Acadia Realty Trust (AKR) 8-K Acadia Realty Trust Reports Fourth Quarter and Full Year 2015 Operating Results

Table of Contents
Year Ended 2015
Section I - Fourth Quarter 2015 Earnings Press Release
Section II - Financial Information		Section III - Core Portfolio Information
Company Information………………………………………………………………	4	Core Properties…………………………………………………………………	24
Market Capitalization………………………………………………………	5	Core Top Tenants………………………………………………………………………	26
Operating Statements		Core Lease Expirations…………………………………………………………………	27
Pro-rata Consolidation………………………………………………	6	Core New and Renewal Rent Spreads…………………………………………	28
Funds……………………………………………………………	7	Core Capital Expenditures…………………………………………………………	29
Funds from Operations ("FFO"), Adjusted FFO ("AFFO")	9	Portfolio Demographics…………………………………………………………	30
EBITDA…………………………………………………………	10
Same Property Net Operating Income………………………………	11
Fee Income………………………………………………………………	12	Section IV - Fund Information
Balance Sheet - Pro-rata Consolidation………………………………	13
Structured Financing…………………………………………………………………	14	Fund Overview……………………………………………………	33
Other Information		Fund Properties……………………………………………………………	34
Transactional Activity…………………………………………………………	15	Fund Lease Expirations…………………………………	35
2016 Guidance……………………………………………………………………	16	Development Activity………………………………………………………	36
Net Asset Valuation Information……………………………………………	17
Selected Financial Ratios…………………………………………………	18
Debt Analysis
Summary………………………………………………………………	19
Detail……………………………………………………………………………	20	Important Notes…………………………………………………………………	37
Maturities………………………………………………………………	23
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
	411 Theodore Fremd Avenue	Amy Racanello	Symbol AKR
	Suite 300	Senior Vice President,
	Rye, NY 10580	Capital Markets & Investments
		(914) 288-3345
		aracanello@acadiarealty.com
Analyst Coverage
	Bank of America / Merrill Lynch	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
		Jay Carlington, CFA - (949) 640-8780
		jcarlington@greenstreetadvisors.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	Changes in Total Outstanding Common Shares and OP Units (in thousands)					Weighted Average
	$				%	Net Debt 1						Diluted EPS		FFO
Equity Capitalization								Common Shares	OP Units		Total	Quarter	YTD	Quarter	YTD
Common Shares	70,259						Balance at 12/31/2014	68,109	3,664		71,773	64,241	59,711	67,836	62,420
Common Operating Partnership ("OP") Units	3,857						ATM Issuance	571	—		571
Combined Common Shares and OP Units	74,116						Other	52	249		301
							Balance at 3/31/2015	68,732	3,913		72,645	68,655	68,655	72,586	72,586
Share Price at December 31, 2015	$	33.15					ATM Issuance	52	—		52
							Other	45	(22	)	23
Equity Capitalization - Common Shares and OP Units	$	2,456,945					Balance at 6/30/2015	68,829	3,891		72,720	69,134	68,896	73,060	72,824
Preferred OP Units	831			2			ATM Issuance	185	—		185
Total Equity Capitalization	2,457,776				78%	79%	Other	7	—		7
							Balance at 9/30/2015	69,021	3,891		72,912	69,174	68,990	73,090	72,914
Debt Capitalization							ATM Issuance	1,165	—		1,165
Consolidated debt	1,368,964						Other	73	(34	)	39
Adjustment to reflect pro-rata share of debt	(667,065		)				Balance at 12/31/2015	70,259	3,857		74,116	69,330	68,870	73,521	73,067
Total Debt Capitalization	701,899				22%	21%
								Market Capitalization 4
Total Market Capitalization	$	3,159,675			100%	100%
Notes:
1 Reflects debt net of:
Core Portfolio cash	$	38,207
pro-rata share of Funds cash	7,689
and pro-rata share of restricted cash relating to City Point financing	2,168
for total cash netted against debt of	$	48,064
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.
4 Less then 1% Preferred OP Units

Income Statements - Pro-rata Consolidation 1
(in thousands)
	Year-to-date ended December 31, 2015									Three months ended December 31, 2015
	Core Portfolio			Funds			Total			Core Portfolio			Funds			Total
CORE PORTFOLIO AND FUND INCOME
PROPERTY REVENUES
Minimum rents	$	109,173		$	9,277		$	118,450		$	28,314		$	2,313		$	30,627
Percentage rents	164			37			201			24			6			30
Expense reimbursements - CAM	11,454			1,119			12,573			4,201			340			4,541
Expense reimbursements - Taxes	16,807			1,509			18,316			4,336			328			4,664
Other property income	729			386			1,115			196			75			271
Total Property Revenues	138,327			12,328			150,655			37,071			3,062			40,133
PROPERTY EXPENSES
Property operating - CAM	13,979			1,705			15,684			4,711			473			5,184
Other property operating (Non-CAM)	2,873			506			3,379			1,078			128			1,206
Real estate taxes	19,146			2,015			21,161			4,914			508			5,422
Total Property Expenses	35,998			4,226			40,224			10,703			1,109			11,812
NET OPERATING INCOME - PROPERTIES	102,329			8,102			110,431			26,368			1,953			28,321
OTHER INCOME (EXPENSE)
Interest income	13,713			629			14,342			2,757			157			2,914
Straight-line rent income	3,615			624			4,239			918			174			1,092
Above/below market rent	6,123			422			6,545			1,706			123			1,829
Interest expense 2	(24,092		)	(2,111		)	(26,203		)	(5,930		)	(536		)	(6,466		)
Amortization of finance costs	(1,232		)	(595		)	(1,827		)	(328		)	(179		)	(507		)
Above/below market interest expense	1,318			5			1,323			440			—			440
Loss on extinguishment of debt	—			(26		)	(26		)	—			—			—
Asset and property management expense	(253		)	(234		)	(487		)	(68		)	(58		)	(126		)
Other income/(expense)	2,555			193			2,748			84			84			168
Transaction costs	(1,386		)	(801		)	(2,187		)	(195		)	(300		)	(495		)
Impairment of asset	(1,111		)	—			(1,111		)	—			—			—
CORE PORTFOLIO AND FUND INCOME	101,579			6,208			107,787			25,752			1,418			27,170
FEE INCOME
Asset and property management fees	13,481			(21		)	13,460			3,251			—			3,251
Transactional fees 3	8,879			—			8,879			1,563			—			1,563
Income tax (provision)/benefit	(167		)	(35		)	(202		)	262			6			268
Total Fee Income	22,193			(56		)	22,137			5,076			6			5,082
PROMOTE, RCP AND OTHER INCOME
Equity in earnings from RCP investments	—			1,132			1,132			—			—			—
Promote income - RCP	420			—			420			—			—			—
Promote income - Fund capital transactions	18			—			18			18			—			18
Income tax (provision)/benefit (RCP)	—			(458		)	(458		)	—			—			—
Total Promote, RCP and Other Income	438			674			1,112			18			—			18
General and Administrative	(29,063		)	(293		)	(29,356		)	(6,639		)	(115		)	(6,754		)
Depreciation and amortization	(48,007		)	(4,013		)	(52,020		)	(13,385		)	(1,078		)	(14,463		)
Non-real estate depreciation and amortization	(652		)	—			(652		)	(151		)	—			(151		)
Gain on disposition of properties	—			11,114			11,114			—			(1,496		)	(1,496		)
Gain on sale of City Point air rights	—			9,404			9,404			—			—			—
Income before noncontrolling interests	46,488			23,038			69,526			10,671			(1,265		)	9,406
Noncontrolling interest - OP	(2,490		)	(1,328		)	(3,818		)	(576		)	60			(516		)
NET INCOME	$	43,998		$	21,710		$	65,708		$	10,095		$	(1,205	)	$	8,890
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 $956 and $3,503 for the three and twelve months, respectively.

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

Income Statements - Funds 1, 3
(in thousands)
	Year-to-date ended December 31, 2015
																																				Total
				AKR Pro-					AKR Pro-						AKR Pro-						AKR Pro-						AKR Pro-						AKR Pro-			AKR Pro-
	Fund I			rata share		Mervyns I			rata share			Fund II			rata share			Mervyns II			rata share			Fund III			rata share			Fund IV			rata share			rata share
PROPERTY REVENUES
Minimum rents	$	40		$	8	$	—		$	—		$	7,183		$	1,437		$	—		$	—		$	21,868		$	4,411		$	14,798		$	3,421		$	9,277
Percentage rents	—			—		—			—			—			—			—			—			151			31			22			6			37
Expense reimbursements - CAM	—			—		—			—			349			70			—			—			3,427			695			1,530			354			1,119
Expense reimbursements - Taxes	—			—		—			—			258			52			—			—			5,596			1,126			1,430			331			1,509
Other property income	139			31		—			—			584			118			—			—			127			26			915			211			386
Total Property Revenues	179			39		—			—			8,374			1,677			—			—			31,169			6,289			18,695			4,323			12,328
PROPERTY EXPENSES
Property operating - CAM	9			1		—			—			1,799			360			—			—			4,529			916			1,854			428			1,705
Other property operating (Non-CAM)	13			3		—			—			732			147			—			—			1,100			225			569			131			506
Real estate taxes	10			2		—			—			1,321			264			—			—			5,909			1,193			2,407			556			2,015
Total Property Expenses	32			6		—			—			3,852			771			—			—			11,538			2,334			4,830			1,115			4,226
NET OPERATING INCOME - PROPERTIES	147			33		—			—			4,522			906			—			—			19,631			3,955			13,865			3,208			8,102
OTHER INCOME (EXPENSE)
Interest income	—			—		—			—			434			87			—			—			705			143			1,726			399			629
Straight-line rent income	—			—		—			—			892			179			—			—			430			88			1,545			357			624
Above/below market rent	—			—		—			—			—			—			—			—			1,281			258			709			164			422
Interest expense	—			—		—			—			(630		)	(126		)	—			—			(3,354		)	(675		)	(5,662		)	(1,310		)	(2,111		)
Amortization of finance costs	—			—		—			—			(265		)	(54		)	—			—			(766		)	(154		)	(1,672		)	(387		)	(595		)
Above/below market interest expense	—			—		—			—			—			—			—			—			24			5			—			—			5
Gain on extinguishment of debt	—			—		—			—			(24		)	(5		)	—			—			(106		)	(21		)	—			—			(26		)
Asset and property management expense 2	—			—		—			—			(62		)	(13		)	—			—			(178		)	(35		)	(804		)	(186		)	(234		)
Other income/(expense)	—			—		—			—			(5		)	—			(8		)	(2		)	1,540			310			(502		)	(115		)	193
Transaction costs	—			—		—			—			—			—			—			—			—			—			(3,469		)	(801		)	(801		)
Fund Income	147			33		—			—			4,862			974			(8		)	(2		)	19,207			3,874			5,736			1,329			6,208
FEE INCOME
Asset and property management fees	—			—		—			—			—			—			—			—			(101		)	(21		)	—			—			(21		)
Income tax provision	—			—		—			—			—			—			—			—			(180		)	(35		)	—			—			(35		)
Total Fee Income	—			—		—			—			—			—			—			—			(281		)	(56		)	—			—			(56		)
PROMOTE, RCP AND OTHER INCOME
Equity in earnings from RCP investments	—			—		1,656			368			1,175			235			2,645			529			—			—			—			—			1,132
Provision for income taxes (RCP)	—			—		(887		)	(197		)	—			—			(1,305		)	(261		)	—			—			—			—			(458		)
Total Promote, RCP and Other Income	—			—		769			171			1,175			235			1,340			268			—			—			—			—			674
GENERAL AND ADMINISTRATIVE	30			5		(11		)	(3		)	(35		)	(7		)	(23		)	(5		)	(725		)	(148		)	(584		)	(135		)	(293		)
Depreciation and amortization	(2		)	—		—			—			(2,951		)	(590		)	—			—			(7,705		)	(1,555		)	(8,082		)	(1,868		)	(4,013		)

