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

Exhibit 99.2

EALTY TRUST—Q220SUPPLEMENTAL REPFORMATIO

Table of Contents |  |  | Supplemental Report – March 31, 2024
Section I – First Quarter 2024 Earnings Press Release |  |  |  |  |
Section II – Financial Information |  |  | Section III – Core Portfolio Information |  |
Company Information | 3 |  | Core Properties |  | 29
Market Capitalization | 4 |  | Core Top Tenants |  | 33
Operating Statements |  |  | Core Lease Expirations |  | 34
Consolidated Statements of Operations | 5 |  | Core New and Renewal Rent Spreads |  | 35
Statements of Operations - Pro-rata Adjustments | 7 |  | Core Capital Expenditures |  | 36
Consolidated Balance Sheet | 8 |  |  |  |
Balance Sheet - Pro-rata Adjustments | 9 |  |  |  |
Funds from Operations (“FFO”), FFO Before Special Items, Adjusted Funds from Operations ("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 |  |  |  |
2024 Guidance | 17 |  |  |  |
Net Asset Valuation Information | 18 |  |  |  |
Selected Financial Ratios | 19 |  | Section V – Other Information |  |
Debt Analysis |  |  |  |  |
Summary | 23 |  | Important Notes |  | 44
Detail | 24 |  |  |  |
Maturities | 26 |  |  |  |
Interest Rate Summary | 28 |  |  |  |

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

Supplemental Report – March 31, 2024 |  | 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.
|  | Jeff Spector - (646) 855-1363 |  | Craig Mailman - (212) 816-4471 |  | Todd Thomas - (917) 368-2286
|  | jeff.spector@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, 2024 | (Including pro-rata share of Fund debt, in thousands, except per share amounts)

|  |  |  |  |  |  |  |  | Changes in Total Outstanding Common |  |  | Weighted Average |
|  | Total Market |  |  |  |  | Capitalization |  | Shares and OP Units |  |  | Diluted EPS |  |  | Diluted FFO |
|  | Capitalization ($) |  |  | % |  | Based on Net Debt 1 |  |  |  | Common Shares |  |  | Common OP Units |  |  | Total |  |  | Quarter |  |  | YTD |  |  | Quarter |  |  | YTD |
Equity Capitalization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Shares |  |  | 103,156 |  |  |  |  |  |  | Balance at 12/31/2023 |  |  | 95,362 |  |  |  | 5,345 |  |  |  | 100,707 |  |  |  |  |  |  |  |  |  |  |  |  |
Common Operating Partnership ("OP") Units |  |  | 4,967 |  |  |  |  |  |  | Vesting RS and LTIPs |  |  | 9 |  |  |  | 417 |  |  |  | 426 |  |  |  |  |  |  |  |  |  |  |  |  |
Combined Common Shares and OP Units |  |  | 108,123 |  |  |  |  |  |  | OP Conversions |  |  | 795 |  |  |  | (795 | ) |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  | Issuance of Shares |  |  | 6,987 |  |  |  | — |  |  |  | 6,987 |  |  |  |  |  |  |  |  |  |  |  |  |
Share Price at March 31, 2024 |  | $ | 17.01 |  |  |  |  |  |  | Other |  |  | 3 |  |  |  | — |  |  |  | 3 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  | Balance at 3/31/2024 |  |  | 103,156 |  |  |  | 4,967 |  |  |  | 108,123 |  |  |  | 102,128 |  |  |  | 102,128 |  |  |  | 111,051 |  |  |  | 111,051 |
Equity Capitalization - Common Shares and OP Units |  | $ | 1,839,172 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred OP Units 2 |  |  | 7,891 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Equity Capitalization |  |  | 1,847,063 |  |  | 58% |  | 58% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt Capitalization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated debt 3 |  |  | 1,734,463 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Adjustment to reflect pro-rata share of debt |  |  | (405,812 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Debt Capitalization |  |  | 1,328,651 |  |  | 42% |  | 42% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Market Capitalization |  | $ | 3,175,714 |  |  | 100% |  | 100% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

__________

1.
Reflects debt net of Core Portfolio cash of $11,909 and pro-rata share of Funds cash of $3,809 for $15,718 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 $10,784 of unamortized premium and unamortized loan costs.

| 4 |

| Consolidated S tatements of Operations
Supplemental Report – March 31, 2024 | (in thousands)

|  | March 31, 2024 1 |
|  | Quarter |
Revenues |  |  |
Rental income |  | $ | 86,037 |
Other |  |  | 5,319 |
Total revenues |  |  | 91,356 |
Expenses |  |  |
Depreciation and amortization |  |  | 34,940 |
General and administrative |  |  | 9,768 |
Real estate taxes |  |  | 12,346 |
Property operating |  |  | 19,096 |
Total expenses |  |  | 76,150 |
Loss related to a previously disposed property |  |  | (1,198 | )
Operating income |  |  | 14,008 |
Equity in losses of unconsolidated affiliates |  |  | (312 | )
Interest income |  |  | 5,238 |
Realized and unrealized holding losses on investments and other |  |  | (2,051 | )
Interest expense |  |  | (23,709 | )
Loss from continuing operations before income taxes |  |  | (6,826 | )
Income tax provision |  |  | (31 | )
Net loss |  |  | (6,857 | )
Net loss attributable to redeemable noncontrolling interests |  |  | 2,554 |
Net loss attributable to noncontrolling interests |  |  | 7,572 |
Net income attributable to Acadia |  | $ | 3,269 |

|  | March 31, 2024 1 |
|  | Quarter |
Reconciliation of Revenues to Consolidated GAAP Revenues |  |  |
Total Revenues |  | $ | 85,782 |
Straight-line rent income |  |  | 129 |
Above/below-market rent income |  |  | 1,325 |
Asset and property management fees |  |  | 185 |
Development, construction, leasing and legal fees |  |  | 66 |
Other income |  |  | 3,869 |
Consolidated Total Revenues |  | $ | 91,356 |
Reconciliation of Operating Expenses to Consolidated GAAP Expenses |  |  |
Property operating - CAM and Other |  | $ | 15,725 |
Other property operating (Non-CAM) |  |  | 3,219 |
Asset and property management expense |  |  | 152 |
Consolidated Total Operating Expenses |  | $ | 19,096 |

5

| Consolidated Statem ents of Operations - Detail
Supplemental Report – March 31, 2024 | (in thousands)

|  | March 31, 2024 1 |
CORE PORTFOLIO AND FUND INCOME |  | Quarter |
REVENUES |  |  |
Minimum rents |  | $ | 66,532 |
Percentage rents |  |  | 685 |
Expense reimbursements - CAM |  |  | 8,896 |
Expense reimbursements - Taxes |  |  | 8,483 |
Other property income |  |  | 1,186 |
Total Revenues |  |  | 85,782 |
EXPENSES |  |  |
Property operating - CAM |  |  | 14,759 |
Other property operating (Non-CAM) |  |  | 3,219 |
Real estate taxes |  |  | 12,346 |
Asset and property management expense |  |  | 152 |
Total Expenses |  |  | 30,476 |
NET OPERATING INCOME - PROPERTIES |  |  | 55,306 |
OTHER INCOME (EXPENSE) |  |  |
Interest income |  |  | 5,238 |
Straight-line rent income |  |  | 129 |
Above/below-market rent income |  |  | 1,325 |
Interest expense 2 |  |  | (21,433 | )
Amortization of finance costs |  |  | (1,766 | )
Above/below-market interest income |  |  | 12 |
Finance lease interest expense |  |  | (522 | )
Other income |  |  | 2,867 |
CORE PORTFOLIO AND FUND INCOME |  |  | 41,156 |
FEE AND OTHER INCOME 3 |  |  |
Asset and property management fees |  |  | 185 |
Development, construction, leasing and legal fees |  |  | 66 |
Total Fund Fee Income |  |  | 251 |
Net promote and other transactional income |  |  | — |
Total Fund Fee Income, Net Promote and Other Transactional Income |  |  | 251 |
Realized gains on marketable securities, net |  |  | 3,994 |
Less: previously recognized unrealized gains on marketable securities sold |  |  | (3,994 | )
Unrealized losses on marketable securities |  |  | (2,015 | )
Income tax provision |  |  | (31 | )
Total Fee and Other Loss |  |  | (1,795 | )
General and Administrative |  |  | (9,768 | )
Depreciation and amortization |  |  | (34,849 | )
Non-real estate depreciation and amortization |  |  | (91 | )
Loss related to a previously disposed property |  |  | (1,198 | )
(Loss) gain before equity in earnings and noncontrolling interests |  |  | (6,545 | )
Equity in losses of unconsolidated affiliates |  |  | (312 | )
Noncontrolling interests (including redeemable noncontrolling interests) |  |  | 10,126 |
NET INCOME ATTRIBUTABLE TO ACADIA |  | $ | 3,269 |

6

| Statements of Operations – P ro-Rata Adjustments
Supplemental Report – March 31, 2024 | (in thousands)

|  | Quarter Ended March 31, 2024 |
CORE PORTFOLIO AND FUND INCOME |  | Noncontrolling Interest in Consolidated Subsidiaries 4 |  |  | Company’s Interest in Unconsolidated Subsidiaries 5 |
REVENUES |  |  |  |  |  |
Minimum rents |  | $ | (28,944 | ) |  | $ | 14,697 |
Percentage rents |  |  | (190 | ) |  |  | 110 |
Expense reimbursements - CAM |  |  | (4,286 | ) |  |  | 1,885 |
Expense reimbursements - Taxes |  |  | (3,414 | ) |  |  | 2,122 |
Other property income |  |  | (337 | ) |  |  | 68 |
Total Revenues |  |  | (37,171 | ) |  |  | 18,882 |
EXPENSES |  |  |  |  |  |
Property operating - CAM |  |  | (6,847 | ) |  |  | 2,411 |
Other property operating (Non-CAM) |  |  | (891 | ) |  |  | 300 |
Real estate taxes |  |  | (4,669 | ) |  |  | 3,132 |
Asset and property management expense |  |  | (435 | ) |  |  | 584 |
Total Expenses |  |  | (12,842 | ) |  |  | 6,427 |
NET OPERATING INCOME - PROPERTIES |  |  | (24,329 | ) |  |  | 12,455 |
OTHER INCOME (EXPENSE) |  |  |  |  |  |
Interest income |  |  | (47 | ) |  |  | 7 |
Straight-line rent income |  |  | (337 | ) |  |  | 404 |
Above/below-market rent income (expense) |  |  | (644 | ) |  |  | 494 |
Interest expense |  |  | 12,331 |  |  |  | (4,739 | )
Amortization of finance costs |  |  | 1,017 |  |  |  | (347 | )
Above/below-market interest income |  |  | — |  |  |  | 31 |
Finance lease interest expense |  |  | 340 |  |  |  | (100 | )
Other income (expense) |  |  | (238 | ) |  |  | 29 |
CORE PORTFOLIO AND FUND INCOME |  |  | (11,907 | ) |  |  | 8,234 |
FEE AND OTHER INCOME 3 |  |  |  |  |  |
Asset and property management fees |  |  | 2,695 |  |  |  | 141 |
Development, construction, leasing and legal fees |  |  | 1,786 |  |  |  | 65 |
Total Fund Fee Income |  |  | 4,481 |  |  |  | 206 |
Net promote and other transactional income |  |  | — |  |  |  | — |
Total Fund Fee Income, Net Promote and Other Transactional Income |  |  | 4,481 |  |  |  | 206 |
Realized gains on marketable securities, net |  |  | — |  |  |  | — |
Less: previously recognized unrealized gains on marketable securities sold |  |  | — |  |  |  | — |
Unrealized gains on marketable securities |  |  | — |  |  |  | — |
Income tax provision |  |  | (17 | ) |  |  | (6 | )
Total Fee and Other Loss |  |  | 4,464 |  |  |  | 200 |
General and Administrative |  |  | 579 |  |  |  | (238 | )
Depreciation and amortization |  |  | 16,270 |  |  |  | (8,508 | )
Loss related to a previously disposed property |  |  | 923 |  |  |  | — |
(Loss) gain before equity in earnings and noncontrolling interests |  |  | 10,329 |  |  |  | (312 | )
Equity in losses of unconsolidated affiliates |  |  | — |  |  |  | — |
Noncontrolling interests (including redeemable noncontrolling interests) 6 |  |  | (203 | ) |  |  | — |
NET INCOME (LOSS) ATTRIBUTABLE TO ACADIA |  | $ | 10,126 |  |  | $ | (312 | )

| 7 |

| Balance Sheet
Supplemental Report – March 31, 2024 | (in thousands)

ASSETS |  | Consolidated Balance Sheet |  |  | Line Item Details: |
Real estate |  |  |  |  |  |  |  |
Land |  | $ | 871,084 |  |  | The components of Real estate under development, at cost are as follows: |
Buildings and improvements |  |  | 3,137,273 |  |  | Core |  | $ | 67,698 |
Tenant improvements |  |  | 264,548 |  |  | Fund III |  |  | 28,896 |
Construction in progress |  |  | 22,884 |  |  | Total |  | $ | 96,594 |
Right-of-use assets - finance leases |  |  | 58,637 |  |  |  |  |  |
|  |  | 4,354,426 |  |  |  |  |  |
Less: Accumulated depreciation and amortization |  |  | (854,731 | ) |  |  |  |  |
Operating real estate, net |  |  | 3,499,695 |  |  |  |  |  |
Real estate under development |  |  | 96,594 |  |  | Summary of other assets, net: |  |  |
Net investments in real estate |  |  | 3,596,289 |  |  | Deferred charges, net |  | $ | 30,617 |
Notes receivable, net ($1,416 of allowance for credit losses) |  |  | 118,877 |  |  | Accrued interest receivable |  |  | 27,004 |
Investments in and advances to unconsolidated affiliates |  |  | 198,702 |  |  | Due from seller |  |  | 2,389 |
Lease intangibles, net |  |  | 93,679 |  |  | Prepaid expenses |  |  | 12,802 |
Other assets, net |  |  | 119,020 |  |  | Other receivables |  |  | 2,121 |
Right-of-use assets - operating leases, net |  |  | 28,348 |  |  | Income taxes receivable |  |  | 1,839 |
Cash and cash equivalents |  |  | 18,795 |  |  | Corporate assets, net |  |  | 833 |
Restricted cash |  |  | 8,119 |  |  | Deposits |  |  | 574 |
Marketable securities |  |  | 27,274 |  |  | Derivative financial instruments |  |  | 40,841 |
Straight-line rents receivable, net |  |  | 37,537 |  |  | Total |  | $ | 119,020 |
Rents receivable, net |  |  | 13,995 |  |  |  |  |  |
Assets of properties held for sale |  |  | 11,147 |  |  |  |  |  |
Total assets |  | $ | 4,271,782 |  |  |  |  |  |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY |  |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |
Mortgage and other notes payable, net |  |  | 962,468 |  |  |  |  |  |
Unsecured notes payable, net |  |  | 646,524 |  |  | Summary of accounts payable and other liabilities: |  |  |
Unsecured line of credit |  |  | 114,687 |  |  | Lease liability - finance leases, net |  | $ | 32,696 |
Accounts payable and other liabilities |  |  | 145,980 |  |  | Accounts payable and accrued expenses |  |  | 58,163 |
Lease liability - operating leases |  |  | 30,620 |  |  | Deferred income |  |  | 36,248 |
Dividends and distributions payable |  |  | 19,978 |  |  | Tenant security deposits, escrow and other |  |  | 14,181 |
Lease intangibles, net |  |  | 72,136 |  |  | Derivative financial instruments |  |  | 4,692 |
Distributions in excess of income from, and investments in, unconsolidated affiliates |  |  | 7,858 |  |  | Total |  | $ | 145,980 |
Total liabilities |  |  | 2,000,251 |  |  |  |  |  |
Commitments and contingencies |  |  |  |  |  |  |  |
Redeemable noncontrolling interests |  |  | 45,462 |  |  |  |  |  |
Shareholders' Equity |  |  |  |  |  |  |  |
Common shares |  |  | 103 |  |  |  |  |  |
Additional paid-in capital |  |  | 2,078,295 |  |  |  |  |  |
Accumulated other comprehensive income |  |  | 46,942 |  |  |  |  |  |
Distributions in excess of accumulated earnings |  |  | (364,440 | ) |  |  |  |  |
Total Acadia shareholders’ equity |  |  | 1,760,900 |  |  |  |  |  |
Noncontrolling interests |  |  | 465,169 |  |  |  |  |  |
Total equity |  |  | 2,226,069 |  |  |  |  |  |
Total liabilities, redeemable noncontrolling interests, and equity |  | $ | 4,271,782 |  |  |  |  |  |

| 8 |

| Balance Sheet – Pro-rata Adjustments 7
Supplemental Report – March 31, 2024 | (in thousands)

