EX-99.1

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

Exhibit 99.2

EALTY TRUST—Q220SUPPLEMENTAL REPFORMATIO


Table of Contents		Supplemental Report – June 30, 2023

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

Company Information	3	Core Properties	28
Market Capitalization	4	Core Top Tenants	33
Operating Statements		Core Lease Expirations	34
Consolidated Income Statements	5	Core New and Renewal Rent Spreads	35
Income Statement - Pro-rata Adjustments	7	Core Capital Expenditures	36
Consolidated Balance Sheet	8
Balance Sheet - Pro-rata Adjustments	9
Funds from Operations (“FFO”), FFO Before Special Items, Adjusted FFO (“AFFO”)	11	Section IV – Fund Information
EBITDA	12
Same Property Net Operating Income	13	Fund Overview	37
Fee Income	14	Fund Properties	39
Structured Financing	15	Fund Lease Expirations	42
		Development and Redevelopment Activity	43
Other Information
Transactional Activity	16
2023 Revised Guidance	17
Net Asset Valuation Information	18
Selected Financial Ratios	19	Section V – Other Information
Debt Analysis
Summary	22	Important Notes	45
Detail	23
Maturities	25
Interest Rate Summary	27

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


Supplemental Report – June 30, 2023		Company Information

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


Contact Information

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

		(914) 288-8100
		investorrelations@acadiarealty.com

Analyst Coverage

	Bank of America / Merrill Lynch	Citigroup - Global Markets	KeyBanc Capital Markets, Inc.
	Craig Schmidt - (646) 855-3640	Craig Mailman - (212) 816-4471	Todd Thomas - (917) 368-2286
	craig.schmidt@bofa.com	craig.mailman@citi.com	tthomas@key.com


	Green Street Advisors	Compass Point Research & Trading	J.P. Morgan Securities, Inc.
	Paulina Rojas Schmidt - (949) 640-8780	Floris van Dijkum - (646) 757-2621	Michael W. Mueller, CFA - (212) 622-6689
	projasschmidt@greenstreet.com	fvandijkum@compasspointllc.com	michael.w.mueller@jpmorgan.com


	Jefferies	Truist
	Linda Tsai - (212) 778-8011	Ki Bin Kim, CFA - (212) 303-4124
	ltsai@jefferies.com	kibin.kim@truist.com


	3

Market Capitalization

Supplemental Report – June 30, 2023  

(Including pro-rata share of Fund debt, in thousands)


						Changes in Total Outstanding Common								Weighted Average
	Total Market				Capitalization	Shares and OP Units (in thousands)								Diluted EPS				FFO
	Capitalization ($)			%	Based on Net Debt 1		Common Shares		Common OP Units			Total		Quarter		YTD		Quarter		YTD
Equity Capitalization
Common Shares		95,297				Balance at 12/31/2022		95,121		5,134			100,255
Common Operating Partnership ("OP") Units		5,405				Vesting RS and LTIPs		8		321			329
Combined Common Shares and OP Units		100,702				OP Conversions		37		(37	)		—
						Other		42		—			42
Share Price at June 30, 2023	$	14.39				Balance at 3/31/2023		95,208		5,418			100,626		95,189		95,189		105,239		105,239
						Vesting RS and LTIPs		30		41			71
Equity Capitalization - Common Shares and OP Units	$	1,449,102				OP Conversions		54		(54	)		—
Preferred OP Units 2		6,675				Other		5		—			5
Total Equity Capitalization		1,455,777		50%	51%	Balance at 6/30/2023		95,297		5,405			100,702		95,260		95,225		102,642		102,525

Debt Capitalization
Consolidated debt 3		1,774,552
Adjustment to reflect pro-rata share of debt		(343,240	)
Total Debt Capitalization		1,431,312		50%	49%

Total Market Capitalization	$	2,887,089		100%	100%

__________

Reflects debt net of Core Portfolio cash of $14,745 and pro-rata share of Funds cash of $3,654 for $18,399 of total cash netted against debt.

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

Reflects consolidated debt excluding $11,528 of unamortized premium and unamortized loan costs.


	4

Consolidated Income Statement

Supplemental Report – June 30, 2023

(in thousands)



	June 30, 2023 1
CONSOLIDATED INCOME STATEMENT	Quarter			Year to Date
Revenues
Rental income	$	88,141		$	168,878
Other		1,807			2,909
Total revenues		89,948			171,787
Operating expenses
Depreciation and amortization		34,056			67,229
General and administrative		10,643			20,589
Real estate taxes		11,381			22,860
Property operating		14,210			29,343
Total operating expenses		70,290			140,021

Operating income		19,658			31,766
Equity in losses of unconsolidated affiliates		(1,437	)		(1,408	)
Interest and other income		4,970			9,788
Realized and unrealized holding gains on investments and other		1,815			28,572
Interest expense		(22,089	)		(43,676	)
Income from continuing operations before income taxes		2,917			25,042
Income tax provision		(165	)		(288	)
Net income		2,752			24,754
Net loss attributable to redeemable noncontrolling interests		1,091			3,166
Net loss (income) attributable to noncontrolling interests		5,433			(5,284	)
Net income attributable to Acadia	$	9,276		$	22,636


	June 30, 2023 1
	Quarter		Year to Date
Reconciliation of Property Revenues to Consolidated GAAP Revenues
Total Property Revenues	$	76,803	$	156,404
Straight-line rent income		1,201		1,496
Above/below-market rent income 8		9,498		11,103
Asset and property management fees		167		391
Development, construction, leasing and legal fees		49		119
Other income 9		2,230		2,274
Consolidated Total Revenues	$	89,948	$	171,787



Reconciliation of Property Operating Expenses to Consolidated GAAP Expenses
Property operating - CAM and Other	$	10,766	$	22,564
Other property operating (Non-CAM)		3,304		6,465
Asset and property management expense		140		314
Consolidated Total Property Operating Expenses	$	14,210	$	29,343

Consolidated Income Statement - Detail

Supplemental Report – June 30, 2023

(in thousands)



	June 30, 2023 1
CORE PORTFOLIO AND FUND INCOME	Quarter			Year to Date
PROPERTY REVENUES
Minimum rents	$	60,704		$	122,993
Percentage rents		435			1,144
Expense reimbursements - CAM		6,973			14,748
Expense reimbursements - Taxes		8,066			16,147
Other property income		625			1,372
Total Property Revenues		76,803			156,404

PROPERTY EXPENSES
Property operating - CAM		10,709			22,511
Other property operating (Non-CAM)		3,304			6,465
Real estate taxes		11,381			22,860
Asset and property management expense		140			314
Total Property Expenses		25,534			52,150

NET OPERATING INCOME - PROPERTIES		51,269			104,254

OTHER INCOME (EXPENSE)
Interest income		4,970			9,788
Straight-line rent income (expense)		1,201			1,496
Above/below-market rent income (expense) 8		9,498			11,103
Interest expense 2		(20,561	)		(40,565	)
Amortization of finance costs		(1,446	)		(2,962	)
Above/below-market interest income (expense)		26			52
Finance lease interest expense		(108	)		(201	)
Other (expense) income 9		2,077			2,404
CORE PORTFOLIO AND FUND INCOME		46,926			85,369

FEE AND OTHER INCOME 3
Asset and property management fees		167			391
Development, construction, leasing and legal fees		49			119
Total Fund Fee Income		216			510

Net promote and other transactional income		—			28,207
Total Fund Fee Income, Net Promote and Other Transactional Income		216			28,717

Unrealized holding gains on investments		1,713			(346	)
Realized gains on investments		198			528
Income tax provision		(165	)		(288	)
Total Fee and Other (Loss) Income		1,962			28,611

General and Administrative		(10,643	)		(20,589	)

Depreciation and amortization		(33,963	)		(67,049	)
Non-real estate depreciation and amortization		(93	)		(180	)
Gain (loss) before equity in earnings and noncontrolling interests		4,189			26,162

Equity in losses of unconsolidated affiliates		(1,437	)		(1,408	)
Noncontrolling interests (including redeemable noncontrolling interests)		6,524			(2,118	)

NET INCOME ATTRIBUTABLE TO ACADIA	$	9,276		$	22,636

Income Statement –  
Pro-Rata Adjustments

Supplemental Report – June 30, 2023

(in thousands)



	Quarter Ended June 30, 2023						Year to Date June 30, 2023
CORE PORTFOLIO AND FUND INCOME	Noncontrolling Interest in Consolidated Subsidiaries 4			Company’s Interest in Unconsolidated Subsidiaries 5			Noncontrolling Interest in Consolidated Subsidiaries 4			Company’s Interest in Unconsolidated Subsidiaries 5
PROPERTY REVENUES
Minimum rents	$	(25,475	)	$	14,272		$	(50,802	)	$	27,802
Percentage rents		(83	)		40			(301	)		259
Expense reimbursements - CAM		(3,525	)		1,849			(7,119	)		3,425
Expense reimbursements - Taxes		(2,916	)		2,709			(5,896	)		5,355
Other property income		(258	)		97			(587	)		188
Total Property Revenues		(32,257	)		18,967			(64,705	)		37,029

PROPERTY EXPENSES
Property operating - CAM		(4,845	)		1,817			(9,892	)		3,881
Other property operating (Non-CAM)		(971	)		357			(1,806	)		645
Real estate taxes		(4,232	)		3,006			(8,290	)		5,756
Asset and property management expense		(424	)		521			(902	)		1,100
Total Property Expenses		(10,472	)		5,701			(20,890	)		11,382
NET OPERATING INCOME - PROPERTIES		(21,785	)		13,266			(43,815	)		25,647

OTHER INCOME (EXPENSE)
Interest income		(68	)		9			(116	)		19
Straight-line rent income (expense)		(424	)		91			(757	)		322
Above/below-market rent income (expense) 8		(877	)		1,010			(1,583	)		2,198
Interest expense		10,895			(6,148	)		21,313			(11,721	)
Amortization of finance costs		728			(345	)		1,504			(690	)
Above/below-market interest income (expense)		—			24			—			45
Finance lease interest expense		45			(65	)		84			(69	)
Other income (expense) 9		(1,129	)		46			(1,440	)		56
Accelerated amortization due to early lease termination		—			—			—			—
CORE PORTFOLIO AND FUND INCOME		(12,615	)		7,888			(24,810	)		15,807

FEE AND OTHER INCOME 3
Asset and property management fees		2,412			150			5,001			297
Development, construction, leasing and legal fees		2,264			(234	)		3,391			164
Total Fund Fee Income		4,676			(84	)		8,392			461

Net promote and other transactional income		—			—			(16,924	)		—
Total Fund Fee Income, Net Promote and Other Transactional Income		4,676			(84	)		(8,532	)		461

Unrealized holding gains on investments		—			—			2,125			—
Realized gains on investments		—			—			(198	)		—
Income tax provision		59			(6	)		147			(10	)
Total Fee and Other (Loss) Income		4,735			(90	)		(6,458	)		451

General and Administrative		208			(180	)		833			(338	)
Depreciation and amortization		14,770			(9,055	)		29,685			(17,328	)
(Loss) gain before equity in earnings and noncontrolling interests		7,098			(1,437	)		(750	)		(1,408	)

Equity in losses of unconsolidated affiliates		—			—			—			—
Noncontrolling interests (including redeemable noncontrolling interests) 6		(574	)		—			(1,368	)		—

NET INCOME (LOSS) ATTRIBUTABLE TO ACADIA	$	6,524		$	(1,437	)	$	(2,118	)	$	(1,408	)


	7

Balance Sheet

Supplemental Report – June 30, 2023

(in thousands)


