Acadia Realty Trust (AKR) 8-K Acadia Realty Trust Reports Fourth Quarter and Full Year 2022 Operating Results

Exhibit 99.2

EALTY TRUST—Q220SUPPLEMENTAL REPFORMATIO

Table of Contents		Supplemental Report – December 31, 2022
Section I – Fourth Quarter 2022 Earnings Press Release
Section II – Financial Information		Section III – Core Portfolio Information
Company Information	3	Core Properties	32
Market Capitalization	4	Core Top Tenants	37
Operating Statements		Core Lease Expirations	38
Consolidated Income Statements	5	Core New and Renewal Rent Spreads	39
Income Statement - Pro-rata Adjustments	7	Core Capital Expenditures	40
Consolidated Balance Sheet	8
Balance Sheet - Pro-rata Adjustments	9
Funds from Operations (“FFO”), Adjusted FFO (“AFFO”)	11	Section IV – Fund Information
EBITDA	13
Same Property Net Operating Income	14	Fund Overview	41
Fee Income	15	Fund Properties	43
Structured Financing	16	Fund Lease Expirations	46
Other Information		Development and Redevelopment Activity	47
Transactional Activity	17
2023 Guidance	19
Net Asset Valuation Information	22
Selected Financial Ratios	23	Section V – Other Information
Debt Analysis
Summary	26	Important Notes	49
Detail	27
Maturities	29
Interest Rate Summary	31

Visitwww.acadiarealty.comfor additional investor and portfolio information

Supplemental Report – December 31, 2022		Company Information
Acadia Realty Trust is a fully-integrated equity real estate investment trust, focused on the ownership, acquisition, redevelopment and management of high-quality retail properties located in key street and urban retail corridors as well as suburban locations within high-barrier-to-entry, densely-populated metropolitan areas. Acadia owns, or has an ownership interest in, these properties through its Core Portfolio and through a series of opportunistic/value-add investment funds. Additional information may be found on the Company’s website at www.acadiarealty.com.
Contact Information
	Corporate Headquarters	Investor Relations	New York Stock Exchange
	411 Theodore Fremd Avenue	Stuart Seeley	Symbol AKR
	Suite 300	Senior Managing Director of Strategy & Public Markets
	Rye, NY 10580
		Jennifer Han
		Director, Reporting & Investor Relations
		(914) 288-8100
		investorrelations@acadiarealty.com
Analyst Coverage
	Bank of America / Merrill Lynch	Citigroup - Global Markets	KeyBanc Capital Markets, Inc.
	Craig Schmidt - (646) 855-3640	Craig Mailman - (212) 816-4471	Todd Thomas - (917) 368-2286
	craig.schmidt@bofa.com	craig.mailman@citi.com	tthomas@key.com
	Green Street Advisors	Compass Point Research & Trading	J.P. Morgan Securities, Inc.
	Paulina Rojas Schmidt - (949) 640-8780	Floris van Dijkum - (646) 757-2621	Michael W. Mueller, CFA - (212) 622-6689
	projasschmidt@greenstreet.com	fvandijkum@compasspointllc.com	michael.w.mueller@jpmorgan.com
	Jefferies	Truist
	Linda Tsai - (212) 778-8011	Ki Bin Kim, CFA - (212) 303-4124
	ltsai@jefferies.com	kibin.kim@truist.com

3

	Market Capitalization
Supplemental Report – December 31, 2022	(Including pro-rata share of Fund debt, in thousands)

						Changes in Total Outstanding Common										Weighted Average
	Total Market				Capitalization	Shares and OP Units (in thousands)										Diluted EPS				FFO
	Capitalization ($)			%	Based on Net Debt 1		Common Shares			Common OP Units			Total			Quarter		YTD		Quarter		YTD
Equity Capitalization
Common Shares		95,121				Balance at 12/31/2021		89,304			5,059			94,363
Common Operating Partnership ("OP") Units		5,134				ATM issuance		5,151			—			5,151
Combined Common Shares and OP Units		100,255				Vesting RS and LTIPs		11			279			290	��
						OP Conversions		36			(36	)		—
Share Price at December 31, 2022	$	14.35				Other		6			—			6
						Balance at 3/31/2022		94,508			5,302			99,810			93,310		93,310		99,103		99,103
Equity Capitalization - Common Shares and OP Units	$	1,438,659				ATM issuance		375			—			375
Preferred OP Units 2		6,657				Vesting RS and LTIPs		34			30			64
Total Equity Capitalization		1,445,316		51%	51%	OP Conversions		16			(16	)		—
						Other		(4	)		—			(4	)
Debt Capitalization						Balance at 6/30/2022		94,929			5,316			100,245			94,945		94,120		100,281		99,898
Consolidated debt 3		1,805,414				ATM issuance		—			—			—
Adjustment to reflect pro-rata share of debt		(390,912	)			Vesting RS and LTIPs		—			—			—
Total Debt Capitalization		1,414,502		49%	49%	OP Conversions		20			(20	)		—
						Other		2			—			2
Total Market Capitalization	$	2,859,818		100%	100%	Balance at 9/30/2022		94,951			5,296			100,247			95,251		94,849		100,313		100,534
						ATM issuance		—			—			—
						Vesting RS and LTIPs		3			1			4
						OP Conversions		163			(163	)		—
						Other		4			—			4
						Balance at 12/31/2022		95,121			5,134			100,255			95,066		94,643		101,326		101,338

__________

1.

Reflects debt net of Core Portfolio cash of $12,823 and pro-rata share of Funds cash of $4,048 for total cash netted against debt of $16,871.

2.

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

3.

Reflects consolidated debt excluding $12,354 of unamortized premium and unamortized loan costs.

4

	Consolidated Income Statement
Supplemental Report – December 31, 2022	(in thousands)

	December 31, 2022 1
CONSOLIDATED INCOME STATEMENT	Quarter			Year to Date
Revenues
Rental income	$	79,335		$	317,814
Other		1,243			8,476
Total revenues		80,578			326,290
Operating expenses
Depreciation and amortization		33,489			135,917
General and administrative		11,298			44,066
Real estate taxes		10,275			44,932
Property operating		16,268			56,995
Impairment charges		—			33,311
Total operating expenses		71,330			315,221
Gain on disposition of properties		7,245			57,161
Operating income		16,493			68,230
Equity in earnings (losses) of unconsolidated affiliates		13,262			(32,907	)
Interest and other income		4,751			14,641
Unrealized holding losses on investments and other		(16,579	)		(34,994	)
Interest expense		(21,900	)		(80,209	)
Loss from continuing operations before income taxes		(3,973	)		(65,239	)
Income tax provision		(5	)		(12	)
Net loss		(3,978	)		(65,251	)
Net loss attributable to redeemable noncontrolling interests		2,343			5,536
Net loss attributable to noncontrolling interests		5,617			24,270
Net income (loss) attributable to Acadia	$	3,982		$	(35,445	)

5

	Consolidated Income Statement - Detail
Supplemental Report – December 31, 2022	(in thousands)

	December 31, 2022 1
CORE PORTFOLIO AND FUND INCOME	Quarter			Year to Date
PROPERTY REVENUES
Minimum rents	$	60,230		$	240,362
Percentage rents		896			3,009
Expense reimbursements - CAM		7,718			27,534
Expense reimbursements - Taxes		7,338			31,757
Other property income		847			2,638
Total Property Revenues		77,029			305,300
PROPERTY EXPENSES
Property operating - CAM		12,345			43,956
Other property operating (Non-CAM)		3,613			12,231
Real estate taxes		10,275			44,932
Total Property Expenses		26,233			101,119
NET OPERATING INCOME - PROPERTIES		50,796			204,181
OTHER INCOME (EXPENSE)
Interest income		4,751			14,641
Straight-line rent income (expense)		1,637			8,961
Above/below-market rent income (expense)		1,532			8,314
Interest expense 2		(20,297	)		(74,448	)
Amortization of finance costs		(1,538	)		(5,507	)
Above/below-market interest income (expense)		26			104
Finance lease interest expense		(91	)		(358	)
Asset and property management (expense) income		(159	)		(675	)
Other (expense) income		(111	)		2,037
Impairment charges		—			(33,311	)
CORE PORTFOLIO AND FUND INCOME		36,546			123,939
FEE AND OTHER INCOME
Asset and property management fees		199			748
Net promote and other transactional income		—			1,473
Unrealized holding losses on investments and other		(16,487	)		(37,032	)
Transactional fees 3		49			199
Income tax provision		(5	)		(12	)
Total Fee and Other (Loss) Income		(16,244	)		(34,624	)
General and Administrative		(11,298	)		(42,044	)
Depreciation and amortization		(33,399	)		(135,540	)
Non-real estate depreciation and amortization		(90	)		(377	)
(Loss) gain on change of control and other		—			(859	)
Gain on disposition of properties		7,245			57,161
(Loss) before equity in earnings and noncontrolling interests		(17,240	)		(32,344	)
Equity in earnings (losses) of unconsolidated affiliates		13,262			(32,907	)
Noncontrolling interests (including redeemable noncontrolling interests)		7,960			29,806
NET INCOME (LOSS) ATTRIBUTABLE TO ACADIA	$	3,982		$	(35,445	)

6

	Income Statement – Pro Rata Adjustments
Supplemental Report – December 31, 2022	(in thousands)

	Quarter Ended December 31, 2022						Year to Date December 31, 2022
CORE PORTFOLIO AND FUND INCOME	Noncontrolling Interest in Consolidated Subsidiaries 4			Company’s Interest in Unconsolidated Subsidiaries 5			Noncontrolling Interest in Consolidated Subsidiaries 5			Company’s Interest in Unconsolidated Subsidiaries 6
PROPERTY REVENUES
Minimum rents	$	(23,322	)	$	12,396		$	(95,030	)	$	45,845
Percentage rents		(70	)		136			(793	)		538
Expense reimbursements - CAM		(3,302	)		1,497			(12,832	)		5,457
Expense reimbursements - Taxes		(2,372	)		150			(9,883	)		7,083
Other property income		(236	)		50			(1,067	)		273
Total Property Revenues		(29,302	)		14,229			(119,605	)		59,196
PROPERTY EXPENSES
Property operating - CAM		(5,038	)		1,836			(19,562	)		6,135
Other property operating (Non-CAM)		(885	)		243			(3,411	)		953
Real estate taxes		(3,580	)		418			(15,545	)		8,694
Total Property Expenses		(9,503	)		2,497			(38,518	)		15,782
NET OPERATING INCOME - PROPERTIES		(19,799	)		11,732			(81,087	)		43,414
OTHER INCOME (EXPENSE)
Interest income		(5	)		8			(15	)		20
Straight-line rent income (expense)		(631	)		137			(4,137	)		1,313
Above/below-market rent income (expense)		(588	)		1,148			(1,996	)		3,999
Interest expense 2		9,470			(4,602	)		35,809			(14,541	)
Amortization of finance costs		790			(326	)		2,960			(1,149	)
Above/below-market interest income (expense)		—			21			—			84
Finance lease interest expense		38			(2	)		205			(2	)
Asset and property management (expense) income		397			(492	)		1,517			(1,812	)
Other income (expense)		(96	)		(5	)		(1,007	)		31
Impairment charges		—			—			25,609			(50,779	)
CORE PORTFOLIO AND FUND INCOME		(10,424	)		7,619			(22,142	)		(19,422	)
FEE AND OTHER INCOME
Asset and property management fees		2,365			151			9,853			607
Net promote and other transactional income		—			—			—			—
Unrealized holding losses on investments and other		9,892			—			22,502			—
Transactional fees 3		1,555			273			5,738			893
Income tax provision		4			(2	)		126			(13	)
Total Fee and Other (Loss) Income		13,816			422			38,219			1,487
General and Administrative		689			(139	)		1,993			(644	)
Depreciation and amortization		13,697			(7,201	)		57,519			(26,889	)
Non-real estate depreciation and amortization		—			—			—			—
(Loss) gain on change of control and other		—			—			—			—
Gain (loss) on disposition of properties		(9,561	)		12,561			(47,583	)		12,561
(Loss) before equity in earnings and noncontrolling interests		8,217			13,262			28,006			(32,907	)
Equity in earnings (losses) of unconsolidated affiliates		—			—			—			—
Noncontrolling interests (including redeemable noncontrolling interests) 6		(257	)		—			1,800			—
NET INCOME (LOSS) ATTRIBUTABLE TO ACADIA	$	7,960		$	13,262		$	29,806		$	(32,907	)

7

	Balance Sheet
Supplemental Report – December 31, 2022	(in thousands)

