Exhibit 99.2
EALTY TRUST—Q220SUPPLEMENTAL REPFORMATIO
Table of Contents |
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Supplemental Report – September 30, 2024 |
Section I – Third Quarter 2024 Earnings Press Release |
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Section II – Financial Information |
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3 |
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4 |
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Operating Statements |
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5 |
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7 |
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8 |
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9 |
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Funds from Operations (“FFO”), FFO Before Special Items, Adjusted Funds from Operations ("AFFO") |
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11 |
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12 |
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13 |
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14 |
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Other Information |
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15 |
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16 |
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17 |
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18 |
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Debt Analysis |
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20 |
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21 |
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23 |
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25 |
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Section III – Core Portfolio Information |
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26 |
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29 |
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30 |
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31 |
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32 |
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Section IV – Investment Management Information |
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33 |
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35 |
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39 |
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41 |
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Section V – Other Information |
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42 |
Visit www.acadiarealty.com for additional investor and portfolio information.
Supplemental Report – September 30, 2024 |
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Company Information |
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Acadia Realty Trust is an equity real estate investment trust that owns and operates a high-quality core real estate portfolio ("Core" or "Core Portfolio") of street and open-air retail properties in the nation's most dynamic retail corridors, along with an investment management platform that targets opportunistic and value-add investments through its institutional co-investment vehicles (“Investment Management”). For further information, please visit www.acadiarealty.com. |
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Contact Information |
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Corporate Headquarters |
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Investor Relations |
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New York Stock Exchange |
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411 Theodore Fremd Avenue |
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(914) 288-8100 |
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Symbol AKR |
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Suite 300 |
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investorrelations@acadiarealty.com |
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Rye, NY 10580 |
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Analyst Coverage |
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Bank of America / Merrill Lynch |
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Citigroup - Global Markets |
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KeyBanc Capital Markets, Inc. |
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Jeff Spector (646) 855-1363 |
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Craig Mailman (212) 816-4471 |
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Todd Thomas (917) 368-2286 |
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jeff.spector@bofa.com |
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craig.mailman@citi.com |
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tthomas@key.com |
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Green Street Advisors |
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Compass Point Research & Trading |
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J.P. Morgan Securities, Inc. |
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Paulina Rojas Schmidt (949) 640-8780 |
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Floris van Dijkum (646) 757-2621 |
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Michael W. Mueller, CFA (212) 622-6689 |
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projasschmidt@greenstreet.com |
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fvandijkum@compasspointllc.com |
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michael.w.mueller@jpmorgan.com |
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Jefferies |
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Truist |
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Linda Tsai (212) 778-8011 |
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Ki Bin Kim, CFA (212) 303-4124 |
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ltsai@jefferies.com |
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kibin.kim@truist.com |
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Market Capitalization |
Supplemental Report – September 30, 2024 |
(Including pro-rata share of Investment Management debt, in thousands, except per share amounts) |
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Changes in Total Outstanding Common |
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Weighted Average |
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Total Market |
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Capitalization |
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Shares and OP Units |
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Diluted EPS |
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Diluted FFO |
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Capitalization |
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% |
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Based on Net |
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Common |
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Common OP Units |
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Total |
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Quarter |
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YTD |
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Quarter |
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YTD |
Equity Capitalization |
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Common Shares |
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113,902 |
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Balance at 12/31/2023 |
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95,362 |
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5,345 |
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100,707 |
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Common Operating Partnership ("OP") Units |
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4,712 |
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Vesting RS and LTIPs |
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9 |
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417 |
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426 |
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Combined Common Shares and OP Units |
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118,614 |
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OP Conversions |
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795 |
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(795) |
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— |
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Issuance of Shares |
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6,987 |
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— |
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6,987 |
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Share Price at September 30, 2024 |
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$23.48 |
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Other |
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3 |
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— |
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3 |
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Balance at 3/31/2024 |
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103,156 |
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4,967 |
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108,123 |
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102,128 |
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102,128 |
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111,051 |
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111,051 |
Equity Capitalization - Common Shares and OP Units |
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$2,785,057 |
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Vesting RS and LTIPs |
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44 |
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32 |
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76 |
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Preferred OP Units 2 |
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6,012 |
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OP Conversions |
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400 |
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(255) |
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145 |
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Total Equity Capitalization |
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2,791,069 |
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70% |
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71% |
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Issuance of Shares |
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1,652 |
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— |
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1,652 |
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Other |
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15 |
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— |
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15 |
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Debt Capitalization |
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Balance at 6/30/2024 |
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105,267 |
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4,744 |
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110,011 |
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103,592 |
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102,860 |
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111,837 |
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111,096 |
Consolidated debt 3 |
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1,590,413 |
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Adjustment to reflect pro-rata share of debt |
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(406,007) |
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OP Conversions 4 |
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96 |
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(32) |
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64 |
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Total Debt Capitalization |
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1,184,406 |
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30% |
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29% |
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Issuance of Shares |
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8,533 |
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— |
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8,533 |
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Other |
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6 |
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— |
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6 |
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Total Market Capitalization |
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$3,975,475 |
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100% |
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100% |
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Balance at 9/30/2024 |
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113,902 |
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4,712 |
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118,614 |
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108,351 |
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104,704 |
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117,004 |
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113,264 |
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Consolidated Statements of Operations |
Supplemental Report – September 30, 2024 |
(in thousands) |
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September 30, 2024 1 |
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Quarter |
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Year to Date |
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Revenues |
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Rental income |
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$ |
86,288 |
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$ |
257,951 |
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Other |
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1,457 |
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8,404 |
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Total revenues |
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87,745 |
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266,355 |
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Expenses |
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Depreciation and amortization |
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34,500 |
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103,721 |
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General and administrative |
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10,215 |
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30,162 |
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Real estate taxes |
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11,187 |
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33,514 |
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Property operating |
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14,351 |
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49,228 |
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Impairment charges |
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— |
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— |
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Total expenses |
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70,253 |
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216,625 |
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Loss on disposition of properties |
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— |
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(441 |
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Operating income |
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17,492 |
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49,289 |
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Equity in earnings of unconsolidated affiliates |
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11,784 |
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15,952 |
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Interest income |
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7,859 |
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18,510 |
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Realized and unrealized holding (losses) gains on investments and other |
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(1,503 |
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(5,918 |
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Interest expense |
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(23,363 |
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(70,653 |
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Income from continuing operations before income taxes |
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12,269 |
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7,180 |
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Income tax provision |
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(15 |
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(201 |
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Net income |
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12,254 |
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6,979 |
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Net loss attributable to redeemable noncontrolling interests |
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1,672 |
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6,518 |
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Net income attributable to noncontrolling interests |
