Acadia Realty Trust (AKR) 8-K Acadia Realty Trust Reports Second Quarter 2013 Operating Results

Exhibit 99.2

Table of Contents
Second Quarter 2013
Section I - Financial Information		Section II - Core Portfolio Information
Company Information	3	Core Properties	22
Total Market Capitalization	4	Core Top Tenants	24
Operating Statements		Core Lease Expirations	25
Pro-rata Consolidation	5	Core New and Renewal Rent Spreads	26
Opportunity Funds	6	Core Capital Expenditures	27
Funds from Operations ("FFO"), Adjusted FFO ("AFFO")		Portfolio Demographics	28
and Funds Available for Distribution ("FAD")	8
EBITDA	9
Same Property Net Operating Income	10	Section III - Opportunity Fund Information
Fee Income	11
Balance Sheet - Pro-rata Consolidation	12	Opportunity Fund Overview	31
Notes Receivable	13	Opportunity Fund Properties	32
Other Information		Opportunity Fund Lease Expirations	33
2013 Guidance	14	Development Activity	34
Net Asset Valuation Information	15	RCP Venture Investments	35
Selected Financial Ratios	16
Debt Analysis
Summary	17
Detail	18	Important Notes	36
Maturities	21
Visit www.acadiarealty.com for additional investor and portfolio information

Company Information
Acadia Realty Trust, a fully-integrated equity real estate investment trust, is focused on the acquisition, ownership, management and redevelopment of high-quality retail properties and urban/infill mixed-use properties with a strong retail component located primarily in high-barrier-to-entry, densely-populated metropolitan areas along the East Coast and in Chicago. Acadia owns, or has an ownership interest in, these properties through its core portfolio and its 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
	1311 Mamaroneck Avenue	Jonathan Grisham	Symbol AKR
	Suite 260	Senior Vice President,
	White Plains, NY 10605	Chief Financial Officer
		(914) 288-8142
		jgrisham@acadiarealty.com
Analyst Coverage
	Bank of America / Merrill Lynch	Cowen and Company	KeyBanc Capital Markets, Inc.
	Craig Schmidt - (646) 855-3640	James Sullivan - (646) 562-1380	Todd Thomas - (917) 368-2286
	craig.schmidt@baml.com	james.sullivan@cown.com	tthomas@keybanccm.com
	Bank of Montreal	Green Street Advisors	RBC Capital Markets
	Paul Adornato, CFA - (212) 885-4170	Cedrik LaChance - (949) 640-8780	Rich Moore, CFA - (440) 715-2646
	paul.adornato@bmo.com	clachance@greenst.com	rich.moore@rbccm.com
	Citigroup - Global Markets	J.P. Morgan Securities, Inc.	UBS
	Quentin Velleley, CFA - (212) 816-6981	Michael W. Mueller, CFA - (212) 622-6689	Christy McElroy - (203) 719-7831
	quentin.velleley@citi.com	michael.w.mueller@jpmorgan.com	christy.mcelroy@ubs.com

Total Market Capitalization
(including pro-rata share of Opportunity Fund debt, dollars in thousands)
							Capitalization
	Percent of	Total Market Capitalization					based on
	Total Equity	$				%	Net Debt 1	Total Market Capitalization
Equity Capitalization
Total Common Shares Outstanding	98.9%	55,445
Common Operating Partnership ("OP") Units	1.1%	592
Combined Common Shares and OP Units		56,037
Share Price at June 30, 2013		$	24.69
Equity Capitalization - Common Shares and OP Units		$	1,383,554
Preferred OP Units		619			2
Total Equity Capitalization		1,384,173				73%	76%
Debt Capitalization
Consolidated debt		1,091,197
Adjustment to reflect pro-rata share of debt		(573,892		)
Total Debt Capitalization		517,305				27%	24%
Total Market Capitalization		$	1,901,478			100%	100%
Weighted Average Outstanding Common Shares and OP Units
(in thousands)
		June 30, 2013						Changes in Total Common Shares Outstanding
		Year-to-date				Quarter
Weighted average Common Shares - Basic EPS		54,292				55,160		Balance @ 12/31/2012	52,482
Dilutive potential Common Shares		431				424		Stock Issuance	2,822
Weighted average Common Shares - Diluted EPS		54,723				55,584		Other	141
OP Units		630				606
Dilutive potential OP Units		25				25		Balance @ 6/30/13	55,445
Weighted average Common Shares and OP Units - Diluted FFO		55,378				56,215
Notes:
1 Reflects debt net of Core Portfolio and pro-rata share of Opportunity Funds cash balance ("Net Debt") totaling $69,993.
2 Represents 188 Series A Preferred OP Units convertible into 25,067 Common OP units multiplied by the Common Share price at quarter end.
3 Fixed-rate debt includes notional principal fixed through interest rate swap transactions.

Income Statements - Pro-rata Consolidation 1
(in thousands)
	Year-to-date ended June 30, 2013																		Three months ended June 30, 2013
	Core Retail									Opportunity Funds						Total			Core Retail									Opportunity Funds						Total
							Total																		Total
	Wholly			Joint			Continuing			Continuing			Discontinued						Wholly			Joint			Continuing			Continuing			Discontinued
	Owned			Ventures 2			Operations			Operations			Operations						Owned			Ventures 2			Operations			Operations			Operations
CORE PORTFOLIO AND OPPORTUNITY FUND INCOME
PROPERTY REVENUES
Minimum rents	$	34,308		$	1,654		$	35,962		$	6,036		$	360		$	42,358		$	17,563		$	846		$	18,409		$	3,061		$	156		$	21,626
Percentage rents	265			—			265			49			—			314			165			—			165			17			—			182
Expense reimbursements - CAM	3,441			221			3,662			751			11			4,424			1,549			127			1,676			329			4			2,009
Expense reimbursements - Taxes	4,996			431			5,427			788			14			6,229			2,485			221			2,706			390			7			3,103
Other property income	351			7			358			156			24			538			114			4			118			45			12			175
Total Property Revenues	43,361			2,313			45,674			7,780			409			53,863			21,876			1,198			23,074			3,842			179			27,095
PROPERTY EXPENSES
Property operating - CAM	3,743			244			3,987			772			6			4,765			1,712			144			1,856			362			(2		)	2,216
Other property operating (Non-CAM)	1,430			156			1,586			680			218			2,484			858			96			954			356			85			1,395
Real estate taxes	6,035			526			6,561			1,085			32			7,678			3,018			269			3,287			590			18			3,895
Total Property Expenses	11,208			926			12,134			2,537			256			14,927			5,588			509			6,097			1,308			101			7,506
NET OPERATING INCOME - PROPERTIES	32,153			1,387			33,540			5,243			153			38,936			16,288			689			16,977			2,534			78			19,589
OTHER INCOME (EXPENSE)
Interest income	5,562			—			5,562			200			—			5,762			3,089			—			3,089			90			—			3,179
Straight-line rent income	1,327			(3		)	1,324			470			6			1,800			956			3			959			168			3			1,130
Straight-line ground rent	—			—			—			(42		)	—			(42		)	—			—			—			(21		)	—			(21		)
Above/below market rent	1,408			—			1,408			189			—			1,597			938			—			938			55			—			993
Interest expense	(8,942		)	(1,009		)	(9,951		)	(1,877		)	(31		)	(11,859		)	(4,610		)	(497		)	(5,107		)	(962		)	(14		)	(6,083		)
Amortization of finance costs	(417		)	(14		)	(431		)	(229		)	(2		)	(662		)	(231		)	(14		)	(245		)	(116		)	(2		)	(363		)
Above/below market interest expense	813			—			813			69			—			882			371			—			371			35			—			406
Asset and property management expense	(88		)	(24		)	(112		)	(85		)	(12		)	(209		)	(63		)	(13		)	(76		)	(48		)	—			(124		)
Other income	469			—			469			493			26			988			7			—			7			(5		)	—			2
Acquisition costs	(1,045		)	—			(1,045		)	(453		)	—			(1,498		)	(342		)	—			(342		)	(266		)	—			(608		)
Impairment of asset	(1,500		)	—			(1,500		)	—			—			(1,500		)	(1,500		)	—			(1,500		)	—			—			(1,500		)
CORE PORTFOLIO AND OPPORTUNITY FUND INCOME	29,740			337			30,077			3,978			140			34,195			14,903			168			15,071			1,464			65			16,600
FEE INCOME
Asset and property management fees	8,626			—			8,626			206			—			8,832			4,323			—			4,323			148			—			4,471
Transactional fees 3	2,524			—			2,524			40			—			2,564			1,355			—			1,355			40			—			1,395
Income tax benefit (provision)	238			(1		)	237			(22		)	(1		)	214			147			—			147			(30		)	—			117
Total Fee Income	11,388			(1		)	11,387			224			(1		)	11,610			5,825			—			5,825			158			—			5,983
PROMOTE, RCP AND OTHER INCOME
Equity in earnings (losses) from RCP investments	—			—			—			(27		)	—			(27		)	—			—			—			—			—			—
Equity in earnings of unconsolidated properties	—			—			—			(2		)	—			(2		)	—			—			—			(2		)	—			(2		)
Total Promote, RCP and Other Income	—			—			—			(29		)	—			(29		)	—			—			—			(2		)	—			(2		)
GENERAL AND ADMINISTRATIVE	(12,761		)	(5		)	(12,766		)	(61		)	—			(12,827		)	(6,539		)	(5		)	(6,544		)	(70		)	—			(6,614		)
Depreciation and amortization	(12,500		)	(303		)	(12,803		)	(2,306		)	—			(15,109		)	(6,590		)	(109		)	(6,699		)	(1,180		)	—			(7,879		)
Gain on sale of properties	—			—			—			—			776			776			—			—			—			—			776			776
Income before noncontrolling interests	15,867			28			15,895			1,806			915			18,616			7,599			54			7,653			370			841			8,864
Noncontrolling interest - OP	(200		)	(2		)	(202		)	(34		)	—			(236		)	(93		)	—			(93		)	(14		)	—			(107		)
NET INCOME	$	15,667		$	26		$	15,693		$	1,772		$	915		$	18,380		$	7,506		$	54		$	7,560		$	356		$	841		$	8,757
Notes:
1Quarterly 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 Company's investments in consolidated and unconsolidated joint ventures are reflected separately for revenues and expenses by calculating its pro-rata share for each of the above line items.
In total, net income agrees with net income as reported in the Company's Form 10Q's and 10K for the corresponding periods.
2Represents the Company's pro-rata share unconsolidated investments .
3Consists of development, construction, leasing and legal fees.

Income Statements - Opportunity Funds 1
(in thousands)
	Year-to-date ended June 30, 2013
							Continuing																Continuing			Discontinued													Continuing
							Operations																Operations			Operations													Operations
	Fund I			Fund I			AKR Pro-					AKR Pro-		Fund II			Fund II			Fund II			AKR Pro-			AKR Pro-					AKR Pro-		Fund III			Fund III			AKR Pro-						AKR Pro-			Total
	Continuing			Consolidated			rata share3					rata share3		Continuing			Discontinued			Consolidated			rata share			rata share					rata share		Continuing			Consolidated			rata share						rata share			AKR Pro-
	Operations			Operations			37.78%			Mervyns I		37.78%		Operations			Operations			Operations			20.00%			20.00%			Mervyns II		20.00%		Operations			Operations			19.90%			Fund IV			23.12%			rata share
PROPERTY REVENUES
Minimum rents	$	114		$	114		$	44		—		—		$	12,099		$	1,800		$	13,899		$	2,420		$	360		—		—		$	14,375		$	14,375		$	2,861		$	3,078		$	711		$	6,396
Percentage rents	—			—			—			—		—		—			—			—			—			—			—		—		245			245			49			—			—			49
Expense reimbursements - CAM	3			3			1			—		—		1,314			56			1,370			263			11			—		—		2,079			2,079			414			318			73			762
Expense reimbursements - Taxes	—			—			—			—		—		896			72			968			179			14			—		—		2,656			2,656			529			349			80			802
Other property income	—			—			—			—		—		204			121			325			41			24			—		—		569			569			113			7			2			180
Total Property Revenues	117			117			45			—		—		14,513			2,049			16,562			2,903			409			—		—		19,924			19,924			3,966			3,752			866			8,189
PROPERTY EXPENSES
Property operating - CAM	5			5			2			—		—		1,959			33			1,992			392			6			—		—		1,787			1,787			355			100			23			778
Other property operating (Non-CAM)	80			80			30			—		—		1,452			1,104			2,556			291			218			—		—		1,670			1,670			332			116			27			898
Real estate taxes	6			6			2			—		—		1,387			158			1,545			277			32			—		—		3,643			3,643			725			349			81			1,117
Total Property Expenses	91			91			34			—		—		4,798			1,295			6,093			960			256			—		—		7,100			7,100			1,412			565			131			2,793
NET OPERATING INCOME - PROPERTIES	26			26			11			—		—		9,715			754			10,469			1,943			153			—		—		12,824			12,824			2,554			3,187			735			5,396
OTHER INCOME (EXPENSE)
Mezzanine interest income	438			438			165			—		—		—			—			—			—			—			—		—		159			159			31			—			—			196
Other interest income	—			—			—			—		—		8			—			8			1			—			—		—		18			18			3			1			—			4
Straight-line rent income, net	—			—			—			—		—		1,357			26			1,383			271			6			—		—		755			755			150			204			49			476
Straight-line ground rent	—			—			—			—		—		(208		)	4			(204		)	(42		)	—			—		—		—			—			—			—			—			(42		)
ASC 805 rent, net	—			—			—			—		—		—			—			—			—			—			—		—		949			949			189			—			—			189
Interest expense	(2		)	(2		)	—			—		—		(4,651		)	(157		)	(4,808		)	(930		)	(31		)	—		—		(3,621		)	(3,621		)	(721		)	(975		)	(226		)	(1,908		)
Amortization of finance costs	—			—			—			—		—		(336		)	(9		)	(345		)	(67		)	(2		)	—		—		(474		)	(474		)	(95		)	(287		)	(67		)	(231		)
ASC 805 interest expense	—			—			—			—		—		—			—			—			—			—			—		—		345			345			69			—			—			69
Asset and property management expense 2	4			4			2			—		—		2			(61		)	(59		)	—			(12		)	—		—		(259		)	(259		)	(52		)	(148		)	(35		)	(97		)
Promote expense2	(40		)	(40		)	—			—		—		—			—			—			—			—			—		—		—			—			—			—			—			—
Other income/(expense)	—			—			—			—		—		(31		)	131			100			(6		)	26			—		—		2,501			2,501			498			3			1			519
Acquisition costs	—			—			—			—		—		(78		)	—			(78		)	(16		)	—			—		—		(844		)	(844		)	(168		)	(1,165		)	(269		)	(453		)
OPPORTUNITY FUND INCOME	426			426			178			—		—		5,778			688			6,466			1,154			140			—		—		12,353			12,353			2,458			820			188			4,118
FEE INCOME
Asset and property management fees	—			—			—			—		—		—			—			—			—			—			—		—		1,035			1,035			206			—			—			206
Transactional fees	—			—			—			—		—		—			—			—			—			—			—		—		200			200			40			—			—			40
Provision for income taxes	(4		)	(4		)	(2		)	—		—		(10		)	(5		)	(15		)	(2		)	(1		)	—		—		(92		)	(92		)	(18		)	—			—			(23		)
Total Fee Income	(4		)	(4		)	(2		)	—		—		(10		)	(5		)	(15		)	(2		)	(1		)	—		—		1,143			1,143			228			—			—			223
PROMOTE, RCP AND OTHER INCOME
Equity in earnings from RCP investments	—			—			—			(44	)	(17	)	—			—			—			—			—			(52	)	(10	)	—			—			—			—			—			(27		)

