アカディアリアルティトラストの適時開示・決算

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of Earliest Event Reported): February 13, 2024

ACADIA REALTY TRUST

(Exact name of registrant as specified in its charter)


Maryland	1-12002	23-2715194
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

411 Theodore Fremd Avenue

Suite 300

Rye, New York 10580

(Address of principal executive offices) (Zip Code)

(914) 288-8100

(Registrant’s telephone number, including area code)

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

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


☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading symbol	Name of exchange on which registered
Common shares of beneficial interest, par value $0.001 per share	AKR	The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On February 13, 2024, Acadia Realty Trust (the “Company”) issued a press release announcing its consolidated financial results for the quarter and year-to-date period ended December 31, 2023. A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1 and incorporated herein by reference.

On the same day, the Company made available supplemental reporting information regarding the financial results, operations and portfolio of the Company as of and for the quarter and year-to-date period ended December 31, 2023. A copy of the supplemental reporting information is attached to this Current Report on Form 8-K as Exhibit 99.2 and incorporated herein by reference.

The information included in this Item 2.02, including the information included in Exhibits 99.1 and 99.2 attached hereto, is intended to be “furnished” pursuant to Item 2.02, and is not deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference into any filing under the Securities Act of 1933, as amended (“Securities Act”) or the Exchange Act, or otherwise subject to the liabilities of Sections 11 and 12 (a)(2) of the Securities Act.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits




Exhibit Number	Description
99.1	Press release dated February 13, 2024
99.2	Supplemental Reporting Information as of and for the quarter and year-to-date period ended December 31, 2023
104	Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101.)

SIGNATURES

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


	ACADIA REALTY TRUST
Dated:	(Registrant)

	By:	/s/ John Gottfried
	Name:	John Gottfried
February 13, 2024	Title:	Executive Vice President and Chief Financial Officer

EX-99.1 2 akr-ex99_1.htm EX-99.1 EX-99.1

Exhibit 99.1

Jennifer Han

(914) 288-8100

ACADIA REALTY TRUST REPORTS FOURTH QUARTER

AND FULL YEAR 2023 OPERATING RESULTS

•

GAAP Net Earnings of $0.20 in 2023 and Projected 2024 of $0.09-$0.15

•

Full-Year 2023 Same-Property NOI Growth of 5.8% at the High End of Guidance

•

Full-Year 2023 Core Cash Rent Spreads on New Leases of 44%

•

2024 Projected Same-Property NOI Growth of 5-6% and FFO of 5%

RYE, NY (February 13, 2024) - Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”) today reported operating results for the quarter and year ended December 31, 2023. For the quarter ended December 31, 2023, net loss per share was $0.02 and for the year ended December 31, 2023, net earnings per share was $0.20. All per share amounts are on a fully-diluted basis, where applicable. Acadia operates a high-quality core real estate portfolio ("Core" or "Core Portfolio"), in the nation's most dynamic retail corridors, along with strategic capital platforms including a fund business ("Funds") that targets opportunistic and value-add investments.

    Kenneth F. Bernstein, President and CEO of Acadia Realty Trust, commented:

   

    “This is an exciting time for Acadia. Our portfolio has demonstrated consistent strength with same-property NOI growth averaging 6.5% for the past eleven quarters driven by the rebound and outperformance in our Street assets. We continue to see strong tenant demand for our spaces with plenty of upside remaining within our Street Portfolio. In January 2024, we completed an equity raise that positions our balance sheet for external growth. We are actively pursuing accretive investment opportunities within our Core and strategic capital platforms. Additionally, the real estate markets are becoming more amenable to capital recycling and our team is focused on monetizing select existing properties which will serve the dual goals of providing capital for new investments and upgrading the portfolio with higher growth assets."

   

FOURTH QUARTER, FULL YEAR 2023 AND RECENT HIGHLIGHTS

•

Fourth Quarter NAREIT FFO per share of $0.26 and FFO Before Special Items per share of $0.28

•

Same-property NOI growth was 5.8% for the full year and 4.2% for the fourth quarter with growth in excess of 10% in the Street Portfolio during the quarter

•

New Core Cash rent spreads of 44% for the full year and 25% for the fourth quarter (driven by a strategic recapture and re-lease of a space in Soho, New York)

•

Core Signed Not Open ("SNO") Pipeline (excluding redevelopment) was $7.0 million of annual base rents at December 31, 2023, representing about 5% of in-place rents

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$3.0 million of rents commenced during the quarter, representing about 2% of in-place rents

•

Strong balance sheet with no significant Core debt maturities until 2026

•

2024 Guidance, projected FFO Before Special Items of $1.28 at the mid-point, representing approximately 5% year over year growth (excluding the non-cash gain of $0.08 from 2023) driven by projected same-property NOI growth of 5-6%

•

Post quarter equity issuance of approximately $113 million of net proceeds

FINANCIAL RESULTS

A complete reconciliation, in dollars and per share amounts, of (i) net income (loss) attributable to Acadia to FFO (as defined by NAREIT and Before Special Items) attributable to common shareholders and common OP Unit holders and (ii) operating income to NOI is included in the financial tables of this release. Amounts discussed below are net of noncontrolling interests and all per share amounts are on a fully-diluted basis.

    Net Loss 
•Net loss for the quarter ended December 31, 2023 was $1.6 million, or $0.02 per share. 
•This compares with net income of $3.8 million, or $0.04 per share for the quarter ended December 31, 2022. Net income for the quarter ended December 31, 2022 included: (i) $10.2 million gain, or $0.10 per share, on Core and Fund dispositions and (ii) partially offset by a $6.8 million loss, or $0.07 per share, from the unrealized investment holding loss. 
 
NAREIT FFO
•NAREIT FFO for the quarter ended December 31, 2023 was $26.4 million, or $0.26 per share.  
•This compares with NAREIT FFO of $21.0 million, or $0.21 per share, for the quarter ended December 31, 2022.
 
FFO Before Special Items
•FFO Before Special Items for the quarter ended December 31, 2023 was $28.4 million, or $0.28 per share, which includes $2.3 million, or $0.02 per share, of realized investment gains (100,000 shares of Albertsons' stock sold at an average price of $22.68 per share).  
•This compares with FFO Before Special Items of $27.8 million, or $0.27 per share for the quarter ended December 31, 2022.
 

   

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CORE PORTFOLIO PERFORMANCE

    Same-Property NOI
•Same-property NOI growth, excluding redevelopments, increased 5.8% for the year ended December 31, 2023 and 4.2% for the fourth quarter. 
oThe growth for the year and quarter ended December 31, 2023 was driven by the Street Portfolio, which had growth of 6.7% and 10.5%, respectively. 
Leasing and Occupancy Update
•For the year ended December 31, 2023, conforming cash leasing spreads were:
o43.9% on new leases and
o19.5% on new and renewal leases.
•During the fourth quarter, cash leasing spreads on new leases were 25.0%, driven by a strategic recapture and re-tenanting of a lease in Soho, New York (originally executed in September 2022) and 13.0% on conforming new and renewal leases.
•As of December 31, 2023, the Core Portfolio was 95.0% leased and 93.0% occupied compared to 95.3% leased and 92.4% occupied as of September 30, 2023. The leased rate includes space that is leased but not yet occupied and excludes development and redevelopment properties.
•Core Signed Not Open Pipeline (excluding redevelopments) was $7.0 million of annual base rents, representing approximately 5% of in-place rents. Move-ins during the quarter were $3.0 million, representing about 2% of in-place rents.

   

BALANCE SHEET

•

Core Balance Sheet: As of December 31, 2023, approximately 94% of Core debt was fixed, inclusive of interest rate swap contracts at a blended rate of 4.46%. The Company has limited near-term maturity and interest rate risk on its $1.2 billion of Core debt with 3.9% and 5.3% maturing in 2024 and 2025, respectively, assuming all extension options are exercised. At December 31, 2023, the Company had $886 million of notional swap agreements associated with managing and mitigating future interest rate risk on maturing Core debt with various maturities through 2030.

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FUND V TRANSACTIONAL ACTIVITY

•

Maple Tree Place, Williston (Burlington), Vermont. In November 2023, Fund V completed its acquisition of Maple Tree Place. The asset is 84.6% occupied and is comprised of an approximately 400,000 square foot grocery-anchored center, including Shaw's Supermarket, Dick's Sporting Goods, Best Buy, Staples, Old Navy and ULTA.

POST QUARTER-END CAPITAL MARKETS ACTIVITY

•

In January 2024, the Company completed an underwritten offering of 6,900,000 common shares (inclusive of the underwriters’ option to purchase 900,000 additional shares) for net proceeds of approximately $113 million.

GUIDANCE

The following initial guidance is based upon Acadia's current view of market conditions and assumptions for the year ended December 31, 2024.

The Company is setting initial 2024 guidance as follows:

•

Net earnings per diluted share of $0.09 to $0.15

•

FFO Before Special Items per diluted share of $1.24-$1.32

•

Projected same-property NOI growth of 5-6%

•

It is the Company's policy not to include the estimated accretion and/or financial impact of acquisition and disposition of assets until they are consummated.

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	2024 Guidance
	Guidance	2023
(totals may not foot due to rounding)	Range	Actuals

Net earnings per share attributable to Acadia	$0.09-$0.15	$0.20
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share)	1.01	1.07
Impairment charges (net of noncontrolling interest share)	—	0.01
Noncontrolling interest in Operating Partnership	0.01	0.01
NAREIT Funds From Operations per share attributable to Common Shareholders and Common OP Unit holders	$1.11-$1.17	1.28
Net unrealized holding (gain)1,2	—	(0.04)
Realized gains and promotes2	0.13-0.15	0.16
Less: 2023 ACI's Special Dividend included in realized gains and promotes above	—	(0.11)
Non-cash gain from BBBY lease termination3	—	(0.08)
Funds From Operations Before Special Items per share attributable to Common Shareholders and Common OP Unit holders, excluding non-cash BBBY gain	$1.24-$1.32	$1.22
Non-cash gain from BBBY lease termination3	—	0.08
Funds From Operations Before Special Items per share attributable to Common Shareholders and Common OP Unit holders	$1.24-$1.32	$1.29

__________

This represents the actual unrealized mark-to-market holding gains related to the Company’s investment in Albertsons, which was recognized in NAREIT FFO for the year ended December 31, 2023. 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.

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. The Company realized investment gains of $4.6 million on 200,000 shares for the year ended December 31, 2023. The total realized gains and promotes in 2023 were approximately $16 million, or $0.16 per share, comprised of $4.6 million from the sale of Albertsons's shares and the receipt of a special dividend of $11.3 million (which was included in both NAREIT FFO and FFO Before Special Items).

Results for the year ended December 31, 2023 included a non-cash gain of $7.8 million, or $0.08 per share from the termination of the Bed Bath and Beyond ("BBBY") below-market lease at 555 9th Street in San Francisco.

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CONFERENCE CALL

Management will conduct a conference call on Wednesday, February 14, 2024 at 11:00 AM ET to review the Company’s earnings and operating results. Participant registration and webcast information is listed below.


Live Conference Call:
Date:	Wednesday, February 14, 2024
Time:	11:00 AM ET
Participant call:	Fourth Quarter 2023 Dial-In
Participant webcast:	Fourth Quarter 2023 Webcast
Webcast Listen-only and Replay:	www.acadiarealty.com/investors under Investors, Presentations & Events

The Company uses, and intends to use, the Investors page of its website, which can be found at https://www.acadiarealty.com/investors, as a means of disclosing material nonpublic information and of complying with its disclosure obligations under Regulation FD, including, without limitation, through the posting of investor presentations and certain portfolio updates that may include material nonpublic information. Accordingly, investors should monitor the Investors page, in addition to following the Company’s press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, the website is not incorporated by reference into, and is not a part of, this document.

About Acadia Realty Trust

Acadia Realty Trust is an equity real estate investment trust focused on delivering long-term, profitable growth via its dual – Core Portfolio and Fund – operating platforms and its disciplined, location-driven investment strategy. Acadia Realty Trust is accomplishing this goal by building a best-in-class core real estate portfolio with meaningful concentrations of assets in the nation’s most dynamic corridors; making profitable opportunistic and value-add investments through its series of discretionary, institutional funds; and maintaining a strong balance sheet. For further information, please visit www.acadiarealty.com.

Safe Harbor Statement

Certain statements in this press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations are generally identifiable by the use of words, such as “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend” or “project,” or the negative thereof, or other variations thereon or comparable terminology. Forward-looking statements involve known and unknown risks, uncertainties and

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other factors that could cause the Company's actual results and financial performance to be materially different from future results and financial performance expressed or implied by such forward-looking statements, including, but not limited to: (i) macroeconomic conditions, including due to geopolitical conditions and instability, which may lead to a disruption of or lack of access to the capital markets, disruptions and instability in the banking and financial services industries and rising inflation; (ii) the Company’s success in implementing its business strategy and its ability to identify, underwrite, finance, consummate and integrate diversifying acquisitions and investments; (iii) changes in general economic conditions or economic conditions in the markets in which the Company may, from time to time, compete, and their effect on the Company’s revenues, earnings and funding sources; (iv) increases in the Company’s borrowing costs as a result of rising inflation, changes in interest rates and other factors, including the discontinuation of the USD London Interbank Offered Rate, which was effected on June 30, 2023; (v) the Company’s ability to pay down, refinance, restructure or extend its indebtedness as it becomes due; (vi) the Company’s investments in joint ventures and unconsolidated entities, including its lack of sole decision-making authority and its reliance on its joint venture partners’ financial condition; (vii) the Company’s ability to obtain the financial results expected from its development and redevelopment projects; (viii) the ability and willingness of the Company's tenants to renew their leases with the Company upon expiration, the Company’s ability to re-lease its properties on the same or better terms in the event of nonrenewal or in the event the Company exercises its right to replace an existing tenant, and obligations the Company may incur in connection with the replacement of an existing tenant; (ix) the Company’s potential liability for environmental matters; (x) damage to the Company’s properties from catastrophic weather and other natural events, and the physical effects of climate change; (xi) the economic, political and social impact of, and uncertainty surrounding, any public health crisis, such as the COVID-19 Pandemic, which adversely affected the Company and its tenants’ business, financial condition, results of operations and liquidity; (xii) uninsured losses; (xiii) the Company’s ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax and other considerations; (xiv) information technology security breaches, including increased cybersecurity risks relating to the use of remote technology; (xv) the loss of key executives; and (xvi) the accuracy of the Company’s methodologies and estimates regarding environmental, social and governance (“ESG”) metrics, goals and targets, tenant willingness and ability to collaborate towards reporting ESG metrics and meeting ESG goals and targets, and the impact of governmental regulation on its ESG efforts.

The factors described above are not exhaustive and additional factors could adversely affect the Company’s future results and financial performance, including the risk factors discussed under the section captioned “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and other periodic or current reports the Company files with the SEC. Any forward-looking statements in this press release speak only as of the date hereof. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any changes in the Company’s expectations with regard thereto or changes in the events, conditions or circumstances on which such forward-looking statements are based.

