Acadia Realty Trust (AKR) 8-K Acadia Realty Trust Reports First Quarter 2015 Operating Results

Exhibit 99.2

Table of Contents
First Quarter 2015
Section I - First Quarter 2015 Earnings Press Release
Section II - Financial Information		Section III - Core Portfolio Information
Company Information………………………………………	4	Core Properties…………………………………………	23
Market Capitalization……………………………………………	5	Core Top Tenants…………………………………………	25
Operating Statements		Core Lease Expirations………………………………	26
Pro-rata Consolidation…………………………………………	6	Core New and Renewal Rent Spreads……………………	27
Funds……………………………………………………………	7	Core Capital Expenditures……………………………	28
Funds from Operations ("FFO"), Adjusted FFO ("AFFO")	8	Portfolio Demographics……………………………………	29
EBITDA…………………………………………………………	9
Same Property Net Operating Income…………………………	10
Fee Income……………………………………	11	Section IV - Fund Information
Balance Sheet - Pro-rata Consolidation…………	12
Structured Financing……………………………………………	13	Fund Overview………………………………………	32
Other Information		Fund Properties……………………………………………	33
2015 Transactional Activity………………………	14	Fund Lease Expirations………………………………	34
2015 Guidance…………………………………	15	Development Activity………………………	35
Net Asset Valuation Information………………………………	16
Selected Financial Ratios………………………	17
Debt Analysis
Summary………………………………………………	18
Detail………………………………………………………	19	Important Notes………………………………………	36
Maturities…………………………………………………	22
Visit www.acadiarealty.com for additional investor and portfolio information

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
	1311 Mamaroneck Avenue	Amy Racanello	Symbol AKR
	Suite 260	Vice President,
	White Plains, NY 10605	Capital Markets & Investments
		(914) 288-3345
		aracanello@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	Jason White, CFA - (949) 640-8780	Rich Moore, CFA - (440) 715-2646
	paul.adornato@bmo.com	jwhite@greenstreetadvisors.com	rich.moore@rbccm.com
	Citigroup - Global Markets	J.P. Morgan Securities, Inc.	UBS
	Christy McElroy - (212) 816-6981	Michael W. Mueller, CFA - (212) 622-6689	Ross Nussbaum - (212) 713-2484
	christy.mcelroy@citi.com	michael.w.mueller@jpmorgan.com	ross.nussbaum@ubs.com

Market Capitalization
(including pro-rata share of Fund debt, in thousands)
							Capitalization
	Total Market Capitalization						based on
		$				%	Net Debt1	Total Market Capitalization
Equity Capitalization
Common Shares		68,732
Common Operating Partnership ("OP") Units		3,913
Combined Common Shares and OP Units		72,645
Share Price at March 31, 2015		$	34.88
Equity Capitalization - Common Shares and OP Units		$	2,533,858
Preferred OP Units		874			2
Total Equity Capitalization		2,534,732				78%	80%
Debt Capitalization
Consolidated debt		1,302,133
Adjustment to reflect pro-rata share of debt		(600,430		)
Total Debt Capitalization		701,703				22%	20%
Total Market Capitalization		$	3,236,435			100%	100%
Weighted Average Outstanding Common Shares and OP Units
(in thousands)
		March 31, 2015							Changes in Total Common Shares Outstanding and OP Units
		Quarter
Weighted average Common Shares - Basic EPS		68,295								Common Shares	OP Units	Total
Dilutive potential Common Shares		360							Balance @ 12/31/2014	68,109	3,664	71,773
Weighted average Common Shares - Diluted EPS		68,655							ATM Issuance	571	—	571
OP Units		3,906							Other	52	249	301
Dilutive potential OP Units		25
Weighted average Common Shares and OP Units - Diluted FFO		72,586							Balance @ 3/31/2015	68,732	3,913	72,645
Notes:
1 Reflects debt net of Core Portfolio cash balance of		$	63,083
pro-rata share of Funds cash balance of and		12,241
pro-rata share of restricted cash relating to City Point financing of		1,066
for total cash netted against debt of		$	76,390
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)
	Three months ended March 31, 2015
	Core Portfolio			Funds			Total
CORE PORTFOLIO AND FUND INCOME
PROPERTY REVENUES
Minimum rents	$	25,262		$	2,548		$	27,810
Percentage rents	99			14			113
Expense reimbursements - CAM	2,853			380			3,233
Expense reimbursements - Taxes	3,981			537			4,518
Other property income	242			85			327
Total Property Revenues	32,437			3,564			36,001
PROPERTY EXPENSES
Property operating - CAM	3,551			488			4,039
Other property operating (Non-CAM)	266			151			417
Real estate taxes	4,698			543			5,241
Total Property Expenses	8,515			1,182			9,697
NET OPERATING INCOME - PROPERTIES	23,922			2,382			26,304
OTHER INCOME (EXPENSE)
Interest income	2,906			111			3,017
Straight-line rent income	812			143			955
Above/below market rent	1,140			85			1,225
Interest expense 2	(5,635		)	(556		)	(6,191		)
Amortization of finance costs	(277		)	(128		)	(405		)
Above/below market interest expense	337			8			345
Loss on extinguishment of debt	—			(21		)	(21		)
Asset and property management expense	(35		)	(67		)	(102		)
Other income/(expense)	75			2			77
Transaction costs	(739		)	(374		)	(1,113		)
CORE PORTFOLIO AND FUND INCOME	22,506			1,585			24,091
FEE INCOME
Asset and property management fees	3,608			(13		)	3,595
Transactional fees 3	2,596			—			2,596
Income tax (provision)/benefit	(42		)	3			(39		)
Total Fee Income	6,162			(10		)	6,152
PROMOTE, RCP AND OTHER INCOME
Equity in earnings from RCP investments	—			857			857
Income tax (provision)/benefit (RCP)	—			(458		)	(458		)
Total Promote, RCP and Other Income	—			399			399
General and Administrative	(7,383		)	(75		)	(7,458		)
Depreciation and amortization	(9,967		)	(969		)	(10,936		)
Non-real estate depreciation and amortization	(130		)	—			(130		)
Gain on disposition of properties	—			5,402			5,402
Income before noncontrolling interests	11,188			6,332			17,520
Noncontrolling interest - OP	(598		)	(375		)	(973		)
NET INCOME	$	10,590		$	5,957		$	16,547
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 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.

² Net of capitalized interest of $787.

³ Consists of development, construction, leasing and legal fees.

Income Statements - Funds 1
(in thousands)
	Three months ended March 31, 2015
				AKR Pro-						AKR Pro-						AKR Pro-					AKR Pro-				AKR Pro-						AKR Pro-			Total
				rata share						rata share						rata share					rata share				rata share						rata share			AKR Pro-
	Fund I			22.22%			Mervyns I			22.22%			Fund II			20.00%			Mervyns II		20.00%		Fund III		19.90%			Fund IV			23.12%			rata share
PROPERTY REVENUES
Minimum rents	$	15		$	3		$	—		$	—		$	2,235		$	447		—		—		6,642		$	1,322		$	3,358		$	776		$	2,548
Percentage rents	—			—			—			—			—			—			—		—		64		13			3			1			14
Expense reimbursements - CAM	—			—			—			—			185			37			—		—		995		198			628			145			380
Expense reimbursements - Taxes	—			—			—			—			94			19			—		—		2,123		422			414			96			537
Other property income	13			3			—			—			154			31			—		—		53		11			172			40			85
Total Property Revenues	28			6			—			—			2,668			534			—		—		9,877		1,966			4,575			1,058			3,564
PROPERTY EXPENSES
Property operating - CAM	2			—			—			—			533			107			—		—		1,232		245			589			136			488
Other property operating (Non-CAM)	15			3			—			—			404			81			—		—		229		46			92			21			151
Real estate taxes	5			1			—			—			375			75			—		—		1,664		331			588			136			543
Total Property Expenses	22			4			—			—			1,312			263			—		—		3,125		622			1,269			293			1,182
NET OPERATING INCOME - PROPERTIES	6			2			—			—			1,356			271			—		—		6,752		1,344			3,306			765			2,382
OTHER INCOME (EXPENSE)
Interest income	—			—			—			—			7			1			—		—		164		33			331			77			111
Straight-line rent income	—			—			—			—			215			43			—		—		117		23			334			77			143
Straight-line ground rent	—			—			—			—			—			—			—		—		—		—			—			—			—
Above/below market rent	—			—			—			—			—			—			—		—		420		84			5			1			85
Interest expense	—			—			—			—			(351		)	(70		)	—		—		(1,241	)	(247		)	(1,033		)	(239		)	(556		)
Amortization of finance costs	—			—			—			—			(53		)	(11		)	—		—		(217	)	(43		)	(321		)	(74		)	(128		)
Above/below market interest expense	—			—			—			—			—			—			—		—		41		8			—			—			8
Loss on extinguishment of debt	—			—			—			—			—			—			—		—		(106	)	(21		)	—			—			(21		)
Asset and property management expense 2	—			—			—			—			(44		)	(9		)	—		—		(95	)	(19		)	(168		)	(39		)	(67		)
Other income/(expense)	2			—			—			—			(17		)	(3		)	—		—		23		5			(2		)	—			2
Transaction costs	—			—			—			—			—			—			—		—		—		—			(1,618		)	(374		)	(374		)
FUND INCOME	8			2			—			—			1,113			222			—		—		5,858		1,167			834			194			1,585
FEE INCOME
Asset and property management fees	—			—			—			—			—			—			—		—		(63	)	(13		)	—			—			(13		)
Income tax (provision)/benefit (RCP)	—			—			—			—			—			—			—		—		15		3			—			—			3
Total Fee Income	—			—			—			—			—			—			—		—		(48	)	(10		)	—			—			(10		)
PROMOTE, RCP AND OTHER INCOME
Equity in earnings from RCP investments	—			—			1,656			368			—			—			2,445		489		—		—			—			—			857
Provision for income taxes (RCP)	—			—			(887		)	(197		)	—			—			(1,305	)	(261	)	—		—			—			—			(458		)
Total Promote, RCP and Other Income	—			—			769			171			—			—			1,140		228		—		—			—			—			399
GENERAL AND ADMINISTRATIVE	(18		)	(4		)	—			—			(66		)	(13		)	(3	)	(1	)	(138	)	(27		)	(130		)	(30		)	(75		)

Depreciation and amortization	(1		)	—			—			—			(1,231		)	(246		)	—			—			(2,074		)	(413		)	(1,342		)	(310		)	(969		)
Gain on disposition of properties	—			—			—			—			—			—			—			—			27,078			5,389			58			13			5,402
Income before noncontrolling interest	(11		)	(2		)	769			171			(184		)	(37		)	1,137			227			30,676			6,106			(580		)	(133		)	6,332
Noncontrolling interest - OP	—			—			(90		)	(20		)	10			2			(135		)	(27		)	(1,693		)	(337		)	30			7			(375		)
NET INCOME	$	(11	)	$	(2	)	$	679		$	151		$	(174	)	$	(35	)	$	1,002		$	200		$	28,983		$	5,769		$	(550	)	$	(126	)	$	5,957
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.