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(5,512 |
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(371 |
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Net income attributable to Acadia Shareholders |
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$ |
8,414 |
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$ |
13,126 |
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September 30, 2024 1 |
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Quarter |
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Year to Date |
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Reconciliation of Revenues to Consolidated GAAP Revenues |
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Total Revenues |
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$ |
83,068 |
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$ |
253,250 |
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Straight-line rent income |
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2,523 |
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3,409 |
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Above/below-market rent income |
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1,359 |
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4,151 |
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Asset and property management fees |
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205 |
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591 |
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Development, construction, leasing and legal fees |
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91 |
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354 |
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Other income |
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499 |
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4,600 |
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Consolidated Total Revenues |
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$ |
87,745 |
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$ |
266,355 |
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Reconciliation of Operating Expenses to Consolidated GAAP Expenses |
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Property operating - CAM and Other |
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$ |
11,403 |
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$ |
39,425 |
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Other property operating (Non-CAM) |
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2,803 |
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9,356 |
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Asset and property management expense |
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145 |
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447 |
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Consolidated Total Operating Expenses |
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$ |
14,351 |
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$ |
49,228 |
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Consolidated Statements of Operations - Detail |
Supplemental Report – September 30, 2024 |
(in thousands) |
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September 30, 2024 1 |
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CORE PORTFOLIO AND INVESTMENT MANAGEMENT INCOME |
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Quarter |
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Year to Date |
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REVENUES |
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Minimum rents |
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$ |
65,944 |
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$ |
199,068 |
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Percentage rents |
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263 |
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1,513 |
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Expense reimbursements - CAM |
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8,799 |
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25,784 |
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Expense reimbursements - Taxes |
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7,417 |
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24,072 |
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Other property income |
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645 |
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2,813 |
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Total Revenues |
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83,068 |
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253,250 |
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EXPENSES |
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Property operating - CAM |
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12,224 |
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39,295 |
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Other property operating (Non-CAM) |
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2,803 |
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9,356 |
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Real estate taxes |
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11,187 |
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33,514 |
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Asset and property management expense |
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145 |
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447 |
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Total Expenses |
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26,359 |
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82,612 |
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NET OPERATING INCOME - PROPERTIES |
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56,709 |
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170,638 |
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OTHER INCOME (EXPENSE) |
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Interest income |
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7,859 |
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18,510 |
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Straight-line rent income |
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2,523 |
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3,409 |
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Above/below-market rent income |
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1,359 |
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4,151 |
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Interest expense 2 |
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(20,883 |
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(63,241 |
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Amortization of finance costs |
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(1,981 |
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(5,896 |
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Above/below-market interest expense |
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5 |
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22 |
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Finance lease interest expense |
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(504 |
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(1,538 |
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Other income |
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1,059 |
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4,084 |
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CORE PORTFOLIO AND INVESTMENT MANAGEMENT INCOME |
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46,146 |
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130,139 |
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FEE AND OTHER INCOME 3 |
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Asset and property management fees |
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205 |
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624 |
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Development, construction, leasing and legal fees |
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91 |
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354 |
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Total Investment Management Fee Income |
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296 |
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978 |
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Net promote and other transactional income |
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— |
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— |
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Total Investment Management Fee Income, Net Promote and Other Transactional Income |
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296 |
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978 |
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Realized gains on marketable securities, net |
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2,923 |
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10,503 |
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Less: previously recognized unrealized gains on marketable securities sold |
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(2,923 |
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(10,503 |
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Unrealized losses on marketable securities |
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(1,242 |
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(5,565 |
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Income tax provision |
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(15 |
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(201 |
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Total Fee and Other Loss |
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(961 |
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(4,788 |
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General and Administrative |
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(10,215 |
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(30,162 |
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Depreciation and amortization |
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(34,411 |
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(103,450 |
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Non-real estate depreciation and amortization |
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(89 |
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(271 |
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Loss on disposition of properties |
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— |
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(441 |
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Gain (loss) before equity in earnings and noncontrolling interests |
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470 |
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(8,973 |
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Equity in earnings of unconsolidated affiliates |
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11,784 |
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15,952 |
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Noncontrolling interests (including redeemable noncontrolling interests) |
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(3,840 |
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6,147 |
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NET INCOME ATTRIBUTABLE TO ACADIA SHAREHOLDERS |
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$ |
8,414 |
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$ |
13,126 |
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Statements of Operations – Pro-Rata Adjustments7 |
Supplemental Report – September 30, 2024 |
(in thousands) |
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Quarter Ended September 30, 2024 |
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Year to Date September 30, 2024 |
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CORE PORTFOLIO AND INVESTMENT MANAGEMENT INCOME |
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Noncontrolling |
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Company’s |
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Noncontrolling |
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Company’s |
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REVENUES |
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Minimum rents |
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$ |
(29,520 |
) |
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$ |
13,410 |
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$ |
(87,448 |
) |
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$ |
41,211 |
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Percentage rents |
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(126 |
) |
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|
113 |
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(441 |
) |
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|
278 |
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Expense reimbursements - CAM |
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(4,607 |
) |
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|
1,900 |
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(13,321 |
) |
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5,683 |
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Expense reimbursements - Taxes |
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(3,455 |
) |
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|
1,877 |
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(10,384 |
) |
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|
5,970 |
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Other property income |
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(286 |
) |
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|
107 |
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|
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(1,078 |
) |
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|
448 |
|
Total Revenues |
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(37,994 |
) |
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|
17,407 |
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|
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(112,672 |
) |
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|
53,590 |
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EXPENSES |
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Property operating - CAM |
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(5,999 |
) |
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|
1,786 |
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(18,717 |
) |
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|
6,346 |
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Other property operating (Non-CAM) |
|
|
(808 |
) |
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|
223 |
|
|
|
(2,514 |
) |
|
|
760 |
|
Real estate taxes |
|
|
(4,763 |
) |
|
|
2,971 |
|
|
|
(13,435 |
) |
|
|
9,212 |
|
Asset and property management expense |
|
|
(459 |
) |
|
|
587 |
|
|
|
(1,389 |
) |
|
|
1,811 |
|
Total Expenses |
|
|
(12,029 |
) |
|
|
5,567 |
|
|
|
(36,055 |
) |
|
|
18,129 |
|
NET OPERATING INCOME - PROPERTIES |
|
|
(25,965 |
) |
|
|
11,840 |
|
|
|
(76,617 |
) |
|
|
35,461 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
OTHER INCOME (EXPENSE) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest income |
|
|
(183 |
) |
|
|
42 |
|
|
|
(329 |
) |
|
|
56 |
|
Straight-line rent income |
|
|
(1,745 |
) |
|
|
658 |
|
|
|
(3,308 |
) |
|
|
2,508 |
|
Above/below-market rent income (expense) |
|
|
(817 |
) |
|
|
554 |
|
|
|
(2,145 |
) |
|
|
1,581 |
|
Interest expense |
|
|
12,280 |
|
|
|
(4,601 |
) |
|
|
36,881 |
|
|
|
(14,183 |
) |
Amortization of finance costs |
|
|
969 |
|
|
|
(333 |
) |
|
|
2,929 |
|
|
|
(1,014 |
) |
Above/below-market interest expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
135 |
|
Finance lease interest expense |
|
|
342 |
|
|
|
(101 |
) |
|
|
1,024 |
|
|
|
(301 |
) |
Other (expense) income |
|
|
(547 |
) |
|
|
(2 |
) |
|
|
(970 |
) |
|
|
29 |
|
CORE PORTFOLIO AND INVESTMENT MANAGEMENT INCOME |
|
|
(15,666 |
) |
|
|
8,057 |
|
|
|
(42,535 |
) |
|
|
24,272 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
FEE AND OTHER INCOME 3 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Asset and property management fees |
|
|
3,571 |
|
|
|
131 |
|
|
|
8,872 |
|
|
|
446 |
|
Development, construction, leasing and legal fees |
|
|
1,413 |
|
|
|
123 |
|
|
|
4,710 |
|
|
|
290 |
|
Total Investment Management Fee Income |
|
|
4,984 |
|
|
|
254 |
|
|
|
13,582 |
|
|
|
736 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net promote and other transactional income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total Investment Management Fee Income, Net Promote and Other Transactional Income |
|
|
4,984 |
|
|
|
254 |
|
|
|
13,582 |
|
|
|
736 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income tax provision |
|
|
— |
|
|
|
(1 |
) |
|
|
56 |
|
|
|
(12 |
) |
Total Fee and Other Loss |
|
|
4,984 |
|
|
|
253 |
|
|
|
13,638 |
|
|
|
724 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
General and Administrative |
|
|
612 |
|
|
|
(226 |
) |
|
|
2,005 |
|
|
|
(888 |
) |
Depreciation and amortization |
|
|
15,867 |
|
|
|
(7,863 |
) |
|
|
47,493 |
|
|
|
(23,828 |
) |
Loss (gain) on disposition of properties |
|
|
(9,239 |
) |
|
|
11,563 |
|
|
|
(13,750 |
) |
|
|
15,672 |
|
(Loss) gain before equity in earnings and noncontrolling interests |
|
|
(3,442 |
) |
|
|
11,784 |
|
|
|
6,851 |
|
|
|
15,952 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Equity in earnings of unconsolidated affiliates |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Noncontrolling interests 6 |
