8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): November 1, 2022

ACADIA REALTY TRUST

(Exact name of registrant as specified in its charter)

Maryland	1-12002	23-2715194
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

411 Theodore Fremd Avenue

Suite 300

Rye, New York 10580

(Address of principal executive offices) (Zip Code)

(914) 288-8100

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol	Name of exchange on which registered
Common shares of beneficial interest, par value $0.001 per share	AKR	The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On November 1, 2022, Acadia Realty Trust (the “Company”) issued a press release announcing its consolidated financial results for the quarter and year-to-date period ended September 30, 2022. A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1 and incorporated herein by reference.

On the same day, the Company made available supplemental reporting information regarding the financial results, operations and portfolio of the Company as of and for the quarter and year-to-date period ended September 30, 2022. A copy of the supplemental reporting information is attached to this Current Report on Form 8-K as Exhibit 99.2 and incorporated herein by reference.

The information included in this Item 2.02, including the information included in Exhibits 99.1 and 99.2 attached hereto, is intended to be “furnished” pursuant to Item 2.02, and is not deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference into any filing under the Securities Act of 1933, as amended (“Securities Act”) or the Exchange Act, or otherwise subject to the liabilities of Sections 11 and 12 (a)(2) of the Securities Act.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number	Description
99.1	Press release dated November 1, 2022
99.2	Supplemental Reporting Information as of and for the quarter and year-to-date period ended September 30, 2022
104	Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101.)

SIGNATURES

Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	ACADIA REALTY TRUST
Dated:	(Registrant)
	By:	/s/ John Gottfried
	Name:	John Gottfried
November 4, 2022	Title:	Executive Vice President and Chief Financial Officer

EX-99.1

Exhibit 99.1

 

Jennifer Han

(914) 288-8100

ACADIA REALTY TRUST REPORTS THIRD QUARTER 2022 OPERATING RESULTS

RYE, NY (November 01, 2022) - Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”) today reported operating results for the quarter and year-to-date period ended September 30, 2022. For the quarter ended September 30, 2022, net loss per share was $0.61 and for the nine months ended September 30, 2022, net loss per share was $0.43, primarily due to Core and Fund non-cash impairment charges as fully detailed below. All per share amounts are on a fully-diluted basis, where applicable. Acadia operates dual platforms, comprised of a high-quality core real estate portfolio (“Core Portfolio”), through which the Company owns and operates retail assets in the nation’s most dynamic corridors, and a series of discretionary, institutional funds (“Funds”) that target opportunistic and value-add investments.

Please refer to the tables and notes accompanying this press release for further details on operating results and additional disclosures related to net income (loss), funds from operations ("FFO")as per NAREIT and Before Special Items, and net property operating income ("NOI").

Third Quarter and Recent Highlights

•Third Quarter Earnings and Operating Results:

oFFO Before Special Items per share of $0.28 and NAREIT FFO per share of $0.24

oGenerated a 5.4% and 6.6% increase in its Core Portfolio same-property NOI, during the third quarter and year-to-date, respectively, trending above its initial 4% to 6% annual guidance

oUpdated guidance for annual net (loss) earnings per share to ($0.19) to ($0.14) (from $0.27 to $0.36)

oIncreased guidance, for the third time this year, for FFO Before Special Items per share to $1.28 to $1.30 (from $1.20 to $1.32)

•Core Portfolio Leasing:

oDriven by its Street portfolio, generated GAAP and cash leasing spreads of 27.4% and 21.2%, respectively, on comparable new and renewal leases

oDriven by executed Street leases, increased both leased and occupied rates to 94.3% and 91.2%, respectively, as of September 30, 2022 compared to leased and occupied rates of 94.1% and 90.5% as of June 30, 2022

•Core Portfolio and Fund Transactional Activity:

oCompleted a Fund V suburban acquisition in New York for approximately $48 million

oRefinanced maturing debt and accretively increased City Point ownership (as previously announced)

oCompleted two Fund IV dispositions for approximately $85 million, one for approximately $39 million during the third quarter (generating an $8.8 million gain, or $2.1 million gain at the Company's share) and a second disposition for $46 million subsequent to the quarter at a gain

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•Balance Sheet and Liquidity:

oClosed a $75 million seven-year unsecured term loan in July to repay outstanding amounts under the revolving credit facility (as previously announced)

o93% of Core Portfolio debt is fixed, inclusive of swap contracts, as of September 30, 2022

“We had another strong quarter driven by the internal growth embedded in our Core Portfolio. Notwithstanding increased uncertainty and mixed economic signals about near term economic conditions, we remain confident with our portfolio's continued growth. Furthermore, our meaningful leasing momentum should more than offset the known headwinds,” stated Kenneth F. Bernstein, President and CEO of Acadia Realty Trust. "Additionally, given the dislocation in the capital markets, we are positioning ourselves for the unique opportunities that often arise in these cycles."

CORE PORTFOLIO OPERATING RESULTS

The Company had a GAAP loss per share of $0.61, NAREIT FFO per share of $0.24 and FFO Before Special Items per share of $0.28 for the quarter ended September 30, 2022. Please refer to the Consolidated Financial Results section below for additional details.

The Company's same-property NOI, excluding redevelopments, increased 5.4% for the quarter ended September 30, 2022 and 6.6% for the nine months ended September 30, 2022.

For the quarter ended September 30, 2022, the Company's pro-rata share of credit losses and reserves is as follows (dollars in millions):

	Core Same Store	Core Other	Funds	Total	Per Share
Third Quarter 2022 Credit Losses and Reserves
Credit Loss and Abatements - Billed Rents and Recoveries	$0.8	$0.3	$0.1	$1.2	$0.01
Prior Period (Benefit), Net	(0.3)	—	(0.1)	(0.4)	—
Straight-Line Rent Reserves	—	0.3	—	0.3	—
Total	$0.5	$0.6	$—	$1.1	$0.01

CORE PORTFOLIO AND FUND TRANSACTIONAL ACTIVITY

Core Portfolio Acquisition Activity

No Core Portfolio acquisitions were completed for the quarter ended September 30, 2022. Year-to-date, the Company completed Core Portfolio acquisitions of $246.7 million. See Supplemental report for details.

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Fund Transactional Activity

Fund V Acquisition

Shoppes at South Hills (Fund V). As previously announced, in August 2022, Fund V completed the acquisition of a 90% interest in the Shoppes at South Hills in Poughkeepsie, New York for $47.6 million in a joint venture with DLC Management. The Shoppes at South Hills is a dominant grocery-anchored center. In addition to the cash flow from well performing credit tenants, the investment provides for additional value-add opportunities through future densification.

Fund V Update

The investment period for Fund V has been extended to August 25, 2023, with unanimous approval from its investors.

Fund IV

Wake Forest Crossing (Fund IV). As previously announced, in August 2022, Fund IV completed the disposition of Wake Forest Crossing in Wake Forest, North Carolina for $38.9 million and repaid the mortgage of $20.7 million. This sale generated a 15% IRR and 1.7x multiple on the Fund's equity investment.

Promenade at Manassas (Fund IV). In October 2022, Fund IV completed the disposition of Promenade at Manassas in Manassas, Virginia for $46.0 million and repaid the mortgage of $27.3 million. This sale generated a 17% IRR and 2.2x multiple on the Fund's equity investment.

City Point Refinancing and Recapitalization (as previously announced)

As previously announced, in August 2022, Acadia refinanced and de-levered City Point, an approximately 550,000 square foot flagship retail property in Downtown Brooklyn, New York, held through Fund II. The approximately $295 million of aggregate debt on the property was refinanced with a single mortgage loan of approximately $200 million (with approximately $130 million of initial proceeds). The new loan has a three-year initial term, resulting in annual interest savings in excess of 150 basis points as compared to the prior blended interest rate. The Company provided a loan to its partners of approximately $65 million to fund their share of the refinancing and recapitalization of City Point.

Additionally, during the third quarter, the Company further increased its effective ownership in Fund II from approximately 40% to approximately 62%, consistent with its long-standing goal to expand its ownership in City Point. As previously announced, during the second quarter, in conjunction with a multi-asset secondary offering by one of its limited partners, the Company was able to opportunistically acquire an additional 12% interest in City Point, increasing its ownership to approximately 40% at June 30, 2022. In August 2022, based upon the pricing used to acquire the 12% interest, the Company acquired an additional 22% interest in City Point from other investors, further increasing its interest to approximately 62%. The purchase price of the combined 33% interest was approximately $120 million, inclusive of approximately $110 million of assumed obligations. In addition, the remaining partners have certain redemption rights that could enable the Company to further increase its ownership.

The Company anticipates the refinancing and recapitalization to be slightly accretive in 2022 with further accretion in the next several years as City Point achieves stabilization.

City Point is located at the center of a densifying Downtown Brooklyn, which has seen approximately 18,000 new residential units since the area was rezoned. Since the refinancing, the Company has executed 37,000 square feet of new leases, with Court 16 and an Alamo Drafthouse expansion (as previously announced). In addition, Sixpoint Brewery opened in October and Primark will follow over the next few months.

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CORE PORTFOLIO LEASING

Driven by its Street portfolio, GAAP and cash leasing spreads were 27.4% and 21.2%, respectively, on 20 conforming new and renewal leases aggregating approximately 181,000 square feet during the third quarter.

Driven by executed Street leases, as of September 30, 2022, the Core Portfolio was 91.2% occupied and 94.3% leased. As of June 30, 2022, the Core Portfolio was 90.5% occupied and 94.1% leased. The leased rate includes space that is leased but not yet occupied and excludes development and redevelopment properties.

BALANCE SHEET AND LIQUIDITY

As previously announced, in July 2022, the Company closed on a $75 million seven-year unsecured term loan. The proceeds of these loans were used to repay outstanding amounts under the revolving credit facility.

As of September 30, 2022, 93% of the Core Portfolio debt was fixed, inclusive of interest rate swap contracts.

CONSOLIDATED FINANCIAL RESULTS

A complete reconciliation, in dollars and per share amounts, of (i) net loss or income attributable to Acadia to FFO (as defined by NAREIT and Before Special Items) attributable to common shareholders and common OP Unit holders and (ii) operating income to NOI is included in the financial tables of this release.

Non-Cash Impairments

During the three months ended September 30, 2022, the Company recognized non-cash impairments of approximately $58.5 million, or $0.58 per share as summarized below. While rents within the broader markets of the Company's portfolios in Chicago and San Francisco have largely returned, if not exceeded pre-pandemic levels, the sub-markets listed below have been slower to recover.

Portfolio	AKR Ownership	Property	Market	Sub-Market	AKR Share of Impairment
					(in '000s)
Core	88.43%	840 N. Michigan Avenue	Chicago	Magnificent Mile	$50,779
Fund IV	23.12%	717 N. Michigan Avenue	Chicago	Magnificent Mile	4,827
Fund IV	23.12%	146 Geary Street	San Francisco	Union Square	2,875
				Total	$58,481

Net (Loss) Income

Amounts discussed below are net of noncontrolling interests.

Net loss attributable to Acadia for the quarter ended September 30, 2022, was $57.9 million, or $0.61 per share, which included: (i) Core and Fund impairment charges of $58.5 million, or $0.58 per share (further discussed above) and (ii) $3.1 million loss, or $0.03 per share, from the unrealized mark-to-market holding loss on its investment in Albertsons supermarkets ("Albertsons"), partially offset by a $2.1 million gain, or $0.02 per share, on a Fund disposition.

Net income attributable to Acadia for the quarter ended September 30, 2021, was $11.9 million, or $0.13 per share, which included: $13.4 million, or $0.14 per share, from the unrealized mark-to-market holding gain on Albertsons, which was partially offset by Fund impairment charges of $2.3 million, or $0.02 per share.

Net loss attributable to Acadia for the nine months ended September 30, 2022, was $41.2 million, or $0.43 per share, which included: (i) Core and Fund impairment charges of $58.5 million, or $0.59 per share and (ii) $8.4 million, or $0.08

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per share, from the unrealized mark-to-market holding loss on Albertsons partially offset by $13.4 million gain, or $0.13 per share, on Fund dispositions.

Net income attributable to Acadia for the nine months ended September 30, 2021, was $20.1 million, or $0.23 per share, which included: (i) $15.1 million, or $0.16 per share, primarily from the unrealized mark-to-market holding gain on Albertsons and (ii) $6.6 million, or $0.07 per share, attributable to an aggregate gain on dispositions of Core Portfolio and Fund investments, which were partially offset by (i) $3.7 million, or $0.04 per share, related to credit loss, straight-line rent reserves and tenant abatements, primarily due to the COVID-19 Pandemic and (ii) Fund impairment charges of $2.3 million, or $0.02 per share.

FFO as Defined by NAREIT

FFO for the quarter ended September 30, 2022 was $24.7 million, or $0.24 per share, which included $3.1 million, or $0.03 per share, from the unrealized mark-to-market holding loss on Albertsons.

FFO for the quarter ended September 30, 2021 was $38.3 million, or $0.41 per share, which included $13.2 million, or $0.14 per share, primarily from the unrealized mark-to-market holding gain on Albertsons.

FFO for the nine months ended September 30, 2022 was $83.5 million, or $0.82 per share which included $8.4 million, or $0.08 per share, from the unrealized mark-to-market holding loss on Albertsons which was offset by $1.5 million, or $0.01 from the Fund III disposition of its interest in Self Storage Management.

FFO for the nine months ended September 30, 2021 was $90.4 million, or $0.97 per share, which included $15.1 million, or $0.16 per share, primarily from the unrealized mark-to-market holding gain on Albertsons and was offset by $3.7 million, or $0.04 per share, related to credit loss, straight-line reserves and tenant abatements, primarily due to the COVID-19 Pandemic.

FFO Before Special Items

FFO Before Special Items for the quarter ended September 30, 2022 was $28.1 million, or $0.28 per share, which excluded $3.1 million, or $0.03 per share, from the unrealized mark-to-market holding loss on Albertsons and $1.3 million, or $0.01 per share, of non-recurring City Point recapitalization and transaction costs.

FFO Before Special Items for the quarter ended September 30, 2021 was $25.1 million, or $0.27 per share, which excluded $13.2 million, or $0.14 per share, from the unrealized mark-to-market holding gain on Albertsons.

FFO Before Special Items for the nine months ended September 30, 2022 was $93.1 million, or $0.93 per share, which excluded: (i) $8.4 million, or $0.08 per share, from the unrealized mark-to-market holding loss on Albertsons (ii) $1.3 million, $0.01 per share of non-recurring City Point recapitalization and transaction costs and (iii) $0.9 million, or $0.01 per share for net acquisition and transaction costs from a Core acquisition.

FFO Before Special Items for the nine months ended September 30, 2021 was $75.3 million, or $0.81 per share, which excluded $15.1 million, or $0.16 per share, from the unrealized mark-to-market holding gain on Albertsons.

Revised 2022 Guidance

The Company updated its annual 2022 guidance of net earnings (loss), NAREIT Funds from Operations and FFO Before Special Items attributable to Common Shareholders and Common OP Unit holders. Additionally, the Company updated its net earnings (loss) and FFO to reflect the unrealized holding (losses) gains recognized related to its investment in Albertsons through September 30, 2022. The Company has not reflected any forward-looking estimates involving future unrealized holding gains or losses (i.e. changes in share price) on Albertsons in its net earnings (loss) and NAREIT FFO guidance assumptions. Unrealized holding (losses) or gains on Albertson's shares are excluded from FFO Before Special Items.

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	2022 Annual Guidance
	Initial	Updated Q1	Updated Q2	Revised Q3
Net earnings (loss) per share attributable to Common Shareholders	$0.19 to $0.32	$0.25 to $0.37	$0.27 to $0.36	($0.19) to ($0.14)
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interests' share)	1.01 to 1.04	1.01 to 1.04	1.01 to 1.04	1.06 to 1.03
Impairment charges (net of noncontrolling interest share)	—	—	—	0.58
Gain on disposition of properties (net of noncontrolling interests' share)	(0.07)	(0.07)	(0.15)	(0.27)
Noncontrolling interest in Operating Partnership	0.02	0.02	0.02	0.02
NAREIT Funds from operations per share attributable to Common Shareholders and Common OP Unit holders	$1.15 to $1.31	$1.21 to $1.36	$1.15 to $1.27	$1.20 to $1.22
Net Promote and other Core and Fund profits (a)	(0.06) to (0.10)	(0.06) to (0.11)	(0.06) to (0.12)	(0.12)
Less: Albertsons unrealized holding losses (gains) (net of noncontrolling interest share) for the nine months ended September 30, 2022	—	(0.04)	0.05	0.08
Funds from operations Before Special Items, excluding Net Promote and other Core and Fund profits	$1.09 to $1.21	$1.11 to $1.21	$1.14 to $1.20	$1.16 to $1.18
Net Promote and other Core and Fund profits (a)	0.06 to 0.10	0.06 to 0.11	0.06 to 0.12	0.12
Funds from operations Before Special Items per share attributable to Common Shareholders and Common OP Unit holders	$1.15 to $1.31	$1.17 to $1.32	$1.20 to $1.32	$1.28 to $1.30

__________

(a) Reflects a special cash dividend of $6.85 per share of Class A common stock of Albertsons that the Company expects to receive on November 7, 2022 as a shareholder on the record date of October 24, 2022. The dividend was declared by the board of directors of Albertsons on October 13, 2022 in connection with Albertsons entering into an Agreement and Plan of Merger, dated October 13, 2022, with The Kroger Company. The merger and related transactions (including the declaration and payment of the special dividend) are subject to regulatory and other approvals, and potential litigation, any of which could affect their expected timing and likelihood of completion.

