アカディアリアルティトラストの適時開示・決算・その他

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 11, 2025

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 11, 2025, 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, 2024. 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, 2024. 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 11, 2025
99.2	Supplemental Reporting Information as of and for the quarter and year-to-date period ended December 31, 2024
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 11, 2025	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

Sandra Liang

(914) 288-3356

ACADIA REALTY TRUST REPORTS FOURTH QUARTER

AND FULL YEAR 2024 OPERATING RESULTS

•

Fourth Quarter 2024 GAAP Net Earnings of $0.07 per share and FFO Before Special Items of $0.32 per share

•

Core Same-Property NOI Growth of 5.7% for the Fourth Quarter of 2024

•

Completed Approximately $611 million of Accretive Core and Investment Management Acquisitions during the Fourth Quarter of 2024 and 2025 To-Date (Approximately $353 million at Acadia's Pro-rata Share)

•

Increased its Quarterly Dividend by 5.3% for the First Quarter of 2025

•

2025 Projected FFO Before Special Items of $1.35 at the Mid-Point (5.5% Growth)

•

2025 Projected Same-Property NOI Growth of 5-6%

RYE, NY (February 11, 2025) - Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”) today reported operating results for the quarter ended December 31, 2024. All per share amounts are on a fully-diluted basis, where applicable. Acadia owns and operates a high-quality real estate portfolio of street and open-air retail properties in the nation's most dynamic retail corridors ("Core" or "Core Portfolio"), along with an investment management platform that targets opportunistic and value-add investments through its institutional co-investment vehicles ("Investment Management").

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

   

    “We concluded the year with strong performance from all of the key drivers of our business. We delivered same-property NOI growth of 5.7%, driven by the strong performance of our street portfolio. Adding to the strong performance of our existing assets, we completed over $600 million of accretive Core and Investment Management acquisitions. The street retail additions to our core portfolio in New York City (SoHo, Williamsburg, and the West Village), and Washington D.C. (Georgetown), further expand our highly differentiated portfolio of best-in-class retail in the major must-have retail corridors in the United States. To fund our expansion, we have raised approximately $740 million of equity, which funded our acquisitions and redevelopments, along with providing the dry powder to add additional accretive investment opportunities. As we begin the new year, we are well positioned to continue to deliver strong internal growth through the continued strength of our Core portfolio, as well as accretive external growth."

   

1

FINANCIAL RESULTS

A complete reconciliation, in dollars and per share amounts, of (i) net income 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. The amounts discussed below are net of noncontrolling interests and all per share amounts are on a fully-diluted basis.


	Financial Results
	2024	2023
	4Q	4Q

Net earnings per share attributable to Acadia	$0.07	($0.02)
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share)	0.22	0.28
Impairment charges (net of noncontrolling interest share)	0.01	—
NAREIT Funds From Operations per share attributable to Common Shareholders and Common OP Unit holders	$0.30	$0.26
Net unrealized holding loss (gain) 1	(0.01)	—
Funds From Operations Before Special Items and Realized Gains and Promotes per share attributable to Common Shareholders and Common OP Unit holders	$0.29	$0.26
Realized gains and promotes1	0.03	0.02
Funds From Operations Before Special Items per share attributable to Common Shareholders and Common OP Unit holders	$0.32	$0.28

________

It is the Company's policy to exclude unrealized gains and losses from FFO Before Special items and to include realized gains related to the Company's investment in Albertsons. The Company realized investment gains of $3.7 million for the quarter ended December 31, 2024, and investment gains of $2.3 million for the quarter ended December 31, 2023. Refer to the "Notes to Financial Highlights" page 15 of this document.

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    Net Income
•Net income for the quarter ended December 31, 2024, was $8.2 million, or $0.07 per share.
•This compares with net loss of $1.6 million, or $0.02 per share for the quarter ended December 31, 2023.
 
NAREIT FFO
•NAREIT Funds From Operations ("NAREIT FFO") for the quarter ended December 31, 2024 was $37.8 million, or $0.30 per share.
•This compares with NAREIT FFO of $26.4 million, or $0.26 per share, for the quarter ended December 31, 2023.
 
FFO Before Special Items
•Funds From Operations ("FFO") Before Special Items for the quarter ended December 31, 2024 was $40.5 million, or $0.32 per share, which includes $3.7 million, or $0.03 per share, of realized investment gains from the sale of 195,000 shares of Albertsons' stock.
•This compares with FFO Before Special Items of $28.4 million, or $0.28 per share for the quarter ended December 31, 2023, which includes $2.3 million, or $0.02 per share, of realized investment gains from the sale of Albertsons' stock.

   

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CORE PORTFOLIO PERFORMANCE

    Same-Property NOI
•Same-Property Net Operating Income ("NOI") growth, excluding redevelopments, increased 5.7% for the fourth quarter, driven by growth in excess of 12% from the street portfolio, and increased 5.7% for the year ended December 31, 2024, at the high end of guidance.
Leasing and Occupancy Update
•As of December 31, 2024, sequentially increased Core Portfolio occupancy percentages by 110 and 140 basis points, respectively, to 95.8% leased and 93.1% occupied compared to 94.7% leased and 91.7% occupied as of September 30, 2024.
•Core Signed Not Open ("SNO") pipeline (excluding redevelopments) of $7.7 million of annualized base rent ("ABR") at December 31, 2024, which represented approximately 5.1% of in-place rents. During the fourth quarter, ABR of approximately $5.3 million of leases commenced, and $3.0 million of new leases were added to the SNO pipeline.
•For the year ended December 31, 2024, conforming GAAP and cash leasing spreads on new leases were 63% and 34%, respectively, primarily driven by new street leases in Manhattan, NY, Chicago, IL and Washington, D.C.
oDuring the fourth quarter, conforming GAAP and cash leasing spreads on new leases were 46% and 13%, respectively, primarily driven by suburban leases.
•In January 2025, the Company signed a new lease with a large international grocer to replace Whole Foods at City Center in San Francisco, California. Additionally, the Company and Whole Foods have reached an agreement to terminate. The Company has received payments of approximately $6 million and $2 million that it anticipates recognizing as rental income within its Core NOI and termination income, respectively, during the first quarter of 2025.

   

4

ACQUISITION ACTIVITY

During the fourth quarter of 2024 and 2025 to-date, the Company completed approximately $611 million of acquisitions, which is comprised of $306 million of Core acquisitions and $305 million (or $47 million at the Company's pro-rata share) of Investment Management acquisitions.

Amounts below are exclusive of transaction costs.

Core Portfolio Acquisitions - Fourth Quarter of 2024 and 2025 To-Date

Completed: Approximately $306 million Street Retail Investments

•

Georgetown, Washington, D.C. In January 2025, the Company acquired an additional 48% interest (increasing its existing 20% interest to approximately 68%) in a portfolio of properties which are primarily located in Georgetown, Washington D.C. The 48% interest was acquired for a purchase price of approximately $117 million, based upon a gross portfolio value of approximately $245 million. The Company will manage the day-to-day operations alongside its joint venture partner, EastBanc. The portfolio consists of 36 retail stores located along M Street in Georgetown, which has established itself as one of the nation's top retail destinations.

•

SoHo, Manhattan, New York. During the fourth quarter and year-to-date 2025, the Company completed the acquisition of approximately $123 million of Street retail assets in SoHo, Manhattan, New York. These acquisitions expanded the Company's existing SoHo Collection to 15 properties and 20 retail stores in Manhattan's premier retail corridor.

92-94 Greene Street, Manhattan, New York. As previously announced, in October 2024 the Company closed on 92-94 Greene Street for approximately $43 million. This acquisition provides near-term opportunity for accretive re-leasing and increases the Company's Greene Street holdings to 9 buildings and 9 retail stores.

106 Spring Street, Manhattan, New York. In January 2025, the Company completed the acquisition of 106 Spring Street for $55 million, which is located on the corner of Spring and Mercer Streets. It is leased to the athleisure brand, Vuori.

73 Wooster Street, Manhattan, New York. In January 2025, the Company completed the acquisition of 73 Wooster Street for approximately $25 million, which is located between Spring and Broome Streets. The retail property is leased to Reiss and Moschino. This acquisition provides an opportunity for accretive-mark-to-market releasing.

•

Williamsburg, Brooklyn, New York. As previously announced, during the fourth quarter the Company completed the acquisition of approximately $53 million of Street retail assets in Williamsburg, Brooklyn, expanding the Company's ownership in Williamsburg to approximately 5 properties and 15 retail stores.

123-129 North 6th Street, Brooklyn, New York. In October 2024 the Company completed the acquisition of a portfolio of assets on 123-129 North 6th Street for $35 million. The portfolio offers below-market rents, accretive re-leasing, and an

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opportunity for retail expansion on vacant land acquired with frontage on Berry Street.

109 North 6th Street, Brooklyn New York. In October 2024 the Company completed the acquisition of 109 North 6th Street for approximately $18 million, which is adjacent to its 123-129 North 6th Street acquisition. The asset is leased to Madewell.

•

Henderson Avenue Expansion, Dallas, Texas. In the fourth quarter, the Company completed the acquisitions of three additional parcels on Henderson Avenue for an aggregate purchase price of approximately $13 million. These additions are adjacent to the Company's existing holdings and provide for additional expansion and lease-up opportunities along with enhancing continuity and giving greater control over the direction of this emerging retail corridor.

As previously announced, in October 2024, the Company, in partnership with Ignite-Rebees, commenced construction for the Henderson Avenue Corridor Expansion to transform the corridor into a vibrant, walkable, street retail destination. These acquisitions further connect the Company's existing operating Henderson assets, which were initially acquired by the Company in 2022 for approximately $85 million.

Investment Management Acquisitions - Fourth Quarter of 2024

Completed: Approximately $305 million (or $47 million at the Company's pro-rata share)

•

The LINQ Promenade, Las Vegas, Nevada. During the fourth quarter, the Company through its Investment Management Platform, formed a joint venture with TPG Real Estate to acquire the LINQ Promenade on the Las Vegas Strip for a gross purchase price of approximately $275 million (the Company retained a 15% ownership interest in the joint venture). The Company will manage the day-to-day operations entitling it to earn asset management, property management, and leasing fees, along with the opportunity to earn a promote upon the ultimate disposition of the asset. The LINQ Promenade is a 180,000 square foot open-air retail, dining, and entertainment destination. This transaction offers accretive re-leasing and additional ancillary revenue opportunities.

•

The Walk at Highwoods Preserve, Tampa, Florida. As previously announced, in October 2024, the Company, through its Investment Management Platform, entered into a joint venture with funds managed by the Private Real Estate Group of Cohen & Steers to purchase the Walk at Highwoods Preserve, an open-air shopping center, for a gross purchase price of approximately $30 million. The Company retained a 20% interest and will manage day-to-day operations of the investment.

6

BALANCE SHEET

•

Equity Activity: During the fourth quarter of 2024 and 2025 to-date the Company raised net proceeds of $276.8 million through the issuance of 11.2 million shares under its at-the-market issuance program on a forward basis at an average price of $24.77 per share. To-date, the Company has not settled any of the 11.2 million shares.

As previously disclosed, during the third quarter of 2024, the Company raised net proceeds of $131.6 million from the issuance of 5.75 million shares (including 750,000 shares from the underwriters exercised option to purchase 750,000 additional shares) through an underwritten public offering in connection with forward sales agreements, which the Company physically settled in October 2024.

For the full year ended December 31, 2024, and 2025 to-date, the Company has raised (inclusive of the $276.8 million of unsettled forward proceeds described above) net proceeds of $738.3 million from the issuance of 34.1 million shares at an average price of $21.65 per share.

•

Debt-to-EBITDA Metrics: Pro-rata Net Debt-to-EBITDA improved to 5.5x at December 31, 2024 as compared to 7.1x at December 31, 2023. Refer to the fourth quarter 2024 Supplemental Information package for reconciliations and details on financial ratios.

•

No Significant Core Debt Maturities until 2028: 0.3%, 7.2%, and 5.8% of Core debt maturing in 2025, 2026, and 2027, respectively.

DIVIDEND

Increased Quarterly Dividend by $0.01 to $0.20 per Common Share: The Company's Board of Trustees has authorized a cash dividend of $0.20 per common share for the first quarter of 2025. The 5.3% increase from the prior quarterly dividend was driven by the Company's continued internal and external growth. The quarterly dividend is payable on April 15, 2025 to holders of record as of March 31, 2025.

7

GUIDANCE

The following initial guidance is based upon Acadia's current view of market conditions and assumptions for the year ended December 31, 2025.

The Company is setting initial 2025 guidance as follows:

•

Net earnings per diluted share of $0.22 to $0.27

•

FFO Before Special items per diluted share of $1.30 - $1.39

•

Projected same-property NOI growth of 5-6%

It is the Company's policy not to include the estimated financial impact of acquisition and disposition of assets within its guidance until such transactions are consummated.


	2025 Guidance
	Guidance Range	2024 Actuals

Net earnings per share attributable to Acadia	$0.22-$0.27	$0.19
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share)	0.96	0.92
(Gain) Loss on disposition on real estate properties (net of noncontrolling interest share)	—	(0.01)
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	$1.19-$1.24	$1.12
Net unrealized holding loss 1	—	0.04
Funds From Operations Before Special Items and Realized Gains per share attributable to Common Shareholders and Common OP Unit holders	$1.18-$1.24	$1.16
Realized gains and promotes 2	0.11-0.15	0.12
Funds From Operations Before Special Items per share attributable to Common Shareholders and Common OP Unit holders	$1.30-$1.39	$1.28

________

This represents the actual unrealized mark-to-market holdings loss related to the Company's investment in Albertsons, which was recognized in NAREIT FFO for the year ended December 31, 2024. The Company has not reflected any forward-looking estimates involving future unrealized holding gains or losses (i.e., changes in share price) on Albertsons in its 2025 guidance assumptions.

It is the Company's policy to exclude unrealized gains and losses from FFO Before Special items and to include realized gains related to the Company's investment in Albertsons. The Company realized investment gains of $14.3 million for the year ended December 31, 2024 (which was included in both NAREIT FFO and FFO Before Special Items). Refer to the 2025 guidance page within the Company's latest Supplemental Report for additional information and certain underlying assumptions.

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CONFERENCE CALL

Management will conduct a conference call on Wednesday, February 12, 2025 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 12, 2025
Time:	11:00 AM ET
Participant call:	Fourth Quarter 2024 Dial-In
Participant webcast:	Fourth Quarter 2024 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. Additionally, the Company also uses its LinkedIn profile to communicate with its investors and the public. Accordingly, investors are encouraged to monitor the Investors page of the Company's website and its LinkedIn profile, in addition to following the Company’s press releases, SEC filings, public conference calls, presentations and webcasts.

