akr-ex992

EX-99.2 3 akr-ex992_6.htm EX-99.2 akr-ex992_6.htm

Exhibit 99.2

EALTY TRUST—Q2 2018 SUPPLEMENTAL REPORTING INFORMATIO

Table of Contents		Supplemental Report – December 31, 2020

Section I - Fourth Quarter 2020 Earnings Press Release
Section II - Financial Information		Section III – Core Portfolio Information

Company Information	3	Core Properties	26
Market Capitalization	4	Core Top Tenants	30
Operating Statements		Core Lease Expirations	31
Consolidated Income Statements	5	Core New and Renewal Rent Spreads	32
Income Statement - Pro-rata Adjustments	7	Core Capital Expenditures	33
Consolidated Balance Sheet	8
Balance Sheet - Pro-rata Adjustments	9
Funds from Operations (“FFO”), Adjusted FFO (“AFFO”)	11	Section IV - Fund Information
EBITDA	12
Same Property Net Operating Income	13	Fund Overview	34
Fee Income	14	Fund Properties	35
Structured Financing	15	Fund Lease Expirations	38
Other Information		Development and Redevelopment Activity	39
Transactional Activity	16
2021 Guidance	17
Net Asset Valuation Information	18
Selected Financial Ratios	19	Section V – Other Information
Debt Analysis
Summary	21	Portfolio Composition	41
Detail	22
Maturities	24	Important Notes	42

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

Supplemental Report – December 31, 2020		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	Amy Racanello	Symbol AKR
	Suite 300	Senior Vice President,
	Rye, NY 10580	Capital Markets & Investments
		(914) 288-3345
		aracanello@acadiarealty.com


Analyst Coverage

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


	Green Street Advisors	Compass Point Research & Trading	J.P. Morgan Securities, Inc.
	Vince Tibone - (949) 640-8780	Floris van Dijkum - (646) 757-2621	Michael W. Mueller, CFA - (212) 622-6689
	vtibone@greenstreetadvisors.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

Market Capitalization

Supplemental Report – December 31, 2020

(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		86,269					Balance at 12/31/2019		87,050			5,015			92,065
Common Operating Partnership ("OP") Units		4,891					Other		11			233			244
Combined Common Shares and OP Units		91,160					Share repurchases		(1,219	)		—			(1,219	)
							OP Conversions		148			(113	)		35
Share Price at December 31, 2020	$	14.19					Balance at 3/31/2020		85,990			5,135			91,125			86,972		86,972		92,785		92,785
							Other		15			16			31
Equity Capitalization - Common Shares and OP Units	$	1,293,560					OP Conversions		260			(260	)		—
Preferred OP Units		6,593		²			Balance at 6/30/2020		86,265			4,891			91,156			86,180		86,576		91,648		92,137
Total Equity Capitalization		1,300,153			53%	53%	Other		1			—			1
							Balance at 9/30/2020		86,266			4,891			91,157			86,309		86,486		91,224		91,978
Debt Capitalization							Other		3			—			3
Consolidated debt		1,770,054					Balance at 12/31/2020		86,269			4,891			91,160			86,311		86,442		91,666		91,900
Adjustment to reflect pro-rata share of debt		(616,027	)
Total Debt Capitalization		1,154,027			47%	47%

Total Market Capitalization	$	2,454,180		³	100%	100%

__________

Reflects debt net of Core Portfolio cash of $11,668 and pro-rata share of Funds cash of $3,543 for total cash netted against debt of $15,211.

Represents 188 Series A and 126,593 Series C Preferred OP Units convertible into 25,067 and 439,556 Common OP Units, respectively, multiplied by the Common Share price at quarter end.

Market capitalization comprises (fixed-rate debt includes notional principal fixed through interest rate swap transactions):

Consolidated Income Statement

Supplemental Report – December 31, 2020

(in thousands)


	December 31, 2020 ¹
CONSOLIDATED INCOME STATEMENT	Quarter			Year to Date
Revenues
Rental income	$	67,606		$	251,002
Other		1,404			4,482
Total revenues		69,010			255,484
Operating expenses
Depreciation and amortization		48,166			149,793
General and administrative		9,640			36,055
Real estate taxes		11,672			43,505
Property operating		14,910			56,595
Impairment charges		34,049			85,598
Total operating expenses		118,437			371,546

Gain on disposition of properties		174			683
Operating loss		(49,253	)		(115,379	)
Equity in losses of unconsolidated affiliates		(1,082	)		(1,237	)
Interest and other income		1,823			8,979
Realized and unrealized holding gains on investments and other		34,595			113,930
Interest expense		(17,687	)		(72,060	)
Loss from continuing operations before income taxes		(31,604	)		(65,767	)
Income tax provision		(1,012	)		(271	)
Net loss		(32,616	)		(66,038	)
Net loss attributable to noncontrolling interests		21,891			57,279
Net loss attributable to Acadia	$	(10,725	)	$	(8,759	)

Income Statement - Detail

Supplemental Report – December 31, 2020

(in thousands)


	December 31, 2020 ¹
CORE PORTFOLIO AND FUND INCOME	Quarter			Year to Date
PROPERTY REVENUES
Minimum rents	$	50,657		$	200,860
Percentage rents		97			458
Expense reimbursements - CAM		7,079			23,847
Expense reimbursements - Taxes		8,754			33,657
Other property income		963			2,990
Total Property Revenues		67,550			261,812

PROPERTY EXPENSES
Property operating - CAM		10,314			36,395
Other property operating (Non-CAM)		2,970			12,904
Real estate taxes		11,672			43,505
Total Property Expenses		24,956			92,804

NET OPERATING INCOME - PROPERTIES		42,594			169,008

OTHER INCOME (EXPENSE)
Interest income		1,823			8,979
Straight-line rent income (expense)		(1,495	)		(16,978	)
Above/below-market rent income (expense)		1,107			9,222
Interest expense ²		(16,500	)		(65,397	)
Amortization of finance costs		(1,129	)		(5,170	)
Above/below-market interest income (expense)		26			104
Asset and property management income (expense)		(138	)		(415	)
Other income (expense) ⁷		18,965			18,758
Transaction costs		—			—
Finance lease interest expense		(84	)		(1,597	)
Impairment charges (excluding ROU)		(34,049	)		(85,598	)
CORE PORTFOLIO AND FUND INCOME		11,120			30,916

FEE INCOME
Asset and property management fees		155			679
Net promote and other transactional income		15,771			88,819
Transactional fees ³		64			221
Income tax (provision) benefit		(1,012	)		(271	)
Total Fee (Loss) Income		14,978			89,448

General and Administrative		(9,640	)		(36,055	)

Depreciation and amortization		(48,086	)		(149,396	)
Non-real estate depreciation and amortization		(80	)		(397	)
Gain on disposition of properties		174			683
(Loss) before equity in earnings and noncontrolling interests		(31,534	)		(64,801	)

Equity in losses of unconsolidated affiliates		(1,082	)		(1,237	)
Noncontrolling interests		21,891			57,279

NET LOSS ATTRIBUTABLE TO ACADIA	$	(10,725	)	$	(8,759	)

Income Statement – Pro Rata Adjustments

Supplemental Report – December 31, 2020

(in thousands)


	Quarter Ended December 31, 2020						Year to Date December 31, 2020
CORE PORTFOLIO AND FUND INCOME	Noncontrolling Interest in Consolidated Subsidiaries ⁴			Company’s Interest in Unconsolidated Subsidiaries ⁵			Noncontrolling Interest in Consolidated Subsidiaries ⁵			Company’s Interest in Unconsolidated Subsidiaries ⁶
PROPERTY REVENUES
Minimum rents	$	(18,912	)	$	8,285		$	(77,380	)	$	35,388
Percentage rents		(12	)		15			(231	)		58
Expense reimbursements - CAM		(3,385	)		1,100			(11,908	)		3,918
Expense reimbursements - Taxes		(2,326	)		1,810			(9,874	)		7,868
Other property income		(364	)		(228	)		(1,450	)		(35	)
Total Property Revenues		(24,999	)		10,982			(100,843	)		47,197

PROPERTY EXPENSES
Property operating - CAM		(4,913	)		1,150			(18,375	)		4,066
Other property operating (Non-CAM)		(828	)		127			(6,062	)		855
Real estate taxes		(3,941	)		2,195			(14,889	)		9,087
Total Property Expenses		(9,682	)		3,472			(39,326	)		14,008
NET OPERATING INCOME - PROPERTIES		(15,317	)		7,510			(61,517	)		33,189

OTHER INCOME (EXPENSE)
Interest income		(109	)		—			(672	)		—
Straight-line rent income (expense)		566			(367	)		8,421			(1,421	)
Above/below-market rent income (expense)		575			522			(3,965	)		3,366
Interest expense ²		8,292			(2,789	)		35,067			(11,652	)
Amortization of finance costs		662			(246	)		3,579			(1,128	)
Above/below-market interest income (expense)		—			21			—			84
Asset and property management income (expense)		282			(370	)		1,066			(1,436	)
Other income (expense) ⁷		(17,486	)		—			(18,001	)		338
Finance lease interest expense		62			—			243			—
Impairment charges (excluding ROU)		28,707			—			67,856			—
CORE PORTFOLIO AND FUND INCOME		6,234			4,281			32,077			21,340

FEE INCOME
Asset and property management fees		3,141			133			14,373			495
Promote income from funds, net		—			—			—			—
Net promote and other transactional income		(11,303	)		—			(63,241	)		—
Transactional fees ³		490			111			5,110			512
Income tax (provision) benefit		705			(7	)		789			(34	)
Total Fee (Loss) Income		(6,967	)		237			(42,969	)		973

General and Administrative		1,024			(81	)		1,684			(280	)
Depreciation and amortization		21,031			(5,519	)		66,508			(23,270	)
Non-real estate depreciation and amortization		—			—			—			—
Gain on disposition of properties		—			—			(392	)		—
(Loss) before equity in earnings and noncontrolling interests		21,322			(1,082	)		56,908			(1,237	)

Equity in losses of unconsolidated affiliates		—			—			—			—
Noncontrolling interests ⁶		569			—			371			—

NET LOSS ATTRIBUTABLE TO ACADIA	$	21,891		$	(1,082	)	$	57,279		$	(1,237	)

Balance Sheet

Supplemental Report – December 31, 2020

(in thousands)

ASSETS	Consolidated Balance Sheet			Line Item Details:
Real estate
Land	$	776,275		The components of Real estate under development, at cost are as follows:
Buildings and improvements		3,039,827		Core	$	63,875
Construction in progress		5,751		Fund II		74,657
Right-of-use assets - finance leases		25,086		Fund III		23,139
Right-of-use assets - operating leases, net		76,268		Fund IV		85,678
		3,923,207		Total	$	247,349
Less: Accumulated depreciation and amortization		(586,800	)
Operating real estate, net		3,336,407		Summary of other assets, net:
Real estate under development		247,349		Deferred charges, net	$	30,488
Net investments in real estate		3,583,756		Prepaid expenses		17,468
Notes receivable, net		101,450		Due from seller		3,682
Investments in and advances to unconsolidated affiliates		249,807		Derivative financial instruments		1
Lease intangibles, net		100,732		Accrued interest receivable		13,917
Other assets, net		73,077		Other receivables		2,058
Cash and cash equivalents		19,232		Income taxes receivable		2,433
Restricted cash		14,692		Corporate assets, net		1,302
Straight-line rents receivable, net		26,317		Deposits		1,728
Rents receivable		17,819		Total	$	73,077
Total Assets	$	4,186,882

LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgage and other notes payable, net	$	1,125,356		Summary of accounts payable and other liabilities:
Unsecured notes payable, net		500,083		Lease liability - finance leases, net	$	6,287
Unsecured line of credit		138,400		Lease liability - operating leases, net		88,816
Accounts payable and other liabilities		282,293		Accounts payable and accrued expenses		53,031
Lease intangibles, net		76,434		Deferred income		31,842
Dividends and distributions payable		147		Tenant security deposits, escrow and other		12,178
Distributions in excess of income from, and investments in, unconsolidated affiliates		15,616		Derivative financial instruments		90,139
Total Liabilities		2,138,329		Total	$	282,293
Shareholders' Equity
Common shares		86
Additional paid-in capital		1,683,165
Accumulated other comprehensive loss		(74,891	)
Distributions in excess of accumulated earnings		(167,046	)
Total Acadia shareholders’ equity		1,441,314
Noncontrolling interests		607,239
Total equity		2,048,553
Total Liabilities and Shareholders' Equity	$	4,186,882

Balance Sheet – Pro-rata Adjustments⁸

Supplemental Report – December 31, 2020

(in thousands)

ASSETS	Noncontrolling Interest in Consolidated Subsidiaries ⁵			Company’s Interest in Unconsolidated Subsidiaries ⁶
Real estate
Land	$	(185,402	)	$	68,567
Buildings and improvements		(985,716	)		271,200
Construction in progress		(2,315	)		254
Right-of-use assets - finance leases		(4,129	)		22,785
Right-of-use assets - operating leases, net		(27,070	)		—
		(1,204,632	)		362,806
Less: Accumulated depreciation and amortization		118,663			(52,278	)
Operating real estate, net		(1,085,969	)		310,528
Real estate under development		(137,358	)		4,836
Net investments in real estate		(1,223,327	)		315,364
Notes receivable, net		(4,005	)		—
Investments in and advances to unconsolidated affiliates		(95,547	)		(131,711	)
Lease intangibles, net		(28,920	)		7,166
Other assets, net		(1,176	)		1,782
Cash and cash equivalents		(8,941	)		4,920
Restricted cash		(11,221	)		1,351
Straight-line rents receivable, net		(5,885	)		4,206
Rents receivable		(6,767	)		1,858
Total Assets	$	(1,385,789	)	$	204,936

LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgage and other notes payable, net	$	(702,998	)	$	180,782
Unsecured notes payable, net		(90,440	)		—
Unsecured line of credit		—			—
Accounts payable and other liabilities		(47,088	)		24,369
Lease intangibles, net		(20,277	)		7,971
Lease liability - finance leases		(4,582	)		7,426
Lease liability - operating leases		(37,847	)		4
Dividends and distributions payable		—			—
Distributions in excess of income from, and investments in, unconsolidated affiliates		—			(15,616	)
Total Liabilities		(903,232	)		204,936
Shareholders' Equity
Common shares		—			—
Additional paid-in capital		—			—
Accumulated other comprehensive loss		—			—
Distributions in excess of accumulated earnings		—			—
Total Acadia shareholders’ equity		—			—
Noncontrolling interests		(482,557	)		—
Total equity		(482,557	)		—
Total Liabilities and Shareholders' Equity	$	(1,385,789	)	$	204,936

Balance Sheet – Pro-rata Adjustments⁸

Supplemental Report – December 31, 2020

(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 capitalized interest of $0.9 million for the three months ended December 31, 2020 and $7.1 million for the year ended December 31, 2020.

Consists of development, construction, leasing and legal fees.

Noncontrolling interests represent limited partners’ interests in consolidated partnerships’ activities.

Represents the Company’s share of co-investment partnerships’ activities, of which each are included on a single line presentation in the Company’s consolidated financial statements in accordance with GAAP.

Adjustment to noncontrolling interests exclude (losses) income allocable to Operating Partnership Units of $(0.6) million for the three months ended December 31, 2020 and $(0.4) million for the year ended December 31, 2020.

Includes a Right-of-use asset impairment of $2.9 million and a gain on debt extinguishment of $4.1 million on a pro-rata basis for the three months and year ended December 31, 2020.

The Company currently invests in Funds II, III, IV & V and Mervyns II which are consolidated within the Company's financial statements.

Funds from Operations (“FFO”), Adjusted Funds from Operations (“AFFO”)

Supplemental Report – December 31, 2020

(in thousands)


	Quarter Ended												Year to Date			Quarter Ended			Year to Date
	March 31, 2020			June 30, 2020			September 30, 2020			December 31, 2020			December 31, 2020			December 31, 2019			December 31, 2019
Funds from operations ("FFO"):
Net (Loss) Income	$	(8,414	)	$	19,410		$	(9,030	)	$	(10,725	)	$	(8,759	)	$	21,310		$	53,045
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share)		24,088			24,390			25,106			32,574			106,158			23,216			89,373
Gain on disposition on real estate properties (net of noncontrolling interest share)		—			(111	)		(6	)		(174	)		(291	)		(16,644	)		(19,786	)
Impairment charges (net of noncontrolling interest share)		12,400			—			—			4,923			17,323			—			395
(Loss) income attributable to noncontrolling interests' share in Operating Partnership		(336	)		1,259			(471	)		(446	)		125			1,399			3,835
FFO to Common Shareholders and Common OP Unit holders	$	27,738		$	44,948		$	15,599		$	26,152		$	114,556		$	29,281		$	126,862

Less: Albertsons unrealized holding loss (gain) (net of noncontrolling interest share)		—			(18,397	)		2,240			(4,468	)		(20,625	)		—			—
FFO before Special Items	$	27,738		$	26,551		$	17,839		$	21,684		$	93,931		$	29,281		$	126,862


Adjusted Funds from operations ("AFFO"):
FFO	$	27,738		$	44,948		$	15,599		$	26,152		$	114,556		$	29,281		$	126,862
Unrealized gains		—			(18,397	)		2,240			(4,468	)		(20,625	)		—			—
Straight-line rent, net		2,593			1,540			4,549			1,296			9,978			1,028			(1,319	)
Above/below-market rent		(2,288	)		(1,783	)		(2,348	)		(2,204	)		(8,623	)		(3,049	)		(14,693	)
Amortization of finance costs		749			631			626			713			2,719			764			2,979
Above/below-market interest		(47	)		(47	)		(47	)		(47	)		(188	)		(47	)		(188	)
Non-real estate depreciation		109			108			100			80			397			114			457
Stock-based compensation¹		3,527			2,014			2,047			1,984			9,572			3,388			10,151
Leasing commissions		(380	)		(118	)		(37	)		(1,450	)		(1,985	)		(221	)		(1,654	)
Tenant improvements		(468	)		(426	)		(815	)		(2,294	)		(4,003	)		(1,505	)		(5,599	)
Maintenance capital expenditures		(951	)		(997	)		(81	)		(1,144	)		(3,173	)		(1,735	)		(3,713	)
AFFO to Common Shareholders and Common OP Unit holders	$	30,582		$	27,473		$	21,833		$	18,618		$	98,625		$	28,018		$	113,283

Total weighted-average diluted shares and OP Units		92,785			91,648			91,224			91,666			91,900			92,585			90,046

Diluted FFO per Common share and OP Unit:
FFO	$	0.30		$	0.49		$	0.17		$	0.29		$	1.25		$	0.32		$	1.41

FFO before Special Items	$	0.30		$	0.29		$	0.20		$	0.24		$	1.02		$	0.32		$	1.41

__________

EBITDA

Supplemental Report – December 31, 2020

(in thousands)

	Quarter Ended December 31, 2020									Year to Date December 31, 2020									Quarter Ended December 31, 2019
	Core									Core									Core
	Portfolio			Funds			Total			Portfolio			Funds			Total			Portfolio			Funds			Total
EBITDA:

Net Income (Loss) Attributable to Acadia	$	2,929		$	(13,654	)	$	(10,725	)	$	27,281		$	(36,040	)	$	(8,759	)	$	22,012		$	(702	)	$	21,310

Adjustments:
Depreciation and amortization		25,786			6,868			32,654			86,681			19,874			106,555			18,936			4,394			23,330
Interest expense		8,703			2,294			10,997			32,896			9,086			41,982			6,860			2,064			8,924
Amortization of finance costs		532			181			713			1,704			1,015			2,719			389			375			764
Above/below-market interest		(47	)		—			(47	)		(188	)		—			(188	)		(47	)		—			(47	)
Gain on disposition of properties		(174	)		—			(174	)		(174	)		(117	)		(291	)		(16,771	)		127			(16,644	)
Unrealized holding losses (gains) on investments		(4,468	)		—			(4,468	)		(20,625	)		—			(20,625	)		—			—			—
Gain on debt extinguishment - non-principal and interest		(1,370	)		—			(1,370	)		(1,370	)		—			(1,370	)		—			—			—
Provision (benefit) for income taxes		86			228			314			(736	)		252			(484	)		100			(62	)		38
Impairment charges		419			7,775			8,194			419			20,175			20,594			—			—			—
Noncontrolling interest - OP		(569	)		—			(569	)		(371	)		—			(371	)		1,264			—			1,264
EBITDA	$	31,827		$	3,692		$	35,519		$	125,517		$	14,245		$	139,762		$	32,743		$	6,196		$	38,939

Adjusted EBITDA:

EBITDA	$	31,827		$	3,692		$	35,519		$	125,517		$	14,245		$	139,762		$	32,743		$	6,196		$	38,939
Stock based compensation¹		1,984			—			1,984			9,572			—			9,572			3,388			—			3,388
Adjusted EBITDA	$	33,811		$	3,692		$	37,503		$	135,089		$	14,245		$	149,334		$	36,131		$	6,196		$	42,327

__________

Adjusted EBITDA eliminates stock-based compensation expense. Amounts for prior periods have been updated to include stock-based compensation for comparability.

Core Portfolio – Same Property Performance ¹

Supplemental Report – December 31, 2020

(in thousands)

	Quarter Ended						Change			Year to Date				Change
	December 31, 2020			December 31, 2019			Favorable/ (Unfavorable)			December 31, 2020		December 31, 2019		Favorable/ (Unfavorable)

Summary
Minimum rents	$	29,698		$	34,290			(13.4	)%	$	118,769	$	135,280		(12.2	)%
Expense reimbursements		10,122			9,897			2.3	%		37,642		39,446		(4.6	)%
Other property income		306			256			19.5	%		1,098		1,206		(9.0	)%

Total Revenue		40,126			44,443			(9.7	)%		157,509		175,932		(10.5	)%

Expenses
Property operating - CAM & Real estate taxes		11,654			11,392			(2.3	)%		43,984		44,601		1.4	%
Other property operating (Non-CAM)		694			676			(2.7	)%		3,111		2,985		(4.2	)%

Total Expenses		12,348			12,068			(2.3	)%		47,095		47,586		1.0	%

Same Property NOI - Core properties	$	27,778		$	32,375			(14.2	)%	$	110,414	$	128,346		(14.0	)%

Reconciliation of Same Property NOI to Core NOI
NOI of Properties excluded from Same Property NOI		2,778			3,197						13,872		11,896
Core NOI	$	30,556		$	35,572					$	124,286	$	140,242


Other same property information
Physical Occupancy at the end of the period		89.9	%		94.0	%
Leased Occupancy at the end of the period		91.0	%		94.8	%

__________

The above amounts include the pro-rata activity related to the Company's Core consolidated and unconsolidated investments.