Funds from Operations ("FFO") 1
(in thousands)
	Current			Historic
	Quarter			Quarter
	3 months ended			3 months ended
Funds from operations ("FFO"):	March 31, 2015			March 31, 2014
Net Income	$	16,547		$	21,595
Add back:
Depreciation of real estate and amortization of leasing costs:
(net of noncontrolling interest share)	10,936			8,853
Gain on disposition of properties (net of noncontrolling interest share)	(5,402		)	(12,393		)
Income attributable to noncontrolling interests'
share in Operating Partnership	973			863
FFO	$	23,054		$	18,918
Add back: Transaction costs	1,113			674
FFO before transaction costs	$	24,167		$	19,592
Adjusted Funds from operations ("AFFO"):
Diluted FFO	$	23,054		$	18,918
Straight-line rent, net	(955		)	(725		)
Above/below market rent	(1,225		)	(889		)
Amortization of finance costs	405			374
Above/below market interest	(345		)	(199		)
Loss on extinguishment of debt	21			72
Non-real estate depreciation	130			127
Leasing commissions	(210		)	(176		)
Tenant improvements	(1,091		)	(439		)
Capital expenditures	(1,677		)	(444		)
AFFO	$	18,107		$	16,619
Total weighted average diluted shares and OP Units:	72,586			58,419
Diluted FFO per share:
FFO	$	0.32		$	0.32
FFO before transaction costs	$	0.33		$	0.34
AFFO	$	0.25		$	0.28
AFFO before transaction costs	$	0.26		$	0.30
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.

EBITDA
(in thousands)
	Current Quarter
	Three months ended March 31, 2015
	Core
	Portfolio			Funds			TOTAL
NET INCOME	$	10,590		$	5,957		$	16,547
Adjustments:
Depreciation and amortization	10,097			969			11,066
Interest expense	5,635			556			6,191
Amortization of finance costs	277			128			405
Above/below market interest	(337		)	(8		)	(345		)
Gain on disposition of properties	—			(5,402		)	(5,402		)
Provision for income taxes	42			455			497
Loss on extinguishment of debt	—			21			21
Noncontrolling interest - OP	598			375			973
EBITDA	$	26,902		$	3,051		$	29,953

Core Portfolio
Same Property Performance 1
(in thousands)
	Year-to-Date
	Period ended
							Change
	March 31, 2015			March 31, 2014			Favorable/(Unfavorable)
Revenue
Minimum rents	$	19,263		$	18,792
Expense reimbursements	5,266			5,069
Other property income	304			84
Total Revenue	24,833			23,945			3.7%
Expenses
Property operating - CAM & Real estate taxes	6,389			5,967
Other property operating (Non-CAM)	186			265
Total Expenses	6,575			6,232			-5.5%
Same Property NOI - Core properties	$	18,258		$	17,713		3.1%
Reconciliation of Same Property NOI to Core NOI
NOI of Properties excluded from Same Property NOI	5,664			1,494
Core NOI 2	$	23,922		$	19,207
Other same property information
Physical Occupancy	96.4		%	95.6		%
Leased Occupancy	97.3		%	96.7		%
Notes:
1 The above amounts include the pro-rata activity related to the Company's Core consolidated and unconsolidated investments.
2 See "Income Statement - Consolidated."

Fee income by Fund
(in thousands)
	Fund I		Fund II		Fund III		Fund IV		Other		Total
Quarter ended March 31, 2015
Asset and property management fees and priority distributions	$	11	$	652	$	1,199	$	1,543	$	203	$	3,608
Transactional fees	6		1,764		333		405		88		2,596
Total management fees and priority distributions	$	17	$	2,416	$	1,532	$	1,948	$	291	$	6,204

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	$	498,321			$	(122,624	)	$	47,824		$	423,521			reflects all adjustments, which in the opinion of management,
Buildings and improvements	1,510,444				(364,031		)	175,149			1,321,562				are necessary for the fair presentation of the consolidated
Construction in progress	10,861				(5,990		)	151			5,022				balance sheet for the interim period.
	2,019,626				(492,645		)	223,124			1,750,105
Less: accumulated depreciation	(270,372		)		69,164			(10,691		)	(211,899		)		2  The Company currently invests in Funds I, II, III & IV and Mervyns I & II
Net real estate	1,749,254				(423,481		)	212,433			1,538,206				which are consolidated with the Company's financial statements.
															To provide investors with supplemental information, the Company's
Net real estate under development	484,676			3	(389,641		)	5,855			100,890				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	119,555				(46,680		)	2,449			75,324				and liability line items. Similarly, the presentation also includes
Cash in escrow	59,508				(41,057		)	1,875			20,326				the Company's pro-rata share of assets and liabilities for
Restricted cash	5,401				(4,335		)	—			1,066				unconsolidated investments which are accounted for under the equity
Investments in and advances to unconsolidated affiliates	184,500				(79,065		)	(105,279		)	156				method of accounting for the Company's financial statements.
Rents receivable, net	9,900				(3,422		)	2,138			8,616
Straight-line rents receivable, net	28,480				(11,174		)	1,575			18,881
Notes receivable	98,560				(2,841		)	—			95,719				3 The components of Net real estate under development are as follows:
Deferred charges, net	32,042				(16,913		)	2,744			17,873				Fund II	$	417,799
Prepaid expenses and other assets	53,330				6,625			1,030			60,985			4	Fund III	34,918
Acquired lease intangibles	45,660				(11,285		)	1,782			36,157				Fund IV	30,120
															Other	1,839
Total Assets	$	2,870,866			$	(1,023,269	)	$	126,602		$	1,974,199			Total Funds	$	484,676
LIABILITIES AND SHAREHOLDERS' EQUITY
															4 The components of Prepaid expenses and other assets are as follows:
Mortgage and other notes payable	$	1,302,133			$	(732,148	)	$	131,718		$	701,703			Due from Fund Investors	$	31,482
Valuation of debt at acquisition, net of amortization	2,606				—			3			2,609				Accrued interest on Notes receivable	7,088
Acquired lease intangibles	30,713				(6,963		)	1,516			25,266				Prepaid expenses	6,683
Accounts payable and accrued expenses	36,454				(8,434		)	3,049			31,069				Other	15,732
Dividends and distributions payable	17,675				—			—			17,675
Share of losses in excess of inv. in unconsolidated affiliates	12,361				—			(12,361		)	—				Total	$	60,985
Other liabilities	27,197				(8,374		)	2,677			21,500
Total Liabilities	1,429,139				(755,919		)	126,602			799,822
Shareholders' equity:
Common shares	69				—			—			69
Additional paid-in capital	1,048,457				—			—			1,048,457
Accumulated other comprehensive loss	(6,848		)		—			—			(6,848		)
Retained earnings	31,677				—			—			31,677
Total controlling interest	1,073,355				—			—			1,073,355
Noncontrolling interest in subsidiary	368,372				(267,350		)	—			101,022
Total Shareholders' Equity	1,441,727				(267,350		)	—			1,174,377
Total Liabilities and Shareholders' Equity	$	2,870,866			$	(1,023,269	)	$	126,602		$	1,974,199

Structured Financing
(in thousands)
													Stated		Effective
	Previous						Current		Accrued				Interest		Interest		Maturity
Investment	Principal		Advances		Repayments		Principal		Interest		Total		Rate		Rate 1		Dates
First mortgage notes	$	23,769	$	400	$	—	$	24,169	$	210	$	24,379	6.77	%	7.75	%	2015 to 2016
Mezzanine, preferred equity and other notes	70,748		186		—		70,934		6,841		77,775		12.82	%	13.18	%	2016 to 2024
Total notes receivable	$	94,517	$	586	$	—	$	95,103	$	7,051	$	102,154	11.28	%	11.80	%
Note:
1 Inclusive of points and exit fees.
Reconciliation of Notes Receivable to the Consolidated Balance Sheet
Total Notes Receivable per above							$	95,103
Non-real estate loans (pro-rata share)							616
Total Notes Receivable per Consolidated Balance Sheet							$	95,719

2015 Transactional Activity
(in thousands)
Acquisitions:
Property Name	Purchase Price		Ownership %	Acadia Share		Month of Transaction	Location	Key Tenants
Core Portfolio:
2015 Transactions
City Center	$	155,000	100%	$	155,000	March	San Francisco, CA	City Target, Best Buy
163 Highland Avenue	24,000		100%	24,000		March	Needham, MA	Staples, Petco
Total	$	179,000		$	179,000
Funds:
Fund IV:
1035 Third Avenue	$	51,036	100%	$	51,036	January	New York, NY	—
801 Madison Avenue	33,000		100%	33,000		April	New York, NY	—
Total	$	84,036		$	84,036
Dispositions:
Property Name	Disposition Price		Ownership %	Fund Share		Month of Transaction	Location	Key Tenants	IRR	Equity Multiple
Funds:
Fund III:
Lincoln Park Centre	$	64,000	100%	$	64,000	January	Chicago, IL	Design Within Reach	57%	2.7x
White City Shopping Center	96,750		84%	81,270		April	Shrewsbury, MA	Shaw's (Supervalu)	24%	1.8x
Total	$	160,750		$	145,270