About Acadia Realty Trust

Acadia Realty Trust is an equity real estate investment trust focused on delivering long-term, profitable growth. Acadia owns and operates a high-quality core real estate portfolio ("Core" or "Core Portfolio") of street and open-air retail properties in the nation's most dynamic retail corridors, along with an investment management platform that targets opportunistic and value-add investments through its institutional co-investment vehicles ("Investment Management"). 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 (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). 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 other factors that could cause the Company's actual results and financial performance to be materially different from future results and

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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; (including the potential acquisitions discussed in this press release); (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; (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, 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 corporate responsibility metrics, goals and targets, tenant willingness and ability to collaborate towards reporting such metrics and meeting such goals and targets, and the impact of governmental regulation on our corporate responsibility 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

Condensed 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,
	2024			2023			2024			2023
Revenues
Rental	$	91,579		$	84,205		$	349,530		$	333,044
Other		1,755			1,308			10,159			5,648
Total revenues		93,334			85,513			359,689			338,692

Expenses
Depreciation and amortization		35,189			35,029			138,910			135,984
General and administrative		10,397			10,572			40,559			41,470
Real estate taxes		12,535			12,064			46,049			46,650
Property operating		16,772			17,229			66,000			61,826
Impairment charges		1,678			—			1,678			3,686
Total expenses		76,571			74,894			293,196			289,616

(Loss) gain on disposition of properties		(393	)		—			(834	)		—
Operating income		16,370			10,619			65,659			49,076
Equity in (losses) earnings of unconsolidated affiliates		(774	)		(1,404	)		15,178			(7,677	)
Interest income		6,575			5,118			25,085			19,993
Realized and unrealized holding (losses) gains on investments and other		904			177			(5,014	)		30,413
Interest expense		(21,904	)		(24,692	)		(92,557	)		(93,253	)
Income (loss) from continuing operations before income taxes		1,171			(10,182	)		8,351			(1,448	)
Income tax provision		(11	)		(53	)		(212	)		(301	)
Net income (loss)		1,160			(10,235	)		8,139			(1,749	)
Net loss attributable to redeemable noncontrolling interests		1,397			2,578			7,915			8,239
Net loss attributable to noncontrolling interests		5,967			6,320			5,596			13,383
Net income (loss) attributable to Acadia shareholders	$	8,524		$	(1,337	)	$	21,650		$	19,873


Less: earnings attributable to unvested participating securities		(306	)		(244	)		(1,189	)		(978	)
Net income (loss) attributable to Common Shareholders - basic earnings per share	$	8,218		$	(1,581	)	$	20,461		$	18,895
Impact of assumed conversion of dilutive convertible securities		—			—			—			—
Income from continuing operations net of income attributable to participating securities for diluted earnings per share	$	8,218		$	(1,581	)	$	20,461		$	18,895

Weighted average shares for basic earnings per share		118,719			95,363			108,227			95,284
Weighted average shares for diluted earnings per share		118,750			95,363			108,258			95,284

Net earnings per share - basic (2)	$	0.07		$	(0.02	)	$	0.19		$	0.20
Net earnings per share - diluted (2)	$	0.07		$	(0.02	)	$	0.19		$	0.20

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ACADIA REALTY TRUST AND SUBSIDIARIES

Reconciliation of Consolidated Net 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,
	2024			2023			2024			2023

Net income (loss) attributable to Acadia	$	8,524		$	(1,337	)	$	21,650		$	19,873

Depreciation of real estate and amortization of leasing costs (net of noncontrolling interests' share)		27,665			27,689			107,450			109,732
Impairment charges (net of noncontrolling interests' share)		750			—			750			852
Loss (gain) on disposition of properties (net of noncontrolling interests' share)		395			—			(1,086	)		—
Income attributable to Common OP Unit holders		363			(31	)		1,067			1,282
Distributions - Preferred OP Units		67			123			341			492
Funds from operations attributable to Common Shareholders and Common OP Unit holders - Diluted	$	37,764		$	26,444		$	130,172		$	132,231

Unrealized holding loss (gain) (net of noncontrolling interest share)		(949	)		(352	)		4,616			(3,762	)
Realized gain		3,685			2,265			14,188			4,636
FFO before Special Items attributable to Common Shareholder and Common OP Unit holders 1	$	40,500		$	28,357		$	148,976		$	133,105

Less:Non-cash and non-recurring gain from BBBY lease termination		—			—			—			(7,758	)
Funds From Operations Before Special Items attributable to Common Shareholders and Common OP Unit holders, excluding BBBY gain 6	$	40,500		$	28,357		$	148,976		$	125,347

Funds From Operations per Share - Diluted
Basic weighted-average shares outstanding, GAAP earnings		118,719			95,363			108,227			95,284
Weighted-average OP Units outstanding		7,280			7,136			7,495			7,180
Assumed conversion of Preferred OP Units to Common Shares		256			464			356			464
Weighted average number of Common Shares and Common OP Units		126,255			102,963			116,078			102,928

Diluted Funds from operations, per Common Share and Common OP Unit	$	0.30		$	0.26		$	1.12		$	1.28

Diluted Funds from operations before Special Items, per Common Share and Common OP Unit	$	0.32		$	0.28		$	1.28		$	1.29

Diluted Funds from operations before Special Items, excluding BBBY gain per Common Share and Common OP Unit	$	0.32		$	0.28		$	1.28		$	1.22

12

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,
	2024			2023			2024			2023

Consolidated operating income	$	16,370		$	10,619		$	65,659		$	49,076
Add back:
General and administrative		10,397			10,572			40,559			41,470
Depreciation and amortization		35,189			35,029			138,910			135,984
Impairment charges		1,678			—			1,678			3,686
Loss on disposition of properties		393			—			834			—
Less:
Above/below-market rent, straight-line rent and other adjustments		(4,760	)		(1,951	)		(17,735	)		(20,617	)
Consolidated NOI		59,267			54,269			229,905			209,599

Redeemable noncontrolling interest in consolidated NOI		(1,994	)		(1,160	)		(6,127	)		(4,420	)
Noncontrolling interest in consolidated NOI		(17,226	)		(16,465	)		(69,540	)		(59,597	)
Less: Operating Partnership's interest in Investment Management NOI included above		(7,083	)		(5,358	)		(25,496	)		(19,816	)
Add: Operating Partnership's share of unconsolidated joint ventures NOI (5)		3,027			2,986			11,531			14,249
Core Portfolio NOI	$	35,991		$	34,272		$	140,273		$	140,015

Reconciliation of Same-Property NOI

(Unaudited, Dollars in thousands)


	Three Months Ended December 31,						Year Ended December 31,
	2024			2023			2024			2023
Core Portfolio NOI	$	35,991		$	34,272		$	140,273		$	140,015
Less properties excluded from Same-Property NOI		(3,340	)		(3,378	)		(11,680	)		(18,392	)
Same-Property NOI	$	32,651		$	30,894		$	128,593		$	121,623

Percent change from prior year period		5.7	%					5.7	%

Components of Same-Property NOI:
Same-Property Revenues	$	46,266		$	44,958		$	183,157		$	175,244
Same-Property Operating Expenses		(13,615	)		(14,064	)		(54,564	)		(53,621	)
Same-Property NOI	$	32,651		$	30,894		$	128,593		$	121,623

13

ACADIA REALTY TRUST AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (1)

(Unaudited, Dollars in thousands, except shares)


	As of
	December 31, 2024			December 31, 2023
ASSETS
Investments in real estate, at cost
Buildings and improvements	$	3,174,250		$	3,128,650
Tenant improvements		304,645			257,955
Land		906,031			872,228
Construction in progress		23,704			23,250
Right-of-use assets - finance leases		61,366			58,637
Total		4,469,996			4,340,720
Less: Accumulated depreciation and amortization		(926,022	)		(823,439	)
Operating real estate, net		3,543,974			3,517,281
Real estate under development		129,619			94,799
Net investments in real estate		3,673,593			3,612,080
Notes receivable, net ($2,004 and $1,279 of allowance for credit losses as of December 31, 2024 and December 31, 2023, respectively)		126,584			124,949
Investments in and advances to unconsolidated affiliates		209,232			197,240
Other assets, net		223,767			208,460
Right-of-use assets - operating leases, net		25,531			29,286
Cash and cash equivalents		16,806			17,481
Restricted cash		22,897			7,813
Marketable securities		14,771			33,284
Rents receivable, net		58,022			49,504
Assets of properties held for sale		—			11,057
Total assets	$	4,371,203		$	4,291,154

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Liabilities:
Mortgage and other notes payable, net	$	953,700		$	930,127
Unsecured notes payable, net		569,566			726,727
Unsecured line of credit		14,000			213,287
Accounts payable and other liabilities		232,726			229,375
Lease liabilities - operating leases		27,920			31,580
Dividends and distributions payable		24,505			18,520
Distributions in excess of income from, and investments in, unconsolidated affiliates		16,514			7,982
Total liabilities		1,838,931			2,157,598
Commitments and contingencies
Redeemable noncontrolling interests		30,583			50,339

Equity:
Acadia Shareholders' Equity
Common shares, $0.001 par value per share, authorized 200,000,000 shares, issued and outstanding 119,657,594 and 95,361,676 shares, respectively		120			95
Additional paid-in capital		2,436,285			1,953,521
Accumulated other comprehensive income		38,650			32,442
Distributions in excess of accumulated earnings		(409,383	)		(349,141	)
Total Acadia shareholders’ equity		2,065,672			1,636,917
Noncontrolling interests		436,017			446,300
Total equity		2,501,689			2,083,217
Total liabilities, redeemable noncontrolling interests, and equity	$	4,371,203		$	4,291,154

14

ACADIA REALTY TRUST AND SUBSIDIARIES

Notes to Financial Highlights:

(1)

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.

(2)

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.

(3)

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 depreciable 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;

15

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.

(4)

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

(5)

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

(6)

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

16

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, 2024


Section I – Fourth Quarter 2024 Earnings Press Release

Section II – Financial Information
Company Information	3
Market Capitalization	4
Forward Equity Offerings	5
Operating Statements
Consolidated Statements of Operations	6
Statements of Operations - Pro-rata Adjustments	8
Consolidated Balance Sheet	9
Balance Sheet - Pro-rata Adjustments	10
Funds from Operations (“FFO”), FFO Before Special Items, Adjusted Funds from Operations ("AFFO")	11
EBITDA	12
Same Property Net Operating Income	13
Fee Income Detail	14
Structured Financing	15
Other Information
Transactional Activity	16
2025 Guidance	17
Net Asset Valuation Information	19
Selected Financial Ratios	20
Debt Analysis
Summary	21
Detail	22
Maturities	24
Interest Rate Summary	26

Section III – Core Portfolio Information
Core Properties	27
Core Top Tenants	30
Core Lease Expirations	31
Core New and Renewal Rent Spreads	32
Core Capital Expenditures	33

Section IV – Investment Management Information
Fund Overview	34
Investment Management Properties	35
Investment Management Lease Expirations	39
Development and Redevelopment Activity	41

Section V – Other Information
Important Notes	42

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


Supplemental Report – December 31, 2024		Company Information

Acadia Realty Trust is an equity real estate investment trust that owns and operates a high-quality core real estate portfolio ("Core" or "Core Portfolio") of street and open-air retail properties in the nation's most dynamic retail corridors, along with an investment management platform that targets opportunistic and value-add investments through its institutional co-investment vehicles (“Investment Management”). For further information, please visit www.acadiarealty.com.


Contact Information

	Corporate Headquarters	Investor Relations	New York Stock Exchange
	411 Theodore Fremd Avenue	(914) 288-8100	Symbol AKR
	Suite 300	investorrelations@acadiarealty.com
	Rye, NY 10580






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	Table of Contents

    
    Market Capitalization

    Supplemental Report – December 31, 2024  

    (Including pro-rata share of Investment Management 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 2	Common OP Units	Total	Quarter	YTD	Quarter	YTD
Equity Capitalization
Common Shares	119,658			Balance at 12/31/2023	95,362	5,345	100,707
Common Operating Partnership ("OP") Units	4,709			Vesting RS and LTIPs	9	417	426
Combined Common Shares and OP Units 2	124,367			OP Conversions	795	(795)	—
				Issuance of Shares	6,987	—	6,987
Share Price at December 31, 2024	$24.16			Other	3	—	3
				Balance at 3/31/2024	103,156	4,967	108,123	102,128	102,128	111,051	111,051
Equity Capitalization - Common Shares and OP Units	$3,004,707			Vesting RS and LTIPs	44	32	76
Preferred OP Units 3	6,186			OP Conversions	400	(255)	145
Total Equity Capitalization	3,010,893	72%	72%	Issuance of Shares	1,652	—	1,652
				Other	15	—	15
Debt Capitalization				Balance at 6/30/2024	105,267	4,744	110,011	103,592	102,860	111,837	111,096
Consolidated debt 4	1,547,947
Adjustment to reflect pro-rata share of debt	(369,730)			OP Conversions	96	(32)	64
Total Debt Capitalization	1,178,217	28%	28%	Issuance of Shares	8,533	—	8,533
				Other	6	—	6
Total Market Capitalization 2	$4,189,110	100%	100%	Balance at 9/30/2024	113,902	4,712	118,614	108,351	104,704	117,004	113,264

				OP Conversions	3	(3)	—
				Issuance of Shares	5,750	—	5,750
				Other	3	—	3
				Balance at 12/31/2024	119,658	4,709	124,367	118,750	108,258	126,255	116,078

Reflects debt net of $33,866 Core Portfolio and pro-rata share of Investment Management cash.

Does not include the Common Shares sold under the Forward Equity Offerings (refer to page 5).

Represents 188 Series A and 66,519 Series C Preferred OP Units convertible into 25,067 and 230,967 Common OP Units, respectively, multiplied by the Common Share price at quarter end.

Reflects consolidated debt excluding $10,681 of unamortized premium and unamortized loan costs.


	4	Table of Contents

    
    Forward Equity Offerings

    Supplemental Report – December 31, 2024  

    (in thousands)



Forward Equity Offerings	Shares			Anticipated Net Proceeds Remaining1

Beginning balance, October 1, 2024		5,750		$	131,800
Shares sold during the fourth quarter and 2025 to-date2		11,172			276,768
Shares settled during the fourth quarter and 2025 to-date		(5,750	)		(131,800	)
Ending balance, December 31, 2024 and 2025 to-date		11,172		$	276,768

Amounts received upon settlement are subject to customary adjustments in accordance with the forward sales contracts.

Includes shares sold of 262,211 in January 2025 for anticipated net proceeds of $6.3 million.