Fee Income by Fund

Supplemental Report – December 31, 2020

(in thousands)

	Fund II		Fund III			Fund IV		Fund V		Other		Total
Year to Date December 31, 2020
Asset and property management fees	$	2,110	$	1,246		$	4,461	$	7,110	$	620	$	15,547
Transactional fees		495		(84	)		2,527		2,722		183		5,843
Total fees	$	2,605	$	1,162		$	6,988	$	9,832	$	803	$	21,390

Quarter Ended December 31, 2020
Asset and property management fees	$	535	$	233		$	1,114	$	1,408	$	139	$	3,429
Transactional fees		89		(467	)		437		548		58		665
Total fees	$	624	$	(234	)	$	1,551	$	1,956	$	197	$	4,094


Quarter Ended September 30, 2020
Asset and property management fees	$	509	$	227		$	1,160	$	1,770	$	173	$	3,839
Transactional fees		132		131			528		709		38		1,538
Total fees	$	641	$	358		$	1,688	$	2,479	$	211	$	5,377


Quarter Ended June 30, 2020
Asset and property management fees	$	525	$	346		$	1,035	$	1,869	$	132	$	3,907
Transactional fees		146		111			782		697		51		1,787
Total fees	$	671	$	457		$	1,817	$	2,566	$	183	$	5,694

Quarter Ended March 31, 2020
Asset and property management fees	$	541	$	440		$	1,152	$	2,063	$	176	$	4,372
Transactional fees		128		141			780		768		36		1,853
Total fees	$	669	$	581		$	1,932	$	2,831	$	212	$	6,225

Structured Financing Portfolio

Supplemental Report – December 31, 2020

(in thousands)

	September 30, 2020						Quarter Ended December 31, 2020											Stated			Effective
	Principal		Accrued		Ending				Repayments/		Current			Accrued		Ending		Interest			Interest			Maturity
Investment	Balance		Interest		Balance		Issuances		Conversions ¹		Principal			Interest		Balance		Rate			Rate			Dates
First mortgage notes²	$	31,332	$	3,865	$	35,197	$	—	$	—	$	31,332		$	3,808	$	35,140		5.57	%		5.77	%	Apr-20 to Oct-21

Other notes		65,462		3,928		69,390		—		—		65,462			5,429		70,891		8.48	%		8.50	%	Apr-21 to Dec-27

Total Core notes receivable	$	96,794	$	7,793	$	104,587	$	—	$	—	$	96,794		$	9,237	$	106,031		7.54	%		7.61	%

__________


Reconciliation of Notes Receivable to the Consolidated Balance Sheet (Pro Rata):

Total Notes Receivable per above											$	96,794
Fund Notes Receivable												1,301
Allowance for credit loss												(650	)
Total Pro-rata Notes Receivable											$	97,445

________

See Transactional Activity page that follows for a description of the non-cash conversion.

One Core note due April 20, 2020 in the amount of $17.8 million with accrued interest of $3.8 million was in default at December 31, 2020.

For more information and details of Fund notes receivable, see the Company’s latest for 10-Q or 10-K.

Transactional Activity

Supplemental Report – December 31, 2020

(in thousands)

Fund

PROPERTY ACQUISTIONS AND DISPOSITIONS

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

ACQUISITIONS²
Core:

37 Greene Street	New York, NY	January 9, 2020	$	15,689			100.00	%	$	—			15,689
917 W. Armitage	Chicago, IL	February 13, 2020		3,515			100.00	%		—			3,515
			$	19,204					$	—		$	19,204

DISPOSITIONS
Core:
Union Plaza (Parcel)	New Castle, PA	December 11, 2020	$	200			100.00	%	$	—			200
163 Highland Ave (Parcel)	Needham, MA	December 14, 2020		238			100.00	%		—			238
				438						—			438

Fund III:
Cortlandt Crossing (Parcels)	Cortlandt Manor, NY	October 2, 2020, November 30, 2020		6,325			100.00	%		6,325			1,552
Fund IV:
Colonie Plaza	Albany, NY	April 13, 2020		15,250			100.00	%		15,250			3,526
Airport Mall (Parcel)	Bangor, ME	September 10, 2020		400			100.00	%		400			92
				15,650						15,650			3,618
			$	22,413					$	21,975		$	5,608


STRUCTURED FINANCING ACTIVITY

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

Core:
850 Third Avenue	Other Loan	January 17, 2020	$	54,000			100.00	%	$	—			54,000
Georgetown LUF	Other Loan	February 6, 2020		5,000			100.00	%		—			5,000
Town Center	Conversion (non-cash)	April 1, 2020		(38,674	)		100.00	%		—			(38,674	)
				20,326						—			20,326
Fund II:
Extell	Conversion (non-cash)	November 2, 2020		(33,755	)		100.00	%		(33,755	)		(9,563	)
			$	(13,429	)				$	(33,755	)	$	10,763

________

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. Acquisitions exclude any acquisitions or dispositions (as applicable) of non-controlling interests. Refer to the Company’s latest Form 10-Q or 10-K for further discussion of any such transactions.

2021 Guidance ¹

Supplemental Report – December 31, 2020

(in millions)


	2021 Guidance		2020 Actual

Net (loss) earnings per share attributable to Common Shareholders	$(0.12) to $0.04		$	(0.10	)
Depreciation of real estate and amortization of leasing costs
(net of noncontrolling interests' share)	1.22 to 1.26			1.16
Impairment charges (net of noncontrolling interest share)		—		0.19
Gain on disposition of properties (net of noncontrolling interests' share)	(0.05) to (0.07)			—
Noncontrolling interest in Operating Partnership	(0.07) to (0.09)			—
Funds from operations per share attributable to Common Shareholders and Common OP Unit holders	$0.98 to $1.14		$	1.25

Adjustments for Special Items:
Less: Albertsons unrealized holding gain (net of noncontrolling interest share)		—		(0.23	)
Funds from operations before Special Items per share attributable to Common Shareholders and Common OP Unit holders	$0.98 to $1.14		$	1.02

The full year 2021 guidance assumes the continuation of elevated COVID-19 impacts through at least the first half of 2021, with an expectation of improving operating results in the latter portion of 2021. The improvement is anticipated from rent commencements on newly executed leases along with reduced credit reserves as tenant re-openings (primarily within our Street portfolio) occur. Additionally, given the ongoing uncertainties resulting from COVID-19, the 2021 guidance does not incorporate any assumptions involving adjustments to its straight-line rent reserves or predictions of the variability that inherently results from those tenants that are, or may be subsequently classified, on the cash basis of accounting. The impact of such amounts could be material. Accordingly, the Company will update its guidance throughout 2021, as appropriate, to reflect such items.

Other assumptions for 2021 guidance include the following:



	2021 Estimated						2020 Actual
	Low			High

Interest income (Structured Finance Portfolio)	$	6		$	8		$	8
Fund fee income, net		16			19		21
Core and Fund transactional income ¹		5			12			7
Interest expense, net of capitalized interest ²		(47	)		(49	)		(46	)

_________

2021 FFO before Special Items guidance assumes the continued monetization of shares in Albertsons but excludes any unrealized mark-to-market adjustments on Albertsons shares. 2020 FFO before Special Items includes the realized gains on the sale of Albertsons shares.

Includes above/below market interest, amortization of finance costs and finance lease interest.

Net Asset Valuation Information

Supplemental Report – December 31, 2020

(in thousands)

	CORE			FUND II ²			FUND III			FUND IV			FUND V

Ownership Percentage	N/A				28.33	%		24.54	%		23.12	%		20.10	%

Current Quarter NOI
Net Operating Income ^{1, 2}	$	30,556		N/A			$	596		$	4,304		$	11,343
Less:
(Income) loss from properties sold or under contract		(21	)	N/A				46			47			—
(Income) loss from pre-stabilized assets, development and redevelopment projects ^{3, 4}		(1,362	)	N/A				(536	)		1,223			—
Net Operating Income of stabilized assets	$	29,173		N/A			$	106		$	5,574		$	11,343

Costs to Date (Pro Rata)
Pre-stabilized assets ³	$	—		N/A			$	27,211		$	43,366		$	—
Development and redevelopment projects ⁴		192,805		N/A				4,406			31,089			—
Total Costs to Date	$	192,805		N/A			$	31,617		$	74,455		$	—

Debt (Pro Rata)	$	886,258		$	77,230		$	14,394		$	88,168		$	87,977

__________

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 with pre-stabilized assets of $553.0 million and debt of $287.1 million.

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

See “Development and Redevelopment Activity” page in this Supplemental Report.

Selected Financial Ratios

Supplemental Report – December 31, 2020

(in thousands)


	Quarter Ended December 31,						Year to Date December 31,							Quarter Ended
COVERAGE RATIOS ¹	2020			2019			2020			2019			LEVERAGE RATIOS	December 31, 2020			September 30, 2020
Fixed-Charge Coverage Ratios													Debt/Market Capitalization Ratios

EBITDA ² divided by:	$	31,827		$	32,743		$	125,517		$	145,005		Debt + Preferred Equity (Preferred O.P. Units)	$	1,160,620		$	1,156,338
Interest expense		8,703			6,860			32,896			26,560		Total Market Capitalization		2,454,180			2,113,487
Principal Amortization		1,075			1,036			4,156			3,053		Debt + Preferred Equity/
Preferred Dividends ³		123			135			495			405		Total Market Capitalization		47	%		55	%
Fixed-Charge Coverage Ratio - Core Portfolio		3.2	x		4.1	x		3.3	x		4.8	x

EBITDA divided by:	$	35,519		$	38,939		$	139,762		$	167,046		Debt ⁶	$	1,145,409		$	1,144,073
Interest expense		10,997			8,924			41,982			36,187		Total Market Capitalization		2,454,180			2,113,487
Principal Amortization		1,294			1,230			4,819			3,717		Net Debt + Preferred Equity/
Preferred Dividends		123			135			495			405		Total Market Capitalization		47	%		54	%
Fixed-Charge Coverage Ratio - Core Portfolio and Funds		2.9	x		3.8	x		3.0	x		4.1	x	Debt/EBITDA Ratios
													Core:
Payout Ratios													Debt	$	886,258		$	882,169
													Net debt ⁵		874,590			873,812
Dividends declared (per share/OP Unit)				$	0.29					$	1.13		EBITDA		125,517			131,942
													Adjusted EBITDA		135,089			133,568
Dividends (Shares) & Distributions (OP Units) declared				$	27,049					$	103,439		Debt/EBITDA - Core Portfolio		7.1	x		6.7	x
FFO					29,281						126,862		Debt/Adjusted EBITDA - Core Portfolio		6.6	x		6.6	x
FFO Payout Ratio⁸	N/A				92	%	N/A				82	%	Net Debt/EBITDA - Core Portfolio		7.0	x		6.6	x
													Net Debt/ Adjusted EBITDA - Core Portfolio		6.5	x		6.5	x
													Core and Funds:
Dividends (Shares) & Distributions (OP Units) declared				$	27,049					$	103,439		Debt ⁴	$	1,154,027		$	1,151,459
AFFO⁷					28,018						113,283		Net debt ⁶		1,138,816			1,139,194
AFFO Payout Ratio	N/A				97	%	N/A				91	%	EBITDA		139,762			148,802
													Adjusted EBITDA		149,334			151,465
													Debt/EBITDA - Core and Funds		8.3	x		7.7	x
													Debt/Adjusted EBITDA - Core and Funds		7.7	x		7.6	x
													Net Debt/EBITDA - Core and Funds		8.1	x		7.7	x
													Net Debt/ Adjusted EBITDA - Core and Funds		7.6	x		7.5	x

Selected Financial Ratios

Supplemental Report – December 31, 2020

(in thousands)

__________

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

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

Represents preferred distributions on Preferred Operating partnership Units.

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

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

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

Prior periods updated to include an adjustment for stock-based compensation, see Funds from Operations (“FFO”), Adjusted Funds from Operations (“AFFO”) for a reconciliation of AFFO to net income attributable to Acadia.

Beginning with the second quarter of 2020, the Board of Trustees temporarily suspended distributions on common shares and common units, which suspension the Board has determined to continue through the fourth quarter of 2020.