Gain on disposition of properties	61			14			—			(1,496		)	10,858			2,172			—			—			52,313			10,411			58			13			11,114
Gain on sale of City Point air rights	—			—			—			—			47,020			9,404			—			—			—			—			—			—			9,404
Income before noncontrolling interest	236			52			758			(1,328		)	60,929			12,188			1,309			261			62,809			12,526			(2,872		)	(661		)	23,038
Noncontrolling interest - OP	(13		)	(3		)	(90		)	62			(3,255		)	(651		)	(145		)	(29		)	(3,625		)	(723		)	69			16			(1,328		)
NET INCOME	$	223		$	49		$	668		$	(1,266	)	$	57,674		$	11,537		$	1,164		$	232		$	59,184		$	11,803		$	(2,803	)	$	(645	)	$	21,710
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 For information on our pro-rata share of fund investments, see the "Fund Overview" page in this supplemental.

Income Statements - Funds 1, 3
(in thousands)
	Three months ended December 31, 2015
																																					Total
				AKR Pro-						AKR Pro-						AKR Pro-						AKR Pro-						AKR Pro-						AKR Pro-			AKR Pro-
	Fund I			rata share			Mervyns I			rata share			Fund II			rata share			Mervyns II			rata share			Fund III			rata share			Fund IV			rata share			rata share
PROPERTY REVENUES
Minimum rents	$	—		$	—		$	—		$	—		$	1,578		$	316		$	—		$	—		$	4,887		$	1,032		$	4,172		$	965		$	2,313
Percentage rents	—			—			—			—			—			—			—			—			20			4			8			2			6
Expense reimbursements - CAM	—			—			—			—			88			18			—			—			998			211			480			111			340
Expense reimbursements - Taxes	—			—			—			—			36			7			—			—			1,115			235			372			86			328
Other property income	—			—			—			—			103			21			—			—			47			10			192			44			75
Total Property Revenues	—			—			—			—			1,805			362			—			—			7,067			1,492			5,224			1,208			3,062
PROPERTY EXPENSES
Property operating - CAM	—			—			—			—			467			93			—			—			1,203			254			547			126			473
Other property operating (Non-CAM)	—			—			—			—			(30		)	(6		)	—			—			445			94			173			40			128
Real estate taxes	—			—			—			—			295			59			—			—			1,406			297			659			152			508
Total Property Expenses	—			—			—			—			732			146			—			—			3,054			645			1,379			318			1,109
NET OPERATING INCOME - PROPERTIES	—			—			—			—			1,073			216			—			—			4,013			847			3,845			890			1,953
OTHER INCOME (EXPENSE)
Interest income	—			—			—			—			126			25			—			—			188			40			400			92			157
Straight-line rent income	—			—			—			—			233			47			—			—			229			48			341			79			174
Above/below market rent	—			—			—			—			—			—			—			—			227			48			324			75			123
Interest expense	—			—			—			—			(83		)	(17		)	—			—			(656		)	(138		)	(1,646		)	(381		)	(536		)
Amortization of finance costs	—			—			—			—			(79		)	(16		)	—			—			(180		)	(38		)	(540		)	(125		)	(179		)
Above/below market interest expense	—			—			—			—			—			—			—			—			—			—			—			—			—
Loss on extinguishment of debt	—			—			—			—			—			—			—			—			—			—			—			—			—
Asset and property management expense 2	—			—			—			—			—			—			—			—			(20		)	(4		)	(232		)	(54		)	(58		)
Other income/(expense)	(1		)	—			—			—			19			4			(8		)	(2		)	389			82			(1		)	—			84
Transaction costs	—			—			—			—			—			—			—			—			—			—			(1,299		)	(300		)	(300		)
Fund Income	(1		)	—			—			—			1,289			259			(8		)	(2		)	4,190			885			1,192			276			1,418
FEE INCOME
Asset and property management fees	—			—			—			—			—			—			—			—			—			—			—			—			—
Income tax benefit	—			—			—			—			—			—			—			—			27			6			—			—			6
Total Fee Income	—			—			—			—			—			—			—			—			27			6			—			—			6
PROMOTE, RCP AND OTHER INCOME
Equity in earnings from RCP investments	—			—			—			—			—			—			—			—			—			—			—			—			—
Income tax (provision)/benefit (RCP)	—			—			—			—			—			—			—			—			—			—			—			—			—
Total Promote, RCP and Other Income	—			—			—			—			—			—			—			—			—			—			—			—			—
GENERAL AND ADMINISTRATIVE	(7		)	(2		)	(7		)	(2		)	(4		)	(1		)	(10		)	(2		)	(322		)	(68		)	(173		)	(40		)	(115		)
Depreciation and amortization	—			—			—			—			(675		)	(135		)	—			—			(1,771		)	(374		)	(2,463		)	(569		)	(1,078		)

Gain on disposition of properties	—			—			—			(1,496		)	—			—			—			—			—			—			—			—			(1,496		)
Gain on disposition of City Point	—			—			—			—			—			—			—			—			—			—			—			—			—
Income before noncontrolling interest	(8		)	(2		)	(7		)	(1,498		)	610			123			(18		)	(4		)	2,124			449			(1,444		)	(333		)	(1,265		)
Noncontrolling interest - OP	—			—			—			82			(75		)	(15		)	—			—			(118		)	(25		)	78			18			60
NET INCOME	$	(8	)	$	(2	)	$	(7	)	$	(1,416	)	$	535		$	108		$	(18	)	$	(4	)	$	2,006		$	424		$	(1,366	)	$	(315	)	$	(1,205	)
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 For information on our pro-rata share of fund investments, see the "Fund Overview" page in this supplemental.

Funds from Operations ("FFO") 1
(in thousands)
	Current						Previous									Historic
	Year-to-Date			Quarter			Quarter			Quarter			Quarter			Year-to-Date			Quarter
	Period ended			3 months ended			3 months ended			3 months ended			3 months ended			Period ended			3 months ended
Funds from operations ("FFO"):	December 31, 2015			December 31, 2015			September 30, 2015			June 30, 2015			March 31, 2015			December 31, 2014			December 31, 2014
Net Income	$	65,708		$	8,890		$	13,776		$	26,495		$	16,547		$	71,064		$	9,441
Add back:
Depreciation of real estate and amortization of leasing costs:
(net of noncontrolling interest share)	52,013			14,463			15,073			11,541			10,936			38,020			10,414
Gain on disposition of properties (net of noncontrolling interest share)	(11,114		)	1,496			(1,403		)	(5,805		)	(5,402		)	(33,438		)	(258		)
Impairment of asset	1,111			—			—			1,111			—			—			—
Income attributable to noncontrolling interests'
share in Operating Partnership	3,842			529			811			1,530			973			3,236			564
FFO to Common Shareholders and Common OP Unit holders	$	111,560		$	25,378		$	28,257		$	34,872		$	23,054		$	78,882		$	20,161
Add back: Transaction costs	2,187			495			203			203			1,113			5,164			1,645
FFO before transaction costs	$	113,747		$	25,873		$	28,460		$	35,075		$	24,167		$	84,046		$	21,806
Adjusted Funds from operations ("AFFO"):
Diluted FFO	$	111,560		$	25,378		$	28,257		$	34,872		$	23,054		$	78,882		$	20,161
Straight-line rent, net	(4,239		)	(1,092		)	(999		)	(1,193		)	(955		)	(3,578		)	(932		)
Above/below market rent	(6,545		)	(1,829		)	(2,355		)	(1,136		)	(1,225		)	(3,510		)	(1,010		)
Amortization of finance costs	1,827			507			509			406			405			1,534			397
Above/below market interest	(1,323		)	(440		)	(198		)	(340		)	(345		)	(1,105		)	(507		)
Loss on extinguishment of debt	26			—			—			5			21			104			14
Non-real estate depreciation	652			151			241			130			130			523			136
Leasing commissions	(1,566		)	(263		)	(482		)	(611		)	(210		)	(939		)	(228		)
Tenant improvements	(6,349		)	(747		)	(2,437		)	(2,074		)	(1,091		)	(3,962		)	(1,411		)
Capital expenditures	(3,602		)	(860		)	(651		)	(414		)	(1,677		)	(964		)	(187		)
AFFO to Common Shareholders and Common OP Unit holders	$	90,441		$	20,805		$	21,885		$	29,645		$	18,107		$	66,985		$	16,433
Total weighted average diluted shares and OP Units:	73,067			73,521			73,090			73,060			72,586			62,420			67,836
Diluted FFO per Common share and OP Unit:
FFO	$	1.53		$	0.35		$	0.39		$	0.48		$	0.32		$	1.26		$	0.30
FFO before transaction costs	$	1.56		$	0.35		$	0.39		$	0.48		$	0.33		$	1.35		$	0.32
AFFO	$	1.24		$	0.28		$	0.30		$	0.41		$	0.25		$	1.07		$	0.24
AFFO before transaction costs	$	1.27		$	0.29		$	0.30		$	0.41		$	0.26		$	1.16		$	0.27
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)
	Year-to-Date									Current Quarter
	Period ended December 31, 2015									Three months ended December 31, 2015
	Core									Core
	Portfolio			Funds			Total			Portfolio			Funds			Total
NET INCOME	$	43,998		$	21,710		$	65,708		$	10,095		$	(1,205	)	$	8,890
Adjustments:
Depreciation and amortization	48,659			4,013			52,672			13,536			1,078			14,614
Interest expense	24,092			2,111			26,203			5,930			536			6,466
Amortization of finance costs	1,232			595			1,827			328			179			507
Above/below market interest	(1,318		)	(5		)	(1,323		)	(440		)	—			(440		)
Gain on disposition of properties	—			(11,114		)	(11,114		)	—			1,496			1,496
Gain on sale of City Point air rights	—			(9,404		)	(9,404		)	—			—			—
Impairment of asset	1,111			—			1,111			—			—			—
Provision for income taxes	167			493			660			(262		)	(6		)	(268		)
Loss on extinguishment of debt	—			26			26			—			—			—
Noncontrolling interest - OP	2,490			1,328			3,818			576			(60		)	516
EBITDA	$	120,431		$	9,753		$	130,184		$	29,763		$	2,018		$	31,781