	5	Table of Contents

    
    Consolidated Statements of Operations

    Supplemental Report – December 31, 2024

    (in thousands)



	December 31, 2024 1
	Quarter			Year Ended
Revenues
Rental income	$	91,579		$	349,530
Other		1,755			10,159
Total revenues		93,334			359,689
Expenses
Depreciation and amortization		35,189			138,910
General and administrative		10,397			40,559
Real estate taxes		12,535			46,049
Property operating		16,772			66,000
Impairment charges		1,678			1,678
Total expenses		76,571			293,196

(Loss) gain on disposition of properties		(393	)		(834	)
Operating income		16,370			65,659
Equity in (losses) earnings of unconsolidated affiliates		(774	)		15,178
Interest income		6,575			25,085
Realized and unrealized holding (losses) gains on investments and other		904			(5,014	)
Interest expense		(21,904	)		(92,557	)
Income from continuing operations before income taxes		1,171			8,351
Income tax provision		(11	)		(212	)
Net income		1,160			8,139
Net loss attributable to redeemable noncontrolling interests		1,397			7,915
Net loss attributable to noncontrolling interests		5,967			5,596
Net income attributable to Acadia Shareholders	$	8,524		$	21,650


	December 31, 2024 1
	Quarter		Year Ended
Reconciliation of Revenues to Consolidated GAAP Revenues
Total Revenues	$	87,650	$	340,900
Straight-line rent income		2,705		6,114
Above/below-market rent income		1,800		5,951
Asset and property management fees		283		874
Development, construction, leasing and legal fees		741		1,095
Other income		155		4,755
Consolidated Total GAAP Revenues	$	93,334	$	359,689





Reconciliation of Operating Expenses to Consolidated GAAP Property Operating Expenses
Property operating - CAM and Other	$	13,973	$	53,398
Other property operating (Non-CAM)		2,651		12,007
Asset and property management expense		148		595
Consolidated Total GAAP Operating Expenses	$	16,772	$	66,000


	6	Table of Contents

    
    Consolidated Statements of Operations - Detail

    Supplemental Report – December 31, 2024

    (in thousands)



	December 31, 2024 1
CORE PORTFOLIO AND INVESTMENT MANAGEMENT INCOME	Quarter			Year Ended
REVENUES
Minimum rents	$	69,392		$	268,460
Percentage rents		514			2,027
Expense reimbursements - CAM		8,334			34,118
Expense reimbursements - Taxes		8,848			32,920
Other property income		562			3,375
Total Revenues		87,650			340,900

EXPENSES
Property operating - CAM		13,049			52,344
Other property operating (Non-CAM)		2,651			12,007
Real estate taxes		12,535			46,049
Asset and property management expense		148			595
Total Expenses		28,383			110,995

NET OPERATING INCOME - PROPERTIES		59,267			229,905

OTHER INCOME (EXPENSE)
Interest income		6,575			25,085
Straight-line rent income		2,705			6,114
Above/below-market rent income		1,800			5,951
Interest expense 2		(19,233	)		(82,474	)
Amortization of finance costs		(2,153	)		(8,049	)
Above/below-market interest expense		5			27
Finance lease interest expense		(523	)		(2,061	)
Other (expense) income		(814	)		3,270
Impairment charges		(1,678	)		(1,678	)
CORE PORTFOLIO AND INVESTMENT MANAGEMENT INCOME		45,951			176,090

FEE AND OTHER INCOME 3
Asset and property management fees		283			907
Development, construction, leasing and legal fees		741			1,095
Total Investment Management Fee Income		1,024			2,002

Net promote and other transactional income		—			—
Total Investment Management Fee Income, Net Promote and Other Transactional Income		1,024			2,002

Realized gains on marketable securities, net		3,685			14,188
Less: previously recognized unrealized gains on marketable securities sold		(3,685	)		(14,188	)
Unrealized gains (losses) on marketable securities		949			(4,616	)
Income tax provision		(11	)		(212	)
Total Fee and Other Income (Loss)		1,962			(2,826	)

General and Administrative		(10,397	)		(40,559	)

Depreciation and amortization		(35,097	)		(138,547	)
Non-real estate depreciation and amortization		(92	)		(363	)
(Loss) gain on disposition of properties		(393	)		(834	)
Gain (loss) before equity in earnings and noncontrolling interests		1,934			(7,039	)

Equity in (losses) earnings of unconsolidated affiliates		(774	)		15,178
Noncontrolling interests (including redeemable noncontrolling interests)		7,364			13,511

NET INCOME ATTRIBUTABLE TO ACADIA SHAREHOLDERS	$	8,524		$	21,650


	7	Table of Contents

    
    Statements of Operations – Pro-Rata Adjustments7

    Supplemental Report – December 31, 2024

    (in thousands)



	Quarter Ended December 31, 2024						Year Ended December 31, 2024
CORE PORTFOLIO AND INVESTMENT MANAGEMENT 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	$	(28,076	)	$	12,430		$	(115,524	)	$	53,641
Percentage rents		(145	)		93			(586	)		371
Expense reimbursements - CAM		(4,390	)		1,874			(17,711	)		7,557
Expense reimbursements - Taxes		(3,731	)		1,955			(14,115	)		7,925
Other property income		(293	)		76			(1,371	)		524
Total Revenues		(36,635	)		16,428			(149,307	)		70,018

EXPENSES
Property operating - CAM		(6,303	)		2,304			(25,020	)		8,650
Other property operating (Non-CAM)		(561	)		138			(3,075	)		898
Real estate taxes		(4,834	)		3,008			(18,269	)		12,220
Asset and property management expense		(397	)		519			(1,786	)		2,330
Total Expenses		(12,095	)		5,969			(48,150	)		24,098
NET OPERATING INCOME - PROPERTIES		(24,540	)		10,459			(101,157	)		45,920

OTHER INCOME (EXPENSE)
Interest income		(146	)		46			(475	)		102
Straight-line rent income		(536	)		471			(3,844	)		2,979
Above/below-market rent (expense) income		(736	)		638			(2,881	)		2,219
Interest expense		12,545			(4,536	)		49,426			(18,719	)
Amortization of finance costs		939			(288	)		3,868			(1,302	)
Above/below-market interest expense		—			—			—			135
Finance lease interest expense		345			(102	)		1,369			(403	)
Other (expense) income		(119	)		(1	)		(1,089	)		28
Impairment charges		928			—			928			—
CORE PORTFOLIO AND INVESTMENT MANAGEMENT INCOME		(11,320	)		6,687			(53,855	)		30,959

FEE AND OTHER INCOME 3
Asset and property management fees		2,613			152			11,485			598
Development, construction, leasing and legal fees		1,027			97			5,737			387
Total Investment Management Fee Income		3,640			249			17,222			985

Net promote and other transactional income		—			—			—			—
Total Investment Management Fee Income, Net Promote and Other Transactional Income		3,640			249			17,222			985

Income tax provision		(18	)		(2	)		38			(14	)
Total Fee and Other Income (Loss)		3,622			247			17,260			971

General and Administrative		725			(438	)		2,730			(1,326	)
Depreciation and amortization		14,693			(7,261	)		62,186			(31,089	)
Loss (gain) on disposition of properties		7			(9	)		(13,743	)		15,663
Gain (loss) before equity in earnings and noncontrolling interests		7,727			(774	)		14,578			15,178

Equity in (losses) earnings of unconsolidated affiliates		—			—			—			—
Noncontrolling interests 6		(363	)		—			(1,067	)		—

NET INCOME (LOSS) ATTRIBUTABLE TO ACADIA SHAREHOLDERS	$	7,364		$	(774	)	$	13,511		$	15,178


	8	Table of Contents

    
    Balance Sheet

    Supplemental Report – December 31, 2024

    (in thousands)


ASSETS	Consolidated Balance Sheet			Line Item Details:
Real estate
Buildings and improvements	$	3,174,250		Components of Real estate under development:
Tenant improvements		304,645		Core	$	98,255
Land		906,031		Fund III		31,364
Construction in progress		23,704		Total	$	129,619
Right-of-use assets - finance leases		61,366
		4,469,996
Less: Accumulated depreciation and amortization		(926,022	)
Operating real estate, net		3,543,974
Real estate under development		129,619		Summary of other assets, net:
Net investments in real estate		3,673,593		Deferred charges, net	$	39,189
Notes receivable, net ($2,004 of allowance for credit losses)		126,584		Accrued interest receivable		32,154
Investments in and advances to unconsolidated affiliates		209,232		Due from seller		2,343
Lease intangibles, net		86,853		Prepaid expenses		15,448
Other assets, net		136,914		Other receivables		2,523
Right-of-use assets - operating leases, net		25,531		Income taxes receivable		1,475
Cash and cash equivalents		16,806		Corporate assets, net		563
Restricted cash		22,897		Deposits		12,074
Marketable securities		14,771		Derivative financial instruments		31,145
Straight-line rents receivable, net		40,760		Total	$	136,914
Rents receivable, net		17,262
Total assets	$	4,371,203

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Liabilities:
Mortgage and other notes payable, net		953,700		Summary of accounts payable and other liabilities:
Unsecured notes payable, net		569,566		Lease liability - finance leases, net	$	31,374
Unsecured line of credit		14,000		Accounts payable and accrued expenses		68,354
Accounts payable and other liabilities		155,192		Deferred income		39,351
Lease liabilities - operating leases		27,920		Tenant security deposits, escrow and other		14,515
Dividends and distributions payable		24,505		Derivative financial instruments		1,598
Lease intangibles, net		77,534		Total	$	155,192
Distributions in excess of income from, and investments in, unconsolidated affiliates		16,514
Total liabilities		1,838,931
Commitments and contingencies
Redeemable noncontrolling interests		30,583
Shareholders' Equity
Common shares		120
Additional paid-in capital		2,436,285
Accumulated other comprehensive income		38,650
Distributions in excess of accumulated earnings		(409,383	)
Total Acadia shareholders’ equity		2,065,672
Noncontrolling interests		436,017
Total equity		2,501,689
Total liabilities, redeemable noncontrolling interests, and equity	$	4,371,203


	9	Table of Contents

    
    Balance Sheet – Pro-rata Adjustments7

    Supplemental Report – December 31, 2024

    (in thousands)


ASSETS	Noncontrolling Interest in Consolidated Subsidiaries 4			Company’s Interest in Unconsolidated Subsidiaries 5
Real estate
Buildings and improvements	$	(202,684	)	$	80,864
Tenant improvements		(812,838	)		297,732
Land		(62,650	)		19,835
Construction in progress		(6,486	)		2,254
Right-of-use assets - finance leases		(22,571	)		22,057
		(1,107,229	)		422,742
Less: Accumulated depreciation and amortization		168,676			(81,796	)
Operating real estate, net		(938,553	)		340,946
Real estate under development		(23,667	)		2,216
Net investments in real estate		(962,220	)		343,162
Notes receivable, net ($2,004 of allowance for credit losses)		65,902			—
Investments in and advances to unconsolidated affiliates		(33,752	)		(145,779	)
Lease intangibles, net		(32,278	)		11,479
Other assets, net		5,133			6,252
Right-of-use assets - operating leases, net		(1,571	)		—
Cash and cash equivalents		(10,844	)		6,324
Restricted cash		(7,645	)		6,727
Marketable securities		—			—
Straight-line rents receivable, net		(11,178	)		6,602
Rents receivable, net		(5,835	)		2,109
Total assets	$	(994,288	)	$	236,876

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgage and other notes payable, net	$	(568,222	)	$	210,644
Unsecured notes payable, net		—			—
Unsecured line of credit		—			—
Accounts payable and other liabilities		(27,722	)		22,361
Lease intangibles, net		(29,249	)		12,204
Lease liabilities - operating leases		(1,650	)		4
Dividends and distributions payable		—			—
Lease liability - finance leases		(21,169	)		8,179
Distributions in excess of income from, and investments in, unconsolidated affiliates		—			(16,516	)
Total liabilities		(648,012	)		236,876
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)		(346,276	)		—
Total equity		(346,276	)		—
Total liabilities, redeemable noncontrolling interests, and equity	$	(994,288	)	$	236,876

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

Net of consolidated capitalized interest of $2.1 million and $7.3 million for the three months and year ended December 31, 2024, respectively.

Refer to Fee Income Detail 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 (which consists of unconsolidated Core properties but also includes Investment Management assets that are held off-balance sheet), 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 $0.4 million and $1.1 million, respectively, for the three months and year ended December 31, 2024.

The Company currently has controlling ownership interests in both (a) Investment Management (represented by Funds II, III, IV & V) and (b) non-wholly owned Core assets. All properties which the Company is deemed to control are consolidated within the Company's financial statements.


	10	Table of Contents

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

    Supplemental Report – December 31, 2024

    (in thousands, except per share amounts)



	Quarter Ended												Year Ended			Quarter Ended			Year Ended
	March 31, 2024			June 30, 2024			September 30, 2024			December 31, 2024			December 31, 2024			December 31, 2023			December 31, 2023
Funds from operations ("FFO"):
Net Income (Loss) attributable to Acadia	$	3,269		$	1,443		$	8,414		$	8,524		$	21,650		$	(1,337	)	$	19,873
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share)		27,087			26,291			26,407			27,665			107,450			27,689			109,732
Loss (gain) on disposition on real estate properties (net of noncontrolling interest share)		275			568			(2,324	)		395			(1,086	)		—			—
Impairment charges (net of noncontrolling interest share)		—			—			—			750			750			—			852
Income attributable to noncontrolling interests' share in Operating Partnership		326			187			465			430			1,408			92			1,774
FFO to Common Shareholders and Common OP Unit holders - Diluted	$	30,957		$	28,489		$	32,962		$	37,764		$	130,172		$	26,444		$	132,231

Unrealized holding loss (gain) (net of noncontrolling interest share)		2,015			2,308			1,242			(949	)		4,616			(352	)		(3,762	)
Realized gain		3,994			3,586			2,923			3,685			14,188			2,265			4,636
FFO before Special Items attributable to Common Shareholder and Common OP Unit holders 1	$	36,966		$	34,383		$	37,127		$	40,500		$	148,976		$	28,357		$	133,105

Less: Non-cash and non-recurring gain from BBBY lease termination		—			—			—			—			—			—			(7,758	)
Funds From Operations Before Special Items attributable to Common Shareholders and Common OP Unit holders, excluding BBBY gain 2	$	36,966		$	34,383		$	37,127		$	40,500		$	148,976		$	28,357		$	125,347

Adjusted Funds from operations ("AFFO"):
FFO	$	30,957		$	28,489		$	32,962		$	37,764		$	130,172		$	26,444		$	132,231
Unrealized holding loss (gain) (net of noncontrolling interest share)		2,015			2,308			1,242			(949	)		4,616			(352	)		(3,762	)
Realized gain		3,994			3,586			2,923			3,685			14,188			2,265			4,636
Straight-line rent, net		(196	)		(977	)		(1,436	)		(2,640	)		(5,249	)		(611	)		(1,690	)
Above/below-market rent		(1,175	)		(1,316	)		(1,096	)		(1,702	)		(5,289	)		(1,583	)		(14,904	)
Amortization of finance costs		1,096			1,540			1,345			1,502			5,483			1,226			4,477
Above/below-market interest		(43	)		(109	)		(5	)		(5	)		(162	)		(56	)		(209	)
Non-real estate depreciation		91			91			89			92			363			91			363
Stock-based compensation		3,938			2,406			2,388			2,400			11,132			2,261			10,581
Leasing commissions		(560	)		(1,362	)		(544	)		(1,908	)		(4,374	)		(2,208	)		(5,941	)
Tenant improvements		(1,212	)		(907	)		(2,701	)		(3,676	)		(8,496	)		(1,708	)		(10,594	)
Maintenance capital expenditures		(1,640	)		(2,143	)		(2,037	)		(2,053	)		(7,873	)		(1,434	)		(8,618	)
AFFO to Common Shareholders and Common OP Unit holders	$	37,265		$	31,606		$	33,130		$	32,510		$	134,511		$	24,335		$	106,570

