Acadia Realty Trust 8K Reports Fourth Quarter and Full Year 2012 Operating Results | AKR 8 Feb 13

Exhibit 99.2

REPORTING SUPPLEMENTAL

Year Ended 2012

Acadia Realty Trust

Table of Contents
Year Ended 2012



Section I - Financial Information		Section II - Opportunity Fund Information

Company Information	3	Opportunity Fund Overview	23
Total Market Capitalization	4	Opportunity Fund Properties	24
Operating Statements		Opportunity Fund Lease Expirations	25
Pro-rata Consolidation	5	Redevelopment Projects - Construction and Design	29
Opportunity Funds	6	RCP Venture Investments	30
Funds from Operations ("FFO"), Adjusted FFO ("AFFO")
and Funds Available for Distribution ("FAD")	8
EBITDA	9
Same Property Net Operating Income	10
Fee Income	11	Section III - Core Portfolio Information
Balance Sheet - Pro-rata Consolidation	12
Notes Receivable	13	Core Properties	31
Other Information		Core Portfolio by State	33
2013 Guidance	14	Core Top Tenants	34
Net Asset Valuation Information	15	Core Lease Expirations	35
Selected Financial Ratios	16	Core New and Renewal Rent Spreads	36
Debt Analysis		Core Capital Expenditures	37
Summary	17	Portfolio Demographics	38
Detail	18	Important Notes	40
Maturities with Extension Options	21
Maturities	22



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 acquisition, 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, these properties through its core portfolio and its 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	Symbol AKR
	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	Cowen and Company	KeyBanc Capital Markets, Inc.
	Craig Schmidt - (646) 855-3640	Michael Gorman - (646) 562-1381	Todd Thomas - (917) 368-2286
	craig.schmidt@baml.com	michael.gorman@cowen.com	tthomas@keybanccm.com

	Bank of Montreal	Green Street Advisors	RBC Capital Markets
	Paul Adornato, CFA - (212) 885-4170	Cedrik LaChance - (949) 640-8780	Rich Moore, CFA - (440) 715-2646
	paul.adornato@bmo.com	clachance@greenst.com	rich.moore@rbccm.com

	Citigroup - Global Markets	J.P. Morgan Securities, Inc.	UBS
	Quentin Velleley, CFA - (212) 816-6981	Michael W. Mueller, CFA - (212) 622-6689	Christy McElroy - (203) 719-7831
	quentin.velleley@citi.com	michael.w.mueller@jpmorgan.com	christy.mcelroy@ubs.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		99.1	%		52,483
Common Operating Partnership ("OP") Units		0.9	%		452
Combined Common Shares and OP Units					52,935

Share Price at December 31, 2012					$25.08

Equity Capitalization - Common Shares and OP Units					$1,327,610
Preferred OP Units					629		2
Total Equity Capitalization					1,328,239			75	%		78	%

Debt Capitalization
Consolidated debt					728,085
Adjustment to reflect pro-rata share of debt					(282,503	)
Total Debt Capitalization					445,582			25	%		22	%

Total Market Capitalization				$	1,773,821			100	%		100	%

Weighted Average Outstanding Common Shares and OP Units
(in thousands)

	Year-to-date		Quarter		Year-to-date		Quarter
Weighted average Common Shares - Basic EPS		45,854		50,047		40,697		41,785
Dilutive potential Common Shares		456		512		289		281
Weighted average Common Shares - Diluted EPS		46,310		50,559		40,986		42,066
OP Units		604		566		481		493
Dilutive potential OP Units		25		25		-		-
Weighted average Common Shares and OP Units - Diluted FFO		46,939		51,150		41,467		42,559



Notes:
1 Reflects debt net of Core Portfolio and pro-rata share of Opportunity Funds cash balance ("Net Debt"). Cash balance as of December 31, 2012 was $62,929
2 Represents 188 Series A Preferred OP Units convertible into 25,067 Common OP units multiplied by the Common Share price at quarter end.
3 Fixed-rate debt includes notional principal fixed through interest rate swap transactions.

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Income Statements - Pro-rata Consolidation1

(in thousands)

	Year-to-date ended December 31, 2012																		Three months ended December 31, 2012
	Core Retail						Opportunity Funds									Total			Core Retail							Opportunity Funds									Total
							Total																			Total
	Wholly			Joint			Continuing			Continuing			Discontinued						Wholly			Joint				Continuing			Continuing			Discontinued
	Owned			Ventures 2			Operations			Operations			Operations						Owned			Ventures 2				Operations			Operations			Operations
CORE PORTFOLIO AND OPPORTUNITY FUND INCOME

PROPERTY REVENUES
Minimum rents	$	53,223		$	6,835		$	60,058		$	9,261		$	6,495		$	75,814		$	14,769		$	1,685			$	16,454		$	2,515		$	1,397		$	20,366
Percentage rents		398			64			462			36			-			498			69			6				75			7			-			82
Expense reimbursements - CAM		4,988			855			5,843			1,254			202			7,299			2,116			362				2,478			439			39			2,956
Expense reimbursements - Taxes		8,041			1,110			9,151			1,471			207			10,829			2,174			295		��		2,469			358			23			2,850
Other property income		155			24			179			272			416			867			109			1				110			71			97			278
Total Property Revenues		66,805			8,888			75,693			12,294			7,320			95,307			19,237			2,349				21,586			3,390			1,556			26,532

PROPERTY EXPENSES
Property operating - CAM		6,707			1,060			7,767			1,646			187			9,600			2,915			419				3,334			567			45			3,946
Other property operating (Non-CAM)		2,752			399			3,151			1,337			1,575			6,063			673			169				842			395			259			1,496
Real estate taxes		9,909			1,316			11,225			2,037			610			13,872			2,545			351				2,896			481			146			3,523
Total Property Expenses		19,368			2,775			22,143			5,020			2,372			29,535			6,133			939				7,072			1,443			450			8,965

NET OPERATING INCOME - PROPERTIES		47,437			6,113			53,550			7,274			4,948			65,772			13,104			1,410				14,514			1,947			1,106			17,567

OTHER INCOME (EXPENSE)
Mezzanine interest income		5,781			-			5,781			478			-			6,259			1,234			-				1,234			123			-			1,357
Other interest income		209			-			209			(6	)		-			203			50			-				50			(12	)		-			38
Straight-line rent income, net		1,321			58			1,379			957			272			2,608			159			21				180			254			52			486
Straight-line ground rent expense		-			-			-			(84	)		(1	)		(85	)		-			-				-			(21	)		-			(21	)
ASC 805 rent, net		1,206			140			1,346			303			-			1,649			625			35				660			42			-			702
ASC 805 interest expense		(106	)		-			(106	)		117			-			11			(35	)		-				(35	)		69			-			34
Interest expense		(14,483	)		(4,219	)		(18,702	)		(3,354	)		(943	)		(22,999	)		(3,883	)		(1,012	)			(4,895	)		(1,031	)		(146	)		(6,072	)
Amortization of finance costs		(321	)		(26	)		(347	)		(406	)		(60	)		(813	)		(92	)		(26	)			(118	)		(47	)		-			(165	)
Asset and property management expense		(131	)		(47	)		(178	)		(251	)		(139	)		(568	)		(26	)		(10	)			(36	)		(81	)		-			(117	)
Other income		404			-			404			1			-			405			-			-				-			-			-			-
Acquisition costs		(2,037	)		-			(2,037	)		(491	)		-			(2,528	)		(843	)		-				(843	)		(106	)		-			(949	)
Reserve for notes receivable		(405	)		-			(405	)		-			-			(405	)		(405	)		-				(405	)		-			-			(405	)
CORE PORTFOLIO AND OPPORTUNITY FUND INCOME		38,875			2,019			40,894			4,538			4,077			49,509			9,888			418				10,306			1,137			1,012			12,455

FEE INCOME
Asset and property management fees		16,071			-			16,071			181			-			16,252			4,475			-				4,475			101			-			4,576
Transactional fees3		6,699			-			6,699			101			-			6,800			1,588							1,588			58			-			1,646
Provision for income taxes		(151	)		-			(151	)		164			(1	)		12			1,697			-				1,697			-			-			1,697
Total Fee Income		22,619			-			22,619			446			(1	)		23,064			7,760			-				7,760			159			-			7,919

PROMOTE, RCP AND OTHER INCOME
Equity in earnings from RCP investments		-			-			-			(249	)		-			(249	)		-			-				-			(181	)		-			(181	)
Promote income - Fund capital transactions		196			-			196			-			-			196			196			-				196			-			-			196
Lease termination income		-			12			12			103			-			115			-			-				-			-			-			-
Gain (loss) on extinguishment of debt		-			(147	)		(147	)		(346	)		(340	)		(833	)		-			(147	)			(147	)		(346	)		(340	)		(833	)
Gain on involuntary conversion of asset		2,368			-			2,368			-			-			2,368			2,368			-				2,368			-			-			2,368
Provision for income taxes (RCP)		(94	)		(1	)		(95	)		(2	)		-			(97	)		-			-				-			-			-			-
Total Promote, RCP and Other Income		2,470			(136	)		2,334			(494	)		(340	)		1,500			2,564			(147	)			2,417			(527	)		(340	)		1,550

GENERAL AND ADMINISTRATIVE		(23,302	)		(36	)		(23,338	)		(52	)		(3	)		(23,393	)		(6,032	)		(8	)			(6,040	)		604			(1	)		(5,437	)

Depreciation and amortization		(16,201	)		(1,582	)		(17,783	)		(3,193	)		(1,162	)		(22,138	)		(4,683	)		(426	)			(5,109	)		(768	)		-			(5,877	)
ASC 805 amortization		(1,804	)		-			(1,804	)		(719	)		-			(2,523	)		(621	)		-				(621	)		(158	)		-			(779	)
(Loss) gain on sale of properties		(248	)		-			(248	)		-			14,460			14,212			-			-				-			-			11,692			11,692
Income before noncontrolling interests		22,409			265			22,674			526			17,031			40,231			8,876			(163	)			8,713			447			12,363			21,523

Noncontrolling interest - OP		(525	)		-			(525	)		-			-			(525	)		(247	)		-				(247	)		-			-			(247	)

NET INCOME	$	21,884		$	265		$	22,149		$	526		$	17,031		$	39,706		$	8,629		$	(163	)		$	8,466		$	447		$	12,363		$	21,276

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 its pro-rata share for each of the above line items.

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

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
(in thousands)

	Year-to-date ended December 31, 2012
										Continuing			Discontinued																		Continuing			Discontinued																		Continuing			Discontinued
										Operations			Operations																		Operations			Operations																		Operations			Operations
	Fund I			Fund I			Fund I			AKR Pro-			AKR Pro-						AKR Pro-			Fund II			Fund II			Fund II			AKR Pro-			AKR Pro-						AKR Pro-			Fund III			Fund III			Fund III			AKR Pro-			AKR Pro-						AKR Pro-			Total
	Continuing			Discontinued			Consolidated			rata share4			rata share4						rata share4			Continuing			Discontinued			Consolidated			rata share			rata share						rata share			Continuing			Discontinued			Consolidated			rata share			rata share						rata share			AKR Pro-
	Operations			Operations			Operations			37.78%			37.78%			Mervyns I			37.78		%	Operations			Operations			Operations			20.00%			20.00%			Mervyns II			20.00%			Operations			Operations			Operations			19.90%			19.90%			Fund IV			23.12%			rata share

PROPERTY REVENUES
Minimum rents	$	220		$	390		$	610		$	84		$	147		$	-		$	-		$	21,758		$	12,452		$	34,210		$	4,351		$	2,490		$	-		$	-		$	24,140		$	19,384		$	43,524		$	4,766		$	3,858		$	259		$	60		$	15,756
Percentage rents		-			-			-			-			-			-			-			-			-			-			-			-			-			-			177			-			177			36			-			-			-			36
Expense reimbursements - CAM		3			52			55			1			20			-			-			2,603			895			3,498			520			178			-			-			3,625			21			3,646			722			4			48			11			1,456
Expense reimbursements - Taxes		-			221			221			-			83			-			-			2,494			521			3,015			498			104			-			-			4,912			98			5,010			971			20			9			2			1,678
Other property income		292			-			292			110			-			-			-			128			498			626			25			99			-			-			687			1,595			2,282			137			317			-			-			688
Total Property Revenues		515			663			1,178			195			250			-			-			26,983			14,366			41,349			5,394			2,871			-			-			33,541			21,098			54,639			6,632			4,199			316			73			19,614

PROPERTY EXPENSES
Property operating - CAM		17			58			75			6			22			-			-			4,148			792			4,940			828			158			-			-			4,093			32			4,125			812			7			-			-			1,833
Other property operating (Non-CAM)		319			46			365			120			17			-			-			2,170			2,683			4,853			424			537			-			-			3,991			5,128			9,035			793			1,021			-			-			2,912
Real estate taxes		21			128			149			8			48			-			-			3,504			990			4,494			701			199			-			-			6,655			1,821			8,476			1,322			363			24			6			2,647
Total Property Expenses		357			232			589			134			87			-			-			9,822			4,465			14,287			1,953			894			-			-			14,739			6,981			21,636			2,927			1,391			24			6			7,392

NET OPERATING INCOME - PROPERTIES		158			431			589			61			163			-			-			17,161			9,901			27,062			3,441			1,977			-			-			18,802			14,117			33,003			3,705			2,808			292			67			12,222

OTHER INCOME (EXPENSE)
Mezzanine interest income		596			-			596			225			-			-			-			-			-			-			-			-			-			-			1,272			-			1,272			253			-			-			-			478
Other interest income		4			-			4			2			-			-			-			(74	)		-			(74	)		(15	)		-			-			-			36			-			36			7			-			-			-			(6	)
Straight-line rent income, net		-			28			28			-			11			-			-			3,407			1,248			4,655			682			249			-			-			1,387			58			1,445			275			12			-			-			1,229
Straight-line ground rent		-			-			-			-			-			-			-			(416	)		-			(416	)		(84	)		(1	)		-			-			-			-			-			-			-			-			-			(85	)
ASC 805 rent, net		-			-			-			-			-			-			-			-			-			-			-			-			-			-			1,522			-			1,522			303			-			-			-			303
ASC 805 interest expense		-			-			-			-			-			-			-			-			-			-			-			-			-			-			589			-			589			117			-			-			-			117
Interest expense		(1	)		(91	)		(92	)		-			(34	)		-			-			(5,948	)		(3,670	)		(9,618	)		(1,190	)		(735	)		-			-			(10,674	)		(874	)		(11,548	)		(2,124	)		(174	)		(172	)		(40	)		(4,297	)
Amortization of finance costs		(12	)		-			(12	)		(5	)		-			-			-			(914	)		(302	)		(1,216	)		(182	)		(60	)		-			-			(1,104	)		-			(1,104	)		(219	)		-			-			-			(466	)
Asset and property management expense 2		19			(11	)		8			1			-			7			-			(3,591	)		(554	)		(4,145	)		(12	)		-			(429	)		-			(8,614	)		(1,069	)		(9,683	)		(240	)		(139	)		-			-			(390	)
Promote expense2		(930	)		-			(930	)		-			-			60			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-
Other income		-			-			-			-			-			-			-			-			-			-			-			-			-			-			7			-			7			1			-			-			-			1
Acquisition costs		-			-			-			-			-			-			-			-			-			-			-			-			-			-			(1,946	)		-			(1,946	)		(388	)		-			(453	)		(103	)		(491	)
OPPORTUNITY FUND INCOME		(166	)		357			191			284			140			67			-			9,625			6,623			16,248			2,640			1,430			(429	)		-			1,277			12,232			13,593			1,690			2,507			(333	)		(76	)		8,615

