Acadia Realty Trust 8K Reports Second Quarter Operating Results | AKR 30 Jul 24

Exhibit 99.2

EALTY TRUST—Q220SUPPLEMENTAL REPFORMATIO


Table of Contents		Supplemental Report – June 30, 2024

Section I – Second Quarter 2024 Earnings Press Release
Section II – Financial Information		Section III – Core Portfolio Information

Company Information	3	Core Properties	29
Market Capitalization	4	Core Top Tenants	33
Operating Statements		Core Lease Expirations	34
Consolidated Statements of Operations	5	Core New and Renewal Rent Spreads	35
Statements of Operations - Pro-rata Adjustments	7	Core Capital Expenditures	36
Consolidated Balance Sheet	8
Balance Sheet - Pro-rata Adjustments	9
Funds from Operations (“FFO”), FFO Before Special Items, Adjusted Funds from Operations ("AFFO")	11	Section IV – Investment Management Information
EBITDA	12
Same Property Net Operating Income	13	Fund Overview	37
Fee Income Detail	14	Investment Management Properties	39
Structured Financing	15	Investment Management Lease Expirations	42
		Development and Redevelopment Activity	44
Other Information
Transactional Activity	16
2024 Guidance	17
Net Asset Valuation Information	18
Selected Financial Ratios	19	Section V – Other Information
Debt Analysis
Summary	23	Important Notes	45
Detail	24
Maturities	26
Interest Rate Summary	28

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


Supplemental Report – June 30, 2024		Company Information

Acadia Realty Trust is an equity real estate investment trust that owns and operates a high-quality core real estate portfolio ("Core" or "Core Portfolio") of street and open-air retail properties in the nation's most dynamic retail corridors, along with an investment management platform that targets opportunistic and value-add investments through its institutional co-investment vehicles (“Investment Management”). For further information, please visit www.acadiarealty.com.


Contact Information

	Corporate Headquarters	Investor Relations	New York Stock Exchange
	411 Theodore Fremd Avenue	(914) 288-8100	Symbol AKR
	Suite 300	investorrelations@acadiarealty.com
	Rye, NY 10580






Analyst Coverage

	Bank of America / Merrill Lynch	Citigroup - Global Markets	KeyBanc Capital Markets, Inc.
	Jeff Spector - (646) 855-1363	Craig Mailman - (212) 816-4471	Todd Thomas - (917) 368-2286
	jeff.spector@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 – June 30, 2024

(Including pro-rata share of Investment Management debt, in thousands, except per share amounts)


						Changes in Total Outstanding Common								Weighted Average
	Total Market				Capitalization	Shares and OP Units								Diluted EPS				Diluted FFO
	Capitalization ($)			%	Based on Net Debt 1		Common Shares		Common OP Units			Total		Quarter		YTD		Quarter		YTD
Equity Capitalization
Common Shares		105,267				Balance at 12/31/2023		95,362		5,345			100,707
Common Operating Partnership ("OP") Units		4,744				Vesting RS and LTIPs		9		417			426
Combined Common Shares and OP Units		110,011				OP Conversions		795		(795	)		—
						Issuance of Shares		6,987		—			6,987
Share Price at June 30, 2024	$	17.92				Other		3		—			3
						Balance at 3/31/2024		103,156		4,967			108,123		102,128		102,128		111,051		111,051
Equity Capitalization - Common Shares and OP Units	$	1,971,397				Vesting RS and LTIPs		44		32			76
Preferred OP Units 2		5,725				OP Conversions 4		400		(255	)		145
Total Equity Capitalization		1,977,122		60%	61%	Issuance of Shares		1,652		—			1,652
						Other		15		—			15
Debt Capitalization						Balance at 6/30/2024		105,267		4,744			110,011		103,592		102,860		111,837		111,096
Consolidated debt 3		1,707,658
Adjustment to reflect pro-rata share of debt		(406,138	)
Total Debt Capitalization		1,301,520		40%	39%

Total Market Capitalization	$	3,278,642		100%	100%

__________

Reflects debt net of Core Portfolio cash of $34,354 and pro-rata share of Investment Management cash of $9,070 for $43,424 of total cash netted against debt.

Represents 188 Series A and 84,785 Series C Preferred OP Units convertible into 25,067 and 294,390 Common OP Units, respectively, multiplied by the Common Share price at quarter end.

Reflects consolidated debt excluding $11,830 of unamortized premium and unamortized loan costs.

During the three months ended June 30, 2024, 255,304 Common OP Units and 41,599 Series C Preferred OP Units were converted into 399,744 Common Shares.


	4

Consolidated Statements of Operations

Supplemental Report – June 30, 2024

(in thousands)



	June 30, 2024 1
	Quarter			Year to Date
Revenues
Rental income	$	85,626		$	171,663
Other		1,628			6,947
Total revenues		87,254			178,610
Expenses
Depreciation and amortization		34,281			69,221
General and administrative		10,179			19,947
Real estate taxes		9,981			22,327
Property operating		15,781			34,877
Total expenses		70,222			146,372

Gain (loss) on disposition of properties		757			(441	)
Operating income		17,789			31,797
Equity in earnings of unconsolidated affiliates		4,480			4,168
Interest income		5,413			10,651
Realized and unrealized holding (losses) gains on investments and other		(2,364	)		(4,415	)
Interest expense		(23,581	)		(47,290	)
Income (loss) from continuing operations before income taxes		1,737			(5,089	)
Income tax provision		(155	)		(186	)
Net income (loss)		1,582			(5,275	)
Net loss attributable to redeemable noncontrolling interests		2,292			4,846
Net (income) loss attributable to noncontrolling interests		(2,431	)		5,141
Net income attributable to Acadia	$	1,443		$	4,712


	June 30, 2024 1
	Quarter		Year to Date
Reconciliation of Revenues to Consolidated GAAP Revenues
Total Revenues	$	84,400	$	170,182
Straight-line rent income		757		886
Above/below-market rent income		1,467		2,792
Asset and property management fees		234		386
Development, construction, leasing and legal fees		197		263
Other income		199		4,101
Consolidated Total Revenues	$	87,254	$	178,610




Reconciliation of Operating Expenses to Consolidated GAAP Expenses
Property operating - CAM and Other	$	12,297	$	28,022
Other property operating (Non-CAM)		3,334		6,553
Asset and property management expense		150		302
Consolidated Total Operating Expenses	$	15,781	$	34,877

Consolidated Statements

of Operations - Detail

Supplemental Report – June 30, 2024

(in thousands)



	June 30, 2024 1
CORE PORTFOLIO AND INVESTMENT MANAGEMENT INCOME	Quarter			Year to Date
REVENUES
Minimum rents	$	66,592		$	133,124
Percentage rents		565			1,250
Expense reimbursements - CAM		8,089			16,985
Expense reimbursements - Taxes		8,172			16,655
Other property income		982			2,168
Total Revenues		84,400			170,182

EXPENSES
Property operating - CAM		12,312			27,071
Other property operating (Non-CAM)		3,334			6,553
Real estate taxes		9,981			22,327
Asset and property management expense		150			302
Total Expenses		25,777			56,253

NET OPERATING INCOME - PROPERTIES		58,623			113,929

OTHER INCOME (EXPENSE)
Interest income		5,413			10,651
Straight-line rent income		757			886
Above/below-market rent income		1,467			2,792
Interest expense 2		(20,925	)		(42,358	)
Amortization of finance costs		(2,149	)		(3,915	)
Above/below-market interest expense		5			17
Finance lease interest expense		(512	)		(1,034	)
Other income		158			3,025
CORE PORTFOLIO AND INVESTMENT MANAGEMENT INCOME		42,837			83,993

FEE AND OTHER INCOME 3
Asset and property management fees		234			419
Development, construction, leasing and legal fees		197			263
Total Investment Management Fee Income		431			682

Net promote and other transactional income		—			—
Total Investment Management Fee Income, Net Promote and Other Transactional Income		431			682

Realized gains on marketable securities, net		3,586			7,580
Less: previously recognized unrealized gains on marketable securities sold		(3,586	)		(7,580	)
Unrealized losses on marketable securities		(2,308	)		(4,323	)
Income tax provision		(155	)		(186	)
Total Fee and Other Loss		(2,032	)		(3,827	)

General and Administrative		(10,179	)		(19,947	)

Depreciation and amortization		(34,190	)		(69,039	)
Non-real estate depreciation and amortization		(91	)		(182	)
Gain (loss) on disposition of properties		757			(441	)
(Loss) gain before equity in earnings and noncontrolling interests		(2,898	)		(9,443	)

Equity in earnings of unconsolidated affiliates		4,480			4,168
Noncontrolling interests (including redeemable noncontrolling interests)		(139	)		9,987

NET INCOME ATTRIBUTABLE TO ACADIA	$	1,443		$	4,712

Statements of Operations –

Pro-Rata Adjustments7

Supplemental Report – June 30, 2024

(in thousands)



	Quarter Ended June 30, 2024						Year to Date June 30, 2024
CORE PORTFOLIO AND INVESTMENT MANAGEMENT INCOME	Noncontrolling Interest in Consolidated Subsidiaries 4			Company’s Interest in Unconsolidated Subsidiaries 5			Noncontrolling Interest in Consolidated Subsidiaries 4			Company’s Interest in Unconsolidated Subsidiaries 5
REVENUES
Minimum rents	$	(28,984	)	$	13,104		$	(57,928	)	$	27,801
Percentage rents		(125	)		55			(315	)		165
Expense reimbursements - CAM		(4,428	)		1,898			(8,714	)		3,783
Expense reimbursements - Taxes		(3,515	)		1,971			(6,929	)		4,093
Other property income		(455	)		273			(792	)		341
Total Revenues		(37,507	)		17,301			(74,678	)		36,183

EXPENSES
Property operating - CAM		(5,871	)		2,149			(12,718	)		4,560
Other property operating (Non-CAM)		(815	)		237			(1,706	)		537
Real estate taxes		(4,003	)		3,109			(8,672	)		6,241
Asset and property management expense		(495	)		640			(930	)		1,224
Total Expenses		(11,184	)		6,135			(24,026	)		12,562
NET OPERATING INCOME - PROPERTIES		(26,323	)		11,166			(50,652	)		23,621

OTHER INCOME (EXPENSE)
Interest income		(99	)		7			(146	)		14
Straight-line rent income		(1,226	)		1,446			(1,563	)		1,850
Above/below-market rent income (expense)		(684	)		533			(1,328	)		1,027
Interest expense		12,270			(4,843	)		24,601			(9,582	)
Amortization of finance costs		943			(334	)		1,960			(681	)
Above/below-market interest expense		—			104			—			135
Finance lease interest expense		342			(100	)		682			(200	)
Other income (expense)		(185	)		2			(423	)		31
CORE PORTFOLIO AND INVESTMENT MANAGEMENT INCOME		(14,962	)		7,981			(26,869	)		16,215

FEE AND OTHER INCOME 3
Asset and property management fees		2,606			174			5,301			315
Development, construction, leasing and legal fees		1,511			102			3,297			167
Total Investment Management Fee Income		4,117			276			8,598			482

Net promote and other transactional income		—			—			—			—
Total Investment Management Fee Income, Net Promote and Other Transactional Income		4,117			276			8,598			482

Realized gains on marketable securities, net		—			—			—			—
Less: previously recognized unrealized gains on marketable securities sold		—			—			—			—
Unrealized gains on marketable securities		—			—			—			—
Income tax provision		73			(5	)		56			(11	)
Total Fee and Other Loss		4,190			271			8,654			471

General and Administrative		814			(424	)		1,393			(662	)
Depreciation and amortization		15,356			(7,457	)		31,626			(15,965	)
Gain (loss) on disposition of properties		(5,434	)		4,109			(4,511	)		4,109
(Loss) gain before equity in earnings and noncontrolling interests		(36	)		4,480			10,293			4,168