ASSETS	Consolidated Balance Sheet			Line Item Details:
Real estate
Land	$	881,717		The components of Real estate under development, at cost are as follows:
Buildings and improvements		2,997,760		Core	$	59,097
Tenant improvements		239,305		Fund II		35,885
Construction in progress		16,836		Fund III		27,293
Right-of-use assets - finance leases		25,086		Total	$	122,275
		4,160,704
Less: Accumulated depreciation and amortization		(774,128	)
Operating real estate, net		3,386,576
Real estate under development		122,275		Summary of other assets, net:
Net investments in real estate		3,508,851		Deferred charges, net	$	29,931
Notes receivable, net ($899 of allowance for credit losses)		123,902		Accrued interest receivable		22,157
Investments in and advances to unconsolidated affiliates		191,925		Due from seller		3,036
Lease intangibles, net		86,120		Prepaid expenses		14,256
Other assets, net		133,808		Other receivables		1,883
Right-of-use assets - operating leases, net		35,481		Income taxes receivable		1,114
Cash and cash equivalents		17,193		Corporate assets, net		1,108
Restricted cash		12,325		Deposits		2,641
Marketable securities		35,940		Derivative financial instruments		57,682
Straight-line rents receivable, net		36,360		Total	$	133,808
Rents receivable, net		11,197
Assets of properties held for sale		11,057
Total assets	$	4,204,159

LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgage and other notes payable, net	$	935,348
Unsecured notes payable, net		647,589		Summary of accounts payable and other liabilities:
Unsecured line of credit		180,087		Lease liability - finance leases, net	$	7,236
Accounts payable and other liabilities		116,286		Accounts payable and accrued expenses		56,315
Lease liability - operating leases, net		33,445		Deferred income		34,886
Dividends and distributions payable		18,519		Tenant security deposits, escrow and other		17,849
Lease intangibles, net		66,355		Total	$	116,286
Distributions in excess of income from, and investments in, unconsolidated affiliates		8,588
Total liabilities		2,006,217
Commitments and contingencies
Redeemable noncontrolling interests		59,833
Shareholders' Equity
Common shares		95
Additional paid-in capital		1,947,779
Accumulated other comprehensive income		49,855
Distributions in excess of accumulated earnings		(312,057	)
Total Acadia shareholders’ equity		1,685,672
Noncontrolling interests		452,437
Total equity		2,138,109
Total liabilities, redeemable noncontrolling interests, and equity	$	4,204,159


	8

Balance Sheet – Pro-rata Adjustments7

Supplemental Report – June 30, 2023

(in thousands)


ASSETS	Noncontrolling Interest in Consolidated Subsidiaries 4			Company’s Interest in Unconsolidated Subsidiaries 5
Real estate
Land	$	(213,777	)	$	68,773
Buildings and improvements		(732,844	)		252,641
Tenant improvements		(45,610	)		20,694
Construction in progress		(3,981	)		997
Right-of-use assets - finance leases		(2,346	)		22,336
		(998,558	)		365,441
Less: Accumulated depreciation and amortization		127,109			(70,879	)
Operating real estate, net		(871,449	)		294,562
Real estate under development		(35,477	)		8,566
Net investments in real estate		(906,926	)		303,128
Notes receivable, net ($899 of allowance for credit losses)		66,181			—
Investments in and advances to unconsolidated affiliates		(86,004	)		(101,709	)
Lease intangibles, net		(27,467	)		10,015
Other assets, net		5,905			7,041
Right-of-use assets - operating leases, net		(1,856	)		—
Cash and cash equivalents		(6,939	)		8,145
Restricted cash		(8,531	)		3,621
Marketable securities		—			—
Straight-line rents receivable, net		(8,091	)		4,992
Rents receivable, net		(2,918	)		2,344
Total assets	$	(976,646	)	$	237,577

LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgage and other notes payable, net	$	(543,550	)	$	205,014
Unsecured notes payable, net		(1,598	)		—
Unsecured line of credit		—			—
Accounts payable and other liabilities		(26,128	)		26,629
Lease intangibles, net		(23,912	)		6,639
Lease liability - operating leases, net		(2,996	)		4
Dividends and distributions payable		—			—
Lease liability - finance leases		(1,944	)		7,879
Distributions in excess of income from, and investments in, unconsolidated affiliates		—			(8,588	)
Total liabilities		(600,128	)		237,577
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)		(376,518	)		—
Total equity		(376,518	)		—
Total liabilities, redeemable noncontrolling interests, and equity	$	(976,646	)	$	237,577


	9

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

Supplemental Report – June 30, 2023

(in thousands)

__________

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

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

Net of consolidated capitalized interest of $2.0 million and $4.0 million, respectively, for the three and six months ended June 30, 2023.

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

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

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

This represents the income allocable to Operating Partnership Units of $0.6 million and $1.4 million, respectively, for the three and six months ended June 30, 2023.

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

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

Other income primarily represents approximately $2.0 million of settlement income within the Funds, or $1.1 million at the Company’s share, for the three months ended June 30, 2023 and six months ended June 30, 2023.


	10

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

Supplemental Report – June 30, 2023

(in thousands)



	Quarter Ended						Year to Date			Quarter Ended			Year to Date
	March 31, 2023			June 30, 2023			June 30, 2023			June 30, 2022			June 30, 2022
Funds from operations ("FFO"):
Net Income attributable to Acadia	$	13,360		$	9,276		$	22,636		$	(374	)	$	16,464
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share)		26,444			28,248			54,692			26,597			50,910
Gain on disposition on real estate properties (net of noncontrolling interest share)		—			—			—			(2,961	)		(9,837	)
Income attributable to noncontrolling interests' share in Operating Partnership		917			697			1,614			151			1,272
FFO to Common Shareholders and Common OP Unit holders	$	40,721		$	38,221		$	78,942		$	23,413		$	58,809

Add back: acquisition costs, net of bargain purchase gain		—			—			—			—			859
Less: Unrealized holding gain (net of noncontrolling interest share)		(66	)		(1,713	)		(1,779	)		8,881			5,311
FFO before Special Items attributable to Common Shareholder and Common OP Unit holders 1	$	40,655		$	36,508		$	77,163		$	32,294		$	64,979

Adjusted Funds from operations ("AFFO"):
FFO	$	40,721		$	38,221		$	78,942		$	23,413		$	58,809
Unrealized gains		(66	)		(1,713	)		(1,779	)		8,881			5,311
Straight-line rent, net		(193	)		(868	)		(1,061	)		(920	)		(3,627	)
Above/below-market rent 2		(2,087	)		(9,631	)		(11,718	)		(3,183	)		(5,148	)
Amortization of finance costs		1,085			1,063			2,148			768			1,575
Above/below-market interest		(47	)		(50	)		(97	)		(47	)		(94	)
Non-real estate depreciation		87			93			180			107			197
Stock-based compensation		3,776			2,279			6,055			2,255			6,142
Leasing commissions		(1,507	)		(1,035	)		(2,542	)		(1,057	)		(2,110	)
Tenant improvements		(4,805	)		(1,053	)		(5,858	)		(2,250	)		(5,653	)
Maintenance capital expenditures		(690	)		(1,977	)		(2,667	)		(2,049	)		(2,687	)
AFFO to Common Shareholders and Common OP Unit holders	$	36,274		$	25,329		$	61,603		$	25,918		$	52,715

Total weighted-average diluted shares and OP Units		102,539			102,642			102,525			100,281			99,898

Diluted FFO per Common share and OP Unit:
FFO	$	0.40		$	0.37		$	0.77		$	0.23		$	0.59

FFO before Special Items	$	0.40		$	0.36		$	0.75		$	0.32		$	0.65

__________

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

EBITDA

Supplemental Report – June 30, 2023

(in thousands)


	Quarter Ended June 30, 2023									Year to Date June 30, 2023								Quarter Ended June 30, 2022
	Core									Core								Core
	Portfolio			Funds			Total			Portfolio			Funds		Total			Portfolio			Funds			Total
EBITDA:

Net Income (Loss) Attributable to Acadia	$	11,200		$	(1,924	)	$	9,276		$	16,360		$	6,276	$	22,636		$	(1,623	)	$	1,249		$	(374	)

Adjustments:
Depreciation and amortization		21,876			6,465			28,341			41,919			12,953		54,872			22,092			4,612			26,704
Interest expense		12,118			3,696			15,814			23,771			7,202		30,973			9,325			2,705			12,030
Amortization of finance costs		673			390			1,063			1,354			794		2,148			605			163			768
Above/below-market interest		(50	)		—			(50	)		(97	)		—		(97	)		(47	)		—			(47	)
Gain on disposition of properties		—			—			—			—			—		—			—			(2,961	)		(2,961	)
Unrealized holding gains on investment in Albertsons and other		(1,713	)		—			(1,713	)		(1,779	)		—		(1,779	)		8,881			—			8,881
Provision (benefit) for income taxes		88			24			112			110			41		151			122			21			143
Noncontrolling interest - OP		574			—			574			1,368			—		1,368			36			—			36
EBITDA	$	44,766		$	8,651		$	53,417		$	83,006		$	27,266	$	110,272		$	39,391		$	5,789		$	45,180

Adjusted EBITDA:

EBITDA	$	44,766		$	8,651		$	53,417		$	83,006		$	27,266	$	110,272		$	39,391		$	5,789		$	45,180
Stock based compensation		2,279			—			2,279			6,055			—		6,055			2,255			—			2,255
Adjusted EBITDA	$	47,045		$	8,651		$	55,696		$	89,061		$	27,266	$	116,327		$	41,646		$	5,789		$	47,435

Core Portfolio – Same Property Performance 1

Supplemental Report – June 30, 2023

(in thousands)


	Quarter Ended						Change			Year to Date				Change
	June 30, 2023			June 30, 2022			Favorable/ (Unfavorable)			June 30, 2023		June 30, 2022		Favorable/ (Unfavorable)

Summary
Minimum rents	$	31,050		$	30,025			3.4	%	$	61,987	$	59,713		3.8	%
Expense reimbursements		8,589			8,028			7.0	%		17,449		16,208		7.7	%
Other property income		622			750			(17.1	)%		1,633		1,349		21.1	%

Total Revenue		40,261			38,803			3.8	%		81,069		77,270		4.9	%

Expenses
Property operating - CAM & Real estate taxes		10,529			10,557			0.3	%		22,316		21,915		(1.8	)%
Other property operating (Non-CAM)		1,075			949			(13.3	)%		1,912		1,706		(12.1	)%

Total Expenses		11,604			11,506			(0.9	)%		24,228		23,621		(2.6	)%

Same Property NOI - Core properties	$	28,657		$	27,297			5.0	%	$	56,841	$	53,649		5.9	%

Reconciliation of Same Property NOI to Core NOI
NOI of Properties excluded from Same Property NOI		7,076			10,318						15,107		18,006
Core NOI 2	$	35,733		$	37,615					$	71,948	$	71,655


Other same property information
Physical Occupancy at the end of the period		92.3	%		87.8	%
Leased Occupancy at the end of the period		94.1	%		91.9	%

__________

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

The Company reclassed $0.2 million and $0.5 million, respectively, for the three and six months ended June 30, 2023 for asset and property management fees to NOI to reflect more accurately property management fees allocable to property operations. The Company also reclassed $0.2 million and $0.4 million, respectively, for the three and six months ended June 30, 2022. Such reclassifications have been reflected in all periods presented and have no impact on reported Same Property NOI.

to Ne

Fee Income by Fund 1

Supplemental Report – June 30, 2023

(in thousands)


	Fund II		Fund III		Fund IV		Fund V		Other		Total
Year to Date June 30, 2023
Asset and property management fees	$	157	$	44	$	1,613	$	3,567	$	308	$	5,689
Transactional fees		269		76		696		2,537		96		3,674
Total fees	$	426	$	120	$	2,309	$	6,104	$	404	$	9,363

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


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

__________

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

Structured Financing Portfolio

Supplemental Report – June 30, 2023

(in thousands)


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

Other notes3		130,945		20,051		150,996		796		—		131,741			24,065		155,806		11.37	%		11.48	%	Jan-24 to Dec-27

Total Core notes receivable	$	190,746	$	23,860	$	214,606	$	796	$	—	$	191,542		$	27,874	$	219,416		9.69	%		9.89	%

__________


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

Total Notes Receivable per above											$	191,542
Fund Notes Receivable												—
Allowance for credit loss												(1,459	)
Total Pro-rata Notes Receivable											$	190,083

________

See Transactional Activity page that follows.