FEE INCOME
Asset and property management fees		-			-			-			-			-			-			-			-			-			-			-			-			-			-			910			-			910			181			-			-			-			181
Transactional fees		-			-			-			-			-			-			-			-			-			-			-			-			-			-			507			-			507			101			-			-			-			101
Provision for income taxes		14			-			14			5			-			-			-			(22	)		(4	)		(26	)		(5	)		(1	)		-			-			826			-			826			164			-			-			-			163
Total Fee Income		14			-			14			5			-			-			-			(22	)		(4	)		(26	)		(5	)		(1	)		-			-			2,243			-			2,243			446			-			-			-			445

PROMOTE, RCP AND OTHER INCOME
Equity in earnings from RCP investments		-			-			-			-			-			(531	)		(200	)		-			-			-			-			-			(246	)		(49	)		-			-			-			-			-			-			-			(249	)
Promote income - Fund capital transactions		-			-			-			-			-			43			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-
Lease termination income		-			-			-			-			-			-			-			-			-			-			-			-			-			-			517			-			517			103			-			-			-			103
Gain on extinguishment of debt		-			-			-			-			-			-			-			(429	)		(1,573	)		(2,002	)		(86	)		(315	)		-			-			(1,305	)		(128	)		(1,433	)		(260	)		(25	)		-			-			(686	)
Provision for income taxes (RCP)		-			-			-			-			-			(2	)		(1	)		-			-			-			-			-			(5	)		(1	)		-			-			-			-			-			-			-			(2	)
Total Promote, RCP and Other Income		-			-			-			-			-			(490	)		(201	)		(429	)		(1,573	)		(2,002	)		(86	)		(315	)		(251	)		(50	)		(788	)		(128	)		(916	)		(157	)		(25	)		-			-			(834	)

GENERAL AND ADMINISTRATIVE		(107	)		(1	)		(108	)		(40	)		-			(18	)		(7	)		(258	)		(11	)		(269	)		(52	)		(3	)		(35	)		(6	)		825			-			825			164			-			(409	)		(111	)		(55	)

Depreciation and amortization		(9	)		(73	)		(82	)		(3	)		(28	)		-			-			(7,832	)		(2,761	)		(10,593	)		(1,565	)		(552	)		-			-			(8,160	)		(2,925	)		(11,085	)		(1,625	)		(582	)		-			-			(4,355	)
ASC 805 amortization		-			-			-			-			-			-			-			-			-			-			-			-			-			-			(3,607	)		-			(3,607	)		(719	)		-			-			-			(719	)
Gain on sale of properties		-			2,885			2,885			-			1,090			-			-			-			3,555			3,555			-			711			-			-			-			63,615			63,615			-			12,659			-			-			14,460
Income before noncontrolling interest		(268	)		3,168			2,900			246			1,202			(441	)		(208	)		1,084			5,829			6,913			932			1,270			(715	)		(56	)		(8,210	)		72,794			64,668			(201	)		14,559			(742	)		(187	)		17,557

NET INCOME	$	(268	)	$	3,168		$	2,900		$	246		$	1,202		$	(441	)	$	(208	)	$	1,084		$	5,829		$	6,913		$	932		$	1,270		$	(715	)	$	(56	)	$	(8,210	)	$	72,794		$	64,668		$	(201	)	$	14,559		$	(742	)	$	(187	)	$	17,557

Notes:
1 Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim periods. The Company's investments in consolidated and unconsolidated joint ventures are reflected separately for revenues
and expenses by calculating it's pro-rata share for each of the above line items. In total, net income agrees with net income as reported in the Company's Form 10Q's and 10K for the corresponding periods. The Company currently invests in Funds I, II, III & IV and Mervyn's which are consolidated
with the Company's financial statements.
2 Funds I, II, III & IV and the Mervyn's entities pay various fees and promotes to the Company. As it is the recipient of such fees, the Company does not recognize its pro-rata share of these expenses.
3Represents the Company's pro-rata share unconsolidated investments which are detailed on page 24.
4 Represents a 20% promote earned by Acadia in addition to our 22.22% pro-rata share of the remaining 80% after promote (20%+22.22%*80% = 37.78%)

- 6 -

Income Statements - Opportunity Funds1

(in thousands)

	Three months ended December 31, 2012
							Continuing																		Continuing			Discontinued																		Continuing			Discontinued
							Operations																		Operations			Operations																		Operations			Operations
	Fund I			Fund I			AKR Pro-						AKR Pro-			Fund II			Fund II			Fund II			AKR Pro-			AKR Pro-						AKR Pro-			Fund III			Fund III			Fund III			AKR Pro-			AKR Pro-						AKR Pro-			Total
	Continuing			Consolidated			rata share4						rata share4			Continuing			Discontinued			Consolidated			rata share			rata share						rata share			Continuing			Discontinued			Consolidated			rata share			rata share						rata share			AKR Pro-
	Operations			Operations			37.78%			Mervyns I			37.78%			Operations			Operations			Operations			20.00%			20.00%			Mervyns II			20.00%			Operations			Operations			Operations			19.90%			19.90%			Fund IV			23.12%			rata share

PROPERTY REVENUES
Minimum rents	$	57		$	57		$	22		$	-		$	-		$	5,969		$	2,771		$	8,740		$	1,194		$	554		$	-		$	-		$	6,228		$	4,234		$	10,462		$	1,239		$	843		$	259		$	60		$	3,912
Percentage rents		-			-			-			-			-			-			-			-			-			-			-			-			35			-			35			7			-			-			-			7
Expense reimbursements - CAM		-			-			-			-			-			697			197			894			139			39			-			-			1,451			-			1,451			289			-			48			11			478
Expense reimbursements - Taxes		-			-			-			-			-			636			115			751			127			23			-			-			1,153			-			1,153			229			-			9			2			381
Other property income		8			8			3			-			-			102			122			224			20			24			-			-			240			367			607			48			73			-			-			168
Total Property Revenues		65			65			25			-			-			7,404			3,205			10,609			1,480			640			-			-			9,107			4,601			13,708			1,812			916			316			73			4,946

PROPERTY EXPENSES
Property operating - CAM		(2	)		(2	)		(1	)		-			-			1,152			223			1,375			230			45			-			-			1,709			-			1,709			338			-			-			-			612
Other property operating (Non-CAM)		107			107			40			-			-			508			305			813			92			61			-			-			1,324			994			2,318			263			198			-			-			654
Real estate taxes		2			2			1			-			-			921			206			1,127			184			41			-			-			1,460			527			1,987			290			105			24			6			627
Total Property Expenses		107			107			40			-			-			2,581			734			3,315			506			147			-			-			4,493			1,521			6,014			891			303			24			6			1,893

NET OPERATING INCOME - PROPERTIES		(42	)		(42	)		(15	)		-			-			4,823			2,471			7,294			974			493			-			-			4,614			3,080			7,694			921			613			292			67			3,053

OTHER INCOME (EXPENSE)
Mezzanine interest income		165			165			62			-			-			-			-			-			-			-			-			-			306			-			306			61			-			-			-			123
Other interest income		-			-			-			-			-			(74	)		-			(74	)		(15	)		-			-			-			17			-			17			3			-			-			-			(12	)
Straight-line rent income, net		-			-			-			-			-			832			262			1,094			166			52			-			-			444			-			444			88			-			-			-			306
Straight-line ground rent		-			-			-			-			-			(104	)		2			(102	)		(21	)		-			-			-			-			-			-			-			-			-			-			(21	)
ASC 805 rent, net		-			-			-			-			-			-			-			-			-			-			-			-			210			-			210			42			-			-			-			42
ASC 805 interest expense		-			-			-			-			-			-			-			-			-			-			-			-			346			-			346			69			-			-			-			69
Interest expense		-			-			-			-			-			(1,365	)		(699	)		(2,064	)		(273	)		(140	)		-			-			(3,610	)		(28	)		(3,638	)		(718	)		(6	)		(172	)		(40	)		(1,177	)
Amortization of finance costs		-			-			-			-			-			(262	)		-			(262	)		(52	)		-			-			-			25			-			25			5			-			-			-			(47	)
Asset and property management expense2		2			2			1			-			-			(59	)		-			(59	)		(12	)		-			-			-			(351	)		-			(351	)		(70	)		-			-			-			(81	)
Promote expense2		(223	)		(223	)		-			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-
Other income		-			-			-			-			-			-			-			-			-			-			-			-			2			-			2			-			-			-			-			-
Acquisition costs		-			-			-			-			-			-			-			-			-			-			-			-			(13	)		-			(13	)		(3	)		-			(453	)		(103	)		(106	)
OPPORTUNITY FUND INCOME		(98	)		(98	)		48			-			-			3,791			2,036			5,827			767			405			-			-			1,990			3,052			5,042			398			607			(333	)		(76	)		2,149

FEE INCOME
Asset and property management fees		-			-			-			-			-			-			-			-			-			-			-			-			509			-			509			101			-			-			-			101
Transactional fees		-			-			-			-			-			-			-			-			-			-			-			-			289			-			289			58			-			-			-			58
Provision for income taxes		1			1			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-
Total Fee Income		1			1			-			-			-			-			-			-			-			-			-			-			798			-			798			159			-			-			-			159

PROMOTE, RCP AND OTHER INCOME
Equity in earnings from RCP investments		-			-			-			(210	)		(79	)		-			-			-			-			-			(509	)		(102	)		-			-			-			-			-			-			-			(181	)
Promote income - Fund capital transactions		-			-			-			43			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-
Lease termination income		-			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-
Gain on extinguishment of debt		-			-			-			-			-			(429	)		(1,573	)		(2,002	)		(86	)		(315	)		-			-			(1,305	)		(128	)		(1,433	)		(260	)		(25	)		-			-			(686	)
Provision for income taxes (RCP)		-			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-
Total Promote, RCP and Other Income		-			-			-			(167	)		(79	)		(429	)		(1,573	)		(2,002	)		(86	)		(315	)		(509	)		(102	)		(1,305	)		(128	)		(1,433	)		(260	)		(25	)		-			-			(867	)

GENERAL AND ADMINISTRATIVE		(25	)		(25	)		(9	)		(4	)		(2	)		1,740			(3	)		1,737			348			(1	)		(10	)		(2	)		1,352			-			1,352			269			-			-			-			603

Depreciation and amortization		(1	)		(1	)		-			-			-			(1,759	)		-			(1,759	)		(352	)		-			-			-			(2,089	)		-			(2,089	)		(416	)		-			-			-			(768	)
ASC 805 amortization		-			-			-			-			-			-			-			-			-			-			-			-			(792	)		-			(792	)		(158	)		-			-			-			(158	)
Gain on sale of properties		-			-			-			-			-			-			3,555			3,555			-			711			-			-			-			55,179			55,179			-			10,981			-			-			11,692
Income before noncontrolling interest		(123	)		(123	)		39			(171	)		(81	)		3,343			4,015			7,358			677			800			(519	)		(104	)		(46	)		58,103			58,057			(8	)		11,563			(333	)		(76	)		12,810

NET INCOME	$	(123	)	$	(123	)	$	39		$	(171	)	$	(81	)	$	3,343		$	4,015		$	7,358		$	677		$	800		$	(519	)	$	(104	)	$	(46	)	$	58,103		$	58,057		$	(8	)	$	11,563		$	(333	)	$	(76	)	$	12,810

Notes:
1 Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim periods. The Company's investments in consolidated and unconsolidated joint ventures are reflected separately for revenues
and expenses by calculating it's pro-rata share for each of the above line items. In total, net income agrees with net income as reported in the Company's Form 10Q's and 10K for the corresponding periods. The Company currently invests in Funds I, II, III & IV and Mervyn's
which are consolidated with the Company's financial statements.
2 Funds I, II, III & IV and the Mervyn's entities pay various fees to and promotes the Company. As it is the recipient of such fees, the Company does not recognize its pro-rata share of these expenses.
3Represents the Company's pro-rata share unconsolidated investments which are detailed on page 24.
4 Represents a 20% promote earned by Acadia in addition to our 22.22% pro-rata share of the remaining 80% after promote (20%+22.22%*80% = 37.78%)

- 7 -

Funds from Operations ("FFO") 1

(in thousands)

	2012															2011
	Current			Current			Previous			Previous			Previous			Historic			Historic
	Year-to-Date			Quarter			Quarter			Quarter			Quarter			Year-to-Date			Quarter
	Period ended			3 months ended			3 months ended			3 months ended			3 months ended			Period ended			3 months ended
Funds from operations ("FFO"):	December 31, 2012			December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2011			December 31, 2011

Net Income	$	39,706		$	21,276		$	7,581		$	6,839		$	4,010		$	51,555		$	7,887
Add back:
Depreciation of real estate and amortization of leasing costs:
(net of noncontrolling interest share)
Consolidated affiliates		23,090			6,782			5,827			5,653			4,828			18,274			4,692
Unconsolidated affiliates		1,581			426			374			389			392			1,549			477
Gain on sale of properties (net of noncontrolling interest share)
Consolidated affiliates		(13,083	)		(11,692	)		(1,178	)		(213	)		-			(31,716	)		(2,356	)
Unconsolidated affiliates		(609	)		-			-			(609	)		-			-			-
Gain on involuntary conversion of asset		(2,368	)		(2,368	)		-			-			-			2,616			-
Income attributable to noncontrolling interests'
share in Operating Partnership		510			241			105			101			63			635			99
Distributions on Preferred OP Units		18			4			4			5			5			18			5
FFO	$	48,845		$	14,669		$	12,713		$	12,165		$	9,298		$	42,931		$	10,804