ASSETS |  | Noncontrolling Interest in Consolidated Subsidiaries 4 |  |  | Company’s Interest in Unconsolidated Subsidiaries 5 |
Real estate |  |  |  |  |  |
Land |  | $ | (203,959 | ) |  | $ | 69,033 |
Buildings and improvements |  |  | (811,124 | ) |  |  | 268,210 |
Tenant improvements |  |  | (55,912 | ) |  |  | 20,809 |
Construction in progress |  |  | (5,228 | ) |  |  | 1,670 |
Right-of-use assets - finance leases |  |  | (22,571 | ) |  |  | 22,198 |
|  |  | (1,098,794 | ) |  |  | 381,920 |
Less: Accumulated depreciation and amortization |  |  | 145,906 |  |  |  | (77,423 | )
Operating real estate, net |  |  | (952,888 | ) |  |  | 304,497 |
Real estate under development |  |  | (21,805 | ) |  |  | (16 | )
Net investments in real estate |  |  | (974,693 | ) |  |  | 304,481 |
Notes receivable, net ($1,416 of allowance for credit losses) |  |  | 66,046 |  |  |  | — |
Investments in and advances to unconsolidated affiliates |  |  | (72,056 | ) |  |  | (122,288 | )
Lease intangibles, net |  |  | (41,520 | ) |  |  | 7,061 |
Other assets, net |  |  | 13,331 |  |  |  | 8,067 |
Right-of-use assets - operating leases, net |  |  | (1,600 | ) |  |  | — |
Cash and cash equivalents |  |  | (9,856 | ) |  |  | 6,779 |
Restricted cash |  |  | (4,329 | ) |  |  | 2,020 |
Marketable securities |  |  | — |  |  |  | — |
Straight-line rents receivable, net |  |  | (9,114 | ) |  |  | 5,492 |
Rents receivable, net |  |  | (4,745 | ) |  |  | 1,936 |
Assets of properties held for sale |  |  | (8,591 | ) |  |  | — |
Total assets |  | $ | (1,047,127 | ) |  | $ | 213,548 |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY |  |  |  |  |  |
Mortgage and other notes payable, net |  | $ | (572,729 | ) |  | $ | 185,695 |
Unsecured notes payable, net |  |  | — |  |  |  | — |
Unsecured line of credit |  |  | — |  |  |  | — |
Accounts payable and other liabilities |  |  | (32,172 | ) |  |  | 21,784 |
Lease intangibles, net |  |  | (31,518 | ) |  |  | 5,718 |
Lease liability - operating leases |  |  | (1,674 | ) |  |  | 4 |
Dividends and distributions payable |  |  | — |  |  |  | — |
Lease liability - finance leases |  |  | (20,907 | ) |  |  | 8,026 |
Distributions in excess of income from, and investments in, unconsolidated affiliates |  |  | — |  |  |  | (7,679 | )
Total liabilities |  |  | (659,000 | ) |  |  | 213,548 |
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) |  |  | (388,127 | ) |  |  | — |
Total equity |  |  | (388,127 | ) |  |  | — |
Total liabilities, redeemable noncontrolling interests, and equity |  | $ | (1,047,127 | ) |  | $ | 213,548 |

| 9 |

| Notes to Income Statements, Balance Sheet and Pro-rata Adjustments 7
Supplemental Report – March 31, 2024 | (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 $1.6 million for the three months ended March 31, 2024.
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 (loss) income allocable to Operating Partnership Units of $0.2 million for the three months ended March 31, 2024.
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”), FFO Before Special Items, Adjusted Funds from Operations (“AFFO”)
Supplemental Report – March 31, 2024 | (in thousands, except per share amounts)

|  | Quarter Ended |  |  | Quarter Ended |  |
|  | March 31, 2024 |  |  | March 31, 2023 |  |
Funds from operations ("FFO"): |  |  |  |  |  |  |
Net Income (Loss) attributable to Acadia |  | $ | 3,269 |  |  | $ | 13,360 |  |
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share) |  |  | 27,087 |  |  |  | 26,444 |  |
Loss on disposition on real estate properties (net of noncontrolling interest share) |  |  | 275 |  |  |  | — |  |
Income attributable to noncontrolling interests' share in Operating Partnership |  |  | 326 |  |  |  | 917 |  |
FFO to Common Shareholders and Common OP Unit holders - Diluted |  | $ | 30,957 |  |  | $ | 40,721 |  |
Unrealized holding loss (gain) (net of noncontrolling interest share) |  |  | 2,015 |  |  |  | (66 | ) |
Realized gain |  |  | 3,994 |  |  |  | — |  |
FFO before Special Items attributable to Common Shareholder and Common OP Unit holders 1 |  | $ | 36,966 |  |  | $ | 40,655 |  |
Adjusted Funds from operations ("AFFO"): |  |  |  |  |  |  |
FFO |  | $ | 30,957 |  |  | $ | 40,721 |  |
Unrealized holding loss (gain) (net of noncontrolling interest share) |  |  | 2,015 |  |  |  | (66 | ) |
Realized gain |  |  | 3,994 |  |  |  | — |  |
Straight-line rent, net |  |  | (196 | ) |  |  | (193 | ) |
Above/below-market rent |  |  | (1,175 | ) |  |  | (2,087 | ) |
Amortization of finance costs |  |  | 1,096 |  |  |  | 1,085 |  |
Above/below-market interest |  |  | (43 | ) |  |  | (47 | ) |
Non-real estate depreciation |  |  | 91 |  |  |  | 87 |  |
Stock-based compensation |  |  | 3,938 |  |  |  | 3,776 |  |
Leasing commissions |  |  | (560 | ) |  |  | (1,507 | ) |
Tenant improvements |  |  | (1,212 | ) |  |  | (4,805 | ) |
Maintenance capital expenditures |  |  | (1,640 | ) |  |  | (690 | ) |
AFFO to Common Shareholders and Common OP Unit holders |  | $ | 37,265 |  |  | $ | 36,274 |  |
Total weighted-average diluted shares and OP Units |  |  | 111,051 |  |  |  | 102,539 |  |
Diluted FFO per Common share and OP Unit: |  |  |  |  |  |  |
FFO |  | $ | 0.28 |  |  | $ | 0.40 |  |
FFO before Special Items |  | $ | 0.33 |  |  | $ | 0.40 |  |

__________

1.
The Company defines Special Items to include (i) unrealized holding losses or gains (net of noncontrolling interest share) on investments and (ii) 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, 2024 | (in thousands)

|  | Quarter Ended March 31, 2024 |  |  | Quarter Ended March 31, 2023 |
|  | Core |  |  |  |  |  |  |  |  | Core |  |  |  |  |  |  |
|  | Portfolio |  |  | Funds |  |  | Total |  |  | Portfolio |  |  | Funds |  |  | Total |
EBITDA: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Income (Loss) Attributable to Acadia |  | $ | 7,669 |  |  | $ | (4,400 | ) |  | $ | 3,269 |  |  | $ | 5,160 |  |  | $ | 8,200 |  |  | $ | 13,360 |
Adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 20,344 |  |  |  | 6,834 |  |  |  | 27,178 |  |  |  | 20,043 |  |  |  | 6,488 |  |  |  | 26,531 |
Interest expense |  |  | 9,452 |  |  |  | 4,389 |  |  |  | 13,841 |  |  |  | 11,653 |  |  |  | 3,506 |  |  |  | 15,159 |
Amortization of finance costs |  |  | 624 |  |  |  | 472 |  |  |  | 1,096 |  |  |  | 681 |  |  |  | 404 |  |  |  | 1,085 |
Above/below-market interest |  |  | (43 | ) |  |  | — |  |  |  | (43 | ) |  |  | (47 | ) |  |  | — |  |  |  | (47 | )
Loss on disposition of properties |  |  | — |  |  |  | 275 |  |  |  | 275 |  |  |  | — |  |  |  | — |  |  |  | — |
Unrealized holding loss (gain) on investment in Albertsons and other |  |  | 2,015 |  |  |  | — |  |  |  | 2,015 |  |  |  | (66 | ) |  |  | — |  |  |  | (66 | )
Realized gain |  |  | 3,994 |  |  |  | — |  |  |  | 3,994 |  |  |  | — |  |  |  | — |  |  |  | — |
Provision for income taxes |  |  | 52 |  |  |  | 2 |  |  |  | 54 |  |  |  | 22 |  |  |  | 17 |  |  |  | 39 |
Noncontrolling interest - OP |  |  | 203 |  |  |  | — |  |  |  | 203 |  |  |  | 794 |  |  |  | — |  |  |  | 794 |
EBITDA |  | $ | 44,310 |  |  | $ | 7,572 |  |  | $ | 51,882 |  |  | $ | 38,240 |  |  | $ | 18,615 |  |  | $ | 56,855 |
Adjusted EBITDA: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
EBITDA |  | $ | 44,310 |  |  | $ | 7,572 |  |  | $ | 51,882 |  |  | $ | 38,240 |  |  | $ | 18,615 |  |  | $ | 56,855 |
Stock based compensation |  |  | 3,938 |  |  |  | — |  |  |  | 3,938 |  |  |  | 3,776 |  |  |  | — |  |  |  | 3,776 |
Adjusted EBITDA |  | $ | 48,248 |  |  | $ | 7,572 |  |  | $ | 55,820 |  |  | $ | 42,016 |  |  | $ | 18,615 |  |  | $ | 60,631 |
Core EBITDA excluding realized gains |  | $ | 40,316 |  |  |  |  |  |  |  |  | $ | 38,240 |  |  |  |  |  |  |

12

| Core Portfolio – Same P roperty Performance 1
Supplemental Report – March 31, 2024 | (in thousands)

|  | Quarter Ended |  |  | Change |
|  | March 31, 2024 |  |  | March 31, 2023 |  |  | Favorable/ (Unfavorable) |
Summary |  |  |  |  |  |  |  |  |
Minimum rents |  | $ | 35,870 |  |  | $ | 33,851 |  |  |  | 6.0 | %
Expense reimbursements |  |  | 9,069 |  |  |  | 8,691 |  |  |  | 4.3 | %
Other property income |  |  | 1,204 |  |  |  | 1,240 |  |  |  | (2.9 | )%
Total Revenue |  |  | 46,143 |  |  |  | 43,782 |  |  |  | 5.4 | %
Expenses |  |  |  |  |  |  |  |  |
Property operating - CAM & Real estate taxes |  |  | 12,654 |  |  |  | 11,890 |  |  |  | (6.4 | )%
Other property operating (Non-CAM) |  |  | 1,461 |  |  |  | 1,577 |  |  |  | 7.4 | %
Total Expenses |  |  | 14,115 |  |  |  | 13,467 |  |  |  | (4.8 | )%
Same Property NOI - Core properties |  | $ | 32,028 |  |  | $ | 30,315 |  |  |  | 5.7 | %
Reconciliation of Same Property NOI to Core NOI |  |  |  |  |  |  |  |  |
NOI of Properties excluded from Same Property NOI |  |  | 3,926 |  |  |  | 5,900 |  |  |  |
Core NOI |  | $ | 35,954 |  |  | $ | 36,215 |  |  |  |
Other same property information |  |  |  |  |  |  |  |  |
Physical Occupancy at the end of the period |  |  | 91.8 | % |  |  | 92.8 | % |  |  |
Leased Occupancy at the end of the period |  |  | 94.4 | % |  |  | 94.6 | % |  |  |

__________

1.
The above amounts include the pro-rata share of the Company's Core consolidated and unconsolidated investments.

13

| Fee Income by Fund 1
Supplemental Report – March 31, 2024 | (in thousands)

|  | Fund II |  |  | Fund III |  |  | Fund IV |  |  | Fund V |  |  | Other |  |  | Total |
Quarter Ended March 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset and property management fees |  | $ | 75 |  |  | $ | 21 |  |  | $ | 865 |  |  | $ | 1,904 |  |  | $ | 156 |  |  | $ | 3,021 |
Transactional fees |  |  | 119 |  |  |  | 15 |  |  |  | 283 |  |  |  | 1,447 |  |  |  | 53 |  |  |  | 1,917 |
Total fees |  | $ | 194 |  |  | $ | 36 |  |  | $ | 1,148 |  |  | $ | 3,351 |  |  | $ | 209 |  |  | $ | 4,938 |

__________

1.
Fees are shown at the Company's pro-rata share and can be derived from the Consolidated Statements of Operations - Detail and Statements of Operations - Pro-Rata Adjustments. The components of the total fee income to the Company are derived by the fees included on the Consolidated Statements of Operations 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, 2024 | (in thousands)

|  | December 31, 2023 |  |  | Quarter Ended March 31, 2024 |  |  | 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 3
First mortgage notes 1,2 |  | $ | 59,801 |  |  | $ | 3,809 |  |  | $ | 63,610 |  |  | $ | — |  |  | $ | — |  |  | $ | 59,801 |  |  | $ | 3,809 |  |  | $ | 63,610 |  |  |  | 5.99 | % |  |  | 6.39 | % |  | Sept-24
Other notes 2 |  |  | 133,167 |  |  |  | 32,279 |  |  |  | 165,446 |  |  |  | 66 |  |  |  | (6,000 | ) |  |  | 127,233 |  |  |  | 36,165 |  |  |  | 163,398 |  |  |  | 11.63 | % |  |  | 11.74 | % |  | Sep-24 to Dec-27
Total Core notes receivable |  | $ | 192,968 |  |  | $ | 36,088 |  |  | $ | 229,056 |  |  | $ | 66 |  |  | $ | (6,000 | ) |  | $ | 187,034 |  |  | $ | 39,974 |  |  | $ | 227,008 |  |  |  | 9.83 | % |  |  | 10.03 | % |  |
__________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reconciliation of Notes Receivable to the Pro-Rata Balance Sheet: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Notes Receivable per above |  |  | $ | 187,034 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for credit loss |  |  |  | (2,111 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total pro-rata Notes Receivable |  |  | $ | 184,923 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

________

1.
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, 2024.
2.
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.
3.
Certain first mortgage notes have extension options subject to customary conditions.

15

| Transactional Activity
Supplemental Report – March 31, 2024 | (in thousands)

PROPERTY ACQUISITIONS AND DISPOSITIONS |
Property Name |  | Location |  | Date of Transaction |  | Transaction Amount |  |  | Ownership % 1 |  |  | Fund Share |  |  | Acadia Share |
DISPOSITIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fund IV: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2207 & 2208-2216 Fillmore |  | San Francisco, CA |  | April 3, 2024 |  |  | 14,060 |  |  |  | 90.00 | % |  |  | 12,654 |  |  |  | 2,926 |
|  |  |  |  |  | $ | 14,060 |  |  |  |  |  | $ | 12,654 |  |  | $ | 2,926 |

________

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

16

| 202 4 Guidance
Supplemental Report – March 31, 2024 | (in millions, except per share amounts)

The Company reaffirmed 2024 guidance for FFO Before Special Items.

|  | 2024 Guidance |
|  | As of 3/31/2024 |  | As of 12/31/2023 |
Net earnings per share attributable to Acadia |  | $0.07-$0.13 |  | $0.09-$0.15 |
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share) |  | 1.01 |  | 1.01 |
Noncontrolling interest in Operating Partnership |  | 0.01 |  | 0.01 |
NAREIT Funds from operations per share attributable to Common Shareholders and Common OP Unit holders |  | $1.09-$1.15 |  | $1.11-$1.17 |
Net unrealized holding loss 1,2 |  | 0.02 |  | — |
Realized gains and promotes 2 |  | 0.13-0.15 |  | 0.13-0.15 |
Funds from operations Before Special Items per share attributable to Common Shareholders and Common OP Unit holders |  | $1.24-$1.32 |  | $1.24-$1.32 |

________

1.
This represents the unrealized mark-to-market holding loss related to the Company’s investment in Albertsons, which was recognized in NAREIT FFO for the three months ended March 31, 2024. The Company has not reflected any forward-looking estimates involving future unrealized holding gains or losses (i.e. changes in share price) on Albertsons in its 2024 guidance assumptions.
2.
It is the Company’s policy to exclude unrealized gains and losses from FFO Before Special Items and to include and provide guidance for any anticipated realized gains related to the Company’s investment in Albertsons within FFO Before Special Items. The Company realized investment gains of $4.0 million on 175,000 shares for the three months ended March 31, 2024.