One Core note which matured on April 20, 2020 in the amount of $17.8 million with accrued interest of $3.8 million was in default at June 30, 2023.

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

Transactional Activity

Supplemental Report – June 30, 2023

(in thousands)

PROPERTY ACQUISITIONS AND DISPOSITIONS

Property Name

Location

Date of
Transaction

Transaction
Amount

Ownership % 1

Fund Share

Acadia Share

ACQUISITIONS 2

Fund V:

Mohawk Commons

Schenectady, NY

January 27, 2023

62,078

90.00

55,870

11,230

________

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

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

2023 Revised Guidance1 

Supplemental Report – June 30, 2023


	NAREIT FFO			FFO Before Special Items
	Low		High	Low		High

Prior Guidance Range 1	$1.19	to	$1.26	$1.19	to	$1.26
Increase to prior guidance due to continued strong leasing and better than anticipated collections	0.02	to	0.03	0.02	to	0.03
Year to date Unrealized holding gain (net of noncontrolling interest share) 2,3	0.02	to	0.02	N/A	to	N/A
Revised guidance, prior to the incremental portion of BBBY lease termination gain	$1.23	to	$1.31	$1.21	to	$1.29
Incremental portion of gain from BBBY lease termination 4	0.05	to	0.05	0.05	to	0.05
Revised Annual Guidance	$1.28	to	$1.36	$1.26	to	$1.34


	2023 Guidance
	Revised	Prior

Net earnings per share attributable to Acadia	$0.25 to $0.33	$0.16 to $0.23
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share)	$1.01	$1.01
Impairment charges (net of noncontrolling interest share)	—	—
Gain on disposition of properties (net of noncontrolling interest share)	—	—
Noncontrolling interest in Operating Partnership	0.02	0.02
NAREIT Funds from operations per share attributable to Common Shareholders and Common OP Unit holders	$1.28 to $1.36	$1.19 to $1.26
Unrealized holding loss (gain) (net of noncontrolling interest share)	(0.02)	—
Funds from operations Before Special Items per share attributable to Common Shareholders and Common OP Unit holders	$1.26 to $1.34	$1.19 to $1.26

_________

The prior guidance range represents the updated guidance previously announced on May 2, 2023, in conjunction with first quarter 2023 earnings, which increased the initial guidance from $1.17 to $1.26.

This represents the actual unrealized mark-to-market holding gain related to the Company’s investment in Albertsons, which was recognized in NAREIT FFO for the six months ended June 30, 2023. The Company has not reflected any forward-looking estimates involving future unrealized holding gains or losses (i.e. changes in share price) on Albertsons in its guidance assumptions.

It is the Company’s consistent practice to exclude unrealized gains and losses from FFO Before Special Items and to include any realized gains and losses related to the Company’s investment in Albertsons.

Results for the three months ended June 30, 2023 included a gain of $0.08 per share from the termination of the Bed Bath and Beyond below-market lease at 555 9th Street in San Francisco. The Company had budgeted $0.03 per share to be realized throughout 2023 within its initial full year 2023 guidance associated with this lease, resulting in an incremental $0.05 per share relative to its prior full year 2023 guidance.

Net Asset Valuation Information

Supplemental Report – June 30, 2023

(in thousands)


	CORE				FUND II 2			FUND III			FUND IV			FUND V			Total

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

Current Quarter NOI
At Pro Rata 1
Net Operating Income 2, 3	$	35,733			N/A5			$	157		$	717		$	4,455		$	41,062
Less:
Net operating (income) loss from properties sold or under contract		—			N/A5				4			(2	)		—			2
Net operating (income) loss from pre-stabilized assets, development and redevelopment projects 4		(4,684	)	*	N/A 5				(161	)		(83	)		—			(4,928	)	*
Net Operating Income of stabilized assets	$	31,049		*	N/A			$	—		$	632		$	4,455		$	36,136		*

Costs to Date (Pro Rata)
Pre-stabilized assets 4	$	—			N/A 5			$	14,011		$	41,236		$	—		$	55,247
Development and redevelopment projects		697,900			N/A 5				6,700			26,900			—			731,500
Total Costs to Date	$	697,900			N/A 5			$	20,711		$	68,136		$	—		$	786,747

Debt (Pro Rata)	$	1,159,628			$	79,821		$	8,827		$	45,226		$	137,810		$	1,431,312

_________

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

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

Fund II has been substantially liquidated except for its investment in City Point. During the second quarter 2022, the Company increased its ownership in Fund II from 28% to 40%. Additionally, during the third quarter 2022, the Company increased its ownership in Fund II from 40% to 61.7%.

Pre-stabilized assets consist of the following projects for Fund II: City Point; Fund III: 640 Broadway; Fund IV: 210 Bowery, 801 Madison, 27 E 61st Street, 146 Geary Street and 1035 Third Avenue.

Amounts omitted as only remaining asset is City Point.

* A clerical revision was made to the net operating (income) loss from pre-stabilized assets, development and redevelopment projects line item in the Core column to correct the inadvertent omission of parentheticals, which impacted the net operating income of stabilized assets line item. As a result of the correction, the total reflected in the net operating income of stabilized assets line item was updated.

Selected Financial Ratios

Supplemental Report – June 30, 2023

(in thousands)



	Quarter Ended June 30,						Year to Date June 30,							Quarter Ended
COVERAGE RATIOS 1	2023			2022			2023			2022			LEVERAGE RATIOS	June 30, 2023			March 31, 2023
Fixed-Charge Coverage Ratios													Debt/Market Capitalization Ratios

EBITDA 2 divided by:	$	44,766		$	39,391		$	83,006		$	75,073		Debt + Preferred Equity (Preferred OP Units)	$	1,437,987		$	1,427,611
Interest expense		12,118			9,325			23,771			17,712		Total Market Capitalization		2,887,089			2,831,344
Principal Amortization		799			960			1,613			1,996		Debt + Preferred Equity/
Preferred Dividends 3		123			123			246			246		Total Market Capitalization		50	%		50	%
Fixed-Charge Coverage Ratio - Core Portfolio		3.4	x		3.8	x		3.2	x		3.8	x

EBITDA divided by:	$	53,417		$	45,180		$	110,272		$	88,353		Net debt 6	$	1,419,588		$	1,411,933
Interest expense		15,814			12,030			30,973			22,886		Total Market Capitalization		2,887,089			2,831,344
Principal Amortization		1,104			1,413			2,260			2,674		Net Debt + Preferred Equity/
Preferred Dividends		123			123			123			246		Total Market Capitalization		49	%		50	%
Fixed-Charge Coverage Ratio - Core Portfolio and Funds		3.1	x		3.3	x		3.3	x		3.4	x	Debt/EBITDA Ratios
													Core:
Payout Ratios													Debt	$	1,053,582		$	1,046,882
													Net debt 5		1,038,837			1,035,148
Dividends declared (per share/OP Unit)	$	0.18		$	0.18		$	0.36		$	0.36		EBITDA		155,790			152,960
													Adjusted EBITDA		164,970			163,771
Dividends (Shares) & Distributions (OP Units) declared	$	18,501		$	18,373		$	36,974		$	36,668		Debt/EBITDA - Core Portfolio		6.8	x		6.8	x
FFO		38,221			23,413			78,942			58,809		Debt/Adjusted EBITDA - Core Portfolio		6.4	x		6.4	x
FFO Payout Ratio 8		48	%		78	%		47	%		62	%	Net Debt/EBITDA - Core Portfolio		6.7	x		6.8	x
													Net Debt/ Adjusted EBITDA - Core Portfolio		6.3	x		6.3	x
AFFO 7		25,329			25,918			61,603			52,715		Core and Funds:
AFFO Payout Ratio		73	%		71	%		60	%		70	%	Debt 4	$	1,431,312		$	1,421,140
													Net debt 6		1,412,913			1,405,462
FFO Before Special Items		36,508			32,294			77,163			64,979		EBITDA		201,677			193,571
FFO Before Special Items Payout Ratio		51	%		57	%		48	%		56	%	Adjusted EBITDA		210,857			204,382
													Debt/EBITDA - Core and Funds		7.1	x		7.3	x
													Debt/Adjusted EBITDA - Core and Funds		6.8	x		7.0	x
													Net Debt/EBITDA - Core and Funds		7.0	x		7.3	x
													Net Debt/ Adjusted EBITDA - Core and Funds		6.7	x		6.9	x

Selected Financial Ratios

Supplemental Report – June 30, 2023

(in thousands)


	EBITDA					ADJUSTED EBITDA
	Quarter Ended			Year Ended		Quarter Ended			Year Ended
Reconciliation of EBITDA to Annualized EBITDA	June 30, 2023			December 31, 2022		June 30, 2023			December 31, 2022

Quarter Core EBITDA as reported	$	44,766		$	150,993	$	44,766		$	150,993
Add back: Stock-based compensation, net of employee equity elections		—			—		2,295			10,366
Less: Accelerated amortization due to early lease termination		(7,758	)		—		(7,758	)		—
Subtotal		37,008			150,993		39,303			161,359

Core EBITDA	$	148,032		$	150,993	$	157,212		$	161,359
Add back: Accelerated amortization due to early lease termination		7,758			—		7,758			—
Annualized Core EBITDA		155,790			150,993		164,970			161,359

Funds EBITDA as reported		8,651			25,143		8,651			25,143

Annualized Fund EBITDA		34,604			25,143		34,604			25,143
Add back: Special Dividend		11,283			—		11,283			—
Annualized Fund EBITDA		45,887			25,143		45,887			25,143
EBITDA Core and Funds	$	201,677		$	176,136	$	210,857		$	186,502


		Quarter Ended
Reconciliation of Core Portfolio Debt		June 30, 2023

Core Portfolio Debt per Debt Summary		$1,159,628
Incremental Core Debt Attributable to City Point8		(106,046)
Adjusted Core Debt for purposes of computing Debt/EBITDA		1,053,582

Fund Portfolio Debt per Debt Summary		271,684
Incremental Core Debt Attributable to City Point8		106,046
Adjusted Fund Debt per EBITDA		377,730

Total Core and Fund Debt for purposes of computing Debt/EBITDA		$1,431,312

Selected Financial Ratios

Supplemental Report – June 30, 2023

(in thousands)

__________

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

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

3. Represents preferred distributions on Preferred Operating Partnership Units.

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

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

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

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

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

Portfolio Debt –  Summary

Supplemental Report – June 30, 2023

(in thousands)


	Acadia Pro-Rata Share of Debt 2
	Core Portfolio							Funds							Total											Reconciliation to Consolidated Debt as Reported
Unsecured Debt	Principal Balance		Interest Rate			WA Years to Maturity 6		Principal Balance		Interest Rate			WA Years to Maturity 6		Principal Balance			%			Interest Rate			WA Years to Maturity 6		Add: Noncontrolling Interest Share of Debt 3		Less: Pro-rata Share of Unconsolidated Debt 4			Acadia Consolidated Debt as Reported
Fixed-Rate Debt 1	$	806,000		4.3	%		3.3	$	—		—			—	$	806,000			56	%		4.3	%		3.3	$	—	$	—		$	806,000
Variable-Rate Debt 5		24,087		6.6	%		2.0		402		8.1	%		0.3		24,489			2	%		6.6	%		2.0		1,598		—			26,087
																			58	%
Mortgage and Other Notes Payable