|
|
(398 |
) |
|
|
— |
|
|
|
(704 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
NET (LOSS) INCOME ATTRIBUTABLE TO ACADIA SHAREHOLDERS |
|
$ |
(3,840 |
) |
|
$ |
11,784 |
|
|
$ |
6,147 |
|
|
$ |
15,952 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet |
Supplemental Report – September 30, 2024 |
(in thousands) |
ASSETS |
|
Consolidated |
|
|
Line Item Details: |
|
||||
Real estate |
|
|
|
|
|
|
|
|
||
Buildings and improvements |
|
$ |
3,121,177 |
|
|
Components of Real estate under development: |
|
|||
Tenant improvements |
|
|
291,401 |
|
|
Core |
|
$ |
79,213 |
|
Land |
|
|
854,487 |
|
|
Fund III |
|
|
30,565 |
|
Construction in progress |
|
|
21,212 |
|
|
Total |
|
$ |
109,778 |
|
Right-of-use assets - finance leases |
|
|
61,366 |
|
|
|
|
|
|
|
|
|
|
4,349,643 |
|
|
|
|
|
|
|
Less: Accumulated depreciation and amortization |
|
|
(899,068 |
) |
|
|
|
|
|
|
Operating real estate, net |
|
|
3,450,575 |
|
|
|
|
|
|
|
Real estate under development |
|
|
109,778 |
|
|
Summary of other assets, net: |
|
|||
Net investments in real estate |
|
|
3,560,353 |
|
|
Deferred charges, net |
|
$ |
37,668 |
|
Notes receivable, net ($1,835 of allowance for credit losses) |
|
|
126,576 |
|
|
Accrued interest receivable |
|
|
30,542 |
|
Investments in and advances to unconsolidated affiliates |
|
|
187,363 |
|
|
Due from seller |
|
|
2,343 |
|
Lease intangibles, net |
|
|
83,801 |
|
|
Prepaid expenses |
|
|
18,031 |
|
Other assets, net |
|
|
113,119 |
|
|
Other receivables |
|
|
2,748 |
|
Right-of-use assets - operating leases, net |
|
|
26,820 |
|
|
Income taxes receivable |
|
|
1,557 |
|
Cash and cash equivalents |
|
|
46,207 |
|
|
Corporate assets, net |
|
|
654 |
|
Restricted cash |
|
|
23,088 |
|
|
Deposits |
|
|
5,912 |
|
Marketable securities |
|
|
17,503 |
|
|
Derivative financial instruments |
|
|
13,664 |
|
Straight-line rents receivable, net |
|
|
39,368 |
|
|
Total |
|
$ |
113,119 |
|
Rents receivable, net |
|
|
16,247 |
|
|
|
|
|
|
|
Assets of properties held for sale |
|
|
35,878 |
|
|
|
|
|
|
|
Total assets |
|
$ |
4,276,323 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY |
|
|
|
|
|
|
|
|
||
Liabilities: |
|
|
|
|
|
|
|
|
||
Mortgage and other notes payable, net |
|
|
954,371 |
|
|
|
|
|
|
|
Unsecured notes payable, net |
|
|
569,242 |
|
|
Summary of accounts payable and other liabilities: |
|
|||
Unsecured line of credit |
|
|
56,000 |
|
|
Lease liability - finance leases, net |
|
$ |
31,738 |
|
Accounts payable and other liabilities |
|
|
153,495 |
|
|
Accounts payable and accrued expenses |
|
|
59,397 |
|
Lease liability - operating leases |
|
|
29,013 |
|
|
Deferred income |
|
|
37,329 |
|
Dividends and distributions payable |
|
|
22,995 |
|
|
Tenant security deposits, escrow and other |
|
|
14,185 |
|
Lease intangibles, net |
|
|
68,011 |
|
|
Derivative financial instruments |
|
|
10,846 |
|
Distributions in excess of income from, and investments in, unconsolidated affiliates |
|
|
7,797 |
|
|
Total |
|
$ |
153,495 |
|
Liabilities of properties held for sale |
|
|
5,435 |
|
|
|
|
|
|
|
Total liabilities |
|
|
1,866,359 |
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
||
Redeemable noncontrolling interests |
|
|
35,037 |
|
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
||
Common shares |
|
|
114 |
|
|
|
|
|
|
|
Additional paid-in capital |
|
|
2,304,534 |
|
|
|
|
|
|
|
Accumulated other comprehensive income |
|
|
17,251 |
|
|
|
|
|
|
|
Distributions in excess of accumulated earnings |
|
|
(395,172 |
) |
|
|
|
|
|
|
Total Acadia shareholders’ equity |
|
|
1,926,727 |
|
|
|
|
|
|
|
Noncontrolling interests |
|
|
448,200 |
|
|
|
|
|
|
|
Total equity |
|
|
2,374,927 |
|
|
|
|
|
|
|
Total liabilities, redeemable noncontrolling interests, and equity |
|
$ |
4,276,323 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet – Pro-rata Adjustments7 |
Supplemental Report – September 30, 2024 |
(in thousands) |
ASSETS |
|
Noncontrolling |
|
|
Company’s |
|
||
Real estate |
|
|
|
|
|
|
||
Buildings and improvements |
|
$ |
(202,828 |
) |
|
$ |
67,080 |
|
Tenant improvements |
|
|
(812,544 |
) |
|
|
262,775 |
|
Land |
|
|
(60,773 |
) |
|
|
19,318 |
|
Construction in progress |
|
|
(5,673 |
) |
|
|
2,017 |
|
Right-of-use assets - finance leases |
|
|
(22,571 |
) |
|
|
22,104 |
|
|
|
|
(1,104,389 |
) |
|
|
373,294 |
|
Less: Accumulated depreciation and amortization |
|
|
161,116 |
|
|
|
(79,714 |
) |
Operating real estate, net |
|
|
(943,273 |
) |
|
|
293,580 |
|
Real estate under development |
|
|
(23,065 |
) |
|
|
2,217 |
|
Net investments in real estate |
|
|
(966,338 |
) |
|
|
295,797 |
|
Notes receivable, net ($1,835 of allowance for credit losses) |
|
|
65,968 |
|
|
|
— |
|
Investments in and advances to unconsolidated affiliates |
|
|
(58,217 |
) |
|
|
(124,942 |
) |
Lease intangibles, net |
|
|
(35,098 |
) |
|
|
5,997 |
|
Other assets, net |
|
|
32,732 |
|
|
|
5,283 |
|
Right-of-use assets - operating leases, net |
|
|
(1,673 |
) |
|
|
— |
|
Cash and cash equivalents |
|
|
(28,712 |
) |
|
|
13,971 |
|
Restricted cash |
|
|
(4,384 |
) |
|
|
375 |
|
Marketable securities |
|
|
— |
|
|
|
— |
|
Straight-line rents receivable, net |
|
|
(10,868 |
) |
|
|
6,231 |
|
Rents receivable, net |
|
|
(5,653 |
) |
|
|
1,811 |
|
Total assets |
|
$ |
(1,012,243 |
) |
|
$ |
204,523 |
|
|
|
|
|
|
|
|
||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY |
|
|
|
|
|
|
||
Mortgage and other notes payable, net |
|
$ |
(568,429 |
) |
|
$ |
176,764 |
|
Unsecured notes payable, net |
|
|
— |
|
|
|
— |
|
Unsecured line of credit |
|
|
— |
|
|
|
— |
|
Accounts payable and other liabilities |
|
|
(29,567 |
) |
|
|
22,275 |
|
Lease intangibles, net |
|
|
(29,932 |
) |
|
|
5,152 |
|
Lease liability - operating leases |
|
|
(1,741 |
) |
|
|
4 |
|
Dividends and distributions payable |
|
|
— |
|
|
|
— |
|
Lease liability - finance leases |
|
|
(21,093 |
) |
|
|
8,127 |
|
Distributions in excess of income from, and investments in, unconsolidated affiliates |
|
|
— |
|
|
|
(7,799 |
) |
Total liabilities |
|
|
(650,762 |
) |
|
|
204,523 |
|
Shareholders' Equity |
|
|
|
|
|
|
||
Common shares |
|
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
|
— |
|
|
|
— |
|
Accumulated other comprehensive income |
|
|
— |
|
|
|
— |
|
Distributions in excess of accumulated earnings |
|
|
— |
|
|
|
— |
|
Total Acadia shareholders’ equity |
|
|
— |
|
|
|
— |
|
Noncontrolling interests (including redeemable noncontrolling interests) |
|
|
(361,481 |
) |
|
|
— |
|
Total equity |
|
|
(361,481 |
) |
|
|
— |
|
Total liabilities, redeemable noncontrolling interests, and equity |
|
$ |
(1,012,243 |
) |
|
$ |
204,523 |
|
|
|
|
|
|
|
|
|
Funds from Operations (“FFO”), FFO Before Special Items, Adjusted Funds from Operations (“AFFO”) |
Supplemental Report – September 30, 2024 |
(in thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Quarter Ended |
|
|
Year to Date |
|
|
Quarter Ended |
|
|
Year to Date |
|
||||||||||||
|
|
March 31, |
|
|
June 30, |
|
|
September 30, |
|
|
September 30, |
|
|
September 30, |
|
|
September 30, |
|
||||||
Funds from operations ("FFO"): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net Income (Loss) attributable to Acadia |
|
$ |
3,269 |
|
|
$ |
1,443 |
|
|
$ |
8,414 |
|
|
$ |
13,126 |
|
|
$ |
(1,426 |
) |
|
$ |
21,210 |
|
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share) |
|
|
27,087 |
|
|
|
26,291 |
|
|
|
26,407 |
|
|
|
79,785 |
|
|
|
27,351 |
|
|
|
82,043 |
|
Loss (gain) on disposition on real estate properties (net of noncontrolling interest share) |
|
|
275 |
|
|
|
568 |
|
|
|
(2,324 |
) |
|
|
(1,481 |
) |
|
|
— |
|
|
|
— |
|
Impairment charges (net of noncontrolling interest share) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
852 |
|
|
|
852 |
|
Income attributable to noncontrolling interests' share in Operating Partnership |
|
|
326 |
|
|
|
187 |
|
|
|
465 |
|
|
|
978 |
|
|
|
68 |
|
|
|
1,682 |
|
FFO to Common Shareholders and Common OP Unit holders - Diluted |
|
$ |
30,957 |
|
|
$ |
28,489 |
|
|
$ |
32,962 |
|
|
$ |
92,408 |
|
|
$ |
26,845 |
|
|
$ |
105,787 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Unrealized holding loss (gain) (net of noncontrolling interest share) |
|
|
2,015 |
|
|
|
2,308 |
|
|
|
1,242 |
|
|
|
5,565 |
|
|
|
(1,631 |
) |
|
|
(3,410 |
) |
Realized gain |
|
|
3,994 |
|
|
|
3,586 |
|
|
|
2,923 |
|
|
|
10,503 |
|
|
|
2,371 |
|
|
|
2,371 |
|
FFO before Special Items attributable to Common Shareholder and Common OP Unit holders 1 |
|
$ |
36,966 |
|
|
$ |
34,383 |
|
|
$ |
37,127 |
|
|
$ |
108,476 |
|
|
$ |
27,585 |
|
|
$ |
104,748 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Adjusted Funds from operations ("AFFO"): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
FFO |
|
$ |
30,957 |
|
|
$ |
28,489 |
|
|
$ |
32,962 |
|
|
$ |
92,408 |
|
|
$ |
26,845 |
|
|
$ |
105,787 |
|
Unrealized holding loss (gain) (net of noncontrolling interest share) |
|
|
2,015 |
|
|
|
2,308 |
|
|
|
1,242 |
|
|
|
5,565 |
|
|
|
(1,631 |
) |
|
|
(3,410 |
) |
Realized gain |
|
|
3,994 |
|
|
|
3,586 |
|
|
|
2,923 |
|
|
|
10,503 |
|
|
|
2,371 |
|
|
|
2,371 |
|
Straight-line rent, net |
|
|
(196 |
) |
|
|
(977 |
) |
|
|
(1,436 |
) |
|
|
(2,609 |
) |
|
|
(18 |
) |
|
|
(1,079 |
) |
Above/below-market rent |
|
|
(1,175 |
) |
|
|
(1,316 |
) |
|
|
(1,096 |
) |
|
|
(3,587 |
) |
|
|
(1,603 |
) |
|
|
(13,321 |
) |
Amortization of finance costs |
|
|
1,096 |
|
|
|
1,540 |
|
|
|
1,345 |
|
|
|
3,981 |
|
|
|
1,103 |
|
|
|
3,251 |
|
Above/below-market interest |
|
|
(43 |
) |
|
|
(109 |
) |
|
|
(5 |
) |
|
|
(157 |
) |
|
|
(56 |
) |
|
|
(153 |
) |
Non-real estate depreciation |
|
|
91 |
|
|
|
91 |
|
|
|
89 |
|
|
|
271 |
|
|
|
92 |
|
|
|
272 |
|
Stock-based compensation |
|
|
3,938 |
|
|
|
2,406 |
|
|
|
2,388 |
|
|
|
8,732 |
|
|
|
2,265 |
|
|
|
8,320 |
|
Leasing commissions |
|
|
(560 |
) |
|
|
(1,362 |
) |
|
|
(544 |
) |
|
|
(2,466 |
) |
|
|
(1,191 |
) |
|
|
(3,733 |
) |
Tenant improvements |
|
|
(1,212 |
) |
|
|
(907 |
) |
|
|
(2,701 |
) |
|
|
(4,820 |
) |
|
|
(3,028 |
) |
|
|
(8,886 |
) |
Maintenance capital expenditures |
|
|
(1,640 |
) |
|
|
(2,143 |
) |
|
|
(2,037 |
) |
|
|
(5,820 |
) |
|
|
(4,517 |
) |
|
|
(7,184 |
) |
AFFO to Common Shareholders and Common OP Unit holders |
|
$ |
37,265 |
|
|
$ |
31,606 |
|
|
$ |
33,130 |
|
|
$ |
102,001 |
|
|
$ |
20,632 |
|
|
$ |
82,235 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total weighted-average diluted shares and OP Units |
|
|
111,051 |
|
|
|
111,837 |
|
|
|
117,004 |
|
|
|
113,264 |
|
|
|
102,746 |
|
|
|
102,701 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Diluted FFO per Common share and OP Unit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
FFO |
|
$ |
0.28 |
|
|
$ |
0.25 |
|
|
$ |
0.28 |
|
|
$ |
0.82 |
|
|
$ |
0.26 |
|
|
$ |
1.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
FFO before Special Items |
|
$ |
0.33 |
|
|
$ |
0.31 |
|
|
$ |
0.32 |
|
|
$ |
0.96 |
|
|
$ |
0.27 |
|
|
$ |
1.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
Supplemental Report – September 30, 2024 |
(in thousands) |
|
|
Quarter Ended |
|
|
Year to Date |
|
|
||||||||||
|
|
September 30, |
|
|
September 30, |
|
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
||||
EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net Income (Loss) Attributable to Acadia |
|
$ |
8,414 |
|
|
$ |
(1,426 |
) |
|
$ |
13,126 |
|
|
$ |
21,210 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Depreciation and amortization |
|
|
26,496 |
|
|
|
27,443 |
|
|
|
80,056 |
|
|
|
82,315 |
|
|
Interest expense |
|
|
13,204 |
|
|
|
17,098 |
|
|
|
40,543 |
|
|
|
48,071 |
|
|
Amortization of finance costs |
|
|
1,345 |
|
|
|
1,103 |
|
|
|
3,981 |
|
|
|
3,251 |
|
|
Above/below-market interest |
|
|
(5 |
) |
|
|
(56 |
) |
|
|
(157 |
) |
|
|
(153 |
) |
|
(Gain) loss on disposition of properties |
|
|
(2,324 |
) |
|
|
— |
|
|
|
(1,481 |
) |
|
|
— |
|
|
Unrealized holding loss (gain) on investment in Albertsons and other |
|
|
1,242 |
|
|
|
(1,631 |
) |
|
|
5,565 |
|
|
|
(3,410 |
) |
|
Realized gain |
|
|
2,923 |
|
|
|
2,371 |
|
|
|
10,503 |
|
|
|
2,371 |
|
|
Provision for income taxes |
|
|
16 |
|
|
|
11 |
|
|
|
157 |
|
|
|
162 |
|
|
Impairment charges |
|
|
— |
|
|
|
852 |
|
|
|
— |
|
|
|
852 |
|
|
Noncontrolling interest - OP |
|
|
398 |
|
|
|
(55 |
) |
|
|
704 |
|
|
|
1,313 |
|
|
EBITDA |
|
$ |
51,709 |
|
|
$ |
45,710 |
|
|
$ |
152,997 |
|
|
$ |
155,982 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Less: Realized gain |
|
|
(2,923 |
) |
|
|
(2,371 |
) |
|
|
(10,503 |
) |
|
|
(2,371 |
) |
|
Core EBITDA excluding realized gains |
|
$ |
48,786 |
|
|
$ |
43,339 |
|
|
$ |
142,494 |
|
|
$ |
153,611 |
|
|
|
Core Portfolio – Same Property Performance 1 |
Supplemental Report – September 30, 2024 |
(in thousands) |
|
|
Quarter Ended September 30, |
|
|
Change |
|
|
Year to Date September 30, |
|
|
Change |
|
||||||||||||
|
|
2024 |
|
|
2023 |
|
|
Favorable/ |
|
|
2024 |
|
|
2023 |
|
|
Favorable/ |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Summary |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Minimum rents |
|
$ |
35,669 |
|
|
$ |
34,450 |
|
|
|
3.5 |
% |
|
$ |
107,552 |
|
|
$ |
102,494 |
|
|
|
4.9 |
% |
Expense reimbursements |
|
|
8,947 |
|
|
|
8,223 |
|
|
|
8.8 |
% |
|
|
26,887 |
|
|
|
25,341 |
|
|
|
6.1 |
% |
Other property income |
|
|
485 |
|
|
|
555 |
|
|
|
(12.6 |
)% |
|
|
2,452 |
|
|
|
2,451 |
|
|
|
0.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total Revenue |
|
|
45,101 |
|
|
|
43,228 |
|
|
|
4.3 |
% |
|
|
136,891 |
|
|
|
130,286 |
|
|
|
5.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Property operating - CAM & Real estate taxes |
|
|
11,683 |
|
|
|
11,553 |
|
|
|
(1.1 |
)% |
|
|
36,102 |
|
|
|
34,527 |
|
|
|
(4.6 |
)% |
Other property operating (Non-CAM) |
|
|
1,645 |
|
|
|
1,660 |
|
|
|
0.9 |
% |
|
|
4,847 |
|
|
|
5,030 |
|
|
|
3.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total Expenses |
|
|
13,328 |
|
|
|
13,213 |
|
|
|
(0.9 |
)% |
|
|
40,949 |
|
|
|
39,557 |
|
|
|
(3.5 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Same Property NOI - Core properties |
|
$ |
31,773 |
|
|
$ |
30,015 |
|
|
|
5.9 |
% |
|
$ |
95,942 |
|
|
$ |
90,729 |
|
|
|
5.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Reconciliation of Same Property NOI to Core NOI |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
NOI of Properties excluded from Same Property NOI |
|
|
1,516 |
|
|
|
3,780 |
|
|
|
|
|
|
8,340 |
|
|
|
15,014 |
|
|
|
|
||
Core NOI |
|
$ |
33,289 |
|
|
$ |
33,795 |
|
|
|
|
|
$ |
104,282 |
|
|
$ |
105,743 |
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Other same property information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Physical Occupancy at the end of the period |
|
|
91.7 |
% |
|
|
92.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Leased Occupancy at the end of the period |
|
|
94.6 |
% |
|
|
95.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Fee Income Detail 1 |
Supplemental Report – September 30, 2024 |
(in thousands) |
|
|
Fund II |
|
|
Fund III |
|
|
Fund IV |
|
|
Fund V |
|
|
Other 2 |
|
|
Total |
|
||||||
Year to Date September 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Asset and property management fees |
|
$ |
245 |
|
|
$ |
69 |
|
|
$ |
2,190 |
|
|
$ |
6,895 |
|
|
$ |
543 |
|
|
$ |
9,942 |
|
Transactional fees |
|
|
407 |
|
|
|
244 |
|
|
|
853 |
|
|
|
3,600 |
|
|
|
250 |
|
|
|
5,354 |
|
Total fees |
|
$ |
652 |
|
|
$ |
313 |
|
|
$ |
3,043 |
|
|
$ |
10,495 |
|
|
$ |
793 |
|
|
$ |
15,296 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Quarter Ended September 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Asset and property management fees |
|
$ |
90 |
|
|
$ |
22 |
|
|
$ |
616 |
|
|
$ |
2,991 |
|
|
$ |
188 |
|
|
$ |
3,907 |
|
Transactional fees |
|
|
203 |
|
|
|
195 |
|
|
|
280 |
|
|
|
902 |
|
|
|
47 |
|
|
|
1,627 |
|
Total fees |
|
$ |
293 |
|
|
$ |
217 |
|
|
$ |
896 |
|
|
$ |
3,893 |
|
|
$ |
235 |
|
|
$ |
5,534 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Quarter Ended June 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Asset and property management fees |
|
$ |
80 |
|
|
$ |
26 |
|
|
$ |
709 |
|
|
$ |
2,000 |
|
|
$ |
199 |
|
|
$ |
3,014 |
|
Transactional fees |
|
|
85 |
|
|
|
34 |
|
|
|
290 |
|
|
|
1,251 |
|
|
|
150 |
|
|
|
1,810 |
|
Total fees |
|
$ |
165 |
|
|
$ |
60 |
|
|
$ |
999 |
|
|
$ |
3,251 |
|
|
$ |
349 |
|
|
$ |
4,824 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Quarter Ended March 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Asset and property management fees |
|
$ |
75 |
|
|
$ |
21 |
|
|
$ |
865 |
|
|
$ |
1,904 |
|
|
$ |
156 |
|
|
$ |
3,021 |
|
Transactional fees |
|
|
119 |
|
|
|
15 |
|
|
|
283 |
|
|
|
1,447 |
|
|
|
53 |
|
|
|
1,917 |
|
Total fees |
|
$ |
194 |
|
|
$ |
36 |
|
|
$ |
1,148 |
|
|
$ |
3,351 |
|
|
$ |
209 |
|
|
$ |
4,938 |
|
|
Structured Financing Portfolio |
Supplemental Report – September 30, 2024 |
(in thousands) |
|
|
June 30, 2024 |
|
|
Quarter Ended September 30, 2024 |
|
|
Stated |
|
|
Effective |
|
|
|
||||||||||||||||||||||||||||
|
|
Principal |
|
|
Accrued |
|
|
Ending |
|
|
|
|
|
Repayments/ |
|
|
Current |
|
|
Accrued |
|
|
Ending |
|
|
Interest |
|
|
Interest |
|
|
Maturity |
||||||||||
Investment |
|
Balance |
|
|
Interest |
|
|
Balance |
|
|
Issuances |
|
|
Conversions |
|
|
Principal |
|
|
Interest |
|
|
Balance |
|
|
Rate |
|
|
Rate |
|
|
Dates 1,3 |
||||||||||
First mortgage notes 1,2 |
|
$ |
59,801 |
|
|
$ |
3,809 |
|
|
$ |
63,610 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
59,801 |
|
|
$ |
3,809 |
|
|
$ |
63,610 |
|
|
|
5.99 |
% |
|
|
6.39 |
% |
|
Sept 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Other notes2 |
|
|
135,112 |
|
|
|
40,477 |
|
|
|
175,589 |
|
|
|
239 |
|
|
|
— |
|
|
|
135,351 |
|
|
|
46,837 |
|
|
|
182,188 |
|
|
|
11.63 |
% |
|
|
11.73 |
% |
|
Sept 2024 - Dec 2027 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Core notes receivable |
|
$ |
194,913 |
|
|
$ |
44,286 |
|
|
$ |
239,199 |
|
|
$ |
239 |
|
|
$ |
— |
|
|
$ |
195,152 |
|
|
$ |
50,646 |
|
|
$ |
245,798 |
|
|
|
9.90 |
% |
|
|
10.10 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
__________ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Reconciliation of Notes Receivable to the Pro-Rata Balance Sheet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Total Notes Receivable per above |
|
|
$ |
195,152 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Allowance for credit loss |