Equity in earnings of unconsolidated affiliates		—			—			—			—
Noncontrolling interests 6		(103	)		—			(306	)		—

NET INCOME (LOSS) ATTRIBUTABLE TO ACADIA	$	(139	)	$	4,480		$	9,987		$	4,168


	7

Balance Sheet

Supplemental Report – June 30, 2024

(in thousands)


ASSETS	Consolidated Balance Sheet			Line Item Details:
Real estate
Land	$	849,524		The components of Real estate under development, at cost are as follows:
Buildings and improvements		3,106,413		Core	$	71,976
Tenant improvements		283,309		Fund III		29,826
Construction in progress		21,023		Total	$	101,802
Right-of-use assets - finance leases		58,637
		4,318,906
Less: Accumulated depreciation and amortization		(871,994	)
Operating real estate, net		3,446,912
Real estate under development		101,802		Summary of other assets, net:
Net investments in real estate		3,548,714		Deferred charges, net	$	36,071
Notes receivable, net ($1,520 of allowance for credit losses)		126,653		Accrued interest receivable		28,768
Investments in and advances to unconsolidated affiliates		203,410		Due from seller		2,343
Lease intangibles, net		86,429		Prepaid expenses		13,242
Other assets, net		127,350		Other receivables		2,560
Right-of-use assets - operating leases, net		27,748		Income taxes receivable		1,472
Cash and cash equivalents		31,915		Corporate assets, net		740
Restricted cash		23,139		Deposits		1,816
Marketable securities		21,668		Derivative financial instruments		40,338
Straight-line rents receivable, net		37,730		Total	$	127,350
Rents receivable, net		16,282
Total assets	$	4,251,038

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Liabilities:
Mortgage and other notes payable, net		955,069
Unsecured notes payable, net		644,313		Summary of accounts payable and other liabilities:
Unsecured line of credit		96,446		Lease liability - finance leases, net	$	32,649
Accounts payable and other liabilities		148,681		Accounts payable and accrued expenses		62,198
Lease liability - operating leases		29,964		Deferred income		36,086
Dividends and distributions payable		20,285		Tenant security deposits, escrow and other		13,988
Lease intangibles, net		69,414		Derivative financial instruments		3,760
Distributions in excess of income from, and investments in, unconsolidated affiliates		7,301		Total	$	148,681
Total liabilities		1,971,473
Commitments and contingencies
Redeemable noncontrolling interests		40,874
Shareholders' Equity
Common shares		105
Additional paid-in capital		2,115,689
Accumulated other comprehensive income		47,621
Distributions in excess of accumulated earnings		(381,945	)
Total Acadia shareholders’ equity		1,781,470
Noncontrolling interests		457,221
Total equity		2,238,691
Total liabilities, redeemable noncontrolling interests, and equity	$	4,251,038


	8

Balance Sheet – Pro-rata Adjustments7

Supplemental Report – June 30, 2024

(in thousands)


ASSETS	Noncontrolling Interest in Consolidated Subsidiaries 4			Company’s Interest in Unconsolidated Subsidiaries 5
Real estate
Land	$	(202,828	)	$	68,557
Buildings and improvements		(812,572	)		266,417
Tenant improvements		(58,216	)		19,530
Construction in progress		(6,239	)		1,953
Right-of-use assets - finance leases		(22,571	)		22,151
		(1,102,426	)		378,608
Less: Accumulated depreciation and amortization		153,340			(78,322	)
Operating real estate, net		(949,086	)		300,286
Real estate under development		(22,507	)		2,217
Net investments in real estate		(971,593	)		302,503
Notes receivable, net ($1,520 of allowance for credit losses)		66,012			—
Investments in and advances to unconsolidated affiliates		(72,414	)		(126,855	)
Lease intangibles, net		(38,114	)		6,792
Other assets, net		20,093			6,476
Right-of-use assets - operating leases, net		(1,759	)		—
Cash and cash equivalents		(14,857	)		7,735
Restricted cash		(7,490	)		2,982
Marketable securities		—			—
Straight-line rents receivable, net		(9,363	)		5,899
Rents receivable, net		(5,476	)		1,880
Total assets	$	(1,034,961	)	$	207,412

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgage and other notes payable, net	$	(569,012	)	$	179,581
Unsecured notes payable, net		—			—
Unsecured line of credit		—			—
Accounts payable and other liabilities		(31,409	)		21,502
Lease intangibles, net		(30,683	)		5,550
Lease liability - operating leases		(1,830	)		4
Dividends and distributions payable		—			—
Lease liability - finance leases		(20,999	)		8,076
Distributions in excess of income from, and investments in, unconsolidated affiliates		—			(7,301	)
Total liabilities		(653,933	)		207,412
Shareholders' Equity
Common shares		—			—
Additional paid-in capital		—			—
Accumulated other comprehensive income		—			—
Distributions in excess of accumulated earnings		—			—
Total Acadia shareholders’ equity		—			—
Noncontrolling interests (including redeemable noncontrolling interests)		(381,028	)		—
Total equity		(381,028	)		—
Total liabilities, redeemable noncontrolling interests, and equity	$	(1,034,961	)	$	207,412


	9

Notes to Income Statements,

Balance Sheet and Pro-rata Adjustments7

Supplemental Report – June 30, 2024

(in thousands)

__________

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

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

Net of consolidated capitalized interest of $1.7 million and $3.3 million for the three and six months ended June 30, 2024.

Refer to Fee Income Detail page in the Supplemental Report.

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

Represents the Company’s pro-rata share of unconsolidated investments (which consists of unconsolidated Core properties but also includes Investment Management assets that are held off-balance sheet), of which each are included on a single line presentation in the Company’s consolidated financial statements in accordance with GAAP.

This represents the (loss) income allocable to Operating Partnership Units of $0.1 million and $0.3 million, respectively, for the three and six months ended June 30, 2024.

The Company currently has controlling ownership interests in both (a) Investment Management (represented by Funds II, III, IV & V and Mervyns II) and (b) non-wholly owned Core assets. All properties which the Company is deemed to control are consolidated within the Company's financial statements.


	10

Funds from Operations (“FFO”), FFO Before Special Items,

Adjusted Funds from Operations (“AFFO”)

Supplemental Report – June 30, 2024

(in thousands, except per share amounts)



	Quarter Ended						Year to Date			Quarter Ended			Year to Date
	March 31, 2024			June 30, 2024			June 30, 2024			June 30, 2023			June 30, 2023
Funds from operations ("FFO"):
Net Income (Loss) attributable to Acadia	$	3,269		$	1,443		$	4,712		$	9,276		$	22,636
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share)		27,087			26,291			53,378			28,248			54,692
Loss on disposition on real estate properties (net of noncontrolling interest share)		275			568			843			—			—
Income attributable to noncontrolling interests' share in Operating Partnership		326			187			513			697			1,614
FFO to Common Shareholders and Common OP Unit holders - Diluted	$	30,957		$	28,489		$	59,446		$	38,221		$	78,942

Unrealized holding loss (gain) (net of noncontrolling interest share)		2,015			2,308			4,323			(1,713	)		(1,779	)
Realized gain		3,994			3,586			7,580			—			—
FFO before Special Items attributable to Common Shareholder and Common OP Unit holders 1	$	36,966		$	34,383		$	71,349		$	36,508		$	77,163

Adjusted Funds from operations ("AFFO"):
FFO	$	30,957		$	28,489		$	59,446		$	38,221		$	78,942
Unrealized holding loss (gain) (net of noncontrolling interest share)		2,015			2,308			4,323			(1,713	)		(1,779	)
Realized gain		3,994			3,586			7,580			—			—
Straight-line rent, net		(196	)		(977	)		(1,173	)		(868	)		(1,061	)
Above/below-market rent		(1,175	)		(1,316	)		(2,491	)		(9,631	)		(11,718	)
Amortization of finance costs		1,096			1,540			2,636			1,063			2,148
Above/below-market interest		(43	)		(109	)		(152	)		(50	)		(97	)
Non-real estate depreciation		91			91			182			93			180
Stock-based compensation		3,938			2,406			6,344			2,279			6,055
Leasing commissions		(560	)		(1,362	)		(1,922	)		(1,035	)		(2,542	)
Tenant improvements		(1,212	)		(907	)		(2,119	)		(1,053	)		(5,858	)
Maintenance capital expenditures		(1,640	)		(2,143	)		(3,783	)		(1,977	)		(2,667	)
AFFO to Common Shareholders and Common OP Unit holders	$	37,265		$	31,606		$	68,871		$	25,329		$	61,603

Total weighted-average diluted shares and OP Units		111,051			111,837			111,096			102,642			102,525

Diluted FFO per Common share and OP Unit:
FFO	$	0.28		$	0.25		$	0.54		$	0.37		$	0.77

FFO before Special Items	$	0.33		$	0.31		$	0.64		$	0.36		$	0.75

__________

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

EBITDA

Supplemental Report – June 30, 2024

(in thousands)


	Quarter Ended June 30, 2024									Year to Date June 30, 2024									Quarter Ended June 30, 2023
	Core			Investment						Core			Investment						Core			Investment
	Portfolio			Management			Total			Portfolio			Management			Total			Portfolio			Management			Total
EBITDA:

Net Income (Loss) Attributable to Acadia	$	2,753		$	(1,310	)	$	1,443		$	10,422		$	(5,710	)	$	4,712		$	11,200		$	(1,924	)	$	9,276

Adjustments:
Depreciation and amortization		19,567			6,815			26,382			39,911			13,649			53,560			21,876			6,465			28,341
Interest expense		9,126			4,372			13,498			18,578			8,761			27,339			12,118			3,696			15,814
Amortization of finance costs		1,090			450			1,540			1,714			922			2,636			673			390			1,063
Above/below-market interest		(109	)		—			(109	)		(152	)		—			(152	)		(50	)		—			(50	)
Loss (gain) on disposition of properties		2,213			(1,645	)		568			2,213			(1,370	)		843			—			—			—
Unrealized holding loss (gain) on investment in Albertsons and other		2,308			—			2,308			4,323			—			4,323			(1,713	)		—			(1,713	)
Realized gain		3,586			—			3,586			7,580			—			7,580			—			—			—
Provision for income taxes		69			18			87			121			20			141			88			24			112
Noncontrolling interest - OP		103			—			103			306			—			306			574			—			574
EBITDA	$	40,706		$	8,700		$	49,406		$	85,016		$	16,272		$	101,288		$	44,766		$	8,651		$	53,417

Adjusted EBITDA:

EBITDA	$	40,706		$	8,700		$	49,406		$	85,016		$	16,272		$	101,288		$	44,766		$	8,651		$	53,417
Stock based compensation		2,406			—			2,406			6,344			—			6,344			2,279			—			2,279
Adjusted EBITDA	$	43,112		$	8,700		$	51,812		$	91,360		$	16,272		$	107,632		$	47,045		$	8,651		$	55,696


Core EBITDA excluding realized gains	$	37,120		$	8,700		$	45,820		$	77,436		$	16,272		$	93,708		$	44,766		$	8,651		$	53,417

Core Portfolio – Same Property Performance 1

Supplemental Report – June 30, 2024

(in thousands)


	Quarter Ended						Change			Year to Date				Change
	June 30, 2024			June 30, 2023			Favorable/ (Unfavorable)			June 30, 2024		June 30, 2023		Favorable/ (Unfavorable)

Summary
Minimum rents	$	36,013		$	34,192			5.3	%	$	71,883	$	68,043		5.6	%
Expense reimbursements		8,871			8,427			5.3	%		17,940		17,118		4.8	%
Other property income		729			656			11.1	%		1,933		1,896		2.0	%

Total Revenue		45,613			43,275			5.4	%		91,756		87,057		5.4	%

Expenses
Property operating - CAM & Real estate taxes		11,782			11,084			(6.3	)%		24,436		22,974		(6.4	)%
Other property operating (Non-CAM)		1,753			1,793			2.2	%		3,214		3,370		4.6	%

Total Expenses		13,535			12,877			(5.1	)%		27,650		26,344		(5.0	)%

Same Property NOI - Core properties	$	32,078		$	30,398			5.5	%	$	64,106	$	60,713		5.6	%

Reconciliation of Same Property NOI to Core NOI
NOI of Properties excluded from Same Property NOI		2,961			5,335						6,887		11,235
Core NOI	$	35,039		$	35,733					$	70,993	$	71,948


Other same property information
Physical Occupancy at the end of the period		91.8	%		92.2	%
Leased Occupancy at the end of the period		94.8	%		95.1	%

__________

The above amounts include the pro-rata share of the Company's Core consolidated and unconsolidated investments.

