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): April 27, 2010

ACADIA REALTY TRUST

(Exact name of registrant as specified in its charter)

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

1311 Mamaroneck Avenue

Suite 260

White Plains, New York 10605

(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:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425 )

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02.                      Results of Operations and Financial Condition.

On April 27, 2010, Acadia Realty Trust (the "Company") issued a press release announcing its consolidated financial results for the quarter ended March 31, 2010. A copy of this press release is attached to this report on Form 8-K as Exhibit 99.1 and incorporated herein by reference. In addition, on April 27, 2010, the Company made available supplemental information concerning the ownership, operations and portfolio of the Company as of and for the quarter ended March 31, 2010. A copy of this supplemental information is attached to this 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 solely pursuant to this Item 2.02, and is not deemed to be "filed" for purposes of Sec tion 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 of the Company dated April 27, 2010.
99.2	Financial and Operating Reporting Supplement of the Company for the quarter ended March 31, 2010.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		ACADIA REALTY TRUST      (Registrant)
Date: April 29, 2010	By:	/s/ Michael Nelsen
		Name:  Michael Nelsen
		Title: Sr. Vice President and Chief Financial Officer

EXHIBIT INDEX

Exhibit Number	Description
99.1	Press release of the Company dated April 27, 2010.
99.2	Financial and Operating Reporting Supplement of the Company for the quarter ended March 31, 2010.

EX-99.1

Exhibit 99.1

Acadia Realty Trust Reports First Quarter 2010 Operating Results

NEW YORK--(BUSINESS WIRE)--April 27, 2010--Acadia Realty Trust (NYSE:AKR), today reported operating results for the quarter ended March 31, 2010. All per share amounts are on a fully diluted basis.

First Quarter 2010 Highlights

Earnings – 2010 first quarter FFO of $0.25, EPS of $0.13

· Funds from operations (“FFO”) per share of $0.25 for the first quarter 2010 compared to $0.42 for first quarter 2009. FFO for 2009 included $0.16 from gains on the repurchase of debt and other income

· Earnings per share (“EPS”) from continuing operations for first quarter 2010 of $0.13 compared to 0.28 for first quarter 2009

Balance Sheet – Continued Strength

· Cash on hand and availability under current facilities of approximately $90 million at March 31, 2010

· Core portfolio debt, net of cash on hand (“Net Debt”) to EBIDTA of 4.3x

· Core portfolio Net Debt yield of 16%

· No significant core portfolio debt maturities before December 2011 (including extension options) when $50 million balance of convertible notes are due

Core Portfolio – Net Operating Income at Upper End of 2010 Forecast

· Same store net operating income decreased 1.3% for the quarter ended March 31, 2010 compared to the same period in 2009

· March 31, 2010 occupancy at 92.5% versus 92.6% at December 31, 2009

First Quarter 2010 Operating Results

For the quarter ended March 31, 2010, FFO was $10.2 million, compared to $14.3 million for the quarter ended March 31, 2009.

Earnings for the quarters ended March 31, 2010 and 2009 were as follows:

	Quarter ended March 31,
	2010	2009	Variance
FFO per share	$0.25	$0.42	$(0.17)
EPS from continuing operations	$0.13	$0.28	$(0.15)
EPS	$0.13	$0.31	$(0.18)

The primary factors which contributed to the $0.15 decrease in EPS from continuing operations for the first quarter 2010 compared to the same period in 2009 were a $0.09 gain related to the purchase of $18.5 million in principal amount of the Company’s outstanding convertible debt in the first quarter 2009 and $0.05 of income as a result of a forfeited property sale contract deposit that was recognized in the first quarter 2009.

Discontinued operations decreased $0.03 for the first quarter 2010 as compared to the same period in 2009 primarily as a result of a gain recognized on the sale of six Kroger Supermarket locations in the first quarter 2009.

Strong Balance Sheet with Available Capital

As of March 31, 2010, Acadia’s solid balance sheet was evidenced by the following:

Strong Liquidity

· Total liquidity of $90 million, including $45 million of cash and $45 million available under existing lines of credit, excluding the cash and credit facilities of the Company’s opportunity funds (“Fund”)

· $406 million of committed Fund III investor capital is unfunded as of March 31, 2010. Approximately $56 million of this amount has been allocated as equity for existing investments. The remaining $350 million of unallocated investor capital commitments is available for Fund III’s equity component in additional investments. Acadia’s pro-rata share of the $406 million of total unfunded capital is $81 million

Low Leverage

· Debt yield (annualized net operating income divided by principal amount of debt) of 14% and Net Debt yield (annualized net operating income divided by principal amount of debt less cash on hand) of 16% on the core portfolio debt. Including the Company’s pro-rata share of Fund debt, a debt yield of 13% and a net debt yield of 14%

· Core portfolio Net Debt to EBIDTA of 4.3x

· Fixed-charge coverage ratio of 2.9 to 1 for the quarter ended March 31, 2010

Low Exposure to Interest Rates and Current Debt Maturities

· 100% of the Company’s core portfolio debt is fixed-rate at an average interest rate of 6.0%. Including the Company’s pro-rata share of the Fund debt, 89% of the Company’s debt is fixed-rate at an average interest rate of 5.5%

· Including extension options, no significant core portfolio debt maturities before December 2011 when $50 million of convertible notes are due

· Mortgage debt maturities at the Fund level through 2011 total $46 million, of which Acadia’s pro-rata share was $9.2 million. In addition, borrowings against subscription lines, which are collateralized by unfunded capital commitments, amounted to $40 million and $140 million for Fund II and Fund III, respectively. Acadia’s pro-rata share of the subscription line borrowings aggregated $35.8 million

Retail Portfolio Performance

As previously discussed in its 2010 outlook, the Company anticipates the residual effects of the downturn in the economy will continue to impact core portfolio performance. Occupancy within the core portfolio, which excludes Acadia’s Funds, is expected to be flat to up 100 basis points by the end of 2010 and same-store net operating income (“NOI”) to be between minus 2% and minus 4% for the year. During the first quarter 2010, the core portfolio performed at or above the more favorable end of these expectations as follows:

Same Store NOI

For the quarter ended March 31, 2010, same store NOI decreased 1.3% compared to the quarter ended March 31, 2009. As previously anticipated and discussed, first quarter NOI was impacted by the non-renewal of a Borders Bookstore lease at the Chestnut Hill (Philadelphia) property and the re-anchoring of the Marketplace at Absecon, which is now over 50% re-anchored. Excluding the 2.5% reduction in total core portfolio NOI resulting from these two locations, same store NOI for first quarter 2010 would have increased 1.2% over first quarter 2009.

Portfolio Occupancy

At March 31, 2010, Acadia’s core portfolio occupancy was 92.5%. This represents a decrease of 10 basis points from 92.6% occupancy at December 31, 2009. Acadia’s combined portfolio occupancy, including its core portfolio and Funds, was 91.8% as of March 31, 2010, which also represents a 10 basis points decrease from occupancy at December 31, 2009 of 91.9%.

Leasing Activity

During the first quarter of 2010, the Company realized a decrease in average rents of 1.6% in its core portfolio on new and renewal leases totaling 101,000 square feet. Excluding the effect of the straight-lining of rents, the Company experienced a 5.3% decrease in average rents.

Outlook - Earnings Guidance for 2010

The Company reaffirms its previously announced 2010 FFO and EPS forecast. On a fully diluted basis, the Company forecasts that its 2010 annual FFO will range from $0.95 to $1.00 per share and 2010 EPS from $0.46 to $0.51 per share.

Management Comments

“We are pleased with our first quarter results, which were driven by the stronger than anticipated performance of our core portfolio” stated Kenneth F. Bernstein, President and CEO of Acadia Realty Trust. “Along with the improving retail environment, the capital markets also showed continued strengthening during the quarter. While we believe these improvements bode well for both our existing portfolio as well as our redevelopment pipeline, we recognize that we are still in the early stages of this economic recovery and, thus, remain focused on maintaining the strength of our portfolio and our balance sheet. Furthermore, we believe that our liquidity and available discretionary acquisition fund capital puts us in a strong position to capitalize on potential opportunities as they arise.”

Investor Conference Call

Management will conduct a conference call on Wednesday, April 28, 2010 at 12:00 PM ET to review the Company's earnings and operating results. The live conference call can be accessed by dialing 866-783-2142 (internationally 857-350-1601). The pass code is “Acadia”. The call will also be webcast and can be accessed in a listen-only mode at Acadia's web site at www.acadiarealty.com. If you are unable to participate during the live webcast, the call will be archived and available on Acadia's website. Alternatively, to access the replay by phone, dial 888-286-8010 (internationally 617-801-6888), and the passcode will be 83788147. The phone replay will be available through Wednesday, May 5, 2010.

Acadia Realty Trust, headquartered in White Plains, NY, is a fully integrated, self-managed and self-administered equity REIT focused primarily on the ownership, acquisition, redevelopment and management of retail and mixed-use properties including neighborhood and community shopping centers located in dense urban and suburban markets in major metropolitan areas.

Certain matters in this press release may constitute forward-looking statements within the meaning of federal securities law and as such may involve known and unknown risk, uncertainties and other factors that may cause the actual results, performances or achievements of Acadia to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. These forward-looking statements include statements regarding Acadia’s future financial results and its ability to capitalize on potential opportunities arising from the current economic turmoil. Factors that could cause the Company’s forward-looking statements to differ from its future results include, but are not limited to, those discussed under the headings “Risk Factors” and "Management's Discussion an d Analysis of Financial Condition and Results of Operations" in the Company’s most recent annual report on Form 10-K filed with the SEC on March 1, 2010 (“Form 10-K”) and other periodic reports filed with the SEC, including risks related to: (i) the current global financial crisis and its effect on retail tenants, including several recent bankruptcies of major retailers; (ii) the Company’s reliance on revenues derived from major tenants; (iii) the Company’s limited control over joint venture investments; (iv) the Company’s partnership structure; (v) real estate and the geographic concentration of our properties; (vi) market interest rates; (vii) leverage; (viii) liability for environmental matters; (ix) the Company’s growth strategy; (x) the Company’s status as a REIT; (xi) uninsured losses and (xii) the loss of key executives. Copies of the Form 10-K and the other periodic reports Acadia files with the SEC are available on the Company’s website at www.acadiarealty.com. Any forward-looking statements in this press release speak only as of the date hereof. Acadia 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 Acadia's expectations with regard thereto or change in events, conditions or circumstances on which any such statement is based.