17

| Net Asset Valuat ion Information
Supplemental Report – March 31, 2024 | (in thousands)

|  | CORE |  |  | FUND II 3 |  |  | 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 |  | $ | 35,954 |  |  | N/A 5 |  |  | $ | 108 |  |  | $ | 872 |  |  | $ | 5,007 |  |  | $ | 41,941 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net operating (income) loss from properties sold or assets held for sale |  |  | — |  |  | N/A 5 |  |  |  | (5 | ) |  |  | 4 |  |  |  | — |  |  |  | (1 | )
Net operating (income) loss from pre-stabilized assets, development and redevelopment projects 4 |  |  | (3,908 | ) |  | N/A 5 |  |  |  | (103 | ) |  |  | (186 | ) |  |  | — |  |  |  | (4,197 | )
Net Operating Income of stabilized assets |  | $ | 32,046 |  |  | N/A 5 |  |  | $ | — |  |  | $ | 690 |  |  | $ | 5,007 |  |  | $ | 37,743 |
Costs to Date (Pro-Rata) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets held for sale |  | $ | — |  |  | N/A 5 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Pre-stabilized assets 4 |  |  | — |  |  | N/A 5 |  |  |  | 14,337 |  |  |  | 30,969 |  |  |  | — |  |  |  | 45,306 |
Development and redevelopment projects |  |  | 718,900 |  |  | N/A 5 |  |  |  | 7,100 |  |  |  | 27,800 |  |  |  | — |  |  |  | 753,800 |
Total Costs to Date |  | $ | 718,900 |  |  | N/A 5 |  |  | $ | 21,437 |  |  | $ | 58,769 |  |  | $ | — |  |  | $ | 799,106 |
Debt (Pro-Rata) |  | $ | 1,050,689 |  |  | $ | 79,887 |  |  | $ | 8,098 |  |  | $ | 38,006 |  |  | $ | 151,971 |  |  | $ | 1,328,651 |

_________

1.
This Net Asset Valuation Information page shows 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.
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 and 1035 Third Avenue.
5.
Amounts omitted as only remaining asset is City Point.

18

| Selected Fina ncial Ratios
Supplemental Report – March 31, 2024 | (in thousands, except per share amounts)

|  | Quarter Ended March 31, |  |  |  |  | Quarter Ended |
COVERAGE RATIOS 1 |  | 2024 |  |  | 2023 |  |  | LEVERAGE RATIOS |  | March 31, 2024 |  |  | December 31, 2023 |
Fixed-Charge Coverage Ratios |  |  |  |  |  |  |  | Debt/Market Capitalization Ratios |  |  |  |  |  |
EBITDA 2 divided by: |  | $ | 44,310 |  |  | $ | 38,240 |  |  | Debt + Preferred Equity (Preferred OP Units) |  | $ | 1,336,542 |  |  | $ | 1,452,214 |
Interest expense |  |  | 9,452 |  |  |  | 11,653 |  |  | Total Market Capitalization |  |  | 3,175,714 |  |  |  | 3,163,226 |
Principal Amortization |  |  | 2,442 |  |  |  | 877 |  |  | Debt + Preferred Equity/ |  |  |  |  |  |
Preferred Dividends 3 |  |  | 123 |  |  |  | 123 |  |  | Total Market Capitalization |  |  | 42 | % |  |  | 46 | %
Fixed-Charge Coverage Ratio - Core Portfolio |  |  | 3.7 | x |  |  | 3.0 | x |  |  |  |  |  |  |  |
EBITDA divided by: |  | $ | 51,882 |  |  | $ | 56,855 |  |  | Net debt 6 |  | $ | 1,320,824 |  |  | $ | 1,433,551 |
Interest expense |  |  | 13,841 |  |  |  | 15,159 |  |  | Total Market Capitalization |  |  | 3,175,714 |  |  |  | 3,163,226 |
Principal Amortization |  |  | 2,832 |  |  |  | 1,242 |  |  | Net Debt + Preferred Equity/ |  |  |  |  |  |
Preferred Dividends |  |  | 123 |  |  |  | 123 |  |  | Total Market Capitalization |  |  | 42 | % |  |  | 45 | %
Fixed-Charge Coverage Ratio - Core Portfolio and Funds |  |  | 3.1 | x |  |  | 3.4 | x |  | Debt/EBITDA Ratios |  |  |  |  |  |
|  |  |  |  |  |  |  | Core: |  |  |  |  |  |
Payout Ratios |  |  |  |  |  |  |  | Debt |  | $ | 944,643 |  |  | $ | 1,052,475 |
|  |  |  |  |  |  |  | Net debt 5 |  |  | 932,734 |  |  |  | 1,036,837 |
Dividends declared (per share/OP Unit) |  | $ | 0.18 |  |  | $ | 0.18 |  |  | EBITDA |  |  | 169,695 |  |  |  | 159,260 |
|  |  |  |  |  |  |  | EBITDA excluding Realized Gains (net of noncontrolling share) |  |  | 153,719 |  |  |  | 154,624 |
Dividends (Shares) & Distributions (OP Units) declared |  | $ | 20,021 |  |  | $ | 18,474 |  |  | Debt/EBITDA - Core Portfolio |  |  | 5.6 | x |  |  | 6.6 | x
FFO |  |  | 30,957 |  |  |  | 40,721 |  |  | Debt/EBITDA excluding Realized Gains - Core Portfolio |  |  | 6.1 | x |  |  | 6.8 | x
FFO Payout Ratio 8 |  |  | 65 | % |  |  | 45 | % |  | Net Debt/EBITDA - Core Portfolio |  |  | 5.5 | x |  |  | 6.5 | x
|  |  |  |  |  |  |  | Net Debt/EBITDA excluding Realized Gains - Core Portfolio |  |  | 6.1 | x |  |  | 6.7 | x
AFFO 7 |  |  | 37,265 |  |  |  | 36,274 |  |  | Core and Funds: |  |  |  |  |  |
AFFO Payout Ratio |  |  | 54 | % |  |  | 51 | % |  | Debt 4 |  | $ | 1,328,651 |  |  | $ | 1,444,332 |
|  |  |  |  |  |  |  | Net debt 6 |  |  | 1,312,933 |  |  |  | 1,425,669 |
FFO Before Special Items |  |  | 36,966 |  |  |  | 40,655 |  |  | EBITDA |  |  | 199,983 |  |  |  | 201,570 |
FFO Before Special Items Payout Ratio |  |  | 54 | % |  |  | 45 | % |  | EBITDA excluding Realized Gains (net of noncontrolling share) |  |  | 184,007 |  |  |  | 196,934 |
|  |  |  |  |  |  |  | Debt/EBITDA - Core and Funds |  |  | 6.6 | x |  |  | 7.2 | x
|  |  |  |  |  |  |  | Debt/EBITDA excluding Realized Gains - Core and Funds |  |  | 7.2 | x |  |  | 7.3 | x
|  |  |  |  |  |  |  | Net Debt/EBITDA - Core and Funds |  |  | 6.6 | x |  |  | 7.1 | x
|  |  |  |  |  |  |  | Net Debt/EBITDA excluding Realized Gains - Core and Funds |  |  | 7.1 | x |  |  | 7.2 | x

19

| Selected Financial Ratios
Supplemental Report – March 31, 2024 | (in thousands)

|  | EBITDA |  |  | ADJUSTED EBITDA |
|  | EBITDA |  |  | Year Ended |  |  | Quarter Ended |  |  | Year Ended |
Reconciliation of EBITDA to Annualized EBITDA |  | March 31, 2024 |  |  | December 31, 2023 |  |  | March 31, 2024 |  |  | December 31, 2023 |
Core EBITDA as reported |  | $ | 44,310 |  |  | $ | 159,260 |  |  | $ | 44,310 |  |  | $ | 159,260 |
Add back: Stock-based compensation, net of employee equity elections |  |  | — |  |  |  | — |  |  |  | 2,048 |  |  |  | 10,581 |
Subtract: Nonrecurring Termination Payment |  |  | (2,515 | ) |  |  | — |  |  |  | (2,515 | ) |  |  | — |
|  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Subtotal |  |  | 41,795 |  |  |  | 159,260 |  |  |  | 43,843 |  |  |  | 169,841 |
Annualized Core EBITDA |  | $ | 167,180 |  |  | $ | 159,260 |  |  | $ | 175,372 |  |  | $ | 169,841 |
Add: Nonrecurring Termination Payment |  |  | 2,515 |  |  |  | — |  |  |  | 2,515 |  |  |  | — |
Add: Employee election to receive equity in lieu of cash in Q1 |  |  | — |  |  |  | — |  |  |  | 1,890 |  |  |  | — |
Annualized Core EBITDA |  |  | 169,695 |  |  |  | 159,260 |  |  |  | 179,777 |  |  |  | 169,841 |
Realized gain |  |  | 3,994 |  |  |  | 4,636 |  |  |  | 3,994 |  |  |  | 4,636 |
Annualized realized gain |  |  | 15,976 |  |  |  | 4,636 |  |  |  | 15,976 |  |  |  | 4,636 |
Annualized Core EBITDA excluding realized gains |  |  | 153,719 |  |  |  | 154,624 |  |  |  | 163,801 |  |  |  | 165,205 |
Quarter Funds EBITDA as reported |  |  | 7,572 |  |  |  | 42,310 |  |  |  | 7,572 |  |  |  | 42,310 |
Annualized Funds EBITDA |  |  | 30,288 |  |  |  | 42,310 |  |  |  | 30,288 |  |  |  | 42,310 |
EBITDA Core and Funds |  | $ | 199,983 |  |  | $ | 201,570 |  |  | $ | 210,065 |  |  | $ | 212,151 |
EBITDA Core and Funds excluding realized gains |  | $ | 184,007 |  |  | $ | 196,934 |  |  | $ | 194,089 |  |  | $ | 207,515 |

20

| Selected Financial Ratios
Supplemental Report – March 31, 2024 | (in thousands)

|  | Quarter Ended |
Reconciliation of Core Portfolio Debt |  | March 31, 2024 |
Core Portfolio Debt per Debt Summary |  | $1,050,689 |
Incremental Core Debt Attributable to City Point 8 |  | (106,046) |
Adjusted Core Debt for purposes of computing Debt/EBITDA |  | 944,643 |
Fund Portfolio Debt per Debt Summary |  | 277,962 |
Incremental Core Debt Attributable to City Point 8 |  | 106,046 |
Adjusted Fund Debt per EBITDA |  | 384,008 |
Total Core and Fund Debt for purposes of computing Debt/EBITDA |  | $1,328,651 |

21

| Selected Financial Ratios
Supplemental Report – March 31, 2024 | (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. Amount represents the Company's reallocation of its pro-rata portion of the de-leveraging of Fund II's property-level debt in August 2022 associated with the City Point refinancing to align with the inclusion of the associated EBITDA derived from its investment.

5. See Funds from Operations (“FFO”), Adjusted Funds from Operations (“AFFO”) for a reconciliation of AFFO to Net Income attributable to Acadia.

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

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

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

22

| Portfolio De bt – Summary
Supplemental Report – March 31, 2024 | (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 |  | $ | 764,687 |  |  |  | 4.3 | % |  |  | 2.6 |  |  | $ | — |  |  |  | — | % |  |  | — |  |  | $ | 764,687 |  |  |  | 58 | % |  |  | 4.3 | % |  |  | 2.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 764,687 |
Variable-Rate Debt 5 |  |  | — |  |  |  | — | % |  |  | — |  |  |  | — |  |  |  | — | % |  |  | — |  |  |  | — |  |  |  | — | % |  |  | — | % |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 58 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage and Other Notes Payable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-Rate Debt 1 |  |  | 276,738 |  |  |  | 4.0 | % |  |  | 2.9 |  |  |  | 185,619 |  |  |  | 5.4 | % |  |  | 1.8 |  |  |  | 462,357 |  |  |  | 35 | % |  |  | 4.6 | % |  |  | 2.5 |  |  |  | 368,297 |  |  |  | (149,384 | ) |  |  | 681,270 |
Variable-Rate Debt 5 |  |  | 9,264 |  |  |  | 9.2 | % |  |  | 0.4 |  |  |  | 92,343 |  |  |  | 8.1 | % |  |  | 1.4 |  |  |  | 101,607 |  |  |  | 7 | % |  |  | 8.2 | % |  |  | 1.3 |  |  |  | 208,975 |  |  |  | (22,076 | ) |  |  | 288,506 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 42 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total |  | $ | 1,050,689 |  |  |  | 4.3 | % |  |  | 2.7 |  |  | $ | 277,962 |  |  |  | 6.3 | % |  |  | 1.7 |  |  | $ | 1,328,651 |  |  |  | 100 | % |  |  | 4.7 | % |  |  | 2.4 |  |  | $ | 577,272 |  |  | $ | (171,460 | ) |  |  | 1,734,463 |
Unamortized premium |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 332 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 228 |
Net unamortized loan costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (7,399 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (11,012 | )
Contingent loan obligation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 15,061 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,336,645 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,723,679 |

_________

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.

23

| Portfolio Debt – Detail
Supplemental Report – March 31, 2024 | (in thousands)