Total weighted-average diluted shares and OP Units		111,051			111,837			117,004			126,255			116,078			102,963			102,928

Diluted FFO per Common share and OP Unit:
FFO	$	0.28		$	0.25		$	0.28		$	0.30		$	1.12		$	0.26		$	1.28

FFO before Special Items	$	0.33		$	0.31		$	0.32		$	0.32		$	1.28		$	0.28		$	1.29

FFO before Special Items, excluding non-cash and non-recurring BBBY gain 2	$	0.33		$	0.31		$	0.32		$	0.32		$	1.28		$	0.28		$	1.22

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


	11	Table of Contents

    
    EBITDA

    Supplemental Report – December 31, 2024

    (in thousands)


	Quarter Ended						Year Ended
	December 31,						December 31,
	2024			2023			2024			2023
EBITDA:

Net Income (Loss) Attributable to Acadia	$	8,524		$	(1,337	)	$	21,650		$	19,873

Adjustments:
Depreciation and amortization		27,757			27,780			107,813			110,095
Interest expense		11,224			16,040			51,767			64,111
Amortization of finance costs		1,502			1,226			5,483			4,477
Above/below-market interest		(5	)		(56	)		(162	)		(209	)
(Gain) loss on disposition of properties		395			—			(1,086	)		—
Unrealized holding loss (gain) on investment in Albertsons and other		(949	)		(352	)		4,616			(3,762	)
Realized gain		3,685			2,265			14,188			4,636
Provision for income taxes		31			53			188			215
Impairment charges		750			—			750			852
Noncontrolling interest - OP		363			(31	)		1,067			1,282
EBITDA	$	53,277		$	45,588		$	206,274		$	201,570

Less: Realized gain		(3,685	)		(2,265	)		(14,188	)		(4,636	)
Core EBITDA excluding realized gains	$	49,592		$	43,323		$	192,086		$	196,934


	12	Table of Contents

    
    Core Portfolio – Same Property Performance 1

    Supplemental Report – December 31, 2024

    (in thousands)


	Quarter Ended December 31,						Change			Year Ended December 31,				Change
	2024			2023			Favorable/ (Unfavorable)			2024		2023		Favorable/ (Unfavorable)

Summary
Minimum rents	$	36,851		$	34,572			6.6	%	$	144,403	$	137,066		5.4	%
Expense reimbursements		8,802			9,714			(9.4	)%		35,689		35,055		1.8	%
Other property income		613			672			(8.8	)%		3,065		3,123		(1.9	)%

Total Revenue		46,266			44,958			2.9	%		183,157		175,244		4.5	%

Expenses
Property operating - CAM & Real estate taxes		12,083			12,340			2.1	%		48,185		46,867		(2.8	)%
Other property operating (Non-CAM)		1,532			1,724			11.1	%		6,379		6,754		5.6	%

Total Expenses		13,615			14,064			3.2	%		54,564		53,621		(1.8	)%

Same Property NOI - Core properties	$	32,651		$	30,894			5.7	%	$	128,593	$	121,623		5.7	%

Reconciliation of Same Property NOI to Core NOI
NOI of Properties excluded from Same Property NOI		3,340			3,378						11,680		18,392
Core NOI	$	35,991		$	34,272					$	140,273	$	140,015


Other same property information
Physical Occupancy at the end of the period		93.1	%		93.1	%
Leased Occupancy at the end of the period		95.8	%		95.1	%

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


	13	Table of Contents

    
    Fee Income Detail 1

    Supplemental Report – December 31, 2024

    (in thousands)


	Fund II		Fund III		Fund IV		Fund V		Other 2		Total
Year to Date December 31, 2024
Asset and property management fees	$	340	$	87	$	2,705	$	9,049	$	809	$	12,990
Transactional fees		440		270		958		4,575		976		7,219
Total fees	$	780	$	357	$	3,663	$	13,624	$	1,785	$	20,209

Quarter Ended December 31, 2024
Asset and property management fees	$	95	$	18	$	515	$	2,154	$	266	$	3,048
Transactional fees		33		26		105		975		726		1,865
Total fees	$	128	$	44	$	620	$	3,129	$	992	$	4,913


Quarter Ended September 30, 2024
Asset and property management fees	$	90	$	22	$	616	$	2,991	$	188	$	3,907
Transactional fees		203		195		280		902		47		1,627
Total fees	$	293	$	217	$	896	$	3,893	$	235	$	5,534


Quarter Ended June 30, 2024
Asset and property management fees	$	80	$	26	$	709	$	2,000	$	199	$	3,014
Transactional fees		85		34		290		1,251		150		1,810
Total fees	$	165	$	60	$	999	$	3,251	$	349	$	4,824

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

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.

Other includes fees generated from non-wholly owned joint ventures (within both Core and Investment Management) as well as third-party managed assets.

(1)


	14	Table of Contents

     
    Structured Financing Portfolio

    Supplemental Report – December 31, 2024

    (in thousands)


	September 30, 2024						Quarter Ended December 31, 2024											Stated			Effective
	Principal		Accrued		Ending				Repayments/		Current			Accrued		Ending		Interest			Interest			Maturity
Investment	Balance		Interest		Balance		Issuances		Conversions		Principal			Interest		Balance		Rate			Rate			Dates 1,3
First mortgage notes 1,2	$	59,801	$	3,809	$	63,610	$	—	$	—	$	59,801		$	3,809	$	63,610		5.99	%		6.39	%	Sept 2025

Other notes 2,4		135,351		46,837		182,188		167		—		135,518			52,160		187,678		11.63	%		11.73	%	Sept 2024 - Dec 2027

Total Core notes receivable	$	195,152	$	50,646	$	245,798	$	167	$	—	$	195,319		$	55,969	$	251,288		9.90	%		10.09	%

__________


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

Total Notes Receivable per above											$	195,319
Allowance for credit loss												(2,833	)
Total pro-rata Notes Receivable											$	192,486

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, 2024.

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.

Certain first mortgage notes have extension options subject to customary conditions.

Includes one Core Portfolio note with a principal balance of $54.0 million that matured on January 9, 2025 and was extended to February 25, 2025 as the parties are finalizing a longer term extension.


	15	Table of Contents

    
    Transactional Activity

    Supplemental Report – December 31, 2024

    (in thousands)


PROPERTY ACQUISITIONS AND DISPOSITIONS

Property Name	Location	Date of Transaction	Transaction Amount 1		Ownership % 2			Investment Management Share		Acadia Share

ACQUISITIONS 3

Core:
Bleecker Street Portfolio (4 assets)	New York, NY	September 2024	$	20,347		100.00	%	$	—	$	20,347
N. Henderson Avenue Expansion Parcels	Dallas, TX	September 2024 November 2024		14,289		100.00	%		—		14,289
123-129 North 6th Street	Brooklyn, NY	October 2024		35,343		100.00	%		—		35,343
109 North 6th Street	Brooklyn, NY	October 2024		19,040		100.00	%		—		19,040
92-94 Greene Street	New York, NY	October 2024		43,594		100.00	%		—		43,594
106 Spring Street 5	New York, NY	January 2025		55,000		100.00	%		—		55,000
73 Wooster Street 5	New York, NY	January 2025		25,000		100.00	%		—		25,000
Renaissance Portfolio 5, 6	Georgetown, Washington D.C.	January 2025		117,120		48.00	%		—		117,120

Investment Management:
Other Co-Investment Vehicles:
Shops at Grand Avenue 3	Queens, NY	May 2024		48,509		5.00	%		2,425		2,425
Walk at Highwoods Preserve 4	Tampa, FL	July 2024		31,766		20.00	%		6,353		6,353
LINQ Promenade	Las Vegas, NV	December 2024		277,469		15.00	%		41,620		41,620

TOTAL ACQUISITIONS			$	687,477				$	50,398	$	380,131

DISPOSITIONS

Core:
Shops at Grand Avenue 3	Queens, NY	May 2024	$	48,250		100.00	%	$	48,250	$	48,250
Walk at Highwoods Preserve 4	Tampa, FL	October 2024		31,366		100.00	%		31,366		31,366

Investment Management:
Fund IV:
2207 & 2208-2216 Fillmore	San Francisco, CA	April 2024		14,060		90.00	%		12,654		2,926
Paramus Plaza	Paramus, NJ	June 2024		36,800		50.00	%		18,400		4,254

Fund V:
Canton Marketplace	Canton, GA	June 2024		2,200		100.00	%		2,200		442
Frederick Crossing	Frederick, MD	September 2024		47,200		90.00	%		42,480		8,538

TOTAL DISPOSITIONS			$	179,876				$	155,350	$	95,776


STRUCTURED FINANCING ACTIVITY

Note Description	Transaction Type	Date of Transaction	Transaction Amount		Ownership % 1			Investment Management Share		Acadia Share

Core:
Georgetown Renaissance Portfolio	Partner Loan	May 2024	$	7,631		100.00	%	$	—	$	7,631

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

Ownership percentages for those properties in Funds II, III, IV, and V within our Investment Management platform represent the respective Investment Management’s ownership, not the Company’s proportionate share.

This was a single transaction in which the Company sold a 95% interest in Shops at Grand Avenue. The difference between the $48,509 acquisition amount and the $48,250 disposition amount is due to acquisition costs, which are included in the acquisition amount. Refer to footnote 2.

In October 2024, the Company completed the capitalization of this investment with the sale of an 80% interest to an affiliate of Cohen & Steers Capital Management, Inc.

Acquisitions that closed after December 31, 2024 do not reflect certain acquisitions costs that may be subsequently capitalized.

Reflects the Company’s additional 48% ownership interest in the Georgetown Renaissance Portfolio effective January 2025.


	16	Table of Contents

    
    2025 Guidance

    Supplemental Report – December 31, 2024

     (in millions, except per share amounts)


	2025 Guidance Forecast
	Low			High		2024 Actual
(in $ millions, except per share amounts)		$ Millions	$/Share	$ Millions	$/Share	$ Millions	$/Share

Net earnings per share attributable to Acadia shareholders		$26.2	$0.22	$32.1	$0.27	$21.7	$0.19
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interests' share)			0.96		0.96		0.92
Gain on disposition of properties (net of noncontrolling interests' share)			—		—		(0.01)
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			$1.19		$1.24		$1.12
Net unrealized holding loss1,2			—		—		0.04
Funds From Operations Before Special Items and Realized Gains per share attributable to Common Shareholders and Common OP Unit holders			$1.19		$1.24		$1.16
Realized gains and promotes 2			0.11		0.15		0.12
Funds From Operations Before Special Items per share attributable to Common Shareholders and Common OP Unit holders			$1.30		$1.39		$1.28


	17	Table of Contents

    
    2025 Guidance

    Supplemental Report – December 31, 2024

     (in millions, except per share amounts)


	2025 Guidance Forecast
	Low			High		2024 Actual
(in $ millions, except per share amounts)		$ Millions	$/Share	$ Millions	$/Share	$ Millions	$/Share
FFO Comprises:
Core property NOI		$160		$162		$140
Investment Management property NOI		38		39		34
Total NOI		198		201		174

Core and Investment Management straight-line and above/below market rents		12		14		11
Interest income (Structured Finance Portfolio) 3		26		27		25
Fund fee and other income		20		22		20
Termination/other income 4		2		2		2
Realized gains and promotes 2		16		19		14
General and administrative		(42)		(44)		(39)
Total interest expense and other, net 5		(65)		(63)		(58)

Funds from Operations before Special Items per share attributable to Common Shareholders and Common OP Unit holders		$167.0	$1.30	$178.0	$1.39	$149.0	$1.28
Realized gains and promotes 2		(15)		(19)		(14)
Funds from Operations before Special Items and Realized Gains per share attributable to Common Shareholders and Common OP Unit holders		$152.0	$1.19	$159.0	$1.24	$134.8	$1.16
Net unrealized holding loss1		—	—	—	—	(5)	(0.04)
NAREIT Funds from operations per share attributable to Common Shareholders and Common OP Unit holders		$152.0	$1.19	$159.0	$1.24	$130.2	$1.12

Additional Guidance Assumptions 6
Fully diluted common shares - weighted average 7		119.0		119.0		108.3
Fully diluted common shares and OP Units - weighted average		128.0		128.0		116.1
Same property net operating income growth		5.0%		6.0%		5.7%

This represents the unrealized mark-to-market holding gains (losses) related to the Company’s investment in Albertsons, which was recognized in NAREIT FFO for the year ended December 31, 2024. The Company has not reflected any forward-looking estimates involving future unrealized holding gains or losses (i.e. changes in share price) on Albertsons in its 2025 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.

2025 guidance (both high and low) for interest income assumes that the City Point partner loan remains outstanding throughout the full year, consistent with 2024.

Included within our 2025 guidance is Core NOI and Termination/other income of approximately $6.0 million and $2.0 million, respectively, which is anticipated to be recognized in the first quarter of 2025 related to its lease with Whole Foods at City Center in San Francisco, CA. Included in Termination/other income in 2024 represents $2.0 million associated with a termination fee from a property sale.

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

Consistent with prior years, 2025 guidance does not reflect any accretion or dilution from acquisitions or dispositions that may occur throughout the year. Guidance will be updated, as appropriate, as such transactions occur.

2025 guidance and shares outstanding excludes the impact of the settlement of 11.1 million shares reported on page 5, Forward Equity Offerings.


	18	Table of Contents

    
    Net Asset Valuation Information

    Supplemental Report – December 31, 2024

    (in thousands)


	CORE			FUND II 3			FUND III			FUND IV			FUND V			Other Co-Investment Vehicles 5		Total Investment Management

Acadia Ownership Percentage	N/A				61.67	%		24.54	%		23.12	%		20.10	%

Current Quarter NOI
At Pro-Rata 1
Net Operating Income 2	$	35,991		N/A3			$	118		$	833		$	4,812		$	532	$	6,295
Less:
Net operating loss (income) from properties sold or assets held for sale		—		N/A3				—			(7	)		93			—		85
Net operating (income) loss from pre-stabilized assets, development and redevelopment projects 4		(2,631	)	N/A 3				(118	)		(210	)		—			—		(328	)
Net Operating Income of stabilized assets	$	33,360		N/A 3			$	—		$	616		$	4,905		$	532	$	6,053

Costs to Date (Pro-Rata)
Assets held for sale	$	—		N/A 3			$	—		$	—		$	—		$	—	$	—
Pre-stabilized assets 4		153,196		N/A 3				14,343			30,999			—			—		45,342
Development and redevelopment projects 6		662,100		N/A 3				7,700			27,800			—			—		35,500
Total Costs to Date	$	815,296		N/A 3			$	22,043		$	58,799		$	—		$	—	$	80,842

Debt (Pro-Rata)	$	878,923		$	79,886		$	8,098		$	33,300		$	147,660		$	30,350	$	299,294

This Net Asset Valuation Information page shows Acadia’s pro-rata portion of the Core and Investment Management 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. Amounts omitted as only remaining asset is City Point.