Fixed-Rate Debt 1		304,146		4.2	%		3.1		152,219		5.0	%		3.1		456,365			32	%		4.8	%		3.1		353,428		(158,004	)		651,789
Variable-Rate Debt 5		25,395		6.9	%		0.1		119,063		7.8	%		1.5		144,458			10	%		7.7	%		1.3		193,989		(47,771	)		290,676
																			42	%

Total	$	1,159,628		4.4	%		3.2	$	271,684		6.2	%		2.4	$	1,431,312			100	%		4.7	%		3.0	$	549,015	$	(205,775	)		1,774,552

Unamortized premium																482																292
Net unamortized loan costs																(8,904	)															(11,820	)
Total															$	1,422,890															$	1,763,024

_________

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

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

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

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

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

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

Portfolio Debt  –  Detail

Supplemental Report – June 30, 2023

(in thousands)
 


		Principal Balance at			Acadia's Pro-rata Share						Interest		Extension
Property		June 30, 2023			Percent			Amount			Rate	Maturity Date	Options

CORE PORTFOLIO

Fixed-Rate Debt
163 Highland Avenue		$	7,528			100.00	%	$	7,528		4.66%	02/01/24	None
Crossroads Shopping Center			60,147			49.00	%		29,472		3.94%	10/06/24	None
555 9th Street			60,000			100.00	%		60,000		3.99%	01/01/25	None
840 N. Michigan			73,500			88.43	%		64,996		4.36%	02/10/25	None
239 Greenwich Avenue			26,000			75.00	%		19,500		4.00%	07/10/27	None
Georgetown Portfolio (2008 Investment)			14,666			50.00	%		7,333		4.72%	12/10/27	None
State & Washington			21,722			100.00	%		21,722		4.40%	09/05/28	None
North & Kingsbury			10,664			100.00	%		10,664		4.01%	11/05/29	None
151 North State Street			12,390			100.00	%		12,390		4.03%	12/01/29	None
Concord & Milwaukee			2,348			100.00	%		2,348		4.40%	06/01/30	None
California & Armitage			2,193			100.00	%		2,193		5.89%	04/15/35	None
Unsecured interest rate swaps 1			806,000			100.00	%		806,000		N/A	Various
Secured interest rate swaps 1			130,000			50.77	%		66,000		N/A	Various

Sub-Total Fixed-Rate Debt			1,227,158						1,110,146		4.28%

Secured Variable-Rate Debt
Georgetown Portfolio (2016 Investment)			160,000			20.00	%		32,000		LIBOR+170	08/01/23	None
Gotham Plaza			17,465			49.00	%		8,558		SOFR+171	09/08/23	None
3104 M Street 2			4,186			20.00	%		837		Prime+0	01/01/24	None
Sullivan Center			50,000			100.00	%		50,000		SOFR+160	11/16/28	None
Secured interest rate swaps 1			(130,000	)		50.77	%		(66,000	)	N/A	Various

Unsecured Variable-Rate Debt
Unsecured Line of Credit 3			180,087			100.00	%		180,087		SOFR+150	06/29/25	2 x 6 mos.
Unsecured Term Loan			400,000			100.00	%		400,000		SOFR+165	06/29/26	None
Unsecured $175 Million Term Loan			175,000			100.00	%		175,000		SOFR+160	04/06/27	None
Unsecured $75 Million Term Loan			75,000			100.00	%		75,000		SOFR+205	07/29/29	None
Unsecured interest rate swaps 1			(806,000	)		100.00	%		(806,000	)	N/A	Various

Sub-Total Variable-Rate Debt			125,738						49,482		6.74%

Total Debt - Core Portfolio		$	1,352,896					$	1,159,628		4.39%

Funds
Fixed-Rate Debt

2207 Fillmore Street 4	Fund IV	$	1,120			20.80	%	$	233		4.50%	10/31/25	None
650 Bald Hill Road 4	Fund IV		15,609			20.81	%		3,248		3.75%	06/01/26	None
Shoppes at South Hills 4	Fund V		31,796			18.09	%		5,752		5.95%	03/01/28	1 x 12 mos.
Broughton Street Portfolio	Fund IV		25,939			23.12	%		5,997		5.62%	06/01/28	None
Canton Marketplace	Fund V		36,000			20.10	%		7,236		6.29%	06/01/28	None
Interest rate swaps 1	Funds II, IV & V		568,267			22.83	%		129,753		N/A	Various
Sub-Total Fixed-Rate Debt			678,731						152,219		5.00%

Variable-Rate Debt
146 Geary Street	Fund IV		19,338			23.12	%		4,471		SOFR+365	07/15/23	None
Eden Square 4	Fund IV		21,889			22.78	%		4,986		SOFR+235	09/01/23	None
Acadia Strategic Opportunity Fund V LLC	Fund V		2,000			20.10	%		402		SOFR+305	11/01/23	1 x 6 mos.

Portfolio Debt  –  Detail

Supplemental Report – June 30, 2023

(in thousands)
 


		Principal Balance at			Acadia's Pro-rata Share						Interest		Extension
Property		June 30, 2023			Percent			Amount			Rate	Maturity Date	Options
640 Broadway	Fund III		35,970			24.54	%		8,827		SOFR+335	10/09/23	None
Restaurants at Fort Point	Fund IV		5,807			23.12	%		1,343		SOFR+245	11/25/23	None
717 N. Michigan Avenue	Fund IV		48,500			23.12	%		11,213		SOFR+318	12/09/23	None
Acadia Strategic Opportunity IV LLC	Fund IV		39,200			23.12	%		9,063		SOFR+256	12/29/23	None
Elk Grove Commons	Fund V		40,528			20.10	%		8,146		SOFR+161	01/11/24	None
Hiram Pavilion	Fund V		28,007			20.10	%		5,629		SOFR+200	03/05/24	None
Hickory Ridge	Fund V		27,951			20.10	%		5,618		SOFR+200	10/05/24	None
Tri-City Plaza 4	Fund V		38,406			18.09	%		6,948		SOFR+200	10/18/24	1 x 12 mos.
Landstown Commons	Fund V		60,269			20.10	%		12,114		SOFR+180	10/24/24	None
Lincoln Commons	Fund V		38,428			20.10	%		7,724		SOFR+180	10/24/24	None
Palm Coast Landing	Fund V		26,137			20.10	%		5,254		LIBOR+175	11/01/24	None
Frederick Crossing 4	Fund V		23,979			18.09	%		4,338		SOFR+175	12/02/24	1 x 12 mos.
Plaza Santa Fe	Fund V		22,893			20.10	%		4,601		SOFR+200	12/20/24	None
Paramus Plaza 4	Fund IV		28,318			11.56	%		3,274		SOFR+236	12/28/24	2 x 12 mos.
Frederick County Square 4	Fund V		23,198			18.09	%		4,197		LIBOR+240	01/01/25	1 x 12 mos.
Wood Ridge Plaza 4	Fund V		32,536			18.09	%		5,886		Prime+013	03/21/25	2 x 12 mos.
Midstate Mall	Fund V		42,400			20.10	%		8,522		SOFR+250	04/28/25	2 x 12 mos.
New Towne Center	Fund V		16,476			20.10	%		3,312		SOFR+220	05/01/25	None
Fairlane Green	Fund V		32,621			20.10	%		6,557		SOFR+230	06/05/25	1 x 12 mos.
Trussville Promenade	Fund V		28,683			20.10	%		5,765		SOFR+230	06/15/25	1 x 12 mos.
City Point 4	Fund II		137,485			58.06	%		79,821		SOFR+261	08/01/25	1 x 12 mos.
1964 Union Street 4	Fund IV		1,368			20.80	%		285		LIBOR+225	10/01/25	None
2208-2216 Fillmore Street 4	Fund IV		5,350			20.80	%		1,113		LIBOR+225	06/01/26	None
Monroe Marketplace	Fund V		29,150			20.10	%		5,859		SOFR+276	11/12/26	None
La Frontera Village 4	Fund V		55,500			18.09	%		10,040		SOFR+261	06/10/27	None
Riverdale 4	Fund V		37,482			17.97	%		6,737		SOFR+246	11/01/27	None
Mohawk Commons 4	Fund V		39,650			18.09	%		7,173		SOFR+200	03/01/28	None
Interest rate swaps 1	Funds II, IV & V		(568,267	)		22.83	%		(129,753	)	N/A	Various
Sub-Total Variable-Rate Debt			421,252						119,465		7.80%
Total Debt - Funds			1,099,983						271,684		6.23%
Total Debt - Core Portfolio and Funds		$	2,452,879					$	1,431,312		4.74%

_________

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

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

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

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

Future Debt Maturities 1

Supplemental Report – June 30, 2023

(in thousands)

________


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

2023	$	2,029	$	177,403	$	179,432	$	1,513	$	40,527	$	42,040	5.89%	5.63%	6.83%
2024		3,371		69,841		73,212		2,565		36,749		39,314	4.18%	4.09%	8.25%
2025		2,571		313,587		316,158		2,264		305,083		307,347	4.10%	4.10%	N/A
2026		2,920		400,000		402,920		2,542		400,000		402,542	4.04%	4.04%	N/A
2027		2,727		212,537		215,264		2,423		200,052		202,475	4.06%	4.06%	N/A
Thereafter		4,339		161,571		165,910		4,339		161,571		165,910	4.24%	4.24%	N/A
Total	$	17,957	$	1,334,939	$	1,352,896	$	15,646	$	1,143,982	$	1,159,628


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

2023	$	4,270	$	172,529	$	176,799	$	830	$	40,266	$	41,096	7.77%	N/A	7.77%
2024		6,722		328,358		335,080		1,281		62,410		63,691	4.04%	3.40%	6.91%
2025		2,313		311,995		314,308		444		113,824		114,268	6.78%	5.70%	7.13%
2026		2,334		48,383		50,717		433		9,861		10,294	6.55%	6.45%	7.47%
2027		2,491		91,284		93,775		459		16,471		16,930	6.42%	6.11%	6.91%
Thereafter		351		128,953		129,304		66		25,339		25,405	5.93%	5.93%	N/A
Total	$	18,481	$	1,081,502	$	1,099,983	$	3,513	$	268,171	$	271,684

Does not include any applicable extension options or subsequent refinancing.

