Acadia Realty Trust (AKR) 8-K Acadia Realty Trust Reports Fourth Quarter and Full Year 2018 Operating Results

Exhibit 99.2

ACADIA—REALTY TRUST—Q2 2018 SUPPLEMENTAL REPORTING INFORMATIO

Table of Contents		Supplemental Report – December 31, 2018
Section I - Fourth Quarter 2018 Earnings Press Release
Section II - Financial Information		Section III – Core Portfolio Information
Company Information	3	Core Properties	26
Market Capitalization	4	Core Top Tenants	30
Operating Statements		Core Lease Expirations	31
Consolidated Income Statements	5	Core New and Renewal Rent Spreads	32
Income Statement - Pro-rata Adjustments	7	Core Capital Expenditures	33
Consolidated Balance Sheet	8
Balance Sheet - Pro-rata Adjustments	9
Funds from Operations (“FFO”), Adjusted FFO (“AFFO”)	11
EBITDA	13
Same Property Net Operating Income	14
Fee Income	15	Section IV - Fund Information
Structured Financing	16
Other Information		Fund Overview	34
Transactional Activity	17	Fund Properties	35
2019 Guidance	18	Fund Lease Expirations	38
Net Asset Valuation Information	19	Development and Redevelopment Activity	39
Selected Financial Ratios	20
Debt Analysis
Summary	22
Detail	23
Maturities	25	Important Notes	41

Visitwww.acadiarealty.comfor additional investor and portfolio information

Supplemental Report – December 31, 2018		Company Information
Acadia Realty Trust is a fully-integrated equity real estate investment trust, focused on the ownership, acquisition, redevelopment and management of high-quality retail properties located in key street and urban retail corridors as well as suburban locations within high-barrier-to-entry, densely-populated metropolitan areas. Acadia owns, or has an ownership interest in, these properties through its core portfolio and through a series of opportunistic/value-add investment funds. Additional information may be found on the Company’s website at www.acadiarealty.com.
Contact Information
	Corporate Headquarters	Investor Relations	New York Stock Exchange
	411 Theodore Fremd Avenue	Amy Racanello	Symbol AKR
	Suite 300	Senior Vice President,
	Rye, NY 10580	Capital Markets & Investments
		(914) 288-3345
		aracanello@acadiarealty.com
Analyst Coverage
	Bank of America / Merrill Lynch	BTIG	KeyBanc Capital Markets, Inc.
	Craig Schmidt - (646) 855-3640	Michael Gorman - (212) 738-6138	Todd Thomas - (917) 368-2286
	craig.schmidt@baml.com	mgorman@btig.com	tthomas@key.com
	Green Street Advisors	Citigroup - Global Markets	J.P. Morgan Securities, Inc.
	Daniel Busch - (949) 640-8780	Christy McElroy - (212) 816-6981	Michael W. Mueller, CFA - (212) 622-6689
	dbusch@greenstreetadvisors.com	christy.mcelroy@citi.com	michael.w.mueller@jpmorgan.com

3

	Market Capitalization
Supplemental Report – December 31, 2018	(Including pro-rata share of Fund debt, in thousands)

							Changes in Total Outstanding Common										Weighted Average
	Total Market					Capitalization	Shares and OP Units (in thousands)										Diluted EPS				FFO
	Capitalization ($)				%	Based on Net Debt 1		Common Shares			Common OP Units			Total			Quarter		YTD		Quarter		YTD
Equity Capitalization
Common Shares		81,557					Balance at 12/31/2017		83,708			4,716			88,424
Common Operating Partnership ("OP") Units		5,030					Other		11			289			300
Combined Common Shares and OP Units		86,587					Share repurchases		(1,304	)		—			(1,304	)
							OP Conversions		36			(36	)		—
Share Price at December 31, 2018	$	23.76					Balance at 3/31/2018		82,451			4,969			87,420			83,438		83,438		89,067		89,067
							Other		13			18			31
Equity Capitalization - Common Shares and OP Units	$	2,057,307					Share repurchases		(990	)		—			(990	)
Preferred OP Units		11,864		2			OP Conversions		29			(29	)		—
Total Equity Capitalization		2,069,171			68%	69%	Balance at 6/30/2018		81,503			4,958			86,461			81,756		82,592		87,485		88,272
							Other		1			—			1
Debt Capitalization							OP Conversions		46			(46	)		—
Consolidated debt		1,560,333					Balance at 9/30/2018		81,550			4,912			86,462			81,566		82,245		87,251		87,900
Adjustment to reflect pro-rata share of debt		(596,557	)				Other		(3	)		128			125
Total Debt Capitalization		963,776			32%	31%	OP Conversions	10				(10	)		—
							Balance at 12/31/2018		81,557			5,030			86,587			81,591		82,080		87,212		87,728
Total Market Capitalization	$	3,032,947		3	100%	100%

__________

1. Reflects debt net of Core Portfolio cash of$12,982and pro-rata share of Funds cash of$3,452for total cash netted against debt of$16,434.

2. Represents188Series A and136,593Series C Preferred OP Units convertible into25,067and474,278Common OP Units, respectively, multiplied by the Common Share price at quarter end.

3. Market capitalization comprises (fixed-rate debt includes notional principal fixed through interest rate swap transactions):

4

	Consolidated Income Statement
Supplemental Report – December 31, 2018	(in thousands)

	December 31, 2018 1
CONSOLIDATED INCOME STATEMENT	Quarter			Year to Date
Revenues
Rental income	$	55,104		$	208,756
Expense reimbursements		13,284			48,284
Other		1,057			5,173
Total revenues		69,445			262,213
Operating expenses
Depreciation and amortization		30,794			117,549
General and administrative		9,984			34,343
Real estate taxes		9,184			36,712
Property operating		11,688			45,211
Other operating		202			857
Total operating expenses		61,852			234,672
Operating income		7,593			27,541
Equity in earnings of unconsolidated affiliates		2,223			9,302
Interest income		2,692			13,231
Interest expense		(19,096	)		(69,978	)
Loss from continuing operations before income taxes		(6,588	)		(19,904	)
Income tax benefit (provision)		(83	)		(934	)
Loss from continuing operations		(6,671	)		(20,838	)
Gain on disposition of properties, net of tax		—			5,140
Net loss		(6,671	)		(15,698	)
Net loss attributable to noncontrolling interests		13,801			47,137
Net income attributable to Acadia	$	7,130		$	31,439

5

	Income Statement - Detail
Supplemental Report – December 31, 2018	(in thousands)

	December 31, 2018 1
CORE PORTFOLIO AND FUND INCOME	Quarter			Year to Date
PROPERTY REVENUES
Minimum rents	$	47,997		$	186,011
Percentage rents		139			609
Expense reimbursements - CAM		6,172			20,642
Expense reimbursements - Taxes		7,113			27,642
Other property income		784			3,242
Total Property Revenues		62,205			238,146
PROPERTY EXPENSES
Property operating - CAM		10,491			34,998
Other property operating (Non-CAM)		2,189			10,520
Real estate taxes		9,184			36,712
Total Property Expenses		21,864			82,230
NET OPERATING INCOME - PROPERTIES		40,341			155,916
OTHER INCOME (EXPENSE)
Interest income		2,692			13,231
Straight-line rent income		2,093			8,705
Above/below-market rent		5,116			13,531
Interest expense 2		(16,712	)		(61,073	)
Amortization of finance costs		(1,658	)		(6,008	)
Above/below-market interest expense		26			104
Asset and property management expense		719			(363	)
Other income/expense		(171	)		513
Transaction costs		—			(161	)
Capital lease interest		(752	)		(3,001	)
CORE PORTFOLIO AND FUND INCOME		31,694			121,394
FEE INCOME
Asset and property management fees		219			876
Promote income from funds, net		—			—
Net promote and other transactional income		—			—
Transactional fees 3		54			415
Income tax provision		(83	)		(934	)
Total Fee Income		190			357
General and Administrative		(9,984	)		(34,343	)
Depreciation and amortization		(30,675	)		(117,043	)
Non-real estate depreciation and amortization		(119	)		(506	)
Gain on disposition of properties		—			5,141
Loss before equity in earnings and noncontrolling interests		(8,894	)		(25,000	)
Equity in earnings of unconsolidated affiliates		2,223			9,302
Noncontrolling interests		13,801			47,137
NET INCOME ATTRIBUTABLE TO ACADIA	$	7,130		$	31,439

6

	Income Statement – Pro Rata Adjustments
Supplemental Report – December 31, 2018	(in thousands)

	Quarter Ended December 31, 2018						Year to Date December 31, 2018
CORE PORTFOLIO AND FUND INCOME	Noncontrolling Interest in Consolidated Subsidiaries 4			Company’s Interest in Unconsolidated Subsidiaries 5			Noncontrolling Interest in Consolidated Subsidiaries 4			Company’s Interest in Unconsolidated Subsidiaries 5
PROPERTY REVENUES
Minimum rents	$	(15,894	)	$	8,204		$	(57,630	)	$	32,025
Percentage rents		(104	)		37			(350	)		154
Expense reimbursements - CAM		(2,472	)		973			(7,583	)		3,044
Expense reimbursements - Taxes		(1,856	)		2,299			(6,895	)		6,959
Other property income		(397	)		66			(1,444	)		38
Total Property Revenues		(20,723	)		11,579			(73,902	)		42,220
PROPERTY EXPENSES
Property operating - CAM		(4,858	)		779			(15,815	)		2,797
Other property operating (Non-CAM)		(1,142	)		205			(5,051	)		987
Real estate taxes		(2,913	)		2,427			(11,199	)		7,798
Total Property Expenses		(8,913	)		3,411			(32,065	)		11,582
NET OPERATING INCOME - PROPERTIES		(11,810	)		8,168			(41,837	)		30,638
OTHER INCOME (EXPENSE)
Interest income		(989	)		—			(5,980	)		5
Straight-line rent income		(1,650	)		566			(6,084	)		2,269
Above/below-market rent		(364	)		189			(2,907	)		782
Interest expense		9,829			(2,416	)		35,488			(9,974	)
Amortization of finance costs		1,178			(181	)		4,193			(677	)
Above/below-market interest expense		—			21			—			84
Asset and property management expense		(499	)		(175	)		395			(699	)
Other income/expense		(32	)		(42	)		(703	)		353
Transaction costs		—			—			64			—
Capital lease interest		—			—			—			—
CORE PORTFOLIO AND FUND INCOME		(4,337	)		6,130			(17,371	)		22,781
FEE INCOME
Asset and property management fees		4,040			72			15,992			284
Promote income from funds, net		—			—			158			—
Net promote and other transactional income		—			—			(2,462	)		3,262
Transactional fees		1,421			22			7,213			109
Income tax provision		24			(4	)		146			(27	)
Total Fee Income		5,485			90			21,047			3,628
General and Administrative		498			(17	)		1,488			(120	)
Depreciation and amortization		12,616			(3,980	)		47,915			(16,724	)
Non-real estate depreciation and amortization		—			—			—			—
Gain on disposition of properties		—			—			(3,907	)		(263	)
Income before equity in earnings and noncontrolling interests		14,262			2,223			49,172			9,302
Equity in earnings of unconsolidated affiliates		—			—			—			—
Noncontrolling interests 6		(461	)		—			(2,035	)		—
NET INCOME ATTRIBUTABLE TO ACADIA	$	13,801		$	2,223		$	47,137		$	9,302

7

	Balance Sheet
Supplemental Report – December 31, 2018	(in thousands)

