Acadia Realty Trust (AKR) 8-K Acadia Realty Trust Reports First Quarter 2012 Operating Results

Exhibit 99.2

REPORTING SUPPLEMENT

ACADIA REALTY TRUST

Table of Contents

First Quarter 2012

Section I - Financial Information		Section II - Opportunity Fund Information
Company Information	3	Opportunity Fund Overview	22
Total Market Capitalization	4	Opportunity Fund Properties	23
Operating Statements		Opportunity Fund Lease Expirations	24
Pro-rata Consolidation	5	Redevelopment Projects - Operating	27
Opportunity Funds	6	Redevelopment Projects - Construction and Design	28
Funds from Operations ("FFO"), Adjusted FFO ("AFFO")		RCP Venture Investments	29
and Funds Available for Distribution ("FAD")	7	Storage Portfolio	30
EBITDA	8
Same Property Net Operating Income	9
Fee Income	10	Section III - Core Portfolio Information
Balance Sheet - Pro-rata Consolidation	11
Notes Receivable	12	Core Properties	31
Other Information		Core Portfolio by State	33
2012 Guidance	13	Core Top Tenants	34
Net Asset Valuation	14	Core Lease Expirations	35
Selected Financial Ratios	15	Core New and Renewal Rent Spreads	37
Debt Analysis		Core Capital Expenditures	38
Summary	16	Portfolio Demographics	39
Detail	17	Important Notes	41
Maturities with Extension Options	20
Maturities	21
Visit www.acadiarealty.com for additional investor and portfolio information

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Company Information

Acadia Realty Trust, a fully-integrated equity real estate investment trust, is focused on the ownership, management and redevelopment of high-quality retail properties and urban/infill mixed-use properties with a strong retail component located primarily in high-barrier-to-entry, densely-populated metropolitan areas along the East Coast and in Chicago. Acadia owns, or has an ownership interest in, 89 properties through its core portfolio and three opportunistic/value-add investment funds. Additional information may be found on the Company’s website at www.acadiarealty.com.

Contact Information
	Corporate Headquarters	Investor Relations	New York Stock Exchange
	1311 Mamaroneck Avenue	Jon Grisham	SymbolAKR
	Suite 260	Senior Vice President,
	White Plains, NY 10605	Chief Financial Officer
	www.acadiarealty.com	(914) 288-8142
		jgrisham@acadiarealty.com
Analyst Coverage
	Bank of America / Merrill Lynch	Green Street Advisors	RBC Capital Markets
	Craig Schmidt - (646) 855-3640	Cedrik LaChance - (949) 640-8780	Rich Moore, CFA - (440) 715-2646
	craig.schmidt@baml.com	clachance@greenst.com	rich.moore@rbccm.com
	Bank of Montreal	J.P. Morgan Securities, Inc.	UBS
	Paul Adornato, CFA - (212) 885-4170	Michael W. Mueller, CFA - (212) 622-6689	Christy McElroy - (203) 719-7831
	paul.adornato@bmo.com	michael.w.mueller@jpmorgan.com	christy.mcelroy@ubs.com
	Citigroup - Global Markets	Keefe, Bruyette & Woods, Inc.
	Quentin Velleley, CFA - (212) 816-6981	Sheila K. McGrath - (212) 887-7793
	quentin.velleley@citi.com	smcgrath@kbw.com
	Cowen and Company	KeyBanc Capital Markets, Inc.
	Michael Gorman - (646) 562-1381	Todd Thomas - (917) 368-2286
	michael.gorman@cowen.com	tthomas@keybanccm.com

- 3 -

Total Market Capitalization

(including pro-rata share of Opportunity Fund debt, dollars in thousands)

										Capitalization
	Percent of			Total Market Capitalization						based on
	Total Equity			$				%		Net Debt1
Equity Capitalization
Total Common Shares Outstanding		98.6	%		43,572
Common Operating Partnership ("OP") Units		1.4	%		622
Combined Common Shares and OP Units					44,194
Share Price March 31, 2012				$	22.54
Equity Capitalization - Common Shares and OP Units				$	996,133
Preferred OP Units					565		2
Total Equity Capitalization					996,698			70	%		72	%
Debt Capitalization
Consolidated debt					812,606
Adjustment to reflect pro-rata share of debt					(390,239	)
Total Debt Capitalization					422,367			30	%		28	%
Total Market Capitalization				$	1,419,065			100	%		100	%
Weighted Average Outstanding Common Shares and OP Units
(in thousands)
				March 31, 2012						March 31, 2011
				Quarter						Quarter
Weighted average Common Shares - Basic EPS					42,736						40,318
Dilutive potential Common Shares					410						262
Weighted average Common Shares - Diluted EPS					43,146						40,580
OP Units					621						466
Dilutive potential OP Units					25						-
Weighted average Common Shares and OP Units - Diluted FFO					43,792						41,046

Notes:

1Reflects debt net of Core Portfolio and pro-rata share of Opportunity Funds cash balance ("Net Debt"). Cash balance as of March 31, 2012 was $   36,722

2Represents 188 Series A Preferred OP Units convertible into 25,067 Common OP units multiplied by the Common Share price at quarter end.

3Fixed-rate debt includes notional principal fixed through interest rate swap transactions.

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Income Statements - Pro-rata Consolidation1

Current Quarter

(in thousands)

	Three months ended March 31, 2012
	Core Retail												Opportunity Funds					Total
							Total
	Wholly			Joint			Continuing			Discontinued			Continuing			Discontinued
	Owned			Ventures 2			Operations			Operations			Operations			Operations
CORE PORTFOLIO AND OPPORTUNITY FUND INCOME
												��
PROPERTY REVENUES
Minimum rents	$	11,713		$	1,783		$	13,496		$	-		$	3,834		$	-	$	17,330
Percentage rents		225			48			273			-			15			-		288
Expense reimbursements - CAM		838			175			1,013			-			375			-		1,388
Expense reimbursements - Taxes		1,760			272			2,032			-			459			-		2,491
Other property income		12			5			17			-			124			-		141
Total Property Revenues		14,548			2,283			16,831			-			4,807			-		21,638
PROPERTY EXPENSES
Property operating - CAM		1,360			218			1,578			-			419			-		1,997
Other property operating (Non-CAM)		651			51			702			-			650			-		1,352
Real estate taxes		2,214			324			2,538			-			659			-		3,197
Total Property Expenses		4,225			593			4,818			-			1,728			-		6,546
NET OPERATING INCOME - PROPERTIES		10,323			1,690			12,013			-			3,079			-		15,092
OTHER INCOME (EXPENSE)
Mezzanine interest income		1,457			-			1,457			-			135			-		1,592
Other interest income		54			-			54			-			-			-		54
Straight-line rent income, net		334			16			350			-			278			-		628
Straight-line ground rent expense		-			-			-			-			(22	)		-		(22	)
ASC 805 rent, net		103			35			138			-			24			-		162
ASC 805 interest expense		5			-			5			-			16			-		21
Interest expense		(3,206	)		(1,127	)		(4,333	)		-			(1,063	)		-		(5,396	)
Amortization of finance costs		(57	)		-			(57	)		-			(126	)		-		(183	)
Asset and property management expense		(14	)		-			(14	)		-			(170	)		-		(184	)
Promote expense		-			-			-			-			-			-		-
Other income		334			(11	)		323			-			-			-		323
Acquisition costs		(443	)		-			(443	)		-			(79	)		-		(522	)
Impairment of asset		-			-			-			-			-			-		-
CORE PORTFOLIO AND OPPORTUNITY FUND INCOME		8,890			603			9,493			-			2,072			-		11,565
FEE INCOME
Asset and property management fees and priority distributions		3,179			-			3,179			-			-			-		3,179
Transactional fees3		1,507			-			1,507			-			-			-		1,507
Provision for income taxes		(601	)		-			(601	)		-			76			-		(525	)
FEE INCOME		4,085			-			4,085			-			76			-		4,161
PROMOTE, RCP AND OTHER INCOME
Equity in earnings from RCP investments		-			-			-			-			(32	)		-		(32	)
Promote income - RCP		-			-			-			-			(16	)		-		(16	)
Promote income - Fund capital transactions		-			-			-			-			-			-		-
Equity in earnings of unconsolidated properties		-			-			-			-			-			-		-
Lease termination income		-			13			13			-			71			-		84
Gain (loss) on extinguishment of debt		-			-			-			-			-			-		-
Provision for income taxes (RCP)		25			(1	)		24			-			-			-		24
Total Promote, RCP and Other Income		25			12			37			-			23			-		60
GENERAL AND ADMINISTRATIVE		(6,210	)		(10	)		(6,220	)		-			(67	)		-		(6,287	)
Depreciation and amortization		(3,399	)		(393	)		(3,792	)		-			(1,204	)		-		(4,996	)
ASC 805 amortization		(293	)		-			(293	)		-			(139	)		-		(432	)
Gain on sale of properties		-			-			-			-			-			-		-
Income before noncontrolling interests		3,098			212			3,310			-			761			-		4,071
Noncontrolling interest - OP		(67	)		-			(67	)		-			-			-		(67	)
Noncontrolling interests		-			-			-			-			6			-		6
NET INCOME	$	3,031		$	212		$	3,243		$	-		$	767		$	-	$	4,010
Notes:

1Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim periods.

  The Company's investments in consolidated and unconsolidated joint ventures are reflected separately for revenues and expenses by calculating it's pro-rata share for each of the above line items.

  In total, net income agrees with net income as reported in the Company's Form 10Q's and 10K for the corresponding periods.

2Represents the Company's pro-rata share unconsolidated investments which are detailed on pages 31 and 32.

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

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Income Statements - Opportunity Funds1

Current Quarter

(in thousands)

						Three months ended March 31, 2012
												Continuing			Discontinued								AKR											Continuing			Discontinued						AKR						Pro-rata						AKR			Total
												Operations			Operations								Pro-											Operations			Operations						Pro-						share of						Pro-			AKR
	Fund I			Fund I		Fund I			AKR			AKR Pro-			AKR Pro-					AKR			rata			Fund II			Fund II		Fund II			AKR Pro-			AKR Pro-						rata						Fund III						rata			Pro-
	Continuing			Discontinued		Consolidated			Promote			rata share			rata share		Mervyns			Promote			share			Continuing			Discontinued		Consolidated			rata share			rata share			Mervyns			share						unconsolidated			Adjusted			share			rata
	Operations			Operations		Operations			20.00%			22.22%			22.22%		I			20.00%			22.22%			Operations			Operations		Operations			20.00%			20.00%			II			20.00%			Fund III			affiliates3			Fund III			19.90%			share
PROPERTY REVENUES
Minimum rents	$	269		$	-	$	269		$	54		$	48		$	-	$	-		$	-		$	-		$	8,202		$	-	$	8,202		$	1,639		$	-		$	-		$	-		$	8,406		$	2,105		$	10,511		$	2,093		$	3,834
Percentage rents		-			-		-			-			-			-		-			-			-			-			-		-			-			-			-			-			18			57			75			15			15
Expense reimbursements - CAM		49			-		49			10			9			-		-			-			-			1,016			-		1,016			203			-			-			-			431			336			767			153			375
Expense reimbursements - Taxes		174			-		174			35			31			-		-			-			-			637			-		637			127			-			-			-			1,041			295			1,336			266			459
Other property income		-			-		-			-			-			-		-			-			-			111			-		111			22			-	��		-			-			431			82			513			102			124
Total Property Revenues		492			-		492			98			87			-		-			-			-			9,966			-		9,966			1,991			-			-			-			10,327			2,875			13,202			2,629			4,807
PROPERTY EXPENSES
Property operating - CAM		48			-		48			10			9			-		-			-			-			1,159			-		1,159			232			-			-			-			523			325			848			169			419
Other property operating (Non-CAM)		46			-		46			9			8			-		-			-			-			1,330			-		1,330			266			-			-			-			1,647			196			1,843			367			650
Real estate taxes		77			-		77			15			14			-		-			-			-			1,057			-		1,057			211			-			-			-			1,555			552			2,107			419			659
Total Property Expenses		171			-		171			34			30			-		-			-			-			3,546			-		3,546			709			-			-			-			3,725			1,073			4,798			955			1,728
NET OPERATING INCOME - PROPERTIES		321			-		321			64			57			-		-			-			-			6,420			-		6,420			1,282			-			-			-			6,602			1,802			8,404			1,674			3,079
OTHER INCOME (EXPENSE)
Mezzanine interest income		143			-		143			29			25			-		-			-			-			-			-		-			-			-			-			-			406			-			406			81			135
Other interest income		-			-		-			-			-			-		-			-			-			-			-		-			-			-			-			-			-			-			-			-			-
Straight-line rent income, net		16			-		16			3			3			-		-			-			-			1,058			-		1,058			212			-			-			-			127			174			301			60			278
Straight-line ground rent		-			-		-			-			-			-		-			-			-			(108	)		-		(108	)		(22	)		-			-			-			-			-			-			-			(22	)
ASC 805 rent, net		-			-		-			-			-			-		-			-			-			-			-		-			-			-			-			-			(141	)		262			121			24			24
ASC 805 interest expense		-			-		-			-			-			-		-			-			-			-			-		-			-			-			-			-			-			81			81			16			16
Interest expense		(46	)		-		(46	)		(9	)		(8	)		-		-			-			-			(2,665	)		-		(2,665	)		(533	)		-			-			-			(1,735	)		(844	)		(2,579	)		(513	)		(1,063	)
Amortization of finance costs		(7	)		-		(7	)		(1	)		(1	)		-		-			-			-			(326	)		-		(326	)		(65	)		-			-			-			(292	)		-			(292	)		(58	)		(126	)
Asset and property management expense 2		2			-		2			-			-			-		-			-			-			(1,314	)		-		(1,314	)		-			-			(143	)		-			(2,382	)		(957	)		(3,339	)		(170	)		(170	)
Promote expense2		(37	)		-		(37	)		-			-			-		16			-			-			-			-		-			-			-			-			-			-			-			-			-			-
Other income		-			-		-			-			-			-		-			-			-			-			-		-			-			-			-			-			-			1			1			-			-
Acquisition costs		-			-		-			-			-			-		-			-			-			-			-		-			-			-			-			-			(395	)		-			(395	)		(79	)		(79	)
Impairment of asset		-			-		-			-			-			-		-			-			-			-			-		-			-			-			-			-			-			-			-			-			-
OPPORTUNITY FUND INCOME		392			-		392			85			76			-		16			-			-			3,065			-		3,065			874			-			(143	)		-			2,190			519			2,709			1,035			2,072
FEE INCOME
Asset and property management fees and
priority distributions 2		-			-		-			-			-			-		-			-			-			-			-		-			-			-			-			-			-			-			-			-			-
Transactional fees		-			-		-			-			-			-		-			-			-			-			-		-			-			-			-			-			-			-			-			-			-
Provision for income taxes		5			-		5			1			1			-		-			-			-			(18	)		-		(18	)		(4	)		-			-			-			394			-			394			78			76
Total Fee Income		5			-		5			1			1			-		-			-			-			(18	)		-		(18	)		(4	)		-			-			-			394			-			394			78			76
PROMOTE, RCP AND OTHER INCOME
Equity in earnings from RCP investments		-			-		-			-			-			-		(79	)		-			(14	)		-			-		-			-			-			(92	)		(18	)		-			-			-			-			(32	)
Promote income - RCP		-			-		-			-			-			-		-			(16	)		-			-			-		-			-			-			-			-			-			-			-			-			(16	)
Promote income - Fund capital transactions		-			-		-			-			-			-		-			-			-			-			-		-			-			-			-			-			-			-			-			-			-
Equity in earnings of unconsolidated properties		-			-		-			-			-			-		-			-			-			-			-		-			-			-			-			-			-			-			-			-			-
Lease termination income		-			-		-			-			-			-		-			-			-			-			-		-			-			-			-			-			-			357			357			71			71
Gain on extinguishment of debt		-			-		-			-			-			-		-			-			-			-			-		-			-			-			-			-			-			-			-			-			-
Provision for income taxes (RCP)		-			-		-			-			-			-		-			-			-			-			-		-			-			-			-			-			-			-			-			-			-
Total Promote, RCP and Other Income		-			-		-			-			-			-		(79	)		(16	)		(14	)		-			-		-			-			-			(92	)		(18	)		-			357			357			71			23
GENERAL AND ADMINISTRATIVE		(27	)		-		(27	)		(5	)		(5	)		-		(3	)		(1	)		(1	)		(146	)		-		(146	)		(29	)		-			(7	)		(1	)		(128	)		(1	)		(129	)		(26	)		(67	)
Depreciation and amortization		(79	)		-		(79	)		(16	)		(14	)		-		-			-			-			(2,764	)		-		(2,764	)		(553	)		-			-			-			(2,472	)		(646	)		(3,118	)		(620	)		(1,204	)
ASC 805 amortization		-			-		-			-			-			-		-			-			-			-			-		-			-			-			-			-			(304	)		(392	)		(696	)		(139	)		(139	)
Gain on sale of properties		-			-		-			-			-			-		-			-			-			-			-		-			-			-			-			-			-			-			-			-			-
Income before noncontrolling interest		291			-		291			65			58			-		(66	)		(16	)		(15	)		137			-		137			288			-			(242	)		(19	)		(320	)		(163	)		(483	)		399			761
Noncontrolling interest - OP		-			-		-			-			-			-		-			-			-			-			-		-			-			-			-			-			-			-			-			-			-
Noncontrolling interests		-			-		-			-			-			-		-			-			-			(2	)		-		(2	)		-			-			-			-			30			-			30			6			6
NET INCOME	$	291		$	-	$	291		$	65		$	58		$	-	$	(66	)	$	(16	)	$	(15	)	$	135		$	-	$	135		$	288		$	-		$	(242	)	$	(19	)	$	(290	)	$	(163	)	$	(453	)	$	405		$	767
Notes:

