |  | Expiring |  |  | SF |  |  | of Total |  |  | Amount |  |  | PSF |  |  | of Total |  |  | Expiring |  |  | SF |  |  | of Total |  |  | Amount |  |  | PSF |  |  | of Total |
M to M 1 |  |  | — |  |  |  | — |  |  |  | — | % |  | $ | — |  |  | $ | — |  |  |  | — | % |  |  | 3 |  |  |  | 1,632 |  |  |  | 0.1 | % |  | $ | 29,244 |  |  | $ | 17.92 |  |  |  | 0.2 | %
2023 (remainder) |  |  | 5 |  |  |  | 1,916 |  |  |  | 1.6 | % |  |  | 70,896 |  |  |  | 37.00 |  |  |  | 2.1 | % |  |  | 64 |  |  |  | 82,693 |  |  |  | 6.5 | % |  |  | 1,560,673 |  |  |  | 18.87 |  |  |  | 8.2 | %
2024 |  |  | 4 |  |  |  | 16,562 |  |  |  | 13.7 | % |  |  | 339,596 |  |  |  | 20.50 |  |  |  | 10.1 | % |  |  | 97 |  |  |  | 196,445 |  |  |  | 15.5 | % |  |  | 3,032,113 |  |  |  | 15.43 |  |  |  | 16.0 | %
2025 |  |  | 6 |  |  |  | 2,130 |  |  |  | 1.8 | % |  |  | 502,459 |  |  |  | 235.90 |  |  |  | 14.9 | % |  |  | 94 |  |  |  | 241,015 |  |  |  | 19.0 | % |  |  | 3,398,710 |  |  |  | 14.10 |  |  |  | 17.9 | %
2026 |  |  | 12 |  |  |  | 18,133 |  |  |  | 15.0 | % |  |  | 484,457 |  |  |  | 26.72 |  |  |  | 14.4 | % |  |  | 80 |  |  |  | 115,035 |  |  |  | 9.1 | % |  |  | 2,184,933 |  |  |  | 18.99 |  |  |  | 11.5 | %
2027 |  |  | 11 |  |  |  | 8,297 |  |  |  | 6.9 | % |  |  | 223,781 |  |  |  | 26.97 |  |  |  | 6.6 | % |  |  | 79 |  |  |  | 188,461 |  |  |  | 14.9 | % |  |  | 2,387,188 |  |  |  | 12.67 |  |  |  | 12.6 | %
2028 |  |  | 7 |  |  |  | 5,370 |  |  |  | 4.4 | % |  |  | 157,861 |  |  |  | 29.40 |  |  |  | 4.7 | % |  |  | 37 |  |  |  | 87,230 |  |  |  | 6.9 | % |  |  | 1,461,038 |  |  |  | 16.75 |  |  |  | 7.7 | %
2029 |  |  | 4 |  |  |  | 15,687 |  |  |  | 13.0 | % |  |  | 322,179 |  |  |  | 20.54 |  |  |  | 9.6 | % |  |  | 25 |  |  |  | 69,847 |  |  |  | 5.5 | % |  |  | 791,592 |  |  |  | 11.33 |  |  |  | 4.2 | %
2030 |  |  | 1 |  |  |  | 346 |  |  |  | 0.3 | % |  |  | 16,278 |  |  |  | 47.00 |  |  |  | 0.5 | % |  |  | 26 |  |  |  | 66,121 |  |  |  | 5.2 | % |  |  | 920,224 |  |  |  | 13.92 |  |  |  | 4.8 | %
2031 |  |  | 8 |  |  |  | 14,337 |  |  |  | 11.9 | % |  |  | 366,705 |  |  |  | 25.58 |  |  |  | 10.9 | % |  |  | 28 |  |  |  | 70,922 |  |  |  | 5.6 | % |  |  | 1,019,158 |  |  |  | 14.37 |  |  |  | 5.4 | %
2032 |  |  | 7 |  |  |  | 25,565 |  |  |  | 21.1 | % |  |  | 610,736 |  |  |  | 23.89 |  |  |  | 18.1 | % |  |  | 35 |  |  |  | 76,431 |  |  |  | 6.0 | % |  |  | 1,184,464 |  |  |  | 15.50 |  |  |  | 6.2 | %
Thereafter |  |  | 4 |  |  |  | 12,579 |  |  |  | 10.4 | % |  |  | 273,121 |  |  |  | 21.71 |  |  |  | 8.1 | % |  |  | 20 |  |  |  | 73,072 |  |  |  | 5.8 | % |  |  | 1,026,863 |  |  |  | 14.05 |  |  |  | 5.4 | %
Total |  |  | 69 |  |  |  | 120,922 |  |  |  | 100.0 | % |  | $ | 3,368,070 |  |  | $ | 27.85 |  |  |  | 100.0 | % |  |  | 588 |  |  |  | 1,268,904 |  |  |  | 100.0 | % |  | $ | 18,996,200 |  |  | $ | 14.97 |  |  |  | 100.0 | %
|  |  |  |  |  | 17,777 |  |  | Total Vacant |  |  |  |  |  |  |  |  |  |  |  |  | 104,287 |  |  | Total Vacant |  |  |  |  |  |  |
|  |  |  |  |  | 138,700 |  |  | Total Square Feet |  |  |  |  |  |  |  |  |  |  |  |  | 1,373,191 |  |  | Total Square Feet |  |  |  |  |  |  |