Adjusted Funds from operations ("AFFO"):
Diluted FFO	$	48,845		$	14,669		$	12,713		$	12,165		$	9,298		$	42,931		$	10,804
Straight line rent, net		(2,608	)		(486	)		(717	)		(777	)		(628	)		(2,203	)		(851	)
Straight-line ground rent expense		85			21			20			22			22			88			22
ASC 805 rent, net		(1,649	)		(702	)		(399	)		(386	)		(162	)		351			96
ASC 805 interest expense		(11	)		(34	)		16			28			(21	)		(73	)		(21	)
Amortization of discount on convertible debt		-			-			-			-			-			829			109
Non real estate depreciation		431			93			108			112			118			465			118
Amortization of finance costs		926			165			270			284			207			1,162			304
Amortization of cost of management contracts		20			-			-			-			20			190			30
Leasing commissions		(1,916	)		(347	)		(947	)		(316	)		(306	)		(1,265	)		(188	)
Tenant improvements		(4,274	)		(913	)		(366	)		(1,412	)		(1,583	)		(7,401	)		(1,584	)
Capital expenditures		(1,523	)		(444	)		(692	)		(323	)		(64	)		(471	)		(253	)
Loss (gain) on extinguishment of debt		833			833			-			-			-			(1,268	)		-
AFFO	$	39,159		$	12,855		$	10,006		$	9,397		$	6,901		$	33,335		$	8,586

Funds Available for Distribution ("FAD")
AFFO	$	39,159		$	12,855		$	10,006		$	9,397		$	6,901		$	33,335		$	8,586
Scheduled principal repayments		(4,167	)		(996	)		(1,268	)		(997	)		(906	)		(2,684	)		(731	)
FAD	$	34,992		$	11,859		$	8,738		$	8,400		$	5,995		$	30,651		$	7,855

Total weighted average shares and OP Units:
Basic		46,484			50,638			46,976			44,889			43,382			41,178			42,278
Diluted		46,940			51,150			47,410			45,317			43,792			41,167			42,559

FFO per share:
FFO per share - Basic	$	1.05		$	0.29		$	0.27		$	0.27		$	0.21		$	1.04		$	0.26
FFO per share - Diluted	$	1.04		$	0.29		$	0.27		$	0.27		$	0.21		$	1.04		$	0.25

AFFO per share - Basic	$	0.84		$	0.25		$	0.21		$	0.21		$	0.16		$	0.81		$	0.20
AFFO per share - Diluted	$	0.83		$	0.25		$	0.21		$	0.21		$	0.16		$	0.81		$	0.20

FAD per share - Basic	$	0.75		$	0.23		$	0.19		$	0.19		$	0.14		$	0.74		$	0.19
FAD per share - Diluted	$	0.75		$	0.23		$	0.18		$	0.19		$	0.14		$	0.74		$	0.18

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.

- 8 -

EBITDA

(in thousands)

	Year-to-Date															Current Quarter
	Period ended December 31, 2012															Three months ended December 31, 2012
	Core Retail						Opportunity Funds									Core Retail									Opportunity Funds
					Total																	Total
	Wholly		Joint		Continuing		Continuing			Discontinued			TOTAL			Wholly			Joint			Continuing			Continuing			Discontinued			TOTAL
	Owned		Ventures		Operations		Operations			Operations						Owned			Ventures			Operations			Operations			Operations


NET INCOME	$	21,884	$	265	$	22,149	$	526		$	17,031		$	39,706		$	8,629		$	(163	)	$	8,466		$	447		$	12,363		$	21,276

Add back:
Depreciation and amortization		16,201		1,582		17,783		3,193			1,162			22,138			4,683			426			5,109			768			-			5,877
ASC 805 amortization		1,804		-		1,804		719			-			2,523			621			-			621			158			-			779
Interest expense		14,483		4,219		18,702		3,354			943			22,999			3,883			1,012			4,895			1,031			146			6,072
Amortization of finance costs		321		26		347		406			60			813			92			26			118			47			-			165
ASC 805 interest expense		106		-		106		(117	)		-			(11	)		35			-			35			(69	)		-			(34	)
Gain on sale of properties		248		-		248		-			(14,460	)		(14,212	)		-			-			-			-			(11,692	)		(11,692	)
Provision for income taxes		245		1		246		(162	)		1			85			(1,697	)		-			(1,697	)		-			-			(1,697	)
Loss on extinguishment of debt		-		147		147		346			340			833			-			147			147			346			340			833
Noncontrolling interest - OP		525		-		525		-			-			525			247			-			247			-			-			247

EBITDA	$	55,817	$	6,240	$	62,057	$	8,265		$	5,077		$	75,399		$	16,493		$	1,448		$	17,941		$	2,728		$	1,157		$	21,826

- 9 -

Core Portfolio
Net Operating Income (NOI) - Same Property Performance 1
(in thousands)

	Quarter									Year-to-Date
							Growth in Same					��				Growth in Same
	Three months ended						Property NOI -			Period ended						Property NOI -
							Continuing Operations									Continuing Operations
	December 31, 2012			December 31, 2011			Favorable (unfavorable)			December 31, 2012			December 31, 2011			Favorable (unfavorable)

Reconciliation of total NOI to same property NOI:

NOI - Core properties	$	14,514		$	11,477					$	53,550		$	44,594

NOI - Properties acquired, in redevelopment
and Discontinued Operations		(3,338	)		(1,092	)					(13,245	)		(5,701	)

Total	$	11,176		$	10,385			7.6	%	$	40,305		$	38,893			3.6	%


Same property NOI by revenues/expenses:


Revenues	$	16,977		$	15,193			11.7	%	$	57,969		$	56,473			2.6	%
Expenses		5,801			4,808			-20.7	%		17,633			17,580			-0.3	%

Total Core Portfolio	$	11,176		$	10,385			7.6	%	$	40,336		$	38,893			3.7	%


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

- 10 -

Fee income by Opportunity Fund

(in thousands)

	Fund I		Fund II		Fund III		Fund IV		Other		Total
Year ended December 31, 2012
Asset and property management fees	$	288	$	4,528	$	6,569	$	4,007	$	679	$	16,071
Transactional fees		33		3,408		2,474		75		709		6,699
Total management fees	$	321	$	7,936	$	9,043	$	4,082	$	1,388	$	22,770


	Fund I		Fund II		Fund III		Fund IV		Other		Total
Current quarter ended December 31, 2012
Asset and property management fees and priority distributions	$	67	$	1,199	$	1,498	$	1,584	$	127	$	4,475
Transactional fees		3		883		385		75		242		1,588
Total management fees and priority distributions	$	70	$	2,082	$	1,883	$	1,659	$	369	$	6,063


	Fund I		Fund II		Fund III		Fund IV 1		Other		Total
Previous Quarter ended September 30, 2012
Asset and property management fees	$	67	$	1,059	$	1,676	$	1,949	$	63	$	4,814
Transactional fees		2		1,071		1,004		-		60		2,137
Total management fees	$	69	$	2,130	$	2,680	$	1,949	$	123	$	6,951


	Fund I		Fund II		Fund III		Fund IV		Other		Total
Previous Quarter ended June 30, 2012
Asset and property management fees	$	65	$	1,167	$	1,678	$	474	$	219	$	3,603
Transactional fees		14		628		581		-		244		1,467
Total management fees	$	79	$	1,795	$	2,259	$	474	$	463	$	5,070


	Fund I		Fund II		Fund III		Fund IV		Other		Total
Previous Quarter ended March 31, 2012
Asset and property management fees	$	89	$	1,103	$	1,717	$	-	$	270	$	3,179
Transactional fees		14		826		504		-		163		1,507
Total management fees	$	103	$	1,929	$	2,221	$	-	$	433	$	4,686

1 Includes $365 of asset management fee due for the period May 16, 2012 (initial closing date) through June 30, 2012 for investors closed subsequent to June 30, 2012.

- 11 -

Pro-Rata Consolidated Balance Sheet

(in thousands)

	Consolidated				Noncontrolling			Company's			Pro-Rata
	Balance				Interest in			Interest in			Consolidated
	Sheet				Consolidated			Unconsolidated			Balance
	As Reported 1				Subsidiaries			Subsidiaries			Sheet 2				Notes
ASSETS
Real estate															1 The interim consolidated balance sheet is unaudited, although it
Land	$	293,691			$	(94,098	)	$	24,869		$	224,462			reflects all adjustments, which in the opinion of management,
Buildings and improvements		953,020				(317,171	)		95,499			731,348			are necessary for the fair presentation of the consolidated
Construction in progress		2,429				(1,107	)		1,301			2,623			balance sheet for the interim period.
		1,249,140				(412,376	)		121,669			958,433
Less: accumulated depreciation		(187,029	)			38,161			(13,422	)		(162,290	)		2 The Company currently invests in Funds I, II, III & IV and Mervyns I & II
Net real estate		1,062,111				(374,215	)		108,247			796,143			which are consolidated with the Company's financial statements.
															To provide investors with supplemental information, the Company's
Net real estate under development		246,602		3		(199,988	)		197			46,811			investments in these joint ventures are reflected above on a pro-rata
															basis by calculating its ownership percentage for each of the asset
Cash and cash equivalents		91,813				(30,184	)		1,300			62,929			and liability line items. Similarly, the presentation also includes
Cash in escrow		18,934				(11,603	)		1,015			8,346			the Company's pro-rata share of assets and liabilities for
Investments in and advances to unconsolidated affiliates		221,694				(166,884	)		(45,545	)		9,265			unconsolidated investments which are accounted for under the equity
Rents receivable, net		4,974				(2,056	)		397			3,315			method of accounting for the Company's financial statements.
Straight-line rents receivable, net		22,770				(11,072	)		1,556			13,254
Notes Receivable		129,278				(22,492	)		1,080			107,866			3 The components of Net real estate under development are as follows:
Deferred charges, net		26,777				(19,923	)		1,821			8,675			Fund II	$	216,357
Prepaid expenses and other assets		29,241				25,368			1,521			56,130		4	Fund III		27,876
Acquired lease intangibles		31,975				(11,638	)		1,193			21,530
Accounts receivable from related parties		210				-			-			210			Total Opportunity Funds		244,233
Assets of discontinued operations		22,061				(16,640	)		-			5,421			Core Portfolio		2,369
															Total	$	246,602
Total Assets	$	1,908,440			$	(841,327	)	$	72,782		$	1,139,895
															4 The components of Prepaid expenses and other assets are as follows:
LIABILITIES AND SHAREHOLDERS' EQUITY															Due from Fund Investors	$	39,228
															Contract deposits		5,390
Mortgage notes payable	$	727,155				(372,120	)	$	89,617		$	444,652			Unsettled At-The-Market proceeds		4,006
Notes payable		930				-			-			930			Prepaid expenses		3,197
Valuation of debt at acquisition, net of amortization		(107	)			(285	)		113			(279	)		Accrued interest on Notes Receivable		1,953
Acquired lease intangibles		14,115				(2,862	)		2,342			13,595			Other		2,356
Accounts payable and accrued expenses		29,309				(11,952	)		1,938			19,295			Total	$	56,130
Dividends and distributions payable		9,674				-			-			9,674
Share of losses in excess of inv. in unconsolidated affiliates		22,707				-			(22,515	)		192
Accounts payable to related parties		-				-			-			-
Other liabilities		21,303				(8,678	)		1,287			13,912
Liabilities of discontinued operations		13,098				(9,706	)		-			3,392
Total liabilities		838,184				(405,603	)		72,782			505,363

Shareholders' equity:
Common shares		52				-			-			52
Additional paid-in capital		581,925				-			-			581,925
Accumulated other comprehensive income		(4,307	)			-			-			(4,307	)
Retained earnings		45,127				-			-			45,127
Total controlling interest		622,797				-			-			622,797
Non-controlling interest in subsidiary		447,459				(435,724	)		-			11,735
Total shareholders' equity		1,070,256				(435,724	)		-			634,532

Total Liabilities and Shareholders' Equity	$	1,908,440			$	(841,327	)	$	72,782		$	1,139,895

- 12 -

Notes Receivable
(in thousands)

	Balance at					Balance at															Underlying third-party
	September 30, 2012		Fourth			December 31, 2012						Stated			Effective						first mortgage
			Quarter					Accrued				Interest			Interest			Maturity	Extension
Investment	Principal		Activity			Principal2		Interest		Total		Rate			Rate 1			Dates	Options		Amount		Maturity Dates


First mortgage notes	$	5,669	$	43,250		$	48,919	$	312	$	49,231		8.29	%		9.59	%	2013 to 2014		-		n/a		n/a

Short-term notes related to acquisitions		22,500		(22,500	)		-		-		-		-			-		n/a		-		n/a		n/a

Mezzanine notes		18,953		30,573			49,526		1,311		50,837		14.09	%		14.77	%	2013 to 2020		-		302,923	2014 thru 2019

Total notes receivable	$	47,122	$	51,323		$	98,445	$	1,623	$	100,068		11.21	%		12.20	%

Notes:
1 Inclusive of points and exit fees.

2 Reconciliation of Notes Receivable to the Consolidated Balance Sheet

Total Notes Receivable per above	$	98,445

Fund I first mortgage loan - related to Kroger/Safeway sale		12,333
Fund III first mortgage investments		18,500

Total Notes Receivable per Consolidated Balance Sheet	$	129,278

- 13 -

2013 Guidance
(in millions except per share amounts, all per share amounts are fully diluted)



	2013 Guidance	2012 Actual
Overall:

Fully diluted Common Shares and OP Units	54,600 - 55,800	51,150

Full year Funds from Operations ("FFO") per share	$1.17 to $1.25	$1.04

Earnings per Share ("EPS")	$0.66 to $0.71	$0.85


FFO Components:

Core and pro-rata share of opportunity Fund ("Fund") portfolio income	$66.5 to $70.5	$47.6

Asset and property management fee income, net of TRS taxes	$14.5 to $15.0	$16.3

Transactional fee income, net of TRS taxes	$6.5 to $7.0	$6.8

Promote, RCP and other income, net of TRS taxes	$1.0 to $1.5	$1.5

General and administrative expense	$(24.5) to $(24.0)	$(23.4)

Total	$64.0 to $70.0	$48.8

- 14 -

Net Asset Valuation Information
(in thousands)

	CORE				FUND I							FUND II									FUND III												FUND IV
					Fund Level		AKR pro-rata share					Fund Level				AKR Pro-rata Share					Fund Level						AKR pro-rata share						Fund Level						AKR pro-rata share
	Quarterly		Annualized (x4)					%			$	Quarterly		Annualized (x4)			%			$	Quarterly			Annualized (x4)				%			$		Quarterly			Annualized (x4)				%			$
Current NOI
Net Operating Income - Continuing Operations	$	14,514	$	58,056		--						$	4,823	$	19,292		20.00	%	$	3,858	$	4,614		$	18,456			19.90	%	$	3,673		$	292		$	1,168			23.12	%	$	270
Less: Net Operating Income of pre-stabilized assets													33		132					27		(175	)		(700	)					(139	)		(292	)		(1,168	)					(270	)
Net Operating Income of stabilized assets													4,856		19,424					3,885		4,439			17,756						3,534			-			-						-

Cost to Date
Cost basis of pre-stabilized assets														$	-				$	-				$	40,456					$	8,051					$	144,120					$	33,321

Discontinued operations, net of debt														$	23,139				$	4,628

Debt			$	341,044	$	-								$	216,350				$	42,426				$	224,874					$	40,599					$	93,050					$	21,513

Gross asset value1						16,000
Net Asset Value					$	16,000		37.78	%	$	6,045


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%.

