Acadia Realty Trust 8K Reports Third Quarter 2020 Operating Results | AKR 6 Nov 20

Exhibit 99.2AC

ADIA—R

EALTY TRUST—Q2 2018 SUPPLEMENTAL REPORTING INFORMATIO

Table of Contents		Supplemental Report – September 30, 2020

Section I - Third Quarter 2020 Earnings Press Release
Section II - Financial Information		Section III – Core Portfolio Information

Company Information	4	Core Properties	26
Market Capitalization	5	Core Top Tenants	30
Operating Statements		Core Lease Expirations	31
Consolidated Income Statements	6	Core New and Renewal Rent Spreads	32
Income Statement - Pro-rata Adjustments	8	Core Capital Expenditures	33
Consolidated Balance Sheet	9
Balance Sheet - Pro-rata Adjustments	10
Funds from Operations (“FFO”), Adjusted FFO (“AFFO”)	12	Section IV - Fund Information
EBITDA	13
Same Property Net Operating Income	14	Fund Overview	34
Fee Income	15	Fund Properties	35
Structured Financing	16	Fund Lease Expirations	38
Other Information		Development and Redevelopment Activity	39
Transactional Activity	17
Net Asset Valuation Information	18
Selected Financial Ratios	19	Section V – Other Information
Debt Analysis
Summary	21	Portfolio Composition	41
Detail	22
Maturities	24	Important Notes	42

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

Supplemental Report – September 30, 2020		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	Citigroup - Global Markets	KeyBanc Capital Markets, Inc.
	Craig Schmidt - (646) 855-3640	Katy McConnell - (212) 816-4471	Todd Thomas - (917) 368-2286
	craig.schmidt@baml.com	katy.mcconnell@citi.com	tthomas@key.com


	Green Street Advisors	Compass Point Research & Trading	J.P. Morgan Securities, Inc.
	Vince Tibone - (949) 640-8780	Floris van Dijkum - (646) 757-2621	Michael W. Mueller, CFA - (212) 622-6689
	vtibone@greenstreetadvisors.com	fvandijkum@compasspointllc.com	michael.w.mueller@jpmorgan.com



	Jefferies	SunTrust Bank
	Linda Tsai - (212) 778-8011	Ki Bin Kim, CFA – (212) 303-4124
	ltsai@jefferies.com	kibin.kim@suntrust.com

Market Capitalization

Supplemental Report – September 30, 2020

(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		86,266					Balance at 12/31/2019		87,050			5,015			92,065
Common Operating Partnership ("OP") Units		4,891					Other		11			233			244
Combined Common Shares and OP Units		91,157					Share repurchases		(1,219	)		—			(1,219	)
							OP Conversions		148			(113	)		35
Share Price at September 30, 2020	$	10.50					Balance at 3/31/2020		85,990			5,135			91,125			86,972		86,972		92,785		92,785
							Other		15			16			31
Equity Capitalization - Common Shares and OP Units	$	957,149					OP Conversions		260			(260	)		—
Preferred OP Units		4,879		²			Balance at 6/30/2020		86,265			4,891			91,156			86,180		86,576		91,648		92,137
Total Equity Capitalization		962,028			46%	46%	Other		1			—			1
							Balance at 9/30/2020		86,266			4,891			91,157			86,309		86,486		91,224		91,978
Debt Capitalization
Consolidated debt		1,796,275
Adjustment to reflect pro-rata share of debt		(644,816	)
Total Debt Capitalization		1,151,459			54%	54%

Total Market Capitalization	$	2,113,487		³	100%	100%

__________

Reflects debt net of Core Portfolio cash of $8,357 and pro-rata share of Funds cash of $3,908 for total cash netted against debt of $12,265.

Represents 188 Series A and 126,593 Series C Preferred OP Units convertible into 25,067 and 439,556 Common OP Units, respectively, multiplied by the Common Share price at quarter end.

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

Consolidated Income Statement

Supplemental Report – September 30, 2020

(in thousands)


	September 30, 2020 ¹
CONSOLIDATED INCOME STATEMENT	Quarter			Year to Date
Revenues
Rental income	$	50,300		$	183,396
Other		981			3,078
Total revenues		51,281			186,474
Operating expenses
Depreciation and amortization		34,457			101,627
General and administrative		8,625			26,415
Real estate taxes		10,689			31,833
Property operating		11,559			41,685
Impairment charges		—			51,549
Total operating expenses		65,330			253,109

Gain on disposition of properties		24			509
Operating loss		(14,025	)		(66,126	)
Equity in losses of unconsolidated affiliates		(624	)		(155	)
Interest and other income		2,132			7,156
Realized and unrealized holding (losses) gains on investments and other		(7,946	)		79,335
Interest expense		(17,752	)		(54,373	)
Loss from continuing operations before income taxes		(38,215	)		(34,163	)
Income tax (provision) benefit		(74	)		741
Net loss		(38,289	)		(33,422	)
Net loss attributable to noncontrolling interests		29,259			35,388
Net (loss) income attributable to Acadia	$	(9,030	)	$	1,966

Income Statement - Detail

Supplemental Report – September 30, 2020

(in thousands)


	September 30, 2020 ¹
CORE PORTFOLIO AND FUND INCOME	Quarter			Year to Date
PROPERTY REVENUES
Minimum rents	$	46,142		$	150,203
Percentage rents		42			361
Expense reimbursements - CAM		5,671			16,768
Expense reimbursements - Taxes		8,723			24,903
Other property income		616			2,027
Total Property Revenues		61,194			194,262

PROPERTY EXPENSES
Property operating - CAM		7,992			26,081
Other property operating (Non-CAM)		3,966			9,934
Real estate taxes		10,689			31,833
Total Property Expenses		22,647			67,848

NET OPERATING INCOME - PROPERTIES		38,547			126,414

OTHER INCOME (EXPENSE)
Interest income		2,132			7,156
Straight-line rent income (expense)		(12,051	)		(15,483	)
Above/below-market rent income (expense)		2,273			8,115
Interest expense ²		(16,574	)		(48,897	)
Amortization of finance costs		(1,121	)		(4,041	)
Above/below-market interest income (expense)		26			78
Asset and property management income (expense)		(69	)		(277	)
Other income (expense)		59			(207	)
Finance lease interest expense		(83	)		(1,513	)
Impairment charges		—			(51,549	)
CORE PORTFOLIO AND FUND INCOME		13,139			19,796

FEE INCOME
Asset and property management fees		191			524
Net promote and other transactional income		(7,906	)		73,048
Transactional fees ³		43			157
Income tax (provision) benefit		(74	)		741
Total Fee (Loss) Income		(7,746	)		74,470

General and Administrative		(8,625	)		(26,415	)

Depreciation and amortization		(34,357	)		(101,310	)
Non-real estate depreciation and amortization		(100	)		(317	)
Gain on disposition of properties		24			509
(Loss) before equity in earnings and noncontrolling interests		(37,665	)		(33,267	)

Equity in losses of unconsolidated affiliates		(624	)		(155	)
Noncontrolling interests		29,259			35,388

NET (LOSS) INCOME ATTRIBUTABLE TO ACADIA	$	(9,030	)	$	1,966

Income Statement – Pro Rata Adjustments

Supplemental Report – September 30, 2020

(in thousands)


	Quarter Ended September 30, 2020						Year to Date September 30, 2020
CORE PORTFOLIO AND FUND INCOME	Noncontrolling Interest in Consolidated Subsidiaries ⁴			Company’s Interest in Unconsolidated Subsidiaries ⁵			Noncontrolling Interest in Consolidated Subsidiaries ⁵			Company’s Interest in Unconsolidated Subsidiaries ⁶
PROPERTY REVENUES
Minimum rents	$	(16,900	)	$	7,951		$	(58,468	)	$	27,103
Percentage rents		(2	)		1			(219	)		43
Expense reimbursements - CAM		(2,891	)		852			(8,523	)		2,818
Expense reimbursements - Taxes		(2,491	)		1,718			(7,548	)		6,058
Other property income		(352	)		89			(1,086	)		193
Total Property Revenues		(22,636	)		10,611			(75,844	)		36,215

PROPERTY EXPENSES
Property operating - CAM		(3,793	)		875			(13,462	)		2,916
Other property operating (Non-CAM)		(1,775	)		209			(5,234	)		728
Real estate taxes		(3,628	)		2,166			(10,948	)		6,892
Total Property Expenses		(9,196	)		3,250			(29,644	)		10,536
NET OPERATING INCOME - PROPERTIES		(13,440	)		7,361			(46,200	)		25,679

OTHER INCOME (EXPENSE)
Interest income		(108	)		—			(563	)		—
Straight-line rent income (expense)		8,319			(817	)		7,855			(1,054	)
Above/below-market rent income (expense)		(2,323	)		2,398			(4,540	)		2,844
Interest expense ²		8,871			(2,838	)		26,775			(8,863	)
Amortization of finance costs		738			(243	)		2,917			(882	)
Above/below-market interest income (expense)		—			21			—			63
Asset and property management income (expense)		278			(382	)		784			(1,066	)
Other income (expense)		(213	)		314			(515	)		338
Finance lease interest expense		61			—			181			—
Impairment charges		—			—			39,149			—
CORE PORTFOLIO AND FUND INCOME		2,183			5,814			25,843			17,059

FEE INCOME
Asset and property management fees		3,504			144			11,232			362
Promote income from funds, net		—			—			—			—
Net promote and other transactional income		5,666			—			(51,938	)		—
Transactional fees ³		1,423			72			4,620			401
Income tax (provision) benefit		26			(12	)		84			(27	)
Total Fee (Loss) Income		10,619			204			(36,002	)		736

General and Administrative		186			(80	)		660			(199	)
Depreciation and amortization		15,813			(6,562	)		45,477			(17,751	)
Non-real estate depreciation and amortization		—			—			—			—
Gain on disposition of properties		(18	)		—			(392	)		—
(Loss) before equity in earnings and noncontrolling interests		28,783			(624	)		35,586			(155	)

Equity in losses of unconsolidated affiliates		—			—			—			—
Noncontrolling interests ⁶		476			—			(198	)		—

NET (LOSS) INCOME ATTRIBUTABLE TO ACADIA	$	29,259		$	(624	)	$	35,388		$	(155	)

Balance Sheet

Supplemental Report – September 30, 2020

(in thousands)

ASSETS	Consolidated Balance Sheet			Line Item Details:
Real estate
Land	$	771,508		The components of Real estate under development, at cost are as follows:
Buildings and improvements		3,006,179		Core	$	63,946
Construction in progress		7,605		Fund II		39,921
Right-of-use assets - finance leases		25,086		Fund III		23,266
Right-of-use assets - operating leases, net		89,615		Fund IV		141,165
		3,899,993		Total	$	268,298
Less: Accumulated depreciation and amortization		(552,562	)
Operating real estate, net		3,347,431		Summary of other assets, net:
Real estate under development		268,298		Deferred charges, net	$	30,032
Net investments in real estate		3,615,729		Prepaid expenses		16,527
Notes receivable, net		134,798		Other receivables		4,755
Investments in and advances to unconsolidated affiliates		240,414		Derivative financial instruments		—
Lease intangibles, net		109,488		Accrued interest receivable		12,471
Other assets, net		73,682		Income taxes receivable		2,301
Cash and cash equivalents		16,108		Due from seller		3,682
Restricted cash		13,673		Corporate assets, net		1,288
Straight-line rents receivable, net		27,820		Deposits		1,712
Rents receivable		19,696		Deferred tax assets		914
Total Assets	$	4,251,408		Total	$	73,682

LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgage and other notes payable, net	$	1,159,688		Summary of accounts payable and other liabilities:
Unsecured notes payable, net		502,500		Lease liability - finance leases, net	$	6,194
Unsecured line of credit		127,400		Lease liability - operating leases, net		89,437
Accounts payable and other liabilities		314,768		Accounts payable and accrued expenses		71,393
Lease intangibles, net		79,343		Deferred income		32,325
Dividends and distributions payable		147		Tenant security deposits, escrow and other		12,215
Distributions in excess of income from, and investments in, unconsolidated affiliates		15,462		Derivative financial instruments		103,204
Total Liabilities		2,199,308		Total	$	314,768
Shareholders' Equity
Common shares		86
Additional paid-in capital		1,695,338
Accumulated other comprehensive loss		(85,873	)
Distributions in excess of accumulated earnings		(156,321	)
Total Acadia shareholders’ equity		1,453,230
Noncontrolling interests		598,870
Total equity		2,052,100
Total Liabilities and Shareholders' Equity	$	4,251,408

Balance Sheet – Pro-rata Adjustments⁷

Supplemental Report – September 30, 2020

(in thousands)

ASSETS	Noncontrolling Interest in Consolidated Subsidiaries ⁵			Company’s Interest in Unconsolidated Subsidiaries ⁶
Real estate
Land	$	(185,484	)	$	68,567
Buildings and improvements		(981,046	)		270,574
Construction in progress		(4,001	)		256
Right-of-use assets - finance leases		(4,129	)		24,393
Right-of-use assets - operating leases, net		(36,756	)		—
		(1,211,416	)		363,790
Less: Accumulated depreciation and amortization		111,878			(50,381	)
Operating real estate, net		(1,099,538	)		313,409
Real estate under development		(155,199	)		4,201
Net investments in real estate		(1,254,737	)		317,610
Notes receivable, net		(28,568	)		—
Investments in and advances to unconsolidated affiliates		(88,187	)		(133,883	)
Lease intangibles, net		(31,999	)		8,268
Other assets, net		4,554			2,176
Cash and cash equivalents		(8,253	)		4,410
Restricted cash		(9,801	)		1,424
Straight-line rents receivable, net		(6,639	)		4,358
Rents receivable		(7,115	)		1,576
Total Assets	$	(1,430,745	)	$	205,939

LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgage and other notes payable, net	$	(729,320	)	$	180,481
Unsecured notes payable, net		(92,347	)		—
Unsecured line of credit		—			—
Accounts payable and other liabilities		(69,522	)		23,470
Lease intangibles, net		(20,885	)		8,543
Lease liability - finance leases		(4,514	)		8,903
Lease liability - operating leases		(38,000	)		4
Dividends and distributions payable		—			—
Distributions in excess of income from, and investments in, unconsolidated affiliates		—			(15,462	)
Total Liabilities		(954,588	)		205,939
Shareholders' Equity
Common shares		—			—
Additional paid-in capital		—			—
Accumulated other comprehensive loss		—			—
Distributions in excess of accumulated earnings		—			—
Total Acadia shareholders’ equity		—			—
Noncontrolling interests		(476,157	)		—
Total equity		(476,157	)		—
Total Liabilities and Shareholders' Equity	$	(1,430,745	)	$	205,939

Balance Sheet – Pro-rata Adjustments⁷

Supplemental Report – September 30, 2020

(in thousands)

__________

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

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

Net of capitalized interest of $1.7 million for the three months ended September 30, 2020 and $6.3 million for the nine months ended September 30, 2020.

Consists of development, construction, leasing and legal fees.

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

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.

Adjustment to noncontrolling interests exclude income allocable to Operating Partnership Units of $(0.5) million for the three months ended September 30, 2020 and $0.2 million for the nine months ended September 30, 2020

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

Funds from Operations (“FFO”), Adjusted Funds from Operations (“AFFO”)

Supplemental Report – September 30, 2020

(in thousands)


	Quarter Ended									Year to Date			Quarter Ended			Year to Date
	March 31, 2020			June 30, 2020			September 30, 2020			September 30, 2020			September 30, 2019			September 30, 2019
Funds from operations ("FFO"):
Net (Loss) Income	$	(8,414	)	$	19,410		$	(9,030	)	$	1,966		$	10,458		$	31,735
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share)		24,088			24,390			25,106			73,584			22,436			66,157
Gain on disposition on real estate properties (net of noncontrolling interest share)		—			(111	)		(6	)		(117	)		(2,758	)		(3,142	)
Impairment charges (net of noncontrolling interest share)		12,400			—			—			12,400			74			395
(Loss) income attributable to noncontrolling interests' share in Operating Partnership		(336	)		1,259			(471	)		571			784			2,436
FFO to Common Shareholders and Common OP Unit holders	$	27,738		$	44,948		$	15,599		$	88,404		$	30,994		$	97,581

Less: Albertsons unrealized holding loss (gain) (net of noncontrolling interest share)		—			(18,397	)		2,240			(16,157	)		—			—
FFO before Special Items	$	27,738		$	26,551		$	17,839		$	72,247		$	30,994		$	97,581


Adjusted Funds from operations ("AFFO"):
FFO	$	27,738		$	44,948		$	15,599		$	88,404		$	30,994		$	97,581
Unrealized gains		—			(18,397	)		2,240			(16,157	)		—			—
Straight-line rent, net		2,593			1,540			4,549			8,682			(668	)		(2,347	)
Above/below-market rent		(2,288	)		(1,783	)		(2,348	)		(6,419	)		(1,850	)		(11,644	)
Amortization of finance costs		749			631			626			2,006			733			2,215
Above/below-market interest		(47	)		(47	)		(47	)		(141	)		(47	)		(141	)
Non-real estate depreciation		109			108			100			317			112			343
Stock-based compensation¹		3,527			2,014			2,047			7,588			1,629			6,523
Leasing commissions		(380	)		(118	)		(37	)		(535	)		(312	)		(1,433	)
Tenant improvements		(468	)		(426	)		(815	)		(1,709	)		(450	)		(4,094	)
Maintenance capital expenditures		(951	)		(997	)		(81	)		(2,029	)		(1,220	)		(1,978	)
AFFO to Common Shareholders and Common OP Unit holders	$	30,582		$	27,473		$	21,833		$	80,007		$	28,921		$	85,025

Total weighted-average diluted shares and OP Units		92,785			91,648			91,224			91,978			90,683			89,404
				91648
Diluted FFO per Common share and OP Unit:
FFO	$	0.30		$	0.49		$	0.17		$	0.96		$	0.34		$	1.09

FFO before Special Items	$	0.30		$	0.29		$	0.20		$	0.79		$	0.34		$	1.09

__________

Amounts for prior periods have been updated to include stock-based compensation for comparability.

EBITDA

Supplemental Report – September 30, 2020

(in thousands)

	Quarter Ended September 30, 2020									Year to Date September 30, 2020									Quarter Ended September 30, 2019
	Core									Core									Core
	Portfolio			Funds			Total			Portfolio			Funds			Total			Portfolio			Funds			Total
EBITDA:

Net Income (Loss) Attributable to Acadia	$	(3,154	)	$	(5,876	)	$	(9,030	)	$	24,352		$	(22,386	)	$	1,966		$	8,890		$	1,568		$	10,458

Adjustments:
Depreciation and amortization		20,666			4,540			25,206			60,895			13,006			73,901			18,099			4,449			22,548
Interest expense		8,295			2,246			10,541			24,193			6,792			30,985			6,894			2,541			9,435
Amortization of finance costs		425			201			626			1,172			834			2,006			332			401			733
Above/below-market interest		(47	)		—			(47	)		(141	)		—			(141	)		(47	)		—			(47	)
Gain on disposition of properties		—			(6	)		(6	)		—			(117	)		(117	)		—			(2,758	)		(2,758	)
Unrealized holding losses (gains) on investments		2,240			—			2,240			(16,157	)		—			(16,157	)		—			—			—
Provision (benefit) for income taxes		53			7			60			(822	)		24			(798	)		1,397			2			1,399
Impairment charges		—			—			—			—			12,400			12,400			—			74			74
Noncontrolling interest - OP		(476	)		—			(476	)		198			—			198			649			—			649
EBITDA	$	28,002		$	1,112		$	29,114		$	93,690		$	10,553		$	104,243		$	36,214		$	6,277		$	42,491

Adjusted EBITDA:

EBITDA	$	28,002		$	1,112		$	29,114		$	93,690		$	10,553		$	104,243		$	36,214		$	6,277		$	42,491
Stock based compensation¹		2,047			—			2,047			7,588			—			7,588			1,629			—			1,629
Adjusted EBITDA	$	30,049		$	1,112		$	31,161		$	101,278		$	10,553		$	111,831		$	37,843		$	6,277		$	44,120

__________

Adjusted EBITDA eliminates stock-based compensation expense. Amounts for prior periods have been updated to include stock-based compensation for comparability.