__________

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

42

| Development and Redevelopment Activity
Supplemental Report – March 31, 2023 |

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Acquisition & Development Costs |  |
Property |  | Ownership 1 |  | Location |  | Estimated Stabilization |  | Est. Sq ft Upon Completion |  |  | Occupied/ Leased Rate |  | Key Tenants |  | Description | Initial Basis at Acquisition 1 |  |  | Costs prior to development / redevelopment 1 |  |  | Incurred costs since development / redevelopment 1 |  |  | Total Costs 1 |  |  | Total Costs (Pro Rata) |  |  | Estimated Future Range 1 |  |  | Estimated Total Range 1 |  |
Development: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CORE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1238 Wisconsin |  | 80.0% |  | Washington DC |  | 2023 |  |  | 29,000 |  |  | 12%/82% |  | Wolford, Everbody |  | Redevelopment/addition to existing building with ground level retail, upper floor office and residential units upon completion. Discretionary spend upon securing tenant(s) | $ | — |  |  | $ | — |  |  | $ | 19.9 |  |  | $ | 19.9 |  |  | $ | 19.9 |  |  | $ | 12.8 |  |  | to |  | $ | 13.6 |  |  | $ | 32.7 |  |  | to |  | $ | 33.5 |  |
Henderson - Development 1 & 2 |  | 100.0% |  | Dallas, TX |  | TBD |  |  | 160,000 |  |  | — |  | TBD |  | Ground up development for mixed-use street-level retail spaces and upper-level office spaces. |  | 9.6 |  |  |  | — |  |  |  | 1.6 |  |  | 11.2 |  |  |  | 11.2 |  |  | TBD |  |  | to |  | TBD |  |  | TBD |  |  | to |  | TBD |  |
FUND III |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Broad Hollow Commons |  | 100.0% |  | Farmingdale, NY |  | TBD |  | TBD |  |  | — |  | TBD |  | Discretionary spend upon securing necessary approvals and tenant(s) for lease up |  | 12.3 |  |  |  | — |  |  |  | 14.3 |  |  | 26.6 |  |  |  | 6.5 |  |  |  | 23.4 |  |  | to |  |  | 33.4 |  |  |  | 50.0 |  |  | to |  |  | 60.0 |  |
Sub-Total Development |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 21.9 |  |  | $ | — |  |  | $ | 35.8 |  |  | $ | 57.7 |  |  | $ | 37.6 |  |  | $ | 36.2 |  |  |  |  | $ | 47.0 |  |  | $ | 82.7 |  |  |  |  | $ | 93.5 |  |
Major Redevelopment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CORE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
City Center |  | 100.0% |  | San Francisco, CA |  | 2024 |  |  | 241,000 |  |  | 75%/100% |  | Target, Whole Foods, PetSmart |  | Ground up development of pad sites and street level retail and re-tenanting/redevelopment for Whole Foods | $ | 155.0 |  |  |  | — |  |  | $ | 48.9 |  |  | $ | 203.9 |  |  | $ | 203.9 |  |  | $ | 6.1 |  |  | to |  | $ | 9.1 |  |  | $ | 210.0 |  |  | to |  | $ | 213.0 |  |
555 9th Street |  | 100.0% |  | San Francisco, CA |  | TBD |  |  | 149,000 |  |  | 65%/81% |  | The Container Store |  | Re-tenanting and potential split of former 46,000 sf Nordstrom; façade upgrade and possible vertical expansion |  | 140.9 |  |  |  | 0.8 |  |  |  | 0.4 |  |  | 142.1 |  |  |  | 142.1 |  |  | TBD |  |  | to |  | TBD |  |  | TBD |  |  | to |  | TBD |  |