ACADIA REALTY TRUST AND SUBSIDIARIES Financial Highlights 1 For the Quarters ended March 31, 2010 and 2009 (dollars in thousands, except per share data)
	For the Quarters ended
	March 31,
Revenues	2010			2009
Minimum rents	$	25,732		$	21,249
Percentage rents		135			201
Expense reimbursements		6,030			5,462
Lease termination income		6			205
Other property income		431			302
Management fee income		400			756
Interest income		5,127			5,143
Other		--			1,700
Total revenues		37,861			35,018
Operating expenses
Property operating		7,848			7,322
Real estate taxes		4,527			3,665
General and administrative		5,119			6,141
Depreciation and amortization		10,341			8,580
Total operating expenses		27,835			25,708
Operating income		10,026			9,310
Equity in earnings (losses) of unconsolidated affiliates		387			(3,307	)
Interest expense and other finance costs		(8,467	)		(7,821	)
Gain on extinguishment of debt		--			3,150
Income from continuing operations before income taxes		1,946			1,332
Income taxes		(439	)		(526	)
Income from continuing operations		1,507			806

ACADIA REALTY TRUST AND SUBSIDIARIES Financial Highlights 1 For the Quarters ended March 31, 2010 and 2009 (dollars in thousands, except per share data)
	For the Quarters ended
	March 31,
	2010		2009
Discontinued operations:
Operating income from discontinued operations		--		174
Gain on sale of property		--		5,637
Income from discontinued operations		--		5,811
Net income		1,507		6,617
Loss (income) attributable to noncontrolling interests in subsidiaries:
Continuing operations		3,623		8,546
Discontinued operations		--		(4,864	)
Net loss attributable to noncontrolling interests in subsidiaries		3,623		3,682
Net income attributable to Common Shareholders	$	5,130	$	10,299
Supplemental Information
Income from continuing operations attributable to Common Shareholders	$	5,130	$	9,352
Income from discontinued operations attributable to Common Shareholders		--		947
Net income attributable to Common Shareholders	$	5,130	$	10,299
Net income attributable to Common Shareholders per               Common Share – Basic
Net income per Common Share – Continuing operations	$	0.13	$	0.28
Net income per Common Share – Discontinued operations		--		0.03
Net income per Common Share	$	0.13	$	0.31
Weighted average Common Shares		39,981		33,474
Net income attributable to Common Shareholders per              Common Share – Diluted 2
Net income per Common Share – Continuing operations	$	0.13	$	0.28
Net income per Common Share – Discontinued operations		--		0.03
Net income per Common Share	$	0.13	$	0.31
Weighted average Common Shares		40,150		33,621

ACADIA REALTY TRUST AND SUBSIDIARIES Financial Highlights 1 For the Quarters ended March 31, 2010 and 2009 (dollars in thousands, except per share data)
RECONCILIATION OF NET INCOME TO FUNDS FROM OPERATIONS 3
	For the Quarters ended
	March 31,
	2010		2009
Net income attributable to Common Shareholders	$	5,130	$	10,299
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interests' share):
Consolidated affiliates		4,588		4,370
Unconsolidated affiliates		358		372
Gain on sale (net of noncontrolling interests' share):
Consolidated affiliates		--		(929	)
Income attributable to noncontrolling interests’ in Operating Partnership		86		151
Distributions – Preferred OP Units		5		5
Funds from operations	$	10,167	$	14,268
Funds from operations per share – Diluted
Weighted average Common Shares and OP Units 4		40,776		34,293
Funds from operations, per share	$	0.25	$	0.42

ACADIA REALTY TRUST AND SUBSIDIARIES Financial Highlights 1 For the Quarters ended March 31, 2010 and 2009 (dollars in thousands)
RECONCILIATION OF OPERATING INCOME TO NET PROPERTY OPERATING INCOME (“NOI”) 3
	For the Quarters ended
	March 31,
	2010			2009
Operating income	$	10,026		$	9,310
Add back:
General and administrative		5,119			6,141
Depreciation and amortization		10,341			8,580
Abandonment of project costs		3			16
Less:
Management fee income		(400	)		(756	)
Interest income		(5,127	)		(5,143	)
Other income		--			(1,700	)
Lease termination income		(6	)		(205	)
Straight line rent and other adjustments		(916	)		13
Consolidated NOI		19,040			16,256
Noncontrolling interest in NOI		(5,371	)		(2,001	)
Pro-rata share of NOI	$	13,669		$	14,255

SELECTED BALANCE SHEET INFORMATION
	As of
	March 31, 2010			December 31, 2009
Cash and cash equivalents		$	66,077		$	93,808
Rental property, at cost			1,052,990			1,070,066
Total assets			1,360,172			1,382,464
Notes payable			754,607			780,094
Total liabilities			822,261			849,987
Notes: 1 For additional information and analysis concerning the Company’s results of operations, reference is made to the Company’s Quarterly Supplemental Disclosure furnished on Form 8-K to the SEC and included on the Company’s website at www.acadiarealty.com. 2 Reflects the potential dilution that could occur if securities or other contracts to issue Common Shares were exercised or converted into Common Shares. The effect of the conversion of Common OP Units is not reflected in the above table as they are exchangeable for Common Shares on a one-for-one basis. The income allocable to such units is allocated on this same basis and reflected as noncontrolling interests in the consolidated financial statements. As such, the assumed conversion of these units would have no net impact on the determination of diluted earnings per share.

ACADIA REALTY TRUST AND SUBSIDIARIES

Financial Highlights

For the Quarters ended March 31, 2010 and 2009

(dollars in thousands, except per share data)

Notes (continued):

3 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 its widespread acceptance and use within the REIT and analyst communities. FFO 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 depreciated property and depreciation and amortization. In addition, NOI excludes interest expense. 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. FFO does not represent cash generated from operations as defined by generally accepted accounting principles (“GAAP”) and is not indicative of cash available to fund all cash needs, including di stributions. It should not be considered as an alternative to net income for the purpose of evaluating the Company’s performance or to cash flows as a measure of liquidity. Consistent with the NAREIT definition, the Company defines FFO as net income (computed in accordance with GAAP), excluding gains (losses) from sales of depreciated property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures.

4 In addition to the weighted average Common Shares outstanding, basic and diluted FFO also assumes full conversion of a weighted average 601 and 672 OP Units into Common Shares for the quarters ended March 31, 2010 and 2009, respectively. Diluted FFO also includes the assumed conversion of Preferred OP Units into 25 Common Shares for each of the quarters ended March 31, 2010 and 2009. In addition, diluted FFO also includes the effect of employee share options of 169 and 122 Common Shares for the quarters ended March 31, 2010 and 2009, respectively.

CONTACT:

Acadia Realty Trust

Jon Grisham, 914-288-8100

EX-99.2

Exhibit 99.2

ACADIA REALTY TRUST

Focused.

Disciplined.

Value-Driven.

First Quarter 2010

Reporting Supplement

Reporting Supplement
March 31, 2010
Table of Contents
	Page		Page
Section I - Financial Information		Section II - Opportunity Fund Information
Company Information	3	Opportunity Fund Overview	24
Market Capitalization	4	Redevelopment Projects - Operating	25
Operating Statements		Redevelopment Projects - Construction and Design	26
Pro-rata Consolidation	5
Joint Ventures	6	RCP Venture Investments	27
Opportunity Funds	7
Funds from Operations ("FFO"), Adjusted FFO ("AFFO")		Section III - Core and Opportunity Fund Portfolio Information
and Funds Available for Distribution ("FAD")	9
EBITDA	10	Core Properties	28
Same Property Net Operating Income	11
Fee Income	12	Core Portfolio by State	30
2010 Guidance	13
Net Asset Valuation	14	Core Top Tenants	31
Balance Sheet - Pro-rata Consolidation	15	Core Lease Expirations	32
Notes Receivable	16	Core New and Renewal Rent Spreads	34
Debt Analysis		Core Capital Expenditures	35
Summary	17
Detail	18	Opportunity Fund Properties	36
Maturities	21
Maturities with Extension Options	22	Storage Post Properties	37
Selected Financial Ratios	23	Opportunity Fund Lease Expirations	38
		Portfolio Demographics	41
		Important Notes	42
Visit www.acadiarealty.com for additional investor and portfolio information

Page 2

Reporting Supplement
March 31, 2010
	Company Information
Acadia Realty Trust, headquartered in White Plains, NY, is a fully integrated and self-managed real estate investment trust
which specializes in the acquisition, redevelopment and operation of shopping centers which are anchored by grocery and
value-oriented retail. Acadia currently owns (or has interests in) and operates 76 properties totaling approximately 8 million
square feet, located in the Northeast, Mid-Atlantic and Midwest United States.
All of Acadia's assets are held by, and all its operations are conducted through, Acadia Realty Limited Partnership
(and its majority-owned subsidiaries) which is currently 98% controlled by Acadia.
Corporate Headquarters		1311 Mamaroneck Avenue	Investor Relations		Jon Grisham
		Suite 260			Senior Vice President,
		White Plains, NY 10605			Chief Accounting Officer
					(914) 288-8142
					jgrisham@acadiarealty.com
New York Stock Exchange		SymbolAKR	Web Site		www.acadiarealty.com
Analyst Coverage		Banc of America / Merrill Lynch		Green Street Advisors		KeyBanc Capital Markets, Inc.
		Craig Schmidt (646) 855-3640		Nicholas Vedder (949) 640-8780		Todd Thomas - (917) 368-2286
		craig_schmidt@ml.com		nvedder@greenstreetadvisors.com		tthomas@keybanccm.com
		Bank of Montreal		Janney Montgomery Scott		Macquarie Capital (USA)
		Paul Adornato, CFA - (212) 885-4170		Andrew T. DiZio, CFA (215) 665-6439		Dave Wigginton (212) 231-6380
		paul.adornato@bmo.com		adizio@jmsonline.com		dave.wiggington@maquarie.com
		Citigroup - Smith Barney		J.P. Morgan Securities, Inc.		RBC Capital Markets
		Quentin Velleley, CFA - (212) 816-6981		Michael W. Mueller, CFA (212) 622-6689		Rich Moore, CFA - (216) 378-7625
		quentin.velleley@citi.com		michael.w.mueller@jpmorgan.com		rich.moore@rbccm.com
		Cowen and Company		Keefe, Bruyette & Woods, Inc.		UBS
		Stephen Boyd - (646) 562-1382		Sheila K. McGrath - (212) 887-7793		Christy McElroy - (203) 719-7831
		Stephen.Boyd@cowen.com		smcgrath@kbw.com		christy.mcelroy@ubs.com