Pre-stabilized assets consist of the following projects for Core: Route 6 Mall, Mad River, 664 N. Michigan Avenue and 651-671 West Diversey; Fund II: City Point; Fund III: 640 Broadway; Fund IV: 210 Bowery, 801 Madison, 27 E 61st Street and 1035 Third Avenue.

Other Co-investment vehicles currently include the Company’s ownership interest in Shops at Grand Avenue, Walk at Highwoods Preserve and the LINQ Promenade.

Refer to Development and Redevelopment Activity page for projects.


	19	Table of Contents

    
    Selected Financial Ratios

    Supplemental Report – December 31, 2024

    (in thousands, except per share amounts)



	Quarter Ended December 31,						Year Ended December 31,							Quarter Ended December 31,
COVERAGE RATIOS 1	2024			2023			2024			2023			LEVERAGE RATIOS	2024			2023
Fixed-Charge Coverage Ratios													Debt/Market Capitalization Ratios

EBITDA2 divided by:	$	53,277		$	45,588		$	206,274		$	201,570		Debt + Preferred Equity (Preferred OP Units)	$	1,184,403		$	1,452,214
Interest expense		11,224			16,040			51,767			64,111		Total Market Capitalization		4,189,110			3,163,226
Principal Amortization		1,783			1,214			10,705			4,857		Debt + Preferred Equity/
Preferred Dividends3		67			123			341			492		Total Market Capitalization		28	%		46	%
Fixed-Charge Coverage Ratio - Core Portfolio and Investment Management		4.1	x		2.6	x		3.3	x		2.9	x
													Net debt 4	$	1,150,537		$	1,433,551
Payout Ratios													Total Market Capitalization		4,189,110			3,163,226
													Net Debt + Preferred Equity/
Dividends declared (per share/OP Unit)	$	0.19		$	0.18		$	0.74		$	0.72		Total Market Capitalization		27	%		45	%

Dividends (Shares) & Distributions (OP Units) declared	$	24,420		$	18,495		$	87,364		$	73,964
FFO 3		37,764			26,444			130,172			132,231
FFO Payout Ratio		65	%		70	%		67	%		56	%	Debt/EBITDA Ratios

AFFO 3		32,510			24,335			134,511			106,570		Net debt 4		1,144,351			1,425,669
AFFO Payout Ratio		75	%		76	%		65	%		69	%	EBITDA		206,274			201,570
													EBITDA excluding Realized Gains		192,086			212,151
FFO Before Special Items		40,500			28,357			148,976			133,105		Net Debt/EBITDA - Core and Investment Management		5.5	x		7.1	x
FFO Before Special Items Payout Ratio		60	%		65	%		59	%		56	%	Net Debt/EBITDA excluding Realized Gains - Core and Investment Management		6.0	x		6.7	x

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.

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

Represents preferred distributions on Preferred Operating Partnership Units.

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

Reflects debt net of the current Core Portfolio and pro-rata share of the Investment Management cash and restricted cash balance at end of period.


	20	Table of Contents

    
    Portfolio Debt –  Summary

    Supplemental Report – December 31, 2024

    (in thousands)


	Acadia Pro-Rata Share of Debt 2
	Core Portfolio				Investment Management				Total																Reconciliation to Consolidated Debt as Reported
Debt Type	Principal Balance		WA Years to Maturity 6		Principal Balance		WA Years to Maturity 6		Principal Balance			WA Years to Maturity 6		Swap Notional (7)			Adjusted Debt Total		Interest Rate			%			Add: Noncontrolling Interest Share of Debt 3		Less: Pro-rata Share of Unconsolidated Debt 4			Acadia Consolidated Debt as Reported
Fixed-Rate Debt 1	$	271,961		3.9	$	21,879		3.1	$	293,840			3.9		884,377			1,178,217					100	%	$	21,580	$	(57,205	)	$	1,142,592
Variable-Rate Debt 5		606,962		3.5		277,415		1.4		884,377			2.9		(884,377	)		—					—	%		550,139		(144,784	)		405,355

Total	$	878,923		3.6	$	299,294		1.5	$	1,178,217			3.1	$	—		$	1,178,217		4.9	%		100	%	$	571,719	$	(201,989	)		1,547,947

Unamortized premium										212																					212
Net unamortized loan costs										(9,732	)																				(10,893	)
Contingent loan obligation										10,991																					—
Total									$	1,179,688																				$	1,537,266

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.

Acadia’s pro-rata notional amount of swaps varies from the Swap Interest Rate Summary page due to probable forecasted issuances of debt associated with its acquisition pipeline.


	21	Table of Contents

     
     Portfolio Debt  –  Detail

     Supplemental Report – December 31, 2024

     (in thousands)


		Principal Balance at		Acadia's Pro-rata Share					Interest		Extension
Property		December 31, 2024		Percent			Amount		Rate	Maturity Date	Options

CORE PORTFOLIO

Fixed-Rate Debt


840 N. Michigan Avenue 2		$	30,000		91.85	%	$	27,555	N/A	12/10/26	None
239 Greenwich Avenue			26,000		75.00	%		19,500	4.00%	07/10/27	1x60 mos.
$20M Senior Note, Series A			20,000		100.00	%		20,000	5.86%	08/21/27	None
Georgetown Portfolio (2008 Investment)			13,949		50.00	%		6,975	4.72%	12/10/27	None
555 9th Street			57,500		100.00	%		57,500	3.99%	01/01/28	1x24 mos.
State & Washington			20,690		100.00	%		20,690	4.40%	09/05/28	None
$80M Senior Note, Series B			80,000		100.00	%		80,000	5.94%	08/21/29	None
North & Kingsbury			9,953		100.00	%		9,953	4.01%	11/05/29	None
151 N. State Street			11,830		100.00	%		11,830	4.03%	12/01/29	None
Concord & Milwaukee			2,204		100.00	%		2,204	4.40%	06/01/30	None
Gotham Plaza			28,000		49.00	%		13,720	5.90%	10/05/34	None
California & Armitage			2,034		100.00	%		2,034	5.89%	04/15/35	None

Sub-Total Fixed-Rate Debt			302,160					271,961

Variable-Rate Debt

Georgetown Portfolio (2016 Investment)			152,000		20.00	%		30,400	SOFR+2.65%	11/06/26	2x12 mos.
3104 M Street 3			4,058		20.00	%		812	PRIME	01/01/27	2x12 mos.
Sullivan Center			50,000		100.00	%		50,000	SOFR+1.60%	11/16/28	None
Crossroads Shopping Center			75,000		49.00	%		36,750	SOFR+1.95%	11/04/29	2x12 mos.
Revolving Credit Facility 4			14,000		100.00	%		14,000	SOFR+1.35%	04/15/28	2x6 mos.
Term Loan			400,000		100.00	%		400,000	SOFR+1.50%	04/15/28	2x6 mos.
$75 Million Term Loan			75,000		100.00	%		75,000	SOFR+1.75%	07/29/29	None

Sub-Total Variable-Rate Debt			770,058					606,962

Total Debt - Core Portfolio		$	1,072,218				$	878,923

INVESTMENT MANAGEMENT

Fixed-Rate Debt

650 Bald Hill Road	Fund IV		14,996		20.81	%		3,120	3.75%	06/01/26	None
Shoppes at South Hills	Fund V		32,256		18.09	%		5,835	5.95%	03/01/28	1x12 mos.
Broughton Street Portfolio	Fund IV		25,939		23.12	%		5,998	5.62%	06/01/28	None
Canton Marketplace	Fund V		34,460		20.10	%		6,926	6.29%	06/01/28	None

Sub-Total Fixed-Rate Debt			107,650					21,879

Variable-Rate Debt 1

Palm Coast Landing	Fund V		25,301		20.10	%		5,086	SOFR+1.86%	01/30/25	None
Eden Square	Fund IV		23,556		20.81	%		4,901	SOFR+2.35%	03/01/25	2x3 mos.
Acadia Strategic Opportunity Fund IV Term Loan	Fund IV		36,200		23.12	%		8,369	SOFR+2.56%	03/31/25	None
Midstate	Fund V		50,200		20.10	%		10,090	SOFR+2.50%	04/28/25	2x12 mos.
New Towne Center	Fund V		16,037		20.10	%		3,223	SOFR+2.20%	05/01/25	1x12 mos.
Fairlane Green	Fund V		31,639		20.10	%		6,360	SOFR+2.30%	06/05/25	1x12 mos.
Trussville Promenade	Fund V		28,109		20.10	%		5,650	SOFR+2.30%	06/15/25	1x12 mos.
City Point	Fund II		137,485		58.10	%		79,886	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	Fund IV		1,332		20.81	%		277	SOFR+2.25%	10/01/25	None
Tri-City Plaza	Fund V		35,554		18.09	%		6,432	SOFR+2.00%	10/18/25	None
Lincoln Commons	Fund V		35,595		20.10	%		7,155	SOFR+3.10%	11/25/25	1x24 mos.
717 N Michigan Avenue	Fund IV		46,000		23.12	%		10,635	SOFR+3.33%	12/09/25	None
Frederick County Square	Fund V		24,871		18.09	%		4,499	SOFR+2.51%	01/01/26	None
Hiram Pavilion	Fund V		27,088		20.10	%		5,445	SOFR+2.30%	03/05/26	1x12 mos.
Hickory Ridge	Fund V		26,708		20.10	%		5,368	SOFR+2.30%	10/05/26	1x12 mos.
Monroe Marketplace	Fund V		25,300		20.10	%		5,085	SOFR+2.76%	11/12/26	None
Maple Tree Place	Fund V		43,400		20.10	%		8,723	SOFR+2.85%	02/14/27	2x12 mos.
Wood Ridge Plaza	Fund V		36,097		18.09	%		6,530	SOFR+2.90%	03/21/27	None
La Frontera	Fund V		55,500		18.09	%		10,040	SOFR+2.61%	06/10/27	None
Landstown Commons	Fund V		58,849		20.10	%		11,829	SOFR+2.20%	10/24/27	2x12 mos.
Family Center at Riverdale	Fund V		38,372		17.97	%		6,897	SOFR+2.46%	11/01/27	None
LINQ Promenade	IMP		175,000		15.00	%		26,250	SOFR+1.75%	12/12/27	1x24 mos.
Plaza Santa Fe	Fund V		22,893		20.10	%		4,601	SOFR+2.10%	12/20/27	2x12 mos.


	22	Table of Contents

     
     Portfolio Debt  –  Detail

     Supplemental Report – December 31, 2024

     (in thousands)


		Principal Balance at		Acadia's Pro-rata Share					Interest		Extension
Property		December 31, 2024		Percent			Amount		Rate	Maturity Date	Options
Elk Grove Commons	Fund V		41,000		20.10	%		8,241	SOFR+2.00%	12/20/27	1x12 mos.
Mohawk Commons	Fund V		39,650		18.09	%		7,173	SOFR+2.00%	03/01/28	None
The Walk at Highwoods Preserve	IMP		20,500		20.00	%		4,100	SOFR+2.50%	10/25/28	1x12 mos.

Sub-Total Variable-Rate Debt			1,167,435					277,415
Total Debt - Investment Management			1,275,085					299,294
Total Debt - Core Portfolio and Investment Management		$	2,347,303				$	1,178,217

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 fixed 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.

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 zero.

Bears interest at the greater of 7.00% or the Prime Rate.

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


	23	Table of Contents

    
    Future Debt Maturities 1

    Supplemental Report – December 31, 2024

    (in thousands)


Core Portfolio	Contractual Debt Maturities						Acadia's Pro-Rata Share								Weighted Average2
	Scheduled						Scheduled		Fixed		Variable				Fixed-	Variable-
Year	Amortization		Maturities		Total		Amortization		Maturities		Maturities		Total		Rate Debt	Rate Debt

2025	$	2,676	$	—	$	2,676	$	2,266	$	—	$	—	$	2,266	N/A	N/A
2026		5,559		182,000		187,559		5,069		27,555		30,400		63,024	—	2.65%
2027		5,265		61,316		66,581		4,952		45,053		756		50,761	4.91%	—
2028		1,900		534,362		536,262		1,866		70,361		464,000		536,227	4.10%	1.51%
2029		1,886		246,338		248,224		1,538		97,088		111,383		210,009	5.53%	1.88%
Thereafter		1,296		29,620		30,916		1,296		15,340		—		16,636	5.71%	N/A
Total	$	18,582	$	1,053,636	$	1,072,218	$	16,987	$	255,397	$	606,539	$	878,923


Investment Management	Contractual Debt Maturities						Acadia's Pro-Rata Share								Weighted Average2
	Scheduled						Scheduled		Fixed		Variable				Fixed-	Variable-
Year	Amortization		Maturities		Total		Amortization		Maturities		Maturities		Total		Rate Debt	Rate Debt

2025	$	6,490	$	530,557	$	537,047	$	1,259	$	—	$	162,310	$	163,569	N/A	2.65%
2026		4,466		115,657		120,123		852		2,992		19,866		23,710	3.75%	2.46%
2027		3,484		465,768		469,252		656		—		82,093		82,749	N/A	2.22%
2028		486		148,177		148,663		93		18,302		10,871		29,266	5.97%	2.18%
2029		—		—		—		—		—		—		—	N/A	N/A
Thereafter		—		—		—		—		—		—		—	N/A	N/A
Total	$	14,926	$	1,260,159	$	1,275,085	$	2,860	$	21,294	$	275,140	$	299,294

Does not include any applicable extension options or subsequent refinancing.

The amounts in the table reflect the all-in fixed rate for maturing debt with a fixed rate, and the spread above the applicable index (typically SOFR) on variable rate debt. The rate does not reflect the all-in rate for variable rate obligations. Refer to Swap Interest Rate Summary page for interest rate protection agreements that fix our variable rate debt.