Equity in earnings of unconsolidated properties	—			—			—			—			—			—			—		—			—			—		(8		)	(2		)	—			—			—			—			—			(2		)
Provision for income taxes (RCP)	—			—			—			(1		)	—			—			—		—			—			—		(2		)	—			—			—			—			—			—			—
Total Promote, RCP and Other Income	—			—			—			(36		)	(17		)	—			—		—			—			—		(62		)	(12		)	—			—			—			—			—			(29		)
GENERAL AND ADMINISTRATIVE	(42		)	(42		)	(15		)	(1		)	—			61			—		61			12			—		(7		)	(1		)	(172		)	(172		)	(34		)	(96		)	(23		)	(61		)
Depreciation and amortization	(2		)	(2		)	—			—			—			(3,950		)	—		(3,950		)	(790		)	—		—			—			(6,056		)	(6,056		)	(1,205		)	(1,344		)	(311		)	(2,306		)
Gain on sale of properties	—			—			—			—			—			—			3,879		3,879			—			776		—			—			—			—			—			—			—			776
Income before noncontrolling interest	378			378			161			(37		)	(17		)	1,879			4,562		6,441			374			915		(69		)	(13		)	7,268			7,268			1,447			(620		)	(146		)	2,721
Noncontrolling interest - OP	(6		)	(3		)	(2		)	—			—			(80		)	—		(20		)	(16		)	—		—			—			(90		)	(70		)	(18		)	9			2			(34		)
NET INCOME	$	372		$	375		$	159		$	(37	)	$	(17	)	$	1,799		$	4,562	$	6,421		$	358		$	915	$	(69	)	$	(13	)	$	7,178		$	7,198		$	1,429		$	(611	)	$	(144	)	$	2,687
Notes:
1 Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim periods. The Company's investments in consolidated and unconsolidated joint ventures are reflected separately for revenues and expenses by calculating it's pro-rata share for each of the above line items. In total, net income agrees with net income as reported in the Company's Form 10Q's and 10K for the corresponding periods. The Company currently invests in Funds I, II, III & IV and Mervyn's which are consolidated with the Company's financial statements.
2 Funds I, II, III & IV and the Mervyn's entities pay various fees and promotes to the Company. As it is the recipient of such fees, the Company does not recognize its pro-rata share of these expenses.
3 Represents a 20% promote earned by Acadia in addition to our 22.22% pro-rata share of the remaining 80% after promote (20%+22.22%*80% = 37.78%)

Income Statements - Opportunity Funds 1
(in thousands)
	Three months ended June 30, 2013
							Continuing													Continuing			Discontinued											Continuing
							Operations													Operations			Operations											Operations
	Fund I			Fund I			AKR Pro-			AKR Pro-	Fund II			Fund II			Fund II			AKR Pro-			AKR Pro-				AKR Pro-	Fund III			Fund III			AKR Pro-						AKR Pro-			Total
	Continuing			Consolidated			rata share 3			rata share 3	Continuing			Discontinued			Consolidated			rata share			rata share				rata share	Continuing			Consolidated			rata share						rata share			AKR Pro-
	Operations			Operations			37.78%		Mervyns I	37.78%	Operations			Operations			Operations			20.00%			20.00%			Mervyns II	20.00%	Operations			Operations			19.90%			Fund IV			23.12%			rata share
PROPERTY REVENUES
Minimum rents	$	57		$	57		$	22	—	—	$	6,133		$	778		$	6,911		$	1,227		$	156		—	—	$	7,295		$	7,295		$	1,452		$	1,559		$	360		$	3,217
Percentage rents	—			—			—		—	—	—			—			—			—			—			—	—	85			85			17			—			—			17
Expense reimbursements - CAM	—			—			—		—	—	684			20			704			137			4			—	—	784			784			156			157			36			333
Expense reimbursements - Taxes	—			—			—		—	—	540			36			576			108			7			—	—	1,214			1,214			242			174			40			397
Other property income	—			—			—		—	—	113			59			172			23			12			—	—	113			113			22			—			—			57
Total Property Revenues	57			57			22		—	—	7,470			893			8,363			1,495			179			—	—	9,491			9,491			1,889			1,890			436			4,021
PROPERTY EXPENSES
Property operating - CAM	1			1			—		—	—	903			(9		)	894			181			(2		)	—	—	845			845			168			57			13			360
Other property operating (Non-CAM)	37			37			14		—	—	733			426			1,159			147			85			—	—	889			889			177			79			18			441
Real estate taxes	3			3			1		—	—	922			88			1,010			184			18			—	—	1,827			1,827			364			176			41			608
Total Property Expenses	41			41			15		—	—	2,558			505			3,063			512			101			—	—	3,561			3,561			709			312			72			1,409
NET OPERATING INCOME - PROPERTIES	16			16			7		—	—	4,912			388			5,300			983			78			—	—	5,930			5,930			1,180			1,578			364			2,612
OTHER INCOME (EXPENSE)
Mezzanine interest income	231			231			87		—	—	—			—			—			—			—			—	—	16			16			3			—			—			90
Other interest income	—			—			—		—	—	2			—			2			—			—			—	—	1			1			—			—			—			—
Straight-line rent income	—			—			—		—	—	560			13			573			112			3			—	—	218			218			43			56			13			171
Straight-line ground rent	—			—			—		—	—	(104		)	2			(102		)	(21		)	—			—	—	—			—			—			—			—			(21		)
Above/below market rent	—			—			—		—	—	—			—			—			—			—			—	—	274			274			55			—			—			55
Interest expense	(1		)	(1		)	—		—	—	(2,515		)	(72		)	(2,587		)	(503		)	(14		)	—	—	(1,724		)	(1,724		)	(343		)	(500		)	(116		)	(976		)
Amortization of finance costs	—			—			—		—	—	(161		)	(9		)	(170		)	(32		)	(2		)	—	—	(249		)	(249		)	(50		)	(145		)	(34		)	(118		)
Above/below market interest	—			—			—		—	—	—			—			—			—			—			—	—	175			175			35			—			—			35
Asset and property management expense2	2			2			1		—	—	—			—			—			—			—			—	—	(145		)	(145		)	(29		)	(85		)	(20		)	(48		)
Promote expense2	(23		)	(23		)	—		—	—	—			—			—			—			—			—	—	—			—			—			—			—			—
Other income/(expense)	—			—			—		—	—	(32		)	—			(32		)	(6		)	—			—	—	—			—			—			3			1			(5		)
Acquisition costs	—			—			—		—	—	(78		)	—			(78		)	(16		)	—			—	—	(44		)	(44		)	(9		)	(1,042		)	(241		)	(266		)
OPPORTUNITY FUND INCOME	225			225			95		—	—	2,584			322			2,906			517			65			—	—	4,452			4,452			885			(135		)	(33		)	1,529
FEE INCOME
Asset and property management fees	—			—			—		—	—	—			—			—			—			—			—	—	744			744			148			—			—			148
Transactional fees	—			—			—		—	—	—			—			—			—			—			—	—	200			200			40			—			—			40
Income tax benefit (provision)	—			—			—		—	—	—			—			—			—			—			—	—	(152		)	(152		)	(30		)	—			—			(30		)
Total Fee Income	—			—			—		—	—	—			—			—			—			—			—	—	792			792			158			—			—			158

PROMOTE, RCP AND OTHER INCOME
Equity in earnings (losses) from RCP Investments	—			—			—			—			—	—			—		—			—			—		—			—			—			—			—			—			—			—
Equity in earnings of unconsolidated properties	—			—			—			—			—	—			—		—			—			—		(8		)	(2		)	—			—			—			—			—			(2		)
Provision for Income taxes (RCP)	—			—			—			(1		)	—	—			—		—			—			—		(1		)	—			—			—			—			—			—			—
Total Promote, RCP and Other Income	—			—			—			(1		)	—	—			—		—			—			—		(9		)	(2		)	—			—			—			—			—			(2		)
GENERAL AND ADMINISTRATIVE	(25		)	(25		)	(9		)	(1		)	—	1			—		1			—			—		(1		)	—			(156		)	(156		)	(31		)	(128		)	(30		)	(70		)
Depreciation and amortization	(1		)	(1		)	—			—			—	(1,908		)	—		(1,908		)	(382		)	—		—			—			(3,243		)	(3,243		)	(645		)	(660		)	(153		)	(1,180		)
Gain on sale of properties	—			—			—			—			—	—			3,879		3,879			—			776		—			—			—			—			—			—			—			776
Income before noncontrolling interest	199			199			86			(2		)	—	677			4,201		4,878			135			841		(10		)	(2		)	1,845			1,845			367			(923		)	(216		)	1,211
Noncontrolling interest - OP	(3		)	—			(1		)	—			—	(60		)	—		—			(12		)	—		—			—			(20		)	—			(4		)	13			3			(14		)
NET INCOME	$	196		$	199		$	85		$	(2	)	—	$	617		$	4,201	$	4,878		$	123		$	841	$	(10	)	$	(2	)	$	1,825		$	1,845		$	363		$	(910	)	$	(213	)	$	1,197
Notes:
1 Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim periods. The Company's investments in consolidated and unconsolidated joint ventures are reflected separately for revenues
and expenses by calculating it's pro-rata share for each of the above line items. In total, net income agrees with net income as reported in the Company's Form 10Q's and 10K for the corresponding periods. The Company currently invests in Funds I, II, III & IV and Mervyn's
which are consolidated with the Company's financial statements.
2 Funds I, II, III & IV and the Mervyn's entities pay various fees to and promotes the Company. As it is the recipient of such fees, the Company does not recognize its pro-rata share of these expenses.
3 Represents a 20% promote earned by Acadia in addition to our 22.22% pro-rata share of the remaining 80% after promote (20%+22.22%*80% = 37.78%)

Funds from Operations ("FFO") 1
(in thousands)
	2013									2012
	Current			Current			Previous			Historic			Historic
	Year-to-Date			Quarter			Quarter			Year-to-Date			Quarter
	Period ended			3 months ended			3 months ended			Period ended			3 months ended
Funds from operations ("FFO"):	June 30, 2013			June 30, 2013			March 31, 2013			June 30, 2012			June 30, 2012
Net Income	$	18,380		$	8,757		$	9,623		$	10,849		$	6,839
Add back:
Depreciation of real estate and amortization of leasing costs:
(net of noncontrolling interest share)
Consolidated affiliates	13,587			7,043			6,544			10,048			5,427
Unconsolidated affiliates	1,201			650			550			1,214			615
Gain on sale of properties (net of noncontrolling interest share)
Consolidated affiliates	(776		)	(776		)	—			(213		)	(213		)
Unconsolidated affiliates	—			—			—			(609		)	(609		)
Impairment of asset	1,500			1,500			—			—			—
Income attributable to noncontrolling interests'
share in Operating Partnership	225			102			124			164			101
Distributions on Preferred OP Units 2	11			5			5			10			5
FFO	$	34,128		$	17,281		$	16,846		$	21,463		$	12,165
Adjusted Funds from operations ("AFFO"):
Diluted FFO	$	34,128		$	17,281		$	16,846		$	21,463		$	12,165
Straight line rent, net	(1,800		)	(1,130		)	(670		)	(1,403		)	(775		)
Straight-line ground rent	42			21			21			43			21
Above/below market rent	(1,597		)	(993		)	(604		)	(548		)	(386		)
Amortization of finance costs	662			363			299			491			284
Above/below market interest	(882		)	(406		)	(476		)	7			28
Non real estate depreciation	211			109			102			230			112
Amortization of cost of management contracts	—			—			—			20			—
Leasing commissions	(1,068		)	(421		)	(647		)	(622		)	(316		)
Tenant improvements	(2,648		)	(1,456		)	(1,192		)	(2,995		)	(1,412		)
Capital expenditures	(601		)	(555		)	(46		)	(387		)	(323		)
AFFO	$	26,447		$	12,813		$	13,633		$	16,299		$	9,398
Funds Available for Distribution ("FAD")
AFFO	$	26,447		$	12,813		$	13,633		$	16,299		$	9,398
Scheduled principal repayments	(2,966		)	(1,514		)	(1,452		)	(1,683		)	(873		)
FAD	$	23,481		$	11,299		$	12,181		$	14,616		$	8,525
Total weighted average shares and OP Units:
Basic	54,948			55,791			54,094			44,136			44,889
Diluted	55,378			56,215			54,531			44,555			45,317
FFO per share:
FFO per share - Basic	$	0.62		$	0.31		$	0.31		$	0.49		$	0.27
FFO per share - Diluted	$	0.62		$	0.31		$	0.31		$	0.48		$	0.27
AFFO per share - Basic	$	0.48		$	0.23		$	0.25		$	0.37		$	0.21
AFFO per share - Diluted	$	0.48		$	0.23		$	0.25		$	0.37		$	0.21
FAD per share - Basic	$	0.43		$	0.20		$	0.23		$	0.33		$	0.19
FAD per share - Diluted	$	0.42		$	0.20		$	0.22		$	0.33		$	0.19
Notes:
1 Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management are necessary for a fair presentation of operating results for the interim periods.
2 Quarterly Preferred OP Unit distributions are added back for the purposes of calculating diluted FFO. Refer to "Market Capitalization" for weighted-average basic and diluted shares.