Portfolio Debt - Summary

Supplemental Report – December 31, 2020

(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	$	488,400		3.4	%		2.0	$	807		—			—	$	489,207		42	%		3.4	%		2.0	$	2,440	$	—		$	491,647
Variable-Rate Debt ⁵		30,000		3.0	%		1		29,091		2.1	%		0.6		59,091		5	%		2.5	%		0.6		88,001		—			147,092
																		47	%
Mortgage and Other Notes Payable

Fixed-Rate Debt ¹		334,975		4.1	%		5.6		113,521		3.6	%		3.0		448,496		39	%		4.0	%		4.9		346,787		(139,221	)		656,062
Variable-Rate Debt ⁵		32,883		1.9	%		2.6		124,350		3.6	%		1.1		157,233		14	%		3.2	%		1.4		360,328		(42,308	)		475,253
																		53	%

Total	$	886,258		3.6	%		3.3	$	267,769		3.4	%		1.8	$	1,154,027		100	%		3.6	%		3.0	$	797,556	$	(181,529	)		1,770,054

Unamortized premium																															548
Net unamortized loan costs																															(6,763	)
Total																														$	1,763,839

_________

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 swap expirations or available extension options.

Portfolio Debt - Detail

Supplemental Report – December 31, 2020

(in thousands)

		Principal Balance at			Acadia's Pro-rata Share						Interest		Extension
Property		December 31, 2020			Percent			Amount			Rate	Maturity	Options

CORE PORTFOLIO

Fixed-Rate Debt
163 Highland Avenue		$	8,298			100.00	%		8,298		4.66%	02/01/24	None
Crossroads Shopping Center			63,639			49.00	%		31,183		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
Georgetown Portfolio (2008 Investment)			15,844			50.00	%		7,922		4.72%	12/10/27	None
State & Washington			23,298			100.00	%		23,298		4.40%	09/05/28	None
239 Greenwich Avenue			26,211			75.00	%		19,658		3.88%	01/10/29	None
North & Kingsbury			11,756			100.00	%		11,756		4.01%	11/05/29	None
151 North State Street			13,253			100.00	%		13,253		4.03%	12/01/29	None
Concord & Milwaukee			2,568			100.00	%		2,568		4.40%	06/01/30	None
California & Armitage			2,428			100.00	%		2,428		5.89%	04/15/35	None
Unsecured interest rate swaps ¹			488,400			100.00	%		488,400		3.44%	Various
Secured interest rate swaps¹			99,381			90.17	%		89,615		3.78%	Various

Sub-Total Fixed-Rate Debt			888,576						823,375		3.70%

Secured Variable-Rate Debt
3104 M Street²			4,416			20.00	%		883		Prime+50	12/10/21	None
28 Jericho Turnpike			12,895			100.00	%		12,895		LIBOR+190	01/23/23	None
60 Orange Street			6,727			98.00	%		6,592		LIBOR+175	04/03/23	None
Gotham Plaza			18,884			49.00	%		9,253		LIBOR+160	06/10/23	None
Georgetown Portfolio (2016 Investment)			160,000			20.00	%		32,000		LIBOR+170	08/01/23	None
330-340 River Street			10,875			100.00	%		10,875		LIBOR+170	06/01/26	None
Sullivan Center			50,000			100.00	%		50,000		LIBOR+150	11/16/28	None
Secured interest rate swaps ¹			(99,381	)		90.17	%		(89,615	)	LIBOR+363	Various

Unsecured Variable-Rate Debt
Unsecured Term Loan 3			30,000			100.00	%		30,000		LIBOR+225	06/30/21	None
Unsecured Line of Credit ⁴			138,400			100.00	%		138,400		LIBOR+115	03/31/22	2 x 6 mos.
Unsecured Term Loan			350,000			100.00	%		350,000		LIBOR+125	03/31/23	None
Unsecured interest rate swaps ¹			(488,400	)		100.00	%		(488,400	)	LIBOR+328	Various

Sub-Total Variable-Rate Debt			194,416						62,883		LIBOR+227

Total Debt - Core Portfolio		$	1,082,992					$	886,258		3.61%

Funds
Fixed-Rate Debt
1964 Union Street ⁵	Fund IV	$	1,456			20.80	%		303		3.80%	10/01/25	None
2207 Fillmore Street ⁵	Fund IV		1,120			20.80	%		233		4.50%	10/31/25	None
2208-2216 Fillmore Street ⁵	Fund IV		5,606			20.80	%		1,166		3.40%	06/01/26	None
Interest rate swaps¹	Funds II, IV & V		559,359			20.13	%		112,626		3.62%	Various
Sub-Total Fixed-Rate Debt			567,541						114,328		3.62%

Variable-Rate Debt
New Towne Center	Fund V		16,688			20.10	%		3,354		LIBOR+220	02/01/21	2 x 12 mos.
Wake Forest Crossing	Fund IV		22,949			23.12	%		5,306		LIBOR+160	02/14/21	1 x 12 mos.
Lincoln Place	Fund IV		23,100			23.12	%		5,341		LIBOR+185	03/13/21	1 x 12 mos.
650 Bald Hill Road ⁵	Fund IV		15,275			20.81	%		3,179		LIBOR+265	10/27/21	None
Broughton Street Portfolio	Fund IV		29,175			23.12	%		6,745		LIBOR+250	05/01/21	None
Acadia Strategic Opportunity Fund V LLC	Fund V		250			20.10	%		50		LIBOR+160	05/03/21	None
Fairlane Green	Fund V		40,300			20.10	%		8,100		LIBOR+190	06/05/21	2 x 12 mos.
17 E. 71st Street	Fund IV		15,385			23.12	%		3,557		LIBOR+300	06/09/21	None
Trussville Promenade	Fund V		29,370			20.10	%		5,903		LIBOR+185	06/15/21	2 x 12 mos.

Portfolio Debt - Detail

Supplemental Report – December 31, 2020

(in thousands)

		Principal Balance at			Acadia's Pro-rata Share						Interest		Extension
Property		December 31, 2020			Percent			Amount			Rate	Maturity	Options
Cortlandt Crossing	Fund III		35,949			24.54	%		8,822		LIBOR+275	06/19/21	1 x 12 mos.
Acadia Strategic Opportunity IV LLC	Fund IV		76,485			23.12	%		17,683		LIBOR+200	06/30/21	None
146 Geary Street	Fund IV		22,900			23.12	%		5,294		LIBOR+340	07/14/21	1 x 12 mos.
Restaurants at Fort Point	Fund IV		5,958			23.12	%		1,377		LIBOR+235	08/25/21	None
Acadia Strategic Opportunity Fund II, LLC	Fund II		40,000			28.33	%		11,332		LIBOR+165	09/20/21	1 x 12 mos.
CityPoint ⁵	Fund II		18,780			26.67	%		5,009		LIBOR+139	11/01/21	None
Eden Square ⁵	Fund IV		23,694			22.78	%		5,397		LIBOR+215	12/01/21	None
Promenade at Manassas ⁵	Fund IV		27,480			22.78	%		6,260		LIBOR+175	12/05/21	2 x 12 mos.
Acadia Strategic Opportunity IV LLC	Fund IV		3,604			23.12	%		833		LIBOR+190	12/30/21	None
CityPoint Phase III ⁵	Fund II		28,306			26.67	%		7,549		LIBOR+300	03/01/22	2 x 12 mos.
Airport Mall	Fund IV		5,186			23.12	%		1,199		LIBOR+200	04/01/22	None
Dauphin Plaza	Fund IV		9,564			23.12	%		2,211		LIBOR+200	04/01/22	None
Shaw's Plaza (Waterville)	Fund IV		7,478			23.12	%		1,729		LIBOR+200	04/01/22	None
Wells Plaza	Fund IV		3,139			23.12	%		726		LIBOR+200	04/01/22	None
Dauphin Plaza	Fund IV		2,902			23.12	%		671		LIBOR+200	04/01/22	None
Wells Plaza - Second Mortgage	Fund IV		2,448			23.12	%		566		LIBOR+200	04/01/22	None
Paramus Plaza ⁵	Fund IV		20,810			11.56	%		2,406		LIBOR+175	04/26/22	None
Riverdale ⁵	Fund V		32,233			17.97	%		5,794		LIBOR+170	05/28/22	2 x 12 mos.
CityPoint ⁵	Fund II		200,000			26.67	%		53,340		Prime+200	05/29/22	None
640 Broadway ⁵	Fund III		35,970			15.49	%		5,572		LIBOR+310	07/09/22	None
Shaw's Plaza (Windham)	Fund IV		5,551			23.12	%		1,283		LIBOR+200	12/01/22	None
Mayfair Center	Fund IV		11,597			23.12	%		2,681		LIBOR+200	12/01/22	2 x 12 mos.
717 N. Michigan Avenue	Fund IV		52,000			23.12	%		12,022		LIBOR+310	12/09/22	1 x 12 mos.
Elk Grove Commons	Fund V		41,500			20.10	%		8,342		LIBOR+150	01/01/23	1 x 12 mos.
Hiram Pavilion	Fund V		28,830			20.10	%		5,795		LIBOR+190	03/05/24	None
Hickory Ridge	Fund V		29,876			20.10	%		6,005		LIBOR+190	10/05/24	None
Tri-City Plaza ⁵	Fund V		38,670			18.09	%		6,995		LIBOR+190	10/18/24	1 x 12 mos.
Landstown Commons	Fund V		60,900			20.10	%		12,241		LIBOR+170	10/24/24	None
Lincoln Commons	Fund V		38,820			20.10	%		7,803		LIBOR+170	10/24/24	None
Palm Coast Landing	Fund V		26,500			20.10	%		5,327		LIBOR+175	11/01/24	None
Frederick Crossing ⁵	Fund V		24,290			18.09	%		4,394		LIBOR+175	12/02/24	1 x 12 mos.
Plaza Santa Fe	Fund V		22,893			20.10	%		4,601		LIBOR+190	12/20/24	None
Frederick County Square ⁵	Fund V		18,092			18.09	%		3,273		LIBOR+240	01/01/25	1 x 12 mos.
Interest rate swaps ¹	Funds II, IV & V		(559,359	)		20.13	%		(112,626	)	LIBOR+346	Various
Sub-Total Variable-Rate Debt			635,538						153,441		LIBOR+314
Total Debt - Funds		$	1,203,079					$	267,769		3.43%
Total Debt - Core Portfolio and Funds		$	2,286,071					$	1,154,027		3.57%

_________

The Company has hedged a portion of its variable-rate debt with variable to fixed-rate swap agreements. Maturity reflects the weighted-average years to maturity of the swapped loans without regard to the expiration of the related swap agreements.

Bears interest at the greater of 4% or the Prime Rate, plus 50 basis points.

Bears interest at the greater of 0.75 or LIBOR, plus 225 basis points.

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

Acadia's interest in this Fund debt is also reflected net of other JV interests at the investment level.

Future Debt Maturities ¹

Supplemental Report – December 31, 2020

(in thousands)

Core Portfolio	Contractual Debt Maturities						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

2021	$	5,941	$	34,229	$	40,170	$	4,490	$	30,846	$	35,336	3.31%	n/a	3.31%
2022		5,988		138,400		144,388		4,634		138,400		143,034	1.50%	n/a	1.50%
2023		5,070		545,352		550,422		3,843		408,308		412,151	1.47%	n/a	1.47%
2024		4,240		65,745		69,985		3,293		35,956		39,249	4.09%	4.09%	n/a
2025		3,262		133,500		136,762		2,860		124,996		127,856	4.18%	4.18%	n/a
Thereafter		11,394		129,871		141,265		10,390		118,242		128,632	2.93%	4.18%	1.68%
Total	$	35,895	$	1,047,097	$	1,082,992	$	29,510	$	856,748	$	886,258


Funds	Contractual Debt Maturities						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

2021	$	3,943	$	445,666	$	449,609	$	897	$	103,147	$	104,044	2.10%	n/a	2.10%
2022		3,222		415,154		418,376		667		97,281		97,948	4.10%	5.25%	2.71%
2023		4,747		40,947		45,694		936		8,230		9,166	1.65%	n/a	1.65%
2024		3,436		260,455		263,891		675		51,125		51,800	1.95%	n/a	1.95%
2025		205		20,457		20,662		43		3,765		3,808	2.66%	3.40%	2.55%
Thereafter		71		4,776		4,847		9		994		1,003	3.40%	3.40%	n/a
Total	$	15,624	$	1,187,455	$	1,203,079	$	3,227	$	264,542	$	267,769

__________

Does not include any applicable extension options or subsequent refinancings.