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ACADIA REALTY TRUST AND SUBSIDIARIES

Consolidated Statements of Operations (1)

(Unaudited, Dollars and Common Shares and Units in thousands, except per share amounts)


	Three Months Ended December 31,						Year Ended December 31,
	2023			2022			2023			2022
Revenues
Rental	$	84,205		$	79,335		$	333,044		$	317,814
Other		1,308			1,243			5,648			8,476
Total revenues		85,513			80,578			338,692			326,290

Expenses
Depreciation and amortization		35,029			33,489			135,984			135,917
General and administrative		10,572			11,298			41,470			44,066
Real estate taxes		12,064			10,275			46,650			44,932
Property operating		17,229			16,268			61,826			56,995
Impairment charges		—			—			3,686			33,311
Total expenses		74,894			71,330			289,616			315,221

Gain on disposition of properties		—			7,245			—			57,161
Operating income		10,619			16,493			49,076			68,230
Equity in (losses) earnings of unconsolidated affiliates		(1,404	)		13,262			(7,677	)		(32,907	)
Interest income		5,118			4,751			19,993			14,641
Realized and unrealized holding gains (losses) on investments and other		177			(16,579	)		30,413			(34,994	)
Interest expense		(24,692	)		(21,900	)		(93,253	)		(80,209	)
Loss from continuing operations before income taxes		(10,182	)		(3,973	)		(1,448	)		(65,239	)
Income tax provision		(53	)		(5	)		(301	)		(12	)
Net loss		(10,235	)		(3,978	)		(1,749	)		(65,251	)
Net loss attributable to redeemable noncontrolling interests		2,578			2,343			8,239			5,536
Net loss attributable to noncontrolling interests		6,320			5,617			13,383			24,270
Net (loss) income attributable to Acadia shareholders	$	(1,337	)	$	3,982		$	19,873		$	(35,445	)

Less: net income attributable to participating securities		(244	)		(199	)		(978	)		(805	)
Net (loss) income attributable to Common Shareholders - basic earnings per share	$	(1,581	)	$	3,783		$	18,895		$	(36,250	)
Impact of assumed conversion of dilutive convertible securities		—			—			—			(1,804	)
(Loss) income from continuing operations net of income attributable to participating securities for diluted earnings per share	$	(1,581	)	$	3,783		$	18,895		$	(38,054	)

Weighted average shares for basic (loss) earnings per share		95,363			95,066			95,284			94,575
Weighted average shares for diluted (loss) earnings per share		95,363			95,066			95,284			94,643

Net (loss) earnings per share - basic (2)	$	(0.02	)	$	0.04		$	0.20		$	(0.38	)
Net (loss) earnings per share - diluted (2)	$	(0.02	)	$	0.04		$	0.20		$	(0.40	)

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ACADIA REALTY TRUST AND SUBSIDIARIES

Reconciliation of Consolidated Net (Loss) Income to Funds from Operations (1,3)

(Unaudited, Dollars and Common Shares and Units in thousands, except per share amounts)


	Three Months Ended December 31,						Year Ended December 31,
	2023			2022			2023			2022

Net (loss) income attributable to Acadia	$	(1,337	)	$	3,982		$	19,873		$	(35,445	)

Depreciation of real estate and amortization of leasing costs (net of noncontrolling interests' share)		27,689			26,903			109,732			104,910
Impairment charges (net of noncontrolling interests' share)		—			—			852			58,481
(Gain) on disposition of properties (net of noncontrolling interests' share)		—			(10,245	)		—			(22,137	)
(Loss) income attributable to Common OP Unit holders		(31	)		257			1,282			(1,800	)
Distributions - Preferred OP Units		123			123			492			492
Funds From Operations attributable to Common Shareholders and Common OP Unit holders	$	26,444		$	21,020		$	132,231		$	104,501

Less: Impact of City Point share conversion option		—			—			—			(906	)
FFO to Common Shareholders and Common OP Unit holders - Diluted	$	26,444		$	21,020		$	132,231		$	103,595

Adjustments for Special Items:
Add back: Acquisition costs, net of bargain purchase gain		—			—			—			859
Add back: City Point acquisition and transaction related costs		—			—			—			364
Add back: Impact of City point share conversion option		—			—			—			906
Unrealized holding (gain) loss (net of noncontrolling interest share) (4)		(352	)		6,786			(3,762	)		15,165
Realized gain (net of noncontrolling interest share) (5)		2,265			—			4,636			—
Funds From Operations Before Special Items attributable to Common Shareholders and Common OP Unit holders	$	28,357		$	27,806		$	133,105		$	120,889

Less: Non-cash gain from BBBY lease termination (6)		—			—			(7,758	)		—
Funds From Operations Before Special Items attributable to Common Shareholders and Common OP Unit holders, excluding BBBY gain	$	28,357		$	27,806		$	125,347		$	120,889

Funds From Operations per Share - Diluted Share Count
Basic weighted-average shares outstanding, GAAP earnings		95,363			95,066			95,284			94,575
Weighted-average OP Units outstanding		7,136			6,235			7,180			6,299
Assumed conversion of Preferred OP Units to common shares		464			25			464			464
Weighted average number of Common Shares and Common OP Units		102,963			101,326			102,928			101,338

Diluted Funds From Operations, per Common Share and Common OP Unit	$	0.26		$	0.21		$	1.28		$	1.02

Diluted Funds From Operations Before Special Items, per Common Share and Common OP Unit	$	0.28		$	0.27		$	1.29		$	1.19

Diluted Funds From Operations Before Special Items, excluding BBBY gain, per Common Share and Common OP Unit	$	0.28		$	0.27		$	1.22		$	1.19

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ACADIA REALTY TRUST AND SUBSIDIARIES

Reconciliation of Consolidated Operating Income to Net Property Operating Income (“NOI”) (1)

(Unaudited, Dollars in thousands)


	Three Months Ended December 31,						Year Ended December 31,
	2023			2022			2023			2022

Operating income	$	10,619		$	16,493		$	49,076		$	68,230
Add back:
General and administrative		10,572			11,298			41,470			44,066
Depreciation and amortization		35,029			33,489			135,984			135,917
Impairment charges		—			—			3,686			33,311

Above/below market rent, straight-line rent and other adjustments		(1,951	)		(3,400	)		(20,617	)		(20,869	)
Gain on disposition of properties		—			(7,245	)		—			(57,161	)
Consolidated NOI		54,269			50,635			209,599			203,494

Redeemable noncontrolling interest in consolidated NOI		(1,160	)		(1,375	)		(4,420	)		(1,892	)
Noncontrolling interest in consolidated NOI		(16,465	)		(13,267	)		(59,597	)		(58,277	)
Less: Operating Partnership's interest in Fund NOI included above		(5,358	)		(3,198	)		(19,816	)		(14,476	)
Add: Operating Partnership's share of unconsolidated joint ventures NOI (7)		2,986			3,930			14,249			14,381
Core Portfolio NOI	$	34,272		$	36,725		$	140,015		$	143,230

Reconciliation of Same-Property NOI

(Unaudited, Dollars in thousands)


	Three Months Ended December 31,						Year Ended December 31,
	2023			2022			2023			2022
Core Portfolio NOI	$	34,272		$	36,725		$	140,015		$	143,230
Less properties excluded from Same-Property NOI		(5,103	)		(8,733	)		(26,147	)		(35,557	)
Same-Property NOI	$	29,169		$	27,992		$	113,868		$	107,673

Percent change from prior year period		4.2	%					5.8	%

Components of Same-Property NOI:
Same-Property Revenues	$	42,844		$	41,422		$	165,933		$	158,415
Same-Property Operating Expenses		(13,675	)		(13,430	)		(52,065	)		(50,742	)
Same-Property NOI	$	29,169		$	27,992		$	113,868		$	107,673

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ACADIA REALTY TRUST AND SUBSIDIARIES

Consolidated Balance Sheets (1)

(Unaudited, Dollars in thousands, except shares)


	As of
	December 31, 2023			December 31, 2022
ASSETS
Investments in real estate, at cost
Land	$	872,228		$	817,802
Buildings and improvements		3,128,650			2,987,594
Tenant improvements		257,955			216,899
Construction in progress		23,250			21,027
Right-of-use assets - finance leases		58,637			25,086
		4,340,720			4,068,408
Less: Accumulated depreciation and amortization		(823,439	)		(725,143	)
Operating real estate, net		3,517,281			3,343,265
Real estate under development		94,799			184,602
Net investments in real estate		3,612,080			3,527,867
Notes receivable, net ($1,279 and $898 of allowance for credit losses as of December 31, 2023 and December 31, 2022, respectively)		124,949			123,903
Investments in and advances to unconsolidated affiliates		197,240			291,156
Other assets, net		208,460			229,591
Right-of-use assets - operating leases, net		29,286			37,281
Cash and cash equivalents		17,481			17,158
Restricted cash		7,813			15,063
Marketable securities		33,284			—
Rents receivable, net		49,504			49,506
Assets of properties held for sale		11,057			11,057
Total assets	$	4,291,154		$	4,302,582

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Liabilities:
Mortgage and other notes payable, net	$	930,127		$	928,639
Unsecured notes payable, net		726,727			696,134
Unsecured line of credit		213,287			168,287
Accounts payable and other liabilities		229,375			196,491
Lease liability - operating leases		31,580			35,271
Dividends and distributions payable		18,520			18,395
Distributions in excess of income from, and investments in, unconsolidated affiliates		7,982			10,505
Total liabilities		2,157,598			2,053,722
Commitments and contingencies
Redeemable noncontrolling interests		50,339			67,664
Equity:
Acadia Shareholders' Equity
Common shares, $0.001 par value per share, authorized 200,000,000 shares, issued and outstanding 95,361,676 and 95,120,773 shares, respectively		95			95
Additional paid-in capital		1,953,521			1,945,322
Accumulated other comprehensive income		32,442			46,817
Distributions in excess of accumulated earnings		(349,141	)		(300,402	)
Total Acadia shareholders’ equity		1,636,917			1,691,832
Noncontrolling interests		446,300			489,364
Total equity		2,083,217			2,181,196
Total liabilities, redeemable noncontrolling interests, and equity	$	4,291,154		$	4,302,582

11

ACADIA REALTY TRUST AND SUBSIDIARIES

Notes to Financial Highlights:

For additional information and analysis concerning the Company’s balance sheet and results of operations, reference is made to the Company’s quarterly supplemental disclosures for the relevant periods furnished on the Company's Current Report on Form 8-K, which is available on the SEC's website at www.sec.gov and on the Company’s website at www.acadiarealty.com.

Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common shares of the Company were exercised or converted into common shares. The effect of the conversion of units of limited partnership interest (“OP Units”) in Acadia Realty Limited Partnership, the operating partnership of the Company (the “Operating Partnership”), is not reflected in the above table; OP Units are exchangeable into common shares on a one-for-one basis. The income allocable to such OP units is allocated on the same basis and reflected as noncontrolling interests in the consolidated financial statements. As such, the assumed conversion of these OP Units would have no net impact on the determination of diluted earnings per share.

The Company considers funds from operations (“FFO”) as defined by the National Association of Real Estate Investment Trusts (“NAREIT”) and net property operating income (“NOI”) to be appropriate supplemental disclosures of operating performance for an equity REIT due to their widespread acceptance and use within the REIT and analyst communities. In addition, the Company believes that given the atypical nature of certain unusual items (as further described below), “FFO Before Special Items” is also an appropriate supplemental disclosure of operating performance. FFO, FFO Before Special Items and NOI are presented to assist investors in analyzing the performance of the Company. The Company believes they are helpful as they exclude various items included in net income (loss) that are not indicative of operating performance, such as (i) gains (losses) from sales of real estate properties; (ii) depreciation and amortization and (iii) impairment of real estate properties. In addition, NOI excludes interest expense and FFO Before Special Items excludes certain unusual items (as further described below). The Company’s method of calculating FFO, FFO Before Special Items and NOI may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. Neither FFO nor FFO Before Special Items represent cash generated from operations as defined by generally accepted accounting principles (“GAAP”), or are indicative of cash available to fund all cash needs, including distributions. Such measures should not be considered as an alternative to net income (loss) for the purpose of evaluating the Company’s performance or to cash flows as a measure of liquidity.

Consistent with the NAREIT definition, the Company defines FFO as net income (computed in accordance with GAAP) excluding:

gains (losses) from sales of real estate properties;

ii.

depreciation and amortization;

iii.

impairment of real estate properties;

iv.

gains and losses from change in control; and

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.

FFO Before Special Items begins with the NAREIT definition of FFO and adjusts FFO (or as an adjustment to the numerator within its earnings per share calculations) to take into account FFO without regard to certain unusual items including:

charges, income and gains that management believes are not comparable and indicative of the results of the Company’s operating real estate portfolio;

12

ii.

the impact of the unrealized holding gains (losses) incidental to its main business, including those related to its Retailer Controlled Property Venture ("RCP") investments such as Albertsons; and

iii.

any realized income or gains from the Company’s investment in Albertsons.

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

The Company realized investment gains of $4.6 million on 200,000 Albertsons' shares for the year ended December 31, 2023. The total realized gains and promotes in 2023 were approximately $16 million, or $0.16 per share, inclusive of the $11.3 million from a special dividend on the Albertson's shares (which was included in both NAREIT FFO and FFO Before Special Items).

Results for the year ended December 31, 2023 included a non-recurring gain of $7.8 million, or $0.08 per share from the termination of the Bed Bath and Beyond ("BBBY") below-market lease at 555 9th Street in San Francisco.

The pro-rata share of NOI is based upon the Operating Partnership’s stated ownership percentages in each venture or Fund’s operating agreement and does not include the Operating Partnership's share of NOI from unconsolidated partnerships and joint ventures within the Funds.

13

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

Exhibit 99.2

EALTY TRUST—Q220SUPPLEMENTAL REPFORMATIO


Table of Contents		Supplemental Report – December 31, 2023

Section I – Fourth Quarter 2023 Earnings Press Release
Section II – Financial Information		Section III – Core Portfolio Information

Company Information	3	Core Properties	30
Market Capitalization	4	Core Top Tenants	35
Operating Statements		Core Lease Expirations	36
Consolidated Statements of Operations	5	Core New and Renewal Rent Spreads	37
Statements of Operations - Pro-rata Adjustments	7	Core Capital Expenditures	38
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	13
Same Property Net Operating Income	14	Fund Overview	39
Fee Income	15	Fund Properties	41
Structured Financing	16	Fund Lease Expirations	44
		Development and Redevelopment Activity	45
Other Information
Transactional Activity	17
2024 Guidance	18
Net Asset Valuation Information	20
Selected Financial Ratios	21	Section V – Other Information
Debt Analysis
Summary	24	Important Notes	46
Detail	25
Maturities	27
Interest Rate Summary	29

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


Supplemental Report – December 31, 2023		Company Information

Acadia Realty Trust is a fully-integrated equity real estate investment trust, focused on the ownership, acquisition, redevelopment and management of high-quality retail properties located in key street and urban retail corridors as well as suburban locations within high-barrier-to-entry, densely-populated metropolitan areas. Acadia owns, or has an ownership interest in, these properties through its Core Portfolio and through a series of opportunistic/value-add investment funds. Additional information may be found on the Company’s website at www.acadiarealty.com.