EBITDA
(in thousands)
	Year-to-Date																	Current Quarter
	Period ended June 30, 2013																	Three months ended June 30, 2013
	Core Retail								Opportunity Funds									Core Retail								Opportunity Funds
						Total																	Total
	Wholly			Joint		Continuing			Continuing			Discontinued			TOTAL			Wholly			Joint		Continuing			Continuing			Discontinued
	Owned			Ventures		Operations			Operations			Operations						Owned			Ventures		Operations			Operations			Operations			TOTAL
NET INCOME	$	15,667		$	26	$	15,693		$	1,772		$	915		$	18,380		$	7,506		$	54	$	7,560		$	356		$	841		$	8,757
Add back:
Depreciation and amortization	12,500			303		12,803			2,306			—			15,109			6,590			109		6,699			1,180			—			7,879
Interest expense	8,942			1,009		9,951			1,877			31			11,859			4,610			497		5,107			962			14			6,083
Amortization of finance costs	417			14		431			229			2			662			231			14		245			116			2			363
Above/below market interest	(813		)	—		(813		)	(69		)	—			(882		)	(371		)	—		(371		)	(35		)	—			(406		)
Gain on sale of properties	—			—		—			—			(776		)	(776		)	—			—		—			—			(776		)	(776		)
Impairment of asset	1,500			—		1,500			—			—			1,500			1,500			—		1,500			—			—			1,500
Provision for income taxes	(238		)	1		(237		)	22			1			(214		)	(147		)	—		(147		)	30			—			(117		)
Noncontrolling interest - OP	200			2		202			34			—			236			93			—		93			14			—			107
EBITDA	$	38,175		$	1,355	$	39,530		$	6,171		$	173		$	45,874		$	20,012		$	674	$	20,686		$	2,623		$	81		$	23,390

Core Portfolio
Net Operating Income (NOI) - Same Property Performance 1
(in thousands)
	Quarter							Year-to-Date
							Growth in Same							Growth in Same
	Three months ended						Property NOI -	Period ended						Property NOI -
							Continuing Operations							Continuing Operations
	June 30, 2013			June 30, 2012			Favorable (unfavorable)	June 30, 2013			June 30, 2012			Favorable (unfavorable)
Reconciliation of total NOI to same property NOI:
NOI - Core properties - Continuing Operations	$	16,977		$	13,474			$	33,540		$	25,487
NOI - Properties acquired or in redevelopment	(4,149		)	(1,528		)		(9,175		)	(3,202		)
Total	$	12,828		$	11,946		7.4%	$	24,365		$	22,285		9.3%
Same property NOI by revenues/expenses:
Revenues	$	17,368		$	15,954		8.9%	$	33,261		$	30,274		9.9%
Expenses	4,540			4,008			(13.3)%	8,896			7,989			(11.4)%
Total Core Portfolio	$	12,828		$	11,946		7.4%	$	24,365		$	22,285		9.3%
Notes:
1 The above amounts include the pro-rata activity related to the Company's Core consolidated and unconsolidated investments.

Fee income by Opportunity Fund
(in thousands)
	Fund I		Fund II		Fund III		Fund IV		Other		Total
Six Months ended June 30, 2013
Asset and property management fees	$	134	$	2,150	$	2,849	$	3,198	$	295	$	8,626
Transactional fees	6		1,280		1,096		142		—		2,524
Total management fees and priority distributions	$	140	$	3,430	$	3,945	$	3,340	$	295	$	11,150
	Fund I		Fund II		Fund III		Fund IV		Other		Total
Current Quarter ended June 30, 2013
Asset and property management fees and priority distributions	$	67	$	1,060	$	1,432	$	1,611	$	153	$	4,323
Transactional fees	3		660		568		124		—		1,355
Total management fees and priority distributions	$	70	$	1,720	$	2,000	$	1,735	$	153	$	5,678
	Fund I		Fund II		Fund III		Fund IV		Other		Total
Previous Quarter ended March 31, 2013
Asset and property management fees	$	67	$	1,090	$	1,417	$	1,587	$	142	$	4,303
Transactional fees	3		620		528		18		—		1,169
Total management fees and priority distributions	$	70	$	1,710	$	1,945	$	1,605	$	142	$	5,472

Pro-Rata Consolidated Balance Sheet
(in thousands)
	Consolidated				Noncontrolling			Company's			Pro-Rata
	Balance				Interest in			Interest in			Consolidated
	Sheet				Consolidated			Unconsolidated			Balance
	As Reported 1				Subsidiaries			Subsidiaries			Sheet 2				Notes
ASSETS
Real estate															1  The interim consolidated balance sheet is unaudited, although it
Land	$	329,674			$	(102,122	)	$	20,965		$	248,517			reflects all adjustments, which in the opinion of management,
Buildings and improvements	1,173,679				(422,578		)	84,087			835,188				are necessary for the fair presentation of the consolidated
Construction in progress	4,269				(2,313		)	60			2,016				balance sheet for the interim period.
	1,507,622				(527,013		)	105,112			1,085,721
Less: accumulated depreciation	(232,591		)		66,497			(7,947		)	(174,041		)		2  The Company currently invests in Funds I, II, III & IV and Mervyns I & II
Net real estate	1,275,031				(460,516		)	97,165			911,680				which are consolidated with the Company's financial statements.
															To provide investors with supplemental information, the Company's
Net real estate under development	308,802			3	(249,394		)	110			59,518				investments in these joint ventures are reflected above on a pro-rata
															basis by calculating its ownership percentage for each of the asset
Cash and cash equivalents	100,022				(31,524		)	1,491			69,989				and liability line items. Similarly, the presentation also includes
Cash in escrow	21,810				(13,744		)	756			8,822				the Company's pro-rata share of assets and liabilities for
Restricted cash	153,022				(122,873		)	—			30,149				unconsolidated investments which are accounted for under the equity
Investments in and advances to unconsolidated affiliates	186,802				(142,044		)	(43,189		)	1,569				method of accounting for the Company's financial statements.
Rents receivable, net	3,410				(1,430		)	786			2,766
Straight-line rents receivable, net	29,625				(14,794		)	1,024			15,855
Notes Receivable	105,484				(10,050		)	215			95,649				3 The components of Net real estate under development are as follows:
Deferred charges, net	39,277				(22,487		)	1,580			18,370				Fund II	$	253,008
Prepaid expenses and other assets	40,879				7,939			1,229			50,047			4	Fund III	52,903
Acquired lease intangibles	31,742				(10,743		)	1,008			22,007				Fund IV	10
Accounts receivable from related parties	1,332				—			—			1,332
Assets of discontinued operations	13,306				(10,684		)	—			2,622				Total Opportunity Funds	305,921
															Core Portfolio	2,881
Total Assets	$	2,310,544			$	(1,082,344	)	$	62,175		$	1,290,375			Total	$	308,802
LIABILITIES AND SHAREHOLDERS' EQUITY															4 The components of Prepaid expenses and other assets are as follows:
															Due from Fund Investors	$	33,002
Mortgage notes payable	$	1,090,267			(644,551		)	$	70,659		$	516,375			Prepaid expenses	6,867
Notes payable	930				—			—			930				Accrued interest on Notes Receivable	3,225
Valuation of debt at acquisition, net of amortization	1,999				(144		)	80			1,935				Contract deposits	1,590
Acquired lease intangibles	17,502				(4,879		)	1,487			14,110				Other	5,363
Accounts payable and accrued expenses	30,851				(13,440		)	1,212			18,623				Total	$	50,047
Dividends and distributions payable	11,983				—			—			11,983
Share of losses in excess of inv. in unconsolidated affiliates	12,319				—			(12,319		)	—
Accounts payable to related parties	—				—			—			—
Other liabilities	19,266				(8,862		)	1,056			11,460
Liabilities of discontinued operations	11,540				(9,266		)	—			2,274
Total liabilities	1,196,657				(681,142		)	62,175			577,690
Shareholders' equity:
Common shares	55				—			—			55
Additional paid-in capital	659,994				—			—			659,994
Accumulated other comprehensive income	(755		)		—			—			(755		)
Retained earnings	40,454				—			—			40,454
Total controlling interest	699,748				—			—			699,748
Noncontrolling interest in subsidiary	414,139				(401,202		)	—			12,937
Total shareholders' equity	1,113,887				(401,202		)	—			712,685
Total Liabilities and Shareholders' Equity	$	2,310,544			$	(1,082,344	)	$	62,175		$	1,290,375

Notes Receivable
(in thousands)
	Balance at				Balance at										Underlying third-party
	March 31, 2013		Second		June 30, 2013						Stated	Effective			first mortgage
			Quarter				Accrued				Interest	Interest	Maturity	Extension
Investment	Principal		Activity		Principal 2		Interest		Total		Rate	Rate 1	Dates	Options	Amount	Maturity Dates
First mortgage notes	$	43,519	$	—	$	43,519	$	381	$	43,900	7.75%	9.27%	2013 to 2014	—	n/a	n/a
Mezzanine notes	49,645		117		49,762		2,683		52,445		14.13%	14.81%	2013 to 2020	—	310,478	2013 thru 2019
Total notes receivable	$	93,164	$	117	$	93,281	$	3,064	$	96,345	11.15%	12.23%
Notes:
1 Inclusive of points and exit fees.
2 Reconciliation of Notes Receivable to the Consolidated Balance Sheet
Total Notes Receivable per above	$	93,281
Fund I first mortgage loan - seller financing for Kroger/Safeway sale	12,203
Total Notes Receivable per Consolidated Balance Sheet	$	105,484

2013 Guidance
(in millions except per share amounts, all per share amounts are fully diluted)
	2013 Guidance	2012 Actual
Overall:
Fully diluted Common Shares and OP Units	54,600 - 55,800	51,150
Full year Funds from Operations ("FFO") per share	$1.17 to $1.25	$1.04
Earnings per Share ("EPS")	$0.66 to $0.71	$0.85
FFO Components:
Core and pro-rata share of opportunity Fund ("Fund") portfolio income	$67.0 to $71.0	$47.6
Asset and property management fee income, net of TRS taxes	$14.5 to $15.0	$16.3
Transactional fee income, net of TRS taxes	$6.5 to $7.0	$6.8
Promote, RCP and other income, net of TRS taxes	$1.0 to $1.5	$1.5
General and administrative expense	$(25.0) to $(24.5)	$(23.4)
Total	$64.0 to $70.0	$48.8

Net Asset Valuation Information
(in thousands)
	CORE				FUND I						FUND II								FUND III											FUND IV
					Fund Level		AKR pro-rata share				Fund Level				AKR Pro-rata Share				Fund Level						AKR pro-rata share					Fund Level						AKR pro-rata share
	Quarterly		Annualized (x4)				%		$		Quarterly		Annualized (x4)		%		$		Quarterly			Annualized (x4)			%		$			Quarterly			Annualized (x4)			%		$
Current NOI
Net Operating Income - Continuing Operations	$	16,977	$	67,908	--						$	4,912	$	19,648	20.00	%	$	3,930	$	5,930		$	23,720		19.90	%	$	4,720		$	1,578		$	6,312		23.12	%	$	1,459
Less:
(Income)/ loss from pre-stabilized assets 2											—		—				—		(889		)	(3,556		)			(708		)	(1,307		)	(5,228		)			(1,209		)
(Income)/ loss from development projects 3											—		—				—		82			328					65			(19		)	(76		)			(18		)
Net Operating Income of stabilized assets											4,912		19,648				3,930		5,123			20,492					4,078			252			1,008					233
Costs to Date
Pre-stabilized assets 2													$	—			$	—				$	80,989				$	16,117					$	141,127				$	32,629
Development projects 3													225,000				45,000					57,100					11,363						7,700					1,780
Total Costs to Date													$	225,000			$	45,000				$	138,089				$	27,480					$	148,827				$	34,409
NAV Discontinued operations, net of debt													$	11,310			$	2,262
Debt			$	363,437	$	—							$	419,864			$	80,650				$	236,200				$	42,870					$	135,460				$	30,348
Gross asset value1					11,500
Net Asset Value					$	11,500	37.78	%	$	4,345
Notes:
1Fund I value is based on property appraisals. Pro-rata share is 20% (AKR promote) + 22% x 80% (AKR remaining share after promote) = 37.78%.
2Consists of the following projects:
Fund III:
640 Broadway
654 Broadway
Marcus Ave
Nostrand
Lincoln Park Centre
Fund IV:
719 Lincoln Rd
1650 Meridian Avenue
838 Lincoln Road
2819 Kennedy Blvd
3See "Redevelopment Activity" page in this supplemental