ASSETS	Consolidated Balance Sheet			Line Item Details:
Real estate
Land	$	817,802		The components of Real estate under development, at cost are as follows:
Buildings and improvements		3,204,493		Core	$	54,817
Construction in progress		21,027		Fund II		34,072
Right-of-use assets - finance leases		25,086		Fund III		25,798
		4,068,408		Fund IV		69,915
Less: Accumulated depreciation and amortization		(725,143	)	Total	$	184,602
Total		3,343,265
Real estate under development		184,602		Summary of other assets, net:
Operating real estate, net		3,527,867		Deferred charges, net	$	28,478
Notes receivable, net		123,903		Accrued interest receivable		18,082
Investments in and advances to unconsolidated affiliates		291,156		Due from seller		3,036
Lease intangibles, net		102,374		Prepaid expenses		15,872
Other assets, net		127,217		Other receivables		2,060
Right-of-use assets - operating leases, net		37,281		Income taxes receivable		1,876
Cash and cash equivalents		17,158		Corporate assets, net		1,287
Restricted cash		15,063		Deposits		1,624
Straight-line rents receivable, net		34,889		Derivative financial instruments		54,902
Rents receivable, net		14,617		Total	$	127,217
Assets of properties held for sale		11,057
Total assets	$	4,302,582
LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgage and other notes payable, net	$	928,639
Unsecured notes payable, net		696,134		Summary of accounts payable and other liabilities:
Unsecured line of credit		168,287		Lease liability - finance leases, net	$	7,022
Accounts payable and other liabilities		118,075		Accounts payable and accrued expenses		59,922
Lease liability - operating leases, net		35,271		Deferred income		34,503
Dividends and distributions payable		18,395		Tenant security deposits, escrow and other		16,582
Lease intangibles, net		78,416		Derivative financial instruments		46
Distributions in excess of income from, and investments in, unconsolidated affiliates		10,505		Total	$	118,075
Total liabilities		2,053,722
Commitments and contingencies
Redeemable noncontrolling interests		67,664
Shareholders' Equity
Common shares		95
Additional paid-in capital		1,945,322
Accumulated other comprehensive income (loss)		46,817
Distributions in excess of accumulated earnings		(300,402	)
Total Acadia shareholders’ equity		1,691,832
Noncontrolling interests		489,364
Total equity		2,181,196
Total liabilities, equity and redeemable noncontrolling interests	$	4,302,582

8

	Balance Sheet – Pro-rata Adjustments7
Supplemental Report – December 31, 2022	(in thousands)

ASSETS	Noncontrolling Interest in Consolidated Subsidiaries 5			Company’s Interest in Unconsolidated Subsidiaries 6
Real estate
Land	$	(164,639	)	$	67,674
Buildings and improvements		(762,554	)		250,936
Construction in progress		(5,882	)		802
Right-of-use assets - finance leases		(2,346	)		22,428
		(935,421	)		341,840
Less: Accumulated depreciation and amortization		114,290			(67,692	)
Total		(821,131	)		274,148
Real estate under development		(87,348	)		13,909
Operating real estate, net		(908,479	)		288,057
Notes receivable, net		65,391			—
Investments in and advances to unconsolidated affiliates		(150,911	)		(97,601	)
Lease intangibles, net		(32,971	)		9,037
Other assets, net		372			6,383
Right-of-use assets - operating leases, net		(2,022	)		—
Cash and cash equivalents		(8,621	)		8,334
Restricted cash		(10,610	)		3,490
Straight-line rents receivable, net		(7,605	)		4,961
Rents receivable, net		(4,014	)		1,843
Total assets	$	(1,059,470	)	$	224,504
LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgage and other notes payable, net	$	(539,220	)	$	192,079
Unsecured notes payable, net		(40,917	)		—
Unsecured line of credit		—			—
Accounts payable and other liabilities		(27,215	)		28,874
Lease intangibles, net		(25,339	)		6,285
Lease liability - operating leases, net		(2,118	)		4
Dividends and distributions payable		—			—
Lease liability - finance leases		(2,907	)		7,767
Distributions in excess of income from, and investments in, unconsolidated affiliates		—			(10,505	)
Total liabilities		(637,716	)		224,504
Shareholders' Equity
Common shares		—			—
Additional paid-in capital		—			—
Accumulated other comprehensive income (loss)		—			—
Distributions in excess of accumulated earnings		—			—
Total Acadia shareholders’ equity		—			—
Noncontrolling interests (including redeemable noncontrolling interests)		(421,754	)		—
Total equity		(421,754	)		—
Total liabilities, equity and redeemable noncontrolling interests	$	(1,059,470	)	$	224,504

9

	Balance Sheet – Pro-rata Adjustments7
Supplemental Report – December 31, 2022	(in thousands)

__________

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

1.

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

2.

Net of consolidated capitalized interest of $1.9 million and $4.5 million, respectively, for the three months and year ended December 31, 2022.

3.

Consists of development, construction, leasing and legal fees.

4.

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

5.

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

6.

This represents the (loss) income allocable to Operating Partnership Units of $0.3 million and $(1.8) million, respectively, for the three months and year ended December 31, 2022.

7.

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

10

	Funds from Operations (“FFO”), Adjusted Funds from Operations (“AFFO”)
Supplemental Report – December 31, 2022	(in thousands)

	Quarter Ended												Year to Date			Quarter Ended			Year to Date
	March 31, 2022			June 30, 2022			September 30, 2022			December 31, 2022			December 31, 2022			December 31, 2021			December 31, 2021
Funds from operations ("FFO"):
Net Income (Loss) attributable to Acadia	$	16,838		$	(374	)	$	(55,891	)	$	3,982		$	(35,445	)	$	3,013		$	23,548
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share)		24,313			26,597			27,097			26,903			104,910			23,393			93,388
(Gain) loss on disposition on real estate properties (net of noncontrolling interest share)		(6,876	)		(2,961	)		(2,055	)		(10,245	)		(22,137	)		—			(4,163	)
Impairment charges (net of noncontrolling interest share)		—			—			58,481			—			58,481			—			2,294
Income (loss) attributable to noncontrolling interests' share in Operating Partnership		1,121			151			(2,960	)		380			(1,308	)		336			2,076
FFO to Common Shareholders and Common OP Unit holders - Basic	$	35,396		$	23,413		$	24,672		$	21,020		$	104,501		$	26,742		$	117,143
Less: Impact of City point share conversion option 1		—			—			(906	)		—			(906	)		—			—
FFO to Common Shareholders and Common OP Unit holders - Diluted	$	35,396		$	23,413		$	23,766		$	21,020		$	103,595		$	26,742		$	117,143
Add back: acquisition costs, net of bargain purchase gain 2		859			—			—			—			859			—			—
Add back: City Point recapitalization and transaction related costs 2		—			—			364			—			364			—			—
Add back: Impact of City point share conversion option 1		—			—			906			—			906			—			—
Unrealized holding (gain) loss (net of noncontrolling interest share)		(3,570	)		8,881			3,068			6,786			15,165			1,302			(13,782	)
FFO before Special Items attributable to Common Shareholder and Common OP Unit holders 3	$	32,685		$	32,294		$	28,104		$	27,806		$	120,889		$	28,044		$	103,361
Adjusted Funds from operations ("AFFO"):
FFO	$	35,396		$	23,413		$	24,672		$	21,020		$	104,501		$	26,742		$	117,143
Unrealized (gains) losses		(3,570	)		8,881			3,068			6,786			15,165			1,302			(13,782	)
Straight-line rent, net		(2,707	)		(920	)		(1,367	)		(1,143	)		(6,137	)		1,180			(1,462	)
Above/below-market rent		(1,965	)		(3,183	)		(3,077	)		(2,092	)		(10,317	)		(4,904	)		(10,172	)
Amortization of finance costs		807			768			1,047			1,074			3,696			655			2,982
Above/below-market interest		(47	)		(47	)		(47	)		(47	)		(188	)		(47	)		(188	)
Non-real estate depreciation		90			107			90			90			377			116			388
Stock-based compensation		3,887			2,255			1,932			2,292			10,366			2,243			10,583
Leasing commissions		(1,053	)		(1,057	)		(811	)		(538	)		(3,459	)		(676	)		(2,360	)
Tenant improvements		(3,403	)		(2,250	)		(4,709	)		(4,289	)		(14,651	)		(2,533	)		(10,059	)
Maintenance capital expenditures		(638	)		(2,049	)		(1,993	)		(3,651	)		(8,331	)		(2,968	)		(4,060	)
AFFO to Common Shareholders and Common OP Unit holders	$	26,797		$	25,918		$	18,805		$	19,502		$	91,022		$	21,110		$	89,013
Total weighted-average diluted shares and OP Units		99,103			100,281			100,313			101,326			101,338			94,505			93,234
Diluted FFO per Common share and OP Unit:
FFO	$	0.36		$	0.23		$	0.24		$	0.21		$	1.02		$	0.28		$	1.26
FFO before Special Items	$	0.33		$	0.32		$	0.28		$	0.27		$	1.19		$	0.30		$	1.11

11

	Funds from Operations (“FFO”), Adjusted Funds from Operations (“AFFO”)
Supplemental Report – December 31, 2022	(in thousands)

__________

1.

This amount is not recognized within the Company’s Consolidated Statements of Operations. Rather, it represents a required GAAP adjustment to the numerator within its diluted earnings per share computation to reflect an assumed conversion of potential common shares that could be subsequently issued in connection with the City Point recapitalization. Please refer to the third quarter 2022 supplemental information package for additional details. This non-recurring item only occurred in the third quarter 2022.

2.

Transaction and other related costs of $2.2 million, or $0.02 per share are non-recurring items for 2022, which included (i) $1.3 million ($0.9 million of City Point recapitalization and $0.4 million of transaction costs), or $0.01 per share and (ii) $0.9 million, or $0.01 per share for acquisition and transaction costs, net of a bargain purchase gain from a Core acquisition. See Footnote 1 for further details.

3.

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

12

	EBITDA
Supplemental Report – December 31, 2022	(in thousands)

	Quarter Ended December 31, 2022									Year to Date December 31, 2022									Quarter Ended December 31, 2021
	Core									Core									Core
	Portfolio			Funds			Total			Portfolio			Funds			Total			Portfolio			Funds			Total
EBITDA:
Net Income (Loss) Attributable to Acadia	$	4,796		$	(814	)	$	3,982		$	(32,745	)	$	(2,700	)	$	(35,445	)	$	4,813		$	(1,800	)	$	3,013
Adjustments:
Depreciation and amortization		20,771			6,222			26,993			83,360			21,927			105,287			19,420			4,089			23,509
Interest expense		12,270			3,159			15,429			41,264			11,916			53,180			8,412			2,676			11,088
Amortization of finance costs		670			404			1,074			2,540			1,156			3,696			574			81			655
Above/below-market interest		(47	)		—			(47	)		(188	)		—			(188	)		(47	)		—			(47	)
Gain on disposition of properties		(7,245	)		(3,000	)		(10,245	)		(7,245	)		(14,894	)		(22,139	)		—			—			—
Unrealized holding losses (gains) on investment in Albertsons and other		6,786			—			6,786			15,165			—			15,165			1,097			205			1,302
Provision (benefit) for income taxes		2			1			3			(137	)		36			(101	)		(298	)		—			(298	)
Impairment charges		—			—			—			50,779			7,702			58,481			—			—			—
Noncontrolling interest - OP		257			—			257			(1,800	)		—			(1,800	)		212			—			212
EBITDA	$	38,260		$	5,972		$	44,232		$	150,993		$	25,143		$	176,136		$	34,183		$	5,251		$	39,434
Adjusted EBITDA:
EBITDA	$	38,260		$	5,972		$	44,232		$	150,993		$	25,143		$	176,136		$	34,183		$	5,251		$	39,434
Stock based compensation		2,292			—			2,292			10,366			—			10,366			2,243			—			2,243
	$	40,552		$	5,972		$	46,524		$	161,359		$	25,143		$	186,502		$	36,426		$	5,251		$	41,677

13

	Core Portfolio – Same Property Performance 1
Supplemental Report – December 31, 2022	(in thousands)

	Quarter Ended						Change			Year to Date				Change
	December 31, 2022			December 31, 2021			Favorable/ (Unfavorable)			December 31, 2022		December 31, 2021		Favorable/ (Unfavorable)
Summary
Minimum rents	$	33,744		$	32,468			3.9	%	$	133,000	$	126,926		4.8	%
Expense reimbursements		7,527			9,948			(24.3	)%		35,053		37,188		(5.7	)%
Other property income		518			550			(5.8	)%		2,522		1,727		46.0	%
Total Revenue		41,789			42,966			(2.7	)%		170,575		165,841		2.9	%
Expenses
Property operating - CAM & Real estate taxes		9,852			12,529			21.4	%		46,292		48,567		4.7	%
Other property operating (Non-CAM)		1,299			1,444			10.0	%		3,838		4,019		4.5	%
Total Expenses		11,151			13,973			20.2	%		50,130		52,586		4.7	%
Same Property NOI - Core properties	$	30,638		$	28,993			5.7	%	$	120,445	$	113,255		6.3	%
Reconciliation of Same Property NOI to Core NOI
NOI of Properties excluded from Same Property NOI		6,276			3,483						23,515		13,954
Core NOI	$	36,914		$	32,476					$	143,960	$	127,209
Other same property information
Physical Occupancy at the end of the period		92.7	%		89.8	%
Leased Occupancy at the end of the period		94.9	%		93.1	%

__________

1.