|  |  |  | Principal Balance at |  |  | Acadia's Pro-rata Share |  |  | Interest |  |  |  | Extension
Property |  |  |  | March 31, 2024 |  |  | Percent |  |  | Amount |  |  | Rate |  | Maturity Date |  | Options
CORE PORTFOLIO |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-Rate Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Crossroads Shopping Center |  |  |  | $ | 59,030 |  |  |  | 49.00 | % |  | $ | 28,925 |  |  | 3.94% |  | 10/06/24 |  | None
555 9th Street |  |  |  |  | 60,000 |  |  |  | 100.00 | % |  |  | 60,000 |  |  | 3.99% |  | 01/01/25 |  | None
840 N. Michigan |  |  |  |  | 35,625 |  |  |  | 91.85 | % |  |  | 32,722 |  |  | N/A 5 |  | 12/10/26 |  | None
239 Greenwich Avenue |  |  |  |  | 26,000 |  |  |  | 75.00 | % |  |  | 19,500 |  |  | 4.00% |  | 07/10/27 |  | 1x60 mos.
Georgetown Portfolio (2008 Investment) |  |  |  |  | 14,314 |  |  |  | 50.00 | % |  |  | 7,157 |  |  | 4.72% |  | 12/10/27 |  | None
State & Washington |  |  |  |  | 21,214 |  |  |  | 100.00 | % |  |  | 21,214 |  |  | 4.40% |  | 09/05/28 |  | None
North & Kingsbury |  |  |  |  | 10,314 |  |  |  | 100.00 | % |  |  | 10,314 |  |  | 4.01% |  | 11/05/29 |  | None
151 North State Street |  |  |  |  | 12,114 |  |  |  | 100.00 | % |  |  | 12,114 |  |  | 4.03% |  | 12/01/29 |  | None
Concord & Milwaukee |  |  |  |  | 2,277 |  |  |  | 100.00 | % |  |  | 2,277 |  |  | 4.40% |  | 06/01/30 |  | None
California & Armitage |  |  |  |  | 2,115 |  |  |  | 100.00 | % |  |  | 2,115 |  |  | 5.89% |  | 04/15/35 |  | None
Unsecured interest rate swaps 1 |  |  |  |  | 764,687 |  |  |  | 100.00 | % |  |  | 764,687 |  |  | N/A |  | Various |  |
Secured interest rate swaps 1 |  |  |  |  | 202,000 |  |  |  | 39.80 | % |  |  | 80,400 |  |  | N/A |  | Various |  |
Sub-Total Fixed-Rate Debt |  |  |  |  | 1,209,690 |  |  |  |  |  |  | 1,041,425 |  |  | 4.2% |  |  |  |
Secured Variable-Rate Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gotham Plaza |  |  |  |  | 17,203 |  |  |  | 49.00 | % |  |  | 8,430 |  |  | SOFR+4.00% |  | 06/04/24 |  | None
Georgetown Portfolio (2016 Investment) |  |  |  |  | 152,000 |  |  |  | 20.00 | % |  |  | 30,400 |  |  | SOFR+2.65% |  | 11/06/26 |  | 2x12 mos.
3104 M Street 2 |  |  |  |  | 4,174 |  |  |  | 20.00 | % |  |  | 834 |  |  | PRIME |  | 01/01/27 |  | 2x12 mos.
Sullivan Center |  |  |  |  | 50,000 |  |  |  | 100.00 | % |  |  | 50,000 |  |  | SOFR+1.60% |  | 11/16/28 |  | None
Secured interest rate swaps 1 |  |  |  |  | (202,000 | ) |  |  | 39.80 | % |  |  | (80,400 | ) |  | N/A |  | Various |  |
Unsecured Variable-Rate Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unsecured Revolving Credit Facility 3 |  |  |  |  | 114,687 |  |  |  | 100.00 | % |  |  | 114,687 |  |  | SOFR+1.45% |  | 06/29/25 |  | 2x6 mos.
Unsecured Term Loan |  |  |  |  | 400,000 |  |  |  | 100.00 | % |  |  | 400,000 |  |  | SOFR+1.60% |  | 06/29/26 |  | None
Unsecured $175 Million Term Loan |  |  |  |  | 175,000 |  |  |  | 100.00 | % |  |  | 175,000 |  |  | SOFR+1.60% |  | 04/06/27 |  | None
Unsecured $75 Million Term Loan |  |  |  |  | 75,000 |  |  |  | 100.00 | % |  |  | 75,000 |  |  | SOFR+1.95% |  | 07/29/29 |  | None
Unsecured interest rate swaps 1 |  |  |  |  | (764,687 | ) |  |  | 100.00 | % |  |  | (764,687 | ) |  | N/A |  | Various |  |
Sub-Total Variable-Rate Debt |  |  |  |  | 21,377 |  |  |  |  |  |  | 9,264 |  |  | 9.2% |  |  |  |
Total Debt - Core Portfolio |  |  |  | $ | 1,231,067 |  |  |  |  |  | $ | 1,050,689 |  |  | 4.3% |  |  |  |
Funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-Rate Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2207 Fillmore Street 4 |  | Fund IV |  | $ | 1,120 |  |  |  | 20.81 | % |  | $ | 233 |  |  | 4.50% |  | 10/31/25 |  | None
650 Bald Hill Road 4 |  | Fund IV |  |  | 15,306 |  |  |  | 20.81 | % |  |  | 3,185 |  |  | 3.75% |  | 06/01/26 |  | None
Shoppes at South Hills 4 |  | Fund V |  |  | 32,087 |  |  |  | 18.09 | % |  |  | 5,804 |  |  | 5.95% |  | 03/01/28 |  | 1 x 12 mos.
Broughton Street Portfolio |  | Fund IV |  |  | 25,939 |  |  |  | 23.12 | % |  |  | 5,997 |  |  | 5.62% |  | 06/01/28 |  | None
Canton Marketplace |  | Fund V |  |  | 36,000 |  |  |  | 20.10 | % |  |  | 7,236 |  |  | 6.29% |  | 06/01/28 |  | None
Interest rate swaps 1 |  | Funds II, IV & V |  |  | 662,026 |  |  |  | 24.65 | % |  |  | 163,164 |  |  | N/A |  | Various |  |
Sub-Total Fixed-Rate Debt |  |  |  |  | 772,478 |  |  |  |  |  |  | 185,619 |  |  | 5.4% |  |  |  |
Variable-Rate Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Elk Grove Commons |  | Fund V |  |  | 40,107 |  |  |  | 20.10 | % |  |  | 8,061 |  |  | SOFR+2.10% |  | 07/08/24 |  | 1x6 mos.
Eden Square 4 |  | Fund IV |  |  | 23,882 |  |  |  | 20.81 | % |  |  | 4,969 |  |  | SOFR+2.35% |  | 09/01/24 |  | None
Hickory Ridge |  | Fund V |  |  | 27,338 |  |  |  | 20.10 | % |  |  | 5,495 |  |  | SOFR+2.00% |  | 10/05/24 |  | None
Tri-City Plaza 4 |  | Fund V |  |  | 38,066 |  |  |  | 18.09 | % |  |  | 6,886 |  |  | SOFR+2.00% |  | 10/18/24 |  | 1x12 mos.
Lincoln Commons |  | Fund V |  |  | 37,987 |  |  |  | 20.10 | % |  |  | 7,635 |  |  | SOFR+1.80% |  | 10/24/24 |  | None
Landstown Commons |  | Fund V |  |  | 59,559 |  |  |  | 20.10 | % |  |  | 11,971 |  |  | SOFR+1.80% |  | 10/24/24 |  | None
Palm Coast Landing |  | Fund V |  |  | 25,722 |  |  |  | 20.10 | % |  |  | 5,170 |  |  | SOFR+1.86% |  | 11/01/24 |  | None
Frederick Crossing 4 |  | Fund V |  |  | 23,502 |  |  |  | 18.09 | % |  |  | 4,251 |  |  | SOFR+1.75% |  | 12/02/24 |  | 1x12 mos.
Plaza Santa Fe |  | Fund V |  |  | 22,894 |  |  |  | 20.10 | % |  |  | 4,601 |  |  | SOFR+2.00% |  | 12/20/24 |  | None
Paramus Plaza 4 |  | Fund IV |  |  | 28,003 |  |  |  | 11.56 | % |  |  | 3,237 |  |  | SOFR+2.36% |  | 12/28/24 |  | 2x12 mos.
Frederick County Square 4 |  | Fund V |  |  | 24,012 |  |  |  | 18.09 | % |  |  | 4,344 |  |  | SOFR+2.51% |  | 01/01/25 |  | 1x12 mos.
Acadia Strategic Opportunity Fund IV Term Loan |  | Fund IV |  |  | 36,200 |  |  |  | 23.12 | % |  |  | 8,369 |  |  | SOFR+2.56% |  | 03/31/25 |  | None
Midstate Mall |  | Fund V |  |  | 44,553 |  |  |  | 20.10 | % |  |  | 8,955 |  |  | SOFR+2.50% |  | 04/28/25 |  | 2x12 mos.

24

| Portfolio Debt – Detail
Supplemental Report – March 31, 2024 | (in thousands)

|  |  |  | Principal Balance at |  |  | Acadia's Pro-rata Share |  |  | Interest |  |  |  | Extension
Property |  |  |  | March 31, 2024 |  |  | Percent |  |  | Amount |  |  | Rate |  | Maturity Date |  | Options
New Towne Center |  | Fund V |  |  | 16,262 |  |  |  | 20.10 | % |  |  | 3,269 |  |  | SOFR+2.20% |  | 05/01/25 |  | 1x12 mos.
Fairlane Green |  | Fund V |  |  | 32,105 |  |  |  | 20.10 | % |  |  | 6,453 |  |  | SOFR+2.30% |  | 06/05/25 |  | 1x12 mos.
Trussville Promenade |  | Fund V |  |  | 28,381 |  |  |  | 20.10 | % |  |  | 5,705 |  |  | SOFR+2.30% |  | 06/15/25 |  | 1x12 mos.
City Point 4 |  | Fund II |  |  | 137,485 |  |  |  | 58.10 | % |  |  | 79,887 |  |  | SOFR+2.61% |  | 08/01/25 |  | 1x12 mos.
Cypress Creek |  | Fund V |  |  | 32,200 |  |  |  | 20.10 | % |  |  | 6,472 |  |  | SOFR+2.80% |  | 09/01/25 |  | 2x12 mos.
640 Broadway |  | Fund III |  |  | 33,000 |  |  |  | 24.54 | % |  |  | 8,098 |  |  | SOFR+3.75% |  | 10/01/25 |  | 3x12 mos.
1964 Union 4 |  | Fund IV |  |  | 1,350 |  |  |  | 20.81 | % |  |  | 281 |  |  | SOFR+2.25% |  | 10/01/25 |  | None
717 N Michigan Avenue |  | Fund IV |  |  | 46,000 |  |  |  | 23.12 | % |  |  | 10,635 |  |  | SOFR+3.33% |  | 12/09/25 |  | None
Hiram Pavilion |  | Fund V |  |  | 27,553 |  |  |  | 20.10 | % |  |  | 5,538 |  |  | SOFR+2.30% |  | 03/05/26 |  | 1x12 mos.
2208-2216 Fillmore Street 4 |  | Fund IV |  |  | 5,286 |  |  |  | 20.81 | % |  |  | 1,100 |  |  | SOFR+2.25% |  | 06/01/26 |  | None
Monroe Marketplace |  | Fund V |  |  | 25,300 |  |  |  | 20.10 | % |  |  | 5,085 |  |  | SOFR+2.76% |  | 11/12/26 |  | None
Maple Tree Place |  | Fund V |  |  | 43,400 |  |  |  | 20.10 | % |  |  | 8,723 |  |  | SOFR+2.85% |  | 02/14/27 |  | 2x12 mos.
Wood Ridge Plaza 4 |  | Fund V |  |  | 34,172 |  |  |  | 18.09 | % |  |  | 6,183 |  |  | SOFR+2.90% |  | 03/21/27 |  | None
La Frontera Village 4 |  | Fund V |  |  | 55,500 |  |  |  | 18.09 | % |  |  | 10,041 |  |  | SOFR+2.61% |  | 06/10/27 |  | None
Family Center at Riverdale 4 |  | Fund V |  |  | 38,500 |  |  |  | 17.97 | % |  |  | 6,920 |  |  | SOFR+2.46% |  | 11/01/27 |  | None
Mohawk Commons 4 |  | Fund V |  |  | 39,650 |  |  |  | 18.09 | % |  |  | 7,173 |  |  | SOFR+2.00% |  | 03/01/28 |  | None
Interest rate swaps 1 |  | Funds II, IV & V |  |  | (662,026 | ) |  |  | 24.65 | % |  |  | (163,164 | ) |  | N/A |  | Various |  |
Sub-Total Variable-Rate Debt |  |  |  |  | 365,943 |  |  |  |  |  |  | 92,343 |  |  | 8.1% |  |  |  |
Total Debt - Funds |  |  |  |  | 1,138,421 |  |  |  |  |  |  | 277,962 |  |  | 6.3% |  |  |  |
Total Debt - Core Portfolio and Funds |  |  |  | $ | 2,369,488 |  |  |  |  |  | $ | 1,328,651 |  |  | 4.7% |  |  |  |

_________

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 joint venture interests.
5.
The Company makes cash payments at a stated interest rate of 6.5% on the outstanding principal balance. However, following the modification of the loan, the effective interest rate for GAAP purposes is anticipated to be zero.

25

| Future Debt Maturities 1
Supplemental Report – March 31, 2024 | (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 2 |  | Rate Debt
2024 (Remainder) |  | $ | 7,506 |  |  | $ | 75,416 |  |  | $ | 82,922 |  |  | $ | 6,499 |  |  | $ | 36,954 |  |  | $ | 43,453 |  |  | 5.15% |  | 3.94% |  | 9.32%
2025 |  |  | 2,536 |  |  |  | 174,687 |  |  |  | 177,223 |  |  |  | 2,238 |  |  |  | 174,687 |  |  |  | 176,925 |  |  | 3.94% |  | 3.94% |  | N/A
2026 |  |  | 2,919 |  |  |  | 582,625 |  |  |  | 585,544 |  |  |  | 2,541 |  |  |  | 458,529 |  |  |  | 461,070 |  |  | 4.65% |  | 4.65% |  | N/A
2027 |  |  | 2,766 |  |  |  | 216,711 |  |  |  | 219,477 |  |  |  | 2,453 |  |  |  | 200,887 |  |  |  | 203,340 |  |  | 4.23% |  | 4.21% |  | 8.50%
2028 |  |  | 1,833 |  |  |  | 67,862 |  |  |  | 69,695 |  |  |  | 1,833 |  |  |  | 67,862 |  |  |  | 69,695 |  |  | 4.49% |  | 4.49% |  | N/A
Thereafter |  |  | 2,497 |  |  |  | 93,709 |  |  |  | 96,206 |  |  |  | 2,497 |  |  |  | 93,709 |  |  |  | 96,206 |  |  | 4.76% |  | 4.76% |  | N/A
Total |  | $ | 20,057 |  |  | $ | 1,211,010 |  |  | $ | 1,231,067 |  |  | $ | 18,061 |  |  | $ | 1,032,628 |  |  | $ | 1,050,689 |  |  |  |  |  |  |
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 2 |  | Rate Debt
2024 (Remainder) |  | $ | 5,072 |  |  | $ | 330,613 |  |  | $ | 335,685 |  |  | $ | 972 |  |  | $ | 63,079 |  |  | $ | 64,051 |  |  | 4.50% |  | 3.32% |  | 7.53%
2025 |  |  | 3,047 |  |  |  | 429,752 |  |  |  | 432,799 |  |  |  | 586 |  |  |  | 142,110 |  |  |  | 142,696 |  |  | 6.93% |  | 5.95% |  | 8.18%
2026 |  |  | 2,721 |  |  |  | 66,043 |  |  |  | 68,764 |  |  |  | 503 |  |  |  | 13,377 |  |  |  | 13,880 |  |  | 5.85% |  | 5.84% |  | 8.07%
2027 |  |  | 2,519 |  |  |  | 169,059 |  |  |  | 171,578 |  |  |  | 464 |  |  |  | 31,413 |  |  |  | 31,877 |  |  | 7.14% |  | 6.60% |  | 8.07%
2028 |  |  | 350 |  |  |  | 129,245 |  |  |  | 129,595 |  |  |  | 66 |  |  |  | 25,392 |  |  |  | 25,458 |  |  | 5.93% |  | 5.93% |  | N/A
Thereafter |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  | N/A |  | N/A |  | N/A
Total |  | $ | 13,709 |  |  | $ | 1,124,712 |  |  | $ | 1,138,421 |  |  | $ | 2,591 |  |  | $ | 275,371 |  |  | $ | 277,962 |  |  |  |  |  |  |

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.

26

| Future Debt Maturities – As Extended 1
Supplemental Report – March 31, 2024 | (in thousands)

Core Portfolio |  | Extended Debt Maturities 1 |  |  | 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 2 |  | Rate Debt
2024 (Remainder) |  | $ | 7,506 |  |  | $ | 75,416 |  |  | $ | 82,922 |  |  | $ | 6,499 |  |  | $ | 36,954 |  |  | $ | 43,453 |  |  | 5.15% |  | 3.94% |  | 9.32%
2025 |  |  | 2,536 |  |  |  | 60,000 |  |  |  | 62,536 |  |  |  | 2,238 |  |  |  | 60,000 |  |  |  | 62,238 |  |  | 3.99% |  | 3.99% |  | N/A
2026 |  |  | 2,919 |  |  |  | 545,312 |  |  |  | 548,231 |  |  |  | 2,541 |  |  |  | 542,816 |  |  |  | 545,357 |  |  | 4.36% |  | 4.36% |  | N/A
2027 |  |  | 2,766 |  |  |  | 187,401 |  |  |  | 190,167 |  |  |  | 2,453 |  |  |  | 181,201 |  |  |  | 183,654 |  |  | 4.24% |  | 4.24% |  | N/A
2028 |  |  | 1,833 |  |  |  | 219,862 |  |  |  | 221,695 |  |  |  | 1,833 |  |  |  | 98,262 |  |  |  | 100,095 |  |  | 5.29% |  | 5.29% |  | N/A
Thereafter |  |  | 2,497 |  |  |  | 123,019 |  |  |  | 125,516 |  |  |  | 2,497 |  |  |  | 113,395 |  |  |  | 115,892 |  |  | 4.66% |  | 4.64% |  | 8.50%
Total |  | $ | 20,057 |  |  | $ | 1,211,010 |  |  | $ | 1,231,067 |  |  | $ | 18,061 |  |  | $ | 1,032,628 |  |  | $ | 1,050,689 |  |  |  |  |  |  |
Funds |  | Extended Debt Maturities 1 |  |  | 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 2 |  | Rate Debt
2024 (Remainder) |  | $ | 5,072 |  |  | $ | 202,017 |  |  | $ | 207,089 |  |  | $ | 972 |  |  | $ | 40,819 |  |  | $ | 41,791 |  |  | 4.06% |  | 3.39% |  | 7.60%
2025 |  |  | 3,047 |  |  |  | 184,427 |  |  |  | 187,474 |  |  |  | 586 |  |  |  | 38,337 |  |  |  | 38,923 |  |  | 6.62% |  | 3.12% |  | 8.04%
2026 |  |  | 2,721 |  |  |  | 303,847 |  |  |  | 306,568 |  |  |  | 503 |  |  |  | 110,586 |  |  |  | 111,089 |  |  | 6.52% |  | 5.96% |  | 7.91%
2027 |  |  | 2,519 |  |  |  | 228,776 |  |  |  | 231,295 |  |  |  | 464 |  |  |  | 43,416 |  |  |  | 43,880 |  |  | 6.60% |  | 6.26% |  | 7.80%
2028 |  |  | 350 |  |  |  | 131,543 |  |  |  | 131,893 |  |  |  | 66 |  |  |  | 27,936 |  |  |  | 28,002 |  |  | 6.82% |  | 5.92% |  | 9.08%
Thereafter |  |  | — |  |  |  | 74,102 |  |  |  | 74,102 |  |  |  | — |  |  |  | 14,277 |  |  |  | 14,277 |  |  | 7.28% |  | 5.95% |  | 8.16%
Total |  | $ | 13,709 |  |  | $ | 1,124,712 |  |  | $ | 1,138,421 |  |  | $ | 2,591 |  |  | $ | 275,371 |  |  | $ | 277,962 |  |  |  |  |  |  |

__________

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.