Future Debt Maturities – As Extended ¹

Supplemental Report – December 31, 2020

(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

2021	$	5,941	$	34,229	$	40,170	$	4,490	$	30,846	$	35,336	3.31%	n/a	3.31%
2022		5,988		—		5,988		4,634		—		4,634	n/a	n/a	n/a
2023		5,070		683,752		688,822		3,843		546,708		550,551	1.48%	n/a	1.48%
2024		4,240		65,745		69,985		3,293		35,956		39,249	4.09%	4.09%	n/a
2025		3,262		133,500		136,762		2,860		124,996		127,856	4.18%	4.18%	n/a
Thereafter		11,394		129,871		141,265		10,390		118,242		128,632	2.93%	4.18%	1.68%
Total	$	35,895	$	1,047,097	$	1,082,992	$	29,510	$	856,748	$	886,258


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

2021	$	3,943	$	187,502	$	191,445	$	897	$	43,572	$	44,469	2.39%	n/a	2.39%
2022		3,223		435,977		439,200		667		105,336		106,003	3.84%	5.25%	2.40%
2023		4,747		165,808		170,555		936		35,636		36,572	2.45%	n/a	2.45%
2024		3,436		311,939		315,375		675		64,206		64,881	2.04%	n/a	2.04%
2025		205		63,359		63,564		43		11,526		11,569	2.06%	3.40%	2.00%
Thereafter		72		22,868		22,940		8		4,267		4,275	2.75%	3.40%	2.55%
Total	$	15,626	$	1,187,453	$	1,203,079	$	3,226	$	264,543	$	267,769

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

Core Portfolio Retail Properties - Detail

Supplemental Report – December 31, 2020

			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
664 N. Michigan Avenue	Tommy Bahama, Ann Taylor Loft		2013		100.0	%		18,141		—		—		18,141		100.0	%		—	%		—	%		100.0	%		100.0	%	$	3,558,848	$	196.18
840 N. Michigan Avenue	H & M, Verizon Wireless		2014		88.4	%		87,135		—		—		87,135		100.0	%		—	%		—	%		100.0	%		100.0	%		8,381,048		96.18
Rush and Walton Streets Collection (6 properties)	Lululemon, BHLDN, Reformation, Sprinkles		2011 2012		100.0	%		40,384		—		—		40,384		81.0	%		—	%		—	%		81.0	%		81.0	%		5,674,095		173.43
651-671 West Diversey	Trader Joe's, Urban Outfitters		2011		100.0	%		46,259		—		—		46,259		100.0	%		—	%		—	%		100.0	%		100.0	%		2,051,814		44.35
Clark Street and W. Diversey Collection (4 properties)	Starbucks		2011 2012		100.0	%		53,309		—		—		53,309		53.2	%		—	%		—	%		53.2	%		53.2	%		1,214,057		42.79
Halsted and Armitage Collection (13 properties)	Serena and Lily, Bonobos, Allbirds Warby Parker, Marine Layer, Kiehl's		2011 2012 2019 2020		100.0	%		52,804		—		—		52,804		100.0	%		—	%		—	%		100.0	%		100.0	%		2,467,088		46.72
North Lincoln Park Chicago Collection (6 properties)	Champion, Carhartt		2011 2014		100.0	%		22,125		—		27,796		49,921		27.7	%		—	%		62.0	%		46.8	%		46.8	%		870,271		37.24
State and Washington	Nordstrom Rack, Uniqlo		2016		100.0	%		78,771		—		—		78,771		100.0	%		—	%		—	%		100.0	%		100.0	%		3,327,875		42.25
151 N. State Street	Walgreens		2016		100.0	%		27,385		—		—		27,385		100.0	%		—	%		—	%		100.0	%		100.0	%		1,430,000		52.22
North and Kingsbury	Old Navy		2016		100.0	%		41,700		—		—		41,700		69.0	%		—	%		—	%		69.0	%		69.0	%		1,145,821		39.81
Concord and Milwaukee		—	2016		100.0	%		13,105		—		—		13,105		100.0	%		—	%		—	%		100.0	%		100.0	%		430,235		32.83
California and Armitage		—	2016		100.0	%		—		—		18,275		18,275		—	%		—	%		70.6	%		70.6	%		70.6	%		668,622		51.86
Roosevelt Galleria	Petco, Vitamin Shoppe		2015		100.0	%		—		—		37,995		37,995		—	%		—	%		47.7	%		47.7	%		47.7	%		608,958		33.59
Sullivan Center	Target, DSW		2016		100.0	%		176,181		—		—		176,181		95.4	%		—	%		—	%		95.4	%		95.4	%		6,355,644		37.83
								657,299		—		84,066		741,365		89.4	%		—	%		57.4	%		85.8	%		87.1	%		38,184,376		60.05
New York Metro
Soho Collection (11 properties)	Paper Source, Faherty, ALC Stone Island, Taft, Frame, Theory		2011 2014 2019 2020		100.0	%		36,769		—		—		36,769		90.8	%		—	%		—	%		90.8	%		90.8	%		8,982,663		268.99
5-7 East 17th Street		—	2008		100.0	%		11,467		—		—		11,467		—			—	%		—	%		—			—			—		—
200 West 54th Street		—	2007		100.0	%		5,777		—		—		5,777		48.0	%		—	%		—	%		48.0	%		48.0	%		1,188,283		428.36
61 Main Street		—	2014		100.0	%		3,470		—		—		3,470		100.0	%		—	%		—	%		100.0	%		100.0	%		—		—
181 Main Street	TD Bank		2012		100.0	%		11,350		—		—		11,350		67.0	%		—	%		—	%		67.0	%		67.0	%		800,000		105.26
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	%		—		—		14,590		14,590		—	%		—	%		80.0	%		80.0	%		80.0	%		364,560		31.22

Core Portfolio Retail Properties - Detail

Supplemental Report – December 31, 2020

		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
239 Greenwich Avenue	Betteridge Jewelers	1998		75.0	%		16,553		—		—		16,553		100.0	%		—	%		—	%		100.0	%		100.0	%		1,690,359		102.12
252-256 Greenwich Avenue	Madewell, Blue Mercury	2014		100.0	%		7,986		—		—		7,986		100.0	%		—	%		—	%		100.0	%		100.0	%		950,500		119.02
2914 Third Avenue	Planet Fitness	2006		100.0	%		—		21,650		18,670		40,320		—	%		100.0	%		44.7	%		74.4	%		74.4	%		768,172		25.60
868 Broadway	Dr. Martens	2013		100.0	%		2,031		—		—		2,031		100.0	%		—	%		—	%		100.0	%		100.0	%		814,426		401.00
313-315 Bowery ²	John Varvatos, Patagonia	2013		100.0	%		6,600		—		—		6,600		100.0	%		—	%		—	%		100.0	%		100.0	%		479,160		72.60
120 West Broadway	HSBC Bank	2013		100.0	%		13,838		—		—		13,838		79.8	%		—	%		—	%		79.8	%		79.8	%		2,006,561		181.78
2520 Flatbush Avenue	Bob's Disc. Furniture, Capital One	2014		100.0	%		—		—		29,114		29,114		—	%		—	%		100.0	%		100.0	%		100.0	%		1,169,540		40.17
991 Madison Avenue	Vera Wang, Gabriella Hearst	2016		100.0	%		7,513		—		—		7,513		91.1	%		—	%		—	%		91.1	%		91.1	%		2,834,853		414.01
Shops at Grand	Stop & Shop (Ahold)	2014		100.0	%		—		52,336		47,349		99,685		—	%		100.0	%		100.0	%		100.0	%		100.0	%		3,341,645		33.52
Gotham Plaza	Bank of America, Footlocker	2016		49.0	%		—		—		25,927		25,927		—	%		—	%		50.2	%		50.2	%		58.3	%		856,195		65.85
							123,354		86,950		135,650		345,954		79.7	%		100.0	%		80.7	%		85.2	%		85.8	%		26,871,917		91.17
San Francisco Metro
555 9th Street	Bed, Bath & Beyond, Nordstrom Rack	2016		100.0	%		—		119,862		28,970		148,832		—	%		100.0	%		100.0	%		100.0	%		100.0	%		6,293,465		42.29
							—		119,862		28,970		148,832		—	%		100.0	%		100.0	%		100.0	%		100.0	%		6,293,465		42.29
Los Angeles Metro
Melrose Place Collection	The Row, Chloe, Oscar de la Renta	2019		100.0	%		14,000		—		—		14,000		100.0	%		—	%		—	%		100.0	%		100.0	%		2,455,933		175.42
							14,000		—		—		14,000		100.0	%		—	%		—	%		100.0	%		100.0	%		2,455,933		175.42
District of Columbia Metro
1739-53 & 1801-03 Connecticut Avenue	TD Bank	2012		100.0	%		20,669		—		—		20,669		65.0	%		—	%		—	%		65.0	%		65.0	%		874,531		65.12
Rhode Island Place Shopping Center	Ross Dress for Less	2012		100.0	%		—		25,134		32,533		57,667		—	%		100.0	%		80.7	%		89.1	%		93.4	%		1,617,822		31.48
M Street and Wisconsin Corridor (26 Properties)³	Lululemon, Rent the Runway,CB2, The Reformation	2011 2016 2019		25.2	%		244,259		—		—		244,259		74.5	%		—	%		—	%		74.5	%		74.5	%		13,195,611		72.55
							264,928		25,134		32,533		322,595		73.7	%		100.0	%		80.7	%		76.5	%		77.2	%		15,687,964		63.59
Boston Metro
330-340 River Street	Whole Foods	2012		100.0	%		—		40,800		13,426		54,226		—	%		100.0	%		100.0	%		100.0	%		100.0	%		1,243,517		22.93
165 Newbury Street	Starbucks	2016		100.0	%		1,050		—		—		1,050		100.0	%		—	%		—	%		100.0	%		100.0	%		286,051		272.43
							1,050		40,800		13,426		55,276		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		1,529,568		27.67

Total Street and Urban Retail							1,060,631		272,746		294,645		1,628,022		84.5	%		100.0	%		76.8	%		85.7	%		86.6	%	$	91,023,223	$	65.23

Acadia Share Total Street and Urban Retail							860,060		272,746		281,422		1,414,229		86.4	%		100.0	%		78.1	%		87.4	%		88.3	%	$	79,643,219	$	64.46

Core Portfolio Retail Properties - Detail

Supplemental Report – December 31, 2020

			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
SUBURBAN PROPERTIES
New Jersey
Marketplace of Absecon	Walgreens, Dollar Tree		1998		100.0	%		—		46,724		57,832		104,556		—	%		100.0	%		75.0	%		86.2	%		86.2	%		1,346,391		14.94
60 Orange Street ⁴	Home Depot		2012		98.0	%		—		101,715		—		101,715		—	%		100.0	%		—	%		100.0	%		100.0	%		730,000		7.18