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

14

	Fee Income by Fund
Supplemental Report – December 31, 2022	(in thousands)

	Fund II		Fund III		Fund IV		Fund V		Other		Total
Year to Date December 31, 2022
Asset and property management fees	$	889	$	73	$	3,766	$	5,858	$	622	$	11,208
Transactional fees		596		382		1,542		4,182		128		6,830
Total fees	$	1,485	$	455	$	5,308	$	10,040	$	750	$	18,038
Quarter Ended December 31, 2022
Asset and property management fees	$	186	$	16	$	829	$	1,521	$	163	$	2,715
Transactional fees		65		41		465		1,266		40		1,877
Total fees	$	251	$	57	$	1,294	$	2,787	$	203	$	4,592
Quarter Ended September 30, 2022
Asset and property management fees	$	142	$	12	$	915	$	1,454	$	153	$	2,676
Transactional fees		246		56		342		996		27		1,667
Total fees	$	388	$	68	$	1,257	$	2,450	$	180	$	4,343
Quarter Ended June 30, 2022
Asset and property management fees	$	275	$	13	$	967	$	1,420	$	168	$	2,843
Transactional fees		164		68		384		1,061		33		1,710
Total fees	$	439	$	81	$	1,351	$	2,481	$	201	$	4,553
Quarter Ended March 31, 2022
Asset and property management fees	$	286	$	32	$	1,055	$	1,463	$	138	$	2,974
Transactional fees		121		217		351		859		28		1,576
Total fees	$	407	$	249	$	1,406	$	2,322	$	166	$	4,550

15

	Structured Financing Portfolio
Supplemental Report – December 31, 2022	(in thousands)

	September 30, 2022						Quarter Ended December 31, 2022											Stated			Effective
	Principal		Accrued		Ending				Repayments/		Current			Accrued		Ending		Interest			Interest			Maturity
Investment	Balance		Interest		Balance		Issuances 1		Conversions		Principal			Interest		Balance		Rate			Rate			Dates
First mortgage notes 2,3	$	59,801	$	3,809	$	63,610	$	—	$	—	$	59,801		$	3,809	$	63,610		5.99	%		6.39	%	Apr-20 to Sept-24
Other notes3,4		130,945		12,192		143,137		—		—		130,945			16,132		147,077		11.28	%		11.38	%	Jan-24 to Dec-27
Total Core notes receivable	$	190,746	$	16,001	$	206,747	$	—	$	—	$	190,746		$	19,941	$	210,687		9.62	%		9.82	%
__________
Reconciliation of Notes Receivable to the Pro-Rata Balance Sheet:
Total Notes Receivable per above											$	190,746
Fund Notes Receivable												—
Allowance for credit loss												(1,452	)
Total Pro-rata Notes Receivable											$	189,294

________

1.

See Transactional Activity page that follows.

2.

One Core note which matured on April 20, 2020 in the amount of $17.8 million with accrued interest of $3.8 million was in default at December 31, 2022.

3.

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

4.

During the third quarter 2022, the Company funded a loan to investors in Fund II for $65.9 million.

16

	Transactional Activity
Supplemental Report – December 31, 2022	(in thousands)

PROPERTY ACQUISITIONS AND DISPOSITIONS
Property Name	Location	Date of Transaction	Transaction Amount		Ownership % 1			Fund Share		Acadia Share
ACQUISITIONS 2
Core:
121 Spring Street	New York, NY	January 12, 2022	$	39,637		100.00	%	$	—	$	39,637
Williamsburg Collection 3	Brooklyn, NY	February 18, 2022		97,750		100.00	%		—		97,750
8833 Beverly Boulevard	Hollywood, CA	March 2, 2022		24,117		100.00	%		—		24,117
Henderson Portfolio 4	Dallas, TX	April 18, 2022		85,192		100.00	%		—		85,192
				246,696					—		246,696
Fund V:
Wood Ridge Plaza	Houston, TX	March 21, 2022		49,317		90.00	%		44,385		8,921
La Frontera	Round Rock, TX	March 30, 2022		81,358		90.00	%		73,222		14,718
Shoppes at South Hills	Poughkeepsie, NY	August 22, 2022		47,609		90.00	%		42,848		8,612
				178,284					160,455		32,251
			$	424,980				$	160,455	$	278,947
DISPOSITIONS
Core:
Henderson Avenue (Land Parcel)	Dallas, TX	October 7, 2022	$	3,050		100.00	%	$	—	$	3,050
330-340 River Street	Boston, MA	December 13, 2022		26,400		100.00	%		—		26,400
				29,450					—		29,450
Fund III:
Cortlandt Crossing	Mohegan Lake, NY	February 9, 2022		65,533		100.00	%		65,533	$	16,082
Self Storage Management		March 9, 2022		6,000		50.00	%		—		1,500
Fund IV:
Mayfair	Philadelphia, PA	January 26, 2022		23,700		100.00	%		23,700		5,479
Dauphin	Harrisburg, PA	March 4, 2022		21,650		100.00	%		21,650		5,005
Lincoln Place	Fairview Heights, IL	May 25, 2022		40,670		100.00	%		40,670		9,403
Wake Forest Crossing	Wake Forest, NC	August 24, 2022		38,919		100.00	%		38,919		8,998
Promenade at Manassas	Manassas, VA	October 13, 2022		46,000		98.57	%		45,342		10,483
Fund V:
New Town Center (Land Parcel)	Canton, MI	February 1, 2022		2,231		89.43	%		1,995		401
				244,703					237,809		57,351
			$	274,153				$	237,809	$	86,801

17

	Transactional Activity
Supplemental Report – December 31, 2022	(in thousands)

STRUCTURED FINANCING ACTIVITY
Note Description	Transaction Type	Date of Transaction	Transaction Amount	Ownership % 1	Fund Share	Acadia Share
Core:
White Oak	Repayment	May 26, 2022	$(16,000)	100.00%	$—	$(16,000)
Core:
City Point Loan	Recapitalization	August 1, 2022	$65,945	100.00%	—	$65,945
Fund III:
640 Broadway Note Receivable	Foreclosure	January 26, 2022	(5,307)	100.00%	(5,307)	(1,302)
			$44,638		$(5,307)	$48,643

________

1.

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

2.

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

3.

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

4.

The Henderson Avenue Portfolio comprises 14 operating retail assets and two development and redevelopment sites.

18

	2023 Guidance
Supplemental Report – December 31, 2022	(in millions)

	2023 Guidance Forecast
	Low		High		2022 Actuals
(in $ millions, except per share amounts)	$ Millions	$/Share	$ Millions	$/Share	$ Millions	$/Share
Net earnings (loss) per share attributable to Acadia9	$13.9	$0.14	$22.1	$0.23	$(35.4)	$(0.40)
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share)		1.01		1.01		1.05
Impairment charges (net of noncontrolling interest share)		—		—		0.58
(Gain) loss on disposition of properties (net of noncontrolling interest share)		—		—		(0.22)
Noncontrolling interest in Operating Partnership		0.02		0.02		0.02
FFO to Common Shareholders and Common OP Unit holders		$1.17		$1.26		$1.03
Less: Impact of City point share conversion option1		—		—		(0.01)
NAREIT Funds from operations per share attributable to Common Shareholders and Common OP Unit holders		$1.17		$1.26		$1.02

19

	2023 Guidance
Supplemental Report – December 31, 2022	(in millions)

	2023 Guidance Forecast
	Low		High		2022 Actuals
(in $ millions, except per share amounts)	$ Millions	$/Share	$ Millions	$/Share	$ Millions	$/Share
FFO Comprises3:
Core property NOI4	$144		$147		$139
Fund property NOI4	26		27		21
Cash recoveries of prior period rents/lease termination income5	2		4		7
Total NOI	172		178		167
Core interest expense, net of capitalized interest6	(43)		(46)		(42)
Fund interest expense, net of capitalized interest6	(22)		(24)		(15)
Total interest expense	(65)		(70)		(57)
Interest income (Structured Finance Portfolio)	16		17		15
Straight-line and above/below market rents	11		14		17
Fund fee income, net	15		17		18
General and administrative10	(39)		(42)		(40)
Non-real estate depreciation and other expenses	(0.5)		(0.5)		—
Net Promote and other Core and Fund transactional income	11		16		1
Funds from operations before Special Items per share attributable to Common Shareholders and Common OP Unit holders7	$120.5	$1.17	$129.5	$1.26	$121.0	$1.19
Unrealized holding loss (gain) (net of noncontrolling interest share)8	—	—	—	—	(15)	(0.15)
Transaction and other related costs1,2,10	—	—	—	—	(2)	(0.02)
NAREIT Funds from operations per share attributable to Common Shareholders and Common OP Unit holders	$120.5	$1.17	$129.5	$1.26	$104.0	$1.02
Additional Guidance Assumptions
Fully diluted common shares - weighted average	96		96		94.6
Fully diluted common shares and OP Units - weighted average	103		103		101.3
Same property net operating income growth	5%		6%		6.3%

________

1.

This amount is not recognized within the Company’s Consolidated Statements of Operations. Rather, it represents a required GAAP adjustment to the numerator within its diluted earnings per share computation to reflect an assumed conversion of potential common shares that could be subsequently issued in connection with the City Point recapitalization. Please refer to the third quarter 2022 supplemental information package for additional details. This non-recurring item only occurred in the third quarter 2022.

2.

Transaction and other related costs of $2.2 million, or $0.02 per share are non-recurring items for 2022, which included (i) $1.3 million ($0.9 million of City Point recapitalization and $0.4 million of transaction costs), or $0.01 per share and (ii) $0.9 million, or $0.01 per share for acquisition and transaction costs, net of a bargain purchase gain from a Core acquisition. See Footnote 1 for further details.

3.

All dollar amounts above are based on the Company's pro-rata share.

4.

As noted in footnote 5, Core and Fund 2022 NOI (as reported) included cash recoveries of prior period rents/lease termination income. Such amounts have been separately reflected for presentation purposes.

20

	2023 Guidance
Supplemental Report – December 31, 2022	(in millions)

5.

Represents repayments of rents that were reserved in prior years, cash basis accounting adjustments and lease termination receipts. Such amounts were included in reported Core and Fund 2022 NOI but broken out separately in the guidance table above for illustrative purposes. Any such amounts realized in 2023 will be reflected in NOI consistent with the 2022 reported presentation.

6.

Inclusive of interest expense, amortization of finance costs, above and below market interest and capital lease interest.

7.

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

8.

The Company is not providing 2023 guidance for unrealized changes in fair value for its investment holdings. As the Company incurs unrealized gains or losses, they will be reflected in in this line item. For the period 2022, the unrealized losses are with respect to the Company's holdings in Albertsons. Any realized gains of such shares, as well as the Special Dividend of $0.11 per share received during the first quarter of 2023, will be included in Net Promote and other Core and Fund income (loss) in the period in which a sale occurs.

9.

The $(0.40) per share for GAAP purposes is computed by adjusting the numerator for an allocation to earnings for participating securities of $0.8 million along with the impact of assumed conversion of diluted convertible securities of $1.8 million. Such amounts are not recognized within its consolidated income statement but rather within its numerator for purposes of computing its earnings per share.

10.

G&A as reported was approximately $41 million, inclusive of approximately $1.3 million (see Footnote 2 above) of transaction costs required to be expensed in accordance with GAAP associated with investing activities. The $40 million reported above is reduced by such costs as they were excluded from the Company's calculation of FFO before Special Items. The $2.2 million adjustment to reduce NAREIT FFO is comprised of $1.3 million of transaction costs in addition to $0.9 million associated with the dilutive impact of the City Point conversion option.

21

	Net Asset Valuation Information
Supplemental Report – December 31, 2022	(in thousands)

	CORE			FUND II 2			FUND III			FUND IV			FUND V
Ownership Percentage	N/A				61.67	%		24.54	%		23.12	%		20.10	%
Current Quarter NOI
Net Operating Income 1, 2	$	36,914		N/A5			$	120		$	3,197		$	19,683
Less:
Net operating (income) loss from properties sold or under contract		(258	)	N/A5				(2	)		178			—
Net operating (income) loss from pre-stabilized assets, development and redevelopment projects 3, 4		(3,042	)	N/A5				(118	)		(791	)		—
Net Operating Income of stabilized assets	$	33,614		N/A			$	—		$	2,584		$	19,683
Costs to Date (Pro Rata)
Pre-stabilized assets 3	$	—		N/A5			$	13,496		$	35,016		$	—
Development and redevelopment projects 4		357,540		N/A5				4,607			17,860			—
Total Costs to Date	$	357,540		N/A5			$	18,103		$	52,876		$	—
Debt (Pro Rata)	$	1,149,441		$	77,597		$	8,827		$	45,261		$	133,376

__________

1.

Does not include a full quarter of NOI for any assets purchased during the current quarter. NOI represents the Fund's share. See “Transactional Activity” page in this Supplemental Report for descriptions of those acquisitions.

2.

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

3.

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

4.

Includes incremental costs; excludes initial carrying value. See “Development and Redevelopment Activity” page in this Supplemental Report.

5.

Amounts omitted as only remaining asset is City Point.