ASSETS	Consolidated Balance Sheet As Reported			Line Item Details:
Real estate
Land	$	710,469		The components of Real estate under development, at cost are as follows:
Buildings and improvements		2,745,982		Core	$	7,759
Construction in progress		44,092		Fund II		7,462
Properties under capital lease		76,965		Fund III		21,242
		3,577,508		Fund IV		83,834
Less: accumulated depreciation		(416,657	)	Total	$	120,297
Operating real estate, net		3,160,851
Real estate under development		120,297		Summary of other assets, net:
Net investments in real estate		3,281,148		Deferred charges, net	$	28,619
Notes receivable, net		109,613		Prepaid expenses		18,422
Investments in and advances to unconsolidated affiliates		262,410		Accrued interest receivable		17,046
Lease intangibles, net		115,939		Derivative financial instruments		7,018
Other assets, net		92,631		Other receivables		5,058
Cash and cash equivalents		21,268		Deposits		4,611
Straight-line rents receivable, net		44,044		Due from seller		4,000
Rents receivable, net		18,147		Income taxes receivable		2,070
Restricted cash		13,580		Corporate assets		1,953
Total Assets	$	3,958,780		Due from related parties		1,802
				Deferred tax assets		2,032
LIABILITIES AND SHAREHOLDERS' EQUITY				Total	$	92,631
Mortgage and other notes payable, net	$	1,017,288
Unsecured notes payable, net		533,257
Unsecured line of credit		-		Summary of accounts payable and other liabilities:
Accounts payable and other liabilities		119,916		Accounts payable and accrued expenses	$	65,215
Lease intangibles, net		95,045		Deferred income		34,052
Capital lease obligation		71,111		Tenant security deposits, escrow and other		10,588
Dividends and distributions payable		24,593		Derivative financial instruments		7,304
Distributions in excess of income from, and investments in, unconsolidated affiliates		15,623		Income taxes payable		19
Total Liabilities		1,876,833		Other		2,738
Shareholders' equity				Total	$	119,916
Common shares		82
Additional paid-in capital		1,548,603
Accumulated other comprehensive income		516
Distributions in excess of accumulated earnings		(89,696	)
Total Acadia shareholders' equity		1,459,505
Noncontrolling interests		622,442
Total Shareholders' Equity		2,081,947
Total Liabilities and Shareholders' Equity	$	3,958,780

8

	Balance Sheet – Pro-rata Adjustments7
Supplemental Report – December 31, 2018	(in thousands)

ASSETS	Noncontrolling Interest in Consolidated Subsidiaries 4			Company’s Interest in Unconsolidated Subsidiaries 5
Real estate
Land	$	(183,275	)	$	84,032
Buildings and improvements		(950,218	)		352,256
Construction in progress		(18,825	)		323
Properties under capital lease		—			—
		(1,152,318	)		436,611
Less: accumulated depreciation		62,156			(64,501	)
Operating real estate, net		(1,090,162	)		372,110
Real estate under development		(81,655	)		(4	)
Net investments in real estate		(1,171,817	)		372,106
Notes receivable, net		(39,752	)		—
Investments in and advances to unconsolidated affiliates		(25,404	)		(236,650	)
Lease intangibles, net		(43,184	)		10,364
Other assets, net		(1,311	)		19,443
Cash and cash equivalents		(9,347	)		4,513
Straight-line rents receivable, net		(14,283	)		5,584
Rents receivable, net		(4,845	)		3,337
Restricted cash		(9,847	)		876
Total Assets	$	(1,319,790	)	$	179,573
LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgage and other notes payable, net	$	(611,259	)	$	162,652
Unsecured notes payable, net		(142,191	)		—
Unsecured line of credit		—			—
Accounts payable and other liabilities		(51,728	)		22,379
Lease intangibles, net		(23,611	)		10,165
Capital lease obligation		—			—
Dividends and distributions payable		—			—
Distributions in excess of income from, and investments in, unconsolidated affiliates		—			(15,623	)
Total Liabilities		(828,789	)		179,573
Shareholders' equity
Common shares		—			—
Additional paid-in capital		—			—
Accumulated other comprehensive income		—			—
Distributions in excess of accumulated earnings		—			—
Total Acadia shareholders' equity		—			—
Noncontrolling interests		(491,001	)		—
Total Shareholders' Equity		(491,001	)		—
Total Liabilities and Shareholders' Equity	$	(1,319,790	)	$	179,573

9

	Balance Sheet – Pro-rata Adjustments7
Supplemental Report – December 31, 2018	(in thousands)

__________

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

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

2. Net of capitalized interest of $1.0 million for the quarter and $5.7 million for the year to date period ended December 31, 2018.

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

4. Noncontrolling interests represent limited partners’ interests in consolidated partnerships’ activities.

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

6. Adjustment to noncontrolling interests exclude income allocable to Operating Partnership Units of $0.5 million for the quarter and $2.0 million for the year-to-date period ended December 31, 2018.

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

10

	Funds from Operations (“FFO”)1
Supplemental Report – December 31, 2018	(in thousands)

	Quarter Ended												Year to Date
	March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			December 31, 2018
Funds from operations ("FFO"):
Net Income	$	7,419		$	7,665		$	9,225		$	7,130		$	31,439
Add back:
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share)		21,085			21,586			21,141			22,040			85,852
Gain on disposition of depreciable properties (net of noncontrolling interest share)		—			—			(994	)		—			(994	)
Income attributable to noncontrolling interests' share in Operating Partnership		612			633			731			597			2,573
FFO to Common Shareholders and Common OP Unit holders	$	29,116		$	29,884		$	30,103		$	29,767		$	118,870
Add back: retirement charge		—			—			—			2,036			2,036
FFO before Special Item	$	29,116		$	29,884		$	30,103		$	31,803		$	120,906
Adjusted Funds from operations ("AFFO"):
Diluted FFO	$	29,116		$	29,884		$	30,103		$	29,767		$	118,870
Straight-line rent, net		(1,399	)		(1,381	)		(1,101	)		(1,009	)		(4,890	)
Above/(below)-market rent		(2,177	)		(2,169	)		(2,119	)		(4,941	)		(11,406	)
Amortization of finance costs		595			594			642			661			2,492
Above/below-market interest		(47	)		(47	)		(47	)		(47	)		(188	)
Non-real estate depreciation		111			107			169			119			506
Leasing commissions		(212	)		(632	)		(320	)		(713	)		(1,877	)
Tenant improvements		(1,224	)		(2,211	)		(3,745	)		(2,896	)		(10,076	)
Capital expenditures		(957	)		(152	)		(1,471	)		(574	)		(3,154	)
AFFO to Common Shareholders and Common OP Unit holders	$	23,806		$	23,993		$	22,111		$	20,367		$	90,277
Total weighted average diluted shares and OP Units		89,067			87,485			87,251			87,212			87,728
Diluted FFO per Common share and OP Unit:
FFO	$	0.33		$	0.34		$	0.35		$	0.34		$	1.35
FFO before special item	$	0.33		$	0.34		$	0.35		$	0.36		$	1.38

11

	Funds from Operations (“FFO”)1
Supplemental Report – December 31, 2018	(in thousands)

__________

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

12

	EBITDA
Supplemental Report – December 31, 2018	(in thousands)

	Quarter Ended December 31, 2018									Year to Date December 31, 2018
	Core									Core
	Portfolio			Funds			Total			Portfolio			Funds			Total
EBITDA
Net Income Attributable to Acadia	$	9,434		$	(2,304	)	$	7,130		$	38,198		$	(6,759	)	$	31,439
Adjustments:
Depreciation and amortization		18,489			3,669			22,158			72,828			13,530			86,358
Interest expense		6,736			2,563			9,299			26,245			9,314			35,559
Amortization of finance costs		315			346			661			1,270			1,222			2,492
Above/below-market interest		(47	)		—			(47	)		(188	)		—			(188	)
Gain on disposition of properties		—			—			—			—			(971	)		(971	)
Transaction costs		—			—			—			80			17			97
Provision for income taxes		56			7			63			786			29			815
Retirement charge		2,036			—			2,036			2,036			—			2,036
Noncontrolling interest - OP		461			—			461			2,035			—			2,035
EBITDA	$	37,480		$	4,281		$	41,761		$	143,290		$	16,382		$	159,672

13

	Core Portfolio – Same Property Performance 1
Supplemental Report – December 31, 2018	(in thousands)

	Quarter Ended						Change			Year to Date				Change
	December 31, 2018			December 31, 2017			Favorable/ (Unfavorable)			December 31, 2018		December 31, 2017		Favorable/ (Unfavorable)
Summary
Minimum rents	$	33,300		$	31,869			4.5	%	$	133,317	$	131,000		1.8	%
Expense reimbursements		10,077			9,203			9.5	%		39,086		36,487		7.1	%
Other property income		290			328			(11.6	)%		1,068		1,137		(6.1	)%
Total Revenue		43,667			41,400			5.5	%		173,471		168,624		2.9	%
Expenses
Property operating - CAM & Real estate taxes		11,292			10,394			(8.6	)%		44,551		41,397		(7.6	)%
Other property operating (Non-CAM)		938			820			(14.4	)%		2,728		3,273		16.7	%
Total Expenses		12,230			11,214			(9.1	)%		47,279		44,670		(5.8	)%
Same Property NOI - Core properties	$	31,437		$	30,186			4.1	%	$	126,192	$	123,954		1.8	%
Reconciliation of Same Property NOI to Core NOI
NOI of Properties excluded from Same Property NOI		2,032			2,910						7,353		8,633
Core NOI	$	33,469		$	33,096					$	133,545	$	132,587
Other same property information
Physical Occupancy		94.6	%		94.0	%
Leased Occupancy		95.6	%		95.5	%

__________

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

14

	Fee Income by Fund
Supplemental Report – December 31, 2018	(in thousands)

	Fund II		Fund III		Fund IV		Fund V		Other		Total
Year to Date December 31, 2018
Asset and property management fees	$	2,178	$	2,621	$	5,074	$	7,021	$	258	$	17,152
Transactional fees		708		2,514		3,003		1,189		323		7,737
Total fees	$	2,886	$	5,135	$	8,077	$	8,210	$	581	$	24,889
Quarter Ended December 31, 2018
Asset and property management fees	$	541	$	648	$	1,275	$	1,808	$	59	$	4,331
Transactional fees		103		573		520		286		15		1,497
Total fees	$	644	$	1,221	$	1,795	$	2,094	$	74	$	5,828
Quarter Ended September 30, 2018
Asset and property management fees	$	585	$	637	$	1,236	$	1,761	$	57	$	4,276
Transactional fees		237		1,335		1,415		332		98		3,417
Total fees	$	822	$	1,972	$	2,651	$	2,093	$	155	$	7,693
Quarter Ended June 30, 2018
Asset and property management fees	$	596	$	649	$	1,278	$	1,760	$	63	$	4,346
Transactional fees		115		406		299		409		131		1,360
Total fees	$	711	$	1,055	$	1,577	$	2,169	$	194	$	5,706
Quarter Ended March 31, 2018
Asset and property management fees	$	456	$	687	$	1,285	$	1,692	$	79	$	4,199
Transactional fees		253		200		769		162		79		1,463
Total fees	$	709	$	887	$	2,054	$	1,854	$	158	$	5,662

15

	Structured Financing Portfolio
Supplemental Report – December 31, 2018	(in thousands)

	September 30, 2018						Quarter Ended December 31, 2018										Stated			Effective
	Principal		Accrued		Ending				Repayments /		Current		Accrued		Ending		Interest			Interest			Maturity
Investment	Balance		Interest		Balance		Advances		Conversions		Principal 1		Interest		Balance		Rate			Rate			Dates
First mortgage notes	$	56,475	$	3,627	$	60,102	$	—	$	—	$	56,475	$	3,990	$	60,465		7.44	%		7.44	%	Apr-19 to Apr-20
Total Core notes receivable	$	56,475	$	3,627	$	60,102	$	—	$	—	$	56,475	$	3,990	$	60,465		7.44	%		7.44	%
__________
1. Reconciliation of Notes Receivable to the Consolidated Balance Sheet (Pro Rata):
Total Notes Receivable per above											$	56,475
Pro-rata share of Fund loans												13,386
Total Pro-rata Notes Receivable											$	69,861