1   Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim periods.  The Company's investments in consolidated and unconsolidated joint ventures are reflected separately for revenues and expenses by calculating it's pro-rata share for each of the above line items.  In total, net income agrees with net income as reported in the Company's Form 10Q's and 10K for the corresponding periods. The Company currently invests in Funds I, II & III and Mervyn's which are consolidated with the Company's financial statements.

2   Funds I, II & III and the Mervyn's entities pay various fees and promotes to the Company.  As it is the recipient of such fees, the Company does not recognize its pro-rata share of these expenses.

3  Represents the Company's pro-rata share unconsolidated investments which are detailed on page 23.

- 6 -

Funds from Operations ("FFO") 1

(in thousands)

	2012			2011
	Current			Historic
	Quarter			Quarter
	3 months ended			3 months ended
Funds from operations ("FFO"):	March 31, 2012			March 31, 2011
Net Income	$	4,010		$	9,423
Add back:
Depreciation of real estate and amortization of leasing costs:
(net of noncontrolling interest share)
Consolidated affiliates		4,828			4,458
Unconsolidated affiliates		392			353
Gain on sale of properties (net of noncontrolling interest share)
Consolidated affiliates		-			(784	)
Income attributable to noncontrolling interests'
share in Operating Partnership		63			115
Distributions on Preferred OP Units		5			5
FFO	$	9,298		$	13,570
Adjusted Funds from operations ("AFFO"):
Diluted FFO	$	9,298		$	13,570
Straight line rent, net		(628	)		(457	)
Straight-line ground rent expense		22			22
ASC 805 rent, net		(162	)		138
ASC 805 interest expense		(21	)		(5	)
Impairment of asset		-			-
Amortization of discount on convertible debt		-			269
Non real estate depreciation		118			116
Amortization of finance costs		207			285
Amortization of cost of management contracts		20			70
Tenant improvements		(1,583	)		(1,237	)
Leasing commissions		(306	)		(475	)
Capital expenditures		(64	)		(218	)
(Gain) loss on extinguishment of debt		-			(1,673	)
AFFO	$	6,901		$	10,405
Funds Available for Distribution ("FAD")
AFFO	$	6,901		$	10,405
Scheduled principal repayments		(810	)		(632	)
FAD	$	6,091		$	9,773
Total weighted average shares and OP Units:
Basic		43,382			40,784
Diluted		43,792			41,046
FFO per share:
FFO per share - Basic	$	0.21		$	0.33
FFO per share - Diluted	$	0.21		$	0.33
AFFO per share - Basic	$	0.16		$	0.26
AFFO per share - Diluted	$	0.16		$	0.25
FAD per share - Basic	$	0.14		$	0.24
FAD per share - Diluted	$	0.14		$	0.24
Notes:
1 Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management are necessary for a fair presentation of operating results for the interim periods.
2 Quarterly Preferred OP Unit distributions are added back for the purposes of calculating diluted FFO. Refer to "Market Capitalization" for weighted-average basic and diluted shares.

- 7 -

Income Statements - EBITDA
Current Quarter
(in thousands)
	Current Quarter
	Three months ended March 31, 2012
	Core Retail										Opportunity Funds
						Total
	Wholly			Joint		Continuing			Discontinued		Continuing			Discontinued		TOTAL
	Owned			Ventures		Operations			Operations		Operations			Operations
NET INCOME	$	3,031		$	212	$	3,243		$	-	$	767		$	-	$	4,010
Add back:
Depreciation and amortization		3,399			393		3,792			-		1,204			-		4,996
ASC 805 amortization		293			-		293			-		139			-		432
Interest expense		3,206			1,127		4,333			-		1,063			-		5,396
Amortization of finance costs		57			-		57			-		126			-		183
ASC 805 interest expense		(5	)		-		(5	)		-		(16	)		-		(21	)
Impairment of asset		-			-		-			-		-			-		-
Gain on sale of properties		-			-		-			-		-			-		-
Provision for income taxes		576			1		577			-		(76	)		-		501
(Gain) loss  on extinguishment of debt		-			-		-			-		-			-		-
Noncontrolling interest - OP		67			-		67			-		-			-		67
Noncontrolling interests		-			-		-			-		(6	)		-		(6	)
EBITDA	$	10,624		$	1,733	$	12,357		$	-	$	3,201		$	-	$	15,558

- 8 -

Core Portfolio

Net Operating Income (NOI) - Same Property Performance 1

(in thousands)

							Growth in Same
	Three months ended						Property NOI -
							Continuing Operations
	March 31, 2012			March 31, 2011			Favorable (unfavorable)
Reconciliation of total NOI to same property NOI:
NOI - Retail properties	$	12,013		$	11,014
NOI - Discontinued Operations		-			663
Total NOI		12,013			11,677
NOI - Properties acquired or in redevelopment		(1,631	)		(215	)
NOI - Discontinued Operations		-			(663	)
Total	$	10,382		$	10,799			-3.9	%
Same property NOI by revenues/expenses:
Revenues	$	14,836		$	15,621			-5.0	%
Expenses		4,454			4,822			7.6	%
Total Core Portfolio	$	10,382		$	10,799			-3.9	%
Notes:
1 The above amounts include the pro-rata activity related to the Company's Core consolidated and unconsolidated investments.

- 9 -

Income Statements - Fee income by Opportunity Fund
Current Quarter
(in thousands)
	Fund I		Fund II		Fund III		Other		Total
Three months ended March 31, 2012
Asset and property management fees and priority distributions	$	89	$	1,103	$	1,717	$	270	$	3,179
Transactional fees		14		826		504		163		1,507
Total management fees and priority distributions	$	103	$	1,929	$	2,221	$	433	$	4,686

- 10 -

Pro-Rata Consolidated Balance Sheet

(in thousands)

	Consolidated			Noncontrolling			Company's			Pro-Rata
	Balance			Interest in			Interest in			Consolidated
	Sheet			Consolidated			Unconsolidated			Balance
	As Reported 1			Subsidiaries			Subsidiaries			Sheet 2			Notes
ASSETS
Real estate
Land	$	303,538		$	(147,731	)	$	16,400		$	172,207		1       The interim consolidated balance sheet is unaudited, although it
Buildings and improvements		1,022,663			(494,569	)		70,124			598,218		reflect all adjustments, which in the opinion of management,
Construction in progress		11,742			(2,092	)		322			9,972		are necessary for the fair presentation of the consolidated
		1,337,943			(644,392	)		86,846			780,397		balance sheet for the interim period.
Less: accumulated depreciation		(188,243	)		48,484			(12,254	)		(152,013	)
Net real estate		1,149,700			(595,908	)		74,592			628,384		2      The Company currently invests in Funds I, II & III and Mervyns I & II
													which are consolidated with the Company's financial statements.
Net real estate under development		227,703			(184,296	)		124			43,531		To provide investors with supplemental information, the Company's
													investments in these joint ventures are reflected above on a
Cash and cash equivalents		49,670			(15,031	)		2,083			36,722		pro-rata basis by calculating its ownership percentage for each
Cash in escrow		18,701			(10,660	)		1,330			9,371		of the above asset and liability line items. Similarly, the above
Investments in and advances to unconsolidated affiliates		85,099			(55,638	)		(17,098	)		12,364		presentation also includes the Company's share of assets and
Rents receivable, net		4,400			(1,438	)		124			3,086		liabilities for unconsolidated investments which are accounted
Straight-line rents receivable, net		21,429			(11,872	)		1,671			11,228		for under the equity method of accounting for the Company's
Notes Receivable		77,180			(17,174	)		-			60,006		financial statements.
Deferred charges, net		26,016			(21,978	)		1,505			5,543
Prepaid expenses and other assets		39,289			16,614			817			56,720		3       The components of Net real estate under development are as follows:
Acquired lease intangibles		25,767			(10,240	)		1,078			16,605		Fund II	$	198,590
Accounts receivable from related parties		1,782									1,782		Fund III		26,289
Assets of discontinued operations		-			-			-			-		Total Opportunity Funds		224,879
													Core Portfolio		2,824
Total Assets	$	1,726,736		$	(907,621	)	$	66,226		$	885,342		Total	$	227,703
LIABILITIES AND SHAREHOLDERS' EQUITY													4       The components of Prepaid expenses and other assets are as follows:
													Due from Fund Investors	$	31,774
Mortgage notes payable		811,676			(474,590	)		84,350		$	421,437				9,732
Notes payable		930			-			-			930		Prepaid expenses		4,452
Valuation of debt at acquisition, net of amortization		24			(10	)		161			175		Contract deposits		3,701
Acquired lease intangibles		5,173			(2,642	)		1,571			4,102		Accrued interest on Notes Receivable		2,138
Accounts payable and accrued expenses		34,705			(12,234	)		1,297			23,768		Income tax receivables		1,226
Dividends and distributions payable		8,097			-			-			8,097		Corporate assets		1,059
Share of losses in excess of inv. in unconsolidated affiliates		21,863			-			(21,863	)		-		Other		2,638
Other liabilities		20,929			(8,653	)		710			12,986		Total	$	56,720
Liabilities of discontinued operations		-			-			-			-
Total liabilities		903,397			(498,129	)		66,226			471,495
Shareholders' equity:
Common shares		44			-			-			44
Additional paid-in capital		368,978			-			-			368,978
Accumulated other comprehensive income		(3,319	)		-			-			(3,319	)
Retained earnings		35,519			-			-			35,519
Total controlling interest		401,222			-			-			401,222
Non-controlling interest in subsidiary		422,117			(409,492	)		-			12,625
Total shareholders' equity		823,339			(409,492	)		-			413,847
Total Liabilities and Shareholders' Equity	$	1,726,736		$	(907,621	)	$	66,226		$	885,342

- 11 -

Notes Receivable

(in thousands)