The revised guidance is based upon Acadia's current view of existing market conditions and assumptions for the year ending December 31, 2022. Updated first quarter guidance was previously announced on May 2, 2022 and updated second quarter guidance was previously announced on August 2, 2022.There can be no assurance that the Company’s actual results will not differ from the guidance set forth above. The Company assumes no obligation to update publicly any forward-looking statements, including the earnings guidance above, whether as a result of new information, future events or otherwise. Please refer to the “Safe Harbor Statement” disclosure in this press release and “Risk Factors” disclosed in the Company's annual and quarterly reports filed with the Securities and Exchange Commission for more information.

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CONFERENCE CALL

Management will conduct a conference call on Wednesday, November 2, 2022 at 11:00 AM ET to review the Company’s earnings and operating results. Participant registration and webcast information is listed below.

Live Conference Call:

Date: Wednesday, November 2, 2022

Time: 11:00 AM ET

Participant Registration: Third Quarter 2022 Registration

Webcast Listen-only and Replay: www.acadiarealty.com under Investors,Presentations & Events

The Company uses, and intends to use, the Investors page of its website, which can be found at www.acadiarealty.com, as a means of disclosing material nonpublic information and of complying with its disclosure obligations under Regulation FD, including, without limitation, through the posting of investor presentations that may include material nonpublic information. Accordingly, investors should monitor the Investors page, in addition to following the Company’s press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, the website is not incorporated by reference into, and is not a part of, this document.

About Acadia Realty Trust

Acadia Realty Trust is an equity real estate investment trust focused on delivering long-term, profitable growth via its dual – Core Portfolio and Fund – operating platforms and its disciplined, location-driven investment strategy. Acadia Realty Trust is accomplishing this goal by building a best-in-class core real estate portfolio with meaningful concentrations of assets in the nation’s most dynamic corridors; making profitable opportunistic and value-add investments through its series of discretionary, institutional funds; and maintaining a strong balance sheet. For further information, please visit www.acadiarealty.com.

Safe Harbor Statement

Certain statements in this press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. Forward-looking statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations are generally identifiable by the use of words, such as “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend” or “project,” or the negative thereof, or other variations thereon or comparable terminology. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the Company's actual results and financial performance to be materially different from future results and financial performance expressed or implied by such forward-looking statements (including accretion and guidance statements), including, but not limited to: (i) the economic, political and social impact of, and uncertainty surrounding the COVID-19 Pandemic, including its impact on the Company’s tenants and their ability to make rent and other payments or honor their commitments under existing leases; (ii) macroeconomic conditions, such as a disruption of or lack of access to the capital markets; (iii) the Company’s success in implementing its business strategy and its ability to identify, underwrite, finance, consummate and integrate diversifying acquisitions and investments; (iv) changes in general economic conditions or economic conditions in the markets in which the Company may, from time to time, compete, and their effect on the Company’s revenues, earnings and funding sources; (v) increases in the Company’s borrowing costs as a result of rising inflation, changes in interest rates and other factors, including the discontinuation of the USD London Interbank Offered Rate, which is currently anticipated to occur in 2023; (vi) the Company’s ability to pay down, refinance, restructure or extend its indebtedness as it becomes due; (vii) the Company’s investments in joint ventures and unconsolidated entities, including its lack of sole decision-making authority and its reliance on its joint venture partners’ financial condition; (viii) the Company’s ability to obtain the financial results expected from its development and redevelopment projects; (ix) the tenants’ ability and willingness to renew their leases with the Company upon expiration, the Company’s ability to re-lease its properties on the same or better terms in the event of nonrenewal or in the event the Company exercises its right to replace an existing tenant, and obligations the Company may incur in connection

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with the replacement of an existing tenant; (x) the Company’s potential liability for environmental matters; (xi) damage to the Company’s properties from catastrophic weather and other natural events, and the physical effects of climate change; (xii) uninsured losses; (xiii) the Company’s ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax and other considerations; (xiv) information technology security breaches, including increased cybersecurity risks relating to the use of remote technology during the COVID-19 Pandemic; (xv) the loss of key executives; and (xvi) the accuracy of the Company’s methodologies and estimates regarding environmental, social and governance (“ESG”) metrics, goals and targets, tenant willingness and ability to collaborate towards reporting ESG metrics and meeting ESG goals and targets, and the impact of governmental regulation on its ESG efforts.

The factors described above are not exhaustive and additional factors could adversely affect the Company’s future results and financial performance, including the risk factors discussed under the section captioned “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, and other periodic or current reports the Company files with the SEC. Any forward-looking statements in this press release speak only as of the date hereof. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with regard thereto or change in the events, conditions or circumstances on which such forward-looking statements are based.

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ACADIA REALTY TRUST AND SUBSIDIARIES

Consolidated Statements of Operations(a)

(Dollars and Common Shares in thousands, except per share data)

	Three Months Ended  September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Revenues				(As Restated)(b)						(As Restated)(b)
Rental income	$	78,453		$	70,302		$	238,479		$	208,369
Other		1,493			1,594			7,233			4,771
Total revenues		79,946			71,896			245,712			213,140
Operating expenses
Depreciation and amortization		33,744			30,064			102,428			91,244
General and administrative		10,170			9,910			32,768			29,555
Real estate taxes		11,749			11,028			34,657			34,448
Property operating		13,810			12,443			40,727			38,288
Impairment charges		33,311			9,925			33,311			9,925
Total operating expenses		102,784			73,370			243,891			203,460
Gain on disposition of properties		8,885			—			49,916			10,521
Operating (loss) income		(13,953	)		(1,474	)		51,737			20,201
Equity in (losses) earnings of unconsolidated affiliates		(50,579	)		372			(46,169	)		3,153
Interest and other income		3,994			2,354			9,890			6,108
Realized and unrealized holding (losses) gains on investments and other		(7,862	)		46,493			(18,415	)		53,460
Interest expense		(21,162	)		(16,614	)		(58,309	)		(50,302	)
(Loss) income from continuing operations before income taxes		(89,562	)		31,131			(61,266	)		32,620
Income tax benefit (provision)		17			(59	)		(7	)		(399	)
Net (loss) income		(89,545	)		31,072			(61,273	)		32,221
Net loss attributable to redeemable noncontrolling interests		3,193			—			3,193			—
Net loss (income) attributable to noncontrolling interests		30,461			(19,065	)		18,653			(11,686	)
Net (loss) income attributable to Acadia	$	(55,891	)	$	12,007		$	(39,427	)	$	20,535
Less: net income attributable to participating securities		(198	)		(156	)		—			(468	)
Net (loss) income attributable to Common Shareholders -    basic (loss) earnings per share	$	(56,089	)	$	11,851		$	(39,427	)	$	20,067
Impact of assumed conversion of dilutive convertible securities		(1,804	)		—			(1,804	)		—
(Loss) income from continuing operations net of income attributable to participating securities for diluted (loss) earnings per share	$	(57,893	)	$	11,851		$	(41,231	)	$	20,067
Weighted average shares for basic (loss) earnings per share		94,980			88,481			94,758			87,217
Weighted average shares for diluted (loss) earnings per share		95,251			88,481			94,849			87,217
Net (loss) earnings per share - basic (C)	$	(0.59	)	$	0.13		$	(0.42	)	$	0.23
Net (loss) earnings per share - diluted (C)	$	(0.61	)	$	0.13		$	(0.43	)	$	0.23

9

ACADIA REALTY TRUST AND SUBSIDIARIES

Reconciliation of Consolidated Net Income (Loss) to Funds from Operations(a, d)

(Dollars and Common Shares and Units in thousands, except per share data)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
				(As Restated)(b)						(As Restated)(b)
Net (loss) income attributable to Acadia	$	(55,891	)	$	12,007		$	(39,427	)	$	20,535
Depreciation of real estate and amortization of leasing costs (net of    noncontrolling interests' share)		27,097			23,111			78,007			69,995
Impairment charges (net of noncontrolling interests' share)		58,481			2,294			58,481			2,294
Gain on disposition of properties (net of noncontrolling interests' share)		(2,055	)		—			(11,892	)		(4,163	)
Income (loss) attributable to Common OP Unit holders		(3,083	)		749			(2,057	)		1,371
Distributions - Preferred OP Units		123			123			369			369
Funds from operations attributable to Common Shareholders and Common OP Unit holders	$	24,672		$	38,284		$	83,481		$	90,401
Less: Impact of City point share conversion option(e)		(906	)		—			(906	)		—
FFO to Common Shareholders and Common OP Unit holders - Diluted	$	23,766		$	38,284		$	82,575		$	90,401
Adjustments for Special Items:
Add back: Acquisition costs, net of bargain purchase gain		—			—			859			—
Add back: City Point acquisition and transaction related costs		364			—			364			—
Add back: Impact of City point share conversion option(e)		906			—			906			—
Less: Unrealized holding loss (gain) on investment in Albertsons and other (net of noncontrolling interest share)		3,068			(13,198	)		8,379			(15,084	)
Funds from operations before Special Items attributable to Common Shareholders and Common OP Unit holders	$	28,104		$	25,086		$	93,083		$	75,317
Funds From Operations per Share - Diluted
Basic weighted-average shares outstanding, GAAP earnings		94,980			88,481			94,758			87,217
Weighted-average OP Units outstanding		5,308			5,121			5,311			5,125
Assumed conversion of Preferred OP Units to common shares		25			465			465			465
Assumed conversion of LTIP units and restricted share units to    common shares		—			16			—			—
Weighted average number of Common Shares and Common OP Units		100,313			94,083			100,534			92,807
Diluted Funds from operations, per Common Share and Common OP Unit	$	0.24		$	0.41		$	0.82		$	0.97
Diluted Funds from operations before Special Items, per Common Share and Common OP Unit	$	0.28		$	0.27		$	0.93		$	0.81

10

ACADIA REALTY TRUST AND SUBSIDIARIES

Reconciliation of Consolidated Operating Income to Net Property Operating Income (“NOI”)(a)

(Dollars in thousands)

	Three Months Ended  September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
				(As Restated)(b)						(As Restated)(b)
Consolidated operating (loss) income	$	(13,953	)	$	(1,474	)	$	51,737		$	20,201
Add back:
General and administrative		10,170			9,910			32,768			29,555
Depreciation and amortization		33,744			30,064			102,428			91,244
Impairment charges		33,311			9,925			33,311			9,925
Less:
Above/below market rent, straight-line rent and other adjustments		(4,680	)		(4,810	)		(16,943	)		(13,742	)
Gain on disposition of properties		(8,885	)		—			(49,916	)		(10,521	)
Consolidated NOI		49,707			43,615			153,385			126,662
Redeemable noncontrolling interest in consolidated NOI		(537	)		—			(537	)		—
Noncontrolling interest in consolidated NOI		(13,669	)		(11,714	)		(44,767	)		(33,437	)
Less: Operating Partnership's interest in Fund NOI included above		(4,009	)		(2,983	)		(11,917	)		(8,517	)
Add: Operating Partnership's share of unconsolidated    joint ventures NOI (f)		3,542			2,961			10,882			10,025
NOI - Core Portfolio	$	35,034		$	31,879		$	107,046		$	94,733

11

ACADIA REALTY TRUST AND SUBSIDIARIES

Consolidated Balance Sheets(a)

(Dollars in thousands)

	As of
	September 30, 2022			December 31, 2021
ASSETS
Investments in real estate, at cost
Land	$	829,313		$	739,641
Buildings and improvements		2,998,230			2,892,051
Tenant improvements		213,316			199,925
Construction in progress		13,117			11,131
Right-of-use assets - finance leases		25,086			25,086
		4,079,062			3,867,834
Less: Accumulated depreciation and amortization		(704,609	)		(648,461	)
Operating real estate, net		3,374,453			3,219,373
Real estate under development		186,360			203,773
Net investments in real estate		3,560,813			3,423,146
Notes receivable, net		123,966			153,886
Investments in and advances to unconsolidated affiliates		317,422			322,326
Other assets, net		234,558			186,509
Right-of-use assets - operating leases, net		38,158			40,743
Cash and cash equivalents		18,068			17,746
Restricted cash		12,635			9,813
Rents receivable, net		46,821			43,625
Assets of properties held for sale		11,057			63,952
Total assets	$	4,363,498		$	4,261,746
LIABILITIES
Mortgage and other notes payable, net	$	945,235		$	1,140,293
Unsecured notes payable, net		694,310			559,040
Unsecured line of credit		178,287			112,905
Accounts payable and other liabilities		201,033			236,415
Lease liability - operating leases, net		36,157			38,759
Dividends and distributions payable		18,393			14,460
Distributions in excess of income from, and investments in, unconsolidated affiliates		8,880			9,939
Total liabilities		2,082,295			2,111,811
Commitments and contingencies
Redeemable noncontrolling interests		72,352			—
EQUITY
Acadia Shareholders' Equity
Common shares, $0.001 par value, authorized 200,000,000 shares, issued and outstanding 94,951,297 and 89,303,545 shares, respectively		95			89
Additional paid-in capital		1,940,033			1,754,383
Accumulated other comprehensive income (loss)		49,684			(36,214	)
Distributions in excess of accumulated earnings		(287,262	)		(196,645	)
Total Acadia shareholders’ equity		1,702,550			1,521,613
Noncontrolling interests		506,301			628,322
Total equity		2,208,851			2,149,935
Total liabilities, equity and redeemable noncontrolling interests	$	4,363,498		$	4,261,746

12

ACADIA REALTY TRUST AND SUBSIDIARIES

Notes to Financial Highlights:

(a)For additional information and analysis concerning the Company’s balance sheet and results of operations, reference is made to the Company’s quarterly supplemental disclosures for the relevant periods furnished on the Company's Current Report on Form 8-K made available on the Company’s website at www.acadiarealty.com.

(b)See the Company's Annual Report on Form 10-K and revised Restatement 8-K filed with the SEC on March 1, 2022 for a detailed reconciliation to previously reported amounts and a detailed description of adjustments thereon. The restatement primarily impacted the classification of certain amounts within the Company’s consolidated balance sheets, statements of operations and statements of cash flows.

(c)Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common shares of the Company were exercised or converted into common shares. The effect of the conversion of units of limited partnership interest (“OP Units”) in Acadia Realty Limited Partnership, the “Operating Partnership” of the Company, is not reflected in the above table; OP Units are exchangeable into common shares on a one-for-one basis. The income allocable to such OP units is allocated on the same basis and reflected as noncontrolling interests in the consolidated financial statements. As such, the assumed conversion of these OP Units would have no net impact on the determination of diluted earnings per share.

(d)The Company considers funds from operations (“FFO”) as defined by the National Association of Real Estate Investment Trusts (“NAREIT”) and net property operating income (“NOI”) to be appropriate supplemental disclosures of operating performance for an equity REIT due to their widespread acceptance and use within the REIT and analyst communities. In addition, the Company believes that given the atypical nature of certain unusual items (as further described below), “FFO Before Special Items” is also an appropriate supplemental disclosure of operating performance. FFO, FFO Before Special Items and NOI are presented to assist investors in analyzing the performance of the Company. They are helpful as they exclude various items included in net income that are not indicative of the operating performance, such as gains (losses) from sales of real estate property, depreciation and amortization, and impairment of real estate property. In addition, NOI excludes interest expense and FFO Before Special Items excludes certain unusual items (as further described below). The Company’s method of calculating FFO and NOI may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. Neither FFO nor FFO Before Special Items represent cash generated from operations as defined by generally accepted accounting principles (“GAAP”), or are indicative of cash available to fund all cash needs, including distributions. Such measures should not be considered as an alternative to net income (loss) for the purpose of evaluating the Company’s performance or to cash flows as a measure of liquidity. Consistent with the NAREIT definition, the Company defines FFO as net income (computed in accordance with GAAP), excluding gains (losses) from sales of real estate property, plus depreciation and amortization, impairment of real estate property, and after adjustments for unconsolidated partnerships and joint ventures. Also consistent with NAREIT’s definition of FFO, the Company has elected to include gains and losses incidental to its main business (including those related to its RCP investments such as Albertsons) in FFO. FFO Before Special Items begins with the NAREIT definition of FFO and adjusts FFO (or as an adjustment to the numerator within its earnings per share calculations) to take into account FFO without regard to certain unusual items including charges, income and gains that management believes are not comparable and indicative of the results of the Company’s operating real estate portfolio and, in particular, the impact of the unrealized mark-to-market gain and loss attributable to the Company's investment in Albertsons and the impact of the recapitalization and transaction costs associated with City Point.