New York
Village Commons Shopping Center		—	1998		100.0	%		—		—		87,128		87,128		—	%		—	%		96.1	%		96.1	%		96.1	%		2,791,713		33.33
Branch Plaza	LA Fitness, The Fresh Market		1998		100.0	%		—		76,264		47,081		123,345		—	%		100.0	%		84.8	%		94.2	%		98.8	%		3,252,007		27.99
Amboy Center	Stop & Shop (Ahold)		2005		100.0	%		—		37,266		26,024		63,290		—	%		100.0	%		66.1	%		86.1	%		86.1	%		1,842,043		33.82
LA Fitness	LA Fitness		2007		100.0	%		—		55,000		—		55,000		—	%		100.0	%		—	%		100.0	%		100.0	%		1,485,287		27.01
Crossroads Shopping Center	HomeGoods,Pet- Smart, Kmart		1998		49.0	%		—		202,727		109,177		311,904		—	%		87.7	%		58.4	%		77.4	%		86.5	%		5,816,454		24.09
New Loudon Center	Price Chopper, Marshalls		1993		100.0	%		—		242,058		13,615		255,673		—	%		94.8	%		33.9	%		91.6	%		95.1	%		1,911,563		8.16
28 Jericho Turnpike	Kohl's		2012		100.0	%		—		96,363		—		96,363		—	%		100.0	%		—	%		100.0	%		100.0	%		1,815,000		18.84
Bedford Green	Shop Rite, CVS		2014		100.0	%		—		37,981		52,608		90,589		—	%		100.0	%		62.5	%		78.2	%		78.2	%		2,311,305		32.63

Connecticut
Town Line Plaza ⁵	Wal-Mart, Stop & Shop (Ahold)		1998		100.0	%		—		163,159		42,930		206,089		—	%		100.0	%		100.0	%		100.0	%		100.0	%		1,876,846		17.25

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	%		1,406,392		10.82
Crescent Plaza	Home Depot, Shaw's (Supervalu)		1993		100.0	%		—		156,985		61,163		218,148		—	%		100.0	%		85.7	%		96.0	%		96.0	%		1,958,088		9.35
201 Needham Street	Michael's		2014		100.0	%		—		20,409		—		20,409		—	%		100.0	%		—	%		100.0	%		100.0	%		646,965		31.70
163 Highland Avenue	Staples, Petco		2015		100.0	%		—		40,505		—		40,505		—	%		100.0	%		—	%		100.0	%		100.0	%		1,490,575		36.80

Vermont
The Gateway Shopping Center	Shaw's (Supervalu)		1999		100.0	%		—		73,184		28,290		101,474		—	%		100.0	%		100.0	%		100.0	%		100.0	%		2,212,261		21.80

Illinois
Hobson West Plaza	Garden Fresh Markets		1998		100.0	%		—		51,692		47,270		98,962		—	%		100.0	%		92.1	%		96.2	%		97.8	%		1,157,620		12.16

Indiana
Merrillville Plaza	Jo-Ann Fabrics, TJ Maxx		1998		100.0	%		—		123,220		112,782		236,002		—	%		41.6	%		61.4	%		51.0	%		55.4	%		1,865,110		15.49

Core Portfolio Retail Properties - Detail

Supplemental Report – December 31, 2020

			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
Michigan
Bloomfield Town Square	Best Buy, HomeGoods, TJ Maxx		1998		100.0	%		—		153,839		81,183		235,022		—	%		100.0	%		70.6	%		89.8	%		89.8	%		3,546,933		16.80

Delaware
Town Center and Other (2 properties)	Lowes, Bed Bath & Beyond, Target		2003		100.0	%		—		748,210		51,808		800,018		—	%		91.6	%		85.7	%		91.3	%		91.3	%		12,725,291		17.43
Market Square Shopping Center	Trader Joe's, TJ Maxx		2003		100.0	%		—		42,850		59,197		102,047		—	%		100.0	%		95.5	%		97.4	%		97.4	%		3,102,866		31.22
Naamans Road		—	2006		100.0	%		—		—		19,850		19,850		—	%		—	%		30.1	%		30.1	%		30.1	%		433,785		72.60

Pennsylvania
Mark Plaza	Kmart		1993		100.0	%		—		104,956		1,900		106,856		—	%		100.0	%		100.0	%		100.0	%		100.0	%		244,279		2.29
Plaza 422	Home Depot		1993		100.0	%		—		139,968		16,311		156,279		—	%		100.0	%		100.0	%		100.0	%		100.0	%		894,880		5.73
Chestnut Hill		—	2006		100.0	%		—		—		37,646		37,646		—	%		—	%		86.3	%		86.3	%		86.3	%		813,942		25.05
Abington Towne Center ⁶	Target, TJ Maxx		1998		100.0	%		—		184,616		32,255		216,871		—	%		100.0	%		100.0	%		100.0	%		100.0	%		1,234,473		20.83

Total Suburban Properties								—		3,019,695		996,067		4,015,762		—	%		94.3	%		78.2	%		90.3	%		91.7	%	$	58,912,069	$	17.35

Acadia Share Total Suburban Properties								—		2,914,270		940,387		3,854,657		—	%		94.5	%		79.4	%		90.8	%		91.9	%	$	55,931,077	$	17.10

Total Core Properties								1,060,631		3,292,441		1,290,712		5,643,784		84.5	%		94.8	%		77.9	%		89.0	%		90.2	%	$	149,935,292	$	31.27

Acadia Share Total Core Properties								863,629		3,187,016		1,221,809		5,272,454		86.4	%		95.0	%		79.1	%		89.9	%		90.9	%	$	135,574,296	$	30.05

__________

Excludes properties under development, redevelopment and pre-stabilized, see “Development and Redevelopment Activity” page of this Supplemental Report. The above occupancy and rent amounts do not include space which is currently leased, other than "leased occupancy," but for which rent payment has not yet commenced.

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.

Excludes 94,000 square feet of office GLA.

Sold in 2021

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

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

Core Portfolio – Top Tenants ¹

Supplemental Report – December 31, 2020

(Pro Rata Basis)

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

Target		3		431,480	$	8,105,624		8.2	%		6.0	%
Walgreens		6		95,189		4,011,379		1.8	%		3.0	%
Bed, Bath, and Beyond ²		3		172,432		3,942,421		3.3	%		2.9	%
Nordstrom Rack, Inc.		2		88,982		3,515,492		1.7	%		2.6	%
Royal Ahold ³		3		155,461		3,268,460		2.9	%		2.4	%
TJX Companies⁴		8		229,043		2,631,830		4.3	%		1.9	%
LA Fitness International LLC		2		100,000		2,524,787		1.9	%		1.9	%
Lululemon		2		7,533		2,470,156		0.1	%		1.8	%
Trader Joe's		3		40,862		2,329,054		0.8	%		1.7	%
Fast Retailing ⁵		2		32,013		2,268,611		0.6	%		1.7	%
Gap ⁶		3		44,895		2,177,889		0.9	%		1.6	%
Albertsons Companies⁷		2		123,409		1,980,640		2.3	%		1.5	%
Home Depot		3		312,718		1,964,443		5.9	%		1.4	%
Bob's Discount Furniture		2		68,793		1,843,336		1.3	%		1.4	%
Tapestry ⁸		2		4,250		1,598,848		0.1	%		1.2	%
Dick's Sporting Goods, Inc		2		98,805		1,519,874		1.9	%		1.1	%
Ulta Salon Cosmetic & Fragrance		3		31,497		1,472,169		0.6	%		1.1	%
DSW		2		35,842		1,442,861		0.7	%		1.1	%
JP Morgan Chase		6		23,853		1,385,163		0.5	%		1.0	%
Michael's		2		45,285		1,318,617		0.9	%		1.0	%
Citibank		4		16,160		1,267,025		0.3	%		0.9	%
TOTAL		65		2,158,502	$	53,038,679		41.1	%		39.2	%

__________

Does not include tenants that operate at only one Acadia Core location

Bed Bath and Beyond (2 locations), Christmas Tree Shops (1 location)

Stop and Shop (3 locations)

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

Uniqlo (1 location), Theory (1 location)

Old Navy (2 locations), Banana Republic (1 location)

Shaw’s (2 locations)

Kate Spade (2 locations)

Core Portfolio – Lease Expirations

Supplemental Report – December 31, 2020

(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		1,890		0.3	%	$	39.77		0.1	%		—		—		—	%	$	—		—	%
2021		14		24,524		3.3	%		69.88		2.8	%		5		224,215		8.1	%		20.59		10.9	%
2022		16		73,327		9.8	%		97.64		11.6	%		4		178,543		6.4	%		15.99		6.7	%
2023		21		139,053		18.6	%		87.07		19.5	%		7		385,000		13.9	%		19.20		17.4	%
2024		14		68,389		9.2	%		96.57		10.7	%		10		433,331		15.6	%		12.60		12.9	%
2025		19		61,347		8.2	%		147.48		14.6	%		9		376,598		13.6	%		18.65		16.5	%
2026		20		60,657		8.1	%		126.02		12.3	%		10		355,345		12.8	%		10.94		9.2	%
2027		6		10,613		1.4	%		104.30		1.8	%		1		73,455		2.6	%		29.03		5.0	%
2028		8		155,873		20.9	%		42.49		10.7	%		6		416,588		15.0	%		9.98		9.8	%
2029		13		46,649		6.2	%		89.65		6.7	%		5		182,205		6.6	%		15.79		6.8	%
2030		5		36,028		4.8	%		37.94		2.2	%		—		—		0.0	%		—		0.0	%
Thereafter		6		68,148		9.2	%		63.78		7.0	%		4		147,499		5.4	%		14.02		4.8	%
Total		144		746,498		100.0	%	$	83.02		100.0	%		61		2,772,779		100.0	%	$	15.25		100.0	%

Anchor GLA Owned by Tenants				—												254,916
Total Vacant				117,131												159,321
Total Square Feet				863,629												3,187,016

	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		5		13,058		1.4	%	$	22.35		0.9	%		7		14,948		0.3	%	$	24.55		0.3	%
2021		28		83,912		8.7	%		26.80		7.2	%		47		332,651		7.4	%		25.79		6.3	%
2022		35		106,998		11.1	%		37.00		12.7	%		55		358,868		8.0	%		38.94		10.3	%
2023		36		137,674		14.2	%		28.30		12.5	%		64		661,727		14.8	%		35.35		17.3	%
2024		29		113,148		11.7	%		30.07		10.9	%		53		614,868		13.7	%		25.16		11.4	%
2025		34		110,521		11.4	%		29.79		10.6	%		62		548,466		12.2	%		35.31		14.3	%
2026		23		98,132		10.2	%		27.78		8.8	%		53		514,134		11.5	%		27.73		10.5	%
2027		16		73,042		7.6	%		27.67		6.5	%		23		157,110		3.5	%		33.48		3.9	%
2028		23		105,089		10.9	%		38.81		13.1	%		37		677,550		15.1	%		21.93		11.0	%
2029		10		27,484		2.8	%		28.60		2.5	%		28		256,338		5.7	%		30.61		5.8	%
2030		12		43,352		4.5	%		44.56		6.2	%		17		79,380		1.8	%		41.55		2.4	%
Thereafter		12		53,872		5.5	%		46.29		8.1	%		22		269,519		6.0	%		33.05		6.5	%
Total		263		966,282		100.0	%	$	32.21		100.0	%		468		4,485,559		100.0	%	$	30.04		100.0	%

Anchor GLA Owned by Tenants				—												254,916
Total Vacant				255,527												531,979
Total Square Feet				1,221,809												5,272,454

_________

Leases currently under month to month or in process of renewal

Core Portfolio – New and Renewal Rent Spreads ¹

Supplemental Report – December 31, 2020

	Quarter Ended																								Year to Date
	March 31, 2020						June 30, 2020						September 30, 2020						December 31, 2020						December 31, 2020
	GAAP ²			Cash ³			GAAP ²			Cash ³			GAAP ²			Cash ³			GAAP ²			Cash ³			GAAP ²			Cash ³
New Leases
Number of new leases executed		1			1			—			—			2			2			2			2			5			5
GLA		1,956			1,956			—			—			8,300			8,300			13,867			13,867			24,123			24,123
New base rent	$	27.74		$	27.50		$	—		$	—		$	25.40		$	23.12		$	24.12		$	23.77		$	24.85		$	23.85
Previous base rent	$	20.26		$	20.26		$	—		$	—		$	20.34		$	21.24		$	17.32		$	23.92		$	18.60		$	22.70
Average cost per square foot	$	46.41		$	46.41		$	—		$	—		$	61.19		$	61.19		$	48.51		$	48.51		$	52.70		$	52.70
Weighted Average Lease Term (years)		10.0			10.0			—			—			10.0			10.0			10.7			10.7			10.4			10.4
Percentage growth in base rent		36.9	%		35.7	%		—			—			24.9	%		8.9	%		39.3	%		(0.6	)%		33.6	%		5.1	%