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

Future Debt Maturities – As Extended 1

Supplemental Report – June 30, 2023

(in thousands)


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

2023	$	2,029	$	177,403	$	179,432	$	1,513	$	40,527	$	42,040	5.89%	5.63%	6.83%
2024		3,371		69,841		73,212		2,565		36,749		39,314	4.18%	4.09%	8.25%
2025		2,571		133,500		136,071		2,264		124,996		127,260	4.18%	4.18%	N/A
2026		2,920		580,087		583,007		2,542		580,087		582,629	4.04%	4.04%	N/A
2027		2,991		187,402		190,393		2,622		181,200		183,822	4.07%	4.07%	N/A
Thereafter		6,362		184,419		190,781		5,856		178,707		184,563	4.22%	4.22%	N/A
Total	$	20,244	$	1,332,652	$	1,352,896	$	17,362	$	1,142,266	$	1,159,628


Funds	Extended Debt Maturities 1						Acadia's Pro-Rata Share						Weighted Average Interest Rate
														Fixed-
	Scheduled						Scheduled						Total	Rate	Variable-
Year	Amortization		Maturities		Total		Amortization		Maturities		Total		Debt	Debt	Rate Debt

2023	$	4,270	$	170,529	$	174,799	$	830	$	39,864	$	40,694	7.76%	N/A	7.76%
2024		6,925		241,744		248,669		1,315		48,590		49,905	4.06%	3.50%	6.72%
2025		5,435		62,189		67,624		997		11,315		12,312	3.19%	3.09%	7.47%
2026		3,806		309,138		312,944		682		111,721		112,403	6.83%	6.13%	7.06%
2027		2,597		164,046		166,643		478		30,487		30,965	6.41%	5.65%	7.59%
Thereafter		1,091		128,213		129,304		200		25,205		25,405	5.93%	5.93%	N/A
Total	$	24,124	$	1,075,859	$	1,099,983	$	4,502	$	267,182	$	271,684

__________

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

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

Swap Interest Rate Summary 1

Supplemental Report – June 30, 2023

(in thousands)



Core Portfolio

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

2023	$	16,000		2.11	%
2024	N/A		N/A
2025		25,000		2.13	%
2026		6,000		2.30	%
2027		275,000		2.56	%
2028		150,000		2.99	%
2029		275,000		2.62	%
2030		125,000		2.83	%
Total	$	872,000		2.67	%


Funds

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

2023	N/A		N/A
2024		46,607		1.32	%
2025		23,542		3.45	%
2026		8,332		3.52	%
2027		15,070		3.39	%
2028		7,173		3.80	%
2029		29,029		3.23	%
2030	N/A		N/A
Total	$	129,753		2.65	%

__________

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

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

Core Portfolio Retail Properties – Detail 1

Supplemental Report – June 30, 2023


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

STREET AND URBAN RETAIL
Chicago Metro												`
Rush and Walton Streets Collection (6 properties)	Lululemon, Reformation, Sprinkle, St. Laurent	2011 2012		100.0	%		40,384		—		—		40,384		73.6	%		—	%		—	%		73.6	%		78.3	%	$	5,613,718	$	188.99
Clark Street and W. Diversey Collection (4 properties)	Starbucks, TJ Maxx, J Crew Factory, Trader Joe's	2011 2012		100.0	%		53,277		—		—		53,277		76.1	%		—	%		—	%		76.1	%		78.0	%		1,703,023		41.98
Halsted and Armitage Collection (13 properties)	Serena and Lily, Bonobos, Allbirds, Warby Parker, Marine Layer, Kiehl's	2011 2012 2019 2020		100.0	%		53,220		—		—		53,220		100.0	%		—	%		—	%		100.0	%		100.0	%		2,747,931		51.63
North Lincoln Park Chicago Collection (6 properties)	Champion, Carhartt	2011 2014		100.0	%		22,125		—		27,796		49,921		27.7	%		—	%		100.0	%		67.9	%		67.9	%		1,124,363		33.15
State and Washington	Nordstrom Rack, Uniqlo	2016		100.0	%		78,771		—		—		78,771		100.0	%		—	%		—	%		100.0	%		100.0	%		3,381,606		42.93
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	%		1,923,822		46.03
Concord and Milwaukee	—	2016		100.0	%		13,147		—		—		13,147		100.0	%		—	%		—	%		100.0	%		100.0	%		467,417		35.55
California and Armitage	—	2016		100.0	%		—		—		18,275		18,275		—	%		—	%		78.8	%		78.8	%		78.8	%		728,029		50.58
Roosevelt Galleria	Petco, Vitamin Shoppe, Dollar Tree	2015		100.0	%		—		—		37,995		37,995		—	%		—	%		89.7	%		89.7	%		89.7	%		863,674		25.34
Sullivan Center	Target	2016		100.0	%		176,181		—		—		176,181		78.9	%		—	%		—	%		78.9	%		78.9	%		5,237,761		37.69
							506,281		—		84,066		590,347		84.9	%		—	%		90.7	%		85.7	%		86.2	%		25,364,345		50.13
New York Metro
Soho Collection (12 properties)	Faherty, Watches of Switzerland, ALC, Stone Island, Frame, Theory, Bang & Olufsen	2011 2014 2019 2020 2022		100.0	%		36,389		—		—		36,389		70.8	%		—	%		—	%		70.8	%		80.9	%		9,653,470		374.50
5-7 East 17th Street	—	2008		100.0	%		8,658		—		—		8,658		—	%		—	%		—	%		—	%		100.0	%		—		—
200 West 54th Street	—	2007		100.0	%		5,862		—		—		5,862		100.0	%		—	%		—	%		100.0	%		100.0	%		1,575,979		268.85
61 Main Street	Splendid	2014		100.0	%		3,470		—		—		3,470		100.0	%		—	%		—	%		100.0	%		100.0	%		312,925		90.18
181 Main Street	TD Bank	2012		100.0	%		11,514		—		—		11,514		100.0	%		—	%		—	%		100.0	%		100.0	%		1,080,044		93.80

Core Portfolio Retail Properties – Detail 1

Supplemental Report – June 30, 2023


		Year	Acadia's			Gross Leasable Area (GLA)								In Place Occupancy												Leased Occupancy			Annualized Base Rent		ABR
Property	Key Tenants	Acquired	Interest			Street		Anchors		Shops		Total		Street			Anchors			Shops			Total			Total			(ABR)		PSF
4401 White Plains Road	Walgreens	2011		100.0	%		—		12,964		—		12,964		—	%		100.0	%		—	%		100.0	%		100.0	%		625,000		48.21
Bartow Avenue	—	2005		100.0	%		—		—		14,824		14,824		—	%		—	%		78.8	%		78.8	%		100.0	%		398,807		34.16
239 Greenwich Avenue	Watches of Switzerland	1998		75.0	%		16,621		—		—		16,621		100.0	%		—	%		—	%		100.0	%		100.0	%		1,847,097		111.13
252-256 Greenwich Avenue	Veronica Beard, The RealReal, Blue Mercury	2014		100.0	%		7,986		—		—		7,986		100.0	%		—	%		—	%		100.0	%		100.0	%		1,029,144		128.87
2914 Third Avenue	Planet Fitness	2006		100.0	%		—		21,650		18,953		40,603		—	%		100.0	%		100.0	%		100.0	%		100.0	%		1,107,063		27.27
868 Broadway	Dr. Martens	2013		100.0	%		2,031		—		—		2,031		100.0	%		—	%		—	%		100.0	%		100.0	%		838,855		413.03
313-315 Bowery 2	John Varvatos	2013		100.0	%		6,600		—		—		6,600		100.0	%		—	%		—	%		100.0	%		100.0	%		527,076		79.86
120 West Broadway	Citizens Bank, Citi Bank	2013		100.0	%		13,838		—		—		13,838		79.8	%		—	%		—	%		79.8	%		100.0	%		2,111,979		191.34
2520 Flatbush Avenue	Bob's Disc. Furniture, Capital One	2014		100.0	%		—		—		29,114		29,114		—	%		—	%		100.0	%		100.0	%		100.0	%		1,285,105		44.14
Williamsburg Collection 3	Sephora, SweetGreen, Levain Bakery	2022		100.0	%		50,842		—		—		50,842		100.0	%		—	%		—			100.0	%		100.0	%		5,256,712		103.39
991 Madison Avenue	Vera Wang, Gabriela Hearst	2016		100.0	%		7,513		—		—		7,513		91.1	%		—	%		—	%		91.1	%		91.1	%		3,045,688		444.82
Shops at Grand	Stop & Shop (Ahold), Starbucks	2014		100.0	%		—		52,336		47,501		99,837		—	%		100.0	%		80.6	%		90.8	%		100.0	%		3,269,643		36.07
Gotham Plaza	Bank of America, Footlocker, Apple Bank	2016		49.0	%		—		—		25,922		25,922		—	%		—	%		91.6	%		91.6	%		91.6	%		2,001,644		84.34
							171,324		86,950		136,314		394,588		86.7	%		100.0	%		89.3	%		90.6	%		97.5	%		35,966,231		100.66
Los Angeles Metro
8833 Beverly Blvd	Luxury Living	2022		100.0	%		9,757		—		—		9,757		100.0	%		—	%		—	%		100.0	%		100.0	%		1,272,860		130.46
Melrose Place Collection	The Row, Chloe, Oscar de la Renta	2019		100.0	%		14,000		—		—		14,000		100.0	%		—	%		—	%		100.0	%		100.0	%		2,734,347		195.31
							23,757		—		—		23,757		100.0	%		—	%		—	%		100.0	%		100.0	%		4,007,207		168.67
District of Columbia Metro
1739-53 & 1801-03 Connecticut Avenue	TD Bank	2012		100.0	%		20,669		—		—		20,669		66.7	%		—	%		—	%		66.7	%		66.7	%		771,854		56.02
14th Street Collection (3 properties)	Mitchell Gold + Bob Williams, Verizon	2021		100.0	%		19,461		—		—		19,461		100.0	%		—	%		—	%		100.0	%		100.0	%		1,439,369		73.96
Rhode Island Place Shopping Center	Ross Dress for Less	2012		100.0	%		—		25,134		32,533		57,667		—			100.0	%		100.0	%		100.0	%		100.0	%		1,877,065		32.55

Core Portfolio Retail Properties – Detail 1

Supplemental Report – June 30, 2023


		Year	Acadia's			Gross Leasable Area (GLA)								In Place Occupancy												Leased Occupancy			Annualized Base Rent		ABR
Property	Key Tenants	Acquired	Interest			Street		Anchors		Shops		Total		Street			Anchors			Shops			Total			Total			(ABR)		PSF
M Street and Wisconsin Corridor (26 Properties) 4	Lululemon, Duxiana, Rag and Bone, Reformation, Glossier, Showfields, Alo Yoga	2011 2016 2019		25.2	%		246,672		—		—		246,672		86.9	%		—	%		—	%		86.9	%		88.9	%		14,575,645		68.03
							286,802		25,134		32,533		344,469		86.3	%		100.0	%		100.0	%		88.6	%		90.1	%		18,663,933		61.16
Boston Metro
165 Newbury Street	Starbucks	2016		100.0	%		1,050		—		—		1,050		100.0	%		—	%		—	%		100.0	%		100.0	%		303,471		289.02
							1,050		—		—		1,050		100.0	%		—	%		—	%		100.0	%		100.0	%		303,471		289.02

Dallas Metro
Henderson Avenue Portfolio (14 properties)	Sprouts Market, Warby Parker, Tecovas	2022		100.0	%		89,751		31,635		—		121,386		78.8	%		100.0	%		—	%		84.3	%		93.6	%		4,043,226		39.49

Total Street and Urban Retail							1,078,965		143,719		252,913		1,475,597		85.4	%		100.0	%		91.2	%		87.8	%		91.0	%	$	88,348,413	$	68.19

Acadia Share Total Street and Urban Retail							890,240		143,719		239,693		1,273,652		85.2	%		100.0	%		91.1	%		88.0	%		91.3	%	$	76,434,578	$	68.20

SUBURBAN PROPERTIES
New Jersey
Elmwood Park Shopping Center	Walgreens, Lidl, Chase Bank, City MD	1998		100.0	%		—		43,531		100,379		143,910		—	%		100.0	%		81.6	%		87.1	%		100.0	%		3,438,955		27.42
Marketplace of Absecon	Walgreens, Dollar Tree	1998		100.0	%		—		46,724		57,832		104,556		—	%		100.0	%		85.9	%		92.2	%		92.2	%		1,488,816		15.44