Page 3

Reporting Supplement
March 31, 2010										Market Capitalization
										including the hypothetical
Total Market Capitalization										repayment of debt with
(including pro-rata share of Opportunity Fund debt)	Market Capitalization									available cash of
(dollars in thousands)	as of March 31, 2010									$52.8 million ("Net Debt")
	Percent						Percent of			Percent						Percent of
	of Total						Total Market			of Total						Total Market
	Equity						Capitalization			Equity						Capitalization
Equity Capitalization
Total Common Shares Outstanding		98.8	%	$	40,118						98.8	%	$	40,118
Common Operating Partnership ("OP") Units		1.2	%		474						1.2	%		474
Combined Common Shares and OP Units					40,592									40,592
Share Price 3/31/10					17.86									17.86
Equity Capitalization - Common Shares and OP Units					724,973									724,973
Preferred OP Units 1					448									448
Total Equity Capitalization					725,421			62.4	%					725,421			65.4	%
Debt Capitalization
Consolidated debt					754,607									754,607
Adjustment to reflect pro-rata share of debt					(317,761	)								(317,761	)
Total Debt Capitalization					436,846			37.6	%					436,846
Less debt paid with available cash														(52,780	)3
Total Net Debt Capitalization														384,066			34.6	%
Total Market Capitalization				$	1,162,267			100.0	%				$	1,109,487			100.0	%
1 Represents 188 Series A Preferred OP Units convertible into 25,067 Common OP units x share price at quarter end.
2 Fixed-rate debt includes notional principal fixed through interest rate swap transactions and conversely, variable-rate debt excludes this amount.
3 Reflects Core Portfolio and pro-rata share of Opportunity Funds cash balance as of 3/31/10.
				Weighted Average Outstanding Common Shares and OP Units
				March 31, 2010						March 31, 2009
				Quarter			Year-to-date			Quarter			Year-to-date
Weighted average Common Shares - Basic EPS					39,980,646			39,980,646			33,473,859			33,473,859
Dilutive potential Common Shares					169,285			169,285			147,488			147,488
Weighted average Common Shares - Diluted EPS					40,149,931			40,149,931			33,621,347			33,621,347
OP Units					600,562			600,562			671,732			671,732
Dilutive potential of OP Units and Common Shares					25,067			25,067			-			-
Weighted average Common Shares/OP Units - Diluted FFO					40,775,560			40,775,560			34,293,079			34,293,079

Page 4

Reporting Supplement
March 31, 2010
Income Statements - Pro-rata Consolidation 1
Current Quarter and Year-to-Date
(in thousands)		Year-to-Date																			Current Quarter
		Period																			3 months
		ended March 31, 2010																			ended March 31, 2010
		Core Retail											Opportunity Funds					Total			Core Retail											Opportunity Funds					Total
								Total																			Total
		Wholly			Joint			Continuing			Discontinued		Continuing			Discontinued					Wholly			Joint			Continuing			Discontinued		Continuing			Discontinued
		Owned			Ventures			Operations			Operations		Operations			Operations					Owned			Ventures			Operations			Operations		Operations			Operations
CORE PORTFOLIO AND OPPORTUNITY FUND INCOME
PROPERTY REVENUES
Minimum rents		$	11,593		$	1,610		$	13,203		$	-	$	2,820		$	-	$	16,023		$	11,593		$	1,610		$	13,203		$	-	$	2,820		$	-	$	16,023
Percentage rents			134			4			138			-		-			-		138			134			4			138			-		-			-		138
Expense reimbursements - CAM			1,898			204			2,102			-		196			-		2,298			1,898			204			2,102			-		196			-		2,298
Expense reimbursements - Taxes			1,921			271			2,192			-		267			-		2,459			1,921			271			2,192			-		267			-		2,459
Other property income			6			1			7			-		98			-		105			6			1			7			-		98			-		105
			15,552			2,090			17,642			-		3,380			-		21,022			15,552			2,090			17,642			-		3,380			-		21,022
PROPERTY EXPENSES
Property operating - CAM			2,440			325			2,765			-		343			-		3,108			2,440			325			2,765			-		343			-		3,108
Other property operating (Non-CAM)			533			44			577			-		587			-		1,164			533			44			577			-		587			-		1,164
Real estate taxes			2,329			295			2,624			-		458			-		3,082			2,329			295			2,624			-		458			-		3,082
			5,302			664			5,966			-		1,387			-		7,353			5,302			664			5,966			-		1,387			-		7,353
NET OPERATING INCOME - PROPERTIES			10,250			1,426			11,676			-		1,993			-		13,669			10,250			1,426			11,676			-		1,993			-		13,669
OTHER INCOME (EXPENSE)
Interest income			4,796			15			4,811			-		66			-		4,877			4,796			15			4,811			-		66			-		4,877
Straight-line rent income			57			(31	)		26			-		322			-		348			57			(31	)		26			-		322			-		348
Straight-line rents written off			-			-			-			-		-			-		-			-			-			-			-		-			-		-
FAS 141 rent			(158	)		35			(123	)		-		(56	)		-		(179	)		(158	)		35			(123	)		-		(56	)		-		(179	)
Straight-line ground rent			-			-			-			-		(23	)		-		(23	)		-			-			-			-		(23	)		-		(23	)
Interest expense			(4,171	)		(917	)		(5,088	)		-		(859	)		-		(5,947	)		(4,171	)		(917	)		(5,088	)				(859	)		-		(5,947	)
FAS 141 interest			5			-			5			-		-			-		5			5			-			5					-			-		5
Asset and property management expense			(19	)		-			(19	)		-		(0	)		-		(19	)		(19	)		-			(19	)		-		(0	)		-		(19	)
Promote expense			-			-			-			-		-			-		-			-			-			-			-		-			-		-
Reserve for investment in and advances to unconsolidated property			-			-			-			-		-			-		-			-			-			-			-		-			-		-
Other income			94			-			94			-		-			-		94			94			-			94			-		-			-		94
Reserve for pre-acquisition costs			-			-			-			-		-			-		-			-			-			-			-		-			-		-
Reserve for notes receivable			-			-			-			-		-			-		-			-			-			-			-		-			-		-
CORE PORTFOLIO AND OPPORTUNITY FUND INCOME			10,854			528			11,382			-		1,443			-		12,825			10,854			528			11,382			-		1,443			-		12,825
FEE INCOME
Asset and property management fees			2,853			-			2,853			-		-			-		2,853			2,853			-			2,853			-		-			-		2,853
Priority distributions			110			-			110			-		-			-		110			110			-			110			-		-			-		110
Transactional fees			1,007			-			1,007			-		-			-		1,007			1,007						1,007					-			-		1,007
Provision for income taxes			(400	)		-			(400	)		-		-			-		(400	)		(400	)		-			(400	)		-		-			-		(400	)
FEE INCOME			3,570			-			3,570			-		-			-		3,570			3,570			-			3,570			-		-			-		3,570
PROMOTE, RCP AND OTHER INCOME
Equity in earnings from RCP investments			-			-			-			-		53			-		53			-			-			-			-		53			-		53
Promote income - RCP			-			-			-			-		25			-		25			-			-			-			-		25			-		25
Promote income - Fund capital transactions			-			-			-			-		-			-		-			-			-			-			-		-			-		-
Equity in earnings of unconsolidated properties			-			-			-			-		-			-		-			-			-			-			-		-			-		-
Forfeited property sale contract deposit			-			-			-			-		-			-		-			-			-			-			-		-			-		-
Lease termination income			6			-			6			-		-			-		6			6			-			6			-		-			-		6
Gain on extinguishment of debt			-			-			-			-		-			-		-			-						-					-			-		-
Provision for income taxes			(11	)		-			(11	)		-		(6	)		-		(17	)		(11	)		-			(11	)		-		(6	)		-		(17	)
PROMOTE, RCP AND OTHER INCOME			(5	)		-			(5	)		-		72			-		67			(5	)		-			(5	)		-		72			-		67
GENERAL AND ADMINISTRATIVE			(5,641	)		-			(5,641	)		-		(39	)		-		(5,680	)		(5,641	)		-			(5,641	)		-		(39	)		-		(5,680	)
Depreciation and amortization			(3,704	)		(370	)		(4,074	)		-		(1,444	)		-		(5,518	)		(3,704	)		(370	)		(4,074	)		-		(1,444	)		-		(5,518	)
FAS 141 amortization			18			-			18			-		(64	)		-		(46	)		18			-			18					(64	)		-		(46	)
Gain on sale of properties			-			-			-			-		-			-		-			-			-			-			-		-			-		-
Income before noncontrolling interests			5,092			158			5,250			-		(32	)		-		5,218			5,092			158			5,250			-		(32	)		-		5,218
Noncontrolling interest - OP			(89	)		-			(89	)		-		(1	)		-		(90	)		(89	)		-			(89	)		-		(1	)		-		(90	)
Noncontrolling interests			-			-			-			-		2			-		2			-			-			-			-		2			-		2
NET INCOME		$	5,003		$	158		$	5,161		$	-	$	(30	)	$	-	$	5,130		$	5,003		$	158		$	5,161		$	-	$	(30	)	$	-	$	5,130
	1 Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim periods.The Company's investments in consolidated and unconsolidated joint ventures are reflected separately for revenues and expenses by calculating it's pro-rata share for each of the above line items. In total, net income agrees with net income as reported in the Company's Form 10Q's and 10K for the corresponding periods. The Company currently invests in Funds I. II & III and Mervyn's which are consolidated with the Company's financial statements. The Company also has a 22.2% interest in the Brandywine Portfolio and a 49% interest in the Crossroads Shopping Center which are accounted for as unconsolidated investments in the Company's financial statements.