Core Portfolio
Same Property Performance 1
(in thousands)
	Year-to-Date							Quarter
	Period ended							Three months ended
							Change					Change
	December 31, 2015			December 31, 2014			Favorable/(Unfavorable)	December 31, 2015		December 31, 2014		Favorable/(Unfavorable)
Revenue
Minimum rents	$	78,883		$	76,290		3.4%	$	19,953	$	19,133	4.3%
Expense reimbursements	20,298			19,239			5.5%	6,241		5,055		23.5%
Other property income	634			438			44.7%	113		86		31.4%
Total Revenue	99,815			95,967			4.0%	26,307		24,274		8.4%
Expenses
Property operating - CAM & Real estate taxes	24,103			23,357			(3.2)%	7,050		6,207		(13.6)%
Other property operating (Non-CAM)	2,051			1,760			(16.5)%	782		456		(71.5)%
Total Expenses	26,154			25,117			(4.1)%	7,832		6,663		(17.5)%
Same Property NOI - Core properties	$	73,661		$	70,850		4.0%	$	18,475	$	17,611	4.9%
Reconciliation of Same Property NOI to Core NOI
NOI of Properties excluded from Same Property NOI	28,668			10,479				7,893		4,046
Core NOI 2	$	102,329		$	81,329			$	26,368	$	21,657
Other same property information
Physical Occupancy	96.9		%	96.2		%
Leased Occupancy	97.3		%	97.3		%
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
Year-to-date ended December 31, 2015
Asset and property management fees and priority distributions	$	28	$	2,419	$	4,182	$	6,230	$	622	$	13,481
Transactional fees	31		4,893		1,158		2,428		369		8,879
Total fees and priority distributions	$	59	$	7,312	$	5,340	$	8,658	$	991	$	22,360
	Fund I		Fund II		Fund III		Fund IV		Other		Total
Quarter ended December 31, 2015
Asset and property management fees and priority distributions	—		$	590	$	940	$	1,573	$	148	$	3,251
Transactional fees	2		810		233		508		10		1,563
Total fees and priority distributions	$	2	$	1,400	$	1,173	$	2,081	$	158	$	4,814
	Fund I		Fund II		Fund III		Fund IV		Other		Total
Previous Quarter ended September 30, 2015
Asset and property management fees and priority distributions	$	6	$	579	$	973	$	1,561	$	139	$	3,258
Transactional fees	17		1,364		328		526		207		2,442
Total management fees and priority distributions	$	23	$	1,943	$	1,301	$	2,087	$	346	$	5,700
	Fund I		Fund II		Fund III		Fund IV		Other		Total
Previous Quarter ended June 30, 2015
Asset and property management fees and priority distributions	$	11	$	598	$	1,070	$	1,553	$	132	$	3,364
Transactional fees	6		955		264		989		64		2,278
Total fees and priority distributions	$	17	$	1,553	$	1,334	$	2,542	$	196	$	5,642
	Fund I		Fund II		Fund III		Fund IV		Other		Total
Previous 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 fees and priority distributions	$	17	$	2,416	$	1,532	$	1,948	$	291	$	6,204

Pro-Rata Consolidated Balance Sheet
(in thousands)
	Notes	Consolidated			Noncontrolling			Company's			Pro-Rata
		Balance			Interest in			Interest in			Consolidated
		Sheet			Consolidated			Unconsolidated			Balance
	1, 2	As Reported			Subsidiaries			Subsidiaries			Sheet			Notes
ASSETS
Real estate														1  The interim consolidated balance sheet is unaudited, although it
Land		$	514,120		$	(136,684	)	$	28,353		$	405,789		reflects all adjustments, which in the opinion of management,
Buildings and improvements		1,593,350			(393,947		)	177,513			1,376,916			are necessary for the fair presentation of the consolidated
Construction in progress		19,239			(13,850		)	260			5,649			balance sheet for the interim period.
		2,126,709			(544,481		)	206,126			1,788,354
Less: accumulated depreciation		(298,703		)	69,654			(11,756		)	(240,805		)	2  The Company currently invests in Funds I, II, III & IV and Mervyns I & II
Net real estate		1,828,006			(474,827		)	194,370			1,547,549			which are consolidated within the Company's financial statements.
														To provide investors with supplemental information, the Company's
Net real estate under development	3	609,574			(488,456		)	6,643			127,761			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		72,776			(30,143		)	3,263			45,896			and liability line items. Similarly, the presentation also includes
Cash in escrow		26,444			(17,222		)	2,208			11,430			the Company's pro-rata share of assets and liabilities for
Restricted cash		10,840			(8,672		)	—			2,168			unconsolidated investments which are accounted for under the equity
Investments in and advances to unconsolidated affiliates		173,277			(70,220		)	(101,340		)	1,717			method of accounting in the Company's financial statements.
Rents receivable, net		9,092			(1,213		)	2,238			10,117
Straight-line rents receivable, net		31,333			(12,300		)	1,801			20,834
Notes receivable		147,188			(27,137		)	—			120,051			3 The components of Net real estate under development are as follows:
Deferred charges, net		22,568			(9,999		)	1,201			13,770			Fund II	$	531,513
Prepaid expenses and other assets	4	48,628			25,770			482			74,880			Fund III	40,425
Acquired lease intangibles		52,593			(9,495		)	12,441			55,539			Fund IV	34,487
														Other	3,149
Total Assets		$	3,032,319		$	(1,123,914	)	$	123,307		$	2,031,712
														Total Funds	$	609,574
LIABILITIES AND SHAREHOLDERS' EQUITY
														4 The components of Prepaid expenses and other assets are as follows:
Mortgage and other notes payable		$	1,059,254		$	(708,009	)	$	121,604		$	472,849		Due from Fund Investors	$	43,310
Unsecured notes payable		309,710			(80,660		)	—			229,050			Accrued interest on Notes receivable	10,223
Valuation of debt at acquisition, net of amortization		1,364			—			1,089			2,453			Prepaid expenses	5,069
Unamortized loan costs		(11,722		)	7,708			(1,339		)	(5,353		)	Other	16,278
Acquired lease intangibles		31,809			(5,894		)	9,388			35,303
Accounts payable and accrued expenses		38,754			(8,823		)	3,308			33,239			Total	$	74,880
Dividends and distributions payable		37,552			—			—			37,552
Share of losses in excess of inv. in unconsolidated affiliates		13,244			—			(13,244		)	—
Other liabilities		31,002			(9,962		)	2,501			23,541
Total Liabilities		1,510,967			(805,640		)	123,307			828,634
Shareholders' equity:
Common shares		70			—			—			70
Additional paid-in capital		1,092,239			—			—			1,092,239

Accumulated other comprehensive loss	(4,463		)	—			—		(4,463		)
Retained earnings	12,640			—			—		12,640
Total controlling interest	1,100,486			—			—		1,100,486
Noncontrolling interest in subsidiary	420,866			(318,274		)	—		102,592
Total Shareholders' Equity	1,521,352			(318,274		)	—		1,203,078
Total Liabilities and Shareholders' Equity	$	3,032,319		$	(1,123,914	)	$	123,307	$	2,031,712

Structured Financing Portfolio
(in thousands)
			Current Period										Stated	Effective
	Previous						Current		Accrued				Interest	Interest	Maturity
Investment	Principal		Advances		Repayments		Principal		Interest		Total		Rate	Rate 1	Dates
First mortgage notes	$	65,169	$	—	$	—	$	65,169	$	979	$	66,148	6.68%	7.18%	2016 to 2018
Mezzanine, preferred equity and other notes	47,878		—		—		47,878		9,079		56,957		12.91%	13.00%	2016 to 2020
Total notes receivable	$	113,047	$	—	$	—	$	113,047	$	10,058	$	123,105	9.32%	9.64%
Note:
1 Inclusive of points and exit fees.
Reconciliation of Notes Receivable to the Consolidated Balance Sheet
Total Notes Receivable per above							$	113,047
Other loans (pro-rata share)							7,004
Total Notes Receivable per Pro-Rata Balance Sheet							$	120,051

Transactional Activity
(in thousands)
Acquisitions:
Property Name	Purchase Price		Ownership %	Acadia Share		Month of Transaction	Location	Key Tenants
Core Portfolio:
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
Route 202 Shopping Center 1	5,643		78%	5,643		April	Wilmington, DE	—
Roosevelt Galleria	19,600		100%	19,600		September	Chicago, IL	Petco, Vitamin Shoppe
Gotham Plaza 2	38,790		49%	38,790		January - 2016	Manhattan, NY	Bank of America, The Children's Place
Total	$	243,033		$	243,033
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	—
650 Bald Hill Road	9,216		90%	8,294		October	Warwick, RI	—
2208-2216 Fillmore Street	8,625		90%	7,763		October	San Francisco, CA	Eileen Fisher
2207 Fillmore Street	2,800		90%	2,520		November	San Francisco, CA	L'Occitane
146 Geary Street	38,000		100%	38,000		November	San Francisco, CA	—
1861 Union Street	3,500		90%	3,150		December	San Francisco, CA	—
1964 Union Street	2,250		90%	2,025		January - 2016	San Francisco, CA	—
Restaurants at Fort Point	11,500		100%	11,500		January - 2016	Boston, MA	—
Total	$	159,927		$	157,288
Dispositions:
Property Name	Disposition Price		Ownership %	Fund Share		Month of Transaction	Location	Key Tenants
Funds:
Fund I:
Kroger-Safeway	$	278	60%	$	167	September	Indianapolis, IN	Kroger
Fund II:
Liberty	$	24,000	99%	$	23,784	May	Queens, NY	CVS
City Point - Phase 3 Air Rights	115,571		94%	108,804		May	Brooklyn, NY
	$	139,571		$	132,588
Fund III:
Lincoln Park Centre	$	64,000	100%	$	64,000	January	Chicago, IL	Design Within Reach
White City Shopping Center	96,750		84%	81,270		April	Shrewsbury, MA	Shaw's (Supervalu)
Parkway Crossing	27,275		90%	24,548		July	Parkville, MD	Home Depot, Shop Rite
Cortlandt 3	107,250		65%	107,250		January - 2016	Mohegan Lake, NY	—
	$	295,275		$	277,068
Total Funds	$	435,124		$	409,823

Structured Finance Investments:
Investment	Loan Amount		Effective Interest Rate	Maturity Date	Month of Transaction	Location	Extension Options
Core Portfolio:
135 East 65th Street	$	15,000	6%	May, 2016	May	New York, NY	1 x 12 mos.
55-57 Spring Street	26,000		7%	June, 2018	June	New York, NY	1 x 12 mos.
Total	$	41,000
Fund IV:
900 W. Randolph Street	$	14,000	15%	February, 2021	February - 2016	Chicago, IL	2 x 12 mos.
Notes:
1 Acquired the remaining 77.78% interest in this property for $5,643.
2 Acquired a 49% interest in this property for $38,790.
3 Sold a 65% interest in this property for $107,250.