- 15 -

Selected Financial Ratios

(in thousands)

	Three months ended December 31,						Period ended December 31, 2012							Three months ended December 31,			Three months ended September 30,

	2012			2011			2012			2011				2012			2012
COVERAGE RATIOS1													LEVERAGE RATIOS

EBITDA2	$	21,826		$	14,398		$	75,399		$	64,142		Debt4	$	445,582		$	460,664
Divided by Interest expense		6,072			5,694			22,999			23,371		Total Market Capitalization		1,773,821			1,646,540
Interest Coverage Ratio		3.6	x		2.5	x		3.3	x		2.7	x	Debt/Total Market Capitalization		25	%		28	%

EBITDA	$	21,826		$	14,398		$	75,399		$	64,142		Debt4, 6	$	382,653		$	394,102
Divided by (Interest expense		6,072			5,694			22,999			23,371		Total Market Capitalization		1,710,892			1,579,978
Plus: Preferred Dividends)3		4			5			18			18		Net Debt/Total Market Capitalization		22	%		25	%
Fixed Charge Coverage Ratio		3.6	x		2.5	x		3.3	x		2.7	x
													Debt + Preferred Equity (Preferred O.P. Units)	$	446,211		$	461,286
EBITDA	$	21,826		$	14,398		$	75,399		$	64,142		Total Market Capitalization		1,773,821			1,646,540
Divided by (Interest expense		6,072			5,694			22,999			23,371		Debt+Preferred Equity/Total Market Capitalization		25	%		28	%
Plus: Principal Amortization)		996			731			4,167			2,684
Debt Service Coverage Ratio		3.1	x		2.2	x		2.8	x		2.5	x	Debt	$	341,044		$	333,471
													EBITDA (Annualized)		71,764			66,388
Payout Ratios													Debt/EBITDA - Core Portfolio		4.8	x		5.0	x

Dividends (Shares) & Distributions (OP Units) paid	$	8,757		$	7,507		$	33,250		$	30,025		Debt5	$	287,139		$	275,966
FFO		14,669			10,804			48,845			40,315		EBITDA (Annualized)		71,764			66,388
FFO Payout Ratio		60	%		69	%		68	%		74	%	Net Debt/EBITDA - Core Portfolio		4.0	x		4.2	x

Dividends (Shares) & Distributions (OP Units) paid	$	8,757		$	7,507		$	33,250		$	30,025		Debt	$	445,582		$	460,664
AFFO		12,855			8,586			39,159			33,335		EBITDA (Annualized)		82,676			77,072
AFFO Payout Ratio		68	%		87	%		85	%		90	%	Debt/EBITDA - Core Portfolio and Opportunity Funds		5.4	x		6.0	x

Dividends (Shares) & Distributions (OP Units) paid	$	8,757		$	7,507		$	33,250		$	30,025		Debt6	$	382,653		$	394,102
FAD		11,859			7,855			34,992			30,651		EBITDA (Annualized)		82,676			77,072
FAD Payout Ratio		74	%		96	%		95	%		98	%	Net Debt/EBITDA - Core Portfolio and Opportunity Funds		4.6	x		5.1	x

													NOI (Annualized)	$	58,056		$	54,124
													Debt		341,044			333,471
													Debt Yield - Core Portfolio		17.0	%		16.2	%

													NOI (Annualized)	$	58,056		$	54,124
													Debt5		287,139			275,966
													Net Debt Yield - Core Portfolio		20.2	%		19.6	%

													NOI (Annualized)	$	65,844		$	65,308
													Debt		445,582			460,664
													Debt Yield - Core Portfolio and Opportunity Funds		14.8	%		14.2	%

													NOI (Annualized)	$	65,844		$	65,308
													Debt6		382,653			394,102
													Net Debt Yield - Core Portfolio and Opportunity Funds		17.2	%		16.6	%

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 9 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.

- 16 -

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	$	341,044		5.5	%	$	41,831		4.3	%	$	382,875		5.3	%		86	%	$	137,845	$	(85,521	)	$	435,199
Variable-Rate Debt		-		N/A			62,707		2.8	%		62,707		2.8	%		14	%		234,275		(4,096	)		292,886

Total	$	341,044		5.5	%	$	104,538		3.4	%	$	445,582		5.0	%		100	%	$	372,120	$	(89,617	)		728,085
ASC 805 purchase price debt allocation																									(107	)
Total debt as reported																								$	727,978


Notes
1 Fixed-rate debt includes notional principal fixed through swap transactions.
2 Represents the Company's pro-rata share of debt based on its percent ownership.
3 Represents the noncontrolling interest pro-rata share of consolidated partnership debt based on its percent ownership.
4 Represents the Company's pro-rata share of unconsolidated partnership debt based on its percent ownership.

- 17 -

Portfolio Debt - Detail
(in thousands)

		Principal Balance at			Acadia's Pro-rata Share						Interest			Maturity	Extension
Property	Entity	December 31, 2012			Percent			Amount			Rate			Date	Options

CORE PORTFOLIO

Fixed-Rate Debt
Clark Diversey	Acadia	$	4,345			100.0	%	$	4,345			6.35	%	7/1/2014	None
New Loudon Center	Acadia		13,634			100.0	%		13,634			5.64	%	9/6/2014	None
Crossroads Shopping Center	Crossroads JV		59,357			49.0	%		29,085			5.37	%	12/1/2014	None
Crescent Plaza	Acadia		17,025			100.0	%		17,025			4.98	%	9/6/2015	None
Pacesetter Park Shopping Center	Acadia		11,742			100.0	%		11,742			5.12	%	11/6/2015	None
Elmwood Park Shopping Center	Acadia		33,258			100.0	%		33,258			5.53	%	1/1/2016	None
Chicago Portfolio	Acadia		15,835			100.0	%		15,835			5.61	%	2/1/2016	None
The Gateway Shopping Center	Acadia		20,036			100.0	%		20,036			5.44	%	3/1/2016	None
Cambridge (Whole Foods)	Acadia		6,931			100.0	%		6,931			6.26	%	5/1/2016	None
Cambridge (Rite Aid)	Acadia		4,197			100.0	%		4,197			3.68	%	5/1/2016	1 x 60 mos.
Brandywine Town Center	Brandywine JV		166,200			22.2	%		36,933			5.99	%	7/1/2016	None
Walnut Hill Plaza	Acadia		23,194			100.0	%		23,194			6.06	%	10/1/2016	None
Rhode Island Place Shopping Center	Acadia		16,426			100.0	%		16,426			6.35	%	12/1/2016	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
639 West Diversey	Acadia		4,431			100.0	%		4,431			6.65	%	3/1/2017	None
Merrillville Plaza	Acadia		26,151			100.0	%		26,151			5.88	%	8/1/2017	None
A & P Shopping Plaza	Acadia		7,967			60.0	%		4,780			4.20	%	9/6/2022	None
Georgetown Portfolio	Acadia		18,477			50.0	%		9,239			4.72	%	11/10/2027	None
Interest rate swaps1	Acadia		43,372			100.0	%		43,372			4.41	%	Various

Sub-Total Fixed-Rate Debt			519,508						341,044			5.45	%

Variable-Rate Debt

Various2 (Secured Line of Credit)	Acadia		-			100.0	%		-		Libor + 125			3/1/2013	None
Branch Plaza	Acadia		12,526			100.0	%		12,526		Libor + 225			9/30/2014	1 x 36 mos.
Village Commons Shopping Center	Acadia		9,192			100.0	%		9,192		Libor + 140			6/30/2018	None
West Diversey	Acadia		15,273			100.0	%		15,273		Libor + 190			4/27/2019	None
4401 N White Plains Road	Acadia		6,381			100.0	%		6,381		Libor + 190			9/1/2022	None
Interest rate swaps1	Acadia		(43,372	)		100.0	%		(43,372	)	Libor + 190

Sub-Total Variable-Rate Debt			-						-		Libor + 190

Total Core Portfolio Debt		$	519,508					$	341,044			5.45	%

- 18 -

Debt Analysis (continued)
(in thousands)

		Principal Balance at			Acadia's Pro-rata Share						Interest			Maturity	Extension
Property	Entity	December 31, 2012			Percent			Amount			Rate			Date	Options

OPPORTUNITY FUNDS

Fixed-Rate Debt
Lincoln Park Centre	Fund III	$	19,478			19.9	%	$	3,877			5.85	%	12/1/2013	None
Lincoln Road6	Fund III		19,870			18.9	%		3,757			6.14	%	8/11/2014	None
CityPoint	Fund II		20,000			18.8	%		3,766			7.25	%	11/1/2014	None
Arundel Plaza7	Fund III		9,188			17.9	%		1,646			5.60	%	4/1/2015	None
216th Street3	Fund II		25,500			19.8	%		5,054			5.80	%	10/1/2017	None
CityPoint	Fund II		5,262			18.8	%		991			1.00	%	8/23/2019	None
Interest rate swaps1	Funds II & III		118,577			19.2	%		22,740			2.96	%	Various

Sub-Total Fixed-Rate Debt			217,875						41,831			4.30	%

Variable-Rate Debt
161st Street3	Fund II		28,900			19.8	%		5,728		Libor + 600			4/1/2013	None
CityPoint	Fund II		20,650			18.8	%		3,888		Libor + 250			8/12/2013	2 x 12 mos.
Pelham Manor Shopping Plaza3	Fund II		33,833			19.8	%		6,706		Libor + 275			12/1/2013	None
Parkway Crossing7	Fund III		13,758			17.9	%		2,465		Libor + 220			1/1/2015	2 x 12 mos.
640 Broadway	Fund III		22,750			10.0	%		2,264		Libor + 295			7/1/2015	1 x 12 mos.
Heritage Shops	Fund III		21,000			19.9	%		4,179		Libor + 225			8/10/2015	2 x 12 mos.
Fordham Place3	Fund II		82,205			19.8	%		16,293		Libor + 300			9/25/2015	2 x 12 mos.
Cortlandt Towne Center	Fund III		73,499			19.9	%		14,626		Libor + 190			10/26/2015	None
New Hyde Park Shopping Center	Fund III		6,484			19.9	%		1,290		Libor + 225			11/10/2015	2 x 12 mos.
Acadia Strategic Opportunity IV LLC4	Fund IV		93,050			23.1	%		21,513		Libor + 165			11/20/2015	1 x 12 mos.
White City Shopping Center5	Fund III		38,847			16.7	%		6,495		Libor + 260			12/23/2017	1 x 36 mos.
Interest rate swaps1	Funds II & III		(118,577	)		19.2	%		(22,740	)	Libor + 232

Sub-Total Variable-Rate Debt			316,399						62,707		Libor + 260

Total Opportunity Funds Portfolio Debt		$	534,274					$	104,538			3.41	%

- 19 -

Debt Analysis - Notes
(in thousands)


1The Company has hedged a portion of its variable-rate debt with variable to fixed-rate swap agreements as follows:

	Notional		Pro-rata		Average						Maturity
	principal		Share		Swap rate			All-in Rate			Date
Core Portfolio
	$	9,192	$	9,192		2.90	%		4.80	%	7/2/2018
		15,273		15,273		1.57	%		3.47	%	5/1/2019
		12,526		12,526		3.77	%		5.67	%	12/1/2022
		6,381		6,381		1.75	%		3.65	%	9/1/2022
		43,372		43,372		2.51	%		4.41	%

Opportunity Funds

		35,667		7,133		0.70	%		2.95	%	5/1/2015
		32,818		6,564		0.70	%		2.95	%	5/1/2015
		21,000		4,179		0.52	%		2.77	%	8/10/2015
		19,395		3,243		2.90	%		5.50	%	12/26/2017
		9,697		1,621		3.02	%		5.62	%	12/26/2017
		118,577		22,740		1.15	%		2.96	%

Total Core Portfolio and Opportunity Funds	$	161,949	$	66,112		2.04	%		3.74	%

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. Subsequent to December 31, 2012, this secured facility has been replaced
with a $150,000 unsecured revolving facility.
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%.
4Total current availability under this facility is $150,000. Fund IV also has the ability to increase the size of this facility to a total of $235,146.
5Fund 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%.
6Fund 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%.
7Fund 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%.