Core Portfolio – Same Property Performance ¹

Supplemental Report – September 30, 2020

(in thousands)

	Quarter Ended						Change			Year to Date				Change
	September 30, 2020			September 30, 2019			Favorable/ (Unfavorable)			September 30, 2020		September 30, 2019		Favorable/ (Unfavorable)

Summary
Minimum rents	$	27,775		$	33,635			(17.4	)%	$	89,071	$	100,991		(11.8	)%
Expense reimbursements		9,125			9,852			(7.4	)%		27,520		29,548		(6.9	)%
Other property income		260			296			(12.2	)%		792		949		(16.5	)%

Total Revenue		37,160			43,783			(15.1	)%		117,383		131,488		(10.7	)%

Expenses
Property operating - CAM & Real estate taxes		10,803			10,713			(0.8	)%		32,330		33,209		2.6	%
Other property operating (Non-CAM)		1,032			850			(21.4	)%		2,417		2,309		(4.7	)%

Total Expenses		11,835			11,563			(2.4	)%		34,747		35,518		2.2	%

Same Property NOI - Core properties	$	25,325		$	32,220			(21.4	)%	$	82,636	$	95,970		(13.9	)%

Reconciliation of Same Property NOI to Core NOI
NOI of Properties excluded from Same Property NOI		3,731			3,015						11,094		8,700
Core NOI	$	29,056		$	35,235					$	93,730	$	104,670


Other same property information
Physical Occupancy at the end of the period		90.3	%		93.8	%
Leased Occupancy at the end of the period		91.1	%		95.1	%

__________

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

Fee Income by Fund

Supplemental Report – September 30, 2020

(in thousands)

	Fund II		Fund III		Fund IV		Fund V		Other		Total
Year to Date September 30, 2020
Asset and property management fees	$	1,575	$	1,013	$	3,347	$	5,702	$	481	$	12,118
Transactional fees		406		383		2,090		2,174		125		5,178
Total fees	$	1,981	$	1,396	$	5,437	$	7,876	$	606	$	17,296

Quarter Ended September 30, 2020
Asset and property management fees	$	509	$	227	$	1,160	$	1,770	$	173	$	3,839
Transactional fees		132		131		528		709		38		1,538
Total fees	$	641	$	358	$	1,688	$	2,479	$	211	$	5,377


Quarter Ended June 30, 2020
Asset and property management fees	$	525	$	346	$	1,035	$	1,869	$	132	$	3,907
Transactional fees		146		111		782		697		51		1,787
Total fees	$	671	$	457	$	1,817	$	2,566	$	183	$	5,694

Quarter Ended March 31, 2020
Asset and property management fees	$	541	$	440	$	1,152	$	2,063	$	176	$	4,372
Transactional fees		128		141		780		768		36		1,853
Total fees	$	669	$	581	$	1,932	$	2,831	$	212	$	6,225

Structured Financing Portfolio

Supplemental Report – September 30, 2020

(in thousands)

	June 30, 2020						Quarter Ended September 30, 2020										Stated			Effective
	Principal		Accrued		Ending				Repayments/		Current		Accrued		Ending		Interest			Interest			Maturity
Investment	Balance		Interest		Balance		Issuances		Conversions ¹		Principal		Interest		Balance		Rate			Rate			Dates
First mortgage notes²	$	31,332	$	3,547	$	34,879	$	—	$	—	$	31,332	$	3,865	$	35,197		5.57	%		5.77	%	Apr-20 to Oct-21

Other notes		65,462		2,456		67,918		—		—		65,462		3,928		69,390		8.48	%		8.50	%	Apr-21 to Dec-27

Total Core notes receivable	$	96,794	$	6,003	$	102,797	$	—	$	—	$	96,794	$	7,793	$	104,587		7.54	%		7.61	%

__________


Reconciliation of Notes Receivable to the Consolidated Balance Sheet (Pro Rata):

Total Notes Receivable per above											$	96,794
Pro-rata share of Fund loans												9,436

Total Pro-rata Notes Receivable											$	106,230

________

See Transactional Activity page that follows for a description of the non-cash conversion.

One Core note due April 20, 2020 in the amount of $17.8 million with accrued interest of $3.8 million was in default at September 30, 2020.

Transactional Activity

Supplemental Report – September 30, 2020

(in thousands)

Fund

PROPERTY ACQUISTIONS AND DISPOSITIONS

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

ACQUISITIONS²
Core:

37 Greene Street	New York, NY	January 9, 2020	$	15,689			100.00	%	$	—		15,689
917 W. Armitage	Chicago, IL	February 13, 2020		3,515			100.00	%		—		3,515
			$	19,204					$	—	$	19,204

DISPOSITIONS
Fund IV:
Colonie Plaza	Albany, NY	April 13, 2020	$	15,250			100.00	%	$	15,250		3,526
Airport Mall (Parcel)	Bangor, ME	Sept 10, 2020		400			100.00	%		400		92
			$	15,650					$	15,650	$	3,618


STRUCTURED FINANCING ACTIVITY

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

Core:
850 Third Avenue	Other Loan	January 17, 2020	$	54,000			100.00	%	$	—		54,000
Georgetown LUF	Other Loan	February 6, 2020		5,000			100.00	%		—		5,000
Town Center	Conversion (non-cash)	April 1, 2020		(38,674	)		100.00	%		—		(38,674	)
			$	20,326					$	—	$	20,326

________

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

Acquisition amounts include capitalized acquisition costs, where applicable.

Net Asset Valuation Information

Supplemental Report – September 30, 2020

(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, 2}	$	29,056		N/A			$	696		$	4,751		$	11,540
Less:
(Income) loss from properties sold or under contract		—		N/A				10			45			—
(Income) loss from pre-stabilized assets, development and redevelopment projects ^{3, 4}		(1,759	)	N/A				(593	)		905			—
Net Operating Income of stabilized assets	$	27,297		N/A			$	113		$	5,701		$	11,540

Costs to Date (Pro Rata)
Pre-stabilized assets ³	$	—		N/A			$	28,557		$	33,042		$	—
Development and redevelopment projects ⁴		192,735		N/A				4,490			39,456			—
Total Costs to Date	$	192,735		N/A			$	33,047		$	72,498		$	—

Debt (Pro Rata)	$	882,169		$	76,818		$	15,010		$	90,029		$	87,433

__________

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

Fund II has been substantially liquidated except for its investment in City Point with pre-stabilized assets of $531.6 million and debt of $285.5 million.

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

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

Selected Financial Ratios

Supplemental Report – September 30, 2020

(in thousands)


	Quarter Ended September 30,						Year to Date September 30,							Quarter Ended
COVERAGE RATIOS ¹	2020			2019			2020			2019			LEVERAGE RATIOS	September 30, 2020			June 30, 2020
Fixed-Charge Coverage Ratios													Debt/Market Capitalization Ratios

EBITDA ² divided by:	$	28,002		$	36,214		$	93,690		$	112,262		Debt + Preferred Equity (Preferred O.P. Units)	$	1,156,338		$	1,178,828
Interest expense		8,295			6,894			24,193			19,700		Total Market Capitalization		2,113,487			2,362,033
Principal Amortization		1,011			1,036			3,081			3,053		Debt + Preferred Equity/
Preferred Dividends ³		123			135			372			405		Total Market Capitalization		55	%		50	%
Fixed-Charge Coverage Ratio - Core Portfolio		3.0	x		4.5	x		3.4	x		4.8	x

EBITDA divided by:	$	29,114		$	42,491		$	104,243		$	128,107		Debt ⁶	$	1,144,073		$	1,160,717
Interest expense		10,541			9,435			30,985			27,263		Total Market Capitalization		2,113,487			2,362,033
Principal Amortization		1,139			1,230			3,525			3,717		Net Debt + Preferred Equity/
Preferred Dividends		4			135			372			405		Total Market Capitalization		54	%		49	%
Fixed-Charge Coverage Ratio - Core Portfolio and Funds		2.5	x		3.9	x		3.0	x		4.1	x	Debt/EBITDA Ratios
													Core:
Payout Ratios													Debt	$	882,169		$	903,182
													Net debt ⁵		873,812			893,833
Dividends declared (per share/OP Unit)				$	0.28					$	0.84		EBITDA		131,942			134,462
													Adjusted EBITDA		133,568			142,518
Dividends (Shares) & Distributions (OP Units) declared				$	23,710					$	76,390		Debt/EBITDA - Core Portfolio		6.7	x		6.7	x
FFO					30,103						97,581		Debt/Adjusted EBITDA - Core Portfolio		6.6	x		6.3	x
FFO Payout Ratio⁸	N/A				79	%	N/A				78	%	Net Debt/EBITDA - Core Portfolio		6.6	x		6.6	x
													Net Debt/ Adjusted EBITDA - Core Portfolio		6.5	x		6.3	x
													Core and Funds:
Dividends (Shares) & Distributions (OP Units) declared				$	23,710					$	76,390		Debt ⁴	$	1,151,459		$	1,172,797
AFFO⁷					28,921						85,025		Net debt ⁶		1,139,194			1,154,686
AFFO Payout Ratio	N/A				82	%	N/A				90	%	EBITDA		148,802			154,738
													Adjusted EBITDA		151,465			162,794
													Debt/EBITDA - Core and Funds		7.7	x		7.6	x
													Debt/Adjusted EBITDA - Core and Funds		7.6	x		7.2	x
													Net Debt/EBITDA - Core and Funds		7.7	x		7.5	x
													Net Debt/ Adjusted EBITDA - Core and Funds		7.5	x		7.1	x

Selected Financial Ratios

Supplemental Report – September 30, 2020

(in thousands)

__________

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.

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

Represents preferred distributions on Preferred Operating partnership Units.

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

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

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

Prior periods updated to include an adjustment for stock-based compensation, see Funds from Operations (“FFO”), Adjusted Funds from Operations (“AFFO”) for a reconciliation of AFFO to net income attributable to Acadia.

Beginning with the second quarter of 2020, the Board of Trustees temporarily suspended distributions on common shares and common units, which suspension the Board has determined to continue through the fourth quarter of 2020.

	EBITDA					ADJUSTED EBITDA
	Quarter Ended			Year Ended		Quarter Ended			Year Ended
Reconciliation of EBITDA to Annualized EBITDA	September 30, 2020			Dec 31, 2019		September 30, 2020			Dec 31, 2019

Core EBITDA as reported	$	28,002		$	145,005	$	28,002		$	145,005
Add back: Stock-based compensation, net of employee equity elections		—			—		2,047			10,151
Add back: Credit losses and abatements in Q3		8,784			—		8,784			—
Subtotal		36,786			145,005		38,833			155,156

Annualized Core EBITDA		147,144			145,005		155,332			155,156
Subtract: Year to date credit losses related to COVID-19		(21,764	)		—		(21,764	)		—
Add back: Promote, realized gains		6,562			—		—			—
Annualized Core EBITDA		131,942			145,005		133,568			155,156

Funds EBITDA as reported		1,112			22,041		1,112			22,242
Add back: Credit losses in Q3		4,483			—		4,483			—
Subtotal		5,595			22,041		5,595			22,242

Annualized Fund EBITDA		22,380			22,041		22,380			22,242
Subtract: Year to date credit losses related to COVID-19		(5,520	)		—		(4,483	)		—
Annualized Fund EBITDA		16,860			22,041		17,897			22,242
Annualized EBITDA Core and Funds	$	148,802		$	167,046	$	151,465		$	177,398

Portfolio Debt - Summary

Supplemental Report – September 30, 2020

(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	$	477,400		3.4	%		2.3	$	3,550		—			—	$	480,950		42	%		3.4	%		2.2	$	10,756	$	—		$	491,706
Variable-Rate Debt ⁵		30,000	3.3		%		—		26,932		2.3	%		0.9		56,932		5	%		1.1	%		0.4		81,591		—			138,523
																		47	%
Mortgage and Other Notes Payable

Fixed-Rate Debt ¹		341,886		4.1	%		5.7		162,883		4.5	%		2.8		504,769		44	%		4.2	%		4.7		518,830		(139,800	)		883,799
Variable-Rate Debt ⁵		32,883		1.9	%		2.8		75,925		2.2	%		0.5		108,808		9	%		2.1	%		1.2		214,930		(41,491	)		282,247
																		53	%

Total	$	882,169		3.5	%		3.5	$	269,290		3.5	%		1.9	$	1,151,459		100	%		3.5	%		3.2	$	826,107	$	(181,291	)		1,796,275

Unamortized premium																															574
Net unamortized loan costs																															(7,261	)
Total																														$	1,789,588

_________

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

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

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

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

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

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

Portfolio Debt - Detail

Supplemental Report – September 30, 2020

(in thousands)