2016 Annual Guidance
Note: 2016 FFO and EPS guidance and comparable 2015 results are before acquisition related costs
(in millions except per share amounts, all per share amounts are fully diluted)
	2016 Guidance	2015 Actual	Notes
Summary:
Funds from Operations ("FFO") per share (before acquisiton costs)	$1.52 to $1.60	$1.56	- 2015 included $0.13 of gain from the sale of air rights
			- Before 2015 acquisition costs totaled $0.03
Earnings per Share ("EPS") (before acquisiton costs)	$0.99 to $1.07	$0.97
FFO Components:
Core and pro-rata share of Fund portfolio income (before acquisiton costs)	$120.5 to $124.5	$110.5	- 2015 acquisition costs totaled $2.2 million
Asset and property management fee income, net of TRS taxes	$11.0 to $13.0	$13.1
Transactional fee income, net of TRS taxes	$7.0 to $8.0	$8.6
Other Fund related income, net of taxes	$9.0 to $11.0	$11.0	- 2015 included $0.13 of gain from the sale of air rights
			- 2016 includes $0.07 to $0.10 of net Promote income - partial offsets above in fee income and Fund portfolio line items
General and administrative expense	$(31.0) to $(30.5)	$(29.4)
FFO	$116.5 to $126.0	$113.8
Additional Guidance Assumptions:
Fully diluted Common Shares and OP Units	77,000 to 79,000	73,100
Same property net operating income ("NOI") growth	3.0% to 4.0%
Core acquisitions	$200.0 to $400.0
Fund acquisitions	$200.0 to $400.0

Net Asset Valuation Information
(in thousands)
	CORE					FUND II											FUND III											FUND IV
						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	$	26,368	1	$	105,472	$	1,073		$	4,292		20.00	%	$	858		$	4,013		$	16,052		24.54	%	$	3,939		$	3,845		$	15,380		23.12	%	$	3,556
Less:
(Income)/ loss from properties sold or under contract						—			—					—			(1,544		)	(6,175		)			(1,515		)	—			—					—
(Income)/ loss from pre-stabilized assets 2						(350		)	(1,400		)			(280		)	(555		)	(2,221		)			(545		)	(2,276		)	(9,104		)			(2,105		)
(Income)/ loss from development projects 3						(120		)	(480		)			(96		)	—			—					—			(105		)	(420		)			(97		)
Net Operating Income of stabilized assets						603			2,412					482			1,914			7,656					1,879			1,464			5,856					1,354
Costs to Date
Pre-stabilized assets 2									$	73,199				$	14,640					$	64,164				$	15,746					$	144,345				$	33,373
Development projects 3									377,700					75,540						36,300					8,908						139,900					32,345
Total Costs to Date									$	450,899				$	90,180					$	100,464				$	24,654					$	284,245				$	65,718
Debt				$	515,513				$	393,746				$	74,097					$	174,280				$	40,310					$	325,346				$	71,979
Gross asset value 2
Net Asset Value
Notes:
1 Does not include a full quarter of NOI for those assets purchased during the fourth quarter 2015. See "Transactions Activity" page in this supplemental for descriptions of those acquisitions.
2 Consists of the following projects:
Fund II:
161st Street
Fund III:
640 Broadway
654 Broadway
Nostrand
Fund IV:
2819 Kennedy Blvd
Paramus Plaza
17 East 71st Street
1035 Third Avenue
1151 Third Avenue
Eden Square
3 See "Redevelopment Activity" page in this supplemental

Selected Financial Ratios
(in thousands)
		Three months ended December 31,						Period ended December 31,							Three months ended December 31,			Three months ended September 30,
		2015			2014			2015			2014				2015			2015
COVERAGE RATIOS 1														LEVERAGE RATIOS
Fixed-Charge Coverage Ratios														Debt/Market Capitalization Ratios
EBITDA 2 divided by:		$	29,763		$	23,527		$	120,431		$	92,309		Debt + Preferred Equity (Preferred O.P. Units)	$	702,730		$	693,784
Interest expense		5,930			5,373			24,092			20,905			Total Market Capitalization	3,159,675			2,886,248
Principal Amortization		1,184			1,347			5,174			4,962			Debt+Preferred Equity/Total Market Capitalization	22		%	24		%
Preferred Dividends 3		13			14			31			27
Fixed-Charge Coverage Ratio - Core Portfolio		4.2x			3.5x			4.1x			3.6x			Debt 6	654,666			652,911
														Total Market Capitalization	3,111,611			2,845,375
EBITDA divided by:		$	31,781		$	26,266		$	130,184		$	104,020		Net Debt+Preferred Equity/Total Market Capitalization	21		%	23		%
Interest expense		6,466			5,859			26,203			23,789
Principal Amortization		1,339			1,550			5,859			5,694			Debt/EBITDA Ratios
Preferred Dividends		13			14			31			27
Fixed-Charge Coverage Ratio - Core Portfolio														Debt	515,513			530,236
and Funds		4.1x			3.5x			4.1x			3.5x			EBITDA (Annualized)	119,052			132,832
														Debt/EBITDA - Core Portfolio	4.3x			4.0x
Payout Ratios
														Debt 5	477,306			501,929
Dividends declared (per share/OP Unit) 4		$	0.25		$	0.24		$	0.97		$	0.93		EBITDA (Annualized)	119,052			132,832
														Net Debt/EBITDA - Core Portfolio	4.0x			3.8x
Dividends (Shares) & Distributions (OP Units) declared		$	18,776		$	17,482		$	71,888		$	60,447
FFO		25,378			20,161			111,560			78,882			Debt 4	701,899			693,030
FFO Payout Ratio		74		%	87		%	64		%	77		%	EBITDA (Annualized)	127,124			143,380
FFO Payout Ratio before acquisition costs		73		%	80		%	63		%	72		%	Debt/EBITDA - Core Portfolio and Funds	5.5x			4.8x
FFO Payout Ratio before gain on City Point Air Rights								70		%
Dividends (Shares) & Distributions (OP Units) paid		18,776			17,482			71,888			60,447			Debt 6	654,666			652,911
AFFO		20,805			16,433			90,441			66,985			EBITDA (Annualized)	127,124			143,380
AFFO Payout Ratio		90		%	106		%	79		%	90		%	Net Debt/EBITDA - Core Portfolio and Funds	5.1x			4.6x
AFFO Payout Ratio before acquisition costs		89		%	97		%	78		%	84		%
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 10 for a calculation of EBITDA.
3	Represents preferred distributions on Preferred Operating partnership Units.
4	Does not include special dividends of $0.25 for 4Q and YTD 2015 or $0.30 for 4Q and YTD 2014.

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.

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		Interest Share of		Unconsolidated			Debt
Unsecured Debt	Balance		Rate	Balance		Rate	Balance		Rate		Consolidated Debt 3		Debt 4			As Reported
Fixed-Rate Debt 1	$	149,159	3.7%	$	—	n/a	$	149,159	3.7%	21%	$	—	$	—		$	149,159
Variable-Rate Debt	21,641		2.0%	—		n/a	21,641		2.0%	3%	160		—			21,801
										24%
Mortgage and Other Notes Payable
Fixed-Rate Debt 1	344,713		4.7%	54,550		4.3%	399,263		4.4%	57%	367,147		(106,856		)	659,554
Variable-Rate Debt	—		—	131,836		2.1%	131,836		2.1%	19%	421,362		(14,748		)	538,450
										76%
Total	$	515,513	4.3%	$	186,386	2.8%	$	701,899	3.8%	100%	$	788,669	$	(121,604	)	1,368,964
Unamortized premium																1,364
Unamortized loan costs																(11,722		)
																$	1,358,606
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	December 31, 2015			Percent	Amount			Rate	Date	Options
CORE PORTFOLIO
Fixed-Rate Debt
Chicago Portfolio 8	$	14,955		100.0%	$	14,955		5.61%	2/1/2016	None
330-340 River Street	10,421			100.0%	10,421			5.24%	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	15,727			100.0%	15,727			6.35%	12/1/2016	None
239 Greenwich Avenue	26,000			75.0%	19,500			5.42%	2/11/2017	None
639 West Diversey	4,142			100.0%	4,142			6.65%	3/1/2017	None
Merrillville Plaza	25,150			100.0%	25,150			5.88%	8/1/2017	None
Bedford Green	29,151			100.0%	29,151			5.1%	9/5/2017	None
163 Highland Avenue	9,595			100.0%	9,595			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	17,570			50.0%	8,785			4.72%	12/10/2027	None
Unsecured interest rate swaps 1	149,159			100.0%	149,159			3.71%	Various
Secured interest rate swaps 1	72,443			99.8%	72,283			3.31%	Various
Sub-Total Fixed-Rate Debt	681,513				493,872			4.42%
Secured Variable-Rate Debt
664 N. Michigan	43,107			100.0%	43,107			Libor + 165	6/28/2018	1 x 60 mos.
4401 N. White Plains Road	6,015			100.0%	6,015			Libor + 190	9/1/2022	None
28 Jericho Turnpike	15,315			100.0%	15,315			Libor + 190	1/23/2023	None
60 Orange Street	8,006			98.0%	7,846			Libor + 175	4/3/2023	None
Secured interest rate swaps 1	(72,443		)	99.8%	(72,283		)	Libor + 147
Unsecured Variable-Rate Debt
Unsecured Line of Credit 2	20,800			100.0%	20,800			Libor + 140	1/31/2018	1 x 12 mos.
Unsecured Term Loan	50,000			100.0%	50,000			Libor + 130	11/25/2019	None
Unsecured Term Loan	50,000			100.0%	50,000			Libor + 130	7/2/2020	None
Unsecured Term Loan	50,000			100.0%	50,000			Libor + 160	12/18/2022	None
Unsecured interest rate swaps 1	(149,159		)	100.0%	(149,159		)	Libor + 147
Sub-Total Variable-Rate Debt	21,641				21,641			Libor + 177
Total Debt - Core Portfolio	$	703,154			$	515,513		4.31%