	Balance at
	December				Balance at															Underlying third-party
	31, 2011		First		March 31, 2012						Stated			Effective						first mortgage
			Quarter				Accrued				Interest			Interest			Maturity	Extension					Maturity
Investment	Principal		Activity		Principal		Interest		Total		Rate			Rate 1			Dates	Options		Amount			Dates
First mortgage and other notes	$	5,669	$	1,080	$	6,749	$	134	$	6,883		12.63	%		16.23	%	2012 to 2017		-		n/a			n/a
Short-term notes related to acquisitions		12,500		16,000		28,500		528		29,028		11.00	%		11.00	%	2013 to 2017		-		n/a			n/a
Mezzanine notes		18,659		96		18,755		689		19,444		12.70	%		14.31	%	2012 to 2017		-		311,716	2012 thru 2019
Total  notes receivable	$	36,828	$	17,176	$	54,004	$	1,351	$	55,355		11.79	%		12.80	%
Notes:
1 Inclusive of points and exit fees.
					Balance at
					March 31,
Reconciliation of Notes Receivable to the Consolidated Balance Sheet					2012
Total Notes Receivable per above					$	54,004
Fund I first mortgage loan - Kroger/Safeway sale						12,609
Fund III first mortgage investment						10,000
Fund III non-real estate loans						567
Total Notes Receivable per Consolidated Balance Sheet					$	77,180

- 12 -

2012 Guidance - Highlights

 (in millions except per share amounts, all per share amounts are fully diluted)

	Current
	2012 Guidance		2011 Actual
Overall:
Fully diluted Common Shares and OP Units		45,500 - 48,000		41,467
Full year Funds from Operations ("FFO")  per share		$1.00 to $1.05		$0.97
Earnings per Share ("EPS")		$0.54 to $0.60		$1.26
FFO Components:
Core and pro-rata share of opportunity Fund ("Fund") portfolio income		$49.5 to $52.5		$43.9
Asset and property management fee income, net of TRS taxes		$14.0 to $14.5		$12.1
Transactional fee income, net of TRS taxes		$5.0 to $6.5		$6.2
Promote, RCP and other income, net of TRS taxes		$0.5 to $1.0		$1.5
General and administrative expense		$(23.5) to $(24.0)		$(23.4)
Total		$45.5 to $50.5		$40.3

- 13 -

Net Asset Valuation Information																											(
(in thousands)			FUND I						FUND II									FUND III
					AKR pro-rata share				Fund Level				AKR Pro-rata Share					Fund Level				AKR pro-rata share
	CORE		Fund Level		%		$		Quarterly		Annualized (x4)		%			$		Quarterly		Annualized (x4)		%			$
Current NOI
Operating properties1	$	12,013		--					$	-	$	-		20.00	%	$	-	$	3,331	$	13,324		19.90	%	$	2,652
Operating properties - Unconsolidated Affiliates										-		-							1,802		7,208					1,434
Development Portfolio
Construction complete - Stabilized		-								3,870		15,480					3,096		-		-					-
Construction complete - Pre-stabilized		-								2,144		8,576					1,715		195		780					155
Storage portfolio		-								406		1,624					325		3,002		12,008					2,390
Total NOI	$	12,013							$	6,420	$	25,680				$	5,136	$	8,330	$	33,320				$	6,631
Cost to Date2
Construction complete (both stabilized and pre-stabilized)											$	416,800				$	83,360			$	24,900				$	4,955
Under construction												112,700					22,540				-					-
In-design												34,400					6,880				75,500					15,025
Storage portfolio												-					-				186,700					37,154
Costs to Complete2
Construction complete (both stabilized and pre-stabilized)											$	12,100				$	2,420			$	600				$	119
Under construction												137,300					27,460				-					-
In-design												-					-				-					-
Annual NOI Upon Stabilization (Mid-Point of Range)
Construction complete (both stabilized and pre-stabilized)											$	34,312				$	6,862			$	2,040				$	406
Storage portfolio												-					-				14,936					2,972
Under construction												20,000					4,000				-					-
Debt4	$	297,734	$	8,260							$	330,361				$	62,159			$	311,521				$	59,352
Gross asset value1				32,600
Net Asset Value			$	24,340	37.78	%	$	9,196

Notes:

1Fund I value is based on property appraisals.  Pro-rata share is 20% (AKR promote) + 22% x 80% ( AKR remaining share after promote) = 37.78%.

 Total future promote is approximately $1,500

2See detail on pages 27 and 28 of this supplement.

-14-

Selected Operating Ratios
(in thousands)
	Three months ended March 31,									Three months ended March 31,				Three months ended December 31,
	2012				2011					2012				2011
COVERAGE RATIOS1									LEVERAGE RATIOS
EBITDA2	$	15,558			$	18,439			Debt4	$	422,367			$	396,457
Divided by Interest expense		5,396				5,749			Total Market Capitalization		1,419,065				1,264,553
Interest Coverage Ratio		2.88		x		3.21		x	Debt/Total Market Capitalization		30	%			31	%
EBITDA	$	15,558			$	18,439			Debt + Preferred Equity (Preferred O.P. Units)	$	422,932			$	396,962
Divided by (Interest expense		5,396				5,749			Total Market Capitalization		1,419,065				1,264,553
Plus: Preferred Dividends)3		5				5			Debt+Preferred Equity/Total Market Capitalization		30	%			31	%
Fixed Charge Coverage Ratio		2.88		x		3.20		x
									Debt	$	297,734			$	271,210
EBITDA	$	15,558			$	18,439			EBITDA (Annualized)		49,428				51,572
Divided by (Interest expense		5,396				5,749			Debt/EBITDA - Core Portfolio		6.02		x		5.26		x
Plus: Principal Amortization)		810				632
Debt Service Coverage Ratio		2.51		x		2.89		x	Debt5	$	268,182			$	208,249
									EBITDA (Annualized)		49,428				51,572
Payout Ratios									Net Debt/EBITDA - Core Portfolio		5.43		x		4.04		x
Dividends (Shares) & Distributions (O.P. Units) paid	$	7,914			$	7,505			Debt	$	422,367			$	396,457
FFO		9,298				13,570			EBITDA (Annualized)		62,232				65,543
FFO Payout Ratio		85	%			55	%		Debt/EBITDA - Core Portfolio and Opportunity Funds		6.79		x		6.05		x
Dividends (Shares) & Distributions (O.P. Units) paid	$	7,914			$	7,505			Debt6	$	385,645			$	324,472
AFFO		6,901				10,405			EBITDA (Annualized)		62,232				65,543
AFFO Payout Ratio		115	%			72	%
									Net Debt/EBITDA - Core Portfolio and Oppoerunity Funds		6.20		x		4.95		x
Dividends (Shares) & Distributions (O.P. Units) paid	$	7,914			$	7,505
FAD		6,091				9,773			NOI (Annualized)	$	48,052			$	45,443
FAD Payout Ratio		130	%			77	%		Debt		297,734				221,210
									Debt Yield - Core Portfolio		16.1	%			16.8	%
									NOI (Annualized)	$	48,052			$	45,443
									Debt5		268,182				208,249
									Net Debt Yield - Core Portfolio		17.9	%			21.8	%
									NOI (Annualized)	$	60,368			$	56,268
									Debt		422,367				396,457
									Debt Yield - Core Portfolio and Opportunity Funds		14.3	%			14.2	%
									NOI (Annualized)	$	60,368			$	56,268
									Debt6		385,645				324,472
									Net Debt Yield - Core Portfolio and Opportunity Funds		15.7	%			17.3	%

Notes:

1Quarterly results are unaudited, although they reflect all adjustments,  which in the opinion of management, are necessary for a fair presentation of operating  results for the interim periods. The coverage ratios include the Company's pro-rata share  of EBITDA, interest expense and principal amortization related to both the Company's  consolidated and unconsolidated investments in joint ventures.

2See page 8 for a calculation of EBITDA.

3Represents preferred distributions on Preferred Operating partnership Units.

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

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

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

-15-

Portfolio Debt - Summary
Reconciliation from Pro-Rata Share of Debt to GAAP Debt per Financial Statement
(in thousands)
	Acadia Pro-Rata Share of Debt 2																			Reconciliation to Consolidated Debt as Reported
																				Add:		Less:			Acadia
	Core Portfolio						Opportunity Funds					Total								Noncontrolling		Pro-rata Share of			Consolidated
	Principal			Interest			Principal		Interest			Principal		Interest			Fixed vs			Interest Share of		Unconsolidated			Debt
Mortgage Notes Payable	Balance			Rate			Balance		Rate			Balance		Rate			Variable			Consolidated Debt 3		Debt 4			As Reported
Fixed-Rate Debt 1	$	318,403			5.6	%	$	19,875		6.2	%	$	338,278		5.6	%		80	%	$	50,611	$	(73,895	)	$	314,994
Variable-Rate Debt 1		(20,669	)		2.1	%		104,757		3.0	%		84,088		3.4	%		20	%		423,979		(10,455	)		497,612
Total	$	297,734			5.6	%	$	124,633		4.1	%	$	422,367		5.2	%		100	%	$	474,590	$	(84,350	)		812,606
FAS 141 purchase price debt allocation																										24
Total debt as reported																									$	812,630

Notes

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

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

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

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

-16-

Debt Analysis
(in thousands)
		Principal Balance at			Acadia's Pro-rata Share						Interest			Maturity	Extension
Property	Entity	March 31, 2012			Percent			Amount			Rate			Date	Options
CORE PORTFOLIO
Fixed-Rate Debt
Clark Diversey	Acadia	$	4,455			100.0	%	$	4,455			6.35	%	7/1/2014	None
New Loudon Center	Acadia		13,820			100.0	%		13,820			5.64	%	9/6/2014	None
Crossroads Shopping Center	Crossroads JV		60,128			49.0	%		29,462			5.37	%	12/1/2014	None
Crescent Plaza	Acadia		17,222			100.0	%		17,222			4.98	%	9/6/2015	None
Pacesetter Park Shopping Center	Acadia		11,892			100.0	%		11,892			5.12	%	11/6/2015	None
Elmwood Park Shopping Center	Acadia		33,618			100.0	%		33,618			5.53	%	1/1/2016	None
Chicago Portfolio	Acadia		14,472			100.0	%		14,472			5.62	%	2/1/2016	None
Chicago Portfolio	Acadia		1,537			100.0	%		1,537			5.55	%	2/1/2016	None
The Gateway Shopping Center	Acadia		20,240			100.0	%		20,240			5.44	%	3/1/2016	None
Cambridge (Whole Foods)	Acadia		7,013			100.0	%		7,013			6.26	%	5/1/2016	None
Brandywine Town Center	Brandywine JV		166,200			22.2	%		36,933			5.99	%	7/1/2016	None
Walnut Hill Plaza	Acadia		23,391			100.0	%		23,391			6.06	%	10/1/2016	None
Acadia Realty Trust (Convertible Notes)	Acadia		930			100.0	%		930			3.75	%	12/15/2016	None
239 Greenwich Avenue	Acadia		26,000			75.0	%		19,500			5.42	%	2/11/2017	None
Merrillville Plaza	Acadia		26,250			100.0	%		26,250			5.88	%	8/1/2017	None
Georgetown Portfolio	Acadia		6,390			50.0	%		3,195			6.15	%	6/15/2020	None
Georgetown Portfolio	Acadia		984			50.0	%		492			5.50	%	5/26/2021	None
A & P Shopping Plaza	Acadia		7,833			60.0	%		4,700			6.40	%	11/1/2032	None
Interest rate swaps1	Acadia		49,281			100.0	%		49,281			5.17	%	Various
Sub-Total Fixed-Rate Debt			491,656						318,403			5.57	%
Variable-Rate Debt
Georgetown Portfolio	Acadia		2,758			50.0	%		1,379		Libor + 210			10/31/2012	None
Various2	Acadia		1,000			100.0	%		1,000		Libor + 125			12/1/2012	None
Cambridge (Rite Aid)	Acadia		4,250			100.0	%		4,250		Libor + 200			2/28/2013	None
Branch Plaza	Acadia		12,702			100.0	%		12,702		Libor + 225			9/30/2014	1 x 36 mos.
Village Commons Shopping Center	Acadia		9,281			100.0	%		9,281		Libor + 140			6/30/2018	None
Interest rate swaps1	Acadia		(49,281	)		100.0	%		(49,281	)
Sub-Total Variable-Rate Debt			(19,290	)					(20,669	)	Libor + 189
Total Core Portfolio Debt		$	472,366					$	297,734			5.62	%

-17-

Debt Analysis (continued)
(in thousands)
		Principal Balance at			Acadia's Pro-rata Share						Interest			Maturity	Extension
Property	Entity	March 31, 2012			Percent			Amount			Rate			Date	Options
OPPORTUNITY FUNDS
Fixed-Rate Debt
Lincoln Road7	Fund III		20,163			18.9	%		3,813			6.14	%	8/11/2014	None
CityPoint	Fund II		20,000			18.8	%		3,766			7.25	%	11/1/2014	None
216th Street3	Fund II		25,500			19.8	%		5,054			5.80	%	10/1/2017	None
Atlantic Avenue	Fund II		11,540			13.3	%		1,539			7.34	%	1/1/2020	None
Interest rate swaps1	Funds I, II & III		29,443			19.4	%		5,703			5.54	%	Various
Sub-Total Fixed-Rate Debt			106,646						19,875			6.18	%
Variable-Rate Debt
Canarsie Plaza	Fund II		56,476			15.9	%		8,955		Libor + 400			4/11/2012	1 x 36 mos.
Liberty Avenue	Fund II		9,348			19.8	%		1,853		Libor + 325			9/1/2012	None
Fordham Place3	Fund II		83,947			19.8	%		16,638		Libor + 350			9/30/2012	None
Acadia Strategic Opportunity Fund III, LLC5	Fund III		133,579			19.9	%		26,582		Libor + 225			10/10/2012	None
Tarrytown Shopping Center	Fund I		8,260			37.8	%		3,121		Libor + 165			10/30/2012	None
161st Street3	Fund II		28,900			19.8	%		5,728		Libor + 550			4/1/2013	None
CityPoint	Fund II		20,650			18.8	%		3,888		Libor + 250			8/12/2013	2 x 12 mos.
Storage Post - Various4	Fund III		42,000			18.9	%		7,940		Libor + 415			8/31/2013	None
Pelham Manor Shopping Plaza3	Fund II		34,000			19.8	%		6,739		Libor + 275			12/1/2013	None
125 Main Street	Fund III		12,500			15.9	%		1,991		Libor + 235			9/30/2014	2 x 12 mos.
Acadia Strategic Opportunity Fund II, LLC	Fund II		40,000			20.0	%		8,000		Libor + 290			12/22/2014	None
Parkway Crossing8	Fund III		14,000			17.9	%		2,508		Libor + 220			1/1/2015	2 x 12 mos.
Cortlandt Towne Center	Fund III		50,000			19.9	%		9,950		Libor + 190			10/26/2015	None
White City Shopping Center6	Fund III		39,279			16.7	%		6,568		Libor + 260			12/23/2017	1 x 36 mos.
Interest rate swaps1	Funds I, II & III		(29,443	)		19.4	%		(5,703	)
Sub-Total Variable-Rate Debt			543,496						104,757		Libor + 273
Total Opportunity Funds  Portfolio Debt		$	650,142					$	124,632			4.06	%

-18-

Debt Analysis - Notes
(in thousands)
1The Company has hedged a portion of it's variable-rate debt with variable to fixed-rate swap agreements as follows:
	Notional		Pro-rata		Average			Maturity
	principal		Share		Swap rate			Date
Core Portfolio	$	15,000	$	15,000		3.79	%	11/30/2012
		15,000		15,000		3.41	%	11/30/2012
		10,000		10,000		2.65	%	11/30/2012
		9,281		9,281		2.90	%	7/2/2018
	$	49,281	$	49,281		3.28	%
Opportunity Funds	$	19,629	$	3,282		2.90	%	12/26/2017
		9,814		1,641		3.02	%	12/26/2017
	$	29,443	$	4,923		2.94	%
Total Core Portfolio and Opportunity Funds	$	78,724	$	54,204		3.24	%

2This is a revolving facility for up to $64,500 and is collateralized by Bloomfield Town Square, Hobson West Plaza, Marketplace of Absecon,

Abington Towne Center, Methuen Shopping Center and Town Line Plaza.