Selected Financial Ratios
(in thousands)
	Three months ended June 30,						Period ended June 30,							Three months ended June 30,			Three months ended March 31,
	2013			2012			2013			2012				2013			2013
COVERAGE RATIOS 1													LEVERAGE RATIOS
Fixed-Charge Coverage Ratios													Debt 4	$	517,305		$	496,941
													Total Market Capitalization	1,901,478			2,029,930
EBITDA2 divided by:	$	20,686		$	15,144		$	39,530		$	27,501		Debt/Total Market Capitalization	27		%	24		%
Interest expense	5,107			4,541			9,951			8,874
Principal Amortization	1,290			873			2,535			1,683			Debt 4, 6	$	447,316		$	444,241
Preferred Dividends	5			5			11			10			Total Market Capitalization	1,831,489			1,977,230
Fixed-Charge Coverage Ratio - Core Portfolio	3.2x			2.8x			3.2x			2.6x			Net Debt/Total Market Capitalization	24		%	22		%
EBITDA divided by:	$	23,390		$	19,147		$	45,874		$	34,705		Debt + Preferred Equity (Preferred O.P. Units)	$	517,924		$	497,637
Interest expense	6,083			5,568			11,859			10,964			Total Market Capitalization	1,901,478			2,029,930
Principal Amortization	1,514			873			2,966			1,683			Debt+Preferred Equity/Total Market Capitalization	27		%	25		%
Preferred Dividends	5			5			11			10
Fixed-Charge Coverage Ratio - Core Portfolio													Debt	$	363,437		$	356,299
and Opportunity Funds	3.1x			3.0x			3.1x			2.7x			EBITDA (Annualized)	82,744			75,376
													Debt/EBITDA - Core Portfolio	4.4x			4.7x
Payout Ratios
													Debt 5	$	301,611		$	311,843
Dividends (Shares) & Distributions (OP Units) paid	$	11,981		$	8,097		$	23,744		$	16,011		EBITDA (Annualized)	82,744			75,736
FFO	17,281			12,165			34,128			21,463			Net Debt/EBITDA - Core Portfolio	3.6x			4.1x
FFO Payout Ratio	69		%	67		%	70		%	75		%
													Debt	$	517,305		$	496,941
Dividends (Shares) & Distributions (OP Units) paid	$	11,981		$	8,097		$	23,744		$	16,011		EBITDA (Annualized)	93,236			89,568
AFFO	12,813			9,398			26,447			16,299			Debt/EBITDA - Core Portfolio and Opportunity Funds	5.5x			5.5x
AFFO Payout Ratio	94		%	86		%	90		%	98		%
													Debt 6	$	447,316		$	444,241
Dividends (Shares) & Distributions (OP Units) paid	$	11,981		$	8,097		$	23,744		$	16,011		EBITDA (Annualized)	93,236			89,568
FAD	11,299			8,525			23,481			14,616			Net Debt/EBITDA - Core Portfolio and Opportunity Funds	4.8x			5.0x
FAD Payout Ratio	106		%	95		%	101		%	110		%
													NOI (Annualized)	$	67,908		$	66,252
													Debt	363,437			356,299
Notes:													Debt Yield - Core Portfolio	19		%	19		%
1 Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim periods. The coverage ratios include the Company's pro-rata share of FFO, AFFO, EBITDA, interest expense and principal amortization related to both the Company's consolidated and unconsolidated investments in joint ventures.
2 See page 9 for a calculation of EBITDA.													NOI (Annualized)	$	67,908		$	66,252
3 Represents preferred distributions on Preferred Operating partnership Units.													Debt 5	301,611			311,843
4 Includes the Company's pro-rata share of consolidated and unconsolidated joint venture debt.													Net Debt Yield - Core Portfolio	23		%	21		%
5 Reflects debt net of the current Core Portfolio cash balance at end of period.
6 Reflects debt net of the current Core Portfolio and pro-rata share of the Opportunity Funds cash balance at end of period.													NOI (Annualized)	$	78,044		$	77,088
													Debt	517,305			496,941
													Debt Yield - Core Portfolio and Opportunity Funds	15		%	16		%
													NOI (Annualized)	$	78,044		$	77,088
													Debt 6	447,316			444,241
													Net Debt Yield - Core Portfolio and Opportunity Funds	17		%	17		%

Portfolio Debt - Summary
Reconciliation from Pro-Rata Share of Debt to GAAP Debt per Financial Statement
(in thousands)
	Acadia Pro-Rata Share of Debt 2							Reconciliation to Consolidated Debt as Reported
								Add:	Less:	Acadia
	Core Portfolio		Opportunity Funds		Total			Noncontrolling	Pro-rata Share of	Consolidated
	Principal	Interest	Principal	Interest	Principal	Interest	Fixed vs	Interest Share of	Unconsolidated	Debt
Mortgage Notes Payable	Balance	Rate	Balance	Rate	Balance	Rate	Variable	Consolidated Debt 3	Debt 4	As Reported
Fixed-Rate Debt 1	$388,609	5.6%	$77,839	4.7%	$466,448	5.2%	90%	$423,144	$(48,159)	$841,433
Variable-Rate Debt	(25,172)	N/A	76,029	2.6%	50,857	2.8%	10%	221,407	(22,500)	249,764
Total	$363,437	5.6%	$153,868	3.6%	$517,305	5%	100%	$644,551	$(70,659)	1,091,197
Unamortized premium										1,999
Total debt as reported										$1,093,196
Notes:
1 Fixed-rate debt includes notional principal fixed through swap transactions.
2 Represents the Company's pro-rata share of debt based on its percent ownership.
3 Represents the noncontrolling interest pro-rata share of consolidated partnership debt based on its percent ownership.
4 Represents the Company's pro-rata share of unconsolidated partnership debt based on its percent ownership.

Portfolio Debt - Detail
(in thousands)
		Principal Balance at			Acadia's Pro-rata Share				Interest	Maturity	Extension
Property	Entity	June 30, 2013			Percent	Amount			Rate	Date	Options
CORE PORTFOLIO
Fixed-Rate Debt
Clark Diversey	Acadia	$	4,270		100%	$	4,270		6.35%	7/1/2014	None
New Loudon Center	Acadia	13,502			100%	13,502			5.64%	9/6/2014	None
Crossroads Shopping Center	Crossroads JV	58,813			49%	28,818			5.37%	12/1/2014	None
Crescent Plaza	Acadia	16,887			100%	16,887			4.98%	9/6/2015	None
Pacesetter Park Shopping Center	Acadia	11,636			100%	11,636			5.12%	11/6/2015	None
Elmwood Park Shopping Center	Acadia	33,001			100%	33,001			5.53%	1/1/2016	None
Chicago Portfolio	Acadia	15,697			100%	15,697			5.61%	2/1/2016	None
The Gateway Shopping Center	Acadia	19,892			100%	19,892			5.44%	3/1/2016	None
Cambridge (Whole Foods)	Acadia	11,018			100%	11,018			5.29%	5/1/2016	1 x 60 mos.
Brandywine Town Center	Brandywine JV	166,200			22.2%	36,933			5.99%	7/1/2016	None
Walnut Hill Plaza	Acadia	23,052			100%	23,052			6.06%	10/1/2016	None
Rhode Island Place Shopping Center	Acadia	16,317			100%	16,317			6.35%	12/1/2016	None
Acadia Realty Trust (Convertible Notes)	Acadia	930			100%	930			3.75%	12/15/2016	None
239 Greenwich Avenue	Acadia	26,000			75%	19,500			5.42%	2/11/2017	None
639 West Diversey	Acadia	4,387			100%	4,387			6.65%	3/1/2017	None
Merrillville Plaza	Acadia	25,994			100%	25,994			5.88%	8/1/2017	None
A & P Shopping Plaza	Acadia	7,901			60%	4,741			4.20%	9/6/2022	None
Georgetown Portfolio	Acadia	18,334			50%	9,167			4.72%	11/10/2027	None
Interest rate swaps 1	Acadia	92,867			100%	92,867			4.46%	Various
Sub-Total Fixed-Rate Debt		566,698				388,609			5.33%
Variable-Rate Debt
Branch Plaza	Acadia	12,408			100%	12,408			Libor + 225	9/30/2014	1 x 36 mos.
Unsecured Line of Credit2	Acadia	—			100%	—			Libor + 155	1/31/2016	1 x 12 mos.
Village Commons Shopping Center	Acadia	9,133			100%	9,133			Libor + 140	6/30/2018	None
West Diversey	Acadia	15,073			100%	15,073			Libor + 190	4/27/2019	None
4401 N White Plains Road	Acadia	6,322			100%	6,322			Libor + 190	9/1/2022	None
28 Jericho Turnpike	Acadia	16,365			100%	16,365			Libor + 190	1/23/2023	None
60 Orange Street	Acadia	8,565			98%	8,394			Libor + 175	4/3/2023	None
Interest rate swaps1	Acadia	(92,867		)	100%	(92,867		)	Libor + 190
Sub-Total Variable-Rate Debt		(25,001		)		(25,172		)	Libor + 196
Total Core Portfolio Debt		$	541,697			$	363,437		5.55%

Portfolio Debt - Detail (continued)
(in thousands)
		Principal Balance at			Acadia's Pro-rata Share					Interest	Maturity	Extension
Property	Entity	June 30, 2013			Percent	Amount				Rate	Date	Options
OPPORTUNITY FUNDS
Fixed-Rate Debt
Lincoln Park Centre	Fund III	$	19,253		19.9%	$	3,831			5.85%	12/1/2013	None
Lincoln Road6	Fund III	19,686			18.9%	3,723				6.14%	8/11/2014	None
CityPoint	Fund II	20,000			18.8%	3,766				7.25%	11/1/2014	None
Arundel Plaza7	Fund III	9,083			17.9%	1,627				5.60%	4/1/2015	None
216th Street3	Fund II	25,500			19.8%	5,054				5.80%	10/1/2017	None
CityPoint	Fund II	193,000			18.8%	36,339				4.75%	2018 9	None
CityPoint 8	Fund II	5,262			18.8%	991				1.00%	8/23/2019	None
Interest rate swaps 1	Funds II & III	117,376			19.2%	22,508				3.47%	Various
Sub-Total Fixed-Rate Debt		409,160				77,839				4.66%
Variable-Rate Debt
Pelham Manor Shopping Plaza3	Fund II	26,950			19.8%	5,341				Libor + 275	12/1/2013	None
210 Bowery	Fund IV	4,600			23.1%	1,064				Libor + 195	6/1/2014	1 x 12 mos.
Parkway Crossing7	Fund III	13,550			17.9%	2,427				Libor + 220	1/1/2015	2 x 12 mos.
640 Broadway	Fund III	22,750			10.0%	2,264				Libor + 295	7/1/2015	1 x 12 mos.
Heritage Shops	Fund III	21,000			19.9%	4,179				Libor + 225	8/10/2015	2 x 12 mos.
CityPoint	Fund II	20,650			18.8%	3,888				Libor + 300	8/12/2015	None
CityPoint	Fund II	20,000			18.8%	3,766				Libor + 500	8/23/2015	1 x 12 mos.
Fordham Place3	Fund II	79,002			19.8%	15,658				Libor + 300	9/25/2015	2 x 12 mos.
Cortlandt Towne Center	Fund III	73,103			19.9%	14,547				Libor + 203	10/26/2015	None
New Hyde Park Shopping Center	Fund III	6,390			19.9%	1,272				Libor + 225	11/10/2015	2 x 12 mos.
Acadia Strategic Opportunity IV LLC4	Fund IV	46,860			23.1%	10,834				Libor + 165	11/20/2015	1 x 12 mos.
Nostrand Avenue	Fund III	12,827			19.9%	2,553				Libor + 265	2/1/2016	2 x 12 mos.
White City Shopping Center5	Fund III	38,558			16.7%	6,447				Libor + 260	12/23/2017	1 x 36 mos.
161st Street3	Fund II	29,500			19.8%	5,847				Libor + 250	4/1/2018	None
Lincoln Road	Fund IV	84,000			22.0%	18,450				Libor + 160	6/14/2018	None
Interest rate swaps1	Funds II & III	(117,376		)	19.2%	(22,508		)		Libor + 232
Sub-Total Variable-Rate Debt		382,364				76,029				Libor + 239
Total Opportunity Funds Portfolio Debt		$	791,524			$	153,868			3.63%
Total Debt - Continuing Operations		$	1,333,221			$	517,305			4.98%
									��

Portfolio Debt - Notes
(in thousands)
1The Company has hedged a portion of its variable-rate debt with variable to fixed-rate swap agreements as follows:
	Notional		Pro-rata			Average		Maturity
	principal		Share		Spread	Swap rate	All-in Rate	Date
Core Portfolio
	$	9,133	$	9,133	1.88%	2.90%	4.78%	7/2/2018
	15,073		15,073		1.88%	1.57%	3.44%	5/1/2019
	6,322		6,322		1.88%	1.75%	3.62%	9/1/2022
	12,409		12,409		1.88%	3.77%	5.64%	12/1/2022
	16,365		16,365		1.88%	3.77%	5.65%	1/23/2023
	15,000		15,000		1.88%	2.23%	4.11%	3/31/2023
	10,000		10,000			2.15%	4.03%	3/31/2023
	8,565		8,394			1.77%	3.65%	4/1/2023
	92,867		92,696			2.58%	4.46%
Opportunity Funds
	35,167		7,033			0.70%	2.95%	5/1/2015
	32,358		6,472			0.70%	2.95%	5/1/2015
	21,000		4,179			0.52%	2.77%	8/10/2015
	19,234		3,216			2.90%	5.50%	12/26/2017
	9,617		1,608			3.02%	5.62%	12/26/2017
	117,376		22,508			1.15%	3.47%
Total Core Portfolio and Opportunity Funds	$	210,243	$	115,204		2.30%	4.27%
2This is an unsecured revolving facility which has a current capacity up to $150,000 and can be increased to $300,000.
The interest rate will vary based on levels of leverage. As of June 30, 2013, the interest rate is LIBOR + 155 basis points.
3Fund II is a 99.1% joint venture partner on this investment. As such, Acadia's pro-rata share of the above debt is 99.1% x 20%, or 19.8%.
4Total current availability under this facility is $150,000. Fund IV also has the ability to increase the size of this facility to a total of $266,696.
5Fund III is an 84.0% joint venture partner on this investment. As such, Acadia's pro-rata share of the above debt is 84.0% x 19.9%, or 16.7%.
6Fund III is a 95.0% joint venture partner on this investment. As such, Acadia's pro-rata share of the above debt is 95.0% x 19.9%, or 18.9%.
7Fund III is a 90.0% joint venture partner on this investment. As such, Acadia's pro-rata share of the above debt is 90.0% x 19.9%, or 17.9%.
8This loan was made in connection with the New Markets Tax Credit and contains a borrower option to purchase the loan at the end of the term.
9The maturity date of this loan is five years after the final advancing of funds which is currently anticipated to occur by the end of 2013.