16

	Transactional Activity
Supplemental Report – December 31, 2018	(in thousands)

PROPERTY ACQUISTIONS AND DISPOSITIONS
Property Name	Location	Key Tenants	Date of Transaction	Transaction Amount			Ownership %			Fund Share		Acadia Share
ACQUISITIONS
Fund V:
Trussville	Trussville, AL	Wal-Mart, Regal Cinemas	February 21, 2018	$	45,259			100.00	%	$	45,259	$	9,097
Elk Grove Commons	Elk Grove, CA	Trader Joe's, HomeGoods	July 18, 2018		59,320			100.00	%		59,320		11,923
Hiram Pavilion	Hiram, GA	Kohl's, Marshalls	October 23, 2018		44,443			100.00	%		44,443		8,933
				$	149,022					$	149,022	$	29,953
DISPOSITIONS
Fund II:
Sherman Avenue	New York, NY		April 17, 2018	$	26,000			99.10	%	$	25,766	$	7,300
					26,000						25,766		7,300
Fund IV:
Broughton Street Portfolio (3 properties)	Savannah, GA		Jan 18, Aug 29, 2018		10,000			100.00	%		10,000		2,312
Lake Montclair	Dumfries, VA		August 27, 2018		22,450			100.00	%		22,450		5,190
1861 Union Street	San Francisco, CA		August 29, 2018		6,000			90.00	%		5,400		1,248
210 Bowery (4 units)	New York, NY		Nov 30, Dec 10, 17, 21, 2018		12,100			100.00	%		12,100		2,798
					50,550						49,950		11,548
				$	76,550					$	75,716	$	18,848
STRUCTURED FINANCING ACTIVITY
Note Description	Transaction Type		Date of Transaction	Transaction Amount			Ownership %			Fund Share		Acadia Share
Core:
55-57 Spring Street	Redemption		January 24, 2018	$	(26,000	)		100.00	%	$	—	$	(26,000	)
135 East 65th	Advance		March 16, 2018		2,801			100.00	%		—		2,801
Town Center	Conversion		March 28, 2018		(22,021	)		100.00	%		—		(22,021	)
				$	(45,220	)				$	—	$	(45,220	)

17

	2019 Guidance
Supplemental Report – December 31, 2018	(in thousands)

	2019 Guidance Forecast
	Low					High					2018 Actual 1
(in millions, except per share amounts)	$ Millions			$/Share		$ Millions			$/Share		$ Millions			$/Share
GAAP Net Income	$	29.0		$	0.35	$	38.1		$	0.46	$	31.4		$	0.38
FFO:
Core property NOI	$	136.0				$	138.2				$	133.5
Fund property NOI		13.8					14.8					11.2
Straight-line and above/below market rents		8.8					9.8					13.5
Interest income (Structured Finance Portfolio)		5.3					6.8					7.3
Asset based fee income, net		16.6					16.2					16.6
Transactional based fee income, net		4.4					5.9					7.7
Interest expense, net of capitalized interest 2		(42.9	)				(41.6	)				(40.9	)
General and administrative 3		(32.0	)				(34.3	)				(31.1	)
Non-real estate depreciation and other expenses		(0.5	)				(1.0	)				(0.5	)
FFO, prior to transactional activity 4	$	109.5		$	1.25	$	114.8		$	1.31	$	117.3		$	1.34
Fund acquisitions, and related fees					0.01					0.03		—			—
Net Promote and other transactional income 5					0.01					0.05		0.8			0.01
Accelerated tenant recapture - GAAP Adjustments 6					0.07					0.07		2.8			0.03
FFO				$	1.34				$	1.46	$	120.9		$	1.38
Additional Guidance Assumptions
Fully diluted common shares - weighted average		82.0					83.0					82.1
Fully diluted common shares and OP Units - weighted average		87.5					88.0					87.7
Same property net operating income growth		3.0	%				4.0	%				1.8	%
Fund acquisitions	$	200.0				$	800.0				$	149.1

__________

1. 2018 FFO excludes a special item (retirement charge), which aggregated $0.02 per share, or $2.0 million.For a reconciliation of FFO per share to net income per share, please see the “2019 Guidance” section of the earnings release in Section I of this Supplemental Report.

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

3. 2019 FFO guidance includes approximately $0.02 of internal leasing costs, which will be expensed and no longer deferred under new accounting guidance effective January 1, 2019.

4. Before acquisition and gains/losses on sale or impairment of depreciated and non-operating assets.

5. Represents net promote and other transactional activity.

6. Includes amounts associated with the early recapture of below-market leases. 2019 amounts are anticipated to be recognized in the first quarter.

18

	Net Asset Valuation Information
Supplemental Report – December 31, 2018	(in thousands)

	CORE			FUND II 2			FUND III			FUND IV			FUND V
Ownership Percentage	N/A				28.33	%		24.54	%		23.12	%		20.10	%
Current Quarter NOI
Net Operating Income 1	$	33,469		N/A			$	891		$	7,530		$	6,645
Less:
(Income) loss from properties sold or under contract		—		N/A				(55	)		5			—
(Income) loss from pre-stabilized assets, development and redevelopment projects 3, 4		(1,275	)	N/A				(836	)		(2,430	)		—
Net Operating Income of stabilized assets	$	32,194		N/A			$	—		$	5,105		$	6,645
Costs to Date (Pro Rata)
Pre-stabilized assets 3	$	20,766		N/A			$	35,877		$	48,155		$	—
Development and redevelopment projects 4		37,048		N/A				4,209			25,670			—
Total Costs to Date	$	57,814		N/A			$	40,086		$	73,825		$	—
Debt (Pro Rata)	$	731,012		$	71,229		$	17,410		$	95,710		$	48,415
Capital Lease (Pro Rata)	$	71,111		N/A			$	—		$	—		$	—

__________

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

2. Fund II has been substantially liquidated except for its investment in City Point with pre-stabilized assets of $527 million and debt of $264.6 million.

3. Pre-stabilized assets consist of the following projects for the Core Portfolio: Clark & Diversey; Fund III: 640 Broadway, 654 Broadway, Cortlandt Crossing and Nostrand; Fund IV: Paramus Plaza, 650 Bald Hill Road, 210 Bowery, 801 Madison, 27 E 61st Street, 938 West North and 1035 Third Avenue.

4. See “Development and Redevelopment Activity” page in this Supplemental Report.

19

	Selected Financial Ratios
Supplemental Report – December 31, 2018	(in thousands)

	Quarter Ended December 31,						Year to Date December 31,							Quarter Ended
COVERAGE RATIOS 1	2018			2017			2018			2017			LEVERAGE RATIOS	December 31, 2018			September 30, 2018
Fixed-Charge Coverage Ratios													Debt/Market Capitalization Ratios
EBITDA 2 divided by:	$	37,480		$	38,038		$	143,290		$	155,488		Debt + Preferred Equity (Preferred O.P. Units)	$	975,640		$	945,719
Interest expense		6,736			6,838			26,245			27,775		Total Market Capitalization		3,029,906			3,369,249
Principal Amortization		914			1,169			3,808			4,774		Debt + Preferred Equity/
Preferred Dividends 3		135			135			540			550		Total Market Capitalization		32	%		28	%
Fixed-Charge Coverage Ratio - Core Portfolio		4.8	x		4.7	x		4.7	x		4.7	x
EBITDA divided by:	$	41,761		$	41,255		$	159,672		$	170,440		Debt 6	$	959,206		$	937,774
Interest expense		9,299			9,314			35,559			34,376		Total Market Capitalization		3,029,906			3,369,249
Principal Amortization		1,140			1,473			4,765			5,638		Net Debt + Preferred Equity/
Preferred Dividends		135			135			540			550		Total Market Capitalization		32	%		28	%
Fixed-Charge Coverage Ratio - Core Portfolio and Funds		3.9	x		3.8	x		3.9	x		4.2	x
Payout Ratios													Debt/EBITDA Ratios
Dividends declared (per share/OP Unit)	$	0.28		$	0.27		$	1.09		$	1.05		Debt	$	731,012		$	709,926
													EBITDA		143,290			145,314
Dividends (Shares) & Distributions (OP Units) declared	$	24,455		$	24,249		$	95,888		$	94,306		Debt/EBITDA - Core Portfolio		5.1	x		4.9	x
FFO		29,767			33,060			118,870			134,667
FFO Payout Ratio		82	%		73	%		81	%		70	%	Debt 5	$	718,030		$	704,059
													EBITDA		143,290			145,314
													Net Debt/EBITDA - Core Portfolio		5.0	x		4.8	x
Dividends (Shares) & Distributions (OP Units) declared	$	24,455		$	24,249		$	95,888		$	94,306
AFFO		20,367			25,942			90,277			111,605		Debt 4	$	963,776		$	931,722
AFFO Payout Ratio		120	%		93	%		106	%		84	%	EBITDA		159,672			161,822
													Debt/EBITDA - Core Portfolio and Funds		6.0	x		5.8	x
													Debt 6	$	947,342		$	923,777
													EBITDA		159,672			161,822
													Net Debt/EBITDA - Core Portfolio and Funds		5.9	x		5.7	x

20

	Selected Financial Ratios
Supplemental Report – December 31, 2018	(in thousands)

__________

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

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

3. Represents preferred distributions on Preferred Operating partnership Units.

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

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

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

21

	Portfolio Debt - Summary
Supplemental Report – December 31, 2018	(in thousands)

	Acadia Pro-Rata Share of Debt 2
	Core Portfolio							Funds							Total										Reconciliation to Consolidated Debt as Reported
Unsecured Debt	Principal Balance		Interest Rate			WA Years to Maturity 6		Principal Balance		Interest Rate			WA Years to Maturity 6		Principal Balance		%			Interest Rate			WA Years to Maturity 6		Add: Noncontrolling Interest Share of Debt 3		Less: Pro-rata Share of Unconsolidated Debt 4			Acadia Consolidated Debt as Reported
Fixed-Rate Debt 1	$	350,000		3.2	%		4.3	$	—		—			—	$	350,000		36	%		3.2	%		4.3	$	—	$	—		$	350,000
Variable-Rate Debt 5		—		—			—		41,434		4.2	%		0.4		41,434		4	%		4.2	%		0.4		142,191		—			183,625
																		40	%
Mortgage and Other Notes Payable
Fixed-Rate Debt 1		349,012		4.2	%		7.4		101,497		4.3	%		2.4		450,509		47	%		4.2	%		6.3		322,889		(121,358	)		652,040
Variable-Rate Debt 5		32,000		4.0	%		4.7		89,833		4.7	%		1.7		121,833		13	%		4.5	%		2.5		295,058		(42,223	)		374,668
																		60	%
Total	$	731,012		3.7	%		5.8	$	232,764		4.4	%		1.8	$	963,776		100	%		3.9	%		4.8	$	760,138	$	(163,581	)		1,560,333
Unamortized premium																															753
Net unamortized loan costs																															(10,541	)
Total																														$	1,550,545

_________

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

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

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

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

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

6. Based on debt maturity date without regard to swap expirations or available extension options.

22

	Portfolio Debt - Detail
Supplemental Report – December 31, 2018	(in thousands)