Page 5

Reporting Supplement
March 31, 2010
Income Statements - Joint Ventures 1
Current Quarter and Year-to-Date
(in thousands)	Year-to-Date															Current Quarter
	Period															3 months
	Ended March 31,															Ended March 31,
							2010															2010
	Joint Ventures - Core Retail															Joint Ventures - Core Retail
				AKR Pro-						AKR Pro-			Total						AKR Pro-						AKR Pro-			Total
				rata share						rata share			AKR Pro-						rata share						rata share			AKR Pro-
	Brandywine			22.22%			Crossroads			49.00%			rata share			Brandywine JV			22.22%			Crossroads			49.00%			rata share
PROPERTY REVENUES
Minimum rents	$	3,975		$	883		$	1,483		$	727		$	1,610		$	3,975		$	883		$	1,483		$	727		$	1,610
Percentage rents		20			4			-			-			4			20			4			-			-			4
Expense reimbursements - CAM		412			92			229			112			204			412			92			229			112			204
Expense reimbursements - Taxes		290			64			422			207			271			290			64			422			207			271
Other property income		5			1			-			-			1			5			1			-			-			1
		4,702			1,044			2,134			1,046			2,090			4,702			1,044			2,134			1,046			2,090
PROPERTY EXPENSES
Property operating - CAM		1,002			223			209			102			325			1,002			223			209			102			325
Other property operating (Non-CAM)		130			29			31			15			44			130			29			31			15			44
Real estate taxes		312			69			461			226			295			312			69			461			226			295
		1,444			321			701			343			664			1,444			321			701			343			664
NET OPERATING INCOME - PROPERTIES		3,258			723			1,433			703			1,426			3,258			723			1,433			703			1,426
OTHER INCOME (EXPENSE)
Interest income		1			-			31			15			15			1			-			31			15			15
Straight-line rent income		(142	)		(32	)		3			1			(31	)		(142	)		(32	)		3			1			(31	)
Straight-line rents written off		-			-			-			-			-			-			-			-			-			-
FAS 141 rent		157			35			-			-			35			157			35			-			-			35
Straight-line ground rent		-			-			-			-			-			-			-			-			-			-
Interest expense		(2,481	)		(508	)		(835	)		(409	)		(917	)		(2,481	)		(508	)		(835	)		(409	)		(917	)
FAS 141 interest		-			-			-			-			-			-			-			-			-			-
Property management expense		(227	)		-			-			-			-			(227	)		-			-			-			-
Promote expense		-			-			-			-			-			-			-			-			-			-
Reserve for investment in and advances to unconsolidated property		-			-			-			-			-			-			-			-			-			-
Other income		-			-			-			-			-
Reserve for pre-acquisition costs		-			-			-			-			-			-			-			-			-			-
Reserve for notes receivable		-			-			-			-			-			-			-			-			-			-
CORE PORTFOLIO AND OPPORTUNITY FUND INCOME		566			218			632			310			528			566			218			632			310			528
FEE INCOME
Asset and property management fees		-			-			-			-			-			-			-			-			-			-
Priority distributions		-			-			-			-			-			-			-			-			-			-
Transactional fees		-			-			-			-			-
Provision for income taxes		-			-			-			-			-			-			-			-			-			-
FEE INCOME		-			-			-			-			-			-			-			-			-			-
PROMOTE, RCP AND OTHER INCOME
Equity in earnings from RCP investments		-			-			-			-			-			-			-			-			-			-
Promote income - RCP		-			-			-			-			-			-			-			-			-			-
Promote income - Fund capital transactions		-			-			-			-			-			-			-			-			-			-
Equity in earnings of unconsolidated properties		-			-			-			-			-			-			-			-			-			-
Receipt of forfeited deposit		-			-			-			-			-			-			-			-			-			-
Lease termination income		-			-			-			-			-			-			-			-			-			-
Gain on extinguishment of debt		-			-			-			-			-			-			-			-			-			-
Provision for income taxes		-			-			-			-			-			-			-			-			-			-
PROMOTE, RCP AND OTHER INCOME		-			-			-			-			-			-			-			-			-			-
GENERAL AND ADMINISTRATIVE		-			-			-			-			-			-			-			-			-			-
Depreciation and amortization		(901	)		(200	)		(146	)		(170	)		(370	)		(901	)		(200	)		(146	)		(170	)		(370	)
FAS 141 amortization		-			-			-			-			-			-			-			-			-			-
Gain on sale of properties		-			-			-			-			-			-			-			-			-			-
Income before noncontrolling interest		(335	)		18			486			140			158			(335	)		18			486			140			158
Noncontrolling interest - OP		-			-			-			-			-			-			-			-			-			-
Noncontrolling interests		-			-			-			-			-			-			-			-			-			-
NET INCOME	$	(335	)	$	18		$	486		$	140		$	158		$	(335	)	$	18		$	486		$	140		$	158
	1 The Company has a 22.2% interest in the Brandywine Portfolio and a 49% interest in the Crossroads Shopping Center ("Crossroads")
	which are accounted for as unconsolidated investments in the Company's financial statements.
	2 In addition to its pro-rata share of depreciation, the Company recognizes depreciation on its stepped-up basis in Crossroads.

Page 6

Reporting Supplement March 31, 2010 Income Statements -Opportunity Funds 1 Year-to-Date (in thousands)
	Year-to-Date Period ended March 31, 2010
	Fund I Continuing Operations			Fund I Discontinued Operations		Fund I Consolidated Operations			AKR Promote 20.00%				Continuing Operations AKR Pro- rata share 22.22%			Discontinued Operations AKR Pro- rata share 22.22%	Mervyns I			AKR Promote 20.00%			AKR Pro-rata share 22.22%			Fund II			AKR Pro- rata share 20.00%			Mervyns II				AKR Pro- rata share 20.00%	Fund III				AKR Pro- rata share 19.9005%		Total AKR  Pro- rata  share
PROPERTY REVENUES
Minimum rents	$	1,268		$	-	$	1,268		$	254		$	226		$	-	$	-		$	-		$	-		$	5,825		$	1,165		$	-		$	-	$	5,898		$	1,175		$	2,820
Percentage rents		-			-		-			-			-			-		-			-			-			-			-			-			-		-			-			-
Expense reimbursements - CAM		105			-		105			21			19			-		-			-			-			596			119			-			-		185			37			196
Expense reimbursements - Taxes		79			-		79			16			14			-		-			-			-			461			92			-			-		727			145			267
Other property income		74			-		74			15			13			-		-			-			-			70			14			-			-		281			56			98
		1,526			-		1,526			305			272			-		-			-			-			6,952			1,390			-			-		7,091			1,413			3,380
PROPERTY EXPENSES
Property operating - CAM		137			-		137			27			24			-		-			-			-			1,020			204			-			-		436			87			343
Other property operating (Non-CAM)		44			-		44			9			8			-		-			-			-			1,370			274			-			-		1,487			296			587
Real estate taxes		119			-		119			24			21			-		-			-			-			821			164			-			-		1,252			249			458
		300			-		300			60			53			-		-			-			-			3,211			642			-			-		3,175			632			1,387
NET OPERATING INCOME - PROPERTIES 3		1,226			-		1,226			245			219			-		-			-			-			3,741			748			-			-		3,916			781			1,993
OTHER INCOME (EXPENSE)
Interest income		-			-		-			-			-			-		-			-			-			1			-			-			-		331			66			66
Straight-line rent income		561			-		561			112			100			-		-			-			-			500			100			-			-		48			10			322
Straight-line rents written off		-			-		-			-			-			-		-			-			-			-			-			-			-		-			-			-
FAS 141 rent		(2	)		-		(2	)		(0	)		(0	)		-		-			-			-			(65	)		(13	)		-			-		(210	)		(42	)		(56	)
Straight-line ground rent		-			-		-			-			-			-		-			-			-			(113	)		(23	)		-			-		-			-			(23	)
Interest expense		(153	)		-		(153	)		(31	)		(27	)		-		-			-			-			(2,523	)		(505	)		-			-		(1,488	)		(296	)		(859	)
FAS 141 interest		-			-		-			-			-			-		-			-			-			-			-			-			-		-			-			-
Property management expense		(2	)		-		(2	)		(0	)		(0	)		-		-			-			-			(1,353	)		-			(141	)		-		(2,193	)		-			(0	)
Promote expense		(33	)		-		(33	)		-			-			-		(25	)		-			-			-			-			-			-		-			-			-
Reserve for investment in and advances to unconsolidated property		-			-		-			-			-			-		-			-			-			-			-			-			-		-			-			-
Other income		-			-		-			-			-			-		-			-			-			-			-			-			-		-			-			-
Reserve for pre-acquisition costs		-			-		-			-			-			-		-			-			-			-			-			-			-		-			-			-
Reserve for notes receivable		-			-		-			-			-			-		-			-			-			-			-			-			-		-			-			-
OPPORTUNITY FUND INCOME		1,597			-		1,597			326			291			-		(25	)		-			-			188			307			(141	)		-		404			519			1,443
FEE INCOME
Asset and property management fees		-			-		-			-			-			-		-			-			-			-			-			-			-		-			-			-
Priority distributions		-			-		-			-			-			-		-			-			-			-			-			-			-		-			-			-
Transactional fees		-			-		-			-			-			-		-			-			-			-			-			-			-		-			-			-
Provision for income taxes		-			-		-			-			-			-		-			-			-			-			-			-			-		-			-			-
FEE INCOME		-			-		-			-			-			-		-			-			-			-			-			-			-		-			-			-
PROMOTE, RCP AND OTHER INCOME
Equity in earnings from RCP investments		-			-		-			-			-			-		128			-			23			-			-			148			30		-			-			53
Promote income - RCP		-			-		-			-			-			-		-			26			-			-			-			-			-		-			-			26
Promote income - Fund capital transactions		-			-		-			-			-			-		-			-			-			-			-			-			-		-			-			-
Equity in earnings of unconsolidated properties		-			-		-			-			-			-		-			-			-			-			-			-			-		-			-			-
Receipt of forfeited deposit		-			-		-			-			-			-		-			-			-			-			-			-			-		-			-			-
Lease termination income		-			-		-			-			-			-		-			-			-			-			-			-			-		-			-			-
Gain on extinguishment of debt		-			-		-			-			-			-		-			-			-			-			-			-			-		-			-			-
Provision for income taxes		(5	)		-		(5	)		(1	)		(1	)		-		-			-			-			(15	)		(3	)		-			-		(3	)		(1	)		(6	)
PROMOTE, RCP AND OTHER INCOME		(5	)		-		(5	)		(1	)		(1	)		-		128			26			23			(15	)		(3	)		148			30		(3	)		(1	)		72
GENERAL AND ADMINISTRATIVE		(23	)		-		(23	)		(5	)		(4	)		-		(2	)		(0	)		(0	)		(109	)		(22	)		(2	)		-		(38	)		(8	)		(39	)
Depreciation and amortization		(1,148	)		-		(1,148	)		(230	)		(204	)		-		-			-			-			(3,087	)		(617	)		-			-		(1,976	)		(393	)		(1,444	)
FAS 141 amortization		(1	)		-		(1	)		(0	)		(0	)		-		-			-			-			(69	)		(14	)		-			-		(251	)		(50	)		(64	)
Gain on sale of properties		-			-		-			-			-			-		-			-			-			-			-			-			-		-			-			-
Income before noncontrolling interest		420			-		420			91			82			-		101			25			22			(3,092	)		(349	)		5			30		(1,864	)		67			(32	)
Noncontrolling interest - OP		-			-		-			-			-			-		-			-			-			-			-			-			-		-			-			-
Noncontrolling interests		(111	)		-		(111	)		(22	)		(20	)		-		-			-			-			170			34			-			-		49			10			2
NET INCOME	$	309		$	-	$	309		$	68		$	62		$	-	$	101		$	25		$	22		$	(2,922	)	$	(315	)	$	5		$	30	$	(1,815	)	$	77		$	(30	)
	1 Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim periods. The Company's investments in consolidated and unconsolidated joint ventures are reflected separately for revenues and expenses by calculating it's pro-rata share for each of the above line items. In total, net income agrees with net income as reported in the Company's Form 10Q's and 10K for the corresponding periods. The Company currently invests in Funds I. II & III and Mervyn's which are consolidated with the Company's financial statements.
	2 Funds I, II & III and the Mervyn's investments pay various fees to the Company. As it is the recipient of such fees, the Company does not recognize its pro-rata share of these expenses.
	3 Includes majority-owned affiliates of which the noncontrolling share of NOI for the Kroger/Safeway Portfolio amounts to $219 for the period ended March 31, 2010.