New York
Village Commons Shopping Center	Citibank, Ace Hardware	1998		100.0	%		—		—		87,128		87,128		—	%		—	%		92.1	%		92.1	%		94.9	%		2,781,419		34.65
Branch Plaza	LA Fitness, The Fresh Market	1998		100.0	%		—		76,264		47,081		123,345		—	%		100.0	%		96.9	%		98.8	%		98.8	%		3,535,426		29.01
Amboy Center	Stop & Shop (Ahold)	2005		100.0	%		—		37,266		26,024		63,290		—	%		100.0	%		71.9	%		88.4	%		92.2	%		1,970,756		35.21
Crossroads Shopping Center	HomeGoods, PetSmart, BJ's Wholesale Club	1998		49.0	%		—		202,727		108,928		311,655		—	%		100.0	%		54.8	%		84.2	%		88.6	%		7,957,099		30.32
New Loudon Center	Price Chopper, Marshalls	1993		100.0	%		—		242,058		16,643		258,701		—	%		94.8	%		100.0	%		95.2	%		95.2	%		2,249,811		9.14
28 Jericho Turnpike	Kohl's	2012		100.0	%		—		96,363		—		96,363		—	%		100.0	%		—	%		100.0	%		100.0	%		1,996,500		20.72
Bedford Green	Shop Rite, CVS	2014		100.0	%		—		37,981		52,608		90,589		—	%		100.0	%		55.1	%		73.9	%		73.9	%		2,278,963		34.04

Connecticut
Town Line Plaza 5	Wal-Mart, Stop & Shop (Ahold)	1998		100.0	%		—		163,159		42,930		206,089		—	%		100.0	%		87.2	%		97.3	%		97.3	%		1,809,935		17.52

Core Portfolio Retail Properties – Detail 1

Supplemental Report – June 30, 2023


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

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	%		85.9	%		96.1	%		100.0	%		2,079,529		9.93
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	%		79.0	%		94.0	%		96.7	%		2,117,200		21.91

Illinois
Hobson West Plaza	Garden Fresh Markets	1998		100.0	%		—		51,692		47,270		98,962		—	%		100.0	%		97.3	%		98.7	%		98.7	%		1,401,118		14.34

Indiana
Merrillville Plaza	Dollar Tree, TJ Maxx, DD's Discount (Ross)	1998		100.0	%		—		123,144		112,782		235,926		—	%		100.0	%		71.5	%		86.4	%		91.1	%		2,901,240		14.24

Michigan
Bloomfield Town Square	HomeGoods, TJ Maxx, Dick's Sporting Goods, Burlington	1998		100.0	%		—		153,332		81,619		234,951		—	%		100.0	%		98.2	%		99.4	%		99.4	%		4,287,818		18.36

Delaware
Town Center and Other (1 property)	Lowes, Dick's Sporting Goods, Target	2003		100.0	%		—		678,430		25,991		704,421		—	%		89.7	%		100.0	%		90.1	%		97.3	%		10,819,184		17.05
Market Square Shopping Center	Trader Joe's, TJ Maxx	2003		100.0	%		—		42,850		59,197		102,047		—	%		100.0	%		96.8	%		98.1	%		98.1	%		3,250,752		32.46
Naamans Road	Jared Jewelers, American Red Cross	2006		100.0	%		—		—		19,850		19,850		—	%		—	%		63.9	%		63.9	%		63.9	%		698,462		55.08

Pennsylvania
Mark Plaza	Kmart	1993		100.0	%		—		104,956		1,900		106,856		—	%		100.0	%		100.0	%		100.0	%		100.0	%		246,274		2.30
Plaza 422	Home Depot	1993		100.0	%		—		139,968		16,311		156,279		—	%		100.0	%		100.0	%		100.0	%		100.0	%		909,902		5.82
Chestnut Hill	—	2006		100.0	%		—		—		36,492		36,492		—	%		—	%		100.0	%		100.0	%		100.0	%		968,775		26.55
Abington Towne Center 6	Target, TJ Maxx	1998		100.0	%		—		184,616		32,255		216,871		—	%		100.0	%		100.0	%		100.0	%		100.0	%		1,289,331		21.76

Core Portfolio Retail Properties – Detail 1

Supplemental Report – June 30, 2023


		Year	Acadia's	Gross Leasable Area (GLA)								In Place Occupancy												Leased Occupancy			Annualized Base Rent		ABR
Property	Key Tenants	Acquired	Interest	Street		Anchors		Shops		Total		Street			Anchors			Shops			Total			Total			(ABR)		PSF
Total Suburban Properties					—		2,836,148		1,073,924		3,910,072		—	%		97.1	%		83.3	%		93.3	%		96.1	%	$	64,147,253	$	18.90

Acadia Share Total Suburban Properties					—		2,732,757		1,018,371		3,751,128		—	%		97.0	%		84.9	%		93.7	%		96.5	%	$	60,089,132	$	18.43

Total Core Properties					1,078,965		2,979,867		1,326,837		5,385,669		85.4	%		97.2	%		84.8	%		91.8	%		94.7	%	$	152,495,666	$	32.52

Acadia Share Total Core Properties					890,240		2,876,476		1,258,064		5,024,780		85.2	%		97.1	%		86.1	%		92.2	%		95.2	%	$	136,523,710	$	31.17

__________

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

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

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

Excludes 94,000 square feet of office GLA.

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

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

Core Portfolio – Top Tenants 1

Supplemental Report – June 30, 2023

(Pro Rata Basis)


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

Target		3		408,895	$	8,323,009		6.9	%		5.4	%
Royal Ahold 2		3		155,461		3,637,677		2.6	%		2.4	%
Walgreens		4		68,393		2,887,312		1.2	%		1.9	%
Verizon		2		26,054		2,835,865		0.4	%		1.8	%
TJX Companies 3		8		229,043		2,765,292		3.9	%		1.8	%
PetSmart, Inc.		4		76,257		2,760,241		1.3	%		1.8	%
Lululemon		2		7,533		2,614,753		0.1	%		1.7	%
Trader Joe's		3		40,862		2,499,318		0.7	%		1.6	%
Fast Retailing 4		2		32,013		2,430,936		0.5	%		1.6	%
Alo Yoga		2		22,566		2,391,048		0.4	%		1.5	%
Supervalu Inc. 5		2		123,409		1,980,640		2.1	%		1.3	%
Bob's Discount Furniture		2		68,793		1,941,185		1.2	%		1.3	%
Tapestry 6		2		4,250		1,736,804		0.1	%		1.1	%
Watches of Switzerland 7		2		13,863		1,705,322		0.2	%		1.1	%
Ulta Salon Cosmetic & Fragrance		3		31,497		1,550,757		0.5	%		1.0	%
Dick's Sporting Goods, Inc		2		98,805		1,544,276		1.7	%		1.0	%
Gap 8		2		37,895		1,363,165		0.6	%		0.9	%
Citibank		4		16,160		1,337,924		0.3	%		0.9	%
The Home Depot		2		187,914		1,307,040		3.2	%		0.8	%
TD Bank		2		14,700		1,285,992		0.2	%		0.8	%
TOTAL		56		1,664,363	$	48,898,556		28.1	%		31.7	%

__________

In accordance with the Company's policy of not disclosing the terms of individual leases, this list does not include tenants that operate at only one Acadia Core location. The following tenants with single locations that would otherwise be included in our top 20 tenants are: H&M (840 N. Michigan), Lowe's (Brandywine), Kohl's (28 Jericho), Bang & Olufsen (Soho) and Nordstrom Rack (State and Washington).

Stop and Shop (3 locations)

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

Uniqlo (1 location), Theory (1 location)

Shaw’s (2 locations)

Kate Spade (2 locations)

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

Old Navy (2 locations)

Core Portfolio – Lease Expirations

Supplemental Report – June 30, 2023

(Pro Rata Basis)


	Street Tenants												Anchor Tenants
			GLA					ABR							GLA					ABR
	Leases		Expiring		Percent					Percent			Leases		Expiring		Percent					Percent
Year	Expiring		SF		of Total			PSF		of Total			Expiring		SF		of Total			PSF		of Total
M to M 1		2		2,265		0.3	%	$	15.89		0.1	%		—		—		—	%	$	—		—	%
2023 (remainder)		13		63,219		8.3	%		47.65		4.7	%		3		95,734		3.8	%		15.63		3.9	%
2024		21		61,467		8.1	%		71.22		6.8	%		14		510,077		20.1	%		12.93		17.2	%
2025		23		63,802		8.4	%		138.85		13.8	%		9		376,598		14.8	%		19.14		18.7	%
2026		30		74,604		9.8	%		141.02		16.4	%		9		404,089		15.9	%		9.94		10.5	%
2027		15		26,791		3.5	%		144.04		6.0	%		5		155,675		6.1	%		21.38		8.7	%
2028		16		186,553		24.6	%		58.92		17.2	%		9		465,514		18.3	%		11.66		14.1	%
2029		14		41,663		5.5	%		88.55		5.8	%		3		99,988		3.9	%		16.98		4.4	%
2030		8		63,747		8.4	%		62.13		6.2	%		—		—		—	%		—		—	%
2031		7		41,177		5.4	%		69.01		4.4	%		2		50,566		2.0	%		16.97		2.2	%
2032		18		59,042		7.8	%		107.26		9.9	%		2		62,382		2.5	%		12.53		2.0	%
Thereafter		14		74,186		9.8	%		74.66		8.7	%		7		318,547		12.5	%		22.07		18.3	%
Total		181		758,516		100.0	%	$	84.40		100.0	%		63		2,539,170		100.0	%	$	15.14		100.0	%

Anchor GLA Owned by Tenants				—												254,916
Total Vacant				131,724												82,390
Total Square Feet				890,240												2,876,476

	Shop Tenants												Total Tenants
			GLA					ABR							GLA					ABR
	Leases		Expiring		Percent					Percent			Leases		Expiring		Percent					Percent
Year	Expiring		SF		of Total			PSF		of Total			Expiring		SF		of Total			PSF		of Total
M to M 1		—		—		—	%	$	—		—	%		2		2,265		0.1	%	$	15.89		—	%
2023 (remainder)		21		74,859		6.9	%		25.94		5.7	%		37		233,812		5.3	%		27.59		4.7	%
2024		33		153,801		14.2	%		25.32		11.4	%		68		725,345		16.6	%		20.50		10.9	%
2025		34		109,521		10.1	%		29.37		9.4	%		66		549,921		12.6	%		35.06		14.1	%
2026		39		142,809		13.2	%		26.05		10.9	%		78		621,501		14.2	%		29.38		13.4	%
2027		38		155,725		14.4	%		32.50		14.9	%		58		338,191		7.7	%		36.22		9.0	%
2028		29		113,986		10.5	%		41.07		13.7	%		54		766,052		17.5	%		27.55		15.5	%
2029		14		33,108		3.1	%		29.20		2.8	%		31		174,759		4.0	%		36.36		4.7	%
2030		11		31,912		2.9	%		35.90		3.4	%		19		95,659		2.2	%		53.38		3.7	%
2031		16		83,070		7.7	%		29.59		7.2	%		25		174,813		4.0	%		35.22		4.5	%
2032		26		99,384		9.2	%		32.79		9.6	%		46		220,808		5.0	%		46.98		7.6	%
Thereafter		18		84,452		7.8	%		44.02		10.9	%		39		477,185		10.9	%		34.13		11.9	%
Total		279		1,082,625		100.0	%	$	31.46		100.0	%		523		4,380,311		100.0	%	$	31.17		100.0	%

Anchor GLA Owned by Tenants				—												254,916
Total Vacant				175,439												389,553
Total Square Feet				1,258,064												5,024,780