Contact Information

	Corporate Headquarters	Investor Relations	New York Stock Exchange
	411 Theodore Fremd Avenue	Stuart Seeley	Symbol AKR
	Suite 300	Senior Managing Director of Strategy & Public Markets
	Rye, NY 10580
		Jennifer Han
		Director, Reporting & Investor Relations

		(914) 288-8100
		investorrelations@acadiarealty.com

Analyst Coverage

	Bank of America / Merrill Lynch	Citigroup - Global Markets	KeyBanc Capital Markets, Inc.
	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 Capitalization

    Supplemental Report – December 31, 2023  

    (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		95,362				Balance at 12/31/2022		95,121		5,134			100,255
Common Operating Partnership ("OP") Units		5,345				Vesting RS and LTIPs		8		321			329
Combined Common Shares and OP Units		100,707				OP Conversions		37		(37	)		—
						Other		42		—			42
Share Price at December 31, 2023	$	16.99				Balance at 3/31/2023		95,208		5,418			100,626		95,189		95,189		102,539		102,539
						Vesting RS and LTIPs		30		41			71
Equity Capitalization - Common Shares and OP Units	$	1,711,012				OP Conversions		54		(54	)		—
Preferred OP Units 2		7,882				Other		5		—			5
Total Equity Capitalization		1,718,894		54%	55%	Balance at 6/30/2023		95,297		5,405			100,702		95,260		95,225		102,642		102,525
						Vesting RS and LTIPs		—		—			—
Debt Capitalization						OP Conversions		11		(11	)		—
Consolidated debt 3		1,881,087				Other		2		—			2
Adjustment to reflect pro-rata share of debt		(436,755	)			Balance at 9/30/2023		95,310		5,394			100,704		95,320		95,257		102,746		102,701
Total Debt Capitalization		1,444,332		46%	45%	Vesting RS and LTIPs		—		—			—
						OP Conversions		49		(49	)		—
Total Market Capitalization	$	3,163,226		100%	100%	Other		3		—			3
						Balance at 12/31/2023		95,362		5,345			100,707		95,363		95,284		102,963		102,928

__________

Reflects debt net of Core Portfolio cash of $15,638 and pro-rata share of Funds cash of $3,025 for $18,663 of total cash netted against debt.

Represents 188 Series A and 126,384 Series C Preferred OP Units convertible into 25,067 and 438,831 Common OP Units, respectively, multiplied by the Common Share price at quarter end.

Reflects consolidated debt excluding $10,946 of unamortized premium and unamortized loan costs.


	4

     
    Consolidated Statements of Operations

    Supplemental Report – December 31, 2023

    (in thousands)



	December 31, 2023 1
	Quarter			Year Ended
Revenues
Rental	$	84,205		$	333,044
Other		1,308			5,648
Total revenues		85,513			338,692
Expenses
Depreciation and amortization		35,029			135,984
General and administrative		10,572			41,470
Real estate taxes		12,064			46,650
Property operating		17,229			61,826
Impairment charges		—			3,686
Total expenses		74,894			289,616

Operating income		10,619			49,076
Equity in losses of unconsolidated affiliates		(1,404	)		(7,677	)
Interest income		5,118			19,993
Realized and unrealized holding gains on investments and other		177			30,413
Interest expense		(24,692	)		(93,253	)

Loss from continuing operations before income taxes		(10,182	)		(1,448	)
Income tax provision		(53	)		(301	)
Net loss		(10,235	)		(1,749	)
Net loss attributable to redeemable noncontrolling interests		2,578			8,239
Net loss attributable to noncontrolling interests		6,320			13,383
Net (loss) income attributable to Acadia	$	(1,337	)	$	19,873


	December 31, 2023 1
	Quarter		Year Ended
Reconciliation of Revenues to Consolidated GAAP Revenues
Total Revenues	$	83,066	$	317,287
Straight-line rent income		510		2,728
Above/below-market rent income		1,588		14,189
Asset and property management fees		165		739
Development, construction, leasing and legal fees		69		232
Other income		115		3,517
Consolidated Total Revenues	$	85,513	$	338,692




Reconciliation of Expenses to Consolidated GAAP Expenses
Property operating - CAM and Other	$	13,531	$	48,145
Other property operating (Non-CAM)		3,393		12,911
Asset and property management expense		305		770
Consolidated Total Expenses	$	17,229	$	61,826

     
    Consolidated Statements 
of Operations - Detail

    Supplemental Report – December 31, 2023

    (in thousands)



	December 31, 2023 1
CORE PORTFOLIO AND FUND INCOME	Quarter			Year Ended
REVENUES
Minimum rents	$	64,205		$	249,659
Percentage rents		289			1,853
Expense reimbursements - CAM		8,942			30,522
Expense reimbursements - Taxes		8,686			32,875
Other property income		944			2,378
Total Revenues		83,066			317,287

EXPENSES
Property operating - CAM		13,035			47,357
Other property operating (Non-CAM)		3,393			12,911
Real estate taxes		12,064			46,650
Asset and property management expense		305			770
Total Expenses		28,797			107,688

NET OPERATING INCOME - PROPERTIES		54,269			209,599

OTHER INCOME (EXPENSE)
Interest income		5,118			19,993
Straight-line rent income		510			2,728
Above/below-market rent income		1,588			14,189
Interest expense 2		(22,368	)		(85,781	)
Amortization of finance costs		(1,820	)		(6,350	)
Above/below-market interest income		26			104
Finance lease interest expense		(530	)		(1,226	)
Other (expense) income		(556	)		3,301
Impairment charges		—			(3,686	)
CORE PORTFOLIO AND FUND INCOME		36,237			152,871

FEE AND OTHER INCOME 3
Asset and property management fees		165			739
Development, construction, leasing and legal fees		69			232
Total Fund Fee Income		234			971

Net promote and other transactional income		—			28,207
Total Fund Fee Income, Net Promote and Other Transactional Income		234			29,178

Realized gains on marketable securities, net		2,265			4,636
Less: previously recognized unrealized gains on marketable securities sold		(2,265	)		(4,636	)
Unrealized gains on marketable securities		352			1,634
Income tax provision		(53	)		(301	)
Total Fee and Other Income		533			30,511

General and Administrative		(10,572	)		(41,470	)

Depreciation and amortization		(34,938	)		(135,621	)
Non-real estate depreciation and amortization		(91	)		(363	)
(Loss) gain before equity in earnings and noncontrolling interests		(8,831	)		5,928

Equity in losses of unconsolidated affiliates		(1,404	)		(7,677	)
Noncontrolling interests (including redeemable noncontrolling interests)		8,898			21,622

NET (LOSS) INCOME ATTRIBUTABLE TO ACADIA	$	(1,337	)	$	19,873

     
    Statements of Operations –  
Pro-Rata Adjustments

    Supplemental Report – December 31, 2023

    (in thousands)



	Quarter Ended December 31, 2023						Year Ended December 31, 2023
CORE PORTFOLIO AND FUND INCOME	Noncontrolling Interest in Consolidated Subsidiaries 4			Company’s Interest in Unconsolidated Subsidiaries 5			Noncontrolling Interest in Consolidated Subsidiaries 4			Company’s Interest in Unconsolidated Subsidiaries 5
REVENUES
Minimum rents	$	(27,351	)	$	13,191		$	(104,227	)	$	53,728
Percentage rents		(111	)		104			(604	)		496
Expense reimbursements - CAM		(4,350	)		1,894			(14,888	)		6,848
Expense reimbursements - Taxes		(3,252	)		2,075			(11,964	)		9,466
Other property income		(276	)		100			(854	)		395
Total Revenues		(35,340	)		17,364			(132,537	)		70,933

EXPENSES
Property operating - CAM		(5,588	)		2,135			(20,692	)		7,873
Other property operating (Non-CAM)		(1,163	)		329			(3,926	)		1,338
Real estate taxes		(4,074	)		2,697			(16,910	)		11,637
Asset and property management expense		(447	)		564			(1,811	)		2,246
Total Expenses		(11,272	)		5,725			(43,339	)		23,094
NET OPERATING INCOME - PROPERTIES		(24,068	)		11,639			(89,198	)		47,839

OTHER INCOME (EXPENSE)
Interest income		(49	)		8			(213	)		35
Straight-line rent income		(554	)		655			(1,710	)		672
Above/below-market rent income		(518	)		513			(3,318	)		4,033
Interest expense		11,970			(5,642	)		45,715			(24,045	)
Amortization of finance costs		1,028			(434	)		3,363			(1,490	)
Above/below-market interest income		—			30			—			105
Finance lease interest expense		339			(99	)		760			(244	)
Other income		(176	)		285			(2,480	)		435
Accelerated amortization due to early lease termination		—			—			—			—
Impairment charges		—			—			2,834			—
CORE PORTFOLIO AND FUND INCOME		(12,028	)		6,955			(44,247	)		27,340

FUND FEE AND OTHER INCOME 3
Asset and property management fees		2,480			146			9,939			555
Development, construction, leasing and legal fees		2,105			112			8,326			445
Total Fund Fee Income		4,585			258			18,265			1,000

Net promote and other transactional income		—			—			(16,924	)		—
Total Fund Fee Income, Net Promote and Other Transactional Income		4,585			258			1,341			1,000

Realized gains on marketable securities, net		—			—			—			—
Less: previously recognized unrealized gains on marketable securities sold		—			—			—			—
Unrealized gains on marketable securities		—			—			2,125			—
Income tax provision		2			(2	)		105			(19	)
Total Fee and Other Income		4,587			256			3,571			981

General and Administrative		652			(208	)		2,496			(803	)
Depreciation and amortization		15,656			(8,407	)		61,084			(35,195	)
Loss before equity in earnings and noncontrolling interests		8,867			(1,404	)		22,904			(7,677	)

Equity in losses of unconsolidated affiliates		—			—			—			—
Noncontrolling interests (including redeemable noncontrolling interests) 6		31			—			(1,282	)		—

NET (LOSS) INCOME ATTRIBUTABLE TO ACADIA	$	8,898		$	(1,404	)	$	21,622		$	(7,677	)


	7

     
    Balance Sheet

    Supplemental Report – December 31, 2023

    (in thousands)


ASSETS	Consolidated Balance Sheet			Line Item Details:
Real estate
Land	$	872,228		The components of Real estate under development, at cost are as follows:
Buildings and improvements		3,128,650		Core	$	66,083
Tenant improvements		257,955		Fund III		28,716
Construction in progress		23,250		Total	$	94,799
Right-of-use assets - finance leases		58,637
		4,340,720
Less: Accumulated depreciation and amortization		(823,439	)
Operating real estate, net		3,517,281
Real estate under development		94,799		Summary of other assets, net:
Net investments in real estate		3,612,080		Deferred charges, net	$	31,074
Notes receivable, net ($1,279 of allowance for credit losses)		124,949		Accrued interest receivable		25,553
Investments in and advances to unconsolidated affiliates		197,240		Due from seller		2,631
Lease intangibles, net		100,594		Prepaid expenses		15,204
Other assets, net		107,866		Other receivables		1,775
Right-of-use assets - operating leases, net		29,286		Income taxes receivable		1,141
Cash and cash equivalents		17,481		Corporate assets, net		924
Restricted cash		7,813		Deposits		575
Marketable securities		33,284		Derivative financial instruments		28,989
Straight-line rents receivable, net		37,426		Total	$	107,866
Rents receivable, net		12,078
Assets of properties held for sale		11,057
Total assets	$	4,291,154

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Liabilities:				Summary of accounts payable and other liabilities:
Mortgage and other notes payable, net	$	930,127		Lease liability - finance leases	$	32,739
Unsecured notes payable, net		726,727		Accounts payable and accrued expenses		61,425
Unsecured line of credit		213,287		Deferred income		34,386
Accounts payable and other liabilities		155,381		Tenant security deposits, escrow and other		17,939
Lease liability - operating leases		31,580		Derivative financial instruments		8,892
Dividends and distributions payable		18,520		Total	$	155,381
Lease intangibles, net		73,994
Distributions in excess of income from, and investments in, unconsolidated affiliates		7,982
Total liabilities		2,157,598
Commitments and contingencies
Redeemable noncontrolling interests		50,339
Shareholders' Equity
Common shares		95
Additional paid-in capital		1,953,521
Accumulated other comprehensive income		32,442
Distributions in excess of accumulated earnings		(349,141	)
Total Acadia shareholders’ equity		1,636,917
Noncontrolling interests		446,300
Total equity		2,083,217
Total liabilities, redeemable noncontrolling interests, and equity	$	4,291,154


	8

     
    Balance Sheet – Pro-rata Adjustments7

    Supplemental Report – December 31, 2023

    (in thousands)


ASSETS	Noncontrolling Interest in Consolidated Subsidiaries 4			Company’s Interest in Unconsolidated Subsidiaries 5
Real estate
Land	$	(207,446	)	$	69,033
Buildings and improvements		(816,793	)		267,459
Tenant improvements		(52,983	)		21,373
Construction in progress		(5,271	)		1,355
Right-of-use assets - finance leases		(22,571	)		22,244
		(1,105,064	)		381,464
Less: Accumulated depreciation and amortization		139,488			(75,678	)
Operating real estate, net		(965,576	)		305,786
Real estate under development		(21,669	)		(15	)
Net investments in real estate		(987,245	)		305,771
Notes receivable, net ($1,279 of allowance for credit losses)		66,084			—
Investments in and advances to unconsolidated affiliates		(73,920	)		(118,921	)
Lease intangibles, net		(44,854	)		7,876
Other assets, net		16,248			7,053
Right-of-use assets - operating leases, net		(1,686	)		—
Cash and cash equivalents		(6,914	)		8,096
Restricted cash		(4,622	)		3,755
Marketable securities		—			—
Straight-line rents receivable, net		(8,877	)		5,187
Rents receivable, net		(4,545	)		1,440
Total assets	$	(1,050,331	)	$	220,257

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgage and other notes payable, net	$	(540,819	)	$	188,848
Unsecured notes payable, net		(64,399	)		—
Unsecured line of credit		—			—
Accounts payable and other liabilities		(29,277	)		25,459
Lease intangibles, net		(32,187	)		5,951
Lease liability - operating leases		(1,765	)		4
Dividends and distributions payable		—			—
Lease liability - finance leases		(20,816	)		7,977
Distributions in excess of income from, and investments in, unconsolidated affiliates		—			(7,982	)
Total liabilities		(689,263	)		220,257
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)		(361,068	)		—
Total equity		(361,068	)		—
Total liabilities, redeemable noncontrolling interests, and equity	$	(1,050,331	)	$	220,257


	9

     
     Notes to Income Statements,  
Balance Sheet and Pro-rata Adjustments7

    Supplemental Report – December 31, 2023

    (in thousands)

__________

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

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

Net of consolidated capitalized interest of $1.6 million and $7.2 million, respectively, for the three months and year ended December 31, 2023.