		Principal Balance at			Acadia's Pro-rata Share						Interest		Extension
Property		December 31, 2018			Percent			Amount			Rate	Maturity	Options
CORE PORTFOLIO
Fixed-Rate Debt
Brandywine 2		$	26,250			22.22	%	$	5,833		6.00%	07/01/16	None
163 Highland Avenue			8,852			100.00	%		8,852		4.66%	02/01/24	None
Crossroads Shopping Center			66,197			49.00	%		32,437		3.94%	10/06/24	None
555 9th Street			60,000			100.00	%		60,000		3.99%	01/01/25	None
840 N. Michigan			73,500			88.43	%		64,996		4.36%	02/10/25	None
Georgetown Portfolio (2008 Investment)			16,533			50.00	%		8,267		4.72%	12/10/27	None
State & Washington			24,439			100.00	%		24,439		4.40%	09/05/28	None
239 Greenwich Avenue			27,000			75.00	%		20,250		3.88%	01/10/29	None
North & Kingsbury			12,555			100.00	%		12,555		4.01%	11/05/29	None
151 North State Street			13,882			100.00	%		13,882		4.03%	12/01/29	None
Concord & Milwaukee			2,728			100.00	%		2,728		4.40%	06/01/30	None
California & Armitage			2,566			100.00	%		2,566		5.89%	04/15/35	None
Unsecured interest rate swaps 1			349,617			100.00	%		349,617		3.17%	4.3 YRS
Secured interest rate swaps 1			102,522			89.94	%		92,207		4.09%	7.3 YRS
Sub-Total Fixed-Rate Debt			786,641						698,629		3.68%
Secured Variable-Rate Debt
28 Jericho Turnpike			13,918			100.00	%		13,918		LIBOR+190	01/23/23	None
60 Orange Street			7,266			98.00	%		7,121		LIBOR+175	04/03/23	None
Gotham Plaza			19,942			49.00	%		9,772		LIBOR+160	06/10/23	None
Georgetown Portfolio (2016 Investment)			160,000			20.00	%		32,000		LIBOR+170	08/01/23	None
330-340 River Street			11,396			100.00	%		11,396		LIBOR+170	06/01/26	None
Sullivan Center			50,000			100.00	%		50,000		LIBOR+150	11/16/28	None
Secured interest rate swaps 1			(102,522	)		89.94	%		(92,207	)	LIBOR+175	7.3 YRS
Unsecured Variable-Rate Debt
Unsecured Line of Credit 3			—			100.00	%		—		LIBOR+135	03/31/22	2 x 6 mos.
Unsecured Term Loan			350,000			100.00	%		350,000		LIBOR+125	03/31/23	None
Unsecured interest rate swaps 1			(349,617	)		100.00	%		(349,617	)	LIBOR+83	4.3 YRS
Sub-Total Variable-Rate Debt			160,383						32,383		LIBOR+165
Total Debt - Core Portfolio		$	947,024					$	731,012		3.70%
Funds
Fixed-Rate Debt
CityPoint 4	Fund II		200,000			26.67	%		53,340		4.75%	05/29/20	None
1964 Union Street 4	Fund IV		1,463			20.80	%		304		3.80%	10/01/25	None
2207 Fillmore Street 4	Fund IV		1,120			20.80	%		233		4.50%	10/31/25	None
2208-2216 Fillmore Street 4	Fund IV		5,606			20.80	%		1,166		3.40%	06/01/26	None
CityPoint 4,5	Fund II		5,262			26.67	%		1,403		1.00%	08/23/42	None
Interest rate swaps 1	Funds II, IV & V		203,577			22.13	%		45,051		3.98%	2.7 YRS
Sub-Total Fixed-Rate Debt			417,028						101,497		4.34%
Variable-Rate Debt
Paramus Plaza 4	Fund IV		17,627			11.56	%		2,038		LIBOR+170	02/20/19	None
230/240 W. Broughton	Fund IV		9,467			11.56	%		1,094		LIBOR+300	05/01/19	None
146 Geary Street	Fund IV		27,700			23.12	%		6,404		LIBOR+340	07/14/19	2 x 12 mos.
938 W. North Avenue	Fund IV		14,100			23.12	%		3,260		LIBOR+265	09/01/19	1 x 12 mos.

23

	Portfolio Debt - Detail
Supplemental Report – December 31, 2018	(in thousands)

		Principal Balance at			Acadia's Pro-rata Share						Interest		Extension
Property		December 31, 2018			Percent			Amount			Rate	Maturity	Options
Acadia Strategic Opportunity IV LLC	Fund IV		40,825			23.12	%		9,439		LIBOR+275	10/31/19	None
Broughton Street Portfolio	Fund IV		19,773			23.12	%		4,572		LIBOR+300	11/08/19	1 x 12 mos.
717 N. Michigan Avenue	Fund IV		66,617			23.12	%		15,402		LIBOR+395	12/09/19	2 x 12 mos.
Acadia Strategic Opportunity IV LLC	Fund IV		—			23.12	%		—		LIBOR+165	12/31/19	None
640 Broadway 4	Fund III		49,470			15.49	%		7,663		LIBOR+465	01/09/20	2 x 12 mos.
Wake Forest Crossing	Fund IV		23,706			23.12	%		5,481		LIBOR+160	02/14/20	2 x 12 mos.
Lincoln Place	Fund IV		23,100			23.12	%		5,341		LIBOR+185	03/13/20	None
650 Bald Hill Road	Fund IV		16,500			20.81	%		3,434		LIBOR+265	04/27/20	None
Acadia Strategic Opportunity Fund V LLC	Fund V		102,800			20.10	%		20,663		LIBOR+160	05/04/20	None
Eden Square 4	Fund IV		25,000			22.78	%		5,695		LIBOR+215	06/01/20	1 x 12 mos.
17 E. 71st Street	Fund IV		18,906			23.12	%		4,371		LIBOR+190	06/09/20	None
Cortlandt Crossing	Fund III		26,000			24.54	%		6,380		Prime+300	06/19/20	None
Nostrand Avenue	Fund III		10,097			24.54	%		2,478		LIBOR+265	07/01/20	1 x 12 mos.
Acadia Strategic Opportunity Fund II, LLC	Fund II		40,000			28.33	%		11,332		LIBOR+165	09/20/20	2 x 12 mos.
Hickory Ridge	Fund V		28,613			20.10	%		5,751		LIBOR+225	10/05/20	None
Santa Fe Plaza	Fund V		22,893			20.10	%		4,601		LIBOR+215	01/24/21	2 x 12 mos.
1035 Third Avenue	Fund IV		38,434			23.12	%		8,886		LIBOR+235	01/27/21	None
New Towne Center	Fund V		16,900			20.10	%		3,397		LIBOR+220	02/01/21	2 x 12 mos.
Fairlane Green	Fund V		40,300			20.10	%		8,100		LIBOR+190	06/05/21	2 x 12 mos.
Trussville Promenade	Fund V		29,370			20.10	%		5,903		LIBOR+185	06/15/21	2 x 12 mos.
Restaurants at Fort Point	Fund IV		6,201			23.12	%		1,434		LIBOR+235	08/25/21	None
CityPoint 4	Fund II		19,325			26.67	%		5,154		LIBOR+139	11/01/21	None
Promenade at Manassas 4	Fund IV		25,840			22.78	%		5,886		LIBOR+175	12/05/21	2 x 12 mos.
3104 M Street 4,6	Fund III		4,531			19.63	%		889		Prime+50	12/10/21	None
Airport Mall	Fund IV		5,476			23.12	%		1,266		LIBOR+200	04/01/22	None
Colonie Plaza	Fund IV		11,890			23.12	%		2,749		LIBOR+225	04/01/22	None
Dauphin Plaza	Fund IV		10,021			23.12	%		2,317		LIBOR+200	04/01/22	None
JFK Plaza	Fund IV		4,381			23.12	%		1,013		LIBOR+200	04/01/22	None
Shaw's Plaza (Waterville)	Fund IV		7,840			23.12	%		1,813		LIBOR+200	04/01/22	None
Wells Plaza	Fund IV		3,286			23.12	%		760		LIBOR+200	04/01/22	None
Shaw's Plaza (Windham)	Fund IV		5,848			23.12	%		1,352		LIBOR+200	12/01/22	None
Interest rate swaps 1	Funds II, IV & V		(203,577	)		22.13	%		(45,051	)	LIBOR+163	2.7 YRS
Sub-Total Variable-Rate Debt			609,260						131,267		LIBOR+218
Total Debt - Funds		$	1,026,288					$	232,764		4.48%
Total Debt - Core Portfolio and Funds		$	1,973,312					$	963,776		3.84%

_________

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

2. This loan is in default as ofDecember 31, 2018and is accruing interest for accounting purposes at the default rate of 11%.

3. This is an unsecured revolving facility which has a current capacity up to $150,000 and can be increased to $300,000. The interest rate will vary based on levels of leverage.

4. Acadia's interest in this Fund debt is also reflected net of other JV interests at the investment level.

5. This loan was made in connection with the New Markets Tax Credit and contains a borrower option to purchase the loan for one dollar at the end of the term.

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

24

	Future Debt Maturities 1
Supplemental Report – December 31, 2018	(in thousands)

Core Portfolio	Total Debt Maturities						Acadia's Pro-Rata Share						Weighted Average Interest Rate
														Fixed-
	Scheduled						Scheduled						Total	Rate	Variable-
Year	Amortization		Maturities		Total		Amortization		Maturities		Total		Debt	Debt	Rate Debt
2019	$	5,198	$	26,250	$	31,448	$	4,006	$	5,833	$	9,839	6.00%	6.00%	n/a
2020		5,432		—		5,432		4,188		—		4,188	n/a	n/a	n/a
2021		5,673		—		5,673		4,372		—		4,372	n/a	n/a	n/a
2022		5,892		—		5,892		4,539		—		4,539	n/a	n/a	n/a
2023		5,013		545,294		550,307		3,813		408,228		412,041	3.67%	n/a	3.67%
Thereafter		18,558		329,714		348,272		16,210		279,823		296,033	4.11%	4.17%	3.88%
Total	$	45,766	$	901,258	$	947,024	$	37,128	$	693,884	$	731,012
Funds	Total Debt Maturities						Acadia's Pro-Rata Share						Weighted Average Interest Rate
														Fixed-
	Scheduled						Scheduled						Total	Rate	Variable-
Year	Amortization		Maturities		Total		Amortization		Maturities		Total		Debt	Debt	Rate Debt
2019	$	3,288	$	195,971	$	199,259	$	760	$	42,192	$	42,952	5.47%	n/a	5.47%
2020		2,960		562,611		565,571		688		131,554		132,242	4.62%	4.75%	4.53%
2021		1,724		201,254		202,978		406		43,649		44,055	4.34%	n/a	4.34%
2022		455		44,573		45,028		105		10,305		10,410	4.41%	n/a	4.41%
2023		—		—		—		—		—		—	n/a	n/a	n/a
Thereafter		—		13,452		13,452		—		3,105		3,105	2.44%	2.44%	n/a
Total	$	8,427	$	1,017,861	$	1,026,288	$	1,959	$	230,805	$	232,764

__________

1. Does not include any applicable extension options or subsequent refinancings.

25

	Core Portfolio Retail Properties - Detail
Supplemental Report – December 31, 2018	(in thousands)