Future Debt Maturities1
(in thousands)
Core Portfolio
	Total Debt Maturities						Acadia's Pro-rata Share						Weighted Average Interest Rate of Maturing Debt
	Scheduled						Scheduled
Year	Amortization		Maturities		Total		Amortization		Maturities		Total		Total Debt		Fixed-Rate Debt		Variable-Rate Debt
2013	$	3,067	$	—	$	3,067	$	2,686	$	—	$	2,686	n/a		n/a		n/a
2014	6,195		86,500		92,695		5,400		57,374		62,774		5.05	%	5.47	%	2.44	%
2015	4,691		27,344		32,035		4,474		27,344		31,818		5.04	%	5.04	%	n/a
2016	3,095		280,509		283,604		2,870		151,242		154,112		5.88	%	5.88	%	n/a
2017	2,190		54,549		56,739		1,953		48,049		50,002		5.72	%	5.72	%	n/a
Thereafter	10,886		62,671		73,557		8,322		53,723		62,045		2.75	%	4.55	%	1.98	%
Total	$	30,124	$	511,573	$	541,697	$	25,705	$	337,732	$	363,437
Opportunity Funds
	Total Debt Maturities						Acadia's Pro-rata Share						Weighted Average Interest Rate of Maturing Debt
	Scheduled						Scheduled
Year	Amortization		Maturities		Total		Amortization		Maturities		Total		Total Debt		Fixed-Rate Debt		Variable-Rate Debt
2013	$	2,575	$	45,809	$	48,384	$	495	$	9,095	$	9,590	4.15	%	5.85	%	2.94	%
2014	9,216		39,179		48,395		1,918		7,393		9,311		6.23	%	6.71	%	2.14	%
2015	3,595		305,246		308,841		650		59,138		59,788		2.80	%	5.60	%	2.71	%
2016	707		11,397		12,104		120		2,269		2,389		2.84	%	n/a		2.84	%
2017	576		61,463		62,039		96		11,067		11,163		4.04	%	5.80	%	2.79	%
Thereafter	—		311,761		311,761		—		61,627		61,627		3.70	%	4.65	%	2.03	%
Total	$	16,669	$	774,855	$	791,524	$	3,279	$	150,589	$	153,868
Note:
1 Does not include any applicable extension options

Core Portfolio Retail Properties - Detail
														Leased								Annualized
		Year	Acadia's		Gross Leaseable Area			In Place Occupancy						Occupancy		Annualized Base Rent PSF						Base Rent
Property	Key Tenants	Acquired	interest		Anchors	Shops	Total	Anchors		Shops		Total		Total		Anchors		Shops		Total		Total
STREET 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	%	—		232.06		232.06		4,209,889
Rush and Walton Streets Collection - 5 properties	Lululemon, Brioni, BHLDN	2011/12	100.0	%	—	34,694	34,694	—		70.6	%	70.6	%	100.0	%	—		123.11		123.11		3,014,351
613-623 West Diversey Parkway	Vitamin Shoppe	2006	100.0	%	—	19,265	19,265	—		100.0	%	100.0	%	100.0	%	—		45.04		45.04		867,703
651-671 West Diversey	Trader Joe's, Urban Outfitters	2011	100.0	%	16,500	29,759	46,259	100.0	%	100.0	%	100.0	%	100.0	%	54.55		33.50		41.01		1,896,925
Clark Street and W. Diversey Collection - 3 properties	Ann Taylor, Akira, Hanig Shoes	2011/12	100.0	%	—	23,407	23,407	—		100.0	%	100.0	%	100.0	%	—		43.41		43.41		1,016,210
Halstead and Armitage Collection - 9 properties	Intermix, BCBG, Club Monaco	2011/12	100.0	%	—	45,392	45,392	—		93.4	%	93.4	%	93.4	%	—		44.13		44.13		1,870,913
North Lincoln Park Chicago Collection - 5 properties	Aldo, Carhartt, Chase Bank	2011/2012	100.0	%	—	35,255	35,255	—		94.9	%	94.9	%	94.9	%	—		32.45		32.45		1,085,615
					16,500	205,913	222,413	100.0	%	92.7	%	93.3	%	97.8	%	54.55		68.42		67.32		13,961,606
New York Metro
83 Spring Street	Paper Source	2012	100.0	%	—	3,000	3,000	—		100.0	%	100.0	%	100.0	%	—		207.96		207.96		623,884
Mercer Street	3 X 1 Denim	2011	100.0	%	—	3,375	3,375	—		100.0	%	100.0	%	100.0	%	—		116.93		116.93		394,655
East 17th Street	Barnes & Noble	2008	100.0	%	10,382	—	10,382	100.0	%	—		100.0	%	100.0	%	60.20		—		60.20		625,000
181 Main Street	TD Bank	2012	100.0	%	—	11,350	11,350	—		100.0	%	100.0	%	100.0	%	—		74.48		74.48		845,300
4401 White Plains Road	Walgreens	2011	100.0	%	12,964	—	12,964	100.0	%	—		100.0	%	100.0	%	48.21		—		48.21		625,000
Bartow Avenue	Sleepy's	2005	100.0	%	—	14,676	14,676	—		100.0	%	100.0	%	100.0	%	—		31.28		31.28		459,087
239 Greenwich Avenue	Restoration Hardware, Polarn O Pyret	1998	75.0	%	—	16,834	16,834	—		100.0	%	100.0	%	100.0	%	—		92.35		92.35		1,554,663
Third Avenue	Planet Fitness	2006	100.0	%	21,650	18,670	40,320	100.0	%	55.3	%	79.3	%	100.0	%	21.65		19.19		20.85		666,631
					44,996	67,905	112,901	100.0	%	87.7	%	92.6	%	100.0	%	38.20		68.44		55.42		5,794,220
District of Columbia Metro
1739-53 & 1801-03 Connecticut Avenue	Ruth Chris Steakhouse, TD Bank	2012	100.0	%	—	22,907	22,907	—		92.7	%	92.7	%	100.0	%	—		53.70		53.70		1,139,789
Rhode Island Place Shopping Center	TJ Maxx	2012	100.0	%	24,996	32,533	57,529	100.0	%	100.0	%	100.0	%	100.0	%	12.50		40.27		28.21		1,622,629
M Street and Wisonsin Corridor - 6 Properties	Lacoste, Juicy Couture, Coach	2011	50.0	%	—	27,666	27,666	—		93.4	%	93.4	%	93.4	%	—		67.43		67.43		1,743,220
					24,996	83,106	108,102	100.0	%	95.8	%	96.8	%	98.3	%	12.50		52.67		43.07		4,505,638
Boston Metro
Cambridge (330-340 River Street)	Whole Foods	2012	100.0	%	54,226	—	54,226	100.0	%	—		100.0	%	100.0	%	20.85		—		20.85		1,130,470
					54,226	—	54,226	100.0	%	—		100.0	%	100.0	%	20.85		—		20.85		1,130,470
Total Street Retail					140,718	356,924	497,642	100.0	%	92.5	%	94.6	%	98.7	%	$	28.86	$	64.63	$	53.94	$	25,391,934
Acadia Share Total Street Retail					140,718	338,883	479,601	100.0	%	92.3	%	94.6	%	98.8	%	$	28.86	$	64.14	$	53.19	$	24,131,658
Notes:
General note - 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.

Core Portfolio Retail Properties - Detail (continued)
														Leased					Annualized
		Year	Acadia's		Gross Leaseable Area			Occupancy						Occupancy		Annualized Base Rent PSF			Base Rent
Property	Anchors	Acquired	interest		Anchors	Shops	Total	Anchors		Shops		Total		Total		Anchors	Shops	Total	Total
SUBURBAN PROPERTIES
New Jersey
Elmwood Park Shopping Center	Walgreens, Pathmark (A&P)	1998	100.0	%	62,610	86,652	149,262	100.0	%	94.6	%	96.9	%	96.9	%	25.26	25.05	25.14	3,635,326
A & P Shopping Plaza	A&P	2006	60.0	%	49,463	13,278	62,741	100.0	%	100.0	%	100.0	%	100.0	%	19.21	29.71	21.43	1,344,488
Marketplace of Absecon	Rite Aid, Dollar Tree	1998	100.0	%	47,915	56,847	104,762	56.7	%	92.1	%	75.9	%	75.9	%	20.34	15.04	16.85	1,340,087
60 Orange Street	Home Depot	2012	98.0	%	101,715	—	101,715	100.0	%	—		100.0	%	100.0	%	6.83	—	6.83	695,000
New York
Village Commons Shopping Center	—	1998	100.0	%	—	87,330	87,330	—		95.4	%	95.4	%	95.4	%	—	30.72	30.72	2,560,660
Branch Plaza	LA Fitness, CVS	1998	100.0	%	74,050	52,223	126,273	75.7	%	90.0	%	81.6	%	81.6	%	21.35	29.48	25.05	2,581,219
Amboy Center	Stop & Shop (Ahold)	2005	100.0	%	37,266	26,024	63,290	100.0	%	100.0	%	100.0	%	100.0	%	20.00	43.96	29.85	1,889,400
Pacesetter Park Shopping Center	Stop & Shop (Ahold)	1999	100.0	%	52,052	45,531	97,583	100.0	%	86.2	%	93.6	%	93.6	%	8.24	18.60	12.69	1,158,707
LA Fitness	LA Fitness	2007	100.0	%	55,000	—	55,000	100.0	%	—		100.0	%	100.0	%	25.30	—	25.30	1,391,500
Crossroads Shopping Center	Kmart, Home Goods, Modell's	1998	49.0	%	201,296	107,970	309,266	81.0	%	70.6	%	77.4	%	90.0	%	9.93	45.31	21.20	5,074,950
New Loudon Center	Marshalls, Price Chopper	1993	100.0	%	251,058	4,615	255,673	100.0	%	100.0	%	100.0	%	100.0	%	7.28	28.26	7.66	1,959,124
28 Jericho Turnpike	Kohl's	2012	100.0	%	96,363	—	96,363	100.0	%	—		100.0	%	100.0	%	17.12	—	17.12	1,650,000
Connecticut
Town Line Plaza 1	Wal-Mart, Stop & Shop (Ahold)	1998	100.0	%	163,159	43,187	206,346	100.0	%	88.9	%	97.7	%	97.7	%	14.72	17.63	15.79	1,646,375
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	%	6.66	22.84	7.91	1,027,936
Crescent Plaza	Home Depot, Shaw's (Supervalu)	1993	100.0	%	156,985	61,152	218,137	100.0	%	85.7	%	96.0	%	96.0	%	7.51	11.69	8.56	1,791,605
Rhode Island
Walnut Hill Plaza	Sears, Shaw's (Supervalu)	1998	100.0	%	187,910	96,807	284,717	100.0	%	59.8	%	86.3	%	86.3	%	6.87	13.46	8.42	2,069,763
Vermont
The Gateway Shopping Center	Shaw's (Supervalu)	1999	100.0	%	73,184	28,471	101,655	100.0	%	100.0	%	100.0	%	100.0	%	18.50	21.79	19.42	1,974,373
Illinois
Hobson West Plaza	Garden Fresh Markets	1998	100.0	%	51,692	47,445	99,137	100.0	%	88.3	%	94.4	%	94.4	%	4.64	20.53	11.75	1,099,915
Indiana
Merrillville Plaza	JC Penney, Office Max,	1998	100.0	%	123,369	112,701	236,070	100.0	%	82.0	%	91.4	%	91.4	%	10.40	18.17	13.73	2,962,243
	TJ Maxx
Michigan
Bloomfield Towne Square	Best Buy, Home Goods,	1998	100.0	%	153,839	82,837	236,676	100.0	%	94.0	%	97.9	%	97.9	%	10.94	22.01	14.66	3,396,897
	TJ Maxx, Dick's Sporting Goods
Ohio
Mad River Station	Babies 'R' Us, Office Depot	1999	100.0	%	58,185	67,944	126,129	100.0	%	68.7	%	83.1	%	83.1	%	9.49	16.53	12.63	1,323,959