Page 7

Reporting Supplement
March 31, 2010
Income Statements -Opportunity Funds 1
Current Quarter
(in thousands)
	Current Quarter
	Period
	ended March 31, 2010
	Fund I Continuing Operations			Fund I Discontinued Operations		Fund I Consolidated Operations			AKR Promote 20.00%			Continuing Operations AKR Pro- rata share 22.22%				Discontinued Operations AKR Pro- rata share 22.22%	Mervyns I				AKR Promote 20.00%			AKR Pro- rata share 22.22%		Fund II				AKR Pro- rata share 20.00%		Mervyns II				AKR Pro- rata share 20.00	%	Fund III				AKR Pro- rata share 19.9005	%	Total AKR Pro- rata share
PROPERTY REVENUES
Minimum rents	$	1,268		$	-	$	1,268		$	254		$	226		$	-	$	-		$	-		$	-		$	5,825		$	1,165		$	-		$	-		$	5,898		$	1,175		$	2,820
Percentage rents		-			-		-			-			-			-		-			-			-			-			-			-			-			-			-			-
Expense reimbursements - CAM		105			-		105			21			19			-		-			-			-			596			119			-			-			185			37			196
Expense reimbursements - Taxes		79			-		79			16			14			-		-			-			-			461			92			-			-			727			145			267
Other property income		74			-		74			15			13			-		-			-			-			70			14			-			-			281			56			98
		1,526			-		1,526			305			272			-		-			-			-			6,952			1,390			-			-			7,091			1,413			3,380
PROPERTY EXPENSES
Property operating - CAM		137			-		137			27			24			-		-			-			-			1,020			204			-			-			436			87			343
Other property operating (Non-CAM)		44			-		44			9			8			-		-			-			-			1,370			274			-			-			1,487			296			587
Real estate taxes		119			-		119			24			21			-		-			-			-			821			164			-			-			1,252			249			458
		300			-		300			60			53			-		-			-			-			3,211			642			-			-			3,175			632			1,387
NET OPERATING INCOME - PROPERTIES 3		1,226			-		1,226			245			219			-		-			-			-			3,741			748			-			-			3,916			781			1,993
OTHER INCOME (EXPENSE)
Interest income		-			-		-			-			-			-		-			-			-			1			-			-			-			331			66			66
Straight-line rent income		561			-		561			112			100			-		-			-			-			500			100			-			-			48			10			322
Straight-line rents written off		-			-		-			-			-			-		-			-			-			-			-			-			-			-			-			-
FAS 141 rent		(2	)		-		(2	)		(0	)		(0	)		-		-			-			-			(65	)		(13	)		-			-			(210	)		(42	)		(56	)
Straight-line ground rent		-			-		-			-			-			-		-			-			-			(113	)		(23	)		-			-			-			-			(23	)
Interest expense		(153	)		-		(153	)		(31	)		(27	)		-		-			-			-			(2,523	)		(505	)		-			-			(1,488	)		(296	)		(859	)
FAS 141 interest		-			-		-			-			-			-		-			-			-			-			-			-			-			-			-			-
Asset and property management expense		(2	)		-		(2	)		(0	)		(0	)		-		-			-			-			(1,353	)		-			(141	)		-			(2,193	)		-			(0	)
Promote expense		(33	)		-		(33	)		-			-			-		(25	)		-			-			-			-			-			-			-			-			-
Reserve for investment in and advances to unconsolidated property		-			-		-			-			-			-					-			-			-			-			-			-			-			-			-
Other income		-			-		-			-			-			-		-			-			-			-			-			-			-			-			-			-
Reserve for pre-acquisition costs		-			-		-			-			-			-		-			-			-			-			-			-			-			-			-			-
Reserve for notes receivable		-			-		-			-			-			-		-			-			-			-			-			-			-			-			-			-
OPPORTUNITY FUND INCOME		1,597			-		1,597			326			291			-		(25	)		-			-			188			307			(141	)		-			404			519			1,443
FEE INCOME
Asset and property management fees		-			-		-			-			-			-		-			-			-			-			-			-			-			-			-			-
Priority distributions		-			-		-			-			-			-		-			-			-			-			-			-			-			-			-			-
Transactional fees		-			-		-			-			-			-		-			-			-			-			-			-			-			-			-			-
Provision for income taxes		-			-		-			-			-			-		-			-			-			-			-			-			-			-			-			-
FEE INCOME		-			-		-			-			-			-		-			-			-			-			-			-			-			-			-			-
PROMOTE, RCP AND OTHER INCOME
Equity in earnings from RCP investments		-			-		-			-			-			-		128			-			23			-			-			148			30			-			-			53
Promote income - RCP		-			-		-			-			-			-		-			26			-			-			-			-			-			-			-			26
Promote income - Fund capital transactions		-			-		-			-			-			-		-			-			-			-			-			-			-			-			-			-
Equity in earnings of unconsolidated properties		-			-		-			-			-			-		-			-			-			-			-			-			-			-			-			-
Receipt of forfeited deposit		-			-		-			-			-			-		-			-			-			-			-			-			-			-			-			-
Lease termination income		-			-		-			-			-			-		-			-			-			-			-			-			-			-			-			-
Gain on extinguishment of debt		-			-		-			-			-			-		-			-			-			-			-			-			-			-			-			-
Provision for income taxes		(5	)		-		(5	)		(1	)		(1	)		-		-			-			-			(15	)		(3	)		-			-			(3	)		(1	)		(6	)
PROMOTE, RCP AND OTHER INCOME		(5	)		-		(5	)		(1	)		(1	)		-		128			26			23			(15	)		(3	)		148			30			(3	)		(1	)		72
GENERAL AND ADMINISTRATIVE		(23	)		-		(23	)		(5	)		(4	)		-		(2	)		(0	)		(0	)		(109	)		(22	)		(2	)		-			(38	)		(8	)		(39	)
Depreciation and amortization		(1,148	)		-		(1,148	)		(230	)		(204	)		-		-			-			-			(3,087	)		(617	)		-			-			(1,976	)		(393	)		(1,444	)
FAS 141 amortization		(1	)		-		(1	)		(0	)		(0	)		-		-			-			-			(69	)		(14	)		-			-			(251	)		(50	)		(64	)
Gain on sale of properties		-			-		-			-			-			-		-			-			-			-			-			-			-			-			-			-
Income before noncontrolling interest		420			-		420			91			82			-		101			25			22			(3,092	)		(349	)		5			30			(1,864	)		67			(32	)
Noncontrolling interest - OP		-			-		-			-			-			-		-			-			-			-			-			-			-			-			-			-
Noncontrolling interests		(111	)		-		(111	)		(22	)		(20	)		-		-			-			-			170			34			-			-			49			10			2
NET INCOME	$	309		$	-	$	309		$	68		$	62		$	-	$	101		$	25		$	22		$	(2,922	)	$	(315	)	$	5		$	30		$	(1,815	)	$	77		$	(30	)
	1 Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim periods.
	The Company's investments in consolidated and unconsolidated joint ventures are reflected separately for revenues and expenses by calculating it's pro-rata share for each of the above line items.
	In total, net income agrees with net income as reported in the Company's Form 10Q's and 10K for the corresponding periods. The Company currently invests in Funds I. II & III and Mervyn's which are
	consolidated with the Company's financial statements.
	2 Funds I, II & III and the Mervyn's investments pay various fees to the Company. As it is the recipient of such fees, the Company does not recognize its pro-rata share of these expenses.
	3 Includes majority-owned affiliates of which the noncontrolling share of NOI for the Kroger/Safeway Portfolio amounts to $219 for the three months ended March 31, 2010.

Page 8

Reporting Supplement
March 31, 2010
Funds from Operations ("FFO") 1		2010						2009
		Current			Current			Historic
		Year-to-Date			Quarter			Quarter
		Period ended			3 months ended			3 months ended
Funds from operations ("FFO"):	Notes	March 31, 2010			March 31, 2010			March 31, 2009
Net Income		$	5,130		$	5,130		$	10,299
Add back:
Depreciation of real estate and amortization of leasing costs:
(net of noncontrolling interest share)
Consolidated affiliates			4,588			4,588			4,370
Unconsolidated affiliates			358			358			372
(Gain) loss on sale of properties (net of noncontrolling interest share)
Consolidated affiliates			-			-			(929	)
Unconsolidated affiliates			-			-			-
Income attributable to noncontrolling interests' share in Operating Partnership			86			86			151
Extraordinary item (net of noncontrolling interests' share and income taxes)			-						-
Distributions on Preferred OP Units			5			5			5
FFO		$	10,167		$	10,167		$	14,268
Adjusted Funds from operations ("AFFO"):
Diluted FFO		$	10,167		$	10,167		$	14,268
Straight line rent, net			(348	)		(348	)		(207	)
Non real estate depreciation			142			142			182
Amortization of finance costs			329			329			285
Amortization of cost of management contracts			74			74			58
Tenant improvements			(1,230	)		(1,230	)		(544	)
Leasing commissions			(101	)		(101	)		(187	)
Capital expenditures			-			-			(9	)
AFFO		$	9,033		$	9,033		$	13,846
Funds Available for Distribution ("FAD")
AFFO		$	9,033		$	9,033		$	13,846
Gain on extinguishment of debt			-			-		$	(3,150	)
Scheduled principal repayments			(519	)		(519	)		(398	)
FAD		$	8,514		$	8,514		$	10,298
Total weighted average shares and OP Units:
Basic			40,581			40,581			34,146
Diluted			40,776			40,776			34,293
FFO per share:
FFO per share - Basic		$	0.25		$	0.25		$	0.42
FFO per share - Diluted		$	0.25		$	0.25		$	0.42
AFFO per share - Basic		$	0.22		$	0.22		$	0.41
AFFO per share - Diluted		$	0.22		$	0.22		$	0.40
FAD per share - Basic		$	0.21		$	0.21		$	0.30
FAD per share - Diluted		$	0.21		$	0.21		$	0.30
1 Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management are necessary for a fair presentation of operating results for the interim periods.
2 Quarterly Preferred OP Unit distributions are added back for the purposes of calculating diluted FFO. Refer to "Market Capitalization" for weighted-average basic and diluted shares.