.

27

| Swap Interest Rate Summary 1
Supplemental Report – March 31, 2024 | (in thousands)

Core Portfolio |  |  |  |  |  |  |
|  | Acadia's Pro-rata |  |  | Weighted Average |  |
Maturity Year |  | Notional Balance |  |  | Fixed Rate on Swap 2 |  |
2024 (Remainder) |  | $ | — |  |  |  | — |  |
2025 |  |  | 25,000 |  |  |  | 2.13 | % |
2026 |  |  | 36,400 |  |  |  | 4.14 | % |
2027 |  |  | 275,000 |  |  |  | 2.60 | % |
2028 |  |  | 150,000 |  |  |  | 2.99 | % |
2029 |  |  | 233,687 |  |  |  | 2.63 | % |
2030 |  |  | 125,000 |  |  |  | 2.83 | % |
2031 |  |  | — |  |  |  | — |  |
Total |  | $ | 845,087 |  |  |  | 2.76 | % |
Funds |  |  |  |  |  |  |
|  | Acadia's Pro-rata |  |  | Weighted Average |  |
Year |  | Notional Balance |  |  | Fixed Rate on Swap 2 |  |
2024 (Remainder) |  | $ | 40,496 |  |  |  | 1.20 | % |
2025 |  |  | 23,334 |  |  |  | 3.44 | % |
2026 |  |  | 24,034 |  |  |  | 4.10 | % |
2027 |  |  | 15,070 |  |  |  | 3.39 | % |
2028 |  |  | 7,173 |  |  |  | 3.80 | % |
2029 |  |  | 53,057 |  |  |  | 3.40 | % |
2030 |  |  | — |  |  |  | — |  |
2031 |  |  | — |  |  |  | — |  |
Total |  | $ | 163,164 |  |  |  | 2.98 | % |

__________

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 SOFR.

28

| Core Portfolio Retail Properties – Detail 1
Supplemental Report – March 31, 2024 |

|  |  |  | 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, Reformation, Veronica Beard, St. Laurent |  | 2011 2012 |  | 100.0% |  | 40,384 |  | — |  | — |  | 40,384 |  | 58.9% |  | —% |  | —% |  | 58.9% |  | 58.9% |  | $6,242,524 |  | $262.64
Clark Street and W. Diversey Collection (4 properties) |  | Starbucks, TJ Maxx, J Crew Factory, Trader Joe's |  | 2011 2012 |  | 100.0% |  | 53,099 |  | — |  | — |  | 53,099 |  | 78.2% |  | —% |  | —% |  | 78.2% |  | 79.9% |  | 1,825,668 |  | 43.94
Halsted and Armitage Collection (13 properties) |  | Serena and Lily, Faherty, Allbirds, Warby Parker, Marine Layer, Kiehl's |  | 2011 2012 2019 2020 |  | 100.0% |  | 53,220 |  | — |  | — |  | 53,220 |  | 100.0% |  | —% |  | —% |  | 100.0% |  | 100.0% |  | 2,665,119 |  | 50.08
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% |  | 1,146,138 |  | 33.79
State and Washington |  | Nordstrom Rack, Uniqlo |  | 2016 |  | 100.0% |  | 65,401 |  | — |  | — |  | 65,401 |  | 100.0% |  | —% |  | —% |  | 100.0% |  | 100.0% |  | 2,749,189 |  | 42.04
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% |  | 1,931,746 |  | 46.22
Concord and Milwaukee |  | — |  | 2016 |  | 100.0% |  | 13,147 |  | — |  | — |  | 13,147 |  | 100.0% |  | —% |  | —% |  | 100.0% |  | 100.0% |  | 474,323 |  | 36.08
California and Armitage |  | — |  | 2016 |  | 100.0% |  | — |  | — |  | 18,275 |  | 18,275 |  | —% |  | —% |  | 70.5% |  | 70.5% |  | 70.5% |  | 697,352 |  | 54.09
Roosevelt Galleria |  | Petco, Vitamin Shoppe, Dollar Tree |  | 2015 |  | 100.0% |  | — |  | — |  | 37,995 |  | 37,995 |  | —% |  | —% |  | 89.7% |  | 89.7% |  | 89.7% |  | 880,649 |  | 25.84
Sullivan Center |  | Target |  | 2016 |  | 100.0% |  | 176,181 |  | — |  | — |  | 176,181 |  | 78.9% |  | —% |  | —% |  | 78.9% |  | 82.2% |  | 5,251,599 |  | 37.79
|  |  |  |  |  |  |  | 492,733 |  | — |  | 84,066 |  | 576,799 |  | 83.5% |  | —% |  | 88.9% |  | 84.3% |  | 85.4% |  | 25,437,306 |  | 52.33
New York Metro |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Soho Collection (12 properties) |  | Zimmermann, Madewell, Faherty, Watches of Switzerland, ALC, Stone Island, Frame, Theory, Bang & Olufsen |  | 2011 2014 2019 2020 2022 |  | 100.0% |  | 36,094 |  | — |  | — |  | 36,094 |  | 74.4% |  | —% |  | —% |  | 74.4% |  | 100.0% |  | 10,033,304 |  | 373.74
5-7 East 17th Street |  | — |  | 2008 |  | 100.0% |  | 8,658 |  | — |  | — |  | 8,658 |  | —% |  | —% |  | —% |  | —% |  | 100.0% |  | — |  | —
200 West 54th Street |  | — |  | 2007 |  | 100.0% |  | 5,862 |  | — |  | — |  | 5,862 |  | 92.3% |  | —% |  | —% |  | 92.3% |  | 92.3% |  | 1,473,833 |  | 272.38
61 Main Street |  | Splendid |  | 2014 |  | 100.0% |  | 3,470 |  | — |  | — |  | 3,470 |  | 100.0% |  | —% |  | —% |  | 100.0% |  | 100.0% |  | 322,294 |  | 92.88
181 Main Street |  | TD Bank |  | 2012 |  | 100.0% |  | 11,514 |  | — |  | — |  | 11,514 |  | 100.0% |  | —% |  | —% |  | 100.0% |  | 100.0% |  | 1,085,445 |  | 94.27

29

| Core Portfolio Retail Properties – Detail 1
Supplemental Report – March 31, 2024 |

|  |  |  | 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
4401 White Plains Road |  | Walgreens |  | 2011 |  | 100.0% |  | — |  | 12,964 |  | — |  | 12,964 |  | —% |  | 100.0% |  | —% |  | 100.0% |  | 100.0% |  | 625,000 |  | 48.21
Bartow Avenue |  | — |  | 2005 |  | 100.0% |  | — |  | — |  | 14,824 |  | 14,824 |  | —% |  | —% |  | 100.0% |  | 100.0% |  | 100.0% |  | 481,687 |  | 32.49
239 Greenwich Avenue |  | Watches of Switzerland |  | 1998 |  | 75.0% |  | 16,621 |  | — |  | — |  | 16,621 |  | 100.0% |  | —% |  | —% |  | 100.0% |  | 100.0% |  | 1,847,097 |  | 111.13
252-256 Greenwich Avenue |  | Veronica Beard, The RealReal, Blue Mercury |  | 2014 |  | 100.0% |  | 7,986 |  | — |  | — |  | 7,986 |  | 100.0% |  | —% |  | —% |  | 100.0% |  | 100.0% |  | 1,037,059 |  | 129.86
2914 Third Avenue |  | Planet Fitness |  | 2006 |  | 100.0% |  | — |  | 21,650 |  | 18,953 |  | 40,603 |  | —% |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0% |  | 1,114,907 |  | 27.46
868 Broadway |  | Dr. Martens |  | 2013 |  | 100.0% |  | 2,031 |  | — |  | — |  | 2,031 |  | 100.0% |  | —% |  | —% |  | 100.0% |  | 100.0% |  | 859,826 |  | 423.35
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 |  | 100.0% |  | —% |  | —% |  | 100.0% |  | 100.0% |  | 2,462,073 |  | 177.92
2520 Flatbush Avenue |  | Bob's Disc. Furniture, Capital One |  | 2014 |  | 100.0% |  | — |  | — |  | 29,114 |  | 29,114 |  | —% |  | —% |  | 100.0% |  | 100.0% |  | 100.0% |  | 1,285,105 |  | 44.14
Williamsburg Collection 3 |  | Sephora, SweetGreen, Levain Bakery |  | 2022 |  | 100.0% |  | 50,842 |  | — |  | — |  | 50,842 |  | 95.3% |  | —% |  | — |  | 95.3% |  | 95.3% |  | 5,295,126 |  | 109.32
991 Madison Avenue |  | Vera Wang, Gabriela Hearst |  | 2016 |  | 100.0% |  | 7,512 |  | — |  | — |  | 7,512 |  | 100.0% |  | —% |  | —% |  | 100.0% |  | 100.0% |  | 3,572,528 |  | 475.58
Shops at Grand |  | Stop & Shop (Ahold), Starbucks |  | 2014 |  | 100.0% |  | — |  | 52,336 |  | 47,501 |  | 99,837 |  | —% |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0% |  | 3,563,628 |  | 35.69
Gotham Plaza |  | Bank of America, Footlocker, Apple Bank |  | 2016 |  | 49.0 % |  | — |  | — |  | 25,931 |  | 25,931 |  | —% |  | —% |  | 68.0% |  | 68.0% |  | 76.4% |  | 1,498,180 |  | 85.02
|  |  |  |  |  |  |  | 171,028 |  | 86,950 |  | 136,323 |  | 394,301 |  | 87.9% |  | 100.0% |  | 93.9% |  | 92.6% |  | 97.7% |  | 37,084,169 |  | 101.54
Los Angeles Metro |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
8833 Beverly Blvd |  | Luxury Living |  | 2022 |  | 97.0 % |  | 9,757 |  | — |  | — |  | 9,757 |  | 100.0% |  | —% |  | —% |  | 100.0% |  | 100.0% |  | 1,311,046 |  | 134.37
Melrose Place Collection |  | The Row, Chloe, Oscar de la Renta |  | 2019 |  | 100.0 % |  | 14,000 |  | — |  | — |  | 14,000 |  | 100.0% |  | —% |  | —% |  | 100.0% |  | 100.0% |  | 3,083,482 |  | 220.25
|  |  |  |  |  |  |  | 23,757 |  | — |  | — |  | 23,757 |  | 100.0% |  | —% |  | —% |  | 100.0% |  | 100.0% |  | 4,394,528 |  | 184.98
District of Columbia Metro |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1739-53 & 1801-03 Connecticut Avenue |  | — |  | 2012 |  | 100.0 % |  | 20,669 |  | — |  | — |  | 20,669 |  | 60.9% |  | —% |  | —% |  | 60.9% |  | 60.9% |  | 788,372 |  | 62.61
14th Street Collection (3 properties) |  | Verizon |  | 2021 |  | 100.0 % |  | 19,461 |  | — |  | — |  | 19,461 |  | 62.3% |  | —% |  | —% |  | 62.3% |  | 62.3% |  | 1,023,344 |  | 84.41
Rhode Island Place Shopping Center |  | Ross Dress for Less |  | 2012 |  | 100.0 % |  | — |  | 25,134 |  | 32,533 |  | 57,667 |  | —% |  | 100.0% |  | 88.5% |  | 93.5% |  | 93.5% |  | 1,908,157 |  | 35.39
M Street and Wisconsin Corridor (27 Properties) 4 |  | Lululemon, Duxiana, Rag and Bone, Reformation, Glossier, Alo Yoga |  | 2011 2016 2019 |  | 26.8 % |  | 260,385 |  | — |  | — |  | 260,385 |  | 89.5% |  | —% |  | —% |  | 89.5% |  | 94.3% |  | 16,768,532 |  | 71.96
|  |  |  |  |  |  |  | 300,515 |  | 25,134 |  | 32,533 |  | 358,182 |  | 85.8% |  | 100.0% |  | 88.5% |  | 87.0% |  | 90.5% |  | 20,488,405 |  | 65.74
Boston Metro |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
165 Newbury Street |  | Starbucks |  | 2016 |  | 100.0 % |  | 1,050 |  | — |  | — |  | 1,050 |  | 100.0% |  | —% |  | —% |  | 100.0% |  | 100.0% |  | 312,576 |  | 297.69

30

| Core Portfolio Retail Properties – Detail 1
Supplemental Report – March 31, 2024 |

|  |  |  | 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
|  |  |  |  |  |  |  | 1,050 |  | — |  | — |  | 1,050 |  | 100.0% |  | —% |  | —% |  | 100.0% |  | 100.0% |  | 312,576 |  | 297.69
Dallas Metro |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Henderson Avenue Portfolio (14 properties) |  | Sprouts Market, Warby Parker, Tecovas |  | 2022 |  | 100.0 % |  | 89,751 |  | 31,635 |  | — |  | 121,386 |  | 81.0% |  | 100.0% |  | —% |  | 86.0% |  | 90.4% |  | 4,343,965 |  | 41.63
Total Street and Urban Retail |  |  |  |  |  | 1,078,834 |  | 143,719 |  | 252,922 |  | 1,475,475 |  | 85.0% |  | 100.0% |  | 91.6% |  | 87.6% |  | 90.6% |  | $92,060,948 |  | $71.24
Acadia Share Total Street and Urban Retail |  |  |  |  |  | 883,735 |  | 143,719 |  | 239,697 |  | 1,267,152 |  | 84.1% |  | 100.0% |  | 92.9% |  | 87.5% |  | 90.2% |  | $79,401,430 |  | $71.57
SUBURBAN PROPERTIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New Jersey |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Elmwood Park Shopping Center |  | Walgreens, Lidl, Chase Bank, City MD |  | 1998 |  | 100.0 % |  | — |  | 43,531 |  | 100,438 |  | 143,969 |  | —% |  | 100.0% |  | 88.3% |  | 91.8% |  | 91.8% |  | 3,509,685 |  | 26.55
Marketplace of Absecon |  | Walgreens, Dollar Tree |  | 1998 |  | 100.0 % |  | — |  | 46,724 |  | 57,832 |  | 104,556 |  | —% |  | 28.3% |  | 80.4% |  | 57.1% |  | 78.3% |  | 996,287 |  | 16.69
New York |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Village Commons Shopping Center |  | Citibank, Ace Hardware |  | 1998 |  | 100.0 % |  | — |  | — |  | 87,128 |  | 87,128 |  | —% |  | —% |  | 88.1% |  | 88.1% |  | 90.1% |  | 2,656,662 |  | 34.61
Branch Plaza |  | LA Fitness, The Fresh Market |  | 1998 |  | 100.0 % |  | — |  | 76,264 |  | 47,081 |  | 123,345 |  | —% |  | 100.0% |  | 96.9% |  | 98.8% |  | 98.8% |  | 3,554,346 |  | 29.16
Amboy Center |  | Stop & Shop (Ahold) |  | 2005 |  | 100.0 % |  | — |  | 37,266 |  | 26,106 |  | 63,372 |  | —% |  | 100.0% |  | 80.8% |  | 92.1% |  | 92.1% |  | 2,049,928 |  | 35.12
Crossroads Shopping Center |  | HomeGoods, PetSmart, BJ's Wholesale Club |  | 1998 |  | 49.0 % |  | — |  | 202,727 |  | 108,801 |  | 311,528 |  | —% |  | 100.0% |  | 70.2% |  | 89.6% |  | 92.2% |  | 8,841,227 |  | 31.68
New Loudon Center |  | Price Chopper, Marshalls |  | 1993 |  | 100.0 % |  | — |  | 242,058 |  | 16,643 |  | 258,701 |  | —% |  | 94.8% |  | 100.0% |  | 95.2% |  | 99.9% |  | 2,270,376 |  | 9.22
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% |  | 2,280,620 |  | 34.06
Connecticut |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Town Line Plaza 5 |  | Wal-Mart, Stop & Shop (Ahold) |  | 1998 |  | 100.0 % |  | — |  | 163,159 |  | 43,187 |  | 206,346 |  | —% |  | 100.0% |  | 79.1% |  | 95.6% |  | 95.6% |  | 1,509,026 |  | 15.09
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 |  | 1993 |  | 100.0 % |  | — |  | 156,985 |  | 61,017 |  | 218,002 |  | —% |  | 100.0% |  | 95.9% |  | 98.9% |  | 98.9% |  | 2,111,087 |  | 9.80
201 Needham Street |  | Michael's |  | 2014 |  | 100.0 % |  | — |  | 20,409 |  | — |  | 20,409 |  | —% |  | 100.0% |  | —% |  | 100.0% |  | 100.0% |  | 711,662 |  | 34.87
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), Starbucks |  | 1999 |  | 100.0 % |  | — |  | 73,184 |  | 29,670 |  | 102,854 |  | —% |  | 100.0% |  | 88.6% |  | 96.7% |  | 96.7% |  | 2,274,230 |  | 22.86