Portfolio Debt - Detail (continued)
(in thousands)
		Principal Balance at			Acadia's Pro-rata Share				Interest	Maturity	Extension
Property	Entity	December 31, 2015			Percent	Amount			Rate	Date	Options
Funds
Fixed-Rate Debt
CityPoint 3	Fund II	$	19,000		17.9%	$	3,406		1.25%	12/23/2016	1 x 12 mos.
216th Street 3	Fund II	25,500			19.8%	5,054			5.80%	10/1/2017	None
CityPoint 3,6	Fund II	5,262			18.8%	991			1.00%	8/23/2019	None
CityPoint 3	Fund II	200,000			18.8%	37,657			4.75%	5/29/2020	None
2207 Fillmore Street 3	Fund IV	1,120			20.8%	233			4.50%	10/31/2025	None
Interest rate swaps 1	Funds II & IV	34,888			20.7%	7,209			3.29%	Various
Sub-Total Fixed-Rate Debt		285,770				54,550			4.29%
Variable-Rate Debt
Cortlandt Towne Center 8	Fund III	83,070			24.5%	20,352			Libor + 165	1/24/2016	None
Nostrand Avenue	Fund III	11,527			24.5%	2,824			Libor + 265	2/1/2016	2 x 12 mos.
Heritage Shops	Fund III	24,500			24.5%	6,003			Libor + 155	2/28/2016	2 x 12 mos.
Broughton Street Portfolio	Fund IV	20,000			23.1%	4,624			Libor + 300	5/5/2016	1 x 6 mos.
640 Broadway 3	Fund III	22,109			15.5%	3,419			Libor + 295	7/1/2016	None
CityPoint 3	Fund II	20,000			18.8%	3,766			Libor + 170	8/23/2016	1 x 12 mos.
Acadia Strategic Opportunity II LLC	Fund II	12,500			20.0%	2,500			Libor + 275	10/19/2016	None
Acadia Strategic Opportunity IV LLC 4	Fund IV	91,910			23.1%	21,250			Libor + 165	11/18/2016	None
Promenade at Manassas 3	Fund IV	25,000			22.8%	5,696			Libor + 140	11/19/2016	2 x 12 mos.
CityPoint 3	Fund II	62,000			17.9%	11,113			Sifma + 160	12/23/2016	1 x 12 mos.
1701 Belmont Avenue 3, 7	Fund IV	3,169			22.8%	722			Prime + 50	1/31/2017	None
Acadia Strategic Opportunity IV LLC 5	Fund IV	34,500			23.1%	7,976			Libor + 275	2/9/2017	1 x 6 mos.
654 Broadway	Fund III	8,835			24.5%	2,165			Libor + 188	3/1/2017	2 x 12 mos.
Arundel Plaza 3	Fund III	10,000			22.1%	2,205			Libor + 200	4/8/2017	1 x 12 mos.
New Hyde Park Shopping Center	Fund III	11,240			24.5%	2,754			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.
210 Bowery	Fund IV	4,600			23.1%	1,064			Libor + 275	10/15/2017	1 x 12 mos.
2819 Kennedy Boulevard 3	Fund IV	6,814			22.8%	1,553			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
230/240 W. Broughton	Fund IV	8,009			11.6%	926			Libor + 190	5/1/2018	None
Paramus Plaza 3	Fund IV	13,339			11.6%	1,542			Libor + 170	2/20/2019	None
Lake Montclair	Fund IV	14,904			23.1%	3,446			Libor + 215	5/1/2019	None
17 E. 71st Street	Fund IV	19,000			23.1%	4,393			Libor + 190	6/9/2020	None
1035 Third Avenue	Fund IV	42,000			23.1%	9,710			Libor + 235	1/27/2021	None
CityPoint 3	Fund II	19,984			18.8%	3,763			Libor + 139	11/1/2021	None
3104 M Street 3,7	Fund III	2,999			19.6%	588			Prime + 50	12/10/2021	None
Interest rate swaps 1	Funds II & IV	(34,888		)	20.7%	(7,209		)	Libor + 196
Sub-Total Variable-Rate Debt		607,602				131,836			Libor + 195
Total Debt - Funds		$	893,372			$	186,386		2.77%
Total Debt - Core Portfolio and Funds		$	1,596,526			$	701,899		3.90%
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 December 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 $206,478.

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

⁸ This loan was paid off subsequent to December 31, 2015.

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
2016	$	3,935	$	206,929	$	210,864	$	3,766	$	77,662	$	81,428	5.90	%	5.90	%	n/a
2017	3,550		82,926		86,476		3,224		76,426		79,650		5.51	%	5.51	%	n/a
2018	3,170		60,858		64,028		2,382		60,858		63,240		1.81	%	n/a		1.81	%
2019	2,740		50,000		52,740		1,920		50,000		51,920		1.54	%	n/a		1.54	%
2020	2,835		50,000		52,835		1,983		50,000		51,983		1.64	%	n/a		1.64	%
Thereafter	11,216		224,995		236,211		6,947		180,345		187,292		3.34	%	4.29	%	1.92	%
Total	$	27,446	$	675,708	$	703,154	$	20,222	$	495,291	$	515,513
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
2016	$	1,624	$	391,525	$	393,149	$	381	$	84,931	$	85,312	2.00	%	1.25	%	2.03	%
2017	973		144,478		145,451		205		32,055		32,260		2.76	%	4.87	%	2.16	%
2018	918		37,509		38,427		183		6,773		6,956		2.81	%	n/a		2.81	%
2019	519		31,967		32,486		106		5,658		5,764		2.03	%	1.00	%	2.26	%
2020	398		218,539		218,937		80		41,943		42,023		4.48	%	4.75	%	2.14	%
Thereafter	1,169		63,753		64,922		220		13,851		14,071		2.48	%	4.50	%	2.44	%
Total	$	5,601	$	887,771	$	893,372	$	1,175	$	185,211	$	186,386
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
STREET AND URBAN 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	%	$	4,399,313	$	242.51
840 N. Michigan Avenue	H & M, Verizon Wireless	2014	88.4	%	87,135	—	—	87,135	100.0	%	—		—		100.0	%	100.0	%	7,548,895		86.63
Rush and Walton Streets Collection - 6 properties	Lululemon, Brioni, BHLDN, Marc Jacobs	2011/12	100.0	%	41,533	—	—	41,533	95.8	%	—		—		95.8	%	100.0	%	6,205,858		156.00
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	95.6	%	—		—		95.6	%	95.6	%	1,232,791		54.82
Halsted and Armitage Collection - 9 properties	Intermix, BCBG, Club Monaco	2011/12	100.0	%	44,658	—	—	44,658	95.2	%	—		—		95.2	%	95.2	%	1,831,119		43.07
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	%	—		67.6	%	81.6	%	81.6	%	1,659,944		39.68
Roosevelt Galleria	Petco, Vitamin Shoppe	2015	100.0	%	—	—	37,995	37,995	—		—		100.0	%	100.0	%	100.0	%	1,066,439		28.07
					283,382	—	67,125	350,507	98.3	%	—		86.0	%	95.9	%	96.4	%	25,866,375		76.95
New York Metro
83 Spring Street	Paper Source	2012	100.0	%	3,000	—	—	3,000	100.0	%	—		—		100.0	%	100.0	%	686,272		228.76
152-154 Spring Street	—	2014	100.0	%	2,936	—	—	2,936	100.0	%	—		—		100.0	%	100.0	%	2,209,681		752.62
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		113.37
West 54th Street	Stage Coach Tavern	2007	100.0	%	5,773	—	—	5,773	86.3	%	—		—		86.3	%	86.3	%	2,058,708		413.46
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	%	371,379		25.31
239 Greenwich Avenue	Betteridge Jewelers, Coach	1998	75.0	%	16,553	—	—	16,553	100.0	%	—		—		100.0	%	100.0	%	1,469,653		88.78
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	%	898,890		22.29
868 Broadway	Dr. Martens	2013	100.0	%	2,031	—	—	2,031	100.0	%	—		—		100.0	%	100.0	%	702,531		345.90
313-315 Bowery 2	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	%	13,838	—	—	13,838	91.3	%	—		—		91.3	%	100.0	%	1,873,981		148.28
131-135 Prince Street	Folli Follie, Uno De 50	2014	100.0	%	3,200	—	—	3,200	100.0	%	—		—		100.0	%	100.0	%	1,269,324		396.66