			Year	Acadia's			Gross Leasable Area (GLA)								In Place Occupancy												Leased Occupancy			Annualized Base Rent		ABR
Property	Key Tenants		Acquired	Interest			Street		Anchors		Shops		Total		Street			Anchors			Shops			Total			Total			(ABR)		PSF
STREET AND URBAN RETAIL
Chicago Metro
664 N. Michigan Avenue	Tommy Bahama,    Ann Taylor Loft		2013		100.0	%		18,141		—		—		18,141		100.0	%		—	%		—	%		100.0	%		100.0	%	$	4,730,741	$	260.78
840 N. Michigan Avenue	H & M, Verizon    Wireless		2014		88.4	%		87,135		—		—		87,135		100.0	%		—	%		—	%		100.0	%		100.0	%		7,738,046		88.81
Rush and Walton Streets    Collection (5 properties)	Lululemon, BHLDN,    Marc Jacobs		2011/12		100.0	%		32,501		—		—		32,501		85.3	%		—	%		—	%		85.3	%		85.3	%		5,982,996		215.81
651-671 West Diversey	Trader Joe's,    Urban Outfitters		2011		100.0	%		46,259		—		—		46,259		100.0	%		—	%		—	%		100.0	%		100.0	%		2,022,727		43.73
Clark Street and W. Diversey    Collection (3 properties)	Ann Taylor, Starbucks		2011/12		100.0	%		23,531		—		—		23,531		50.1	%		—	%		—	%		50.1	%		50.2	%		690,030		58.47
Halsted and Armitage    Collection (9 properties)	Serena and Lily, Bonobos, Warby Parker		2011/12		100.0	%		45,123		—		—		45,123		80.9	%		—	%		—	%		80.9	%		91.1	%		1,332,078		36.49
North Lincoln Park Chicago    Collection (6 properties)	Forever 21, Champion,   Carhartt		2011/14		100.0	%		22,125		—		27,794		49,919		100.0	%		—	%		60.4	%		77.9	%		77.9	%		1,581,585		40.66
State and Washington	H & M,    Nordstrom Rack		2016		100.0	%		78,819		—		—		78,819		100.0	%		—	%		—	%		100.0	%		100.0	%		3,221,107		40.87
151 N. State Street	Walgreens		2016		100.0	%		27,385		—		—		27,385		100.0	%		—	%		—	%		100.0	%		100.0	%		1,430,000		52.22
North and Kingsbury	Old Navy,    Pier 1 Imports		2016		100.0	%		41,700		—		—		41,700		100.0	%		—	%		—	%		100.0	%		100.0	%		1,641,359		39.36
Concord and Milwaukee		—	2016		100.0	%		13,105		—		—		13,105		74.1	%		—	%		—	%		74.1	%		86.3	%		306,935		31.62
California and Armitage		—	2016		100.0	%		—		—		18,275		18,275		—	%		—	%		70.6	%		70.6	%		70.6	%		616,838		47.84
Roosevelt Galleria	Petco, Vitamin    Shoppe		2015		100.0	%		—		—		37,995		37,995		—	%		—	%		47.7	%		47.7	%		47.7	%		581,139		32.06
Sullivan Center	Target, DSW		2016		100.0	%		176,181		—		—		176,181		97.7	%		—	%		—	%		97.7	%		100.0	%		6,604,614		38.37
								612,005		—		84,064		696,069		94.7	%		—	%		56.9	%		90.1	%		91.6	%		38,480,195		61.35
New York Metro
Soho Collection    (4 properties)	Paper Source, Faherty, 3x1 Jeans		2011/14		100.0	%		12,511		—		—		12,511		82.4	%		—	%		—	%		82.4	%		82.4	%		3,299,929		319.95
5-7 East 17th Street	Union Park Events		2008		100.0	%		11,467		—		—		11,467		100.0	%		—	%		—	%		100.0	%		100.0	%		1,300,014		113.37
200 West 54th Street	Stage Coach Tavern		2007		100.0	%		5,777		—		—		5,777		77.8	%		—	%		—	%		77.8	%		77.8	%		1,973,188		438.80
61 Main Street		—	2014		100.0	%		3,400		—		—		3,400		—	%		—	%		—	%		—	%		—	%		—		—
181 Main Street	TD Bank		2012		100.0	%		11,350		—		—		11,350		100.0	%		—	%		—	%		100.0	%		100.0	%		964,280		84.96
4401 White Plains Road	Walgreens		2011		100.0	%		—		12,964		—		12,964		—	%		100.0	%		—	%		100.0	%		100.0	%		625,000		48.21
Bartow Avenue		—	2005		100.0	%		—		—		14,590		14,590		—	%		—	%		66.6	%		66.6	%		66.6	%		306,073		31.48
239 Greenwich Avenue	Betteridge Jewelers		1998		75.0	%		16,553		—		—		16,553		100.0	%		—	%		—	%		100.0	%		100.0	%		1,593,328		96.26

26

	Core Portfolio Retail Properties – Detail 1
Supplemental Report – December 31, 2018

		Year	Acadia's			Gross Leasable Area (GLA)								In Place Occupancy												Leased Occupancy			Annualized Base Rent		ABR
Property	Key Tenants	Acquired	Interest			Street		Anchors		Shops		Total		Street			Anchors			Shops			Total			Total			(ABR)		PSF
252-256 Greenwich Avenue	Madewell, Jack Wills,   Blue Mercury	2014		100.0	%		7,986		—		—		7,986		100.0	%		—	%		—	%		100.0	%		100.0	%		1,336,219		167.32
2914 Third Avenue	Planet Fitness	2006		100.0	%		—		21,650		18,670		40,320		—	%		100.0	%		100.0	%		100.0	%		100.0	%		963,001		23.88
868 Broadway	Dr. Martens	2013		100.0	%		2,031		—		—		2,031		100.0	%		—	%		—	%		100.0	%		100.0	%		767,674		377.98
313-315 Bowery 2	John Varvatos,    Patagonia	2013		100.0	%		6,600		—		—		6,600		100.0	%		—	%		—	%		100.0	%		100.0	%		479,160		72.60
120 West Broadway	HSBC Bank	2013		100.0	%		13,838		—		—		13,838		79.8	%		—	%		—	%		79.8	%		79.8	%		1,937,128		175.49
2520 Flatbush Avenue	Bob's Disc. Furniture,    Capital One	2014		100.0	%		—		—		29,114		29,114		—	%		—	%		100.0	%		100.0	%		100.0	%		1,158,573		39.79
991 Madison Avenue	Vera Wang, Perrin Paris, Gabriella Hearst	2016		100.0	%		7,513		—		—		7,513		91.1	%		—	%		—	%		91.1	%		91.1	%		2,627,502		383.73
Shops at Grand	Stop & Shop (Ahold)	2014		100.0	%		—		52,336		47,349		99,685		—	%		100.0	%		93.7	%		97.0	%		100.0	%		3,241,932		33.53
Gotham Plaza	Bank of America,    Footlocker	2016		49.0	%		—		—		25,927		25,927		—	%		—	%		69.3	%		69.3	%		81.0	%		1,064,361		59.22
							99,026		86,950		135,650		321,626		89.6	%		100.0	%		88.3	%		91.9	%		93.7	%		23,637,362		80.00
San Francisco Metro
555 9th Street	Bed, Bath & Beyond,   Nordstrom Rack	2016		100.0	%		—		119,862		28,970		148,832		—	%		100.0	%		100.0	%		100.0	%		100.0	%		6,217,577		41.78
							—		119,862		28,970		148,832		—	%		100.0	%		100.0	%		100.0	%		100.0	%		6,217,577		41.78
District of Columbia Metro
1739-53 & 1801-03    Connecticut Avenue	Ruth Chris Steak-    house, TD Bank	2012		100.0	%		20,669		—		—		20,669		100.0	%		—	%		—	%		100.0	%		100.0	%		1,295,554		62.68
Rhode Island Place    Shopping Center	Ross Dress for Less	2012		100.0	%		—		25,134		32,533		57,667		—	%		100.0	%		88.4	%		93.4	%		100.0	%		1,696,305		31.48
M Street and Wisconsin Corridor    (25 Properties) 3	Lululemon, Sephora, The Reformation	2011/16		25.3	%		239,262		—		—		239,262		93.9	%		—	%		—	%		93.9	%		96.2	%		16,053,091		71.47
							259,931		25,134		32,533		317,598		94.4	%		100.0	%		88.4	%		94.2	%		97.1	%		19,044,950		63.66
Boston Metro
330-340 River Street	Whole Foods	2012		100.0	%		—		40,800		13,426		54,226		—	%		100.0	%		100.0	%		100.0	%		100.0	%		1,243,517		22.93
165 Newbury Street	Starbucks	2016		100.0	%		1,050		—		—		1,050		100.0	%		—	%		—	%		100.0	%		100.0	%		261,777		249.31
							1,050		40,800		13,426		55,276		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		1,505,294		27.23
Total Street and Urban Retail							972,012		272,746		294,643		1,539,401		94.1	%		100.0	%		81.0	%		92.6	%		94.3	%	$	88,885,378	$	62.33
Acadia Share Total Street and Urban Retail							779,008		272,746		281,420		1,333,174		94.1	%		100.0	%		81.6	%		92.7	%		94.1	%	$	75,388,187	$	61.02

27

	Core Portfolio Retail Properties – Detail 1
Supplemental Report – December 31, 2018

			Year	Acadia's			Gross Leasable Area (GLA)								In Place Occupancy												Leased Occupancy			Annualized Base Rent		ABR
Property	Key Tenants		Acquired	Interest			Street		Anchors		Shops		Total		Street			Anchors			Shops			Total			Total			(ABR)		PSF
SUBURBAN PROPERTIES
New Jersey
Elmwood Park Shopping Center	Walgreens, Acme		1998		100.0	%		—		62,610		81,300		143,910		—	%		100.0	%		80.2	%		88.8	%		91.7	%		3,645,305	$	28.52
Marketplace of Absecon	Rite Aid, Dollar Tree		1998		100.0	%		—		46,724		57,832		104,556		—	%		100.0	%		82.4	%		90.3	%		90.3	%		1,461,055		15.48
60 Orange Street	Home Depot		2012		98.0	%		—		101,715		—		101,715		—	%		100.0	%		—	%		100.0	%		100.0	%		730,000		7.18
New York
Village Commons    Shopping Center		—	1998		100.0	%		—		—		87,128		87,128		—	%		—	%		93.6	%		93.6	%		93.6	%		2,644,825		32.42
Branch Plaza	LA Fitness,    The Fresh Market		1998		100.0	%		—		76,264		47,081		123,345		—	%		100.0	%		78.0	%		91.6	%		93.6	%		3,044,919		26.95
Amboy Center	Stop & Shop (Ahold)		2005		100.0	%		—		37,266		26,024		63,290		—	%		100.0	%		62.7	%		84.7	%		84.7	%		1,777,861		33.17
Pacesetter Park Shopping Center	Stop & Shop (Ahold)		1999		100.0	%		—		52,052		45,754		97,806		—	%		100.0	%		85.5	%		93.2	%		93.2	%		1,232,004		13.52
LA Fitness	LA Fitness		2007		100.0	%		—		55,000		—		55,000		—	%		100.0	%		—	%		100.0	%		100.0	%		1,485,287		27.01
Crossroads Shopping Center	HomeGoods,Pet-    Smart, Kmart		1998		49.0	%		—		202,727		109,177		311,904		—	%		100.0	%		88.6	%		96.0	%		96.0	%		7,193,460		24.03
New Loudon Center	Price Chopper,    Marshalls		1993		100.0	%		—		251,058		4,615		255,673		—	%		100.0	%		100.0	%		100.0	%		100.0	%		2,155,174		8.43
28 Jericho Turnpike	Kohl's		2012		100.0	%		—		96,363		—		96,363		—	%		100.0	%		—	%		100.0	%		100.0	%		1,815,000		18.84
Bedford Green	Shop Rite, CVS		2014		100.0	%		—		37,981		52,608		90,589		—	%		100.0	%		70.7	%		83.0	%		83.0	%		2,455,471		32.66
Connecticut
Town Line Plaza 4	Wal-Mart, Stop    & Shop (Ahold)		1998		100.0	%		—		163,159		43,187		206,346		—	%		100.0	%		93.6	%		98.7	%		98.7	%		1,764,661		16.40
Massachusetts
Methuen Shopping Center	Wal-Mart,    Market Basket		1998		100.0	%		—		120,004		10,017		130,021		—	%		100.0	%		100.0	%		100.0	%		100.0	%		1,360,858		10.47
Crescent Plaza	Home Depot, Shaw's    (Supervalu)		1993		100.0	%		—		156,985		61,163		218,148		—	%		100.0	%		67.7	%		90.9	%		90.9	%		1,900,871		9.58
201 Needham Street	Michael's		2014		100.0	%		—		20,409		—		20,409		—	%		100.0	%		—	%		100.0	%		100.0	%		646,965		31.70
163 Highland Avenue	Staples, Petco		2015		100.0	%		—		40,505		—		40,505		—	%		100.0	%		—	%		100.0	%		100.0	%		1,311,747		32.38
Vermont
The Gateway Shopping Center	Shaw's (Supervalu)		1999		100.0	%		—		73,184		28,471		101,655		—	%		100.0	%		93.7	%		98.2	%		98.2	%		2,129,914		21.33
Illinois
Hobson West Plaza	Garden Fresh    Markets		1998		100.0	%		—		51,692		47,445		99,137		—	%		100.0	%		70.4	%		85.8	%		85.8	%		1,309,799		15.39