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

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

Represents the Company’s pro-rata share of unconsolidated investments, of which each are included on a single line presentation in the Company’s consolidated financial statements in accordance with GAAP.

This represents the (loss) income allocable to Operating Partnership Units of $0.0 million and $1.3 million, respectively, for the three months and year ended December 31, 2023.

The Company currently has controlling ownership interests in Funds II, III, IV & V and Mervyns II, as well as controlling interests in non-wholly owned partnerships, which are consolidated within the Company's financial statements.


	10

     
    Funds from Operations (“FFO”), FFO Before Special Items, 
Adjusted Funds from Operations (“AFFO”)

    Supplemental Report – December 31, 2023

    (in thousands, except per share amounts)



	Quarter Ended												Year Ended			Quarter Ended			Year Ended
	March 31, 2023			June 30, 2023			September 30, 2023			December 31, 2023			December 31, 2023			December 31, 2022			December 31, 2022
Funds from operations ("FFO"):
Net Income (Loss) attributable to Acadia	$	13,360		$	9,276		$	(1,426	)	$	(1,337	)	$	19,873		$	3,982		$	(35,445	)
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share)		26,444			28,248			27,351			27,689			109,732			26,903			104,910
Gain on disposition on real estate properties (net of noncontrolling interest share)		—			—			—			—			—			(10,245	)		(22,137	)
Impairment charges (net of noncontrolling interest share)		—			—			852			—			852			—			58,481
Income attributable to noncontrolling interests' share in Operating Partnership		917			697			68			92			1,774			380			(1,308	)
FFO to Common Shareholders and Common OP Unit holders	$	40,721		$	38,221		$	26,845		$	26,444		$	132,231		$	21,020		$	104,501

Less: Impact of City Point share conversion option 3		—			—			—			—			—			—			(906	)
FFO to Common Shareholders and Common OP Unit holders - Diluted	$	40,721		$	38,221		$	26,845		$	26,444		$	132,231		$	21,020		$	103,595

Adjustments for Special Items:
Add back: acquisition costs, net of bargain purchase gain 4		—			—			—			—			—			—			859
Add back: City Point recapitalization and transaction related costs 4		—			—			—			—			—			—			364
Add back: Impact of City Point share conversion option 3		—			—			—			—			—			—			906
Unrealized holding (gain) loss (net of noncontrolling interest share)		(66	)		(1,713	)		(1,631	)		(352	)		(3,762	)		6,786			15,165
Realized gain (net of noncontrolling interest share)		—			—			2,371			2,265			4,636			—			—
FFO Before Special Items attributable to Common Shareholder and Common OP Unit holders 1	$	40,655		$	36,508		$	27,585		$	28,357		$	133,105		$	27,806		$	120,889

Less: Non-cash and non-recurring gain from BBBY lease termination		—			(7,758	)		—			—			(7,758	)		—			—
Funds From Operations Before Special Items attributable to Common Shareholders and Common OP Unit holders, excluding BBBY gain 2	$	40,655		$	28,750		$	27,585		$	28,357		$	125,347		$	27,806		$	120,889

     
    Funds from Operations (“FFO”), FFO Before Special Items, 
Adjusted Funds from Operations (“AFFO”)

    Supplemental Report – December 31, 2023

    (in thousands)


	Quarter Ended												Year Ended			Quarter Ended			Year Ended
	March 31, 2023			June 30, 2023			September 30, 2023			December 31, 2023			December 31, 2023			December 31, 2022			December 31, 2022
Adjusted Funds from operations ("AFFO"):
FFO	$	40,721		$	38,221		$	26,845		$	26,444		$	132,231		$	21,020		$	104,501
Unrealized holding (gain) loss (net of noncontrolling interest share)		(66	)		(1,713	)		(1,631	)		(352	)		(3,762	)		6,786			15,165
Realized gain (net of noncontrolling interest share)		—			—			2,371			2,265			4,636			—			—
Straight-line rent, net		(193	)		(868	)		(18	)		(611	)		(1,690	)		(1,143	)		(6,137	)
Above/below-market rent 2		(2,087	)		(9,631	)		(1,603	)		(1,583	)		(14,904	)		(2,092	)		(10,317	)
Amortization of finance costs		1,085			1,063			1,103			1,226			4,477			1,074			3,696
Above/below-market interest		(47	)		(50	)		(56	)		(56	)		(209	)		(47	)		(188	)
Non-real estate depreciation		87			93			92			91			363			90			377
Stock-based compensation		3,776			2,279			2,265			2,261			10,581			2,292			10,366
Leasing commissions		(1,507	)		(1,035	)		(1,191	)		(2,208	)		(5,941	)		(538	)		(3,459	)
Tenant improvements		(4,805	)		(1,053	)		(3,028	)		(1,708	)		(10,594	)		(4,289	)		(14,651	)
Maintenance capital expenditures		(690	)		(1,977	)		(4,517	)		(1,434	)		(8,618	)		(3,651	)		(8,331	)
														—			—			—
AFFO to Common Shareholders and Common OP Unit holders	$	36,274		$	25,329		$	20,632		$	24,335		$	106,570		$	19,502		$	91,022

Total weighted-average diluted shares and OP Units		102,539			102,642			102,746			102,963			102,928			101,326			101,338

Diluted FFO per Common share and OP Unit:
FFO	$	0.40		$	0.37		$	0.26		$	0.26		$	1.28		$	0.21		$	1.02

FFO before Special Items	$	0.40		$	0.36		$	0.27		$	0.28		$	1.29		$	0.27		$	1.19

FFO before Special Items, excluding non-cash and non-recurring BBBY gain	$	0.40		$	0.28		$	0.27		$	0.28		$	1.22		$	0.27		$	1.19

__________

The three months ended June 30, 2023 included a non-cash gain of $7.8 million, or $0.08 per share, from the termination of the Bed Bath and Beyond below-market lease at 555 9th Street in San Francisco, California.

This amount is not recognized within the Company’s Consolidated Statements of Operations. Rather, it represents a required GAAP adjustment to the numerator within its diluted earnings per share computation to reflect an assumed conversion of potential common shares that could be subsequently issued in connection with the City Point recapitalization. Please refer to the third quarter 2022 supplemental information package for additional details. This non-recurring item only occurred in the third quarter 2022.

Transaction and other related costs of $2.2 million, or $0.02 per share are non-recurring items for 2022, which included (i) $1.3 million ($0.9 million of City Point recapitalization and $0.4 million of transaction costs), or $0.01 per share and (ii) $0.9 million, or $0.01 per share for acquisition and transaction costs, net of a bargain purchase gain from a Core acquisition.

     
    EBITDA

    Supplemental Report – December 31, 2023

    (in thousands)


	Quarter Ended December 31, 2023									Year Ended December 31, 2023									Quarter Ended December 31, 2022
	Core									Core									Core
	Portfolio			Funds			Total			Portfolio			Funds			Total			Portfolio			Funds			Total
EBITDA:

Net Income (Loss) Attributable to Acadia	$	2,652		$	(3,989	)	$	(1,337	)	$	22,691		$	(2,818	)	$	19,873		$	4,796		$	(814	)	$	3,982

Adjustments:
Depreciation and amortization		20,846			6,934			27,780			83,352			26,743			110,095			20,771			6,222			26,993
Interest expense		11,759			4,281			16,040			48,305			15,806			64,111			12,270			3,159			15,429
Amortization of finance costs		755			471			1,226			2,792			1,685			4,477			670			404			1,074
Above/below-market interest		(56	)		—			(56	)		(209	)		—			(209	)		(47	)		—			(47	)
Gain on disposition of properties		—			—			—			—			—			—			(7,245	)		(3,000	)		(10,245	)
Unrealized holding gains on investment in Albertsons and other		(352	)		—			(352	)		(3,762	)		—			(3,762	)		6,786			—			6,786
Realized gain (net of noncontrolling interest share)		2,265			—			2,265			4,636			—			4,636			—			—			—
Provision for income taxes		52			1			53			173			42			215			2			1			3
Impairment charges		—			—			—			—			852			852			—			—			—
Noncontrolling interest - OP		(31	)		—			(31	)		1,282			—			1,282			257			—			257
EBITDA	$	37,890		$	7,698		$	45,588		$	159,260		$	42,310		$	201,570		$	38,260		$	5,972		$	44,232

Adjusted EBITDA:

EBITDA	$	37,890		$	7,698		$	45,588		$	159,260		$	42,310		$	201,570		$	38,260		$	5,972		$	44,232
Stock-based compensation		2,261			—			2,261			10,581			—			10,581			2,292			—			2,292
Adjusted EBITDA	$	40,151		$	7,698		$	47,849		$	169,841		$	42,310		$	212,151		$	40,552		$	5,972		$	46,524

     
    Core Portfolio – Same Property Performance 1

    Supplemental Report – December 31, 2023

    (in thousands)


	Quarter Ended						Change			Year Ended				Change
	December 31, 2023			December 31, 2022			Favorable/ (Unfavorable)			December 31, 2023		December 31, 2022		Favorable/ (Unfavorable)

Summary
Minimum rents	$	32,356		$	31,962			1.2	%	$	127,963	$	123,133		3.9	%
Expense reimbursements		9,863			8,874			11.1	%		35,257		32,557		8.3	%
Other property income		625			586			6.7	%		2,713		2,725		(0.4	)%

Total Revenue		42,844			41,422			3.4	%		165,933		158,415		4.7	%

Expenses
Property operating - CAM & Real estate taxes		12,066			11,460			(5.3	)%		45,533		44,210		(3.0	)%
Other property operating (Non-CAM)		1,609			1,970			18.3	%		6,532		6,532		—

Total Expenses		13,675			13,430			(1.8	)%		52,065		50,742		(2.6	)%

Same Property NOI - Core properties	$	29,169		$	27,992			4.2	%	$	113,868	$	107,673		5.8	%

Reconciliation of Same Property NOI to Core NOI
NOI of Properties excluded from Same Property NOI		5,103			8,733						26,147		35,557
Core NOI 2	$	34,272		$	36,725					$	140,015	$	143,230


Other same property information
Physical Occupancy at the end of the period		93.1	%		93.0	%
Leased Occupancy at the end of the period		94.9	%		95.3	%

__________

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

The Company reclassed $0.4 million and $1.2 million, respectively, for the three months and year ended December 31, 2023 for asset and property management fees to NOI to reflect more accurately property management fees allocable to property operations. The Company also reclassed $0.3 million and $0.8 million, respectively, for the three months and year ended December 31, 2022. Such reclassifications have been reflected in all periods presented.

     
    Fee Income by Fund 1

    Supplemental Report – December 31, 2023

    (in thousands)


	Fund II		Fund III		Fund IV		Fund V		Other		Total
Year Ended December 31, 2023
Asset and property management fees	$	325	$	86	$	3,252	$	6,972	$	598	$	11,233
Transactional fees		637		226		2,264		5,695		181		9,003
Total fees	$	962	$	312	$	5,516	$	12,667	$	779	$	20,236

Quarter Ended December 31, 2023
Asset and property management fees	$	70	$	25	$	831	$	1,729	$	136	$	2,791
Transactional fees		76		50		355		1,750		55		2,286
Total fees	$	146	$	75	$	1,186	$	3,479	$	191	$	5,077


Quarter Ended September 30, 2023
Asset and property management fees	$	98	$	17	$	808	$	1,676	$	154	$	2,753
Transactional fees		292		100		1,213		1,408		30		3,043
Total fees	$	390	$	117	$	2,021	$	3,084	$	184	$	5,796


Quarter Ended June 30, 2023
Asset and property management fees	$	88	$	24	$	803	$	1,689	$	125	$	2,729
Transactional fees		57		41		411		1,534		36		2,079
Total fees	$	145	$	65	$	1,214	$	3,223	$	161	$	4,808

Quarter Ended March 31, 2023
Asset and property management fees	$	69	$	20	$	810	$	1,878	$	183	$	2,960
Transactional fees		212		35		285		1,003		60		1,595
Total fees	$	281	$	55	$	1,095	$	2,881	$	243	$	4,555

__________

Fees are shown at the Company's pro-rata share and can be derived from the Consolidated 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.

     
    Structured Financing Portfolio

    Supplemental Report – December 31, 2023

    (in thousands)


	September 30, 2023						Quarter Ended December 31, 2023											Stated			Effective
	Principal		Accrued		Ending				Repayments/		Current			Accrued		Ending		Interest			Interest			Maturity
Investment	Balance		Interest		Balance		Issuances		Conversions		Principal			Interest		Balance		Rate			Rate			Dates
First mortgage notes 1,2	$	59,801	$	3,809	$	63,610	$	—	$	—	$	59,801		$	3,809	$	63,610		5.99	%		6.39	%	Sept-24

Other notes2		131,741		28,128		159,869		1,426		—		133,167			32,279		165,446		11.32	%		11.42	%	Jan-24 to Dec-27

Total Core notes receivable	$	191,542	$	31,937	$	223,479	$	1,426	$	—	$	192,968		$	36,088	$	229,056		9.67	%		9.86	%

__________


Reconciliation of Notes Receivable to the Pro-Rata Balance Sheet:

Total Notes Receivable per above											$	192,968
Fund Notes Receivable												—
Allowance for credit loss												(1,935	)
Total pro-rata Notes Receivable											$	191,033

________

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 December 31, 2023.

Certain of the first mortgage notes and other notes enable the borrower to prepay or convert its obligations prior to the stated maturity date without penalty.

     
    Transactional Activity

    Supplemental Report – December 31, 2023

    (in thousands)


PROPERTY ACQUISITIONS AND DISPOSITIONS

Property Name	Location	Date of Transaction	Transaction Amount		Ownership % 1			Fund Share		Acadia Share

ACQUISITIONS 2
Fund V:
Mohawk Commons	Schenectady, NY	January 27, 2023	$	62,078		90.00	%	$	55,870	$	11,230
Cypress Creek	Lutz (Tampa), FL	July 3, 2023		49,374		100.00	%		49,374		9,924
Maple Tree Place	Williston (Burlington), VT	November 27, 2023		77,816		100.00	%		77,816		15,641

				189,268					183,060		36,795
			$	189,268				$	183,060	$	36,795

DISPOSITIONS
Fund IV:
146 Geary3	San Francisco, CA	October 27, 2023	$	20,118		100.00	%		20,118		4,651

			$	20,118				$	20,118	$	4,651

________

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

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

Refer to Form 10-Q or 10-K, the Company and its lender completed a deed-in-lieu of foreclosure on October 27, 2023.