- 20 -

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

2013	$	5,498	$	-	$	5,498	$	4,747	$	-	$	4,747		n/a			n/a			n/a
2014		5,595		74,406		80,001		4,805		45,280		50,085		5.47	%		5.47	%		n/a
2015		4,263		27,344		31,607		4,051		27,344		31,395		5.04	%		5.04	%		n/a
2016		2,774		276,634		279,408		2,553		147,367		149,920		5.91	%		5.91	%		n/a
2017		1,796		65,940		67,736		1,564		59,440		61,004		5.15	%		5.72	%		2.46	%
Thereafter		7,194		48,064		55,258		4,650		39,243		43,893		3.48	%		5.29	%		1.95	%
Total	$	27,120	$	492,388	$	519,508	$	22,370	$	318,674	$	341,044



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

2013	$	4,367	$	81,450	$	85,817	$	836	$	16,159	$	16,995		4.79	%		5.85	%		4.46	%
2014		4,176		39,179		43,355		766		7,393		8,159		6.71	%		6.71	%		n/a
2015		4,257		100,285		104,542		739		19,563		20,302		2.53	%		5.60	%		2.24	%
2016		3,123		114,283		117,406		550		23,627		24,177		2.10	%		n/a			2.10	%
2017		3,656		174,236		177,892		364		27,537		27,901		3.48	%		5.80	%		2.96	%
Thereafter		-		5,262		5,262		289		6,715		7,004		2.57	%		1.00	%		2.81	%
Total	$	19,579	$	514,695	$	534,274	$	3,544	$	100,994	$	104,538

-21-

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

2013	$	5,498	$	-	$	5,498	$	4,747	$	-	$	4,747		n/a			n/a			n/a
2014		5,556		86,502		92,058		4,765		57,376		62,141		5.05	%		5.47	%		2.46	%
2015		4,028		27,344		31,372		3,816		27,344		31,160		5.04	%		5.04	%		n/a
2016		2,479		280,439		282,918		2,258		151,173		153,431		5.88	%		5.88	%		n/a
2017		1,477		54,549		56,026		1,245		48,049		49,294		5.72	%		5.72	%		n/a
Thereafter		6,733		44,903		51,636		4,189		36,082		40,271		3.47	%		5.56	%		1.95	%
Total	$	25,771	$	493,737	$	519,508	$	21,020	$	320,024	$	341,044





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

2013	$	4,367	$	102,101	$	106,468	$	521	$	20,363	$	20,884		4.37	%		5.85	%		4.03	%
2014		4,106		39,179		43,285		433		7,713		8,146		6.71	%		6.71	%		n/a
2015		3,076		313,566		316,642		255		63,003		63,258		2.53	%		5.60	%		2.44	%
2016		577		-		577		96		-		96		n/a			n/a			n/a
2017		577		61,463		62,040		96		11,067		11,163		4.05	%		5.80	%		2.81	%
Thereafter		-		5,262		5,262		-		991		991		1.00	%		1.00	%		n/a
Total	$	12,703	$	521,571	$	534,274	$	1,401	$	103,137	$	104,538

-22-

Overview of Acadia Strategic Opportunity Funds


Item	FUND I	FUND II	FUND III	FUND IV

Date formed	September 2001	June 2004	May 2007	May 2012

Capital commited	$90 million	$300 million	$475 million	$540.6 million
			(Original was $503 million)
Capital funded	Fully funded	Fully funded	$341.0 million funded through December 31, 2012	$64.6 funded through December 31, 2012

Capital returned	All original capital and accumulated preference	$84.5 million	$164.0 million	$0
	has been paid. Acadia is entitled to a Promote
	on all future distributions.

Fund structure

Equity Contribution and	22.22% - Acadia	20% - Acadia	20% - Acadia	23% - Acadia
Cash flow distribution:	77.78% - Four institutional investors	80% - Six institutional investors	80% - 14 institutional investors	77% - 17 institutional investors

Distributions:	20% to Acadia once all partners (including	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	Acadia) have received 6% preferred return and
	return of equity	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	Remaining 80% is distributed to all the partners
	(including Acadia).	(including Acadia).	(including Acadia).	(including Acadia).

			All unfunded capital is anticipated to be used to
			complete existing projects


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	Priority distribution fee equal to 1.5% of total
	capital	committed 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 management fee equal to 4% of gross
	property revenues	property revenues	property revenues	property revenues

	Market rate leasing fees	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	Market rate construction/project management fees

			Development fee equal to 3% of total project cost	Development fee equal to 3% of total project cost

-23-

Opportunity Fund Retail Properties - Detail
																				Leased
		Ownership			Gross Leasable Area						In Place Occupancy									Occupancy			Annualized Base Rent
	Anchors	%			Anchors		Shops		Total		Anchors			Shops			Total			Total			Anchors		Shops		Total		Anchors		Shops		Per Sq. Ft.
Fund I Portfolio Detail


VARIOUS

Total - Fund I	Kroger/Safeway Portfolio (3 Properties)		75	%		97,500		-		97,500		69.23	%		-			69.23	%		69.23	%	$	302,076	$	-	$	302,076	$	4.48	$	-	$	4.48

Fund II Portfolio Detail

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	%		78.35	%		94.41	%		94.41	%	$	4,287,282	$	1,600,329	$	5,887,611	$	25.29	$	34.63	$	27.29
Fordham Place - Retail	Walgreens, Best Buy, 24 Hour Fitness, Sears		99.1	%		74,899		44,547		119,446		100.00	%		100.00	%		100.00	%		100.00	%		2,873,228		2,646,532		5,519,760		38.36		59.41		46.21
Fordham Place - Office	NYC Dept of Education, PHI, FEGS, Children's Village		99.1	%		91,042		51,919		142,961		100.00	%		100.00	%		100.00	%		100.00	%		3,119,120		1,708,533		4,827,653		34.26		32.91		33.77
216th Street	NYC Human Resources Administration		99.1	%		60,000		-		60,000		100.00	%		0.00	%		100.00	%		100.00	%		2,574,000		120,000		2,694,000		42.90		-		44.90
161st Street1	Various New York City & State agencies		99.1	%		107,026		125,376		232,402		100.00	%		71.48	%		84.61	%		100.00	%		2,836,189		2,419,012		5,255,201		26.50		26.99		26.72

Total - Fund II						502,479		280,823		783,302		100.00	%		82.72	%		93.80	%		98.37	%	$	15,689,819	$	8,494,406	$	24,184,225	$	31.22	$	36.57	$	32.91

Fund III Portfolio Detail

NEW YORK

New York
Cortlandt Towne Center	Wal-Mart, Best Buy, A&P		100.0	%		472,901		168,324		641,225		95.63	%		82.72	%		92.24	%		92.24	%	$	6,185,123	$	3,264,076	$	9,449,199	$	13.68	$	23.44	$	15.98
640 Broadway	Swatch		50.0	%		-		4,409		4,409		-			73.78	%		73.78	%		73.78	%		-		662,103		662,103		-		203.54		203.54
New Hyde Park Shopping Center	-		100.0	%		16,214		15,217		31,431		100.00	%		81.89	%		91.23	%		96.59	%		345,328		559,658		904,986		21.30		44.91		31.56

NEW ENGLAND

Massachusetts
White City Shopping Center2	Shaw's (Supervalu)		84.0	%		131,839		125,449		257,288		70.91	%		80.50	%		75.59	%		86.77	%		1,350,564		3,491,109		4,841,673		14.45		34.57		24.89

MID-ATLANTIC

Maryland
Parkway Crossing3	Home Depot, Shop Rite, Big Lots		90.0	%		192,836		67,405		260,241		100.00	%		73.00	%		93.01	%		93.01	%		704,710		1,193,271		1,897,981		3.65		24.25		7.84
Arundel Plaza	Giant Food, Lowe's		90.0	%		231,920		33,196		265,116		100.00	%		78.31	%		97.28	%		97.28	%		905,209		540,067		1,445,276		3.90		20.78		5.60

SOUTHEAST

Florida
Lincoln Road4	Starbucks, Sushi Samba		95.0	%		-		61,443		61,443		-			48.95	%		48.95	%		48.95	%		-		3,257,573		3,257,573		-		108.31		108.31

MIDWEST
Illinois
Heritage Shops	LA Fitness, Loft		100.0	%		49,878		55,707		105,585		100.00	%		55.96	%		76.76	%		76.76	%		1,077,752		2,025,813		3,103,565		21.61		64.98		38.29
Lincoln Park Centre	-		100.0	%		-		62,745		62,745		-			59.76	%		59.76	%		59.76	%		-		1,607,359		1,607,359		-		42.87		42.87

Total - Fund III						1,095,588		593,895		1,689,483		94.61	%		72.38	%		86.80	%		88.60	%	$	10,568,686	$	16,601,029	$	27,169,715	$	10.20	$	38.62	$	18.53

Fund IV Portfolio Detail

MID-ATLANTIC
Maryland
1701 Belmont Avenue	Best Buy		90.0	%		58,674		-		58,674		100.00	%		0.00	%		100.00	%		100.00	%	$	936,166	$	-	$	936,166	$	15.96	$	-	$	15.96

SOUTHEAST
Florida
Lincoln Road	-		95.0	%		-		54,453		54,453		0.00	%		100.00	%		100.00	%		100.00	%		-		4,949,953		4,949,953		-		90.90		90.90

Total - Fund IV						58,674		54,453		113,127		100.00	%		100.00	%		100.00	%		100.00	%	$	936,166	$	4,949,953	$	5,886,119	$	15.96	$	90.90	$	52.03

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, Fund III and Fund IV 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%
654 Broadway	100.0%
Cortlandt Crossing	100.0%
Farmingdale	100.0%
3104 M Street	100.0%
210 Bowery	100.0%

1Currently operating, but redevelopment activities have commenced.

-24-

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		100.00	%	$	302,076		100.00	%	$	4.48
Total		2		67,500		100.00	%	$	302,076		100.00	%	$	4.48

Total Vacant				30,000
Total Square Feet				97,500

-25-

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
2013			2		127,175		25.31	%	$	3,400,361		21.67	%	$	26.74
2019			1		39,705		7.90	%		1,747,020		11.13	%		44.00
2021			1		19,958		3.97	%		423,110		2.70	%		21.20
2022			1		47,792		9.51	%		1,389,120		8.85	%		29.07
2023			1		35,194		7.00	%		1,126,208		7.18	%		32.00
2027			1		60,000		11.94	%		2,574,000		16.41	%		42.90
2029			1		43,250		8.61	%		1,730,000		11.03	%		40.00
2033			1		129,405		25.75	%		3,300,000		21.03	%		25.50
Total			9		502,479		100.00	%	$	15,689,819		100.00	%	$	31.22

Total Vacant					-
Total Square Feet					502,479

Shop Tenants
Month to Month			1		9,967		4.29	%	$	99,670		1.17	%	$	10.00
2014			1		20,581		8.86	%		565,078		6.65	%		27.46
2016			2		4,649		2.00	%		173,311		2.04	%		37.28
2018			2		33,321		14.34	%		1,152,255		13.56	%		34.58
2019			3		4,743		2.04	%		374,394		4.41	%		78.94
2020			3		16,309		7.02	%		547,183		6.44	%		33.55
2021			2		9,710		4.18	%		274,304		3.23	%		28.25
2022			4		27,450		11.82	%		1,029,857		12.12	%		37.52
2023			1		31,417		13.52	%		1,131,012		13.31	%		36.00
2031			2		33,444		14.40	%		1,061,772		12.50	%		31.75
2032			1		30,712		13.22	%		885,570		10.43	%		28.83
2048			1		10,000		4.30	%		1,200,000		14.13	%		120.00
Total			23		232,303		100.00	%	$	8,494,406		100.00	%	$	36.57

Total Vacant					48,520
Total Square Feet					280,823

Total Anchor and Shop Tenants
Month to Month			1		9,967		1.36	%	$	99,670		0.42	%	$	10.00
2013			2		127,175		17.31	%		3,400,361		14.06	%		26.74
2014			1		20,581		2.80	%		565,078		2.34	%		27.46
2016			2		4,649		0.63	%		173,311		0.72	%		37.28
2018			2		33,321		4.53	%		1,152,255		4.76	%		34.58
2019			4		44,448		6.05	%		2,121,414		8.77	%		47.73
2020			3		16,309		2.22	%		547,183		2.26	%		33.55
2021			3		29,668		4.04	%		697,414		2.88	%		23.51
2022			5		75,242		10.24	%		2,418,977		10.00	%		32.15
2023			2		66,611		9.07	%		2,257,220		9.33	%		33.89
2027			1		60,000		8.17	%		2,574,000		10.64	%		42.90
2029			1		43,250		5.89	%		1,730,000		7.15	%		40.00
2031			2		33,444		4.55	%		1,061,772		4.39	%		31.75
2032			1		30,712		4.18	%		885,570		3.66	%		28.83
2033			1		129,405		17.61	%		3,300,000		13.65	%		25.50
2048			1		10,000		1.36	%		1,200,000		4.96	%		120.00
Total			32		734,782		100.00	%	$	24,184,225		100.00	%	$	32.91

Total Vacant					48,520
Total Square Feet					783,302

-26-

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		4.71	%	$	877,689		8.30	%	$	17.97
2014		2		56,379		5.44	%		908,695		8.60	%		16.12
2015		3		81,465		7.86	%		571,648		5.41	%		7.02
2016		2		42,775		4.13	%		557,816		5.28	%		13.04
2017		2		52,131		5.03	%		957,350		9.06	%		18.36
2018		3		238,706		23.03	%		2,607,354		24.67	%		10.92
2019		1		179,944		17.36	%		831,009		7.86	%		4.62
2021		1		35,601		3.43	%		382,967		3.62	%		10.76
2022		1		65,028		6.27	%		1,040,448		9.84	%		16.00
2023		1		19,536		1.88	%		263,736		2.50	%		13.50
2025		1		49,878		4.81	%		1,077,752		10.20	%		21.61
2032		2		166,275		16.04	%		492,222		4.66	%		2.96
Total		21		1,036,573		100.00	%	$	10,568,686		100.00	%	$	10.20

Total Vacant				59,015		(4	)		-
Total Square Feet				1,095,588

Shop Tenants
Month to Month		4		13,150		3.06	%	$	141,124		0.85	%	$	10.73
2013		26		65,505		15.24	%		2,291,123		13.80	%		34.98
2014		20		71,924		16.73	%		2,137,278		12.87	%		29.72
2015		14		26,362		6.13	%		976,774		5.88	%		37.05
2016		18		48,239		11.22	%		1,786,402		10.76	%		37.03
2017		9		44,332		10.31	%		1,325,791		7.99	%		29.91
2018		10		35,414		8.24	%		1,268,293		7.64	%		35.81
2019		5		23,285		5.42	%		1,863,255		11.22	%		80.02
2020		3		6,175		1.44	%		140,472		0.85	%		22.75
2021		6		26,563		6.18	%		981,146		5.91	%		36.94
2022		8		23,770		5.53	%		1,285,686		7.74	%		54.09
2023		1		17,611		4.10	%		776,250		4.68	%		44.08
2024		1		8,266		1.92	%		500,000		3.01	%		60.49
2026		2		9,110		2.12	%		342,983		2.07	%		37.65
2027		2		6,550		1.52	%		502,500		3.03	%		76.72
2028+		2		3,600		0.84	%		281,952		1.70	%		78.32
Total		131		429,856		100.00	%	$	16,601,029		100.00	%	$	38.62

Total Vacant				164,039		(35	)		-
Total Square Feet				593,895

Total Anchor and Shop Tenants
Month to Month		4		13,150		0.90	%	$	141,124		0.52	%	$	10.73
2013		28		114,360		7.80	%		3,168,812		11.66	%		27.71
2014		22		128,303		8.75	%		3,045,973		11.21	%		23.74
2015		17		107,827		7.35	%		1,548,422		5.70	%		14.36
2016		20		91,014		6.21	%		2,344,218		8.63	%		25.76
2017		11		96,463		6.58	%		2,283,141		8.40	%		23.67
2018		13		274,120		18.69	%		3,875,647		14.26	%		14.14
2019		6		203,229		13.86	%		2,694,264		9.92	%		13.26
2020		3		6,175		0.42	%		140,472		0.52	%		22.75
2021		7		62,164		4.24	%		1,364,113		5.02	%		21.94
2022		9		88,798		6.06	%		2,326,134		8.56	%		26.20
2023		2		37,147		2.53	%		1,039,986		3.83	%		28.00
2024		1		8,266		0.56	%		500,000		1.84	%		60.49
2025		1		49,878		3.40	%		1,077,752		3.97	%		21.61
2026		2		9,110		0.62	%		342,983		1.26	%		37.65
2027		2		6,550		0.45	%		502,500		1.85	%		76.72
2028		2		3,600		0.25	%		281,952		1.04	%		78.32
2032		2		166,275		11.34	%		492,222		1.81	%		2.96
Total		152		1,466,429		100.00	%	$	27,169,715		100.00	%	$	18.53

Total Vacant				223,054					-
Total Square Feet				1,689,483

-27-

Opportunity Funds Lease Expirations

	No. of Leases		Gross Leased Area					Annual Base Rent
FUND IV:	Expiring		Square Footage		Percent of Total			Amount		Percent of Total			Avg. per Sq. Ft.