	24	Table of Contents

    
    Future Debt Maturities – As Extended 1

    Supplemental Report – December 31, 2024

    (in thousands)


Core Portfolio	Extended Debt Maturities 1						Acadia's Pro-Rata Share								Weighted Average2
	Scheduled						Scheduled		Fixed		Variable				Fixed-	Variable-
Year	Amortization		Maturities		Total		Amortization		Maturities		Maturities		Total		Rate Debt	Rate Debt

2025	$	2,676	$	—	$	2,676	$	2,266	$	—	$	—	$	2,266	N/A	N/A
2026		5,559		30,000		35,559		5,069		27,555		—		32,624	—	N/A
2027		5,265		32,402		37,667		4,952		26,201		—		31,153	5.57%	N/A
2028		1,900		219,862		221,762		1,866		17,862		80,400		100,128	4.40%	2.00%
2029		1,886		589,866		591,752		1,538		97,088		489,756		588,382	5.53%	1.55%
Thereafter		1,296		181,506		182,802		1,296		86,692		36,382		124,370	4.32%	1.95%
Total	$	18,582	$	1,053,636	$	1,072,218	$	16,987	$	255,398	$	606,538	$	878,923


Investment Management	Extended Debt Maturities 1						Acadia's Pro-Rata Share								Weighted Average2
	Scheduled						Scheduled		Fixed		Variable				Fixed-	Variable-
Year	Amortization		Maturities		Total		Amortization		Maturities		Maturities		Total		Rate Debt	Rate Debt

2025	$	6,490	$	167,372	$	173,862	$	1,259	$	—	$	35,594	$	36,853	N/A	2.56%
2026		4,466		276,851		281,317		852		2,992		104,517		108,361	3.75%	2.57%
2027		3,484		296,300		299,784		656		—		56,954		57,610	N/A	2.63%
2028		486		170,806		171,292		93		12,718		23,110		35,921	5.98%	2.60%
2029		—		348,830		348,830		—		5,585		54,964		60,549	5.95%	2.09%
Thereafter		—		—		—		—		—		—		—	N/A	N/A
Total	$	14,926	$	1,260,159	$	1,275,085	$	2,860	$	21,295	$	275,139	$	299,294

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


	25	Table of Contents

    
    Swap Interest Rate Summary 1

    Supplemental Report – December 31, 2024

    (in thousands)


Maturity	Acadia's Pro-rata Notional Amount		Weighted Average Fixed SOFR (2)
January 2025	$	2,604	1.6%
March 2025		25,000	2.1%
April 2025		8,522	2.6%
June 2025		12,024	4.4%
October 2025		6,432	4.2%
March 2026		5,445	4.5%
April 2026		11,020	2.9%
May 2026		3,224	3.5%
October 2026		5,369	3.7%
November 2026		34,552	4.5%
December 2026		6,040	4.3%
June 2027		5,020	3.4%
July 2027		125,000	2.4%
December 2027		118,291	2.7%
March 2028		57,173	2.8%
April 2028		50,000	3.3%
November 2028		50,000	2.9%
February 2029		50,000	2.5%
June 2029		25,000	2.0%
July 2029		75,000	2.8%
October 2029		4,100	3.7%
November 2029		36,750	3.8%
December 2029		79,052	3.5%
July 2030		125,000	2.8%

As of December 31, 2024	$	920,618	2.9%

Includes the Company's pro-rata share of consolidated and unconsolidated interest rate swaps to hedge against interest variability on Core and Investment Management debt.

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


	26	Table of Contents

     
     Core Portfolio Retail Properties – Detail 1

     Supplemental Report – December 31, 2024


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

STREET AND URBAN RETAIL
Chicago Metro							`
Rush and Walton Streets Collection (6 properties)	Lululemon, Reformation, Veronica Beard, St. Laurent, Brandy Melville	2011 2012	100.0%	40,590	—	—	40,590	68.2%	—%	—%	68.2%	93.0%	$6,559,920	$237.08
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	79.9%	—%	—%	79.9%	79.9%	1,889,078	44.54
Halsted and Armitage Collection (13 properties)	Serena and Lily, Faherty, Allbirds, Warby Parker, Marine Layer, Kiehl's	2011 2012 2019 2020	100.0%	53,220	—	—	53,220	85.8%	—%	—%	85.8%	100.0%	2,312,080	50.66
North Lincoln Park Chicago Collection (6 properties)	Guitar Center, Carhartt	2011 2014	100.0%	22,125	—	27,796	49,921	13.6 %	—%	77.6%	49.2%	49.2%	888,099	36.16
State and Washington	Nordstrom Rack, Uniqlo	2016	100.0%	65,401	—	—	65,401	100.0%	—%	—%	100.0%	100.0%	2,768,673	42.33
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%	1,949,790	46.66
Concord and Milwaukee	—	2016	100.0%	13,147	—	—	13,147	100.0%	—%	—%	100.0%	100.0%	480,419	36.54
California and Armitage	—	2016	100.0%	—	—	18,275	18,275	—%	—%	78.8%	78.8%	78.8%	744,239	51.71
Roosevelt Galleria	Petco, Vitamin Shoppe, Dollar Tree	2015	100.0%	—	—	37,995	37,995	—%	—%	89.7%	89.7%	89.7%	823,131	24.15
Sullivan Center	Target	2016	100.0%	176,181	—	—	176,181	78.9%	—%	—%	78.9%	82.2%	5,209,877	37.49
				492,939	—	84,066	577,005	82.2%	—%	83.3%	82.4%	86.5%	$25,198,306	$53.00
New York Metro
Soho Collection/West Village (17 properties)	Zimmermann, Club Monaco, Madewell, Watches of Switzerland, Stone Island, Frame, Theory, Bang & Olufsen, Marine Layer	2011 2014 2019 2020 2022 2024	100.0%	54,811	—	—	54,811	94.3%	—%	—%	94.3%	100.0%	$17,606,187	$340.54
5-7 East 17th Street	—	2008	100.0%	8,658	—	—	8,658	47.1%	—%	—%	47.1%	100.0%	742,500	$182.03
200 West 54th Street	—	2007	100.0%	5,932	—	—	5,932	90.7%	—%	—%	90.7%	90.7%	1,493,949	277.69
61 Main Street	Splendid	2014	100.0%	3,470	—	—	3,470	46.1%	—%	—%	46.1%	100.0%	153,072	95.67
181 Main Street	TD Bank	2012	100.0%	11,514	—	—	11,514	100.0%	—%	—%	100.0%	100.0%	1,091,009	94.75
4401 White Plains Road	Walgreens	2011	100.0%	—	12,964	—	12,964	—%	100.0%	—%	100.0%	100.0%	625,000	48.21
Bartow Avenue	Wingstop	2005	100.0%	—	—	14,824	14,824	—%	—%	100.0%	100.0%	100.0%	502,709	33.91
239 Greenwich Avenue	Watches of Switzerland	1998	75.0%	16,621	—	—	16,621	100.0%	—%	—%	100.0%	100.0%	1,902,510	114.46
252-256 Greenwich Avenue	Veronica Beard, The RealReal, Blue Mercury	2014	100.0%	7,986	—	—	7,986	100.0%	—%	—%	100.0%	100.0%	1,066,548	133.55
2914 Third Avenue	Planet Fitness	2006	100.0%	—	21,650	18,953	40,603	—%	100.0%	100.0%	100.0%	100.0%	1,114,907	27.46
868 Broadway	Dr. Martens	2013	100.0%	2,031	—	—	2,031	100.0%	—%	—%	100.0%	100.0%	881,322	433.94
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%	2,309,127	166.87
2520 Flatbush Avenue	Bob's Disc. Furniture, Capital One	2014	100.0%	—	—	29,114	29,114	—%	—%	100.0%	100.0%	100.0%	1,291,368	44.36
Williamsburg Collection 3 (3 properties)	Sephora, SweetGreen, Levain Bakery, 'Lululemon, Madewell	2022 2024	100.0%	64,644	—	—	64,644	96.3%	—%	—	96.3%	96.3%	7,344,559	118.01


	27	Table of Contents

     
     Core Portfolio Retail Properties – Detail 1

     Supplemental Report – December 31, 2024


991 Madison Avenue	Vera Wang, Gabriela Hearst	2016	100.0%	7,512	—	—	7,512	100.0%	—%	—%	100.0%	100.0%	3,679,704	489.84
Gotham Plaza	Bank of America, Footlocker, Apple Bank	2016	49.0 %	—	—	25,931	25,931	—%	—%	76.4%	76.4%	83.9%	1,643,919	82.94
				203,617	34,614	88,822	327,053	93.9%	100.0 %	93.1 %	94.3%	97.8%	$43,975,467	$142.58
Los Angeles Metro
8833 Beverly Blvd	Luxury Living	2022	97.0 %	9,757	—	—	9,757	100.0%	—%	—%	100.0%	100.0%	$1,350,377	$138.40
Melrose Place Collection	The Row, Chloe, Oscar de la Renta	2019	100.0 %	14,000	—	—	14,000	100.0%	—%	—%	100.0%	100.0%	3,143,926	224.57
				23,757	—	—	23,757	100.0%	—%	—%	100.0%	100.0%	$4,494,303	$189.18
District of Columbia Metro
1739-53 & 1801-03 Connecticut Avenue	—	2012	100.0 %	20,669	—	—	20,669	21.9%	—%	—%	21.9%	21.9%	$297,104	$65.77
14th Street Collection (3 properties)	Verizon	2021	100.0 %	19,077	—	—	19,077	63.5%	—%	—%	63.5%	100.0%	1,032,106	85.14
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%	1,919,422	35.60
M Street and Wisconsin Corridor (27 Properties) 4	Lululemon, Duxiana, Rag and Bone, Reformation, Glossier, Alo Yoga, Aritzia, Tesla	2011 2016 2019	26.7 %	262,399	—	—	262,399	94.1%	—%	—%	94.1%	95.3%	18,739,549	75.89
				302,145	25,134	32,533	359,812	87.2%	100.0 %	88.5 %	88.2%	91.1%	$21,988,180	$69.26
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 %	89,916	31,635	—	121,551	84.2%	100.0%	—%	88.3%	93.3%	$4,508,540	$42.00

Total Street and Urban Retail				1,113,424	91,383	205,421	1,410,228	86.3%	100.0%	88.4%	87.5%	91.1%	$100,477,372	$81.46

Acadia Share Total Street and Urban Retail				916,714	91,383	192,196	1,200,293	84.7%	100.0%	89.2%	86.6%	90.5%	$86,255,518	$83.01

SUBURBAN PROPERTIES
New Jersey
Elmwood Park Shopping Center	Walgreens, Lidl, Chase Bank, City MD	1998	100.0 %	—	43,531	100,457	143,988	—%	100.0%	85.2%	89.7%	96.9%	3,424,439	26.53
Marketplace of Absecon	Walgreens, Dollar Tree, Aldi	1998	100.0 %	—	46,724	57,832	104,556	—%	28.3%	80.4%	57.1%	78.3%	1,001,110	16.78

New York
Village Commons Shopping Center	Citibank, Ace Hardware	1998	100.0 %	—	—	87,128	87,128	—%	—%	87.6%	87.6%	88.8%	2,668,772	34.95
Branch Plaza	LA Fitness, The Fresh Market	1998	100.0 %	—	76,264	47,081	123,345	—%	100.0%	86.8%	94.9%	94.9%	3,313,672	28.29
Amboy Center	Stop & Shop (Ahold)	2005	100.0 %	—	37,266	26,106	63,372	—%	100.0%	80.8%	92.1%	92.1%	2,067,733	35.42
Crossroads Shopping Center	HomeGoods, PetSmart, BJ's Wholesale Club	1998	49.0 %	—	202,727	105,475	308,202	—%	100.0%	80.2%	93.2%	98.1%	9,230,225	32.12
New Loudon Center	Price Chopper, Marshalls	1993	100.0 %	—	241,746	16,643	258,389	—%	100.0%	100.0%	100.0%	100.0%	2,506,021	9.70
28 Jericho Turnpike	Kohl's	2012	100.0 %	—	96,363	—	96,363	—%	100.0%	—%	100.0%	100.0%	1,996,500	20.72

Connecticut
Town Line Plaza 5	Wal-Mart, Stop & Shop (Ahold)	1998	100.0 %	—	163,159	43,187	206,346	—%	100.0%	79.1%	95.6%	98.5%	1,539,302	15.39


	28	Table of Contents

     
     Core Portfolio Retail Properties – Detail 1

     Supplemental Report – December 31, 2024


Massachusetts
Methuen Shopping Center	Wal-Mart, Market Basket	1998	100.0 %	—	120,004	10,017	130,021	—%	100.0%	100.0%	100.0%	100.0%	1,467,751	11.29
Crescent Plaza	Home Depot, Shaw's	1993	100.0 %	—	156,985	61,017	218,002	—%	100.0%	93.4%	98.2%	99.3%	2,133,737	9.97
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%	2,298,259	23.10

Illinois
Hobson West Plaza	Garden Fresh Markets	1998	100.0 %	—	51,692	47,270	98,962	—%	100.0%	84.9%	92.8 %	92.8%	1,365,585	14.87

Indiana
Merrillville Plaza	Dollar Tree, TJ Maxx, DD's Discount (Ross)	1998	100.0 %	—	123,144	112,782	235,926	—%	100.0%	88.1%	94.3 %	94.3%	3,210,836	14.43

Michigan
Bloomfield Town Square	HomeGoods, TJ Maxx, Dick's Sporting Goods, Burlington	1998	100.0 %	—	153,332	81,619	234,951	—%	100.0%	93.9%	97.9 %	98.7%	4,240,815	18.44

Delaware
Town Center and Other (1 property)	Lowes, Dick's Sporting Goods, Target	2003	100.0 %	—	678,430	21,891	700,321	—%	97.2%	86.3%	96.9 %	99.6%	12,112,222	17.85
Market Square Shopping Center	Trader Joe's, TJ Maxx	2003	100.0 %	—	42,850	59,197	102,047	—%	100.0%	96.8%	98.1%	100.0%	3,321,484	33.17
Naamans Road	Jared Jewelers, American Red Cross	2006	100.0 %	—	—	19,865	19,865	—%	—%	63.8%	63.8 %	100.0%	711,939	56.14

Pennsylvania
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%	993,248	27.22
Abington Towne Center 6	Target, TJ Maxx	1998	100.0 %	—	184,616	32,255	216,871	—%	100.0%	100.0%	100.0%	100.0%	1,359,630	22.95

Total Suburban Properties				—	2,692,899	1,012,295	3,705,194	—%	98.1 %	87.8 %	95.3 %	97.6 %	$64,122,472	$19.58

Acadia Share Total Suburban Properties				—	2,589,508	958,503	3,548,011	—%	98.0%	88.3%	95.4%	97.6%	$59,415,057	$18.99

Total Core Properties				1,113,424	2,784,282	1,217,716	5,115,422	86.3%	98.1%	87.9%	93.1%	95.8%	$164,599,844	$36.51

Acadia Share Total Core Properties				916,714	2,680,891	1,150,699	4,748,304	84.7%	98.0%	88.4%	93.1%	95.8%	$145,670,575	$34.96

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.