		Principal Balance at			Acadia's Pro-rata Share						Interest		Extension
Property		September 30, 2020			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			8,371			100.00	%		8,371		4.66%	02/01/24	None
Crossroads Shopping Center			63,970			49.00	%		31,345		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)			15,921			50.00	%		7,961		4.72%	12/10/27	None
State & Washington			23,446			100.00	%		23,446		4.40%	09/05/28	None
239 Greenwich Avenue			26,332			75.00	%		19,749		3.88%	01/10/29	None
North & Kingsbury			11,860			100.00	%		11,860		4.01%	11/05/29	None
151 North State Street			13,334			100.00	%		13,334		4.03%	12/01/29	None
Concord & Milwaukee			2,589			100.00	%		2,589		4.40%	06/01/30	None
California & Armitage			2,450			100.00	%		2,450		5.89%	04/15/35	None
Unsecured interest rate swaps ¹			477,400			100.00	%		477,400		3.44%	2.3 YRS
Secured interest rate swaps¹			99,788			90.14	%		89,952		3.78%	5.8 YRS

Sub-Total Fixed-Rate Debt			905,211						819,286		3.72%

Secured Variable-Rate Debt
3104 M Street⁵			4,416			20.00	%		883		Prime+50	12/10/21	None
28 Jericho Turnpike			13,028			100.00	%		13,028		LIBOR+190	01/23/23	None
60 Orange Street			6,797			98.00	%		6,661		LIBOR+175	04/03/23	None
Gotham Plaza			19,020			49.00	%		9,320		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			10,943			100.00	%		10,943		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			(99,788	)		90.14	%		(89,952	)	LIBOR+362	5.8 YRS

Unsecured Variable-Rate Debt
Unsecured Term Loan			30,000			100.00	%		30,000		3.30%	06/30/21	None
Unsecured Line of Credit ³			127,400			100.00	%		127,400		LIBOR+115	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			(477,400	)		100.00	%		(477,400	)	LIBOR+328	2.3 YRS

Sub-Total Variable-Rate Debt			194,416						62,883		LIBOR+84

Total Debt - Core Portfolio		$	1,099,627					$	882,169		3.52%

Funds
Fixed-Rate Debt
CityPoint⁴	Fund II		200,000			26.67	%		53,340		Prime+250	05/29/22	None
1964 Union Street⁴	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 Street⁴	Fund IV		5,606			20.80	%		1,166		3.40%	06/01/26	None
Interest rate swaps¹	Funds II, IV & V		570,933			20.13	%		114,951		3.61%	0.3 YRS
Sub-Total Fixed-Rate Debt			779,122						169,994		4.28%

Variable-Rate Debt
650 Bald Hill Road ⁴	Fund IV		15,275			20.81	%		3,179		LIBOR+265	10/27/20	1 x 6 mos.
Eden Square ⁴	Fund IV		23,833			22.78	%		5,429		LIBOR+215	12/01/20	1 x 12 mos.
717 N. Michigan Avenue	Fund IV		56,700			23.12	%		13,109		LIBOR+310	12/09/20	1 x 12 mos.
Acadia Strategic Opportunity IV LLC	Fund IV		3,604			23.12	%		833		LIBOR+165	12/31/20	None
640 Broadway ⁴	Fund III		39,470			15.49	%		6,114		LIBOR+310	01/09/21	1 x 12 mos.

Portfolio Debt - Detail

Supplemental Report – September 30, 2020

(in thousands)

		Principal Balance at			Acadia's Pro-rata Share						Interest		Extension
Property		September 30, 2020			Percent			Amount			Rate	Maturity	Options

New Towne Center	Fund V		16,780			20.10	%		3,373		LIBOR+220	02/01/21	2 x 12 mos.
Wake Forest Crossing	Fund IV		23,048			23.12	%		5,329		LIBOR+160	02/14/21	1 x 12 mos.
Lincoln Place	Fund IV		23,100			23.12	%		5,341		LIBOR+185	03/13/21	1 x 12 mos.
Broughton Street Portfolio	Fund IV		29,175			23.12	%		6,745		LIBOR+250	05/01/21	None
Acadia Strategic Opportunity Fund V LLC	Fund V		—			20.10	%		—		LIBOR+160	05/03/21	None
Fairlane Green	Fund V		40,300			20.10	%		8,100		LIBOR+190	06/05/21	2 x 12 mos.
17 E. 71st Street	Fund IV		15,385			23.12	%		3,557		LIBOR+300	06/09/21	None
Trussville Promenade	Fund V		29,370			20.10	%		5,903		LIBOR+185	06/15/21	2 x 12 mos.
Cortlandt Crossing	Fund III		36,252			24.54	%		8,896		LIBOR+275	06/19/21	1 x 12 mos.
Acadia Strategic Opportunity IV LLC	Fund IV		79,225			23.12	%		18,317		LIBOR+200	06/30/21	None
146 Geary Street	Fund IV		22,900			23.12	%		5,294		LIBOR+340	07/14/21	1 x 12 mos.
Restaurants at Fort Point	Fund IV		5,986			23.12	%		1,384		LIBOR+235	08/25/21	None
Acadia Strategic Opportunity Fund II, LLC	Fund II		40,000			28.33	%		11,332		LIBOR+165	09/20/21	1 x 12 mos.
CityPoint⁴	Fund II		18,872			26.67	%		5,033		LIBOR+139	11/01/21	None
Promenade at Manassas⁴	Fund IV		27,480			22.78	%		6,260		LIBOR+175	12/05/21	2 x 12 mos.
Airport Mall	Fund IV		5,224			23.12	%		1,208		LIBOR+200	04/01/22	None
Dauphin Plaza	Fund IV		9,552			23.12	%		2,208		LIBOR+200	04/01/22	None
Shaw's Plaza (Waterville)	Fund IV		7,532			23.12	%		1,741		LIBOR+200	04/01/22	None
Wells Plaza	Fund IV		3,126			23.12	%		723		LIBOR+200	04/01/22	None
CityPoint Phase III ⁴	Fund II		26,670			26.67	%		7,113		LIBOR+300	03/01/22	2 x 12 mos.
Dauphin Plaza	Fund IV		3,000			23.12	%		694		LIBOR+200	04/01/22	None
Wells Plaza - Second Mortgage	Fund IV		2,500			23.12	%		578		LIBOR+200	04/01/22	None
Paramus Plaza ⁴	Fund IV		20,810			11.56	%		2,406		LIBOR+175	04/26/22	None
Riverdale ⁴	Fund V		32,233			17.97	%		5,794		LIBOR+170	05/28/22	2 x 12 mos.
Shaw's Plaza (Windham)	Fund IV		5,589			23.12	%		1,292		LIBOR+200	12/01/22	None
Mayfair Center	Fund IV		11,673			23.12	%		2,699		LIBOR+200	12/01/22	2 x 12 mos.
Elk Grove Commons	Fund V		41,500			20.10	%		8,342		LIBOR+150	01/01/23	1 x 12 mos.
Hiram Pavilion	Fund V		28,830			20.10	%		5,795		LIBOR+190	03/05/24	None
Hickory Ridge	Fund V		30,000			20.10	%		6,030		LIBOR+190	10/05/24	None
Tri-City Plaza ⁴	Fund V		38,670			18.09	%		6,995		LIBOR+190	10/18/24	1 x 12 mos.
Landstown Commons	Fund V		60,900			20.10	%		12,241		LIBOR+170	10/24/24	None
Lincoln Commons	Fund V		38,820			20.10	%		7,803		LIBOR+170	10/24/24	None
Palm Coast Landing	Fund V		26,500			20.10	%		5,327		LIBOR+175	11/01/24	None
Frederick Crossing ⁴	Fund V		24,290			18.09	%		4,394		LIBOR+175	12/02/24	1 x 12 mos.
Plaza Santa Fe	Fund V		22,893			20.10	%		4,601		LIBOR+190	12/20/24	None
Frederick County Square ⁴	Fund V		15,120			18.09	%		2,735		LIBOR+240	01/01/25	1 x 12 mos.
Interest rate swaps ¹	Funds II, IV & V		(570,933	)		20.13	%		(114,951	)	LIBOR+346	0.3 YRS
Sub-Total Variable-Rate Debt			431,254						99,296		LIBOR+211
Total Debt - Funds		$	1,210,376					$	269,290		3.54%
Total Debt - Core Portfolio and Funds		$	2,310,003					$	1,151,459		3.53%

_________

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.

This loan is in default as of September 30, 2020 and is accruing interest for accounting purposes at the default rate of 11%.

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

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

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

Future Debt Maturities ¹

Supplemental Report – September 30, 2020

(in thousands)

Core Portfolio	Contractual 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

2020 (Remainder) ²	$	1,423	$	26,250	$	27,673	$	1,080	$	5,833	$	6,913	6.00%	6.00%	n/a
2021		5,940		34,178		40,118		4,489		30,836		35,325	3.75%	n/a	3.75%
2022		5,987		127,400		133,387		4,633		127,400		132,033	1.51%	n/a	1.51%
2023		5,070		545,353		550,423		3,843		408,309		412,152	1.48%	n/a	1.48%
2024		4,235		65,753		69,988		3,288		35,960		39,248	4.09%	4.09%	n/a
Thereafter		14,662		263,376		278,038		13,258		243,240		256,498	3.57%	4.18%	1.69%
Total	$	37,317	$	1,062,310	$	1,099,627	$	30,591	$	851,578	$	882,169


Funds	Contractual 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

2020 (Remainder)	$	1,102	$	99,273	$	100,375	$	253	$	22,519	$	22,772	2.91%	n/a	2.91%
2021		3,124		445,989		449,113		708		100,652		101,360	2.34%	n/a	2.34%
2022		3,221		325,548		328,769		667		79,250		79,917	4.30%	5.25%	2.34%
2023		4,747		40,947		45,694		936		8,230		9,166	1.66%	n/a	1.66%
2024		3,436		260,455		263,891		675		51,125		51,800	1.95%	n/a	1.95%
Thereafter		274		22,260		22,534		54		4,221		4,275	2.94%	3.64%	2.56%
Total	$	15,904	$	1,194,472	$	1,210,376	$	3,293	$	265,997	$	269,290

__________

Does not include any applicable extension options or subsequent refinancings.

Includes $26.3 million related to a loan that was in default at September 30, 2020. For further information see our debt disclosures in our Annual Report on Form 10-K and Form 10-Q for the year ended December 31, 2019 and three months ended September 30, 2020, respectively.