Fee Income Detail 1

Supplemental Report – June 30, 2024

(in thousands)


	Fund II		Fund III		Fund IV		Fund V		Other 2		Total
Year to Date June 30, 2024
Asset and property management fees	$	155	$	47	$	1,574	$	3,904	$	355	$	6,035
Transactional fees		204		49		573		2,698		203		3,727
Total fees	$	359	$	96	$	2,147	$	6,602	$	558	$	9,762

Quarter Ended June 30, 2024
Asset and property management fees	$	80	$	26	$	709	$	2,000	$	199	$	3,014
Transactional fees		85		34		290		1,251		150		1,810
Total fees	$	165	$	60	$	999	$	3,251	$	349	$	4,824


Quarter Ended March 31, 2024
Asset and property management fees	$	75	$	21	$	865	$	1,904	$	156	$	3,021
Transactional fees		119		15		283		1,447		53		1,917
Total fees	$	194	$	36	$	1,148	$	3,351	$	209	$	4,938

__________

Fees are shown at the Company's pro-rata share and can be derived from the Consolidated Statements of Operations - Detail and Statements of Operations - Pro-Rata Adjustments. The components of the total fee income to the Company are derived by the fees included on the Consolidated Statements of Operations and the Company's share of fees from the Noncontrolling Interests in Consolidated Subsidiaries and the Company' share of fee income from Unconsolidated Subsidiaries.

Other includes fees generated from joint ventures (within both Core and Investment Management) as well as third-party managed assets.

Structured Financing Portfolio

Supplemental Report – June 30, 2024

(in thousands)


	March 31, 2024						Quarter Ended June 30, 2024											Stated			Effective
	Principal		Accrued		Ending				Repayments/		Current			Accrued		Ending		Interest			Interest			Maturity
Investment	Balance		Interest		Balance		Issuances		Conversions		Principal			Interest		Balance		Rate			Rate			Dates 1,3
First mortgage notes 1,2	$	59,801	$	3,809	$	63,610	$	—	$	—	$	59,801		$	3,809	$	63,610		5.99	%		6.39	%	Sept-24

Other notes2		127,233		36,165		163,398		7,879		—		135,112			40,477		175,589		11.64	%		11.74	%	Sep-24 to Dec-27

Total Core notes receivable	$	187,034	$	39,974	$	227,008	$	7,879	$	—	$	194,913		$	44,286	$	239,199		9.91	%		10.10	%

__________


Reconciliation of Notes Receivable to the Pro-Rata Balance Sheet:

Total Notes Receivable per above											$	194,913
Allowance for credit loss												(2,248	)
Total pro-rata Notes Receivable											$	192,665

________

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 June 30, 2024.

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.

Certain first mortgage notes have extension options subject to customary conditions.

Transactional Activity

Supplemental Report – June 30, 2024

(in thousands)


PROPERTY ACQUISITIONS AND DISPOSITIONS

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

ACQUISITIONS 2
Investment Management:
Other Co-Investment Vehicles:
Shops at Grand Avenue 3	Queens, NY	May 16, 2024	$	48,509		5.00	%	$	2,425	$	2,425
			$	48,509				$	2,425	$	2,425

DISPOSITIONS
Core:
Shops at Grand Avenue 3	Queens, NY	May 16, 2024	$	48,250		100.00	%	$	48,250	$	48,250

Investment Management:
Fund IV:
2207 & 2208-2216 Fillmore	San Francisco, CA	April 3, 2024		14,060		90.00	%		12,654		2,926
Paramus Plaza	Paramus, NJ	June 28, 2024		36,800		50.00	%		18,400		4,254

Fund V:
Canton Marketplace - Outparcel	Canton, GA	June 28, 2024		2,200		100.00	%		2,200		442
			$	101,310				$	81,504	$	55,872


STRUCTURED FINANCING ACTIVITY

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

Core:
Georgetown Renaissance Collection	Partner Loan	May 24, 2024	$	7,631		100.00	%	$	—	$	7,631
			$	7,631				$	—	$	7,631

________

Ownership percentages for Investment Management transactional activities represent the respective Investment Management’s ownership, not the Company’s proportionate share, except for Shops at Grand Avenue which reflects the Company’s proportionate share.

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

This was a single transaction in which the Company sold a 95% interest in Shops at Grand Avenue. The difference between the $48,509 acquisition amount and the $48,250 disposition amount is due to acquisition costs, which are included in the acquisition amount. Refer to footnote 2.

2024 Guidance

Supplemental Report – June 30, 2024

(in millions, except per share amounts)

The Company updated its annual 2024 guidance as follows:

•

Net earnings per share to $0.07-$0.11 from $0.07-$0.13

•

NAREIT FFO per share to $1.09-$1.13 from $1.09-$1.15

•

FFO Before Special Items per share to $1.26-$1.32 from $1.24-$1.32


	2024 Guidance
	Revised	Prior 1

Net earnings per share attributable to Acadia	$0.07-$0.11	$0.07-$0.13
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share)	1.01	1.01
Noncontrolling interest in Operating Partnership	0.01	0.01
NAREIT Funds from operations per share attributable to Common Shareholders and Common OP Unit holders	$1.09-$1.13	$1.09-$1.15
Net unrealized holding loss 2,3	0.04	0.02
Realized gains and promotes 3	0.13-0.15	0.13-0.15
Funds from operations Before Special Items per share attributable to Common Shareholders and Common OP Unit holders	$1.26-$1.32	$1.24-$1.32

________

The prior guidance range represents the reaffirmed guidance announced on April 29, 2024, in conjunction with first quarter 2024 earnings.

This primarily represents the unrealized mark-to-market holding loss related to the Company’s investment in Albertsons, which was recognized in NAREIT FFO for the six months ended June 30, 2024. The Company has not reflected any forward-looking estimates involving future unrealized holding gains or losses (i.e. changes in share price) on Albertsons in its 2024 guidance assumptions.

It is the Company’s policy to exclude unrealized gains and losses from FFO Before Special Items and to include and provide guidance for any anticipated realized gains related to the Company’s investment in Albertsons within FFO Before Special Items. The Company realized investment gains of $ 7.6 million on 350,000 shares for the six months ended June 30, 2024.

Net Asset Valuation Information

Supplemental Report – June 30, 2024

(in thousands)


	CORE			FUND II 3			FUND III			FUND IV			FUND V			Other Co-Investment Vehicles 5			Total Investment Management

Acadia Ownership Percentage	N/A				61.67	%		24.54	%		23.12	%		20.10	%		5.00	%

Current Quarter NOI
At Pro-Rata 1
Net Operating Income 2	$	35,039		N/A3			$	111		$	1,026		$	5,297		$	23		$	6,457
Less:
Net operating (income) loss from properties sold or assets held for sale		(511	)	N/A3				(13	)		(231	)		(6	)		—			(250	)
Net operating (income) loss from pre-stabilized assets, development and redevelopment projects 4		(2,812	)	N/A 3				(98	)		(181	)		—			—			(279	)
Net Operating Income of stabilized assets	$	31,716		N/A 3			$	—		$	614		$	5,291		$	23		$	5,928

Costs to Date (Pro-Rata)
Assets held for sale	$	—		N/A 3			$	—		$	—		$	—		$	—		$	—
Pre-stabilized assets 4		—		N/A 3				14,347			30,999			—			—			45,346
Development and redevelopment projects		730,100		N/A 3				7,300			27,800			—			—			35,100
Total Costs to Date	$	730,100		N/A 3			$	21,647		$	58,799		$	—		$	—		$	80,446

Debt (Pro-Rata)	$	1,027,498		$	79,886		$	8,098		$	33,392		$	152,646		$	—		$	274,022

_________

This Net Asset Valuation Information page shows Acadia’s pro-rata portion of the Core and Investment Management Net Operating Income.

Does not include a full quarter of NOI for any assets purchased during the current quarter. See Transactional Activity page in this Supplemental Report for descriptions of those acquisitions.

Fund II has been substantially liquidated except for its investment in City Point. Amounts omitted as only remaining asset is City Point.

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

Other Co-investment vehicles currently include the Company’s ownership interest in Shops at Grand Avenue.

Selected Financial Ratios

Supplemental Report – June 30, 2024

(in thousands, except per share amounts)



	Quarter Ended June 30,						Year to Date June 30,							Quarter Ended
COVERAGE RATIOS 1	2024			2023			2024			2023			LEVERAGE RATIOS	June 30, 2024			March 31, 2024
Fixed-Charge Coverage Ratios													Debt/Market Capitalization Ratios

EBITDA 2 divided by:	$	40,706		$	44,766		$	85,016		$	83,006		Debt + Preferred Equity (Preferred OP Units)	$	1,307,245		$	1,336,542
Interest expense		9,126			12,118			18,578			23,771		Total Market Capitalization		3,278,642			3,175,714
Principal Amortization		3,077			799			5,519			1,613		Debt + Preferred Equity/
Preferred Dividends 3		84			123			207			246		Total Market Capitalization		40	%		42	%
Fixed-Charge Coverage Ratio - Core Portfolio		3.3	x		3.4	x		3.5	x		3.2	x

EBITDA divided by:	$	49,406		$	53,417		$	101,288		$	110,272		Net debt 6	$	1,263,821		$	1,320,824
Interest expense		13,498			15,814			27,339			30,973		Total Market Capitalization		3,278,642			3,175,714
Principal Amortization		3,443			1,104			6,275			2,260		Net Debt + Preferred Equity/
Preferred Dividends		84			123			207			123		Total Market Capitalization		39	%		42	%
Fixed-Charge Coverage Ratio - Core Portfolio and Investment Management		2.9	x		3.1	x		3.0	x		3.3	x	Debt/EBITDA Ratios
													Core:
Payout Ratios													Debt	$	921,452		$	944,643
													Net debt 7		887,098			932,734
Dividends declared (per share/OP Unit)	$	0.18		$	0.18		$	0.36		$	0.36		EBITDA		166,428			169,695
													EBITDA excluding Realized Gains (net of noncontrolling share)		151,676			153,719
Dividends (Shares) & Distributions (OP Units) declared	$	20,176		$	18,501		$	40,197		$	36,974		Debt/EBITDA - Core Portfolio		5.5	x		5.6	x
FFO		28,489			38,221			59,446			78,942		Debt/EBITDA excluding Realized Gains - Core Portfolio		6.1	x		6.1	x
FFO Payout Ratio 8		71	%		48	%		68	%		47	%	Net Debt/EBITDA - Core Portfolio		5.3	x		5.5	x
													Net Debt/EBITDA excluding Realized Gains - Core Portfolio		5.8	x		6.1	x
AFFO 5		31,606			25,329			68,871			61,603		Core and Investment Management:
AFFO Payout Ratio		64	%		73	%		58	%		60	%	Debt 4	$	1,301,520		$	1,328,651
													Net debt 6		1,258,096			1,312,933
FFO Before Special Items		34,383			36,508			71,349			77,163		EBITDA		200,100			199,983
FFO Before Special Items Payout Ratio		59	%		51	%		56	%		48	%	EBITDA excluding Realized Gains (net of noncontrolling share)		185,348			184,007
													Debt/EBITDA - Core and Investment Management		6.5	x		6.6	x
													Debt/EBITDA excluding Realized Gains - Core and Investment Management		7.0	x		7.2	x
													Net Debt/EBITDA - Core and Investment Management		6.3	x		6.6	x
													Net Debt/EBITDA excluding Realized Gains - Core and Investment Management		6.8	x		7.1	x