3Fund II is a 99.1% joint venture partner on this investment. As such, Acadia's pro-rata share of the above debt is 99.1% x 20%, or 19.8%.

4The loan is collateralized by Storage Post locations - Linden, Webster Avenue,  Jersey City, Fordham Road, Lawrence and Ridgewood.

5This is an acquisition facility with no current additional capacity.

6Fund III is an 84.0% joint venture partner on this investment. As such, Acadia's pro-rata share of the above debt is 84.0% x 19.9%, or 16.7%.

7Fund III is a 95.0% joint venture partner on this investment. As such, Acadia's pro-rata share of the above debt is 95.0% x 19.9%, or 18.9%.

8Fund III is a 90.0% joint venture partner on this investment. As such, Acadia's pro-rata share of the above debt is 90.0% x 19.9%, or 17.9%.

-19-

Future Debt Maturities - Including Extension Options
(in thousands)
Core Portfolio
	Total Debt Maturities						Acadia's Pro-rata Share						Weighted Average Interest Rate of Maturing Debt
	Scheduled						Scheduled
Year	Amortization		Maturities		Total		Amortization		Maturities		Total		Total Debt			Fixed-Rate Debt			Variable-Rate Debt
2012	$	3,035	$	3,758	$	6,793	$	2,541	$	2,379	$	4,920		2.12	%		n/a			2.12	%
2013		4,460		4,250		8,710		3,766		4,250		8,016		2.24	%		n/a			2.24	%
2014		4,516		74,406		78,922		3,783		45,280		49,063		5.47	%		5.47	%		n/a
2015		3,135		27,344		30,479		2,982		27,344		30,326		5.04	%		5.04	%		n/a
2016		1,608		261,169		262,777		1,446		131,902		133,348		5.88	%		5.88	%		n/a
Thereafter		7,491		77,194		84,685		4,685		67,376		72,061		4.78	%		5.71	%		2.13	%
Total	$	24,245	$	448,121	$	472,366	$	19,203	$	278,531	$	297,734
Opportunity Funds
	Total Debt Maturities						Acadia's Pro-rata Share						Weighted Average Interest Rate of Maturing Debt
	Scheduled						Scheduled
Year	Amortization		Maturities		Total		Amortization		Maturities		Total		Total Debt			Fixed-Rate Debt			Variable-Rate Debt
2012	$	1,399	$	235,134	$	236,533	$	226	$	48,223	$	48,449		3.41	%		n/a			3.41	%
2013		2,174		103,801		105,975		309		20,285		20,594		4.42	%		n/a			4.42	%
2014		1,170		79,179		80,349		204		15,393		15,597		4.91	%		6.71	%		3.14	%
2015		1,043		127,126		128,169		178		22,793		22,971		4.18	%		n/a			4.18	%
2016		1,047		12,500		13,547		178		1,990		2,168		2.59	%		n/a			2.59	%
Thereafter		2,502		83,067		85,569		412		14,441		14,853		4.30	%		6.27	%		2.74	%
Total	$	9,335	$	640,807	$	650,142	$	1,507	$	123,125	$	124,632

-20-

Future Debt Maturities - Not Including Extension Options
(in thousands)
Core Portfolio
	Total Debt Maturities						Acadia's Pro-rata Share						Weighted Average Interest Rate of Maturing Debt
	Scheduled						Scheduled
Year	Amortization		Maturities		Total		Amortization		Maturities		Total		Total Debt			Fixed-Rate Debt			Variable-Rate Debt
2012	$	3,035	$	3,758	$	6,793	$	2,541	$	2,379	$	4,920		2.12	%		n/a			2.12	%
2013		4,460		4,250		8,710		3,766		4,250		8,016		2.24	%		n/a			2.24	%
2014		4,476		86,502		90,978		3,743		57,376		61,119		5.05	%		5.47	%		2.49	%
2015		2,900		27,344		30,244		2,747		27,344		30,091		5.04	%		5.04	%		n/a
2016		1,373		261,169		262,542		1,211		131,902		133,113		5.88	%		5.88	%		n/a
Thereafter		7,296		65,803		73,099		4,489		55,985		60,474		5.18	%		5.71	%		1.64	%
Total	$	23,540	$	448,826	$	472,366	$	18,497	$	279,237	$	297,734
Opportunity Funds
	Total Debt Maturities						Acadia's Pro-rata Share						Weighted Average Interest Rate of Maturing Debt
	Scheduled						Scheduled
Year	Amortization		Maturities		Total		Amortization		Maturities		Total		Total Debt			Fixed-Rate Debt			Variable-Rate Debt
2012	$	1,399	$	291,611	$	293,010	$	226	$	57,178	$	57,404		4.01	%		n/a			4.01	%
2013		2,174		124,451		126,625		309		24,173		24,482		4.14	%		n/a			4.14	%
2014		1,170		91,679		92,849		204		17,383		17,587		4.59	%		6.71	%		3.01	%
2015		627		62,926		63,553		103		12,264		12,367		2.20	%		n/a			2.20	%
2016		631		-		631		103		-		103		n/a			n/a			n/a
Thereafter		771		72,703		73,474		122		12,567		12,689		4.57	%		6.27	%		2.84	%
Total	$	6,772	$	643,370	$	650,142	$	1,067	$	123,565	$	124,632

-21-

Overview of Acadia Strategic Opportunity Funds
Item	FUND I	FUND II	FUND III
Date formed	September 2001	June 2004	May 2007
Capital commitment	$90 million	$300 million	$503 million
Funding	Fully funded	$282.2 million funded through March 31, 2012	$254.3 million funded through March 31, 2012
Partnership structure
Equity Contribution:	22.22% - Acadia	20% - Acadia	20% - Acadia
	77.78% - Four institutional investors	80% - Six institutional investors	80% - 14 institutional investors
Cash flow distribution:	22.22% - Acadia	20% - Acadia	20% - Acadia
	77.78% - Four institutional investors	80% - Six institutional investors	80% - 14 institutional investors
Promote:	20% to Acadia once all partners (including	20% to Acadia once all partners (including	20% to Acadia once all partners (including
	Acadia) have received 9% preferred return and	Acadia) have received 8% preferred return and	Acadia) have received 6% preferred return and
	return of equity	return of equity	return of equity
	Remaining 80% is distributed to all the partners	Remaining 80% is distributed to all the partners	Remaining 80% is distributed to all the partners
	(including Acadia).	(including Acadia).	(including Acadia).
	All original capital and accumulated preference	All unfunded capital is anticipated to be used to	The Fund is currently in acquisition phase through
	has been paid. Acadia is entitled to a Promote	complete existing projects	June 2012.
	on all future distributions.
Fees to Acadia	Priority distribution fee equal to 1.5% of implied	Asset management fee equal to 1.5% of total	Asset management fee equal to 1.5% of total
	capital	committed capital	committed capital
	Priority distribution fee equal to 4% of gross	Property management fee equal to 4% of gross	Property management fee equal to 4% of gross
	property revenues	property revenues	property revenues
	Market rate leasing fees	Market rate leasing fees	Market rate leasing fees
	Market rate construction/project management fees	Market rate construction/project management fees	Market rate construction/project management fees
			Development fee equal to 3% of total project cost

-22-

Opportunity Fund Retail Properties - Detail
		Ownership		Gross Leasable Area			Occupancy						Annualized Base Rent
	Anchors	%		Anchors	Shops	Total	Anchors		Shops		Total		Anchors		Shops		Total		Anchors		Shops		Per Sq. Ft.
Fund I Portfolio Detail:
NEW YORK
New York
Tarrytown Shopping Center	Walgreen's	100	%	15,497	19,482	34,979	100.00	%	73.60	%	85.30	%	$	475,000	$	373,733	$	848,733	$	30.65	$	26.06	$	28.45
VARIOUS
Kroger/Safeway Portfolio (3 Properties)	Kroger/Safeway	75	%	97,500	-	97,500	69.23	%	0.00	%	69.23	%		302,076		-		302,076		4.48		-		4.48
Grand Total - Fund I				112,997	19,482	132,479	73.45	%	73.60	%	73.47	%	$	777,076	$	373,733	$	1,150,809	$	9.36	$	26.06	$	11.82
Fund II Portfolio Detail 2
NEW YORK
New York
Pelham Manor Shopping Plaza	BJ's Wholesale Club, PetSmart, Storage Post	99.1	%	169,512	58,981	228,493	100.00	%	64.96	%	90.96	%	$	4,287,282	$	1,314,497	$	5,601,779	$	25.29	$	34.31	$	26.95
Fordham Place	Walgreens, Best Buy, 24 Hour Fitness, Sears	99.1	%	74,899	44,547	119,446	100.00	%	100.00	%	100.00	%		2,873,228		2,646,532		5,519,760		38.36		59.41		46.21
Liberty Avenue	CVS, Storage Post	99.1	%	10,880	15,245	26,125	100.00	%	70.73	%	82.92	%		432,480		340,191		772,671		39.75		31.55		35.67
Canarsie Plaza	BJ's Wholesale Club, Planet Fitness, PetSmart	79.3	%	177,135	96,407	273,542	100.00	%	81.72	%	93.56	%		5,100,000		2,578,974		7,678,974		28.79		32.73		30.01
216th Street	NYC Human Resources Administration	99.1	%	60,000	-	60,000	100.00	%	0.00	%	100.00	%		2,340,000		120,000		2,460,000		39.00		-		41.00
161st Street1	Various New York City & State agencies	99.1	%	120,604	117,379	237,983	100.00	%	73.19	%	86.78	%		2,930,677		1,686,460		4,617,137		24.30		19.63		22.36
Grand Total - Fund II				613,030	332,559	945,589	100.00	%	77.68	%	92.15	%	$	17,963,667	$	8,686,654	$	26,650,321	$	29.30	$	33.63	$	30.58
Fund III Portfolio Detail 2
NEW YORK
Connecticut
125 Main Street	Gap, Brooks Brothers For Women	100.0	%	17,448	9,585	27,033	100.00	%	68.70	%	88.90	%	$	1,350,000	$	391,544	$	1,741,544	$	77.37	$	59.46	$	72.47
New York
Cortlandt Towne Center	Wal-Mart, Best Buy, A&P	100.0	%	472,901	168,310	641,211	91.50	%	83.59	%	89.42	%		5,921,387		3,366,476		9,287,863		13.68		23.93		16.20
654 Broadway	-	100.0	%	-	2,896	2,896	-		100.00	%	100.00	%		-		300,000		300,000		-		103.59		103.59
640 Broadway	Swatch	100.0	%	-	4,483	4,483	-		74.21	%	74.21	%		-		645,281		645,281		-		193.96		193.96
New Hyde Park Shopping Center	-	100.0	%	-	31,498	31,498	-		91.25	%	91.25	%		-		853,704		853,704		-		29.70		29.70
NEW ENGLAND
Massachusetts
White City Shopping Center4	Shaw's (Supervalue)	84.0	%	131,618	123,625	255,243	85.50	%	79.70	%	82.69	%		1,650,048		3,074,906		4,724,954		14.66		31.21		22.39
MID-ATLANTIC
Maryland
White Oak5	ShopRite	90.0	%	64,626	-	64,626	100.00	%	-		100.00	%		874,416		-		874,416		13.53		-		13.53
Parkway Crossing3	Home Depot, Big Lots	90.0	%	192,836	67,405	260,241	71.40	%	78.64	%	73.28	%		332,488		941,582		1,274,070		2.41		17.76		6.68
SOUTHEAST
Florida
Lincoln Road6	Sushi Samba, El Rancho Grande	95.0	%	-	61,443	61,443	-		35.41	%	35.41	%		-		2,348,380		2,348,380		-		107.95		107.95
MIDWEST
Illinois
Heritage Shops	LA Fitness, Loft	100.0	%	49,878	55,571	105,449	100.00	%	54.52	%	76.03	%		1,077,752		1,511,000		2,588,752		21.61		49.87		32.29
Grand Total - Fund III				929,307	524,816	1,454,123	87.69	%	73.52	%	82.57	%	$	11,206,091	$	13,432,873	$	24,638,964	$	13.75	$	34.82	$	20.52

Notes:

General note - The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has not yet commenced.

The following Fund II and Fund III properties are currently undergoing construction or are in the design phase as further detailed under Redevelopment Projects.