22

	Selected Financial Ratios
Supplemental Report – December 31, 2022	(in thousands)

	Quarter Ended December 31,						Year to Date December 31,							Quarter Ended
COVERAGE RATIOS 1	2022			2021			2022			2021			LEVERAGE RATIOS	December 31, 2022			September 30, 2022
Fixed-Charge Coverage Ratios													Debt/Market Capitalization Ratios
EBITDA 2 divided by:	$	38,260		$	34,183		$	150,993		$	127,360		Debt + Preferred Equity (Preferred OP Units)	$	1,421,159		$	1,446,766
Interest expense		12,270			8,412			41,264			32,777		Total Market Capitalization		2,859,818			2,711,883
Principal Amortization		877			1,083			3,737			4,238		Debt + Preferred Equity/
Preferred Dividends 3		123			123			492			492		Total Market Capitalization		50	%		53	%
Fixed-Charge Coverage Ratio - Core Portfolio		2.9	x		3.6	x		3.3	x		3.4	x
EBITDA divided by:	$	44,232		$	39,434		$	176,136		$	146,189		Debt 6	$	1,404,288		$	1,427,197
Interest expense		15,429			11,088			53,180			42,550		Total Market Capitalization		2,859,818			2,711,883
Principal Amortization		1,242			1,366			5,368			5,578		Net Debt + Preferred Equity/
Preferred Dividends		123			123			492			492		Total Market Capitalization		49	%		53	%
Fixed-Charge Coverage Ratio - Core Portfolio and Funds		2.6	x		3.1	x		3.0	x		3.0	x	Debt/EBITDA Ratios
													Core:
Payout Ratios													Debt	$	1,043,395		$	1,064,588
													Net debt 5		1,030,572			1,049,689
Dividends declared (per share/OP Unit)	$	0.18		$	0.15		$	0.72		$	0.60		EBITDA		150,993			150,672
													Adjusted EBITDA		161,359			158,400
Dividends (Shares) & Distributions (OP Units) declared	$	18,370		$	14,557		$	73,405		$	57,057		Debt/EBITDA - Core Portfolio		6.9	x		7.1	x
FFO		21,020			26,742			104,501			117,143		Debt/Adjusted EBITDA - Core Portfolio		6.5	x		6.7	x
FFO Payout Ratio 8		87	%		54	%		70	%		49	%	Net Debt/EBITDA - Core Portfolio		6.8	x		7.0	x
													Net Debt/ Adjusted EBITDA - Core Portfolio		6.4	x		6.6	x
AFFO 7		19,502			21,110			91,022			89,013		Core and Funds:
AFFO Payout Ratio		94	%		69	%		81	%		64	%	Debt 4	$	1,414,502		$	1,440,902
													Net debt 6		1,397,631			1,421,333
FFO Before Special Items		27,806			28,044			120,889			103,361		EBITDA		176,136			175,709
FFO Before Special Items Payout Ratio		66	%		52	%		61	%		55	%	Adjusted EBITDA		186,502			183,437
													Debt/EBITDA - Core and Funds		8.0	x		8.2	x
													Debt/Adjusted EBITDA - Core and Funds		7.6	x		7.9	x
													Net Debt/EBITDA - Core and Funds		7.9	x		8.1	x
													Net Debt/ Adjusted EBITDA - Core and Funds		7.5	x		7.7	x

23

	Selected Financial Ratios
Supplemental Report – December 31, 2022	(in thousands)

__________

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

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

3. Represents preferred distributions on Preferred Operating Partnership Units.

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

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

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

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

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

24

	Selected Financial Ratios
Supplemental Report – December 31, 2022	(in thousands)

	EBITDA				ADJUSTED EBITDA
	Year Ended		Year Ended		Year Ended		Year Ended
Reconciliation of EBITDA to Annualized EBITDA	December 31, 2022		December 31, 2021		December 31, 2022		December 31, 2021
Core EBITDA	$	150,993	$	127,360	$	161,359	$	137,943
Fund EBITDA		25,143		18,829		25,143		18,829
EBITDA Core and Funds	$	176,136	$	146,189	$	186,502	$	156,772

	Quarter Ended
Reconciliation of Core Portfolio Debt	December 31, 2022
Core Portfolio Debt per Debt Summary	$1,149,441
Incremental Core Debt Attributable to City Point8	(106,046)
Adjusted Core Debt for purposes of computing Debt/EBITDA	1,043,395
Fund Portfolio Debt per Debt Summary	265,061
Incremental Core Debt Attributable to City Point8	106,046
Adjusted Fund Debt per EBITDA	371,107
Total Core and Fund Debt for purposes of computing Debt/EBITDA	$1,414,502

25

	Portfolio Debt – Summary
Supplemental Report – December 31, 2022	(in thousands)

	Acadia Pro-Rata Share of Debt 2
	Core Portfolio							Funds							Total											Reconciliation to Consolidated Debt as Reported
Unsecured Debt	Principal Balance		Interest Rate			WA Years to Maturity 6		Principal Balance		Interest Rate			WA Years to Maturity 6		Principal Balance			%			Interest Rate			WA Years to Maturity 6		Add: Noncontrolling Interest Share of Debt 3		Less: Pro-rata Share of Unconsolidated Debt 4			Acadia Consolidated Debt as Reported
Fixed-Rate Debt 1	$	806,000		4.2	%		3.8	$	—		—			—	$	806,000			57	%		4.2	%		3.8	$	—	$	—		$	806,000
Variable-Rate Debt 5		12,287		5.8	%		2.5		10,293		6.2	%		0.3		22,580			2	%		6.0	%		1.5		40,917		—			63,497
																			59	%
Mortgage and Other Notes Payable
Fixed-Rate Debt 1		314,317		4.2	%		3.5		125,004		4.3	%		1.7		439,321			31	%		4.2	%		3.0		339,823		(144,371	)		634,773
Variable-Rate Debt 5		16,837		5.9	%		0.6		129,764		7.0	%		2.2		146,601			10	%		6.9	%		2.0		203,037		(48,494	)		301,144
																			41	%
Total	$	1,149,441		4.2	%		3.7	$	265,061		5.7	%		1.9	$	1,414,502			100	%		4.5	%		3.3	$	583,777	$	(192,865	)		1,805,414
Unamortized premium																577																343
Net unamortized loan costs																(10,077	)															(12,697	)
Total															$	1,405,002															$	1,793,060

_________

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.

5.

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

6.

Based on debt maturity date without regard to swap expirations (which may exceed the maturity of the debt) or available extension options.

26

	Portfolio Debt – Detail
Supplemental Report – December 31, 2022	(in thousands)

		Principal Balance at			Acadia's Pro-rata Share						Interest		Extension
Property		December 31, 2022			Percent			Amount			Rate	Maturity	Options
CORE PORTFOLIO
Fixed-Rate Debt
163 Highland Avenue		$	7,689			100.00	%		7,689		4.66%	02/01/24	None
Crossroads Shopping Center			60,873			49.00	%		29,828		3.94%	10/06/24	None
555 9th Street			60,000			100.00	%		60,000		3.99%	01/01/25	None
840 N. Michigan			73,500			88.43	%		64,996		4.36%	02/10/25	None
239 Greenwich Avenue			26,000			75.00	%		19,500		4.00%	07/10/27	None
Georgetown Portfolio (2008 Investment)			14,920			50.00	%		7,460		4.72%	12/10/27	None
State & Washington			22,051			100.00	%		22,051		4.40%	09/05/28	None
North & Kingsbury			10,891			100.00	%		10,891		4.01%	11/05/29	None
151 North State Street			12,570			100.00	%		12,570		4.03%	12/01/29	None
Concord & Milwaukee			2,394			100.00	%		2,394		4.40%	06/01/30	None
California & Armitage			2,243			100.00	%		2,243		5.89%	04/15/35	None
Unsecured interest rate swaps 1			806,000			100.00	%		806,000		4.19%	Various
Secured interest rate swaps 1			147,745			50.56	%		74,695		4.26%	Various
Sub-Total Fixed-Rate Debt			1,246,876						1,120,317		4.20%
Secured Variable-Rate Debt
Gotham Plaza			17,745			49.00	%		8,695		LIBOR+160	06/10/23	None
Georgetown Portfolio (2016 Investment)			160,000			20.00	%		32,000		LIBOR+170	08/01/23	None
3104 M Street 2			4,186			20.00	%		837		Prime+0	01/01/24	None
Sullivan Center			50,000			100.00	%		50,000		LIBOR+150	11/16/28	None
Secured interest rate swaps 1			(147,745	)		50.56	%		(74,695	)	4.26%	Various
Unsecured Variable-Rate Debt
Unsecured Line of Credit 3			168,287			100.00	%		168,287		SOFR+150	06/29/25	2 x 6 mos.
Unsecured Term Loan			400,000			100.00	%		400,000		SOFR+165	06/29/26	None
Unsecured $175 Million Term Loan			175,000			100.00	%		175,000		SOFR+160	04/06/27	None
Unsecured $75 Million Term Loan			75,000			100.00	%		75,000		SOFR+205	07/29/29	None
Unsecured interest rate swaps 1			(806,000	)		100.00	%		(806,000	)	4.19%	Various
Sub-Total Variable-Rate Debt			96,473						29,124		LIBOR+173
Total Debt - Core Portfolio		$	1,343,349					$	1,149,441		4.24%
Funds
Fixed-Rate Debt
Canton Marketplace	Fund V	$	31,801			20.10	%		6,392		3.35%	05/01/23	None
2207 Fillmore Street 4	Fund IV		1,120			20.80	%		233		4.50%	10/31/25	None
650 Bald Hill Road 4	Fund IV		15,807			20.81	%		3,289		3.75%	06/01/26	None
Interest rate swaps 1	Funds II, IV & V		485,965			23.68	%		115,090		4.35%	Various
Sub-Total Fixed-Rate Debt			534,693						125,004		4.28%
Variable-Rate Debt
New Towne Center	Fund V		14,716			20.10	%		2,958		LIBOR+220	02/01/23	None
Eden Square 4	Fund IV		22,167			22.78	%		5,050		SOFR+235	03/01/23	None
Broughton Street Portfolio	Fund IV		25,439			23.12	%		5,881		SOFR+310	04/28/23	None

27

	Portfolio Debt – Detail
Supplemental Report – December 31, 2022	(in thousands)

		Principal Balance at			Acadia's Pro-rata Share						Interest		Extension
Property		December 31, 2022			Percent			Amount			Rate	Maturity	Options
Acadia Strategic Opportunity Fund V LLC	Fund V		51,210			20.10	%		10,293		SOFR+187	05/01/23	1x12 mos.
Fairlane Green	Fund V		32,877			20.10	%		6,608		LIBOR+190	06/05/23	None
Trussville Promenade	Fund V		28,831			20.10	%		5,795		LIBOR+185	06/15/23	None
640 Broadway 4	Fund III		35,970			24.54	%		8,827		SOFR+335	07/09/23	None
146 Geary Street	Fund IV		19,338			23.12	%		4,471		LIBOR+365	07/15/23	None
Restaurants at Fort Point	Fund IV		5,855			23.12	%		1,354		SOFR+245	11/25/23	None
717 N. Michigan Avenue	Fund IV		48,500			23.12	%		11,213		SOFR+318	12/09/23	None
Acadia Strategic Opportunity IV LLC	Fund IV		39,200			23.12	%		9,063		SOFR+256	12/29/23	None
Elk Grove Commons	Fund V		40,990			20.10	%		8,239		LIBOR+150	01/11/24	None
Hiram Pavilion	Fund V		28,341			20.10	%		5,697		LIBOR+190	03/05/24	None
Hickory Ridge	Fund V		28,351			20.10	%		5,699		LIBOR+190	10/05/24	None
Tri-City Plaza 4	Fund V		38,594			18.09	%		6,982		LIBOR+190	10/18/24	1 x 12 mos.
Landstown Commons	Fund V		60,742			20.10	%		12,209		SOFR+180	10/24/24	None
Lincoln Commons	Fund V		38,722			20.10	%		7,783		SOFR+180	10/24/24	None
Palm Coast Landing	Fund V		26,409			20.10	%		5,308		LIBOR+175	11/01/24	None
Frederick Crossing 4	Fund V		24,237			18.09	%		4,384		LIBOR+175	12/02/24	1 x 12 mos.
Plaza Santa Fe	Fund V		22,893			20.10	%		4,601		SOFR+200	12/20/24	None
Paramus Plaza 4	Fund IV		28,521			11.56	%		3,297		SOFR+236	12/28/24	2 x 12 mos.
Frederick County Square 4	Fund V		22,389			18.09	%		4,050		LIBOR+240	01/01/25	1 x 12 mos.
Wood Ridge Plaza4	Fund V		32,338			18.09	%		5,850		Prime+013	03/21/25	2 x 12 mos.
Midstate Mall	Fund V		42,400			20.10	%		8,522		SOFR+250	04/28/25	2 x 12 mos.
City Point 4	Fund II		133,655			58.06	%		77,597		SOFR+261	08/01/25	1 x 12 mos.
1964 Union Street 4	Fund IV		1,381			20.80	%		287		LIBOR+225	10/01/25	None
2208-2216 Fillmore Street 4	Fund IV		5,398			20.80	%		1,123		LIBOR+225	06/01/26	None
Monroe Marketplace	Fund V		29,150			20.10	%		5,859		SOFR+276	11/12/26	None
La Frontera Village4	Fund V		55,500			18.09	%		10,040		SOFR+261	06/10/27	None
Riverdale 4	Fund V		33,977			17.97	%		6,107		SOFR+246	11/01/27	None
Interest rate swaps 1	Funds II, IV & V		(485,965	)		23.68	%		(115,090	)	4.35%	Various
Sub-Total Variable-Rate Debt			532,126						140,057		LIBOR+278
Total Debt - Funds			1,066,819						265,061		4.36%
Total Debt - Core Portfolio and Funds		$	2,410,168					$	1,414,502		4.26%

_________

1.

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

2.

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

3.

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

4.

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

28

	Future Debt Maturities 1
Supplemental Report – December 31, 2022	(in thousands)

Core Portfolio	Contractual Debt Maturities						Acadia's Pro-Rata Share						Weighted Average Effective Interest Rate
														Fixed-
	Scheduled						Scheduled						Total	Rate	Variable-
Year	Amortization		Maturities		Total		Amortization		Maturities		Total		Debt	Debt	Rate Debt
2023	$	4,177	$	177,496	$	181,673	$	3,076	$	40,573	$	43,649	4.08%	4.08%	n/a
2024		3,370		69,855		73,225		2,565		36,756		39,321	4.16%	4.09%	7.50%
2025		2,571		301,787		304,358		2,264		293,283		295,547	4.13%	4.13%	n/a
2026		2,920		400,000		402,920		2,542		400,000		402,542	4.09%	4.09%	n/a
2027		2,728		212,538		215,266		2,424		200,053		202,477	4.03%	4.03%	n/a
Thereafter		4,336		161,571		165,907		4,334		161,571		165,905	4.43%	4.43%	n/a
Total	$	20,102	$	1,323,247	$	1,343,349	$	17,205	$	1,132,236	$	1,149,441
Funds	Contractual Debt Maturities						Acadia's Pro-Rata Share						Weighted Average Effective Interest Rate
														Fixed-
	Scheduled						Scheduled						Total	Rate	Variable-
Year	Amortization		Maturities		Total		Amortization		Maturities		Total		Debt	Debt	Rate Debt
2023	$	7,372	$	355,125	$	362,497	$	1,431	$	77,740	$	79,171	6.16%	4.27%	6.89%
2024		5,322		328,685		334,007		1,001		62,473		63,474	3.64%	3.50%	6.43%
2025		1,289		231,566		232,855		250		96,226		96,476	6.32%	4.75%	6.56%
2026		829		48,345		49,174		156		9,853		10,009	5.85%	3.75%	6.76%
2027		506		87,780		88,286		90		15,841		15,931	6.42%	n/a	6.42%
Thereafter		—		—		—		—		—		—	n/a	n/a	n/a
Total	$	15,318	$	1,051,501	$	1,066,819	$	2,928	$	262,133	$	265,061

__________

1.