Future Debt Maturities – As Extended ¹

Supplemental Report – September 30, 2020

(in thousands)

Core Portfolio	Extended Debt Maturities ¹						Acadia's Pro-Rata Share						Weighted Average Interest Rate
														Fixed-
	Scheduled						Scheduled						Total	Rate	Variable-
Year	Amortization		Maturities		Total		Amortization		Maturities		Total		Debt	Debt	Rate Debt

2020 (Remainder) ²	$	1,423	$	26,250	$	27,673	$	1,080	$	5,833	$	6,913	6.00%	6.00%	n/a
2021		5,940		34,178		40,118		4,489		30,836		35,325	3.75%	n/a	3.75%
2022		5,987		—		5,987		4,633		—		4,633	n/a	n/a	n/a
2023		5,070		672,753		677,823		3,843		535,709		539,552	1.48%	n/a	1.48%
2024		4,235		65,753		69,988		3,288		35,960		39,248	4.09%	4.09%	n/a
Thereafter		14,662		263,376		278,038		13,258		243,240		256,498	3.57%	4.18%	1.69%
Total	$	37,317	$	1,062,310	$	1,099,627	$	30,591	$	851,578	$	882,169


Funds	Extended Debt Maturities ¹						Acadia's Pro-Rata Share						Weighted Average Interest Rate
														Fixed-
	Scheduled						Scheduled						Total	Rate	Variable-
Year	Amortization		Maturities		Total		Amortization		Maturities		Total		Debt	Debt	Rate Debt

2020 (Remainder)	$	1,102	$	42,573	$	43,675	$	253	$	9,410	$	9,663	2.43%	n/a	2.43%
2021		3,124		232,286		235,410		708		54,271		54,979	2.53%	n/a	2.53%
2022		3,221		271,960		275,181		667		58,392		59,059	2.35%	n/a	2.35%
2023		4,747		286,328		291,075		936		70,693		71,629	4.10%	4.75%	2.10%
2024		3,437		339,064		342,501		675		69,010		69,685	2.05%	n/a	2.05%
Thereafter		274		22,260		22,534		54		4,221		4,275	2.94%	3.64%	2.56%
Total	$	15,905	$	1,194,471	$	1,210,376	$	3,293	$	265,997	$	269,290

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

Core Portfolio Retail Properties - Detail

Supplemental Report – September 30, 2020

			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	%	$	4,963,891	$	273.63
840 N. Michigan Avenue	H & M, Verizon Wireless		2014		88.4	%		87,135		—		—		87,135		100.0	%		—	%		—	%		100.0	%		100.0	%		8,381,048		96.18
Rush and Walton Streets Collection (6 properties)	Lululemon, BHLDN, Reformation, Sprinkles		2011 2012		100.0	%		40,384		—		—		40,384		81.0	%		—	%		—	%		81.0	%		81.0	%		5,559,800		169.94
651-671 West Diversey	Trader Joe's, Urban Outfitters		2011		100.0	%		46,259		—		—		46,259		100.0	%		—	%		—	%		100.0	%		100.0	%		2,051,814		44.35
Clark Street and W. Diversey Collection (4 properties)	Starbucks		2011 2012		100.0	%		53,309		—		—		53,309		53.2	%		—	%		—	%		53.2	%		53.2	%		1,214,057		42.79
Halsted and Armitage Collection (13 properties)	Serena and Lily, Bonobos, Allbirds Warby Parker, Marine Layer, Kiehl's		2011 2012 2019 2020		100.0	%		52,804		—		—		52,804		100.0	%		—	%		—	%		100.0	%		100.0	%		2,518,721		47.70
North Lincoln Park Chicago Collection (6 properties)	Champion, Carhartt		2011 2014		100.0	%		22,125		—		27,796		49,921		27.7	%		—	%		62.0	%		46.8	%		46.8	%		860,193		36.81
State and Washington	Nordstrom Rack, Uniqlo		2016		100.0	%		78,771		—		—		78,771		100.0	%		—	%		—	%		100.0	%		100.0	%		3,309,875		42.02
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		2016		100.0	%		41,700		—		—		41,700		81.5	%		—	%		—	%		81.5	%		81.5	%		1,322,098		38.89
Concord and Milwaukee		—	2016		100.0	%		13,105		—		—		13,105		100.0	%		—	%		—	%		100.0	%		100.0	%		429,240		32.75
California and Armitage		—	2016		100.0	%		—		—		18,275		18,275		—	%		—	%		70.6	%		70.6	%		70.6	%		655,337		50.83
Roosevelt Galleria	Petco, Vitamin Shoppe		2015		100.0	%		—		—		37,995		37,995		—	%		—	%		47.7	%		47.7	%		47.7	%		604,179		33.33
Sullivan Center	Target, DSW		2016		100.0	%		176,181		—		—		176,181		95.4	%		—	%		—	%		95.4	%		95.4	%		6,342,903		37.76
								657,299		—		84,066		741,365		90.2	%		—	%		57.4	%		86.5	%		87.8	%		39,643,156		61.84
New York Metro
Soho Collection (11 properties)	Paper Source, Faherty, ALC Stone Island, Taft, Frame, Theory		2011 2014 2019 2020		100.0	%		36,769		—		—		36,769		90.8	%		—	%		—	%		90.8	%		90.8	%		10,246,707		306.84
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		—	2007		100.0	%		5,777		—		—		5,777		48.0	%		—	%		—	%		48.0	%		48.0	%		1,188,283		428.36
61 Main Street		—	2014		100.0	%		3,470		—		—		3,470		—	%		—	%		—	%		—	%		100.0	%		—		—
181 Main Street	TD Bank		2012		100.0	%		11,350		—		—		11,350		100.0	%		—	%		—	%		100.0	%		100.0	%		972,597		85.69
4401 White Plains Road	Walgreens		2011		100.0	%		—		12,964		—		12,964		—	%		100.0	%		—	%		100.0	%		100.0	%		625,000		48.21
Bartow Avenue		—	2005		100.0	%		—		—		14,590		14,590		—	%		—	%		80.0	%		80.0	%		80.0	%		327,453		28.04

Core Portfolio Retail Properties - Detail

Supplemental Report – September 30, 2020

		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
239 Greenwich Avenue	Betteridge Jewelers	1998		75.0	%		16,553		—		—		16,553		100.0	%		—	%		—	%		100.0	%		100.0	%		1,690,359		102.12
252-256 Greenwich Avenue	Madewell, Blue Mercury	2014		100.0	%		7,986		—		—		7,986		100.0	%		—	%		—	%		100.0	%		100.0	%		950,500		119.02
2914 Third Avenue	Planet Fitness	2006		100.0	%		—		21,650		18,670		40,320		—	%		100.0	%		44.7	%		74.4	%		74.4	%		768,172		25.60
868 Broadway	Dr. Martens	2013		100.0	%		2,031		—		—		2,031		100.0	%		—	%		—	%		100.0	%		100.0	%		814,426		401.00
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	%		2,006,561		181.78
2520 Flatbush Avenue	Bob's Disc. Furniture, Capital One	2014		100.0	%		—		—		29,114		29,114		—	%		—	%		100.0	%		100.0	%		100.0	%		1,169,540		40.17
991 Madison Avenue	Vera Wang, Gabriella Hearst	2016		100.0	%		7,513		—		—		7,513		91.1	%		—	%		—	%		91.1	%		91.1	%		2,834,853		414.01
Shops at Grand	Stop & Shop (Ahold)	2014		100.0	%		—		52,336		47,349		99,685		—	%		100.0	%		100.0	%		100.0	%		100.0	%		3,339,339		33.50
Gotham Plaza	Bank of America, Footlocker	2016		49.0	%		—		—		25,927		25,927		—	%		—	%		50.2	%		50.2	%		58.3	%		856,195		65.85
							123,354		86,950		135,650		345,954		89.2	%		100.0	%		80.7	%		88.6	%		90.2	%		29,569,159		96.48
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	%		6,292,252		42.28
							—		119,862		28,970		148,832		—	%		100.0	%		100.0	%		100.0	%		100.0	%		6,292,252		42.28
Los Angeles Metro
Melrose Place Collection	The Row, Chloe, Oscar de la Renta	2019		100.0	%		14,000		—		—		14,000		100.0	%		—	%		—	%		100.0	%		100.0	%		2,446,433		174.75
							14,000		—		—		14,000		100.0	%		—	%		—	%		100.0	%		100.0	%		2,446,433		174.75
District of Columbia Metro
1739-53 & 1801-03 Connecticut Avenue	TD Bank	2012		100.0	%		20,669		—		—		20,669		65.0	%		—	%		—	%		65.0	%		65.0	%		871,514		64.89
Rhode Island Place Shopping Center	Ross Dress for Less	2012		100.0	%		—		25,134		32,533		57,667		—	%		100.0	%		80.7	%		89.1	%		93.4	%		1,617,822		31.48
M Street and Wisconsin Corridor (26 Properties)³	Lululemon, Rent the Runway,CB2, The Reformation	2011 2016 2019		25.2	%		244,259		—		—		244,259		71.1	%		—	%		—	%		71.1	%		74.5	%		13,064,636		75.20
							264,928		25,134		32,533		322,595		70.6	%		100.0	%		80.7	%		73.9	%		77.2	%		15,553,972		65.20
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	%		277,719		264.49
							1,050		40,800		13,426		55,276		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		1,521,236		27.52

Total Street and Urban Retail							1,060,631		272,746		294,645		1,628,022		85.3	%		100.0	%		76.8	%		86.3	%		87.9	%	$	95,026,208	$	67.67

Acadia Share Total Street and Urban Retail							860,060		272,746		281,422		1,414,229		88.2	%		100.0	%		78.1	%		88.4	%		89.8	%	$	83,758,006	$	66.96

Core Portfolio Retail Properties - Detail

Supplemental Report – September 30, 2020

			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
Marketplace of Absecon	Walgreens, Dollar Tree		1998		100.0	%		—		46,724		57,832		104,556		—	%		100.0	%		75.0	%		86.2	%		86.2	%		1,343,094		14.91
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		—	%		—	%		96.1	%		96.1	%		96.1	%		2,780,906		33.20
Branch Plaza	LA Fitness, The Fresh Market		1998		100.0	%		—		76,264		47,081		123,345		—	%		100.0	%		80.4	%		92.5	%		98.8	%		3,182,421		27.88
Amboy Center	Stop & Shop (Ahold)		2005		100.0	%		—		37,266		26,024		63,290		—	%		100.0	%		66.1	%		86.1	%		86.1	%		1,842,043		33.82
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		—	%		87.7	%		58.4	%		77.4	%		77.4	%		5,779,159		23.93
New Loudon Center	Price Chopper, Marshalls		1993		100.0	%		—		242,058		13,615		255,673		—	%		94.8	%		33.9	%		91.6	%		95.1	%		1,909,771		8.16
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	%		62.5	%		78.2	%		78.2	%		2,309,990		32.61

Connecticut
Town Line Plaza ⁴	Wal-Mart, Stop & Shop (Ahold)		1998		100.0	%		—		163,159		42,930		206,089		—	%		100.0	%		100.0	%		100.0	%		100.0	%		1,872,179		17.21

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	%		1,395,887		10.74
Crescent Plaza	Home Depot, Shaw's (Supervalu)		1993		100.0	%		—		156,985		61,163		218,148		—	%		100.0	%		67.7	%		90.9	%		90.9	%		1,909,447		9.62
201 Needham Street	Michael's		2014		100.0	%		—		20,409		—		20,409		—	%		100.0	%		—	%		100.0	%		100.0	%		646,965		31.70
163 Highland Avenue	Staples, Petco		2015		100.0	%		—		40,505		—		40,505		—	%		100.0	%		—	%		100.0	%		100.0	%		1,490,575		36.80