651-671 West Diversey |  | 100.0% |  | Chicago, IL |  | TBD |  |  | 46,000 |  |  | 86%/86% |  | TBD |  | 'Discretionary spend for future re-tenanting and re-configuration of approximately 30,000 sf |  | 28.9 |  |  |  | 0.2 |  |  |  | 0.2 |  |  | 29.3 |  |  |  | 29.3 |  |  | TBD |  |  | to |  | TBD |  |  | TBD |  |  | to |  | TBD |  |
Route 6 Mall |  | 100.0% |  | Honesdale, PA |  | TBD |  | TBD |  |  | 32%/47% |  | TJ Maxx |  | Discretionary spend for re-tenanting former 120,000 sf Kmart anchor space once tenant(s) are secured |  | 1.7 |  |  |  | 13.1 |  |  |  | 1.2 |  |  |  | 16.0 |  |  |  | 16.0 |  |  |  | 4.8 |  |  | to |  |  | 7.8 |  |  |  | 6.0 |  |  | to |  |  | 9.0 |  |
Mad River |  | 100.0% |  | Dayton, OH |  | TBD |  | TBD |  |  | 71%/71% |  | TBD |  | Discretionary spend for the re-tenanting former 33,000 sf Babies R Us space once tenant(s) are secured |  | 11.8 |  |  |  | 2.5 |  |  |  | — |  |  | 14.3 |  |  |  | 14.3 |  |  |  | 1.9 |  |  | to |  |  | 2.3 |  |  |  | 1.9 |  |  | to |  |  | 2.3 |  |
840 N. Michigan Avenue |  | 88.43% |  | Chicago, IL |  | TBD |  |  | 87,000 |  |  | 100%/100% |  | TBD |  | Discretionary spend for future re-tenanting |  | 163.5 |  |  |  | 2.2 |  |  |  | — |  |  | 165.7 |  |  |  | 165.7 |  |  | TBD |  |  | to |  | TBD |  |  | TBD |  |  | to |  | TBD |  |
664 N. Michigan Avenue |  | 100.0% |  | Chicago, IL |  | TBD |  |  | 18,000 |  |  | 100%/100% |  | TBD |  | Discretionary spend for future re-tenanting |  | 86.6 |  |  |  | 0.6 |  |  |  | — |  |  | 87.2 |  |  |  | 87.2 |  |  | TBD |  |  | to |  | TBD |  |  | TBD |  |  | to |  | TBD |  |
FUND IV |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
717 N. Michigan Avenue |  | 100.0% |  | Chicago, IL |  | TBD |  | TBD |  |  | 14%/26% |  | Alo Yoga |  | Discretionary spend upon securing tenant(s) for lease up |  | 104.6 |  |  |  | 12.0 |  |  |  | — |  |  | 116.6 |  |  |  | 27.0 |  |  | TBD |  |  | to |  | TBD |  |  | TBD |  |  | to |  | TBD |  |
Sub-Total Major Redevelopment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 693.0 |  |  | $ | 31.4 |  |  | $ | 50.7 |  |  | $ | 775.1 |  |  | $ | 685.5 |  |  | $ | 12.8 |  |  |  |  | $ | 19.2 |  |  | $ | 217.9 |  |  |  |  | $ | 224.3 |  |
Total Development and Major Redevelopment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 714.9 |  |  | $ | 31.4 |  |  | $ | 86.5 |  |  | $ | 832.8 |  |  | $ | 723.1 |  |  | $ | 49.0 |  |  |  |  | $ | 66.2 |  |  | $ | 300.6 |  |  |  |  | $ | 317.8 |  |

_________

43

| Development and Redevelopment Activity
Supplemental Report – March 31, 2023 |

_________

1.
Ownership percentages and costs represent the Core or Fund level ownership and not Acadia’s pro-rata share.
2.
Reconciles to Consolidated Balance Sheet at March 31, 2023 as follows:

Development and incurred redevelopment costs above |  |  |  |  |  | $ | 108.4 |
Unconsolidated projects (a) |  |  | (19.9 | )
Projects in redevelopment not above (b) |  |  | 31.5 |
Deferred costs and other amounts |  |  | (2.1 | )
Total per consolidated balance sheet |  | $ | 117.9 |

(a)
Relates to 1238 Wisconsin Avenue.
(b)
Primarily relates to City Point redevelopment.