28

	Core Portfolio Retail Properties – Detail 1
Supplemental Report – December 31, 2018

			Year	Acadia's			Gross Leasable Area (GLA)								In Place Occupancy												Leased Occupancy			Annualized Base Rent		ABR
Property	Key Tenants		Acquired	Interest			Street		Anchors		Shops		Total		Street			Anchors			Shops			Total			Total			(ABR)		PSF
Indiana
Merrillville Plaza	Jo-Ann Fabrics,    TJ Maxx		1998		100.0	%		—		123,220		112,867		236,087		—	%		100.0	%		88.1	%		94.3	%		94.3	%		3,319,766		14.91
Michigan
Bloomfield Town Square	Best Buy, HomeGoods, TJ Maxx		1998		100.0	%		—		153,839		81,183		235,022		—	%		100.0	%		85.4	%		94.9	%		94.9	%		3,611,925		16.19
Delaware
Town Center and Other    (2 properties)	Lowes, Bed Bath &    Beyond, Target		2003		65.1	%		—		748,210		51,808		800,018		—	%		91.6	%		85.7	%		91.3	%		93.6	%		12,458,461		17.06
Market Square Shopping Center	Trader Joe's,    TJ Maxx		2003		100.0	%		—		42,850		59,197		102,047		—	%		100.0	%		100.0	%		100.0	%		100.0	%		3,072,327		30.11
Naamans Road		—	2006		100.0	%		—		—		19,850		19,850		—	%		—	%		63.9	%		63.9	%		63.9	%		614,847		48.49
Pennsylvania
Mark Plaza	Kmart		1993		100.0	%		—		104,956		1,900		106,856		—	%		100.0	%		100.0	%		100.0	%		100.0	%		244,279		2.29
Plaza 422	Home Depot		1993		100.0	%		—		139,968		16,311		156,279		—	%		100.0	%		100.0	%		100.0	%		100.0	%		850,978		5.45
Chestnut Hill		—	2006		100.0	%		—		—		37,646		37,646		—	%		—	%		100.0	%		100.0	%		100.0	%		963,468		25.59
Abington Towne Center 5	Target, TJ Maxx		1998		100.0	%		—		184,616		31,662		216,278		—	%		100.0	%		56.3	%		93.6	%		98.9	%		855,873		15.59
Total Suburban Properties								—		3,143,357		1,114,226		4,257,583		—	%		98.0	%		84.0	%		94.3	%		95.2	%		66,057,100	$	17.49
Acadia Share Total Suburban Properties								—		2,813,822		1,033,721		3,847,543		—	%		98.8	%		83.7	%		94.8	%		95.6	%	$	58,770,626	$	17.26
TOTAL CORE PROPERTIES								972,012		3,416,103		1,408,869		5,796,984		94.1	%		98.2	%		83.4	%		93.9	%		95.0	%		154,942,478	$	29.78
Acadia Share Total Core Properties								779,008		3,086,568		1,315,141		5,180,717		94.1	%		98.9	%		83.3	%		94.2	%		95.2	%	$	134,158,813	$	28.91

__________

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

2. Represents the annual base rent paid to Acadia pursuant to a master lessee and does not reflect the rent paid by the retail tenants at the property.

3. Excludes 94,000 of office GLA.

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

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

29

	Core Portfolio – Top Tenants 1
Supplemental Report – December 31, 2018	Pro-Rata Basis, Ranked by Annualized Base Rent (ABR)

	Number of		Combined				Percentage of Total
Tenant	Stores		GLA		ABR		GLA			ABR
Target		3		390,416	$	7,809,968		7.5	%		5.8	%
H & M		2		81,246		5,309,815		1.6	%		4.0	%
Royal Ahold 2		4		207,513		3,744,728		4.0	%		2.8	%
Nordstrom, Inc.		2		88,982		3,515,492		1.7	%		2.6	%
Albertsons Companies 3		3		171,182		3,377,140		3.3	%		2.5	%
Walgreens		4		68,556		3,321,875		1.3	%		2.5	%
Bed, Bath, and Beyond 4		3		122,465		3,068,430		2.4	%		2.3	%
Ascena Retail Group 5		5		23,233		2,622,022		0.4	%		2.0	%
LA Fitness International LLC		2		100,000		2,524,787		1.9	%		1.9	%
Lululemon		2		7,533		2,333,647		0.1	%		1.7	%
Trader Joe's		3		41,432		2,225,739		0.8	%		1.7	%
TJX Companies 6		7		208,450		2,130,894		4.0	%		1.6	%
Home Depot		3		312,718		1,964,443		6.0	%		1.5	%
Gap 7		3		39,717		1,874,439		0.8	%		1.4	%
Bob's Discount Furniture		2		57,969		1,569,888		1.1	%		1.2	%
Tapestry 8		2		4,250		1,507,069		0.1	%		1.1	%
JP Morgan Chase		7		28,715		1,435,144		0.6	%		1.1	%
Ulta Salon Cosmetic & Fragrance		3		31,497		1,424,318		0.6	%		1.1	%
DSW		2		35,842		1,351,836		0.7	%		1.0	%
Dick's Sporting Goods, Inc		2		86,415		1,321,634		1.7	%		0.9	%
TOTAL		64		2,108,131	$	54,433,308		40.7	%		40.6	%

__________

1. Does not include tenants that operate at only one Acadia Core location

2. Stop and Shop (4 locations)

3. Shaw’s (2 locations), Acme (1 location)

4. Bed Bath and Beyond (2 locations), Christmas Tree Shops (1 location)

5. Ann Taylor Loft (2 locations), Catherine’s (1 location), Dress Barn (1 location), Lane Bryant (1 location)

6. TJ Maxx (4 locations), Marshalls (1 location), HomeGoods (2 locations); Excludes TJ Maxx Clark and Diversey location under redevelopment which will increase TJX Companies % of GLA to 4.4%

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

8. Kate Spade (2 locations)

30

	Core Portfolio – Lease Expirations
Supplemental Report – December 31, 2018	(Pro Rata Basis)

	Street Tenants												Anchor Tenants
			GLA					ABR							GLA					ABR
	Leases		Expiring		Percent					Percent			Leases		Expiring		Percent					Percent
Year	Expiring		SF		of Total			PSF		of Total			Expiring		SF		of Total			PSF		of Total
M to M 1		1		1,300		0	%	$	27.69		0	%		—		—		—	%	$	—		—	%
2019		8		37,959		5.2	%		65.45		4.3	%		2		152,729		6	%		10.48		4	%
2020		12		31,937		4.4	%		123.92		6.9	%		5		273,380		9.8	%		16.01		10.2	%
2021		24		96,624		13.2	%		52.76		8.8	%		13		545,056		19.5	%		14.60		18.6	%
2022		11		54,337		7.4	%		85.69		8.1	%		5		187,442		6.7	%		16.79		7.4	%
2023		15		127,884		17.4	%		69.06		15.3	%		9		403,062		14.4	%		18.35		17.3	%
2024		11		74,731		10.2	%		74.39		9.6	%		11		365,205		13.1	%		13.90		11.9	%
2025		12		43,342		5.9	%		140.50		10.6	%		6		152,211		5.4	%		18.33		6.5	%
2026		12		24,920		3.4	%		97.12		4.2	%		3		72,216		2.6	%		13.07		2.2	%
2027		6		17,231		2.4	%		80.41		2.4	%		2		66,650		2.4	%		23.33		3.6	%
2028		10		147,202		20.1	%		56.05		14.3	%		7		409,285		14.6	%		13.86		13.3	%
Thereafter		10		75,692		10.2	%		117.57		15.4	%		4		170,633		6.0	%		13.24		5.3	%
Total		132		733,159		100.0	%	$	78.66		100.0	%		67		2,797,869		100.0	%	$	15.28		100.0	%
Anchor GLA Owned by Tenants				—												254,916
Total Vacant				45,849												33,783
Total Square Feet				779,008												3,086,568
	Shop Tenants												Total Tenants
			GLA					ABR							GLA					ABR
	Leases		Expiring		Percent					Percent			Leases		Expiring		Percent					Percent
Year	Expiring		SF		of Total			PSF		of Total			Expiring		SF		of Total			PSF		of Total
M to M 1		2		8,241		0.8	%	$	16.89		0.4	%		3		9,541		0.2	%	$	18.36		0.1	%
2019		25		51,971		4.7	%		30.29		4.7	%		35		242,659		5.2	%		23.32		4.2	%
2020		39		117,904		10.8	%		25.25		8.8	%		56		423,221		9.1	%		26.73		8.4	%
2021		44		171,025		15.6	%		24.39		12.4	%		81		812,705		17.6	%		21.20		12.8	%
2022		39		130,380		11.9	%		33.21		12.8	%		55		372,159		8.0	%		32.60		9.0	%
2023		36		135,959		12.4	%		29.78		12.0	%		60		666,905		14.4	%		30.40		15.1	%
2024		31		135,225		12.3	%		27.96		11.2	%		53		575,161		12.4	%		25.07		10.7	%
2025		17		45,284		4.1	%		31.22		4.2	%		35		240,837		5.2	%		42.74		7.7	%
2026		14		64,136		5.9	%		31.96		6.1	%		29		161,272		3.5	%		33.57		4.0	%
2027		16		75,919		6.9	%		30.05		6.8	%		24		159,800		3.5	%		32.68		3.9	%
2028		24		111,193		10.2	%		36.87		12.2	%		41		667,680		14.4	%		26.99		13.4	%
Thereafter		13		47,995		4.4	%		59.43		8.4	%		27		294,320		6.5	%		47.60		10.7	%
Total		300		1,095,232		100.0	%	$	30.79		100.0	%		499		4,626,260		100.0	%	$	28.91		100.0	%
Anchor GLA Owned by Tenants				—												254,916
Total Vacant				219,909												299,541
Total Square Feet				1,315,141												5,180,717

_________

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

31

	Core Portfolio – New and Renewal Rent Spreads
Supplemental Report – December 31, 2018