31

| Core Portfolio Retail Properties – Detail 1
Supplemental Report – March 31, 2024 |

|  |  |  | 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
Illinois |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hobson West Plaza |  | Garden Fresh Markets |  | 1998 |  | 100.0 % |  | — |  | 51,692 |  | 47,270 |  | 98,962 |  | —% |  | 100.0% |  | 89.9% |  | 95.2 % |  | 97.7% |  | 1,362,710 |  | 14.47
Indiana |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Merrillville Plaza |  | Dollar Tree, TJ Maxx, DD's Discount (Ross) |  | 1998 |  | 100.0 % |  | — |  | 123,144 |  | 112,782 |  | 235,926 |  | —% |  | 100.0% |  | 81.3% |  | 91.1 % |  | 92.6% |  | 3,056,075 |  | 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% |  | 94.5% |  | 98.1 % |  | 98.1% |  | 4,220,646 |  | 18.32
Delaware |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Town Center and Other (1 property) |  | Lowes, Dick's Sporting Goods, Target |  | 2003 |  | 100.0 % |  | — |  | 678,430 |  | 25,991 |  | 704,421 |  | —% |  | 89.7% |  | 84.2 % |  | 89.5 % |  | 96.7% |  | 10,778,568 |  | 17.10
Market Square Shopping Center |  | Trader Joe's, TJ Maxx |  | 2003 |  | 100.0 % |  | — |  | 42,850 |  | 59,197 |  | 102,047 |  | —% |  | 100.0% |  | 96.8% |  | 98.1% |  | 98.1% |  | 3,321,484 |  | 33.17
Naamans Road |  | Jared Jewelers, American Red Cross |  | 2006 |  | 100.0 % |  | — |  | — |  | 19,850 |  | 19,850 |  | —% |  | —% |  | 63.9% |  | 63.9 % |  | 63.9% |  | 705,101 |  | 55.60
Pennsylvania |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mark Plaza |  | — |  | 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% |  | 956,954 |  | 6.12
Chestnut Hill |  | — |  | 2006 |  | 100.0 % |  | — |  | — |  | 36,492 |  | 36,492 |  | —% |  | —% |  | 100.0% |  | 100.0% |  | 100.0% |  | 986,067 |  | 27.02
Abington Towne Center 6 |  | Target, TJ Maxx |  | 1998 |  | 100.0 % |  | — |  | 184,616 |  | 32,255 |  | 216,871 |  | —% |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0% |  | 1,319,743 |  | 22.27
Total Suburban Properties |  |  |  |  |  | — |  | 2,836,148 |  | 1,074,195 |  | 3,910,343 |  | —% |  | 95.9 % |  | 85.6 % |  | 93.1 % |  | 95.7 % |  | $64,673,584 |  | $19.11
Acadia Share Total Suburban Properties |  |  |  |  |  | — |  | 2,732,757 |  | 1,018,706 |  | 3,751,464 |  | —% |  | 95.8% |  | 86.5% |  | 93.2% |  | 95.8% |  | $60,164,558 |  | $18.55
Total Core Properties |  |  |  |  |  | 1,078,834 |  | 2,979,867 |  | 1,327,117 |  | 5,385,818 |  | 85.0% |  | 96.1% |  | 86.8% |  | 91.6% |  | 94.3% |  | $156,734,532 |  | $33.51
Acadia Share Total Core Properties |  |  |  |  |  | 883,735 |  | 2,876,476 |  | 1,258,404 |  | 5,018,615 |  | 84.1% |  | 96.0% |  | 87.7% |  | 91.8% |  | 94.4% |  | $139,565,988 |  | $32.07

__________

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, 2024 | (Pro-Rata Basis)

|  | Number of |  |  | Combined |  |  | Percentage of Total |
Tenant |  | Stores |  |  | GLA |  |  | ABR |  |  | GLA |  |  | ABR |
Target |  |  | 3 |  |  |  | 408,895 |  |  | $ | 8,323,009 |  |  |  | 6.9 | % |  |  | 5.5 | %
Royal Ahold 2 |  |  | 3 |  |  |  | 155,461 |  |  |  | 3,430,677 |  |  |  | 2.6 | % |  |  | 2.3 | %
TJX Companies 3 |  |  | 9 |  |  |  | 252,043 |  |  |  | 3,105,924 |  |  |  | 4.3 | % |  |  | 2.0 | %
Walgreens |  |  | 4 |  |  |  | 68,393 |  |  |  | 2,887,312 |  |  |  | 1.2 | % |  |  | 1.9 | %
PetSmart, Inc. |  |  | 4 |  |  |  | 76,257 |  |  |  | 2,760,241 |  |  |  | 1.3 | % |  |  | 1.8 | %
Lululemon |  |  | 2 |  |  |  | 7,533 |  |  |  | 2,593,590 |  |  |  | 0.1 | % |  |  | 1.7 | %
Trader Joe's |  |  | 3 |  |  |  | 40,862 |  |  |  | 2,532,593 |  |  |  | 0.7 | % |  |  | 1.7 | %
Fast Retailing 4 |  |  | 2 |  |  |  | 32,013 |  |  |  | 2,450,038 |  |  |  | 0.5 | % |  |  | 1.6 | %
Alo Yoga |  |  | 2 |  |  |  | 22,566 |  |  |  | 2,421,292 |  |  |  | 0.4 | % |  |  | 1.6 | %
Supervalu Inc. 5 |  |  | 2 |  |  |  | 123,409 |  |  |  | 2,061,142 |  |  |  | 2.1 | % |  |  | 1.4 | %
Bob's Discount Furniture |  |  | 2 |  |  |  | 68,793 |  |  |  | 2,027,670 |  |  |  | 1.2 | % |  |  | 1.3 | %
Tapestry 6 |  |  | 2 |  |  |  | 4,250 |  |  |  | 1,788,909 |  |  |  | 0.1 | % |  |  | 1.2 | %
Watches of Switzerland 7 |  |  | 2 |  |  |  | 13,863 |  |  |  | 1,705,322 |  |  |  | 0.2 | % |  |  | 1.1 | %
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 | %
The Home Depot |  |  | 2 |  |  |  | 187,914 |  |  |  | 1,345,020 |  |  |  | 3.2 | % |  |  | 0.9 | %
Citibank |  |  | 4 |  |  |  | 16,160 |  |  |  | 1,337,924 |  |  |  | 0.3 | % |  |  | 0.9 | %
TD Bank |  |  | 2 |  |  |  | 14,700 |  |  |  | 1,285,992 |  |  |  | 0.2 | % |  |  | 0.8 | %
Michaels Stores, Inc. |  |  | 2 |  |  |  | 45,285 |  |  |  | 1,283,810 |  |  |  | 0.8 | % |  |  | 0.8 | %
TOTAL |  |  | 57 |  |  |  | 1,706,594 |  |  | $ | 47,798,663 |  |  |  | 28.8 | % |  |  | 31.5 | %

__________

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: Lowe's (Town Center), Kohl's (28 Jericho Turnpike), Bang & Olufsen (Soho), Nordstrom Rack (State and Washington) and Vera Wang (991 Madison).
2.
Stop and Shop (3 locations)
3.
TJ Maxx (6 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, 2024 | (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 |  |  | 3 |  |  |  | 4,162 |  |  |  | 0.6 | % |  | $ | 53.29 |  |  |  | 0.3 | % |  |  | — |  |  |  | — |  |  |  | — | % |  | $ | — |  |  |  | — | %
2024 (Remainder) |  |  | 19 |  |  |  | 56,550 |  |  |  | 7.6 | % |  |  | 68.49 |  |  |  | 5.8 | % |  |  | 8 |  |  |  | 339,080 |  |  |  | 13.5 | % |  |  | 11.67 |  |  |  | 10.3 | %
2025 |  |  | 25 |  |  |  | 97,484 |  |  |  | 13.1 | % |  |  | 108.55 |  |  |  | 15.9 | % |  |  | 9 |  |  |  | 376,598 |  |  |  | 15.0 | % |  |  | 19.14 |  |  |  | 18.8 | %
2026 |  |  | 29 |  |  |  | 73,897 |  |  |  | 9.9 | % |  |  | 143.27 |  |  |  | 15.9 | % |  |  | 9 |  |  |  | 404,089 |  |  |  | 16.1 | % |  |  | 9.94 |  |  |  | 10.5 | %
2027 |  |  | 16 |  |  |  | 26,520 |  |  |  | 3.6 | % |  |  | 147.57 |  |  |  | 5.9 | % |  |  | 5 |  |  |  | 155,675 |  |  |  | 6.2 | % |  |  | 21.38 |  |  |  | 8.7 | %
2028 |  |  | 19 |  |  |  | 193,188 |  |  |  | 26.0 | % |  |  | 65.22 |  |  |  | 18.9 | % |  |  | 11 |  |  |  | 483,822 |  |  |  | 19.3 | % |  |  | 12.43 |  |  |  | 15.7 | %
2029 |  |  | 20 |  |  |  | 50,477 |  |  |  | 6.8 | % |  |  | 90.93 |  |  |  | 6.9 | % |  |  | 9 |  |  |  | 314,894 |  |  |  | 12.6 | % |  |  | 16.20 |  |  |  | 13.3 | %
2030 |  |  | 9 |  |  |  | 64,412 |  |  |  | 8.7 | % |  |  | 67.24 |  |  |  | 6.5 | % |  |  | — |  |  |  | — |  |  |  | — | % |  |  | — |  |  |  | — | %
2031 |  |  | 7 |  |  |  | 41,177 |  |  |  | 5.5 | % |  |  | 80.27 |  |  |  | 5.0 | % |  |  | 2 |  |  |  | 50,566 |  |  |  | 2.0 | % |  |  | 16.97 |  |  |  | 2.2 | %
2032 |  |  | 17 |  |  |  | 56,944 |  |  |  | 7.7 | % |  |  | 111.05 |  |  |  | 9.5 | % |  |  | 2 |  |  |  | 62,382 |  |  |  | 2.5 | % |  |  | 12.53 |  |  |  | 2.0 | %
2033 |  |  | 20 |  |  |  | 42,859 |  |  |  | 5.8 | % |  |  | 82.92 |  |  |  | 5.3 | % |  |  | 2 |  |  |  | 81,217 |  |  |  | 3.2 | % |  |  | 27.13 |  |  |  | 5.8 | %
Thereafter |  |  | 6 |  |  |  | 35,396 |  |  |  | 4.8 | % |  |  | 81.04 |  |  |  | 4.3 | % |  |  | 5 |  |  |  | 237,330 |  |  |  | 9.5 | % |  |  | 20.34 |  |  |  | 12.6 | %
Total |  |  | 190 |  |  |  | 743,067 |  |  |  | 100.0 | % |  | $ | 89.83 |  |  |  | 100.0 | % |  |  | 62 |  |  |  | 2,505,653 |  |  |  | 100.0 | % |  | $ | 15.28 |  |  |  | 100.0 | %
Anchor GLA Owned by Tenants |  |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 254,916 |  |  |  |  |  |  |  |  |  |
Total Vacant 2 |  |  |  | 140,669 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 115,907 |  |  |  |  |  |  |  |  |  |
Total Square Feet 2 |  |  |  | 883,735 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,876,476 |  |  |  |  |  |  |  |  |  |
|  | 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 |  |  | — |  |  |  | — |  |  |  | — | % |  | $ | — |  |  |  | — | % |  |  | 3 |  |  |  | 4,162 |  |  |  | 0.1 | % |  |  | 53.29 |  |  |  | 0.2 | %
2024 (Remainder) |  |  | 28 |  |  |  | 136,003 |  |  |  | 12.3 | % |  |  | 24.47 |  |  |  | 9.6 | % |  |  | 55 |  |  |  | 531,633 |  |  |  | 12.2 | % |  |  | 20.99 |  |  |  | 8.0 | %
2025 |  |  | 35 |  |  |  | 108,129 |  |  |  | 9.8 | % |  |  | 30.29 |  |  |  | 9.5 | % |  |  | 69 |  |  |  | 582,211 |  |  |  | 13.4 | % |  |  | 36.18 |  |  |  | 15.1 | %
2026 |  |  | 40 |  |  |  | 146,127 |  |  |  | 13.2 | % |  |  | 26.30 |  |  |  | 11.1 | % |  |  | 78 |  |  |  | 624,112 |  |  |  | 14.3 | % |  |  | 29.56 |  |  |  | 13.2 | %
2027 |  |  | 36 |  |  |  | 141,240 |  |  |  | 12.8 | % |  |  | 34.03 |  |  |  | 13.9 | % |  |  | 57 |  |  |  | 323,435 |  |  |  | 7.4 | % |  |  | 37.25 |  |  |  | 8.6 | %
2028 |  |  | 39 |  |  |  | 155,928 |  |  |  | 14.1 | % |  |  | 36.81 |  |  |  | 16.6 | % |  |  | 69 |  |  |  | 832,938 |  |  |  | 19.1 | % |  |  | 29.23 |  |  |  | 17.4 | %
2029 |  |  | 17 |  |  |  | 46,714 |  |  |  | 4.2 | % |  |  | 29.32 |  |  |  | 4.0 | % |  |  | 46 |  |  |  | 412,085 |  |  |  | 9.5 | % |  |  | 26.84 |  |  |  | 7.9 | %
2030 |  |  | 11 |  |  |  | 31,912 |  |  |  | 2.9 | % |  |  | 36.54 |  |  |  | 3.4 | % |  |  | 20 |  |  |  | 96,324 |  |  |  | 2.2 | % |  |  | 57.07 |  |  |  | 3.9 | %
2031 |  |  | 14 |  |  |  | 81,633 |  |  |  | 7.4 | % |  |  | 26.30 |  |  |  | 6.2 | % |  |  | 23 |  |  |  | 173,376 |  |  |  | 4.0 | % |  |  | 36.40 |  |  |  | 4.5 | %
2032 |  |  | 25 |  |  |  | 96,152 |  |  |  | 8.7 | % |  |  | 32.98 |  |  |  | 9.2 | % |  |  | 44 |  |  |  | 215,478 |  |  |  | 5.0 | % |  |  | 47.69 |  |  |  | 7.4 | %
2033 |  |  | 21 |  |  |  | 85,791 |  |  |  | 7.8 | % |  |  | 31.92 |  |  |  | 7.9 | % |  |  | 43 |  |  |  | 209,867 |  |  |  | 4.8 | % |  |  | 40.48 |  |  |  | 6.1 | %
Thereafter |  |  | 16 |  |  |  | 73,773 |  |  |  | 6.7 | % |  |  | 39.82 |  |  |  | 8.5 | % |  |  | 27 |  |  |  | 346,500 |  |  |  | 8.0 | % |  |  | 30.69 |  |  |  | 7.6 | %
Total |  |  | 282 |  |  |  | 1,103,402 |  |  |  | 100.0 | % |  | $ | 31.29 |  |  |  | 100.0 | % |  |  | 534 |  |  |  | 4,352,122 |  |  |  | 100.0 | % |  | $ | 32.07 |  |  |  | 100.0 | %
Anchor GLA Owned by Tenants |  |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 254,916 |  |  |  |  |  |  |  |  |  |
Total Vacant 2 |  |  |  | 155,002 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 411,578 |  |  |  |  |  |  |  |  |  |
Total Square Feet 2 |  |  |  | 1,258,404 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5,018,615 |  |  |  |  |  |  |  |  |  |