	29	Table of Contents

    
    Core Portfolio – Top Tenants 1

    Supplemental Report – December 31, 2024

    (Pro-Rata Basis)


	Number of		Combined				Percentage of Total 2
Tenant	Stores		GLA		ABR		GLA			ABR

Target		3		408,895	$	8,323,009		7.0	%		5.2	%
J.Crew Group 3		5		18,816		4,411,300		0.3	%		2.8	%
TJX Companies 4		9		252,043		3,105,924		4.3	%		2.0	%
Lululemon		3		10,483		3,086,459		0.2	%		1.9	%
Dick's Sporting Goods, Inc		2		149,782		2,965,770		2.5	%		1.9	%
Walgreens		4		68,393		2,887,312		1.2	%		1.8	%
PetSmart, Inc.		4		76,257		2,794,473		1.3	%		1.8	%
Trader Joe's		3		40,862		2,532,593		0.7	%		1.6	%
Fast Retailing 5		2		32,013		2,513,797		0.5	%		1.6	%
ALO Yoga		2		22,566		2,447,658		0.4	%		1.5	%
Supervalu Inc. 6		2		123,409		2,061,142		2.1	%		1.3	%
Bob's Discount Furniture		2		68,793		2,027,670		1.2	%		1.3	%
Tapestry 7		2		4,250		1,799,519		0.1	%		1.1	%
Watches of Switzerland 8		2		13,863		1,756,483		0.2	%		1.1	%
Royal Ahold 9		2		103,125		1,711,582		1.8	%		1.1	%
Ulta Salon Cosmetic & Fragrance		3		31,497		1,550,757		0.5	%		1.0	%
The Home Depot		2		187,914		1,345,020		3.1	%		0.8	%
Citibank		4		16,160		1,337,924		0.3	%		0.8	%
Gap 10		2		37,895		1,329,165		0.6	%		0.8	%
Michaels Stores, Inc.		2		45,285		1,283,810		0.8	%		0.8	%
TOTAL		60		1,712,301	$	51,271,367		29.1	%		32.2	%

In accordance with the Company's policy of not disclosing the terms of individual leases, this list does not include tenants that operate at only one Acadia Core location. The following tenants with single locations that would otherwise be included in our top 20 tenants are: Lowe's (Town Center), Kohl's (28 Jericho Turnpike), Bang & Olufsen (Soho), Nordstrom Rack (State and Washington) and Vera Wang (991 Madison).

Totals may not foot due to rounding.

Madewell (4 locations), J.Crew Factory (1 location)

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)

Stop and Shop (2 locations)

10.

Old Navy (2 locations)


	30	Table of Contents

    
    Core Portfolio – Lease Expirations

    Supplemental Report – December 31, 2024

    (Pro-Rata Basis)


	Street Tenants												Anchor Tenants
			GLA					ABR							GLA					ABR
	Leases		Expiring		Percent					Percent			Leases		Expiring		Percent					Percent
Year	Expiring		SF		of Total			PSF		of Total			Expiring		SF		of Total			PSF		of Total
M to M 1		1		1,977		0.3	%	$	46.98		0.1	%		—		—		—	%	$	—		—	%
2025		31		129,659		16.7	%		103.56		17.4	%		9		376,598		15.9	%		19.14		19.5	%
2026		30		77,191		9.9	%		143.93		14.4	%		10		424,984		17.9	%		10.78		12.4	%
2027		23		42,732		5.5	%		141.62		7.8	%		5		155,675		6.6	%		21.38		9.0	%
2028		21		196,047		25.3	%		65.56		16.7	%		11		483,822		20.4	%		12.43		16.2	%
2029		28		64,091		8.3	%		101.52		8.4	%		13		440,142		18.5	%		14.92		17.7	%
2030		11		65,703		8.5	%		76.44		6.5	%		—		—		—	%		—		—	%
2031		7		38,428		5.0	%		85.40		4.3	%		2		50,566		2.1	%		16.97		2.3	%
2032		16		54,851		7.1	%		118.30		8.4	%		2		62,382		2.6	%		12.65		2.1	%
2033		23		53,959		7.0	%		141.47		9.9	%		1		28,881		1.2	%		14.50		1.1	%
2034		7		15,664		2.0	%		116.67		2.4	%		1		21,804		0.9	%		11.25		0.7	%
Thereafter		6		35,977		4.6	%		78.50		3.7	%		6		328,711		13.8	%		21.37		19.0	%
Total 2		204		776,277		100.0	%	$	99.35		100.0	%		60		2,373,565		100.0	%	$	15.60		100.0	%

Anchor GLA Owned by Tenants				—												254,916
Total Vacant 2				140,437												52,410
Total Square Feet 2				916,714												2,680,891

	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		—		—		—	%	$	—		—	%		1		1,977		0.0	%		46.98		0.1	%
2025		38		130,150		12.8	%		27.41		11.3	%		78		636,407		15.3	%		38.03		16.6	%
2026		34		120,143		11.8	%		26.53		10.1	%		74		622,317		14.9	%		30.34		13.0	%
2027		36		136,781		13.4	%		33.92		14.7	%		64		335,187		8.0	%		41.83		9.6	%
2028		35		143,791		14.1	%		35.25		16.1	%		67		823,660		19.8	%		29.06		16.4	%
2029		32		131,388		12.9	%		26.88		11.2	%		73		635,621		15.3	%		26.12		11.4	%
2030		9		22,285		2.2	%		40.95		2.9	%		20		87,988		2.1	%		67.45		4.1	%
2031		15		81,283		8.0	%		25.80		6.7	%		24		170,277		4.1	%		36.63		4.3	%
2032		24		94,920		9.3	%		33.09		10.0	%		42		212,153		5.1	%		49.11		7.2	%
2033		21		85,791		8.4	%		32.23		8.8	%		45		168,631		4.0	%		64.15		7.4	%
2034		10		31,966		3.1	%		29.84		3.0	%		18		69,434		1.7	%		43.59		2.1	%
Thereafter		11		38,893		3.8	%		42.58		5.3	%		23		403,581		9.7	%		28.51		7.9	%
Total 2		265		1,017,391		100.0	%	$	30.98		100.0	%		529		4,167,234		100.0	%	$	34.96		100.0	%

Anchor GLA Owned by Tenants				—												254,916
Total Vacant 2				133,308												326,155
Total Square Feet 2				1,150,699												4,748,304

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

Totals may not foot due to rounding.


	31	Table of Contents

    
    Core Portfolio – New and Renewal Rent Spreads 1

    Supplemental Report – December 31, 2024


	Quarter Ended																								Year Ended
	March 31, 2024						June 30, 2024						September 30, 2024						December 31, 2024						December 31, 2024
	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		2			2			4			4			5			5			3			3			14			14
GLA		3,460			3,460			10,929			10,929			12,542			12,542			53,354			53,354			80,285			80,285
New base rent	$	40.04		$	35.74		$	90.18		$	78.81		$	80.82		$	71.03		$	19.40		$	17.71		$	39.52		$	35.13
Previous base rent	$	29.91		$	30.90		$	49.69		$	50.77		$	46.84		$	48.74		$	13.33		$	15.69		$	24.23		$	26.28
Average cost per square foot	$	49.36		$	49.36		$	88.18		$	88.18		$	104.35		$	104.35		$	34.32		$	34.32		$	53.24		$	53.24
Weighted Average Lease Term (years)		10.0			10.0			9.7			9.7			11.6			11.6			11.9			11.9			11.5			11.5
Percentage growth in base rent		33.9	%		15.7	%		81.5	%		55.2	%		72.6	%		45.7	%		45.6	%		12.9	%		63.1	%		33.7	%

Renewal Leases
Number of renewal leases executed		20			20			14			14			7			7			15			15			56			56
GLA		184,391			184,391			67,887			67,887			173,205			173,205			120,895			120,895			546,378			546,378
New base rent	$	22.53		$	22.24		$	75.23		$	72.13		$	27.06		$	26.16		$	35.07		$	34.57		$	33.29		$	32.41
Expiring base rent	$	20.47		$	21.19		$	64.95		$	69.23		$	25.55		$	26.26		$	31.38		$	31.64		$	30.02		$	31.08
Average cost per square foot	$	0.45		$	0.45		$	—		$	—		$	0.58		$	0.58		$	1.24		$	1.24		$	0.61		$	0.61
Weighted Average Lease Term (years)		4.6			4.6			5.5			5.5			4.7			4.7			4.5			4.5			4.7			4.7
Percentage growth in base rent		10.1	%		5.0	%		15.8	%		4.2	%		5.9	%		(0.4	)%		11.8	%		9.2	%		10.9	%		4.3	%

Total New and Renewal Leases
Number of new and renewal leases executed		22			22			18			18			12			12			18			18			70			70
GLA commencing		187,851			187,851			78,816			78,816			185,747			185,747			174,249			174,249			626,663			626,663
New base rent	$	22.85		$	22.49		$	77.31		$	73.06		$	30.69		$	29.19		$	30.27		$	29.41		$	34.09		$	32.76
Expiring base rent	$	20.64		$	21.37		$	62.83		$	66.67		$	26.99		$	27.78		$	25.85		$	26.76		$	29.28		$	30.47
Average cost per square foot	$	1.35		$	1.35		$	12.23		$	12.23		$	7.58		$	7.58		$	11.37		$	11.37		$	7.35		$	7.35
Weighted Average Lease Term (years)		4.7			4.7			6.1			6.1			5.1			5.1			6.8			6.8			5.6			5.6
Percentage growth in base rent		10.7	%		5.2	%		23.0	%		9.6	%		13.7	%		5.1	%		17.1	%		9.9	%		16.4	%		7.5	%

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.

(1)


	32	Table of Contents

    
    Core Portfolio – Capital Expenditures

    Supplemental Report – December 31, 2024



	Quarter Ended								Year Ended
	March 31, 2024		June 30, 2024		September 30, 2024		December 31, 2024		December 31, 2024		December 31, 2023
Leasing Commissions	$	560	$	1,362	$	544	$	1,908	$	4,374	$	5,941
Tenant Improvements		1,212		907		2,701		3,676		8,496		10,594
Maintenance Capital Expenditures		1,640		2,143		2,037		2,053		7,873		8,618
Total Capital Expenditures	$	3,412	$	4,412	$	5,282	$	7,637	$	20,743	$	25,153


	33	Table of Contents

    
    Fund Overview

    Supplemental Report – December 31, 2024



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

Current-Quarter, Fund-Level Information:
Cumulative Contributions 2	$		86.6	Million	$		559.4	Million	$		448.1	Million	$		506.0	Million	$		468.8	Million	$		2,068.9	Million
Cumulative Net Distributions 3	$		195.4	Million	$		172.9	Million	$		603.5	Million	$		221.4	Million	$		150.8	Million	$		1,344.0	Million
Net Distributions/Contributions			225.6	%			30.9	%			134.7	%			43.8	%			32.2	%			65.0	%
Unfunded Commitment 4	$		0.0	Million	$		0.0	Million	$		1.9	Million	$		24.0	Million	$		51.2	Million	$		77.1	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		Fund I, II & III				0%
Asset Management 5		Fund IV				0.75% of Implied Capital
Asset Management 5		Fund V				1.25% of Implied Capital
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

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 first quarter 2023, Mervyns II distributed the Albertsons shares to its investors upon expiration of the lock-up agreement.

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. 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.

Implied Capital is Fund Size less capital attributed to sold investments or released.


	34	Table of Contents

     
     Investment Management Retail Properties – Detail 1

     Supplemental Report – December 31, 2024


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

Fund II Portfolio Detail

NEW YORK
New York
City Point 2	Primark, Target, Sephora, Basis Schools, Alamo Drafthouse, Trader Joe's, Bang Cookies	2007	94.2%	—	330,448	204,817	535,265	—%	100.0%	44.7%	78.8%	86.0%	$19,930,465	$47.23

Total - Fund II				—	330,448	204,817	535,265	—%	100.0%	44.7%	78.8%	86.0%	$19,930,465	$47.23

Fund III Portfolio Detail

NEW YORK
New York
640 Broadway	─	2012	100.0%	4,547	—	—	4,547	79.1%	—%	—%	79.1%	93.4%	$918,550	$255.37
Total - Fund III				4,547	—	—	4,547	79.1%	—%	—%	79.1%	93.4%	$918,550	$255.37

Fund IV Portfolio Detail

NEW YORK
New York
801 Madison Avenue	─	2015	100.0%	2,522	—	—	2,522	100.0%	—%	—%	100.0%	100.0%	$300,000	$118.95
210 Bowery	─	2012	100.0%	2,538	—	—	2,538	—%	—%	—%	—%	—%	—	—
27 East 61st Street	─	2014	100.0%	4,177	—	—	4,177	—%	—%	—%	—%	—%	—	—
17 East 71st Street	The Row	2014	100.0%	8,432	—	—	8,432	100.0%	—%	—%	100.0%	100.0%	2,116,939	251.06
1035 Third Avenue 3	─	2015	100.0%	7,634	—	—	7,634	92.1%	—%	—%	92.1%	92.1%	1,131,623	160.99

BOSTON
Massachusetts
Restaurants at Fort Point	Santander Bank	2016	100.0%	15,711	—	—	15,711	9.1%	—%	—%	9.1%	9.1%	224,438	157.50

NORTHEAST
Rhode Island
650 Bald Hill Road	Dick's Sporting Goods, Burlington	2015	90.0%	—	55,000	105,448	160,448	—%	100.0%	77.7%	85.3%	85.3%	2,092,896	15.28

MID-ATLANTIC
Delaware
Eden Square	Giant Food, LA Fitness	2014	90.0%	—	116,003	113,170	229,173	—%	100.0%	91.4%	95.8%	97.9%	3,549,965	16.17

SOUTHEAST
Georgia
Broughton Street Portfolio (13 properties)	H&M, Warby Parker, Kendra Scott, Starbucks	2014	100.0%	94,693	—	—	94,693	90.5%	—%	—%	90.5%	93.3%	3,275,948	38.21

WEST
California
Union and Fillmore Collection (1 property)	Bonobos	2015	90.0%	1,044	—	—	1,044	100.0%	—%	—%	100.0%	100.0%	147,585	141.36

Total - Fund IV				136,751	171,003	218,618	526,372	77.7%	100.0%	84.8%	87.9%	89.3%	$12,839,393	$27.75


	35	Table of Contents

     
     Investment Management Retail Properties – Detail 1

     Supplemental Report – December 31, 2024


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

SOUTHWEST
New Mexico
Plaza Santa Fe	TJ Maxx, Best Buy, Ross Dress for Less	2017	100.0%	—	153,983	70,169	224,152	—%	100.0%	86.2%	95.7%	99.9%	$4,115,611	$19.19

Texas
Wood Ridge Plaza	Kirkland's, Office Depot	2022	90.0%	—	—	217,617	217,617	—%	—%	90.0%	90.0%	91.9%	4,771,885	24.37
La Frontera Village	Kohl's, Hobby Lobby, Burlington, Marshalls	2022	90.0%	—	203,619	330,930	534,549	—%	85.0%	89.1%	87.5%	95.0%	6,923,194	14.80