_________

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

2. Totals may not foot due to rounding.

Amounts

Core Portfolio – New and Renewal Rent Spreads 1

Supplemental Report – June 30, 2023


	Quarter Ended												Year to Date
	March 31, 2023						June 30, 2023						June 30, 2023
	GAAP 2			Cash 3			GAAP 2			Cash 3			GAAP 2			Cash 3
New Leases
Number of new leases executed		1			1			1			1			2			2
GLA		2,360			2,360			13,496			13,496			15,856			15,856
New base rent	$	50.09		$	46.00		$	18.72		$	17.62		$	23.39		$	21.84
Previous base rent	$	31.94		$	32.85		$	15.56		$	15.56		$	18.00		$	18.13
Average cost per square foot	$	16.57		$	16.57		$	39.50		$	39.50		$	36.09		$	36.09
Weighted Average Lease Term (years)		10.0			10.0			10.0			10.0			10.0			10.0
Percentage growth in base rent		56.8	%		40.0	%		20.3	%		13.2	%		29.9	%		20.5	%

Renewal Leases
Number of renewal leases executed		16			16			18			18			34			34
GLA		52,191			52,191			220,867			220,867			273,058			273,058
New base rent	$	32.10		$	30.78		$	22.32		$	21.77		$	24.19		$	23.49
Expiring base rent	$	26.66		$	28.42		$	18.35		$	19.25		$	19.94		$	21.00
Average cost per square foot	$	1.91		$	1.91		$	2.73		$	2.73		$	2.57		$	2.57
Weighted Average Lease Term (years)		4.6			4.6			6.8			6.8			6.4			6.4
Percentage growth in base rent		20.4	%		8.3	%		21.6	%		13.1	%		21.3	%		11.9	%

Total New and Renewal Leases
Number of new and renewal leases executed		17			17			19			19			36			36
GLA commencing		54,551			54,551			234,363			234,363			288,914			288,914
New base rent	$	32.88		$	31.44		$	22.11		$	21.53		$	24.15		$	23.40
Expiring base rent	$	26.89		$	28.61		$	18.19		$	19.04		$	19.83		$	20.84
Average cost per square foot	$	2.54		$	2.54		$	4.85		$	4.85		$	4.41		$	4.41
Weighted Average Lease Term (years)		4.8			4.8			7.0			7.0			6.6			6.6
Percentage growth in base rent		22.3	%		9.9	%		21.6	%		13.1	%		21.7	%		12.3	%

__________

Based on lease execution dates. Does not include leased square footage and costs related to first generation space and the Company's major redevelopment project in both new and renewal leases. Renewal leases include exercised options.

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

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

Core Portfolio – Capital Expenditures

Supplemental Report – June 30, 2023



	Quarter Ended				Year to Date
	March 31, 2023		June 30, 2023		June 30, 2023		December 31, 2022
Leasing Commissions	$	1,507	$	1,035	$	2,542	$	3,459
Tenant Improvements		4,805		1,053		5,858		14,651
Maintenance Capital Expenditures		690		1,977		2,667		8,331
Total Capital Expenditures	$	7,002	$	4,065	$	11,067	$	26,441

Fund Overview

Supplemental Report – June 30, 2023


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

Current-Quarter, Fund-Level Information:
Cumulative Contributions 2	$		86.6	Million	$		559.4	Million	$		448.1	Million	$		488.1	Million	$		387.0	Million	$		1,969.2	Million
Cumulative Net Distributions 3	$		195.4	Million	$		172.9	Million	$		603.5	Million	$		221.4	Million	$		101.2	Million	$		1,294.4	Million
Net Distributions/Contributions			225.6	%			30.9	%			134.7	%			45.4	%			26.1	%			65.7	%
Unfunded Commitment 4	$		0.0	Million	$		0.0	Million	$		1.9	Million	$		41.9	Million	$		133.0	Million	$		176.8	Million
Acquisition Dry Powder 5		N/A				N/A				N/A				N/A			$	70 - 80		Million	$	70 - 80		Million
Investment Period Closes		Closed				Closed				Closed				Closed				Aug-2023
Currently in a Promote Position? (Yes/No)		No				No				No				No				No

II. FEES & PRIORITY DISTRIBUTIONS EARNED BY ACADIA

Type:		Applicable to				Description
Asset Management 6		Fund I & II				0.75% in 2022, 0% in 2023
Asset Management		Fund III				Currently 0%
Asset Management 6		Fund IV				1.5% of Implied Capital during the investment period; 1.25% of Implied Capital post-investment period
Asset Management 7		Fund V				1.5% of Implied Capital for Year 1-4 of the investment period; 1.5% of Allocated Capital Commitments for Year 5 of the investment period (August 26, 2020-August 25, 2021); 1.0% of Allocated Capital Commitments for Year 6-7 of the investment period (August 26, 2021-August 25, 2023); 1.25% of Implied Capital post-investment period
Property Management		All funds				4.0% of gross property revenues
Leasing		All funds				Market-rate leasing commissions
Construction/Project Management		All funds				Market-rate fees
Development		Fund III, IV & V				3.0% of total project costs

Fund Overview

Supplemental Report – June 30, 2023

_________

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

With regard to Fund II, the additional contributions over original Fund Size reflects prior-period distributions that were re-contributed to the Fund during 2016, 2020, 2021 and 2022 to fund the on-going redevelopment of existing Fund II investments. The $472 million reflects an incremental $172 million of capital contributed in connection with the City Point recapitalization. Fund II contains one remaining investment, City Point. During the second quarter 2022, the Company increased its ownership in Fund II and Mervyn's II from 28% to 40%. Additionally, during the third quarter 2022, the Company increased its ownership in Fund II from 40% to 61.7%. During the first quarter 2023, Mervyns II distributed the Albertsons shares to its investors upon expiration of the lock-up agreement. The Company now directly owns 1.6 million Albertsons shares.

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

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

Unfunded Commitments available to deploy into new unidentified investments.

Implied Capital is Fund Size less capital attributed to sold investments or released. Post-investment period, Fund IV Implied Capital also excludes $41.9 million of general reserves.

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

Fund Portfolio Retail Properties – Detail 1

Supplemental Report – June 30, 2023


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

Fund II Portfolio Detail

NEW YORK
New York
City Point 2	Primark, Target, Basis Schools, Alamo Drafthouse, Trader Joe's	2007		94.2	%		—		330,448		205,830		536,278		—	%		88.5	%		30.7	%		66.3	%		85.9	%	$	14,663,216	$	41.22

Total - Fund II							—		330,448		205,830		536,278		—	%		88.5	%		30.7	%		66.3	%		85.9	%	$	14,663,216	$	41.22

Fund III Portfolio Detail

NEW YORK
New York
640 Broadway	Swatch	2012		100.0	%		4,637		—		—		4,637		91.6	%		—	%		—	%		91.6	%		91.6	%	$	1,094,505	$	257.71
Total - Fund III							4,637		—		—		4,637		91.6	%		—	%		—	%		91.6	%		91.6	%	$	1,094,505	$	257.71

Fund IV Portfolio Detail

NEW YORK
New York
801 Madison Avenue	─	2015		100.0	%		2,522		—		—		2,522		—	%		—	%		—	%		—	%		—	%	$	—	$	—
210 Bowery	─	2012		100.0	%		2,538		—		—		2,538		—	%		—	%		—	%		—	%		—	%		—		—
27 East 61st Street	─	2014		100.0	%		4,177		—		—		4,177		—	%		—	%		—	%		—	%		—	%		—		—
17 East 71st Street	The Row	2014		100.0	%		8,432		—		—		8,432		82.2	%		—	%		—	%		82.2	%		100.0	%		1,887,315		272.26
1035 Third Avenue 3	─	2015		100.0	%		7,634		—		—		7,634		100.0	%		—	%		—	%		100.0	%		100.0	%		1,180,492		154.64

New Jersey
Paramus Plaza	Marshall, Hobby Lobby, Skechers	2013		50.0	%		—		87,539		65,955		153,494		—	%		100.0	%		100.0	%		100.0	%		100.0	%		3,262,289		21.25

BOSTON
Massachusetts
Restaurants at Fort Point	─	2016		100.0	%		15,711		—		—		15,711		100.0	%		—	%		—	%		100.0	%		100.0	%		1,050,946		66.89

NORTHEAST
Rhode Island
650 Bald Hill Road	Dick's Sporting Goods, Burlington Coat Factory	2015		90.0	%		—		55,000		105,448		160,448		—	%		100.0	%		77.7	%		85.3	%		85.3	%		2,052,672		14.99

MID-ATLANTIC
Delaware
Eden Square	Giant Food, LA Fitness	2014		98.6	%		—		116,003		113,168		229,171		—	%		100.0	%		82.9	%		91.6	%		97.0	%		3,295,103		15.70


SOUTHEAST
Georgia
Broughton Street Portfolio (13 properties)	H&M, Lululemon, Kendra Scott, Starbucks	2014		100.0	%		95,201		—		—		95,201		88.2	%		—	%		—	%		88.2	%		93.1	%		3,123,967		37.20

WEST
California
146 Geary Street	─	2015		100.0	%		10,151		—		—		10,151		—	%		—	%		—	%		—	%		—	%		—		—
Union and Fillmore Collection (3 properties)	Eileen Fisher, Bonobos	2015		90.0	%		7,148		—		—		7,148		77.9	%		—	%		—	%		77.9	%		77.9	%		650,117		116.82

Total - Fund IV							153,514		258,542		284,571		696,627		78.0	%		100.0	%		85.0	%		89.0	%		91.7	%	$	16,502,901	$	26.61

Fund Portfolio Retail Properties – Detail 1

Supplemental Report – June 30, 2023


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

SOUTHWEST
New Mexico
Plaza Santa Fe	TJ Maxx, Best Buy, Ross Dress for Less	2017		100.0	%		—		153,983		70,169		224,152		—	%		100.0	%		78.0	%		93.1	%		95.1	%	$	3,960,239	$	18.97

Texas
Wood Ridge Plaza	Kirkland's, Office Depot	2022		90.0	%		—		—		211,674		211,674		—	%		—	%		87.3	%		87.3	%		89.6	%		3,967,663		21.48
La Frontera Plaza	Kohl's, Hobby Lobby, Burlington, Marshalls	2022		90.0	%		—		203,500		330,930		534,430		—	%		100.0	%		86.1	%		91.4	%		92.9	%		6,764,447		13.85

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	%		2,360,128		12.39
Fairlane Green	TJ Maxx, Michaels, Burlington	2017		100.0	%		—		109,952		160,235		270,187		—	%		100.0	%		91.9	%		95.2	%		95.2	%		5,070,802		19.71

NORTHEAST
Maryland
Frederick County (2 properties)	Kohl's, Best Buy, Ross Dress for Less	2019		90.0	%		—		251,988		278,828		530,816		—	%		100.0	%		80.8	%		89.9	%		94.8	%		7,228,097		15.15

Connecticut
Tri-City Plaza	TJ Maxx, HomeGoods, ShopRite	2019		90.0	%		—		129,940		172,790		302,730		—	%		100.0	%		81.8	%		89.6	%		89.6	%		3,825,867		14.10

New Jersey
Midstate	ShopRite, Best Buy, DSW, PetSmart	2021		100.0	%		—		253,779		131,337		385,116		—	%		90.5	%		66.6	%		82.4	%		93.6	%		6,311,718		19.89

New York
Shoppes at South Hills	ShopRite, At Home, Ashley Furniture	2022		90.0	%		—		416,804		95,414		512,218		—	%		80.7	%		47.8	%		74.6	%		74.6	%		4,508,499		11.80
Mohawk Commons	Lowe's, Target	2023		90.0	%		—		330,874		68,464		399,338		—	%		100.0	%		89.9	%		98.3	%		98.3	%		5,539,886		14.12

Pennsylvania
Monroe Marketplace	Kohl's, Dick's Sporting Goods, Giant Food	2021		100.0	%		—		262,257		108,276		370,533		—	%		100.0	%		100.0	%		100.0	%		100.0	%		4,243,262		11.45