Vermont
The Gateway Shopping Center	Shaw's (Supervalu)		1999		100.0	%		—		73,184		28,290		101,474		—	%		100.0	%		100.0	%		100.0	%		100.0	%		2,201,482		21.70

Illinois
Hobson West Plaza	Garden Fresh Markets		1998		100.0	%		—		51,692		47,270		98,962		—	%		100.0	%		92.1	%		96.2	%		97.8	%		1,156,666		12.15

Indiana
Merrillville Plaza	Jo-Ann Fabrics, TJ Maxx		1998		100.0	%		—		123,220		112,867		236,087		—	%		41.6	%		61.3	%		51.0	%		52.7	%		1,861,858		15.46

Core Portfolio Retail Properties - Detail

Supplemental Report – September 30, 2020

			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
Michigan
Bloomfield Town Square	Best Buy, HomeGoods, TJ Maxx		1998		100.0	%		—		153,839		81,183		235,022		—	%		100.0	%		73.6	%		90.9	%		90.9	%		3,626,229		16.98

Delaware
Town Center and Other (2 properties)	Lowes, Bed Bath & Beyond, Target		2003		92.4	%		—		748,210		51,808		800,018		—	%		91.6	%		85.7	%		91.3	%		91.3	%		12,725,291		17.43
Market Square Shopping Center	Trader Joe's, TJ Maxx		2003		100.0	%		—		42,850		59,197		102,047		—	%		100.0	%		95.5	%		97.4	%		97.4	%		3,060,281		30.80
Naamans Road		—	2006		100.0	%		—		—		19,850		19,850		—	%		—	%		30.1	%		30.1	%		30.1	%		433,785		72.60

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	%		894,880		5.73
Chestnut Hill		—	2006		100.0	%		—		—		37,646		37,646		—	%		—	%		86.3	%		86.3	%		86.3	%		813,942		25.05
Abington Towne Center ⁵	Target, TJ Maxx		1998		100.0	%		—		184,616		32,255		216,871		—	%		100.0	%		100.0	%		100.0	%		100.0	%		1,228,032		20.72

Total Suburban Properties								—		3,019,695		996,152		4,015,847		—	%		94.3	%		77.1	%		90.0	%		90.6	%	$	58,739,449	$	17.35

Acadia Share Total Suburban Properties								—		2,857,471		922,880		3,780,351		—	%		95.1	%		78.2	%		91.0	%		91.6	%	$	55,007,139	$	17.15

Total Core Properties								1,060,631		3,292,441		1,290,797		5,643,869		85.3	%		94.8	%		77.1	%		89.0	%		89.8	%	$	153,765,657	$	32.08

Acadia Share Total Core Properties								863,629		3,130,217		1,204,302		5,198,149		88.2	%		95.5	%		78.2	%		90.3	%		91.1	%	$	138,765,145	$	31.09

__________

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.

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.

Excludes 94,000 square feet of office GLA.

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

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

Core Portfolio – Top Tenants ¹

Supplemental Report – September 30, 2020

(Pro Rata Basis)

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

Target		3		431,480	$	8,105,624		8.3	%		5.8	%
Walgreens		6		95,189		4,011,379		1.8	%		2.9	%
Nordstrom Rack, Inc.		2		88,982		3,515,492		1.7	%		2.5	%
Bed, Bath, and Beyond ²		3		135,098		3,433,926		2.6	%		2.5	%
Royal Ahold ³		3		155,461		3,268,460		3.0	%		2.4	%
TJX Companies⁴		8		229,043		2,631,830		4.4	%		1.9	%
LA Fitness International LLC		2		100,000		2,524,787		1.9	%		1.8	%
Lululemon		2		7,533		2,406,503		0.1	%		1.7	%
Trader Joe's		3		40,862		2,329,054		0.8	%		1.7	%
Fast Retailing ⁵		2		32,013		2,250,611		0.6	%		1.6	%
Gap ⁶		3		44,895		2,177,889		0.9	%		1.6	%
Albertsons Companies⁷		2		123,409		1,980,640		2.4	%		1.4	%
Home Depot		3		312,718		1,964,443		6.0	%		1.4	%
Bob's Discount Furniture		2		68,793		1,843,336		1.3	%		1.3	%
Tapestry ⁸		2		4,250		1,598,848		0.1	%		1.2	%
Dick's Sporting Goods, Inc		2		98,805		1,519,874		1.9	%		1.1	%
Ulta Salon Cosmetic & Fragrance		3		31,497		1,472,169		0.6	%		1.1	%
DSW		2		35,842		1,442,861		0.7	%		1.0	%
JP Morgan Chase		6		23,853		1,367,645		0.5	%		1.0	%
Michael's		2		45,285		1,318,617		0.9	%		1.0	%
Citibank		4		16,160		1,267,025		0.3	%		0.9	%
TOTAL		65		2,121,168	$	52,431,013		40.8	%		37.8	%

__________

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

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

Stop and Shop (3 locations)

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

Uniqlo (1 location), Theory (1 location)

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

Shaw’s (2 locations)

Kate Spade (2 locations)

Core Portfolio – Lease Expirations

Supplemental Report – September 30, 2020

(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		440		0.1	%	$	54.93		—	%		—		—		—	%	$	—		—	%
2020 (Remainder)		2		2,827		0.4	%		56.09		0.2	%		—		—		—	%		—		—	%
2021		19		50,782		6.7	%		81.45		6.3	%		8		386,310		14.1	%		16.49		15.2	%
2022		13		57,950		7.6	%		119.09		10.4	%		4		178,543		6.5	%		15.99		6.8	%
2023		17		129,417		17.0	%		76.02		14.9	%		7		385,000		14.1	%		19.20		17.6	%
2024		14		68,389		9.0	%		96.49		10.0	%		10		433,331		15.8	%		12.60		13.0	%
2025		19		61,346		8.1	%		145.58		13.5	%		9		376,598		13.8	%		18.65		16.7	%
2026		19		56,319		7.4	%		119.65		10.2	%		6		193,250		7.1	%		11.06		5.1	%
2027		7		15,831		2.1	%		81.53		2.0	%		—		—		—			—		—
2028		11		163,273		21.4	%		58.28		14.4	%		7		452,708		16.5	%		12.77		13.8	%
2029		11		43,084		5.7	%		116.90		7.6	%		5		182,205		6.7	%		15.79		6.9	%
Thereafter		11		112,171		14.5	%		62.33		10.5	%		4		147,504		5.4	%		14.02		4.9	%
Total		144		761,829		100.0	%	$	86.84		100.0	%		60		2,735,449		100.0	%	$	15.28		100.0	%

Anchor GLA Owned by Tenants				—												254,916
Total Vacant				101,800												139,852
Total Square Feet				863,629												3,130,217

	Shop Tenants												Total Tenants
			GLA					ABR							GLA					ABR
	Leases		Expiring		Percent					Percent			Leases		Expiring		Percent					Percent
Year	Expiring		SF		of Total			PSF		of Total			Expiring		SF		of Total			PSF		of Total
M to M ¹		3		9,638		1.0	%	$	25.85		0.8	%		4		10,078		0.2	%	$	27.12		0.2	%
2020 (Remainder)		10		20,824		2.2	%		27.93		1.9	%		12		23,651		0.5	%		31.29		0.5	%
2021		35		130,499		13.9	%		22.86		9.7	%		62		567,591		12.8	%		23.76		9.7	%
2022		34		99,890		10.6	%		38.24		12.5	%		51		336,383		7.6	%		40.36		9.8	%
2023		35		126,678		13.5	%		30.11		12.4	%		59		641,095		14.4	%		32.82		15.2	%
2024		29		106,661		11.3	%		31.01		10.8	%		53		608,381		13.7	%		25.26		11.1	%
2025		31		93,261		9.9	%		30.65		9.3	%		59		531,205		12.0	%		35.42		13.6	%
2026		14		55,144		5.9	%		36.22		6.5	%		39		304,713		6.9	%		35.68		7.8	%
2027		16		73,042		7.8	%		27.67		6.6	%		23		88,873		2.0	%		37.27		2.4	%
2028		24		107,494		11.4	%		38.58		13.5	%		42		723,475		16.3	%		26.88		14.0	%
2029		10		27,484		2.9	%		28.36		2.5	%		26		252,773		5.7	%		34.39		6.3	%
Thereafter		21		90,766		9.6	%		45.00		13.5	%		36		350,441		7.9	%		37.50		9.4	%
Total		262		941,381		100.0	%	$	32.55		100.0	%		466		4,438,659		100.0	%	$	31.09		100.0	%

Anchor GLA Owned by Tenants				—												254,916
Total Vacant				262,921												504,574
Total Square Feet				1,204,302												5,198,149

_________

Leases currently under month to month or in process of renewal

Core Portfolio – New and Renewal Rent Spreads ¹

Supplemental Report – September 30, 2020

	Quarter Ended																		Year to Date
	March 31, 2020						June 30, 2020						September 30, 2020						September 30, 2020
	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			0			0			2			2			3			3
GLA		1,956			1,956			—			—			8,300			8,300			10,256			10,256
New base rent	$	27.74		$	27.50		$	—		$	—		$	25.40		$	23.12		$	25.85		$	23.96
Previous base rent	$	20.26		$	20.26		$	—		$	—		$	20.34		$	21.24		$	20.32		$	21.05
Average cost per square foot	$	46.41		$	46.41		$	—		$	—		$	61.19		$	61.19		$	58.37		$	58.37
Weighted Average Lease Term (years)		10.0			10.0			0.0			0.0			10.0			10.0			10.0			10.0
Percentage growth in base rent		36.9	%		35.7	%		—			—			24.9	%		8.9	%		27.2	%		13.8	%

Renewal Leases
Number of renewal leases executed		5			5			10			10			9			9			24			24
GLA		29,657			29,657			189,020			189,020			111,956			111,956			330,633			330,633
New base rent	$	39.84		$	36.26		$	12.64		$	12.45		$	29.67		$	29.02		$	20.85		$	20.20
Expiring base rent	$	35.94		$	36.87		$	12.24		$	12.75		$	26.55		$	27.67		$	19.21		$	19.97
Average cost per square foot	$	5.02		$	5.02		$	—		$	—		$	—		$	—		$	0.45		$	0.45
Weighted Average Lease Term (years)		7.7			7.7			4.6			4.6			9.2			9.2			6.5			6.5
Percentage growth in base rent		10.9	%		(1.7	)%		3.3	%		(2.4	)%		11.8	%		4.9	%		8.5	%		1.2	%

Total New and Renewal Leases
Number of new and renewal leases executed		6			6			10			10			11			11			27			27
GLA commencing		31,613			31,613			189,020			189,020			120,256			120,256			340,889			340,889
New base rent	$	39.09		$	35.72		$	12.64		$	12.45		$	29.38		$	28.61		$	21.00		$	20.31
Expiring base rent	$	34.97		$	35.84		$	12.24		$	12.75		$	26.12		$	27.23		$	19.24		$	20.00
Average cost per square foot	$	7.58		$	7.58		$	—		$	—		$	4.22		$	4.22		$	2.19		$	2.19
Weighted Average Lease Term (years)		7.9			7.9			4.6			4.6			9.2			9.2			6.6			6.6
Percentage growth in base rent		11.8	%		(0.3	)%		3.3	%		(2.4	)%		12.5	%		5.1	%		9.1	%		1.5	%

__________

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.