Anchor Tenants
2032		1		58,674		100.00	%		936,166		100.00	%		15.96
Total		1		58,674		100.00	%	$	936,166		100.00	%	$	15.96

Total Vacant				-
Total Square Feet				58,674

Shop Tenants
Month to Month		1		997		1.83	%	$	61,495		1.24	%	$	61.68
2013		4		11,599		21.29	%		1,051,038		21.24	%		90.61
2014		2		3,278		6.02	%		419,307		8.47	%		127.92
2015		2		2,726		5.01	%		318,720		6.44	%		116.92
2016		1		3,625		6.66	%		328,560		6.64	%		90.64
2017		1		5,288		9.71	%		204,000		4.12	%		38.58
2018		2		2,547		4.68	%		279,839		5.65	%		109.87
2019		2		2,588		4.75	%		438,000		8.85	%		169.24
2021		2		2,835		5.21	%		415,044		8.38	%		146.40
2022		5		16,009		29.40	%		1,337,950		27.03	%		83.57
2026		1		2,961		5.44	%		96,000		1.94	%		32.42
Total		23		54,453		100.00	%	$	4,949,953		100.00	%	$	90.90

Total Vacant				-
Total Square Feet				54,453

Total Anchor and Shop Tenants
Month to Month		1		997		0.88	%	$	61,495		1.04	%	$	61.68
2013		4		11,599		10.25	%		1,051,038		17.86	%	$	90.61
2014		2		3,278		2.90	%		419,307		7.12	%	$	127.92
2015		2		2,726		2.41	%		318,720		5.41	%	$	116.92
2016		1		3,625		3.20	%		328,560		5.58	%	$	90.64
2017		1		5,288		4.67	%		204,000		3.47	%	$	38.58
2018		2		2,547		2.25	%		279,839		4.75	%	$	109.87
2019		2		2,588		2.29	%		438,000		7.44	%	$	169.24
2021		2		2,835		2.51	%		415,044		7.05	%	$	146.40
2022		5		16,009		14.15	%		1,337,950		22.75	%	$	83.57
2026		1		2,961		2.62	%		96,000		1.63	%	$	32.42
2032		1		58,674		51.87	%		936,166		15.90	%		15.96
Total		24		113,127		100.00	%	$	5,886,119		100.00	%	$	52.03

Total Vacant				-
Total Square Feet				113,127

-28-

Development Activity
($ in millions)


		Estimated Sq.Ft.					Acquisition & Development Costs										Outstanding
Property	Location	Upon Completion		Leased Rate5		Anchors	Incurred		Estimated Future Range				Estimated Total Range				Debt
FUND II
Under Construction
City Point1	Brooklyn, NY		675,000		37%2	Century 21, Armani Exchange	$	142.9	$	107.1	$	197.1	$	250.0	$	340.0	$	45.9
In Design
Sherman Plaza	New York, NY	TBD			-	TBD	$	34.7	TBD		TBD		TBD		TBD		$	-


FUND III
In Design
Sheepshead Bay	Brooklyn, NY	TBD			-	TBD	$	22.8	TBD		TBD		TBD		TBD		$	-
723 N. Lincoln Lane3	Miami Beach, FL	TBD			-	TBD		6.7	TBD		TBD		TBD		TBD			-	4
Cortlandt Crossing	Mohegan Lake, NY		150,000 - 170,000		-	TBD		11.2		35.8		44.8		47.0		56.0		-
3104 M Street NW	Washington, D.C.		10,000		-	TBD		3.0		4.0		5.5		7.0		8.5		-
Broad Hollow Commons	Farmingdale, NY		180,000 - 200,000		-	TBD		11.1		38.9		48.9		50.0		60.0		-
SUBTOTAL - In Design							$	54.8	TBD		TBD		TBD		TBD		$	-


FUND IV
In Design
210 Bowery	New York, NY		10,000		-	TBD	$	7.5	$	4.0	$	4.5	$	11.5	$	12.0	$	-

Notes:

1 Acquired a leasehold interest in this property. The first 50,000 square feet of the project (Phase 1) has been completed. Construction of the next approximately 625,000 square feet (Phase 2) is underway.

2 Leased rate calculated on approximately 475,000 rentable square feet.

3 This property is part of a three-property portfolio. The other two are operating properties.

4 The loan on Fund III's Lincoln Road Portfolio includes this property as collateral. For the purpose of this schedule, the outstanding debt was not allocated among the Portfolio's three properties.

5 The leased rate excludes pre-redevelopment tenants.

-29-

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 $63 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 December 31, 2012

					Distributions
		Years	Invested		Current		From		Equity
Investor	Investment	acquired	capital		year-to-date		inception		Multiple

Mervyns I and Mervyns II	Mervyns	2004 through	$	33,605	$	-	$	49,524		1.5	x
		2007
Mervyns II	Albertson’s	2006 through		23,133		3,519		86,791		3.8	x
		2007
Fund II and Mervyns II	Other investments 1	2006 through		6,476		1,898		7,036		1.1	x
		2008
Total			$	63,214	$	5,417	$	143,351		2.3	x

Notes:

1Represents investments in Shopko, Marsh and Rex Stores.

-30-

Core Portfolio Retail Properties - Detail
																				Leased
		Acadia's			Gross Leaseable Area						In Place Occupancy									Occupancy			Annualized Base Rent
Property	Anchors	interest			Anchors		Shops		Total		Anchors			Shops			Total			Total			Anchors		Shops		Total		Per Sq. Ft.

NEW YORK

Connecticut
239 Greenwich Avenue	-		75.0	%		-		16,834		16,834		-			100.00	%		100.00	%		100.00	%	$	-	$	1,554,663	$	1,554,663	$	92.35
181 Main Street	-		100.0	%		-		11,350		11,350		-			100.00	%		100.00	%		100.00	%		-		772,000		772,000		68.02
						-		28,184		28,184		-			100.00	%		100.00	%		100.00	%		-		2,326,663		2,326,663		82.55

New Jersey
Elmwood Park Shopping Center	Walgreens, Pathmark (A&P)		100.0	%		62,610		86,652		149,262		100.00	%		94.61	%		96.87	%		96.87	%		1,581,552		2,014,844		3,596,396		24.87
A & P Shopping Plaza	A&P		60.0	%		49,463		13,278		62,741		100.00	%		100.00	%		100.00	%		100.00	%		950,000		393,723		1,343,723		21.42
60 Orange Street	Home Depot		98.0	%		101,715		-		101,715		100.00	%		-			100.00	%		100.00	%		907,500		-		907,500		8.92
Total - New Jersey						213,788		99,930		313,718		100.00	%		95.33	%		98.51	%		98.51	%		3,439,052		2,408,567		5,847,619		18.92

New York
Village Commons Shopping Center	-		100.0	%		-		87,330		87,330		-			95.27	%		95.27	%		100.00	%		-		2,552,470		2,552,470		30.68
Branch Plaza	LA Fitness, CVS		100.0	%		74,050		52,223		126,273		75.69	%		87.61	%		80.62	%		80.62	%		1,196,388		1,355,019		2,551,407		25.06
Amboy Center	Stop & Shop (Ahold)		100.0	%		37,266		22,824		60,090		100.00	%		100.00	%		100.00	%		100.00	%		745,320		886,858		1,632,178		27.16
Bartow Avenue	-		100.0	%		-		14,676		14,676		-			92.75	%		92.75	%		100.00	%		-		420,687		420,687		30.90
Pacesetter Park Shopping Center	Stop & Shop (Ahold)		100.0	%		52,052		45,531		97,583		100.00	%		86.70	%		93.79	%		93.79	%		428,875		722,230		1,151,105		12.58
LA Fitness	LA Fitness		100.0	%		55,000		-		55,000		100.00	%		-			100.00	%		100.00	%		1,391,500		-		1,391,500		25.30
East 17th Street	Barnes & Noble		100.0	%		19,622		-		19,622		100.00	%		-			100.00	%		100.00	%		625,000		-		625,000		31.85
Crossroads Shopping Center1	Kmart, Home Goods, Party City		49.0	%		201,296		108,227		309,523		81.02	%		72.12	%		77.91	%		77.91	%		1,619,273		3,520,206		5,139,479		21.31
Third Avenue	Planet Fitness		100.0	%		21,650		18,670		40,320		100.00	%		55.26	%		79.28	%		79.28	%		468,631		198,000		666,631		20.85
Mercer Street	-		100.0	%		-		6,225		6,225		-			100.00	%		100.00	%		100.00	%		-		383,160		383,160		61.55
28 Jericho Turnpike	Kohl's		100.0	%		96,363		-		96,363		100.00	%		-			100.00	%		100.00	%		1,650,000		-		1,650,000		17.12
4401 White Plains Road	Walgreens		100.0	%		12,964		-		12,964		100.00	%		-			100.00	%		100.00	%		625,000		-		625,000		48.21
83 Spring Street	-		100.0	%		-		3,000		3,000		-			100.00	%		100.00	%		100.00	%		-		623,884		623,884		207.96
Total - New York						570,263		358,706		928,969		90.14	%		84.32	%		87.89	%		88.45	%		8,749,987		10,662,514		19,412,501		23.78

Total New York						784,051		486,820		1,270,871		92.83	%		87.49	%		90.78	%		91.19	%	$	12,189,039	$	15,397,744	$	27,586,783	$	23.91


NEW ENGLAND

Connecticut
Town Line Plaza2	Wal-Mart, Stop & Shop (Ahold)		100.0	%		163,159		43,187		206,346		100.00	%		88.94	%		97.69	%		97.69	%	$	969,144	$	667,230	$	1,636,374	$	15.69

Massachusetts
Methuen Shopping Center	Wal-Mart, Market Basket		100.0	%		120,004		10,017		130,021		100.00	%		100.00	%		100.00	%		100.00	%		799,145		228,791		1,027,936		7.91
Crescent Plaza	Home Depot, Shaw's (Supervalu)		100.0	%		156,985		61,152		218,137		100.00	%		78.95	%		94.10	%		94.10	%		1,178,872		479,383		1,658,255		8.08
Cambridge	Whole Foods, Rite Aid		100.0	%		54,226		-		54,226		100.00	%		-			100.00	%		100.00	%		1,130,470		-		1,130,470		20.85
Total - Massachusetts						331,215		71,169		402,384		100.00	%		81.91	%		96.80	%		96.80	%		3,108,487		708,174		3,816,661		9.80

New York
New Loudon Center	Marshalls, Price Chopper,		100.0	%		251,058		4,615		255,673		100.00	%		100.00	%		100.00	%		100.00	%		1,828,706		130,418		1,959,124		7.66
	Raymour & Flanigan
Rhode Island
Walnut Hill Plaza	Sears, Shaw's (Supervalu)		100.0	%		196,710		88,007		284,717		95.53	%		76.14	%		89.54	%		89.54	%		1,290,566		845,520		2,136,086		8.38

Vermont
The Gateway Shopping Center	Shaw's (Supervalu)		100.0	%		73,184		28,471		101,655		100.00	%		100.00	%		100.00	%		100.00	%		1,353,904		615,509		1,969,413		19.37

Total New England						1,015,326		235,449		1,250,775		99.13	%		83.59	%		96.21	%		96.21	%	$	8,550,807	$	2,966,851	$	11,517,658	$	10.41

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. Residential and office GLA is excluded.
1The Company has a 49% interest in this unconsolidated investment.
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.