Delaware
Brandywine Town Center	Lowes, Bed Bath & Beyond,	2003	22.2	%	827,471	48,208	875,679	94.7	%	92.1	%	94.6	%	96.7	%	15.30		17.01		15.39		12,741,953
	Target, Dick's Sporting Goods
Market Square Shopping Center	TJ Maxx, Trader Joe's	2003	22.2	%	42,850	59,197	102,047	100.0	%	96.8	%	98.1	%	98.1	%	16.41		31.50		25.04		2,508,120
Naamans Road	—	2006	22.2	%	—	19,984	19,984	—		100.0	%	100.0	%	100.0	%	—		41.91		41.91		837,541
Pennsylvania
Mark Plaza	Kmart	1993	100.0	%	104,956	1,900	106,856	100.0	%	100.0	%	100.0	%	100.0	%	1.95		18.95		2.25		240,664
Plaza 422	Home Depot, Dunham Sports	1993	100.0	%	139,968	16,311	156,279	100.0	%	100.0	%	100.0	%	100.0	%	4.60		9.34		5.09		795,852
Route 6 Plaza	Kmart	1994	100.0	%	146,498	29,021	175,519	89.8	%	77.7	%	87.8	%	87.8	%	6.13		13.88		7.27		1,119,268
Chestnut Hill	—	2006	100.0	%	—	37,646	37,646	—		85.8	%	85.8	%	100.0	%	—		17.76		17.76		573,480
Abington Towne Center 2	Target, TJ Maxx	1998	100.0	%	184,616	31,662	216,278	100.0	%	70.4	%	95.7	%	100.0	%	10.50		31.95		20.20		996,012
Total Suburban Properties					3,563,474	1,274,960	4,838,434	96.2	%	85.3	%	93.3	%	94.8	%	$	11.54	$	23.70	$	14.65	$	62,386,417
Acadia Share Total Suburban Properties					2,762,058	1,115,501	3,877,559	97.0	%	85.0	%	93.6	%	94.5	%	$	9.53	$	22.36	$	12.88	$	46,733,551
Acadia Share Total Core Properties					2,902,776	1,454,383	4,357,159	97.2	%	86.7	%	93.7	%	95.0	%	$	10.49	$	32.73	$	17.36	$	70,865,209
Notes:
General note - 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. West 54th Street is under redevelopment.
1Anchor 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
2Anchor 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 squrae foot.

Core Portfolio Top Tenants - Ranked by Annual Base Rent (ABR)
		Pro-Rata
	Number of stores	Combined			Percentage of Total
	in Core				Percentage of
Tenant	portfolio	GLA	Base Rent		Portfolio GLA		Base Rent
Supervalu (Shaw's)	3	175,801	$	2,420,980	4.0	%	3.4	%
LA Fitness	2	100,000	2,336,500		2.3	%	3.3	%
Ann Taylor Loft	2	14,174	2,023,938		0.3	%	2.9	%
Stop and Shop (Ahold)	3	155,177	1,936,339		3.6	%	2.7	%
Home Depot	3	312,718	1,794,996		7.2	%	2.5	%
A&P	2	77,451	1,716,552		1.8	%	2.4	%
-- A&P	1	29,678	570,000		0.7	%	0.8	%
-- Pathmark	1	47,773	1,146,552		1.1	%	1.6	%
Kohl's	1	96,363	1,650,000		2.2	%	2.3	%
TJX Companies	8	209,198	1,616,339		4.8	%	2.3	%
-- TJ Maxx	5	120,123	854,724		2.7	%	1.2	%
-- Marshalls	1	37,212	158,151		0.9	%	0.2	%
-- Home Goods	2	51,863	603,464		1.2	%	0.9	%
Sears	4	334,669	1,428,078		7.7	%	2.0	%
-- Kmart	3	273,969	1,170,078		6.3	%	1.6	%
-- Sears	1	60,700	258,000		1.4	%	0.4	%
Walgreens	3	37,499	1,366,748		0.9	%	1.9	%
TD Bank	3	18,560	1,028,996		0.4	%	1.5	%
JP Morgan Chase Bank	6	30,344	1,028,751		0.7	%	1.5	%
Trader Joe's	2	19,094	961,105		0.4	%	1.4	%
Urban Outfitters	2	19,902	879,450		0.5	%	1.2	%
Dicks Sporting Goods	2	59,805	860,471		1.4	%	1.2	%
Sleepy's	5	33,441	821,102		0.8	%	1.2	%
Rite Aid	2	26,633	764,030		0.6	%	1.1	%
Dollar Tree	7	70,672	722,059		1.6	%	1.0	%
Pier 1 Imports	3	24,696	702,911		0.6	%	1.0	%
Citibank	4	13,283	685,825		0.3	%	1.0	%
TOTAL	67	1,829,480	$26,745,170		42.0	%	37.7	%
Notes:
1Includes the Company's pro-rata share of unconsolidated joint ventures.

Core Portfolio Lease Expirations
	Anchor Tenants								Shop Tenants								Total Tenants
		Gross Leased Area			Base Rent					Gross Leased Area			Base Rent					Gross Leased Area			Base Rent
	No. of Leases	Expiring	Percent				Percent		No. of Leases	Expiring	Percent				Percent		No. of Leases	Expiring	Percent				Percent
Year	Expiring	SF	of Total		PSF		of Total		Expiring	SF	of Total		PSF		of Total		Expiring	SF	of Total		PSF		of Total
M to M1	—	—	—		—		—		1	19,871	1.4	%	$	30.12	1.3	%	1	19,871	0.4	%	$	30.12	0.7	%
2013	4	167,897	5.1	%	7.50		3.1	%	29	82,402	5.8	%	24.55		4.3	%	33	250,299	5.3	%	13.11		3.7	%
2014	9	339,165	10.2	%	10.11		8.4	%	68	238,689	16.8	%	30.03		15.2	%	77	577,854	12.2	%	18.34		12.1	%
2015	6	274,639	8.3	%	14.09		9.5	%	36	147,789	10.4	%	23.40		7.3	%	42	422,428	8.9	%	17.35		8.3	%
2016	7	272,962	8.2	%	10.58		7.1	%	55	243,183	17.2	%	23.88		12.3	%	62	516,145	10.9	%	16.85		9.9	%
2017	6	311,806	9.4	%	11.80		9.0	%	41	178,491	12.6	%	35.78		13.6	%	47	490,297	10.4	%	20.53		11.5	%
2018	6	416,882	12.6	%	12.43		12.7	%	34	118,092	8.3	%	33.85		8.5	%	40	534,974	11.3	%	17.16		10.5	%
2019	5	136,521	4.1	%	8.44		2.8	%	17	44,335	3.1	%	52.09		4.9	%	22	180,856	3.8	%	19.14		3.9	%
2020	6	329,713	10.0	%	12.08		9.8	%	17	54,655	3.9	%	32.87		3.8	%	23	384,368	8.1	%	15.04		6.6	%
2021	8	310,001	9.4	%	11.69		8.9	%	18	83,000	5.9	%	28.32		5.0	%	26	393,001	8.3	%	15.20		6.8	%
2022	2	69,837	2.1	%	26.15		4.5	%	23	93,367	6.6	%	34.55		6.8	%	25	163,204	3.4	%	30.96		5.8	%
2023	2	98,805	3.0	%	12.61		3.1	%	10	50,130	3.5	%	36.36		3.9	%	12	148,935	3.1	%	20.60		3.5	%
Thereafter	12	585,200	17.6	%	14.60		21.1	%	11	63,228	4.5	%	97.34		13.2	%	23	648,428	13.9	%	22.67		16.7	%
Total	73	3,313,428	100.0	%	$	12.28	100.0	%	360	1,417,232	100.0	%	$	33.23	100.1	%	433	4,730,660	100.0	%	$	18.56	100.0	%
										—
		254,916	Anchor GLA Owned by Tenants															254,916	Anchor GLA Owned by Tenants
		135,848	Total Vacant							214,652	Total Vacant							350,500	Total Vacant
		3,704,192	Total Square Feet							1,631,884	Total Square Feet							5,336,076	Total Square Feet
Notes:
1 Leases currently under month to month or in process of renewal

Core Portfolio - New and Renewal Rent Spreads 1
	Period ended						3 months ended						3 months ended
	June 30, 2013						June 30, 2013						March 31, 2013
	Cash 2			GAAP 3			Cash 2			GAAP 3			Cash 2			GAAP 3
New leases
Number of new leases executed	10			10			7			7			3			3
GLA	50,476			50,476			38,800			38,800			11,676			11,676
New base rent	$	38.63		$	45.73		$	25.41		$	26.60		$	82.58		$	109.29
Previous base rent (and percentage rent)	$	33.30		$	32.53		$	21.56		$	20.58		$	72.31		$	72.24
Percentage growth in base rent	16.0		%	40.6		%	17.9		%	29.3		%	14.2		%	51.3		%
Average cost per square foot	$	31.39		$	31.39		$	28.78		$	28.78		$	40.05		$	40.05
Weighted Average Lease Term (years)	8.4			8.4			7.4			7.4			11.9			11.9
Renewal leases
Number of renewal leases executed	26			26			13			13			13			13
GLA	99,531			99,531			24,038			24,038			75,493			75,493
New base rent	$	18.90		$	19.15		$	23.30		$	23.67		$	17.50		$	17.71
Expiring base rent (and percentage rent)	$	18.39		$	17.83		$	21.93		$	20.75		$	17.26		$	16.90
Percentage growth in base rent	2.8		%	7.4		%	6.2		%	14.1		%	1.4		%	4.8		%
Average cost per square foot	$	0.05		$	0.05		$0.00			$0.00			$	0.06		$	0.06
Weighted Average Lease Term (years)	4.2			4.2			4.0			4.0			4.2			4.2
Total new and renewal Leases
Number of new and renewal leases executed	36			36			20			20			16			16
GLA commencing	150,007			150,007			62,838			62,838			87,169			87,169
New base rent	$	25.54		$	28.09		$	24.60		$	25.48		$	26.22		$	29.98
Expiring base rent (and percentage rent)	$	23.41		$	22.78		$	21.70		$	20.65		$	24.63		$	24.31
Percentage growth in base rent	9.1		%	23.3		%	13.4		%	23.4		%	6.4		%	23.3		%
Average cost per square foot	$	10.59		$	10.59		$	17.77		$	17.77		$	5.42		$	5.42
Weighted Average Lease Term (years)	5.6			5.6			6.1			6.1			5.2			5.2
Notes:
1Based 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.
2Rents 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.
3Rents are calculated on a straight-line basis.

Core Portfolio Capital Expenditures
Current Quarter
	Year-to-Date		Current Quarter		Previous Quarter
	Period ended		3 months ended		3 months ended		Prior Year ended
	June 30, 2013		June 30, 2013		March 31, 2013		December 31, 2012
Leasing Commissions	$	1,068	$	421	$	647	$	1,916
Tenant Improvements	2,648		1,456		1,192		4,274
Capital Expenditures	601		555		46		1,523
Total Capital Expenditures	$	4,317	$	2,432	$	1,885	$	7,713

Property Demographics - Core
							3-Mile Radius 2
				Base		Total	Total	#	Median HH		Avg. HH
	Property	City	State	Rent		GLA	Pop.	HH	Income		Income
	Core
	239 Greenwich Avenue	Greenwich	CT	$	1,554,663	16,834	66,764	24,760	$	126,648	$	180,475
	Elmwood Park Shopping Center	Elmwood Park	NJ	3,635,326		149,262	254,598	84,884	59,534		70,827
	A & P Shopping Plaza	Boonton	NJ	1,344,488		62,741	46,839	17,923	103,943		129,441
	Village Commons Shopping Center	Smithtown	NY	2,560,660		87,330	66,766	23,288	111,019		137,242
	The Branch Plaza	Smithtown	NY	2,581,219		126,273	66,916	23,389	110,173		136,382
	Amboy Road	Staten Island	NY	1,889,400		63,290	147,590	54,454	87,821		103,110
	Bartow Avenue	Bronx	NY	459,087		14,676	571,167	212,683	47,950		59,131
	Pacesetter Park Shopping Center	Pomona	NY	1,158,707		97,583	35,902	11,177	106,212		124,240
	LA Fitness	Staten Island	NY	1,391,500		55,000	121,318	43,079	78,203		90,627
	West 54th Street	Manhattan	NY	1,360,838		5,782	1,223,652	627,833	89,958		147,056
	East 17th Street	Manhattan	NY	625,000		10,382	1,059,535	542,170	91,411		144,163
	Crossroads Shopping Center	White Plains	NY	5,074,950		309,266	108,529	42,787	93,274		125,433
	Third Avenue	Yonkers	NY	666,631		40,320	1,218,498	437,804	35,045		51,736
	Mercer Street	Manhattan	NY	394,655		3,375	923,759	452,623	85,085		129,584
	4401 White Plains Road	White Plains	NY	623,884		3,000	565,820	212,940	52,461		66,174
	Town Line Plaza	Rocky Hill	CT	1,646,375		206,346	46,398	19,516	78,060		91,541
	Methuen Shopping Center	Methuen	MA	1,027,936		130,021	93,621	33,353	51,101		60,867
	Crescent Plaza	Brockton	MA	1,791,605		218,137	98,732	35,274	57,418		66,869
	Cambridge	Cambridge	MA	1,130,470		54,226	489,136	215,122	68,158		97,306
	New Loudon Center	Latham	NY	1,959,124		255,673	45,708	18,694	65,042		78,848
	Walnut Hill Plaza	Woonsocket	RI	2,069,763		284,717	63,856	25,805	56,673		65,553
	The Gateway Shopping Center	So. Burlington	VT	1,974,373		101,655	50,684	19,217	51,090		66,456
	Hobson West Plaza	Naperville	IL	1,099,915		99,137	124,307	43,292	107,747		133,753
	Clark & Diversey	Chicago	IL	867,703		19,265	403,737	217,875	74,156		112,282