|
|
|
(2,608 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Total pro-rata Notes Receivable |
|
|
$ |
192,544 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transactional Activity |
Supplemental Report – September 30, 2024 |
(in thousands) |
PROPERTY ACQUISITIONS AND DISPOSITIONS |
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Property Name |
|
Location |
|
Date of |
|
Transaction |
|
|
Ownership % 1 |
|
|
Investment Management Share |
|
|
Acadia Share |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
ACQUISITIONS 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Core: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Bleecker Street Portfolio (4 assets) |
|
New York, NY |
|
September 2024 |
|
$ |
20,347 |
|
|
|
100.00 |
% |
|
$ |
— |
|
|
$ |
20,347 |
|
1718 N. Henderson Avenue (Land Parcel) |
|
Dallas, TX |
|
September 2024 |
|
|
1,063 |
|
|
|
100.00 |
% |
|
|
— |
|
|
|
1,063 |
|
123-129 North 6th Street |
|
Brooklyn, NY |
|
October 2024 |
|
|
35,000 |
|
|
|
100.00 |
% |
|
|
— |
|
|
|
35,000 |
|
109 North 6th Street |
|
Brooklyn, NY |
|
October 2024 |
|
|
18,300 |
|
|
|
100.00 |
% |
|
|
— |
|
|
|
18,300 |
|
92-94 Greene Street |
|
New York, NY |
|
October 2024 |
|
|
43,375 |
|
|
|
100.00 |
% |
|
|
— |
|
|
|
43,375 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Investment Management: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other Co-Investment Vehicles: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Shops at Grand Avenue 3 |
|
Queens, NY |
|
May 2024 |
|
|
48,509 |
|
|
|
5.00 |
% |
|
|
2,425 |
|
|
|
2,425 |
|
Walk at Highwoods Preserve 4 |
|
Tampa, FL |
|
July 2024 |
|
|
30,793 |
|
|
|
100.00 |
% |
|
|
30,793 |
|
|
|
30,793 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
TOTAL ACQUISITIONS |
|
|
|
|
|
$ |
197,387 |
|
|
|
|
|
$ |
33,218 |
|
|
$ |
151,303 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
DISPOSITIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Core: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Shops at Grand Avenue 3 |
|
Queens, NY |
|
May 2024 |
|
$ |
48,250 |
|
|
|
100.00 |
% |
|
$ |
48,250 |
|
|
$ |
48,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Investment Management: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Fund IV: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
2207 & 2208-2216 Fillmore |
|
San Francisco, CA |
|
April 2024 |
|
|
14,060 |
|
|
|
90.00 |
% |
|
|
12,654 |
|
|
|
2,926 |
|
Paramus Plaza |
|
Paramus, NJ |
|
June 2024 |
|
|
36,800 |
|
|
|
50.00 |
% |
|
|
18,400 |
|
|
|
4,254 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Fund V: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Canton Marketplace |
|
Canton, GA |
|
June 2024 |
|
|
2,200 |
|
|
|
100.00 |
% |
|
|
2,200 |
|
|
|
442 |
|
Frederick Crossing |
|
Frederick, MD |
|
September 2024 |
|
|
47,200 |
|
|
|
90.00 |
% |
|
|
42,480 |
|
|
|
8,538 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
TOTAL DISPOSITIONS |
|
|
|
|
|
$ |
148,510 |
|
|
|
|
|
$ |
123,984 |
|
|
$ |
64,410 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
STRUCTURED FINANCING ACTIVITY |
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Note Description |
|
Transaction Type |
|
Date of |
|
Transaction |
|
|
Ownership % 1 |
|
|
Investment Management Share |
|
|
Acadia Share |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Core: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Georgetown Renaissance Portfolio |
|
Partner Loan |
|
May 2024 |
|
$ |
7,631 |
|
|
|
100.00 |
% |
|
$ |
— |
|
|
$ |
7,631 |
|
|
2024 Guidance |
Supplemental Report – September 30, 2024 |
(in millions, except per share amounts) |
The Company’s annual 2024 guidance as follows:
|
|
2024 Guidance |
|
||
|
|
Revised |
|
Prior 1 |
|
|
|
|
|
|
|
Net earnings per share attributable to Acadia |
|
$0.09-$0.13 |
|
$0.07-$0.11 |
|
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share) |
|
1.01 |
|
1.01 |
|
Gain on disposition of properties (net of noncontrolling interest share) |
|
(0.02) |
|
— |
|
Noncontrolling interest in Operating Partnership |
|
0.01 |
|
0.01 |
|
NAREIT Funds from operations per share attributable to Common Shareholders and Common OP Unit holders |
|
$1.09-$1.13 |
|
$1.09-$1.13 |
|
Net unrealized holding loss 2,3 |
|
0.04 |
|
0.04 |
|
Realized gains and promotes 3 |
|
0.13-0.15 |
|
0.13-0.15 |
|
Funds from operations Before Special Items per share attributable to Common Shareholders and Common OP Unit holders |
|
$1.26-$1.32 |
|
$1.26-$1.32 |
|
17
9
|
Net Asset Valuation Information |
Supplemental Report – September 30, 2024 |
(in thousands) |
|
|
CORE |
|
|
FUND II 3 |
|
|
FUND III |
|
|
FUND IV |
|
|
FUND V |
|
|
Other Co-Investment Vehicles 5 |
|
|
Total Investment Management |
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Acadia Ownership Percentage |
|
N/A |
|
|
|
61.67 |
% |
|
|
24.54 |
% |
|
|
23.12 |
% |
|
|
20.10 |
% |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Current Quarter NOI |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
At Pro-Rata 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net Operating Income 2 |
|
$ |
33,289 |
|
|
N/A3 |
|
|
$ |
105 |
|
|
$ |
769 |
|
|
$ |
5,332 |
|
|
$ |
687 |
|
|
$ |
6,893 |
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net operating loss (income) from properties sold or assets held for sale |
|
|
— |
|
|
N/A3 |
|
|
|
7 |
|
|
|
10 |
|
|
|
(141 |
) |
|
|
(641 |
) |
|
|
(765 |
) |
|
|
Net operating (income) loss from pre-stabilized assets, development and redevelopment projects 4 |
|
|
(2,258 |
) |
|
N/A 3 |
|
|
|
(112 |
) |
|
|
(157 |
) |
|
|
— |
|
|
|
— |
|
|
|
(269 |
) |
|
|
Net Operating Income of stabilized assets |
|
$ |
31,031 |
|
|
N/A 3 |
|
|
$ |
— |
|
|
$ |
621 |
|
|
$ |
5,191 |
|
|
$ |
46 |
|
|
$ |
5,858 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Costs to Date (Pro-Rata) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Assets held for sale |
|
$ |
— |
|
|
N/A 3 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
Pre-stabilized assets 4 |
|
|
153,196 |
|
|
N/A 3 |
|
|
|
14,343 |
|
|
|
30,999 |
|
|
|
— |
|
|
|
— |
|
|
|
45,342 |
|
|
|
Development and redevelopment projects 6 |
|
|
586,000 |
|
|
N/A 3 |
|
|
|
7,500 |
|
|
|
27,800 |
|
|
|
— |
|
|
|
— |
|
|
|
35,300 |
|
|
|
Total Costs to Date |
|
$ |
739,196 |
|
|
N/A 3 |
|
|
$ |
21,843 |
|
|
$ |
58,799 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
80,642 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Debt (Pro-Rata) |
|
$ |
914,961 |
|
|
$ |
79,886 |
|
|
$ |
8,098 |
|
|
$ |
33,347 |
|
|
$ |
148,114 |
|
|
$ |
— |
|
|
$ |
269,445 |
|
|
18
|
Selected Financial Ratios |
Supplemental Report – September 30, 2024 |
(in thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Quarter Ended September 30, |
|
|
Year to Date September 30, |
|
|
|
|
Quarter Ended September 30, |
|
|||||||||||||||
COVERAGE RATIOS 1 |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
LEVERAGE RATIOS |
|
2024 |
|
|
2023 |
|
||||||
Fixed-Charge Coverage Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt/Market Capitalization Ratios |
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
EBITDA2 divided by: |
|
$ |
51,709 |
|
|
$ |
45,710 |
|
|
$ |
152,997 |
|
|
$ |
155,982 |
|
|
Debt + Preferred Equity (Preferred OP Units) |
|
$ |
1,190,418 |
|
|
$ |
1,459,057 |
|
Interest expense |
|
|
13,204 |
|
|
|
17,098 |
|
|
|
40,543 |
|
|
|
48,071 |
|
|
Total Market Capitalization |
|
|
3,975,475 |
|
|
|
2,904,159 |
|
Principal Amortization |
|
|
2,647 |
|
|
|
1,383 |
|
|
|
8,922 |
|
|
|
3,643 |
|
|
Debt + Preferred Equity/ |
|
|
|
|
|
|
||
Preferred Dividends3 |
|
|
67 |
|
|
|
123 |
|
|
|
274 |
|
|
|
369 |
|
|
Total Market Capitalization |
|
|
30 |
% |
|
|
50 |
% |
Fixed-Charge Coverage Ratio - Core Portfolio and Investment Management |
|
|
3.2 |
x |
|
|
2.5 |
x |
|
|
3.1 |
x |
|
|
3.0 |
x |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net debt 4 |
|
$ |
1,159,647 |
|
|
$ |
1,437,978 |
|
||||
Payout Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Market Capitalization |
|
|
3,975,475 |
|
|
|
2,904,159 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Debt + Preferred Equity/ |
|
|
|
|
|
|
||||||
Dividends declared (per share/OP Unit) |
|
$ |
0.19 |
|
|
$ |
0.18 |
|
|
$ |
0.55 |
|
|
$ |
0.54 |
|
|
Total Market Capitalization |
|
|
29 |
% |
|
|
50 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Dividends (Shares) & Distributions (OP Units) declared |
|
$ |
22,747 |
|
|
$ |
18,495 |
|
|
$ |
62,944 |
|
|
$ |
55,469 |
|
|
|
|
|
|
|
|
|
||
FFO 3 |
|
|
32,962 |
|
|
|
26,845 |
|
|
|
92,408 |
|
|
|
105,787 |
|
|
|
|
|
|
|
|
|
||
FFO Payout Ratio |
|
|
69 |
% |
|
|
69 |
% |
|
|
68 |
% |
|
|
52 |
% |
|
Debt/EBITDA Ratios |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
AFFO 3 |
|
|
33,130 |
|
|
|
20,632 |
|
|
|
102,001 |
|
|
|
82,235 |
|
|
Net debt 4 |
|
|
1,153,635 |
|
|
|
1,431,321 |
|
AFFO Payout Ratio |
|
|
69 |
% |
|
|
90 |
% |
|
|
62 |
% |
|
|
67 |
% |
|
EBITDA |
|
|
204,706 |
|
|
|
201,692 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA excluding Realized Gains (net of noncontrolling share) |
|
|
191,280 |
|
|
|
212,277 |
|
||||
FFO Before Special Items |
|
|
37,127 |
|
|
|
27,585 |
|
|
|
108,476 |
|
|
|
104,748 |
|
|
Net Debt/EBITDA - Core and Investment Management |
|
|
5.6 |
x |
|
|
7.1 |
x |
FFO Before Special Items Payout Ratio |
|
|
61 |
% |
|
|
67 |
% |
|
|
58 |
% |
|
|
53 |
% |
|
Net Debt/EBITDA excluding Realized Gains - Core and Investment Management |
|
|
6.0 |
x |
|
|
6.7 |
x |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
|||||
|
|
Quarter Ended |
|
|
Year Ended |
|
||
Reconciliation of EBITDA to Annualized EBITDA |
|
September 30, 2024 |
|
|
December 31, 2023 |
|
||
|
|
|
|
|
|
|
||
Quarter EBITDA as reported |
|
$ |
51,709 |
|
|
$ |
201,570 |
|
Add back: Stock-based compensation, net of employee equity elections |
|
|
— |
|
|
|
— |
|
Subtotal |
|
|
51,709 |
|
|
|
201,570 |
|
|
|
|
|
|
|
|
||
Year to Date EBITDA as reported |
|
$ |
152,997 |
|
|
$ |
201,570 |
|
Add: Projected Core EBITDA 5 |
|
|
51,709 |
|
|
|
— |
|
Annualized EBITDA |
|
|
204,706 |
|
|
|
201,570 |
|
|
|
|
|
|
|
|
||
Year to Date Realized gain as reported |
|
|
10,503 |
|
|
|
4,636 |
|
Add: Projected Realized gain 5 |
|
|
2,923 |
|
|
|
— |
|
Annualized realized gain |
|
|
13,426 |
|
|
|
4,636 |
|
Annualized EBITDA excluding realized gains |
|
|
191,280 |
|
|
|
196,934 |
|
19
|
Selected Financial Ratios |
Supplemental Report – September 30, 2024 |
(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.
20
|
Portfolio Debt – Summary |
Supplemental Report – September 30, 2024 |
(in thousands) |
|
|
Acadia Pro-Rata Share of Debt 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||
|
|
Core Portfolio |
|
|
Investment Management |
|
|
Total |
|
|
Reconciliation to Consolidated Debt as Reported |
|
||||||||||||||||||||||||||||||||||||||||
Debt Type |
|
Principal |
|
|
WA Years |
|
|
Principal |
|
|
WA Years |
|
|
Principal |
|
|
WA Years |
|
|
Swap |
|
|
Adjusted |
|
|
Interest |
|
|
% |
|
|
Add: |
|
|
Less: Pro-rata |
|
|
Acadia |
|
|||||||||||||
Fixed-Rate Debt 1 |
|
$ |
302,742 |
|
|
|
3.8 |
|
|
$ |
21,901 |
|
|
|
3.3 |
|
|
$ |
324,643 |
|
|
|
3.8 |
|
|
|
859,763 |
|
|
|
1,184,406 |
|
|
|
|
|
|
100 |
% |
|
$ |
69,298 |
|
|
$ |
(87,562 |
) |
|
$ |
1,166,142 |
|
|
Variable-Rate Debt 5 |
|
|
612,219 |
|
|
|
3.7 |
|
|
|
247,544 |
|
|
|
1.0 |
|
|
|
859,763 |
|
|
|
2.9 |
|
|
|
(859,763 |
) |
|
|
— |
|
|
|
|
|
|
— |
% |
|
|
502,436 |
|
|
|
(78,165 |
) |
|
|
424,271 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total |
|
$ |
914,961 |
|
|
|
3.7 |
|
|
$ |
269,445 |
|
|
|
1.2 |
|
|
$ |
1,184,406 |
|
|
|
3.1 |
|
|
$ |
— |
|
|
$ |
1,184,406 |
|
|
|
5.0 |
% |
|
|
100 |
% |
|
$ |
571,734 |
|
|
$ |
(165,727 |
) |
|
|
1,590,413 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Unamortized premium |
|
|
|
|
|
|
|
|
|
|
|
|
217 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
217 |
|
|||||||||||||
Net unamortized loan costs |
|
|
|
|
|
|
|
|
|
|
|
|
(9,023 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(11,017 |
) |
|||||||||||||
Contingent loan obligation |
|
|
|
|
|
|
|
|
|
|
|
|
12,348 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|||||||||||||
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,187,948 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,579,613 |
|
|
Portfolio Debt – Detail |
Supplemental Report – September 30, 2024 |
(in thousands)
|
|
|
|
|
Principal Balance at |
|
|
Acadia's Pro-rata Share |
|
|
Interest |
|
|
|
Extension |
||||||
Property |
|
|
|
September 30, 2024 |
|
|
Percent |
|
|
Amount |
|
|
Rate |
|
Maturity Date |
|
Options |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
CORE PORTFOLIO |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Fixed-Rate Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Crossroads Shopping Center |
|
|
|
$ |
58,267 |
|
|
|
49.00 |
% |
|
$ |
28,551 |
|
|
3.94% |
|
11/06/24 |
|
None |
840 N. Michigan Avenue 2 |
|
|
|
|
31,875 |
|
|
|
91.85 |
% |
|
|
29,277 |
|
|
N/A |
|
12/10/26 |
|
None |
239 Greenwich Avenue |
|
|
|
|
26,000 |
|
|
|
75.00 |
% |
|
|
19,500 |
|
|
4.00% |
|
07/10/27 |
|
1x60 mos. |
$20M Senior Note, Series A |
|
|
|
|
20,000 |
|
|
|
100.00 |
% |
|
|
20,000 |
|
|
5.86% |
|
08/21/27 |
|
None |
Georgetown Portfolio (2008 Investment) |
|
|
|
|
14,073 |
|
|
|
50.00 |
% |
|
|
7,036 |
|
|
4.72% |
|
12/10/27 |
|
None |
555 9th Street |
|
|
|
|
57,500 |
|
|
|
100.00 |
% |
|
|
57,500 |
|
|
3.99% |
|
01/01/28 |
|
1x24 mos. |
State & Washington |
|
|
|
|
20,867 |
|
|
|
100.00 |
% |
|
|
20,867 |
|
|
4.40% |
|
09/05/28 |
|
None |
$80M Senior Note, Series B |
|
|
|
|
80,000 |
|
|
|
100.00 |
% |
|
|
80,000 |
|
|
5.94% |
|
08/21/29 |
|
None |
North & Kingsbury |
|
|
|
|
10,075 |
|
|
|
100.00 |
% |
|
|
10,075 |
|
|
4.01% |
|
11/05/29 |
|
None |
151 N. State Street |
|
|
|
|
11,925 |
|
|
|
100.00 |
% |
|
|
11,925 |
|
|
4.03% |
|
12/01/29 |
|
None |
Concord & Milwaukee |
|
|
|
|
2,229 |
|
|
|
100.00 |
% |
|
|
2,229 |
|
|
4.40% |
|
06/01/30 |
|
None |
Gotham Plaza |
|
|
|
|
28,000 |
|
|
|
49.00 |
% |
|
|
13,720 |
|
|
5.90% |
|
10/05/34 |
|
None |
California & Armitage |
|
|
|
|
2,062 |
|
|
|
100.00 |
% |
|
|
2,062 |
|
|
5.89% |
|
04/15/35 |
|
None |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Sub-Total Fixed-Rate Debt |
|
|
|
|
362,873 |
|
|
|
|
|
|
302,742 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Variable-Rate Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Georgetown Portfolio (2016 Investment) |
|
|
|
|
152,000 |
|
|
|
20.00 |
% |
|
|
30,400 |
|
|
SOFR+2.65% |
|
11/06/26 |
|
2x12 mos. |
3104 M Street 3 |
|
|
|
|
4,093 |
|
|
|
20.00 |
% |
|
|
819 |
|
|
PRIME |
|
01/01/27 |
|
2x12 mos. |
Sullivan Center |
|
|
|
|
50,000 |
|
|
|
100.00 |
% |
|
|
50,000 |
|
|
SOFR+1.60% |
|
11/16/28 |
|
None |
Revolving Credit Facility 4 |
|
|
|
|
56,000 |
|
|
|
100.00 |
% |
|
|
56,000 |
|
|
SOFR+1.35% |
|
04/15/28 |
|
2x6 mos. |
Term Loan |
|
|
|
|
400,000 |
|
|
|
100.00 |
% |
|
|
400,000 |
|
|
SOFR+1.50% |
|
04/15/28 |
|
2x6 mos. |
$75 Million Term Loan |
|
|
|
|
75,000 |
|
|
|
100.00 |
% |
|
|
75,000 |
|
|
SOFR+1.75% |
|
07/29/29 |
|
None |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Sub-Total Variable-Rate Debt |
|
|
|
|
737,093 |
|
|
|
|
|
|
612,219 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Total Debt - Core Portfolio |
|
|
|
$ |
1,099,966 |
|
|
|
|
|
$ |
914,961 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
INVESTMENT MANAGEMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Fixed-Rate Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
650 Bald Hill Road |
|
Fund IV |
|
|
15,101 |
|
|
|
20.81 |
% |
|
|
3,142 |
|
|
3.75% |
|
06/01/26 |
|
None |
Shoppes at South Hills |
|
Fund V |
|
|
32,256 |
|
|
|
18.09 |
% |
|
|
5,835 |
|
|
5.95% |
|
03/01/28 |
|
1x12 mos. |
Broughton Street Portfolio |
|
Fund IV |
|
|
25,939 |
|
|
|
23.12 |
% |
|
|
5,998 |
|
|
5.62% |
|
06/01/28 |
|
None |
Canton Marketplace |
|
Fund V |
|
|
34,460 |
|
|
|
20.10 |
% |
|
|
6,926 |
|
|
6.29% |
|
06/01/28 |
|
None |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Sub-Total Fixed-Rate Debt |
|
|
|
|
107,756 |
|
|
|
|
|
|
21,901 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Debt – Detail |
Supplemental Report – September 30, 2024 |
(in thousands)
|
|
|
|
|
Principal Balance at |
|
|
Acadia's Pro-rata Share |
|
|
Interest |
|
|
|
Extension |
||||||
Property |
|
|
|
September 30, 2024 |
|
|
Percent |
|
|
Amount |
|
|
Rate |
|
Maturity Date |
|
Options |
|||
Variable-Rate Debt 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Hickory Ridge |
|
Fund V |
|
|
26,924 |
|
|
|
20.10 |
% |
|
|
5,411 |
|
|
SOFR+2.00% |
|
10/05/24 |
|
None |
Tri-City Plaza |
|
Fund V |
|
|
37,801 |
|
|
|
18.09 |
% |
|
|
6,838 |
|
|
SOFR+2.00% |
|
10/18/24 |
|
1x12 mos. |
Lincoln Commons |
|
Fund V |
|
|
37,693 |
|
|
|
20.10 |
% |
|
|
7,576 |
|
|
SOFR+1.80% |
|
10/24/24 |
|
None |
Landstown Commons |
|
Fund V |
|
|
59,086 |
|
|
|
20.10 |
% |
|
|
11,877 |
|
|
SOFR+1.80% |
|
10/24/24 |
|
None |
Palm Coast Landing |
|
Fund V |
|
|
25,441 |
|
|
|
20.10 |
% |
|
|
5,114 |
|
|
SOFR+1.86% |
|
11/01/24 |
|
None |
Eden Square |
|
Fund IV |
|
|
23,664 |
|
|
|
20.81 |
% |
|
|
4,924 |
|
|
SOFR+2.35% |
|
11/30/24 |
|
None |
Santa Fe Plaza |
|
Fund V |
|
|
22,893 |
|
|
|
20.10 |
% |
|
|
4,601 |
|
|
SOFR+2.00% |
|
12/20/24 |
|
None |
Frederick County Square |
|
Fund V |
|
|
24,942 |
|
|
|
18.09 |
% |
|
|
4,512 |
|
|
SOFR+2.51% |
|
01/01/25 |
|
1x12 mos. |
Elk Grove Commons |
|
Fund V |
|
|
39,819 |
|
|
|
20.10 |
% |
|
|
8,004 |
|
|
SOFR+2.10% |
|
01/03/25 |
|
None |
Acadia Strategic Opportunity Fund IV Term Loan |
|
Fund IV |
|
|
36,200 |
|
|
|
23.12 |
% |
|
|
8,369 |
|
|
SOFR+2.56% |
|
03/31/25 |
|
None |
Midstate Mall |
|
Fund V |
|
|
48,226 |
|
|
|
20.10 |
% |
|
|
9,693 |
|
|
SOFR+2.50% |
|
04/28/25 |
|
2x12 mos. |
New Towne Center |
|
Fund V |
|
|
16,112 |
|
|
|
20.10 |
% |
|
|
3,239 |
|
|
SOFR+2.20% |
|
05/01/25 |
|
1x12 mos. |
Fairlane Green |
|
Fund V |
|
|
31,795 |
|
|
|
20.10 |
% |
|
|
6,391 |
|
|
SOFR+2.30% |
|
06/05/25 |
|
1x12 mos. |
Trussville Promenade |
|
Fund V |
|
|
28,200 |
|
|
|
20.10 |
% |
|
|
5,668 |
|
|
SOFR+2.30% |
|
06/15/25 |
|
1x12 mos. |
City Point |
|
Fund II |
|
|
137,485 |
|
|
|
58.10 |
% |
|
|
79,886 |
|
|
SOFR+2.61% |
|
08/01/25 |
|
1x12 mos. |
Cypress Creek |
|
Fund V |
|
|
32,200 |
|
|
|
20.10 |
% |
|
|
6,473 |
|
|
SOFR+2.80% |
|
09/01/25 |
|
None |
640 Broadway |