-31-

Core Portfolio Retail Properties - Detail (continued)
																					Leased
		Acadia's				Gross Leaseable Area						Occupancy									Occupancy			Annualized Base Rent
Property	Anchors	interest				Anchors		Shops		Total		Anchors			Shops			Total			Total			Anchors		Shops		Total		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	%		96.17	%	$	240,000	$	898,122	$	1,138,122	$	11.94
Clark Diversey	-		100.0	%			-		19,265		19,265		-			100.00	%		100.00	%		100.00	%		-		858,248		858,248		44.55
West Diversey	Trader Joe's, Urban Outfitters		100.0	%			16,500		29,759		46,259		100.00	%		100.00	%		100.00	%		100.00	%		900,000		984,925		1,884,925		40.75
639 West Diversey	-		100.0	%			-		12,557		12,557		-			100.00	%		100.00	%		100.00	%		-		666,091		666,091		53.05
930 North Rush Street	-		100.0	%			-		2,930		2,930		-			100.00	%		100.00	%		100.00	%		-		1,113,948		1,113,948		380.19
Chicago Street Retail Portfolio1	-		100.0	%			-		115,287		115,287		-			88.90	%		88.90	%		88.90	%		-		4,536,341		4,536,341		44.26
Total - Illinois							68,192		227,243		295,435		100.00	%		92.69	%		94.38	%		94.38	%		1,140,000		9,057,675		10,197,675		36.57

Indiana
Merrillville Plaza	JC Penney, Office Max,		100.0	%	��		123,369		112,455		235,824		100.00	%		82.17	%		91.50	%		91.50	%		1,278,015		1,640,275		2,918,290		13.52
	TJ Maxx
Michigan
Bloomfield Towne Square	Best Buy, Home Goods,		100.0	%			153,839		82,837		236,676		100.00	%		91.10	%		96.88	%		96.88	%		1,683,030		1,713,594		3,396,624		14.81
	TJ Maxx, Dick's Sporting Goods
Ohio
Mad River Station	Babies 'R' Us, Office Depot		100.0	%			58,185		67,944		126,129		100.00	%		68.70	%		83.14	%		83.14	%		552,195		762,811		1,315,006		12.54

Total Midwest							403,585		490,479		894,064		100.00	%		86.69	%		92.70	%		92.70	%	$	4,653,240	$	13,174,355	$	17,827,595	$	21.51

MID-ATLANTIC

New Jersey
Marketplace of Absecon	Rite Aid, Dollar Tree		100.0	%			47,915		56,847		104,762		56.74	%		92.08	%		75.92	%		75.92	%	$	553,022	$	781,475	$	1,334,497	$	16.78

Delaware
Brandywine Town Center2	Lowes, Bed Bath & Beyond,		22.2	%			827,471		48,208		875,679		96.98	%		92.27	%		96.72	%		96.72	%		12,325,537		755,435		13,080,972		15.44
	Target, Dick's Sporting Goods
Market Square Shopping Center2	TJ Maxx, Trader Joe's		22.2	%			42,850		59,197		102,047		100.00	%		96.94	%		98.22	%		100.00	%		703,062		1,804,778		2,507,840		25.02
Naamans Road2	-		22.2	%			-		19,984		19,984		-			100.00	%		100.00	%		100.00	%		-		837,541		837,541		41.91
Total - Delaware							870,321		127,389		997,710		97.13	%		95.65	%		96.94	%		97.12	%		13,028,599		3,397,754		16,426,353		16.98

Pennsylvania
Mark Plaza	Kmart		100.0	%			104,956		1,900		106,856		100.00	%		100.00	%		100.00	%		100.00	%		204,664		36,000		240,664		2.25
Plaza 422	Home Depot, Dunham Sports		100.0	%			139,968		16,311		156,279		100.00	%		100.00	%		100.00	%		100.00	%		643,503		152,349		795,852		5.09
Route 6 Plaza	Kmart, Rite Aid		100.0	%			146,498		29,021		175,519		100.00	%		94.83	%		99.15	%		99.15	%		806,351		353,761		1,160,112		6.67
Chestnut Hill3	-		100.0	%			-		37,581		37,581		-			76.19	%		76.19	%		85.90	%		-		513,425		513,425		17.93
Abington Towne Center4	Target, TJ Maxx		100.0	%			184,616		31,753		216,369		100.00	%		65.27	%		94.90	%		94.90	%		283,500		671,824		955,324		20.02
Total - Pennsylvania							576,038		116,566		692,604		100.00	%		81.58	%		96.90	%		97.43	%		1,938,018		1,727,359		3,665,377		7.14

District of Columbia
Rhode Island Place Shopping Center	TJ Maxx		100.0	%			24,996		32,533		57,529		100.00	%		100.00	%		100.00	%		100.00	%		312,450		1,310,179		1,622,629		28.21
1739-53 & 1801-03 Connecticut Avenue	-		100.0	%			-		22,907		22,907		-			92.65	%		92.65	%		92.65	%		-		1,090,701		1,090,701		51.39
Georgetown Portfolio5	-		50.0	%			-		27,666		27,666		-			96.39	%		96.39	%		96.39	%		-		1,799,387		1,799,387		67.48
Total - District of Columbia							24,996		83,106		108,102		100.00	%		96.77	%		97.52	%		97.52	%		312,450		4,200,267		4,512,717		42.81

Total Mid-Atlantic							1,519,270		383,908		1,903,178		96.99	%		91.09	%		95.80	%		96.09	%	$	15,832,089	$	10,106,855	$	25,938,944	$	15.57

TOTAL CORE PROPERTIES							3,722,232		1,596,656		5,318,888		97.03	%		87.53	%		94.18	%		94.38	%	$	41,225,175	$	41,645,805	$	82,870,980	$	17.43

TOTAL CORE PROPERTIES - weighted based on ownership interest8							2,920,816		1,419,024		4,339,840		97.54	%		86.67	%		94.22	%		94.44	%	$	29,867,551	$	35,761,878	$	65,629,430	$	16.05

REDEVELOPMENT
West 54th Street	-		100.0	%			-		9,797		9,797		-			48.06	%		48.06	%		52.66	%		-		1,245,680		1,245,680		264.56

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. Residential and office GLA is excluded.
1Includes 19 properties
2The Company has a 22.2% interest in this unconsolidated investment.
3This consists of two separate buildings.
4Anchor 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.
5Includes 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.

-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		90.2	%		5.4	%		3		163,159		71,371		234,530		100.00	%		93.31	%		97.96	%	$	969,144	$	2,993,893	$	3,963,037

Delaware		22.2	%		5.6	%		3		870,321		127,389		997,710		97.13	%		95.65	%		96.94	%		13,028,599		3,397,754		16,426,353

District of Columbia		80.1	%		5.5	%		8		24,996		83,106		108,102		100.00	%		96.77	%		97.52	%		312,450		4,200,267		4,512,717

Illinois		100.0	%		15.5	%		24		68,192		227,243		295,435		100.00	%		92.69	%		94.38	%		1,140,000		9,057,675		10,197,675

Indiana		100.0	%		4.4	%		1		123,369		112,455		235,824		100.00	%		82.17	%		91.50	%		1,278,015		1,640,275		2,918,290

Massachusetts		100.0	%		5.8	%		3		331,215		71,169		402,384		100.00	%		81.91	%		96.80	%		3,108,487		708,174		3,816,661

Michigan		100.0	%		5.2	%		1		153,839		82,837		236,676		100.00	%		91.10	%		96.88	%		1,683,030		1,713,594		3,396,624

New Jersey		90.5	%		10.1	%		4		261,703		156,777		418,480		92.08	%		94.15	%		92.85	%		3,992,074		3,190,042		7,182,116

New York		86.5	%		28.6	%		14		821,321		363,321		1,184,642		93.16	%		84.52	%		90.51	%		10,578,693		10,792,932		21,371,625

Ohio		100.0	%		2.0	%		1		58,185		67,944		126,129		100.00	%		68.70	%		83.14	%		552,195		762,811		1,315,006

Pennsylvania		100.0	%		5.6	%		5		576,038		116,566		692,604		100.00	%		81.58	%		96.90	%		1,938,018		1,727,359		3,665,377

Rhode Island		100.0	%		3.3	%		1		196,710		88,007		284,717		95.53	%		76.14	%		89.54	%		1,290,566		845,520		2,136,086

Vermont		100.0	%		3.0	%		1		73,184		28,471		101,655		100.00	%		100.00	%		100.00	%		1,353,904		615,509		1,969,413

Total - Core Portfolio					100.0	%		69		3,722,232		1,596,656		5,318,888		97.03	%		87.53	%		94.18	%	$	41,225,175	$	41,645,805	$	82,870,980

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.
1 The 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.
2 Anchor 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				Wholly Owned				Joint Ventures 1				Combined				Percentage of Total
	in Core													Total		Annualized Base		Total		Annualized Base						Percentage of
Tenant	portfolio	GLA		Base Rent		GLA		Base Rent		GLA		Base Rent		GLA		Rent 1		GLA		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		-	$	-		175,801	$	2,420,980		4.1	%		3.7	%

LA Fitness	2		100,000		2,336,500		-		-		100,000		2,336,500		100,000		2,336,500		-		-		100,000		2,336,500		2.3	%		3.6	%

Home Depot	3		312,718		2,007,496		-		-		312,718		2,007,496		312,718		2,007,496		-		-		312,718		2,007,496		7.2	%		3.1	%

Ahold (Stop and Shop)	3		155,177		1,936,339		-		-		155,177		1,936,339		155,177		1,936,339		-		-		155,177		1,936,339		3.6	%		3.0	%

A&P	2		97,236		2,096,552		-		-		97,236		2,096,552		77,451		1,716,552		-		-		77,451		1,716,552		1.8	%		2.6	%

Kohl's	1		96,363		1,650,000		-		-		96,363		1,650,000		96,363		1,650,000		-		-		96,363		1,650,000		2.2	%		2.5	%

TJX Companies	8		190,054		1,590,604		56,108		951,655		246,162		2,542,259		190,054		1,264,654		19,144		351,685		209,198		1,616,339		4.8	%		2.5	%
-- T.J. Maxx	5		113,196		1,085,550		31,175		428,062		144,371		1,513,612		113,196		759,600		6,927		95,124		120,123		854,724		2.8	%		1.3	%
-- Marshalls	1		37,212		158,151		-		-		37,212		158,151		37,212		158,151		-		-		37,212		158,151		0.9	%		0.2	%
-- Homegoods	2		39,646		346,903		24,933		523,593		64,579		870,496		39,646		346,903		12,217		256,561		51,863		603,464		1.2	%		0.9	%

Sears	4		285,314		1,150,615		100,725		566,250		386,039		1,716,865		285,314		1,150,615		49,355		277,463		334,669		1,428,078		7.7	%		2.2	%
-- Kmart	3		224,614		892,615		100,725		566,250		325,339		1,458,865		224,614		892,615		49,355		277,463		273,969		1,170,078		6.3	%		1.8	%
-- Sears	1		60,700		258,000		-		-		60,700		258,000		60,700		258,000		-		-		60,700		258,000		1.4	%		0.4	%

Walgreens	3		37,499		1,366,748		-		-		37,499		1,366,748		37,499		1,366,748		-		-		37,499		1,366,748		0.9	%		2.1	%

Trader Joe's	2		16,500		900,000		11,675		275,000		28,175		1,175,000		16,500		900,000		2,594		61,105		19,094		961,105		0.4	%		1.5	%

TD Bank	2		14,700		958,996		-		-		14,700		958,996		14,700		958,996		-		-		14,700		958,996		0.3	%		1.5	%
Dicks Sporting Goods	2		48,805		695,471		50,000		700,000		98,805		1,395,471		48,805		695,471		11,000		154,000		59,805		849,471		1.4	%		1.3	%
Sleepy's	5		32,619		789,858		3,700		140,600		36,319		930,458		32,619		789,858		822		31,244		33,441		821,102		0.8	%		1.3	%
JP Morgan Chase Bank	6		26,209		672,649		3,745		325,000		29,954		997,649		25,309		619,501		1,835		159,250		27,144		778,751		0.6	%		1.2	%
Rite Aid	2		26,633		764,030		-		-		26,633		764,030		26,633		764,030		-		-		26,633		764,030		0.6	%		1.2	%
Citibank	4		10,486		520,494		8,470		474,138		18,956		994,632		10,486		520,494		2,797		165,331		13,283		685,825		0.3	%		1.0	%
Dollar Tree	7		63,816		653,499		-		-		63,816		653,499		63,816		653,499		-		-		63,816		653,499		1.5	%		1.0	%
Pier 1 Imports	3		19,255		462,466		8,818		348,576		28,073		811,042		19,255		462,466		4,321		170,802		23,576		633,268		0.5	%		1.0	%
Coach	2		4,541		388,573		6,810		476,700		11,351		865,273		3,406		291,430		3,405		238,350		6,811		529,780		0.2	%		0.8	%
Payless Shoesource	6		18,236		465,232		3,090		114,330		21,326		579,562		18,236		465,232		1,514		56,022		19,750		521,254		0.5	%		0.8	%

TOTAL	70		1,731,962	$	23,827,102		253,141	$	4,372,249		1,985,103	$	28,199,351		1,710,142	$	22,970,861		96,788	$	1,665,251		1,806,929	$	24,636,112		41.6	%		37.5	%

Notes:
1Includes the Company's pro-rata share of 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
2013		11		368,426		11.01	%		4,451,483		10.80	%		12.08
2014		7		308,783		9.22	%		2,700,557		6.55	%		8.75
2015		6		274,639		8.20	%		3,835,262		9.30	%		13.96
2016		7		272,962		8.15	%		2,813,094		6.82	%		10.31
2017		6		311,806		9.32	%		3,680,367		8.93	%		11.80
2018		3		330,649		9.88	%		3,764,816		9.13	%		11.39
2019		6		136,521		4.08	%		1,151,562		2.79	%		8.44
2020		6		329,713		9.85	%		3,983,034		9.66	%		12.08
2021		8		310,001		9.26	%		3,622,544		8.79	%		11.69
2022		2		69,837		2.09	%		1,826,500		4.43	%		26.15
2023		1		48,805		1.46	%		695,471		1.69	%		14.25
2024		4		200,936		6.00	%		3,596,228		8.72	%		17.90
2027		2		66,650		1.99	%		1,413,631		3.43	%		21.21
2028		4		202,935		6.06	%		2,158,124		5.23	%		10.63
2032		1		101,715		3.04	%		907,500		2.20	%		8.92
2060		1		12,964		0.39	%		625,000		1.52	%		48.21
Total		75		3,347,342		100.00	%	$	41,225,173		100.00	%	$	12.32


Anchor GLA Owned by Tenants				254,916
Total Vacant				119,974
Total Square Feet				3,722,232



Shop Tenants
Month to month		6		17,320		1.24	%	$	322,423		0.77	%	$	18.62
2013		61		169,827		12.12	%		4,136,329		9.93	%		24.36
2014		63		232,356		16.58	%		7,003,782		16.82	%		30.14
2015		39		170,758		12.19	%		3,467,059		8.33	%		20.30
2016		52		238,375		17.01	%		5,685,646		13.65	%		23.85
2017		43		187,309		13.37	%		6,660,153		15.99	%		35.56
2018		19		72,014		5.14	%		2,940,239		7.06	%		40.83
2019		17		44,335		3.16	%		2,270,752		5.45	%		51.22
2020		16		37,212		2.66	%		1,679,729		4.03	%		45.14
2021		16		84,722		6.05	%		2,242,561		5.38	%		26.47
2022		21		82,603		5.89	%		2,929,829		7.04	%		35.47
2023		3		19,512		1.39	%		420,575		1.01	%		21.55
2024		3		8,642		0.62	%		342,049		0.82	%		39.58
2025		1		3,120		0.22	%		29,047		0.07	%		9.31
2026		1		7,600		0.54	%		640,000		1.54	%		84.21
2027		2		21,859		1.56	%		550,632		1.32	%		25.19
2030		1		3,745		0.27	%		325,000		0.78	%		86.78
Total		364		1,401,309		100.00	%	$	41,645,805		100.00	%	$	29.72