Does not include any applicable extension options or subsequent refinancing.

29

	Future Debt Maturities – As Extended 1
Supplemental Report – December 31, 2022	(in thousands)

Core Portfolio	Extended Debt Maturities 1						Acadia's Pro-Rata Share						Weighted Average Interest Rate
														Fixed-
	Scheduled						Scheduled						Total	Rate	Variable-
Year	Amortization		Maturities		Total		Amortization		Maturities		Total		Debt	Debt	Rate Debt
2023	$	4,177	$	177,496	$	181,673	$	3,076	$	40,573	$	43,649	3.93%	3.93%	n/a
2024		3,370		69,855		73,225		2,565		36,756		39,321	4.23%	4.02%	7.50%
2025		2,571		133,500		136,071		2,264		124,996		127,260	4.19%	4.19%	n/a
2026		2,920		568,287		571,207		2,542		568,287		570,829	4.09%	4.09%	n/a
2027		3,001		187,402		190,403		2,628		181,201		183,829	4.06%	4.06%	n/a
Thereafter		6,428		184,342		190,770		5,905		178,648		184,553	4.38%	4.38%	n/a
Total	$	22,467	$	1,320,882	$	1,343,349	$	18,980	$	1,130,461	$	1,149,441
Funds	Extended Debt Maturities 1						Acadia's Pro-Rata Share						Weighted Average Interest Rate
														Fixed-
	Scheduled						Scheduled						Total	Rate	Variable-
Year	Amortization		Maturities		Total		Amortization		Maturities		Total		Debt	Debt	Rate Debt
2023	$	7,372	$	303,915	$	311,287	$	1,432	$	67,447	$	68,879	6.16%	4.27%	7.05%
2024		5,321		291,189		296,510		1,001		58,529		59,530	4.03%	3.57%	6.16%
2025		1,289		63,371		64,660		250		11,528		11,778	3.21%	3.13%	6.39%
2026		830		231,408		232,238		157		94,578		94,735	6.31%	3.89%	6.50%
2027		507		161,617		162,124		91		30,048		30,139	6.28%	5.11%	6.74%
Thereafter		—		—		—		—		—		—	n/a	n/a	n/a
Total	$	15,319	$	1,051,500	$	1,066,819	$	2,931	$	262,130	$	265,061

__________

1.

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

30

	Interest Rate Summary 1
Supplemental Report – December 31, 2022	(in thousands)

Core Portfolio
	Acadia's Pro-rata	Weighted Average
Maturity Year	Notional Balance	Fixed Rate on Swap 2
2023	$74,695	2.27%
2024	N/A	N/A
2025	25,000	2.24%
2026	6,000	2.40%
2027	275,000	2.57%
2028	100,000	2.92%
2029	275,000	2.68%
2030	125,000	2.93%
Total	$880,695	2.66%
Funds
	Acadia's Pro-rata	Weighted Average
Year	Notional Balance	Fixed Rate on Swap 2
2023	$17,790	2.38%
2024	46,965	1.34%
2025	11,256	2.36%
2026	N/A	N/A
2027	10,050	3.36%
2028	N/A	N/A
2029	29,029	3.23%
2030	N/A	N/A
Total	$115,090	2.26%

__________

1.

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

2.

Represents strike rate.

31

	Core Portfolio Retail Properties – Detail 1
Supplemental Report – December 31, 2022

		Year	Acadia's			Gross Leasable Area (GLA)								In Place Occupancy												Leased Occupancy			Annualized Base Rent		ABR
Property	Key Tenants	Acquired	Interest			Street		Anchors		Shops		Total		Street			Anchors			Shops			Total			Total			(ABR)		PSF
STREET AND URBAN RETAIL
Chicago Metro
664 N. Michigan Avenue	Tommy Bahama,    Ann Taylor Loft	2013		100.0	%		18,141		—		—		18,141		100.0	%		—	%		—	%		100.0	%		100.0	%	$	3,350,038	$	184.67
840 N. Michigan Avenue	H & M, Verizon    Wireless	2014		88.4	%		87,135		—		—		87,135		100.0	%		—	%		—	%		100.0	%		100.0	%		8,521,951		97.80
Rush and Walton Streets    Collection (6 properties)	Lululemon, BHLDN,    Reformation,    Sprinkles	2011  2012		100.0	%		40,384		—		—		40,384		88.2	%		—	%		—	%		88.2	%		88.2	%		6,996,440		196.50
Clark Street and W. Diversey    Collection (4 properties)	Starbucks;TJ Maxx; J Crew Factory	2011 2012		100.0	%		53,277		—		—		53,277		68.3	%		—	%		—	%		68.3	%		78.0	%		1,452,248		39.93
Halsted and Armitage    Collection (13 properties)	Serena and Lily,    Bonobos, Allbirds    Warby Parker,    Marine Layer,    Kiehl's	2011 2012 2019 2020		100.0	%		51,596		—		—		51,596		97.6	%		—	%		—	%		97.6	%		100.0	%		2,493,561		49.52
North Lincoln Park Chicago    Collection (6 properties)	Champion,    Carhartt	2011 2014		100.0	%		22,125		—		27,796		49,921		27.7	%		—	%		100.0	%		67.9	%		67.9	%		1,065,847		31.42
State and Washington	Nordstrom Rack,    Uniqlo	2016		100.0	%		78,771		—		—		78,771		100.0	%		—	%		—	%		100.0	%		100.0	%		3,364,962		42.72
151 N. State Street	Walgreens	2016		100.0	%		27,385		—		—		27,385		100.0	%		—	%		—	%		100.0	%		100.0	%		1,573,000		57.44
North and Kingsbury	Old Navy, Backcountry	2016		100.0	%		41,791		—		—		41,791		100.0	%		—	%		—	%		100.0	%		100.0	%		1,845,756		44.17
Concord and Milwaukee	—	2016		100.0	%		13,147		—		—		13,147		80.8	%		—	%		—	%		80.8	%		100.0	%		359,012		33.79
California and Armitage	—	2016		100.0	%		—		—		18,275		18,275		—	%		—	%		78.8	%		78.8	%		78.8	%		725,404		50.40
Roosevelt Galleria	Petco, Vitamin    Shoppe	2015		100.0	%		—		—		37,995		37,995		—	%		—	%		63.4	%		63.4	%		89.7	%		698,674		29.02
Sullivan Center	Target	2016		100.0	%		176,181		—		—		176,181		78.9	%		—	%		—	%		78.9	%		78.9	%		5,023,101		36.14
							609,933		—		84,066		693,999		87.1	%		—	%		78.8	%		86.1	%		88.8	%		37,469,994		62.71
New York Metro
Soho Collection    (12 properties)	Faherty, Outerknown,    ALC, Stone Island, Taft, Frame, Theory,    Bang & Olufsen	2011 2014 2019 2020 2022		100.0	%		36,389		—		—		36,389		73.8	%		—	%		—	%		73.8	%		90.7	%		9,137,418		340.36
5-7 East 17th Street	—	2008		100.0	%		8,593		—		—		8,593		—	%		—	%		—	%		—	%		47.5	%		—		—
200 West 54th Street	—	2007		100.0	%		5,862		—		—		5,862		100.0	%		—	%		—	%		100.0	%		100.0	%		1,569,139		267.68

32

	Core Portfolio Retail Properties – Detail 1
Supplemental Report – December 31, 2022

		Year	Acadia's			Gross Leasable Area (GLA)								In Place Occupancy												Leased Occupancy			Annualized Base Rent		ABR
Property	Key Tenants	Acquired	Interest			Street		Anchors		Shops		Total		Street			Anchors			Shops			Total			Total			(ABR)		PSF
61 Main Street	—	2014		100.0	%		3,470		—		—		3,470		100.0	%		—	%		—	%		100.0	%		100.0	%		312,925		90.18
181 Main Street	TD Bank	2012		100.0	%		11,514		—		—		11,514		100.0	%		—	%		—	%		100.0	%		100.0	%		980,044		85.12
4401 White Plains Road	Walgreens	2011		100.0	%		—		12,964		—		12,964		—	%		100.0	%		—	%		100.0	%		100.0	%		625,000		48.21
Bartow Avenue	—	2005		100.0	%		—		—		14,590		14,590		—	%		—	%		80.0	%		80.0	%		80.0	%		396,697		33.97
239 Greenwich Avenue	Watches of Switzerland	1998		75.0	%		16,621		—		—		16,621		100.0	%		—	%		—	%		100.0	%		100.0	%		1,793,298		107.89
252-256 Greenwich Avenue	Veronica Beard,    The RealReal,    Blue Mercury	2014		100.0	%		7,986		—		—		7,986		100.0	%		—	%		—	%		100.0	%		100.0	%		910,725		114.04
2914 Third Avenue	Planet Fitness	2006		100.0	%		—		21,650		18,953		40,603		—	%		100.0	%		100.0	%		100.0	%		100.0	%		1,099,431		27.08
868 Broadway	Dr. Martens	2013		100.0	%		2,031		—		—		2,031		100.0	%		—	%		—	%		100.0	%		100.0	%		838,855		413.03
313-315 Bowery 2	John Varvatos	2013		100.0	%		6,600		—		—		6,600		100.0	%		—	%		—	%		100.0	%		100.0	%		527,076		79.86
120 West Broadway	Citizens Bank	2013		100.0	%		13,838		—		—		13,838		79.8	%		—	%		—	%		79.8	%		100.0	%		2,089,073		189.25
2520 Flatbush Avenue	Bob's Disc. Furniture,    Capital One	2014		100.0	%		—		—		29,114		29,114		—	%		—	%		100.0	%		100.0	%		100.0	%		1,181,175		40.57
Williamsburg Collection 3	Sephora, SweetGreen,    Levain Bakery	2022		100.0	%		50,842		—		—		50,842		100.0	%		—	%		—			100.0	%		100.0	%		5,027,426		98.88
991 Madison Avenue	Vera Wang,    Gabriella Hearst	2016		100.0	%		7,513		—		—		7,513		91.1	%		—	%		—	%		91.1	%		91.1	%		3,007,496		439.24
Shops at Grand	Stop & Shop (Ahold)	2014		100.0	%		—		52,336		47,349		99,685		—	%		100.0	%		100.0	%		100.0	%		100.0	%		3,335,287		33.46
Gotham Plaza	Bank of America,    Footlocker, Taco Bell	2016		49.0	%		—		—		25,922		25,922		—	%		—	%		73.9	%		73.9	%		91.6	%		1,588,117		82.91
							171,259		86,950		135,928		394,137		87.4	%		100.0	%		92.9	%		92.1	%		96.5	%		34,419,182		94.86
Los Angeles Metro
8833 Beverly Blvd	Luxury Living	2022		100.0	%		9,757		—		—		9,757		100.0	%		—	%		—	%		100.0	%		100.0	%		1,272,860		130.46
Melrose Place Collection	The Row, Chloe,    Oscar de la Renta	2019		100.0	%		14,000		—		—		14,000		100.0	%		—	%		—	%		100.0	%		100.0	%		2,677,460		191.25
							23,757		—		—		23,757		100.0	%		—	%		—	%		100.0	%		100.0	%		3,950,320		166.28
District of Columbia Metro
1739-53 & 1801-03    Connecticut Avenue	TD Bank	2012		100.0	%		20,669		—		—		20,669		66.7	%		—	%		—	%		66.7	%		66.7	%		875,265		63.53
14th Street Collection (3 properties)	Mitchell Gold and Bob Williams, Verizon	2021		100.0	%		19,461		—		—		19,461		100.0	%		—	%		—	%		100.0	%		100.0	%		1,410,882		72.50
Rhode Island Place    Shopping Center	Ross Dress for Less	2012		100.0	%		—		25,134		32,533		57,667		—	%		100.0	%		100.0	%		100.0	%		100.0	%		2,080,617		36.08

33

	Core Portfolio Retail Properties – Detail 1
Supplemental Report – December 31, 2022