	Quarter Ended																								Year to Date
	March 31, 2018						June 30, 2018						September 30, 2018						December 31, 2018						December 31, 2018
	GAAP 2			Cash 3			GAAP 2			Cash 3			GAAP 2			Cash 3			GAAP 2			Cash 3			GAAP 2			Cash 3
New Leases
Number of new leases executed		1			1			2			2			2			2			5			5			10			10
GLA		3,405			3,405			4,800			4,800			7,054			7,054			39,224			39,224			54,483			54,483
New base rent	$	88.01		$	78.56		$	58.44		$	51.37		$	64.40		$	57.75		$	38.92		$	35.55		$	47.01		$	42.51
Previous base rent	$	41.16		$	38.77		$	46.52		$	49.72		$	51.84		$	52.44		$	33.42		$	32.49		$	37.44		$	36.98
Average cost per square foot	$	48.31		$	48.31		$	77.05		$	77.05		$	42.15		$	42.15		$	85.68		$	85.68		$	76.95		$	76.95
Weighted Average Lease Term (years)		10.0			10.0			10.0			10.0			10.0			10.0			10.8			10.8			10.5			10.5
Percentage growth in base rent		113.8	%		102.6	%		25.6	%		3.3	%		24.2	%		10.1	%		16.5	%		9.4	%		25.5	%		14.9	%
Renewal Leases
Number of renewal leases executed		8			8			23			23			19			19			8			8			58			58
GLA		62,135			62,135			274,392			274,392			156,359			156,359			14,935			14,935			507,821			507,821
New base rent	$	17.48		$	17.09		$	19.43		$	19.33		$	16.04		$	15.62		$	26.88		$	26.56		$	18.37		$	18.13
Expiring base rent	$	15.83		$	16.43		$	16.77		$	17.74		$	14.06		$	14.50		$	26.26		$	26.69		$	16.10		$	16.84
Average cost per square foot	$	0.51		$	0.51		$	—		$	—		$	—		$	—		$	—		$	—		$	0.06		$	0.06
Weighted Average Lease Term (years)		4.9			4.9			4.7			4.7			5.0			5.0			4.7			4.7			4.8			4.8
Percentage growth in base rent		10.4	%		4.0	%		15.9	%		9.0	%		14.1	%		7.7	%		2.3	%		(0.5	)%		14.1	%		7.6	%
Total New and Renewal Leases
Number of new and renewal leases executed		9			9			25			25			21			21			13			13			68			68
GLA commencing		65,540			65,540			279,192			279,192			163,413			163,413			54,159			54,159			562,304			562,304
New base rent	$	21.14		$	20.28		$	20.10		$	19.88		$	18.13		$	17.44		$	35.60		$	33.07		$	21.14		$	20.49
Expiring base rent	$	17.15		$	17.59		$	17.28		$	18.29		$	15.69		$	16.14		$	31.45		$	30.89		$	18.17		$	18.80
Average cost per square foot	$	2.99		$	2.99		$	1.32		$	1.32		$	1.82		$	1.82		$	62.05		$	62.05		$	7.51		$	7.51
Weighted Average Lease Term (years)		5.2			5.2			4.8			4.8			5.2			5.2			9.1			9.1			5.4			5.4
Percentage growth in base rent		23.3	%		15.3	%		16.3	%		8.7	%		15.5	%		8.0	%		13.2	%		7.1	%		16.4	%		9.0	%

__________

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

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

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

32

	Core Portfolio – Capital Expenditures
Supplemental Report – December 31, 2018

	Quarter Ended								Year to Date
	March 31, 2018		June 30, 2018		September 30, 2018		December 31, 2018		December 31, 2018		December 31, 2017
Leasing Commissions	$	212	$	632	$	320	$	713	$	1,877	$	1,414
Tenant Improvements		1,224		2,211		3,745		2,896		10,076		6,241
Maintenance Capital Expenditures		957		152		1,471		574		3,154		2,642
Total Capital Expenditures	$	2,393	$	2,995	$	5,536	$	4,183	$	15,107	$	10,297

33

	Fund Overview
Supplemental Report – December 31, 2018

I. KEY METRICS	Fund I				Fund II				Fund III				Fund IV				Fund V				Total
General Information:
Vintage		Sep-2001				Jun-2004				May-2007				May-2012				Aug-2016
Fund Size	$		90.0	Million	$		300.0	Million	$		502.5	Million	$		540.6	Million	$		520.0	Million	$		1,953.1	Million
Acadia's Commitment	$		20.0	Million	$		85.0	Million	$		123.3	Million	$		125.0	Million	$		104.5	Million	$		457.8	Million
Acadia's Pro Rata Share			22.2	%			28.3	%			24.5	%			23.1	%			20.1	%			23.4	%
Acadia's Promoted Share 1			37.8	%			42.7	%			39.6	%			38.5	%			36.1	%			38.8	%
Preferred Return			9.0	%			8.0	%			6.0	%			6.0	%			6.0	%		6.4		%
Current-Quarter, Fund-Level Information:
Cumulative Contributions 2	$		86.6	Million	$		347.1	Million	$		423.9	Million	$		420.8	Million	$		85.1	Million	$		1,363.5	Million
Cumulative Net Distributions 3	$		195.4	Million	$		146.6	Million	$		551.9	Million	$		147.4	Million	$		-	Million	$		1,041.3	Million
Net Distributions/Contributions			225.6	%			42.2	%			130.2	%			35.0	%		N/A					76.4	%
Unfunded Commitment 4	$		0.0	Million	$		15.0	Million	$		26.1	Million	$		109.2	Million	$		434.9	Million	$		585.2	Million
Acquisition Dry Powder 5		N/A				N/A				N/A				N/A			$		287.0	Million	$		287.0	Million
Investment Period Closes 6		Closed				Closed				Closed				Closed				Aug-2019
Currently in a Promote Position? (Yes/No)		No				No				No				No				No
II. FEES & PRIORITY DISTRIBUTIONS EARNED BY ACADIA
Type:		Applicable to				Description
Asset Management 7		Fund I, II & III				1.5% of Implied Capital
Asset Management 7		Fund IV & V				1.5% of Implied Capital during the investment period, 1.25% of Implied Capital post-investment period
Property Management		All funds				4.0% of gross property revenues
Leasing		All funds				Market-rate leasing commissions
Construction/Project Management		All funds				Market-rate fees
Development		Fund III, IV & V				3.0% of total project costs

__________

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

2. With regard to Fund II, the additional contributions over original Fund Size reflects a prior-period distribution that was re-contributed to the Fund during 2016 to fund the on-going redevelopment of existing Fund II investments.

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

4. Unfunded Commitments are set aside to complete leasing and development at existing fund investments and to make new Fund V investments. The Unfunded Commitment will not equal Fund Size less Cumulative Contributions in those instances where certain fund distributions have been marked as recallable or where the fund has released commitments due to, among other reasons, the closing of the fund's investment period or accelerated asset sales. With regard to Fund II, the Unfunded Commitment reflects a prior-period distribution that is subject to recontribution to the Fund until April 2021.

5. Unfunded Commitments available to deploy into new unidentified investments.

6. With regard to Fund V’s investment period, Acadia has two one-year extension options, at its discretion, through August 2021.

7. Implied Capital is Fund Size less capital attributed to sold investments or released. Post-investment period, Fund IV Implied Capital also excludes $50.0 million of general reserves.

34

	Fund Portfolio Retail Properties – Detail 1
Supplemental Report – December 31, 2018

		Year	Fund			Gross Leasable Area								In Place Occupancy												Leased			Annualized
Property	Key Tenants	Acquired	Ownership %			Street		Anchors		Shops		Total		Street			Anchors			Shops			Total			Occupancy			Base Rent (ABR)		ABR PSF
Fund II Portfolio Detail
NEW YORK
New York
City Point - Phase I and II	Century 21, Target, Alamo Drafthouse	2007		94.2	%		—		307,049		167,951		475,000		—	%		100.0	%		23.2	%		72.9	%		81.7	%	$	9,525,366	$	27.53
Total - Fund II							—		307,049		167,951		475,000		—	%		100.0	%		23.2	%		72.9	%		81.7	%	$	9,525,366	$	27.53
Fund III Portfolio Detail
NEW YORK
New York
654 Broadway	─	2011		100.0	%		2,896		—		—		2,896		—	%		—	%		—	%		—	%		100.0	%	$	—	$	—
640 Broadway	Swatch	2012		63.1	%		4,637		—		—		4,637		53.2	%		—	%		—	%		53.2	%		53.2	%		702,617		284.71
3104 M Street	Patagonia	2012		80.0	%		—		5,982		—		5,982		—	%		100.0	%		—	%		100	%		100.0	%		485,000		81.08
Cortlandt Crossing	ShopRite, HomeSense	2012		100.0	%		—		67,610		58,296		125,906		—	%		100.0	%		42.9	%		73.6	%		73.6	%		2,383,568		25.74
Nostrand Avenue	─	2013		100.0	%		—		—		40,977		40,977		—	%		—	%		94.1	%		94.1	%		94.1	%		1,808,256		46.90
Total - Fund III							7,533		73,592		99,273		180,398		32.8	%		100.0	%		64.0	%		77.4	%		79.0	%	$	5,379,441	$	38.53
Fund IV Portfolio Detail
NEW YORK
New York
801 Madison Avenue	─	2015		100.0	%		2,625		—		—		2,625		—	%		—	%		—	%		—	%		—	%	$	—	$	—
210 Bowery	─	2012		100.0	%		2,538		—		—		2,538		—	%		—	%		—	%		—	%		—	%		—		—
27 East 61st Street	─	2014		100.0	%		4,177		—		—		4,177		—	%		—	%		—	%		—	%		—	%		—		—
17 East 71st Street	The Row	2014		100.0	%		8,432		—		—		8,432		100.0	%		—	%		—	%		100.0	%		100.0	%		2,049,679		243.08
1035 Third Avenue 2	─	2015		100.0	%		7,617		—		—		7,617		59.2	%		—	%		—	%		59.2	%		70.6	%		903,679		200.55
Colonie Plaza	Price Chopper, Big Lots	2016		100.0	%		—		96,000		57,483		153,483		—	%		100.0	%		86.5	%		94.9	%		94.9	%		1,631,058		11.19
New Jersey
Paramus Plaza	Ashley Furniture, Marshalls	2013		50.0	%		—		64,105		86,555		150,660		—	%		39.0	%		81.4	%		63.3	%		74.1	%		1,619,790		16.97
BOSTON
Massachusetts
Restaurants at Fort Point	─	2016		100.0	%		15,711		—		—		15,711		100.0	%		—	%		—	%		100.0	%		100.0	%		477,990		30.42
NORTHEAST
Maine
Airport Mall	Hannaford, Marshalls	2016		100.0	%		—		131,042		90,788		221,830		—	%		100.0	%		23.3	%		68.6	%		68.6	%		1,012,976		6.66
Wells Plaza	Reny's, Dollar Tree	2016		100.0	%		—		62,471		27,963		90,434		—	%		100.0	%		94.7	%		98.3	%		98.3	%		727,908		8.18
Shaw's Plaza (Waterville)	Shaw's	2016		100.0	%		—		87,492		31,523		119,015		—	%		100.0	%		100.0	%		100.0	%		100.0	%		1,407,316		11.82
Shaw's Plaza (Windham)	Shaw's	2017		100.0	%		—		66,698		57,632		124,330		—	%		100.0	%		75.0	%		88.4	%		88.4	%		1,034,193		9.41
JFK Plaza	Hannaford, TJ Maxx	2016		100.0	%		—		104,426		46,681		151,107		—	%		100.0	%		28.9	%		78.0	%		78.0	%		786,801		6.67
Pennsylvania
Dauphin Plaza	Price Rite, Ashley Furniture	2016		100.0	%		—		114,765		91,750		206,515		—	%		100.0	%		79.6	%		91.0	%		91.0	%		1,863,551		9.92
Mayfair Shopping Center	Planet Fitness, Dollar Tree	2016		100.0	%		—		25,673		89,738		115,411		—	%		—	%		86.5	%		67.3	%		67.3	%		1,386,112		17.85

35

	Fund Portfolio Retail Properties – Detail 1
Supplemental Report – December 31, 2018	(in thousands)