(e)This amount is not recognized within the Company’s Consolidated Statements of Operations. Rather, it represents a required GAAP adjustment to the numerator within its diluted earnings per share computation to reflect the impact of an assumed issuance of common shares that could be subsequently issued in connection with a put right granted to other partners related to the City Point Recapitalization and the Company's opportunity to increase its ownership in the future. In September 2022, without changing the economics amongst the partners, the agreements were modified to remove the ability for the Company to settle potential future ownership increases in City Point using its common shares. Following this modification, increases in its ownership (if any) pursuant to these agreements with its partners will be payable in cash and thus no further adjustments will be required within its diluted earnings per share computation. This adjustment will not occur again in the fourth quarter and going forward. This adjustment will not re-occur in future quarters.

(f)The pro-rata share of NOI is based upon the Operating Partnership’s stated ownership percentages in each venture or Fund’s operating agreement and does not include the Operating Partnership's share of NOI from unconsolidated joint ventures within the Funds.

13

EX-99.2

Exhibit 99.2

EALTY TRUST—Q220SUPPLEMENTAL REPFORMATIO

Table of Contents		Supplemental Report – September 30, 2022
Section I – Third Quarter 2022 Earnings Press Release
Section II – Financial Information		Section III – Core Portfolio Information
Company Information	3	Core Properties	29
Market Capitalization	4	Core Top Tenants	33
Operating Statements		Core Lease Expirations	34
Consolidated Income Statements	5	Core New and Renewal Rent Spreads	35
Income Statement - Pro-rata Adjustments	7	Core Capital Expenditures	36
Consolidated Balance Sheet	8
Balance Sheet - Pro-rata Adjustments	9
Funds from Operations (“FFO”), Adjusted FFO (“AFFO”)	11	Section IV – Fund Information
EBITDA	12
Same Property Net Operating Income	14	Fund Overview	37
Fee Income	15	Fund Properties	39
Structured Financing	16	Fund Lease Expirations	42
Other Information		Development and Redevelopment Activity	43
Transactional Activity	17
2022 Guidance	19
Net Asset Valuation Information	20
Selected Financial Ratios	21	Section V – Other Information
Debt Analysis
Summary	24	Important Notes	45
Detail	25
Maturities	27

Visitwww.acadiarealty.comfor additional investor and portfolio information

Supplemental Report – September 30, 2022		Company Information
Acadia Realty Trust is a fully-integrated equity real estate investment trust, focused on the ownership, acquisition, redevelopment and management of high-quality retail properties located in key street and urban retail corridors as well as suburban locations within high-barrier-to-entry, densely-populated metropolitan areas. Acadia owns, or has an ownership interest in, these properties through its Core Portfolio and through a series of opportunistic/value-add investment funds. Additional information may be found on the Company’s website at www.acadiarealty.com.
Contact Information
	Corporate Headquarters	Investor Relations	New York Stock Exchange
	411 Theodore Fremd Avenue	Jennifer Han	Symbol AKR
	Suite 300	Assistant Controller
	Rye, NY 10580	(914) 288-8100
		investorrelations@acadiarealty.com
Analyst Coverage
	Bank of America / Merrill Lynch	Citigroup - Global Markets	KeyBanc Capital Markets, Inc.
	Craig Schmidt - (646) 855-3640	Craig Mailman - (212) 816-4471	Todd Thomas - (917) 368-2286
	craig.schmidt@bofa.com	craig.mailman@citi.com	tthomas@key.com
	Green Street Advisors	Compass Point Research & Trading	J.P. Morgan Securities, Inc.
	Paulina Rojas Schmidt - (949) 640-8780	Floris van Dijkum - (646) 757-2621	Michael W. Mueller, CFA - (212) 622-6689
	projasschmidt@greenstreet.com	fvandijkum@compasspointllc.com	michael.w.mueller@jpmorgan.com
	Jefferies	Truist
	Linda Tsai - (212) 778-8011	Ki Bin Kim, CFA - (212) 303-4124
	ltsai@jefferies.com	kibin.kim@truist.com

3

	Market Capitalization
Supplemental Report – September 30, 2022	(Including pro-rata share of Fund debt, in thousands)

						Changes in Total Outstanding Common										Weighted Average
	Total Market				Capitalization	Shares and OP Units (in thousands)										Diluted EPS				FFO
	Capitalization ($)			%	Based on Net Debt 1		Common Shares			Common OP Units			Total			Quarter		YTD		Quarter		YTD
Equity Capitalization
Common Shares		94,951				Balance at 12/31/2021		89,304			5,059			94,363
Common Operating Partnership ("OP") Units		5,296				ATM issuance		5,151			—			5,151
Combined Common Shares and OP Units		100,247				Vesting RS and LTIPs		11			279			290
						OP Conversions		36			(36	)		—
Share Price at September 30, 2022	$	12.62				Other		6			—			6
						Balance at 3/31/2022		94,508			5,302			99,810			93,310		93,310		99,103		99,103
Equity Capitalization - Common Shares and OP Units	$	1,265,117				ATM issuance		375			—			375
Preferred OP Units 2		5,864				Vesting RS and LTIPs		34			30			64
Total Equity Capitalization		1,270,981		47%	47%	OP Conversions		16			(16	)		—
						Other		(4	)		—			(4	)
Debt Capitalization						Balance at 6/30/2022		94,929			5,316			100,245			94,945		94,120		100,281		99,898
Consolidated debt 3		1,831,231				ATM issuance		—			—			—
Adjustment to reflect pro-rata share of debt		(390,329	)			Vesting RS and LTIPs		—			—			—
Total Debt Capitalization		1,440,902		53%	53%	OP Conversions		20			(20	)		—
						Other		2			—			2
Total Market Capitalization	$	2,711,883		100%	100%	Balance at 9/30/2022		94,951			5,296			100,247			95,251		94,849		100,313		100,534

__________

1.Reflects debt net of Core Portfolio cash of$14,899and pro-rata share of Funds cash of$4,670for total cash netted against debt of$19,569.

2.Represents188Series A and126,593Series C Preferred OP Units convertible into25,067and439,556Common OP Units, respectively, multiplied by the Common Share price at quarter end.

3.Reflects consolidated debt excluding $13,399 of unamortized premium and unamortized loan costs.

4

	Consolidated Income Statement
Supplemental Report – September 30, 2022	(in thousands)

	September 30, 2022 1
CONSOLIDATED INCOME STATEMENT	Quarter			Year to Date
Revenues
Rental income	$	78,453		$	238,479
Other		1,493			7,233
Total revenues		79,946			245,712
Operating expenses
Depreciation and amortization		33,744			102,428
General and administrative		10,170			32,768
Real estate taxes		11,749			34,657
Property operating		13,810			40,727
Impairment charges		33,311			33,311
Total operating expenses		102,784			243,891
Gain on disposition of properties		8,885			49,916
Operating (loss) income		(13,953	)		51,737
Equity in losses of unconsolidated affiliates		(50,579	)		(46,169	)
Interest and other income		3,994			9,890
Realized and unrealized holding losses on investments and other		(7,862	)		(18,415	)
Interest expense		(21,162	)		(58,309	)
Loss from continuing operations before income taxes		(89,562	)		(61,266	)
Income tax benefit (provision)		17			(7	)
Net loss		(89,545	)		(61,273	)
Net loss attributable to redeemable noncontrolling interests		3,193			3,193
Net loss attributable to noncontrolling interests		30,461			18,653
Net loss attributable to Acadia	$	(55,891	)	$	(39,427	)

5

	Consolidated Income Statement - Detail
Supplemental Report – September 30, 2022	(in thousands)

	September 30, 2022 1
CORE PORTFOLIO AND FUND INCOME	Quarter			Year to Date
PROPERTY REVENUES
Minimum rents	$	59,743		$	180,132
Percentage rents		661			2,113
Expense reimbursements - CAM		6,148			19,816
Expense reimbursements - Taxes		7,984			24,419
Other property income		548			1,791
Total Property Revenues		75,084			228,271
PROPERTY EXPENSES
Property operating - CAM		10,604			31,611
Other property operating (Non-CAM)		3,024			8,618
Real estate taxes		11,749			34,657
Total Property Expenses		25,377			74,886
NET OPERATING INCOME - PROPERTIES		49,707			153,385
OTHER INCOME (EXPENSE)
Interest income		3,994			9,890
Straight-line rent income (expense)		1,320			7,324
Above/below-market rent income (expense)		2,613			6,782
Interest expense 2		(19,496	)		(54,151	)
Amortization of finance costs		(1,602	)		(3,969	)
Above/below-market interest income (expense)		26			78
Finance lease interest expense		(90	)		(267	)
Asset and property management income (expense)		(179	)		(516	)
Other income (expense)		102			2,148
Impairment charges		(33,311	)		(33,311	)
CORE PORTFOLIO AND FUND INCOME		3,084			87,393
FEE AND OTHER INCOME
Asset and property management fees		186			549
Net promote and other transactional income		—			1,473
Realized and unrealized holding losses on investments and other		(7,257	)		(20,545	)
Transactional fees 3		33			150
Income tax benefit (provision)		17			(7	)
Total Fee and Other Income (Loss)		(7,021	)		(18,380	)
General and Administrative		(10,170	)		(30,746	)
Depreciation and amortization		(33,654	)		(102,141	)
Non-real estate depreciation and amortization		(90	)		(287	)
Gain (loss) on change of control and other		—			(859	)
Gain on disposition of properties		8,885			49,916
(Loss) before equity in earnings and noncontrolling interests		(38,966	)		(15,104	)
Equity in losses of unconsolidated affiliates		(50,579	)		(46,169	)
Noncontrolling interests (including redeemable noncontrolling interests)		33,654			21,846
NET LOSS ATTRIBUTABLE TO ACADIA	$	(55,891	)	$	(39,427	)

6

	Income Statement – Pro Rata Adjustments
Supplemental Report – September 30, 2022	(in thousands)

	Quarter Ended September 30, 2022						Year to Date September 30, 2022
CORE PORTFOLIO AND FUND INCOME	Noncontrolling Interest in Consolidated Subsidiaries 4			Company’s Interest in Unconsolidated Subsidiaries 5			Noncontrolling Interest in Consolidated Subsidiaries 5			Company’s Interest in Unconsolidated Subsidiaries 6
PROPERTY REVENUES
Minimum rents	$	(23,855	)	$	11,971		$	(71,708	)	$	33,449
Percentage rents		(81	)		98			(723	)		402
Expense reimbursements - CAM		(2,852	)		1,199			(9,530	)		3,960
Expense reimbursements - Taxes		(2,560	)		2,519			(7,511	)		6,933
Other property income		(234	)		83			(831	)		223
Total Property Revenues		(29,582	)		15,870			(90,303	)		44,967
PROPERTY EXPENSES
Property operating - CAM		(4,656	)		1,644			(14,524	)		4,299
Other property operating (Non-CAM)		(869	)		238			(2,526	)		710
Real estate taxes		(4,096	)		2,995			(11,965	)		8,276
Total Property Expenses		(9,621	)		4,877			(29,015	)		13,285
NET OPERATING INCOME - PROPERTIES		(19,961	)		10,993			(61,288	)		31,682
OTHER INCOME (EXPENSE)
Interest income		(5	)		5			(10	)		12
Straight-line rent income (expense)		(391	)		438			(3,506	)		1,176
Above/below-market rent income (expense)		(567	)		1,031			(1,408	)		2,851
Interest expense 2		8,737			(4,106	)		26,339			(9,939	)
Amortization of finance costs		853			(298	)		2,170			(823	)
Above/below-market interest income (expense)		—			21			—			63
Finance lease interest expense		38			—			167			—
Asset and property management income (expense)		405			(483	)		1,120			(1,320	)
Other income (expense)		62			1			(911	)		36
Impairment charges		25,609			(50,779	)		25,609			(50,779	)
CORE PORTFOLIO AND FUND INCOME		14,780			(43,177	)		(11,718	)		(27,041	)
FEE AND OTHER INCOME
Asset and property management fees		2,335			155			7,488			456
Net promote and other transactional income		—			—			—			—
Realized and unrealized holding losses on investments and other		4,354			—			12,610			—
Transactional fees 3		1,353			281			4,183			620
Income tax benefit (provision)		(3	)		(1	)		122			(11	)
Total Fee and Other Income (Loss)		8,039			435			24,403			1,065
General and Administrative		380			(192	)		1,304			(505	)
Depreciation and amortization		14,202			(7,645	)		43,822			(19,688	)
Non-real estate depreciation and amortization		—			—			—			—
Gain (loss) on change of control and other		—			—			—			—
Gain (loss) on disposition of properties		(6,830	)		—			(38,022	)		—
(Loss) before equity in earnings and noncontrolling interests		30,571			(50,579	)		19,789			(46,169	)
Equity in losses of unconsolidated affiliates		—			—			—			—
Noncontrolling interests (including redeemable noncontrolling interests) 6		3,083			—			2,057			—
NET LOSS ATTRIBUTABLE TO ACADIA	$	33,654		$	(50,579	)	$	21,846		$	(46,169	)

7

	Balance Sheet
Supplemental Report – September 30, 2022	(in thousands)

ASSETS	Consolidated Balance Sheet			Line Item Details:
Real estate
Land	$	829,313		The components of Real estate under development, at cost are as follows:
Buildings and improvements		3,211,546		Core	$	53,981
Construction in progress		13,117		Fund II		36,612
Right-of-use assets - finance leases		25,086		Fund III		25,373
		4,079,062		Fund IV		70,394
Less: Accumulated depreciation and amortization		(704,609	)	Total	$	186,360
Total		3,374,453
Real estate under development		186,360		Summary of other assets, net:
Operating real estate, net		3,560,813		Deferred charges, net	$	26,899
Notes receivable, net		123,966		Accrued interest receivable		15,098
Investments in and advances to unconsolidated affiliates		317,422		Due from seller		3,036
Lease intangibles, net		110,620		Prepaid expenses		17,077
Other assets, net		123,938		Other receivables		1,527
Right-of-use assets - operating leases, net		38,158		Income taxes receivable		1,826
Cash and cash equivalents		18,068		Corporate assets, net		1,376
Restricted cash		12,635		Deposits		521
Straight-line rents receivable, net		33,361		Derivative financial instruments		56,578
Rents receivable, net		13,460		Total	$	123,938
Assets of properties held for sale		11,057
Total assets	$	4,363,498
LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgage and other notes payable, net	$	945,235
Unsecured notes payable, net		694,310		Summary of accounts payable and other liabilities:
Unsecured line of credit		178,287		Lease liability - finance leases, net	$	6,917
Accounts payable and other liabilities		120,489		Accounts payable and accrued expenses		62,984
Lease liability - operating leases, net		36,157		Deferred income		36,073
Dividends and distributions payable		18,393		Tenant security deposits, escrow and other		14,509
Lease intangibles, net		80,544		Derivative financial instruments		6
Distributions in excess of income from, and investments in, unconsolidated affiliates		8,880		Total	$	120,489
Total liabilities		2,082,295
Commitments and contingencies
Redeemable noncontrolling interests		72,352
Shareholders' Equity
Common shares		95
Additional paid-in capital		1,940,033
Accumulated other comprehensive income (loss)		49,684
Distributions in excess of accumulated earnings		(287,262	)
Total Acadia shareholders’ equity		1,702,550
Noncontrolling interests		506,301
Total equity		2,208,851
Total liabilities, equity and redeemable noncontrolling interests	$	4,363,498

8

	Balance Sheet – Pro-rata Adjustments7
Supplemental Report – September 30, 2022	(in thousands)

ASSETS	Noncontrolling Interest in Consolidated Subsidiaries 5			Company’s Interest in Unconsolidated Subsidiaries 6
Real estate
Land	$	(164,639	)	$	69,616
Buildings and improvements		(759,247	)		255,262
Construction in progress		(4,107	)		656
Right-of-use assets - finance leases		(2,346	)		22,473
		(930,339	)		348,007
Less: Accumulated depreciation and amortization		108,007			(67,551	)
Total		(822,332	)		280,456
Real estate under development		(88,449	)		11,535
Operating real estate, net		(910,781	)		291,991
Notes receivable, net		65,404			—
Investments in and advances to unconsolidated affiliates		(171,937	)		(96,557	)
Lease intangibles, net		(36,091	)		10,151
Other assets, net		507			6,147
Right-of-use assets - operating leases, net		(2,103	)		—
Cash and cash equivalents		(7,663	)		9,164
Restricted cash		(8,792	)		5,211
Straight-line rents receivable, net		(7,046	)		5,254
Rents receivable, net		(4,045	)		1,875
Total assets	$	(1,082,547	)	$	233,236
LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgage and other notes payable, net	$	(544,311	)	$	196,997
Unsecured notes payable, net		(39,732	)		—
Unsecured line of credit		—			—
Accounts payable and other liabilities		(28,578	)		30,229
Lease intangibles, net		(25,906	)		7,165
Lease liability - operating leases, net		(2,204	)		4
Dividends and distributions payable		—			—
Lease liability - finance leases		(2,864	)		7,721
Distributions in excess of income from, and investments in, unconsolidated affiliates		—			(8,880	)
Total liabilities		(643,595	)		233,236
Shareholders' Equity
Common shares		—			—
Additional paid-in capital		—			—
Accumulated other comprehensive income (loss)		—			—
Distributions in excess of accumulated earnings		—			—
Total Acadia shareholders’ equity		—			—
Noncontrolling interests (including redeemable noncontrolling interests)		(438,952	)		—
Total equity		(438,952	)		—
Total liabilities, equity and redeemable noncontrolling interests	$	(1,082,547	)	$	233,236

9

	Balance Sheet – Pro-rata Adjustments7
Supplemental Report – September 30, 2022	(in thousands)

__________

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

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

2.Net of capitalized interest of $1.1 million and $2.6 million, respectively, for the three and nine months ended September 30, 2022.