2520 Flatbush Avenue	Bob's Discount Furniture, Capital One	2014	100.0	%	—	—	29,114	29,114	—		—		100.0	%	100.0	%	100.0	%	1,054,338		36.21
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
					92,695	86,950	110,099	289,744	97.8	%	100.0	%	92.1	%	96.3	%	96.7	%	20,552,954		73.67
San Francisco Metro
City Center	City Target, Best Buy	2015	100.0	%	—	174,311	30,337	204,648	—		100.0	%	82.9	%	97.5	%	97.5	%	7,333,292		36.76
					—	174,311	30,337	204,648	—		100.0	%	82.9	%	97.5	%	97.5	%	7,333,292		36.76
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	%	1,321,630		57.70
Rhode Island Place Shopping Center	TJ Maxx	2012	100.0	%	—	24,996	32,533	57,529	—		100.0	%	83.1	%	90.4	%	90.4	%	1,460,379		28.07
M Street and Wisconsin Corridor - 7 Properties	Lacoste, Juicy Couture, Coach	2011	62.4	%	31,629	—	—	31,629	100.0	%	—		—		100.0	%	100.0	%	2,715,244		85.85
					54,536	24,996	32,533	112,065	100.0	%	100.0	%	83.1	%	95.1	%	95.1	%	5,497,253		51.59
Boston Metro
330-340 River Street	Whole Foods	2012	100.0	%	—	40,800	13,426	54,226	—		100.0	%	100.0	%	100.0	%	100.0	%	1,130,470		20.85
					—	40,800	13,426	54,226	—		100.0	%	100.0	%	100.0	%	100.0	%	1,130,470		20.85
Total Street and Urban Retail					430,613	327,057	253,520	1,011,190	98.4	%	100.0	%	88.6	%	96.5	%	96.8	%	$	60,380,344	$	61.90
Acadia Share Total Street and Urban Retail					404,053	327,057	253,520	984,630	98.3	%	100.0	%	88.6	%	96.4	%	96.7	%	$	55,380,049	$	58.37
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.
Core Portfolio Retail Properties - Detail 1 (continued)
																	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
SUBURBAN PROPERTIES
New Jersey
Elmwood Park Shopping Center	Walgreens, Acme	1998	100.0	%	—	62,610	86,460	149,070	—		100.0	%	95.3	%	97.3	%	97.3	%	$	3,833,276	$	26.43
Marketplace of Absecon	Rite Aid, Dollar Tree	1998	100.0	%	—	46,724	57,832	104,556	—		100.0	%	90.5	%	94.8	%	94.8	%	1,416,309		14.30
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	%	2,737,535		31.96
Branch Plaza	LA Fitness, The Fresh Market	1998	100.0	%	—	77,364	47,075	124,439	—		100.0	%	77.5	%	91.5	%	91.5	%	2,915,843		25.61
Amboy Center	—	2005	100.0	%	—	37,266	26,024	63,290	—		100.0	%	100.0	%	100.0	%	100.0	%	2,046,520		32.34
Pacesetter Park Shopping Center	Stop & Shop (Ahold)	1999	100.0	%	—	52,052	46,107	98,159	—		100.0	%	68.3	%	85.1	%	98.3	%	1,047,708		12.54
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	108,035	310,762	—	100.0	%	83.6	%	94.3	%	94.3	%	6,846,836	23.36
New Loudon Center	Price Chopper, Marshalls	1993	100.0	%	—	251,058	4,615	255,673	—	100.0	%	100.0	%	100.0	%	100.0	%	2,033,458	7.95
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	%	66.7	%	80.7	%	80.7	%	2,188,367	29.99
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	%	1,720,212	16.18
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	%	1,257,627	9.67
Crescent Plaza	Home Depot, Shaw's (Supervalu)	1993	100.0	%	—	156,985	61,163	218,148	—	100.0	%	85.7	%	96.0	%	96.0	%	1,812,245	8.65
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	%	2,037,757	20.05
Illinois
Hobson West Plaza	Garden Fresh Markets	1998	100.0	%	—	51,692	47,445	99,137	—	100.0	%	92.2	%	96.3	%	96.3	%	1,158,605	12.14
Indiana
Merrillville Plaza	Jo-Ann Fabrics, TJ Maxx	1998	100.0	%	—	123,220	112,867	236,087	—	100.0	%	99.0	%	99.5	%	99.5	%	3,384,713	14.40
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	%	3,576,014	15.17
	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	%	1,396,788	13.69
Delaware
Brandywine Town Center	Lowes, Bed Bath & Beyond,	2003	22.2	%	—	775,803	48,608	824,411	—	94.0	%	80.0	%	93.1	%	93.1	%	12,328,789	16.06
	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	%	91.5	%	95.0	%	100.0	%	2,490,003	25.67
Naamans Road	—	2006	100.0	%	—	—	19,984	19,984	—	—		75.0	%	75.0	%	75.0	%	637,701	42.55
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	%	100.0	%	100.0	%	100.0	%	1,295,907	7.38
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	%	1,023,468		20.76
									—
Total Suburban Properties					—	3,376,803	1,210,545	4,587,348	—		98.6	%	88.6	%	96.0	%	96.4	%	66,774,476		16.10
Acadia Share Total Suburban Properties					—	2,594,125	1,071,596	3,665,721	—		99.6	%	89.0	%	96.5	%	96.9	%	$	51,742,634	$	15.76
TOTAL CORE PROPERTIES					430,613	3,703,860	1,464,065	5,598,538	98.4	%	98.7		88.6	%	96.1	%	96.4	%	$	127,154,820	$	24.82
Acadia Share Total Core Properties					404,053	2,961,687	1,325,116	4,690,856	98.3	%	99.6	%	88.9	%	96.5	%	96.9	%	$	109,859,039	$	25.72
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	$	3,625,951	4.4	%	3.3	%
Best Buy	2	86,686	3,273,894		1.9	%	3.0	%
Target	2	155,822	3,224,714		3.3	%	2.9	%
LA Fitness	2	100,000	2,336,500		2.1	%	2.1	%
Verizon	2	31,371	2,330,565		0.7	%	2.1	%
Ann Taylor Loft	2	14,174	2,197,524		0.3	%	2.0	%
Supervalu (Shaw's)	2	123,409	1,907,456		2.6	%	1.7	%
Home Depot	3	312,718	1,827,600		6.7	%	1.7	%
TJX Companies	8	209,198	1,643,968		4.5	%	1.5	%
-- TJ Maxx	5	120,123	854,724		2.6	%	0.8	%
-- Home Goods	2	51,863	621,790		1.1	%	0.6	%
-- Marshalls	1	37,212	167,454		0.8	%	0.1	%
Walgreens	3	37,499	1,412,716		0.8	%	1.3	%
Kate Spade	2	4,250	1,341,182		0.1	%	1.2	%
Sleepy's	9	47,781	1,264,734		1.0	%	1.2	%
Citibank	4	16,160	1,233,029		0.3	%	1.1	%
Kmart	3	273,969	1,170,078		5.9	%	1.1	%
JP Morgan Chase	6	27,374	1,092,078		0.6	%	1.0	%
Bob's Discount Furniture	2	34,819	1,064,237		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	%
Gap (Banana Republic and Old Navy)	3	13,835	897,973		0.3	%	0.8	%
Urban Outfitters	2	19,902	879,450		0.4	%	0.8	%
TOTAL	65	1,751,134	$	34,751,769	37.3	%	31.7	%
Note:
1 Does not include tenants that operate at only one Acadia Core location.

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	—	—	—		$	—	—		—	—	—		$	—	—		8	23,292	1.8	%	$	19.44	1.3	%	8	23,292	0.5	%	$	19.44	0.4	%
2016	9	47,465	11.2	%	43.39		4.8	%	9	332,463	9.8	%	11.99		8.2	%	48	195,136	14.9	%	21.34		11.8	%	66	575,064	11.2	%	17.75		8.0	%
2017	7	29,962	7.1	%	95.07		6.6	%	6	296,390	8.7	%	11.45		7.0	%	44	181,814	14.0	%	28.77		14.8	%	57	508,166	9.9	%	22.58		9.0	%
2018	6	74,979	17.7	%	86.27		15.0	%	8	472,193	13.9	%	17.46		16.9	%	56	177,344	13.7	%	29.45		14.8	%	70	724,516	14.1	%	27.52		15.7	%
2019	8	19,309	4.6	%	173.93		7.8	%	9	334,577	9.8	%	8.82		6.0	%	28	91,735	7.1	%	25.21		6.5	%	45	445,621	8.7	%	19.35		6.8	%
2020	12	33,191	7.8	%	115.05		8.9	%	10	499,656	14.7	%	12.77		13.1	%	25	99,395	7.7	%	21.12		5.9	%	47	632,242	12.3	%	19.45		9.7	%
2021	7	49,579	11.7	%	58.11		6.7	%	6	267,331	7.9	%	10.58		5.8	%	14	72,151	5.6	%	24.1		4.90	%	27	389,061	7.6	%	19.14		5.9	%
2022	5	19,361	4.6	%	148.64		6.7	%	2	69,837	2.1	%	26.15		3.7	%	21	86,831	6.7	%	27.31		6.7	%	28	176,029	3.4	%	40.20		5.6	%
2023	5	22,169	5.2	%	95.33		4.9	%	5	205,067	6.0	%	17.92		7.5	%	12	69,495	5.4	%	26.04		5.1	%	22	296,731	5.8	%	25.61		6.0	%
2024	8	60,828	14.4	%	94.60		13.4	%	7	330,390	9.7	%	20.41		13.8	%	22	106,325	8.2	%	27.75		8.4	%	37	497,543	9.7	%	31.05		12.1	%
2025	5	22,996	5.4	%	143.40		7.7	%	6	179,671	5.3	%	18.60		6.8	%	23	76,302	5.9	%	37.65		8.1	%	34	278,969	5.4	%	34.10		7.5	%
Thereafter	10	43,839	10.3	%	172.69		17.5	%	9	414,517	12.1	%	13.09		11.2	%	11	117,119	9.0	%	34.87		11.7	%	30	575,475	11.4	%	29.69		13.3	%
Total	82	423,678	100.0	%	$	101.61	100.0	%	77	3,402,092	100.0	%	$	14.34	100.0	%	312	1,296,939	100.0	%	$	27.23	100.0	%	471	5,122,709	100.0	%	$	24.82	100.0	%
										254,916	Anchor GLA Owned by Tenants															254,916	Anchor GLA Owned by Tenants
		6,935	Total Vacant							46,852	Total Vacant							167,126	Total Vacant							220,913	Total Vacant
		430,613	Total Square Feet							3,703,860	Total Square Feet							1,464,065	Total Square Feet							5,598,538	Total Square Feet
Note:
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						3 months ended						3 months ended
	December 31, 2015						December 31, 2015						September 30, 2015						June 30, 2015						March 31, 2015
	GAAP3			Cash2			GAAP3			Cash2			GAAP3			Cash2			GAAP3			Cash2			GAAP3			Cash2
New leases
Number of new leases executed	8			8			1			1			—			—			6			6			1			1
GLA	13,523			13,523			1,123			1,123			—			—			10,239			10,239			2,161			2,161
New base rent	$	69.12		$	63.30		$	50.74		$	50.00		$	—		$	—		$	79.29		$	71.79		$	30.50		$	30.00
Previous base rent	$	56.36		$	59.85		$	44.70		$	49.50		$	—		$	—		$	62.53		$	66.04		$	33.17		$	35.88
Average cost per square foot	$	55.16		$	55.16		$	59.87		$	59.87		$	—		$	—		$	57.80		$	57.80		$	40.22		$	40.22
Weighted Average Lease Term (years)	8.1			8.1			7.0			7.0			—			—			7.9			7.9			10.0			10.0
Percentage growth in base rent	22.6		%	5.8		%	13.5		%	1.0		%	—			—			26.8		%	8.7		%	(8.0		)%	(16.4		)%
Renewal leases
Number of renewal leases executed	45			45			10			10			13			13			14			14			8			8
GLA	312,104			312,104			49,172			49,172			100,705			100,705			102,426			102,426			59,801			59,801
New base rent	$	17.82		$	17.32		$	19.64		$	18.47		$	17.69		$	17.56		$	15.14		$	14.83		$	21.15		$	20.21
Expiring base rent	$	15.08		$	15.57		$	15.38		$	15.85		$	16.06		$	16.65		$	13.64		$	14.12		$	15.65		$	15.98
Average cost per square foot	$	6.47		$	6.47		$	9.90		$	9.90		$	0.18		$	0.18		$	3.31		$	3.31		$	19.68		$	19.68
Weighted Average Lease Term (years)	6.3			6.3			8.0			8.0			5.1			5.1			5.2			5.2			8.8			8.8
Percentage growth in base rent	18.2		%	11.2		%	27.7		%	16.5		%	10.2		%	5.5		%	11.0		%	5.0		%	35.1		%	26.5		%
Total new and renewal Leases
Number of new and renewal leases executed	53			53			11			11			13			13			20			20			9			9
GLA commencing	325,627			325,627			50,295			50,295			100,705			100,705			112,665			112,665			61,962			61,962
New base rent	$	19.95		$	19.23		$	20.33		$	19.17		$	17.69		$	17.56		$	20.97		$	20.01		$	21.48		$	20.55
Expiring base rent	$	16.79		$	17.41		$	16.03		$	16.60		$	16.06		$	16.65		$	18.08		$	18.84		$	16.26		$	16.67
Average cost per square foot	$	8.50		$	8.50		$	11.02		$	11.02		$	0.18		$	0.18		$	8.26		$	8.26		$	20.40		$	20.40
Weighted Average Lease Term (years)	6.4			6.4			7.9			7.9			5.1			5.1			5.4			5.4			8.8			8.8
Percentage growth in base rent	18.8		%	10.5		%	26.8		%	15.5		%	10.2		%	5.5		%	16.0		%	6.2		%	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
	Year-to-Date		Current Quarter		Previous Quarter							Historical
	Period ended		3 months ended		3 months ended		3 months ended		3 months ended			Prior Year ended
	December 31, 2015		December 31, 2015		September 30, 2015		June 30, 2015		March 31, 2015			December 31, 2014
Leasing Commissions	$	1,566	$	263	$	482	$	611	$	210		$	939
Tenant Improvements	6,349		747		2,437		2,074		1,091			3,962
Capital Expenditures	3,602		860		651		414		1,677			964
Total Capital Expenditures	$	11,517	$	1,870	$	3,570	$	3,099	$	2,978		$	5,865
Other redevelopment and re-anchoring related activities	$	4,107	$	—	$	—	$	—	$	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 - Street and Urban Retail
	664 N. Michigan Avenue	Chicago	IL	$	4,399,313	18,141	295,897	163,646	$	74,143	$	115,275
	840 N. Michigan Avenue	Chicago	IL	7,548,895		87,135	307,531	172,435	79,109		122,284
	Rush and Walton Streets Collection - 6 properties	Chicago	IL	6,205,858		41,533	319,505	178,056	75,196		116,122
	613-623 West Diversey Parkway	Chicago	IL	—		19,265	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	1,232,791		23,531	406,523	217,890	70,388		105,694
	Halsted and Armitage Collection - 9 properties	Chicago	IL	1,831,119		44,658	443,549	238,098	72,697		108,583
	North Lincoln Park Chicago Collection - 6 properties	Chicago	IL	1,659,944		51,255	496,377	247,811	68,233		99,096
	Roosevelt Galleria	Chicago	IL	1,066,439		37,995	357,206	178,934	65,333		100,927
	83 Spring Street	Manhattan	NY	686,272		3,000	981,658	479,147	85,920		121,994
	152-154 Spring Street	Manhattan	NY	2,209,681		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	2,058,708		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	371,379		14,676	578,872	215,091	47,890		58,583
	239 Greenwich Avenue	Greenwich	CT	1,469,653		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	898,890		40,320	1,239,993	443,231	35,628		49,095
	868 Broadway	Manhattan	NY	702,531		2,031	1,077,976	547,276	91,410		134,095
	313-315 Bowery	Manhattan	NY	435,600		6,600	1,032,158	506,284	85,730		122,785
	120 West Broadway	Manhattan	NY	1,873,981		13,838	878,321	422,645	85,293		121,409
	131-135 Prince Street	Manhattan	NY	1,269,324		3,200	990,615	484,990	88,621		132,090
	2520 Flatbush Avenue	Brooklyn	NY	1,054,338		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
	Gotham Plaza	Manhattan	NY	3,495,420		122,900	1,316,651	547,928	64,400		99,981
	City Center	San Francisco	CA	7,333,292		204,648	514,866	247,768	79,424		109,896
	1739-53 & 1801-03 Connecticut Avenue	Washington	DC	1,321,630		22,907	338,815	164,797	81,801		108,533
	Rhode Island Place Shopping Center	Washington	DC	1,460,379		57,529	348,349	157,678	66,984		86,314
	M Street and Wisconsin Corridor - 7 properties	Georgetown	DC	2,715,244		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 Street and Urban Retail
Weighted Average - Based on annual base rent							562,347	268,422	$	77,975	$	113,881
Property Demographics - Core (continued)
							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	$	3,833,276	149,070	252,982	84,585	$	60,290	$	69,299
	Marketplace of Absecon	Absecon	NJ	1,416,309		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	2,737,535		87,330	67,473	22,922	109,170		123,046
	Branch Plaza	Smithtown	NY	2,915,843		124,439	67,554	22,991	108,660		122,359
	Amboy Center	Staten Island	NY	2,046,520		63,290	151,900	55,451	87,868		98,504
	Pacesetter Park Shopping Center	Pomona	NY	1,047,708		98,159	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	6,846,836		310,762	109,134	42,516	96,092		118,263