Total Vacant				195,347
Total Square Feet				1,596,656



			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		6		17,320		0.36	%	$	322,423		0.39	%	$	18.62
2013		72		538,253		11.33	%		8,587,812		10.36	%		15.95
2014		70		541,139		11.40	%		9,704,339		11.71	%		17.93
2015		45		445,397		9.38	%		7,302,321		8.81	%		16.40
2016		59		511,337		10.77	%		8,498,740		10.26	%		16.62
2017		49		499,115		10.51	%		10,340,520		12.48	%		20.72
2018		22		402,663		8.48	%		6,705,055		8.09	%		16.65
2019		23		180,856		3.81	%		3,422,314		4.13	%		18.92
2020		22		366,925		7.73	%		5,662,763		6.83	%		15.43
2021		24		394,723		8.31	%		5,865,105		7.08	%		14.86
2022		23		152,440		3.21	%		4,756,329		5.74	%		31.20
2023		4		68,317		1.44	%		1,116,046		1.35	%		16.34
2024		7		209,578		4.41	%		3,938,277		4.75	%		18.79
2025		1		3,120		0.07	%		29,047		0.04	%		9.31
2026		1		7,600		0.16	%		640,000		0.77	%		84.21
2027		4		88,509		1.86	%		1,964,263		2.37	%		22.19
2028		4		202,935		4.27	%		2,158,124		2.60	%		10.63
2030		1		3,745		0.08	%		325,000		0.39	%		86.78
2032		1		101,715		2.14	%		907,500		1.10	%		8.92
2060		1		12,964		0.27	%		625,000		0.75	%		48.21
Total		439		4,748,651		100.00	%	$	82,870,978		100.00	%	$	17.43


Anchor GLA Owned by Tenants				254,916
Total Vacant				315,321
Total Square Feet				5,318,888

-35-

Core Portfolio - New and Renewal Rent Spreads 1																��



	Period ended						3 months ended						3 months ended						3 months ended						3 months ended
	December 31, 2012						December 31, 2012						September 30, 2012						June 30, 2012						March 31, 2012
	Cash2			GAAP3			Cash2			GAAP3			Cash2			GAAP3			Cash2			GAAP3			Cash2			GAAP3
New leases
Number of new leases executed		20			20			5			5			8			8			5			5			2			2
GLA		97,660			97,660			56,248			56,248			20,019			20,019			16,669			16,669			4,724			4,724
New base rent	$	17.43		$	18.26		$	13.53		$	14.20		$	22.09		$	22.82		$	22.33		$	23.23		$	26.91		$	29.70
Previous base rent (and percentage rent)	$	18.66		$	17.93		$	14.34		$	14.15		$	23.09		$	21.50		$	27.83		$	26.08		$	19.07		$	19.07
Percentage growth in base rent		-6.6	%		1.8	%		-5.6	%		0.4	%		-4.3	%		6.1	%		-19.8	%		-10.9	%		41.1	%		55.7	%
Average cost per square foot	$	22.84		$	22.84		$	15.60		$	15.60		$	22.75		$	22.75		$	38.14		$	38.14		$	55.45		$	55.45
Weighted Average Lease Term (years)		9.2			9.2			10.0			10.0			7.2			7.2			9.5			9.5			8.5			8.5

Renewal leases
Number of renewal leases executed		35			35			6			6			10			10			6			6			13			13
GLA		217,771			217,771			30,417			30,417			27,903			27,903			60,957			60,957			98,494			98,494
New base rent	$	16.17		$	16.67		$	19.96		$	20.49		$	26.15		$	26.26		$	13.90		$	14.00		$	13.58		$	14.43
Expiring base rent (and percentage rent)	$	15.83		$	15.37		$	19.56		$	19.47		$	24.22		$	24.06		$	14.07		$	13.64		$	13.40		$	12.71
Percentage growth in base rent		2.1	%		8.5	%		2.0	%		5.2	%		8.0	%		9.1	%		-1.2	%		2.6	%		1.3	%		13.5	%
Average cost per square foot	$	0.00		$	0.00		$	0.00		$	0.00		$	0.00		$	0.00		$	0.00		$	0.00		$	0.00		$	0.00
Weighted Average Lease Term (years)		3.8			3.8			5.8			5.8			3.8			3.8			2.3			2.3			4.1			4.1

Total new and renewal Leases
Number of new and renewal leases executed		55			55			11			11			18			18			11			11			15			15
GLA commencing		315,431			315,431			86,665			86,665			47,922			47,922			77,626			77,626			103,218			103,218
New base rent	$	16.56		$	17.16		$	15.79		$	16.41		$	24.45		$	24.82		$	15.71		$	15.98		$	14.19		$	15.13
Expiring base rent (and percentage rent)	$	16.71		$	16.16		$	16.17		$	16.02		$	23.75		$	22.99		$	17.02		$	16.31		$	13.66		$	13.00
Percentage growth in base rent		-0.9	%		6.2	%		-2.4	%		2.4	%		3.0	%		8.0	%		-7.7	%		-2.0	%		3.9	%		16.4	%
Average cost per square foot	$	7.07		$	7.07		$	10.12		$	10.12		$	9.50		$	9.50		$	8.19		$	8.19		$	2.54		$	2.54
Weighted Average Lease Term (years)		5.5			5.5			8.5			8.5			5.2			5.2			3.8			3.8			4.3			4.3

Notes:
1Based on lease execution dates. Does not include leased square footage and costs related to first generation space and the Company's major redevelopment
projects; renewal leases include exercised options.
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.

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Core Portfolio Capital Expenditures
Current Quarter


	Year-to-Date		Current Quarter		Previous Quarter		Previous Quarter		Previous Quarter
	Period ended		3 months ended		3 months ended		3 months ended		3 months ended		Prior Year ended
	December 31, 2012		December 31, 2012		September 30, 2012		June 30, 2012		March 31, 2012		December 31, 2011


Leasing Commissions	$	1,916	$	347	$	947	$	316	$	306	$	1,265
Tenant Improvements		4,274		913		366		1,412		1,583		5,823
Capital Expenditures		1,523		444		692		323		64		471
Total capital expenditures		7,713		1,704		2,005		2,051		1,953		7,559

Re-anchoring costs1		11,867		2,144		1,274		4,811		3,638		1,578
Total	$	19,580	$	3,848	$	3,279	$	6,862	$	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.

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Property Demographics - Core
							3-Mile Radius2
				Trade Area	Base	Total	Total	#	Median HH	Avg. HH
	Property	City	State	(Miles)	Rent	GLA	Pop.	HH	Income	Income
	Core
	239 Greenwich Avenue	Greenwich	CT	3	1,554,663	16,834	66,764	24,760	126,648	180,475
	Elmwood Park Shopping Center	Elmwood Park	NJ	3	3,596,396	149,262	254,598	84,884	59,534	70,827
	A & P Shopping Plaza	Boonton	NJ	3	1,343,723	62,741	46,839	17,923	103,943	129,441
	Village Commons Shopping Center	Smithtown	NY	3	2,552,470	87,330	66,766	23,288	111,019	137,242
	The Branch Plaza	Smithtown	NY	3	2,551,407	126,273	66,916	23,389	110,173	136,382
	Amboy Road	Staten Island	NY	3	1,632,178	60,090	147,590	54,454	87,821	103,110
	Bartow Avenue	Bronx	NY	3	420,687	14,676	571,167	212,683	47,950	59,131
	Pacesetter Park Shopping Center	Pomona	NY	3	1,151,105	97,583	35,902	11,177	106,212	124,240
	LA Fitness	Staten Island	NY	3	1,391,500	55,000	121,318	43,079	78,203	90,627
	West 54th Street	Manhattan	NY	3	1,245,680	9,797	1,223,652	627,833	89,958	147,056
	East 17th Street	Manhattan	NY	3	625,000	19,622	1,059,535	542,170	91,411	144,163
	Crossroads Shopping Center	White Plains	NY	3	5,139,479	309,523	108,529	42,787	93,274	125,433
	Third Avenue	Yonkers	NY	3	666,631	40,320	1,218,498	437,804	35,045	51,736
	Mercer Street	Manhattan	NY	3	383,160	6,225	923,759	452,623	85,085	129,584
	4401 White Plains Road	White Plains	NY	3	623,884	3,000	565,820	212,940	52,461	66,174
	Town Line Plaza	Rocky Hill	CT	3	1,636,374	206,346	46,398	19,516	78,060	91,541
	Methuen Shopping Center	Methuen	MA	3	1,027,936	130,021	93,621	33,353	51,101	60,867
	Crescent Plaza	Brockton	MA	3	1,658,255	218,137	98,732	35,274	57,418	66,869
	Cambridge	Cambridge	MA	3	1,130,470	54,226	489,136	215,122	68,158	97,306
	New Loudon Center	Latham	NY	3	1,959,124	255,673	45,708	18,694	65,042	78,848
	Walnut Hill Plaza	Woonsocket	RI	3	2,136,086	284,717	63,856	25,805	56,673	65,553
	The Gateway Shopping Center	So. Burlington	VT	3	1,969,413	101,655	50,684	19,217	51,090	66,456
	Hobson West Plaza	Naperville	IL	3	1,138,122	99,137	124,307	43,292	107,747	133,753
	Clark & Diversey	Chicago	IL	3	858,248	19,265	403,737	217,875	74,156	112,282
	West Diversey	Chicago	IL	3	1,884,925	46,259	406,188	218,945	74,095	112,128
	Chicago Urban/Street Retail Portfolio1	Chicago	IL	3	4,536,341	115,287	434,100	230,477	76,442	111,255
	930 North Rush St	Chicago	IL	3	1,113,948	2,930	322,469	180,483	80,823	123,146
	Merrillville Plaza	Hobart	IN	3	2,918,290	235,824	28,084	11,444	51,584	58,223
	Bloomfield Town Square	Bloomfield Hills	MI	3	3,396,624	236,676	56,262	22,488	70,867	102,286
	Mad River Station	Dayton	OH	3	1,315,006	126,129	63,784	27,917	58,431	70,473
	Marketplace of Absecon	Absecon	NJ	3	1,334,497	104,762	32,818	11,478	62,164	74,221
	Brandywine/Mkt Sq./Naamans Rd 3	Wilmington	DE	3	16,426,353	997,710	506,735	195,267	73,167	91,259
	Mark Plaza	Edwardsville	PA	3	240,664	106,856	88,065	37,263	37,520	47,049
	Plaza 422	Lebanon	PA	3	795,852	156,279	45,898	18,145	43,042	52,403
	Route 6 Plaza	Honesdale	PA	3	1,160,112	175,519	45,996	18,427	97,614	119,789
	Chestnut Hill	Philadelphia	PA	3	513,425	37,581	144,928	61,588	62,496	78,437
	Abington Towne Center	Abington	PA	3	955,324	216,369	89,061	35,063	76,999	95,632
	Georgetown Portfolio	Georgetown	DC	3	1,799,387	27,666	310,075	155,858	85,815	118,080
	28 Jericho Turnpike	Westbury	NY	3	1,650,000	96,363	107,066	34,486	104,342	132,026
	Rhode Island Place Shopping Center	Washington	DC	3	1,622,629	57,529	336,016	153,378	65,558	87,768
	83 Spring Street	Manhattan	NY	3	623,884	3,000	963,271	475,088	85,441	130,755
	60 Orange Street	Bloomfield	NJ	3	907,500	101,715	338,341	128,101	58,320	66,931
	639 West Diversey	Chicago	IL	3	666,091	12,557	403,961	219,828	77,275	92,129
	1739-53 & 1801-03 Connecticut Avenue	Washington	DC	3	1,090,701	22,907	333,711	162,783	84,576	111,570
	181 Main Street	Westport	CT	3	772,000	11,350	46,414	17,188	160,357	196,576

Total Core 2
Average - Total					1,869,234	118,194	288,824	130,125	77,225	100,916
Weighted Average - Based on base rent							238,265	106,426	77,312	100,378

Notes:

1 Calculations comprised of nineteen individual properties.

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

3 Calculations based on 10 miles radius2demographics given the unique position of these assets in the market

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Property Demographics - Funds
							3-Mile Radius2
				Trade Area	Base	Total	Total	#	Median HH	Avg. HH
	Property	City	State	(Miles)	Rent	GLA	Pop.	HH	Income	Income

	Fund II
	Pelham Manor Shopping Plaza	Westchester	NY	3	5,887,611	228,493	374,733	141,676	57,019	73,516
	400 East Fordham Road	Bronx	NY	3	5,519,760	119,446	1,200,592	421,615	37,257	48,075
	216th Street	Manhattan	NY	3	2,694,000	60,000	935,948	329,442	37,176	55,430
	161st Street	Bronx	NY	3	5,255,201	232,402	1,251,086	444,325	32,321	47,196

Average - Total					4,839,143	160,085	940,590	334,265	40,943	56,054
Weighted Average - Based on base rent							926,270	329,804	41,917	56,598


	Fund III
	Cortlandt Towne Center	Mohegan Lake	NY	3	9,449,199	641,225	49,183	17,702	88,812	104,358
	640 Broadway	Manhattan	NY	3	662,103	4,409	987,988	492,393	86,341	133,275
	New Hyde Park Shopping Center	New Hyde Park	NY	3	904,986	31,431	195,564	70,172	101,624	129,444
	White City	Shrewsbury	MA	3	4,841,673	257,288	101,062	40,736	52,003	64,348
	Parkway Crossing	Parkville	MD	3	1,445,276	265,116	184,242	74,094	59,047	70,053
	Lincoln Road	Miami Beach	FL	3	3,257,573	61,443	58,267	36,318	74,282	98,785
	Heritage Shops	Chicago	IL	3	3,103,565	105,585	289,135	155,570	76,609	116,432
	Lincoln Park Center	Chicago	IL	3	1,607,359	62,745	438,736	235,290	77,360	116,754
	Arundel Plaza	Glen Burnie	MD	3	1,445,276	265,116	76,060	28,613	58,913	65,941

Fund III 1
Average - Total					2,968,557	188,262	264,471	127,876	74,999	99,932
Weighted Average - Based on base rent							146,750	69,847	80,336	102,300


	Fund IV
	1701 Belmont Avenue	Catonsville	MD	3	936,166	58,674	109,807	43,674	59,150	65,356
	Lincoln Road	Miami Beach	FL	3	4,949,953	54,453	58,267	36,318	74,282	98,785

Fund IV1
Average - Total					2,943,060	56,564	84,037	39,996	66,716	82,071
Weighted Average - Based on base rent							66,098	37,436	71,983	93,706



Total - Core and Funds1
Average - Total					2,267,921	129,442	321,796	140,393	74,122	97,150
Weighted Average - Based on base rent							264,033	114,148	75,645	98,203

Notes:

1 Does not include the Kroger/Safeway Portfolio.

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

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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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Acadia Realty Trust (AKR) 8-KAcadia Realty Trust Reports Fourth Quarter and Full Year 2012 Operating Results