Property	Ownership %
Sherman Avenue	99.1%
CityPoint	94.2%
Sheepshead Bay	100.0%

1Currently operating, but redevelopment activities have commenced.

2Fund II and Fund III portfolio detail does not include the Storage Portfolio. Storage Portfolio property detail is reported separately on page 31 of this supplement.

3 Fund III has a 90.0% interest in this unconsolidated investment. A lease has been executed with Shop Rite replacing the former A&P with commencement anticipated in the second half of 2012.

4Fund III has an 84.0% interest in this unconsolidated investment.

5Fund III has an 90.0% interest in this unconsolidated investment.

6Fund III has an 95.0% interest in this unconsolidated investment.

-23-

Opportunity Funds Lease Expirations
	No. of Leases		Gross Leased Area					Annual Base Rent
FUND I:	Expiring		Square Footage		Percent of Total			Amount		Percent of Total			Avg. per Sq. Ft.
Anchor Tenants
2014		2		67,500		81.33	%	$	302,076		38.87	%	$	4.48
2080		1		15,497		18.67	%		475,000		61.13	%		30.65
Total		3		82,997		100.00	%	$	777,076		100.00	%	$	9.36
Total Vacant				30,000
Total Square Feet				112,997
Shop Tenants
2012		1		981		6.84	%	$	36,621		9.80	%	$	37.33
2018		1		1,761		12.28	%		56,370		15.08	%		32.01
2020		3		8,411		58.66	%		248,538		66.50	%		29.55
2021		1		3,185		22.21	%		32,205		8.62	%		10.11
Total		6		14,338		100.00	%	$	373,734		100.00	%	$	26.07
Total Vacant				5,144
Total Square Feet				19,482
Total Anchor and Shop Tenants
2012		1		981		1.01	%	$	36,621		3.18	%	$	37.33
2014		2		67,500		69.35	%		302,076		26.26	%		4.48
2018		1		1,761		1.81	%		56,370		4.90	%		32.01
2020		3		8,411		8.64	%		248,538		21.60	%		29.55
2021		1		3,185		3.27	%		32,205		2.80	%		10.11
2080		1		15,497		15.92	%		475,000		41.28	%		30.65
Total		9		97,335		100.00	%	$	1,150,810		100.00	%	$	11.82
Total Vacant				35,144
Total Square Feet				132,479

-24-

Opportunity Funds Lease Expirations

	No. of Leases		Gross Leased Area					Annual Base Rent
FUND II:	Expiring		Square Footage		Percent of Total			Amount		Percent of Total			Avg. per Sq. Ft.
Anchor Tenants
2012		1		120,604		19.67	%	$	2,930,677		16.31	%	$	24.30
2013		1		20,149		3.29	%		564,172		3.14	%		28.00
2019		1		39,705		6.48	%		1,747,020		9.73	%		44.00
2021		1		19,958		3.26	%		423,110		2.36	%		21.20
2023		1		35,194		5.74	%		1,126,208		6.27	%		32.00
2027		1		60,000		9.79	%		2,340,000		13.03	%		39.00
2030		1		177,135		28.89	%		5,100,000		28.39	%		28.79
2032		1		10,880		1.77	%		432,480		2.41	%		39.75
2033		1		129,405		21.11	%		3,300,000		18.37	%		25.50
Total		9		613,030		100.00	%	$	17,963,667		100.00	%	$	29.30
Total Vacant				-
Total Square Feet				613,030
Shop Tenants
Month to Month		1		9,967		3.86	%	$	99,670		1.15	%	$	10.00
2012		2		42,497		16.45	%		573,208		6.60	%		13.49
2014		1		5,081		1.97	%		193,078		2.22	%		38.00
2016		1		2,000		0.77	%		86,000		0.99	%		43.00
2018		1		3,600		1.39	%		156,600		1.80	%		43.50
2019		4		9,318		3.61	%		496,684		5.72	%		53.30
2020		3		16,309		6.31	%		547,183		6.30	%		33.55
2021		10		22,869		8.85	%		835,501		9.62	%		36.53
2022		3		17,574		6.80	%		724,794		8.34	%		-
2023		1		31,417		12.16	%		1,131,012		13.02	%		36.00
2027		1		6,208		2.40	%		217,901		2.51	%		35.10
2031		4		81,492		31.55	%		2,425,022		27.92	%		29.76
2048		1		10,000		3.87	%		1,200,000		13.81	%		120.00
Total		33		258,332		100.00	%	$	8,686,653		100.00	%	$	33.63
Total Vacant				74,227
Total Square Feet				332,559
Total Anchor and Shop Tenants
Month to Month		1		9,967		1.14	%	$	99,670		0.38	%	$	10.00
2012		3		163,101		18.72	%		3,503,885		13.15	%		21.48
2013		1		20,149		2.31	%		564,172		2.12	%		28.00
2014		1		5,081		0.58	%		193,078		0.72	%		38.00
2016		1		2,000		0.23	%		86,000		0.32	%		43.00
2018		1		3,600		0.41	%		156,600		0.59	%		43.50
2019		5		49,023		5.63	%		2,243,704		8.42	%		45.77
2020		3		16,309		1.87	%		547,183		2.05	%		33.55
2021		11		42,827		4.91	%		1,258,611		4.72	%		29.39
2022		3		17,574		2.02	%		724,794		2.72	%		41.24
2023		2		66,611		7.64	%		2,257,220		8.47	%		33.89
2027		2		66,208		7.60	%		2,557,901		9.60	%		38.63
2030		1		177,135		20.33	%		5,100,000		19.14	%		28.79
2031		4		81,492		9.35	%		2,425,022		9.10	%		29.76
2032		1		10,880		1.25	%		432,480		1.62	%		39.75
2033		1		129,405		14.85	%		3,300,000		12.38	%		25.50
2048		1		10,000		1.15	%		1,200,000		4.50	%		120.00
Total		42		871,362		100.00	%	$	26,650,320		100.00	%	$	30.58
Total Vacant				74,227
Total Square Feet				945,589

-25-

Opportunity Funds Lease Expirations

	No. of Leases		Gross Leased Area					Annual Base Rent
FUND III:	Expiring		Square Footage		Percent of Total			Amount		Percent of Total			Avg. per Sq. Ft.
Anchor Tenants
2013		2		48,855		6.00	%	$	877,689		7.83	%	$	17.97
2014		2		56,379		6.92	%		908,695		8.11	%		16.12
2015		2		29,489		3.62	%		489,840		4.37	%		16.61
2016		2		45,611		5.60	%		519,580		4.64	%		11.39
2017		2		52,131		6.40	%		957,350		8.54	%		18.36
2018		3		238,707		29.29	%		2,607,355		23.27	%		10.92
2021		2		117,675		14.44	%		2,607,383		23.27	%		22.16
2022		1		65,028		7.98	%		1,040,448		9.28	%		16.00
2025		1		49,878		6.12	%		1,077,752		9.62	%		21.61
2032		1		111,131		13.64	%		120,000		1.07	%		1.08
Total		18		814,884		100.00	%	$	11,206,092		100.00	%	$	13.75
Total Vacant				114,423
Total Square Feet				929,307
Shop Tenants
Month to Month		4		6,720		1.74	%	$	148,643		1.11	%	$	22.12
2012		9		43,427		11.26	%		1,096,877		8.17	%		25.26
2013		14		56,092		14.54	%		1,763,813		13.13	%		31.45
2014		20		70,321		18.23	%		1,999,155		14.88	%		28.43
2015		10		31,047		8.05	%		922,082		6.86	%		29.70
2016		20		63,849		16.55	%		2,222,488		16.55	%		34.81
2017		7		29,595		7.67	%		1,309,494		9.75	%		44.25
2018		11		22,792		5.91	%		887,772		6.61	%		38.95
2019		3		13,450		3.49	%		1,042,988		7.76	%		77.55
2020		2		6,175		1.60	%		139,509		1.04	%		22.59
2021		6		18,809		4.87	%		751,012		5.59	%		39.93
2022		1		2,477		0.64	%		37,155		0.28	%		15.00
2026		2		10,352		2.68	%		342,983		2.55	%		33.13
2027		1		4,227		1.10	%		289,550		2.16	%		68.50
2028		2		6,496		1.68	%		479,352		3.57	%		73.79
Total		112		385,829		100.00	%	$	13,432,873		100.00	%	$	34.82
Total Vacant				138,987
Total Square Feet				524,816
Total Anchor and Shop Tenants
Month to Month		4		6,720		0.56	%	$	148,643		0.60	%	$	22.12
2012		9		43,427		3.62	%		1,096,877		4.45	%		25.26
2013		16		104,947		8.74	%		2,641,502		10.72	%		25.17
2014		22		126,700		10.55	%		2,907,850		11.80	%		22.95
2015		12		60,536		5.04	%		1,411,922		5.73	%		23.32
2016		22		109,460		9.12	%		2,742,068		11.13	%		25.05
2017		9		81,726		6.81	%		2,266,844		9.20	%		27.74
2018		14		261,499		21.78	%		3,495,127		14.19	%		13.37
2019		3		13,450		1.12	%		1,042,988		4.23	%		77.55
2020		2		6,175		0.51	%		139,509		0.57	%		22.59
2021		8		136,484		11.37	%		3,358,395		13.63	%		24.61
2022		2		67,505		5.62	%		1,077,603		4.37	%		15.96
2025		1		49,878		4.15	%		1,077,752		4.37	%		21.61
2026		2		10,352		0.86	%		342,983		1.39	%		33.13
2027		1		4,227		0.35	%		289,550		1.18	%		68.50
2028		2		6,496		0.54	%		479,352		1.95	%		73.79
2032		1		111,131		9.26	%		120,000		0.49	%		1.08
Total		130		1,200,713		100.00	%		24,638,965		100.00	%	$	20.52
Total Vacant				253,410
Total Square Feet				1,454,123

-26-

Urban/Street Retail Developments - Operating Properties
($ in millions)								Acquisition & Development Costs
										Estimated		Estimated		Outstanding
Property	Location	Sq. Ft.		Leased (%)4			Anchors/Tenants	Incurred		Future		Total		Debt
FUND II
Fordham Place	Bronx		262,000	100% Retail			Walgreens, Best Buy, 24 Hour Fitness, Sears	$	129.7	$	6.0	$	135.7	$	83.9
							100% Office5
Pelham Manor Shopping Plaza1	Westchester		320,000		94	%	BJ's Wholesale Club, PetSmart, Storage Post		63.5		0.6		64.1		34.0
216th Street	Manhattan		60,000		100	%	NYC Human Resources Administration		27.7		-		27.7		25.5
Liberty Avenue1	Queens		125,000		100	%	CVS, Storage Post		15.7		0.2		15.9		9.3
161st Street2	Bronx		238,000		100	%	Various New York City and State Agencies		66.7		4.2		70.9		28.9
Atlantic Avenue	Brooklyn		110,000		n/a		Storage Post		22.6		-		22.6		11.5
Canarsie Plaza3	Brooklyn		274,000		98	%6	BJ's Wholesale Club, Planet Fitness, PetSmart		90.9		1.1		92.0		56.5
SUBTOTAL - FUND II, OPERATING			1,389,000	97% Retail7 100% Office7				$	416.8	$	12.1	$	428.9	$	249.6
FUND III
125 Main Street	Westport, CT		27,000		89	%	Gap, Brooks Brothers For Women	$	24.9	$	0.6	$	25.5	$	12.5

Notes:

1 Acquired a leasehold interest in this property.

2 Redevelopment currently in progress.

3 Incurred cost is net of lease termination income of $23.9 million from former anchor tenant.

4 Excludes the self-storage facilities at Pelham Manor Shopping Plaza, Liberty Avenue, and Atlantic Avenue.

5As of quarter end, the Fordham Place office component was 79% leased. In April 2012, executed a lease that increased the leased rate to 100%.

6As of quarter end, Canarsie Plaza was 94% leased. In April 2012, executed a lease that increased the leased rate to 98%.

7As of quarter end, Fund II's operating retail component was 96% leased and the operating office component was 93% leased. See footnote #5 and #6.

Reconciliation of total incurred development costs to the Balance Sheet:

By Balance Sheet Line Item:
Operating Real Estate	$	497.1
Net Real Estate Under Development		224.9
Gain From Bargain Purchase (CityPoint)		(33.8	)
Lease Termination Income (Canarsie Plaza)		(23.9	)
Total Incurred Development Costs	$	664.3
By Project Status:
Operating Properties	$	441.7
Under Construction		112.7
In Design		109.9
Total Incurred Development Costs	$	664.3

-27-

Urban/Street Retail Developments - Construction & Design

($ in millions)

Acquisition & Development Costs

Estimated

Estimated

Estimated

Outstanding

Property

Location

Completion

Sq. Ft.

Leased (%)

Anchors/Tenants

Incurred

Future

Total

Debt

FUND II

Under Construction

Brooklyn

TBD

685,000-710,000

-

TBD

$

112.7

$

137.3-$ 227.3

$

250.0-$ 340.0

$

40.7

In Design

Sherman Plaza

Manhattan

TBD

TBD

-

TBD

$

34.4

TBD

TBD

$

-

FUND III

In Design

Sheepshead Bay

Brooklyn

TBD

TBD

-

TBD

$

22.8

TBD

TBD

$

-

Lincoln Road Portfolio2

Miami Beach, FL

TBD

61,443

42

%

Starbucks, Geox, Sushi Samba

52.7

TBD

TBD

20.2

SUBTOTAL - Fund III, In Design

$

75.5

TBD

TBD

$

20.2

Notes:

1 Acquired a leasehold interest in this property. The first 50,000 square feet of the project (Phase 1) is under construction.

  Construction of the next approximately 625,000 square feet (Phase 2) is anticipated to start during 2012.

2 Data reflects the status of the portfolio as of 3/31/12; certain properties are in the design phase pending redevelopment.