	New Loudon Center	Latham	NY	2,033,458		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	2,188,367		90,472	25,440	8,955	99,204		140,115
	Town Line Plaza	Rocky Hill	CT	1,720,212		206,346	46,399	19,437	72,685		86,521
	Methuen Shopping Center	Methuen	MA	1,257,627		130,021	99,701	34,864	50,705		60,706
	Crescent Plaza	Brockton	MA	1,812,245		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	2,037,757		101,655	48,384	19,261	51,446		63,537
	Hobson West Plaza	Naperville	IL	1,158,605		99,137	94,989	34,059	103,910		126,405
	Merrillville Plaza	Hobart	IN	3,384,713		236,087	26,123	10,805	47,909		58,578
	Bloomfield Town Square	Bloomfield Hills	MI	3,576,014		235,786	56,773	22,617	62,547		94,909
	Mad River Station	Dayton	OH	1,396,788		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	1,295,907		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	1,023,468		216,278	89,439	35,119	78,159		95,124
Total Core Suburban Properties
Weighted Average - Based on annual base rent							90,825	33,148	$	78,537	$	96,327
Total Core Properties
Weighted Average - Based on annual base rent							352,287	163,609	$	78,225	$	106,061
	Brandywine/Market Square/Naamans Rd 1	Wilmington	DE	15,456,493		946,442	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
		City	State	Rent		GLA	Pop.	HH	Income		Income
	Fund II
	216th Street	Manhattan	NY	2,574,000		60,000	963,175	337,894	$	37,629	$	48,228
	161st Street	Bronx	NY	3,238,376		249,336	1,274,128	450,383	33,329		45,066
Fund II
Weighted Average - Based on annual base rent							1,136,423	400,567	$	35,233	$	46,466
	Fund III
	Cortlandt Towne Center	Mohegan Lake	NY	$	10,134,945	635,457	49,966	17,759	$	84,926	$	97,340
	654 Broadway	Manhattan	NY	583,495		2,896	1,007,518	497,906	86,836		124,507
	640 Broadway	Manhattan	NY	818,375		4,251	1,006,693	496,773	86,613		124,108
	New Hyde Park Shopping Center	New Hyde Park	NY	1,172,792		32,602	199,698	70,745	102,010		122,658
	Nostrand Avenue	Brooklyn	NY	1,559,139		42,912	544,351	203,713	51,528		65,388
	Arundel Plaza	Glen Burnie	MD	1,320,784		265,116	77,759	29,166	59,786		64,793
	Heritage Shops	Chicago	IL	3,279,138		82,098	288,116	154,272	71,414		110,831
Fund III
Weighted Average - Based on annual base rent							214,564	96,565	$	79,252	$	98,341
	Fund IV
	1151 Third Avenue	Manhattan	NY	$	1,700,850	13,250	1,270,132	636,996	$	87,522	$	131,326
	17 East 71st Street	Manhattan	NY	1,792,487		8,432	1,266,902	623,592	87,241		138,121
	1035 Third Avenue	Manhattan	NY	918,500		7,617	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	605,558		47,539	526,721	241,698	78,834		110,806
	Promenade at Manassas	Manassas	VA	3,480,754		265,442	57,996	18,940	74,390		84,467
	Lake Montclair	Prince William County	VA	1,893,136		105,832	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	2,393,735	231,392	69,756	26,155	69,989		75,629
	938 W. North Avenue	Chicago	IL	326,350	33,228	453,690	239,813	72,447		108,382
	146 Geary Street	San Francisco	CA	300,000	11,436	431,433	215,318	86,963		117,259
	Union and Fillmore Collection - 3 properties	San Francisco	CA	635,279	9,104	469,876	233,179	86,409		116,849
Fund IV
Weighted Average - Based on annual base rent						430,387	204,359	$	81,645	$	103,182
Total - Funds
Weighted Average - Based on annual base rent						431,142	183,041	$	74,158	$	93,165

Fund Overview

As of December 31, 2015

I. KEY METRICS

Note

Fund I

Fund II

Fund III

Fund IV

Total

General Information:

Vintage

Sep-2001

Jun-2004

May-2007

May-2012

Fund Size

$90.0 Million

$300.0 Million

$502.5 Million

$540.6 Million

$1,433.1 Million

Acadia's Commitment

$20.0 Million

$85.0 Million

$123.3 Million

$125.0 Million

$353.3 Million

Acadia's Pro Rata Share

22.2

%

28.3

%

24.5

%

23.1

%

24.7

%

Acadia's Promoted Share

1

37.8

%

42.7

%

39.6

%

38.5

%

39.7

%

Number of Institutional Partners

2

4

5

13

17

Preferred Return

9

%

8

%

6

%

6

%

6.6

%

Current-Quarter, Fund-Level Information:

Cumulative Contributions

$86.6 Million

$300.0 Million

$387.5 Million

$179.4 Million

$953.5 Million

Cumulative Net Distributions

3

$194.5 Million

$131.6 Million

$445.7 Million

$101.9 Million

$873.7 Million

Net Distributions/Contributions

224.6

%

43.9

%

115

%

56.8

%

91.6

%

Unfunded Commitment

4

$0.0 Million

$47.1 Million

$62.5 Million

$361.2 Million

$470.8 Million

Acquisition Dry Powder

5

NA

NA

NA

$184.0 Million

$184.0 Million

Investment Period Closes

Closed

Closed

Closed

Aug-2016

Currently in a Promote Position? (Yes/No)

Yes

No

No

No

II. FEES & PRIORITY DISTRIBUTIONS EARNED BY ACADIA

Type:

Applicable to

Description

Asset Management

6

All funds

1.5% of implied capital

Property Management

All funds

4.0% of gross property revenues

Leasing

All funds

Market-rate leasing commissions

Construction/Project Management

All funds

Market-rate fees

Development

Fund III & IV

3.0% of total project costs

Notes:

1

Acadia's "Promoted Share" reflects Acadia's share of fund profits once all partners (including Acadia) have received a return of their cumulative contributions plus their cumulative preferred return.