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

4.Noncontrolling interests represent limited partners’ interests in consolidated partnerships’ activities and includes redeemable noncontrolling interests.

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

6.Adjustment to noncontrolling interests exclude (loss) income allocable to Operating Partnership Units of $(3.1) million and $(2.1) million, respectively, for the three and nine months ended September 30, 2022.

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

10

	Funds from Operations (“FFO”), Adjusted Funds from Operations (“AFFO”)1
Supplemental Report – September 30, 2022	(in thousands)

	Quarter Ended									Year to Date			Quarter Ended			Year to Date
	March 31, 2022			June 30, 2022			September 30, 2022			September 30, 2022			September 30, 2021			September 30, 2021
Funds from operations ("FFO"):													(As Restated)			(As Restated)
Net Income (Loss)	$	16,838		$	(374	)	$	(55,891	)	$	(39,427	)	$	12,007		$	20,535
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share)		24,313			26,597			27,097			78,007			23,111			69,995
(Gain) loss on disposition on real estate properties (net of noncontrolling interest share)		(6,876	)		(2,961	)		(2,055	)		(11,892	)		—			(4,163	)
Impairment charges (net of noncontrolling interest share)		—			—			58,481			58,481			2,294			2,294
Income (loss) attributable to noncontrolling interests' share in Operating Partnership		1,121			151			(2,960	)		(1,688	)		872			1,740
FFO to Common Shareholders and Common OP Unit holders - Basic	$	35,396		$	23,413		$	24,672		$	83,481		$	38,284		$	90,401
Less: Impact of City point share conversion option 2		—			—			(906	)		(906	)		—			—
FFO to Common Shareholders and Common OP Unit holders - Diluted	$	35,396		$	23,413		$	23,766		$	82,575		$	38,284		$	90,401
Add back: acquisition costs, net of bargain purchase gain		859			—			—			859			—			—
Add back: City Point recapitalization and transaction related costs		—			—			364			364			—			—
Add back: Impact of City point share conversion option 2		—			—			906			906			—			—
Less: Unrealized holding loss (gain) on investment in Albertsons and other (net of noncontrolling interest share)		(3,570	)		8,881			3,068			8,379			(13,198	)		(15,084	)
FFO before Special Items	$	32,685		$	32,294		$	28,104		$	93,083		$	25,086		$	75,317
Adjusted Funds from operations ("AFFO"):
FFO	$	35,396		$	23,413		$	24,672		$	83,481		$	38,284		$	90,401
Unrealized (gains) losses		(3,570	)		8,881			3,068			8,379			(13,198	)		(15,084	)
Straight-line rent, net		(2,707	)		(920	)		(1,367	)		(4,994	)		(1,229	)		(2,642	)
Above/below-market rent		(1,965	)		(3,183	)		(3,077	)		(8,225	)		(1,572	)		(5,268	)
Amortization of finance costs		807			768			1,047			2,622			895			2,439
Above/below-market interest		(47	)		(47	)		(47	)		(141	)		(47	)		(141	)
Non-real estate depreciation		90			107			90			287			156			272
Stock-based compensation		3,887			2,255			1,932			8,074			2,242			8,340
Leasing commissions		(1,053	)		(1,057	)		(811	)		(2,921	)		(681	)		(1,684	)
Tenant improvements		(3,403	)		(2,250	)		(4,709	)		(10,362	)		(3,570	)		(7,526	)
Maintenance capital expenditures		(638	)		(2,049	)		(1,993	)		(4,680	)		(409	)		(1,092	)
AFFO to Common Shareholders and Common OP Unit holders	$	26,797		$	25,918		$	18,805		$	71,520		$	20,871		$	68,015
Total weighted-average diluted shares and OP Units		99,103			100,281			100,313			100,534			94,083			92,807
Diluted FFO per Common share and OP Unit:
FFO	$	0.36		$	0.23		$	0.24		$	0.82		$	0.41		$	0.97
FFO before Special Items	$	0.33		$	0.32		$	0.28		$	0.93		$	0.27		$	0.81

11

	EBITDA1
Supplemental Report – September 30, 2022	(in thousands)

	Quarter Ended September 30, 2022									Year to Date September 30, 2022									Quarter Ended September 30, 2021
	Core									Core									Core
	Portfolio			Funds			Total			Portfolio			Funds			Total			Portfolio			Funds			Total
EBITDA:																			(As Restated)			(As Restated)			(As Restated)
Net Loss Attributable to Acadia	$	(45,859	)	$	(10,032	)	$	(55,891	)	$	(37,541	)	$	(1,886	)	$	(39,427	)	$	15,758		$	(3,751	)	$	12,007
Adjustments:
Depreciation and amortization		20,880			6,307			27,187			62,589			15,705			78,294			19,788			3,479			23,267
Interest expense		11,282			3,583			14,865			28,994			8,757			37,751			8,143			2,338			10,481
Amortization of finance costs		660			387			1,047			1,870			752			2,622			703			192			895
Above/below-market interest		(47	)		—			(47	)		(141	)		—			(141	)		(47	)		—			(47	)
Gain on disposition of properties		—			(2,055	)		(2,055	)		—			(11,894	)		(11,894	)		—			—			—
Unrealized holding losses (gains) on investment in Albertsons and other		3,068			—			3,068			8,379			—			8,379			(13,384	)		186			(13,198	)
(Benefit) provision for income taxes		(12	)		(1	)		(13	)		(139	)		35			(104	)		55			1			56
Impairment charges		50,779			7,702			58,481			50,779			7,702			58,481			—			2,294			2,294
Noncontrolling interest - OP		(3,083	)		—			(3,083	)		(2,057	)		—			(2,057	)		748			—			748
EBITDA	$	37,668		$	5,891		$	43,559		$	112,733		$	19,171		$	131,904		$	31,764		$	4,739		$	36,503
Adjusted EBITDA:
EBITDA	$	37,668		$	5,891		$	43,559		$	112,733		$	19,171		$	131,904		$	31,764		$	4,739		$	36,503
Stock based compensation		1,932			—			1,932			8,074			—			8,074			2,242			—			2,242
	$	39,600		$	5,891		$	45,491		$	120,807		$	19,171		$	139,978		$	34,006		$	4,739		$	38,745

__________

Notes to Funds from Operations and EBITDA:

1.See the Restatement 8-K filed with the SEC on February 15, 2022 and the Company's Form 10-K filed with the SEC on March 1, 2022 for a detailed reconciliation to previously reported amounts and a detailed description of adjustments thereon. As mentioned in the press release dated February 15, 2022, the Company has restated its prior period financial statements for the years and interim periods ended December 31, 2020 and 2019, and as of and for each of the quarterly periods ended March 31, 2021 and 2020, June 30, 2021 and 2020, September 30, 2021 and 2020 and December 31, 2020 for errors in accounting primarily related to the reclassification of two consolidated joint-venture subsidiaries. The restatement primarily impacted the classification of certain amounts within the Company’s consolidated balance sheets, statements of operations and statements of cash flows.

2.This amount is not recognized within the Company’s Consolidated Statements of Operations. Rather, it represents a required GAAP adjustment to the numerator within its diluted earnings per share computation to reflect an assumed conversion of potential common shares that could be subsequently issued in connection with the City Point recapitalization. In September 2022, without changing the economics amongst the partners, the agreements were modified to remove the ability for the Company to settle potential future ownership increases in City Point using its common stock. Following this modification, increases in its ownership (if any) pursuant to these agreements with its partners will be payable in cash and thus no further adjustments will be required within its diluted earnings per share computation.

12

13

	Core Portfolio – Same Property Performance 1
Supplemental Report – September 30, 2022	(in thousands)

	Quarter Ended						Change			Year to Date				Change
	September 30, 2022			September 30, 2021			Favorable/ (Unfavorable)			September 30, 2022		September 30, 2021		Favorable/ (Unfavorable)
Summary
Minimum rents	$	32,257		$	31,249			3.2	%	$	99,256	$	94,457		5.1	%
Expense reimbursements		8,782			8,561			2.6	%		27,525		27,240		1.0	%
Other property income		707			458			54.4	%		2,003		1,178		70.0	%
Total Revenue		41,746			40,268			3.7	%		128,784		122,875		4.8	%
Expenses
Property operating - CAM & Real estate taxes		11,917			11,741			(1.5	)%		36,440		36,038		(1.1	)%
Other property operating (Non-CAM)		809			1,005			19.5	%		2,539		2,575		1.4	%
Total Expenses		12,726			12,746			0.2	%		38,979		38,613		(0.9	)%
Same Property NOI - Core properties	$	29,020		$	27,522			5.4	%	$	89,805	$	84,262		6.6	%
Reconciliation of Same Property NOI to Core NOI
NOI of Properties excluded from Same Property NOI		6,014			4,357						17,241		10,471
Core NOI	$	35,034		$	31,879					$	107,046	$	94,733
Other same property information
Physical Occupancy at the end of the period		91.1	%		89.5	%
Leased Occupancy at the end of the period		94.3	%		92.2	%

__________

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

14

	Fee Income by Fund
Supplemental Report – September 30, 2022	(in thousands)

	Fund II		Fund III		Fund IV		Fund V		Other		Total
Year to Date September 30, 2022
Asset and property management fees	$	703	$	57	$	2,937	$	4,337	$	459	$	8,493
Transactional fees		531		341		1,077		2,916		88		4,953
Total fees	$	1,234	$	398	$	4,014	$	7,253	$	547	$	13,446
Quarter Ended September 30, 2022
Asset and property management fees	$	142	$	12	$	915	$	1,454	$	153	$	2,676
Transactional fees		246		56		342		996		27		1,667
Total fees	$	388	$	68	$	1,257	$	2,450	$	180	$	4,343
Quarter Ended June 30, 2022
Asset and property management fees	$	275	$	13	$	967	$	1,420	$	168	$	2,843
Transactional fees		164		68		384		1,061		33		1,710
Total fees	$	439	$	81	$	1,351	$	2,481	$	201	$	4,553
Quarter Ended March 31, 2022
Asset and property management fees	$	286	$	32	$	1,055	$	1,463	$	138	$	2,974
Transactional fees		121		217		351		859		28		1,576
Total fees	$	407	$	249	$	1,406	$	2,322	$	166	$	4,550

15

	Structured Financing Portfolio
Supplemental Report – September 30, 2022	(in thousands)

	June 30, 2022						Quarter Ended September 30, 2022												Stated			Effective
	Principal		Accrued		Ending				Repayments/			Current			Accrued		Ending		Interest			Interest			Maturity
Investment	Balance		Interest		Balance		Issuances 1		Conversions			Principal			Interest		Balance		Rate			Rate			Dates
First mortgage notes 2,3	$	73,331	$	4,085	$	77,416	$	—	$	(13,530	)	$	59,801		$	3,809	$	63,610		5.99	%		6.39	%	Apr-20 to Sept-24
Other notes3,4		65,000		14,698		79,698		65,945		—			130,945			12,192		143,137		11.28	%		11.28	%	Jan-23 to Dec-27
Total Core notes receivable	$	138,331	$	18,783	$	157,114	$	65,945	$	(13,530	)	$	190,746		$	16,001	$	206,747		9.62	%		9.75	%
__________
Reconciliation of Notes Receivable to the Pro-Rata Balance Sheet:
Total Notes Receivable per above												$	190,746
Fund Notes Receivable													—
Allowance for credit loss													(1,376	)
Total Pro-rata Notes Receivable												$	189,370

________

1.See Transactional Activity page that follows.

2.One Core note which matured on April 20, 2020 in the amount of $17.8 million with accrued interest of $3.8 million was in default at September 30, 2022.

3.Certain of the first mortgage notes and other notes enable the borrower to prepay or convert its obligations prior to the stated maturity date without penalty.

4.During the third quarter 2022, the Company funded a loan to investors in Fund II for $65.9 million.

16

	Transactional Activity
Supplemental Report – September 30, 2022	(in thousands)

PROPERTY ACQUISITIONS AND DISPOSITIONS
Property Name	Location	Date of Transaction	Transaction Amount			Ownership % 1			Fund Share			Acadia Share
ACQUISITIONS 2
Core:
121 Spring Street	New York, NY	January 12, 2022	$	39,637			100.00	%	$	—		$	39,637
Williamsburg Collection 3	Brooklyn, NY	February 18, 2022		97,750			100.00	%		—			97,750
8833 Beverly Boulevard	Hollywood, CA	March 2, 2022		24,117			100.00	%		—			24,117
Henderson Portfolio 4	Dallas, TX	April 18, 2022		85,192			100.00	%		—			85,192
				246,696						—			246,696
Fund V:
Wood Ridge Plaza	Houston, TX	March 21, 2022		49,317			90.00	%		44,385			8,921
La Frontera	Round Rock, TX	March 30, 2022		81,358			90.00	%		73,222			14,718
Shoppes at South Hills	Poughkeepsie, NY	August 22, 2022		47,609			90.00	%		42,848			8,612
				178,284						160,455			32,251
			$	424,980					$	160,455		$	278,947
DISPOSITIONS
Fund III:
Cortlandt Crossing	Mohegan Lake, NY	February 9, 2022	$	65,533			100.00	%		65,533		$	16,082
Self Storage Management		March 9, 2022		6,000			50.00	%		—			1,500
Fund IV:
Mayfair	Philadelphia, PA	January 26, 2022		23,700			100.00	%		23,700			5,479
Dauphin	Harrisburg, PA	March 4, 2022		21,650			100.00	%		21,650			5,005
Lincoln Place	Fairview Heights, IL	May 25, 2022		40,670			100.00	%		40,670			9,403
Wake Forest Crossing	Wake Forest, NC	August 24, 2022		38,919			100.00	%		38,919			8,998
Fund V:
New Town Center (Land Parcel)	Canton, MI	February 1, 2022		2,231			89.43	%		1,995			401
			$	198,703					$	192,467		$	46,868
STRUCTURED FINANCING ACTIVITY
Note Description	Transaction Type	Date of Transaction	Transaction Amount			Ownership % 1			Fund Share			Acadia Share
Core:
White Oak	Repayment	May 26, 2022	$	(16,000	)		100.00	%	$	—		$	(16,000	)
				(16,000	)					—			(16,000	)
Core:
City Point Loan	Recapitalization	August 1, 2022	$	65,945			100.00	%	$	65,945		$	65,945
				65,945						65,945			65,945
Fund III:
640 Broadway Note Receivable	Foreclosure	January 26, 2022		(5,307	)		100.00	%		(5,307	)		(1,302	)
			$	44,638					$	60,638		$	48,643

17

	Transactional Activity
Supplemental Report – September 30, 2022	(in thousands)

________

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

2.Acquisition amounts include capitalized acquisition costs, where applicable. Refer to the Company’s latest Form 10-Q or 10-K for further discussion of any such transactions.

3.The Company’s stated legal ownership is 49.99%. However, given the preferences embedded in its interests, the Company did not attribute any value to the 50.01% non-controlling interest holders.

4.The Henderson Avenue Portfolio comprises 14 operating retail assets, one residential building and two development and redevelopment sites.

18

	2022 Revised Guidance 1
Supplemental Report – September 30, 2022	(in millions)

	2022 Annual Guidance
	Initial	Updated Q1	Updated Q2	Revised Q3
Net earnings per share attributable to Common Shareholders	$0.19 to $0.32	$0.25 to $0.37	$0.27 to $0.36	($0.19) to ($0.14)
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interests' share)	1.01 to 1.04	1.01 to 1.04	1.01 to 1.04	1.06 to 1.03
Impairment charges (net of noncontrolling interest share)	—	—	—	0.58
Gain on disposition of properties (net of noncontrolling interests' share)	(0.07)	(0.07)	(0.15)	(0.27)
Noncontrolling interest in Operating Partnership	0.02	0.02	0.02	0.02
NAREIT Funds from operations per share attributable to Common Shareholders and Common OP Unit holders	$1.15 to $1.31	$1.21 to $1.36	$1.15 to $1.27	$1.20 to $1.22
Net Promote and other Core and Fund profits (2)	(0.06) to (0.10)	(0.06) to (0.11)	(0.06) to (0.12)	(0.12)
Less: Albertsons unrealized holding losses (gains) (net of noncontrolling interest share) for the nine months ended September 30, 2022	—	(0.04)	0.05	0.08
Funds from operations Before Special Items, excluding Net Promote and other Core and Fund profits	$1.09 to $1.21	$1.11 to $1.21	$1.14 to $1.20	$1.16 to $1.18
Net Promote and other Core and Fund profits (2)	0.06 to 0.10	0.06 to 0.11	0.06 to 0.12	0.12
Funds from operations Before Special Items per share attributable to Common Shareholders and Common OP Unit holders	$1.15 to $1.31	$1.17 to $1.32	$1.20 to $1.32	$1.28 to $1.30

1.The Company updated its annual 2022 guidance of net earnings (loss), NAREIT Funds from Operations and FFO Before Special Items attributable to Common Shareholders and Common OP Unit holders. Additionally, the Company updated its net earnings (loss) and FFO to reflect the unrealized holding (losses) gains recognized related to its investment in Albertsons through September 30, 2022. The Company has not reflected any forward-looking estimates involving future unrealized holding gains or losses (i.e. changes in share price) on Albertsons in its net earnings (loss) and NAREIT FFO guidance assumptions. Unrealized holding (losses) or gains on Albertson's shares are excluded from FFO Before Special Items. The revised guidance is based upon Acadia's current view of existing market conditions and assumptions for the year ending December 31, 2022. Updated first quarter guidance was previously announced on May 2, 2022 and updated second quarter guidance was previously announced on August 2, 2022. There can be no assurance that the Company’s actual results will not differ from the guidance set forth above. The Company assumes no obligation to update publicly any forward-looking statements, including the earnings guidance above, whether as a result of new information, future events or otherwise. Please refer to the “Safe Harbor Statement” disclosure in this press release and “Risk Factors” disclosed in the Company's annual and quarterly reports filed with the Securities and Exchange Commission for more information.