2015 Guidance
Note: 2015 FFO and EPS guidance and comparable 2014 results are before acquisition costs and gains on the sale of depreciated property
(in millions except per share amounts, all per share amounts are fully diluted)
	Notes	2015 Guidance	2014 Actual
Summary:
Fully diluted Common Shares and OP Units		73,500 to 74,800	62,420
Full year Funds from Operations ("FFO") per share	1	$1.48 to $1.56	$1.35
Earnings per Share ("EPS")	2	$0.82 to $0.87	$0.71
FFO Components:
Core and pro-rata share of Fund ("Fund") portfolio income		$104.3 to $109.3	$87.9
Asset and property management fee income, net of TRS taxes		$12.5 to $13.0	$15.1
Transactional fee income, net of TRS taxes		$7.5 to $8.0	$6.9
Other Fund related income, net of taxes	3	$13.9 to $15.3	$1.1
General and administrative expense		$(29.5) to $(29.0)	$(27.0)
FFO		$108.7 to $116.6	$84.0
Additional Guidance Assumptions:
Same property net operating income ("NOI") growth		3% to 4%
Core acquisitions		$300.0 to $400.0
Fund acquisitions		$250.0 to $500.0
Notes:
1 Excludes acquisition costs which totaled $0.09 for the year ended December 31, 2014
2 Excludes acquisition costs and gains on sale of property which aggregated $0.47 for the year ended December 31, 2014
3 2015 includes promote income, gain on sale of City Point residential air rights, RCP Venture income and other income, all net of taxes

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	$	23,922	1	$	95,688	—						$	1,356		$	5,424		20.00	%	$	1,085		$	6,752		$	27,008		19.90%	$	5,375		$	3,306		$	13,224		23.12%	$	3,057
Less:
(Income)/ loss from properties sold or under contract												—			—					—			(2,173		)	(8,692		)		(1,730		)	—			—				—
(Income)/ loss from pre-stabilized assets 3												(508		)	(2,032		)			(406		)	(501		)	(2,004		)		(399		)	(992		)	(3,968		)		(917		)
(Income)/ loss from development projects 4												—			—					—			—			—				—			(64		)	(256		)		(59		)
Net Operating Income of stabilized assets												848			3,392					678			4,078			16,312				3,246			2,250			9,000				2,081
Assets under contract for sale, net of debt															$	6,500				$	1,300					$	36,000			$	7,164
Costs to Date
Pre-stabilized assets 3															$	65,883				$	13,177					$	60,802			$	12,100					$	118,156			$	27,318
Development projects 4															399,300					79,860						31,300				6,229						75,700				17,502
Total Costs to Date															$	465,183				$	93,037					$	92,102			$	18,329					$	193,856			$	44,820
Debt				$	526,836	$	—								$	328,856				$	62,554					$	241,303			$	44,144					$	304,376			$	68,169
Gross asset value 2						3,350
Net Asset Value						$	3,350	37.78	%	$	1,266
Notes:
1 Does not include a full quarter of NOI for those assets purchased during the first quarter 2015. See "Transactions Activity" page in this supplemental for descriptions of those acquisitions.
2 AKR pro-rata share of Fund I is the promote of 20% plus its co-investment share of the remainder (22% x 80%) for a total of 37.78%.
3 Consists of the following projects:
Fund III:
640 Broadway
654 Broadway
Nostrand
Fund IV:
2819 Kennedy Blvd
Paramus Plaza
17 East 71st Street
1035 Third Avenue
1151 Third Avenue
4 See "Redevelopment Activity" page in this supplemental

Selected Financial Ratios
(in thousands)
	Three months ended March 31,			Three months ended December 31,				Three months ended March 31,			Three months ended December 31,
	2015			2014				2015			2014
COVERAGE RATIOS 1							LEVERAGE RATIOS
Fixed-Charge Coverage Ratios							Debt/Market Capitalization Ratios
EBITDA 2 divided by:	$	26,902		$	23,527		Debt + Preferred Equity (Preferred O.P. Units)	$	702,577		$	617,526
Interest expense	5,635			5,373			Total Market Capitalization	3,236,435			2,916,415
Principal Amortization	1,363			1,347			Debt+Preferred Equity/Total Market Capitalization	22		%	21		%
Preferred Dividends 3	6			14
Fixed-Charge Coverage Ratio - Core Portfolio	3.8x			3.5x			Debt 6	$	626,187		$	424,270
							Total Market Capitalization	3,160,045			2,724,765
EBITDA divided by:	$	29,953		$	26,266		Net Debt+Preferred Equity/Total Market Capitalization	20		%	16		%
Interest expense	6,191			5,859
Principal Amortization	1,562			1,550			Debt/EBITDA Ratios
Preferred Dividends	6			14
Fixed-Charge Coverage Ratio - Core Portfolio							Debt	$	526,836		$	468,814
and Funds	3.9x			3.5x			EBITDA (Annualized)	107,608			94,108
							Debt/EBITDA - Core Portfolio	4.9x			5.0x
Payout Ratios
							Debt 5	$	463,753		$	290,448
Dividends declared (per share/OP Unit)	$	0.24		$	0.24		EBITDA (Annualized)	107,608			94,108
							Net Debt/EBITDA - Core Portfolio	4.3x			3.1x
Dividends (Shares) & Distributions (OP Units) declared	$	17,671		$	17,482
FFO	23,054			20,161			Debt 4	$	701,703		$	616,723
FFO Payout Ratio	77		%	87		%	EBITDA (Annualized)	119,812			105,064
FFO Payout Ratio before acquisition costs	73		%	80		%	Debt/EBITDA - Core Portfolio and Funds	5.9x			5.9x
Dividends (Shares) & Distributions (OP Units) paid	$	17,671		$	17,482		Debt 6	$	626,187		$	424,270
AFFO	18,107			16,433			EBITDA (Annualized)	119,812			105,064,000
AFFO Payout Ratio	98		%	106		%	Net Debt/EBITDA - Core Portfolio and Funds	5.2x			4.0x
AFFO Payout Ratio before acquisition costs	92		%	97		%
							Debt Yield Ratios
							NOI (Annualized)	$	95,688		$	86,628
							Debt	526,836			468,814
							Debt Yield - Core Portfolio	18		%	18		%
							NOI (Annualized)	$	95,688		$	86,628
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 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. 3 Represents preferred distributions on Preferred Operating partnership Units. 4 Includes the Company's pro-rata share of consolidated and unconsolidated joint venture debt. 5 Reflects debt net of the current Core Portfolio cash balance at end of period. 6 Reflects debt net of the current Core Portfolio and pro-rata share of the Funds cash balance at end of period.							Debt 5	463,753			290,448
							Net Debt Yield - Core Portfolio	21		%	30		%
							NOI (Annualized)	$	105,216		$	96,584
							Debt 4	701,703			616,723
							Debt Yield - Core Portfolio and Funds	15		%	16		%
							NOI (Annualized)	$	105,216		$	96,584
							Debt 6	626,187			424,270
							Net Debt Yield - Core Portfolio and Funds	17		%	23		%

Portfolio Debt - Summary
Reconciliation from Pro-Rata Share of Debt to Consolidated Debt per Financial Statement
(in thousands)
	Acadia Pro-Rata Share of Debt 2														Reconciliation to Consolidated Debt as Reported
															Add:		Less:			Acadia
	Core Portfolio				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	$	526,262	4.7	%	$	69,830	4.3	%	$	596,092	4.6	%	85	%	$	401,317	$	(113,207	)	$	884,202
Variable-Rate Debt	574		1.7	%	105,037		2.2	%	105,611		2.2	%	15	%	330,831		(18,511		)	417,931
Total	$	526,836	4.7	%	$	174,867	3.0	%	$	701,703	4.3	%	100	%	$	732,148	$	(131,718	)	1,302,133
Unamortized premium																				2,606
																				$	1,304,739
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		March 31, 2015			Percent	Amount			Rate		Date	Options
CORE PORTFOLIO
Fixed-Rate Debt
Crescent Plaza		$	16,376		100.0%	$	16,376		4.98%		9/6/2015	None
Pacesetter Park Shopping Center		11,248			100.0%	11,248			5.12%		11/6/2015	None
Elmwood Park Shopping Center		32,053			100.0%	32,053			5.53%		1/1/2016	None
Chicago Portfolio		15,186			100.0%	15,186			5.61%		2/1/2016	None
The Gateway Shopping Center		19,357			100.0%	19,357			5.44%		3/1/2016	None
330-340 River Street		10,607			100.0%	10,607			5.30%		5/1/2016	1 x 60 mos.
Brandywine Town Center		166,200			22.2%	36,933			5.99%		7/1/2016	None
Rhode Island Place Shopping Center		15,911			100.0%	15,911			6.35%		12/1/2016	None
239 Greenwich Avenue		26,000			75.0%	19,500			5.42%		2/11/2017	None
639 West Diversey		4,220			100.0%	4,220			6.65%		3/1/2017	None
Merrillville Plaza		25,412			100.0%	25,412			5.88%		8/1/2017	None
Bedford Green		29,475			100.0%	29,475			5.10%		9/5/2017	None
163 Highland Avenue		9,765			100.0%	9,765			4.66%		2/1/2024	None
Crossroads Shopping Center		67,500			49.0%	33,075			3.94%		9/30/2024	None
840 N. Michigan		73,500			88.4%	64,996			4.36%		2/10/2025	None
Georgetown Portfolio		17,810			50.0%	8,905			4.72%		12/10/2027	None
Interest rate swaps 1		173,407			99.9%	173,243			3.66%		Various
Sub-Total Fixed-Rate Debt		714,027				526,262			4.66	%
Variable-Rate Debt
Unsecured Line of Credit 2		50,000			100.0%	50,000			Libor + 140		1/31/2018	1 x 12 mos.
664 N. Michigan		44,053			100.0%	44,053			Libor + 165		6/28/2018	1 x 60 mos.
Unsecured Term Loan		50,000			100.0%	50,000			Libor + 130		11/25/2019	None
4401 N. White Plains Road		6,111			100.0%	6,111			Libor + 190		9/1/2022	None
28 Jericho Turnpike		15,639			100.0%	15,639			Libor + 190		1/23/2023	None
60 Orange Street		8,178			98.0%	8,014			Libor + 175		4/3/2023	None
Interest rate swaps 1		(173,407		)	99.9%	(173,243		)	Libor + 151
Sub-Total Variable-Rate Debt		574				574			Libor + 151
Total Debt - Core Portfolio		$	714,601			$	526,836		4.66%
		Principal Balance at			Acadia's Pro-rata Share				Interest		Maturity	Extension
Property		March 31, 2015			Percent	Amount			Rate		Date	Options
Funds
Fixed-Rate Debt
Arundel Plaza 3	Fund III	$	8,692		17.9%	$	1,557		5.60%		4/1/2015	None
216th Street 3	Fund II	25,500			19.8%	5,054			5.80%		10/1/2017	None
CityPoint 3	Fund II	199,000			18.8%	37,469			4.75%		2020 7	None
CityPoint 3,6	Fund II	5,262			18.8%	991			1.00%		8/23/2019	None
Interest rate swaps 1	Funds II, III & IV	127,180			19.5%	24,759			3.33%		Various
Sub-Total Fixed-Rate Debt		365,634				69,830			4.29%
Variable-Rate Debt
Parkway Crossing 3	Fund III	12,822			17.9%	2,297			Libor + 220		1/1/2015	2 x 12 mos.
Liberty Avenue 3	Fund II	8,944			19.8%	1,773			Libor + 275		4/30/2015	None