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

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

Core Portfolio – Capital Expenditures

Supplemental Report – September 30, 2020


	Quarter Ended						Year to Date
	March 31, 2020		June 30, 2020		September 30, 2020		September 30, 2020		December 31, 2019
Leasing Commissions	$	380	$	118	$	37	$	535	$	1,654
Tenant Improvements		468		426		815		1,709		5,599
Maintenance Capital Expenditures		951		997		81		2,029		3,713
Total Capital Expenditures	$	1,799	$	1,541	$	933	$	4,273	$	10,966

Fund Overview

Supplemental Report – September 30, 2020

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	$		369.6	Million	$		440.3	Million	$		457.1	Million	$		217.1	Million	$		1,570.7	Million
Cumulative Net Distributions ³	$		195.4	Million	$		169.8	Million	$		568.8	Million	$		193.1	Million	$		20.9	Million	$		1,148.1	Million
Net Distributions/Contributions			225.6	%			45.9	%			129.2	%			42.2	%			9.6	%			73.1	%
Unfunded Commitment ⁴	$		0.0	Million	$		15.7	Million	$		9.7	Million	$		72.9	Million	$		302.9	Million	$		401.2	Million
Acquisition Dry Powder ⁵		N/A				N/A				N/A				N/A			$		208.0	Million	$		208.0	Million
Investment Period Closes		Closed				Closed				Closed				Closed				Aug-2021
Currently in a Promote Position? (Yes/No)		No				No				No				No				No

II. FEES & PRIORITY DISTRIBUTIONS EARNED BY ACADIA

Type:		Applicable to				Description
Asset Management ⁶		Fund I & II				1.5% of Implied Capital
Asset Management		Fund III				From mid-May 2020 to mid-May 2021; 0.75% of Implied Capital excluding the Unfunded Commitment; thereafter $0
Asset Management ⁶		Fund IV				1.5% of Implied Capital during the investment period; 1.25% of Implied Capital post-investment period
Asset Management ⁷		Fund V				1.5% of Implied Capital for Yr 1-4 of the investment period; 1.5% of Allocated Capital Commitments for Yr 5 of the investment period (August 2020-August 2021); 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

__________

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

With regard to Fund II, the additional contributions over original Fund Size reflects prior-period distributions that were re-contributed to the Fund during 2016 and 2020 to fund the on-going redevelopment of existing Fund II investments.

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

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

Unfunded Commitments available to deploy into new unidentified investments.

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

Implied Capital is Fund Size less capital attributed to sold investments or released. Allocated Capital Commitments are computed as the Fund Size less Acquisition Dry Powder and trued up on a quarterly basis with fees retroactive to August 2020.

Fund Portfolio Retail Properties – Detail ¹

Supplemental Report – September 30, 2020

		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	%		—		289,464		180,054		469,518		—	%		91.5	%		21.5	%		64.7	%		86.8	%	$	9,240,080	$	30.44

Total - Fund II							—		289,464		180,054		469,518		—	%		91.5	%		21.5	%		64.7	%		86.8	%	$	9,240,080	$	30.44

Fund III Portfolio Detail

NEW YORK
New York
654 Broadway	─	2011		100.0	%		2,896		—		—		2,896		100.0	%		—	%		—	%		100.0	%		100.0	%	$	455,000	$	157.11
640 Broadway	Swatch	2012		63.1	%		4,637		—		—		4,637		100.0	%		—	%		—	%		100.0	%		100.0	%		1,139,949		245.84
Cortlandt Crossing	ShopRite, HomeSense	2012		100.0	%		—		92,868		34,981		127,849		—	%		100.0	%		31.1	%		81.1	%		81.1	%		2,902,195		27.97

Total - Fund III							7,533		92,868		34,981		135,382		100.0	%		100.0	%		31.1	%		82.2	%		82.2	%	$	4,497,144	$	40.41

Fund IV Portfolio Detail

NEW YORK
New York
801 Madison Avenue	─	2015		100.0	%		2,522		—		—		2,522		—	%		—	%		—	%		—	%		—	%	$	—	$	—
210 Bowery	─	2012		100.0	%		2,538		—		—		2,538		—	%		—	%		—	%		—	%		—	%		—		—
27 East 61st Street	─	2014		100.0	%		4,177		—		—		4,177		—	%		—	%		—	%		—	%		—	%		—		—
17 East 71st Street	The Row	2014		100.0	%		8,432		—		—		8,432		100.0	%		—	%		—	%		100.0	%		100.0	%		2,026,754		240.36
1035 Third Avenue ²	─	2015		100.0	%		7,634		—		—		7,634		58.5	%		—	%		—	%		58.5	%		80.4	%		1,037,422		232.14

New Jersey
Paramus Plaza	Ashley Furniture, Marshalls	2013		50.0	%		—		87,539		65,955		153,494		—	%		28.6	%		100.0	%		59.3	%		100.0	%		2,104,536		23.13

BOSTON
Massachusetts
Restaurants at Fort Point	─	2016		100.0	%		15,711		—		—		15,711		100.0	%		—	%		—	%		100.0	%		100.0	%		1,009,945		64.28

NORTHEAST
Maine
Airport Mall	Hannaford, Marshalls	2016		100.0	%		—		131,042		91,058		222,100		—	%		100.0	%		67.4	%		86.6	%		86.6	%		1,280,285		6.65
Wells Plaza	Reny's, Dollar Tree	2016		100.0	%		—		62,471		27,963		90,434		—	%		100.0	%		94.7	%		98.3	%		98.3	%		742,942		8.35
Shaw's Plaza (Waterville)	Shaw's	2016		100.0	%		—		87,492		31,523		119,015		—	%		100.0	%		87.3	%		96.6	%		96.6	%		1,316,813		11.45
Shaw's Plaza (Windham)	Shaw's	2017		100.0	%		—		66,539		57,632		124,171		—	%		100.0	%		75.0	%		88.4	%		88.4	%		981,866		8.95

Pennsylvania
Dauphin Plaza	Price Rite, Ashley Furniture	2016		100.0	%		—		114,765		91,441		206,206		—	%		100.0	%		79.9	%		91.1	%		91.1	%		1,873,272		9.97
Mayfair Shopping Center	Planet Fitness, Dollar Tree	2016		100.0	%		—		34,806		80,605		115,411		—	%		100.0	%		94.7	%		96.3	%		96.3	%		1,908,927		17.17

Rhode Island
650 Bald Hill Road	Dick's Sporting Goods, Burlington Coat Factory	2015		90.0	%		—		55,000		105,448		160,448		—	%		100.0	%		77.7	%		85.4	%		85.4	%		1,978,902		14.45

Fund Portfolio Retail Properties – Detail ¹

Supplemental Report – September 30, 2020

		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
MID-ATLANTIC
Virginia
Promenade at Manassas	Home Depot	2013		98.6	%		—		209,356		71,404		280,760		—	%		100.0	%		94.7	%		98.6	%		98.6	%		3,623,858		13.08

Delaware
Eden Square	Giant Food, LA Fitness	2014		98.6	%		—		116,003		113,837		229,840		—	%		100.0	%		79.2	%		89.7	%		89.7	%		3,068,056		14.88

MIDWEST
Illinois
Lincoln Place	Kohl's, Marshall's, Ross	2017		100.0	%		—		144,302		127,758		272,060		—	%		100.0	%		90.5	%		95.6	%		95.6	%		3,053,530		11.75

SOUTHEAST
Georgia
Broughton Street Portfolio (13 properties)	H&M, Lululemon, Michael Kors, Starbucks	2014		100.0	%		96,341		—		—		96,341		81.7	%		—	%		—	%		81.7	%		81.7	%		2,940,428		37.38

North Carolina
Wake Forest Crossing	Lowe's, TJ Maxx	2016		100.0	%		—		113,353		89,527		202,880		—	%		100.0	%		91.1	%		96.1	%		98.0	%		2,944,560		15.11

WEST
California
Union and Fillmore Collection (3 properties)	Eileen Fisher, L'Occitane, Bonobos	2015		90.0	%		7,148		—		—		7,148		100.0	%		—	%		—	%		100.0	%		100.0	%		735,902		102.95

Total - Fund IV							144,503		1,222,668		954,151		2,321,322		79.2	%		94.9	%		85.0	%		89.8	%		92.8	%	$	32,627,998	$	15.65

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	%		92.2	%		97.5	%		97.5	%		3,883,365		17.76

MIDWEST
Michigan
New Towne Plaza	Kohl's, Jo-Ann's, DSW	2017		100.0	%		—		145,389		48,057		193,446		—	%		100.0	%		72.0	%		93.0	%		94.5	%		2,138,758		11.88
Fairlane Green	TJ Maxx, Michaels, Bed Bath & Beyond	2017		100.0	%		—		109,916		142,988		252,904		—	%		100.0	%		84.9	%		91.5	%		91.5	%		4,876,989		21.09

NORTHEAST
Maryland
Frederick County (2 properties)	Kohl's, Best Buy, Ross Dress for Less	2019		90.0	%		—		267,699		256,457		524,156		—	%		75.1	%		67.2	%		71.2	%		78.4	%		5,636,482		15.10

Connecticut
Tri-City Plaza	TJ Maxx, HomeGoods	2019		90.0	%		—		129,940		172,948		302,888		—	%		100.0	%		66.0	%		80.6	%		89.7	%		3,590,818		14.71

Rhode Island
Lincoln Commons	Stop and Shop, Marshalls, HomeGoods	2019		100.0	%		—		194,470		260,971		455,441		—	%		100.0	%		72.9	%		84.5	%		84.5	%		5,069,847		13.18

SOUTHEAST
Virginia
Landstown Commons	Best Buy, Bed Bath & Beyond, Ross Dress for Less	2019		100.0	%		—		87,883		316,925		404,808		—	%		100.0	%		87.5	%		90.2	%		90.2	%		7,599,369		20.82

Fund Portfolio Retail Properties – Detail ¹

Supplemental Report – September 30, 2020

		Year	Fund			Gross Leasable Area								In Place Occupancy												Leased			Annualized
Property	Key Tenants	Acquired	Ownership %			Street		Anchors		Shops		Total		Street			Anchors			Shops			Total			Occupancy			Base Rent (ABR)		ABR PSF
Florida
Palm Coast Landing	TJ Maxx, PetSmart, Ross Dress for Less	2019		100.0	%		—		73,241		98,083		171,324		—	%		100.0	%		89.5	%		94.0	%		96.9	%		3,244,073		20.15

North Carolina
Hickory Ridge	Kohl's, Best Buy, Dick's	2017		100.0	%		—		266,584		113,981		380,565		—	%		86.9	%		83.0	%		85.7	%		85.7	%		3,752,198		11.50


Alabama
Trussville Promenade	Wal-Mart, Regal Cinemas	2018		100.0	%		—		366,010		97,715		463,725		—	%		100.0	%		74.9	%		94.7	%		94.7	%		4,479,949		10.20

Georgia
Hiram Pavilion	Kohl's, HomeGoods	2018		100.0	%		—		209,423		153,252		362,675		—	%		100.0	%		93.4	%		97.2	%		97.8	%		4,186,499		11.87

WEST
California
Elk Grove Commons	Kohl's, HomeGoods	2018		100.0	%		—		132,315		88,411		220,726		—	%		86.2	%		79.8	%		83.6	%		83.6	%		4,235,460		22.95

Utah
Family Center at Riverdale	Target, Sportman's Warehouse	2019		89.4	%		—		256,352		171,476		427,828		—	%		80.6	%		86.6	%		83.0	%		83.0	%		3,656,156		10.29

Total - Fund V							—		2,393,205		1,991,504		4,384,709		—	%		92.9	%		80.0	%		87.0	%		88.7	%	$	56,349,963	$	14.77

TOTAL FUND PROPERTIES							152,036		3,998,205		3,160,690		7,310,931		80.2	%		93.6	%		77.6	%		86.4	%		89.8	%	$	102,715,185	$	16.26

Acadia Share of Total Fund Properties							34,644		837,866		654,591		1,527,101		79.9	%		94.6	%		76.6	%		86.5	%		89.8	%	$	21,743,853	$	16.45

__________

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.