Selected Financial Ratios

Supplemental Report – June 30, 2024

(in thousands)


	EBITDA				ADJUSTED EBITDA
	Quarter Ended		Year Ended		Quarter Ended		Year Ended
Reconciliation of EBITDA to Annualized EBITDA	June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023

Quarter Core EBITDA as reported	$	40,706	$	159,260	$	40,706	$	159,260
Add back: Stock-based compensation, net of employee equity elections		—		—		2,406		10,581
Subtotal		40,706		159,260		43,112		169,841

Year to Date Core EBITDA as reported	$	85,016	$	159,260	$	85,016	$	169,841
Add: Projected Core EBITDA 9		81,412		—		86,224		—
Annualized Core EBITDA		166,428		159,260		171,240		169,841

Year to Date Realized gain as reported		7,580		4,636		7,580		4,636
Add: Projected Realized gain 9		7,172		—		7,172		—
Annualized realized gain		14,752		4,636		14,752		4,636
Annualized Core EBITDA excluding realized gains		151,676		154,624		156,488		165,205

Quarter Investment Management EBITDA as reported		8,700		42,310		8,700		42,310

Year to Date Investment Management EBITDA as reported		16,272		—		16,272		—
Add: Projected Investment Management EBITDA 9		17,400		—		17,400		—
Annualized Investment Management EBITDA		33,672		42,310		33,672		42,310

EBITDA Core and Investment Management	$	200,100	$	201,570	$	204,912	$	212,151

EBITDA Core and Investment Management excluding realized gains	$	185,348	$	196,934	$	190,160	$	207,515

Selected Financial Ratios

Supplemental Report – June 30, 2024

(in thousands)


		Quarter Ended
Reconciliation of Core Portfolio Debt		June 30, 2024

Core Portfolio Debt per Debt Summary		$1,027,498
Incremental Core Debt Attributable to City Point8		(106,046)
Adjusted Core Debt for purposes of computing Debt/EBITDA		921,452

Investment Management Debt per Debt Summary		274,022
Incremental Core Debt Attributable to City Point8		106,046
Adjusted Investment Management Debt per EBITDA		380,068

Total Core and Investment Management Debt for purposes of computing Debt/EBITDA		$1,301,520

Selected Financial Ratios

Supplemental Report – June 30, 2024

(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.

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. Amount represents the Company's reallocation of its pro-rata portion of the de-leveraging of Fund II's property-level debt in August 2022 associated with the City Point refinancing to align with the inclusion of the associated EBITDA derived from its investment.

5. See Funds from Operations (“FFO”), Adjusted Funds from Operations (“AFFO”) for a reconciliation of AFFO to Net Income attributable to Acadia.

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

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

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

9. Projected Core and Investment Management EBITDA are based upon actual second quarter 2024 results as reported.

Portfolio Debt – Summary

Supplemental Report – June 30, 2024

(in thousands)


	Acadia Pro-Rata Share of Debt 2
	Core Portfolio							Investment Management							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	$	746,446		4.2	%		3.7	$	—		—	%		—	$	746,446			57	%		4.7	%		3.7	$	—	$	—		$	746,446
Variable-Rate Debt 5		—		—	%		—		—		—	%		—		—			—	%		—	%		—		—		—			—
																			57	%
Mortgage and Other Notes Payable

Fixed-Rate Debt 1		271,834		4.8	%		3.3		195,417		5.4	%		1.5		467,251			36	%		5.0	%		2.7		348,072		(147,358	)		667,965
Variable-Rate Debt 5		9,218		9.3	%		0.4		78,605		8.1	%		1.2		87,823			7	%		8.1	%		1.1		224,748		(19,324	)		293,247
																			43	%

Total	$	1,027,498		4.4	%		3.6	$	274,022		6.2	%		1.4	$	1,301,520			100	%		5.0	%		3.1	$	572,820	$	(166,682	)		1,707,658

Unamortized premium																223																223
Net unamortized loan costs																(9,051	)															(12,053	)
Contingent loan obligation																13,705
Total															$	1,306,397															$	1,695,828

_________

Fixed-rate debt includes notional principal fixed through swap transactions.

Represents the Company's pro-rata share of debt based on its percent ownership.

Represents the noncontrolling interest pro-rata share of consolidated partnership debt based on its percent ownership.

Represents the Company's pro-rata share of unconsolidated partnership debt based on its percent ownership.

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

Based on debt maturity date without regard to available extension options.

Portfolio Debt – Detail

Supplemental Report – June 30, 2024

(in thousands)


		Principal Balance at			Acadia's Pro-rata Share						Interest		Extension
Property		June 30, 2024			Percent			Amount			Rate	Maturity Date	Options

CORE PORTFOLIO

Fixed-Rate Debt

Crossroads Shopping Center		$	58,651			49.00	%	$	28,739		3.94%	10/06/24	None
840 N. Michigan Avenue 5			33,750			91.85	%		30,999		N/A	12/10/26	None
239 Greenwich Avenue			26,000			75.00	%		19,500		4.00%	07/10/27	1x60 mos.
Georgetown Portfolio (2008 Investment)			14,194			50.00	%		7,097		4.72%	12/10/27	None
555 9th Street			57,500			100.00	%		57,500		3.99%	01/01/28	1x24 mos.
State & Washington			21,042			100.00	%		21,042		4.40%	09/05/28	None
North & Kingsbury			10,195			100.00	%		10,195		4.01%	11/05/29	None
151 N. State Street			12,020			100.00	%		12,020		4.03%	12/01/29	None
Concord & Milwaukee			2,253			100.00	%		2,253		4.40%	06/01/30	None
California & Armitage			2,089			100.00	%		2,089		5.89%	04/15/35	None
Unsecured interest rate swaps 1			746,446			100.00	%		746,446		N/A	Various
Secured interest rate swaps 1			202,000			39.80	%		80,400		N/A	Various

Sub-Total Fixed-Rate Debt			1,186,139						1,018,280		4.4%

Secured Variable-Rate Debt
Gotham Plaza			17,122			49.00	%		8,390		SOFR+4.00%	09/02/24	None
Georgetown Portfolio (2016 Investment)			152,000			20.00	%		30,400		SOFR+2.65%	11/06/26	2x12 mos.
3104 M Street 2			4,139			20.00	%		828		PRIME	01/01/27	2x12 mos.
Sullivan Center			50,000			100.00	%		50,000		SOFR+1.60%	11/16/28	None
Secured interest rate swaps 1			(202,000	)		39.80	%		(80,400	)	N/A	Various

Unsecured Variable-Rate Debt
Unsecured $175 Million Term Loan			175,000			100.00	%		175,000		SOFR+1.60%	04/06/27	None
Unsecured Revolving Credit Facility 3			96,446			100.00	%		96,446		SOFR+1.35%	04/15/28	2x6 mos.
Unsecured Term Loan			400,000			100.00	%		400,000		SOFR+1.50%	04/15/28	2x6 mos.
Unsecured $75 Million Term Loan			75,000			100.00	%		75,000		SOFR+1.95%	07/29/29	None
Unsecured interest rate swaps 1			(746,446	)		100.00	%		(746,446	)	N/A	Various

Sub-Total Variable-Rate Debt			21,261						9,218		9.3%

Total Debt - Core Portfolio		$	1,207,400					$	1,027,498		4.4%

Investment Management
Fixed-Rate Debt
650 Bald Hill Road 4	Fund IV		15,204			20.81	%		3,164		3.75%	06/01/26	None
Shoppes at South Hills 4	Fund V		32,256			18.09	%		5,835		5.95%	03/01/28	1x12 mos.
Broughton Street Portfolio	Fund IV		25,939			23.12	%		5,997		5.62%	06/01/28	None
Canton Marketplace	Fund V		34,460			20.10	%		6,926		6.29%	06/01/28	None
Interest rate swaps 1	Funds II, IV & V		678,898			25.56	%		173,495		N/A	Various
Sub-Total Fixed-Rate Debt			786,756						195,417		5.4%

Variable-Rate Debt
Elk Grove Commons	Fund V		39,964			20.10	%		8,033		SOFR+2.10%	07/08/24	1x6 mos.
Eden Square 4	Fund IV		23,773			20.81	%		4,947		SOFR+2.35%	09/01/24	None
Hickory Ridge	Fund V		27,130			20.10	%		5,453		SOFR+2.00%	10/05/24	None
Tri-City Plaza 4	Fund V		37,953			18.09	%		6,866		SOFR+2.00%	10/18/24	1x12 mos.
Lincoln Commons	Fund V		37,840			20.10	%		7,606		SOFR+1.80%	10/24/24	None
Landstown Commons	Fund V		59,322			20.10	%		11,924		SOFR+1.80%	10/24/24	None
Palm Coast Landing	Fund V		25,582			20.10	%		5,142		SOFR+1.86%	11/01/24	None
Frederick Crossing 4	Fund V		23,339			18.09	%		4,222		SOFR+1.75%	12/02/24	1x12 mos.
Plaza Santa Fe	Fund V		22,893			20.10	%		4,601		SOFR+2.00%	12/20/24	None
Frederick County Square 4	Fund V		25,049			18.09	%		4,531		SOFR+2.514%	01/01/25	1x12 mos.
Acadia Strategic Opportunity Fund IV Term Loan	Fund IV		36,200			23.12	%		8,369		SOFR+2.564%	03/31/25	None
Midstate Mall	Fund V		48,226			20.10	%		9,693		SOFR+2.50%	04/28/25	2x12 mos.
New Towne Center	Fund V		16,188			20.10	%		3,254		SOFR+2.20%	05/01/25	1x12 mos.
Fairlane Green	Fund V		31,950			20.10	%		6,422		SOFR+2.30%	06/05/25	1x12 mos.
Trussville Promenade	Fund V		28,291			20.10	%		5,686		SOFR+2.30%	06/15/25	1x12 mos.

Portfolio Debt – Detail

Supplemental Report – June 30, 2024

(in thousands)


		Principal Balance at			Acadia's Pro-rata Share						Interest		Extension
Property		June 30, 2024			Percent			Amount			Rate	Maturity Date	Options
City Point 4	Fund II		137,485			58.10	%		79,886		SOFR+2.614%	08/01/25	1x12 mos.
Cypress Creek	Fund V		32,200			20.10	%		6,472		SOFR+2.80%	09/01/25	2x12 mos.
640 Broadway	Fund III		33,000			24.54	%		8,098		SOFR+3.75%	10/01/25	3x12 mos.
1964 Union 4	Fund IV		1,345			20.81	%		280		LSOFR+2.25%	10/01/25	None
717 N Michigan Avenue	Fund IV		46,000			23.12	%		10,635		SOFR+3.33%	12/09/25	None
Hiram Pavilion	Fund V		27,398			20.10	%		5,507		SOFR+2.30%	03/05/26	1x12 mos.
Monroe Marketplace	Fund V		25,300			20.10	%		5,085		SOFR+2.764%	11/12/26	None
Maple Tree Place	Fund V		43,400			20.10	%		8,723		SOFR+2.85%	02/14/27	2x12 mos.
Wood Ridge Plaza 4	Fund V		36,106			18.09	%		6,532		SOFR+2.90%	03/21/27	None
La Frontera Village 4	Fund V		55,500			18.09	%		10,040		SOFR+2.614%	06/10/27	None
Family Center at Riverdale 4	Fund V		38,500			17.97	%		6,920		SOFR+2.46%	11/01/27	None
Mohawk Commons 4	Fund V		39,650			18.09	%		7,173		SOFR+2.00%	03/01/28	None
Interest rate swaps 1	Funds II, IV & V		(678,898	)		25.56	%		(173,495	)	N/A	Various
Sub-Total Variable-Rate Debt			320,685						78,605		8.1%
Total Debt - Investment Management			1,107,442						274,022		6.2%
Total Debt - Core Portfolio and Investment Management		$	2,314,842					$	1,301,520		4.8%

_________

The Company has hedged a portion of its variable-rate debt with multiple variable to fixed-rate swap agreements which have various maturities (see Swap Interest Rate Summary of this Supplemental report which highlights the notional and actual locked base rate). The indicated maturity for each loan reflects the contractual maturity date of the loan without regard to the expiration of the related swap agreements.