210 Bowery	Fund IV	4,600			23.1%	1,064			Libor + 195	6/1/2015	None
640 Broadway 3	Fund III	22,448			12.6%	2,821			Libor + 295	7/1/2015	1 x 12 mos.
CityPoint 3	Fund II	20,650			18.8%	3,888			Libor + 400	8/12/2015	None
CityPoint 3	Fund II	20,000			18.8%	3,766			Libor + 170	8/23/2015	1 x 12 mos.
Cortlandt Towne Center	Fund III	83,726			19.9%	16,661			Libor + 165	10/26/2015	None
Acadia Strategic Opportunity IV LLC 4	Fund IV	123,700			23.1%	28,599			Libor + 165	11/20/2015	1 x 12 mos.
Nostrand Avenue	Fund III	11,917			19.9%	2,371			Libor + 265	2/1/2016	2 x 12 mos.
Heritage Shops	Fund III	24,500			19.9%	4,876			Libor + 155	2/28/2016	2 x 12 mos.
Promenade at Manassas 3	Fund IV	25,000			22.8%	5,696			Libor + 140	11/19/2016	2 x 12 mos.
1701 Belmont Avenue 3, 8	Fund IV	3,344			22.8%	762			Prime + 50	1/31/2017	None
Acadia Strategic Opportunity IV LLC 5	Fund IV	31,000			23.1%	7,167			Libor + 275	2/9/2017	1 x 6 mos.
654 Broadway	Fund III	9,000			19.9%	1,791			Libor + 188	3/1/2017	2 x 12 mos.
New Hyde Park Shopping Center	Fund III	11,600			19.9%	2,308			Libor + 185	5/1/2017	2 x 12 mos.
938 W. North Avenue 3	Fund IV	12,500			18.5%	2,312			Libor + 235	5/1/2017	1 x 12 mos.
1151 Third Avenue	Fund IV	12,481			23.1%	2,886			Libor + 175	6/3/2017	2 x 12 mos.
2819 Kennedy Boulevard 3	Fund IV	5,960			22.8%	1,358			Libor + 215	12/9/2017	2 x 12 mos.
Eden Square 3	Fund IV	16,000			22.8%	3,646			Libor + 200	12/17/2017	1 x 12 mos.
161st Street 3	Fund II	29,500			19.8%	5,847			Libor + 250	4/1/2018	None
Paramus Plaza 3	Fund IV	12,600			11.6%	1,457			Libor + 170	2/20/2019	None
Lake Montclair	Fund IV	15,191			23.1%	3,512			Libor + 215	5/1/2019	None
1035 Third Avenue	Fund IV	42,000			23.1%	9,710			Libor + 235	1/27/2021	None
White City Shopping Center 3	Fund III	56,375			16.7%	9,426			Libor + 215	2/19/2021	None
3104 M Street 3	Fund III	223			15.9%	36			Prime + 50	12/10/2021	None
CityPoint 3	Fund II	20,000			18.8%	3,766			Libor + 139	11/1/2021	None
Interest rate swaps 1	Funds II, III & IV	(127,180		)	19.5%	(24,759		)	Libor + 203
Sub-Total Variable-Rate Debt		508,901				105,037			Libor + 200
Total Debt - Funds		$	874,535			$	174,867		3.02%
Total Debt - Core Portfolio and Funds		$	1,589,136			$	701,703		4.25%
Portfolio Debt - Notes
(in thousands)
1 The Company has hedged a portion of its variable-rate debt with variable to fixed-rate swap agreements
2 This 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 March 31, 2015, the interest rate is LIBOR + 140 basis points.
3 Acadia's interest in this Fund debt is also reflected net of other JV interests at the investment level.
4 Total 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 $228,848.
5 Total current availability under this facility is $50,000.
6 This loan was made in connection with the New Markets Tax Credit and contains a borrower option to purchase the loan for $1 at the end of the term.
7 The maturity date of this loan is five years after the final advancing of funds which is currently anticipated to occur by the end of 2015.
8 Bears interest at the greater of 4% or the Prime Rate plus 50 basis points.

Future Debt Maturities 1
(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
2015	$	4,150	$	27,344	$	31,494	$	4,026	$	27,344	$	31,370	5.04	%	5.04	%	n/a
2016	4,040		257,573		261,613		3,869		128,306		132,175		4.40	%	4.40	%	n/a
2017	3,551		82,926		86,477		3,225		76,426		79,651		5.17	%	5.17	%	n/a
2018	3,169		90,058		93,227		2,382		90,058		92,440		1.68	%	n/a		1.68	%
2019	2,740		50,000		52,740		1,920		50,000		51,920		1.47	%	n/a		1.47	%
Thereafter	14,055		174,995		189,050		8,935		130,345		139,280		3.11	%	3.34	%	2.02	%
Total	$	31,705	$	682,896	$	714,601	$	24,357	$	502,479	$	526,836
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
2015	$	2,854	$	292,042	$	294,896	$	556	$	59,994	$	60,550	2.21	%	5.60	%	2.10	%
2016	2,239		73,408		75,647		444		15,081		15,525		1.95	%	n/a		1.95	%
2017	1,569		125,505		127,074		297		26,897		27,194		2.68	%	5.80	%	1.88	%
2018	1,449		29,500		30,949		266		5,847		6,113		2.67	%	n/a		2.67	%
2019	857		230,228		231,085		147		43,041		43,188		4.37	%	4.65	%	2.11	%
Thereafter	2,064		112,820		114,884		375		21,922		22,297		2.37	%	n/a		2.37	%
Total	$	11,032	$	863,503	$	874,535	$	2,085	$	172,782	$	174,867
Note:
1 Does not include any applicable extension options

Core Portfolio Retail Properties - Detail 1
																Leased		Annualized		Annualized
		Year	Acadia's	Gross Leaseable Area				In Place Occupancy								Occupancy		Base Rent		Base Rent PSF
Property	Key Tenants	Acquired	interest	Street	Anchors	Shops	Total	Street		Anchors		Shops		Total		Total		Total		Total
URBAN AND STREET RETAIL
Chicago Metro
664 N. Michigan Avenue	Tommy Bahama, Ann Taylor Loft, Harley Davidson	2013	100.0%	18,141	—	—	18,141	100.0	%	—		—		100.0	%	100.0	%	$	4,316,794	$	237.96
840 N. Michigan Avenue	H & M, Verizon Wireless	2014	88.4%	87,135	—	—	87,135	100.0	%	—		—		100.0	%	100.0	%	7,104,900		81.54
Rush and Walton Streets Collection - 6 properties	Lululemon, Brioni, BHLDN, Marc Jacobs	2011/12	100.0%	41,432	—	—	41,432	100.0	%	—		—		100.0	%	100.0	%	6,322,196		152.59
651-671 West Diversey	Trader Joe's, Urban Outfitters	2011	100.0%	46,259	—	—	46,259	100.0	%	—		—		100.0	%	100.0	%	1,922,016		41.55
Clark Street and W. Diversey Collection - 3 properties	Ann Taylor, Akira	2011/12	100.0%	23,531	—	—	23,531	86.7	%	—		—		86.7	%	95.9	%	1,053,247		51.62
Halsted and Armitage Collection - 9 properties	Intermix, BCBG, Club Monaco	2011/12	100.0%	44,658	—	—	44,658	95.1	%	—		—		95.1	%	95.1	%	1,840,042		43.34
North Lincoln Park Chicago Collection - 6 properties	Forever 21, Aldo, Carhartt, Chase Bank	2011/14	100.0%	22,125	—	29,130	51,255	100.0	%	—		—		43.2	%	81.6	%	1,642,399		74.23
				283,281	—	29,130	312,411	98.1	%	—		67.6	%	95.3	%	96.0	%	24,201,594		81.31
New York Metro
83 Spring Street	Paper Source	2012	100.0%	3,000	—	—	3,000	100.0	%	—		—		100.0	%	100.0	%	623,884		207.96
152-154 Spring Street	—	2014	100.0%	2,936	—	—	2,936	100.0	%	—		—		100.0	%	100.0	%	2,177,360		741.61
Mercer Street	3 X 1 Denim	2011	100.0%	3,375	—	—	3,375	100.0	%	—		—		100.0	%	100.0	%	418,689		124.06
East 17th Street	Union Fare	2008	100.0%	11,467	—	—	11,467	100.0	%	—		—		100.0	%	100.0	%	1,300,014		—
West 54th Street	Stage Coach Tavern	2007	100.0%	5,773	—	—	5,773	92.3	%	—		—		92.3	%	92.3	%	2,201,461		413.11
61 Main Street	Chicos	2014	100.0%	3,400	—	—	3,400	100.0	%	—		—		100.0	%	100.0	%	351,560		103.40
181 Main Street	TD Bank	2012	100.0%	11,350	—	—	11,350	100.0	%	—		—		100.0	%	100.0	%	852,150		75.08
4401 White Plains Road	Walgreens	2011	100.0%	—	12,964	—	12,964	—		100.0	%	—		100.0	%	100.0	%	625,000		48.21
Bartow Avenue	Sleepy's	2005	100.0%	—	—	14,676	14,676	—		—		100.0	%	100.0	%	100.0	%	467,987		31.89
239 Greenwich Avenue	Coach	1998	75.0%	16,553	—	—	16,553	27.4	%	—		—		27.4	%	100.0	%	388,573		85.57
252-256 Greenwich Avenue	Madewell, Calypso, Jack Wills	2014	100.0%	9,172	—	—	9,172	100.0	%	—		—		100.0	%	100.0	%	1,238,827		135.07
Third Avenue	Planet Fitness	2006	100.0%	—	21,650	18,670	40,320	—		100.0	%	100.0	%	100.0	%	100.0	%	887,172		22.00
868 Broadway	Dr Martens	2013	100.0%	2,031	—	—	2,031	100.0	%	—		—		100.0	%	100.0	%	682,069		335.83
313-315 Bowery2	John Varvatos, Patagonia	2013	100.0%	6,600	—	—	6,600	100.0	%	—		—		100.0	%	100.0	%	435,600		66.00
120 West Broadway	HSBC Bank, Citibank	2013	100.0%	13,638	—	—	13,638	81.7	%	—		—		81.7	%	92.7	%	1,644,481		147.64
131-135 Prince Street	Folli Follie, Uno De 50	2013	100.0%	3,200	—	—	3,200	100.0	%	—		—		100.0	%	100.0	%	1,232,352		385.11
2520 Flatbush Avenue	Bob's Discount Furniture, Capital One	2014	100.0%	—	—	29,114	29,114	—		—		100.0	%	100.0	%	100.0	%	1,049,538		36.05
Shops at Grand	Stop & Shop (Ahold)	2014	100.0%	—	52,336	47,639	99,975	—		100.0	%	81.6	%	91.3	%	91.3	%	2,736,357		29.99
				92,495	86,950	110,099	289,544	83.8	%	100.0	%	92.1	%	91.8	%	96.5	%	19,313,074		72.65
San Francisco Metro
City Center	City Target, Best Buy	2015	100.0%	—	174,311	30,337	204,648	—		100.0	%	100.0	%	100.0	%	100.0	%	7,635,340		37.31
				—	174,311	30,337	204,648	—		100.0	%	100.0	%	100.0	%	100.0	%	7,635,340		37.31
District of Columbia Metro
1739-53 & 1801-03 Connecticut Avenue	Ruth Chris Steakhouse, TD Bank	2012	100.0%	22,907	—	—	22,907	100.0	%	—		—		100.0	%	100.0	%	1,306,696		57.04
Rhode Island Place Shopping Center	TJ Maxx	2012	100.0%	—	24,996	32,533	57,529	—		100.0	%	92.3	%	95.7	%	95.7	%	1,541,554		28.01