Renewal Leases
Number of renewal leases executed		5			5			10			10			9			9			18			18			42			42
GLA		29,657			29,657			189,020			189,020			111,956			111,956			212,792			212,792			543,425			543,425
New base rent	$	39.84		$	36.26		$	12.64		$	12.45		$	29.67		$	29.02		$	13.92		$	13.85		$	18.13		$	17.71
Expiring base rent	$	35.94		$	36.87		$	12.24		$	12.75		$	26.55		$	27.67		$	12.47		$	13.00		$	16.57		$	17.24
Average cost per square foot	$	5.02		$	5.02		$	—		$	—		$	—		$	—		$	0.14		$	0.14		$	0.33		$	0.33
Weighted Average Lease Term (years)		7.7			7.7			4.6			4.6			9.2			9.2			5.0			5.0			5.9			5.9
Percentage growth in base rent		10.9	%		(1.7	)%		3.3	%		(2.4	)%		11.8	%		4.9	%		11.6	%		6.5	%		9.4	%		2.7	%

Total New and Renewal Leases
Number of new and renewal leases executed		6			6			10			10			11			11			20			20			47			47
GLA commencing		31,613			31,613			189,020			189,020			120,256			120,256			226,659			226,659			567,548			567,548
New base rent	$	39.09		$	35.72		$	12.64		$	12.45		$	29.38		$	28.61		$	14.54		$	14.46		$	18.42		$	17.97
Expiring base rent	$	34.97		$	35.84		$	12.24		$	12.75		$	26.12		$	27.23		$	12.77		$	13.67		$	16.66		$	17.47
Average cost per square foot	$	7.58		$	7.58		$	—		$	—		$	4.22		$	4.22		$	3.10		$	3.10		$	2.55		$	2.55
Weighted Average Lease Term (years)		7.9			7.9			4.6			4.6			9.2			9.2			5.3			5.3			6.1			6.1
Percentage growth in base rent		11.8	%		(0.3	)%		3.3	%		(2.4	)%		12.5	%		5.1	%		13.9	%		5.8	%		10.6	%		2.9	%

__________

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

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

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

Core Portfolio – Capital Expenditures

Supplemental Report – December 31, 2020


	Quarter Ended								Year to Date
	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		December 31, 2020		December 31, 2019
Leasing Commissions	$	380	$	118	$	37	$	1,450	$	1,985	$	1,654
Tenant Improvements		468		426		815		2,294		4,003		5,599
Maintenance Capital Expenditures		951		997		81		1,144		3,173		3,713
Total Capital Expenditures	$	1,799	$	1,541	$	933	$	4,888	$	9,161	$	10,966

Fund Overview

Supplemental Report – December 31, 2020

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	$		300.0	Million	$		502.5	Million	$		540.6	Million	$		520.0	Million	$		1,953.1	Million
Acadia's Commitment	$		20.0	Million	$		85.0	Million	$		123.3	Million	$		125.0	Million	$		104.5	Million	$		457.8	Million
Acadia's Pro Rata Share			22.2	%			28.3	%			24.5	%			23.1	%			20.1	%			23.4	%
Acadia's Promoted Share ¹			37.8	%			42.7	%			39.6	%			38.5	%			36.1	%			38.8	%
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	$		369.6	Million	$		448.1	Million	$		469.5	Million	$		217.1	Million	$		1,590.9	Million
Cumulative Net Distributions ³	$		195.4	Million	$		169.8	Million	$		568.8	Million	$		193.1	Million	$		24.6	Million	$		1,151.7	Million
Net Distributions/Contributions			225.6	%			45.9	%			126.9	%			41.1	%			11.3	%			72.4	%
Unfunded Commitment ⁴	$		0.0	Million	$		15.7	Million	$		1.9	Million	$		60.5	Million	$		302.9	Million	$		381.0	Million
Acquisition Dry Powder ⁵		N/A				N/A				N/A				N/A			$		208.0	Million	$		208.0	Million
Investment Period Closes		Closed				Closed				Closed				Closed				Aug-2021
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				1.5% of Implied Capital
Asset Management		Fund III				From mid-May 2020 to mid-May 2021; 0.75% of Implied Capital excluding the Unfunded Commitment; thereafter $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 2020-August 2021); 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

__________

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 and 2020 to fund the on-going redevelopment of existing Fund II investments.

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 $50.0 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 and trued up on a quarterly basis with fees retroactive to August 2020.

Fund Portfolio Retail Properties – Detail ¹

Supplemental Report – December 31, 2020

		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 - Phase I and II	Target, Alamo Drafthouse	2007		94.2	%		—		289,464		180,054		469,518		—	%		56.6	%		19.9	%		42.5	%		65.2	%	$	5,377,929	$	26.95

Total - Fund II							—		289,464		180,054		469,518		—	%		56.6	%		19.9	%		42.5	%		65.2	%	$	5,377,929	$	26.95

Fund III Portfolio Detail

NEW YORK
New York
654 Broadway	─	2011		100.0	%		2,896		—		—		2,896		100.0	%		—	%		—	%		100.0	%		100.0	%	$	455,000	$	157.11
640 Broadway	Swatch	2012		63.1	%		4,637		—		—		4,637		100.0	%		—	%		—	%		100.0	%		100.0	%		1,154,857		249.05
Cortlandt Crossing	ShopRite, HomeSense	2012		100.0	%		—		92,868		34,981		127,849		—	%		100.0	%		31.1	%		81.1	%		81.1	%		2,902,195		27.97

Total - Fund III							7,533		92,868		34,981		135,382		100.0	%		100.0	%		31.1	%		82.2	%		82.2	%	$	4,512,052	$	40.55

Fund IV Portfolio Detail

NEW YORK
New York
801 Madison Avenue	─	2015		100.0	%		2,522		—		—		2,522		—	%		—	%		—	%		—	%		—	%	$	—	$	—
210 Bowery	─	2012		100.0	%		2,538		—		—		2,538		—	%		—	%		—	%		—	%		—	%		—		—
27 East 61st Street	─	2014		100.0	%		4,177		—		—		4,177		—	%		—	%		—	%		—	%		—	%		—		—
17 East 71st Street	The Row	2014		100.0	%		8,432		—		—		8,432		100.0	%		—	%		—	%		100.0	%		100.0	%		2,026,754		240.36
1035 Third Avenue ²	─	2015		100.0	%		7,634		—		—		7,634		58.5	%		—	%		—	%		58.5	%		80.4	%		1,052,474		235.51

New Jersey
Paramus Plaza	Ashley Furniture, Marshalls	2013		50.0	%		—		87,539		65,955		153,494		—	%		28.6	%		100.0	%		59.3	%		100.0	%		2,104,536		23.13

BOSTON
Massachusetts
Restaurants at Fort Point	─	2016		100.0	%		15,711		—		—		15,711		100.0	%		—	%		—	%		100.0	%		100.0	%		1,009,945		64.28

NORTHEAST
Maine
Airport Mall	Hannaford, Marshalls	2016		100.0	%		—		131,042		91,058		222,100		—	%		100.0	%		67.4	%		86.6	%		86.6	%		1,277,283		6.64
Wells Plaza	Reny's, Dollar Tree	2016		100.0	%		—		62,471		27,963		90,434		—	%		100.0	%		94.7	%		98.3	%		98.3	%		742,942		8.35
Shaw's Plaza (Waterville)	Shaw's	2016		100.0	%		—		87,492		31,523		119,015		—	%		100.0	%		87.3	%		96.6	%		96.6	%		1,316,813		11.45
Shaw's Plaza (Windham)	Shaw's	2017		100.0	%		—		66,539		57,632		124,171		—	%		100.0	%		70.8	%		86.5	%		86.5	%		951,866		8.87

Pennsylvania
Dauphin Plaza	Price Rite, Ashley Furniture	2016		100.0	%		—		114,765		91,441		206,206		—	%		100.0	%		81.7	%		91.9	%		91.9	%		1,893,815		10.00
Mayfair Shopping Center	Planet Fitness, Dollar Tree	2016		100.0	%		—		34,806		80,605		115,411		—	%		100.0	%		94.7	%		96.3	%		96.3	%		1,908,927		17.17

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	%		85.4	%		85.4	%		2,025,172		14.79

MID-ATLANTIC
Virginia
Promenade at Manassas	Home Depot	2013		98.6	%		—		209,356		71,404		280,760		—	%		100.0	%		94.7	%		98.6	%		98.6	%		3,630,599		13.11

Fund Portfolio Retail Properties – Detail ¹

Supplemental Report – December 31, 2020

		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
Delaware
Eden Square	Giant Food, LA Fitness	2014		98.6	%		—		116,003		113,837		229,840		—	%		100.0	%		79.2	%		89.7	%		89.7	%		3,096,115		15.02

MIDWEST
Illinois
Lincoln Place	Kohl's, Marshall's, Ross	2017		100.0	%		—		144,302		127,758		272,060		—	%		100.0	%		90.5	%		95.6	%		95.6	%		3,059,780		11.77

SOUTHEAST
Georgia
Broughton Street Portfolio (13 properties)	H&M, Lululemon, Michael Kors, Starbucks	2014		100.0	%		96,341		—		—		96,341		82.1	%		—	%		—	%		82.1	%		82.1	%		2,991,993		37.84

North Carolina
Wake Forest Crossing	Lowe's, TJ Maxx	2016		100.0	%		—		113,353		89,527		202,880		—	%		100.0	%		90.1	%		95.6	%		95.6	%		2,941,626		15.16

WEST
California
146 Geary Street	─	2015		100.0	%		11,436		—		—		11,436		—	%		—	%		—	%		—	%		—	%		—		—
Union and Fillmore Collection (3 properties)	Eileen Fisher, L'Occitane, Bonobos	2015		90.0	%		7,148		—		—		7,148		100.0	%		—	%		—	%		100.0	%		100.0	%		735,902		102.95

Total - Fund IV							155,939		1,222,668		954,151		2,332,758		73.6	%		94.9	%		84.8	%		89.3	%		92.1	%	$	32,766,542	$	15.72

Fund V Portfolio Detail

SOUTHWEST
New Mexico
Plaza Santa Fe	TJ Maxx, Best Buy, Ross Dress for Less	2017		100.0	%		—		153,983		70,240		224,223		—	%		100.0	%		92.2	%		97.5	%		98.1	%		3,886,164		17.77

MIDWEST
Michigan
New Towne Plaza	Kohl's, Jo-Ann's, DSW	2017		100.0	%		—		145,389		48,057		193,446		—	%		100.0	%		72.0	%		93.0	%		97.6	%		2,146,260		11.92
Fairlane Green	TJ Maxx, Michaels, Bed Bath & Beyond	2017		100.0	%		—		109,916		142,988		252,904		—	%		100.0	%		83.8	%		90.9	%		93.7	%		4,832,967		21.03

NORTHEAST
Maryland
Frederick County (2 properties)	Kohl's, Best Buy, Ross Dress for Less	2019		90.0	%		—		267,699		256,457		524,156		—	%		75.1	%		67.2	%		71.2	%		78.4	%		5,574,534		14.93

Connecticut
Tri-City Plaza	TJ Maxx, HomeGoods	2019		90.0	%		—		129,940		172,948		302,888		—	%		100.0	%		82.0	%		89.7	%		89.7	%		3,923,263		14.44