|
Fund III |
|
|
33,000 |
|
|
|
24.54 |
% |
|
|
8,098 |
|
|
SOFR+3.75% |
|
10/01/25 |
|
3x12 mos. |
1964 Union |
|
Fund IV |
|
|
1,339 |
|
|
|
20.81 |
% |
|
|
279 |
|
|
SOFR+2.25% |
|
10/01/25 |
|
None |
717 N Michigan Avenue |
|
Fund IV |
|
|
46,000 |
|
|
|
23.12 |
% |
|
|
10,635 |
|
|
SOFR+3.33% |
|
12/09/25 |
|
None |
Hiram Pavilion |
|
Fund V |
|
|
27,243 |
|
|
|
20.10 |
% |
|
|
5,476 |
|
|
SOFR+2.30% |
|
03/05/26 |
|
1x12 mos. |
Monroe Marketplace |
|
Fund V |
|
|
25,300 |
|
|
|
20.10 |
% |
|
|
5,085 |
|
|
SOFR+2.76% |
|
11/12/26 |
|
None |
Maple Tree Place |
|
Fund V |
|
|
43,400 |
|
|
|
20.10 |
% |
|
|
8,723 |
|
|
SOFR+2.85% |
|
02/14/27 |
|
None |
Wood Ridge Plaza |
|
Fund V |
|
|
36,149 |
|
|
|
18.09 |
% |
|
|
6,539 |
|
|
SOFR+2.90% |
|
03/21/27 |
|
None |
La Frontera |
|
Fund V |
|
|
55,500 |
|
|
|
18.09 |
% |
|
|
10,040 |
|
|
SOFR+2.61% |
|
06/10/27 |
|
None |
Riverdale FC |
|
Fund V |
|
|
38,500 |
|
|
|
17.97 |
% |
|
|
6,920 |
|
|
SOFR+2.46% |
|
11/01/27 |
|
None |
Mohawk Commons |
|
Fund V |
|
|
39,650 |
|
|
|
18.09 |
% |
|
|
7,173 |
|
|
SOFR+2.00% |
|
03/01/28 |
|
None |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Sub-Total Variable-Rate Debt |
|
|
|
|
974,562 |
|
|
|
|
|
|
247,544 |
|
|
|
|
|
|
|
|
Total Debt - Investment Management |
|
|
|
|
1,082,318 |
|
|
|
|
|
|
269,445 |
|
|
|
|
|
|
|
|
Total Debt - Core Portfolio and Investment Management |
|
|
|
$ |
2,182,284 |
|
|
|
|
|
$ |
1,184,406 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Future Debt Maturities 1 |
Supplemental Report – September 30, 2024 |
(in thousands) |
Core Portfolio |
|
Contractual Debt Maturities |
|
|
Acadia's Pro-Rata Share |
|
|
Weighted Average2 |
||||||||||||||||||||||||
|
|
Scheduled |
|
|
|
|
|
|
|
|
Scheduled |
|
|
Fixed |
|
|
Variable |
|
|
|
|
|
Fixed- |
|
Variable- |
|||||||
Year |
|
Amortization |
|
|
Maturities |
|
|
Total |
|
|
Amortization |
|
|
Maturities |
|
|
Maturities |
|
|
Total |
|
|
Rate Debt |
|
Rate Debt |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
2024 (Remainder) |
|
$ |
2,607 |
|
|
$ |
58,139 |
|
|
$ |
60,746 |
|
|
$ |
2,299 |
|
|
$ |
28,488 |
|
|
$ |
— |
|
|
$ |
30,787 |
|
|
3.94% |
|
N/A |
2025 |
|
|
2,676 |
|
|
|
— |
|
|
|
2,676 |
|
|
|
2,266 |
|
|
|
— |
|
|
|
— |
|
|
|
2,266 |
|
|
N/A |
|
N/A |
2026 |
|
|
5,559 |
|
|
|
182,000 |
|
|
|
187,559 |
|
|
|
5,069 |
|
|
|
27,555 |
|
|
|
30,400 |
|
|
|
63,024 |
|
|
N/A3 |
|
2.65% |
2027 |
|
|
5,266 |
|
|
|
61,316 |
|
|
|
66,582 |
|
|
|
4,953 |
|
|
|
45,052 |
|
|
|
756 |
|
|
|
50,761 |
|
|
4.91% |
|
N/A |
2028 |
|
|
1,833 |
|
|
|
576,362 |
|
|
|
578,195 |
|
|
|
1,833 |
|
|
|
70,362 |
|
|
|
506,000 |
|
|
|
578,195 |
|
|
4.10% |
|
1.49% |
Thereafter |
|
|
2,500 |
|
|
|
201,708 |
|
|
|
204,208 |
|
|
|
2,500 |
|
|
|
112,428 |
|
|
|
75,000 |
|
|
|
189,928 |
|
|
5.55% |
|
1.85% |
Total |
|
$ |
20,441 |
|
|
$ |
1,079,525 |
|
|
$ |
1,099,966 |
|
|
$ |
18,920 |
|
|
$ |
283,885 |
|
|
$ |
612,156 |
|
|
$ |
914,961 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Investment Management |
|
Contractual Debt Maturities |
|
|
Acadia's Pro-Rata Share |
|
|
Weighted Average2 |
||||||||||||||||||||||||
|
|
Scheduled |
|
|
|
|
|
|
|
|
Scheduled |
|
|
Fixed |
|
|
Variable |
|
|
|
|
|
Fixed- |
|
Variable- |
|||||||
Year |
|
Amortization |
|
|
Maturities |
|
|
Total |
|
|
Amortization |
|
|
Maturities |
|
|
Maturities |
|
|
Total |
|
|
Rate Debt |
|
Rate Debt |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
2024 (Remainder) |
|
$ |
1,311 |
|
|
$ |
233,216 |
|
|
$ |
234,527 |
|
|
$ |
258 |
|
|
$ |
— |
|
|
$ |
46,284 |
|
|
$ |
46,542 |
|
|
N/A |
|
1.94% |
2025 |
|
|
3,176 |
|
|
|
474,121 |
|
|
|
477,297 |
|
|
|
610 |
|
|
|
— |
|
|
|
151,009 |
|
|
|
151,619 |
|
|
N/A |
|
2.66% |
2026 |
|
|
2,857 |
|
|
|
66,044 |
|
|
|
68,901 |
|
|
|
528 |
|
|
|
2,992 |
|
|
|
10,385 |
|
|
|
13,905 |
|
|
3.75% |
|
2.52% |
2027 |
|
|
5,370 |
|
|
|
168,060 |
|
|
|
173,430 |
|
|
|
981 |
|
|
|
— |
|
|
|
31,232 |
|
|
|
32,213 |
|
|
N/A |
|
2.70% |
2028 |
|
|
485 |
|
|
|
127,678 |
|
|
|
128,163 |
|
|
|
92 |
|
|
|
18,303 |
|
|
|
6,771 |
|
|
|
25,166 |
|
|
5.97% |
|
2.00% |
Thereafter |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
N/A |
|
N/A |
Total |
|
$ |
13,199 |
|
|
$ |
1,069,119 |
|
|
$ |
1,082,318 |
|
|
$ |
2,469 |
|
|
$ |
21,295 |
|
|
$ |
245,681 |
|
|
$ |
269,445 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Future Debt Maturities – As Extended 1 |
Supplemental Report – September 30, 2024 |
(in thousands) |
Core Portfolio |
|
Extended Debt Maturities 1 |
|
|
Acadia's Pro-Rata Share |
|
|
Weighted Average2 |
||||||||||||||||||||||||
|
|
Scheduled |
|
|
|
|
|
|
|
|
Scheduled |
|
|
Fixed |
|
|
Variable |
|
|
|
|
|
Fixed- |
|
Variable- |
|||||||
Year |
|
Amortization |
|
|
Maturities |
|
|
Total |
|
|
Amortization |
|
|
Maturities |
|
|
Maturities |
|
|
Total |
|
|
Rate Debt |
|
Rate Debt |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
2024 (Remainder) |
|
$ |
2,607 |
|
|
$ |
58,139 |
|
|
$ |
60,746 |
|
|
$ |
2,299 |
|
|
$ |
28,488 |
|
|
$ |
— |
|
|
$ |
30,787 |
|
|
3.94% |
|
N/A |
2025 |
|
|
2,676 |
|
|
|
— |
|
|
|
2,676 |
|
|
|
2,266 |
|
|
|
— |
|
|
|
— |
|
|
|
2,266 |
|
|
N/A |
|
N/A |
2026 |
|
|
5,559 |
|
|
|
30,000 |
|
|
|
35,559 |
|
|
|
5,069 |
|
|
|
27,555 |
|
|
|
— |
|
|
|
32,624 |
|
|
N/A3 |
|
N/A |
2027 |
|
|
5,266 |
|
|
|
32,402 |
|
|
|
37,668 |
|
|
|
4,953 |
|
|
|
26,201 |
|
|
|
— |
|
|
|
31,154 |
|
|
5.56% |
|
N/A |
2028 |
|
|
1,833 |
|
|
|
219,862 |
|
|
|
221,695 |
|
|
|
1,833 |
|
|
|
17,862 |
|
|
|
80,400 |
|
|
|
100,095 |
|
|
4.40% |
|
2.00% |
Thereafter |
|
|
2,500 |
|
|
|
739,122 |
|
|
|
741,622 |
|
|
|
2,500 |
|
|
|
183,780 |
|
|
|
531,755 |
|
|
|
718,035 |
|
|
4.94% |
|
1.53% |
Total |
|
$ |
20,441 |
|
|
$ |
1,079,525 |
|
|
$ |
1,099,966 |
|
|
$ |
18,920 |
|
|
$ |
283,886 |
|
|
$ |
612,155 |
|
|
$ |
914,961 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Investment Management |
|
Extended Debt Maturities 1 |
|
|
Acadia's Pro-Rata Share |
|
|
Weighted Average2 |
||||||||||||||||||||||||
|
|
Scheduled |
|
|
|
|
|
|
|
|
Scheduled |
|
|
Fixed |
|
|
Variable |
|
|
|
|
|
Fixed- |
|
Variable- |
|||||||
Year |
|
Amortization |
|
|
Maturities |
|
|
Total |
|
|
Amortization |
|
|
Maturities |
|
|
Maturities |
|
|
Total |
|
|
Rate Debt |
|
Rate Debt |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
2024 (Remainder) |
|
$ |
1,311 |
|
|
$ |
195,453 |
|
|
$ |
196,764 |
|
|
$ |
258 |
|
|
$ |
— |
|
|
$ |
39,453 |
|
|
$ |
39,711 |
|
|
N/A |
|
1.93% |
2025 |
|
|
3,176 |
|
|
|
160,893 |
|
|
|
164,069 |
|
|
|
610 |
|
|
|
— |
|
|
|
34,072 |
|
|
|
34,682 |
|
|
N/A |
|
2.58% |
2026 |
|
|
2,857 |
|
|
|
277,245 |
|
|
|
280,102 |
|
|
|
528 |
|
|
|
2,992 |
|
|
|
104,590 |
|
|
|
108,110 |
|
|
3.75% |
|
2.57% |
2027 |
|
|
5,370 |
|
|
|
231,450 |
|
|
|
236,820 |
|
|
|
981 |
|
|
|
— |
|
|
|
43,974 |
|
|
|
44,955 |
|
|
N/A |
|
2.60% |
2028 |
|
|
485 |
|
|
|
129,807 |
|
|
|
130,292 |
|
|
|
92 |
|
|
|
12,718 |
|
|
|
14,869 |
|
|
|
27,679 |
|
|
5.98% |
|
2.93% |
Thereafter |
|
|
— |
|
|
|
74,271 |
|
|
|
74,271 |
|
|
|
— |
|
|
|
5,585 |
|
|
|
8,723 |
|
|
|
14,308 |
|
|
5.95% |
|
2.85% |
Total |
|
$ |
13,199 |
|
|
$ |
1,069,119 |
|
|
$ |
1,082,318 |
|
|
$ |
2,469 |
|
|
$ |
21,295 |
|
|
$ |
245,681 |
|
|
$ |
269,445 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
.
|
Swap Interest Rate Summary 1 |
Supplemental Report – September 30, 2024 |
(in thousands) |
Maturity |
|
Acadia's Pro-rata |
|
|
Weighted Average |
|
October 2024 |
|
$ |
9,715 |
|
|
1.3% |
December 2024 |
|
|
4,182 |
|
|
1.5% |
January 2025 |
|
|
2,621 |
|
|
1.6% |
March 2025 |
|
|
25,000 |
|
|
2.1% |
April 2025 |
|
|
8,522 |
|
|
2.6% |
June 2025 |
|
|
12,075 |
|
|
4.4% |
March 2026 |
|
|
5,476 |
|
|
4.5% |
April 2026 |
|
|
11,020 |
|
|
2.9% |
May 2026 |
|
|
3,239 |
|
|
3.5% |
November 2026 |
|
|
34,552 |
|
|
4.5% |
December 2026 |
|
|
6,055 |
|
|
4.3% |
June 2027 |
|
|
5,020 |
|
|
3.4% |
July 2027 |
|
|
175,000 |
|
|
2.7% |
December 2027 |
|
|
110,050 |
|
|
2.6% |
March 2028 |
|
|
57,173 |
|
|
2.8% |
April 2028 |
|
|
50,000 |
|
|
3.3% |
November 2028 |
|
|
50,000 |
|
|
2.9% |
February 2029 |
|
|
100,000 |
|
|
2.7% |
June 2029 |
|
|
50,000 |
|
|
2.2% |
July 2029 |
|
|
75,000 |
|
|
2.8% |
December 2029 |
|
|
79,052 |
|
|
3.5% |
July 2030 |
|
|
125,000 |
|
|
2.8% |
|
|
|
|
|
|
|
As of September 30, 2024 |
|
$ |
998,752 |
|
|
2.9% |
|
Core Portfolio Retail Properties – Detail 1 |
Supplemental Report – September 30, 2024 |
|
|
|
|
Year |
|
Acadia's |
|
Gross Leasable Area (GLA) |
|
In Place Occupancy |
|
Leased |
|
Annualized |
|
ABR |
||||||||||||
Property |
Key Tenants |
|
Acquired |
|
Interest |
|
Street |
|
Anchors |
|
Shops |
|
Total |
|
Street |
|
Anchors |
|
Shops |
|
Total |
|
Total |
|
(ABR) |
|
PSF |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STREET AND URBAN RETAIL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chicago Metro |
|
|
|
|
|
|
|
|
|
|
|
|
` |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rush and Walton Streets |
Lululemon, Reformation, |
|
2011 |
|
100.0% |
|
40,590 |
|
— |
|
— |
|
40,590 |
|
58.6% |
|
—% |
|
—% |
|
58.6% |
|
78.4% |
|
$6,280,986 |
|
$264.26 |
Clark Street and W. Diversey |
Starbucks, TJ Maxx, |
|
2011 |
|
100.0% |
|
53,099 |
|
— |
|
— |
|
53,099 |
|
79.9% |
|
—% |
|
—% |
|
79.9% |
|
79.9% |
|
1,887,906 |
|
44.51 |
Halsted and Armitage |
Serena and Lily, Faherty, |
|
2011 |
|
100.0% |
|
53,220 |
|
— |
|
— |
|
53,220 |
|
95.4% |
|
—% |
|
—% |
|
95.4% |
|
100.0% |
|
2,502,308 |
|
49.29 |
North Lincoln Park Chicago |
Guitar Center, Carhartt |
|
2011 |
|
100.0% |
|
22,125 |
|
— |
|
27,796 |
|
49,921 |
|
13.6 % |
|
—% |
|
77.6% |
|
49.2% |
|
49.2% |
|
885,385 |
|
36.05 |
State and Washington |
Nordstrom Rack, Uniqlo |
|
2016 |
|
100.0% |
|
65,401 |
|
— |
|
— |
|
65,401 |
|
100.0% |
|
—% |
|
—% |
|
100.0% |
|
100.0% |
|
2,749,189 |
|
42.04 |
151 N. State Street |
Walgreens |
|
2016 |
|
100.0% |
|
27,385 |
|
— |
|
— |
|
27,385 |
|
100.0% |
|
—% |
|
—% |
|
100.0% |
|
100.0% |
|
1,573,000 |
|
57.44 |
North and Kingsbury |
Old Navy, Backcountry |
|
2016 |
|
100.0% |
|
41,791 |
|
— |
|
— |
|
41,791 |
|
100.0% |
|
—% |
|
—% |
|
100.0% |
|
100.0% |
|
1,949,790 |
|
46.66 |
Concord and Milwaukee |
— |
|
2016 |
|
100.0% |
|
13,147 |
|
— |
|
— |
|
13,147 |
|
100.0% |
|
—% |
|
—% |
|
100.0% |
|
100.0% |
|
478,695 |
|
36.41 |
California and Armitage |
— |
|
2016 |
|
100.0% |
|
— |
|
— |
|
18,275 |
|
18,275 |
|
—% |
|
—% |
|
70.5% |
|
70.5% |
|
70.5% |
|
704,943 |
|
54.68 |
Roosevelt Galleria |
Petco, Vitamin Shoppe, |
|
2015 |
|
100.0% |
|
— |
|
— |
|
37,995 |
|
37,995 |
|
—% |
|
—% |
|
89.7% |
|
89.7% |
|
89.7% |
|
820,331 |
|
24.07 |
Sullivan Center |
Target |
|
2016 |
|
100.0% |
|
176,181 |
|
— |
|
— |
|
176,181 |
|
78.9% |
|
—% |
|
—% |
|
78.9% |
|
82.2% |
|
5,269,918 |
|
37.92 |
|
|
|
|
|
|
|
492,939 |
|
— |
|
84,066 |
|
577,005 |
|
82.5% |
|
—% |
|
81.5% |
|
82.4% |
|
85.2% |
|
25,102,450 |
|
52.83 |
New York Metro |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Soho Collection/West Village |
Zimmermann, Club Monaco, |
|
2011 |
|
100.0% |
|
46,905 |
|
— |
|
— |
|
46,905 |
|
82.2% |
|
—% |
|
—% |
|
82.2% |
|
100.0% |
|
12,263,930 |
|
318.16 |
5-7 East 17th Street |
— |
|
2008 |
|
100.0% |
|
8,658 |
|
— |
|
— |
|
8,658 |
|
47.1% |
|
—% |
|
—% |
|
47.1% |
|
100.0% |
|
742,500 |
|
— |
200 West 54th Street |
— |
|
2007 |
|
100.0% |
|
5,862 |
|
— |
|
— |
|
5,862 |
|
84.1% |
|
—% |
|
—% |
|
84.1% |
|
91.8% |
|
1,344,201 |
|
272.71 |
61 Main Street |
Splendid |
|
2014 |
|
100.0% |
|
3,470 |
|
— |
|
— |
|
3,470 |
|
100.0% |
|
—% |
|
—% |
|
100.0% |
|
100.0% |
|
322,294 |
|
92.88 |
181 Main Street |
TD Bank |
|
2012 |
|
100.0% |
|
11,514 |
|
— |
|
— |
|
11,514 |
|
100.0% |
|
—% |
|
—% |
|
100.0% |
|
100.0% |
|
1,091,009 |
|
94.75 |
4401 White Plains Road |
Walgreens |
|
2011 |
|
100.0% |
|
— |
|
12,964 |
|
— |
|
12,964 |
|
—% |
|
100.0% |
|
—% |
|
100.0% |
|
100.0% |
|
625,000 |
|
48.21 |
Bartow Avenue |
Wingstop |
|
2005 |
|
100.0% |
|
— |
|
— |
|
14,824 |
|
14,824 |
|
—% |
|
—% |
|
89.6% |
|
89.6% |
|
100.0% |
|
457,979 |
|
34.48 |
239 Greenwich Avenue |
Watches of Switzerland |
|
1998 |
|
75.0% |
|
16,621 |
|
— |
|
— |
|
16,621 |
|
100.0% |
|
—% |
|
—% |
|
100.0% |
|
100.0% |
|
1,902,510 |
|
114.46 |
252-256 Greenwich Avenue |
Veronica Beard, The RealReal, |
|
2014 |
|
100.0% |
|
7,986 |
|
— |
|
— |
|
7,986 |
|
100.0% |
|
—% |
|
—% |
|
100.0% |
|
100.0% |
|
1,066,548 |
|
133.55 |
2914 Third Avenue |
Planet Fitness |
|
2006 |
|
100.0% |
|
— |
|
21,650 |
|
18,953 |
|
40,603 |
|
—% |
|
100.0% |
|
100.0% |
|
100.0% |
|
100.0% |
|
1,114,907 |
|
27.46 |
868 Broadway |
Dr. Martens |
|
2013 |
|
100.0% |
|
2,031 |
|
— |
|
— |
|
2,031 |
|
100.0% |
|
—% |
|
—% |
|
100.0% |
|
100.0% |
|
859,826 |
|
423.35 |
313-315 Bowery 2 |
John Varvatos |
|
2013 |
|
100.0% |
|
6,600 |
|
— |
|
— |
|
6,600 |
|
100.0% |
|
—% |
|
—% |
|
100.0% |
|
100.0% |
|
527,076 |
|
79.86 |
120 West Broadway |
Citizens Bank, Citi Bank |
|
2013 |
|
100.0% |
|
13,838 |
|
— |
|
— |
|
13,838 |
|
100.0% |
|
—% |
|
—% |
|
100.0% |
|
100.0% |
|
2,309,127 |
|
166.87 |
2520 Flatbush Avenue |
Bob's Disc. Furniture, Capital One |
|
2014 |
|
100.0% |
|
— |
|
— |
|
29,114 |
|
29,114 |
|
—% |
|
—% |
|
100.0% |
|
100.0% |
|
100.0% |
|
1,291,368 |
|
44.36 |
Williamsburg Collection 3 |
Sephora, SweetGreen, |
|
2022 |
|
100.0% |
|
50,842 |
|
— |
|
— |
|
50,842 |
|
95.3% |
|
—% |
|
— |
|
95.3% |
|
95.3% |
|
5,365,186 |
|
110.77 |
991 Madison Avenue |
Vera Wang, Gabriela Hearst |
|
2016 |
|
100.0% |
|
7,512 |
|
— |
|
— |
|
7,512 |
|
100.0% |
|
—% |
|
—% |
|
100.0% |
|
100.0% |
|
3,670,727 |
|
488.65 |
Gotham Plaza |
Bank of America, |
|
2016 |
|
49.0 % |
|
— |
|
— |
|
25,931 |
|
25,931 |
|
—% |
|
—% |
|
68.0% |
|
68.0% |
|
83.9% |
|
1,515,919 |
|
86.02 |
|
|
|
|
|
|
|
181,839 |
|
34,614 |
|
88,822 |
|
305,275 |
|
91.0% |
|
100.0% |
|
88.9% |
|
91.4% |
|
97.7% |
|
36,470,106 |
|
130.65 |
|
Core Portfolio Retail Properties – Detail 1 |
Supplemental Report – September 30, 2024 |
|
|
|
|
Year |
|
Acadia's |
|
Gross Leasable Area (GLA) |
|
In Place Occupancy |
|
Leased |
|
Annualized |
|
ABR |
||||||||||||
Property |
Key Tenants |
|
Acquired |
|
Interest |
|
Street |
|
Anchors |
|
Shops |
|
Total |
|
Street |
|
Anchors |
|
Shops |
|
Total |
|
Total |
|
(ABR) |
|
PSF |
Los Angeles Metro |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8833 Beverly Blvd |
Luxury Living |
|
2022 |
|
97.0 % |
|
9,757 |
|
— |
|
— |
|
9,757 |
|
100.0% |
|
—% |
|
—% |
|
100.0% |
|
100.0% |
|
1,350,377 |
|
138.40 |
Melrose Place Collection |
The Row, Chloe, |
|
2019 |
|
100.0 % |
|
14,000 |
|
— |
|
— |
|
14,000 |
|
100.0% |
|
—% |
|
—% |
|
100.0% |
|
100.0% |
|
3,124,966 |
|
223.21 |
|
|
|
|
|
|
|
23,757 |
|
— |
|
— |
|
23,757 |
|
100.0% |
|
—% |
|
—% |
|
100.0% |
|
100.0% |
|
4,475,343 |
|
188.38 |
District of Columbia Metro |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1739-53 & 1801-03 |
— |
|
2012 |
|
100.0 % |
|
20,669 |
|
— |
|
— |
|
20,669 |
|
32.3% |
|
—% |
|
—% |
|
32.3% |
|
32.3% |
|
464,000 |
|
69.49 |
14th Street Collection (3 properties) |
Verizon |
|
2021 |
|
100.0 % |
|
19,077 |
|
— |
|
— |
|
19,077 |
|
63.5% |
|
—% |
|
—% |
|
63.5% |
|
100.0% |
|
1,032,106 |
|
85.14 |
Rhode Island Place |
Ross Dress for Less |
|
2012 |
|
100.0 % |
|
— |
|
25,134 |
|
32,533 |
|
57,667 |
|
—% |
|
100.0% |
|
88.5% |
|
93.5% |
|
93.5% |
|
1,919,422 |
|
35.60 |
M Street and Wisconsin Corridor |
Lululemon, Duxiana, |
|
2011 |
|
26.7 % |
|
261,607 |
|
— |
|
— |
|
261,607 |
|
86.6% |
|
—% |
|
—% |
|
86.6% |
|
88.5% |
|
17,658,131 |
|
77.99 |
|
|
|
|
|
|
|
301,353 |
|
25,134 |
|
32,533 |
|
359,020 |
|
81.4% |
|
100.0% |
|
88.5% |
|
83.3% |
|
86.7% |
|
21,073,658 |
|
70.45 |
Boston Metro |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
165 Newbury Street |
Starbucks |
|
2016 |
|
100.0 % |
|
1,050 |
|
— |
|
— |
|
1,050 |
|
100.0% |
|
—% |
|
—% |
|
100.0% |
|
100.0% |
|
312,576 |
|
297.69 |
|
|
|
|
|
|
|
1,050 |
|
— |
|
— |
|
1,050 |
|
100.0% |
|
—% |
|
—% |
|
100.0% |
|
100.0% |
|
312,576 |
|
297.69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dallas Metro |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Henderson Avenue Portfolio |
Sprouts Market, |
|
2022 |
|
100.0 % |
|
89,750 |
|
31,635 |
|
— |
|
121,385 |
|
84.4% |
|
100.0% |
|
—% |
|
88.4% |
|
88.4% |
|
4,498,197 |
|
41.90 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Street and Urban Retail |
|
|
|
|
|
1,090,688 |
|
91,383 |
|
205,421 |
|
1,387,492 |
|
84.2% |
|
100.0% |
|
85.8% |
|
85.5% |
|
88.9% |
|
$91,932,330 |
|
$77.54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acadia Share Total Street and Urban Retail |
|
|
|
|
|
894,612 |
|
91,383 |
|
192,196 |
|
1,178,191 |
|
83.8% |
|
100.0% |
|
87.0% |
|
85.6% |
|
89.1% |
|
$78,617,400 |
|
$77.94 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUBURBAN PROPERTIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Elmwood Park Shopping Center |
Walgreens, Lidl, |
|
1998 |
|
100.0 % |
|
— |
|
43,531 |
|
100,457 |
|
143,988 |
|
—% |
|
100.0% |
|
85.2% |
|
89.7% |
|
96.9% |
|
3,421,601 |
|
26.50 |
Marketplace of Absecon |
Walgreens, Dollar Tree, Aldi |
|
1998 |
|
100.0 % |
|
— |
|
46,724 |
|
57,832 |
|
104,556 |
|
—% |
|
28.3% |
|
80.4% |
|
57.1% |
|
78.3% |
|
996,795 |
|
16.70 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Village Commons |
Citibank, Ace Hardware |
|
1998 |
|
100.0 % |
|
— |
|
— |
|
87,128 |
|
87,128 |
|
—% |
|
—% |
|
87.6% |
|
87.6% |
|
87.6% |
|
2,643,430 |
|
34.62 |
Branch Plaza |
LA Fitness, The Fresh Market |
|
1998 |
|
100.0 % |
|
— |
|
76,264 |
|
47,081 |
|
123,345 |
|
—% |
|
100.0% |
|
88.4% |
|
95.6% |
|
95.6% |
|
3,323,554 |
|
28.19 |
Amboy Center |
Stop & Shop (Ahold) |
|
2005 |
|
100.0 % |
|
— |
|
37,266 |
|
26,106 |
|
63,372 |
|
—% |
|
100.0% |
|
80.8% |
|
92.1% |
|
92.1% |
|
2,065,573 |
|
35.39 |
Crossroads Shopping Center |
HomeGoods, PetSmart, |
|
1998 |
|
49.0 % |
|
— |
|
202,727 |
|
105,286 |
|
308,013 |
|
—% |
|
100.0% |
|
76.2% |
|
91.9% |
|
96.8% |
|
9,103,437 |
|
32.17 |
New Loudon Center |
Price Chopper, Marshalls |
|
1993 |
|
100.0 % |
|
— |
|
241,746 |
|
16,643 |
|
258,389 |
|
—% |
|
100.0% |
|
100.0% |
|
100.0% |
|
100.0% |
|
2,504,004 |
|
9.69 |
28 Jericho Turnpike |
Kohl's |
|
2012 |
|
100.0 % |
|
— |
|
96,363 |
|
— |
|
96,363 |
|
—% |
|
100.0% |
|
—% |
|
100.0% |
|
100.0% |
|
1,996,500 |
|
20.72 |
Bedford Green |
Shop Rite, CVS |
|
2014 |
|
100.0 % |
|
— |
|
37,981 |
|
52,608 |
|
90,589 |
|
—% |
|