-28-

Retailer Controlled Property ("RCP") Venture - Overview
*** Note - The RCP Venture is not a separate AKR Fund, rather it is a venture
in which AKR, Funds I and II have invested approximately $62 million in equity. ***
Item	Description
Date formed	August 2004
Partnership structure
Equity Contribution:	Up to $300 million of total equity
	Up to 20% ($60 million) - AKR Fund I ($20 million) and Fund II ($40 million)
	80% - Klaff Realty LP and Lubert-Adler
Cash flow distribution:	20% - AKR Funds
	80% - Four institutional investors
Promote:	20% to Klaff once all partners (including Klaff) have received 10% preferred return and return
	of equity (50% of first $40 million of AKR Fund equity is not subject to this promote)
	Remaining 80% is distributed to all the partners (including Klaff)

RCP Venture - Investments
The following table summarizes the RCP Venture investments from inception through March 31, 2012
		Years	Invested				Equity
Investor	Investment	acquired	capital		Distributions		Multiple
Mervyns I and Mervyns II	Mervyns	2004 through	$	32,575	$	49,524		1.5	x
		2007
Mervyns II	Albertson’s	2006 through		23,133		84,055		3.6	x
		2007
Fund II and Mervyns II	Other investments 1	2006 through		6,476		5,361		0.8	x
		2008
Total			$	62,184	$	138,940		2.2	x

Notes:

1Represents investments in Shopko, Marsh and Rex Stores.

-29-

Storage Portfolio Property Detail
	Operating Properties	Location	Net Rentable Square Feet	Quarter ended:	Occupancy
	Fund III			March 31, 2012		88.3	%
	Suffern	Suffern, New York	78,825
	Yonkers	Westchester, New York	100,697
	Jersey City	Jersey City, New Jersey	76,920	December 31, 2011		87.0	%
	Webster Ave	Bronx, New York	36,271
	Linden	Linden, New Jersey	84,035
	Bruckner Blvd	Bronx, New York	89,422	September 30, 2011		87.2	%
	New Rochelle	Westchester, New York	42,155
	Lawrence	Lawrence, New York	97,743
	Long Island City	Queens, New York	134,193	June 30, 2011		85.6	%
	Fordham Road	Bronx, New York	85,155
	Ridgewood	Queens, New York	87,645
				March 31, 2011		78.7	%
	Fund II
	Liberty Avenue	Queens, New York	72,900
	Pelham Plaza	Pelham Manor, New York	62,220
	Atlantic Avenue	Brooklyn, New York	75,886
	Total		1,124,067

-30-

Core Portfolio Retail Properties - Detail
		Acadia's		Gross Leaseable Area			Occupancy						Annualized Base Rent
Property	Anchors	interest		Anchors	Shops	Total	Anchors		Shops		Total		Anchors		Shops		Total		Anchors		Shops		Per Sq. Ft.
NEW YORK
Connecticut
239 Greenwich Avenue1	-	75.0	%	-	16,834	16,834	-		100.00	%	100.00	%	$	-	$	1,554,663	$	1,554,663	$	-	$	92.35	$	92.35
														��
New Jersey
Elmwood Park Shopping Center	Walgreens, Pathmark (A&P)	100.0	%	62,610	86,652	149,262	100.00	%	80.31	%	88.57	%		1,486,006		1,769,859		3,255,865		23.73		25.43		24.63
A & P Shopping Plaza	A&P	60.0	%	49,463	13,278	62,741	100.00	%	100.00	%	100.00	%		950,000		387,681		1,337,681		19.21		29.20		21.32
Total - New Jersey				112,073	99,930	212,003	100.00	%	82.93	%	91.95	%		2,436,006		2,157,540		4,593,546		21.74		26.04		23.56
New York
Village Commons Shopping Center	-	100.0	%	-	87,330	87,330	-		91.32	%	91.32	%		-		2,429,281		2,429,281		-		30.46		30.46
Branch Plaza	CVS	100.0	%	74,050	52,162	126,212	14.92	%	92.69	%	47.06	%		251,388		1,387,582		1,638,970		22.75		28.70		27.59
Amboy Center	Stop & Shop	100.0	%	37,266	22,824	60,090	100.00	%	100.00	%	100.00	%		745,320		880,032		1,625,352		20.00		38.56		27.05
Bartow Avenue	-	100.0	%	-	14,676	14,676	-		89.49	%	89.49	%		-		439,246		439,246		-		33.43		33.43
Pacesetter Park Shopping Center	Stop & Shop	100.0	%	52,052	45,512	97,564	100.00	%	66.62	%	84.43	%		416,936		605,052		1,021,988		8.01		19.96		12.41
LA Fitness	LA Fitness	100.0	%	55,000	-	55,000	100.00	%	-		100.00	%		1,265,000		-		1,265,000		23.00		-		23.00
West 54th Street	-	100.0	%	-	9,756	9,756	-		95.38	%	95.38	%		-		2,424,795		2,424,795		-		260.58		260.58
East 17th Street	Barnes & Noble	100.0	%	19,622	-	19,622	100.00	%	-		100.00	%		625,000		-		625,000		31.85		-		31.85
Crossroads Shopping Center3	Kmart, Home Goods	49.0	%	201,296	108,191	309,487	81.02	%	84.95	%	82.39	%		1,693,853		3,981,014		5,674,867		10.39		43.32		22.25
Third Avenue	Planet Fitness	100.0	%	21,650	17,717	39,367	100.00	%	58.23	%	81.20	%		468,631		198,000		666,631		21.65		19.19		20.85
Mercer Street	-	100.0	%	-	6,225	6,225	-		100.00	%	100.00	%		-		383,160		383,160		-		61.55		61.55
4401 White Plains Road	Walgreen's	100.0	%	-	12,964	12,964	-		100.00	%	100.00	%		-		625,000		625,000		-		48.21		48.21
Total - New York				460,936	377,357	838,293	78.04	%	86.15	%	81.69	%		5,466,128		13,353,162		18,819,290		15.20		41.07		27.48
Total New York				573,009	494,121	1,067,130	82.34	%	85.97	%	84.02	%	$	7,902,134	$	17,065,365	$	24,967,499	$	16.75	$	40.17	$	27.85
NEW ENGLAND
Connecticut
Town Line Plaza2	Wal-Mart, Stop & Shop	100.0	%	163,159	43,187	206,346	100.00	%	95.30	%	99.02	%	$	969,144	$	708,529	$	1,677,673	$	14.72	$	17.22	$	15.68
Massachusetts
Methuen Shopping Center	Wal-Mart, Market Basket	100.0	%	120,004	10,017	130,021	100.00	%	100.00	%	100.00	%		799,145		222,225		1,021,370		6.66		22.18		7.86
Crescent Plaza	Home Depot, Shaw's (Supervalu)	100.0	%	156,985	61,152	218,137	100.00	%	66.69	%	90.66	%		1,178,872		397,671		1,576,543		7.51		9.75		7.97
Cambridge	Whole Foods, Rite Aid	100.0	%	54,226	-	54,226	100.00	%	-		100.00	%		1,130,470		-		1,130,470		20.85		-		20.85
Total - Massachusetts				331,215	71,169	402,384	100.00	%	71.38	%	94.94	%		3,108,487		619,896		3,728,383		9.39		12.20		9.76
New York
New Loudon Center	Marshalls, Price Chopper,	100.0	%	251,058	4,615	255,673	100.00	%	100.00	%	100.00	%		1,828,706		130,418		1,959,124		7.28		28.26		7.66
	Raymour & Flanigan
Rhode Island
Walnut Hill Plaza	Sears, Shaw's (Supervalu), CVS	100.0	%	196,710	88,007	284,717	95.53	%	76.14	%	89.54	%		1,263,777		852,773		2,116,550		6.73		12.73		8.30
Vermont
The Gateway Shopping Center	Shaw's (Supervalu)	100.0	%	73,184	28,471	101,655	100.00	%	80.86	%	94.64	%		1,353,904		448,533		1,802,437		18.50		19.48		18.74
Total New England				1,015,326	235,449	1,250,775	99.13	%	79.25	%	95.39	%	$	8,524,018	$	2,760,149	$	11,284,167	$	9.37	$	14.79	$	10.30

Notes:

General note - The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has not yet commenced.

1239 Greenwich Avenue contains 16,834 square feet of retail GLA and 21 residential units encompassing 14,434 square feet. Residential activities are not included above.

2Anchor 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.

3The Company has a 49% interest in this unconsolidated investment.

-31-

Core Portfolio Retail Properties - Detail (continued)
		Acadia's		Gross Leaseable Area			Occupancy						Annualized Base Rent
Property	Anchors	interest		Anchors	Shops	Total	Anchors		Shops		Total		Anchors		Shops		Total		Anchors		Shops		Per Sq. Ft.
MIDWEST
Illinois
Hobson West Plaza	Garden Fresh Markets	100.0	%	51,692	47,445	99,137	100.00	%	91.99	%	96.17	%	$	225,436	$	887,331	$	1,112,767	$	4.36	$	20.33	$	11.67
Clark Diversey	The Vitamin Shoppe	100.0	%	-	19,265	19,265	0.00	%	95.72	%	95.72	%		-		815,956		815,956		-		44.25		44.25
West Diversey	Trader Joe's, Urban Outfitters	100.0	%	16,500	29,759	46,259	100.00	%	100.00	%	100.00	%		900,000		984,925		1,884,925		54.55		33.10		40.75
Chicago Street Retail Portfolio1	-	100.0	%	-	72,763	72,763	-		100.00	%	100.00	%		-		2,812,239		2,812,239		-		38.65		38.65
Total - Illinois				68,192	169,232	237,424	100.00	%	97.27	%	98.05	%		1,125,436		5,500,451		6,625,887		16.50		33.42		28.46
Indiana
Merrillville Plaza	JC Penney, Office Max,	100.0	%	123,369	112,455	235,824	100.00	%	82.17	%	91.50	%		1,251,160		1,619,762		2,870,922		10.14		17.53		13.31
	TJ Maxx
Michigan
Bloomfield Towne Square2	Best Buy, Home Goods,	100.0	%	165,985	70,433	236,418	63.28	%	83.87	%	69.41	%		987,559		1,289,633		2,277,192		9.40		21.83		13.88
	TJ Maxx
Ohio
Mad River Station3	Babies 'R' Us, Office Depot,	100.0	%	58,185	67,944	126,129	100.00	%	65.65	%	81.50	%		552,195		718,132		1,270,327		9.49		16.10		12.36
Total Midwest				415,731	420,064	835,795	85.34	%	85.87	%	85.60	%	$	3,916,350	$	9,127,978	$	13,044,328	$	11.04	$	25.31	$	18.23
MID-ATLANTIC	`
New Jersey
Marketplace of Absecon	Rite Aid, Dollar Tree	100.0	%	47,915	56,847	104,762	56.74	%	84.10	%	71.59	%	$	539,040	$	692,791	$	1,231,831	$	19.83	$	14.49	$	16.43
Delaware
Brandywine Town Center7	Lowes, Bed Bath & Beyond,	22.2	%	831,207	43,782	874,989	96.99	%	91.32	%	96.71	%		12,261,549		601,304		12,862,853		15.21		15.04		15.20
	Target, Dicks Sporting Goods
Market Square Shopping Center7	TJ Maxx, Trader Joe's	22.2	%	42,850	59,197	102,047	100.00	%	96.94	%	98.22	%		703,062		1,768,862		2,471,924		16.41		30.82		24.66
Naamans Road7	-	22.2	%	-	19,984	19,984	0.00	%	54.90	%	54.90	%		-		558,340		558,340		-		50.89		50.89
Total - Delaware				874,057	122,963	997,020	97.14	%	88.11	%	96.03	%		12,964,611		2,928,506		15,893,117		15.27		27.03		16.60
Pennsylvania
Mark Plaza	Kmart	100.0	%	104,956	1,900	106,856	100.00	%	100.00	%	100.00	%		204,664		36,000		240,664		1.95		18.95		2.25
Plaza 422	Home Depot, Dunham's	100.0	%	139,968	16,311	156,279	100.00	%	100.00	%	100.00	%		643,503		152,349		795,852		4.60		9.34		5.09
Route 6 Plaza	Kmart, Rite Aid	100.0	%	146,498	29,021	175,519	100.00	%	100.00	%	100.00	%		806,351		373,489		1,179,840		5.50		12.87		6.72
Chestnut Hill4		100.0	%	-	37,916	37,916	0.00	%	33.63	%	33.63	%		-		357,143		357,143		-		28.01		28.01
Abington Towne Center5	Target, TJ Maxx	100.0	%	184,616	31,753	216,369	100.00	%	94.75	%	99.23	%		283,500		839,702		1,123,202		10.50		27.91		19.68
Total - Pennsylvania				576,038	116,901	692,939	100.00	%	77.05	%	96.13	%		1,938,018		1,758,683		3,696,701		4.63		19.53		7.27
District of Columbia
Georgetown Portfolio6	-	50.0	%	-	27,666	27,666	-		96.39	%	96.39	%	$	-	$	1,665,917	$	1,665,917	$	-	$	62.47	$	62.47
Total Mid-Atlantic				1,498,010	324,377	1,822,387	96.95	%	84.13	%	94.66	%	$	15,441,669	$	7,045,897	$	22,487,566	$	11.93	$	25.82	$	14.35
TOTAL CORE PROPERTIES				3,502,076	1,474,011	4,976,087	93.81	%	84.46	%	91.04	%	$	35,784,171	$	35,999,389	$	71,783,560	$	11.81	$	28.92	$	16.79
TOTAL CORE PROPERTIES - weighted based on ownership interest8				2,699,788	1,299,840	3,999,629	93.42	%	83.93	%	90.33	%	$	24,456,431	$	30,314,583	$	54,771,015	$	9.70	$	27.79	$	15.16

Notes:

General note - The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has not yet commenced.

1Includes eleven properties (56 E. Walton, 841 W. Armitage, 2731 N. Clark, 2140 N. Clybourn, 853 W. Armitage and 2299 N. Clybourn, 1521 Milwaukee, 843-45 W. Armitage, 1521 W. Belmont, 2206-08 N. Halsted, 2633 N. Halsted)

2Re-anchoring activities at this property commenced during the second quarter 2011 and are expected to be completed by the second half of 2012.