2.Reflects a special cash dividend of $6.85 per share of Class A common stock of Albertsons that the Company expects to receive on November 7, 2022 as a shareholder on the record date of October 24, 2022. The dividend was declared by the board of directors of Albertsons on October 13, 2022 in connection with Albertsons entering into an Agreement and Plan of Merger, dated October 13, 2022, with The Kroger Company. The merger and related transactions (including the declaration and payment of the special dividend) are subject to regulatory and other approvals, and potential litigation, any of which could affect their expected timing and likelihood of completion.

19

	Net Asset Valuation Information
Supplemental Report – September 30, 2022	(in thousands)

	CORE			FUND II 2			FUND III			FUND IV			FUND V
Ownership Percentage	N/A				61.67	%		24.54	%		23.12	%		20.10	%
Current Quarter NOI
Net Operating Income 1, 2	$	35,034		N/A5			$	383		$	4,581		$	18,736
Less:
Net operating (income) loss from properties sold or under contract		—		N/A5				12			(685	)		—
Net operating (income) loss from pre-stabilized assets, development and redevelopment projects 3, 4		(3,216	)	N/A5				(395	)		(328	)		—
Net Operating Income of stabilized assets	$	31,818		N/A			$	—		$	3,568		$	18,736
Costs to Date (Pro Rata)
Pre-stabilized assets 3	$	—		N/A5			$	13,529		$	41,447		$	—
Development and redevelopment projects 4		354,867		N/A5				4,591			17,866			—
Total Costs to Date	$	354,867		N/A5			$	18,120		$	59,313		$	—
Debt (Pro Rata)	$	1,170,634		$	76,786		$	8,827		$	53,079		$	131,576
Finance Lease (Pro Rata)	$	41,895		$	3,318		$	—		$	—		$	—

__________

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

2.Fund II has been substantially liquidated except for its investment in City Point. During the second quarter 2022, the Company increased its ownership in Fund II and Mervyn's II from 28% to 40%. Additionally, during the third quarter 2022, the Company increased its ownership in Fund II from 40% to 61.7%.

3.Pre-stabilized assets consist of the following projects for Fund II: City Point; Fund III: 640 Broadway; Fund IV: Paramus Plaza, 210 Bowery, 801 Madison, 27 E 61st Street, 146 Geary Street and 1035 Third Avenue.

4.Includes incremental costs; excludes initial carrying value. See “Development and Redevelopment Activity” page in this Supplemental Report.

5.Amounts omitted as only remaining asset is City Point.

20

	Selected Financial Ratios
Supplemental Report – September 30, 2022	(in thousands)

	Quarter Ended September 30,						Year to Date September 30,							Quarter Ended
COVERAGE RATIOS 1	2022			2021			2022			2021			LEVERAGE RATIOS	September 30, 2022			June 30, 2022
Fixed-Charge Coverage Ratios				(As Restated)						(As Restated)			Debt/Market Capitalization Ratios
EBITDA 2 divided by:	$	37,668		$	31,764		$	112,733		$	95,364		Debt + Preferred Equity (Preferred OP Units)	$	1,446,766		$	1,325,408
Interest expense		11,282			8,143			28,994			24,365		Total Market Capitalization		2,711,883			2,891,235
Principal Amortization		666			1,074			2,662			3,155		Debt + Preferred Equity/
Preferred Dividends 3		123			123			369			369		Total Market Capitalization		53	%		46	%
Fixed-Charge Coverage Ratio - Core Portfolio		3.1	x		3.4	x		3.5	x		3.4	x
EBITDA divided by:	$	43,559		$	36,503		$	131,904		$	107,979		Debt 6	$	1,427,197		$	1,307,354
Interest expense		14,865			10,481			37,751			31,461		Total Market Capitalization		2,711,883			2,891,235
Principal Amortization		1,254			1,381			3,928			4,212		Net Debt + Preferred Equity/
Preferred Dividends		123			123			369			369		Total Market Capitalization		53	%		45	%
Fixed-Charge Coverage Ratio - Core Portfolio and Funds		2.7	x		3.0	x		3.1	x		3.0	x	Debt/EBITDA Ratios
													Core:
Payout Ratios													Debt	$	1,064,588		$	1,014,281
													Net debt 5		1,049,689			1,002,057
Dividends declared (per share/OP Unit)	$	0.18		$	0.15		$	0.54		$	0.45		EBITDA		150,672			157,564
													Adjusted EBITDA		158,400			166,584
Dividends (Shares) & Distributions (OP Units) declared	$	18,367		$	14,437		$	55,035		$	42,745		Debt/EBITDA - Core Portfolio		7.1	x		6.4	x
FFO		24,672			38,284			83,481			90,401		Debt/Adjusted EBITDA - Core Portfolio		6.7	x		6.1	x
FFO Payout Ratio 8		74	%		38	%		66	%		47	%	Net Debt/EBITDA - Core Portfolio		7.0	x		6.4	x
													Net Debt/ Adjusted EBITDA - Core Portfolio		6.6	x		6.0	x
AFFO 7		18,805			20,871			71,520			68,015		Core and Funds:
AFFO Payout Ratio		98	%		69	%		77	%		63	%	Debt 4	$	1,440,902		$	1,318,151
													Net debt 6		1,421,333			1,300,097
FFO Before Special Items		28,104			25,086			93,083			75,317		EBITDA		175,709			182,193
FFO Before Special Items Payout Ratio		65	%		58	%		59	%		57	%	Adjusted EBITDA		183,437			191,213
													Debt/EBITDA - Core and Funds		8.2	x		7.2	x
													Debt/Adjusted EBITDA - Core and Funds		7.9	x		6.9	x
													Net Debt/EBITDA - Core and Funds		8.1	x		7.1	x
													Net Debt/ Adjusted EBITDA - Core and Funds		7.7	x		6.8	x

21

	Selected Financial Ratios
Supplemental Report – September 30, 2022	(in thousands)

__________

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

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

3. Represents preferred distributions on Preferred Operating Partnership Units.

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

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

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

7. See Funds from Operations (“FFO”), Adjusted Funds from Operations (“AFFO”) for a reconciliation of AFFO to net income attributable to Acadia.

8. Amount represents the Company's reallocation of its pro-rata portion of the de-leveraging of Fund II's property-level debt associated with the City Point refinancing to align with the inclusion of the associated EBITDA derived from its investment.

22

	Selected Financial Ratios
Supplemental Report – September 30, 2022	(in thousands)

	EBITDA				ADJUSTED EBITDA
	Quarter Ended		Year Ended		Quarter Ended		Year Ended
Reconciliation of EBITDA to Annualized EBITDA	September 30, 2022		December 31, 2021		September 30, 2022		December 31, 2021
Core EBITDA as reported	$	37,668	$	127,360	$	37,668	$	127,360
Add back: Stock-based compensation, net of employee equity elections		—		—		1,932		10,583
Subtotal		37,668		127,360		39,600		137,943
Annualized Core EBITDA		150,672		127,360		158,400		137,943
Annualized Core EBITDA		150,672		127,360		158,400		137,943
Funds EBITDA as reported		5,891		18,829		5,891		18,829
Subtotal		5,891		18,829		5,891		18,829
Annualized Fund EBITDA		23,564		18,829		23,564		18,829
Add back: Promote YTD		1,473		—		1,473		—
Annualized Fund EBITDA		25,037		18,829		25,037		18,829
Annualized EBITDA Core and Funds	$	175,709	$	146,189	$	183,437	$	156,772

	Quarter Ended
Reconciliation of Core Portfolio Debt	September 30, 2022
Core Portfolio Debt per Debt Summary	$1,170,634
Incremental Core Debt Attributable to City Point8	(106,046)
Adjusted Core Debt per EBITDA	1,064,588
Fund Portfolio Debt per Debt Summary	270,268
Incremental Core Debt Attributable to City Point8	106,046
Adjusted Fund Debt per EBITDA	376,314
Total Core and Fund Debt per EBITDA	$1,440,902

23

	Portfolio Debt – Summary
Supplemental Report – September 30, 2022	(in thousands)

	Acadia Pro-Rata Share of Debt 2
	Core Portfolio							Funds							Total											Reconciliation to Consolidated Debt as Reported
Unsecured Debt	Principal Balance		Interest Rate			WA Years to Maturity 6		Principal Balance		Interest Rate			WA Years to Maturity 6		Principal Balance			%			Interest Rate			WA Years to Maturity 6		Add: Noncontrolling Interest Share of Debt 3		Less: Pro-rata Share of Unconsolidated Debt 4			Acadia Consolidated Debt as Reported
Fixed-Rate Debt 1	$	766,237		4.3	%		4.4	$	—		—			—	$	766,237			53	%		4.3	%		4.4	$	—	$	—		$	766,237
Variable-Rate Debt 5		62,050		4.0	%		2.8		9,995		4.9	%		0.6		72,045			5	%		4.1	%		2.5		39,734		—			111,779
																			58	%
Mortgage and Other Notes Payable
Fixed-Rate Debt 1		325,510		4.2	%		3.7		96,270		3.6	%		1.5		421,780			29	%		4.0	%		3.2		302,447		(149,109	)		575,118
Variable-Rate Debt 5		16,837		4.4	%		1.7		164,003		5.5	%		2.2		180,840			13	%		5.4	%		2.2		245,874		(48,617	)		378,097
																			42	%
Total	$	1,170,634		4.2	%		4.1	$	270,268		4.8	%		1.9	$	1,440,902			100	%		4.3	%		3.6	$	588,055	$	(197,726	)		1,831,231
Unamortized premium																623																369
Net unamortized loan costs																(10,739	)															(13,768	)
Total															$	1,430,786															$	1,817,832

_________

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

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

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

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

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

6.Based on debt maturity date without regard to swap expirations (which may exceed the maturity of the debt) or available extension options.

24

	Portfolio Debt – Detail
Supplemental Report – September 30, 2022	(in thousands)

		Principal Balance at			Acadia's Pro-rata Share						Interest		Extension
Property		September 30, 2022			Percent			Amount			Rate	Maturity	Options
CORE PORTFOLIO
Fixed-Rate Debt
163 Highland Avenue		$	7,768			100.00	%		7,768		4.66%	02/01/24	None
Crossroads Shopping Center			61,231			49.00	%		30,003		3.94%	10/06/24	None
555 9th Street			60,000			100.00	%		60,000		3.99%	01/01/25	None
840 N. Michigan			73,500			88.43	%		64,996		4.36%	02/10/25	None
239 Greenwich Avenue			26,000			75.00	%		19,500		3.88%	07/10/27	None
Georgetown Portfolio (2008 Investment)			15,056			50.00	%		7,528		4.72%	12/10/27	None
State & Washington			22,213			100.00	%		22,213		4.40%	09/05/28	None
North & Kingsbury			11,003			100.00	%		11,003		4.01%	11/05/29	None
151 North State Street			12,658			100.00	%		12,658		4.03%	12/01/29	None
Concord & Milwaukee			2,417			100.00	%		2,417		4.40%	06/01/30	None
California & Armitage			2,267			100.00	%		2,267		5.89%	04/15/35	None
Unsecured interest rate swaps 1			766,237			100.00	%		766,237		4.26%	Various
Secured interest rate swaps 1			158,282			53.80	%		85,157		4.08%	Various
Sub-Total Fixed-Rate Debt			1,218,632						1,091,747		4.23%
Secured Variable-Rate Debt
Gotham Plaza			17,892			49.00	%		8,767		LIBOR+160	06/10/23	None
Georgetown Portfolio (2016 Investment)			160,000			20.00	%		32,000		LIBOR+170	08/01/23	None
3104 M Street 2			4,186			20.00	%		837		Prime+0	01/01/24	None
330-340 River Street			10,390			100.00	%		10,390		LIBOR+170	06/01/26	None
Sullivan Center			50,000			100.00	%		50,000		LIBOR+150	11/16/28	None
Secured interest rate swaps 1			(158,282	)		53.80	%		(85,157	)	4.08%	Various
Unsecured Variable-Rate Debt
Unsecured Line of Credit 3			178,287			100.00	%		178,287		LIBOR+140	06/29/25	2 x 6 mos.
Unsecured Term Loan			400,000			100.00	%		400,000		LIBOR+155	06/29/26	None
Unsecured $175 Million Term Loan			175,000			100.00	%		175,000		SOFR+150	04/06/27	None
Unsecured $75 Million Term Loan			75,000			100.00	%		75,000		SOFR+205	07/29/29	1 x 12 mos.
Unsecured interest rate swaps 1			(766,237	)		100.00	%		(766,237	)	4.26%	Various
Sub-Total Variable-Rate Debt			146,236						78,887		LIBOR+149
Total Debt - Core Portfolio		$	1,364,868					$	1,170,634		4.21%
Funds
Fixed-Rate Debt
Canton Marketplace	Fund V	$	31,801			20.10	%		6,392		3.35%	05/01/23	None
2207 Fillmore Street 4	Fund IV		1,120			20.80	%		233		4.50%	10/31/25	None
650 Bald Hill Road 4	Fund IV		15,905			20.81	%		3,310		3.75%	06/01/26	None
Interest rate swaps 1	Funds II, IV & V		439,922			19.63	%		86,335		3.66%	Various
Sub-Total Fixed-Rate Debt			488,748						96,270		3.65%
Variable-Rate Debt
Broughton Street Portfolio 5	Fund IV		25,520			23.12	%		5,900		LIBOR+300	10/31/22	None
Restaurants at Fort Point	Fund IV		5,864			23.12	%		1,356		LIBOR+235	11/25/22	1 x 12 mos.
Promenade at Manassas 4	Fund IV		27,250			22.78	%		6,208		LIBOR+175	12/05/22	2 x 12 mos.
717 N. Michigan Avenue	Fund IV		52,000			23.12	%		12,022		LIBOR+310	12/09/22	1 x 12 mos.