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

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

Acadia's interest in this Investment Management debt is reflected net of additional joint venture interests.

The Company makes cash payments at a stated interest rate of 6.5% on the outstanding principal balance. However, following the modification of the loan, the effective interest rate for GAAP purposes is zero.

Future Debt Maturities 1

Supplemental Report – June 30, 2024

(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 2	Rate Debt

2024 (Remainder)	$	5,336	$	75,334	$	80,670	$	4,672	$	36,914	$	41,586	5.16%	3.94%	9.33%
2025		2,577		—		2,577		2,246		—		2,246	N/A	N/A	N/A
2026		5,463		182,000		187,463		5,050		57,955		63,005	6.82%	6.82%	N/A
2027		5,267		216,575		221,842		4,954		200,860		205,814	4.23%	4.21%	8.50%
2028		1,833		616,809		618,642		1,833		616,808		618,641	4.15%	4.15%	N/A
Thereafter		2,498		93,708		96,206		2,498		93,708		96,206	4.76%	4.76%	N/A
Total	$	22,974	$	1,184,426	$	1,207,400	$	21,253	$	1,006,245	$	1,027,498


Investment Management	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 2	Rate Debt

2024 (Remainder)	$	3,052	$	296,331	$	299,383	$	598	$	58,507	$	59,105	4.27%	3.32%	7.49%
2025		3,124		434,529		437,653		600		143,048		143,648	6.77%	5.91%	8.23%
2026		2,856		66,044		68,900		528		13,377		13,905	5.86%	5.85%	8.09%
2027		2,734		170,610		173,344		505		31,693		32,198	7.15%	6.60%	8.09%
2028		485		127,677		128,162		92		25,074		25,166	5.92%	5.92%	N/A
Thereafter		—		—		—		—		—		—	N/A	N/A	N/A
Total	$	12,251	$	1,095,191	$	1,107,442	$	2,323	$	271,699	$	274,022

Does not include any applicable extension options or subsequent refinancing.

Fixed Debt includes floating rate debt that is effectively fixed through interest rate swaps.

Future Debt Maturities – As Extended 1

Supplemental Report – June 30, 2024

(in thousands)


Core Portfolio	Extended Debt Maturities 1						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 2	Rate Debt

2024 (Remainder)	$	5,336	$	75,334	$	80,670	$	4,672	$	36,914	$	41,586	5.16%	3.94%	9.33%
2025		2,577		—		2,577		2,246		—		2,246	N/A	N/A	N/A
2026		5,463		30,000		35,463		5,050		27,555		32,605	6.50%	6.50%	N/A
2027		5,267		187,401		192,668		4,954		181,201		186,155	4.24%	4.24%	N/A
2028		1,833		219,862		221,695		1,833		98,262		100,095	5.29%	5.29%	N/A
Thereafter		2,498		671,829		674,327		2,498		662,313		664,811	4.20%	4.20%	8.50%
Total	$	22,974	$	1,184,426	$	1,207,400	$	21,253	$	1,006,245	$	1,027,498


Investment Management	Extended Debt Maturities 1						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 2	Rate Debt

2024 (Remainder)	$	3,052	$	195,563	$	198,615	$	598	$	39,476	$	40,074	3.95%	3.38%	7.58%
2025		3,124		184,279		187,403		600		38,309		38,909	6.63%	3.12%	8.05%
2026		2,856		277,272		280,128		528		107,584		108,112	6.26%	5.93%	7.93%
2027		2,734		234,000		236,734		505		44,435		44,940	6.64%	6.26%	7.82%
2028		485		129,806		130,291		92		27,587		27,679	6.82%	5.91%	9.08%
Thereafter		—		74,271		74,271		—		14,308		14,308	7.28%	5.95%	8.18%
Total	$	12,251	$	1,095,191	$	1,107,442	$	2,323	$	271,699	$	274,022

__________

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

Fixed Debt includes floating rate debt that is effectively fixed through interest rate swaps. Note that certain swaps (see Swap Interest Rate Summary) have expiration dates beyond the maturity of the Company’s variable rate debt.

Swap Interest Rate Summary 1

Supplemental Report – June 30, 2024

(in thousands)



Core Portfolio

	Acadia's Pro-rata		Weighted Average
Maturity Year	Notional Balance		Fixed Rate on Swap 2

2024 (Remainder)	$	—		—
2025		25,000		2.13	%
2026		36,400		4.14	%
2027		265,446		2.60	%
2028		150,000		2.99	%
2029		225,000		2.60	%
2030		125,000		2.83	%
2031		—		—
Total	$	826,846		2.76	%


Investment Management

	Acadia's Pro-rata		Weighted Average
Year	Notional Balance		Fixed Rate on Swap 2

2024 (Remainder)	$	40,340		1.20	%
2025		23,268		3.44	%
2026		23,988		4.10	%
2027		20,621		3.14	%
2028		7,173		3.80	%
2029		58,105		3.42	%
2030		—		—
2031		—		—
Total	$	173,495		2.98	%

__________

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

Represents strike rate (fixed) rate on the swap that the Company pays in exchange for receiving SOFR.

Core Portfolio Retail Properties – Detail 1

Supplemental Report – June 30, 2024


		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							`
Rush and Walton Streets Collection (6 properties)	Lululemon, Reformation, Veronica Beard, St. Laurent	2011 2012	100.0%	40,384	—	—	40,384	58.9%	—%	—%	58.9%	58.9%	$6,266,229	$263.64
Clark Street and W. Diversey Collection (4 properties)	Starbucks, TJ Maxx, J Crew Factory, Trader Joe's	2011 2012	100.0%	53,099	—	—	53,099	78.2%	—%	—%	78.2%	80.2%	1,825,668	43.94
Halsted and Armitage Collection (13 properties)	Serena and Lily, Faherty, Allbirds, Warby Parker, Marine Layer, Kiehl's	2011 2012 2019 2020	100.0%	53,220	—	—	53,220	100.0%	—%	—%	100.0%	100.0%	2,684,573	50.44
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%	1,154,465	34.03
State and Washington	Nordstrom Rack, Uniqlo	2016	100.0%	65,401	—	—	65,401	100.0%	—%	—%	100.0%	100.0%	2,749,189	42.04
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%	1,983,790	47.47
Concord and Milwaukee	—	2016	100.0%	13,147	—	—	13,147	100.0%	—%	—%	100.0%	100.0%	478,695	36.41
California and Armitage	—	2016	100.0%	—	—	18,275	18,275	—%	—%	70.5%	70.5%	70.5%	700,736	54.35
Roosevelt Galleria	Petco, Vitamin Shoppe, Dollar Tree	2015	100.0%	—	—	37,995	37,995	—%	—%	89.7%	89.7%	89.7%	880,649	25.84
Sullivan Center	Target	2016	100.0%	176,181	—	—	176,181	78.9%	—%	—%	78.9%	82.2%	5,251,599	37.79
				492,733	—	84,066	576,799	83.5%	—%	88.9%	84.3%	85.5%	25,548,592	52.56
New York Metro
Soho Collection (12 properties)	Zimmermann, Club Monaco, Madewell, Faherty, Watches of Switzerland, ALC, Stone Island, Frame, Theory, Bang & Olufsen	2011 2014 2019 2020 2022	100.0%	36,359	—	—	36,359	80.7%	—%	—%	80.7%	100.0%	10,864,410	370.22
5-7 East 17th Street	—	2008	100.0%	8,658	—	—	8,658	—%	—%	—%	—%	100.0%	—	—
200 West 54th Street	—	2007	100.0%	5,862	—	—	5,862	92.3%	—%	—%	92.3%	100.0%	1,504,881	278.12
61 Main Street	Splendid	2014	100.0%	3,470	—	—	3,470	100.0%	—%	—%	100.0%	100.0%	322,294	92.88
181 Main Street	TD Bank	2012	100.0%	11,514	—	—	11,514	100.0%	—%	—%	100.0%	100.0%	1,085,445	94.27

Core Portfolio Retail Properties – Detail 1

Supplemental Report – June 30, 2024


		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
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%	—	—	14,824	14,824	—%	—%	100.0%	100.0%	100.0%	483,127	32.59
239 Greenwich Avenue	Watches of Switzerland	1998	75.0%	16,621	—	—	16,621	100.0%	—%	—%	100.0%	100.0%	1,902,510	114.46
252-256 Greenwich Avenue	Veronica Beard, The RealReal, Blue Mercury	2014	100.0%	7,986	—	—	7,986	100.0%	—%	—%	100.0%	100.0%	1,048,219	131.26
2914 Third Avenue	Planet Fitness	2006	100.0%	—	21,650	18,953	40,603	—%	100.0%	100.0%	100.0%	100.0%	1,114,907	27.46
868 Broadway	Dr. Martens	2013	100.0%	2,031	—	—	2,031	100.0%	—%	—%	100.0%	100.0%	859,826	423.35
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, Citi Bank	2013	100.0%	13,838	—	—	13,838	100.0%	—%	—%	100.0%	100.0%	2,294,073	165.78
2520 Flatbush Avenue	Bob's Disc. Furniture, Capital One	2014	100.0%	—	—	29,114	29,114	—%	—%	100.0%	100.0%	100.0%	1,291,368	44.36
Williamsburg Collection 3	Sephora, SweetGreen, Levain Bakery	2022	100.0%	50,842	—	—	50,842	95.3%	—%	—	95.3%	95.3%	5,315,507	109.74
991 Madison Avenue	Vera Wang, Gabriela Hearst	2016	100.0%	7,512	—	—	7,512	100.0%	—%	—%	100.0%	100.0%	3,572,528	475.58
Gotham Plaza	Bank of America, Footlocker, Apple Bank	2016	49.0 %	—	—	25,931	25,931	—%	—%	68.0%	68.0%	76.4%	1,515,919	86.02
				171,293	34,614	88,822	294,729	89.2%	100.0%	90.6%	90.9%	97.1%	34,327,090	128.14
Los Angeles Metro
8833 Beverly Blvd	Luxury Living	2022	97.0 %	9,757	—	—	9,757	100.0%	—%	—%	100.0%	100.0%	1,311,046	134.37
Melrose Place Collection	The Row, Chloe, Oscar de la Renta	2019	100.0 %	14,000	—	—	14,000	100.0%	—%	—%	100.0%	100.0%	3,070,012	219.29
				23,757	—	—	23,757	100.0%	—%	—%	100.0%	100.0%	4,381,058	184.41
District of Columbia Metro
1739-53 & 1801-03 Connecticut Avenue	—	2012	100.0 %	20,669	—	—	20,669	66.7%	—%	—%	66.7%	66.7%	849,992	61.70
14th Street Collection (3 properties)	Verizon	2021	100.0 %	19,077	—	—	19,077	63.5%	—%	—%	63.5%	100.0%	1,032,106	85.14
Rhode Island Place Shopping Center	Ross Dress for Less	2012	100.0 %	—	25,134	32,533	57,667	—%	100.0%	88.5%	93.5%	93.5%	1,919,422	35.60
M Street and Wisconsin Corridor (27 Properties) 4	Lululemon, Duxiana, Rag and Bone, Reformation, Glossier, Alo Yoga	2011 2016 2019	26.8 %	260,429	—	—	260,429	84.4%	—%	—%	84.4%	86.9%	16,742,712	76.13
				300,175	25,134	32,533	357,842	81.9%	100.0%	88.5%	83.8%	87.5%	20,544,231	68.54
Boston Metro
165 Newbury Street	Starbucks	2016	100.0 %	1,050	—	—	1,050	100.0%	—%	—%	100.0%	100.0%	312,576	297.69
				1,050	—	—	1,050	100.0%	—%	—%	100.0%	100.0%	312,576	297.69