     
    2024 Guidance

    Supplemental Report – December 31, 2023

     (in millions, except per share amounts)


	2024 Guidance Forecast
	Low		High		2023 Actuals
(all amounts are based on Company's pro-rata share and totals may not foot due to rounding)	$ Millions	$/Share	$ Millions	$/Share	$ Millions	$/Share
Net earnings per share attributable to Acadia	$9.9	$0.09	$16.5	$0.15	$19.9	$0.20
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share)		1.01		1.01		1.07
Impairment charges (net of noncontrolling interest share)		—		—		0.01
Noncontrolling interest in Operating Partnership		0.01		0.01		0.01
NAREIT Funds from operations per share attributable to Common Shareholders and Common OP Unit holders		$1.11		$1.17		$1.28
Net unrealized holding (gain)1,2		—		—		(0.04)
Realized gains and promotes2		0.13		0.15		0.16
Less: 2023 ACI's Special Dividend included in realized gains and promotes above		—		—		(0.11)
Non-cash gain from BBBY lease termination3		—		—		(0.08)
Funds from operations Before Special Items per share attributable to Common Shareholders and Common OP Unit holders, excluding non-cash BBBY gain3		$1.24		$1.32		$1.22
Non-cash gain from BBBY lease termination3		—		—		0.08
Funds from operations Before Special Items per share attributable to Common Shareholders and Common OP Unit holders		$1.24		$1.32		$1.29

     
    2024 Guidance

    Supplemental Report – December 31, 2023

     (in millions, except per share data)


	2024 Guidance Forecast
	Low		High		2023 Actuals
(all amounts are based on Company's pro-rata share and totals may not foot due to rounding)	$ Millions	$/Share	$ Millions	$/Share	$ Millions	$/Share
FFO Comprises:
Core property NOI	$144		$148		140
Fund property NOI	32		34		28
Total NOI	176		182		168

Core and Fund straight-line and above/below market rents4	7		8		9
Interest income (Structured Finance Portfolio)5	18		21		20
Fund fee and other income	18		19		22
Realized gains and promotes2	14		16		16
General and administrative	(38)		(40)		(40)
Total interest expense and other, net6	(58)		(60)		(69)

Funds From Operations Before Special Items per share attributable to Common Shareholders and Common OP Unit holders, excluding non-cash BBBY gain3	$137	$1.24	$146	$1.32	126	$1.22
Non-cash gain from BBBY lease termination3	—	—	—	—	8	0.08
Funds From Operations Before Special Items per share attributable to Common Shareholders and Common OP Unit holders	$137	$1.24	$146	$1.32	134	$1.29
Net unrealized holding gain1	—	—	—	—	4	0.04
Realized (gains) and promotes2	(14)	(0.13)	(16)	(0.15)	(16)	(0.16)
Less: 2023 ACI's Special Dividend included in realized gains and promotes above	—	—	—	—	11	0.11
NAREIT Funds From Operations per share attributable to Common Shareholders and Common OP Unit holders	$123	$1.11	$130	$1.17	133	$1.28

Additional Guidance Assumptions
Fully diluted common shares - weighted average	104		104		95.3
Fully diluted common shares and OP Units - weighted average	110		110		102.9
Same property net operating income growth	5.0%		6.0%		5.8%

________

This represents the unrealized mark-to-market holding gains related to the Company’s investment in Albertsons, which was recognized in NAREIT FFO for the year ended December 31, 2023. 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.

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 $4.6 million on 200,000 shares for the year ended December 31, 2023. The total realized gains and promotes in 2023 were approximately $16 million, or $0.16 per share, comprised of $4.6 million from the sale of Albertsons’ shares and the receipt of a special dividend of $11.3 million (which was included in both NAREIT FFO and FFO Before Special Items).

Results for the year ended December 31, 2023 included a non-cash gain of approximately $8 million, or $0.08 per share, from the termination of the Bed Bath and Beyond (“BBBY”) below-market lease at 555 9th Street in San Francisco.

2023 actuals for straight-line and above/below market rents excludes approximately $8 million, or $0.08 per share, from the BBBY lease termination which is broken out as a separate line item in the table.

2024 guidance for interest income assumes the City Point partner loan remains outstanding throughout the full year, consistent with 2023.

Includes interest expense, interest rate swaps, amortization of finance costs, amortization of above and below market interest, debt modifications and capital lease interest.

     
    Net Asset Valuation Information

    Supplemental Report – December 31, 2023

    (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	$	34,272		N/A5			$	151		$	899		$	4,866		$	40,188
Less:
Net operating loss (income) from properties sold or assets held for sale		209		N/A5				(4	)		(23	)		—			182
Net operating (income) loss from pre-stabilized assets, development and redevelopment projects 4		(2,921	)	N/A 5				(147	)		(120	)		—			(3,188	)
Net Operating Income of stabilized assets	$	31,560		N/A 5			$	—		$	756		$	4,866		$	37,182

Costs to Date (Pro-Rata)
Assets held for sale	$	11,057		N/A 5			$	—		$	—		$	—		$	11,057
Pre-stabilized assets 4		—		N/A 5				14,321			30,900			—			45,221
Development and redevelopment projects		696,700		N/A 5				6,900			27,700			—			731,300
Total Costs to Date	$	707,757		N/A 5			$	21,221		$	58,600		$	—		$	787,578

Debt (Pro-Rata)	$	1,158,521		$	79,821		$	8,098		$	38,068		$	159,824		$	1,444,332

_________

This Net Asset Valuation Information page shows Acadia’s pro-rata portion of the Fund’s Net Operating Income.

Does not include a full quarter of NOI for any assets purchased during the current quarter. See Transactional Activity page in this Supplemental Report for descriptions of those acquisitions.

Fund II has been substantially liquidated except for its investment in City Point.

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.

Amounts omitted as only remaining asset is City Point.

     
    Selected Financial Ratios

    Supplemental Report – December 31, 2023

    (in thousands, except per share amounts)



	Quarter Ended December 31,						Year Ended December 31,							Quarter Ended
COVERAGE RATIOS 1	2023			2022			2023			2022			LEVERAGE RATIOS	December 31, 2023			September 30, 2023
Fixed-Charge Coverage Ratios													Debt/Market Capitalization Ratios

EBITDA 2 divided by:	$	37,890		$	38,260		$	159,260		$	151,852		Debt + Preferred Equity (Preferred OP Units)	$	1,452,214		$	1,459,057
Interest expense		11,759			12,270			48,305			41,264		Total Market Capitalization		3,163,226			2,904,159
Principal Amortization		805			877			3,194			3,737		Debt + Preferred Equity/
Preferred Dividends 3		123			123			492			492		Total Market Capitalization		46	%		50	%
Fixed-Charge Coverage Ratio - Core Portfolio		3.0	x		2.9	x		3.1	x		3.3	x

EBITDA divided by:	$	45,588		$	44,232		$	201,570		$	176,995		Net debt 6	$	1,433,551		$	1,437,978
Interest expense		16,040			15,429			64,111			53,180		Total Market Capitalization		3,163,226			2,904,159
Principal Amortization		1,214			1,242			4,857			5,368		Net Debt + Preferred Equity/
Preferred Dividends		123			123			492			492		Total Market Capitalization		45	%		50	%
Fixed-Charge Coverage Ratio - Core Portfolio and Funds		2.6	x		2.6	x		2.9	x		3.0	x	Debt/EBITDA Ratios
													Core:
Payout Ratios													Debt	$	1,052,475		$	1,065,006
													Net debt 7		1,036,837			1,046,529
Dividends declared (per share/OP Unit)	$	0.18		$	0.18		$	0.72		$	0.72		EBITDA		159,260			159,734
													Adjusted EBITDA		169,841			170,319
Dividends (Shares) & Distributions (OP Units) declared	$	18,495		$	18,370		$	73,964		$	73,405		Debt/EBITDA - Core Portfolio		6.6	x		6.7	x
FFO		26,444			21,020			132,231			104,501		Debt/Adjusted EBITDA - Core Portfolio		6.2	x		6.3	x
FFO Payout Ratio 4		70	%		87	%		56	%		70	%	Net Debt/EBITDA - Core Portfolio		6.5	x		6.6	x
													Net Debt/ Adjusted EBITDA - Core Portfolio		6.1	x		6.1	x
AFFO 5		24,335			19,502			106,570			91,022		Core and Funds:
AFFO Payout Ratio		76	%		94	%		69	%		81	%	Debt 8	$	1,444,332		$	1,452,400
													Net debt 6		1,425,669			1,431,321
FFO Before Special Items		28,357			27,806			133,105			120,889		EBITDA		201,570			201,692
FFO Before Special Items Payout Ratio		65	%		66	%		56	%		61	%	Adjusted EBITDA		212,151			212,277
													Debt/EBITDA - Core and Funds		7.2	x		7.2	x
													Debt/Adjusted EBITDA - Core and Funds		6.8	x		6.8	x
													Net Debt/EBITDA - Core and Funds		7.1	x		7.1	x
													Net Debt/ Adjusted EBITDA - Core and Funds		6.7	x		6.7	x

     
    Selected Financial Ratios

    Supplemental Report – December 31, 2023

    (in thousands)


	EBITDA				ADJUSTED EBITDA
	Year Ended		Year Ended		Year Ended		Year Ended
Reconciliation of EBITDA to Annualized EBITDA	December 31, 2023		December 31, 2022		December 31, 2023		December 31, 2022

Year to Date Core EBITDA as reported	$	159,260	$	151,852	$	169,841	$	162,218

Year to Date Funds EBITDA as reported		42,310		25,143		42,310		25,143

EBITDA Core and Funds	$	201,570	$	176,995	$	212,151	$	187,361


		Year Ended
Reconciliation of Core Portfolio Debt		December 31, 2023

Core Portfolio Debt per Debt Summary		$1,158,521
Incremental Core Debt Attributable to City Point 4		(106,046)
Adjusted Core Debt for purposes of computing Debt/EBITDA		1,052,475

Fund Portfolio Debt per Debt Summary		285,811
Incremental Core Debt Attributable to City Point 4		106,046
Adjusted Fund Debt per EBITDA		391,857

Total Core and Fund Debt for purposes of computing Debt/EBITDA		$1,444,332

     
    Selected Financial Ratios

    Supplemental Report – December 31, 2023

    (in thousands)

__________

1. Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim periods. The coverage ratios include the Company's pro-rata share of FFO, AFFO, EBITDA, interest expense and principal amortization related to both the Company's consolidated and unconsolidated investments in joint ventures.

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

3. Represents preferred distributions on Preferred Operating Partnership Units.

4. 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.

     
    Portfolio Debt –  Summary

    Supplemental Report – December 31, 2023

    (in thousands)


	Acadia Pro-Rata Share of Debt 2
	Core Portfolio							Funds							Total											Reconciliation to Consolidated Debt as Reported
Unsecured Debt	Principal Balance		Interest Rate			WA Years to Maturity 6		Principal Balance		Interest Rate			WA Years to Maturity 6		Principal Balance			%			Interest Rate			WA Years to Maturity 6		Add: Noncontrolling Interest Share of Debt 3		Less: Pro-rata Share of Unconsolidated Debt 4			Acadia Consolidated Debt as Reported
Fixed-Rate Debt 1	$	806,000		4.3	%		2.8	$	—		—			—	$	806,000			56	%		4.3	%		2.8	$	—	$	—		$	806,000
Variable-Rate Debt 5		57,287		6.8	%		1.5		16,201		8.4	%		0.1		73,488			5	%		7.1	%		1.2		64,399		—			137,887
																			61	%
Mortgage and Other Notes Payable

Fixed-Rate Debt 1		285,925		4.8	%		3.1		161,839		5.1	%		2.0		447,764			31	%		4.9	%		2.7		351,774		(150,831	)		648,707
Variable-Rate Debt 5		9,309		8.4	%		0.4		107,771		8.0	%		1.5		117,080			8	%		8.0	%		1.4		193,304		(21,891	)		288,493
																			39	%

Total	$	1,158,521		4.6	%		2.8	$	285,811		6.4	%		1.7	$	1,444,332			100	%		4.9	%		2.6	$	609,477	$	(172,722	)		1,881,087

Unamortized premium																376																240
Net unamortized loan costs																(7,928	)															(11,186	)
Contingent loan obligation																16,991
Total															$	1,453,771															$	1,870,141

_________

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

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

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

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

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

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

      
     Portfolio Debt  –  Detail

     Supplemental Report – December 31, 2023

     (in thousands)


		Principal Balance at			Acadia's Pro-rata Share						Interest		Extension
Property		December 31, 2023			Percent			Amount			Rate	Maturity Date	Options

CORE PORTFOLIO

Fixed-Rate Debt
163 Highland Avenue		$	7,363			100.00	%	$	7,363		4.66%	02/01/24	None
Crossroads Shopping Center			59,406			49.00	%		29,108		3.94%	10/06/24	None
555 9th Street			60,000			100.00	%		60,000		3.99%	01/01/25	None
840 N. Michigan			36,875			91.85	%		33,870		N/A5	12/10/26	None
239 Greenwich Avenue			26,000			75.00	%		19,500		4.00%	07/10/27	1x60 mos.
Georgetown Portfolio (2008 Investment)			14,432			50.00	%		7,216		4.72%	12/10/27	None
State & Washington			21,386			100.00	%		21,386		4.40%	09/05/28	None
North & Kingsbury			10,432			100.00	%		10,432		4.01%	11/05/29	None
151 North State Street			12,207			100.00	%		12,207		4.03%	12/01/29	None
Concord & Milwaukee			2,301			100.00	%		2,301		4.40%	06/01/30	None
California & Armitage			2,142			100.00	%		2,142		5.89%	04/15/35	None
Unsecured interest rate swaps 1			806,000			100.00	%		806,000		N/A	Various
Secured interest rate swaps 1			202,000			39.80	%		80,400		N/A	Various

Sub-Total Fixed-Rate Debt			1,260,543						1,091,925		4.46%

Secured Variable-Rate Debt
Gotham Plaza			17,289			49.00	%		8,472		SOFR+3.00%	03/06/24	None
Georgetown Portfolio (2016 Investment)			152,000			20.00	%		30,400		SOFR+2.65%	11/06/26	2x12 mos.
3104 M Street 2			4,186			20.00	%		837		PRIME+0.00%	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
Revolving Unsecured Credit Facility 3			213,287			100.00	%		213,287		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+2.05%	07/29/29	None
Unsecured interest rate swaps 1			(806,000	)		100.00	%		(806,000	)	N/A	Various

Sub-Total Variable-Rate Debt			78,762						66,596		6.99%

Total Debt - Core Portfolio		$	1,339,305					$	1,158,521		4.61%

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		15,408			20.81	%		3,206		3.75%	06/01/26	None
Shoppes at South Hills 4	Fund V		31,929			18.09	%		5,776		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		622,019			22.46	%		139,391		N/A	Various
Sub-Total Fixed-Rate Debt			732,416						161,839		5.14%