Page 9

Reporting Supplement
March 31, 2010
Income Statements - EBITDA
Current Quarter and Year-to-Date
(in thousands)
	Year-to-Date																		Current Quarter
	Period																		3 months
	ended March 31,																		ended March 31,
	2010																		2010
	Core Retail										Opportunity Funds					Total			Core Retail										Opportunity Funds					Total
	Wholly			Joint		Total Continuing			Discontinued		Continuing			Discontinued					Wholly			Joint		Total Continuing			Discontinued		Continuing			Discontinued
	Owned			Ventures 2		Operations			Operations		Operations			Operations					Owned			Ventures		Operations			Operations		Operations			Operations
NET INCOME	$	5,003		$	158	$	5,161		$	-	$	(30	)	$	-	$	5,130		$	5,003		$	158	$	5,161		$	-	$	(30	)	$	-	$	5,130
Add back:
Depreciation and amortization		3,704			370		4,074			-		1,444			-		5,518			3,704			370		4,074			-		1,444			-		5,518
FAS 141 amortization		(18	)		-		(18	)		-		64			-		46			(18	)		-		(18	)		-		64			-		46
Interest expense		4,171			917		5,088			-		859			-		5,947			4,171			917		5,088			-		859			-		5,947
FAS 141 interest		(5	)		-		(5	)		-		-			-		(5	)		(5	)		-		(5	)		-		-			-		(5	)
Gain on sale of properties		-			-		-			-		-			-		-			-			-		-			-		-			-		-
Provision for income taxes		411			-		411			-		6			-		417			411			-		411			-		6			-		417
Noncontrolling interest - OP		89			-		89			-		1			-		90			89			-		89			-		1			-		90
Noncontrolling interests		-			-		-			-		(2	)		-		(2	)		-			-		-			-		(2	)		-		(2	)
EBIDTA	$	13,355		$	1,445	$	14,800		$	-	$	2,341		$	-	$	17,141		$	13,355		$	1,445	$	14,800		$	-	$	2,341		$	-	$	17,141

Page 10

Reporting Supplement
March 31, 2010
Net Operating Income (NOI) - Same Property Performance 1
(in thousands)								Growth in Same
								Property NOI -
								Continuing Operations
	Notes:	Current Quarter			Historical Quarter			Favorable (unfavorable)
Core Portfolio		Three			Three
		months ended			months ended
		March 31,			March 31,
Reconciliation of total NOI to same property NOI:		2010			2009
NOI - Retail properties		$	11,676		$	12,434
NOI - Discontinued Operations			-			7
Total NOI			11,676			12,441
NOI - Properties in redevelopment			(597	)		(1,209	)
NOI - Discontinued Operations			-			(7	)
Total		$	11,079		$	11,225			-1.3	%
Same property NOI by revenues/expenses:
Revenues		$	16,286		$	16,762			-2.8	%
Expenses			5,207			5,537			6.0	%
Total Core Portfolio		$	11,079		$	11,225			-1.3	%
1 The above amounts includes the pro-rata activity related to the Company's consolidated and unconsolidated joint ventures.

Page 11

Reporting Supplement
March 31, 2010
Income Statements - Fee income by Opportunity Fund
Current Quarter and Year-to-Date
(in thousands)
	Fund I		Fund II		Fund III		Other		Total
Year-to-Date period ended March 31, 2010
Asset and property management fees	$	-	$	1,017	$	1,608	$	228	$	2,853
Transactional fees		3		643		189		172		1,007
		3		1,660		1,797		400		3,860
Priority distributions (Asset and property management fees)		110		-		-		-		110
Total management fees and priority distributions	$	113	$	1,660	$	1,797	$	400	$	3,970
	Fund I		Fund II		Fund III		Other		Total
Three months ended March 31, 2010
Asset and property management fees	$	-	$	1,017	$	1,608	$	228	$	2,853
Transactional fees		3		643		189		172		1,007
		3		1,660		1,797		400		3,860
Priority distributions (Asset and property management fees)		110		-		-		-		110
Total management fees and priority distributions	$	113	$	1,660	$	1,797	$	400	$	3,970

Page 12

Reporting Supplement
March 31, 2010
2010 Guidance - Highlights
(in millions except per share amounts, all per share amounts are fully diluted)
	2010 Guidance
Overall:	Low/High	2009 Actual
Fully diluted Common Shares and OP Units	41,000	38,900
Full year Funds from Operations ("FFO")  per share	$0.95 to $1.00	$1.28
Earnings per Share ("EPS")	$0.46 to $0.51	$0.75
FFO Components:
Core and pro-rata share of opportunity Fund ("Fund") portfolio income 1	$45.5 to $46.0	$44.0
Asset and property management fee income, net of TRS taxes	$11.0	$10.4
Transactional fee income, net of TRS taxes	$6.0 to $7.0	$7.1
Promote, RCP and other income, net of TRS taxes	$0	$11.8
General and administrative expense	$(23.5) to $(23.0)	$(23.7)
Total	$39.0 to $41.0	$49.6
1 Includes additional interest on the Company's convertible debt pursuant to
ASC Topic 470-20 "Debt with Conversion and Other Options" as follows:	$1.0	$1.3

Page 13

Reporting Supplement March 31, 2010 Net Asset Valuation Information  (in thousands)		Notes		Core		Fund I							Fund II									Fund III
								AKR pro-rata share								AKR pro-rata share									AKR pro-rata share
						Fund Level		%			$		Fund Level			%			$			Fund Level			%			$
Current Quarter NOI
Total			1	$	11,676		--						$	3,741			20.00	%	$	748		$	3,916			19.91	%	$	779
Pre-stabilized redevelopment properties					-									(3,028	)					(606	)
Storage portfolio					-									-						-			(1,983	)					(395	)
Operating properties				$	11,676								$	713					$	143		$	1,933					$	385
Cost to Date
Pre-stabilized redevelopment properties			2										$	303,300					$	60,660		$	-					$	-
Storage portfolio														-						-			173,600						34,555
Under construction			2											39,600						7,920			-						-
In-design			2											77,200						15,440			41,300						8,221
Costs to Complete
Pre-stabilized redevelopment properties			2										$	24,600					$	4,920		$	-					$	-
Storage portfolio														-						-			-						-
Under construction			2											43,200						8,640			-						-
In-design			2											-						-			-						-
Annual NOI Upon Stabilization (Mid-Point of Range)
Pre-stabilized redevelopment properties													$	27,872					$	5,574		$	-					$	-
Storage portfolio														-						-			14,756						2,937
Under construction														7,038						1,408			-						-
Debt				$	341,511	$	9,800						$	241,256					$	47,124		$	225,734					$	44,508
Gross asset value			1				45,400
Net Asset Value						$	35,600		37.78	%	$	13,450
Notes:
1	It is not recommended to apply a capitalization rate to current Fund I NOI as this NOI declines in future years due primarily to the structure of the Kroger/Safeway Portfolio leases. Fund I value is based on property appraisals.
	Pro-rata share is 20% (AKR promote) + 22% x 80% ( AKR remaining share after promote) = 37.78% Total future promote is $7,120 ($35,600 x 20%)
2	See detail on pages 25 and 26 of this supplement

Page 14

QUARTERLY SUPPLEMENTAL DISCLOSURE

March 31, 2010

Pro-Rata Consolidated Balance Sheet

(in thousands)

		Consolidated		Noncontrolling		Company's		Pro-Rata
		Balance		Interest in		Interest in		Consolidated
		Sheet		Consolidated		Unconsolidated		Balance
		As Reported 1		Subsidiaries		Subsidiaries		Sheet 2	Notes
ASSETS
Real estate
Land	$	200,865	$	(94,041)	$	6,654		113,478	1 The interim consolidated balance sheet is unaudited, although it reflect all
Buildings and improvements		847,140		(380,205)		48,082		515,017	adjustments, which in the opinion of management, are necessary for the fair
Construction in progress		4,985		(1,728)		-		3,257	presentation of the consolidated balance sheet for the interim period.
		1,052,990		(475,974)		54,736		631,752
Less: accumulated depreciation		(200,943)		42,531		(8,948)		(167,360)	2 The Company currently invests in Funds I, II & III and Mervyns I & II which
Net real estate		852,047		(433,443)		45,788		464,392	are consolidated with the Company's financial statements. To provide
									investors with supplemental information, the Company's investments in these
Net real estate under development 4		164,846		(116,913)		6,724		54,657	joint ventures are reflected above on a pro-rata basis by calculating its
									ownership percentage for each of the above asset and liability line items.
Cash and cash equivalents		66,077		(14,698)		1,401		52,780	Similarly, the above presentation also includes the Company's share of
Cash in escrow		6,649		(1,768)		1,259		6,140	assets and liabilities for unconsolidated investments which are accounted
Investments in and advances to unconsolidated affiliates		52,123		(39,063)		(8,157)		4,904	for under the equity method of accounting pursuant to GAAP.
Rents receivable, net		7,667		(2,481)		(273)		4,913
Straight-line rents receivable, net		10,923		(4,092)		1,339		8,170	3 The components of Prepaid expenses and other assets are as follows:
Intercompany		-		-		-		-	Due from Fund Investors	$	33,777
Notes Receivable		86,643		(8,452)		-		78,191	Accrued interest on Notes Receivable		12,264
Preferred equity investment		40,000		-		-		40,000	Prepaid expenses		3,447
Deferred charges, net		27,609		(17,345)		1,842		12,106	Income Tax receivables		1,360
Prepaid expenses and other assets		24,223		30,333		373		54,929	Corporate assets		1,293
Acquired lease intangibles		21,365		(10,960)		4		10,409	Restricted cash		533
Assets of discontinued operations		-		-		-		-	Other		2,255
									Total	$	54,929
Total Assets	$	1,360,172	$	(618,882)	$	50,300	$	791,591
LIABILITIES AND SHAREHOLDERS' EQUITY									4 The components of net real estate under development are as follows:
Mortgage notes payable	$	706,442	$	(386,314)	$	68,552	$	388,681	Fund II	$	101,758
Notes payable		48,165		-		-		48,165	Fund III		40,747
Valuation of debt at acquisition, net of amortization		94		(38)		1,097		1,153	Core Portfolio		22,341
Acquired lease intangibles		6,506		(2,616)		-		3,890	Total	$	164,846
Accounts payable and accrued expenses		14,418		(2,271)		687		12,834
Dividends and distributions payable		7,423		-		-		7,423
Due to related parties		-		-		-		-
Share of losses in excess of inv. in unconsolidated affiliates		20,534		-		(20,534)		-
Other liabilities		18,679		(7,499)		498		11,678
Liabilities of discontinued operations		-		-		-		-
Total liabilities		822,261		(398,738)		50,300		473,824
Shareholders' equity:
Common shares		40		-		-		40
Additional paid-in capital		300,799		-		-		300,799
Accumulated other comprehensive income		(3,213)		-		-		(3,213)
Retained earnings		14,024		-		-		14,024
Total controlling interest		311,650		-		-		311,650
Non-controlling interest in subsidiary		226,261		(220,144)		-		6,117
Total shareholders' equity		537,911		(220,144)		-		317,767
Total Liabilities and Shareholders' Equity	$	1,360,172	$	(618,882)	$	50,300	$	791,591