		Year	Acadia's			Gross Leasable Area (GLA)								In Place Occupancy												Leased Occupancy			Annualized Base Rent		ABR
Property	Key Tenants	Acquired	Interest			Street		Anchors		Shops		Total		Street			Anchors			Shops			Total			Total			(ABR)		PSF
M Street and Wisconsin Corridor    (26 Properties) 4	Lululemon, Duxiana, Rag and Bone, Reformation, Glossier, Showfields	2011 2016 2019		24.8	%		245,249		—		—		245,249		82.1	%		—	%		—	%		82.1	%		87.9	%		12,867,936		63.88
							285,379		25,134		32,533		343,046		82.2	%		100.0	%		100.0	%		85.2	%		89.4	%		17,234,700		58.95
Boston Metro
165 Newbury Street	Starbucks	2016		100.0	%		1,050		—		—		1,050		100.0	%		—	%		—	%		100.0	%		100.0	%		303,471		289.02
							1,050		—		—		1,050		100.0	%		—			—			100.0	%		100.0	%		303,471		289.02
Dallas Metro
Henderson Avenue Portfolio (14 properties)	Sprouts Market	2022		100.0	%		90,080		31,635		—		121,715		88.9	%		100.0	%		—	%		91.8	%		93.1	%		4,379,233		39.20
Total Street and Urban Retail							1,181,458		143,719		252,527		1,577,704		86.4	%		100.0	%		89.1	%		88.1	%		91.4	%	$	97,756,900	$	70.37
Acadia Share Total Street and Urban Retail							982,693		143,719		239,307		1,365,719		87.2	%		100.0	%		90.0	%		89.0	%		91.8	%	$	86,404,051	$	71.07
SUBURBAN PROPERTIES
New Jersey
Elmwood Park Shopping Center	Walgreens, Lidl	1998		100.0	%		—		43,531		100,379		143,910		—	%		100.0	%		76.6	%		83.7	%		100.0	%		3,245,133		26.95
Marketplace of Absecon	Walgreens, Dollar Tree	1998		100.0	%		—		46,724		57,832		104,556		—	%		100.0	%		85.9	%		92.2	%		92.2	%		1,488,815		15.44
New York
Village Commons    Shopping Center	—	1998		100.0	%		—		—		87,128		87,128		—	%		—	%		92.1	%		92.1	%		92.1	%		2,765,190		34.44
Branch Plaza	LA Fitness,    The Fresh Market	1998		100.0	%		—		76,264		47,081		123,345		—	%		100.0	%		96.9	%		98.8	%		98.8	%		3,532,225		28.98
Amboy Center	Stop & Shop (Ahold)	2005		100.0	%		—		37,266		26,024		63,290		—	%		100.0	%		71.9	%		88.4	%		92.2	%		1,924,058		34.38
Crossroads Shopping Center	HomeGoods, PetSmart, BJ's Wholesale Club	1998		49.0	%		—		202,727		108,928		311,655		—	%		100.0	%		57.9	%		85.3	%		88.5	%		8,154,634		30.68
New Loudon Center	Price Chopper,    Marshalls	1993		100.0	%		—		242,058		16,643		258,701		—	%		94.8	%		100.0	%		95.2	%		95.2	%		2,249,812		9.14
28 Jericho Turnpike	Kohl's	2012		100.0	%		—		96,363		—		96,363		—	%		100.0	%		—	%		100.0	%		100.0	%		1,996,500		20.72
Bedford Green	Shop Rite, CVS	2014		100.0	%		—		37,981		52,608		90,589		—	%		100.0	%		57.1	%		75.1	%		75.1	%		2,366,064		34.79
Connecticut
Town Line Plaza 5	Wal-Mart, Stop    & Shop (Ahold)	1998		100.0	%		—		163,159		42,930		206,089		—	%		100.0	%		87.2	%		97.3	%		97.3	%		1,807,822		17.07
Massachusetts
Methuen Shopping Center	Wal-Mart,    Market Basket	1998		100.0	%		—		120,004		10,017		130,021		—	%		100.0	%		100.0	%		100.0	%		100.0	%		1,467,752		11.29

34

	Core Portfolio Retail Properties – Detail 1
Supplemental Report – December 31, 2022

		Year	Acadia's			Gross Leasable Area (GLA)								In Place Occupancy												Leased Occupancy			Annualized Base Rent		ABR
Property	Key Tenants	Acquired	Interest			Street		Anchors		Shops		Total		Street			Anchors			Shops			Total			Total			(ABR)		PSF
Crescent Plaza	Home Depot, Shaw's    (Supervalu)	1993		100.0	%		—		156,985		61,163		218,148		—	%		100.0	%		85.7	%		96.0	%		100.0	%		2,066,246		9.87
201 Needham Street	Michael's	2014		100.0	%		—		20,409		—		20,409		—	%		100.0	%		—	%		100.0	%		100.0	%		646,965		31.70
163 Highland Avenue	Staples, Petco	2015		100.0	%		—		40,505		—		40,505		—	%		100.0	%		—	%		100.0	%		100.0	%		1,490,575		36.80
Vermont
The Gateway Shopping Center	Shaw's (Supervalu)	1999		100.0	%		—		73,184		28,290		101,474		—	%		100.0	%		94.9	%		98.6	%		98.6	%		2,205,414		22.05
Illinois
Hobson West Plaza	Garden Fresh    Markets	1998		100.0	%		—		51,692		47,270		98,962		—	%		100.0	%		97.4	%		98.7	%		98.7	%		1,394,982		14.28
Indiana
Merrillville Plaza	Jo-Ann Fabrics,   TJ Maxx	1998		100.0	%		—		123,144		112,782		235,926		—	%		82.3	%		75.1	%		78.8	%		92.8	%		2,711,118		14.57
Michigan
Bloomfield Town Square	HomeGoods,    TJ Maxx	1998		100.0	%		—		153,332		81,619		234,951		—	%		100.0	%		98.2	%		99.4	%		99.4	%		4,263,415		18.26
Delaware
Town Center and Other    (2 properties)	Lowes, Bed Bath &    Beyond, Target	2003		100.0	%		—		751,455		48,608		800,063		—	%		94.2	%		91.4	%		94.0	%		94.0	%		12,980,977		17.26
Market Square Shopping Center	Trader Joe's,    TJ Maxx	2003		100.0	%		—		42,850		59,197		102,047		—	%		100.0	%		100.0	%		100.0	%		100.0	%		3,270,246		32.05
Naamans Road	—	2006		100.0	%		—		—		19,850		19,850		—	%		—	%		63.9	%		63.9	%		63.9	%		698,462		55.08
Pennsylvania
Mark Plaza	Kmart	1993		100.0	%		—		104,956		1,900		106,856		—	%		100.0	%		100.0	%		100.0	%		100.0	%		246,274		2.30
Plaza 422	Home Depot	1993		100.0	%		—		139,968		16,311		156,279		—	%		100.0	%		100.0	%		100.0	%		100.0	%		909,901		5.82
Chestnut Hill	—	2006		100.0	%		—		—		36,492		36,492		—	%		—	%		100.0	%		100.0	%		100.0	%		961,735		26.35
Abington Towne Center 6	Target, TJ Maxx	1998		100.0	%		—		184,616		32,255		216,871		—	%		100.0	%		100.0	%		100.0	%		100.0	%		1,314,679		22.19
Total Suburban Properties							—		2,909,173		1,095,307		4,004,480		—	%		97.3	%		84.2	%		93.7	%		95.7	%	$	66,158,994	$	18.83
Acadia Share Total Suburban Properties							—		2,805,782		1,039,754		3,845,536		—	%		97.2	%		85.6	%		94.1	%		95.9	%	$	62,000,131	$	18.36
Total Core Properties							1,181,458		3,052,892		1,347,834		5,582,184		86.4	%		97.4	%		85.1	%		92.1	%		94.4	%	$	163,915,894	$	33.40
Acadia Share Total Core Properties							982,693		2,949,501		1,279,061		5,211,255		87.2	%		97.3	%		86.4	%		92.7	%		94.9	%	$	148,404,182	$	32.29

35

	Core Portfolio Retail Properties – Detail 1
Supplemental Report – December 31, 2022

__________

1.

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

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.

3.

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

4.

Excludes 94,000 square feet of office GLA.

5.

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.

6.

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.

36

	Core Portfolio – Top Tenants 1
Supplemental Report – December 31, 2022	(Pro Rata Basis)

	Number of		Combined				Percentage of Total
Tenant	Stores		GLA		ABR		GLA			ABR
Target		3		408,895	$	8,126,134		7.8	%		5.5	%
Walgreens		5		81,763		3,719,187		1.6	%		2.5	%
Royal Ahold 2		3		155,461		3,475,460		3.0	%		2.3	%
Bed, Bath, and Beyond		2		124,432		3,288,661		2.4	%		2.2	%
Verizon		2		26,054		2,771,219		0.5	%		1.9	%
TJX Companies 3		8		229,043		2,765,292		4.4	%		1.9	%
PetSmart, Inc.		4		76,257		2,760,241		1.5	%		1.9	%
Lululemon		2		7,533		2,614,752		0.1	%		1.8	%
Trader Joe's		3		40,862		2,499,318		0.8	%		1.7	%
Fast Retailing 4		2		32,013		2,387,950		0.6	%		1.6	%
Gap 5		3		44,895		2,191,532		0.9	%		1.5	%
Albertsons Companies6		2		123,409		1,980,640		2.4	%		1.3	%
Bob's Discount Furniture		2		68,793		1,843,336		1.3	%		1.2	%
Tapestry 7		2		4,250		1,696,218		0.1	%		1.1	%
Watches of Switzerland 8		2		13,863		1,624,974		0.3	%		1.1	%
Ulta Salon Cosmetic & Fragrance		3		31,497		1,550,757		0.6	%		1.0	%
Dick's Sporting Goods, Inc		2		98,805		1,519,874		1.9	%		1.0	%
Citibank		4		16,160		1,337,924		0.3	%		0.9	%
The Home Depot		2		187,914		1,307,040		3.6	%		0.9	%
Michael's		2		45,285		1,219,113		0.9	%		0.8	%
TOTAL		58		1,817,184	$	50,679,622		35.0	%		34.1	%

__________

1.

In accordance with the Company's policy of not disclosing the terms of individual leases, this list does not include tenants that operate at only one Acadia Core location. The following tenants with single locations that would otherwise be included in our top 20 tenants are: H&M (840 N. Michigan), Lowe's (Brandywine), Tommy Bahama (664 N. Michigan), Kohl's (28 Jericho) and Bang & Olufsen (Soho).

2.

Stop and Shop (3 locations)

3.

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

4.

Uniqlo (1 location), Theory (1 location)

5.

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

6.

Shaw’s (2 locations)

7.

Kate Spade (2 locations)

8.

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

37

	Core Portfolio – Lease Expirations
Supplemental Report – December 31, 2022	(Pro Rata Basis)

	Street Tenants												Anchor Tenants
			GLA					ABR							GLA					ABR
	Leases		Expiring		Percent					Percent			Leases		Expiring		Percent					Percent
Year	Expiring		SF		of Total			PSF		of Total			Expiring		SF		of Total			PSF		of Total
M to M 1		3		3,843		0.4	%	$	31.75		0.2	%		—		—		—	%	$	—		—	%
2023		21		113,194		13.2	%		83.49		12.7	%		3		95,734		3.7	%		15.63		3.8	%
2024		21		75,096		8.8	%		88.24		8.9	%		12		425,458		16.3	%		13.81		14.8	%
2025		24		109,640		12.8	%		98.91		14.6	%		9		376,598		14.4	%		19.14		18.1	%
2026		26		72,896		8.5	%		137.95		13.5	%		9		404,089		15.4	%		9.94		10.1	%
2027		14		26,074		3.0	%		143.82		5.1	%		3		89,025		3.4	%		18.18		4.1	%
2028		17		68,050		7.9	%		136.08		12.5	%		9		513,514		19.6	%		11.67		15.1	%
2029		16		47,879		5.6	%		80.87		5.2	%		7		280,589		10.7	%		16.81		11.9	%
2030		8		63,747		7.4	%		61.16		5.3	%		—		—		—			—		—
2031		7		41,177		4.8	%		68.81		3.8	%		2		50,566		1.9	%		16.97		2.2	%
2032		18		56,771		6.6	%		105.08		8.0	%		2		62,382		2.4	%		12.53		2.0	%
Thereafter		9		178,411		20.8	%		42.45		10.2	%		7		318,388		12.2	%		22.59		17.9	%
Total		184		856,778		100.0	%	$	86.67		100.0	%		63		2,616,343		100.0	%	$	15.15		100.0	%
Anchor GLA Owned by Tenants				—												254,916
Total Vacant				125,915												78,242
Total Square Feet				982,693												2,949,501
	Shop Tenants												Total Tenants
			GLA					ABR							GLA					ABR
	Leases		Expiring		Percent					Percent			Leases		Expiring		Percent					Percent
Year	Expiring		SF		of Total			PSF		of Total			Expiring		SF		of Total			PSF		of Total
M to M 1		1		1,400		0.1	%	$	24.40		0.1	%		4		5,243		0.1	%	$	29.78		0.1	%
2023		27		82,624		7.5	%		25.91		6.2	%		51		291,552		6.4	%		44.89		8.8	%
2024		33		141,774		12.8	%		24.84		10.2	%		66		642,328		14.0	%		24.95		10.8	%
2025		34		115,867		10.5	%		28.48		9.6	%		67		602,105		13.2	%		35.46		14.4	%
2026		36		139,436		12.6	%		25.64		10.4	%		71		616,421		13.5	%		28.63		11.9	%
2027		39		147,941		13.4	%		34.78		15.0	%		56		263,040		5.7	%		39.97		7.1	%
2028		31		125,328		11.3	%		38.58		14.1	%		57		706,892		15.4	%		28.42		13.5	%
2029		15		44,239		4.0	%		29.85		3.8	%		38		372,707		8.1	%		26.59		6.7	%
2030		11		32,348		2.9	%		35.73		3.4	%		19		96,095		2.1	%		52.60		3.4	%
2031		17		83,961		7.6	%		29.41		7.2	%		26		175,704		3.8	%		35.07		4.2	%
2032		26		101,521		9.2	%		32.13		9.5	%		46		220,674		4.8	%		45.36		6.7	%
Thereafter		20		88,399		8.1	%		41.14		10.5	%		36		585,198		12.9	%		31.45		12.4	%
Total		290		1,104,838		100.0	%	$	31.13		100.0	%		537		4,577,959		100.0	%	$	32.29		100.0	%
Anchor GLA Owned by Tenants				—												254,916
Total Vacant				174,223												378,380
Total Square Feet				1,279,061												5,211,255