Core Portfolio Retail Properties – Detail 1

Supplemental Report – June 30, 2024


		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
Dallas Metro
Henderson Avenue Portfolio (14 properties)	Sprouts Market, Warby Parker, Tecovas	2022	100.0 %	89,751	31,635	—	121,386	85.5%	100.0%	—%	89.3%	89.3%	4,528,664	41.79

Total Street and Urban Retail				1,078,759	91,383	205,421	1,375,563	84.5%	100.0%	89.6%	86.3%	89.1%	$89,642,210	$75.53

Acadia Share Total Street and Urban Retail				883,625	91,383	192,196	1,167,204	84.7%	100.0%	91.1%	86.9%	89.7%	$77,014,710	$75.91

SUBURBAN PROPERTIES
New Jersey
Elmwood Park Shopping Center	Walgreens, Lidl, Chase Bank, City MD	1998	100.0 %	—	43,531	100,438	143,969	—%	100.0%	85.2%	89.7%	94.8%	3,418,718	26.48
Marketplace of Absecon	Walgreens, Dollar Tree	1998	100.0 %	—	46,724	57,832	104,556	—%	28.3%	80.4%	57.1%	78.3%	996,287	16.69

New York
Village Commons Shopping Center	Citibank, Ace Hardware	1998	100.0 %	—	—	87,128	87,128	—%	—%	90.1%	90.1%	90.1%	2,734,590	34.82
Branch Plaza	LA Fitness, The Fresh Market	1998	100.0 %	—	76,264	47,081	123,345	—%	100.0%	96.9%	98.8%	98.8%	3,554,346	29.16
Amboy Center	Stop & Shop (Ahold)	2005	100.0 %	—	37,266	26,106	63,372	—%	100.0%	80.8%	92.1%	92.1%	2,053,795	35.18
Crossroads Shopping Center	HomeGoods, PetSmart, BJ's Wholesale Club	1998	49.0 %	—	202,727	105,286	308,013	—%	100.0%	72.6%	90.6%	98.2%	8,887,129	31.84
New Loudon Center	Price Chopper, Marshalls	1993	100.0 %	—	241,746	16,643	258,389	—%	95.0%	100.0%	95.3%	100.0%	2,284,260	9.28
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%	55.1%	73.9%	73.9%	2,284,577	34.12

Connecticut
Town Line Plaza 5	Wal-Mart, Stop & Shop (Ahold)	1998	100.0 %	—	163,159	43,187	206,346	—%	100.0%	79.1%	95.6%	95.6%	1,509,026	15.09

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%	1,467,751	11.29
Crescent Plaza	Home Depot, Shaw's	1993	100.0 %	—	156,985	61,017	218,002	—%	100.0%	95.9%	98.9%	98.9%	2,158,737	10.02
201 Needham Street	Michael's	2014	100.0 %	—	20,409	—	20,409	—%	100.0%	—%	100.0%	100.0%	711,662	34.87
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), Starbucks	1999	100.0 %	—	73,184	29,670	102,854	—%	100.0%	88.6%	96.7%	96.7%	2,276,800	22.89

Illinois

Core Portfolio Retail Properties – Detail 1

Supplemental Report – June 30, 2024


		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
Hobson West Plaza	Garden Fresh Markets	1998	100.0 %	—	51,692	47,270	98,962	—%	100.0%	95.1%	97.7 %	98.7%	1,432,456	14.82

Indiana
Merrillville Plaza	Dollar Tree, TJ Maxx, DD's Discount (Ross)	1998	100.0 %	—	123,144	112,782	235,926	—%	100.0%	81.3%	91.1 %	94.3%	3,072,457	14.30

Michigan
Bloomfield Town Square	HomeGoods, TJ Maxx, Dick's Sporting Goods, Burlington	1998	100.0 %	—	153,332	81,619	234,951	—%	100.0%	93.9%	97.9 %	97.9%	4,221,253	18.36

Delaware
Town Center and Other (1 property)	Lowes, Dick's Sporting Goods, Target	2003	100.0 %	—	678,430	25,991	704,421	—%	89.7%	84.2%	89.5 %	96.7%	10,778,568	17.10
Market Square Shopping Center	Trader Joe's, TJ Maxx	2003	100.0 %	—	42,850	59,197	102,047	—%	100.0%	96.8%	98.1%	100.0%	3,321,484	33.17
Naamans Road	Jared Jewelers, American Red Cross	2006	100.0 %	—	—	19,850	19,850	—%	—%	63.9%	63.9 %	63.9%	705,101	55.60

Pennsylvania
Mark Plaza	—	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%	956,954	6.12
Chestnut Hill	—	2006	100.0 %	—	—	36,492	36,492	—%	—%	100.0%	100.0%	100.0%	986,067	27.02
Abington Towne Center 6	Target, TJ Maxx	1998	100.0 %	—	184,616	32,255	216,871	—%	100.0%	100.0%	100.0%	100.0%	1,321,641	22.30

Total Suburban Properties				—	2,835,836	1,070,680	3,906,516	—%	95.9 %	86.0 %	93.2 %	96.4 %	$64,867,009	$19.16

Acadia Share Total Suburban Properties				—	2,732,445	1,016,984	3,749,429	—%	95.8%	86.7%	93.3%	96.4%	$60,334,573	$18.60

Total Core Properties				1,078,759	2,927,219	1,276,101	5,282,079	84.5%	96.1%	86.6%	91.4%	94.5%	$154,509,219	$33.79

Acadia Share Total Core Properties				883,625	2,823,828	1,209,180	4,916,634	84.7%	95.9%	87.4%	91.8%	94.8%	$137,349,283	$32.26

__________

Excludes properties under development, redevelopment and pre-stabilized, see Development and Redevelopment Activity page of this Supplemental Report. The above in place occupancy and rent amounts only include spaces where leases have commenced. Leased occupancy includes spaces for which leases have been signed and not yet commenced. ABR and ABR per square foot correlates to in place occupancy.

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.

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.

Excludes 94,000 square feet of office GLA.

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

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

Core Portfolio – Top Tenants 1

Supplemental Report – June 30, 2024

(Pro-Rata Basis)


	Number of		Combined				Percentage of Total 2
Tenant	Stores		GLA		ABR		GLA			ABR

Target		3		408,895	$	8,323,009		6.9	%		5.5	%
TJX Companies 3		9		252,043		3,105,924		4.3	%		2.0	%
Walgreens		4		68,393		2,887,312		1.2	%		1.9	%
PetSmart, Inc.		4		76,257		2,794,473		1.3	%		1.8	%
Lululemon		2		7,533		2,593,590		0.1	%		1.7	%
Trader Joe's		3		40,862		2,532,593		0.7	%		1.7	%
Fast Retailing 4		2		32,013		2,494,313		0.5	%		1.6	%
ALO Yoga		2		22,566		2,447,658		0.4	%		1.6	%
Supervalu Inc. 5		2		123,409		2,061,142		2.1	%		1.4	%
Bob's Discount Furniture		2		68,793		2,027,670		1.2	%		1.3	%
Tapestry 6		2		4,250		1,788,909		0.1	%		1.2	%
Watches of Switzerland 7		2		13,863		1,756,483		0.2	%		1.2	%
Royal Ahold 8		2		103,125		1,646,284		1.7	%		1.1	%
Ulta Salon Cosmetic & Fragrance		3		31,497		1,550,757		0.5	%		1.0	%
Dick's Sporting Goods, Inc		2		98,805		1,544,276		1.7	%		1.0	%
Gap 9		2		37,895		1,363,165		0.6	%		0.9	%
The Home Depot		2		187,914		1,345,020		3.2	%		0.9	%
Citibank		4		16,160		1,337,924		0.3	%		0.9	%
TD Bank		2		14,700		1,285,992		0.2	%		0.8	%
Michaels Stores, Inc.		2		45,285		1,283,810		0.8	%		0.8	%
TOTAL		56		1,654,257	$	46,170,303		27.9	%		30.4	%

__________

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: Lowe's (Town Center), Kohl's (28 Jericho Turnpike), Bang & Olufsen (Soho), Nordstrom Rack (State and Washington) and Vera Wang (991 Madison).

Totals may not foot due to rounding.

TJ Maxx (6 locations), HomeGoods (2 locations), Marshalls (1 location)

Uniqlo (1 location), Theory (1 location)

Shaw’s (2 locations)

Kate Spade (2 locations)

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

Stop and Shop (2 locations)

Old Navy (2 locations)

Core Portfolio – Lease Expirations

Supplemental Report – June 30, 2024

(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		4,162		0.6	%	$	53.29		0.3	%		—		—		—	%	$	—		—	%
2024 (Remainder)		14		51,950		6.9	%		52.97		4.1	%		4		258,796		10.5	%		11.08		7.8	%
2025		27		103,258		13.8	%		106.39		16.2	%		9		376,598		15.4	%		19.14		19.7	%
2026		29		73,897		9.9	%		144.83		15.8	%		10		424,984		17.3	%		10.78		12.5	%
2027		16		27,092		3.6	%		146.45		5.8	%		5		155,675		6.3	%		21.38		9.1	%
2028		21		193,762		25.9	%		65.24		18.6	%		11		483,822		19.7	%		12.43		16.4	%
2029		24		52,923		7.1	%		102.38		8.0	%		12		374,283		15.3	%		15.16		15.5	%
2030		10		66,912		8.9	%		76.24		7.5	%		—		—		—	%		—		—	%
2031		6		37,532		5.0	%		83.03		4.6	%		2		50,566		2.1	%		16.97		2.3	%
2032		16		53,042		7.1	%		119.28		9.3	%		2		62,382		2.5	%		12.65		2.2	%
2033		20		42,859		5.7	%		83.95		5.3	%		1		28,881		1.2	%		14.50		1.1	%
Thereafter		7		40,741		5.4	%		75.08		4.5	%		5		237,330		9.7	%		20.34		13.2	%
Total 2		193		748,130		100.0	%	$	90.75		100.0	%		61		2,453,317		100.0	%	$	14.90		100.0	%

Anchor GLA Owned by Tenants				—												254,916
Total Vacant 2				135,495												115,595
Total Square Feet 2				883,625												2,823,828

	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		—		—		—	%	$	—		—	%		3		4,162		0.1	%		53.29		0.2	%
2024 (Remainder)		17		67,082		6.3	%		28.67		5.8	%		35		377,828		8.9	%		19.96		5.5	%
2025		36		117,127		11.1	%		28.43		10.1	%		72		596,983		14.0	%		36.05		15.7	%
2026		38		132,731		12.6	%		26.01		10.5	%		77		631,611		14.8	%		29.67		13.6	%
2027		36		140,051		13.3	%		34.08		14.5	%		57		322,817		7.6	%		37.39		8.8	%
2028		36		145,970		13.8	%		35.29		15.7	%		68		823,554		19.3	%		28.90		17.3	%
2029		24		101,723		9.6	%		25.33		7.8	%		60		528,929		12.4	%		25.84		10.0	%
2030		10		29,956		2.8	%		37.17		3.4	%		20		96,868		2.3	%		64.16		4.5	%
2031		13		76,607		7.3	%		26.14		6.1	%		21		164,705		3.9	%		36.29		4.4	%
2032		25		96,152		9.1	%		33.06		9.7	%		43		211,576		5.0	%		48.66		7.5	%
2033		21		85,791		8.1	%		31.97		8.3	%		42		157,531		3.7	%		42.91		4.9	%
Thereafter		16		63,377		6.0	%		41.79		8.1	%		28		341,448		8.0	%		30.86		7.7	%
Total 2		272		1,056,566		100.0	%	$	31.13		100.0	%		526		4,258,013		100.0	%	$	32.26		100.0	%