25

	Portfolio Debt – Detail
Supplemental Report – September 30, 2022	(in thousands)

		Principal Balance at			Acadia's Pro-rata Share						Interest		Extension
Property		September 30, 2022			Percent			Amount			Rate	Maturity	Options
Acadia Strategic Opportunity IV LLC	Fund IV		—			23.12	%		—		SOFR+201	12/29/22	None
Elk Grove Commons	Fund V		41,121			20.10	%		8,265		LIBOR+150	01/01/23	1 x 12 mos.
New Towne Center	Fund V		14,829			20.10	%		2,981		LIBOR+220	02/01/23	None
Eden Square 4	Fund IV		22,375			22.78	%		5,097		SOFR+235	03/01/23	None
Acadia Strategic Opportunity Fund V LLC	Fund V		49,727			20.10	%		9,995		SOFR+187	05/01/23	None
Riverdale 4	Fund V		24,361			17.97	%		4,379		LIBOR+170	05/28/23	1 x 12 mos.
Fairlane Green	Fund V		33,030			20.10	%		6,639		LIBOR+190	06/05/23	None
Trussville Promenade	Fund V		28,920			20.10	%		5,813		LIBOR+185	06/15/23	None
640 Broadway 4	Fund III		35,970			24.54	%		8,827		LIBOR+310	07/09/23	1 x 12 mos.
146 Geary Street	Fund IV		19,338			23.12	%		4,471		LIBOR+365	07/15/23	None
Acadia Strategic Opportunity IV LLC	Fund IV		42,200			23.12	%		9,757		SOFR+256	12/29/23	None
Hiram Pavilion	Fund V		28,504			20.10	%		5,729		LIBOR+190	03/05/24	None
Hickory Ridge	Fund V		28,549			20.10	%		5,738		LIBOR+190	10/05/24	None
Tri-City Plaza 4	Fund V		38,670			18.09	%		6,995		LIBOR+190	10/18/24	1 x 12 mos.
Landstown Commons	Fund V		60,900			20.10	%		12,241		LIBOR+170	10/24/24	None
Lincoln Commons	Fund V		38,820			20.10	%		7,803		LIBOR+170	10/24/24	None
Palm Coast Landing	Fund V		26,500			20.10	%		5,327		LIBOR+175	11/01/24	None
Frederick Crossing 4	Fund V		24,290			18.09	%		4,394		LIBOR+175	12/02/24	1 x 12 mos.
Plaza Santa Fe	Fund V		22,893			20.10	%		4,601		LIBOR+190	12/20/24	None
Paramus Plaza 4	Fund IV		28,620			11.56	%		3,308		SOFR+225	12/28/24	2 x 12 mos.
Frederick County Square 4	Fund V		22,185			18.09	%		4,013		LIBOR+240	01/01/25	1 x 12 mos.
Wood Ridge Plaza4	Fund V		32,338			18.09	%		5,850		Prime+013	03/21/25	2 x 12 mos.
Midstate Mall	Fund V		42,400			20.10	%		8,522		SOFR+250	04/28/25	2 x 12 mos.
City Point 4	Fund II		132,259			58.06	%		76,786		SOFR+261	08/01/25	1 x 12 mos.
1964 Union Street 4	Fund IV		1,388			20.80	%		289		LIBOR+225	10/01/25	None
2208-2216 Fillmore Street 4	Fund IV		5,425			20.80	%		1,128		LIBOR+225	06/01/26	None
Monroe Marketplace	Fund V		29,150			20.10	%		5,859		SOFR+265	11/12/26	None
La Frontera Village4	Fund V		55,500			18.09	%		10,040		SOFR+250	06/10/27	2 x 12 mos.
Interest rate swaps 1	Funds II, IV & V		(439,922	)		19.63	%		(86,335	)	3.66%	Various
Sub-Total Variable-Rate Debt			600,974						173,998		LIBOR+291
Total Debt - Funds			1,089,722						270,268		4.82%
Total Debt - Core Portfolio and Funds		$	2,454,590					$	1,440,902		4.33%

_________

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

2.Bears interest at the greater of 3.25% or the Prime Rate.

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

4.Acadia's interest in this Fund debt is reflected net of additional JV interests.

5.Bears interest at the greater of 0.25% or the LIBOR, plus the indicated spread.

26

	Future Debt Maturities 1
Supplemental Report – September 30, 2022	(in thousands)

Core Portfolio	Contractual Debt Maturities						Acadia's Pro-Rata Share						Weighted Average Effective Interest Rate
														Fixed-
	Scheduled						Scheduled						Total	Rate	Variable-
Year	Amortization		Maturities		Total		Amortization		Maturities		Total		Debt	Debt	Rate Debt
2022 (Remainder)	$	1,194	$	—	$	1,194	$	872	$	—	$	872	n/a	n/a	n/a
2023		4,470		177,496		181,966		3,369		40,573		43,942	4.08%	4.08%	n/a
2024		3,671		69,862		73,533		2,866		36,759		39,625	4.14%	4.09%	6.25%
2025		2,885		311,787		314,672		2,578		303,283		305,861	4.13%	4.13%	n/a
2026		3,053		409,273		412,326		2,674		409,273		411,947	4.08%	4.08%	n/a
Thereafter		7,069		374,108		381,177		6,763		361,624		368,387	4.21%	4.21%	n/a
Total	$	22,342	$	1,342,526	$	1,364,868	$	19,122	$	1,151,512	$	1,170,634
Funds	Contractual Debt Maturities						Acadia's Pro-Rata Share						Weighted Average Effective Interest Rate
														Fixed-
	Scheduled						Scheduled						Total	Rate	Variable-
Year	Amortization		Maturities		Total		Amortization		Maturities		Total		Debt	Debt	Rate Debt
2022 (Remainder)	$	1,942	$	110,556	$	112,498	$	388	$	25,469	$	25,857	5.33%	n/a	5.33%
2023		6,620		342,396		349,016		1,274		72,350		73,624	4.75%	3.97%	5.42%
2024		5,244		288,167		293,411		987		54,329		55,316	3.30%	3.20%	4.83%
2025		748		229,962		230,710		153		95,378		95,531	5.11%	4.76%	5.17%
2026		257		48,330		48,587		50		9,850		9,900	4.74%	3.75%	5.17%
Thereafter		—		55,500		55,500		—		10,040		10,040	5.08%	n/a	5.08%
Total	$	14,811	$	1,074,911	$	1,089,722	$	2,852	$	267,416	$	270,268

__________

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

27

	Future Debt Maturities – As Extended 1
Supplemental Report – September 30, 2022	(in thousands)

Core Portfolio	Extended Debt Maturities 1						Acadia's Pro-Rata Share						Weighted Average Interest Rate
														Fixed-
	Scheduled						Scheduled						Total	Rate	Variable-
Year	Amortization		Maturities		Total		Amortization		Maturities		Total		Debt	Debt	Rate Debt
2022 (Remainder)	$	1,194	$	—	$	1,194	$	872	$	—	$	872	n/a	n/a	n/a
2023		4,470		177,496		181,966		3,369		40,573		43,942	4.08%	4.08%	n/a
2024		3,671		69,862		73,533		2,866		36,759		39,625	4.14%	4.09%	6.25%
2025		2,885		133,500		136,385		2,578		124,996		127,574	4.18%	4.18%	n/a
2026		3,052		587,561		590,613		2,674		587,561		590,235	4.08%	4.08%	n/a
Thereafter		9,664		371,513		381,177		8,709		359,677		368,386	4.21%	4.21%	n/a
Total	$	24,936	$	1,339,932	$	1,364,868	$	21,068	$	1,149,566	$	1,170,634
Funds	Extended Debt Maturities 1						Acadia's Pro-Rata Share						Weighted Average Interest Rate
														Fixed-
	Scheduled						Scheduled						Total	Rate	Variable-
Year	Amortization		Maturities		Total		Amortization		Maturities		Total		Debt	Debt	Rate Debt
2022 (Remainder)	$	1,942	$	25,493	$	27,435	$	388	$	5,894	$	6,282	5.55%	n/a	5.55%
2023		6,619		362,108		368,727		1,274		79,308		80,582	5.01%	4.02%	5.37%
2024		5,242		264,813		270,055		987		52,709		53,696	3.39%	3.39%	n/a
2025		748		63,367		64,115		153		11,528		11,681	3.17%	3.13%	4.80%
2026		258		229,793		230,051		54		93,728		93,782	4.99%	3.89%	5.08%
Thereafter		—		129,339		129,339		—		24,245		24,245	5.40%	5.11%	5.55%
Total	$	14,809	$	1,074,913	$	1,089,722	$	2,856	$	267,412	$	270,268

__________

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

28

	Core Portfolio Retail Properties - Detail
Supplemental Report – September 30, 2022	(in thousands)

		Year	Acadia's			Gross Leasable Area (GLA)								In Place Occupancy												Leased Occupancy			Annualized Base Rent		ABR
Property	Key Tenants	Acquired	Interest			Street		Anchors		Shops		Total		Street			Anchors			Shops			Total			Total			(ABR)		PSF
STREET AND URBAN RETAIL
Chicago Metro
664 N. Michigan Avenue	Tommy Bahama,    Ann Taylor Loft	2013		100.0	%		18,141		—		—		18,141		100.0	%		—	%		—	%		100.0	%		100.0	%	$	3,350,038	$	184.67
840 N. Michigan Avenue	H & M, Verizon    Wireless	2014		88.4	%		87,135		—		—		87,135		100.0	%		—	%		—	%		100.0	%		100.0	%		8,521,951		97.80
Rush and Walton Streets    Collection (6 properties)	Lululemon, BHLDN,    Reformation,    Sprinkles	2011  2012		100.0	%		40,384		—		—		40,384		88.2	%		—	%		—	%		88.2	%		88.2	%		6,766,398		190.04
Clark Street and W. Diversey    Collection (4 properties)	Starbucks;TJ Maxx; J Crew Factory	2011 2012		100.0	%		53,277		—		—		53,277		68.3	%		—	%		—	%		68.3	%		76.1	%		1,452,248		39.93
Halsted and Armitage    Collection (13 properties)	Serena and Lily,    Bonobos, Allbirds    Warby Parker,    Marine Layer,    Kiehl's	2011 2012 2019 2020		100.0	%		51,596		—		—		51,596		97.6	%		—	%		—	%		97.6	%		100.0	%		2,475,407		49.16
North Lincoln Park Chicago    Collection (6 properties)	Champion,    Carhartt	2011 2014		100.0	%		22,125		—		27,796		49,921		27.7	%		—	%		100.0	%		67.9	%		67.9	%		1,062,570		31.32
State and Washington	Nordstrom Rack,    Uniqlo	2016		100.0	%		78,771		—		—		78,771		100.0	%		—	%		—	%		100.0	%		100.0	%		3,346,235		42.48
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	%		1,837,987		43.98
Concord and Milwaukee	—	2016		100.0	%		13,147		—		—		13,147		80.8	%		—	%		—	%		80.8	%		100.0	%		357,370		33.63
California and Armitage	—	2016		100.0	%		—		—		18,275		18,275		—	%		—	%		70.5	%		70.5	%		78.8	%		687,120		53.29
Roosevelt Galleria	Petco, Vitamin    Shoppe	2015		100.0	%		—		—		37,995		37,995		—	%		—	%		47.7	%		47.7	%		89.7	%		613,881		33.86
Sullivan Center	Target	2016		100.0	%		176,181		—		—		176,181		78.9	%		—	%		—	%		78.9	%		78.9	%		5,009,637		36.05
							609,933		—		84,066		693,999		87.1	%		—	%		70.0	%		85.0	%		88.7	%		37,053,842		62.79
New York Metro
Soho Collection    (12 properties)	Faherty, ALC    Stone Island, Taft,    Frame, Theory;    Bang & Olufsen	2011 2014 2019 2020 2022		100.0	%		36,389		—		—		36,389		70.2	%		—	%		—	%		70.2	%		90.7	%		8,355,335		327.08
5-7 East 17th Street	—	2008		100.0	%		8,488		—		—		8,488		—	%		—	%		—	%		—	%		46.8	%		—		—
200 West 54th Street	—	2007		100.0	%		5,862		—		—		5,862		70.6	%		—	%		—	%		70.6	%		100.0	%		1,098,019		265.35
61 Main Street	—	2014		100.0	%		3,470		—		—		3,470		100.0	%		—	%		—	%		100.0	%		100.0	%		303,798		87.55
181 Main Street	TD Bank	2012		100.0	%		11,514		—		—		11,514		100.0	%		—	%		—	%		100.0	%		100.0	%		980,044		85.12
4401 White Plains Road	Walgreens	2011		100.0	%		—		12,964		—		12,964		—	%		100.0	%		—	%		100.0	%		100.0	%		625,000		48.21
Bartow Avenue	—	2005		100.0	%		—		—		14,590		14,590		—	%		—	%		80.0	%		80.0	%		80.0	%		396,697		33.97

29

	Core Portfolio Retail Properties - Detail
Supplemental Report – September 30, 2022	(in thousands)

239 Greenwich Avenue	Watches of Switzerland	1998	75.0	%	16,621	—	—	16,621	100.0	%	—	%	—	%	100.0	%	100.0	%	1,793,298	107.89
252-256 Greenwich Avenue	Veronica Beard,    The RealReal,    Blue Mercury	2014	100.0	%	7,986	—	—	7,986	100.0	%	—	%	—	%	100.0	%	100.0	%	910,725	114.04
2914 Third Avenue	Planet Fitness	2006	100.0	%	—	21,650	18,953	40,603	—	%	100.0	%	100.0	%	100.0	%	100.0	%	1,099,431	27.08
868 Broadway	Dr. Martens	2013	100.0	%	2,031	—	—	2,031	100.0	%	—	%	—	%	100.0	%	100.0	%	838,855	413.03
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	2013	100.0	%	13,838	—	—	13,838	79.8	%	—	%	—	%	79.8	%	100.0	%	2,089,073	189.25
2520 Flatbush Avenue	Bob's Disc. Furniture,    Capital One	2014	100.0	%	—	—	29,114	29,114	—	%	—	%	100.0	%	100.0	%	100.0	%	1,181,175	40.57
Williamsburg	Sephora, SweetGreen,    Levain Bakery	2022	100.0	%	50,842	—	—	50,842	100.0	%	—	%	—		100.0	%	100.0	%	5,021,426	98.77
991 Madison Avenue	Vera Wang,    Gabriella Hearst	2016	100.0	%	7,513	—	—	7,513	91.1	%	—	%	—	%	91.1	%	91.1	%	3,007,496	439.24
Shops at Grand	Stop & Shop (Ahold)	2014	100.0	%	—	52,336	47,349	99,685	—	%	100.0	%	87.9	%	94.2	%	100.0	%	3,166,201	33.71
Gotham Plaza	Bank of America,    Footlocker, Taco Bell	2016	49.0	%	—	—	25,922	25,922	—	%	—	%	73.9	%	73.9	%	91.6	%	1,506,196	78.64
					171,154	86,950	135,928	394,032	85.7	%	100.0	%	88.6	%	89.9	%	96.5	%	32,899,845	92.92
Los Angeles Metro
8833 Beverly Blvd	Luxury Living	2022	100.0	%	9,757	—	—	9,757	100.0	%	—	%	—	%	100.0	%	100.0	%	1,272,860	130.46
Melrose Place Collection	The Row, Chloe,    Oscar de la Renta	2019	100.0	%	14,000	—	—	14,000	100.0	%	—	%	—	%	100.0	%	100.0	%	2,667,090	190.51
					23,757	—	—	23,757	100.0	%	—	%	—	%	100.0	%	100.0	%	3,939,950	165.84
District of Columbia Metro
1739-53 & 1801-03    Connecticut Avenue	TD Bank	2012	100.0	%	20,669	—	—	20,669	58.7	%	—	%	—	%	58.7	%	66.7	%	792,815	65.37
14th Street Collection (3 properties)	Mitchell Gold and Bob Williams, Verizon	2021	100.0	%	19,461	—	—	19,461	100.0	%	—	%	—	%	100.0	%	100.0	%	1,394,030	71.63
Rhode Island Place    Shopping Center	Ross Dress for Less	2012	100.0	%	—	25,134	32,533	57,667	—	%	100.0	%	88.4	%	93.4	%	100.0	%	1,882,009	34.93
M Street and Wisconsin Corridor    (26 Properties) 3	Lululemon, Duxiana, Rag and Bone, Reformation, Glossier	2011 2016 2019	24.8	%	245,289	—	—	245,289	74.2	%	—	%	—	%	74.2	%	84.1	%	12,312,536	67.68
					285,419	25,134	32,533	343,086	74.8	%	100.0	%	88.4	%	77.9	%	86.6	%	16,381,390	61.26
Boston Metro
330-340 River Street	Whole Foods	2012	100.0	%	—	40,800	13,426	54,226	—	%	100.0	%	100.0	%	100.0	%	100.0	%	1,320,045	24.34
165 Newbury Street	Starbucks	2016	100.0	%	1,050	—	—	1,050	100.0	%	—	%	—	%	100.0	%	100.0	%	294,632	280.60
					1,050	40,800	13,426	55,276	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	1,614,677	29.21
Dallas Metro

30

	Core Portfolio Retail Properties - Detail
Supplemental Report – September 30, 2022	(in thousands)