100.0% |
|
55.1% |
|
73.9% |
|
73.9% |
|
2,284,577 |
|
34.12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Connecticut |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Town Line Plaza 5 |
Wal-Mart, Stop & Shop (Ahold) |
|
1998 |
|
100.0 % |
|
— |
|
163,159 |
|
43,187 |
|
206,346 |
|
—% |
|
100.0% |
|
79.1% |
|
95.6% |
|
95.6% |
|
1,472,761 |
|
14.72 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Massachusetts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Methuen Shopping Center |
Wal-Mart, Market Basket |
|
1998 |
|
100.0 % |
|
— |
|
120,004 |
|
10,017 |
|
130,021 |
|
—% |
|
100.0% |
|
100.0% |
|
100.0% |
|
100.0% |
|
1,467,751 |
|
11.29 |
Crescent Plaza |
Home Depot, Shaw's |
|
1993 |
|
100.0 % |
|
— |
|
156,985 |
|
61,017 |
|
218,002 |
|
—% |
|
100.0% |
|
95.9% |
|
98.9% |
|
100.0% |
|
2,158,737 |
|
10.02 |
201 Needham Street |
Michael's |
|
2014 |
|
100.0 % |
|
— |
|
20,409 |
|
— |
|
20,409 |
|
—% |
|
100.0% |
|
—% |
|
100.0% |
|
100.0% |
|
711,662 |
|
34.87 |
163 Highland Avenue |
Staples, Petco |
|
2015 |
|
100.0 % |
|
— |
|
40,505 |
|
— |
|
40,505 |
|
—% |
|
100.0% |
|
—% |
|
100.0% |
|
100.0% |
|
1,490,575 |
|
36.80 |
|
Core Portfolio Retail Properties – Detail 1 |
Supplemental Report – September 30, 2024 |
|
|
|
|
Year |
|
Acadia's |
|
Gross Leasable Area (GLA) |
|
In Place Occupancy |
|
Leased |
|
Annualized |
|
ABR |
||||||||||||
Property |
Key Tenants |
|
Acquired |
|
Interest |
|
Street |
|
Anchors |
|
Shops |
|
Total |
|
Street |
|
Anchors |
|
Shops |
|
Total |
|
Total |
|
(ABR) |
|
PSF |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vermont |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Gateway Shopping Center |
Shaw's (Supervalu), Starbucks |
|
1999 |
|
100.0 % |
|
— |
|
73,184 |
|
29,670 |
|
102,854 |
|
—% |
|
100.0% |
|
88.6% |
|
96.7% |
|
96.7% |
|
2,293,650 |
|
23.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Illinois |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hobson West Plaza |
Garden Fresh Markets |
|
1998 |
|
100.0 % |
|
— |
|
51,692 |
|
47,270 |
|
98,962 |
|
—% |
|
100.0% |
|
85.2% |
|
92.9 % |
|
94.0% |
|
1,359,021 |
|
14.78 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Indiana |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merrillville Plaza |
Dollar Tree, TJ Maxx, |
|
1998 |
|
100.0 % |
|
— |
|
123,144 |
|
112,782 |
|
235,926 |
|
—% |
|
100.0% |
|
84.5% |
|
92.6 % |
|
92.6% |
|
3,135,627 |
|
14.35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Michigan |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bloomfield Town Square |
HomeGoods, TJ Maxx, |
|
1998 |
|
100.0 % |
|
— |
|
153,332 |
|
81,619 |
|
234,951 |
|
—% |
|
100.0% |
|
93.9% |
|
97.9 % |
|
98.7% |
|
4,240,815 |
|
18.44 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Delaware |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Town Center and Other |
Lowes, Dick's |
|
2003 |
|
100.0 % |
|
— |
|
678,430 |
|
21,891 |
|
700,321 |
|
—% |
|
89.7% |
|
100.0% |
|
90.0 % |
|
97.3% |
|
10,778,568 |
|
17.10 |
Market Square Shopping Center |
Trader Joe's, TJ Maxx |
|
2003 |
|
100.0 % |
|
— |
|
42,850 |
|
59,197 |
|
102,047 |
|
—% |
|
100.0% |
|
96.8% |
|
98.1% |
|
100.0% |
|
3,321,484 |
|
33.17 |
Naamans Road |
Jared Jewelers, American Red Cross |
|
2006 |
|
100.0 % |
|
— |
|
— |
|
19,865 |
|
19,865 |
|
—% |
|
—% |
|
63.8% |
|
63.8 % |
|
100.0% |
|
711,939 |
|
56.14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mark Plaza |
— |
|
1993 |
|
100.0 % |
|
— |
|
104,956 |
|
1,900 |
|
106,856 |
|
—% |
|
100.0% |
|
100.0% |
|
100.0% |
|
100.0% |
|
246,274 |
|
2.30 |
Plaza 422 |
Home Depot |
|
1993 |
|
100.0 % |
|
— |
|
139,968 |
|
16,311 |
|
156,279 |
|
—% |
|
100.0% |
|
100.0% |
|
100.0% |
|
100.0% |
|
956,954 |
|
6.12 |
Chestnut Hill |
— |
|
2006 |
|
100.0 % |
|
— |
|
— |
|
36,492 |
|
36,492 |
|
—% |
|
—% |
|
100.0% |
|
100.0% |
|
100.0% |
|
993,248 |
|
27.22 |
Abington Towne Center 6 |
Target, TJ Maxx |
|
1998 |
|
100.0 % |
|
— |
|
184,616 |
|
32,255 |
|
216,871 |
|
—% |
|
100.0% |
|
100.0% |
|
100.0% |
|
100.0% |
|
1,352,743 |
|
22.83 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Suburban Properties |
|
|
|
|
|
— |
|
2,835,836 |
|
1,066,614 |
|
3,902,450 |
|
—% |
|
96.4 % |
|
86.0 % |
|
93.5 % |
|
96.4 % |
|
$65,031,279 |
|
$19.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acadia Share Total Suburban Properties |
|
|
|
|
|
— |
|
2,732,445 |
|
1,012,918 |
|
3,745,363 |
|
—% |
|
96.2% |
|
86.5% |
|
93.6% |
|
96.4% |
|
$60,388,526 |
|
$18.58 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Core Properties |
|
|
|
|
|
1,090,688 |
|
2,927,219 |
|
1,272,035 |
|
5,289,942 |
|
84.2% |
|
96.5% |
|
86.0% |
|
91.4% |
|
94.4% |
|
$156,963,609 |
|
$34.27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acadia Share Total Core Properties |
|
|
|
|
|
894,612 |
|
2,823,828 |
|
1,205,114 |
|
4,923,554 |
|
83.8% |
|
96.3% |
|
86.6% |
|
91.7% |
|
94.7% |
|
$139,005,926 |
|
$32.64 |
|
Core Portfolio – Top Tenants 1 |
Supplemental Report – September 30, 2024 |
(Pro-Rata Basis) |
|
|
Number of |
|
|
Combined |
|
|
Percentage of Total 2 |
|
|||||||||||
Tenant |
|
Stores |
|
|
GLA |
|
|
ABR |
|
|
GLA |
|
|
ABR |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Target |
|
|
3 |
|
|
|
408,895 |
|
|
$ |
8,323,009 |
|
|
|
7.0 |
% |
|
|
5.5 |
% |
TJX Companies 3 |
|
|
9 |
|
|
|
252,043 |
|
|
|
3,105,924 |
|
|
|
4.3 |
% |
|
|
2.1 |
% |
Walgreens |
|
|
4 |
|
|
|
68,393 |
|
|
|
2,887,312 |
|
|
|
1.2 |
% |
|
|
1.9 |
% |
PetSmart, Inc. |
|
|
4 |
|
|
|
76,257 |
|
|
|
2,794,473 |
|
|
|
1.3 |
% |
|
|
1.9 |
% |
Lululemon |
|
|
2 |
|
|
|
7,533 |
|
|
|
2,593,590 |
|
|
|
0.1 |
% |
|
|
1.7 |
% |
Trader Joe's |
|
|
3 |
|
|
|
40,862 |
|
|
|
2,532,593 |
|
|
|
0.7 |
% |
|
|
1.7 |
% |
Fast Retailing 4 |
|
|
2 |
|
|
|
32,013 |
|
|
|
2,494,313 |
|
|
|
0.5 |
% |
|
|
1.7 |
% |
ALO Yoga |
|
|
2 |
|
|
|
22,566 |
|
|
|
2,447,658 |
|
|
|
0.4 |
% |
|
|
1.6 |
% |
Supervalu Inc. 5 |
|
|
2 |
|
|
|
123,409 |
|
|
|
2,061,142 |
|
|
|
2.1 |
% |
|
|
1.4 |
% |
Bob's Discount Furniture |
|
|
2 |
|
|
|
68,793 |
|
|
|
2,027,670 |
|
|
|
1.2 |
% |
|
|
1.3 |
% |
Tapestry 6 |
|
|
2 |
|
|
|
4,250 |
|
|
|
1,799,519 |
|
|
|
0.1 |
% |
|
|
1.2 |
% |
Watches of Switzerland 7 |
|
|
2 |
|
|
|
13,863 |
|
|
|
1,756,483 |
|
|
|
0.2 |
% |
|
|
1.2 |
% |
Royal Ahold 8 |
|
|
2 |
|
|
|
103,125 |
|
|
|
1,646,284 |
|
|
|
1.8 |
% |
|
|
1.1 |
% |
Ulta Salon Cosmetic & Fragrance |
|
|
3 |
|
|
|
31,497 |
|
|
|
1,550,757 |
|
|
|
0.5 |
% |
|
|
1.0 |
% |
Dick's Sporting Goods, Inc |
|
|
2 |
|
|
|
98,805 |
|
|
|
1,544,276 |
|
|
|
1.7 |
% |
|
|
1.0 |
% |
The Home Depot |
|
|
2 |
|
|
|
187,914 |
|
|
|
1,345,020 |
|
|
|
3.1 |
% |
|
|
0.9 |
% |
Citibank |
|
|
4 |
|
|
|
16,160 |
|
|
|
1,337,924 |
|
|
|
0.3 |
% |
|
|
0.9 |
% |
Gap 9 |
|
|
2 |
|
|
|
37,895 |
|
|
|
1,329,165 |
|
|
|
0.6 |
% |
|
|
0.9 |
% |
Michaels Stores, Inc. |
|
|
2 |
|
|
|
45,285 |
|
|
|
1,283,810 |
|
|
|
0.8 |
% |
|
|
0.9 |
% |
Veronica Beard |
|
|
2 |
|
|
|
4,136 |
|
|
|
1,164,628 |
|
|
|
0.1 |
% |
|
|
0.8 |
% |
TOTAL |
|
|
56 |
|
|
|
1,643,694 |
|
|
$ |
46,025,550 |
|
|
|
28.0 |
% |
|
|
30.6 |
% |
|
Core Portfolio – Lease Expirations |
Supplemental Report – September 30, 2024 |
(Pro-Rata Basis) |
|
|
Street Tenants |
|
|
Anchor Tenants |
|
||||||||||||||||||||||||||||||||||
|
|
|
|
|
GLA |
|
|
ABR |
|
|
|
|
|
GLA |
|
|
ABR |
|
||||||||||||||||||||||
|
|
Leases |
|
|
Expiring |
|
|
Percent |
|
|
|
|
|
Percent |
|
|
Leases |
|
|
Expiring |
|
|
Percent |
|
|
|
|
|
Percent |
|
||||||||||
Year |
|
Expiring |
|
|
SF |
|
|
of Total |
|
|
PSF |
|
|
of Total |
|
|
Expiring |
|
|
SF |
|
|
of Total |
|
|
PSF |
|
|
of Total |
|
||||||||||
M to M 1 |
|
|
3 |
|
|
|
4,162 |
|
|
|
0.6 |
% |
|
$ |
53.29 |
|
|
|
0.3 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
$ |
— |
|
|
|
— |
% |
2024 (Remainder) |
|
|
9 |
|
|
|
15,927 |
|
|
|
2.1 |
% |
|
|
59.28 |
|
|
|
1.4 |
% |
|
|
3 |
|
|
|
208,796 |
|
|
|
8.5 |
% |
|
|
9.90 |
|
|
|
5.6 |
% |
2025 |
|
|
28 |
|
|
|
120,258 |
|
|
|
16.0 |
% |
|
|
98.16 |
|
|
|
17.0 |
% |
|
|
9 |
|
|
|
376,598 |
|
|
|
15.3 |
% |
|
|
19.14 |
|
|
|
19.6 |
% |
2026 |
|
|
29 |
|
|
|
73,897 |
|
|
|
9.9 |
% |
|
|
146.12 |
|
|
|
15.5 |
% |
|
|
10 |
|
|
|
424,984 |
|
|
|
17.2 |
% |
|
|
10.78 |
|
|
|
12.5 |
% |
2027 |
|
|
20 |
|
|
|
37,385 |
|
|
|
5.0 |
% |
|
|
136.44 |
|
|
|
7.3 |
% |
|
|
5 |
|
|
|
155,675 |
|
|
|
6.3 |
% |
|
|
21.38 |
|
|
|
9.0 |
% |
2028 |
|
|
21 |
|
|
|
193,762 |
|
|
|
25.8 |
% |
|
|
65.88 |
|
|
|
18.3 |
% |
|
|
11 |
|
|
|
483,822 |
|
|
|
19.6 |
% |
|
|
12.43 |
|
|
|
16.3 |
% |
2029 |
|
|
26 |
|
|
|
54,886 |
|
|
|
7.3 |
% |
|
|
103.11 |
|
|
|
8.1 |
% |
|
|
12 |
|
|
|
374,283 |
|
|
|
15.2 |
% |
|
|
15.16 |
|
|
|
15.4 |
% |
2030 |
|
|
10 |
|
|
|
66,912 |
|
|
|
8.9 |
% |
|
|
76.24 |
|
|
|
7.3 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
|
— |
|
|
|
— |
% |
2031 |
|
|
7 |
|
|
|
38,428 |
|
|
|
5.1 |
% |
|
|
85.35 |
|
|
|
4.7 |
% |
|
|
2 |
|
|
|
50,566 |
|
|
|
2.1 |
% |
|
|
16.97 |
|
|
|
2.3 |
% |
2032 |
|
|
16 |
|
|
|
54,851 |
|
|
|
7.3 |
% |
|
|
117.49 |
|
|
|
9.3 |
% |
|
|
2 |
|
|
|
62,382 |
|
|
|
2.5 |
% |
|
|
12.65 |
|
|
|
2.1 |
% |
2033 |
|
|
20 |
|
|
|
42,859 |
|
|
|
5.7 |
% |
|
|
84.14 |
|
|
|
5.2 |
% |
|
|
1 |
|
|
|
28,881 |
|
|
|
1.2 |
% |
|
|
14.50 |
|
|
|
1.1 |
% |
Thereafter |
|
|
11 |
|
|
|
46,697 |
|
|
|
6.2 |
% |
|
|
83.71 |
|
|
|
5.6 |
% |
|
|
7 |
|
|
|
299,538 |
|
|
|
12.1 |
% |
|
|
19.52 |
|
|
|
15.9 |
% |
Total 2 |
|
|
200 |
|
|
|
750,024 |
|
|
|
100.0 |
% |
|
$ |
92.84 |
|
|
|
100.0 |
% |
|
|
62 |
|
|
|
2,465,525 |
|
|
|
100.0 |
% |
|
$ |
14.92 |
|
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Anchor GLA Owned by Tenants |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
254,916 |
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Vacant 2 |
|
|
|
144,588 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
103,387 |
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Square Feet 2 |
|
|
|
894,612 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,823,828 |
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Shop Tenants |
|
|
Total Tenants |
|
||||||||||||||||||||||||||||||||||
|
|
|
|
|
GLA |
|
|
ABR |
|
|
|
|
|
GLA |
|
|
ABR |
|
||||||||||||||||||||||
|
|
Leases |
|
|
Expiring |
|
|
Percent |
|
|
|
|
|
Percent |
|
|
Leases |
|
|
Expiring |
|
|
Percent |
|
|
|
|
|
Percent |
|
||||||||||
Year |
|
Expiring |
|
|
SF |
|
|
of Total |
|
|
PSF |
|
|
of Total |
|
|
Expiring |
|
|
SF |
|
|
of Total |
|
|
PSF |
|
|
of Total |
|
||||||||||
M to M 1 |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
$ |
— |
|
|
|
— |
% |
|
|
3 |
|
|
|
4,162 |
|
|
|
0.1 |
% |
|
|
53.29 |
|
|
|
0.2 |
% |
2024 (Remainder) |
|
|
10 |
|
|
|
21,831 |
|
|
|
2.1 |
% |
|
|
37.19 |
|
|
|
2.5 |
% |
|
|
22 |
|
|
|
246,554 |
|
|
|
5.8 |
% |
|
|
15.50 |
|
|
|
2.8 |
% |
2025 |
|
|
38 |
|
|
|
130,150 |
|
|
|
12.5 |
% |
|
|
27.37 |
|
|
|
10.9 |
% |
|
|
75 |
|
|
|
627,006 |
|
|
|
14.7 |
% |
|
|
36.00 |
|
|
|
16.2 |
% |
2026 |
|
|
37 |
|
|
|
130,702 |
|
|
|
12.5 |
% |
|
|
25.95 |
|
|
|
10.4 |
% |
|
|
76 |
|
|
|
629,582 |
|
|
|
14.8 |
% |
|
|
29.82 |
|
|
|
13.5 |
% |
2027 |
|
|
37 |
|
|
|
140,051 |
|
|
|
13.4 |
% |
|
|
34.25 |
|
|
|
14.7 |
% |
|
|
62 |
|
|
|
333,110 |
|
|
|
7.8 |
% |
|
|
39.70 |
|
|
|
9.5 |
% |
2028 |
|
|
35 |
|
|
|
143,791 |
|
|
|
13.8 |
% |
|
|
35.19 |
|
|
|
15.5 |
% |
|
|
67 |
|
|
|
821,375 |
|
|
|
19.3 |
% |
|
|
29.02 |
|
|
|
17.1 |
% |
2029 |
|
|
30 |
|
|
|
128,201 |
|
|
|
12.3 |
% |
|
|
26.63 |
|
|
|
10.5 |
% |
|
|
68 |
|
|
|
557,370 |
|
|
|
13.1 |
% |
|
|
26.46 |
|
|
|
10.6 |
% |
2030 |
|
|
9 |
|
|
|
22,285 |
|
|
|
2.1 |
% |
|
|
40.77 |
|
|
|
2.8 |
% |
|
|
19 |
|
|
|
89,197 |
|
|
|
2.1 |
% |
|
|
67.38 |
|
|
|
4.3 |
% |
2031 |
|
|
14 |
|
|
|
80,227 |
|
|
|
7.7 |
% |
|
|
25.71 |
|
|
|
6.3 |
% |
|
|
23 |
|
|
|
169,221 |
|
|
|
4.0 |
% |
|
|
36.64 |
|
|
|
4.5 |
% |
2032 |
|
|
25 |
|
|
|
96,152 |
|
|
|
9.2 |
% |
|
|
33.17 |
|
|
|
9.8 |
% |
|
|
43 |
|
|
|
213,385 |
|
|
|
5.0 |
% |
|
|
48.84 |
|
|
|
7.5 |
% |
2033 |
|
|
21 |
|
|
|
85,791 |
|
|
|
8.2 |
% |
|
|
32.14 |
|
|
|
8.5 |
% |
|
|
42 |
|
|
|
157,531 |
|
|
|
3.7 |
% |
|
|
43.06 |
|
|
|
4.9 |
% |
Thereafter |
|
|
18 |
|
|
|
64,275 |
|
|
|
6.2 |
% |
|
|
40.97 |
|
|
|
8.1 |
% |
|
|
36 |
|
|
|
410,511 |
|
|
|
9.6 |
% |
|
|
30.18 |
|
|
|
8.9 |
% |
Total 2 |
|
|
274 |
|
|
|
1,043,456 |
|
|
|
100.0 |
% |
|
$ |
31.23 |
|
|
|
100.0 |
% |
|
|
536 |
|
|
|
4,259,005 |
|
|
|
100.0 |
% |
|
$ |
32.64 |
|
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Anchor GLA Owned by Tenants |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
254,916 |
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Vacant 2 |
|
|
|
161,659 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
409,634 |
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Square Feet 2 |
|
|
|
1,205,114 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,923,554 |
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core Portfolio – New and Renewal Rent Spreads 1 |
Supplemental Report – September 30, 2024 |
|
|
|
Quarter Ended |
|
|
Year to Date |
|
|||||||||||||||||||||||||
|
|
March 31, 2024 |
|
|
June 30, 2024 |
|
September 30, 2024 |
|
|
September 30, 2024 |
|
||||||||||||||||||||
|
|
GAAP 2 |
|
|
Cash 3 |
|
|
GAAP 2 |
|
|
Cash 3 |
|
GAAP 2 |
|
|
Cash 3 |
|
|
GAAP 2 |
|
|
Cash 3 |
|
||||||||
New Leases |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Number of new leases executed |
|
|
2 |
|
|
|
2 |
|
|
|
4 |
|
|
|
4 |
|
|
5 |
|
|
|
5 |
|
|
|
11 |
|
|
|
11 |
|
GLA |
|
|
3,460 |
|
|
|
3,460 |
|
|
|
10,929 |
|
|
|
10,929 |
|
|
12,542 |
|
|
|
12,542 |
|
|
|
26,931 |
|
|
|
26,931 |
|
New base rent |
|
$ |
40.04 |
|
|
$ |
35.74 |
|
|
$ |
90.18 |
|
|
$ |
78.81 |
|
$ |
80.82 |
|
|
$ |
71.03 |
|
|
$ |
79.38 |
|
|
$ |
69.65 |
|
Previous base rent |
|
$ |
29.91 |
|
|
$ |
30.90 |
|
|
$ |
49.69 |
|
|
$ |
50.77 |
|
$ |
46.84 |
|
|
$ |
48.74 |
|
|
$ |
45.82 |
|
|
$ |
47.27 |
|
Average cost per square foot |
|
$ |
49.36 |
|
|
$ |
49.36 |
|
|
$ |
88.18 |
|
|
$ |
88.18 |
|
$ |
104.35 |
|
|
$ |
104.35 |
|
|
$ |
90.72 |
|
|
$ |
90.72 |
|
Weighted Average Lease Term (years) |
|
|
10.0 |
|
|
|
10.0 |
|
|
|
9.7 |
|
|
|
9.7 |
|
|
11.6 |
|
|
|
11.6 |
|
|
|
10.6 |
|
|
|
10.6 |
|
Percentage growth in base rent |
|
|
33.9 |
% |
|
|
15.7 |
% |
|
|
81.5 |
% |
|
|
55.2 |
% |
|
72.6 |
% |
|
|
45.7 |
% |
|
|
73.2 |
% |
|
|
47.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Renewal Leases |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Number of renewal leases executed |
|
|
20 |
|
|
|
20 |
|
|
|
14 |
|
|
|
14 |
|
|
7 |
|
|
|
7 |
|
|
|
41 |
|
|
|
41 |
|
GLA |
|
|
184,391 |
|
|
|
184,391 |
|
|
|
67,887 |
|
|
|
67,887 |
|
|
173,205 |
|
|
|
173,205 |
|
|
|
425,483 |
|
|
|
425,483 |
|
New base rent |
|
$ |
22.53 |
|
|
$ |
22.24 |
|
|
$ |
75.23 |
|
|
$ |
72.13 |
|
$ |
27.06 |
|
|
$ |
26.16 |
|
|
$ |
32.78 |
|
|
$ |
31.80 |
|
Expiring base rent |
|
$ |
20.47 |
|
|
$ |
21.19 |
|
|
$ |
64.95 |
|
|
$ |
69.23 |
|
$ |
25.55 |
|
|
$ |
26.26 |
|
|
$ |
29.63 |
|
|
$ |
30.92 |
|
Average cost per square foot |
|
$ |
0.45 |
|
|
$ |
0.45 |
|
|
$ |
— |
|
|
$ |
— |
|
$ |
0.58 |
|
|
$ |
0.58 |
|
|
$ |
0.43 |
|
|
$ |
0.43 |
|
Weighted Average Lease Term (years) |
|
|
4.6 |
|
|
|
4.6 |
|
|
|
5.5 |
|
|
|
5.5 |
|
|
4.7 |
|
|
|
4.7 |
|
|
|
4.8 |
|
|
|
4.8 |
|
Percentage growth in base rent |
|
|
10.1 |
% |
|
|
5.0 |
% |
|
|
15.8 |
% |
|
|
4.2 |
% |
|
5.9 |
% |
|
|
(0.4 |
)% |
|
|
10.6 |
% |
|
|
2.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total New and Renewal Leases |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Number of new and renewal leases executed |
|
|
22 |
|
|
|
22 |
|
|
|
18 |
|
|
|
18 |
|
|
12 |
|
|
|
12 |
|
|
|
52 |
|
|
|
52 |
|
GLA commencing |
|
|
187,851 |
|
|
|
187,851 |
|
|
|
78,816 |
|
|
|
78,816 |
|
|
185,747 |
|
|
|
185,747 |
|
|
|
452,414 |
|
|
|
452,414 |
|
New base rent |
|
$ |
22.85 |
|
|
$ |
22.49 |
|
|
$ |
77.31 |
|
|
$ |
73.06 |
|
$ |
30.69 |
|
|
$ |
29.19 |
|
|
$ |
35.55 |
|
|
$ |
34.05 |
|
Expiring base rent |
|
$ |
20.64 |
|
|
$ |
21.37 |
|
|
$ |
62.83 |
|
|
$ |
66.67 |
|
$ |
26.99 |
|
|
$ |
27.78 |
|
|
$ |
30.59 |
|
|
$ |
31.89 |
|
Average cost per square foot |
|
$ |
1.35 |
|
|
$ |
1.35 |
|
|
$ |
12.23 |
|
|
$ |
12.23 |
|
$ |
7.58 |
|
|
$ |
7.58 |
|
|
$ |
5.80 |
|
|
$ |
5.80 |
|
Weighted Average Lease Term (years) |
|
|
4.7 |
|
|
|
4.7 |
|
|
|
6.1 |
|
|
|
6.1 |
|
|
5.1 |
|
|
|
5.1 |
|
|
|
5.1 |
|
|
|
5.1 |
|
Percentage growth in base rent |
|
|
10.7 |
% |
|
|
5.2 |
% |
|
|
23.0 |
% |
|
|
9.6 |
% |
|
13.7 |
% |
|
|
5.1 |
% |
|
|
16.2 |
% |
|
|
6.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core Portfolio – Capital Expenditures |
Supplemental Report – September 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Quarter Ended |
|
|
Year to Date |
|
||||||||||||||
|
|
March 31, 2024 |
|
|
June 30, 2024 |
|
|
September 30, 2024 |
|
|
September 30, 2024 |
|
|
December 31, 2023 |
|
|||||
Leasing Commissions |
|
$ |
560 |
|
|
$ |
1,362 |
|
|
$ |
544 |
|
|
$ |
2,466 |
|
|
$ |
5,941 |
|
Tenant Improvements |
|
|
1,212 |
|
|
|
907 |
|
|
|
2,701 |
|
|
|
4,820 |
|
|
|
10,594 |
|
Maintenance Capital Expenditures |
|
|
1,640 |
|
|
|
2,143 |
|
|
|
2,037 |
|
|
|
5,820 |
|
|
|
8,618 |
|
Total Capital Expenditures |
|
$ |
3,412 |
|
|
$ |
4,412 |
|
|
$ |
5,282 |
|
|
$ |
13,106 |
|
|
$ |
25,153 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund Overview |
Supplemental Report – September 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
I. KEY METRICS |
|
Fund I |
|
Fund II |
|
Fund III |
|
Fund IV |
|
Fund V |
|
Total |
||||||||||||||||||||||||||||||
General Information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Vintage |
|
|
Sep-2001 |
|
|
Jun-2004 |
|
|
May-2007 |
|
|
May-2012 |
|
|
Aug-2016 |
|
|
|
||||||||||||||||||||||||
Fund Size |
|
$ |
|
90.0 |
|
Million |
|
$ |
|
472.0 |
|
Million 2 |
|
$ |
|
502.5 |
|
Million |
|
$ |
|
540.6 |
|
Million |
|
$ |
|
520.0 |
|
Million |
|
$ |
|
2,125.1 |
|
Million |
||||||
Acadia's Commitment |
|
$ |
|
20.0 |
|
Million |
|
$ |
|
291.2 |
|
Million |
|
$ |
|
123.3 |
|
Million |
|
$ |
|
125.0 |
|
Million |
|
$ |
|
104.5 |
|
Million |
|
$ |
|
664.0 |
|
Million |
||||||
Acadia's Pro-Rata Share |
|
|
|
22.2 |
|
% |
|
|
|
|
61.7 |
|
% 2 |
|
|
|
|
24.5 |
|
% |
|
|
|
|
23.1 |
|
% |
|
|
|
|
20.1 |
|
% |
|
|
|
|
31.2 |
|
% |
|
Acadia's Promoted Share 1 |
|
|
|
37.8 |
|
% |
|
|
|
|
69.4 |
|
% |
|
|
|
|
39.6 |
|
% |
|
|
|
|
38.5 |
|
% |
|
|
|
|
36.1 |
|
% |
|
|
|
|
45.0 |
|
% |
|
Preferred Return |
|
|
|
9.0 |
|
% |
|
|
|
|