3The GLA for this property excludes 29,857 square feet of office space.

4This consists of two separate buildings.

5Anchor 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.

6Includes six properties (1533 Wisconsin Ave., 3025 M St., 3034 M St., 3146 M St., 3259-61 M St. and 2809 M St.) The Company has a 50% interest in this unconsolidated portfolio.

7The Company has a 22.2% interest in this unconsolidated investment.

8Weighted based on Acadia's ownership interest in the properties.

-32-

Core Portfolio Retail Properties by State - Summary
									Gross Leasable Area						Occupancy									Annualized Base Rent
	Ownership			Percent of			Number of
State	%			base rent1			properties		Anchors 2		Shops		Total		Anchors			Shops			Total			Anchors		Shops		Total
Connecticut		88.0	%		5.2	%		2		163,159		60,021		223,180		100.00	%		96.62	%		99.09	%	$	969,144	$	2,263,192	$	3,232,336
Delaware		22.2	%		6.4	%		3		874,057		122,963		997,020		97.14	%		88.11	%		96.03	%		12,964,611		2,928,506		15,893,117
District of Columbia		50.0	%		1.5	%		6		-		27,666		27,666		0.00	%		96.39	%		96.39	%		-		1,665,917		1,665,917
Illinois		100.0	%		12.1	%		14		68,192		169,232		237,424		100.00	%		97.27	%		98.05	%		1,125,436		5,500,451		6,625,887
Indiana		100.0	%		5.2	%		1		123,369		112,455		235,824		100.00	%		82.17	%		91.50	%		1,251,160		1,619,762		2,870,922
Massachusetts		100.0	%		6.8	%		3		331,215		71,169		402,384		100.00	%		71.38	%		94.94	%		3,108,487		619,896		3,728,383
Michigan		100.0	%		4.2	%		1		165,985		70,433		236,418		63.28	%		83.87	%		69.41	%		987,559		1,289,633		2,277,192
New Jersey		88.4	%		9.7	%		3		159,988		156,777		316,765		87.04	%		83.35	%		85.22	%		2,975,046		2,850,331		5,825,377
New York		84.6	%		32.7	%		13		711,994		381,972		1,093,966		85.79	%		86.32	%		85.97	%		7,294,834		13,483,580		20,778,414
Ohio		100.0	%		2.3	%		1		58,185		67,944		126,129		100.00	%		65.65	%		81.50	%		552,195		718,132		1,270,327
Pennsylvania		100.0	%		6.7	%		5		576,038		116,901		692,939		100.00	%		77.05	%		96.13	%		1,938,018		1,758,683		3,696,701
Rhode Island		100.0	%		3.9	%		1		196,710		88,007		284,717		95.53	%		76.14	%		89.54	%		1,263,777		852,773		2,116,550
Vermont		100.0	%		3.3	%		1		73,184		28,471		101,655		100.00	%		80.86	%		94.64	%		1,353,904		448,533		1,802,437
Total - Core Portfolio					100.0	%		54		3,502,076		1,474,011		4,976,087		93.81	%		84.46	%		91.04	%	$	35,784,171	$	35,999,389	$	71,783,560

 Notes:

General note - The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has not yet commenced.

1The Company's pro-rata share of base rent from joint venture properties has been included for the purpose of calculating percentage of base rent by state.

2Anchor GLA includes a total of 254,916 square feet which is not owned by the Company. This square footage has been excluded for calculating annualized base rent per square foot.

-33-

Core Portfolio Top Tenants - Ranked by Annual Base Rent (ABR)
			Gross												Pro-Rata
	Number of stores		Wholly Owned				Joint Ventures1				Combined				Combined				Percentage of Total
	in combined																		Percentage of
Tenant	portfolio		GLA		Base Rent		GLA		Base Rent		GLA		Base Rent		GLA		Base Rent		Portfolio GLA			Base Rent
Supervalu (Shaws)		3		175,801	$	2,420,980		-	$	-		175,801	$	2,420,980		175,801	$	2,420,980		4.4	%		4.4	%
Ahold (Stop and Shop)		3		155,177		2,131,400		-		-		155,177		2,131,400		155,177		2,131,400		3.9	%		3.9	%
A&P		2		97,236		2,001,006		-		-		97,236		2,001,006		77,451		1,621,006		1.9	%		3.0	%
TJX Companies		7		165,058		1,278,154		56,108		951,655		221,166		2,229,809		184,202		1,616,339		4.6	%		3.0	%
-- T.J. Maxx		4		88,200		773,100		31,175		428,062		119,375		1,201,162		95,127		854,724		2.4	%		1.6	%
-- Marshalls		1		37,212		158,151		-		-		37,212		158,151		37,212		158,151		0.9	%		0.3	%
-- Homegoods		2		39,646		346,903		24,933		523,593		64,579		870,496		51,863		603,464		1.3	%		1.1	%
Sears		4		285,314		1,150,615		100,725		566,250		386,039		1,716,865		334,669		1,428,078		8.4	%		2.6	%
-- Kmart		3		224,614		892,615		100,725		566,250		325,339		1,458,865		273,969		1,170,078		6.8	%		2.1	%
-- Sears		1		60,700		258,000		-		-		60,700		258,000		60,700		258,000		1.5	%		0.5	%
Walgreens		3		37,499		1,366,748		-		-		37,499		1,366,748		37,499		1,366,748		0.9	%		2.5	%
Home Depot		2		211,003		1,099,996		-		-		211,003		1,099,996		211,003		1,099,996		5.3	%		2.0	%
Trader Joe's		2		16,500		900,000		11,675		275,000		28,175		1,175,000		19,094		961,105		0.5	%		1.8	%
Barnes & Noble		2		19,622		625,000		12,430		397,760		32,052		1,022,760		25,713		819,902		0.6	%		1.5	%
Sleepy's		4		32,619		789,858		-		-		32,619		789,858		32,619		789,858		0.8	%		1.4	%
Rite Aid		2		26,633		764,030		-		-		26,633		764,030		26,633		764,030		0.7	%		1.4	%
Pier 1 Imports		3		19,255		462,466		8,818		348,576		28,073		811,042		23,576		633,268		0.6	%		1.2	%
Dollar Tree		6		55,000		558,727		-		-		55,000		558,727		55,000		558,727		1.4	%		1.0	%
JP Morgan Chase Bank		4		16,242		452,043		3,745		325,000		19,987		777,043		17,177		558,145		0.4	%		1.0	%
Payless Shoesource		6		18,236		465,232		3,090		114,330		21,326		579,562		19,750		521,254		0.5	%		1.0	%
The Avenue		4		17,236		342,869		8,250		327,360		25,486		670,229		21,279		503,275		0.5	%		0.9	%
Coach		2		4,541		388,573		6,810		346,000		11,351		734,573		6,811		464,430		0.2	%		0.8	%
Drexel Heritage		2		13,315		352,848		21,827		471,245		35,142		824,093		18,161		457,559		0.5	%		0.8	%
Citibank		3		5,486		263,328		8,470		444,872		13,956		708,200		8,283		417,306		0.2	%		0.8	%
CVS		2		25,500		356,583		-		-		25,500		356,583		34,300		356,583		0.9	%		0.7	%
TOTAL		66		1,397,273	$	18,170,456		241,948	$	4,568,048		1,639,221	$	22,738,504		1,484,197	$	19,489,989		37.1	%		35.6	%

 Notes:

1Represents the Company's unconsolidated joint ventures.

-34-

Core Portfolio Lease Expirations
			Gross Leased Area					Annual Base Rent
	No. of Leases		Square		Percent					Percent			Avg. Per
	Expiring		Footage		of Total			Amount		of Total			Sq. Ft.
Anchor Tenants
2012		3		114,347		3.77	%	$	1,140,156		3.19	%	$	9.97
2013		10		362,666		11.97	%		4,411,637		12.33	%		12.16
2014		7		258,558		8.53	%		2,183,597		6.10	%		8.45
2015		6		274,639		9.06	%		3,800,856		10.62	%		13.84
2016		7		262,966		8.68	%		2,500,644		6.99	%		9.51
2017		5		260,114		8.58	%		3,227,369		9.02	%		12.41
2018		4		330,649		10.91	%		3,764,816		10.52	%		11.39
2019		6		136,521		4.50	%		1,137,580		3.18	%		8.33
2020		5		233,350		7.70	%		2,321,096		6.49	%		9.95
2021		8		313,737		10.35	%		3,696,615		10.33	%		11.78
2022		2		69,837		2.30	%		1,700,000		4.75	%		24.34
2024		3		188,506		6.22	%		3,273,049		9.15	%		17.36
2027		1		21,650		0.71	%		468,631		1.31	%		21.65
2028		5		202,935		6.70	%		2,158,125		6.03	%		10.63
Total		72		3,030,475		100.00	%	$	35,784,171		100.00	%	$	11.81
Anchor GLA Owned by Tenants				254,916
Total Vacant				216,685
Total Square Feet				3,502,076
Shop Tenants
Month to month		4		14,965		1.20	%	$	357,301		0.99	%	$	23.88
2012		36		101,827		8.18	%		2,949,692		8.19	%		28.97
2013		52		158,500		12.73	%		4,602,624		12.79	%		29.04
2014		58		228,848		18.38	%		6,757,385		18.77	%		29.53
2015		33		155,202		12.47	%		2,943,745		8.18	%		18.97
2016		46		222,233		17.85	%		5,050,869		14.03	%		22.73
2017		20		84,243		6.77	%		3,725,144		10.35	%		44.22
2018		21		69,188		5.56	%		3,072,498		8.53	%		44.41
2019		15		32,887		2.64	%		1,046,500		2.91	%		31.82
2020		11		25,595		2.06	%		731,112		2.03	%		28.56
2021		17		81,922		6.58	%		2,162,215		6.01	%		26.39
2022		8		36,398		2.92	%		1,133,459		3.15	%		31.14
2023		2		7,362		0.59	%		129,298		0.36	%		17.56
2025		1		3,120		0.25	%		29,047		0.08	%		9.31
2027		1		5,975		0.48	%		358,500		1.00	%		60.00
2030		1		3,745		0.30	%		325,000		0.90	%		86.78
2060		1		12,964		1.04	%		625,000		1.74	%		48.21
Total		327		1,244,974		100.00	%	$	35,999,389		100.00	%	$	28.92
Total Vacant				229,037
Total Square Feet				1,474,011

-35-

Core Portfolio Lease Expirations
			Gross Leased Area					Annual Base Rent
	No. of Leases		Square		Percent					Percent			Avg. Per
	Expiring		Footage		of Total			Amount		of Total			Sq. Ft.
Total Anchor and
Shop Tenants
Month to month		4		14,965		0.35	%	$	357,301		0.50	%	$	23.88
2012		39		216,174		5.06	%		4,089,848		5.70	%		18.92
2013		62		521,166		12.19	%		9,014,261		12.56	%		17.30
2014		65		487,406		11.40	%		8,940,982		12.46	%		18.34
2015		39		429,841		10.05	%		6,744,601		9.40	%		15.69
2016		53		485,199		11.35	%		7,551,513		10.52	%		15.56
2017		25		344,357		8.05	%		6,952,513		9.69	%		20.19
2018		25		399,837		9.35	%		6,837,314		9.52	%		17.10
2019		21		169,408		3.96	%		2,184,080		3.04	%		12.89
2020		16		258,945		6.06	%		3,052,208		4.25	%		11.79
2021		25		395,659		9.25	%		5,858,830		8.16	%		14.81
2022		10		106,235		2.48	%		2,833,459		3.95	%		26.67
2023		2		7,362		0.17	%		129,298		0.18	%		17.56
2024		3		188,506		4.41	%		3,273,049		4.56	%		17.36
2025		1		3,120		0.07	%		29,047		0.04	%		9.31
2027		2		27,625		0.65	%		827,131		1.15	%		29.94
2028		5		202,935		4.75	%		2,158,125		3.01	%		10.63
2030		1		3,745		0.09	%		325,000		0.45	%		86.78
2060		1		12,964		0.30	%		625,000		0.87	%		48.21
Total		399		4,275,449		100.00	%	$	71,783,560		100.00	%	$	16.79
Anchor GLA Owned by Tenants				254,916
Total Vacant				445,722
Total Square Feet				4,976,087

-36-

Core Portfolio - New and Renewal Rent Spreads 1
Based on Lease Execution Dates
	3 months ended
	March 31, 2012

	Cash2			GAAP3
New leases
Number of new leases executed		2			2
GLA		4,724			4,724
New base rent	$	26.91		$	29.70
Previous base rent (and percentage rent)	$	19.07		$	19.07
Percentage growth in base rent		41.1	%		55.7	%
Average cost per square foot	$	55.45		$	55.45
Weighted Average Lease Term (years)		8.5			8.5
Renewal leases
Number of renewal leases executed		13			13
GLA		98,494			98,494
New base rent	$	13.58		$	14.43
Expiring base rent (and percentage rent)	$	13.40		$	12.71
Percentage growth in base rent		1.3	%		13.5	%
Average cost per square foot	$	0.00		$	0.00
Weighted Average Lease Term (years)		4.1			4.1
Total new and renewal Leases
Number of new and renewal leases executed		15			15
GLA commencing		103,218			103,218
New base rent	$	14.19		$	15.13
Expiring base rent (and percentage rent)	$	13.66		$	13.00
Percentage growth in base rent		3.9	%		16.4	%
Average cost per square foot	$	2.54		$	2.54
Weighted Average Lease Term (years)		4.3			4.3

Notes:

1Does not include leased square footage and costs related to first generation space and the Company's major redevelopment  projects; renewal leases include exercised options.

2Rents have not been calculated on a straight line basis. Previous/expiring rent is that as of time of expiration and includes any  percentage rent paid as well. New rent is that which is paid at commencement.

3Rents are calculated on a straight line basis.