M Street and Wisconsin Corridor - 7 Properties	Lacoste, Juicy Couture, Coach	2011	62.4%		31,629	—	—	31,629	100.0	%	—		—		100.0	%	100.0	%	2,630,592		83.17
					54,536	24,996	32,533	112,065	100.0	%	100.0	%	92.3	%	97.8	%	97.8	%	5,478,842		50.00
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	%	1,130,470		20.85
					—	40,800	13,426	54,226	—		100.0	%	100.0	%	100.0	%	100.0	%	1,130,470		20.85
Total Urban and Street Retail					430,312	327,057	215,525	972,894	95.3	%	100.0	%	90.4	%	95.8	%	97.4	%	$	57,759,320	$	61.98
Acadia Share Total Urban and Street Retail					403,752	327,057	215,525	946,334	95.7%		100.0%		90.4%		96.0	%	97.3	%	$	53,113,316	$	58.47
Notes:
1 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.
613-623 West Diversey Parkway is under redevelopment.
2 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.
SUBURBAN PROPERTIES
New Jersey
Elmwood Park Shopping Center	Walgreens, Pathmark (A&P)	1998	100.0	%	—	62,610	86,460	149,070	—		100.0	%	95.3	%	97.3	%	97.3	%	$	3,725,381	$	25.69
Marketplace of Absecon	Rite Aid, Dollar Tree	1998	100.0	%	—	46,724	57,832	104,556	—		100.0	%	90.5	%	94.8	%	94.8	%	1,432,754		14.46
60 Orange Street	Home Depot	2012	98.0	%	—	101,715	—	101,715	—		100.0	%	—		100.0	%	100.0	%	695,000		6.83
New York																					��
Village Commons Shopping Center	-	1998	100.0	%	—	—	87,330	87,330	—		—		98.1	%	98.1	%	98.1	%	2,710,970		31.65
Branch Plaza	LA Fitness, CVS	1998	100.0	%	—	76,105	51,136	127,241	—		73.6	%	70.8	%	72.5	%	90.2	%	2,329,476		25.25
Amboy Center	Stop & Shop (Ahold)	2005	100.0	%	—	37,266	26,024	63,290	—		100.0	%	100.0	%	100.0	%	100.0	%	1,959,317		30.96
Pacesetter Park Shopping Center	Stop & Shop (Ahold)	1999	100.0	%	—	52,052	45,552	97,604	—		100.0	%	76.2	%	88.9	%	88.9	%	1,106,342		12.75
LA Fitness	LA Fitness	2007	100.0	%	—	55,000	—	55,000	—		100.0	%	—		100.0	%	100.0	%	1,391,500		25.30
Crossroads Shopping Center	Home Goods, PetSmart, Kmart	1998	49.0	%	—	202,727	107,925	310,652	—		100.0	%	83.4	%	94.2	%	95.7	%	6,751,799		23.06
New Loudon Center	Price Chopper, Marshalls	1993	100.0	%	—	251,058	4,615	255,673	—		100.0	%	100.0	%	100.0	%	100.0	%	1,989,333		7.78
28 Jericho Turnpike	Kohl's	2012	100.0	%	—	96,363	—	96,363	—		100.0	%	—		100.0	%	100.0	%	1,650,000		17.12
Bedford Green	Shop Rite	2014	100.0	%	—	37,981	52,491	90,472	—		100.0	%	84.9	%	91.2	%	91.2	%	2,463,749		29.86
Connecticut
Town Line Plaza 2	Wal-Mart, Stop & Shop (Ahold)	1998	100.0	%	—	163,159	43,187	206,346	—		100.0	%	93.6	%	98.7	%	98.7	%	1,719,260		16.17
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	%	1,268,570		9.76
Crescent Plaza	Home Depot, Shaw's (Supervalu)	1993	100.0	%	—	156,985	61,163	218,148	—		100.0	%	78.9	%	94.1	%	96.0	%	1,765,676		8.60
201 Needham Street	Michael's	2014	100.0	%	—	20,409	—	20,409	—		100.0	%	—		100.0	%	100.0	%	591,861		29.00
163 Highland Avenue	Staples, Petco	2015	100.0	%	—	40,505	—	40,505	—		100.0	%	—		100.0	%	100.0	%	1,275,673		31.49
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	%	2,034,508		20.01
Illinois
Hobson West Plaza	Garden Fresh Markets	1998	100.0	%	—	51,692	47,445	99,137	—		100.0	%	88.3	%	94.4	%	94.4	%	1,122,942		12.00

Indiana
Merrillville Plaza	Jo-Ann Fabrics, TJ Maxx	1998	100.0	%	—	123,220	112,867	236,087	—		100.0	%	99.0	%	99.5	%	100.0	%	3,364,727		14.32
Michigan
Bloomfield Town Square	Best Buy, Home Goods,	1998	100.0	%	—	153,839	81,947	235,786	—		100.0	%	100.0	%	100.0	%	100.0	%	3,573,030		15.15
	TJ Maxx, Dick's Sporting Goods
Ohio
Mad River Station	Babies 'R' Us	1999	100.0	%	—	58,185	65,150	123,335	—		100.0	%	67.4	%	82.8	%	82.8	%	1,349,077		13.22
Delaware
Brandywine Town Center	Lowes, Bed Bath & Beyond,	2003	22.2	%	—	852,261	48,608	900,869	—		94.5	%	91.4	%	94.3	%	94.3	%	13,981,994		16.45
	Target, Dick's Sporting Goods				—
Market Square Shopping Center	Trader Joe's, TJ Maxx	2003	22.2	%	—	42,850	59,197	102,047	—		100.0	%	91.6	%	95.1	%	100.0	%	2,487,647		25.62
Naamans Road	-	2006	22.2	%	—	—	19,984	19,984	—		—		100.0	%	100.0	%	100.0	%	867,517		43.41
Pennsylvania
Mark Plaza	Kmart	1993	100.0	%	—	104,956	1,900	106,856	—		100.0	%	100.0	%	100.0	%	100.0	%	240,664		2.25
Plaza 422	Home Depot	1993	100.0	%	—	139,968	16,311	156,279	—		100.0	%	100.0	%	100.0	%	100.0	%	835,956		5.35
Route 6 Plaza	Kmart	1994	100.0	%	—	146,568	29,021	175,589	—		100.0	%	94.8	%	99.1	%	100.0	%	1,272,302		7.31
Chestnut Hill	-	2006	100.0	%	—	—	37,646	37,646	—		—		100.0	%	100.0	%	100.0	%	908,141		24.12
Abington Towne Center 3	Target, TJ Maxx	1998	100.0	%	—	184,616	31,662	216,278	—		100.0	%	70.4	%	95.7	%	95.7	%	1,016,714		20.62
Total Suburban Properties					—	3,452,002	1,213,941	4,665,943	—		98.1	%	89.6	%	95.9	%	96.7	%	$	67,881,880	$	16.09
Acadia Share Total Suburban Properties					—	2,609,855	1,059,505	3,669,360	—		98.8	%	89.6	%	96.2	%	97.1	%	$	50,939,721	$	15.56
TOTAL CORE PROPERTIES					430,312	3,779,059	1,429,466	5,638,837	95.3	%	98.2	%	89.7	%	95.8	%	96.8	%	$	125,641,200	$	24.40
Acadia Share Total Core Properties					403,752	2,977,417	1,275,030	4,656,198	95.7	%	99.0	%	89.7	%	96.2	%	97.1	%	$	106,789,393	$	25.29
Notes:
1 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.
2 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.
3 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 - Ranked by Annual Base Rent (ABR) 1
		Pro-Rata
	Number of stores	Combined			Percentage of Total
	in Core				Percentage of
Tenant	portfolio	GLA	Base Rent		Portfolio GLA		Base Rent
Stop and Shop (Ahold)	4	207,513	$	3,538,374	4.5	%	3.3	%
Best Buy	2	86,686	3,273,894		1.9	%	3.1	%
Target	2	155,822	3,224,714		3.3	%	3.0	%
LA Fitness	2	100,000	2,336,500		2.1	%	2.2	%
Verizon	2	31,371	2,318,968		0.7	%	2.2	%
Ann Taylor Loft	2	14,174	2,150,210		0.3	%	2.0	%
TJX Companies	9	218,734	1,920,512		4.7	%	1.8	%
-- TJ Maxx	5	120,123	854,724		2.6	%	0.8	%
-- Marshalls	2	46,748	443,998		1.0	%	0.4	%
-- Home Goods	2	51,863	621,790		1.1	%	0.6	%
Supervalu (Shaw's)	2	123,409	1,907,456		2.7	%	1.8	%
Home Depot	3	312,718	1,827,600		6.7	%	1.7	%
Walgreens	3	37,499	1,412,716		0.8	%	1.3	%
Kate Spade	2	4,250	1,333,050		0.1	%	1.2	%
Citibank	5	17,283	1,239,117		0.4	%	1.2	%
Sleepy's	8	41,831	1,210,183		0.9	%	1.1	%
Kmart	3	273,969	1,170,078		5.9	%	1.1	%
Bob's Discount Furniture	2	34,723	1,062,507		0.7	%	1.0	%
TD Bank	2	15,560	1,060,904		0.3	%	1.0	%
Trader Joe's	2	19,094	967,216		0.4	%	0.9	%
Urban Outfitters	2	19,902	879,450		0.4	%	0.8	%
Gap (Banana Republic and Old Navy)	3	13,835	878,356		0.3	%	0.8	%
Dicks Sporting Goods	2	59,805	860,471		1.3	%	0.8	%
TOTAL	62	1,788,178	$	34,572,276	38.4	%	32.3	%
Note:
1 Does not include tenants that operate at only one of Acadia's properties.