8.0 |
|
% |
|
|
|
|
6.0 |
|
% |
|
|
|
|
6.0 |
|
% |
|
|
|
|
6.0 |
|
% |
|
|
|
6.4 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Current-Quarter, Fund-Level Information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cumulative Contributions 2 |
|
$ |
|
86.6 |
|
Million |
|
$ |
|
559.4 |
|
Million |
|
$ |
|
448.1 |
|
Million |
|
$ |
|
506.0 |
|
Million |
|
$ |
|
462.6 |
|
Million |
|
$ |
|
2,062.7 |
|
Million |
||||||
Cumulative Net Distributions 3 |
|
$ |
|
195.4 |
|
Million |
|
$ |
|
172.9 |
|
Million |
|
$ |
|
603.5 |
|
Million |
|
$ |
|
221.4 |
|
Million |
|
$ |
|
131.1 |
|
Million |
|
$ |
|
1,324.3 |
|
Million |
||||||
Net Distributions/Contributions |
|
|
|
225.6 |
|
% |
|
|
|
|
30.9 |
|
% |
|
|
|
|
134.7 |
|
% |
|
|
|
|
43.8 |
|
% |
|
|
|
|
28.3 |
|
% |
|
|
|
|
64.2 |
|
% |
|
Unfunded Commitment 4 |
|
$ |
|
0.0 |
|
Million |
|
$ |
|
0.0 |
|
Million |
|
$ |
|
1.9 |
|
Million |
|
$ |
|
24.0 |
|
Million |
|
$ |
|
57.4 |
|
Million |
|
$ |
|
83.3 |
|
Million |
||||||
Investment Period Closes |
|
|
Closed |
|
|
|
|
|
Closed |
|
|
|
|
|
Closed |
|
|
|
|
|
Closed |
|
|
|
|
|
Closed |
|
|
|
|
|
|
|
|
|
||||||
Currently in a Promote Position? (Yes/No) |
|
|
No |
|
|
|
|
|
No |
|
|
|
|
|
No |
|
|
|
|
|
No |
|
|
|
|
|
No |
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
II. FEES & PRIORITY DISTRIBUTIONS EARNED BY ACADIA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Type: |
|
|
Applicable to |
|
|
Description |
||||||||||||||||||||||||||||||||||||
Asset Management |
|
|
Fund I, II & II |
|
|
0% |
||||||||||||||||||||||||||||||||||||
Asset Management 5 |
|
|
Fund IV |
|
|
0.75% of Implied Capital |
||||||||||||||||||||||||||||||||||||
Asset Management 5 |
|
|
Fund V |
|
|
1.25% of Implied Capital |
||||||||||||||||||||||||||||||||||||
Property Management |
|
|
All funds |
|
|
4.0% of gross property revenues |
||||||||||||||||||||||||||||||||||||
Leasing |
|
|
All funds |
|
|
Market-rate leasing commissions |
||||||||||||||||||||||||||||||||||||
Construction/Project Management |
|
|
All funds |
|
|
Market-rate fees |
||||||||||||||||||||||||||||||||||||
Development |
|
|
Fund III, IV & V |
|
|
3.0% of total project costs |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
Fund Overview |
Supplemental Report – September 30, 2024 |
|
|
Investment Management Retail Properties – Detail 1 |
Supplemental Report – September 30, 2024 |
|
|
|
|
|
Year |
|
Fund |
|
|
Gross Leasable Area |
|
|
In Place Occupancy |
|
|
Leased |
|
|
Annualized |
|
|
|
|
||||||||||||||||||||||||||||||
Property |
|
Key Tenants |
|
Acquired |
|
Ownership % |
|
|
Street |
|
|
Anchors |
|
|
Shops |
|
|
Total |
|
|
Street |
|
|
Anchors |
|
|
Shops |
|
|
Total |
|
|
Occupancy |
|
|
Base Rent (ABR) |
|
|
ABR PSF |
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Fund II Portfolio Detail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
NEW YORK |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
New York |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
City Point 2 |
|
Primark, Target, Sephora, |
|
2007 |
|
|
94.2 |
% |
|
|
— |
|
|
|
330,448 |
|
|
|
205,815 |
|
|
|
536,263 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
44.2 |
% |
|
|
78.6 |
% |
|
|
85.9 |
% |
|
$ |
19,635,801 |
|
|
$ |
46.60 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total - Fund II |
|
|
|
|
|
|
|
|
|
— |
|
|
|
330,448 |
|
|
|
205,815 |
|
|
|
536,263 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
44.2 |
% |
|
|
78.6 |
% |
|
|
85.9 |
% |
|
$ |
19,635,801 |
|
|
$ |
46.60 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Fund III Portfolio Detail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
NEW YORK |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
New York |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
640 Broadway |
|
─ |
|
2012 |
|
|
100.0 |
% |
|
|
4,547 |
|
|
|
— |
|
|
|
— |
|
|
|
4,547 |
|
|
|
63.6 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
63.6 |
% |
|
|
93.4 |
% |
|
$ |
706,994 |
|
|
$ |
244.63 |
|
Total - Fund III |
|
|
|
|
|
|
|
|
|
4,547 |
|
|
|
— |
|
|
|
— |
|
|
|
4,547 |
|
|
|
63.6 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
63.6 |
% |
|
|
93.4 |
% |
|
$ |
706,994 |
|
|
$ |
244.63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Fund IV Portfolio Detail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
NEW YORK |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
New York |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
801 Madison Avenue |
|
─ |
|
2015 |
|
|
100.0 |
% |
|
|
2,522 |
|
|
|
— |
|
|
|
— |
|
|
|
2,522 |
|
|
|
100.0 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
$ |
300,000 |
|
|
$ |
118.95 |
|
210 Bowery |
|
─ |
|
2012 |
|
|
100.0 |
% |
|
|
2,538 |
|
|
|
— |
|
|
|
— |
|
|
|
2,538 |
|
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
|
|
|
— |
|
27 East 61st Street |
|
─ |
|
2014 |
|
|
100.0 |
% |
|
|
4,177 |
|
|
|
— |
|
|
|
— |
|
|
|
4,177 |
|
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
|
|
|
— |
|
17 East 71st Street |
|
The Row |
|
2014 |
|
|
100.0 |
% |
|
|
8,432 |
|
|
|
— |
|
|
|
— |
|
|
|
8,432 |
|
|
|
100.0 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
2,116,939 |
|
|
|
251.06 |
|
1035 Third Avenue 3 |
|
─ |
|
2015 |
|
|
100.0 |
% |
|
|
7,634 |
|
|
|
— |
|
|
|
— |
|
|
|
7,634 |
|
|
|
100.0 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
1,222,748 |
|
|
|
160.17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
BOSTON |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Massachusetts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Restaurants at Fort Point |
|
Santander Bank |
|
2016 |
|
|
100.0 |
% |
|
|
15,711 |
|
|
|
— |
|
|
|
— |
|
|
|
15,711 |
|
|
|
9.1 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
9.1 |
% |
|
|
9.1 |
% |
|
|
224,438 |
|
|
|
157.50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
NORTHEAST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Rhode Island |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
650 Bald Hill Road |
|
Dick's Sporting Goods, |
|
2015 |
|
|
90.0 |
% |
|
|
— |
|
|
|
55,000 |
|
|
|
105,448 |
|
|
|
160,448 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
77.7 |
% |
|
|
85.3 |
% |
|
|
85.3 |
% |
|
|
2,092,896 |
|
|
|
15.28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
MID-ATLANTIC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Delaware |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Eden Square |
|
Giant Food, LA Fitness |
|
2014 |
|
|
90.0 |
% |
|
|
— |
|
|
|
116,003 |
|
|
|
113,170 |
|
|
|
229,173 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
92.8 |
% |
|
|
96.5 |
% |
|
|
98.6 |
% |
|
|
3,581,722 |
|
|
|
16.20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
SOUTHEAST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Georgia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Broughton Street Portfolio |
|
H&M, Lululemon, Warby Parker, |
|
2014 |
|
|
100.0 |
% |
|
|
94,693 |
|
|
|
— |
|
|
|
— |
|
|
|
94,693 |
|
|
|
90.2 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
90.2 |
% |
|
|
96.0 |
% |
|
|
3,205,420 |
|
|
|
37.54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
WEST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
California |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Union and Fillmore |
|
Bonobos |
|
2015 |
|
|
90.0 |
% |
|
|
1,044 |
|
|
|
— |
|
|
|
— |
|
|
|
1,044 |
|
|
|
100.0 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
147,585 |
|
|
|
141.36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total - Fund IV |
|
|
|
|
|
|
|
|
|
136,751 |
|
|
|
171,003 |
|
|
|
218,618 |
|
|
|
526,372 |
|
|
|
77.8 |
% |
|
|
100.0 |
% |
|
|
85.5 |
% |
|
|
88.2 |
% |
|
|
90.2 |
% |
|
$ |
12,891,748 |
|
|
$ |
27.76 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Fund V Portfolio Detail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
SOUTHWEST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
New Mexico |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Plaza Santa Fe |
|
TJ Maxx, Best Buy, |
|
2017 |
|
|
100.0 |
% |
|
|
— |
|
|
|
153,983 |
|
|
|
70,169 |
|
|
|
224,152 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
86.2 |
% |
|
|
95.7 |
% |
|
|
99.9 |
% |
|
$ |
4,113,674 |
|
|
$ |
19.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Management Retail Properties – Detail 1 |
Supplemental Report – September 30, 2024 |
|
|
|
|
|
Year |
|
Fund |
|
|
Gross Leasable Area |
|
|
In Place Occupancy |
|
|
Leased |
|
|
Annualized |
|
|
|
|
||||||||||||||||||||||||||||||
Property |
|
Key Tenants |
|
Acquired |
|
Ownership % |
|
|
Street |
|
|
Anchors |
|
|
Shops |
|
|
Total |
|
|
Street |
|
|
Anchors |
|
|
Shops |
|
|
Total |
|
|
Occupancy |
|
|
Base Rent (ABR) |
|
|
ABR PSF |
|
||||||||||||
Texas |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Wood Ridge Plaza |
|
Kirkland's, Office Depot |
|
2022 |
|
|
90.0 |
% |
|
|
— |
|
|
|
— |
|
|
|
217,617 |
|
|
|
217,617 |
|
|
|
— |
% |
|
|
— |
% |
|
|
90.0 |
% |
|
|
90.0 |
% |
|
|
91.9 |
% |
|
|
4,761,317 |
|
|
|
24.31 |
|
La Frontera Village |
|
Kohl's, Hobby Lobby, Burlington, Marshalls |
|
2022 |
|
|
90.0 |
% |
|
|
— |
|
|
|
203,619 |
|
|
|
330,930 |
|
|
|
534,549 |
|
|
|
— |
% |
|
|
85.0 |
% |
|
|
87.9 |
% |
|
|
86.8 |
% |
|
|
95.0 |
% |
|
|
6,460,249 |
|
|
|
13.93 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
MIDWEST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Michigan |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
New Towne Center |
|
Kohl's, Jo-Ann's, DSW |
|
2017 |
|
|
100.0 |
% |
|
|
— |
|
|
|
145,389 |
|
|
|
45,141 |
|
|
|
190,530 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
2,416,131 |
|
|
|
12.68 |
|
Fairlane Green |
|
TJ Maxx, Michaels, Burlington |
|
2017 |
|
|
100.0 |
% |
|
|
— |
|
|
|
109,952 |
|
|
|
160,235 |
|
|
|
270,187 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
97.1 |
% |
|
|
98.3 |
% |
|
|
98.3 |
% |
|
|
5,245,306 |
|
|
|
19.75 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
NORTHEAST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Maryland |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Frederick County (1 property) |
|
Lidl, Advance Auto, Starbucks |
|
2019 |
|
|
90.0 |
% |
|
|
— |
|
|
|
90,053 |
|
|
|
146,454 |
|
|
|
236,507 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
80.1 |
% |
|
|
87.7 |
% |
|
|
91.3 |
% |
|
|
3,758,967 |
|
|
|
18.13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Connecticut |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Tri-City Plaza |
|
TJ Maxx, HomeGoods, ShopRite |
|
2019 |
|
|
90.0 |
% |
|
|
— |
|
|
|
129,940 |
|
|
|
172,769 |
|
|
|
302,709 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
84.0 |
% |
|
|
90.9 |
% |
|
|
94.7 |
% |
|
|
4,005,606 |
|
|
|
14.56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
New Jersey |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Midstate |
|
ShopRite, Best Buy, DSW, PetSmart |
|
2021 |
|
|
100.0 |
% |
|
|
— |
|
|
|
264,314 |
|
|
|
122,466 |
|
|
|
386,780 |
|
|
|
— |
% |
|
|
74.1 |
% |
|
|
74.5 |
% |
|
|
74.2 |
% |
|
|
97.9 |
% |
|
|
6,058,470 |
|
|
|
21.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
New York |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Shoppes at South Hills |
|
ShopRite, At Home, |
|
2022 |
|
|
90.0 |
% |
|
|
— |
|
|
|
416,804 |
|
|
|
96,104 |
|
|
|
512,908 |
|
|
|
— |
% |
|
|
80.7 |
% |
|
|
58.2 |
% |
|
|
76.5 |
% |
|
|
76.5 |
% |
|
|
4,459,606 |
|
|
|
11.36 |
|
Mohawk Commons |
|
Lowe's, Target |
|
2023 |
|
|
90.0 |
% |
|
|
— |
|
|
|
330,874 |
|
|
|
70,299 |
|
|
|
401,173 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
89.9 |
% |
|
|
98.2 |
% |
|
|
100.0 |
% |
|
|
5,657,112 |
|
|
|
14.36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Pennsylvania |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Monroe Marketplace |
|
Kohl's, Dick's |
|
2021 |
|
|
100.0 |
% |
|
|
— |
|
|
|
263,376 |
|
|
|
108,276 |
|
|
|
371,652 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
4,459,795 |
|
|
|
12.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Rhode Island |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Lincoln Commons |
|
Stop and Shop, Marshalls, |
|
2019 |
|
|
100.0 |
% |
|
|
— |
|
|
|
155,279 |
|
|
|
305,534 |
|
|
|
460,813 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
94.1 |
% |
|
|
96.1 |
% |
|
|
96.4 |
% |
|
|
5,966,607 |
|
|
|
13.47 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Vermont |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Maple Tree Place 4 |
|
Shaw's, Dick's Sporting Goods, Best Buy, Old Navy |
|
2023 |
|
|
100.0 |
% |
|
|
— |
|
|
|
246,738 |
|
|
|
150,031 |
|
|
|
396,769 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
57.9 |
% |
|
|
84.1 |
% |
|
|
96.3 |
% |
|
|
6,637,120 |
|
|
|
19.90 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
SOUTHEAST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Virginia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Landstown Commons |
|
Best Buy, Burlington, |
|
2019 |
|
|
100.0 |
% |
|
|
— |
|
|
|
87,883 |
|
|
|
292,316 |
|
|
|
380,199 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
95.3 |
% |
|
|
96.4 |
% |
|
|
96.4 |
% |
|
|
7,580,653 |
|
|
|
20.69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Florida |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Palm Coast Landing |
|
TJ Maxx, PetSmart, |
|
2019 |
|
|
100.0 |
% |
|
|
— |
|
|
|
73,241 |
|
|
|
98,558 |
|
|
|
171,799 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
93.3 |
% |
|
|
96.2 |
% |
|
|
96.2 |
% |
|
|
3,496,692 |
|
|
|
21.16 |
|
Cypress Creek |
|
Hobby Lobby, Total Wine, HomeGoods |
|
2023 |
|
|
100.0 |
% |
|
|
— |
|
|
|
167,978 |
|
|
|
71,678 |
|
|
|
239,656 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
95.1 |
% |
|
|
98.5 |
% |
|
|
98.5 |
% |
|
|
5,050,839 |
|
|
|
21.39 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
North Carolina |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Hickory Ridge |
|
Kohl's, Best Buy, Dick's Sporting Goods |
|
2017 |
|
|
100.0 |
% |
|
|
— |
|
|
|
266,584 |
|
|
|
113,981 |
|
|
|
380,565 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
97.5 |
% |
|
|
99.3 |
% |
|
|
99.3 |
% |
|
|
4,770,435 |
|
|
|
12.63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Alabama |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Trussville Promenade |
|
Wal-Mart, Regal Cinemas |
|
2018 |
|
|
100.0 |
% |
|
|
— |
|
|
|
366,010 |
|
|
|
97,671 |
|
|
|
463,681 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
88.5 |
% |
|
|
97.6 |
% |
|
|
97.6 |
% |
|
|
4,461,263 |
|
|
|
9.86 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Georgia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Management Retail Properties – Detail 1 |
Supplemental Report – September 30, 2024 |
|
|
|
|
|
Year |
|
Fund |
|
|
Gross Leasable Area |
|
|
In Place Occupancy |
|
|
Leased |
|
|
Annualized |
|
|
|
|
||||||||||||||||||||||||||||||
Property |
|
Key Tenants |
|
Acquired |
|
Ownership % |
|
|
Street |
|
|
Anchors |
|
|
Shops |
|
|
Total |
|
|
Street |
|
|
Anchors |
|
|
Shops |
|
|
Total |
|
|
Occupancy |
|
|
Base Rent (ABR) |
|
|
ABR PSF |
|
||||||||||||
Canton Marketplace |
|
Dick's Sporting Goods, |
|
2021 |
|
|
100.0 |
% |
|
|
— |
|
|
|
132,569 |
|
|
|
219,440 |
|
|
|
352,009 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
92.7 |
% |
|
|
95.4 |
% |
|
|
98.9 |
% |
|
|
6,165,940 |
|
|
|
18.35 |
|
Hiram Pavilion |
|
Kohl's, HomeGoods |
|
2018 |
|
|
100.0 |
% |
|
|
— |
|
|
|
210,139 |
|
|
|
153,252 |
|
|
|
363,391 |
|
|
|
— |
% |
|
|
89.8 |
% |
|
|
96.7 |
% |
|
|
92.7 |
% |
|
|
98.6 |
% |
|
|
4,518,742 |
|
|
|
13.41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
WEST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
California |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Elk Grove Commons |
|
Kohl's, HomeGoods |
|
2018 |
|
|
100.0 |
% |
|
|
— |
|
|
|
132,489 |
|
|
|
109,589 |
|
|
|
242,078 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
97.3 |
% |
|
|
98.8 |
% |
|
|
98.8 |
% |
|
|
5,200,286 |
|
|
|
21.75 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Utah |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Family Center at Riverdale |
|
Target, Home Goods, |
|
2019 |
|
|
89.4 |
% |
|
|
— |
|
|
|
231,895 |
|
|
|
140,513 |
|
|
|
372,408 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
94.5 |
% |
|
|
97.9 |
% |
|
|
97.9 |
% |
|
|
4,095,427 |
|
|
|
11.23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total - Fund V |
|
|
|
|
|
|
|
|
|
— |
|
|
|
4,179,109 |
|
|
|
3,293,023 |
|
|
|
7,472,132 |
|
|
|
— |
% |
|
|
95.2 |
% |
|
|
89.0 |
% |
|
|
92.5 |
% |
|
|
95.9 |
% |
|
$ |
109,340,237 |
|
|
$ |
15.83 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other Co-investment Vehicles Detail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
NORTHEAST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
New York |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Shops at Grand Avenue |
|
Stop & Shop (Ahold), Starbucks |
|
2024 |
|
|
5.0 |
% |
|
|
— |
|
|
|
52,336 |
|
|
|
47,501 |
|
|
|
99,837 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
3,567,567 |
|
|
|
35.73 |
|
SOUTHEAST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Florida |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
The Walk at Highwoods Preserve |
|
HomeGoods, Michaels |
|
2024 |
|
|
100.0 |
% |
|
|
— |
|
|
|
80,894 |
|
|
|
56,862 |
|
|
|
137,756 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
2,728,660 |
|
|
|
19.81 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total - Other Co-investment Vehicles |
|
|
|
|
|
|
|
|
|
— |
|
|
|
133,230 |
|
|
|
104,363 |
|
|
|
237,593 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
$ |
6,296,227 |
|
|
$ |
26.50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
TOTAL INVESTMENT MANAGEMENT PROPERTIES |
|
|
|
|
|
|
|
|
|
141,298 |
|
|
|
4,813,790 |
|
|
|
3,821,819 |
|
|
|
8,776,907 |
|
|
|
77.4 |
% |
|
|
95.8 |
% |
|
|
86.7 |
% |
|
|
91.5 |
% |
|
|
95.1 |
% |
|
$ |
148,871,007 |
|
|
$ |
18.53 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Acadia Share of Total Investment Management Properties |
|
|
|
32,709 |
|
|
|
1,057,872 |
|
|
|
816,925 |
|
|
|
1,907,505 |
|
|
|
77.3 |
% |
|
|
96.4 |
% |
|
|
82.5 |
% |
|
|
90.1 |
% |
|
|
94.1 |
% |
|
$ |
36,455,951 |
|
|
$ |
21.20 |
|
|
Investment Management Lease Expirations |
Supplemental Report – September 30, 2024 |
(Pro-Rata Basis) |
|
|
FUND II |
|
|
|
|
|
|
|
|
FUND III |
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
|
|
|
|