_________

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

2. Totals may not foot due to rounding.

Amounts

34

| Core Portfolio – New and Renewal Rent Spreads 1
Supplemental Report – March 31, 2024 |

|  | Quarter Ended |  |
|  | March 31, 2024 |  |
|  | GAAP 2 |  |  | Cash 3 |  |
New Leases |  |  |  |  |  |  |
Number of new leases executed |  |  | 2 |  |  |  | 2 |  |
GLA |  |  | 3,460 |  |  |  | 3,460 |  |
New base rent |  | $ | 40.04 |  |  | $ | 35.74 |  |
Previous base rent |  | $ | 29.91 |  |  | $ | 30.90 |  |
Average cost per square foot |  | $ | 49.36 |  |  | $ | 49.36 |  |
Weighted Average Lease Term (years) |  |  | 10.0 |  |  |  | 10.0 |  |
Percentage growth in base rent |  |  | 33.9 | % |  |  | 15.7 | % |
Renewal Leases |  |  |  |  |  |  |
Number of renewal leases executed |  |  | 20 |  |  |  | 20 |  |
GLA |  |  | 184,391 |  |  |  | 184,391 |  |
New base rent |  | $ | 22.53 |  |  | $ | 22.24 |  |
Expiring base rent |  | $ | 20.47 |  |  | $ | 21.19 |  |
Average cost per square foot |  | $ | 0.45 |  |  | $ | 0.45 |  |
Weighted Average Lease Term (years) |  |  | 4.6 |  |  |  | 4.6 |  |
Percentage growth in base rent |  |  | 10.1 | % |  |  | 5.0 | % |
Total New and Renewal Leases |  |  |  |  |  |  |
Number of new and renewal leases executed |  |  | 22 |  |  |  | 22 |  |
GLA commencing |  |  | 187,851 |  |  |  | 187,851 |  |
New base rent |  | $ | 22.85 |  |  | $ | 22.49 |  |
Expiring base rent |  | $ | 20.64 |  |  | $ | 21.37 |  |
Average cost per square foot |  | $ | 1.35 |  |  | $ | 1.35 |  |
Weighted Average Lease Term (years) |  |  | 4.7 |  |  |  | 4.7 |  |
Percentage growth in base rent |  |  | 10.7 | % |  |  | 5.2 | % |

__________

1.
Based on lease execution dates. Does not include leased square footage and costs related to first generation space and the Company's construction and/or redevelopment projects (see Development and Redevelopment Activity page of this Supplemental Report) 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, 2024 |

|  | Quarter to Date |  |  | Year to Date |
|  | March 31, 2024 |  | March 31, 2023 |  |  | December 31, 2023 |
Leasing Commissions |  | $ | 560 |  | $ | 1,507 |  |  | $ | 5,941 |
Tenant Improvements |  |  | 1,212 |  |  | 4,805 |  |  |  | 10,594 |
Maintenance Capital Expenditures |  |  | 1,640 |  |  | 690 |  |  |  | 8,618 |
Total Capital Expenditures |  | $ | 3,412 |  | $ | 7,002 |  |  | $ | 25,153 |

36

| Fund Ov erview
Supplemental Report – March 31, 2024 |

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 |  | $ |  | 559.4 |  | Million |  | $ |  | 448.1 |  | Million |  | $ |  | 506.0 |  | Million |  | $ |  | 459.6 |  | Million |  | $ |  | 2,059.7 |  | Million
Cumulative Net Distributions 3 |  | $ |  | 195.4 |  | Million |  | $ |  | 172.9 |  | Million |  | $ |  | 603.5 |  | Million |  | $ |  | 221.4 |  | Million |  | $ |  | 112.6 |  | Million |  | $ |  | 1,305.8 |  | Million
Net Distributions/Contributions |  |  |  | 225.6 |  | % |  |  |  |  | 30.9 |  | % |  |  |  |  | 134.7 |  | % |  |  |  |  | 43.8 |  | % |  |  |  |  | 24.5 |  | % |  |  |  |  | 63.4 |  | % |
Unfunded Commitment 4 |  | $ |  | 0.0 |  | Million |  | $ |  | 0.0 |  | Million |  | $ |  | 1.9 |  | Million |  | $ |  | 24.0 |  | Million |  | $ |  | 60.4 |  | Million |  | $ |  | 86.3 |  | Million
Acquisition Dry Powder 5 |  |  | N/A |  |  |  |  |  | N/A |  |  |  |  |  | N/A |  |  |  |  |  | N/A |  |  |  |  | $ | N/A |  | Million |  | $ | N/A |  | Million
Investment Period Closes |  |  | Closed |  |  |  |  |  | Closed |  |  |  |  |  | Closed |  |  |  |  |  | Closed |  |  |  |  |  | Closed |  |  |  |  |  |  |  |  |
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, 2024 |

_________

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 Mervyns 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.
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 $24.0 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, 2024 |

|  |  |  | 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, Sephora, Basis Schools, Alamo Drafthouse, Trader Joe's |  | 2007 |  |  | 94.2 | % |  |  | — |  |  |  | 330,448 |  |  |  | 207,649 |  |  |  | 538,097 |  |  |  | — | % |  |  | 100.0 | % |  |  | 38.1 | % |  |  | 76.1 | % |  |  | 85.4 | % |  | $ | 18,076,469 |  |  | $ | 44.13 |
Total - Fund II |  |  |  |  |  |  |  |  |  | — |  |  |  | 330,448 |  |  |  | 207,649 |  |  |  | 538,097 |  |  |  | — | % |  |  | 100.0 | % |  |  | 38.1 | % |  |  | 76.1 | % |  |  | 85.4 | % |  | $ | 18,076,469 |  |  | $ | 44.13 |
Fund III Portfolio Detail |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
NEW YORK |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New York |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
640 Broadway |  | ─ |  | 2012 |  |  | 100.0 | % |  |  | 4,637 |  |  |  | — |  |  |  | — |  |  |  | 4,637 |  |  |  | 77.6 | % |  |  | — | % |  |  | — | % |  |  | 77.6 | % |  |  | 77.6 | % |  | $ | 850,994 |  |  | $ | 236.58 |
Total - Fund III |  |  |  |  |  |  |  |  |  | 4,637 |  |  |  | — |  |  |  | — |  |  |  | 4,637 |  |  |  | 77.6 | % |  |  | — | % |  |  | — | % |  |  | 77.6 | % |  |  | 77.6 | % |  | $ | 850,994 |  |  | $ | 236.58 |
Fund IV Portfolio Detail |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
NEW YORK |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New York |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
801 Madison Avenue |  | ─ |  | 2015 |  |  | 100.0 | % |  |  | 2,522 |  |  |  | — |  |  |  | — |  |  |  | 2,522 |  |  |  | 100.0 | % |  |  | — | % |  |  | — | % |  |  | 100.0 | % |  |  | 100.0 | % |  | $ | 300,000 |  |  | $ | 118.95 |
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 |  |  |  | 100.0 | % |  |  | — | % |  |  | — | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 2,063,935 |  |  |  | 244.77 |
1035 Third Avenue 3 |  | ─ |  | 2015 |  |  | 100.0 | % |  |  | 7,634 |  |  |  | — |  |  |  | — |  |  |  | 7,634 |  |  |  | 100.0 | % |  |  | — | % |  |  | — | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 1,222,748 |  |  |  | 160.17 |
New Jersey |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Paramus Plaza |  | Marshalls, 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 |  | Santander Bank |  | 2016 |  |  | 100.0 | % |  |  | 15,711 |  |  |  | — |  |  |  | — |  |  |  | 15,711 |  |  |  | 9.1 | % |  |  | — | % |  |  | — | % |  |  | 9.1 | % |  |  | 9.1 | % |  |  | 199,500 |  |  |  | 140.00 |
NORTHEAST |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rhode Island |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
650 Bald Hill Road |  | Dick's Sporting Goods, Burlington |  | 2015 |  |  | 90.0 | % |  |  | — |  |  |  | 55,000 |  |  |  | 105,448 |  |  |  | 160,448 |  |  |  | — | % |  |  | 100.0 | % |  |  | 77.7 | % |  |  | 85.3 | % |  |  | 85.3 | % |  |  | 2,092,896 |  |  |  | 15.28 |
MID-ATLANTIC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Delaware |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Eden Square |  | Giant Food, LA Fitness |  | 2014 |  |  | 98.6 | % |  |  | — |  |  |  | 116,003 |  |  |  | 113,168 |  |  |  | 229,171 |  |  |  | — | % |  |  | 100.0 | % |  |  | 81.9 | % |  |  | 91.1 | % |  |  | 98.6 | % |  |  | 3,358,699 |  |  |  | 16.10 |
SOUTHEAST |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Georgia |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Broughton Street Portfolio (13 properties) |  | H&M, Lululemon, Kendra Scott, Starbucks |  | 2014 |  |  | 100.0 | % |  |  | 94,713 |  |  |  | — |  |  |  | — |  |  |  | 94,713 |  |  |  | 91.1 | % |  |  | — | % |  |  | — | % |  |  | 91.1 | % |  |  | 93.1 | % |  |  | 3,223,337 |  |  |  | 37.34 |
WEST |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
California |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Union and Fillmore Collection (3 properties) |  | Eileen Fisher, Bonobos |  | 2015 |  |  | 90.0 | % |  |  | 7,183 |  |  |  | — |  |  |  | — |  |  |  | 7,183 |  |  |  | 77.5 | % |  |  | — | % |  |  | — | % |  |  | 77.5 | % |  |  | 77.5 | % |  |  | 665,709 |  |  |  | 119.62 |
Total - Fund IV |  |  |  |  |  |  |  |  |  | 142,910 |  |  |  | 258,542 |  |  |  | 284,571 |  |  |  | 686,023 |  |  |  | 78.3 | % |  |  | 100.0 | % |  |  | 84.5 | % |  |  | 89.1 | % |  |  | 91.9 | % |  | $ | 16,389,112 |  |  | $ | 26.82 |
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 | % |  |  | 86.2 | % |  |  | 95.7 | % |  |  | 95.7 | % |  | $ | 4,097,104 |  |  | $ | 19.10 |

39

| Fund Portfolio Retail Properties – Detail 1
Supplemental Report – March 31, 2024 |

|  |  |  | 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 |
Texas |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Wood Ridge Plaza |  | Kirkland's, Office Depot |  | 2022 |  |  | 90.0 | % |  |  | — |  |  |  | — |  |  |  | 211,617 |  |  |  | 211,617 |  |  |  | — | % |  |  | — | % |  |  | 89.7 | % |  |  | 89.7 | % |  |  | 89.7 | % |  |  | 4,365,051 |  |  |  | 22.99 |
La Frontera Village |  | Kohl's, Hobby Lobby, Burlington, Marshalls |  | 2022 |  |  | 90.0 | % |  |  | — |  |  |  | 203,500 |  |  |  | 330,930 |  |  |  | 534,430 |  |  |  | — | % |  |  | 85.0 | % |  |  | 90.7 | % |  |  | 88.5 | % |  |  | 88.8 | % |  |  | 6,645,117 |  |  |  | 14.04 |
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 | % |  |  | 2,410,631 |  |  |  | 12.65 |
Fairlane Green |  | TJ Maxx, Michaels, Burlington |  | 2017 |  |  | 100.0 | % |  |  | — |  |  |  | 109,952 |  |  |  | 160,235 |  |  |  | 270,187 |  |  |  | — | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 5,326,056 |  |  |  | 19.71 |
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 | % |  |  | 88.1 | % |  |  | 93.7 | % |  |  | 94.8 | % |  |  | 7,696,127 |  |  |  | 15.47 |
Connecticut |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tri-City Plaza |  | TJ Maxx, HomeGoods, ShopRite |  | 2019 |  |  | 90.0 | % |  |  | — |  |  |  | 129,940 |  |  |  | 172,798 |  |  |  | 302,738 |  |  |  | — | % |  |  | 100.0 | % |  |  | 82.5 | % |  |  | 90.0 | % |  |  | 92.0 | % |  |  | 3,915,091 |  |  |  | 14.36 |
New Jersey |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Midstate |  | ShopRite, Best Buy, DSW, PetSmart |  | 2021 |  |  | 100.0 | % |  |  | — |  |  |  | 253,779 |  |  |  | 134,837 |  |  |  | 388,616 |  |  |  | — | % |  |  | 77.2 | % |  |  | 62.2 | % |  |  | 72.0 | % |  |  | 96.9 | % |  |  | 5,958,609 |  |  |  | 21.31 |
New York |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Shoppes at South Hills |  | ShopRite, At Home, Ashley Furniture |  | 2022 |  |  | 90.0 | % |  |  | — |  |  |  | 416,804 |  |  |  | 95,414 |  |  |  | 512,218 |  |  |  | — | % |  |  | 71.7 | % |  |  | 46.1 | % |  |  | 67.0 | % |  |  | 76.1 | % |  |  | 3,941,442 |  |  |  | 11.49 |
Mohawk Commons |  | Lowe's, Target |  | 2023 |  |  | 90.0 | % |  |  | — |  |  |  | 330,874 |  |  |  | 68,464 |  |  |  | 399,338 |  |  |  | — | % |  |  | 100.0 | % |  |  | 89.9 | % |  |  | 98.3 | % |  |  | 99.5 | % |  |  | 5,583,596 |  |  |  | 14.23 |
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 | % |  |  | 4,418,808 |  |  |  | 11.89 |
Rhode Island |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lincoln Commons |  | Stop and Shop, Marshalls, HomeGoods |  | 2019 |  |  | 100.0 | % |  |  | — |  |  |  | 194,470 |  |  |  | 267,525 |  |  |  | 461,995 |  |  |  | — | % |  |  | 100.0 | % |  |  | 79.9 | % |  |  | 88.3 | % |  |  | 90.8 | % |  |  | 5,621,839 |  |  |  | 13.78 |
Vermont |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Maple Tree Place 4 |  | Shaw's, Dick's Sporting Goods, Best Buy, Old Navy |  | 2023 |  |  | 100.0 | % |  |  | — |  |  |  | 246,738 |  |  |  | 147,764 |  |  |  | 394,502 |  |  |  | — | % |  |  | 100.0 | % |  |  | 59.8 | % |  |  | 84.9 | % |  |  | 84.9 | % |  |  | 6,567,224 |  |  |  | 19.60 |
SOUTHEAST |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Virginia |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Landstown Commons |  | Best Buy, Burlington, Ross Dress for Less |  | 2019 |  |  | 100.0 | % |  |  | — |  |  |  | 87,883 |  |  |  | 292,316 |  |  |  | 380,199 |  |  |  | — | % |  |  | 100.0 | % |  |  | 95.8 | % |  |  | 96.8 | % |  |  | 97.2 | % |  |  | 7,603,810 |  |  |  | 20.66 |
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 | % |  |  | 3,526,270 |  |  |  | 21.19 |
Cypress Creek |  | Hobby Lobby, Total Wine, HomeGoods |  | 2023 |  |  | 100.0 | % |  |  | — |  |  |  | 167,978 |  |  |  | 71,678 |  |  |  | 239,656 |  |  |  | — | % |  |  | 100.0 | % |  |  | 95.1 | % |  |  | 98.5 | % |  |  | 98.5 | % |  |  | 4,948,622 |  |  |  | 20.95 |
North Carolina |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hickory Ridge |  | Kohl's, Best Buy, Dick's Sporting Goods |  | 2017 |  |  | 100.0 | % |  |  | — |  |  |  | 266,584 |  |  |  | 113,981 |  |  |  | 380,565 |  |  |  | — | % |  |  | 100.0 | % |  |  | 97.5 | % |  |  | 99.3 | % |  |  | 99.3 | % |  |  | 4,757,107 |  |  |  | 12.59 |
Alabama |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trussville Promenade |  | Wal-Mart, Regal Cinemas |  | 2018 |  |  | 100.0 | % |  |  | — |  |  |  | 366,010 |  |  |  | 97,671 |  |  |  | 463,681 |  |  |  | — | % |  |  | 100.0 | % |  |  | 84.8 | % |  |  | 96.8 | % |  |  | 97.6 | % |  |  | 4,382,333 |  |  |  | 9.76 |

40

| Fund Portfolio Retail Properties – Detail 1
Supplemental Report – March 31, 2024 |

|  |  |  | 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 |
Georgia |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Canton Marketplace |  | Dick's Sporting Goods, TJ Maxx, Best Buy |  | 2021 |  |  | 100.0 | % |  |  | — |  |  |  | 132,569 |  |  |  | 219,419 |  |  |  | 351,988 |  |  |  | — | % |  |  | 100.0 | % |  |  | 90.8 | % |  |  | 94.3 | % |  |  | 94.7 | % |  |  | 5,908,583 |  |  |  | 17.80 |
Hiram Pavilion |  | Kohl's, HomeGoods |  | 2018 |  |  | 100.0 | % |  |  | — |  |  |  | 209,423 |  |  |  | 153,252 |  |  |  | 362,675 |  |  |  | — | % |  |  | 100.0 | % |  |  | 98.6 | % |  |  | 99.4 | % |  |  | 100.0 | % |  |  | 4,702,846 |  |  |  | 13.04 |
WEST |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
California |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Elk Grove Commons |  | Kohl's, HomeGoods |  | 2018 |  |  | 100.0 | % |  |  | — |  |  |  | 132,489 |  |  |  | 109,589 |  |  |  | 242,078 |  |  |  | — | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 5,327,348 |  |  |  | 22.01 |
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 | % |  |  | 4,023,618 |  |  |  | 11.03 |
Total - Fund V |  |  |  |  |  |  |  |  |  | — |  |  |  | 4,368,643 |  |  |  | 3,389,264 |  |  |  | 7,757,907 |  |  |  | — | % |  |  | 95.3 | % |  |  | 87.7 | % |  |  | 92.0 | % |  |  | 94.3 | % |  | $ | 111,727,231 |  |  | $ | 15.66 |
TOTAL FUND PROPERTIES |  |  |  | 147,547 |  |  |  | 4,957,633 |  |  |  | 3,881,484 |  |  |  | 8,986,664 |  |  |  | 78.3 | % |  |  | 95.8 | % |  |  | 84.8 | % |  |  | 90.8 | % |  |  | 93.6 | % |  | $ | 147,043,806 |  |  | $ | 18.02 |
Acadia Share of Total Fund Properties |  |  |  | 34,013 |  |  |  | 1,084,045 |  |  |  | 828,715 |  |  |  | 1,946,772 |  |  |  | 78.3 | % |  |  | 96.5 | % |  |  | 80.2 | % |  |  | 89.2 | % |  |  | 92.7 | % |  | $ | 35,706,097 |  |  | $ | 20.56 |

__________

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).
4.
Property also includes 93,259 sf of office space.