-37-

Core Portfolio Capital Expenditures
Current Quarter
	Current Quarter
	3 months ended		Prior Year ended
	March 31, 2012		December 31, 2011
Leasing Commissions	$	306	$	1,265
Tenant Improvements		1,583		5,823
Capital Expenditures		64		471
Total capital expenditures		1,953		7,559
Re-anchoring costs1		3,638		1,578
Total	$	5,591	$	9,137

Notes:

1 Represents costs associated with the Bloomfield Town Square and The Branch Plaza re-anchorings as discussed by the Company.

-38-

Property Demographics - Core
									3-Mile Radius2								5-Mile Radius2
			Trade Area		Base		Total		Total		#		Median HH		Avg. HH		Total		#		Median HH		Avg. HH
Property	City	State	(Miles)		Rent		GLA		Pop.		HH		Income		Income		Pop.		HH		Income		Income
Core
239 Greenwich Avenue	Greenwich	CT		5	$	1,554,663		16,834		64,308		23,814		125,719		162,508		135,320		48,542		122,962		156,902
Elmwood Park Shopping Center	Elmwood Park	NJ		3		3,255,865		149,262		248,932		81,257		60,826		69,326		586,661		200,354		67,746		78,008
A & P Shopping Plaza	Boonton	NJ		5		1,337,681		62,741		46,107		17,845		104,048		129,404		99,937		37,448		101,964		122,465
Village Commons Shopping Center	Smithtown	NY		3		2,429,281		87,330		63,231		21,079		102,376		124,093		173,029		56,356		98,040		119,322
The Branch Plaza	Smithtown	NY		3		1,638,970		126,212		64,812		21,738		103,946		126,961		191,293		61,590		94,383		113,936
Amboy Road	Staten Island	NY		3		1,625,352		60,090		97,141		33,846		82,727		86,666		162,143		57,055		79,869		84,373
Bartow Avenue5	The Bronx	NY		2		439,246		14,676		273,331		99,165		49,510		59,160		575,057		206,470		47,306		57,042
Pacesetter Park Shopping Center	Pomona	NY		3		1,021,988		97,564		19,646		6,760		101,782		120,862		99,896		29,978		87,372		107,422
LA Fitness5	Staten Island	NY		3		1,265,000		55,000		35,839		12,953		67,765		72,134		128,706		44,479		74,225		77,867
West 54th Street2	Manhattan	NY		1		2,424,795		9,756		42,128		25,011		91,410		155,737		160,333		90,051		93,753		164,270
East 17th Street2	Manhattan	NY		1		625,000		19,622		70,157		39,495		92,939		175,048		261,569		143,187		79,749		138,454
Crossroads Shopping Center	White Plains	NY		3		5,674,867		309,487		107,610		40,014		99,898		116,168		213,143		77,239		117,243		135,295
Third Avenue2	Yonkers	NY		1		666,631		39,367		45,117		14,987		22,294		32,027		154,302		51,557		23,429		33,081
Mercer Street2	New York	NY		1		383,160		6,225		48,262		20,078		76,510		134,753		209,871		90,080		70,637		119,525
4401 White Plains Road4	White Plains	NY		1		625,000		12,964		93,714		33,031		49,930		62,634		574,653		207,078		52,382		62,813
Town Line Plaza	Rocky Hill	CT		3		1,677,673		206,346		45,422		18,687		75,874		82,339		150,566		58,641		66,002		73,788
Methuen Shopping Center	Methuen	MA		5		1,021,370		130,021		91,440		33,166		48,242		56,292		194,882		72,424		55,911		64,367
Crescent Plaza	Brockton	MA		3		1,576,543		218,137		96,005		32,593		53,420		62,806		161,182		55,405		59,665		68,969
Cambridge	Cambridge	MA		1		1,130,470		54,226		65,630		23,337		62,405		87,759		489,150		215,128		68,155		97,305
New Loudon Center	Latham	NY		5		1,959,124		255,673		42,239		16,004		63,599		76,258		151,343		61,547		55,150		67,252
Walnut Hill Plaza	Woonsocket	RI		5		2,116,550		284,717		58,072		22,079		50,251		59,544		91,962		35,206		58,299		69,645
The Gateway Shopping Center	So. Burlington	VT		3		1,802,437		101,655		49,599		20,331		51,135		64,086		74,461		30,538		54,695		67,272
Hobson West Plaza	Naperville	IL		3		1,112,767		99,137		95,896		34,156		109,898		113,927		236,016		84,332		108,127		112,720
Clark & Diversey3	Chicago	IL		1		815,956		19,265		80,058		47,674		74,864		107,610		133,868		78,221		80,762		114,242
West Diversey4	Chicago	IL		1		1,884,925		46,259		57,904		37,481		66,689		94,576		361,880		198,507		70,933		100,699
Chicago Urban/Street Retail Portfolio4	Chicago	IL		1		2,812,239		72,763		62,509		32,901		91,769		141,038		494,291		234,742		71,739		100,859
Merrillville Plaza	Hobart	IN		5		2,870,922		235,824		28,125		11,745		59,051		57,903		79,178		30,967		55,914		56,106
Bloomfield Town Square	Bloomfield Hills	MI		5		2,277,192		236,418		58,074		22,758		88,141		102,572		157,331		61,379		95,034		105,404
Mad River Station	Dayton	OH		5		1,270,327		126,129		57,875		25,349		66,903		70,623		154,785		55,374		69,503		74,465
Marketplace of Absecon	Absecon	NJ		3		1,231,831		104,762		28,925		10,533		59,908		74,572		69,370		23,899		59,194		72,233
Brandywine/Mkt Sq./Naamans Rd.	Wilmington	DE		3		15,893,117		997,020		110,839		45,584		63,729		68,575		188,535		76,355		72,069		74,895
Mark Plaza	Edwardsville	PA		5		240,664		106,856		87,545		37,108		37,075		46,254		121,815		50,915		39,826		49,730
Plaza 422	Lebanon	PA		3		795,852		156,279		44,076		18,114		42,329		44,905		63,493		25,552		47,678		49,724
Route 6 Plaza	Honesdale	PA		5		1,179,840		175,519		7,948		3,467		36,983		47,590		12,024		5,030		39,415		49,983
Chestnut Hill	Philadelphia	PA		3		357,143		37,916		147,322		60,592		63,508		79,148		396,137		159,190		61,052		77,569
Abington Towne Center	Abington	PA		3		1,123,202		216,369		88,887		35,153		78,175		97,812		296,425		117,842		69,750		84,152
Georgetown Portfolio4	Georgetown	DC		1		1,665,917		27,666		37,072		18,448		80,669		137,674		306,482		147,883		70,715		110,008
Total Core 1
Weighted Average - Based on GLA										70,799		27,080	$	67,956	$	80,354		180,828		69,883	$	68,659	$	80,204
Weighted Average - Based on base rent										76,457		30,010	$	74,231	$	92,861		219,746		88,772	$	74,627	$	91,742

 Notes:

1 Calculations have been pro-rated based on the Company's ownership % in joint ventures.

2 Reflects .5 and 1 mile radius figures.

3 Reflects 1 and 1.5 mile radius figures,

4 Reflects 1 and 3 mile radius figures.

5 Reflects  2 and 3 mile radius figures.

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Property Demographics - Funds
						3-Mile Radius2						5-Mile Radius2
			Trade Area	Base	Total	Total	#	Median HH		Avg. HH		Total	#	Median HH		Avg. HH
Property	City	State	(Miles)	Rent	GLA	Pop.	HH	Income		Income		Pop.	HH	Income		Income
Fund I
Tarrytown Shopping Center	Tarrytown	NY	2	848,733	34,979	22,110	8,246		86,276		112,075	35,192	12,933		89,621		116,661
Fund II
Pelham Manor Shopping Plaza	Westchester	NY	3	5,601,779	228,493	401,439	145,255		57,360		68,075	532,763	168,549		35,031		49,370
400 East Fordham Road4	The Bronx	NY	2	5,519,760	119,446	649,998	214,775		33,106		43,969	1,214,522	401,588		35,202		47,217
Liberty Avenue2	Queens	NY	1	772,671	26,125	91,638	28,967		53,392		62,024	338,406	102,483		50,598		60,663
Canarsie2	Brooklyn	NY	1	7,678,974	273,542	111,699	36,850		47,249		56,580	1,222,610	400,044		53,590		64,781
216th Street3	Manhattan	NY	1	2,460,000	60,000	160,656	54,093		38,123		51,821	948,832	311,867		35,661		48,955
161st Street2	The Bronx	NY	1	4,617,137	237,983	199,667	64,948		23,956		35,877	734,022	236,490		25,864		39,464
Fund III
Westport	Westport	CT	3	1,741,544	27,033	43,980	16,452		157,068		202,669	113,415	42,948		128,347		162,965
Cortlandt Towne Center	Mohegan Lake	NY	3	9,287,863	641,211	36,790	11,992		98,885		106,063	89,641	30,347		90,138		100,808
654 Broadway5	New York	NY	1	300,000	2,896	70,572	34,946		73,978		128,584	271,509	127,536		70,980		121,380
640 Broadway5	New York	NY	1	645,281	4,483	70,572	34,946		73,978		128,584	271,509	127,536		70,980		121,380
New Hyde Park Shopping Center	New Hyde Park	NY	3	853,704	31,498	184,784	66,069		99,327		121,864	548,457	186,573		91,812		112,332
White City	Shrewsbury	MA	3	4,724,954	255,243	94,955	38,180		49,759		62,004	211,652	80,653		54,993		68,709
White Oak	Silver Spring	MD	3	874,416	64,626	92,060	34,141		80,124		97,014	256,978	88,658		78,604		94,563
Parkway Crossing	Parkville	MD	3	1,274,070	260,241	188,463	68,889		55,950		66,501	422,951	154,241		55,841		69,175
Lincoln Road	Miami Beach	FL	3	2,348,380	61,443	60,730	35,165		44,469		73,128	213,203	100,137		40,684		60,999
Heritage Shops	Chicago	IL	3	2,588,752	105,449	291,977	148,982		70,575		101,644	743,136	328,907		60,757		84,919
Fund I 1
Weighted Average - Based on GLA						22,110	8,246	$	86,276	$	112,075	35,192	12,933	$	89,621	$	116,661
Weighted Average - Based on base rent						22,110	8,246	$	86,276	$	112,075	35,192	12,933	$	89,621	$	116,661
Fund II - Urban In-Fill 1
Weighted Average - Based on GLA						284,289	96,909	$	41,293	$	52,149	869,920	282,592	$	37,672	$	50,532
Weighted Average - Based on base rent						314,864	106,705	$	41,412	$	52,270	923,297	300,948	$	38,473	$	51,160
Fund III 1
Weighted Average - Based on GLA						98,302	39,604	$	79,715	$	92,627	239,436	91,731	$	74,705	$	88,756
Weighted Average - Based on base rent						94,038	40,534	$	83,194	$	100,661	240,401	95,864	$	76,515	$	93,201
Total - Core and Funds1
Weighted Average - Based on GLA						80,771	30,549	$	67,677	$	80,086	211,202	79,453	$	67,867	$	79,664
Weighted Average - Based on base rent						95,758	36,542	$	72,399	$	90,385	274,381	105,210	$	72,055	$	88,848

Notes:

1 Does not include the Kroger/Safeway Portfolio.  Calculations have been pro-rated based on the Company's ownership % in the joint venture.

2 Reflects 1 and 2 mile radius figures.

3 Reflects 1 and 3 mile radius figures.

4 Reflects 2 and 3 mile radius figures.

5 Reflects .5 and 1 mile radius figures.

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Important Notes

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

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

USE OF FUNDS FROM OPERATIONS AS NON-GAAP FINANCIAL MEASURE

The Company considers funds from operations (“FFO”) as defined by the National Association of Real Estate Investment Trusts (“NAREIT”) to be an appropriate supplemental disclosure of operating performance for an equity REIT due to its widespread acceptance and use within the REIT and analyst communities. FFO is presented to assist investors in analyzing the performance of the Company. It is helpful as it excludes various items included in net income that are not indicative of the operating performance, such as gains (or losses) from sales of property and depreciation and amortization. However, the Company’s method of calculating FFO may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. FFO does not represent cash generated from operations as defined by generally accepted accounting principles (“GAAP”) and is not indicative of cash available to fund all cash needs, including distributions. It should not be considered as an alternative to net income for the purpose of evaluating the Company’s performance or to cash flows as a measure of liquidity.  Consistent with the NAREIT definition, the Company defines FFO as net income (computed in accordance with GAAP), excluding gains (or losses) from sales of depreciated property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. In addition, the Company also discloses FFO as adjusted to include the extraordinary gain from its RCP investment in Albertson's.  The Company believes that income or gains derived from its RCP investments, including its investment in Albertson's, are private-equity investments and, as such, should be treated as operating income and therefore FFO. The Company believes that this supplement adjustment more appropriately reflects the results of its operations. The Company also provides two other supplemental disclosures of operating performance, adjusted funds from operations ("AFFO")  and funds available for distribution ("FAD"). The Company defines AFFO as FFO adjusted for straight line rent, non-real estate depreciation, amortization of finance costs and costs of management contracts, tenant improvements, leasing commissions and capital expenditures. The Company defines FAD as AFFO adjusted for scheduled debt principal payments.

USE OF EBITDA AND NOI AS NON-GAAP FINANCIAL MEASURES

EBITDA and NOI are widely used financial measures in many industries, including the REIT industry, and are presented to assist investors and analysts in analyzing the performance of the Company. They are helpful as they exclude various items included in net income that are not indicative of operating performance, such as gains (or losses) from sales of property and depreciation and amortization and is used in computing various financial ratios as a measure of operational performance. The Company computes EBITDA as the sum of net income before extraordinary items plus interest expense, depreciation, income taxes and amortization, less any gains (losses including impairment charges) on the sale of income producing properties. The Company computes NOI by taking the difference between Property Revenues and Property Expenses as detailed in this reporting supplement. The Company’s method of calculating EBITDA and NOI may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. EBITDA and NOI do not represent cash generated from operations as defined by GAAP and are not indicative of cash available to fund all cash needs, including distributions. They should not be considered as an alternative to net income for the purpose of evaluating the Company’s performance or to cash flows as a measure of liquidity.

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