Rhode Island
Lincoln Commons	Stop and Shop, Marshalls, HomeGoods	2019		100.0	%		—		194,470		267,551		462,021		—	%		100.0	%		79.3	%		88.0	%		88.0	%		5,541,586		13.63

SOUTHEAST
Virginia
Landstown Commons	Best Buy, Burlington Coat Factory, Ross Dress for Less	2019		100.0	%		—		87,883		292,316		380,199		—	%		100.0	%		86.9	%		89.9	%		96.3	%		7,108,597		20.79

Florida
Palm Coast Landing	TJ Maxx, PetSmart, Ross Dress for Less	2019		100.0	%		—		73,241		98,558		171,799		—	%		100.0	%		94.6	%		96.9	%		96.9	%		3,440,923		20.67

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	%		4,738,972		12.54

Fund Portfolio Retail Properties – Detail 1

Supplemental Report – June 30, 2023


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

Alabama
Trussville Promenade	Wal-Mart, Regal Cinemas	2018		100.0	%		—		366,010		97,671		463,681		—	%		100.0	%		75.2	%		94.8	%		95.1	%		4,569,750		10.40

Georgia
Canton Marketplace	Dick's Sporting Goods, TJ Maxx, Best Buy	2021		100.0	%		—		132,569		219,419		351,988		—	%		100.0	%		91.1	%		94.4	%		94.9	%		5,865,089		17.64
Hiram Pavilion	Kohl's, HomeGoods	2018		100.0	%		—		209,423		153,252		362,675		—	%		100.0	%		98.6	%		99.4	%		99.4	%		4,609,312		12.78

WEST
California
Elk Grove Commons	Kohl's, HomeGoods	2018		100.0	%		—		132,489		109,589		242,078		—	%		100.0	%		96.4	%		98.4	%		100.0	%		5,153,472		21.64

Utah
Family Center at Riverdale	Target, Home Goods, Best Buy, Sierra Trading (TJX)	2019		89.4	%		—		231,673		140,802		372,475		—	%		100.0	%		94.5	%		97.9	%		97.9	%		4,006,667		10.98

Total - Fund V							—		3,952,808		3,166,397		7,119,205		—	%		97.4	%		85.9	%		92.3	%		93.9	%	$	98,814,975	$	15.04

TOTAL FUND PROPERTIES							158,151		4,541,798		3,656,798		8,356,747		78.4	%		96.9	%		82.7	%		90.3	%		93.2	%	$	131,075,597	$	17.36

Acadia Share of Total Fund Properties							36,465		1,002,768		785,111		1,824,344		78.5	%		95.9	%		77.4	%		87.6	%		92.4	%	$	31,288,843	$	19.58

__________

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

In place occupancy excludes short-term percentage rent.

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

Fund Lease Expirations

Supplemental Report – June 30, 2023

(Pro Rata Basis)


	FUND II														FUND III
			GLA							ABR							GLA							ABR
	Leases		Expiring		Percent							Percent			Leases		Expiring		Percent							Percent
Year	Expiring		SF		of Total			Amount		PSF		of Total			Expiring		SF		of Total			Amount		PSF		of Total
M to M 1		—		—		—	%	$	—	$	—		—	%		—		—		—	%	$	—	$	—		—	%
2023 (remainder)		—		—		—	%		—		—		—	%		1		160		15.3	%		64,426		403.90		24.0	%
2024		—		—		—	%		—		—		—	%		—		—		—	%		—		—		—	%
2025		1		1,426		0.7	%		159,739		112.00		1.9	%		—		—		—	%		—		—		—	%
2026		—		—		—	%		—		—		—	%		—		—		—	%		—		—		—	%
2027		3		15,292		7.4	%		1,139,551		74.52		13.4	%		—		—		—	%		—		—		—	%
2028		1		552		0.3	%		107,618		195.00		1.3	%		1		306		29.4	%		73,995		241.80		27.5	%
2029		1		580		0.3	%		86,965		150.00		1.0	%		—		—		—	%		—		—		—	%
2030		—		—		—	%		—		—		—	%		1		177		17.0	%		40,920		231.28		15.2	%
2031		—		—		—	%		—		—		—	%		1		226		21.7	%		53,912		238.28		20.1	%
2032		4		78,364		37.9	%		1,189,550		15.18		14.0	%		1		173		16.6	%		35,338		203.68		13.2	%
Thereafter		6		110,444		53.4	%		5,834,899		52.83		68.5	%		—		—		—	%		—		—		—	%
Total		16		206,658		100.0	%	$	8,518,323	$	41.22		100.0	%		5		1,042		100.0	%	$	268,592	$	257.71		100.0	%

				104,883	Total Vacant													96	Total Vacant
				311,541	Total Square Feet													1,138	Total Square Feet


	FUND IV														FUND V
			GLA							ABR							GLA							ABR
	Leases		Expiring		Percent							Percent			Leases		Expiring		Percent							Percent
Year	Expiring		SF		of Total			Amount		PSF		of Total			Expiring		SF		of Total			Amount		PSF		of Total
M to M 1		—		—		—	%	$	—	$	—		—	%		3		1,632		0.1	%	$	29,244	$	17.92		0.2	%
2023 (remainder)		3		952		0.8	%		35,627		37.40		1.1	%		43		37,663		3.0	%		771,744		20.49		4.0	%
2024		5		17,161		14.1	%		369,081		21.51		11.0	%		97		196,220		15.5	%		3,034,795		15.47		15.9	%
2025		6		2,130		1.8	%		469,575		220.47		14.0	%		92		240,131		18.9	%		3,362,503		14.00		17.6	%
2026		13		18,498		15.2	%		491,483		26.57		14.6	%		84		116,471		9.2	%		2,238,527		19.22		11.7	%
2027		11		8,297		6.8	%		223,781		26.97		6.7	%		79		188,461		14.9	%		2,390,099		12.68		12.5	%
2028		8		5,735		4.7	%		167,015		29.12		5.0	%		51		123,402		9.7	%		2,159,785		17.50		11.3	%
2029		4		15,687		12.9	%		322,179		20.54		9.6	%		25		69,847		5.5	%		794,216		11.37		4.2	%
2030		1		346		0.3	%		16,278		47.00		0.5	%		28		70,642		5.6	%		986,922		13.97		5.2	%
2031		8		14,337		11.8	%		368,055		25.67		10.9	%		29		71,676		5.7	%		1,044,280		14.57		5.5	%
2032		7		25,565		21.0	%		610,736		23.89		18.1	%		34		76,017		6.0	%		1,181,293		15.54		6.2	%
Thereafter		5		12,944		10.6	%		291,386		22.51		8.7	%		25		76,254		6.0	%		1,143,325		14.99		6.0	%
Total		71		121,652		100.0	%	$	3,365,196	$	27.66		100.0	%		590		1,268,416		100.0	%	$	19,136,732	$	15.09		100.0	%

				17,047	Total Vacant													104,550	Total Vacant
				138,700	Total Square Feet													1,372,966	Total Square Feet

__________

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

2. Totals may not foot due to rounding.

Development and Redevelopment Activity

Supplemental Report – June 30, 2023


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

Development:
1238 Wisconsin	80.0%	Washington DC	2023		29,000	61%100%	$	—	$	18.2	$	18.2	$	8.0	-	$	8.6	$	26.2	-	$	26.8
Henderson - Development 1 & 2	100.0%	Dallas, TX	TBD		160,000	—		9.6		3.8		13.4	TBD		-	TBD		TBD		-	TBD
Total Core Development							$	9.6	$	22.0	$	31.6	$	8.0		$	8.6	$	26.2		$	26.8

Major Redevelopment:
City Center	100.0%	San Francisco, CA	2024		241,000	75%/100%		155.0		50.3		205.3		4.7	-		7.7		210.0	-		213.0
555 9th Street	100.0%	San Francisco, CA	TBD		149,000	16%/31%		141.7		0.8		142.5		24.2	-		34.2		166.7	-		176.7
651-671 West Diversey	100.0%	Chicago, IL	TBD		46,000	86%/86%		29.1		0.2		29.3	TBD		-	TBD		TBD		-	TBD
Route 6 Mall	100.0%	Honesdale, PA	TBD	TBD		32%/51%		14.8		2.3		17.1		3.7	-		6.7		20.8	-		23.8
Mad River	100.0%	Dayton, OH	TBD	TBD		71%/79%		14.3		0.1		14.4		1.8	-		2.2		16.2	-		16.6
840 N. Michigan Avenue	88.4%	Chicago, IL	TBD		87,000	100%/100%		146.5		—		146.5	TBD		-	TBD		TBD		-	TBD
664 N. Michigan Avenue	100.0%	Chicago, IL	TBD		18,000	100%/100%		87.2		—		87.2	TBD		-	TBD		TBD		-	TBD
Brandywine Holdings	100.0%	Wilmington, DE	TBD		96,000	69%/69%		24.0		—		24.0	TBD		-	TBD		TBD		-	TBD
Total Core Redevelopment							$	612.6	$	53.7	$	666.3	$	34.4		$	50.8	$	413.7		$	430.1

Total Core Development and Redevelopment							$	622.2	$	75.7	$	697.9	$	42.4		$	59.4	$	439.9		$	456.9

FUNDS

Development:
FUND III
Broad Hollow Commons	24.5%	Farmingdale, NY	TBD	TBD		—		3.0		3.7		6.7	TBD		-	TBD		TBD		-	TBD

Major Redevelopment:
FUND IV
717 N. Michigan Avenue	23.1%	Chicago, IL	TBD	TBD		12%/24%		26.9		—		26.9	TBD		-	TBD		TBD		-	TBD
Total Funds Development and Major Redevelopment							$	29.9	$	3.7	$	33.6	$	—		$	—	$	—		$	—

Total Core and Funds Development and Major Redevelopment							$	652.1	$	79.4	$	731.5	$	42.4		$	59.4	$	439.9		$	456.9

_________

Development and Redevelopment Activity

Supplemental Report – June 30, 2023


Property	Key Tenants	Description
CORE

Development:
1238 Wisconsin	Wolford, Everbody, Outerknown	Redevelopment/addition to existing building with ground level retail, upper floor office and residential units upon completion. Discretionary spend upon securing tenant(s)
Henderson - Development 1 & 2	TBD	Ground up development for mixed-use street-level retail spaces and upper-level office spaces

Major Redevelopment:
City Center	Target, Whole Foods, PetSmart	Ground up development of pad sites and street level retail and re-tenanting/redevelopment for Whole Foods
555 9th Street	The Container Store	Re-tenanting and potential split of former 46,000 sf Nordstrom and 73,000 sf Bed Bath and Beyond; façade upgrade and possible vertical expansion
651-671 West Diversey	TBD	Discretionary spend for future re-tenanting and re-configuration of approximately 30,000 sf
Route 6 Mall	TJ Maxx	Discretionary spend for re-tenanting former 120,000 sf Kmart anchor space once tenant(s) are secured
Mad River	TBD	Discretionary spend for the re-tenanting former 33,000 sf of Babies R Us space once tenant(s) are secured
840 N. Michigan Avenue	TBD	Discretionary spend for future re-tenanting
664 N. Michigan Avenue	TBD	Discretionary spend for future re-tenanting
Brandywine Holdings	TBD	Discretionary spend for future re-tenanting

FUNDS

Development:
FUND III
Broad Hollow Commons	TBD	Discretionary spend upon securing necessary approvals and tenant(s) for lease up

FUND IV
717 N. Michigan Avenue	Alo Yoga	Discretionary spend upon securing tenant(s) for lease up

Important Notes

Supplemental Report – June 30, 2023

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

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

USE OF FUNDS FROM OPERATIONS AS NON-GAAP FINANCIAL MEASURE

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

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

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

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

USE OF NON-GAAP FINANCIAL MEASURES

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