Anchor GLA Owned by Tenants				—												254,916
Total Vacant 2				152,614												403,704
Total Square Feet 2				1,209,180												4,916,634

_________

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

2. Totals may not foot due to rounding.

Amounts

Core Portfolio – New and Renewal Rent Spreads 1

Supplemental Report – June 30, 2024


	Quarter Ended												Year to Date
	March 31, 2024						June 30, 2024						June 30, 2024
	GAAP 2			Cash 3			GAAP 2			Cash 3			GAAP 2			Cash 3
New Leases
Number of new leases executed		2			2			4			4			6			6
GLA		3,460			3,460			10,929			10,929			14,389			14,389
New base rent	$	40.04		$	35.74		$	90.18		$	78.81		$	78.12		$	68.46
Previous base rent	$	29.91		$	30.90		$	49.69		$	50.77		$	44.93		$	45.99
Average cost per square foot	$	49.36		$	49.36		$	88.18		$	88.18		$	78.85		$	78.85
Weighted Average Lease Term (years)		10.0			10.0			9.7			9.7			9.8			9.8
Percentage growth in base rent		33.9	%		15.7	%		81.5	%		55.2	%		73.9	%		48.9	%

Renewal Leases
Number of renewal leases executed		20			20			14			14			34			34
GLA		184,391			184,391			67,887			67,887			252,278			252,278
New base rent	$	22.53		$	22.24		$	75.23		$	72.13		$	36.71		$	35.67
Expiring base rent	$	20.47		$	21.19		$	64.95		$	69.23		$	32.44		$	34.12
Average cost per square foot	$	0.45		$	0.45		$	—		$	—		$	0.33		$	0.33
Weighted Average Lease Term (years)		4.6			4.6			5.5			5.5			4.8			4.8
Percentage growth in base rent		10.1	%		5.0	%		15.8	%		4.2	%		13.2	%		4.5	%

Total New and Renewal Leases
Number of new and renewal leases executed		22			22			18			18			40			40
GLA commencing		187,851			187,851			78,816			78,816			266,667			266,667
New base rent	$	22.85		$	22.49		$	77.31		$	73.06		$	38.94		$	37.44
Expiring base rent	$	20.64		$	21.37		$	62.84		$	66.67		$	33.11		$	34.76
Average cost per square foot	$	1.35		$	1.35		$	12.23		$	12.23		$	4.57		$	4.57
Weighted Average Lease Term (years)		4.7			4.7			6.1			6.1			5.1			5.1
Percentage growth in base rent		10.7	%		5.2	%		23.0	%		9.6	%		17.6	%		7.7	%

__________

Based on lease execution dates. Does not include leased square footage and costs related to first generation space and the Company's construction and/or redevelopment projects (see Development and Redevelopment Activity page of this Supplemental Report) in both new and renewal leases. Renewal leases include exercised options.

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

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

Core Portfolio – Capital Expenditures

Supplemental Report – June 30, 2024



	Quarter Ended				Year to Date
	March 31, 2024		June 30, 2024		June 30, 2024		December 31, 2023
Leasing Commissions	$	560	$	1,362	$	1,922	$	5,941
Tenant Improvements		1,212		907		2,119		10,594
Maintenance Capital Expenditures		1,640		2,143		3,783		8,618
Total Capital Expenditures	$	3,412	$	4,412	$	7,824	$	25,153

Fund Overview

Supplemental Report – June 30, 2024



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	$		559.4	Million	$		448.1	Million	$		506.0	Million	$		459.6	Million	$		2,059.7	Million
Cumulative Net Distributions 3	$		195.4	Million	$		172.9	Million	$		603.5	Million	$		221.4	Million	$		121.6	Million	$		1,314.8	Million
Net Distributions/Contributions			225.6	%			30.9	%			134.7	%			43.8	%			26.4	%			63.8	%
Unfunded Commitment 4	$		0.0	Million	$		0.0	Million	$		1.9	Million	$		24.0	Million	$		60.4	Million	$		86.3	Million
Acquisition Dry Powder 5		N/A				N/A				N/A				N/A			$	N/A		Million	$	N/A		Million
Investment Period Closes		Closed				Closed				Closed				Closed				Closed
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

Fund Overview

Supplemental Report – June 30, 2024

_________

Acadia's "Promoted Share" reflects Acadia's share of fund profits once all partners (including Acadia) have received a return of their cumulative contributions plus their cumulative preferred return. Acadia's Promoted Share equals a 20% promote plus Acadia's pro-rata share of the remaining 80%.

With regard to Fund II, the additional contributions over original Fund Size reflects prior-period distributions that were re-contributed to the Fund during 2016, 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 one remaining investment, City Point. During the second quarter 2022, the Company increased its ownership in Fund II and Mervyns II from 28% to 40%. Additionally, during the third quarter 2022, the Company increased its ownership in Fund II from 40% to 61.7%. During the first quarter 2023, Mervyns II distributed the Albertsons shares to its investors upon expiration of the lock-up agreement.

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

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

Unfunded Commitments available to deploy into new unidentified investments.

Implied Capital is Fund Size less capital attributed to sold investments or released. Post-investment period, Fund IV Implied Capital also excludes $24.0 million of general reserves.

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

Investment Management Retail Properties – Detail 1

Supplemental Report – June 30, 2024


		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, Sephora, Basis Schools, Alamo Drafthouse, Trader Joe's	2007		94.2	%		—		330,448		205,607		536,055		—	%		100.0	%		39.5	%		76.8	%		85.9	%	$	18,460,889	$	44.84

Total - Fund II							—		330,448		205,607		536,055		—	%		100.0	%		39.5	%		76.8	%		85.9	%	$	18,460,889	$	44.84

Fund III Portfolio Detail

NEW YORK
New York
640 Broadway	─	2012		100.0	%		4,637		—		—		4,637		77.6	%		—	%		—	%		77.6	%		77.6	%	$	854,954	$	237.69
Total - Fund III							4,637		—		—		4,637		77.6	%		—	%		—	%		77.6	%		77.6	%	$	854,954	$	237.69

Fund IV Portfolio Detail

NEW YORK
New York
801 Madison Avenue	─	2015		100.0	%		2,522		—		—		2,522		100.0	%		—	%		—	%		100.0	%		100.0	%	$	300,000	$	118.95
210 Bowery	─	2012		100.0	%		2,538		—		—		2,538		—	%		—	%		—	%		—	%		—	%		—		—
27 East 61st Street	─	2014		100.0	%		4,177		—		—		4,177		—	%		—	%		—	%		—	%		—	%		—		—
17 East 71st Street	The Row	2014		100.0	%		8,432		—		—		8,432		100.0	%		—	%		—	%		100.0	%		100.0	%		2,063,935		244.77
1035 Third Avenue 3	─	2015		100.0	%		7,634		—		—		7,634		100.0	%		—	%		—	%		100.0	%		100.0	%		1,222,748		160.17

BOSTON
Massachusetts
Restaurants at Fort Point	Santander Bank	2016		100.0	%		15,711		—		—		15,711		9.1	%		—	%		—	%		9.1	%		9.1	%		224,438		157.50

NORTHEAST
Rhode Island
650 Bald Hill Road	Dick's Sporting Goods, Burlington	2015		90.0	%		—		55,000		105,448		160,448		—	%		100.0	%		77.7	%		85.3	%		85.3	%		2,092,896		15.28

MID-ATLANTIC
Delaware
Eden Square	Giant Food, LA Fitness	2014		90.0	%		—		116,003		113,168		229,171		—	%		100.0	%		81.9	%		91.1	%		100.0	%		3,360,555		16.10

SOUTHEAST
Georgia
Broughton Street Portfolio (13 properties)	H&M, Lululemon, Warby Parker, Kendra Scott, Starbucks	2014		100.0	%		94,713		—		—		94,713		89.6	%		—	%		—	%		89.6	%		90.2	%		3,140,674		37.00

WEST
California
Union and Fillmore Collection (1 property)	Bonobos	2015		90.0	%		1,044		—		—		1,044		100.0	%		—	%		—	%		100.0	%		100.0	%		143,286		137.25

Total - Fund IV							136,771		171,003		218,616		526,390		77.5	%		100.0	%		79.9	%		85.8	%		89.8	%	$	12,548,531	$	27.79

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	%		86.2	%		95.7	%		99.9	%	$	4,113,674	$	19.18

Texas
Wood Ridge Plaza	Kirkland's, Office Depot	2022		90.0	%		—		—		217,617		217,617		—	%		—	%		90.0	%		90.0	%		91.9	%		4,719,123		24.10

Investment Management Retail Properties – Detail 1

Supplemental Report – June 30, 2024


		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
La Frontera Village	Kohl's, Hobby Lobby, Burlington, Marshalls	2022		90.0	%		—		203,500		330,930		534,430		—	%		85.0	%		91.1	%		88.8	%		89.1	%		6,671,780		14.06

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	%		2,412,415		12.66
Fairlane Green	TJ Maxx, Michaels, Burlington	2017		100.0	%		—		109,952		160,235		270,187		—	%		100.0	%		97.1	%		98.3	%		98.3	%		5,220,056		19.66

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	%		89.5	%		94.5	%		95.6	%		7,818,495		15.59

Connecticut
Tri-City Plaza	TJ Maxx, HomeGoods, ShopRite	2019		90.0	%		—		129,940		172,798		302,738		—	%		100.0	%		82.5	%		90.0	%		93.3	%		3,918,106		14.38

New Jersey
Midstate	ShopRite, Best Buy, DSW, PetSmart	2021		100.0	%		—		264,314		122,466		386,780		—	%		74.1	%		74.5	%		74.2	%		97.9	%		6,054,121		21.09

New York
Shoppes at South Hills	ShopRite, At Home, Ashley Furniture	2022		90.0	%		—		416,804		96,164		512,968		—	%		80.7	%		56.1	%		76.1	%		76.1	%		4,396,157		11.26
Mohawk Commons	Lowe's, Target	2023		90.0	%		—		330,874		70,299		401,173		—	%		100.0	%		89.9	%		98.2	%		100.0	%		5,644,438		14.32

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	%		4,436,964		11.94

Rhode Island
Lincoln Commons	Stop and Shop, Marshalls, HomeGoods	2019		100.0	%		—		155,279		305,534		460,813		—	%		100.0	%		94.6	%		96.4	%		96.8	%		5,984,686		13.47

Vermont
Maple Tree Place 4	Shaw's, Dick's Sporting Goods, Best Buy, Old Navy	2023		100.0	%		—		246,738		147,764		394,502		—	%		100.0	%		58.7	%		84.5	%		84.5	%		6,633,578		19.89

SOUTHEAST
Virginia
Landstown Commons	Best Buy, Burlington, Ross Dress for Less	2019		100.0	%		—		87,883		292,316		380,199		—	%		100.0	%		95.3	%		96.4	%		96.4	%		7,555,231		20.62

Florida
Palm Coast Landing	TJ Maxx, PetSmart, Ross Dress for Less	2019		100.0	%		—		73,241		98,558		171,799		—	%		100.0	%		93.3	%		96.2	%		96.2	%		3,487,068		21.10
Cypress Creek	Hobby Lobby, Total Wine, HomeGoods	2023		100.0	%		—		167,978		71,678		239,656		—	%		100.0	%		95.1	%		98.5	%		98.5	%		5,043,339		21.36

North Carolina
Hickory Ridge	Kohl's, Best Buy, Dick's Sporting Goods	2017		100.0	%		—		266,584		113,981		380,565		—	%		100.0	%		97.5	%		99.3	%		99.3	%		4,757,107		12.59