Variable-Rate Debt
Acadia Strategic Opportunity Fund V	Fund V		80,600			20.10	%		16,201		SOFR+3.05%	01/28/24	1x1 mos.
Elk Grove Commons	Fund V		40,247			20.10	%		8,090		SOFR+1.61%	02/09/24	None
Hiram Pavilion	Fund V		27,667			20.10	%		5,561		SOFR+2.00%	03/05/24	None
Eden Square 4	Fund IV		23,991			20.81	%		4,992		SOFR+2.35%	09/01/24	None
Hickory Ridge	Fund V		27,546			20.10	%		5,537		SOFR+2.00%	10/05/24	None
Tri-City Plaza 4	Fund V		38,179			18.09	%		6,907		SOFR+2.00%	10/18/24	1x12 mos.
Lincoln Commons	Fund V		38,134			20.10	%		7,665		SOFR+1.80%	10/24/24	None
Landstown Commons	Fund V		59,796			20.10	%		12,019		SOFR+1.80%	10/24/24	None
Palm Coast Landing	Fund V		25,862			20.10	%		5,198		SOFR+1.86%	11/01/24	None
Frederick Crossing 4	Fund V		23,661			18.09	%		4,280		SOFR+1.75%	12/02/24	1x12 mos.
Santa Fe Plaza	Fund V		22,893			20.10	%		4,601		SOFR+2.00%	12/20/24	None

      
     Portfolio Debt  –  Detail

     Supplemental Report – December 31, 2023

     (in thousands)


		Principal Balance at			Acadia's Pro-rata Share						Interest		Extension
Property		December 31, 2023			Percent			Amount			Rate	Maturity Date	Options
Paramus Plaza	Fund IV		28,109			11.56	%		3,249		SOFR+2.36%	12/28/24	2x12 mos.
Frederick County Square 4	Fund V		23,360			18.09	%		4,226		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		42,400			20.10	%		8,522		SOFR+2.50%	04/28/25	2x12 mos.
New Towne Center	Fund V		16,334			20.10	%		3,283		SOFR+2.20%	05/01/25	1x12 mos.
Fairlane Green	Fund V		32,260			20.10	%		6,484		SOFR+2.30%	06/05/25	1x12 mos.
Trussville Promenade	Fund V		28,472			20.10	%		5,723		SOFR+2.30%	06/15/25	1x12 mos.
City Point 4	Fund II		137,485			58.06	%		79,821		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		1,357			20.81	%		282		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
2208-2216 Fillmore Street 4	Fund IV		5,308			20.81	%		1,105		SOFR+2.25%	06/01/26	None
Monroe Marketplace	Fund V		29,150			20.10	%		5,859		SOFR+2.76%	11/12/26	None
Wood Ridge Plaza 4	Fund V		33,447			18.09	%		6,051		SOFR+2.90%	03/21/27	None
La Frontera Village 4	Fund V		55,500			18.09	%		10,040		SOFR+2.61%	06/10/27	None
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		(622,019	)		22.46	%		(139,391	)
Sub-Total Variable-Rate Debt			445,290						123,972		8.06%
Total Debt - Funds			1,177,705						285,811		6.41%
Total Debt - Core Portfolio and Funds		$	2,517,010					$	1,444,332		4.97%

_________

The Company has hedged a portion of its variable-rate debt with multiple variable to fixed-rate swap agreements which have various maturities (see Swap Interest Rate Summary of this Supplemental report which highlights the notional and actual locked base rate). The indicated maturity for each loan reflects the contractual maturity date of the loan without regard to the expiration of the related swap agreements.

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

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

Acadia's interest in this Fund debt is reflected net of additional unconsolidated joint venture interests.

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.

     
    Future Debt Maturities 1

    Supplemental Report – December 31, 2023

    (in thousands)


Core Portfolio	Contractual Debt Maturities						Acadia's Pro-Rata Share						Weighted Average Effective Interest Rate
														Fixed-
	Scheduled						Scheduled						Total	Rate	Variable-
Year	Amortization		Maturities		Total		Amortization		Maturities		Total		Debt	Debt 2	Rate Debt

2024	$	10,341	$	82,832	$	93,173	$	8,928	$	44,329	$	53,257	4.89%	4.09%	8.36%
2025		2,536		273,287		275,823		2,238		273,287		275,525	4.70%	4.16%	6.76%
2026		2,919		582,000		584,919		2,541		457,955		460,496	4.66%	4.66%	N/A
2027		2,766		216,723		219,489		2,453		200,889		203,342	4.23%	4.21%	8.50%
2028		1,832		67,862		69,694		1,833		67,862		69,695	4.49%	4.49%	N/A
Thereafter		2,498		93,709		96,207		2,498		93,708		96,206	4.83%	4.83%	N/A
Total	$	22,892	$	1,316,413	$	1,339,305	$	20,491	$	1,138,030	$	1,158,521


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	$	6,414	$	432,541	$	438,955	$	1,227	$	83,521	$	84,748	4.99%	3.41%	7.41%
2025		2,427		427,976		430,403		461		141,712		142,173	7.23%	5.83%	8.13%
2026		2,617		48,838		51,455		483		9,956		10,439	5.71%	5.20%	7.90%
2027		2,518		124,934		127,452		464		22,558		23,022	6.74%	6.60%	7.80%
2028		351		129,089		129,440		67		25,362		25,429	5.93%	5.93%	N/A
Thereafter		—		—		—		—		—		—	N/A	N/A	N/A
Total	$	14,327	$	1,163,378	$	1,177,705	$	2,702	$	283,109	$	285,811

Does not include any applicable extension options or subsequent refinancing.

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

     
    Future Debt Maturities – As Extended 1

    Supplemental Report – December 31, 2023

    (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	$	10,341	$	82,832	$	93,173	$	8,928	$	44,329	$	53,257	4.89%	4.09%	8.36%
2025		2,536		60,000		62,536		2,238		60,000		62,238	3.99%	3.99%	N/A
2026		2,919		643,287		646,206		2,541		640,842		643,383	4.62%	4.42%	6.76%
2027		2,766		187,401		190,167		2,453		181,200		183,653	4.24%	4.24%	N/A
2028		1,832		219,862		221,694		1,833		98,262		100,095	5.28%	5.28%	N/A
Thereafter		2,498		123,031		125,529		2,498		113,397		115,895	4.72%	4.70%	8.50%
Total	$	22,892	$	1,316,413	$	1,339,305	$	20,491	$	1,138,030	$	1,158,521


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	$	6,414	$	343,963	$	350,377	$	1,227	$	69,304	$	70,531	5.16%	3.49%	7.38%
2025		2,427		145,529		147,956		461		30,527		30,988	6.41%	3.15%	8.33%
2026		2,617		312,263		314,880		483		112,265		112,748	6.91%	5.85%	7.94%
2027		2,518		199,534		202,052		464		37,552		38,016	6.56%	6.16%	7.80%
2028		351		131,543		131,894		67		27,936		28,003	6.82%	5.92%	9.09%
Thereafter		—		30,546		30,546		—		5,525		5,525	5.95%	5.95%	N/A
Total	$	14,327	$	1,163,378	$	1,177,705	$	2,702	$	283,109	$	285,811

__________

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

Fixed Debt includes floating rate debt that is effectively fixed through interest rate swaps. Note that certain swaps (see Swap Interest Rate Summary) have expiration dates beyond the maturity of the Company’s variable rate debt.

     
    Swap Interest Rate Summary 1

    Supplemental Report – December 31, 2023

    (in thousands)



Core Portfolio

	Acadia's Pro-rata		Weighted Average
Maturity Year	Notional Balance		Fixed Rate on Swap 2

2024	$	—		—
2025		25,000		2.13	%
2026		36,400		4.14	%
2027		275,000		2.60	%
2028		150,000		2.99	%
2029		275,000		2.78	%
2030		125,000		2.83	%
Total	$	886,400		2.80	%


Funds

	Acadia's Pro-rata		Weighted Average
Year	Notional Balance		Fixed Rate on Swap 2

2024	$	46,213		1.32	%
2025		23,712		3.42	%
2026		18,510		3.99	%
2027		15,070		3.39	%
2028		7,173		3.80	%
2029		29,029		3.23	%
2030		—		—
Total	$	139,706		2.78	%

__________

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

Represents strike rate (fixed) rate on the swap that the Company pays in exchange for receiving SOFR.

      
     Core Portfolio Retail Properties – Detail 1

     Supplemental Report – December 31, 2023


		Year	Acadia's			Gross Leasable Area (GLA)								In Place Occupancy												Leased Occupancy			Annualized Base Rent		ABR
Property	Key Tenants	Acquired	Interest			Street		Anchors		Shops		Total		Street			Anchors			Shops			Total			Total			(ABR)		PSF

STREET AND URBAN RETAIL
Chicago Metro												`
Rush and Walton Streets Collection (6 properties)	Lululemon, Reformation, Sprinkle, St. Laurent	2011 2012		100.0	%		40,384		—		—		40,384		78.3	%		—	%		—	%		78.3	%		78.3	%	$	6,608,610	$	208.90
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	%		1,798,496		43.29
Halsted and Armitage Collection (13 properties)	Serena and Lily, Bonobos, Allbirds, Warby Parker, Marine Layer, Kiehl's	2011 2012 2019 2020		100.0	%		53,220		—		—		53,220		100.0	%		—	%		—	%		100.0	%		100.0	%		2,766,615		51.98
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	%		1,132,561		33.39
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	%		469,100		35.68
California and Armitage	—	2016		100.0	%		—		—		18,275		18,275		—	%		—	%		70.5	%		70.5	%		70.5	%		696,715		54.04
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		85.1	%		—	%		88.9	%		85.6	%		86.8	%		25,858,278		52.35
New York Metro
Soho Collection (12 properties)	Zimmermann, 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	%		9,974,725		371.55
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		100.0	%		—	%		—	%		100.0	%		100.0	%		1,603,613		273.56
61 Main Street	Splendid	2014		100.0	%		3,470		—		—		3,470		100.0	%		—	%		—	%		100.0	%		100.0	%		322,294		92.88

      
     Core Portfolio Retail Properties – Detail 1

     Supplemental Report – December 31, 2023


		Year	Acadia's			Gross Leasable Area (GLA)								In Place Occupancy												Leased Occupancy			Annualized Base Rent		ABR
Property	Key Tenants	Acquired	Interest			Street		Anchors		Shops		Total		Street			Anchors			Shops			Total			Total			(ABR)		PSF
181 Main Street	TD Bank	2012		100.0	%		11,514		—		—		11,514		100.0	%		—	%		—	%		100.0	%		100.0	%		1,085,445		94.27
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	%		1,107,063		27.27
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	%		2,438,595		176.22
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	%		5,264,882		108.70
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	%		3,553,548		35.59
Gotham Plaza	Bank of America, Footlocker, Apple Bank	2016		49.0	%		—		—		25,922		25,922		—	%		—	%		91.6	%		91.6	%		91.6	%		2,016,748		84.98
							171,028		86,950		136,314		394,292		88.1	%		100.0	%		98.4	%		94.3	%		98.8	%		37,602,290		101.14
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	TD Bank	2012		100.0	%		20,669		—		—		20,669		60.9	%		—	%		—	%		60.9	%		60.9	%		780,099		61.95
14th Street Collection (3 properties)	Verizon	2021		100.0	%		19,461		—		—		19,461		62.3	%		—	%		—	%		62.3	%		62.3	%		1,037,040		85.54
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	%		1,883,023		34.92
M Street and Wisconsin Corridor (27 Properties) 4	Lululemon, Duxiana, Rag and	2011 2016 2019		24.4	%		254,942		—		—		254,942		91.3	%		—	%		—	%		91.3	%		94.1	%		16,719,810		71.83

      
     Core Portfolio Retail Properties – Detail 1

     Supplemental Report – December 31, 2023


		Year	Acadia's			Gross Leasable Area (GLA)								In Place Occupancy												Leased Occupancy			Annualized Base Rent		ABR
Property	Key Tenants	Acquired	Interest			Street		Anchors		Shops		Total		Street			Anchors			Shops			Total			Total			(ABR)		PSF
	Bone, Reformation, Glossier, Showfields, Alo Yoga
							295,072		25,134		32,533		352,739		87.3	%		100.0	%		88.5	%		88.3	%		90.3	%		20,419,972		65.58
Boston Metro
165 Newbury Street	Starbucks	2016		100.0	%		1,050		—		—		1,050		100.0	%		—	%		—	%		100.0	%		100.0	%		312,576		297.69
							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		85.3	%		100.0	%		—	%		89.2	%		94.4	%		4,444,837		41.07

Total Street and Urban Retail							1,073,391		143,719		252,913		1,470,023		86.5	%		100.0	%		94.0	%		89.1	%		91.7	%	$	93,032,480	$	71.01

Acadia Share Total Street and Urban Retail							882,647		143,719		239,693		1,266,059		85.6	%		100.0	%		94.1	%		88.9	%		91.4	%	$	80,170,479	$	71.26

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	%		95.5	%		96.9	%		96.9	%		3,670,835		26.32
Marketplace of Absecon	Walgreens, Dollar Tree	1998		100.0	%		—		46,724		57,832		104,556		—	%		100.0	%		80.4	%		89.1	%		89.1	%		1,573,106		16.88

New York
Village Commons Shopping Center	Citibank, Ace Hardware	1998		100.0	%		—		—		87,128		87,128		—	%		—	%		91.1	%		91.1	%		93.1	%		2,736,099		34.48
Branch Plaza	LA Fitness, The Fresh Market	1998		100.0	%		—		76,264		47,081		123,345		—	%		100.0	%		96.9	%		98.8	%		98.8	%		3,551,081		29.13
Amboy Center	Stop & Shop (Ahold)	2005		100.0	%		—		37,266		26,106		63,372		—	%		100.0	%		80.8	%		92.1	%		92.1	%		2,047,298		35.07
Crossroads Shopping Center	HomeGoods, PetSmart, BJ's Wholesale Club	1998		49.0	%		—		202,727		108,801		311,528		—	%		100.0	%		64.4	%		87.5	%		90.7	%		8,567,491		31.41
New Loudon Center	Price Chopper, Marshalls	1993		100.0	%		—		242,058		16,643		258,701		—	%		94.8	%		100.0	%		95.2	%		95.2	%		2,251,770		9.15
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	%		86.7	%		97.2	%		98.5	%		1,811,142		17.53

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

      
     Core Portfolio Retail Properties – Detail 1

     Supplemental Report – December 31, 2023


		Year	Acadia's			Gross Leasable Area (GLA)								In Place Occupancy												Leased Occupancy			Annualized Base Rent		ABR
Property	Key Tenants	Acquired	Interest			Street		Anchors		Shops		Total		Street			Anchors			Shops			Total			Total			(ABR)		PSF
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	%		2,190,988		22.03

Illinois
Hobson West Plaza	Garden Fresh Markets	1998		100.0	%		—		51,692		47,270		98,962		—	%		100.0	%		95.1	%		97.7	%		97.7	%		1,426,291		14.76