Henderson Avenue Portfolio (14 properties)	Sprouts Market	2022	100.0	%	90,080	31,635	—	121,715	86.8	%	100.0	%	—	%	90.2	%	93.1	%		4,115,910		37.48
Total Street and Urban Retail					1,181,393	184,519	265,953	1,631,865	84.2	%	100.0	%	83.3	%	85.8	%	91.0	%	$	96,005,614	$	68.55
Acadia Share Total Street and Urban Retail					982,596	184,519	252,733	1,419,848	86.1	%	100.0	%	83.8	%	87.5	%	92.0	%	$	85,136,707	$	68.52
SUBURBAN PROPERTIES
New Jersey
Elmwood Park Shopping Center	Walgreens, Lidl	1998	100.0	%	—	43,531	100,379	143,910	—	%	100.0	%	76.6	%	83.7	%	96.9	%		3,215,942		26.71
Marketplace of Absecon	Walgreens, Dollar Tree	1998	100.0	%	—	46,724	57,832	104,556	—	%	100.0	%	85.9	%	92.2	%	92.2	%		1,442,524		14.96
New York
Village Commons    Shopping Center	—	1998	100.0	%	—	—	87,128	87,128	—	%	—	%	90.2	%	90.2	%	92.1	%		2,699,755		34.35
Branch Plaza	LA Fitness,    The Fresh Market	1998	100.0	%	—	76,264	47,081	123,345	—	%	100.0	%	88.4	%	95.6	%	98.8	%		3,173,817		26.92
Amboy Center	Stop & Shop (Ahold)	2005	100.0	%	—	37,266	26,024	63,290	—	%	100.0	%	71.9	%	88.4	%	88.4	%		1,875,858		33.51
Crossroads Shopping Center	HomeGoods,Pet-    Smart	1998	49.0	%	—	202,727	108,928	311,655	—	%	50.3	%	57.9	%	53.0	%	85.3	%		5,724,365		34.67
New Loudon Center	Price Chopper,    Marshalls	1993	100.0	%	—	242,058	16,643	258,701	—	%	94.8	%	100.0	%	95.2	%	95.2	%		2,237,910		9.09
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	%	57.1	%	75.1	%	75.1	%		2,366,064		34.79
Connecticut
Town Line Plaza 4	Wal-Mart, Stop    & Shop (Ahold)	1998	100.0	%	—	163,159	42,930	206,089	—	%	100.0	%	94.2	%	98.8	%	98.8	%		1,869,859		17.40
Massachusetts
Methuen Shopping Center	Wal-Mart,    Market Basket	1998	100.0	%	—	120,004	10,017	130,021	—	%	100.0	%	100.0	%	100.0	%	100.0	%		1,467,752		11.29
Crescent Plaza	Home Depot, Shaw's    (Supervalu)	1993	100.0	%	—	156,985	61,163	218,148	—	%	100.0	%	85.7	%	96.0	%	96.0	%		2,066,246		9.87
201 Needham Street	Michael's	2014	100.0	%	—	20,409	—	20,409	—	%	100.0	%	—	%	100.0	%	100.0	%		646,965		31.70
163 Highland Avenue	Staples, Petco	2015	100.0	%	—	40,505	—	40,505	—	%	100.0	%	—	%	100.0	%	100.0	%		1,490,575		36.80
Vermont
The Gateway Shopping Center	Shaw's (Supervalu)	1999	100.0	%	—	73,184	28,290	101,474	—	%	100.0	%	94.9	%	98.6	%	98.6	%		2,205,414		22.05
Illinois
Hobson West Plaza	Garden Fresh    Markets	1998	100.0	%	—	51,692	47,270	98,962	—	%	100.0	%	97.4	%	98.7	%	98.7	%		1,334,056		13.65
Indiana

31

	Core Portfolio Retail Properties - Detail
Supplemental Report – September 30, 2022	(in thousands)

Merrillville Plaza	Jo-Ann Fabrics,   TJ Maxx	1998	100.0	%	—	123,144	112,782	235,926	—	%	82.3	%	75.1	%	78.8	%	88.1	%		2,707,700		14.56
Michigan
Bloomfield Town Square	HomeGoods,    TJ Maxx	1998	100.0	%	—	153,332	81,619	234,951	—	%	100.0	%	93.3	%	97.7	%	99.4	%		4,110,310		17.91
Delaware
Town Center and Other    (2 properties)	Lowes, Bed Bath &    Beyond, Target	2003	100.0	%	—	751,455	48,608	800,063	—	%	94.2	%	91.4	%	94.0	%	94.0	%		12,798,543		17.02
Market Square Shopping Center	Trader Joe's,    TJ Maxx	2003	100.0	%	—	42,850	59,197	102,047	—	%	100.0	%	100.0	%	100.0	%	100.0	%		3,270,246		32.05
Naamans Road	—	2006	100.0	%	—	—	19,850	19,850	—	%	—	%	63.9	%	63.9	%	63.9	%		698,462		55.08
Pennsylvania
Mark Plaza	Kmart	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	%		909,901		5.82
Chestnut Hill	—	2006	100.0	%	—	—	36,492	36,492	—	%	—	%	100.0	%	100.0	%	100.0	%		961,735		26.35
Abington Towne Center 5	Target, TJ Maxx	1998	100.0	%	—	184,616	32,255	216,871	—	%	100.0	%	100.0	%	100.0	%	100.0	%		1,310,553		22.12
Total Suburban Properties					—	2,909,173	1,095,307	4,004,480	—	%	93.8	%	83.5	%	91.0	%	94.8	%	$	62,827,326	$	18.41
Acadia Share Total Suburban Properties					—	2,805,782	1,039,754	3,845,536	—	%	95.5	%	84.9	%	92.6	%	95.2	%	$	59,907,900	$	18.02
Total Core Properties					1,181,393	3,093,692	1,361,260	5,636,345	84.2	%	94.2	%	83.5	%	89.5	%	93.7	%	$	158,832,940	$	32.97
Acadia Share Total Core Properties					982,596	2,990,301	1,292,487	5,265,384	86.1	%	95.7	%	84.7	%	91.2	%	94.3	%	$	145,044,607	$	31.73

__________

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

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

3.Excludes 94,000 square feet of office GLA.

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

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

32

	Core Portfolio – Top Tenants 1
Supplemental Report – September 30, 2022	(Pro Rata Basis)

	Number of		Combined				Percentage of Total
Tenant	Stores		GLA		ABR		GLA			ABR
Target		3		408,895	$	8,126,134		7.8	%		5.6	%
Walgreens		6		95,189		4,197,379		1.8	%		2.9	%
Bed, Bath, and Beyond 2		3		172,432		3,942,421		3.3	%		2.7	%
Royal Ahold 3		3		155,461		3,475,460		3.0	%		2.4	%
TJX Companies4		8		229,043		2,765,292		4.3	%		1.9	%
PetSmart, Inc.		4		76,257		2,760,241		1.4	%		1.9	%
Verizon		2		26,054		2,754,366		0.5	%		1.9	%
Lululemon		2		7,533		2,547,222		0.1	%		1.8	%
Trader Joe's		3		40,862		2,499,318		0.8	%		1.7	%
Fast Retailing 5		2		32,013		2,369,223		0.6	%		1.6	%
Gap 6		3		44,895		2,191,532		0.9	%		1.5	%
Albertsons Companies7		2		123,409		1,980,640		2.3	%		1.4	%
Bob's Discount Furniture		2		68,793		1,843,336		1.3	%		1.3	%
Tapestry8		2		4,250		1,696,218		0.1	%		1.2	%
Watches of Switzerland9		2		13,863		1,624,974		0.3	%		1.1	%
Ulta Salon Cosmetic & Fragrance		3		31,497		1,550,757		0.6	%		1.1	%
Dick's Sporting Goods, Inc		2		98,805		1,519,874		1.9	%		1.0	%
Citibank		4		16,160		1,337,924		0.3	%		0.9	%
The Home Depot		2		187,914		1,307,040		3.6	%		0.9	%
Michael's		2		45,285		1,219,113		0.9	%		0.8	%
TOTAL		60		1,878,610	$	51,708,464		35.8	%		35.6	%

__________

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

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

3.Stop and Shop (3 locations)

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

5.Uniqlo (1 location), Theory (1 location)

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

7.Shaw’s (2 locations)

8.Kate Spade (2 locations)

9.Grand Seiko (1 location), Betteridge Jewelers (1 location)

33

	Core Portfolio – Lease Expirations
Supplemental Report – September 30, 2022	(Pro Rata Basis)

	Street Tenants												Anchor Tenants
			GLA					ABR							GLA					ABR
	Leases		Expiring		Percent					Percent			Leases		Expiring		Percent					Percent
Year	Expiring		SF		of Total			PSF		of Total			Expiring		SF		of Total			PSF		of Total
M to M 1		1		1,600		0.2	%	$	22.50		—	%		—		—		—	%	$	—		—	%
2022		2		2,243		0.3	%		38.34		0.1	%		—		—		—	%		—		—	%
2023		21		104,147		12.3	%		81.36		11.7	%		3		95,734		3.7	%		15.63		3.8	%
2024		20		75,712		8.9	%		87.53		9.2	%		14		523,842		20.1	%		14.45		19.4	%
2025		27		119,572		14.1	%		97.88		16.2	%		10		391,435		15.0	%		19.63		19.7	%
2026		26		73,178		8.6	%		137.67		14.0	%		10		444,889		17.1	%		10.93		12.4	%
2027		14		26,074		3.1	%		143.02		5.2	%		2		74,188		2.8	%		15.37		2.9	%
2028		14		64,966		7.7	%		127.14		11.4	%		9		513,514		19.7	%		11.57		15.2	%
2029		16		47,879		5.7	%		80.61		5.3	%		5		182,205		7.0	%		16.04		7.5	%
2030		8		63,747		7.5	%		60.73		5.4	%		—		—		—	%		—		—	%
2031		7		41,177		4.9	%		68.76		3.9	%		2		50,566		1.9	%		13.94		1.8	%
Thereafter		21		226,025		26.7	%		55.96		17.6	%		8		331,419		12.7	%		20.48		17.3	%
Total		177		846,320		100.0	%	$	85.31		100.0	%		63		2,607,792		100.0	%	$	14.94		100.0	%
Anchor GLA Owned by Tenants				—												254,916
Total Vacant				136,276												127,593
Total Square Feet				982,596												2,990,301
	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		1		1,400		0.1	%	$	24.40		0.1	%		2		3,000		0.1	%	$	23.39		0.0	%
2022		4		13,658		1.2	%		29.55		1.2	%		6		15,901		0.3	%		30.79		0.3	%
2023		39		127,151		11.6	%		29.78		11.2	%		63		327,032		7.2	%		42.06		9.5	%
2024		33		144,346		13.2	%		25.22		10.8	%		67		743,900		16.4	%		23.97		12.3	%
2025		34		115,867		10.6	%		28.41		9.8	%		71		626,874		13.8	%		36.18		15.6	%
2026		36		137,392		12.6	%		25.38		10.3	%		72		655,459		14.4	%		28.11		12.7	%
2027		36		129,839		11.9	%		35.56		13.7	%		52		230,101		5.1	%		41.22		6.5	%
2028		23		106,276		9.7	%		37.52		11.8	%		46		684,756		15.1	%		26.56		12.5	%
2029		15		44,239		4.0	%		29.76		3.9	%		36		274,323		6.0	%		29.52		5.6	%
2030		12		35,348		3.2	%		34.04		3.6	%		20		99,095		2.2	%		51.21		3.5	%
2031		17		86,236		7.9	%		28.82		7.4	%		26		177,979		3.9	%		33.83		4.2	%
Thereafter		36		152,844		14.0	%		35.90		16.2	%		65		710,288		15.5	%		35.09		17.3	%
Total		286		1,094,596		100.0	%	$	30.82		100.0	%		526		4,548,708		100.0	%	$	31.73		100.0	%
Anchor GLA Owned by Tenants				—												254,916
Total Vacant				197,891												461,760
Total Square Feet				1,292,487												5,265,384

_________

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

34

	Core Portfolio – New and Renewal Rent Spreads 1
Supplemental Report – September 30, 2022

	Quarter Ended																		Year to Date
	March 31, 2022						June 30, 2022						September 30, 2022						September 30, 2022
	GAAP 2			Cash 3			GAAP 2			Cash 3			GAAP 2			Cash 3			GAAP 2			Cash 3
New Leases
Number of new leases executed		4			4			2			2			3			3			9			9
GLA		12,970			12,970			11,000			11,000			4,544			4,544			28,514			28,514
New base rent	$	37.83		$	34.10		$	113.70		$	99.38		$	78.62		$	70.12		$	73.60		$	65.02
Previous base rent	$	34.75		$	35.01		$	98.17		$	99.15		$	60.47		$	62.72		$	63.31		$	64.17
Average cost per square foot	$	42.51		$	42.51		$	161.05		$	161.05		$	63.39		$	63.39		$	91.57		$	91.57
Weighted Average Lease Term (years)		12.0			12.0			11.8			11.8			10.0			10.0			11.6			11.6
Percentage growth in base rent		8.9	%		(2.6	)%		15.8	%		0.2	%		30.0	%		11.8	%		16.3	%		1.3	%
Renewal Leases
Number of renewal leases executed		21			21			12			12			17			17			50			50
GLA		284,858			284,858			71,026			71,026			176,463			176,463			532,347			532,347
New base rent	$	32.60		$	32.29		$	45.44		$	44.21		$	38.88		$	37.18		$	36.39		$	35.50
Expiring base rent	$	29.45		$	29.81		$	39.43		$	41.79		$	30.56		$	30.56		$	31.15		$	31.66
Average cost per square foot	$	21.29		$	21.29		$	6.34		$	6.34		$	6.89		$	6.89		$	14.52		$	14.52
Weighted Average Lease Term (years)		5.8			5.8			5.1			5.1			4.6			4.6			5.3			5.3
Percentage growth in base rent		10.7	%		8.3	%		15.2	%		5.8	%		27.2	%		21.7	%		16.8	%		12.1	%
Total New and Renewal Leases
Number of new and renewal leases executed		25			25			14			14			20			20			59			59
GLA commencing		297,828			297,828			82,026			82,026			181,007			181,007			560,861			560,861
New base rent	$	32.83		$	32.37		$	54.59		$	51.61		$	39.88		$	38.01		$	38.28		$	37.00
Expiring base rent	$	29.68		$	30.04		$	47.31		$	49.48		$	31.31		$	31.37		$	32.79		$	33.31
Average cost per square foot	$	22.21		$	22.21		$	27.09		$	27.09		$	8.31		$	8.31		$	18.44		$	18.44
Weighted Average Lease Term (years)		6.1			6.1			6.0			6.0			4.7			4.7			5.6			5.6
Percentage growth in base rent		10.6	%		7.8	%		15.4	%		4.3	%		27.4	%		21.2	%		16.8	%		11.1	%

__________

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

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

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

35

	Core Portfolio – Capital Expenditures
Supplemental Report – September 30, 2022

	Quarter Ended						Year to Date
	March 31,  2022		June 30, 2022		September 30, 2022		September 30, 2022		December 31, 2021
Leasing Commissions	$	1,053	$	1,057	$	811	$	2,921	$	2,360
Tenant Improvements		3,403		2,250		4,709		10,362		10,059
Maintenance Capital Expenditures		638		2,049		1,993		4,680		4,060
Total Capital Expenditures	$	5,094	$	5,356	$	7,513	$	17,963	$	16,479

36

	Fund Overview
Supplemental Report – September 30, 2022

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	$		557.3	Million	$		448.1	Million	$		488.1	Million	$		347.9	Million	$		1,928.1	Million
Cumulative Net Distributions 3	$		195.4	Million	$		172.5	Million	$		603.5	Million	$		221.4	Million	$		79.6	Million	$		1,272.3	Million
Net Distributions/Contributions			225.6	%			31.0	%			134.7	%			45.3	%			22.9	%			66.0	%
Unfunded Commitment 4	$		0.0	Million	$		0.0	Million	$		1.9	Million	$		41.9	Million	$		172.1	Million	$		215.8	Million
Acquisition Dry Powder 5		N/A				N/A				N/A				N/A			$		104.0	Million	$		104.0	Million
Investment Period Closes		Closed				Closed				Closed				Closed				Aug-2023
Currently in a Promote Position? (Yes/No)		No				No				No				No				No
II. FEES & PRIORITY DISTRIBUTIONS EARNED BY ACADIA
Type:		Applicable to				Description
Asset Management 6		Fund I & II				0.75% in 2022, 0% in 2023
Asset Management		Fund III				Currently 0%
Asset Management 6		Fund IV				1.5% of Implied Capital during the investment period; 1.25% of Implied Capital post-investment period
Asset Management 7		Fund V				1.5% of Implied Capital for Year 1-4 of the investment period; 1.5% of Allocated Capital Commitments for Year 5 of the investment period (August 26, 2020-August 25, 2021); 1.0% of Allocated Capital Commitments for Year 6-7 of the investment period (August 26, 2021-August 25, 2023); 1.25% of Implied Capital post-investment period
Property Management		All funds				4.0% of gross property revenues
Leasing		All funds				Market-rate leasing commissions
Construction/Project Management		All funds				Market-rate fees
Development		Fund III, IV & V				3.0% of total project costs

37

	Fund Overview
Supplemental Report – September 30, 2022

_________

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

2.With regard to Fund II, the additional contributions over original Fund Size reflects prior-period distributions that were re-contributed to the Fund during 2016, 2020, 2021 and 2022 to fund the on-going redevelopment of existing Fund II investments. The $472 million reflects an incremental $172 million of capital contributed in connection with the City Point recapitalization. Fund II contains two remaining investments - City Point and Albertsons, the latter of which is held in a parallel vehicle. During the second quarter 2022, the Company increased its ownership in Fund II and Mervyn's II from 28% to 40%. Additionally, during the third quarter 2022, the Company increased its ownership in Fund II from 40% to 61.7%; its ownership in Albertsons remains at 40%.

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

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

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

6.Implied Capital is Fund Size less capital attributed to sold investments or released. Post-investment period, Fund IV Implied Capital also excludes $41.9 million of general reserves.

7.Implied Capital is Fund Size less capital attributed to sold investments or released. Allocated Capital Commitments are computed as the Fund Size less Acquisition Dry Powder.