_________

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

38

	Core Portfolio – New and Renewal Rent Spreads 1
Supplemental Report – December 31, 2022

	Quarter Ended																								Year to Date
	March 31, 2022						June 30, 2022						September 30, 2022						December 31, 2022						December 31, 2022
	GAAP 2			Cash 3			GAAP 2			Cash 3			GAAP 2			Cash 3			GAAP 2			Cash 3			GAAP 2			Cash 3
New Leases
Number of new leases executed		4			4			2			2			3			3			—			—			9			9
GLA		12,970			12,970			11,000			11,000			4,544			4,544			—			—			28,514			28,514
New base rent	$	37.83		$	34.10		$	113.70		$	99.38		$	78.62		$	70.12		$	—		$	—		$	73.60		$	65.02
Previous base rent	$	34.75		$	35.01		$	98.17		$	99.15		$	60.47		$	62.72		$	—		$	—		$	63.31		$	64.17
Average cost per square foot	$	42.51		$	42.51		$	161.05		$	161.05		$	63.39		$	63.39		$	—		$	—		$	91.57		$	91.57
Weighted Average Lease Term (years)		12.0			12.0			11.8			11.8			10.0			10.0			—			—			11.6			11.6
Percentage growth in base rent		8.9	%		(2.6	)%		15.8	%		0.2	%		30.0	%		11.8	%		—	%		—	%		16.3	%		1.3	%
Renewal Leases
Number of renewal leases executed		21			21			12			12			17			17			17			17			67			67
GLA		284,858			284,858			71,026			71,026			176,463			176,463			152,451			152,451			684,798			684,798
New base rent	$	32.60		$	32.29		$	45.44		$	44.21		$	38.88		$	37.18		$	22.23		$	22.02		$	33.24		$	32.50
Expiring base rent	$	29.45		$	29.81		$	39.43		$	41.79		$	30.56		$	30.56		$	20.17		$	21.04		$	28.71		$	29.29
Average cost per square foot	$	21.29		$	21.29		$	6.34		$	6.34		$	6.89		$	6.89		$	5.39		$	5.39		$	12.49		$	12.49
Weighted Average Lease Term (years)		5.8			5.8			5.1			5.1			4.6			4.6			4.6			4.6			5.1			5.1
Percentage growth in base rent		10.7	%		8.3	%		15.2	%		5.8	%		27.2	%		21.7	%		10.2	%		4.7	%		15.8	%		11.0	%
Total New and Renewal Leases
Number of new and renewal leases executed		25			25			14			14			20			20			17			17			76			76
GLA commencing		297,828			297,828			82,026			82,026			181,007			181,007			152,451			152,451			713,312			713,312
New base rent	$	32.83		$	32.37		$	54.59		$	51.61		$	39.88		$	38.01		$	22.23		$	22.02		$	34.85		$	33.80
Expiring base rent	$	29.68		$	30.04		$	47.31		$	49.48		$	31.31		$	31.37		$	20.17		$	21.04		$	30.09		$	30.68
Average cost per square foot	$	22.21		$	22.21		$	27.09		$	27.09		$	8.31		$	8.31		$	5.39		$	5.39		$	15.65		$	15.65
Weighted Average Lease Term (years)		6.1			6.1			6.0			6.0			4.7			4.7			4.6			4.6			5.4			5.4
Percentage growth in base rent		10.6	%		7.8	%		15.4	%		4.3	%		27.4	%		21.2	%		10.2	%		4.7	%		15.8	%		10.2	%

__________

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

3.

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.

39

	Core Portfolio – Capital Expenditures
Supplemental Report – December 31, 2022

	Quarter Ended								Year to Date
	March 31,  2022		June 30, 2022		September 30, 2022		December 31, 2022		December 31, 2022		December 31, 2021
Leasing Commissions	$	1,053	$	1,057	$	811	$	538	$	3,459	$	2,360
Tenant Improvements		3,403		2,250		4,709		4,289		14,651		10,059
Maintenance Capital Expenditures		638		2,049		1,993		3,651		8,331		4,060
Total Capital Expenditures	$	5,094	$	5,356	$	7,513	$	8,478	$	26,441	$	16,479

40

	Fund Overview
Supplemental Report – December 31, 2022

I. KEY METRICS	Fund I				Fund II				Fund III				Fund IV				Fund V				Total
General Information:
Vintage		Sep-2001				Jun-2004				May-2007				May-2012				Aug-2016
Fund Size	$		90.0	Million	$		472.0	Million 2	$		502.5	Million	$		540.6	Million	$		520.0	Million	$		2,125.1	Million
Acadia's Commitment	$		20.0	Million	$		291.2	Million	$		123.3	Million	$		125.0	Million	$		104.5	Million	$		664.0	Million
Acadia's Pro Rata Share			22.2	%			61.7	% 2			24.5	%			23.1	%			20.1	%			31.2	%
Acadia's Promoted Share 1			37.8	%			69.4	%			39.6	%			38.5	%			36.1	%			45.0	%
Preferred Return			9.0	%			8.0	%			6.0	%			6.0	%			6.0	%		6.4		%
Current-Quarter, Fund-Level Information:
Cumulative Contributions 2	$		86.6	Million	$		557.3	Million	$		448.1	Million	$		488.1	Million	$		347.9	Million	$		1,928.0	Million
Cumulative Net Distributions 3	$		195.4	Million	$		172.9	Million	$		603.5	Million	$		221.4	Million	$		88.7	Million	$		1,281.9	Million
Net Distributions/Contributions			225.6	%			31.0	%			134.7	%			45.4	%			25.5	%			66.5	%
Unfunded Commitment 4	$		0.0	Million	$		0.0	Million	$		1.9	Million	$		41.9	Million	$		172.1	Million	$		215.9	Million
Acquisition Dry Powder 5		N/A				N/A				N/A				N/A			$		80.0	Million	$		80.0	Million
Investment Period Closes		Closed				Closed				Closed				Closed				Aug-2023
Currently in a Promote Position? (Yes/No)		No				No				No				No				No
II. FEES & PRIORITY DISTRIBUTIONS EARNED BY ACADIA
Type:		Applicable to				Description
Asset Management 6		Fund I & II				0.75% in 2022, 0% in 2023
Asset Management		Fund III				Currently 0%
Asset Management 6		Fund IV				1.5% of Implied Capital during the investment period; 1.25% of Implied Capital post-investment period
Asset Management 7		Fund V				1.5% of Implied Capital for Year 1-4 of the investment period; 1.5% of Allocated Capital Commitments for Year 5 of the investment period (August 26, 2020-August 25, 2021); 1.0% of Allocated Capital Commitments for Year 6-7 of the investment period (August 26, 2021-August 25, 2023); 1.25% of Implied Capital post-investment period
Property Management		All funds				4.0% of gross property revenues
Leasing		All funds				Market-rate leasing commissions
Construction/Project Management		All funds				Market-rate fees
Development		Fund III, IV & V				3.0% of total project costs

41

	Fund Overview
Supplemental Report – December 31, 2022

_________

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.

With regard to Fund II, the additional contributions over original Fund Size reflects prior-period distributions that were re-contributed to the Fund during 2016, 2020, 2021 and 2022 to fund the on-going redevelopment of existing Fund II investments. The $472 million reflects an incremental $172 million of capital contributed in connection with the City Point recapitalization. Fund II contains two remaining investments - City Point and Albertsons, the latter of which is held in a parallel vehicle. During the second quarter 2022, the Company increased its ownership in Fund II and Mervyn's II from 28% to 40%. Additionally, during the third quarter 2022, the Company increased its ownership in Fund II from 40% to 61.7%; its ownership in Albertsons remains at 40%.

3.

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

4.

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

5.

Unfunded Commitments available to deploy into new unidentified investments.

6.

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

7.

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

42

	Fund Portfolio Retail Properties – Detail 1
Supplemental Report – December 31, 2022

		Year	Fund			Gross Leasable Area								In Place Occupancy												Leased			Annualized
Property	Key Tenants	Acquired	Ownership %			Street		Anchors		Shops		Total		Street			Anchors			Shops			Total			Occupancy			Base Rent (ABR)		ABR PSF
Fund II Portfolio Detail
NEW YORK
New York
City Point 2	Primark, Target, Basis Schools, Alamo Drafthouse	2007		94.2	%		—		329,945		211,125		541,070		—	%		88.7	%		27.6	%		64.8	%		83.0	%	$	14,408,337	$	41.07
Total - Fund II							—		329,945		211,125		541,070		—	%		88.7	%		27.6	%		64.8	%		83.0	%	$	14,408,337	$	41.07
Fund III Portfolio Detail
NEW YORK
New York
640 Broadway	Swatch	2012		100.0	%		4,637		—		—		4,637		91.6	%		—	%		—	%		91.6	%		91.6	%	$	1,082,505	$	254.89
Total - Fund III							4,637		—		—		4,637		91.6	%		—	%		—	%		91.6	%		91.6	%	$	1,082,505	$	254.89
Fund IV Portfolio Detail
NEW YORK
New York
801 Madison Avenue	─	2015		100.0	%		2,522		—		—		2,522		—	%		—	%		—	%		—	%		—	%	$	—	$	—
210 Bowery	─	2012		100.0	%		2,538		—		—		2,538		—	%		—	%		—	%		—	%		—	%		—		—
27 East 61st Street	─	2014		100.0	%		4,177		—		—		4,177		—	%		—	%		—	%		—	%		—	%		—		—
17 East 71st Street	The Row	2014		100.0	%		8,432		—		—		8,432		82.2	%		—	%		—	%		82.2	%		82.2	%		1,878,913		271.05
1035 Third Avenue 3	─	2015		100.0	%		7,634		—		—		7,634		100.0	%		—	%		—	%		100.0	%		100.0	%		1,299,967		170.29
New Jersey
Paramus Plaza	Ashley Furniture, Marshalls	2013		50.0	%		—		87,539		65,955		153,494		—	%		100.0	%		100.0	%		100.0	%		100.0	%		3,258,849		21.23
BOSTON
Massachusetts
Restaurants at Fort Point	─	2016		100.0	%		15,711		—		—		15,711		100.0	%		—	%		—	%		100.0	%		100.0	%		1,050,946		66.89
Rhode Island
650 Bald Hill Road	Dick's Sporting Goods, Burlington Coat Factory	2015		90.0	%		—		55,000		105,448		160,448		—	%		100.0	%		77.7	%		85.4	%		85.4	%		2,052,672		14.99
MID-ATLANTIC
Delaware
Eden Square	Giant Food, LA Fitness	2014		98.6	%		—		116,003		113,168		229,171		—	%		100.0	%		81.5	%		90.9	%		96.3	%		3,249,992		15.60
SOUTHEAST
Georgia
Broughton Street Portfolio    (13 properties)	H&M, Lululemon, Kendra Scott, Starbucks	2014		100.0	%		95,201		—		—		95,201		86.5	%		—	%		—	%		86.5	%		95.5	%		3,017,138		36.62

43

	Fund Portfolio Retail Properties – Detail 1
Supplemental Report – December 31, 2022

		Year		Fund			Gross Leasable Area								In Place Occupancy												Leased			Annualized
Property	Key Tenants	Acquired		Ownership %			Street		Anchors		Shops		Total		Street			Anchors			Shops			Total			Occupancy			Base Rent (ABR)		ABR PSF
WEST
California
146 Geary Street	─	2015			100.0	%		10,151		—		—		10,151		—	%		—	%		—	%		—	%		—	%		—		—
Union and Fillmore Collection (3 properties)	Eileen Fisher, Bonobos	2015			90.0	%		7,148		—		—		7,148		77.9	%		—	%		—	%		77.9	%		77.9	%		636,247		114.33
Total - Fund IV								153,514		258,542		284,571		696,627		77.0	%		100.0	%		84.4	%		88.6	%		91.6	%	$	16,444,724	$	26.66
Fund V Portfolio Detail			��
SOUTHWEST
New Mexico
Plaza Santa Fe	TJ Maxx, Best Buy, Ross Dress for Less	2017			100.0	%		—		153,983		70,169		224,152		—	%		100.0	%		91.5	%		97.3	%		99.4	%	$	3,998,589	$	18.33
Texas
Wood Ridge Plaza	Kirkland's, Office Depot	2022			90.0	%		—		—		211,674		211,674		—	%		—	%		84.5	%		84.5	%		87.3	%		3,787,696		21.19
La Frontera Plaza	Kohl's, Hobby Lobby	2022			90.0	%		—		203,500		330,930		534,430		—	%		100.0	%		81.8	%		88.7	%		94.3	%		6,532,919		13.78
MIDWEST
Michigan
New Towne Center	Kohl's, Jo-Ann's, DSW	2017			100.0	%		—		145,389		45,141		190,530		—	%		100.0	%		100.0	%		100.0	%		100.0	%		2,344,851		12.31
Fairlane Green	TJ Maxx, Michaels	2017			100.0	%		—		109,952		160,235		270,187		—	%		100.0	%		91.9	%		95.2	%		95.2	%		5,051,602		19.64
NORTHEAST
Maryland
Frederick County (2 properties)	Kohl's, Best Buy, Ross Dress for Less	2019			90.0	%		—		251,988		278,828		530,816		—	%		100.0	%		78.1	%		88.5	%		94.8	%		6,915,187		14.72
Connecticut
Tri-City Plaza	TJ Maxx, HomeGoods, ShopRite	2019			90.0	%		—		129,940		172,948		302,888		—	%		100.0	%		79.9	%		88.5	%		91.5	%		3,812,027		14.22
New Jersey
Midstate	ShopRite, Best Buy, DSW, PetSmart	2021			100.0	%		—		253,779		131,337		385,116		—	%		90.5	%		70.8	%		83.8	%		88.8	%		6,223,830		19.28
New York
Shoppes at South Hills	ShopRite, At Home, Ashley Furniture	2022			90.0	%		—		416,804		95,414		512,218		—	%		80.7	%		46.2	%		74.3	%		74.3	%		4,375,401		11.50
Pennsylvania
Monroe Marketplace	Kohl's, Dick's Sporting Goods, Giant Food	2021			100.0	%		—		263,376		108,276		371,652		—	%		100.0	%		100.0	%		100.0	%		100.0	%		4,243,262		11.42
Rhode Island
Lincoln Commons	Stop and Shop, Marshalls, HomeGoods	2019			100.0	%		—		194,470		267,551		462,021		—	%		100.0	%		79.3	%		88.0	%		88.0	%		5,482,073		13.48
SOUTHEAST
Virginia
Landstown Commons	Best Buy, Burlington Coat Factory, Ross Dress for Less	2019			100.0	%		—		87,883		298,532		386,415		—	%		100.0	%		87.6	%		90.4	%		90.4	%		7,366,896		21.08