Acadia's Promoted Share equals a 20% promote plus Acadia's pro rata share of the remaining 80%.

2

During December 2015, Acadia acquired an additional 4.64% interest in Fund III from one of the institutional partners.

During January 2016, Acadia acquired an additional 8.33% interest in Fund II from one of the institutional partners.

3

Net of fees and promote

4

Unfunded Commitments are set aside to complete leasing and development at existing fund investments and, for Fund IV, to make new investments.

The Unfunded Commitment will not equal Fund Size less Cumulative Contributions in those instances where certain fund distributions have been marked as recallable or where the fund has released

commitments due to, among other reasons, the closing of the fund's investment period or accelerated asset sales. With regard to Fund II, the Unfunded Commitment reflects a prior-period distribution

that is subject to recontribution to the Fund until December 2016 if needed to fund the on-going redevelopment of existing Fund II investments.

5

Unfunded Commitments available to deploy into new investments

6

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

Fund Retail Properties - Detail 1
																Leased		Annualized		Annualized
		Year	Ownership	Gross Leaseable Area				In Place Occupancy								Occupancy		Base Rent		Base Rent PSF
	Anchors	Acquired	%	Street	Anchors	Shops	Total	Street		Anchors		Shops		Total		Total		Total		Total
Fund II Portfolio Detail
NEW YORK
New York
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%	—	160,916	88,420	249,336	—		34.6	%	51.8	%	40.7	%	41.3	%	3,238,376		31.91
Total - Fund II				—	220,916	88,420	309,336	—		52.4	%	51.8	%	52.2	%	52.7	%	$	5,812,376	$	35.99
Fund III Portfolio Detail
NEW YORK
New York
Cortlandt Towne Center	Wal-Mart, Best Buy, A&P	2009	100.0%	—	472,420	163,037	635,457	—		95.7	%	85.3	%	93.1	%	93.7	%	$	10,134,945	$	17.14
654 Broadway	Penguin (Perry Ellis)	2011	100.0%	2,896	—	—	2,896	100.0	%	—		—		100.0	%	100.0	%	583,495		201.48
640 Broadway	Swatch	2012	63.1%	4,251	—	—	4,251	78.5	%	—		—		78.5	%	78.5	%	818,375		245.17
New Hyde Park Shopping Center	PetSmart	2011	100.0%	—	13,507	19,095	32,602	—		100.0	%	70.8	%	82.9	%	82.9	%	1,172,792		43.41
Nostrand Avenue	—	2013	100.0%	—	—	42,912	42,912	—		—		78.2	%	78.2	%	78.2	%	1,559,139		46.45
MID-ATLANTIC
Maryland
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	32,220	82,098	—		100.0	%	92.2	%	97.0	%	97.0	%	3,279,138		41.20
Total - Fund III				7,147	767,725	290,460	1,065,332	87.2	%	97.4	%	81.0	%	92.9	%	93.2	%	$	18,868,668	$	19.07
Fund IV Portfolio Detail
NEW YORK
New York
1151 Third Avenue	Vineyard Vines	2013	100.0%	13,250	—	—	13,250	100.0	%	—		—		100.0	%	100.0	%	$	1,700,850	$	128.37
17 East 71st Street	The Row	2014	100.0%	8,432	—	—	8,432	100.0	%	—		—		100.0	%	100.0	%	1,792,487		212.58
1035 Third Avenue 3	—	2015	100.0%	7,617	—	—	7,617	71.4	%	—		—		71.4	%	71.4	%	918,500		168.94
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%	—	46,003	1,536	47,539	—		45.9	%	100.0	%	47.6	%	100.0	%	605,558		26.75

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	%	98.6	%	3,480,754		13.30
Lake Montclair	Food Lion	2013	100.0%	—	33,000	72,832	105,832	—		100.0	%	92.6	%	94.9	%	94.9	%	1,893,136		18.85
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	2014	98.6%	—	163,217	68,175	231,392	—		71.1	%	79.0	%	73.4	%	73.4	%	2,393,735		14.09
MIDWEST
Illinois
938 W. North Avenue	Sephora	2013	80.0%	33,228	—	—	33,228	16.1	%	—		—		16.1	%	16.1	%	326,350		61.00
SOUTHEAST
Georgia
Broughton Street Portfolio 4	J. Crew, L'Occitane, Lululemon	2014	50.0%	24,961	—	—	24,961	100.0	%	—		—		100.0	%	100.0	%	981,469		39.32
WEST
California
146 Geary		2015	100.0%	—	—	11,436	11,436	—		—		100.0	%	100.0	%	100.0	%	300,000		26.23
Union and Fillmore Collection - 3 properties		2015	90.0%	—	—	9,104	9,104	—		—		100.0	%	100.0	%	100.0	%	635,279		69.78
Total - Fund IV				87,488	569,769	314,059	971,316	65.6	%	87.3	%	74.5	%	81.2	%	83.8	%	$	17,812,229	$	22.58
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%
801 Madison Avenue	100.0%
650 Bald Hill Road	90.0%
2 Currently operating, but redevelopment activities have commenced.
3 Property also includes 12,371 sf of 2nd floor office space and 29,760 sf parking garage (131 spaces).
4 Represents 4 of the 25 properties in this portfolio that have been leased. The remaining properties are still in development.

Funds Lease Expirations
	FUND II
		Gross Leased Area					Base Rent
	No. of Leases	Expiring	Percent						Percent
Year	Expiring	SF	of Total		Amount		PSF		of Total
M to M 1	1	9,967	5.9	%	$	99,670	$	10.00	1.7	%
Thereafter	7	159,696	94.1	%	5,712,706		35.77		98.3	%
Total	8	169,663	100	%	$	5,812,376	$	34.26	100.0	%
		139,673	Total Vacant
		309,336	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	7,379	0.7	%	$	179,114	$	24.27	0.9	%	4	8,800	1.1	%	$	250,504	$	28.47	1.4	%
2016	12	79,528	8.1	%	1,296,824		16.31		6.9	%	10	30,575	3.9	%	581,879		19.03		3.3	%
2017	8	76,110	7.7	%	1,870,787		24.58		9.9	%	15	101,545	12.9	%	2,578,846		25.40		14.5	%
2018	16	265,859	27.0	%	3,925,260		14.76		20.8	%	13	40,952	5.2	%	882,092		21.54		5.0	%
2019	11	259,468	26.4	%	2,541,424		9.79		13.5	%	11	99,158	12.6	%	1,783,957		17.99		10.0	%
2020	7	15,218	1.5	%	684,344		44.97		3.6	%	9	53,701	6.8	%	1,275,958		23.76		7.2	%
2021	4	45,262	4.6	%	847,574		18.73		4.5	%	2	34,544	4.4	%	426,392		12.34		2.4	%
2022	6	80,203	8.1	%	1,737,818		21.67		9.2	%	3	33,629	4.3	%	492,521		14.65		2.8	%
2023	5	26,044	2.6	%	1,227,481		47.13		6.5	%	5	49,675	6.3	%	795,560		16.02		4.5	%
2024	8	60,581	6.2	%	2,030,948		33.52		10.8	%	7	115,960	14.8	%	2,990,302		25.79		16.8	%
2025	5	58,360	5.9	%	1,645,180		28.19		8.7	%	13	31,599	4.0	%	3,528,922		111.68		19.8	%
Thereafter	5	10,090	1.2	%	881,914		87.40		4.7	%	4	184,022	23.7	%	2,225,296		12.09		12.3	%
Total	90	984,102	100.0	%	$	18,868,668	$	19.17	100.0	%	96	784,160	100.0	%	$	17,812,229	$	22.72	100.0	%
		81,230	Total Vacant									187,156	Total Vacant
		1,065,332	Total Square Feet									971,316	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	2016/2020		6	763,000	7	66% 2	Century 21, CityTarget, Alamo Drafthouse	$	341.9	3	$	48.1	to	$	68.1	3	$	390.0	to	$	410.0	3	$	240.0
Sherman Plaza	99.1%	New York, NY	TBD			TBD		—	TBD	35.8			TBD			TBD			TBD			TBD			—
										$	377.7		TBD			TBD			TBD			TBD			$	240.0
FUND III
Cortlandt Crossing	100%	Mohegan Lake, NY	2017			150,000 - 170,000		—	TBD	$	14.6		$	32.4	to	$	41.4		$	47.0	to	$	56.0		$	—
3104 M Street NW	80%	Washington, D.C.	2016			10,000		—	TBD	7.3			0.7		to	1.7			8.0		to	9.0			3.0
Broad Hollow Commons	100%	Farmingdale, NY	2016			180,000 - 200,000		—	TBD	14.4			35.6		to	45.6			50.0		to	60.0			—
										$	36.3		$	68.7		$	88.7		$	105.0		$	125.0		$	3
FUND IV
210 Bowery	100%	New York, NY	2016			16,000		—	TBD	$	13.2		$	5.3	to	$	9.3		$	18.5	to	$	22.5		$	4.6
Broughton Street Portfolio 5	50%	Savannah, GA	2016			200,000		52%	J. Crew, Lululemon, H&M	61.3			23.7		to	28.7			85.0		to	90.0			28.0
27 E. 61st Street	100%	New York, NY	2016			9,500		—	TBD	21.3			1.5		to	5.5			22.8		to	26.8			—
801 Madison Avenue	100%	New York, NY	2016			5,000		45%	TBD	33.6			2.4		to	7.4			36.0		to	41.0			—
650 Bald Hill Road	90%	Warwick, RI	2016			161,000		34%	Burlington Coat Factory	10.5			17.0		to	22.0			27.5		to	32.5			—
										$	139.9		$	49.9		$	72.9		$	189.8		$	212.8		$	32.6
Notes:
1 Acquired a leasehold interest in this property.
2 Leased rate calculated on approximately 540,000 rentable square feet.
3 Net of actual and anticipated contributions from retail tenants and proceeds from residential tower sales. Excludes Tower I. 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 This portfolio includes 25 buildings, including 4 which are operating.
6 Phases I and II have an estimated completion date of 2016. Phase III has an estimated completion date of 2020.
7 This reflects increases to Phase I and Phase II square footage, and the addition of Phase III square footage.
Reconciles to Consolidated Balance Sheet as follows:
Development costs above			$	553.9
City Point Items:
Adjustment to FMV			33.8

Gain on sales	51.2
Costs of Tower 1	80.7
Less:
Development held as operating real estate	(33.6	)
Development costs of unconsolidated properties	(71.8	)
Deferred costs and other amounts	(4.6	)
Total per consolidated balance sheet	$ 609.6

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.