38

	Fund Portfolio Retail Properties – Detail 1
Supplemental Report – September 30, 2022

		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	Target, Basis Schools, Alamo Drafthouse	2007		94.2	%		—		332,404		208,666		541,070		—	%		68.1	%		25.5	%		51.7	%		82.0	%	$	10,450,369	$	37.36
Total - Fund II							—		332,404		208,666		541,070		—	%		68.1	%		25.5	%		51.7	%		82.0	%	$	10,450,369	$	37.36
Fund III Portfolio Detail
NEW YORK
New York
640 Broadway	Swatch	2012		100.0	%		4,637		—		—		4,637		91.6	%		—	%		—	%		91.6	%		91.6	%	$	1,075,151	$	253.15
Total - Fund III							4,637		—		—		4,637		91.6	%		—	%		—	%		91.6	%		91.6	%	$	1,075,151	$	253.15
Fund IV Portfolio Detail
NEW YORK
New York
801 Madison Avenue	─	2015		100.0	%		2,522		—		—		2,522		—	%		—	%		—	%		—	%		—	%	$	—	$	—
210 Bowery	─	2012		100.0	%		2,538		—		—		2,538		—	%		—	%		—	%		—	%		—	%		—		—
27 East 61st Street	─	2014		100.0	%		4,177		—		—		4,177		—	%		—	%		—	%		—	%		—	%		—		—
17 East 71st Street	The Row	2014		100.0	%		8,432		—		—		8,432		82.2	%		—	%		—	%		82.2	%		82.2	%		1,878,913		271.05
1035 Third Avenue 3	─	2015		100.0	%		7,634		—		—		7,634		100.0	%		—	%		—	%		100.0	%		100.0	%		1,265,746		165.80
New Jersey
Paramus Plaza	Ashley Furniture, Marshalls	2013		50.0	%		—		87,539		65,955		153,494		—	%		100.0	%		100.0	%		100.0	%		100.0	%		3,233,834		21.07
BOSTON
Massachusetts
Restaurants at Fort Point	─	2016		100.0	%		15,711		—		—		15,711		100.0	%		—	%		—	%		100.0	%		100.0	%		1,050,946		66.89
Rhode Island
650 Bald Hill Road	Dick's Sporting Goods, Burlington Coat Factory	2015		90.0	%		—		55,000		105,448		160,448		—	%		100.0	%		77.7	%		85.4	%		85.4	%		2,052,672		14.99
MID-ATLANTIC
Virginia
Promenade at Manassas	Home Depot	2013		98.6	%		—		209,356		71,404		280,760		—	%		100.0	%		100.0	%		100.0	%		100.0	%		3,710,514		13.22
Delaware
Eden Square	Giant Food, LA Fitness	2014		98.6	%		—		116,003		113,933		229,936		—	%		100.0	%		78.4	%		89.3	%		92.7	%		3,246,996		15.82
SOUTHEAST
Georgia

39

	Fund Portfolio Retail Properties – Detail 1
Supplemental Report – September 30, 2022

Broughton Street Portfolio    (13 properties)	H&M, Lululemon, Kendra Scott, Starbucks	2014		100.0	%		95,201		—		—		95,201		87.7	%		—	%		—	%		87.7	%		95.4	%		2,970,279		35.56
		Year	Fund			Gross Leasable Area								In Place Occupancy												Leased			Annualized
Property	Key Tenants	Acquired	Ownership %			Street		Anchors		Shops		Total		Street			Anchors			Shops			Total			Occupancy			Base Rent (ABR)		ABR PSF
WEST
California
146 Geary Street	─	2015		100.0	%		10,151		—		—		10,151		—	%		—	%		—	%		—	%		—	%		—		—
Union and Fillmore Collection (3 properties)	Eileen Fisher, Bonobos	2015		90.0	%		7,148		—		—		7,148		77.9	%		—	%		—	%		77.9	%		77.9	%		636,247		114.33
Total - Fund IV							153,514		467,898		356,740		978,152		77.8	%		100.0	%		86.5	%		91.6	%		93.1	%	$	20,046,147	$	22.38
Fund V Portfolio Detail
SOUTHWEST
New Mexico
Plaza Santa Fe	TJ Maxx, Best Buy, Ross Dress for Less	2017		100.0	%		—		153,983		70,169		224,152		—	%		100.0	%		91.5	%		97.3	%		97.3	%	$	3,988,358	$	18.28
Texas
Wood Ridge Plaza	Kirkland's, Office Depot	2022		90.0	%		—		—		211,183		211,183		—	%		—	%		84.7	%		84.7	%		85.3	%		3,746,487		20.96
La Frontera Plaza	Kohl's, Hobby Lobby	2022		90.0	%		—		203,500		330,930		534,430		—	%		100.0	%		81.8	%		88.7	%		92.8	%		6,519,161		13.75
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	%		2,344,851		12.31
Fairlane Green	TJ Maxx, Michaels	2017		100.0	%		—		109,952		160,235		270,187		—	%		74.5	%		91.9	%		84.8	%		95.2	%		4,672,366		20.39
NORTHEAST
Maryland
Frederick County (2 properties)	Kohl's, Best Buy, Ross Dress for Less	2019		90.0	%		—		251,988		278,828		530,816		—	%		100.0	%		75.2	%		87.0	%		90.6	%		6,775,898		14.68
Connecticut
Tri-City Plaza	TJ Maxx, HomeGoods, ShopRite	2019		90.0	%		—		129,940		172,948		302,888		—	%		100.0	%		79.9	%		88.5	%		91.5	%		3,810,683		14.21
New Jersey
Midstate	ShopRite, Best Buy, DSW, PetSmart	2021		100.0	%		—		253,779		131,337		385,116		—	%		90.5	%		70.8	%		83.8	%		86.2	%		6,220,936		19.27
New York
Shoppes at South Hills	ShopRite, At Home, Ashley Furniture	2022		90.0	%		—		416,804		95,414		512,218		—	%		80.7	%		46.2	%		74.3	%		74.3	%		4,375,401		11.50
Pennsylvania

40

	Fund Portfolio Retail Properties – Detail 1
Supplemental Report – September 30, 2022

Monroe Marketplace	Kohl's, Dick's Sporting Goods, Giant Food	2021		100.0	%		—		263,376		108,276		371,652		—	%		100.0	%		100.0	%		100.0	%		100.0	%		4,231,262		11.39
Rhode Island
Lincoln Commons	Stop and Shop, Marshalls, HomeGoods	2019		100.0	%		—		194,470		267,551		462,021		—	%		100.0	%		79.3	%		88.0	%		88.0	%		5,457,042		13.42
SOUTHEAST
Virginia
Landstown Commons	Best Buy, Burlington Coat Factory, Ross Dress for Less	2019		100.0	%		—		87,883		298,532		386,415		—	%		100.0	%		87.2	%		90.1	%		91.0	%		7,449,844		21.40
		Year	Fund			Gross Leasable Area								In Place Occupancy												Leased			Annualized
Property	Key Tenants	Acquired	Ownership %			Street		Anchors		Shops		Total		Street			Anchors			Shops			Total			Occupancy			Base Rent (ABR)		ABR PSF
Florida
Palm Coast Landing	TJ Maxx, PetSmart, Ross Dress for Less	2019		100.0	%		—		73,241		98,558		171,799		—	%		100.0	%		94.6	%		96.9	%		96.9	%		3,426,590		20.59
North Carolina
Hickory Ridge	Kohl's, Best Buy, Dick's Sporting Goods	2017		100.0	%		—		266,584		113,981		380,565		—	%		100.0	%		100.0	%		100.0	%		100.0	%		4,728,944		12.43
Alabama
Trussville Promenade	Wal-Mart, Regal Cinemas	2018		100.0	%		—		366,010		97,671		463,681		—	%		100.0	%		72.3	%		94.2	%		95.6	%		4,447,125		10.18
Georgia
Canton Marketplace	Dick's Sporting Goods, TJ Maxx, Best Buy	2021		100.0	%		—		132,569		219,409		351,978		—	%		100.0	%		83.6	%		89.8	%		92.0	%		5,462,290		17.29
Hiram Pavilion	Kohl's, HomeGoods	2018		100.0	%		—		209,423		153,252		362,675		—	%		100.0	%		98.6	%		99.4	%		99.4	%		4,559,438		12.64
WEST
California
Elk Grove Commons	Kohl's, HomeGoods	2018		100.0	%		—		132,489		109,589		242,078		—	%		100.0	%		93.4	%		97.0	%		99.1	%		5,069,120		21.58
Utah
Family Center at Riverdale	Target, Sportman's Warehouse	2019		89.4	%		—		256,673		115,802		372,475		—	%		80.5	%		97.7	%		85.9	%		97.9	%		3,352,616		10.48
Total - Fund V							—		3,648,053		3,078,806		6,726,859		—	%		95.0	%		84.4	%		90.2	%		92.5	%	$	90,638,412	$	14.94
TOTAL FUND PROPERTIES							158,151		4,448,355		3,644,212		8,250,718		78.2	%		93.5	%		81.3	%		87.8	%		91.9	%	$	122,210,079	$	16.87
Acadia Share of Total Fund Properties							36,433		996,727		787,698		1,820,858		78.2	%		90.4	%		75.6	%		83.8	%		90.8	%	$	28,154,491	$	18.46

__________

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

2.In place occupancy excludes short-term percentage rent.

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

41

	Fund Lease Expirations
Supplemental Report – September 30, 2022	(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		—		—		—	%	$	—	$	—		—	%		—		—		—	%	$	—	$	—		—	%
2022		—		—		—	%		—		—		—	%		—		—		—	%		—		—		—	%
2023		—		—		—	%		—		—		—	%		1		159		15.3	%		64,320		404.53		24.4	%
2024		—		—		—	%		—		—		—	%		—		—		—	%		—		—		—	%
2025		1		1,426		0.9	%		155,105		108.77		2.6	%		—		—		—	%		—		—		—	%
2026		—		—		—	%		—		—		—	%		—		—		—	%		—		—		—	%
2027		3		15,294		9.4	%		1,139,686		74.52		18.8	%		—		—		—	%		—		—		—	%
2028		1		552		0.3	%		107,630		194.98		1.8	%		1		306		29.4	%		72,073		235.53		27.4	%
2029		—		—		—	%		—		—		—	%		—		—		—	%		—		—		—	%
2030		—		—		—	%		—		—		—	%		1		177		17.0	%		40,854		230.81		15.5	%
2031		—		—		—	%		—		—		—	%		1		226		21.7	%		53,825		238.16		20.4	%
Thereafter		6		145,261		89.4	%		4,669,244		32.14		76.8	%		1		173		16.6	%		32,340		186.94		12.3	%
Total		11		162,533		100.0	%	$	6,071,665	$	37.36		100.0	%		5		1,041		100.0	%	$	263,412	$	253.15		100.0	%
				151,829	Total Vacant													95	Total Vacant
				314,362	Total Square Feet													1,136	Total Square Feet
	FUND IV														FUND V
			GLA							ABR							GLA							ABR
	Leases		Expiring		Percent							Percent			Leases		Expiring		Percent							Percent
Year	Expiring		SF		of Total			Amount		PSF		of Total			Expiring		SF		of Total			Amount		PSF		of Total
M to M 1		—		—		—	%	$	—	$	—		—	%		11		4,106		0.3	%	$	88,860	$	21.64		0.5	%
2022		1		867		0.5	%		13,141		15.16		0.3	%		10		8,604		0.7	%		174,446		20.27		1.0	%
2023		7		2,381		1.3	%		92,593		38.89		2.2	%		60		75,469		6.4	%		1,361,543		18.04		7.7	%
2024		4		1,687		0.9	%		46,207		27.39		1.1	%		87		182,004		15.5	%		2,711,937		14.90		15.4	%
2025		8		3,132		1.7	%		536,164		171.19		12.8	%		83		193,346		16.4	%		2,774,482		14.35		15.7	%
2026		15		20,662		11.2	%		548,853		26.56		13.1	%		80		109,389		9.3	%		2,081,816		19.03		11.8	%
2027		14		9,536		5.2	%		300,219		31.48		7.2	%		57		135,267		11.5	%		1,793,153		13.26		10.2	%
2028		7		5,366		2.9	%		156,409		29.15		3.7	%		38		101,033		8.6	%		1,719,224		17.02		9.7	%
2029		7		40,666		22.0	%		694,262		17.07		16.6	%		29		73,207		6.2	%		873,739		11.94		5.0	%
2030		2		4,567		2.5	%		79,582		17.43		1.9	%		27		76,460		6.5	%		1,033,550		13.52		5.9	%
2031		11		47,319		25.6	%		694,795		14.68		16.8	%		31		79,889		6.8	%		1,156,807		14.48		6.6	%
Thereafter		14		48,377		26.2	%		1,013,826		20.96		24.3	%		42		138,319		11.8	%		1,873,806		13.55		10.5	%
Total		90		184,560		100.0	%	$	4,176,051	$	22.63		100.0	%		555		1,177,093		100.0	%	$	17,643,363	$	14.99		100.0	%
				18,355	Total Vacant													125,353	Total Vacant
				202,915	Total Square Feet													1,302,446	Total Square Feet

__________

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

42

	Development and Redevelopment Activity
Supplemental Report – September 30, 2022

				Est. SQFT					Acquisition & Development Costs 1
Property	Ownership 1	Location	Estimated Stabilization	Upon Completion		Occupied/ Leased Rate	Key Tenants	Description	Incurred 2		Estimated Future Range					Estimated Total Range
Development:
CORE
1238 Wisconsin	80.0%	Washington DC	2023		29,000	0%/65%	Wolford, Everbody	Redevelopment/addition to existing building with ground level retail, upper floor office and residential units upon completion. Discretionary spend upon securing tenant(s)	$	14.7	$	18.0	to	$	18.8	$	32.7	to	$	33.5
Henderson - Development 1 & 2	100.0%	Dallas, TX	TBD		160,000	—	TBD	Ground up development for mixed-use street-level retail spaces and upper level office spaces.	$	10.1	TBD		to	TBD		TBD			TBD
FUND III
Broad Hollow Commons	100.0%	Farmingdale, NY	TBD	TBD		—	TBD	Discretionary spend upon securing necessary approvals and tenant(s) for lease up		25.4		24.6	to		34.6		50.0	to		60.0
FUND IV
717 N. Michigan Avenue	100.0%	Chicago, IL	TBD	TBD		14%/14%	TBD	Discretionary spend upon securing tenant(s) for lease up		116.5	TBD		to	TBD		TBD		to	TBD
									$	166.7	$	42.6		$	53.4	$	82.7		$	93.5
Major Redevelopment:
CORE
City Center	100.0%	San Francisco, CA	2024		241,000	75%/99%	Target, Whole Foods, PetSmart	Ground up development of pad sites and street level retail and re-tenanting/redevelopment for Whole Foods	$	202.8	$	7.2	to	$	10.2	$	210.0	to	$	213.0
555 9th Street	100.0%	San Francisco, CA	TBD		149,000	67%/67%	TBD	Re-tenanting and potential split of former 46,000 square foot Nordstrom; façade upgrade and possible vertical expansion		—	TBD		to	TBD		TBD		to	TBD
651-671 West Diversey	100.0%	Chicago, IL	TBD		46,000	86%/86%	TBD	'Discretionary spend for future re-tenanting and re-configuration of approximately 30,000 sf.		—	TBD		to	TBD		TBD			TBD
Route 6 Mall	100.0%	Honesdale, PA	TBD	TBD		30%/47%	TBD	Discretionary spend for re-tenanting former 120,000 square foot Kmart anchor space once tenant(s) are secured		—		6.0	to		9.0		6.0	to		9.0
Mad River	100.0%	Dayton, OH	TBD	TBD		74%/74%	TBD	Discretionary spend for the re-tenanting former 33,000 square foot Babies R Us space once tenant(s) are secured		—		1.9	to		2.3		1.9	to		2.3
									$	202.8	$	15.1		$	21.5	$	217.9		$	224.3

_________

43

	Development and Redevelopment Activity
Supplemental Report – September 30, 2022

__________

1.Ownership percentages and costs represent the Core or Fund level ownership and not Acadia’s pro rata share.

2.Incurred amounts include costs associated with the initial carrying value. Refer to “Net Asset Valuation Information” for pro-rata costs incurred. Reconciles to Consolidated Balance Sheet at September 30, 2022 as follows:

Development costs above	$	166.7
Unconsolidated projects (a)		(14.7	)
Projects in redevelopment or partial development (b)		76.2
Deferred costs and other amounts		(5.7	)
Impairment charges taken		(36.1	)
Total per consolidated balance sheet	$	186.4

(a)Relates to 1238 Wisconsin Avenue

(b)Primarily relates to the portion of City Center that is still in Major Redevelopment. Total incurred amount of $202.8 reflects the historical carrying value of the entire property (including its initial acquisition cost).

44

	Important Notes
Supplemental Report – September 30, 2022

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

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

USE OF FUNDS FROM OPERATIONS AS NON-GAAP FINANCIAL MEASURE

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

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

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

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

USE OF NON-GAAP FINANCIAL MEASURES

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

45

XML

Document and Entity Information	Nov. 01, 2022
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Nov. 01, 2022
Entity Registrant Name	ACADIA REALTY TRUST
Entity Central Index Key	0000899629
Entity Emerging Growth Company	false
Entity File Number	1-12002
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	23-2715194
Entity Address, Address Line One	411 Theodore Fremd Avenue
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Rye
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10580
City Area Code	914
Local Phone Number	288-8100
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common shares of beneficial interest, par value $0.001 per share
Trading Symbol	AKR
Security Exchange Name	NYSE