Page 15

Reporting Supplement
March 31, 2010
Notes Receivable 1
(amounts in thousands)
Investment	Balance at December 31, 2009 Principal		First Quarter Activity		Principal		Balance at March 31, 2010 Accrued Interest		Total		Stated Interest rate			Effective Interest rate 2			Maturity date		Extension options (years)		Amount 3		Underlying third-party first mortgage Maturity dates
2008 Investments
Georgetown - 5 property portfolio	$	8,000	$	-	$	8,000	$	1,053	$	9,053		9.75	%		10.14	%		11/2010	2 x 1 year			8,516	2010 through 2012
Georgetown - 18 property portfolio		40,000		-		40,000		6,228		46,228		13.00	%		13.43	%		6/2010	2 x 1 year			115,713	$100 million in 2016, balance in 2011
Sub-total - Georgetown		48,000		-		48,000		7,281		55,281		12.46	%		12.88	%						124,229
72nd Street		40,975		1,347		42,322		4,253		46,575		13.00	%		19.28	%		7/2011	1 year			185,000	2011 w/ 1 year extension
Total 2008 investments		88,975		1,347		90,322		11,534		101,856		12.71	%		15.88	%						309,229
Other Investments
First mortgage and other notes 4		10,853		-		10,853		379		11,232		13.67	%		13.88	%		2010/2011	1 six mo.			n/a		n/a
Mezzanine notes		14,844		72		14,916		189		15,105		14.02	%		14.89	%		2011		-		272,433	2011 thru 2019
Total other investments		25,697		72		25,769		568		26,337		13.87	%		14.46	%
Total  notes receivable	$	114,672	$	1,419	$	116,091	$	12,102	$	128,193		12.97	%		15.57	%					$	581,662
1 The above activity does not include a $10,000 Fund III first mortgage investment and other non-real estate loans of $552.
2 Inclusive of upfront points and exit fees.
3 The first mortgage amount for 72nd street represents the construction loan when fully drawn.
4 During April 2010, the Company received a first mortgage loan payment of $2.1 million.

Page 16

Reporting Supplement
March 31, 2010
Portfolio Debt - Summary
Reconciliation from Pro-Rata Share of Debt to GAAP Debt
(amounts in thousands)
	Acadia Pro-Rata Share of Debt 2																			Reconciliation to Consolidated Debt as Reported
																				Add:		Less:
																				Noncontrolling		Pro-rata			Acadia
	Core Portfolio						Opportunity Funds					Total					Fixed			Interest Share of		Share of			Consolidated
	Principal			Interest			Principal		Interest			Principal		Interest			vs			Consolidated		Unconsolidated			Debt
Mortgage Notes Payable	Balance			Rate			Balance		Rate			Balance		Rate			Variable			Debt 3		Debt 4			As Reported
Fixed-Rate Debt 1	$	361,650			5.7	%	$	26,475		5.9	%	$	388,125		5.7	%		89	%	$	113,728	$	(67,341	)	$	434,512
Variable-Rate Debt 1		(20,139	)		1.5	%		68,859		2.6	%		48,720		3.1	%		11	%		272,586		(1,211	)		320,095
Total	$	341,511			6.0	%	$	95,335		3.6	%	$	436,846		5.5	%		100	%	$	386,314	$	(68,552	)		754,607
FAS 141 purchase price debt allocation																										94
Total debt as reported																									$	754,701

Notes

1 Fixed-rate debt includes notional principal fixed through swap transactions. Conversely, variable-rate debt excludes this amount.

2 Represents the Company's economic pro-rata share of debt.

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 percent ownership.

Page 17

Reporting Supplement March 31, 2010 Debt Analysis (amounts in thousands)
					Principal			Acadia's Pro-rata
					Balance at			share						Interest		Maturity	Extension
Property	Notes		Entity	Lender/Originator	March 31, 2010			Percent		Amount				Rate		Date	Options
CORE PORTFOLIO
Fixed-Rate Debt
Acadia Realty Trust		8	Acadia	3.75% Convertible Note	$	48,165			100.0%	$	48,165				6.03%	12/20/2011	None
Chestnut Hill			Acadia	Column Financial, Inc.		9,432			100.0%		9,432				5.45%	6/11/2013	None
New Loudon Center			Acadia	RBS Greenwich Capital		14,286			100.0%		14,286				5.64%	9/6/2014	None
Crossroads Shopping Center			Crossroads JV	JP Morgan Chase Bank, N.A.		62,056			49.0%		30,408				5.37%	12/1/2014	None
Crescent Plaza			Acadia	RBS Greenwich Capital		17,600			100.0%		17,600				4.98%	9/6/2015	None
Pacesetter Park Shopping Center			Acadia	RBS Greenwich Capital		12,267			100.0%		12,267				5.12%	11/6/2015	None
Elmwood Park Shopping Center			Acadia	Bear Stearns Commercial Mortgage, Inc.		34,519			100.0%		34,519				5.53%	1/1/2016	None
Gateway Shopping Center			Acadia	Bear Stearns Commercial Mortgage, Inc.		20,500			100.0%		20,500				5.44%	3/1/2016	None
Acadia Brandywine Subsidiary			Brandywine JV	Bear Stearns Commercial Mortgage, Inc.		61,375			22.2%		13,639				5.99%	7/1/2016	None
Acadia Brandywine Town Center			Brandywine JV	Bear Stearns Commercial Mortgage, Inc.		31,550			22.2%		7,011				5.99%	7/1/2016	None
Acadia Market Square Shopping Center			Brandywine JV	Bear Stearns Commercial Mortgage, Inc.		24,375			22.2%		5,417				5.99%	7/1/2016	None
Acadia Brandywine Condominium			Brandywine JV	Bear Stearns Commercial Mortgage, Inc.		22,650			22.2%		5,033				5.99%	7/1/2016	None
Acadia Brandywine Holdings			Brandywine JV	Bear Stearns Commercial Mortgage, Inc.		26,250			22.2%		5,833				5.99%	7/1/2016	None
Walnut Hill Plaza			Acadia	Merrill Lynch Mortgage Lending, Inc.		23,500			100.0%		23,500				6.06%	10/1/2016	None
Clark Diversey			Acadia	American United Life Insurance Company		4,721			100.0%		4,721				6.35%	7/1/2014	None
239 Greenwich Avenue			Acadia	Wachovia		26,000			75.0%		19,500				5.42%	2/11/2017	None
Merrillville Plaza			Acadia	Bear Stearns Commercial Mortgage, Inc.		26,250			100.0%		26,250				5.88%	8/1/2017	None
Boonton			Acadia	J.P. Morgan Chase Commercial Mortgage Securities Corp.		8,144			60.0%		4,886				6.40%	11/1/2032	None
Interest rate swaps		1	Acadia	Bank of America, N.A.		58,683			100.0%		58,683				6.00%	Various
Sub-Total Fixed-Rate Debt						532,323					361,650				5.74%
Variable-Rate Debt
Various		2	Acadia	Bank of America, N.A.		15,000			100.0%		15,000		Libor +		125	12/1/2010	2 x 12 mos.
Branch Plaza			Acadia	Bank of America, N.A.		14,117			100.0%		14,117		Libor +		130	12/1/2011	1 x 12 mos.
Village Commons Shopping Center		3	Acadia	Bank of America, N.A.		9,427			100.0%		9,427		Libor +		140	6/29/2012
Interest rate swaps		1	Acadia	Bank of America, N.A.		(58,683	)		100.0%		(58,683	)
Sub-Total Variable-Rate Debt						(20,139	)				(20,139	)	Libor +		130
Total Core Portfolio Debt					$	512,184				$	341,511				5.99%

Page 18

Reporting Supplement March 31, 2010 Debt Analysis (amounts in thousands)
					Principal			Acadia's Pro-rata
					Balance at			share						Interest		Maturity	Extension
Property	Notes		Entity	Lender/Originator	March 31, 2010			Percent		Amount				Rate		Date	Options
OPPORTUNITY FUNDS
Fixed-Rate Debt
Storage Post - Various		5	Fund III	GEMSA Loan Services, LP	$	41,500			18.9%	$	7,846				5.30%	3/16/2011	2 x 12 mos.
216th Street		4	Fund II	Bank of America, N.A.		25,500			19.8%		5,052				5.80%	10/1/2017	None
Pelham Manor		4	Fund II	Bear Sterns Commercial		31,652			19.8%		6,271				7.38%	1/1/2020	None
Atlantic Avenue			Fund II	Bear Sterns Commercial		11,543			13.3%		1,539				7.34%	1/1/2020	None
Interest rate swaps		1	Fund I	Bank of America, N.A.		20,250			28.5%		5,767				4.74%	Various
Sub-Total Fixed-Rate Debt						130,445					26,475				5.88%
Variable-Rate Debt
CityPoint			Fund II	Bank of America, N.A.		6,111			19.8%		1,211		Libor +		250	8/12/2010	None
Acadia Strategic Opportunity Fund II, LLC		6	Fund II	Bank of America, N.A.		40,000			20.0%		8,000		Libor +		325	3/1/2011	None
161st Street		4	Fund II	RBS Greenwich Capital		30,000			19.8%		5,943		Libor +		140	4/1/2010	None
Liberty Avenue			Fund II	PNC Bank, National Association		10,450			19.8%		2,070		Libor +		325	7/19/2010	1 x 12 mos.
Fordham Plaza		4, 9	Fund II	Eurohypo AG		86,000			19.8%		17,038		Libor +		350	10/4/2011	1 x 12 mos.
Acadia Strategic Opportunity Fund III, LLC		7	Fund III	Bank of America, N.A.		139,450			19.9%		27,751		Comm Paper +50			10/9/2011	None
Cortlandt Towne Center			Fund III	Bank of America, N.A.		44,784			19.9%		8,912		Libor +		400	7/29/2012	2 x 12 mos.
Tarrytown Shopping Center			Fund I	Anglo Irish Bank Corporation		9,800			37.8%		3,702		Libor +		165	10/30/2010	2 x 12 mos.
Interest rate swaps		1	Fund I & Fund II	Bank of America, N.A.		(20,250	)		28.5%		(5,767	)
Sub-Total Variable-Rate Debt						346,345					68,859		Libor +		236
Total Opportunity Funds  Portfolio Debt					$	476,790				$	95,335				3.56%