Core Portfolio Lease Expirations
	Street Tenants								Anchor Tenants								Shop Tenants								Total Tenants
		Gross Leased Area			Base Rent					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		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		Expiring	SF	of Total		PSF		of Total
M to M 1	—	—	—		$	—	—		—	—	—		$	—	—		9	38,172	3.0	%	$	22.42	2.4	%	9	38,172	0.7%		$	22.42	0.7%
2015	1	2,500	0.6	%	75.00		0.5	%	4	254,846	7.4	%	15.51		8.0	%	22	65,656	5.1	%	26.63		5.0	%	27	323,002	6.3	%	18.23		4.7	%
2016	9	47,465	11.6	%	43.39		5.0	%	9	332,463	9.6	%	11.99		8.1	%	48	198,420	15.5	%	21.67		12.3	%	66	578,348	11.2	%	17.89		8.2	%
2017	9	32,901	8.0	%	101.22		8.1	%	6	296,390	8.6	%	11.11		6.7	%	43	180,403	14.1	%	29.22		15.0	%	58	509,694	9.9	%	23.34		9.5	%
2018	6	74,979	18.3	%	79.99		14.6	%	8	472,193	13.7	%	17.43		16.6	%	54	169,073	13.2	%	29.62		14.3	%	68	716,245	13.9	%	26.86		15.3	%
2019	8	19,309	4.7	%	167.87		7.9	%	9	334,577	9.7	%	8.78		5.9	%	29	93,356	7.3	%	25.10		6.7	%	46	447,242	8.7	%	19.05		6.8	%
2020	11	30,691	7.5	%	117.39		8.8	%	8	386,909	11.2	%	12.99		10.1	%	19	91,471	7.1	%	20.66		5.4	%	38	509,071	9.9	%	20.66		8.4	%
2021	7	49,579	12.1	%	57.92		7.0	%	6	267,331	7.7	%	10.58		5.7	%	14	72,151	5.6	%	24.04		4.9	%	27	389,061	7.6	%	19.11		5.9	%
2022	6	21,011	5.1	%	142.05		7.3	%	2	69,837	2.0	%	26.15		3.7	%	20	82,004	6.4	%	26.76		6.3	%	28	172,852	3.4	%	40.53		5.6	%
2023	5	22,169	5.4	%	93.55		5.1	%	5	205,067	5.9	%	17.92		7.4	%	11	63,545	5.0	%	26.18		4.7	%	21	290,781	5.6	%	25.49		5.9	%
2024	8	60,828	14.8	%	93.65		13.9	%	7	330,390	9.6	%	20.41		13.6	%	24	109,010	8.5	%	29.42		9.1	%	39	500,228	9.7	%	31.28		12.5	%
Thereafter	11	48,599	11.9	%	185.15		21.8	%	12	507,233	14.6	%	13.82		14.2	%	17	119,084	9.2	%	40.97		13.9	%	40	674,916	13.1	%	30.94		16.5	%
Total	81	410,031	100.0	%	$	100.10	100.0	%	76	3,457,236	100.0	%	$	14.32	100.0	%	310	1,282,345	100.0	%	$	27.37	100.0	%	467	5,149,612	100.0%		$	24.40	100.0%
										254,916	Anchor GLA Owned by Tenants															254,916	Anchor GLA Owned by Tenants
		20,281	Total Vacant							66,907	Total Vacant							147,121	Total Vacant							234,309	Total Vacant
		430,312	Total Square Feet							3,779,059	Total Square Feet							1,429,466	Total Square Feet							5,638,837	Total Square Feet
Note:
1 Leases currently under month to month or in process of renewal

Core Portfolio - New and Renewal Rent Spreads 1
	3 months ended
	March 31, 2015
	GAAP 3			Cash 2
New leases
Number of new leases executed	1			1
GLA	2,161			2,161
New base rent	$	30.50		$	30.00
Previous base rent	$	33.17		$	35.88
Average cost per square foot	$	40.22		$	40.22
Weighted Average Lease Term (years)	10.0			10.0
Percentage growth in base rent	(8.0		)%	(16.4		)%
Renewal leases
Number of renewal leases executed	8			8
GLA	59,801			59,801
New base rent	$	21.15		$	20.21
Expiring base rent	$	15.65		$	15.98
Average cost per square foot	$	19.68		$	19.68
Weighted Average Lease Term (years)	8.8			8.8
Percentage growth in base rent	35.1		%	26.5		%
Total new and renewal Leases
Number of new and renewal leases executed	9			9
GLA commencing	61,962			61,962
New base rent	$	21.48		$	20.55
Expiring base rent	$	16.26		$	16.67
Average cost per square foot	$	20.40		$	20.40
Weighted Average Lease Term (years)	8.8			8.8
Percentage growth in base rent	32.1		%	23.3		%
Notes:
1 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.
2 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.
3 Rents are calculated on a straight-line ("GAAP") basis.

Core Portfolio Capital Expenditures
Current Quarter
	Current Quarter
	3 months ended			Prior Year ended
	March 31, 2015			December 31, 2014
Leasing Commissions	$	210		$	939
Tenant Improvements	1,091			3,962
Capital Expenditures	1,677			964
Total Capital Expenditures	$	2,978		$	5,865
Other redevelopment and re-anchoring related activities	$	4,107	1	$	2,884	2
Note:
1 Costs associated with the re-anchoring of East 17th Street.
2 Costs associated with the re-anchoring of Branch and Crossroads shopping centers.

Property Demographics - Core
							3-Mile Radius
				Base		Total	Total	#	Median HH		Avg. HH
	Property	City	State	Rent		GLA	Pop.	HH	Income		Income
	Core - Urban and Street Retail
	664 N. Michigan Avenue	Chicago	IL	$	4,316,794	18,141	295,897	163,646	$	74,143	$	115,275
	840 N. Michigan Avenue	Chicago	IL	7,104,900		87,135	307,531	172,435	79,109		122,284
	Rush and Walton Streets Collection - 6 properties	Chicago	IL	6,322,196		41,432	319,505	178,056	75,196		116,122
	613-623 West Diversey Parkway	Chicago	IL	—		427,233	404,680	217,820	70,480		105,904
	651-671 West Diversey	Chicago	IL	1,922,016		46,259	413,506	220,785	70,198		105,234
	Clark Street and W. Diversey Collection - 3 properties	Chicago	IL	1,053,247		23,531	406,523	217,890	70,388		105,694
	Halsted and Armitage Collection - 9 properties	Chicago	IL	1,840,042		44,658	443,549	238,098	72,697		108,583
	North Lincoln Park Chicago Collection - 6 properties	Chicago	IL	1,642,399		51,255	496,377	247,811	68,233		99,096
	83 Spring Street	Manhattan	NY	623,884		3,000	981,658	479,147	85,920		121,994
	152-154 Spring Street	Manhattan	NY	2,177,360		2,936	918,561	473,494	87,476		126,722
	Mercer Street	Manhattan	NY	418,689		3,375	942,758	457,309	85,389		121,063
	East 17th Street	Manhattan	NY	1,300,014		11,467	1,079,577	547,698	91,428		133,947
	West 54th Street	Manhattan	NY	2,201,461		5,773	1,249,501	636,418	91,179		137,662
	61 Main Street	Westport	CT	351,560		3,400	46,740	17,572	126,406		193,141
	181 Main Street	Westport	CT	852,150		11,350	46,401	17,290	132,350		187,954
	4401 White Plains Road	Bronx	NY	625,000		12,964	571,325	214,126	52,977		65,542
	Bartow Avenue	Bronx	NY	467,987		14,676	578,872	215,091	47,890		58,583
	239 Greenwich Avenue	Greenwich	CT	388,573		16,553	67,092	24,790	112,373		169,820
	252-256 Greenwich Avenue	Greenwich	CT	1,238,827		9,172	67,228	25,117	110,894		176,008
	Third Avenue	Bronx	NY	887,172		40,320	1,239,993	443,231	35,628		49,095
	868 Broadway	Manhattan	NY	682,069		2,031	1,077,976	547,276	91,410		134,095
	313-315 Bowery	Manhattan	NY	6,600		435,600	1,032,158	506,284	85,730		122,785
	120 West Broadway	Manhattan	NY	1,644,481		13,638	878,321	422,645	85,293		121,409
	131-135 Prince Street	Manhattan	NY	1,232,352		3,200	990,615	484,990	88,621		132,090
	2520 Flatbush Avenue	Brooklyn	NY	1,049,538		29,114	553,769	211,713	56,343		68,554
	Shops at Grand	Queens	NY	2,736,357		99,975	935,540	331,826	56,790		68,721
	City Center	San Francisco	CA	7,635,340		204,648	514,866	247,768	79,424		109,896
	1739-53 & 1801-03 Connecticut Avenue	Washington	DC	1,306,696		22,907	338,815	164,797	81,801		108,533
	Rhode Island Place Shopping Center	Washington	DC	1,541,554		57,529	348,349	157,678	66,984		86,314
	M Street and Wisconsin Corridor - 7 properties	Georgetown	DC	2,630,592		31,629	321,861	160,430	87,539		114,211
	330-340 River Street	Cambridge	MA	1,130,470		54,226	492,750	214,634	65,037		91,540
Total Core Urban and Street Retail
Weighted Average - Based on annual base rent							527,437	256,252	$	78,264	$	113,676
							3-Mile Radius
				Base		Total	Total	#	Median HH		Avg. HH
	Property	City	State	Rent		GLA	Pop.	HH	Income		Income
	Core - Suburban Properties
	Elmwood Park Shopping Center	Elmwood Park	NJ	3,725,381		149,070	252,982	84,585	60,290		69,299
	Marketplace of Absecon	Absecon	NJ	1,432,754		104,556	32,668	11,471	61,717		73,395
	60 Orange Street	Bloomfield	NJ	695,000		101,715	338,909	125,166	56,211		67,492
	Village Commons Shopping Center	Smithtown	NY	2,710,970		87,330	67,473	22,922	109,170		123,046
	Branch Plaza	Smithtown	NY	2,329,476		127,241	67,554	22,991	108,660		122,359
	Amboy Center	Staten Island	NY	1,959,317		63,290	151,900	55,451	87,868		98,504
	Pacesetter Park Shopping Center	Pomona	NY	1,106,342		97,604	36,144	11,216	112,281		126,247
	LA Fitness	Staten Island	NY	1,391,500		55,000	128,131	45,167	79,348		89,832
	Crossroads Shopping Center	White Plains	NY	6,751,799		310,652	109,134	42,516	96,092		118,263
	New Loudon Center	Latham	NY	1,989,333		255,673	42,827	17,479	67,391		81,548
	28 Jericho Turnpike	Westbury	NY	1,650,000		96,363	95,953	29,144	108,872		129,163
	Bedford Green	Bedford Hills	NY	2,463,749		90,472	25,440	8,955	99,204		140,115