Indiana
Merrillville Plaza	Dollar Tree, TJ Maxx, DD's Discount (Ross)	1998		100.0	%		—		123,144		112,782		235,926		—	%		100.0	%		76.9	%		88.9	%		91.1	%		2,950,134		14.06

Michigan
Bloomfield Town Square	HomeGoods, TJ Maxx, Dick's Sporting Goods, Burlington	1998		100.0	%		—		153,332		81,619		234,951		—	%		100.0	%		98.2	%		99.4	%		99.4	%		4,305,998		18.44

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	%		10,692,084		16.96
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	%		3,288,210		32.83
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	Kmart	1993		100.0	%		—		104,956		1,900		106,856		—	%		100.0	%		100.0	%		100.0	%		100.0	%		246,274		2.30
Plaza 422	Home Depot	1993		100.0	%		—		139,968		16,311		156,279		—	%		100.0	%		100.0	%		100.0	%		100.0	%		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	%		1,312,228		22.15

Total Suburban Properties							—		2,836,148		1,074,195		3,910,343		—	%		97.1	%		86.3	%		94.1	%		95.9	%	$	65,327,344	$	19.07

Acadia Share Total Suburban Properties							—		2,732,757		1,018,706		3,751,464		—	%		97.0	%		87.5	%		94.4	%		96.2	%	$	60,957,924	$	18.55

Total Core Properties							1,073,391		2,979,867		1,327,108		5,380,366		86.5	%		97.2	%		87.8	%		92.8	%		94.8	%	$	158,359,825	$	33.44

      
     Core Portfolio Retail Properties – Detail 1

     Supplemental Report – December 31, 2023


		Year	Acadia's	Gross Leasable Area (GLA)								In Place Occupancy												Leased Occupancy			Annualized Base Rent		ABR
Property	Key Tenants	Acquired	Interest	Street		Anchors		Shops		Total		Street			Anchors			Shops			Total			Total			(ABR)		PSF

Acadia Share Total Core Properties					882,647		2,876,476		1,258,399		5,017,522		85.6	%		97.1	%		88.8	%		93.0	%		95.0	%	$	141,128,403	$	31.99

__________

Excludes properties under development, redevelopment and pre-stabilized, see Development and Redevelopment Activity page of this Supplemental Report. The above in place occupancy and rent amounts only include spaces where leases have commenced. Leased occupancy includes spaces for which leases have been signed and not yet commenced. ABR and ABR per square foot correlates to in place occupancy.

Represents the annual base rent paid to Acadia pursuant to a master lessee and does not reflect the rent paid by the retail tenants at the property.

The Company’s stated legal ownership is 49.99%. However, given the preferences embedded in its interests, the Company did not attribute any value to the 50.01% non-controlling interest holders.

Excludes 94,000 square feet of office GLA.

Anchor GLA includes a 97,300 square foot Wal-Mart store which is not owned by the Company. This square footage has been excluded for calculating annualized base rent per square foot.

Anchor GLA includes a 157,616 square foot Target store which is not owned by the Company. This square footage has been excluded for calculating annualized base rent per square foot.

     
    Core Portfolio – Top Tenants 1

    Supplemental Report – December 31, 2023

    (Pro-Rata Basis)


	Number of		Combined				Percentage of Total
Tenant	Stores		GLA		ABR		GLA			ABR

Target		3		408,895	$	8,323,009		6.9	%		5.4	%
Royal Ahold 2		3		155,461		3,637,677		2.6	%		2.3	%
TJX Companies 3		9		252,043		3,047,718		4.3	%		2.0	%
Verizon		2		26,764		2,938,371		0.5	%		1.9	%
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		2,690,233		0.1	%		1.7	%
Trader Joe's		3		40,862		2,499,318		0.7	%		1.6	%
Fast Retailing 4		2		32,013		2,450,038		0.5	%		1.6	%
Alo Yoga		2		22,566		2,391,048		0.4	%		1.5	%
Supervalu Inc. 5		2		123,409		1,980,640		2.1	%		1.3	%
Bob's Discount Furniture		2		68,793		1,941,185		1.2	%		1.3	%
Tapestry 6		2		4,250		1,747,105		0.1	%		1.1	%
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	%
Citibank		4		16,160		1,337,924		0.3	%		0.9	%
The Home Depot		2		187,914		1,307,040		3.2	%		0.8	%
TD Bank		2		14,700		1,285,992		0.2	%		0.8	%
TOTAL		57		1,688,072	$	49,388,371		28.5	%		31.8	%

__________

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 (Brandywine), Kohl's (28 Jericho), Bang & Olufsen (Soho), Nordstrom Rack (State and Washington), H&M (840 N. Michigan) and Vera Wang (991 Madison).

Stop and Shop (3 locations)

TJ Maxx (6 locations), HomeGoods (2 locations), Marshalls (1 location)

Uniqlo (1 location), Theory (1 location)

Shaw’s (2 locations)

Kate Spade (2 locations)

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

Old Navy (2 locations)

     
    Core Portfolio – Lease Expirations

    Supplemental Report – December 31, 2023

    (Pro-Rata Basis)


	Street Tenants												Anchor Tenants
			GLA					ABR							GLA					ABR
	Leases		Expiring		Percent					Percent			Leases		Expiring		Percent					Percent
Year	Expiring		SF		of Total			PSF		of Total			Expiring		SF		of Total			PSF		of Total
M to M 1		—		—		—	%		—		—	%		—		—		—	%	$	—		—	%
2024		30		81,851		10.8	%		70.81		8.6	%		16		593,594		23.4	%		13.43		20.6	%
2025		23		93,934		12.4	%		111.28		15.5	%		9		376,598		14.8	%		19.14		18.6	%
2026		29		73,897		9.8	%		142.81		15.7	%		9		404,089		15.9	%		9.94		10.4	%
2027		16		27,365		3.6	%		143.63		5.8	%		5		155,675		6.1	%		21.38		8.6	%
2028		19		193,188		25.6	%		63.71		18.3	%		10		477,731		18.8	%		12.22		15.1	%
2029		14		41,663		5.5	%		90.24		5.6	%		3		99,988		3.9	%		16.98		4.4	%
2030		9		64,412		8.5	%		66.58		6.4	%		—		—		—	%		—		—	%
2031		7		41,177		5.4	%		80.27		4.9	%		2		50,566		2.0	%		16.97		2.2	%
2032		18		57,395		7.6	%		111.32		9.5	%		2		62,382		2.5	%		12.53		2.0	%
2033		21		49,593		6.6	%		75.73		5.6	%		2		81,217		3.2	%		27.13		5.7	%
Thereafter		4		31,339		4.1	%		90.73		4.2	%		5		237,330		9.3	%		20.34		12.5	%
Total		190		755,814		100.0	%	$	89.15		100.0	%		63		2,539,170		100.0	%	$	15.25		100.0	%

Anchor GLA Owned by Tenants				—												254,916
Total Vacant 2				126,833												82,390
Total Square Feet 2				882,647												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		—		—		—	%	$	—		—	%		—		—		—	%	$	—		—	%
2024		33		152,366		13.6	%		25.99		11.3	%		79		827,811		18.8	%		21.42		12.6	%
2025		36		114,151		10.2	%		29.82		9.7	%		68		584,683		13.3	%		36.03		14.9	%
2026		40		148,577		13.3	%		26.24		11.1	%		78		626,562		14.2	%		29.48		13.1	%
2027		36		148,687		13.3	%		32.82		13.9	%		57		331,727		7.5	%		36.60		8.6	%
2028		39		155,928		14.0	%		36.77		16.4	%		68		826,848		18.7	%		28.88		16.9	%
2029		14		33,108		3.0	%		29.38		2.8	%		31		174,759		4.0	%		36.79		4.6	%
2030		11		31,912		2.9	%		36.39		3.3	%		20		96,324		2.2	%		56.57		3.9	%
2031		15		84,627		7.6	%		28.38		6.9	%		24		176,370		4.0	%		37.22		4.7	%
2032		25		96,152		8.6	%		32.98		9.1	%		45		215,929		4.9	%		47.89		7.3	%
2033		21		85,791		7.7	%		31.81		7.8	%		44		216,601		4.9	%		40.11		6.2	%
Thereafter		11		65,647		5.9	%		41.11		7.7	%		20		334,316		7.6	%		31.02		7.3	%
Total		281		1,116,946		100.0	%	$	31.35		100.0	%		534		4,411,930		100.0	%	$	31.99		100.0	%

Anchor GLA Owned by Tenants				—												254,916
Total Vacant 2				141,454												350,676
Total Square Feet 2				1,258,399												5,017,522

_________

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

2. Totals may not foot due to rounding.

Amounts

     
    Core Portfolio – New and Renewal Rent Spreads 1

    Supplemental Report – December 31, 2023


	Quarter Ended																								Year to Date
	March 31, 2023						June 30, 2023						September 30, 2023						December 31, 2023						December 31, 2023
	GAAP 2			Cash 3			GAAP 2			Cash 3			GAAP 2			Cash 3			GAAP 2			Cash 3			GAAP 2			Cash 3
New Leases
Number of new leases executed		1			1			1			1			5			5			1			1			8			8
GLA		2,360			2,360			13,496			13,496			18,037			18,037			2,500			2,500			36,393			36,393
New base rent	$	50.09		$	46.00		$	18.72		$	17.62		$	258.00		$	235.93		$	323.40		$	300.00		$	160.28		$	147.06
Previous base rent	$	31.94		$	32.85		$	15.56		$	15.56		$	155.16		$	157.04		$	275.13		$	240.00		$	103.64		$	102.22
Average cost per square foot	$	16.57		$	16.57		$	39.50		$	39.50		$	282.38		$	282.38		$	183.92		$	183.92		$	168.31		$	168.31
Weighted Average Lease Term (years)		10.0			10.0			10.0			10.0			10.5			10.5			6.0			6.0			10.0			10.0
Percentage growth in base rent		56.8	%		40.0	%		20.3	%		13.2	%		66.3	%		50.2	%		17.5	%		25.0	%		54.7	%		43.9	%

Renewal Leases
Number of renewal leases executed		16			16			18			18			12			12			11			11			57			57
GLA		52,191			52,191			220,867			220,867			67,862			67,862			59,009			59,009			399,929			399,929
New base rent	$	32.10		$	30.78		$	22.32		$	21.77		$	41.74		$	41.46		$	23.01		$	22.17		$	26.99		$	26.35
Expiring base rent	$	26.66		$	28.42		$	18.35		$	19.25		$	37.93		$	38.67		$	19.94		$	20.71		$	22.99		$	23.96
Average cost per square foot	$	1.91		$	1.91		$	2.73		$	2.73		$	0.88		$	0.88		$	2.41		$	2.41		$	2.26		$	2.26
Weighted Average Lease Term (years)		4.6			4.6			6.8			6.8			5.8			5.8			7.1			7.1			6.4			6.4
Percentage growth in base rent		20.4	%		8.3	%		21.6	%		13.1	%		10.0	%		7.2	%		15.3	%		7.0	%		17.4	%		10.0	%

Total New and Renewal Leases
Number of new and renewal leases executed		17			17			19			19			17			17			12			12			65			65
GLA commencing		54,551			54,551			234,363			234,363			85,899			85,899			61,509			61,509			436,322			436,322
New base rent	$	32.88		$	31.44		$	22.11		$	21.53		$	87.15		$	82.29		$	35.21		$	33.46		$	38.11		$	36.42
Expiring base rent	$	26.89		$	28.61		$	18.19		$	19.04		$	62.55		$	63.53		$	30.32		$	29.63		$	29.72		$	30.49
Average cost per square foot	$	2.54		$	2.54		$	4.85		$	4.85		$	59.99		$	59.99		$	9.79		$	9.79		$	16.11		$	16.11
Weighted Average Lease Term (years)		4.8			4.8			7.0			7.0			6.8			6.8			7.0			7.0			6.7			6.7
Percentage growth in base rent		22.3	%		9.9	%		21.6	%		13.1	%		39.3	%		29.5	%		16.2	%		13.0	%		28.2	%		19.5	%

__________

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.

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

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

     
    Core Portfolio – Capital Expenditures

    Supplemental Report – December 31, 2023



	Quarter Ended								Year to Date
	March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		December 31, 2023		December 31, 2022
Leasing Commissions	$	1,507	$	1,035	$	1,191	$	2,208	$	5,941	$	3,459
Tenant Improvements		4,805		1,053		3,028		1,708		10,594		14,651
Maintenance Capital Expenditures		690		1,977		4,517		1,434		8,618		8,331
Total Capital Expenditures	$	7,002	$	4,065	$	8,736	$	5,350	$	25,153	$	26,441

     
    Fund Overview

    Supplemental Report – December 31, 2023


I. KEY METRICS	Fund I				Fund II				Fund III				Fund IV				Fund V				Total
General Information:
Vintage		Sep-2001				Jun-2004				May-2007				May-2012				Aug-2016
Fund Size	$		90.0	Million	$		472.0	Million 2	$		502.5	Million	$		540.6	Million	$		520.0	Million	$		2,125.1	Million
Acadia's Commitment	$		20.0	Million	$		291.2	Million	$		123.3	Million	$		125.0	Million	$		104.5	Million	$		664.0	Million
Acadia's Pro-Rata Share			22.2	%			61.7	% 2			24.5	%			23.1	%			20.1	%			31.2	%
Acadia's Promoted Share 1			37.8	%			69.4	%			39.6	%			38.5	%			36.1	%			45.0	%
Preferred Return			9.0	%			8.0	%			6.0	%			6.0	%			6.0	%		6.4		%

Current-Quarter, Fund-Level Information:
Cumulative Contributions 2	$		86.6	Million	$		559.4	Million	$		448.1	Million	$		503.4	Million	$		407.4	Million	$		2,004.9	Million
Cumulative Net Distributions 3	$		195.4	Million	$		172.9	Million	$		603.5	Million	$		221.4	Million	$		105.8	Million	$		1,299.0	Million
Net Distributions/Contributions			225.6	%			30.9	%			134.7	%			44.0	%			26.0	%			64.8	%
Unfunded Commitment 4	$		0.0	Million	$		0.0	Million	$		1.9	Million	$		26.6	Million	$		112.6	Million	$		141.1	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

     
    Fund Overview

    Supplemental Report – December 31, 2023

_________

Acadia's "Promoted Share" reflects Acadia's share of fund profits once all partners (including Acadia) have received a return of their cumulative contributions plus their cumulative preferred return. Acadia's Promoted Share equals a 20% promote plus Acadia's pro-rata share of the remaining 80%.

With regard to Fund II, the additional contributions over original Fund Size reflects prior-period distributions that were re-contributed to the Fund during 2016, 2020, 2021 and 2022 to fund the on-going redevelopment of existing Fund II investments. The $472 million reflects an incremental $172 million of capital contributed in connection with the City Point recapitalization. Fund II contains one remaining investment, City Point. During the second quarter 2022, the Company increased its ownership in Fund II and 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 year ended December 31, 2023, the Company made a $2.0 million capital contribution to Fund II for City Point. During the first quarter 2023, Mervyns II distributed the Albertsons shares to its investors upon expiration of the lock-up agreement. During the year ended December 31, 2023, the Company sold 200,000 shares of Albertsons. The Company now directly owns 1.4 million Albertsons shares.