Property Demographics - Core (continued)
							3-Mile Radius 2
				Base		Total	Total	#	Median HH		Avg. HH
	Property	City	State	Rent		GLA	Pop.	HH	Income		Income
	651-671 West Diversey	Chicago	IL	$	1,896,925	46,259	406,188	218,945	$	74,095	$	112,128
	Chicago Urban/Street Retail Portfolio 1	Chicago	IL	4,614,061		115,017	434,100	230,477	76,442		111,255
	930 North Rush St	Chicago	IL	1,147,368		2,930	322,469	180,483	80,823		123,146
	8-12 E. Walton	Chicago	IL	549,450		8,244	323,511	53,359	77,957		133,119
	Merrillville Plaza	Hobart	IN	2,962,243		236,070	28,084	11,444	51,584		58,223
	Bloomfield Town Square	Bloomfield Hills	MI	3,396,897		236,676	56,262	22,488	70,867		102,286
	Mad River Station	Dayton	OH	1,323,959		126,129	63,784	27,917	58,431		70,473
	Marketplace of Absecon	Absecon	NJ	1,340,087		104,762	32,818	11,478	62,164		74,221
	Brandywine/Mkt Sq./Naamans Rd 3	Wilmington	DE	16,087,613		997,710	506,735	195,267	73,167		91,259
	Mark Plaza	Edwardsville	PA	240,664		106,856	88,065	37,263	37,520		47,049
	Plaza 422	Lebanon	PA	795,852		156,279	45,898	18,145	43,042		52,403
	Route 6 Plaza	Honesdale	PA	1,119,268		175,519	45,996	18,427	97,614		119,789
	Chestnut Hill	Philadelphia	PA	573,480		37,646	144,928	61,588	62,496		78,437
	Abington Towne Center	Abington	PA	996,012		216,278	89,061	35,063	76,999		95,632
	Georgetown Portfolio	Georgetown	DC	1,743,220		27,666	310,075	155,858	85,815		118,080
	28 Jericho Turnpike	Westbury	NY	1,650,000		96,363	107,066	34,486	104,342		132,026
	Rhode Island Place Shopping Center	Washington	DC	1,622,629		57,529	336,016	153,378	65,558		87,768
	83 Spring Street	Manhattan	NY	623,884		3,000	963,271	475,088	85,441		130,755
	60 Orange Street	Bloomfield	NJ	695,000		101,715	338,341	128,101	58,320		66,931
	639 West Diversey	Chicago	IL	676,210		12,557	403,961	219,828	77,275		92,129
	1739-53 & 1801-03 Connecticut Avenue	Washington	DC	1,139,789		22,907	333,711	162,783	84,576		111,570
	181 Main Street	Westport	CT	845,300		11,350	46,414	17,188	160,357		196,576
	664 N Michigan	Chicago	IL	4,209,889		18,141	294,108	165,234	80,658		98,142
Total Core 2
Average - Total				$	1,819,144	108,814	272,294	123,964	$	74,158	$	97,398
Weighted Average - Based on base rent							242,332	110,447	$	77,623	$	100,426
Notes:
1 Calculations comprised of nineteen individual properties.
2 Calculations have been pro-rated based on the Company's ownership % in joint ventures.
3 Based on 10 mile radius demographics given the unique trade market for this asset.

Property Demographics - Funds
							3-Mile Radius
				Base		Total	Total	#	Median HH		Avg. HH
	Property	City	State	Rent		GLA	Pop.	HH	Income		Income
	Fund II
	Pelham Manor Shopping Plaza	Westchester	NY	$	5,808,604	228,493	374,733	141,676	$	57,019	$	73,516
	400 East Fordham Road	Bronx	NY	10,405,449		262,407	1,200,592	421,615	37,257		48,075
	216th Street	Manhattan	NY	2,574,000		60,000	935,948	329,442	37,176		55,430
	161st Street	Bronx	NY	6,188,062		232,252	1,251,086	444,325	32,321		47,196
Fund II 1
Average - Total				$	6,244,029	195,788	940,590	334,265	$	40,943	$	56,054
Weighted Average - Based on base rent							993,762	352,638	$	40,622	$	54,532
	Fund III
	Cortlandt Towne Center	Mohegan Lake	NY	$	9,526,272	639,983	49,183	17,702	$	88,812	$	104,358
	640 Broadway	Manhattan	NY	656,036		4,409	987,988	492,393	86,341		133,275
	New Hyde Park Shopping Center	New Hyde Park	NY	524,367		31,624	195,564	70,172	101,624		129,444
	White City	Shrewsbury	MA	5,388,659		257,009	101,062	40,736	52,003		64,348
	Parkway Crossing	Parkville	MD	1,444,656		265,116	184,242	74,094	59,047		70,053
	Lincoln Road	Miami Beach	FL	3,336,257		59,677	58,267	36,318	74,282		98,785
	Heritage Shops	Chicago	IL	3,127,702		81,730	289,135	155,570	76,609		116,432
	Lincoln Park Center	Chicago	IL	1,631,351		62,745	438,736	235,290	77,360		116,754
	Nostrand Avenue	Brooklyn	NY	1,449,607		42,922	523,929	196,324	52,056		64,456
	Arundel Plaza	Glen Burnie	MD	1,444,656		265,116	76,060	28,613	58,913		65,941
Fund III 1
Average - Total				$	2,852,956	171,033	290,417	134,721	$	72,705	$	96,385
Weighted Average - Based on base rent							176,313	81,004	$	82,587	$	105,039
	Fund IV
	1701 Belmont Avenue	Catonsville	MD	$	936,166	58,674	109,807	43,674	$	59,150	$	65,356
	Lincoln Road	Miami Beach	FL	5,437,790		54,453	58,267	36,318	74,282		98,785
	2819 Kennedy Blvd	North Bergen	NJ	505,000		41,477	526,721	241,698	78,834		110,806
	Promenade at Manassas	Manassas	VA	3,413,615		274,210	65,170	20,877	73,803		83,623
Fund IV 1
Average - Total				$	2,573,143	107,204	189,991	85,642	$	71,517	$	89,643
Weighted Average - Based on base rent							65,494	37,350	$	72,160	$	94,097
Total - Core and Funds
Average - Total				$	2,282,632	123,197	309,429	135,837	$	71,800	$	94,315
Weighted Average - Based on base rent							280,340	121,954	$	75,614	$	97,851
Notes:
1 Calculations have been pro-rated based on the Company's ownership % in joint ventures.

Overview of Acadia Strategic Opportunity Funds
As of June 30, 2013	FUND I	FUND II	FUND III	FUND IV
Date formed	September 2001	June 2004	May 2007	May 2012
Capital committed	$86.6 million	$300.0 million	$475.0 million	$540.6 million
Capital funded	Fully funded	Fully funded	$351.4 million	$74.0 million
As a percentage of commitments	100%	100%	74.0%	13.7%
			All unfunded capital is anticipated to be used to complete existing projects
Distributions	$184.2 million	$84.5 million	$182.6 million	$0
As a percentage of funded capital	212.7%	28.2%	52.0%	0.0%
	All original capital and accumulated preferred return
	has been paid. Acadia is entitled to a Promote
	on all future distributions.
Fund structure
Equity contribution and	22.2% - Acadia	20.0% - Acadia	19.9% - Acadia	23.1% - Acadia
Cash flow distribution:	77.8% - Four institutional investors	80.0% - Six institutional investors	80.1% - 14 institutional investors	76.9% - 17 institutional investors
Distributions:	20% to Acadia once all partners (including Acadia) have received cumulative preferred return and return of equity
	Remaining 80% is distrubted to all the partners (including Acadia)
Preferred return rate:	9%	8%	6%	6%
Fees/Priority Distributions to Acadia
	Asset management fee/Priority distribution equal to 1.5% of implied capital 1
	Property management fee/Priority distribution equal to 4% of gross property revenues
	Market rate leasing fees
	Market rate construction/project management fees
			Development fee equal to 3% of total project cost
Note:
1 Committed capital as reduced by attributed capital related to sold investments.

Opportunity Fund Retail Properties - Detail
													Leased
		Year	Ownership	Gross Leasable Area			In Place Occupancy						Occupancy		Annualized Base Rent PSF
	Anchors	Acquired	%	Anchors	Shops	Total	Anchors		Shops		Total		Total		Anchors		Shops		Total
Fund I Portfolio Detail
VARIOUS
Total - Fund I	Kroger/Safeway Portfolio (3 Properties)	2003	75.0%	97,500	—	97,500	69.2	%	—		69.2	%	69.2	%	$	4.48	—		$	4.48
Fund II Portfolio Detail
NEW YORK
New York
Pelham Manor Shopping Plaza	BJ's Wholesale Club, PetSmart, Storage Post	2004	99.1%	169,512	58,981	228,493	100.0	%	78.4	%	94.4	%	94.4	%	$	24.82	$	34.66	$	26.93
Fordham Place - Retail	Walgreens, Best Buy, 24 Hour Fitness, Sears	2004	99.1%	74,899	44,547	119,446	100.0	%	100.0	%	100.0	%	100.0	%	38.36		59.41		46.21
Fordham Place - Office	NYC Dept of Education, PHI, FEGS, Children's Village	2004	99.1%	91,042	51,919	142,961	100.0	%	100.0	%	100.0	%	100.0	%	34.71		33.24		34.17
216th Street	NYC Human Resources Administration	2005	99.1%	60,000	—	60,000	100.0	%	—		100.0	%	100.0	%	42.90		—		42.90
161st Street 1	Various New York City & State agencies	2005	99.1%	107,026	125,226	232,252	100.0	%	83.6	%	91.1	%	93.3	%	26.50		32.04		29.24
Total - Fund II				502,479	280,673	783,152	100.0	%	88.1	%	95.7	%	96.4	%	$	31.15	$	37.71	$	33.31
Fund III Portfolio Detail
NEW YORK
New York
Cortlandt Towne Center	Wal-Mart, Best Buy, A&P	2009	100.0%	472,901	167,082	639,983	95.6	%	82.0	%	92.1	%	92.1	%	$	13.94	$	23.50	$	16.17
640 Broadway	Swatch	2012	50.0%	—	4,409	4,409	—		65.2	%	65.2	%	65.2	%	—		228.35		228.35
New Hyde Park Shopping Center	PetSmart	2011	100.0%	16,214	15,410	31,624	—	%	70.2	%	34.2	%	82.2	%	—		48.49		48.49
Nostrand Avenue	—	2013	100.0%	—	42,922	42,922	—		77.0	%	77.0	%	77.0	%	—		43.85		43.85
NEW ENGLAND
Massachusetts
White City Shopping Center	Shaw's (Supervalu)	2010	84.0%	131,839	125,170	257,009	85.6	%	84.2	%	84.9	%	87.9	%	15.54		34.51		24.70
MID-ATLANTIC
Maryland
Parkway Crossing	Home Depot, Shop Rite, Big Lots	2011	94.3%	192,836	67,405	260,241	100.0	%	75.4	%	93.6	%	93.6	%	3.65		24.32		7.96
Arundel Plaza	Giant Food, Lowe's	2012	94.3%	231,920	33,196	265,116	100.0	%	78.3	%	97.3	%	97.3	%	3.90		20.75		5.60
SOUTHEAST
Florida
Lincoln Road	Starbucks, Sushi Samba	2011	95.0%	—	59,677	59,677	—		49.2	%	49.2	%	49.2	%	—		113.65		113.65
MIDWEST
Illinois
Heritage Shops	LA Fitness, Loft	2011	100.0%	49,878	31,852	81,730	100.0	%	90.9	%	96.4	%	83.1	%	21.61		70.83		39.68
Lincoln Park Centre	—	2012	100.0%	—	62,745	62,745	—		59.8	%	59.8	%	59.8	%	—		43.51		43.51
Total - Fund III				1,095,588	609,868	1,705,456	94.9	%	75.7	%	88.0	%	88.7	%	$	10.34	$	39.59	$	19.33
Fund IV Portfolio Detail
NEW YORK

New Jersey
2819 Kennedy Boulevard	Toys R Us	2013	98.6%	39,941	1,536	41,477	100.0	%	100.0	%	100.0	%	100.0	%	$	10.14	$	65.10	$	12.18
MID-ATLANTIC
Virginia
Promenade at Manassas	Home Depot, HH Gregg	2013	98.6%	194,038	80,172	274,210	100.0	%	82.8	%	95.0	%	95.0	%	10.28		21.38		13.11
Maryland
1701 Belmont Avenue	Best Buy	2012	98.6%	58,674	—	58,674	100.0	%	—		100.0	%	100.0	%	15.96		—		15.96
SOUTHEAST
Florida
Lincoln Road	—	2012	95.0%	—	54,453	54,453	—		98.8	%	98.8	%	98.8	%	—		101.12		101.12
Total - Fund IV				292,653	136,161	428,814	100.0	%	89.4	%	96.6	%	96.6	%	$	11.40	$	57.17	$	24.84
Notes:
General note - 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.
The following Fund II, Fund III and Fund IV properties are currently under redevelopment as further detailed under "Redevelopment Activity."
Property	Fund Ownership %
Sherman Avenue	99.1%
City Point	94.2%
Sheepshead Bay	100.0%
654 Broadway	100.0%
Cortlandt Crossing	100.0%
Broad Hollow Commons	100.0%
3104 M Street	100.0%
210 Bowery	100.0%
1Currently operating, but redevelopment activities have commenced.