44

| Importan t Notes
Supplemental Report – March 31, 2023 |

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain statements contained in this supplemental disclosure may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934 and as such may involve known and unknown risks, uncertainties and other factors which may cause the Company’s actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations are generally identifiable by use of the words “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend” or “project” or the negative thereof or other variations thereon or comparable terminology. Factors which could have a material adverse effect on the operations and future prospects of the Company include, but are not limited to those set forth under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K. These risks and uncertainties should be considered in evaluating any forward-looking statements contained or incorporated by reference herein.

USE OF FUNDS FROM OPERATIONS AS NON-GAAP FINANCIAL MEASURE

The Company considers funds from operations (“FFO”) as defined by the National Association of Real Estate Investment Trusts (“NAREIT”) to be an appropriate supplemental disclosure of operating performance for an equity REIT due to its widespread acceptance and use within the REIT and analyst communities. FFO is presented to assist investors in analyzing the performance of the Company. It is helpful as it excludes various items included in net income that are not indicative of the operating performance, such as gains (or losses) from sales of property and depreciation and amortization. Consistent with the NAREIT definition, the Company defines FFO as net income (computed in accordance with GAAP), excluding (i) gains (or losses) from sales of depreciated properties; (ii) depreciation and amortization; (iii) impairment of real estate properties; (iv) gains (losses) from change in control and (v) after adjustments for unconsolidated partnerships and joint ventures. Also consistent with NAREIT’s definition of FFO, the Company has elected to include the impact of the unrealized holding gains (losses) incidental to its main business, including those related to its RCP investments such as Albertsons in FFO.

The Company also provides another supplemental disclosure of operating performance, adjusted funds from operations (“AFFO”). The Company defines AFFO as FFO adjusted for straight line rent, non-real estate depreciation, stock-based compensation, amortization of finance costs and costs of management contracts, tenant improvements, leasing commissions and capital expenditures.

The Company may also provide from time to time another supplemental disclosure of operating performance, FFO Before Special Items. The Company defines FFO Before Special Items as FFO adjusted for certain unusual items including (i) charges, income and gains that management believes are not comparable and indicative of the results of the Company’s operating real estate portfolio; (ii) the impact of the unrealized holding gains (losses) incidental to its main business, including those related to its RCP investments such as Albertsons and (iii) any realized income or gains from the Company’s investment in Albertsons.

It should be noted that the Company’s methods of calculating FFO, AFFO or FFO Before Special Items may be different from methods used by other REITs and, accordingly, may not be comparable to such metrics used by other REITs. FFO, AFFO and FFO Before Special Items do not represent cash generated from operations as defined by generally accepted accounting principles (“GAAP”) and are not indicative of cash available to fund all cash needs, including distributions. None of these measures should be considered as an alternative to net income for the purpose of evaluating the Company’s performance or to cash flows as a measure of liquidity.

USE OF NON-GAAP FINANCIAL MEASURES

Non-GAAP financial measures such as EBITDA, NOI, same-property NOI and lease spreads are widely used financial measures in many industries, including the REIT industry, and are presented to assist investors and analysts in analyzing the performance of the Company. They are helpful as they exclude various items included in net income that are not indicative of operating performance, such as gains (or losses) from sales of property and depreciation and amortization and is used in computing various financial ratios as a measure of operational performance. The Company computes EBITDA as the sum of net income before extraordinary items plus interest expense, depreciation, income taxes and amortization, less any gains (losses including impairment charges) on the sale of income producing properties. The Company computes NOI by taking the difference between Property Revenues and Property Expenses as detailed in this reporting supplement. Same-property NOI includes properties in our Core Portfolio that we owned for both the current and prior periods presented, but excludes those properties which we acquired, sold or expected to sell, and redeveloped during these periods. The Company’s method of calculating EBITDA, NOI and same-property NOI may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. EBITDA, NOI and same-property NOI do not represent cash generated from operations as defined by GAAP and are not indicative of cash available to fund all cash needs, including distributions. They should not be considered as an alternative to net income for the purpose of evaluating the Company’s performance or to cash flows as a measure of liquidity.

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