Rhode Island
Lincoln Commons	Stop and Shop, Marshalls, HomeGoods	2019		100.0	%		—		194,470		260,971		455,441		—	%		100.0	%		72.9	%		84.5	%		85.6	%		5,096,369		13.25

SOUTHEAST
Virginia
Landstown Commons	Best Buy, Bed Bath & Beyond, Ross Dress for Less	2019		100.0	%		—		87,883		316,925		404,808		—	%		100.0	%		87.5	%		90.2	%		90.9	%		7,628,581		20.90

Fund Portfolio Retail Properties – Detail ¹

Supplemental Report – December 31, 2020

		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
Florida
Palm Coast Landing	TJ Maxx, PetSmart, Ross Dress for Less	2019		100.0	%		—		73,241		98,083		171,324		—	%		100.0	%		85.3	%		91.6	%		94.5	%		3,173,477		20.22

North Carolina
Hickory Ridge	Kohl's, Best Buy, Dick's	2017		100.0	%		—		266,584		113,981		380,565		—	%		86.9	%		83.0	%		85.7	%		85.7	%		3,753,287		11.51


Alabama
Trussville Promenade	Wal-Mart, Regal Cinemas	2018		100.0	%		—		366,010		97,671		463,681		—	%		100.0	%		75.0	%		94.7	%		95.1	%		4,485,983		10.21

Georgia
Hiram Pavilion	Kohl's, HomeGoods	2018		100.0	%		—		209,423		153,252		362,675		—	%		100.0	%		93.4	%		97.2	%		97.8	%		4,190,542		11.89

WEST
California
Elk Grove Commons	Kohl's, HomeGoods	2018		100.0	%		—		132,315		88,411		220,726		—	%		86.2	%		79.8	%		83.6	%		86.2	%		4,179,967		22.65

Utah
Family Center at Riverdale	Target, Sportman's Warehouse	2019		89.4	%		—		256,352		171,344		427,696		—	%		80.6	%		86.7	%		83.1	%		86.0	%		3,658,747		10.30

Total - Fund V							—		2,393,205		1,991,328		4,384,533		—	%		92.9	%		81.1	%		87.5	%		89.6	%	$	56,530,141	$	14.73

TOTAL FUND PROPERTIES							163,472		3,998,205		3,160,514		7,322,191		74.9	%		91.0	%		78.2	%		85.1	%		88.7	%	$	99,186,664	$	15.91

Acadia Share of Total Fund Properties							37,286		837,866		654,558		1,529,710		74.5	%		91.3	%		77.0	%		84.8	%		88.3	%	$	20,776,556	$	16.01

__________

Excludes properties under development, see “Development and Redevelopment Activity” page of this Supplemental Report. The above occupancy and rent amounts do not include space which is currently leased, other than "leased occupancy," but for which rent payment has not yet commenced. Residential and office GLA is excluded.

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

Fund Lease Expirations

Supplemental Report – December 31, 2020

(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		—		—		—	%	$	—	$	—		—	%		—		—		—	%	$	—	$	—		—	%
2021		—		—		—	%		—		—		—	%		—		—		—	%		—		—		—	%
2022		—		—		—	%		—		—		—	%		—		—		—	%		—		—		—	%
2023		—		—		—	%		—		—		—	%		2		161		0.6	%		42,428		263.53		4.2	%
2024		—		—		—	%		—		—		—	%		—		—		—	%		—		—		—	%
2025		—		—		—	%		—		—		—	%		—		—		—	%		—		—		—	%
2026		1		655		1.2	%		67,187		102.58		4.7	%		1		110		0.4	%		37,002		336.38		3.7	%
2027		—		—		—	%		—		—		—	%		—		—		—	%		—		—		—	%
2028		2		5,951		11.2	%		389,962		65.53		27.2	%		2		6,318		23.5	%		185,360		29.34		18.5	%
2029		1		254		0.5	%		49,462		194.73		3.4	%		3		1,910		7.1	%		170,685		89.36		17.0	%
2030		—		—		—	%		0		—		—	%		2		972		3.6	%		63,921		65.76		6.4	%
Thereafter		4		46,411		87.1	%		929,296		20.02		64.7	%		3		17,375		64.8	%		502,120		28.90		50.2	%
Total		8		53,271		100.0	%	$	1,435,907	$	26.95		100.0	%		13		26,846		100.0	%	$	1,001,516	$	37.31		100.0	%

				72,090	Total Vacant													5,905	Total Vacant
				125,361	Total Square Feet													32,751	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		6		3,770		0.8	%	$	67,080	$	17.79		0.9	%		13		5,462		0.7	%	$	108,396	$	19.85		1.0	%
2021		25		56,601		12.1	%		651,173		11.50		9.0	%		43		57,707		7.7	%		1,039,578		18.01		9.4	%
2022		22		35,072		7.5	%		521,950		14.88		7.2	%		57		96,404		12.8	%		1,553,787		16.12		14.0	%
2023		20		34,761		7.5	%		351,109		10.10		4.8	%		50		81,469		10.8	%		1,433,371		17.59		12.9	%
2024		20		29,768		6.4	%		389,083		13.07		5.4	%		49		110,523		14.7	%		1,632,473		14.77		14.7	%
2025		35		56,717		12.2	%		1,230,448		21.69		17.0	%		48		169,396		22.6	%		2,053,819		12.12		18.5	%
2026		25		33,329		7.1	%		718,143		21.55		9.9	%		26		32,001		4.3	%		635,888		19.87		5.7	%
2027		15		22,279		4.8	%		373,448		16.76		5.2	%		9		45,378		6.0	%		383,493		8.45		3.5	%
2028		10		19,381		4.2	%		269,497		13.91		3.7	%		17		38,421		5.1	%		661,825		17.23		6.0	%
2029		14		60,445		13.0	%		1,032,387		17.08		14.3	%		15		39,396		5.2	%		458,955		11.65		4.1	%
2030		12		26,175		5.6	%		384,467		14.69		5.3	%		18		41,811		5.6	%		601,390		14.38		5.4	%
Thereafter		15		87,929		18.8	%		1,254,580		14.27		17.3	%		9		33,087		4.5	%		532,794		16.10		4.8	%
Total		219		466,227		100.0	%	$	7,243,365	$	15.54		100.0	%		354		751,055		100.0	%	$	11,095,769	$	14.77		100.0	%

				49,602	Total Vacant													104,714	Total Vacant
				515,829	Total Square Feet													855,769	Total Square Feet

__________

Leases currently under month to month or in process of renewal

Development and Redevelopment Activity

Supplemental Report – December 31, 2020

				Est. SQFT					Acquisition & Development Costs ¹
Property	Ownership¹	Location	Estimated Stabilization	Upon Completion		Occupied/Leased Rate	Key Tenants	Description	Incurred ²		Estimated Future Range					Estimated Total Range
Development:
CORE
1238 Wisconsin	80.0%	Washington DC	2023		29,000	—	TBD	Redevelopment/addition to existing building with ground level retail, upper floor office and residential units upon completion. Discretionary spend upon securing tenant(s)	$	3.6	$	26.8	to	$	28.0	$	30.4	to	$	31.6

FUND II
City Point Phase III ³	94.2%	Brooklyn, NY	2021		72,000	0%/88%	BASIS Independent Schools	Discretionary spend upon securing tenant(s) for lease up		47.0		19.0	to		22.0		66.0	to		69.0

FUND III
Broad Hollow Commons	100.0%	Farmingdale, NY	TBD	TBD		—	TBD	Discretionary spend upon securing necessary approvals and tenant(s) for lease up		23.1		26.9	to		36.9		50.0	to		60.0

FUND IV
110 University Place	100.0%	New York, NY	2022		14,000	—	TBD	Discretionary spend upon securing tenant(s) for lease up. Excludes Parking Garage.		14.0		6.6	to		11.0		20.6	to		25.0
717 N. Michigan Avenue	100.0%	Chicago, IL	2025		62,000	30%/30%	Disney Store	Discretionary spend upon securing tenant(s) for lease up		116.4		12.0	to		19.5		128.4	to		135.9
									$	204.1	$	91.3		$	117.4	$	295.4		$	321.5
Major Redevelopment:

CORE
City Center	100.0%	San Francisco, CA	2021		241,000	65%/98%	Target, Whole Foods, PetSmart	Ground up development of pad sites and street level retail and re-tenanting/redevelopment for Whole Foods	$	196.9	$	7.0	to	$	10.0	$	203.9	to	$	206.9
Elmwood Park	100.0%	Elmwood Park, NJ	2022		144,000	51%/78%	Lidl	Re-tenanting and split of former 48,000 square foot Acme with 28,000 square foot Lidl and 20,000 square feet of remaining for discretionary spend; façade upgrade		1.6		3.4	to		3.9		5.0	to		5.5
Route 6 Mall	100.0%	Honesdale, PA	TBD	TBD		17%/17%	TBD	Discretionary spend for re-tenanting former 120,000 square foot Kmart anchor space once tenant(s) are secured		—		5.0	to		7.0		5.0	to		7.0
Mad River	100.0%	Dayton, OH	TBD	TBD		48%/48%	TBD	Discretionary spend for the re-tenanting former 33,000 square foot Babies R Us space once tenant(s) are secured		—		1.9	to		2.3		1.9	to		2.3
									$	198.5	$	17.3		$	23.2	$	215.8		$	221.7

_________

Development and Redevelopment Activity

Supplemental Report – December 31, 2020

__________

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

Incurred amounts include costs associated with the initial carrying value. Refer to “ Net Asset Valuation Information ” for pro-rata costs incurred. Reconciles to Consolidated Balance Sheet at December 31, 2020 as follows:

Development costs above	$	204.1
Unconsolidated projects^(a)		(3.6	)
Projects in redevelopment or partial development^(b)		70.6
Deferred costs and other amounts		(7.3	)
Impairment charges taken		(16.5	)
Total per consolidated balance sheet	$	247.3

(a)

Relates to 1238 Wisconsin Avenue

(b)

Primarily relates to the portion of City Center that is still in Major Redevelopment. Total incurred amount of $196.9 reflects the historical carrying value of the entire property (including its initial acquisition cost).

Incurred amounts include the conversion of a $33.8 million note receivable to improvements in the property.

Portfolio Composition ¹

Supplemental Report – December 31, 2020


Billed Percentage	Core			Core and Fund Pro-Rata			Core Street/Urban			Core Suburban

Essential
Grocer / Mass Merchandiser ²		14	%		14	%		13	%		16	%
Drug / Dollar Store		4	%		4	%		5	%		3	%
Banks		5	%		4	%		5	%		4	%
Home Improvement / Auto		4	%		3	%		—	%		9	%
Communications / Electronics		3	%		3	%		4	%		2	%
Other Essential		2	%		3	%		1	%		4	%
Pets		2	%		2	%		1	%		4	%
Total Essential		34	%		33	%		29	%		42	%

Non-Essential
Apparel		20	%		19	%		32	%		2	%
Discount / Fast Fashion		10	%		10	%		14	%		3	%
Restaurant / Food		7	%		8	%		5	%		10	%
Hard Goods		9	%		9	%		5	%		15	%
Personal / Professional Service		7	%		7	%		7	%		8	%
Home		5	%		5	%		3	%		8	%
Other		4	%		4	%		4	%		4	%
Gym / Fitness		3	%		3	%		1	%		6	%
Theater / Entertainment		1	%		2	%		—	%		2	%
Total Non-Essential		66	%		67	%		71	%		58	%

Total		100	%		100	%		100	%		100	%

__________

Data as of December 31, 2020. Percentages based on billed December rents and recoveries.

Includes Walmart, Target and K-Mart.

Important Notes

Supplemental Report – December 31, 2020

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 gains (or losses) from sales of depreciated property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Also consistent with NAREIT’s definition of FFO, the Company has elected to include gains and 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 charges, income and gains that management believes are not comparable and indicative of the results of the Company’s operating real estate portfolio.

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.