		Year	Fund			Gross Leasable Area								In Place Occupancy												Leased			Annualized
Property	Key Tenants	Acquired	Ownership %			Street		Anchors		Shops		Total		Street			Anchors			Shops			Total			Occupancy			Base Rent (ABR)		ABR PSF
Rhode Island
650 Bald Hill Road	Dick's Sporting Goods, Burlington Coat Factory	2015		90.0	%		—		55,000		113,764		168,764		—	%		100.0	%		17.6	%		44.4	%		81.1	%		946,612		12.62
MID-ATLANTIC
Virginia
Promenade at Manassas	Home Depot	2013		98.6	%		—		194,038		71,404		265,442		—	%		85.6	%		93.4	%		87.7	%		88.0	%		2,986,446		12.83
Delaware
Eden Square	Giant Food, LA Fitness	2014		98.6	%		—		115,973		115,071		231,044		—	%		100.0	%		78.5	%		89.3	%		89.3	%		3,154,202		15.29
MIDWEST
Illinois
938 W. North Avenue	Sephora, Lululemon	2013		100.0	%		31,762		—		—		31,762		100.0	%		—	%		—	%		100.0	%		100.0	%		1,726,350		54.35
Lincoln Place	Kohl's, Marshall's, Ross	2017		100.0	%		—		144,302		127,758		272,060		—	%		100.0	%		61.1	%		81.7	%		90.1	%		2,624,502		11.80
SOUTHEAST
Georgia
Broughton Street Portfolio    (13 properties)	H&M, Lululemon, Michael Kors, Starbucks	2014		83.5	%		104,630		—		—		104,630		86.5	%		—	%		—	%		86.5	%		86.5	%		3,190,830		35.25
North Carolina
Wake Forest Crossing	Lowe's, TJ Maxx	2016		100.0	%		—		113,353		89,527		202,880		—	%		100.0	%		94.3	%		97.5	%		97.5	%		2,912,708		14.73
WEST
California
146 Geary Street	─	2015		100.0	%		11,436		—		—		11,436		—	%		—	%		—	%		—	%		—	%		—		—
Union and Fillmore Collection (3 properties)	Eileen Fisher, L'Occitane, Bonobos	2015		90.0	%		7,148		—		—		7,148		100.0	%		—	%		—	%		100.0	%		100.0	%		702,830		98.33
Total - Fund IV							196,076		1,375,338		1,097,637		2,669,051		80.6	%		93.3	%		68.0	%		81.9	%		85.8	%		33,145,533	$	15.16
Fund V Portfolio Detail
SOUTHWEST
New Mexico
Plaza Santa Fe	TJ Maxx, Best Buy, Ross Dress for Less	2017		100.0	%		—		153,983		70,240		224,223		—	%		100.0	%		91.4	%		97.3	%		99.4	%		3,790,462		17.37
MIDWEST
Michigan
New Towne Plaza	Kohl's, Jo-Ann's, DSW	2017		100.0	%		—		145,389		48,057		193,446		—	%		100.0	%		81.4	%		95.4	%		95.4	%		2,135,908		11.58
Fairlane Green	TJ Maxx, Michaels, Bed Bath & Beyond	2017		100.0	%		—		109,916		142,988		252,904		—	%		100.0	%		100.0	%		100.0	%		100.0	%		5,241,779		20.73
SOUTHEAST
North Carolina
Hickory Ridge	Kohl's, Best Buy, Dick's	2017		100.0	%		—		266,584		113,981		380,565		—	%		100.0	%		73.6	%		92.1	%		93.4	%		4,001,612		11.42
Alabama
Trussville Promenade	Wal-Mart, Regal Cinemas	2018		100.0	%		—		366,010		97,715		463,725		—	%		100.0	%		78.9	%		95.6	%		95.6	%		4,395,241		9.92
Georgia
Hiram Pavilion	Kohl's, HomeGoods	2018		100.0	%		—		209,423		153,252		362,675		—	%		100.0	%		94.8	%		97.8	%		97.8	%		4,174,227		11.77

36

	Fund Portfolio Retail Properties – Detail 1
Supplemental Report – December 31, 2018	(in thousands)

		Year	Fund			Gross Leasable Area								In Place Occupancy												Leased			Annualized
Property	Key Tenants	Acquired	Ownership %			Street		Anchors		Shops		Total		Street			Anchors			Shops			Total			Occupancy			Base Rent (ABR)		ABR PSF
WEST
California
Elk Grove Commons	Kohl's, HomeGoods	2018		100.0	%		—		132,315		88,411		220,726		—	%		100.0	%		98.1	%		99.2	%		100.0	%		4,712,546		21.52
Total - Fund V							—		1,383,620		714,644		2,098,264		—	%		100.0	%		89.5	%		96.4	%		97.0	%		28,451,775	$	14.06
TOTAL FUND PROPERTIES							203,609		3,139,599		2,079,505		5,422,713		78.9	%		97.0	%		71.6	%		86.6	%		89.5	%	$	76,502,115	$	16.29
Acadia Share of Total Fund Properties							42,580		685,963		453,233		1,181,775		76.9	%		97.5	%		70.1	%		86.3	%		89.2	%	$	16,805,465	$	16.48

__________

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

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

37

	Fund Lease Expirations
Supplemental Report – December 31, 2018	(Pro Rata Basis)

	FUND II														FUND III
			GLA							ABR							GLA							ABR
	Leases		Expiring		Percent							Percent			Leases		Expiring		Percent							Percent
Year	Expiring		SF		of Total			Amount		PSF		of Total			Expiring		SF		of Total			Amount		PSF		of Total
M to M 1		—		—		—	%	$	—	$	—		—	%		—		—		—	%	$	—	$	—		—	%
2019		—		—		—	%		—		—		—	%		—		—		—	%		—		—		—	%
2020		—		—		—	%		—		—		—	%		2		729		2.2	%		33,288		45.66		2.7	%
2021		—		—		—	%		—		—		—	%		2		1,038		3.1	%		42,804		41.24		3.5	%
2022		—		—		—	%		—		—		—	%		3		1,330		3.9	%		105,024		78.97		8.5	%
2023		—		—		—	%		—		—		—	%		5		1,447		4.3	%		107,992		74.63		8.8	%
2024		—		—		—	%		—		—		—	%		1		755		2.2	%		44,259		58.62		3.6	%
2025		—		—		—	%		—		—		—	%		2		624		1.9	%		53,674		86.02		4.4	%
2026		—		—		—	%		—		—		—	%		1		110		0.3	%		34,878		317.07		2.8	%
2027		—		—		—	%		—		—		—	%		1		209		0.6	%		10,672		51.06		0.9	%
2028		2		5,951		6.4	%		386,735		64.99		15.2	%		2		6,769		20.1	%		162,925		24.07		13.2	%
Thereafter		6		86,444		93.6	%		2,156,538		24.95		84.8	%		5		20,679		61.4	%		635,447		30.73		51.6	%
Total		8		92,395		100.0	%	$	2,543,273	$	27.53		100.0	%		24		33,690		100.0	%	$	1,230,963	$	36.54		100.0	%
				34,430	Total Vacant													9,797	Total Vacant
				126,825	Total Square Feet													43,487	Total Square Feet
	FUND IV														FUND V
			GLA							ABR							GLA							ABR
	Leases		Expiring		Percent							Percent			Leases		Expiring		Percent							Percent
Year	Expiring		SF		of Total			Amount		PSF		of Total			Expiring		SF		of Total			Amount		PSF		of Total
M to M 1		4		7,714		1.6	%	$	44,607	$	5.78		0.6	%		—		—		—	%	$	—	$	—		—	%
2019		19		16,387		3.4	%		232,393		14.18		3.2	%		23		21,630		5.3	%		440,633		20.37		7.7	%
2020		27		37,201		7.6	%		409,987		11.02		5.6	%		34		121,218		29.8	%		1,287,926		10.62		22.5	%
2021		39		69,693		14.3	%		972,001		13.95		13.3	%		38		61,886		15.2	%		1,121,023		18.11		19.6	%
2022		23		50,926		10.5	%		689,860		13.55		9.4	%		30		59,590		14.7	%		829,659		13.92		14.5	%
2023		24		54,138		11.1	%		529,441		9.78		7.2	%		20		22,593		5.6	%		423,170		18.73		7.4	%
2024		16		44,050		9.0	%		769,741		17.47		10.5	%		12		30,980		7.6	%		409,078		13.20		7.2	%
2025		21		26,664		5.5	%		817,921		30.68		11.2	%		5		31,245		7.7	%		452,695		14.49		7.9	%
2026		22		42,433		8.7	%		966,145		22.77		13.2	%		6		12,063		3.0	%		206,244		17.10		3.6	%
2027		15		25,181		5.2	%		379,906		15.09		5.2	%		3		5,043		1.2	%		95,222		18.88		1.7	%
2028		9		10,788		2.2	%		189,682		17.58		2.6	%		8		20,825		5.1	%		308,719		14.82		5.4	%
Thereafter		15		101,847		20.9	%		1,310,739		12.87		18.0	%		3		19,545		4.8	%		144,438		7.39		2.5	%
Total		234		487,022		100.0	%	$	7,312,423	$	15.01		100.0	%		182		406,618		100.0	%	$	5,718,807	$	14.06		100.0	%
				102,690	Total Vacant													15,133	Total Vacant
				589,712	Total Square Feet													421,751	Total Square Feet

__________

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

38

	Development and Redevelopment Activity
Supplemental Report – December 31, 2018

				Est. SQFT						Acquisition & Development Costs
Property	Ownership	Location	Estimated Stabilization	Upon Completion		Leased Rate	Key Tenants	Outstanding Debt		Incurred 2		Estimated Future Range					Estimated Total Range
Development:
CORE
56 E Walton Street 1	100.0%	Chicago, IL	2019		8,874	—	TBD	$	—	$	10.1	$	—	to	$	0.4	$	10.1	to	$	10.5
FUND III
Broad Hollow Commons	100.0%	Farmingdale, NY	2021	180,000 - 200,000		—	TBD		—		17.2		32.8	to		42.8		50.0	to		60.0
FUND IV
717 N. Michigan Avenue	100.0%	Chicago, IL	2020		62,000	25.0%	Disney Store		66.6		107.9		12.1	to		19.6		120.0	to		127.5
								$	66.6	$	135.2	$	44.9		$	62.8	$	180.1		$	198.0
Redevelopment:
CORE
City Center	100.0%	San Francisco, CA	2020		241,000	90.0%	Target	$	—	$	172.0	$	18.0	to	$	28.0	$	190.0	to	$	200.0
Route 6 Mall	100.0%	Honesdale, PA	TBD	TBD		100.0%	TBD		—	TBD		TBD			TBD		TBD			TBD
Mad River	100.0%	Dayton, OH	TBD	TBD		50.0%	TBD		—	TBD		TBD		to	TBD		TBD		to	TBD
								$	—	$	172.0	$	18.0		$	28.0	$	190.0		$	200.0
Pre-Stabilized:
CORE
613-623 West Diversey	100.0%	Chicago, IL	2019		29,778	76.1%	TJ Maxx, Blue Mercury	$	—
									—
FUND II
City Point	94.2%	New York, NY	2020		475,000	81.7%	Century 21, Target, Alamo Drafthouse		264.6
FUND III
Cortlandt Crossing	100.0%	Mohegan Lake, NY	2019		125,906	73.6%	ShopRite, HomeSense		26.0
654 Broadway	100.0%	New York, NY	2019		2,896	100.0%	─
640 Broadway	63.1%	New York, NY	2019		4,637	53.2%	Swatch		49.5
Nostrand Avenue	100.0%	Brooklyn, NY	2019		40,977	94.1%	─		10.1
FUND IV
Paramus Plaza	50.0%	Paramus, NJ	2019		150,660	74.1%	Ashley Furniture, Marshalls		17.6
650 Bald Hill Road	90.0%	Warwick, RI	2019		168,764	81.1%	Dick's Sporting Goods, Burlington Coat Factory		16.5
210 Bowery	100.0%	New York, NY	2019		2,538	—	─		—
801 Madison	100.0%	New York, NY	2019		2,625	—	─		—
27 E 61st Street	100.0%	New York, NY	2019		4,177	—	─		—
1035 Third Avenue	100.0%	New York, NY	2019		7,617	70.6%	─		38.4
								$	422.7

_________

39

	Development and Redevelopment Activity
Supplemental Report – December 31, 2018

__________

1. 56 E Walton Street was moved from Development to Pre-Stabilized effective January 1, 2019.

2. Incurred amounts include costs associated with the initial carrying value.  Reconciles to Consolidated Balance Sheet as follows:

Development costs above	$	135.2
Deferred costs and other amounts		(14.9	)
Total per consolidated balance sheet	$	120.3

Refer to “Net Asset Valuation Information” for pro-rata costs incurred

40

	Important Notes
Supplemental Report – December 31, 2018

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

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

USE OF FUNDS FROM OPERATIONS AS NON-GAAP FINANCIAL MEASURE

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

USE OF NON-GAAP FINANCIAL MEASURES

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

41