|
GLA |
|
|
|
|
|
ABR |
|
|
|
|
|
GLA |
|
|
|
|
|
ABR |
|
||||||||||||||||||||||||
|
|
Leases |
|
|
Expiring |
|
|
Percent |
|
|
|
|
|
|
|
|
Percent |
|
|
Leases |
|
|
Expiring |
|
|
Percent |
|
|
|
|
|
|
|
|
Percent |
|
||||||||||||
Year |
|
Expiring |
|
|
SF |
|
|
of Total |
|
|
Amount |
|
|
PSF |
|
|
of Total |
|
|
Expiring |
|
|
SF |
|
|
of Total |
|
|
Amount |
|
|
PSF |
|
|
of Total |
|
||||||||||||
M to M 1 |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
$ |
— |
|
|
$ |
— |
|
|
|
— |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
$ |
— |
|
|
$ |
— |
|
|
|
— |
% |
2024 (Remainder) |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
2025 |
|
|
1 |
|
|
|
1,426 |
|
|
|
0.6 |
% |
|
|
164,531 |
|
|
|
115.36 |
|
|
|
1.4 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
2026 |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
2027 |
|
|
3 |
|
|
|
15,292 |
|
|
|
6.2 |
% |
|
|
1,241,238 |
|
|
|
81.17 |
|
|
|
10.9 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
2028 |
|
|
1 |
|
|
|
552 |
|
|
|
0.2 |
% |
|
|
107,618 |
|
|
|
195.00 |
|
|
|
0.9 |
% |
|
|
1 |
|
|
|
306 |
|
|
|
43.1 |
% |
|
|
75,845 |
|
|
|
247.85 |
|
|
|
43.7 |
% |
2029 |
|
|
1 |
|
|
|
580 |
|
|
|
0.2 |
% |
|
|
89,140 |
|
|
|
153.75 |
|
|
|
0.8 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
2030 |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
|
1 |
|
|
|
177 |
|
|
|
24.9 |
% |
|
|
42,148 |
|
|
|
238.21 |
|
|
|
24.3 |
% |
2031 |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
|
1 |
|
|
|
226 |
|
|
|
31.9 |
% |
|
|
55,503 |
|
|
|
245.31 |
|
|
|
32.0 |
% |
2032 |
|
|
4 |
|
|
|
78,364 |
|
|
|
32.0 |
% |
|
|
1,245,131 |
|
|
|
15.89 |
|
|
|
10.9 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
|
- |
|
|
|
— |
|
|
|
— |
% |
2033 |
|
|
3 |
|
|
|
18,877 |
|
|
|
7.7 |
% |
|
|
871,403 |
|
|
|
46.16 |
|
|
|
7.6 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
Thereafter |
|
|
12 |
|
|
|
129,709 |
|
|
|
53.0 |
% |
|
|
7,687,992 |
|
|
|
59.27 |
|
|
|
67.4 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
Total 2 |
|
|
25 |
|
|
|
244,799 |
|
|
|
100.0 |
% |
|
$ |
11,407,053 |
|
|
$ |
46.60 |
|
|
|
100.0 |
% |
|
|
3 |
|
|
|
709 |
|
|
|
100.0 |
% |
|
$ |
173,496 |
|
|
$ |
244.63 |
|
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
66,733 |
|
|
Total Vacant 2 |
|
|
|
|
|
|
|
|
|
|
|
|
407 |
|
|
Total Vacant 2 |
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
311,532 |
|
|
Total Square Feet 2 |
|
|
|
|
|
|
|
|
|
|
|
|
1,116 |
|
|
Total Square Feet 2 |
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
FUND IV |
|
|
|
|
|
|
|
|
FUND V |
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
|
|
|
|
|
GLA |
|
|
|
|
|
ABR |
|
|
|
|
|
GLA |
|
|
|
|
|
ABR |
|
||||||||||||||||||||||||
|
|
Leases |
|
|
Expiring |
|
|
Percent |
|
|
|
|
|
|
|
|
Percent |
|
|
Leases |
|
|
Expiring |
|
|
Percent |
|
|
|
|
|
|
|
|
Percent |
|
||||||||||||
Year |
|
Expiring |
|
|
SF |
|
|
of Total |
|
|
Amount |
|
|
PSF |
|
|
of Total |
|
|
Expiring |
|
|
SF |
|
|
of Total |
|
|
Amount |
|
|
PSF |
|
|
of Total |
|
||||||||||||
M to M 1 |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
$ |
— |
|
|
$ |
— |
|
|
|
— |
% |
|
|
2 |
|
|
|
661 |
|
|
|
0.0 |
% |
|
$ |
6,886 |
|
|
$ |
10.42 |
|
|
|
0.0 |
% |
2024 (Remainder) |
|
|
3 |
|
|
|
1,251 |
|
|
|
1.3 |
% |
|
|
79,883 |
|
|
|
63.86 |
|
|
|
2.8 |
% |
|
|
30 |
|
|
|
53,358 |
|
|
|
4.0 |
% |
|
|
766,021 |
|
|
|
14.36 |
|
|
|
3.6 |
% |
2025 |
|
|
5 |
|
|
|
1,761 |
|
|
|
1.8 |
% |
|
|
456,828 |
|
|
|
259.44 |
|
|
|
16.1 |
% |
|
|
90 |
|
|
|
233,193 |
|
|
|
17.4 |
% |
|
|
3,226,278 |
|
|
|
13.84 |
|
|
|
15.1 |
% |
2026 |
|
|
7 |
|
|
|
13,032 |
|
|
|
13.2 |
% |
|
|
202,639 |
|
|
|
15.55 |
|
|
|
7.1 |
% |
|
|
92 |
|
|
|
118,846 |
|
|
|
8.9 |
% |
|
|
2,278,192 |
|
|
|
19.17 |
|
|
|
10.7 |
% |
2027 |
|
|
10 |
|
|
|
7,648 |
|
|
|
7.7 |
% |
|
|
256,984 |
|
|
|
33.60 |
|
|
|
9.0 |
% |
|
|
91 |
|
|
|
205,629 |
|
|
|
15.3 |
% |
|
|
2,784,840 |
|
|
|
13.54 |
|
|
|
13.1 |
% |
2028 |
|
|
7 |
|
|
|
4,962 |
|
|
|
5.0 |
% |
|
|
136,814 |
|
|
|
27.57 |
|
|
|
4.8 |
% |
|
|
86 |
|
|
|
159,898 |
|
|
|
11.9 |
% |
|
|
3,091,411 |
|
|
|
19.33 |
|
|
|
14.5 |
% |
2029 |
|
|
7 |
|
|
|
28,693 |
|
|
|
29.0 |
% |
|
|
565,659 |
|
|
|
19.71 |
|
|
|
19.9 |
% |
|
|
81 |
|
|
|
178,136 |
|
|
|
13.3 |
% |
|
|
2,823,951 |
|
|
|
15.85 |
|
|
|
13.3 |
% |
2030 |
|
|
1 |
|
|
|
346 |
|
|
|
0.4 |
% |
|
|
16,278 |
|
|
|
47.00 |
|
|
|
0.6 |
% |
|
|
30 |
|
|
|
60,254 |
|
|
|
4.5 |
% |
|
|
1,000,961 |
|
|
|
16.61 |
|
|
|
4.7 |
% |
2031 |
|
|
4 |
|
|
|
1,628 |
|
|
|
1.6 |
% |
|
|
145,238 |
|
|
|
89.23 |
|
|
|
5.1 |
% |
|
|
34 |
|
|
|
77,463 |
|
|
|
5.8 |
% |
|
|
1,153,160 |
|
|
|
14.89 |
|
|
|
5.4 |
% |
2032 |
|
|
7 |
|
|
|
22,742 |
|
|
|
23.0 |
% |
|
|
565,286 |
|
|
|
24.86 |
|
|
|
19.9 |
% |
|
|
32 |
|
|
|
65,640 |
|
|
|
4.9 |
% |
|
|
1,088,041 |
|
|
|
16.58 |
|
|
|
5.1 |
% |
2033 |
|
|
5 |
|
|
|
12,850 |
|
|
|
13.0 |
% |
|
|
293,518 |
|
|
|
22.84 |
|
|
|
10.3 |
% |
|
|
32 |
|
|
|
61,006 |
|
|
|
4.5 |
% |
|
|
1,158,476 |
|
|
|
18.99 |
|
|
|
5.4 |
% |
Thereafter |
|
|
4 |
|
|
|
4,168 |
|
|
|
4.2 |
% |
|
|
126,836 |
|
|
|
30.43 |
|
|
|
4.5 |
% |
|
|
46 |
|
|
|
128,058 |
|
|
|
9.5 |
% |
|
|
1,927,110 |
|
|
|
15.05 |
|
|
|
9.0 |
% |
Total 2 |
|
|
60 |
|
|
|
99,081 |
|
|
|
100.0 |
% |
|
$ |
2,845,963 |
|
|
$ |
28.72 |
|
|
|
100.0 |
% |
|
|
646 |
|
|
|
1,342,141 |
|
|
|
100.0 |
% |
|
$ |
21,305,327 |
|
|
$ |
15.87 |
|
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
13,584 |
|
|
Total Vacant 2 |
|
|
|
|
|
|
|
|
|
|
|
|
107,508 |
|
|
Total Vacant 2 |
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
112,665 |
|
|
Total Square Feet 2 |
|
|
|
|
|
|
|
|
|
|
|
|
1,449,649 |
|
|
Total Square Feet 2 |
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Management Lease Expirations |
Supplemental Report – September 30, 2024 |
(Pro-Rata Basis) |
|
|
OTHER CO-INVESTMENT VEHICLES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
GLA |
|
|
|
|
|
ABR |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Leases |
|
|
Expiring |
|
|
Percent |
|
|
|
|
|
|
|
|
Percent |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Expiring |
|
|
SF |
|
|
of Total |
|
|
Amount |
|
|
PSF |
|
|
of Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
M to M 1 |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
$ |
— |
|
|
$ |
— |
|
|
|
— |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 (Remainder) |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
$ |
— |
|
|
|
— |
|
|
|
— |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
2 |
|
|
|
623 |
|
|
|
1.9 |
% |
|
$ |
30,368 |
|
|
|
48.74 |
|
|
|
4.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2026 |
|
|
4 |
|
|
|
2,731 |
|
|
|
8.4 |
% |
|
$ |
81,115 |
|
|
|
29.70 |
|
|
|
11.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2027 |
|
|
8 |
|
|
|
12,594 |
|
|
|
38.7 |
% |
|
$ |
191,661 |
|
|
|
15.22 |
|
|
|
26.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2028 |
|
|
6 |
|
|
|
1,338 |
|
|
|
4.1 |
% |
|
$ |
58,257 |
|
|
|
43.56 |
|
|
|
8.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2029 |
|
|
2 |
|
|
|
1,127 |
|
|
|
3.5 |
% |
|
$ |
30,062 |
|
|
|
26.66 |
|
|
|
4.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2030 |
|
|
4 |
|
|
|
1,909 |
|
|
|
5.9 |
% |
|
$ |
67,766 |
|
|
|
35.50 |
|
|
|
9.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2031 |
|
|
1 |
|
|
|
251 |
|
|
|
0.8 |
% |
|
$ |
7,298 |
|
|
|
29.04 |
|
|
|
1.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2032 |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
$ |
— |
|
|
|
— |
|
|
|
— |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2033 |
|
|
4 |
|
|
|
10,793 |
|
|
|
33.2 |
% |
|
$ |
230,475 |
|
|
|
21.35 |
|
|
|
31.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thereafter |
|
|
4 |
|
|
|
1,177 |
|
|
|
3.6 |
% |
|
$ |
27,108 |
|
|
|
23.04 |
|
|
|
3.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total 2 |
|
|
35 |
|
|
|
32,543 |
|
|
|
100.0 |
% |
|
$ |
724,110 |
|
|
$ |
22.25 |
|
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
— |
|
|
Total Vacant 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
32,543 |
|
|
Total Square Feet 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Development and Redevelopment Activity |
Supplemental Report – September 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
Acadia's Pro-rata Share |
||||||||||||||||||||||||||||
Property |
|
AKR Pro-rata share |
|
Location |
|
Estimated Stabilization |
|
Est. Sq ft Upon Completion |
|
|
Costs prior to development / redevelopment |
|
|
Incurred costs since development / redevelopment |
|
|
Total Costs to Date |
|
|
Estimated Future Range |
|
|
Estimated Total Range |
|
|
||||||||||||||
CORE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Development: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Henderson Avenue - Various Development (1) |
|
100.0% |
|
Dallas, TX |
|
2027/2028 |
|
|
160,000 |
|
|
$ |
10.7 |
|
|
$ |
13.4 |
|
|
$ |
24.1 |
|
|
$ |
30.9 |
|
|
$ |
130.9 |
|
|
$ |
55.0 |
|
|
$ |
155.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Major Redevelopment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
City Center |
|
100.0% |
|
San Francisco, CA |
|
2026 |
|
|
241,000 |
|
|
|
155.0 |
|
|
|
56.2 |
|
|
|
211.2 |
|
|
|
2.0 |
|
|
|
4.0 |
|
|
|
213.2 |
|
|
|
215.2 |
|
|
555 9th Street |
|
100.0% |
|
San Francisco, CA |
|
TBD |
|
|
149,000 |
|
|
|
141.7 |
|
|
|
13.9 |
|
|
|
155.6 |
|
|
|
11.1 |
|
|
|
21.1 |
|
|
|
166.7 |
|
|
|
176.7 |
|
|
840 N. Michigan Avenue |
|
91.9% |
|
Chicago, IL |
|
TBD |
|
|
87,000 |
|
|
|
152.3 |
|
|
|
0.1 |
|
|
|
152.4 |
|
|
TBD |
|
|
TBD |
|
|
TBD |
|
|
TBD |
|
|
||||
Brandywine Holdings |
|
100.0% |
|
Wilmington, DE |
|
2026 |
|
|
138,000 |
|
|
|
24.0 |
|
|
|
0.1 |
|
|
|
24.1 |
|
|
|
10.0 |
|
|
|
12.0 |
|
|
|
34.1 |
|
|
|
36.1 |
|
|
Westshore Expressway |
|
100.0% |
|
Staten Island, NY |
|
TBD |
|
|
55,000 |
|
|
|
18.6 |
|
|
|
— |
|
|
|
18.6 |
|
|
TBD |
|
|
TBD |
|
|
TBD |
|
|
TBD |
|
|
||||
Total Core Redevelopment |
|
|
|
|
|
|
|
|
|
|
$ |
491.6 |
|
|
$ |
70.3 |
|
|
$ |
561.9 |
|
|
$ |
23.1 |
|
|
$ |
37.1 |
|
|
$ |
414.0 |
|
|
$ |
428.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total Core Development and Redevelopment |
|
|
|
|
|
|
|
|
|
|
$ |
502.3 |
|
|
$ |
83.7 |
|
|
$ |
586.0 |
|
|
$ |
54.0 |
|
|
$ |
168.0 |
|
|
$ |
469.0 |
|
|
$ |
583.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
INVESTMENT MANAGEMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Development: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
FUND III |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Broad Hollow Commons |
|
24.5% |
|
Farmingdale, NY |
|
2026/2027 |
|
TBD |
|
|
$ |
3.0 |
|
|
$ |
4.5 |
|
|
$ |
7.5 |
|
|
TBD |
|
|
TBD |
|
|
TBD |
|
|
TBD |
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Major Redevelopment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
FUND IV |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
717 N. Michigan Avenue |
|
23.1% |
|
Chicago, IL |
|
TBD |
|
TBD |
|
|
|
26.9 |
|
|
|
0.9 |
|
|
|
27.8 |
|
|
TBD |
|
|
TBD |
|
|
TBD |
|
|
TBD |
|
|
|||||
Total Investment Management Development and Major Development |
|
|
|
|
|
|
|
|
|
|
$ |
29.9 |
|
|
$ |
5.4 |
|
|
$ |
35.3 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total Core and Investment Management Development and Major Redevelopment |
|
|
|
|
|
|
|
|
|
|
$ |
532.2 |
|
|
$ |
89.1 |
|
|
$ |
621.3 |
|
|
$ |
54.0 |
|
|
$ |
168.0 |
|
|
$ |
469.0 |
|
|
$ |
583.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Pre-Stabilized: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
City Point (Fund II) |
|
61.7% |
|
Brooklyn, NY |
|
2025/2026 |
|
|
536,198 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
640 Broadway (Fund III) |
|
24.5% |
|
New York, NY |
|
2024/2025 |
|
|
4,637 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
210 Bowery (Fund IV) |
|
23.1% |
|
New York, NY |
|
2024/2025 |
|
|
2,538 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
801 Madison (Fund IV) |
|
23.1% |
|
New York, NY |
|
2024/2025 |
|
|
2,522 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
27 E 61st Street (Fund IV) |
|
23.1% |
|
New York, NY |
|
2024/2025 |
|
|
4,177 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
1035 Third Avenue (Fund IV) |
|
23.1% |
|
New York, NY |
|
2024/2025 |
|
|
7,634 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
651-671 West Diversey (Core) |
|
100.0% |
|
Chicago, IL |
|
2026/2027 |
|
|
40,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Route 6 Mall (Core) |
|
100.0% |
|
Honesdale, PA |
|
2026 |
|
|
154,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Mad River (Core) |
|
100.0% |
|
Dayton, OH |
|
2027 |
|
|
126,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
664 N. Michigan Avenue (Core) |
|
100.0% |
|
Chicago, IL |
|
2026 |
|
|
17,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Important Notes |
Supplemental Report – September 30, 2024 |
|
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained in this supplemental disclosure may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934 and as such may involve known and unknown risks, uncertainties and other factors which may cause the Company’s actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations are generally identifiable by use of the words “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend” or “project” or the negative thereof or other variations thereon or comparable terminology. Factors which could have a material adverse effect on the operations and future prospects of the Company include, but are not limited to those set forth under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K. These risks and uncertainties should be considered in evaluating any forward-looking statements contained or incorporated by reference herein.
USE OF FUNDS FROM OPERATIONS AS NON-GAAP FINANCIAL MEASURE
The Company considers funds from operations (“FFO”) as defined by the National Association of Real Estate Investment Trusts (“NAREIT”) to be an appropriate supplemental disclosure of operating performance for an equity REIT due to its widespread acceptance and use within the REIT and analyst communities. FFO is presented to assist investors in analyzing the performance of the Company. It is helpful as it excludes various items included in net income that are not indicative of the operating performance, such as gains (or losses) from sales of property and depreciation and amortization. Consistent with the NAREIT definition, the Company defines FFO as net income (computed in accordance with GAAP), excluding (i) gains (or losses) from sales of depreciated properties; (ii) depreciation and amortization; (iii) impairment of depreciable real estate properties; (iv) gains (losses) from change in control and (v) after adjustments for unconsolidated partnerships and joint ventures. Also consistent with NAREIT’s definition of FFO, the Company has elected to include the impact of the unrealized holding gains (losses) incidental to its main business, including those related to its RCP investments such as Albertsons in FFO.
The Company also provides another supplemental disclosure of operating performance, adjusted funds from operations (“AFFO”). The Company defines AFFO as FFO adjusted for straight line rent, non-real estate depreciation, stock-based compensation, amortization of finance costs and costs of management contracts, tenant improvements, leasing commissions and capital expenditures.
The Company may also provide from time to time another supplemental disclosure of operating performance, FFO Before Special Items. The Company defines FFO Before Special Items as FFO adjusted for certain unusual items including (i) charges, income and gains that management believes are not comparable and indicative of the results of the Company’s operating real estate portfolio; (ii) the impact of the unrealized holding gains (losses) incidental to its main business, including those related to its RCP investments such as Albertsons and (iii) any realized income or gains from the Company’s investment in Albertsons.
It should be noted that the Company’s methods of calculating FFO, AFFO or FFO Before Special Items may be different from methods used by other REITs and, accordingly, may not be comparable to such metrics used by other REITs. FFO, AFFO and FFO Before Special Items do not represent cash generated from operations as defined by generally accepted accounting principles (“GAAP”) and are not indicative of cash available to fund all cash needs, including distributions. None of these measures should be considered as an alternative to net income for the purpose of evaluating the Company’s performance or to cash flows as a measure of liquidity.
USE OF NON-GAAP FINANCIAL MEASURES
Non-GAAP financial measures such as EBITDA, NOI, same-property NOI and lease spreads are widely used financial measures in many industries, including the REIT industry, and are presented to assist investors and analysts in analyzing the performance of the Company. They are helpful as they exclude various items included in net income that are not indicative of operating performance, such as gains (or losses) from sales of property and depreciation and amortization and is used in computing various financial ratios as a measure of operational performance. The Company computes EBITDA as the sum of net income before extraordinary items plus interest expense, depreciation, income taxes and amortization, less any gains (losses including impairment charges) on the sale of income producing properties. The Company computes NOI by taking the difference between Property Revenues and Property Expenses as detailed in this reporting supplement. Same-property NOI includes properties in our Core Portfolio that we owned for both the current and prior periods presented, but excludes those properties which we acquired, sold or expected to sell, and redeveloped during these periods. The Company’s method of calculating EBITDA, NOI and same-property NOI may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. EBITDA, NOI and same-property NOI do not represent cash generated from operations as defined by GAAP and are not indicative of cash available to fund all cash needs, including distributions. They should not be considered as an alternative to net income for the purpose of evaluating the Company’s performance or to cash flows as a measure of liquidity.