44

	Fund Portfolio Retail Properties – Detail 1
Supplemental Report – December 31, 2022

		Year	Fund			Gross Leasable Area								In Place Occupancy												Leased			Annualized
Property	Key Tenants	Acquired	Ownership %			Street		Anchors		Shops		Total		Street			Anchors			Shops			Total			Occupancy			Base Rent (ABR)		ABR PSF
Florida
Palm Coast Landing	TJ Maxx, PetSmart, Ross Dress for Less	2019		100.0	%		—		73,241		98,558		171,799		—	%		100.0	%		94.6	%		96.9	%		96.9	%		3,435,796		20.64
North Carolina
Hickory Ridge	Kohl's, Best Buy, Dick's Sporting Goods	2017		100.0	%		—		266,584		113,981		380,565		—	%		100.0	%		100.0	%		100.0	%		100.0	%		4,775,096		12.55
Alabama
Trussville Promenade	Wal-Mart, Regal Cinemas	2018		100.0	%		—		366,010		97,671		463,681		—	%		100.0	%		78.9	%		95.6	%		95.6	%		4,491,844		10.14
Georgia
Canton Marketplace	Dick's Sporting Goods, TJ Maxx, Best Buy	2021		100.0	%		—		132,569		219,419		351,988		—	%		100.0	%		82.8	%		89.3	%		94.4	%		5,434,763		17.29
Hiram Pavilion	Kohl's, HomeGoods	2018		100.0	%		—		209,423		153,252		362,675		—	%		100.0	%		98.6	%		99.4	%		99.4	%		4,563,956		12.66
WEST
California
Elk Grove Commons	Kohl's, HomeGoods	2018		100.0	%		—		132,489		109,589		242,078		—	%		100.0	%		96.4	%		98.4	%		99.1	%		5,076,275		21.31
Utah
Family Center at Riverdale	Target, Sportsman's Warehouse	2019		89.4	%		—		256,673		115,802		372,475		—	%		80.5	%		97.7	%		85.9	%		97.9	%		3,355,288		10.49
Total - Fund V							—		3,648,053		3,079,307		6,727,360		—	%		95.8	%		85.0	%		90.8	%		93.3	%	$	91,267,351	$	14.94
TOTAL FUND PROPERTIES							158,151		4,236,540		3,575,003		7,969,694		77.4	%		95.5	%		81.5	%		88.9	%		92.5	%	$	123,202,917	$	17.40
Acadia Share of Total Fund Properties							36,433		947,565		772,763		1,756,761		77.5	%		94.7	%		75.9	%		86.1	%		91.4	%	$	29,754,638	$	19.68

__________

1.

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

2.

In place occupancy excludes short-term percentage rent.

3.

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

45

	Fund Lease Expirations
Supplemental Report – December 31, 2022	(Pro Rata Basis)

	FUND II														FUND III
			GLA							ABR							GLA								ABR
	Leases		Expiring		Percent							Percent			Leases		Expiring		Percent								Percent
Year	Expiring		SF		of Total			Amount		PSF		of Total			Expiring		SF		of Total			Amount			PSF		of Total
M to M 1		—		—		—	%	$	—	$	—		—	%		—		—		—	%	$	—		$	—		—	%
2023		—		—		—	%		—		—		—	%		1		159		15.3	%		64,321			404.53		24.3	%
2024		—		—		—	%		—		—		—	%		—		—		—	%		—			—		—	%
2025		2		1,426		0.7	%		155,105		108.77		1.9	%		—		—		—	%		—			—		—	%
2026		—		—		—	%		—		—		—	%		—		—		—	%		—	��		—		—	%
2027		3		15,294		7.5	%		1,139,686		74.52		13.6	%		—		—		—	%		—			—		—	%
2028		1		552		0.3	%		107,629		194.98		1.3	%		1		306		29.4	%		73,875			241.42		27.9	%
2029		1		580		0.3	%		86,976		149.96		1.0	%		—		—		—	%		—			—		—	%
2030		—		—		—	%		—		—		—	%		1		177		17.0	%		40,854			230.81		15.4	%
2031		—		—		—	%		—		—		—	%		1		226		21.7	%		53,825			238.16		20.3	%
2032		4		78,373		38.4	%		1,066,826		13.61		12.7	%		1		173		16.6	%		32,340			186.94		12.1	%
Thereafter		4		107,616		52.8	%		5,815,021		54.03		69.5	%		—		—		—	%		—			—		—	%
Total		15		203,841		100.0	%	$	8,371,243	$	41.07		100.0	%		5		1,041		100.0	%	$	265,215		$	254.89		100.0	%
				110,521	Total Vacant													95	Total Vacant
				314,362	Total Square Feet													1,136	Total Square Feet
	FUND IV														FUND V
			GLA							ABR							GLA								ABR
	Leases		Expiring		Percent							Percent			Leases		Expiring		Percent								Percent
Year	Expiring		SF		of Total			Amount		PSF		of Total			Expiring		SF		of Total			Amount			PSF		of Total
M to M 1		—		—		—	%	$	—	$	—		—	%		7		4,654		0.4	%	$	83,539		$	17.95		0.5	%
2023		2		588		0.5	%		28,655		48.73		0.9	%		48		60,746		5.1	%		1,106,680			18.22		6.2	%
2024		4		2,063		1.7	%		68,246		33.08		2.0	%		83		160,478		13.5	%		2,380,636			14.83		13.4	%
2025		5		2,129		1.8	%		501,387		235.50		15.0	%		83		187,831		15.8	%		2,735,713			14.56		15.4	%
2026		13		18,496		15.3	%		487,020		26.33		14.5	%		82		109,940		9.3	%		2,100,911			19.11		11.8	%
2027		12		8,966		7.4	%		285,688		31.86		8.5	%		66		139,634		11.8	%		1,905,063			13.64		10.7	%
2028		7		5,366		4.4	%		157,748		29.40		4.7	%		43		114,515		9.7	%		1,903,773			16.62		10.7	%
2029		5		30,480		25.2	%		562,494		18.45		16.8	%		30		83,690		7.1	%		1,021,265			12.20		5.7	%
2030		1		346		0.3	%		16,264		47.01		0.5	%		28		77,181		6.5	%		1,061,069			13.75		6.0	%
2031		7		14,380		11.9	%		366,978		25.52		10.9	%		30		76,440		6.4	%		1,094,663			14.32		6.2	%
2032		7		25,565		21.1	%		605,463		23.68		18.3	%		32		70,509		5.9	%		1,050,815			14.90		5.9	%
Thereafter		4		12,579		10.4	%		272,425		21.66		7.9	%		24		100,472		8.5	%		1,321,684			13.15		7.5	%
Total		67		120,958		100.0	%	$	3,352,368	$	27.71		100.0	%		556		1,186,090		100.0	%	$	17,765,811		$	14.98		100.0	%
				17,769	Total Vacant													116,447	Total Vacant
				138,727	Total Square Feet													1,302,537	Total Square Feet

__________

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

46

	Development and Redevelopment Activity
Supplemental Report – December 31, 2022

				Est. SQFT					Acquisition & Development Costs 1
Property	Ownership 1	Location	Estimated Stabilization	Upon Completion		Occupied/ Leased Rate	Key Tenants	Description	Incurred 2		Estimated Future Range					Estimated Total Range
Development:
CORE
1238 Wisconsin	80.0%	Washington DC	2023		29,000	12%/70%	Wolford, Everbody	Redevelopment/addition to existing building with ground level retail, upper floor office and residential units upon completion. Discretionary spend upon securing tenant(s)	$	18.3	$	14.4	to	$	15.2	$	32.7	to	$	33.5
Henderson - Development 1 & 2	100.0%	Dallas, TX	TBD		160,000	—	TBD	Ground up development for mixed-use street-level retail spaces and upper level office spaces.	$	10.5	TBD		to	TBD		TBD		to	TBD
FUND III
Broad Hollow Commons	100.0%	Farmingdale, NY	TBD	TBD		—	TBD	Discretionary spend upon securing necessary approvals and tenant(s) for lease up	��	25.9		24.1	to		34.1		50.0	to		60.0
FUND IV
717 N. Michigan Avenue	100.0%	Chicago, IL	TBD	TBD		14%/26%	Alo Yoga	Discretionary spend upon securing tenant(s) for lease up		116.6	TBD		to	TBD		TBD		to	TBD
									$	171.3	$	38.5		$	49.3	$	82.7		$	93.5
Major Redevelopment:
CORE
City Center	100.0%	San Francisco, CA	2024		241,000	75%/99%	Target, Whole Foods, PetSmart	Ground up development of pad sites and street level retail and re-tenanting/redevelopment for Whole Foods	$	203.3	$	6.7	to	$	9.7	$	210.0	to	$	213.0
555 9th Street	100.0%	San Francisco, CA	TBD		149,000	65%/81%	The Container Store	Re-tenanting and potential split of former 46,000 square foot Nordstrom; façade upgrade and possible vertical expansion		0.2		17.8	to		27.8		18.0	to		28.0
651-671 West Diversey	100.0%	Chicago, IL	TBD		46,000	86%/86%	TBD	'Discretionary spend for future re-tenanting and re-configuration of approximately 30,000 sf.		—	TBD		to	TBD		TBD		to	TBD
Route 6 Mall	100.0%	Honesdale, PA	TBD	TBD		32%/47%	TJ Maxx	Discretionary spend for re-tenanting former 120,000 square foot Kmart anchor space once tenant(s) are secured		0.1		5.9	to		8.9		6.0	to		9.0
Mad River	100.0%	Dayton, OH	TBD	TBD		73%/73%	TBD	Discretionary spend for the re-tenanting former 33,000 square foot Babies R Us space once tenant(s) are secured		—		1.9	to		2.3		1.9	to		2.3
									$	203.6	$	32.3		$	48.7	$	235.9		$	252.3

_________

47

	Development and Redevelopment Activity
Supplemental Report – December 31, 2022

__________

1.

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

2.

Incurred amounts include costs associated with the initial carrying value. Refer to “ Net Asset Valuation Information ” for pro-rata costs incurred. Reconciles to Consolidated Balance Sheet at December 31, 2022 as follows:

Development costs above	$	171.3
Unconsolidated projects (a)		(18.3	)
Projects in redevelopment or partial development (b)		73.8
Deferred costs and other amounts		(6.1	)
Impairment charges taken		(36.1	)
Total per consolidated balance sheet	$	184.6

(a)

Relates to 1238 Wisconsin Avenue

(b)

Primarily relates to the portion of City Center that is still in Major Redevelopment and City Point. Total incurred amount of $203.3 for City Center reflects the historical carrying value of the entire property (including its initial acquisition cost).

48

	Important Notes
Supplemental Report – December 31, 2022

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

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

USE OF FUNDS FROM OPERATIONS AS NON-GAAP FINANCIAL MEASURE

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

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

The Company may also provide from time to time another supplemental disclosure of operating performance, FFO Before Special Items. The Company defines FFO Before Special Items as FFO adjusted for certain unusual items including charges, income and gains that management believes are not comparable and indicative of the results of the Company’s operating real estate portfolio.

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

USE OF NON-GAAP FINANCIAL MEASURES

Non-GAAP financial measures such as EBITDA, NOI, same-property NOI and lease spreads are widely used financial measures in many industries, including the REIT industry, and are presented to assist investors and analysts in analyzing the performance of the Company. They are helpful as they exclude various items included in net income that are not indicative of operating performance, such as gains (or losses) from sales of property and depreciation and amortization and is used in computing various financial ratios as a measure of operational performance. The Company computes EBITDA as the sum of net income before extraordinary items plus interest expense, depreciation, income taxes and amortization, less any gains (losses including impairment charges) on the sale of income producing properties. The Company computes NOI by taking the difference between Property Revenues and Property Expenses as detailed in this reporting supplement. Same-property NOI includes properties in our Core Portfolio that we owned for both the current and prior periods presented, but excludes those properties which we acquired, sold or expected to sell, and redeveloped during these periods. The Company’s method of calculating EBITDA, NOI and same-property NOI may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. EBITDA, NOI and same-property NOI do not represent cash generated from operations as defined by GAAP and are not indicative of cash available to fund all cash needs, including distributions. They should not be considered as an alternative to net income for the purpose of evaluating the Company’s performance or to cash flows as a measure of liquidity. In reliance on the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K, reconciliation of the assumed range of 2023

49

same-property NOI growth to the most directly comparable GAAP financial measure is not provided because the Company is unable to provide such reconciliation without unreasonable effort due to the multiple components of the calculation which only includes properties owned for comparable periods and excludes all corporate level activity.

50