	Town Line Plaza	Rocky Hill	CT	1,719,260		206,346	46,399	19,437	72,685		86,521
	Methuen Shopping Center	Methuen	MA	1,268,570		130,021	99,701	34,864	50,705		60,706
	Crescent Plaza	Brockton	MA	1,765,676		218,148	98,838	34,781	57,332		64,961
	201 Needham Street	Newton	MA	591,861		20,409	105,304	36,441	129,789		181,225
	163 Highland Avenue	Newton	MA	1,275,673		40,505	94,925	33,363	132,872		186,226
	The Gateway Shopping Center	So. Burlington	VT	2,034,508		101,655	48,384	19,261	51,446		63,537
	Hobson West Plaza	Naperville	IL	1,122,942		99,137	94,989	34,059	103,910		126,405
	Merrillville Plaza	Hobart	IN	3,364,727		236,087	26,123	10,805	47,909		58,578
	Bloomfield Town Square	Bloomfield Hills	MI	3,573,030		235,786	56,773	22,617	62,547		94,909
	Mad River Station	Dayton	OH	1,349,077		123,335	65,307	28,938	56,592		69,153
	Mark Plaza	Edwardsville	PA	240,664		106,856	86,196	36,839	37,495		45,983
	Plaza 422	Lebanon	PA	835,956		156,279	45,792	18,157	44,301		52,611
	Route 6 Plaza	Honesdale	PA	1,272,302		175,589	6,832	2,962	37,786		44,999
	Chestnut Hill	Philadelphia	PA	908,141		37,646	147,436	62,292	58,777		77,506
	Abington Towne Center	Abington	PA	1,016,714		216,278	89,439	35,119	78,159		95,124
Total Core Suburban Properties
Weighted Average - Based on annual base rent							90,311	32,981	$	78,368	$	96,369
Total Core Properties
Weighted Average - Based on annual base rent							322,622	151,639	$	78,313	$	105,567
	Brandywine/Market Square/Naamans Rd 1	Wilmington	DE	$	17,337,158	1,022,900	507,575	193,705	$	72,923	$	88,573
Note:
1 Based on 10 mile radius demographics given the unique trade market for this asset. This has been excluded from the average calculations of 3-mile radius due to its unique trade market.
Property Demographics - Funds
							3-Mile Radius
				Base		Total	Total	#	Median HH		Avg. HH
	Property	City	State	Rent		GLA	Pop.	HH	Income		Income
	Fund II
	Liberty Avenue	Queens	NY	$	940,286	26,125	639,405	213,464	$	55,561	$	67,368
	216th Street	Manhattan	NY	2,574,000		60,000	963,175	337,894	37,629		48,228
	161st Street	Bronx	NY	3,166,025		232,252	1,274,128	450,383	33,329		45,066
Fund II
Weighted Average - Based on annual base rent							1,064,974	373,692	$	38,115	$	49,423
	Fund III
	Cortlandt Towne Center	Mohegan Lake	NY	$	9,980,909	635,353	49,966	17,759	$	84,926	$	97,340
	654 Broadway	Manhattan	NY	566,500		2,896	1,007,518	497,906	86,836		124,507
	640 Broadway	Manhattan	NY	600,884		4,145	1,006,693	496,773	86,613		124,108
	New Hyde Park Shopping Center	New Hyde Park	NY	1,254,488		32,602	199,698	70,745	102,010		122,658
	Nostrand Avenue	Brooklyn	NY	1,484,496		40,315	544,351	203,713	51,528		65,388
	White City	Shrewsbury	MA	4,094,789		179,684	99,189	39,649	51,215		62,391
	Parkway Crossing	Parkville	MD	1,846,992		260,241	185,935	74,271	59,022		68,972
	Arundel Plaza	Glen Burnie	MD	1,320,784		265,116	77,759	29,166	59,786		64,793
	Heritage Shops	Chicago	IL	3,236,173		81,730	288,116	154,272	71,414		110,831
Fund III
Weighted Average - Based on annual base rent							185,256	81,452	$	73,080	$	89,999
	Fund IV
	1151 Third Avenue	Manhattan	NY	$	1,495,000	13,158	1,270,132	636,996	$	87,522	$	131,326
	17 East 71st Street	Manhattan	NY	610,894		8,723	1,266,902	623,592	87,241		138,121
	1035 Third Avenue	Manhattan	NY	940,257		7,226	1,312,871	661,001	88,317		139,161
	Paramus Plaza	Paramus	NJ	1,847,945		154,409	106,906	37,209	119,131		132,518
	2819 Kennedy Boulevard	North Bergen	NJ	110,000		41,477	526,721	241,698	78,834		110,806
	Promenade at Manassas	Manassas	VA	3,432,396		265,442	57,996	18,940	74,390		84,467
	Lake Montclair	Prince William County	VA	1,847,012		105,850	55,900	18,373	93,338		103,028
	1701 Belmont Avenue	Catonsville	MD	936,166		58,674	110,450	43,613	60,575		68,732
	Eden Square	Bear	DE	2,528,689		235,508	69,756	26,155	69,989		75,629
	938 W. North Avenue	Chicago	IL	988,726		33,228	453,690	239,813	72,447		108,382

Fund IV
Weighted Average - Based on annual base rent	352,404	169,174	$	83,399	$	102,571
Total - Funds
Weighted Average - Based on annual base rent	367,340	152,299	$	71,301	$	88,126

Overview of Acadia Funds
As of March 31, 2015	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 2	$381.6 million	$140.2 million
As a percentage of commitments	100.0%	100.0%	80.3%	25.9%
Capital funded and allocated 3	100%	100.0%	100.0%	44.0%
Distributions	$192.3 million	$131.6 million	$403.1 million	$101.9 million
As a percentage of funded capital	222.0%	43.9%	105.6%	72.7%
	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 distributed pro-rata 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
Notes:
1 Committed capital as reduced by capital attributed to sold investments.
2 During the fourth quarter of 2013, a distribution of $47.1 million was made to the Fund II investors. Until December 2016, this amount is subject to recontribution to Fund II by the investors, if needed to fund the on-going redevelopment of existing projects.
3 Includes all funded capital as well as unfunded capital commitments which have been allocated to (i) complete existing projects and (ii) acquire and complete leasing/development of acquisitions under contract

Fund Retail Properties - Detail 1
																Leased		Annualized
		Year	Ownership	Gross Leaseable Area				In Place Occupancy								Occupancy		Base Rent
	Anchors	Acquired	%	Street	Anchors	Shops	Total	Street		Anchors		Shops		Total		Total		Total		Total
Fund I Portfolio Detail
VARIOUS
Total - Fund I	Kroger/Safeway Portfolio (3 Properties)	2003	60.0%	—	97,500	—	97,500	—		34.9	%	—		34.9	%	34.9	%	$	103,074	$	3.03
Fund II Portfolio Detail
NEW YORK
New York
Liberty Avenue	CVS	2005	99.1%	—	10,880	15,245	26,125	—		100.0	%	100.0	%	100.0	%	100.0	%	$	940,286	$	35.99
216th Street	NYC Human Resources Administration	2005	99.1%	—	60,000	—	60,000	—		100.0		—		100.0	%	100.0	%	2,574,000		42.90
161st Street 2	Various New York City & State agencies	2005	99.1%	—	107,026	125,226	232,252	—		—		87.6	%	47.2	%	93.3	%	3,166,025		28.85
Total - Fund II				—	177,906	140,471	318,377	—		39.8	%	89.0	%	61.5	%	95.1	%	$	6,680,311	$	34.11
Fund III Portfolio Detail
NEW YORK
New York
Cortlandt Towne Center	Wal-Mart, Best Buy, A&P	2009	100.0%	—	472,420	162,933	635,353	—		95.7	%	85.4	%	93.1	%	96.7	%	$	9,980,909	$	16.88
654 Broadway	Penguin (Perry Ellis)	2011	100.0%	2,896	—	—	2,896	100.0	%	—		—		100.0	%	100.0	%	566,500		195.61
640 Broadway	Swatch	2012	63.1%	4,145	—	—	4,145	61.3	%	—		—		61.3	%	100.0	%	600,884		236.49
New Hyde Park Shopping Center	PetSmart	2011	100.0%	—	13,507	19,095	32,602	—		100.0	%	80.4	%	88.5	%	88.5	%	1,254,488		43.47
Nostrand Avenue	—	2013	100.0%	—	—	40,315	40,315	—		—		79.7	%	79.7	%	79.7	%	1,484,496		46.19
NEW ENGLAND
Massachusetts
White City Shopping Center 3	Shaw's (Supervalu)	2010	84.0%	—	131,152	124,509	255,661	—		86.0	%	100.0	%	92.8	%	100.0	%	6,263,085		26.39
MID-ATLANTIC
Maryland
Parkway Crossing	Home Depot, Shop Rite	2011	94.3%	—	192,836	67,405	260,241	—		100.0	%	92.9	%	98.2	%	98.2	%	1,846,992		7.23
Arundel Plaza	Giant Food, Lowe's	2012	94.3%	—	231,920	33,196	265,116	—		100.0	%	58.8	%	94.8	%	94.8	%	1,320,784		5.25
MIDWEST
Illinois
Heritage Shops	LA Fitness, Ann Taylor Loft	2011	100.0%	—	49,878	31,852	81,730	—		100.0	%	88.6	%	95.5	%	96.0	%	3,236,173		41.44
Total - Fund III				7,041	1,091,713	479,305	1,578,059	77.2	%	96.5	%	87.9	%	93.8	%	96.5	%	$	26,554,311	$	17.94
Fund IV Portfolio Detail
NEW YORK
New York
1151 Third Avenue	Vineyard Vines	2013	100.0%	13,158	—	—	13,158	81.7	%	—		—		81.7	%	100.0	%	$	1,495,000	$	139.07
17 East 71st Street	The Row	2014	100.0%	8,723	—	—	8,723	67.6	%	—		—		67.6	%	67.6	%	610,894		103.54
1035 Third Avenue 4	—	2015	100.0%	7,226	—	—	7,226	79.8	%	—		—		79.8	%	79.8	%	940,257		163.13