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%	2,416,131	12.68
Fairlane Green	TJ Maxx, Michaels, Burlington	2017	100.0%	—	109,952	160,235	270,187	—%	100.0%	97.1%	98.3%	98.3%	5,245,306	19.75

NORTHEAST
Maryland
Frederick County (1 property)	Lidl, Advance Auto, Starbucks	2019	90.0%	—	90,053	146,454	236,507	—%	100.0%	82.5%	89.1%	92.3%	3,917,315	18.58

Connecticut
Tri-City Plaza	TJ Maxx, HomeGoods, ShopRite	2019	90.0%	—	129,940	172,769	302,709	—%	100.0%	84.0%	90.9%	94.7%	4,047,174	14.71

New Jersey
Midstate	ShopRite, Best Buy, DSW, PetSmart	2021	100.0%	—	270,423	122,466	392,889	—%	100.0%	72.7%	91.5%	94.7%	6,768,205	18.83

New York
Shoppes at South Hills	ShopRite, At Home, Ashley Furniture	2022	90.0%	—	416,804	96,104	512,908	—%	80.7%	58.2%	76.5%	76.5%	4,483,090	11.42
Mohawk Commons	Lowe's, Target	2023	90.0%	—	330,874	70,299	401,173	—%	100.0%	88.1%	97.9%	100.0%	5,647,885	14.38

Pennsylvania
Monroe Marketplace	Kohl's, Dick's Sporting Goods, Giant Food	2021	100.0%	—	263,376	108,276	371,652	—%	100.0%	100.0%	100.0%	100.0%	4,459,795	12.00

Rhode Island
Lincoln Commons	Stop and Shop, Marshalls, HomeGoods	2019	100.0%	—	155,279	305,534	460,813	—%	100.0%	95.7%	97.1%	97.1%	6,032,457	13.48

Vermont
Maple Tree Place 4	Shaw's, Dick's Sporting Goods, Best Buy, Old Navy	2023	100.0%	—	246,738	150,031	396,769	—%	100.0%	55.1%	83.0%	95.3%	6,535,336	19.84

SOUTHEAST
Virginia
Landstown Commons	Best Buy, Burlington, Ross Dress for Less	2019	100.0%	—	87,883	292,316	380,199	—%	100.0%	95.3%	96.4%	97.1%	7,651,902	20.89

Florida


	36	Table of Contents

     
     Investment Management Retail Properties – Detail 1

     Supplemental Report – December 31, 2024


		Year	Fund	Gross Leasable Area				In Place Occupancy				Leased	Annualized
Property	Key Tenants	Acquired	Ownership %	Street	Anchors	Shops	Total	Street	Anchors	Shops	Total	Occupancy	Base Rent (ABR)	ABR PSF
Palm Coast Landing	TJ Maxx, PetSmart, Ross Dress for Less	2019	100.0%	—	73,241	98,480	171,721	—%	100.0%	93.4%	96.2%	97.9%	3,520,424	21.30
Cypress Creek	Hobby Lobby, Total Wine, HomeGoods	2023	100.0%	—	167,978	71,678	239,656	—%	100.0%	95.1%	98.5%	98.5%	5,080,689	21.51

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%	4,783,801	12.66


Alabama
Trussville Promenade	Wal-Mart, Regal Cinemas	2018	100.0%	—	366,010	97,671	463,681	—%	100.0%	87.2%	97.3%	97.3%	4,480,140	9.93

Georgia
Canton Marketplace	Dick's Sporting Goods, TJ Maxx, Best Buy	2021	100.0%	—	132,569	215,397	347,966	—%	100.0%	94.4%	96.6%	100.0%	6,176,580	18.38
Hiram Pavilion	Kohl's, HomeGoods	2018	100.0%	—	210,139	153,252	363,391	—%	100.0%	96.7%	98.6%	98.6%	4,886,285	13.64

WEST
California
Elk Grove Commons	Kohl's, HomeGoods	2018	100.0%	—	132,489	109,589	242,078	—%	100.0%	97.3%	98.8%	100.0%	5,196,093	21.73

Utah
Family Center at Riverdale	Target, Home Goods, Best Buy, Sierra Trading (TJX)	2019	89.4%	—	231,895	140,513	372,408	—%	100.0%	94.5%	97.9%	97.9%	4,096,176	11.23

Total - Fund V				—	4,185,218	3,288,902	7,474,120	—%	97.4%	89.2%	93.8%	95.9%	$111,235,474	$15.87

Other Co-investment Vehicles Detail 5

NORTHEAST
New York
Shops at Grand Avenue	Stop & Shop (Ahold), Starbucks	2024	5.0%	—	52,336	47,501	99,837	—%	100.0%	100.0%	100.0%	100.0%	3,567,567	35.73
SOUTHEAST
Florida
Walk at Highwoods Preserve	HomeGoods, Michaels	2024	20.0%	—	80,894	56,862	137,756	—%	100.0%	88.2%	95.1%	95.1%	2,633,949	20.10
WEST
Nevada
LINQ Promenade	Yard House, Brooklyn Bowl, I Love Sugar, Starbucks, Welcome to Las Vegas	2024	15.0%	—	—	182,926	182,926	—%	—%	99.1%	99.1%	99.6%	14,600,887	80.52
Total - Other Co-investment Vehicles				—	133,230	287,289	420,519	—%	100.0%	97.1%	98.0%	98.2%	$20,802,403	$50.46

TOTAL INVESTMENT MANAGEMENT PROPERTIES				141,298	4,819,899	3,999,626	8,960,823	77.7%	97.7%	87.3%	92.7%	95.1%	$165,726,286	$19.95


	37	Table of Contents

     
     Investment Management Retail Properties – Detail 1

     Supplemental Report – December 31, 2024

     
    Year

    Fund

    Gross Leasable Area

    In Place Occupancy

    Leased

    Annualized

    Property

    Key Tenants

    Acquired

    Ownership %

    Street

    Anchors

    Shops

    Total

    Street

    Anchors

    Shops

    Total

    Occupancy

    Base Rent (ABR)

    ABR PSF

    Acadia Share of Total Investment Management Properties

    32,709

    1,059,100

    842,955

    1,934,764

    77.7%

    98.1%

    83.1%

    91.2%

    94.1%

    $39,205,971

    $22.21

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 (13 spaces).

Property also includes 93,259 sf of office space.

Other co-investment vehicles are presented at our pro rata share.


	38	Table of Contents

    
    Investment Management Lease Expirations

    Supplemental Report – December 31, 2024

    (Pro-Rata Basis)


	FUND II														FUND III
			GLA							ABR							GLA							ABR
	Leases		Expiring		Percent							Percent			Leases		Expiring		Percent							Percent
Year	Expiring		SF		of Total			Amount		PSF		of Total			Expiring		SF		of Total			Amount		PSF		of Total
M to M 1		—		—		—	%	$	—	$	—		—	%		—		—		—	%	$	—	$	—		—	%
2025		—		—		—	%		—		—		—	%		—		—		—	%		—		—		—	%
2026		1		1,426		0.6	%		164,531		115.36		1.4	%		—		—		—	%		—		—		—	%
2027		3		15,292		6.2	%		1,241,238		81.17		10.7	%		1		306		34.7	%		77,741		254.05		34.5	%
2028		1		552		0.2	%		107,618		195.00		0.9	%		—		—		—	%		—		—		—	%
2029		1		580		0.2	%		91,368		157.59		0.8	%		1		177		20.1	%		43,413		245.36		19.3	%
2030		—		—		—	%		—		—		—	%		1		226		25.6	%		57,142		252.55		25.4	%
2031		—		—		—	%		—		—		—	%		—		—		—	%		—		—		—	%
2032		4		78,364		32.0	%		1,252,647		15.98		10.8	%		—		—		—	%		—		—		—	%
2033		3		18,877		7.7	%		897,049		47.52		7.7	%		—		—		—	%		—		—		—	%
2034		4		4,968		2.0	%		516,158		103.91		4.5	%		1		173		19.6	%		47,117		272.35		20.9	%
Thereafter		9		125,076		51.0	%		7,307,624		58.43		63.1	%		—		—		—	%		—		—		—	%
Total 2		26		245,134		100.0	%	$	11,578,233	$	47.23		100.0	%		4		882		100.0	%	$	225,412	$	255.51		100.0	%

				65,818	Total Vacant 2													234	Total Vacant 2
				310,952	Total Square Feet 2													1,116	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		—		—		—	%	$	—	$	—		—	%		2		661		0.0	%	$	6,886	$	10.42		—	%
2025		7		2,344		2.4	%		527,199		224.92		18.6	%		98		242,265		17.8	%		3,386,935		13.98		16.0	%
2026		7		13,032		13.2	%		203,316		15.60		7.2	%		91		118,709		8.7	%		2,329,910		19.63		11.0	%
2027		11		8,316		8.4	%		268,480		32.28		9.5	%		92		205,930		15.1	%		2,796,478		13.58		13.0	%
2028		6		4,629		4.7	%		125,329		27.07		4.4	%		86		159,898		11.7	%		3,093,395		19.35		14.0	%
2029		6		28,775		29.2	%		584,442		20.31		20.6	%		98		218,823		16.1	%		3,387,985		15.48		16.0	%
2030		1		346		0.4	%		16,278		47.00		0.6	%		32		60,706		4.5	%		1,019,879		16.80		5.0	%
2031		3		1,488		1.5	%		123,159		82.78		4.3	%		33		77,034		5.7	%		1,142,004		14.82		5.0	%
2032		7		22,742		23.0	%		565,286		24.86		19.9	%		32		65,640		4.8	%		1,088,530		16.58		5.0	%
2033		5		12,850		13.0	%		294,267		22.90		10.4	%		32		61,006		4.5	%		1,158,476		18.99		5.0	%
2034		1		3,782		3.8	%		97,545		25.80		3.4	%		42		90,199		6.6	%		1,531,867		16.98		7.0	%
Thereafter		3		387		0.4	%		29,291		75.67		1.0	%		12		61,134		4.5	%		730,089		11.94		3.0	%
Total 2		57		98,691		100.0	%	$	2,834,592	$	28.72		100.0	%		650		1,362,005		100.0	%	$	21,672,434	$	15.91		100.0	%

				13,974	Total Vacant 2													88,044	Total Vacant 2
				112,665	Total Square Feet 2													1,450,049	Total Square Feet 2


	39	Table of Contents

    
    Investment Management Lease Expirations

    Supplemental Report – December 31, 2024

    (Pro-Rata Basis)


	OTHER CO-INVESTMENT VEHICLES
			GLA							ABR
	Leases		Expiring		Percent							Percent
	Expiring		SF		of Total			Amount		PSF		of Total
M to M 1		—		—		—	%	$	—	$	—		—	%
2025		7		1,749		3.0	%		215,768		123.39		7.5	%
2026		6		3,045		5.2	%		215,306		70.71		7.4	%
2027		12		13,704		23.5	%		395,951		28.89		13.7	%
2028		12		4,362		7.5	%		288,635		66.17		10.0	%
2029		15		18,161		31.1	%		1,057,149		58.21		36.5	%
2030		6		2,611		4.5	%		170,752		65.40		5.9	%
2031		2		2,038		3.5	%		139,298		68.34		4.8	%
2032		—		—		—	%		—		—		—	%
2033		5		11,348		19.4	%		332,644		29.31		11.5	%
2034		5		1,099		1.9	%		71,297		64.86		2.5	%
Thereafter		1		287		0.5	%		8,500		29.58		0.3	%
Total 2		71		58,404		100.0	%	$	2,895,300	$	49.57		100.0	%

				1,578	Total Vacant 2
				59,982	Total Square Feet 2

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

Totals may not foot due to rounding.


	40	Table of Contents

    
    Development and Redevelopment Activity

    Supplemental Report – December 31, 2024


						Acadia's Pro-rata Share
Property	AKR Pro-rata share	Location	Estimated Stabilization	Est. Sq ft Upon Completion		Costs prior to development / redevelopment		Incurred costs since development / redevelopment		Total Costs to Date		Estimated Future Range				Estimated Total Range
CORE

Development:
Henderson Avenue Expansion(1)	100.0%	Dallas, TX	2027/2028		176,000	$	23.9	$	20.3	$	44.2	$	24.0	$	124.0	$	68.2	$	168.2

Redevelopment:
City Center	100.0%	San Francisco, CA	2026		241,000		155.0		57.3		212.3		0.9		2.9		213.2		215.2
555 9th Street	100.0%	San Francisco, CA	TBD		149,000		141.7		14.3		156.0		10.7		20.7		166.7		176.7
840 N. Michigan Avenue	91.9%	Chicago, IL	TBD		87,000		152.3		0.1		152.4	TBD		TBD		TBD		TBD
Brandywine Holdings	100.0%	Wilmington, DE	2026		138,000		24.0		0.2		24.2		9.9		11.9		34.1		36.1
Westshore Expressway	100.0%	Staten Island, NY	TBD		55,000		18.6		—		18.6	TBD		TBD		TBD		TBD
Mark Plaza	100.0%	Edwardsville, PA	TBD		107,000		3.7		—		3.7	TBD		TBD		TBD		TBD
Bedford Green	100.0%	Bedford Hills, NY	TBD		91,000		50.7		—		50.7	TBD		TBD		TBD		TBD
Total Core Redevelopment						$	546.0	$	71.9	$	617.9	$	21.5	$	35.5	$	414.0	$	428.0

Total Core Development and Redevelopment						$	569.9	$	92.2	$	662.1	$	45.5	$	159.5	$	482.2	$	596.2

INVESTMENT MANAGEMENT

Development:
FUND III
Broad Hollow Commons	24.5%	Farmingdale, NY	2026/2027	TBD		$	3.0	$	4.7	$	7.7	TBD		TBD		TBD		TBD

Redevelopment:
FUND IV
717 N. Michigan Avenue	23.1%	Chicago, IL	TBD	TBD			26.9		0.9		27.8	TBD		TBD		TBD		TBD
Total Investment Management Development and Redevelopment						$	29.9	$	5.6	$	35.5	$	—	$	—	$	—	$	—

Total Core and Investment Management Development and Redevelopment						$	599.8	$	97.8	$	697.6	$	45.5	$	159.5	$	482.2	$	596.2

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	2024/2025		7,634
651-671 West Diversey (Core)	100.0%	Chicago, IL	2026/2027		40,000
Route 6 Mall (Core)	100.0%	Honesdale, PA	2026		154,000
Mad River (Core)	100.0%	Dayton, OH	2027		126,000
664 N. Michigan Avenue (Core)	100.0%	Chicago, IL	2026		17,000

The Company intends to partner with Ignite-Rebees DevCo LLC, and expects to retain a 95% interest.


	41	Table of Contents

    
    Important Notes

    Supplemental Report – December 31, 2024

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

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

USE OF FUNDS FROM OPERATIONS AS NON-GAAP FINANCIAL MEASURE

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

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

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

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

USE OF NON-GAAP FINANCIAL MEASURES

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


	42	Table of Contents