Opportunity Funds Lease Expirations
Fund I:
	Anchor Tenants
		Gross Leased Area			Base Rent
	No. of Leases	Expiring	Percent				Percent
Year	Expiring	SF	of Total		PSF		of Total
2014	2	67,500	100	%	$	4.48	100.0	%
Total	2	67,500	100	%	$	4.48	100.0	%
		30,000	Total Vacant
		97,500	Total Square Feet
Fund II:
	Anchor Tenants								Shop Tenants								Total Tenants
		Gross Leased Area			Base Rent					Gross Leased Area			Base Rent					Gross Leased Area			Base Rent
	No. of Leases	Expiring	Percent				Percent		No. of Leases	Expiring	Percent				Percent		No. of Leases	Expiring	Percent				Percent
Year	Expiring	SF	of Total		PSF		of Total		Expiring	SF	of Total		PSF		of Total		Expiring	SF	of Total		PSF		of Total
M to M 1	—	—	—		—		—		1	9,967	4.0	%	$	10.00	1.1	%	1	9,967	1.3	%	$	10.00	0.4	%
2013	1	107,026	21.3	%	26.50		18.1	%	—	—	—		—		—		1	107,026	14.3	%	26.50		11.4	%
2015	—	—	—		—		—		1	5,081	2.1	%	38.00		2.1	%	1	5,081	0.7	%	38.00		0.8	%
2016	—	—	—		—		—		2	4,649	1.9	%	37.63		1.9	%	2	4,649	0.6	%	37.63		0.7	%
2018	—	—	—		—		—		2	33,321	13.5	%	34.58		12.4	%	2	33,321	4.4	%	34.58		4.6	%
2019	1	39,705	7.9	%	44.00		11.2	%	3	4,743	1.9	%	78.94		4.0	%	4	44,448	5.9	%	47.73		8.5	%
2020	—	—	—		—		—		3	16,309	6.6	%	33.55		5.9	%	3	16,309	2.2	%	33.55		2.2	%
2021	1	19,958	4.0	%	21.20		2.7	%	2	9,710	3.9	%	28.41		3.0	%	3	29,668	4.0	%	23.56		2.8	%
2022	1	47,792	9.5	%	29.92		9.1	%	3	27,450	11.1	%	33.72		9.9	%	4	75,242	10.0	%	31.30		9.4	%
2023	2	55,343	11.0	%	29.09		10.3	%	1	31,417	12.7	%	36.00		12.1	%	3	86,760	11.6	%	31.59		11.0	%
Thereafter	3	232,655	46.3	%	32.68		48.6	%	5	104,662	42.3	%	42.54		47.6	%	8	337,317	45.0	%	35.74		48.2	%
Total	9	502,479	100.0	%	$	31.15	100.0	%	23	247,309	100.0	%	$	37.71	100.0	%	32	749,788	100.0	%	$	33.31	100.0	%
		—	Total Vacant							33,364	Total Vacant							33,364	Total Vacant
		502,479	Total Square Feet							280,673	Total Square Feet							783,152	Total Square Feet
Fund III:
	Anchor Tenants								Shop Tenants								Total Tenants
		Gross Leased Area			Base Rent					Gross Leased Area			Base Rent					Gross Leased Area			Base Rent
	No. of Leases	Expiring	Percent				Percent		No. of Leases	Expiring	Percent				Percent		No. of Leases	Expiring	Percent				Percent
Year	Expiring	SF	of Total		PSF		of Total		Expiring	SF	of Total		PSF		of Total		Expiring	SF	of Total		PSF		of Total
M to M 1	—	—	—		—		—		5	10,131	2.2	%	$	13.24	0.7	%	5	10,131	0.7	%	$	13.24	0.5	%
2013	—	—	—		—		—		8	23,740	5.1	%	40.42		5.3	%	8	23,740	1.6	%	40.42		3.3	%
2014	2	56,379	5.4	%	16.12		8.5	%	20	71,419	15.5	%	32.30		12.6	%	22	127,798	8.5	%	25.16		11.1	%
2015	3	81,465	7.8	%	7.02		5.3	%	13	28,773	6.2	%	36.78		5.8	%	16	110,238	7.3	%	14.79		5.6	%
2016	1	26,561	2.6	%	8.00		2.0	%	20	49,595	10.7	%	39.33		10.7	%	21	76,156	5.1	%	28.40		7.5	%
2017	2	52,131	5.0	%	18.36		8.9	%	13	54,065	11.7	%	27.64		8.2	%	15	106,196	7.1	%	23.09		8.4	%
2018	5	287,562	27.7	%	12.54		33.5	%	17	67,997	14.7	%	32.60		12.1	%	22	355,559	23.7	%	16.37		20.1	%
2019	1	179,944	17.3	%	4.62		7.7	%	9	29,959	6.5	%	71.53		11.7	%	10	209,903	14.0	%	14.17		10.2	%
2020	—	—	—		—		—		4	9,046	2.0	%	23.71		1.2	%	4	9,046	0.6	%	23.71		0.7	%
2021	1	35,601	3.4	%	10.76		3.6	%	6	26,174	5.7	%	36.19		5.2	%	7	61,775	4.1	%	21.53		4.6	%
2022	1	65,028	6.3	%	17.00		10.3	%	11	36,188	7.8	%	50.37		10.0	%	12	101,216	6.7	%	28.93		10.1	%
2023	2	38,836	3.7	%	15.49		5.6	%	6	25,254	5.5	%	48.38		6.7	%	8	64,090	4.3	%	28.45		6.3	%
Thereafter	3	216,155	20.8	%	7.26		14.6	%	8	29,380	6.4	%	61.58		9.8	%	11	245,535	16.3	%	13.76		11.6	%
Total	21	1,039,662	100.0	%	$	10.34	100.0	%	140	461,721	100.0	%	$	39.59	100.0	%	161	1,501,383	100.0	%	$	19.33	100.0	%
		55,926	Total Vacant							148,147	Total Vacant							204,073	Total Vacant
		1,095,588	Total Square Feet							609,868	Total Square Feet							1,705,456	Total Square Feet

Fund IV:
	Anchor Tenants								Shop Tenants								Total Tenants
		Gross Leased Area			Base Rent					Gross Leased Area			Base Rent					Gross Leased Area			Base Rent
	No. of Leases	Expiring	Percent				Percent		No. of Leases	Expiring	Percent				Percent		No. of Leases	Expiring	Percent				Percent
Year	Expiring	SF	of Total		PSF		of Total		Expiring	SF	of Total		PSF		of Total		Expiring	SF	of Total		PSF		of Total
M to M 1	—	—	—		—		—		2	6,860	5.6	%	$	91.18	9.0	%	2	6,860	1.7	%	91.18		6.1	%
2013	—	—	—		—		—		2	2,108	1.7	%	165.49		5.0	%	2	2,108	0.5	%	165.49		3.4	%
2014	1	39,941	13.6	%	10.14		12.1	%	4	11,656	9.6	%	68.04		11.4	%	5	51,597	12.5	%	23.22		11.6	%
2015	—	—	—		—		—		2	2,726	2.2	%	116.92		4.6	%	2	2,726	0.7	%	116.92		3.1	%
2016	1	107,400	36.8	%	9.50		30.6	%	4	11,200	9.2	%	44.58		7.2	%	5	118,600	28.6	%	12.81		14.7	%
2017	1	58,674	20.0	%	15.96		28.1	%	4	13,438	11.0	%	30.78		5.9	%	5	72,112	17.4	%	18.72		13.1	%
2018	—	—	—		—		—		4	5,472	4.5	%	59.45		4.7	%	4	5,472	1.3	%	59.45		3.2	%
2019	—	—	—		—		—		3	21,700	17.9	%	18.46		5.8	%	3	21,700	5.2	%	18.46		3.9	%
2020	1	27,926	9.5	%	12.00		10.0	%	5	20,888	17.2	%	41.97		12.6	%	6	48,814	11.8	%	24.82		11.8	%
2021	1	32,144	11.0	%	11.50		11.1	%	3	5,235	4.3	%	91.98		6.9	%	4	37,379	9.0	%	22.77		8.3	%
2022	1	26,568	9.1	%	10.14		8.1	%	5	16,009	13.2	%	107.76		24.8	%	6	42,577	10.3	%	46.84		19.3	%
2023	—	—	—		—		—		1	1,440	1.2	%	20.00		0.4	%	1	1,440	0.3	%	20.00		0.3	%
Thereafter	—	—	—		—		—		1	2,961	2.4	%	40.53		1.7	%	1	2,961	0.7	%	40.53		1.2	%
Total	6	292,653	100.0	%	$	11.40	100.0	%	40	121,693	100.0	%	$	57.17	100.0	%	46	414,346	100.0	%	$	24.84	100.0	%
		—	Total Vacant							14,468	Total Vacant							14,468	Total Vacant
		292,653	Total Square Feet							136,161	Total Square Feet							428,814	Total Square Feet
Notes:
1 Leases currently under month to month or in process of renewal

Development Activity
($ in millions)
								Acquisition & Development Costs
Property	Ownership		Location	Estimated Completion	Estimated Sq. Ft. Upon Completion	Leased Rate 5	Key Tenants	Incurred		Estimated Future Range					Estimated Total Range					Outstanding Debt
FUND II
City Point 1	94.2	%	Brooklyn, NY	2015	675,000	37% 2	Century 21, Armani Exchange	$	190.3	$	59.7	to	$	149.7	$	250.0	to	$	340.0	$	258.9
Sherman Plaza	99.1	%	New York, NY	TBD	TBD	—	TBD	34.7		TBD			TBD		TBD			TBD		—
								$	225.0	TBD			TBD		TBD			TBD		$	258.9
FUND III
Sheepshead Bay	100.0	%	Brooklyn, NY	TBD	TBD	—	TBD	$	22.9	TBD			TBD		TBD			TBD		$—
723 N. Lincoln Lane 3	95.0	%	Miami Beach, FL	TBD	TBD	—	TBD	6.7		TBD			TBD		TBD			TBD		—		4
Cortlandt Crossing	100.0	%	Mohegan Lake, NY	2016	150,000 - 170,000	—	TBD	11.5		35.5		to	44.5		47.0		to	56.0		—
3104 M Street NW	100.0	%	Washington, D.C.	TBD	10,000	—	TBD	3.0		4.0		to	5.5		7.0		to	8.5		—
Broad Hollow Commons	100.0	%	Farmingdale, NY	2016	180,000 - 200,000	—	TBD	13.0		37.0		to	47.0		50.0		to	60.0		—
								$	57.1	TBD			TBD		TBD			TBD		$—
FUND IV
210 Bowery	100.0	%	New York, NY	2016	10,000	—	TBD	$	7.7	$	3.8	to	$	4.3	$	11.5	to	$	12.0	$	4.6
Notes:
1 Acquired a leasehold interest in this property. The first 50,000 square feet of the project (Phase 1) has been completed. Construction of the next approximately 625,000 square feet (Phase 2) is underway.
2 Leased rate calculated on approximately 475,000 rentable square feet.
3 This property is part of a three-property portfolio. The other two are operating properties.
4 The loan on Fund III's Lincoln Road Portfolio includes this property as collateral. For the purpose of this schedule, the outstanding debt was not allocated among the Portfolio's three properties.
5 The leased rate excludes pre-redevelopment tenants.

Retailer Controlled Property ("RCP") Venture - Overview 1
Item	Description
Date formed	August 2004
Partnership structure
Equity Contribution:	Up to $300 million of total equity
	Up to 20% ($60 million) - AKR Fund I ($20 million) and Fund II ($40 million)
	80% - Klaff Realty LP and Lubert-Adler
Cash flow distribution:	20% - AKR Funds
	80% - Four institutional investors
Promote:	20% to Klaff once all partners (including Klaff) have received 10% preferred return and return
	of equity (50% of first $40 million of AKR Fund equity is not subject to this promote)
	Remaining 80% is distributed to all the partners (including Klaff)
RCP Venture - Investments
The following table summarizes the RCP Venture investments from inception through June 30, 2013
					Distributions
		Years	Invested		Current		From		Equity
Investor	Investment	acquired	capital		year-to-date		inception		Multiple
Mervyns I and Mervyns II	Mervyns	2004 through	$	33,605	$	1,776	$	51,300	1.5x
		2007
Mervyns II	Albertson’s	2006 through	23,133		—		86,791		3.8x
		2007
Fund II and Mervyns II	Other investments 2	2006 through	6,476		—		7,036		1.1x
		2008
Total			$	63,214	$	1,776	$	145,127	2.3x
Notes:
1 The RCP Venture is not a separate AKR Fund, rather it is a venture
in which AKR, Funds I and II have invested approximately $63 million in equity.
2 Represents investments in Shopko, Marsh and Rex Stores.

Important Notes

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. However, the Company’s method of calculating FFO may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. FFO does not represent cash generated from operations as defined by generally accepted accounting principles (“GAAP”) and is not indicative of cash available to fund all cash needs, including distributions. It 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. 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. In addition, the Company also discloses FFO as adjusted to include the extraordinary gain from its RCP investment in Albertson's. The Company believes that income or gains derived from its RCP investments, including its investment in Albertson's, are private-equity investments and, as such, should be treated as operating income and therefore FFO. The Company believes that this supplement adjustment more appropriately reflects the results of its operations. The Company also provides two other supplemental disclosures of operating performance, adjusted funds from operations ("AFFO") and funds available for distribution ("FAD"). The Company defines AFFO as FFO adjusted for straight line rent, non-real estate depreciation, amortization of finance costs and costs of management contracts, tenant improvements, leasing commissions and capital expenditures. The Company defines FAD as AFFO adjusted for scheduled debt principal payments.

USE OF EBITDA AND NOI AS NON-GAAP FINANCIAL MEASURES

EBITDA and NOI 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. The Company’s method of calculating EBITDA and NOI may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. EBITDA and 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.