New Jersey
Paramus Plaza	Babies R Us, Ashley Furniture	2013	50.0%	—	74,837	79,572	154,409	—		100.0	%	28.9	%	63.4	%	63.4	%	1,847,945		18.89
2819 Kennedy Boulevard	Aldi	2013	98.6%	—	36,941	4,536	41,477	—		—		33.9	%	3.7	%	47.9	%	110,000		71.61
MID-ATLANTIC
Virginia
Promenade at Manassas	Home Depot, HH Gregg	2013	98.6%	—	194,038	71,404	265,442	—		100.0	%	94.6	%	98.6	%	98.4	%	3,432,396		13.12
Lake Montclair	Food Lion	2013	100.0%	—	33,000	72,850	105,850	—		100.0	%	90.2	%	93.2	%	93.2	%	1,847,012		18.72
Maryland
1701 Belmont Avenue	Best Buy	2012	98.6%	—	58,674	—	58,674	—		100.0	%	—		100.0	%	100.0	%	936,166		15.96
Delaware
Eden Square	Giant Food, Lowe's	2014	98.6%	—	167,333	68,175	235,508	—		100.0	%	79.0	%	93.9	%	93.9	%	2,528,689		11.43
MIDWEST
Illinois
938 W. North Avenue	Restoration Hardware, Sephora	2013	80%	33,228	—	—	33,228	62.6	%	—		—		62.6	%	62.6	%	988,726		47.56
Total - Fund IV				62.335	564.823	296.537	923.695	69.3	%	93.5	%	71.4	%	84.7	%	86.9	%	$	14,737,085	$	18.83
Notes:
1 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%
Cortlandt Crossing	100.0%
Broad Hollow Commons	100.0%
3104 M Street	80.0%
210 Bowery	100.0%
Broughton Street Portfolio	50.0%
27 East 61st Street	100.0%
2 Currently operating, but redevelopment activities have commenced.
3 Property sold subsequent to March 31, 2015
4 Property also includes 12,371 sf of 2nd floor office space and 29,760 sf parking garage (131 spaces).

Funds Lease Expirations
	FUND I										FUND II
		Gross Leased Area					Base Rent					Gross Leased Area					Base Rent
	No. of Leases	Expiring	Percent						Percent		No. of 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	—	—	—		$	—	$	—	—		1	9,967	5.1	%	$	99,670	$	10.00	1.5	%
2015	—	—	—		—		—		—		—	—	—		—		—		—
2016	—	—	—		—		—		—		—	—	—		—		—		—
2017	—	—	—		—		—		—		—	—	—		—		—		—
2018	—	—	—		—		—		—		—	—	—		—		—		—
2019	1	34,000	100.0	%	103,074		3.03		100.0	%	1	4,575	2.3	%	129,793		28.37		1.9	%
2020	—	—	—		—		—		—		—	—	—		—		—		—
2021	—	—	—		—		—		—		—	—	—		—		—		—
2022	—	—	—		—		—		—		1	4,462	2.3	%	138,322		31.00		2.1	%
2023	—	—	—		—		—		—		—	—	—		—		—		—
2024	—	—	—		—		—		—		—	—	—		—		—		—
Thereafter	—	—	—		—		—		—		8	176,847	90.3	%	6,312,526		35.69		94.5	%
Total	1	34,000	100.0	%	$	103,074	$	3.03	100.0	%	11	195,851	100.0	%	$	6,680,311	$	34.11	100.0	%
		63,500	Total Vacant									122,526	Total Vacant
		97,500	Total Square Feet									318,377	Total Square Feet
	FUND III										FUND IV
		Gross Leased Area					Base Rent					Gross Leased Area					Base Rent
	No. of Leases	Expiring	Percent						Percent		No. of Leases	Expiring	Percent						Percent
Year	Expiring	SF	of Total		Amount		PSF		of Total		Expiring	SF	of Total		Amount		PSF		of Total
M to M 1	3	8,240	0.6	%	$	179,259	$	21.75	0.7	%	2	1,108	0.1	%	$	258,197	$	233.03	1.8	%
2015	11	92,302	6.2%		1,318,472		14.28		5.0	%	4	9,700	1.2	%	263,691		27.18		1.8	%
2016	24	83,361	5.6%		2,301,887		27.61		8.7	%	10	32,236	4.1	%	570,325		17.69		3.9	%
2017	16	107,796	7.3%		2,514,829		23.33		9.5	%	14	192,587	24.6	%	2,872,150		14.91		19.5	%
2018	24	348,602	23.6	%	5,188,512		14.88		19.5	%	13	39,212	5.0	%	867,302		22.12		5.9	%
2019	14	266,945	18.0	%	2,739,767		10.26		10.3	%	10	97,494	12.5	%	1,699,216		17.43		11.5	%
2020	10	27,028	1.8%		669,731		24.78		2.5	%	8	64,968	8.3	%	1,707,648		26.28		11.6	%
2021	7	53,881	3.6%		1,099,158		20.40		4.1	%	2	34,544	4.4	%	424,736		12.30		2.9	%
2022	13	101,786	6.9%		2,436,328		23.94		9.2	%	3	36,773	4.7	%	492,521		13.39		3.3	%
2023	12	62,050	4.2	%	2,092,282		33.72		7.9	%	4	47,063	6.0	%	700,298		14.88		4.8	%
2024	10	66,031	4.5	%	2,214,832		33.54		8.3	%	7	115,960	14.8	%	2,983,300		25.73		20.2	%
Thereafter	23	262,015	17.7	%	3,799,254		14.50		14.3	%	3	111,100	14.2	%	1,897,700		17.08		12.9	%
Total	167	1,480,037	100.0	%	$	26,554,311	$	17.94	100.0	%	80	782,745	100.0	%	$	14,737,085	$	18.83	100.0	%
		98,022	Total Vacant									140,950	Total Vacant
		1,578,059	Total Square Feet									923,695	Total Square Feet
Note:
1 Leases currently under month to month or in process of renewal

Development Activity
($ in millions)
			Estimated
			Construction			Estimated Sq.Ft.			Acquisition & Development Costs																	Outstanding
Property	Ownership	Location	Completion			Upon Completion	Leased Rate 4	Key Tenants	Incurred			Estimated Future Range								Estimated Total Range						Debt
FUND II
City Point 1	94.2%	Brooklyn, NY	2016			675,000	65% 2	Century 21, CityTarget, Alamo Drafthouse	$	363.2	3	$	(43.2	)	to	$	(13.2	)	3	$	320.0	to	$	350.0	3	$	259.6
Sherman Plaza	99.1%	New York, NY	TBD			TBD	—	TBD	36.1			TBD				TBD				TBD			TBD			—
									$	399.3		TBD				TBD				TBD			TBD			$	259.6
FUND III
Cortlandt Crossing	100.0%	Mohegan Lake, NY	2017			150,000 - 170,000	—	TBD	$	13.1		$	33.9		to	$	42.9			$	47.0	to	$	56.0		$	—
3104 M Street NW	80.0%	Washington, D.C.	2016			10,000	—	TBD	4.1			3.9			to	4.9				8.0		to	9.0			0.2
Broad Hollow Commons	100.0%	Farmingdale, NY	2016			180,000 - 200,000	—	TBD	14.1			35.9			to	45.9				50.0		to	60.0			—
									$	31.3		$	73.7			$	93.7			$	105.0		$	125.0		$	0.2
FUND IV
210 Bowery	100.0%	New York, NY	2016			16,000	—	TBD	$	9.6		$	8.9		to	$	12.9			$	18.5	to	$	22.5		$	4.6
Broughton Street Portfolio 5	50.0%	Savannah, GA	2016			200,000	—	TBD	45.6			16.4			to	22.4				62.0		to	68.0			—
27 E. 61st Street	100.0%	New York, NY	2016			9,500	—	TBD	20.5			2.3				6.3				22.8			26.8			—
									$	75.7		$	27.6			$	41.6			$	103.3		$	117.3		$	4.6
Notes:
1 Acquired a leasehold interest in this property.
2 Leased rate calculated on approximately 475,000 rentable square feet.
3 Net of actual and anticipated contributions from retail tenants and proceeds from residential tower sales. Debt and incurred costs are reduced by $5.3M relating to the New Markets Tax Credits received.
4 The leased rate excludes pre-redevelopment tenants.
5 The portfolio will be acquired through a series of transactions. Costs incurred and estimated total costs are for those acquisitions completed as of March 31, 2015 (24 buildings).
Reconciles to Consolidated Balance Sheet as follows:
Development costs above			$	506.3
City Point adjustment to FMV			33.8
City Point gain on sale of Tower 1			1.3
Less development held as operating real estate			(8.7		)
Less development costs of unconsolidated properties			(45.6		)
Less deferred costs and other amounts			(2.4		)
Total per consolidated balance sheet			$	484.7

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. 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 supplemental adjustment more appropriately reflects the results of its operations. The Company also provides one other 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, amortization of finance costs and costs of management contracts, tenant improvements, leasing commissions and capital expenditures.

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.