Alabama
Trussville Promenade	Wal-Mart, Regal Cinemas	2018		100.0	%		—		366,010		97,671		463,681		—	%		100.0	%		84.8	%		96.8	%		97.6	%		4,410,107		9.83

Georgia
Canton Marketplace	Dick's Sporting Goods, TJ Maxx, Best Buy	2021		100.0	%		—		132,569		219,440		352,009		—	%		100.0	%		91.6	%		94.7	%		96.6	%		6,071,025		18.20
Hiram Pavilion	Kohl's, HomeGoods	2018		100.0	%		—		209,423		153,252		362,675		—	%		90.1	%		96.7	%		92.9	%		92.9	%		4,510,822		13.39

Investment Management Retail Properties – Detail 1

Supplemental Report – June 30, 2024


		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
Elk Grove Commons	Kohl's, HomeGoods	2018		100.0	%		—		132,489		109,589		242,078		—	%		100.0	%		100.0	%		100.0	%		100.0	%		5,332,773		22.03

Utah
Family Center at Riverdale	Target, Home Goods, Best Buy, Sierra Trading (TJX)	2019		89.4	%		—		231,895		140,513		372,408		—	%		100.0	%		94.5	%		97.9	%		97.9	%		4,095,427		11.23

Total - Fund V							—		4,340,209		3,423,219		7,763,428		—	%		95.4	%		89.6	%		92.8	%		94.7	%	$	113,286,490	$	15.72

Other Co-investment Vehicles Detail

NORTHEAST
New York
Shops at Grand Avenue	Stop & Shop (Ahold), Starbucks	2024		5.0	%		—		52,336		47,501		99,837		—	%		100.0	%		100.0	%		100.0	%		100.0	%		3,563,628		35.69

Total - Other Co-investment Vehicles							—		52,336		47,501		99,837		—	%		100.0	%		100.0	%		100.0	%		100.0	%	$	3,563,628	$	35.69

TOTAL INVESTMENT MANAGEMENT PROPERTIES							141,408		4,893,996		3,894,943		8,930,347		77.5	%		95.9	%		86.5	%		91.5	%		93.9	%	$	148,714,491	$	18.19


Acadia Share of Total Investment Management Properties							32,735		1,070,822		828,938		1,932,495		77.5	%		96.5	%		82.0	%		89.9	%		93.0	%	$	35,901,134	$	20.66

__________

Excludes properties under development, see Development and Redevelopment Activity page of this Supplemental Report. The above in place occupancy and rent amounts only include spaces where leases have commenced. Leased occupancy includes spaces for which leases have been signed and not yet commenced. ABR and ABR per square foot correlates to in place occupancy.

In place occupancy excludes short-term percentage rent.

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

Property also includes 93,259 sf of office space.

Investment Management Lease Expirations

Supplemental Report – June 30, 2024

(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		—		—		—	%	$	—	$	—		—	%		—		—		—	%	$	—	$	—		—	%
2024 (Remainder)		—		—		—	%		—		—		—	%		—		—		—	%		—		—		—	%
2025		1		1,426		0.6	%		164,531		115.36		1.5	%		—		—		—	%		—		—		—	%
2026		—		—		—	%		—		—		—	%		—		—		—	%		—		—		—	%
2027		3		15,292		6.4	%		1,155,166		75.54		10.8	%		—		—		—	%		—		—		—	%
2028		1		552		0.2	%		107,618		195.00		1.0	%		1		306		34.7	%		75,845		247.85		36.2	%
2029		1		580		0.2	%		89,140		153.75		0.8	%		—		—		—	%		—		—		—	%
2030		—		—		—	%		—		—		—	%		1		177		20.0	%		42,148		238.21		20.1	%
2031		—		—		—	%		—		—		—	%		1		226		25.6	%		55,503		245.31		26.5	%
2032		4		78,364		32.8	%		1,245,131		15.89		11.6	%		1		173		19.7	%		36,309		209.28		17.3	%
2033		3		18,877		7.9	%		871,403		46.16		8.1	%		—		—		—	%		—		—		—	%
Thereafter		9		124,056		51.9	%		7,091,521		57.16		66.1	%		—		—		—	%		—		—		—	%
Total 2		22		239,146		100.0	%	$	10,724,510	$	44.84		100.0	%		4		883		100.0	%	$	209,806	$	237.69		100.0	%

				72,265	Total Vacant 2													255	Total Vacant 2
				311,411	Total Square Feet 2													1,138	Total Square Feet 2


	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		—		—		—	%	$	—	$	—		—	%		3		1,295		0.1	%	$	22,204	$	17.14		0.1	%
2024 (Remainder)		5		2,185		2.3	%		173,195		79.25		6.2	%		—		—		—	%		—		—		—	%
2025		5		1,761		1.8	%		445,406		252.95		16.1	%		143		328,051		23.5	%		4,682,960		14.28		21.3	%
2026		7		13,032		13.5	%		202,639		15.55		7.3	%		93		120,791		8.7	%		2,331,540		19.30		10.6	%
2027		10		7,646		7.9	%		197,915		25.89		7.1	%		94		209,560		15.0	%		2,848,148		13.59		12.9	%
2028		7		4,962		5.1	%		135,778		27.36		4.9	%		87		165,350		11.8	%		3,159,067		19.11		14.3	%
2029		5		27,761		28.8	%		525,282		18.92		19.0	%		69		160,721		11.5	%		2,472,950		15.39		11.2	%
2030		1		346		0.4	%		16,278		47.00		0.6	%		34		81,525		5.8	%		1,197,988		14.69		5.4	%
2031		4		1,628		1.7	%		144,669		88.88		5.2	%		33		75,051		5.4	%		1,112,062		14.82		5.1	%
2032		7		22,742		23.6	%		565,286		24.86		20.4	%		35		69,198		5.0	%		1,171,894		16.94		5.3	%
2033		5		12,850		13.3	%		292,685		22.78		10.6	%		32		61,006		4.4	%		1,158,005		18.98		5.3	%
Thereafter		2		1,472		1.5	%		72,692		49.40		2.6	%		39		123,622		8.9	%		1,859,994		15.05		8.4	%
Total 2		58		96,385		100.0	%	$	2,771,824	$	28.76		100.0	%		662		1,396,169		100.0	%	$	22,016,812	$	15.77		100.0	%

				16,285	Total Vacant 2													106,115	Total Vacant 2
				112,669	Total Square Feet 2													1,502,285	Total Square Feet 2

Investment Management Lease Expirations

Supplemental Report – June 30, 2024

(Pro-Rata Basis)


	OTHER CO-INVESTMENT VEHICLES
			GLA							ABR
	Leases		Expiring		Percent							Percent
	Expiring		SF		of Total			Amount		PSF		of Total
M to M 1		—		—		—	%	$	—	$	—		—	%
2024 (Remainder)		—		—		—	%	$	—		—		—	%
2025		1		83		1.7	%	$	4,926		59.28		2.8	%
2026		1		516		10.3	%	$	14,417		27.94		8.1	%
2027		1		130		2.6	%	$	4,883		37.63		2.7	%
2028		3		498		10.0	%	$	30,330		60.92		17.0	%
2029		—		—		—	%	$	—		—		—	%
2030		—		—		—	%	$	—		—		—	%
2031		1		251		5.0	%	$	7,298		29.04		4.1	%
2032		—		—		—	%	$	—		—		—	%
2033		1		2,617		52.4	%	$	89,220		34.09		50.1	%
Thereafter		3		897		18.0	%	$	27,108		30.22		15.2	%
Total 2		11		4,992		100.0	%	$	178,181	$	35.69		100.0	%

				—	Total Vacant 2
				4,992	Total Square Feet 2

__________

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

2. Totals may not foot due to rounding.

Development and Redevelopment Activity

Supplemental Report – June 30, 2024


						Acadia's Pro-rata Share
Property	AKR Pro-rata share	Location	Estimated Stabilization	Est. Sq ft Upon Completion		Costs prior to development / redevelopment		Incurred costs since development / redevelopment		Total Costs to Date		Estimated Future Range					Estimated Total Range
CORE

Development:
Henderson - Development 1 & 2	100.0%	Dallas, TX	TBD		160,000	$	9.6	$	9.2	$	18.8	TBD		-	TBD		TBD		-	TBD

Major Redevelopment:
City Center	100.0%	San Francisco, CA	2024/2025		241,000		155.0		55.2		210.2		—	-		2.8		210.2	-		213.0
555 9th Street	100.0%	San Francisco, CA	TBD		149,000		141.7		13.1		154.8		11.9	-		21.9		166.7	-		176.7
651-671 West Diversey	100.0%	Chicago, IL	TBD		46,000		29.1		0.8		29.9	TBD		-	TBD		TBD		-	TBD
Route 6 Mall	100.0%	Honesdale, PA	TBD	TBD			14.8		4.5		19.3		3.0	-		4.0		22.3	-		23.3
Mad River	100.0%	Dayton, OH	TBD	TBD			14.3		0.6		14.9		4.0	-		5.0		18.9	-		19.9
840 N. Michigan Avenue	91.9%	Chicago, IL	TBD		87,000		152.3		—		152.3	TBD		-	TBD		TBD		-	TBD
664 N. Michigan Avenue	100.0%	Chicago, IL	TBD		18,000		87.2		—		87.2	TBD		-	TBD		TBD		-	TBD
Brandywine Holdings	100.0%	Wilmington, DE	TBD		96,000		24.0		0.1		24.1	TBD		-	TBD		TBD		-	TBD
Westshore Expressway	100.0%	Staten Island, NY	TBD		55,000		18.6		—		18.6	TBD		-	TBD		TBD		-	TBD
Total Core Redevelopment						$	637.0	$	74.3	$	711.3	$	18.9		$	33.7	$	418.1		$	432.9

Total Core Development and Redevelopment						$	646.6	$	83.5	$	730.1	$	18.9		$	33.7	$	418.1		$	432.9

INVESTMENT MANAGEMENT

Development:
FUND III
Broad Hollow Commons	24.5%	Farmingdale, NY	TBD	TBD		$	3.0	$	4.3	$	7.3	TBD		-	TBD		TBD		-	TBD

Major Redevelopment:
FUND IV
717 N. Michigan Avenue	23.1%	Chicago, IL	TBD	TBD			26.9		0.9		27.8	TBD		-	TBD		TBD		-	TBD
Total Investment Management Development and Major Development						$	29.9	$	5.2	$	35.1	$	—		$	—	$	—		$	—

Total Core and Investment Management Development and Major Redevelopment						$	676.5	$	88.7	$	765.2	$	18.9		$	33.7	$	418.1		$	432.9

Pre-Stabilized:
City Point (Fund II)	61.7%	Brooklyn, NY	2025/2026		536,198
640 Broadway (Fund III)	24.5%	New York, NY	2024/2025		4,637
210 Bowery (Fund IV)	23.1%	New York, NY	2024/2025		2,538
801 Madison (Fund IV)	23.1%	New York, NY	2024/2025		2,522
27 E 61st Street (Fund IV)	23.1%	New York, NY	2024/2025		4,177
1035 Third Avenue (Fund IV)	23.1%	New York, NY	2024		7,634

Important Notes

Supplemental Report – June 30, 2024

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 depreciable 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) incidental to its main business, including those related to its RCP investments such as Albertsons in FFO.

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

The Company may also provide from time to time another supplemental disclosure of operating performance, FFO Before Special Items. The Company defines FFO Before Special Items as FFO adjusted for certain unusual items including (i) charges, income and gains that management believes are not comparable and indicative of the results of the Company’s operating real estate portfolio; (ii) the impact of the unrealized holding gains (losses) incidental to its main business, including those related to its RCP investments such as Albertsons and (iii) any realized income or gains from the Company’s investment in Albertsons.

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.

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