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

Unfunded Commitments are set aside to complete leasing and development at existing fund investments and to make new Fund V investments. The Unfunded Commitment will not equal Fund Size less Cumulative Contributions in those instances where certain fund distributions have been marked as recallable or where the fund has released commitments due to, among other reasons, the closing of the fund's investment period or accelerated asset sales.

Unfunded Commitments available to deploy into new unidentified investments.

Implied Capital is Fund Size less capital attributed to sold investments or released. Post-investment period, Fund IV Implied Capital also excludes $26.6 million of general reserves.

Implied Capital is Fund Size less capital attributed to sold investments or released. Allocated Capital Commitments are computed as the Fund Size less Acquisition Dry Powder.

      
     Fund Portfolio Retail Properties – Detail 1

     Supplemental Report – December 31, 2023


		Year	Fund			Gross Leasable Area								In Place Occupancy												Leased			Annualized
Property	Key Tenants	Acquired	Ownership %			Street		Anchors		Shops		Total		Street			Anchors			Shops			Total			Occupancy			Base Rent (ABR)		ABR PSF

Fund II Portfolio Detail

NEW YORK
New York
City Point 2	Primark, Target, Basis Schools, Alamo Drafthouse, Trader Joe's	2007		94.2	%		—		330,448		205,369		535,817		—	%		100.0	%		32.2	%		74.0	%		83.9	%	$	16,782,168	$	42.31

Total - Fund II							—		330,448		205,369		535,817		—	%		100.0	%		32.2	%		74.0	%		83.9	%	$	16,782,168	$	42.31

Fund III Portfolio Detail

NEW YORK
New York
640 Broadway	─	2012		100.0	%		4,637		—		—		4,637		91.6	%		—	%		—	%		91.6	%		91.6	%	$	1,113,528	$	262.19
Total - Fund III							4,637		—		—		4,637		91.6	%		—	%		—	%		91.6	%		91.6	%	$	1,113,528	$	262.19

Fund IV Portfolio Detail

NEW YORK
New York
801 Madison Avenue	─	2015		100.0	%		2,522		—		—		2,522		—	%		—	%		—	%		—	%		—	%	$	—	$	—
210 Bowery	─	2012		100.0	%		2,538		—		—		2,538		—	%		—	%		—	%		—	%		—	%		—		—
27 East 61st Street	─	2014		100.0	%		4,177		—		—		4,177		—	%		—	%		—	%		—	%		—	%		—		—
17 East 71st Street	The Row	2014		100.0	%		8,432		—		—		8,432		100.0	%		—	%		—	%		100.0	%		100.0	%		2,055,281		243.75
1035 Third Avenue 3	─	2015		100.0	%		7,634		—		—		7,634		100.0	%		—	%		—	%		100.0	%		100.0	%		1,203,962		157.71

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	─	2016		100.0	%		15,711		—		—		15,711		100.0	%		—	%		—	%		100.0	%		100.0	%		1,072,232		68.25

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	%		2,061,926		15.06

MID-ATLANTIC
Delaware
Eden Square	Giant Food, LA Fitness	2014		90.0	%		—		116,003		113,168		229,171		—	%		100.0	%		81.9	%		91.1	%		96.5	%		3,357,465		16.09

SOUTHEAST
Georgia
Broughton Street Portfolio (13 properties)	H&M, Lululemon, Kendra Scott, Starbucks	2014		100.0	%		94,713		—		—		94,713		89.1	%		—	%		—	%		89.1	%		92.6	%		3,090,918		36.61

WEST
California
Union and Fillmore Collection (3 properties)	Eileen Fisher, Bonobos	2015		90.0	%		7,183		—		—		7,183		77.5	%		—	%		—	%		77.5	%		77.5	%		654,290		117.57

Total - Fund IV							142,910		258,542		284,571		686,023		85.2	%		100.0	%		84.5	%		90.5	%		92.8	%	$	16,758,363	$	26.99

      
     Fund Portfolio Retail Properties – Detail 1

     Supplemental Report – December 31, 2023


		Year	Fund			Gross Leasable Area								In Place Occupancy												Leased			Annualized
Property	Key Tenants	Acquired	Ownership %			Street		Anchors		Shops		Total		Street			Anchors			Shops			Total			Occupancy			Base Rent (ABR)		ABR PSF

Fund V Portfolio Detail

SOUTHWEST
New Mexico
Plaza Santa Fe	TJ Maxx, Best Buy, Ross Dress for Less	2017		100.0	%		—		153,983		70,169		224,152		—	%		100.0	%		84.5	%		95.1	%		95.7	%	$	4,058,309	$	19.03

Texas
Wood Ridge Plaza	Kirkland's, Office Depot	2022		90.0	%		—		—		213,120		213,120		—	%		—	%		90.1	%		90.1	%		90.1	%		4,377,879		22.80
La Frontera Village	Kohl's, Hobby Lobby, Burlington, Marshalls	2022		90.0	%		—		203,500		330,930		534,430		—	%		85.0	%		90.6	%		88.5	%		89.0	%		6,609,207		13.98

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	%		2,363,758		12.41
Fairlane Green	TJ Maxx, Michaels, Burlington	2017		100.0	%		—		109,952		160,235		270,187		—	%		100.0	%		97.8	%		98.7	%		100.0	%		5,194,785		19.49

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	%		3,913,671		14.36

New Jersey
Midstate	ShopRite, Best Buy, DSW, PetSmart	2021		100.0	%		—		253,779		134,837		388,616		—	%		100.0	%		61.1	%		86.5	%		94.2	%		6,456,914		19.21

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	%		74.3	%		3,990,900		11.64
Mohawk Commons	Lowe's, Target	2023		90.0	%		—		330,874		68,464		399,338		—	%		100.0	%		89.9	%		98.3	%		98.3	%		5,550,595		14.15

Pennsylvania
Monroe Marketplace	Kohl's, Dick's Sporting Goods, Giant Food	2021		100.0	%		—		262,257		108,276		370,533		—	%		100.0	%		100.0	%		100.0	%		100.0	%		4,250,625		11.47

Rhode Island
Lincoln Commons	Stop and Shop, Marshalls, HomeGoods	2019		100.0	%		—		194,470		267,525		461,995		—	%		100.0	%		79.3	%		88.0	%		90.8	%		5,570,789		13.70

Vermont
Maple Tree Place 4	Shaw's, Dick's Sporting Goods, Best Buy, Old Navy	2023		100.0	%		—		246,738		147,630		394,368		—	%		100.0	%		58.9	%		84.6	%		84.6	%		6,567,224		19.68

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	%		7,528,566		20.46

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	%		3,495,105		21.00
Cypress Creek	Hobby Lobby, Total Wine, HomeGoods	2023		100.0	%		—		167,978		71,678		239,656		—	%		100.0	%		95.1	%		98.5	%		98.5	%		4,919,868		20.83

      
     Fund Portfolio Retail Properties – Detail 1

     Supplemental Report – December 31, 2023


		Year	Fund			Gross Leasable Area								In Place Occupancy												Leased			Annualized
Property	Key Tenants	Acquired	Ownership %			Street		Anchors		Shops		Total		Street			Anchors			Shops			Total			Occupancy			Base Rent (ABR)		ABR PSF

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	%		4,742,374		12.55


Alabama
Trussville Promenade	Wal-Mart, Regal Cinemas	2018		100.0	%		—		366,010		97,671		463,681		—	%		100.0	%		80.2	%		95.8	%		96.8	%		4,279,904		9.63

Georgia
Canton Marketplace	Dick's Sporting Goods, TJ Maxx, Best Buy	2021		100.0	%		—		132,569		219,419		351,988		—	%		100.0	%		93.8	%		96.1	%		96.6	%		5,971,975		17.65
Hiram Pavilion	Kohl's, HomeGoods	2018		100.0	%		—		209,423		153,252		362,675		—	%		100.0	%		98.6	%		99.4	%		100.0	%		4,666,300		12.94

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	%		5,312,115		21.94

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	%		4,010,821		11.00

Total - Fund V							—		4,367,524		3,390,633		7,758,157		—	%		96.6	%		87.5	%		92.6	%		94.0	%	$	111,527,808	$	15.52

TOTAL FUND PROPERTIES							147,547		4,956,514		3,880,573		8,984,634		85.4	%		97.0	%		84.4	%		91.4	%		93.3	%	$	146,181,867	$	17.81

Acadia Share of Total Fund Properties							34,013		1,083,820		827,635		1,945,468		85.5	%		97.5	%		79.3	%		89.6	%		92.4	%	$	35,065,352	$	20.13

__________

Excludes properties under development, see Development and Redevelopment Activity page of this Supplemental Report. The above in place occupancy and rent amounts only include spaces where leases have commenced. Leased occupancy includes spaces for which leases have been signed and not yet commenced. ABR and ABR per square foot correlates to in place occupancy.

In place occupancy excludes short-term percentage rent.

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

Property also includes 93,259 sf of office space.

     
    Fund Lease Expirations

    Supplemental Report – December 31, 2023

    (Pro-Rata Basis)


	FUND II														FUND III
			GLA							ABR							GLA							ABR
	Leases		Expiring		Percent							Percent			Leases		Expiring		Percent							Percent
Year	Expiring		SF		of Total			Amount		PSF		of Total			Expiring		SF		of Total			Amount		PSF		of Total
M to M 1		—		—		—	%	$	—	$	—		—	%		—		—		—	%	$	—	$	—		—	%
2024		—		—		—	%		—		—		—	%		1		160		15.3	%		64,426		403.90		23.6	%
2025		1		1,426		0.6	%		159,739		112.00		1.6	%		—		—		—	%		—		—		—	%
2026		—		—		—	%		—		—		—	%		—		—		—	%		—		—		—	%
2027		3		15,292		6.6	%		1,155,166		75.54		11.8	%		—		—		—	%		—		—		—	%
2028		1		552		0.2	%		107,618		195.00		1.1	%		1		306		29.4	%		75,845		247.85		27.8	%
2029		1		580		0.3	%		89,140		153.75		0.9	%		—		—		—	%		—		—		—	%
2030		—		—		—	%		—		—		—	%		1		177		17.0	%		42,148		238.21		15.4	%
2031		—		—		—	%		—		—		—	%		1		226		21.7	%		55,503		245.31		20.3	%
2032		4		78,364		34.0	%		1,201,752		15.34		12.3	%		1		173		16.6	%		35,338		203.68		12.9	%
2033		3		25,390		11.0	%		1,120,202		44.12		11.5	%		—		—		—	%		—		—		—	%
Thereafter		5		108,819		47.2	%		5,915,670		54.36		60.7	%		—		—		—	%		—		—		—	%
Total		18		230,423		100.0	%	$	9,749,288	$	42.31		100.0	%		5		1,042		100.0	%	$	273,260	$	262.19		100.0	%

				80,850	Total Vacant 2													96	Total Vacant 2
				311,273	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		—		—		—	%	$	—	$	—		—	%		3		1,632		0.1	%	$	29,244	$	17.92		0.1	%
2024		4		15,103		12.8	%		321,095		21.26		9.6	%		107		201,660		14.5	%		3,153,323		15.64		14.5	%
2025		6		2,098		1.8	%		480,929		229.22		14.3	%		96		247,417		17.8	%		3,419,710		13.82		15.8	%
2026		12		16,772		14.3	%		450,774		26.88		13.4	%		92		121,653		8.7	%		2,317,983		19.05		10.7	%
2027		11		7,812		6.6	%		219,173		28.06		6.5	%		87		200,904		14.4	%		2,695,216		13.42		12.4	%
2028		8		5,608		4.8	%		173,319		30.91		5.2	%		88		165,684		11.9	%		3,167,165		19.12		14.6	%
2029		4		15,687		13.3	%		322,596		20.56		9.6	%		41		94,333		6.8	%		1,310,476		13.89		6.0	%
2030		1		346		0.3	%		16,278		47.00		0.5	%		34		81,525		5.9	%		1,192,205		14.62		5.5	%
2031		8		14,337		12.2	%		372,500		25.98		11.1	%		31		75,015		5.4	%		1,107,615		14.77		5.1	%
2032		7		25,319		21.5	%		610,271		24.10		18.2	%		35		80,850		5.8	%		1,271,191		15.72		5.9	%
2033		5		12,850		10.9	%		292,137		22.73		8.7	%		31		60,722		4.4	%		1,146,421		18.88		5.3	%
Thereafter		3		1,749		1.5	%		97,918		55.98		2.9	%		16		61,668		4.4	%		875,265		14.19		4.0	%
Total		69		117,682		100.0	%	$	3,356,989	$	28.53		100.0	%		661		1,393,064		100.0	%	$	21,685,815	$	15.57		100.0	%

				14,008	Total Vacant 2													108,303	Total Vacant 2
				131,691	Total Square Feet 2													1,501,366	Total Square Feet 2

__________

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

2. Totals may not foot due to rounding.

     
    Development and Redevelopment Activity

    Supplemental Report – December 31, 2023


						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	$	6.4	$	16.0	TBD		-	TBD		TBD		-	TBD

Major Redevelopment:
City Center	100.0%	San Francisco, CA	2024		241,000		155.0		51.8		206.8		3.2	-		6.2		210.0	-		213.0
555 9th Street	100.0%	San Francisco, CA	TBD		149,000		141.7		5.1		146.8		19.9	-		29.9		166.7	-		176.7
651-671 West Diversey	100.0%	Chicago, IL	TBD		46,000		29.1		0.4		29.5	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
Total Core Redevelopment						$	618.4	$	62.3	$	680.7	$	26.1		$	42.5	$	413.7		$	430.1

Total Core Development and Redevelopment						$	628.0	$	68.7	$	696.7	$	26.1		$	42.5	$	413.7		$	430.1

FUNDS

Development:
FUND III
Broad Hollow Commons	24.5%	Farmingdale, NY	TBD	TBD		$	3.0	$	3.9	$	6.9	TBD		-	TBD		TBD		-	TBD

Major Redevelopment:
FUND IV
717 N. Michigan Avenue	23.1%	Chicago, IL	TBD	TBD			26.9		0.8		27.7	TBD		-	TBD		TBD		-	TBD
Total Funds Development and Major Redevelopment						$	29.9	$	4.7	$	34.6	$	—		$	—	$	—		$	—

Total Core and Funds Development and Major Redevelopment						$	657.9	$	73.4	$	731.3	$	26.1		$	42.5	$	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

     
    Important Notes

    Supplemental Report – December 31, 2023

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

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

USE OF FUNDS FROM OPERATIONS AS NON-GAAP FINANCIAL MEASURE

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

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

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

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

USE OF NON-GAAP FINANCIAL MEASURES

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