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

Fund Lease Expirations

Supplemental Report – September 30, 2020

(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		—		—		—	%	$	—	$	—		—	%		—		—		—	%	$	—	$	—		—	%
2020 (Remainder)		—		—		—	%		—		—		—	%		—		—		—	%		—		—		—	%
2021		—		—		—	%		—		—		—	%		—		—		—	%		—		—		—	%
2022		—		—		—	%		—		—		—	%		—		—		—	%		—		—		—	%
2023		—		—		—	%		—		—		—	%		2		161		0.6	%		42,280		262.61		4.2	%
2024		—		—		—	%		—		—		—	%		—		—		—	%		—		—		—	%
2025		—		—		—	%		—		—		—	%		—		—		—	%		—		—		—	%
2026		1		655		0.8	%		67,187		102.58		2.7	%		1		110		0.4	%		35,924		326.58		3.6	%
2027		1		774		1.0	%		109,997		142.11		4.5	%		—		—		—	%		—		—		—	%
2028		2		5,951		7.3	%		389,962		65.53		15.8	%		2		6,318		23.5	%		184,275		29.17		18.4	%
2029		1		254		0.3	%		49,462		194.73		2.0	%		3		1,910		7.1	%		170,685		89.36		17.1	%
Thereafter		4		73,427		90.6	%		1,850,493		25.20		75.0	%		5		18,348		68.4	%		566,041		30.85		56.7	%
Total		9		81,061		100.0	%	$	2,467,101	$	30.44		100.0	%		13		26,847		100.0	%	$	999,205	$	37.22		100.0	%

				44,300	Total Vacant													5,904	Total Vacant
				125,361	Total Square Feet													32,751	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		11		5,387		1.2	%	$	107,486	$	19.95		1.5	%		12		7,076		0.9	%	$	146,745	$	20.74		1.3	%
2020 (Remainder)		3		898		0.2	%		29,473		32.82		0.4	%		7		2,878		0.4	%		67,181		23.34		0.6	%
2021		31		60,637		13.0	%		709,913		11.71		9.8	%		50		63,929		8.6	%		1,171,000		18.32		10.6	%
2022		21		34,459		7.4	%		510,756		14.82		7.1	%		60		98,182		13.1	%		1,613,395		16.43		14.6	%
2023		39		34,837		7.5	%		349,773		10.04		4.8	%		48		80,511		10.8	%		1,401,289		17.40		12.7	%
2024		19		29,403		6.3	%		381,610		12.98		5.3	%		50		111,529		14.9	%		1,658,873		14.87		15.0	%
2025		33		56,055		12.0	%		1,216,940		21.71		16.9	%		41		176,126		23.6	%		2,116,175		12.02		19.1	%
2026		21		31,148		6.7	%		671,117		21.55		9.3	%		23		28,443		3.8	%		561,253		19.73		5.1	%
2027		15		22,198		4.8	%		358,353		16.14		5.0	%		9		45,378		6.1	%		383,493		8.45		3.5	%
2028		10		19,381		4.2	%		269,497		13.91		3.7	%		16		25,706		3.4	%		464,760		18.08		4.2	%
2029		14		61,018		13.1	%		1,030,457		16.89		14.3	%		15		39,396		5.3	%		458,270		11.63		4.1	%
Thereafter		24		111,101		23.6	%		1,577,155		14.20		21.9	%		24		68,021		9.1	%		1,022,583		15.03		9.2	%
Total		241		466,522		100.0	%	$	7,212,530	$	15.46		100.0	%		355		747,175		100.0	%	$	11,065,017	$	14.81		100.0	%

				46,665	Total Vacant													108,626	Total Vacant
				513,187	Total Square Feet													855,801	Total Square Feet

__________

Leases currently under month to month or in process of renewal

Development and Redevelopment Activity

Supplemental Report – September 30, 2020

				Est. SQFT					Acquisition & Development Costs
Property	Ownership¹	Location	Estimated Stabilization	Upon Completion		Occupied/Leased Rate	Key Tenants	Description	Incurred ²		Estimated Future Range					Estimated Total Range
Development:
CORE
1238 Wisconsin	80.0%	Washington DC	2023		29,000	—	TBD	Redevelopment/addition to existing building with ground level retail, upper floor office and residential units upon completion. Discretionary spend upon securing tenant(s)	$	3.2		29.4	to		30.8	$	32.6	to	$	34.0

FUND II
City Point Phase III	94.2%	Brooklyn, NY	2021		72,000	0%/88%	BASIS Independent Schools	Discretionary spend upon securing tenant(s) for lease up		11.7		20.3	to		23.3		32.0	to		35.0

FUND III
Broad Hollow Commons	100.0%	Farmingdale, NY	TBD	TBD		—	TBD	Discretionary spend upon securing necessary approvals and tenant(s) for lease up		23.3		26.7	to		36.7		50.0	to		60.0

FUND IV
110 University Place	100.0%	New York, NY	2022		14,000	—	TBD	Discretionary spend upon securing tenant(s) for lease up. Excludes Parking Garage.		14.0		8.3	to		12.7		22.3	to		26.7
146 Geary	100.0%	San Francisco, CA	2022		13,000	—	TBD	Building out office space for floors 3 and 4. All other $'s are discretionary spend upon securing tenant(s) for lease up.		46.3		2.9	to		6.7		49.2	to		53.0
717 N. Michigan Avenue	100.0%	Chicago, IL	2023		62,000	30%/30%	Disney Store	Discretionary spend upon securing tenant(s) for lease up		116.3		18.0	to		25.5		134.3	to		141.8
									$	214.8	$	105.6		$	135.7	$	320.4		$	350.5
Major Redevelopment:

CORE
City Center	100.0%	San Francisco, CA	2021		241,000	65%/98%	Target, Whole Foods, PetSmart	Ground up development of pad sites and street level retail and re-tenanting/redevelopment for Whole Foods	$	196.2		8.4	to		12.4	$	204.6	to	$	208.6
Elmwood Park	100.0%	Elmwood Park, NJ	2021		144,000	51%/75%	Lidl	Re-tenanting and split of former 48,000 square foot Acme with 28,000 square foot Lidl and 20,000 square feet of remaining for discretionary spend; façade upgrade		1.0		4.0	to		4.5		5.0	to		5.5
Route 6 Mall	100.0%	Honesdale, PA	TBD	TBD		26%/26%	TBD	Discretionary spend for re-tenanting former 120,000 square foot Kmart anchor space once tenant(s) are secured		—		5.0	to		7.0		5.0	to		7.0
Mad River	100.0%	Dayton, OH	TBD	TBD		56%/56%	TBD	Discretionary spend for the re-tenanting former 33,000 square foot Babies R Us space once tenant(s) are secured		—		1.9	to		2.3		1.9	to		2.3
									$	197.2	$	19.3		$	26.2	$	216.5		$	223.4

_________

Development and Redevelopment Activity

Supplemental Report – September 30, 2020

__________

Ownership percentage represents the Core or Fund level ownership and not Acadia’s pro rata share.

Incurred amounts include costs associated with the initial carrying value. Refer to “ Net Asset Valuation Information ” for pro-rata costs incurred. Reconciles to Consolidated Balance Sheet at September 30, 2020 as follows:

Development costs above	$	214.8
Unconsolidated projects^(a)		(3.2	)
Projects in redevelopment or partial development^(b)		70.8
Deferred costs and other amounts		(7.4	)
Impairment charges taken		(6.7	)
Total per consolidated balance sheet	$	268.3

(a)

Relates to 1238 Wisconsin Avenue

(b)

Primarily relates to the portion of City Center that is still in Major Redevelopment. Total incurred amount of $196.2 reflects the historical carrying value of the entire property (including its initial acquisition cost).

Portfolio Composition ¹

Supplemental Report – September 30, 2020


Billed Percentage	Core			Core and Fund Pro-Rata			Core Street/Urban			Core Suburban

Essential
Grocer / Mass Merchandiser ²		14	%		14	%		12	%		16	%
Drug / Dollar Store		4	%		4	%		4	%		3	%
Banks		4	%		4	%		5	%		4	%
Home Improvement / Auto		3	%		4	%		—			9	%
Communications / Electronics		3	%		3	%		4	%		2	%
Other Essential		3	%		3	%		1	%		6	%
Pets		2	%		2	%		1	%		3	%
Total Essential		33	%		34	%		27	%		43	%

Non-Essential
Apparel		19	%		21	%		33	%		3	%
Discount / Fast Fashion		9	%		9	%		13	%		3	%
Restaurant / Food		9	%		8	%		7	%		9	%
Hard Goods		7	%		6	%		2	%		14	%
Personal / Professional Service		7	%		6	%		6	%		7	%
Home		8	%		8	%		7	%		10	%
Other		4	%		4	%		4	%		3	%
Gym / Fitness		3	%		3	%		1	%		6	%
Theater / Entertainment		1	%		1	%		—			2	%
Total Non-Essential		67	%		66	%		73	%		57	%

Total		100	%		100	%		100	%		100	%

__________

Data as of September 30, 2020. Percentages based on billed September rents and recoveries.

Includes Walmart, Target and K-Mart.

Important Notes

Supplemental Report – September 30, 2020

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

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

USE OF FUNDS FROM OPERATIONS AS NON-GAAP FINANCIAL MEASURE

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

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

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

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

USE OF NON-GAAP FINANCIAL MEASURES

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

Acadia Realty Trust (AKR) 8-KAcadia Realty Trust Reports Third Quarter 2020 Operating Results