EX-99

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 Information

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 Capitalization

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%

__________

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.

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.

Reflects consolidated debt excluding $11,527 of unamortized premium and unamortized loan costs.


	4

Consolidated Income 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

Consolidated Income Statement - 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

Income Statement –  
Pro-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 Adjustments7

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 Adjustments7

Supplemental Report – March 31, 2023

(in thousands)

__________

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

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.

Net of consolidated capitalized interest of $2.0 million for the three months ended March 31, 2023.

Refer to Fee Income by Fund page in the Supplemental Report.

Noncontrolling interests represent limited partners’ interests in consolidated partnerships’ activities and includes redeemable noncontrolling interests.

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.

This represents the income allocable to Operating Partnership Units of $0.8 million for the three months ended March 31, 2023.

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 Operations (“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

__________

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.

EBITDA

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

Core Portfolio – Same Property 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	%

__________

The above amounts include the pro-rata share of the Company's Core consolidated and unconsolidated investments.

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

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

__________

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.

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 notes3		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

________

See Transactional Activity page that follows.

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.

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.

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

________

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

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.

2023 Guidance1 

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

________

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.

Net Asset Valuation 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/A6			$	109		$	861		$	4,419		$	41,604
Less:
Net operating (income) loss from properties sold or under contract		5		N/A6				(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

_________

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.

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.

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%.

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.

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 9th 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.

Amounts omitted as only remaining asset is City Point.

Selected Financial 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

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 Point8		(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 Point8		106,046
Adjusted Fund Debt per EBITDA		374,258

Total Core and Fund Debt for purposes of computing Debt/EBITDA		$1,421,140

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.

Portfolio Debt –  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

_________

Fixed-rate debt includes notional principal fixed through swap transactions.

Represents the Company's pro-rata share of debt based on its percent ownership.

Represents the noncontrolling interest pro-rata share of consolidated partnership debt based on its percent ownership.

Represents the Company's pro-rata share of unconsolidated partnership debt based on its percent ownership.

Variable rate debt includes certain borrowings that are subject to interest rate cap agreements.

Based on debt maturity date without regard to available extension options.

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

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%

_________

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.

Bears interest at the greater of 3.25% or the Prime Rate.

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

Acadia's interest in this Fund debt is reflected net of additional JV interests.

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

________

Does not include any applicable extension options or subsequent refinancing.

Fixed Debt includes floating rate debt that is effectively fixed through interest rate swaps.

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

__________

Includes the effect of all available extension options (subject to customary conditions), excludes any subsequent refinancing.

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.

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	%

__________

Includes the Company's pro-rata share of consolidated and unconsolidated interest rate swaps.

Represents strike rate (fixed) rate on the swap that the Company pays in exchange for receiving LIBOR or SOFR, as applicable.

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

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

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

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

Core Portfolio Retail Properties – Detail 1

Supplemental Report – March 31, 2023

__________

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.

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.

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.

Excludes 94,000 square feet of office GLA.

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.

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.

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	%

__________

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).

Stop and Shop (3 locations)

TJ Maxx (5 locations), HomeGoods (2 locations), Marshalls (1 location)

Uniqlo (1 location), Theory (1 location)

Shaw’s (2 locations)

Kate Spade (2 locations)

Grand Seiko (1 location), Betteridge Jewelers (1 location)

Old Navy (2 locations)

Core Portfolio – Lease 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.

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	%

__________

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.

Rents are calculated on a straight-line ("GAAP") basis and do not incorporate above- or below-market lease adjustments.

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.

Core Portfolio – Capital 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

Fund Overview

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

Fund Overview

Supplemental Report – March 31, 2023

_________

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%.

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.

Net of fees and promote. Fund I has made its final distribution and was fully liquidated in 2018.

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.

Unfunded Commitments available to deploy into new unidentified investments.

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.

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.

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

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

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

__________

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.

In place occupancy excludes short-term percentage rent.

Property also includes 12,371 sf of 2nd floor office space and 29,760 sf parking garage (131 spaces).

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.

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

_________

Development and Redevelopment Activity

Supplemental Report – March 31, 2023

_________

Ownership percentages and costs represent the Core or Fund level ownership and not Acadia’s pro-rata share.

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.

Important 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.