41

| Fund Lease Expirations
Supplemental Report – March 31, 2024 | (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 |  |  | — |  |  |  | — |  |  |  | — | % |  | $ | — |  |  | $ | — |  |  |  | — | % |  |  | — |  |  |  | — |  |  |  | — | % |  | $ | — |  |  | $ | — |  |  |  | — | %
2024 (Remainder) |  |  | — |  |  |  | — |  |  |  | — | % |  |  | — |  |  |  | — |  |  |  | — | % |  |  | — |  |  |  | — |  |  |  | — | % |  |  | — |  |  |  | — |  |  |  | — | %
2025 |  |  | 1 |  |  |  | 1,426 |  |  |  | 0.6 | % |  |  | 164,531 |  |  |  | 115.36 |  |  |  | 1.6 | % |  |  | — |  |  |  | — |  |  |  | — | % |  |  | — |  |  |  | — |  |  |  | — | %
2026 |  |  | — |  |  |  | — |  |  |  | — | % |  |  | — |  |  |  | — |  |  |  | — | % |  |  | — |  |  |  | — |  |  |  | — | % |  |  | — |  |  |  | — |  |  |  | — | %
2027 |  |  | 3 |  |  |  | 15,292 |  |  |  | 6.4 | % |  |  | 1,155,166 |  |  |  | 75.54 |  |  |  | 11.0 | % |  |  | — |  |  |  | — |  |  |  | — | % |  |  | — |  |  |  | — |  |  |  | — | %
2028 |  |  | 1 |  |  |  | 552 |  |  |  | 0.2 | % |  |  | 107,618 |  |  |  | 195.00 |  |  |  | 1.0 | % |  |  | 1 |  |  |  | 306 |  |  |  | 34.7 | % |  |  | 75,845 |  |  |  | 247.85 |  |  |  | 36.3 | %
2029 |  |  | 1 |  |  |  | 580 |  |  |  | 0.2 | % |  |  | 89,140 |  |  |  | 153.75 |  |  |  | 0.8 | % |  |  | — |  |  |  | — |  |  |  | — | % |  |  | — |  |  |  | — |  |  |  | — | %
2030 |  |  | — |  |  |  | — |  |  |  | — | % |  |  | — |  |  |  | — |  |  |  | — | % |  |  | 1 |  |  |  | 177 |  |  |  | 20.0 | % |  |  | 42,148 |  |  |  | 238.21 |  |  |  | 20.2 | %
2031 |  |  | — |  |  |  | — |  |  |  | — | % |  |  | — |  |  |  | — |  |  |  | — | % |  |  | 1 |  |  |  | 226 |  |  |  | 25.6 | % |  |  | 55,503 |  |  |  | 245.31 |  |  |  | 26.6 | %
2032 |  |  | 4 |  |  |  | 78,364 |  |  |  | 32.9 | % |  |  | 1,201,752 |  |  |  | 15.34 |  |  |  | 11.4 | % |  |  | 1 |  |  |  | 173 |  |  |  | 19.7 | % |  |  | 35,338 |  |  |  | 203.68 |  |  |  | 16.9 | %
2033 |  |  | 3 |  |  |  | 18,877 |  |  |  | 7.9 | % |  |  | 871,403 |  |  |  | 46.16 |  |  |  | 8.3 | % |  |  | — |  |  |  | — |  |  |  | — | % |  |  | — |  |  |  | — |  |  |  | — | %
Thereafter |  |  | 8 |  |  |  | 122,856 |  |  |  | 51.6 | % |  |  | 6,911,577 |  |  |  | 56.26 |  |  |  | 65.8 | % |  |  | — |  |  |  | — |  |  |  | — | % |  |  | — |  |  |  | — |  |  |  | — | %
Total |  |  | 21 |  |  |  | 237,947 |  |  |  | 100.0 | % |  | $ | 10,501,188 |  |  | $ | 44.13 |  |  |  | 100.0 | % |  |  | 4 |  |  |  | 883 |  |  |  | 100.0 | % |  | $ | 208,834 |  |  | $ | 236.58 |  |  |  | 100.0 | %
|  |  |  |  |  | 74,651 |  |  | Total Vacant 2 |  |  |  |  |  |  |  |  |  |  |  |  | 255 |  |  | Total Vacant 2 |  |  |  |  |  |  |
|  |  |  |  |  | 312,597 |  |  | Total Square Feet 2 |  |  |  |  |  |  |  |  |  |  |  |  | 1,138 |  |  | Total Square Feet 2 |  |  |  |  |  |  |
|  | 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 |  |  | — |  |  |  | — |  |  |  | — | % |  | $ | — |  |  | $ | — |  |  |  | — | % |  |  | 4 |  |  |  | 1,536 |  |  |  | 0.1 | % |  | $ | 29,701 |  |  | $ | 19.33 |  |  |  | 0.1 | %
2024 (Remainder) |  |  | 6 |  |  |  | 15,687 |  |  |  | 13.6 | % |  |  | 392,456 |  |  |  | 25.02 |  |  |  | 12.0 | % |  |  | — |  |  |  | — |  |  |  | — | % |  |  | — |  |  |  | — |  |  |  | — | %
2025 |  |  | 6 |  |  |  | 2,098 |  |  |  | 1.8 | % |  |  | 481,612 |  |  |  | 229.54 |  |  |  | 14.7 | % |  |  | 171 |  |  |  | 378,820 |  |  |  | 27.4 | % |  |  | 5,494,380 |  |  |  | 14.50 |  |  |  | 25.3 | %
2026 |  |  | 8 |  |  |  | 13,469 |  |  |  | 11.7 | % |  |  | 251,251 |  |  |  | 18.65 |  |  |  | 7.7 | % |  |  | 93 |  |  |  | 121,975 |  |  |  | 8.8 | % |  |  | 2,324,384 |  |  |  | 19.06 |  |  |  | 10.7 | %
2027 |  |  | 11 |  |  |  | 7,812 |  |  |  | 6.8 | % |  |  | 221,636 |  |  |  | 28.37 |  |  |  | 6.8 | % |  |  | 93 |  |  |  | 208,404 |  |  |  | 15.1 | % |  |  | 2,825,569 |  |  |  | 13.56 |  |  |  | 13.0 | %
2028 |  |  | 8 |  |  |  | 5,608 |  |  |  | 4.9 | % |  |  | 173,319 |  |  |  | 30.91 |  |  |  | 5.3 | % |  |  | 88 |  |  |  | 165,694 |  |  |  | 12.0 | % |  |  | 3,167,814 |  |  |  | 19.12 |  |  |  | 14.6 | %
2029 |  |  | 5 |  |  |  | 16,125 |  |  |  | 14.0 | % |  |  | 356,203 |  |  |  | 22.09 |  |  |  | 10.9 | % |  |  | 54 |  |  |  | 134,751 |  |  |  | 9.7 | % |  |  | 1,942,631 |  |  |  | 14.42 |  |  |  | 8.9 | %
2030 |  |  | 1 |  |  |  | 346 |  |  |  | 0.3 | % |  |  | 16,278 |  |  |  | 47.00 |  |  |  | 0.5 | % |  |  | 34 |  |  |  | 81,525 |  |  |  | 5.9 | % |  |  | 1,193,740 |  |  |  | 14.64 |  |  |  | 5.5 | %
2031 |  |  | 8 |  |  |  | 14,337 |  |  |  | 12.4 | % |  |  | 372,500 |  |  |  | 25.98 |  |  |  | 11.4 | % |  |  | 32 |  |  |  | 75,446 |  |  |  | 5.5 | % |  |  | 1,117,089 |  |  |  | 14.81 |  |  |  | 5.1 | %
2032 |  |  | 7 |  |  |  | 25,319 |  |  |  | 21.9 | % |  |  | 614,515 |  |  |  | 24.27 |  |  |  | 18.8 | % |  |  | 35 |  |  |  | 69,198 |  |  |  | 5.0 | % |  |  | 1,171,894 |  |  |  | 16.94 |  |  |  | 5.4 | %
2033 |  |  | 5 |  |  |  | 12,850 |  |  |  | 11.1 | % |  |  | 292,137 |  |  |  | 22.73 |  |  |  | 8.9 | % |  |  | 32 |  |  |  | 61,018 |  |  |  | 4.4 | % |  |  | 1,156,934 |  |  |  | 18.96 |  |  |  | 5.3 | %
Thereafter |  |  | 3 |  |  |  | 1,749 |  |  |  | 1.5 | % |  |  | 98,702 |  |  |  | 56.43 |  |  |  | 3.0 | % |  |  | 25 |  |  |  | 84,354 |  |  |  | 6.1 | % |  |  | 1,301,329 |  |  |  | 15.43 |  |  |  | 6.0 | %
Total |  |  | 68 |  |  |  | 115,400 |  |  |  | 100.0 | % |  | $ | 3,270,610 |  |  | $ | 28.34 |  |  |  | 100.0 | % |  |  | 661 |  |  |  | 1,382,722 |  |  |  | 100.0 | % |  | $ | 21,725,465 |  |  | $ | 15.71 |  |  |  | 100.0 | %
|  |  |  |  |  | 16,290 |  |  | Total Vacant 2 |  |  |  |  |  |  |  |  |  |  |  |  | 118,624 |  |  | Total Vacant 2 |  |  |  |  |  |  |
|  |  |  |  |  | 131,691 |  |  | Total Square Feet 2 |  |  |  |  |  |  |  |  |  |  |  |  | 1,501,346 |  |  | Total Square Feet 2 |  |  |  |  |  |  |

__________

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

2. Totals may not foot due to rounding.

42

| Development and Redevelopment Activity
Supplemental Report – March 31, 2024 |

|  |  |  |  |  |  |  |  |  |  | Acadia's Pro-rata Share
Property |  | AKR Pro-rata share |  | Location |  | Estimated Stabilization |  | Est. Sq ft Upon Completion |  |  | Costs prior to development / redevelopment |  |  | Incurred costs since development / redevelopment |  |  | Total Costs to Date |  |  | Estimated Future Range |  |  | Estimated Total Range |  |
CORE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Development: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Henderson - Development 1 & 2 |  | 100.0% |  | Dallas, TX |  | TBD |  |  | 160,000 |  |  | $ | 9.6 |  |  | $ | 7.6 |  |  | $ | 17.2 |  |  | TBD |  | - | TBD |  |  | TBD |  | - | TBD |  |
Major Redevelopment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
City Center |  | 100.0% |  | San Francisco, CA |  | 2024/2025 |  |  | 241,000 |  |  |  | 155.0 |  |  |  | 52.5 |  |  |  | 207.5 |  |  |  | 2.5 |  | - |  | 5.5 |  |  |  | 210.0 |  | - |  | 213.0 |  |
555 9th Street |  | 100.0% |  | San Francisco, CA |  | TBD |  |  | 149,000 |  |  |  | 141.7 |  |  |  | 6.7 |  |  |  | 148.4 |  |  |  | 18.3 |  | - |  | 28.3 |  |  |  | 166.7 |  | - |  | 176.7 |  |
651-671 West Diversey |  | 100.0% |  | Chicago, IL |  | TBD |  |  | 46,000 |  |  |  | 29.1 |  |  |  | 0.5 |  |  |  | 29.6 |  |  | TBD |  | - | TBD |  |  | TBD |  | - | TBD |  |
Route 6 Mall |  | 100.0% |  | Honesdale, PA |  | TBD |  | TBD |  |  |  | 14.8 |  |  |  | 4.5 |  |  |  | 19.3 |  |  |  | 1.5 |  | - |  | 4.5 |  |  |  | 20.8 |  | - |  | 23.8 |  |
Mad River |  | 100.0% |  | Dayton, OH |  | TBD |  | TBD |  |  |  | 14.3 |  |  |  | 0.4 |  |  |  | 14.7 |  |  |  | 1.5 |  | - |  | 1.9 |  |  |  | 16.2 |  | - |  | 16.6 |  |
840 N. Michigan Avenue |  | 91.9% |  | Chicago, IL |  | TBD |  |  | 87,000 |  |  |  | 152.3 |  |  |  | — |  |  |  | 152.3 |  |  | TBD |  | - | TBD |  |  | TBD |  | - | TBD |  |
664 N. Michigan Avenue |  | 100.0% |  | Chicago, IL |  | TBD |  |  | 18,000 |  |  |  | 87.2 |  |  |  | — |  |  |  | 87.2 |  |  | TBD |  | - | TBD |  |  | TBD |  | - | TBD |  |
Brandywine Holdings |  | 100.0% |  | Wilmington, DE |  | TBD |  |  | 96,000 |  |  |  | 24.0 |  |  |  | 0.1 |  |  |  | 24.1 |  |  | TBD |  | - | TBD |  |  | TBD |  | - | TBD |  |
Westshore Expressway |  | 100.0% |  | Staten Island, NY |  | TBD |  |  | 55,000 |  |  |  | 18.6 |  |  |  | — |  |  |  | 18.6 |  |  | TBD |  | - | TBD |  |  | TBD |  | - | TBD |  |
Total Core Redevelopment |  |  |  |  |  |  |  |  |  |  | $ | 637.0 |  |  | $ | 64.7 |  |  | $ | 701.7 |  |  | $ | 23.8 |  |  | $ | 40.2 |  |  | $ | 413.7 |  |  | $ | 430.1 |  |
Total Core Development and Redevelopment |  |  |  |  |  |  |  |  |  |  | $ | 646.6 |  |  | $ | 72.3 |  |  | $ | 718.9 |  |  | $ | 23.8 |  |  | $ | 40.2 |  |  | $ | 413.7 |  |  | $ | 430.1 |  |
FUNDS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Development: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FUND III |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Broad Hollow Commons |  | 24.5% |  | Farmingdale, NY |  | TBD |  | TBD |  |  | $ | 3.0 |  |  | $ | 4.1 |  |  | $ | 7.1 |  |  | TBD |  | - | TBD |  |  | TBD |  | - | TBD |  |
Major Redevelopment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FUND IV |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
717 N. Michigan Avenue |  | 23.1% |  | Chicago, IL |  | TBD |  | TBD |  |  |  | 26.9 |  |  |  | 0.9 |  |  |  | 27.8 |  |  | TBD |  | - | TBD |  |  | TBD |  | - | TBD |  |
Total Funds Development and Major Development |  |  |  |  |  |  |  |  |  |  | $ | 29.9 |  |  | $ | 5.0 |  |  | $ | 34.9 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |
Total Core and Funds Development and Major Redevelopment |  |  |  |  |  |  |  |  |  |  | $ | 676.5 |  |  | $ | 77.3 |  |  | $ | 753.8 |  |  | $ | 23.8 |  |  | $ | 40.2 |  |  | $ | 413.7 |  |  | $ | 430.1 |  |
Pre-Stabilized: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
City Point (Fund II) |  | 61.7% |  | Brooklyn, NY |  | 2025/2026 |  |  | 536,198 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
640 Broadway (Fund III) |  | 24.5% |  | New York, NY |  | 2024/2025 |  |  | 4,637 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
210 Bowery (Fund IV) |  | 23.1% |  | New York, NY |  | 2024/2025 |  |  | 2,538 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
801 Madison (Fund IV) |  | 23.1% |  | New York, NY |  | 2024/2025 |  |  | 2,522 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
27 E 61st Street (Fund IV) |  | 23.1% |  | New York, NY |  | 2024/2025 |  |  | 4,177 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1035 Third Avenue (Fund IV) |  | 23.1% |  | New York, NY |  | 2024 |  |  | 7,634 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

43

| Importan t Notes
Supplemental Report – March 31, 2024 |

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 depreciable 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.

44