Page 19

Reporting Supplement
March 31, 2010
Debt Analysis - Notes
1 The Company has hedged a portion of it's variable-rate debt with variable to fixed-rate swap agreements as follows:
						Average						Maturity
	Notional principal		Spread			Swap rate			All-in Rate			Date
	$	10,688		2.11	%		4.90	%		7.01	%	10/1/2011
		7,995		2.11	%		5.14	%		7.25	%	3/1/2012
		15,000		2.11	%		3.79	%		5.90	%	11/30/2012
		15,000		2.11	%		3.41	%		5.52	%	11/30/2012
		10,000		2.11	%		2.65	%		4.76	%	11/30/2012
Core Portfolio	$	58,683		2.11	%		3.88	%		6.00	%
Opportunity Funds	$	9,800		2.11	%		4.47	%		6.58	%	10/29/2010
		10,450		2.11	%		0.90	%		3.01	%	7/19/2010
	$	20,250		2.11	%		2.63	%		4.74	%
Total Core Portfolio and Opportunity Funds	$	78,933		2.11	%		3.56	%		5.67	%

2 This is a revolving facility for up to $64,498 and is collateralized by Bloomfield Town Square, Hobson West Plaza, Marketplace of Absecon,

   Abington Towne Center, Methuen Shopping Center and Town Line Plaza.

3 There is an additional $1,600 available under this facility based on certain income hurdles.

4Fund II is a 99.1% joint venture partner on this investment. As such, Acadia's pro-rata share of the above debt is 99.1% x 20%, or 19.8%.

5The loan is collateralized by Storage Post locations - Linden, Webster Avenue,  Jersey City, Fordham Road and Lawrence.

6 This is a revolving facility for up to $40,000.

7 This is a line of credit with a capacity of $221,000.

8 Convertible notes balance pursuant to ASC Topic 470-20. The actual face amount of the convertible notes at March 31, 2010 is $50,015.

  While the interest rate on the convertible notes is 3.75%, the effective fair value interest rate is 6.03%.

9 The interest rate is the lenders base rate plus 1.50% or the LIBOR Reference Rate (the greater of (a) LIBOR, or (b) 1.50%) plus 3.50%.

  The rate at March 31, 2010 was (b) 1.50% plus 3.50% or 5.00%.

Page 20

Reporting Supplement
March 31, 2010
Future Debt Maturities - Not Including Extension Options
(in thousands)
Core Portfolio								Acadia's Pro-rata Share							Weighted Average Interest Rate of Maturing Debt
	Scheduled							Scheduled
Year	Amortization		Maturities		Total			Amortization		Maturities		Total			Total Debt			Fixed-Rate Debt			Variable-Rate Debt
2010	$	2,026	$	15,000	$	17,026		$	1,631	$	15,000	$	16,631			1.50	%		n/a			1.50	%
2011 1		3,045		63,720		66,765			2,481		63,720		66,201			3.28	%		3.75	%		1.55	%
2012		3,205		9,074		12,279			2,614		9,074		11,688			1.65	%		n/a			1.65	%
2013		3,390		8,777		12,167			2,760		8,777		11,537			5.45	%		5.45	%		n/a
2014		3,311		74,406		77,717			2,644		45,281		47,925			5.47	%		5.47	%		n/a
Thereafter		9,182		318,898		328,080			6,511		182,868		189,379			5.78	%		5.78	%		n/a
	$	24,159	$	489,875	$	514,034		$	18,641	$	324,720	$	343,361
Less: additional convertible notes balance						(1,850	)						(1,850	)
Balance per Portfolio Debt Detail					$	512,184						$	341,511
															Weighted Average Interest Rate of Pro-rata Share of Maturing Debt
Opportunity Funds
															Total Debt			Fixed-Rate Debt			Variable-Rate Debt
2010	$	292	$	66,361	$	66,653		$	58	$	14,926	$	14,984			2.30	%		n/a			2.30	%
2011		418		296,950		297,368			83		58,635		58,718			2.85	%		5.30	%		2.48	%
2012		307		43,814		44,121			61		8,719		8,780			4.25	%		n/a			4.25	%
2013		553		-		553			110		-		110			n/a			n/a			n/a
2014		596		-		596			118		-		118			n/a			n/a			n/a
Thereafter		4,036		63,463		67,499			780		11,845		12,625			6.70	%		6.70	%		n/a
	$	6,202	$	470,588	$	476,790		$	1,210	$	94,125	$	95,335
1 Includes additional convertible notes balance of $1,850 maturing in 2011.

Page 21

Reporting Supplement
March 31, 2010
Future Debt Maturities - Including Extension Options
(in thousands)
Core Portfolio								Acadia's Pro-rata Share							Weighted Average Interest Rate of Maturing Debt
	Scheduled							Scheduled
Year	Amortization		Maturities		Total			Amortization		Maturities		Total			Total Debt			Fixed-Rate Debt			Variable-Rate Debt
2010	$	2,088	$	-	$	2,088		$	1,692	$	-	$	1,692			n/a			n/a			n/a
2011 1		3,065		50,015		53,080			2,501		50,015		52,516			3.75	%		3.75	%		n/a
2012		3,391		37,511		40,902			2,800		37,511		40,311			1.55	%		n/a			1.55	%
2013		3,390		8,777		12,167			2,760		8,777		11,537			5.45	%		5.45	%		n/a
2014		3,311		74,406		77,717			2,644		45,282		47,926			5.47	%		5.47	%		n/a
Thereafter		9,182		318,898		328,080			6,511		182,868		189,379			5.78	%		5.78	%		n/a
	$	24,427	$	489,607	$	514,034		$	18,908	$	324,453	$	343,361
Less: additional convertible notes balance						(1,850	)						(1,850	)
Balance per Portfolio Debt Detail					$	512,184						$	341,511
															Weighted Average Interest Rate of Pro-rata Share of Maturing Debt
Opportunity Funds
															Total Debt			Fixed-Rate Debt			Variable-Rate Debt
2010	$	292	$	56,561	$	56,853		$	58	$	11,224	$	11,282			2.44	%		n/a			2.44	%
2011		418		169,450		169,868			83		33,751		33,834			1.20	%		n/a			1.20	%
2012		500		95,800		96,300			99		20,740		20,839			4.45	%		n/a			4.45	%
2013		1,043		41,500		42,543			208		7,846		8,054			5.30	%		5.30	%		n/a
2014		901		42,826		43,727			179		8,522		8,701			4.25	%		n/a			4.25	%
Thereafter		4,036		63,463		67,499			780		11,845		12,625			6.70	%		6.70	%		n/a
	$	7,190	$	469,600	$	476,790		$	1,407	$	93,928	$	95,335
1 Includes additional convertible notes balance of $1,850 maturing in 2011.

Page 22

Reporting Supplement
March 31, 2010
Selected Operating Ratios		Three months ended March 31,
		2010		2009
Coverage Ratios	1
Interest Coverage Ratio
EBIDTA		$            17,141		$              9,265
Divided by Interest expense		5,947		6,520
		2.88	x	1.42	x
Fixed Charge Coverage Ratio
EBIDTA		$            17,141		$              9,265
Divided by ( Interest expense		5,947		6,520
+ Preferred Dividends)	2	5		5
		2.88	x	1.42	x
Debt Service Coverage Ratio
EBIDTA		$            17,141		$              9,265
Divided by ( Interest expense		5,947		6,520
+ Principal Amortization)		519		398
		2.65	x	1.34	x
Payout Ratios
FFO Payout Ratio
Dividends (Shares) & Distributions (O.P. Units) paid		$              7,423		$              7,377
FFO		10,167		14,268
		73%		52%
AFFO Payout Ratio
Dividends (Shares) & Distributions (O.P. Units) paid		$              7,423		$              7,377
AFFO		9,033		13,846
		82%		53%
FAD Payout Ratio
Dividends (Shares) & Distributions (O.P. Units) paid		$              7,423		$              7,377
FAD		8,514		10,298
		87%		72%
Leverage Ratios
Debt/Total Market Capitalization
Debt	3	$          436,846
Total Market Capitalization		1,162,267
		38%
Debt + Preferred Equity (Preferred O.P. Units)	3	$          437,294
Total Market Capitalization		1,162,267
		38%
Debt/EBIDTA - Core Portfolio
Debt		$          341,511
EBIDTA (Annualized)		68,564
		4.98	x
Net Debt/EBIDTA - Core Portfolio 4
Debt		$          296,473
EBIDTA (Annualized)		68,564
		4.32	x
Debt/EBIDTA - Core Portfolio and Opportunity Funds
Debt		$          436,846
EBIDTA (Annualized)		68,564
		6.37	x
Net Debt/EBIDTA - Core Portfolio and Opportunity Funds 5
Debt		$          384,066
EBIDTA (Annualized)		68,564
		5.60	x
Debt Yield - Core Portfolio
NOI (Annualized)		$            46,704
Debt		341,511
		13.7%
Net Debt Yield - Core Portfolio 4
NOI (Annualized)		$            46,704
Debt		296,473
		15.8%
Debt Yield - Core Portfolio and Opportunity Funds
NOI (Annualized)		$            54,677
Debt		436,846
		12.5%
Net Debt Yield - Core Portfolio and Opportunity Funds 5
NOI (Annualized)		$            54,677
Debt		384,066
		14.2%

Notes:

1 Quarterly results for 2010 and 2009 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 EBIDTA, interest expense and principal amortization related to both the Company's consolidated and unconsolidated investments in joint ventures.

2  Represents preferred distributions on Preferred Operating partnership Units.

3 Includes the Company's pro-rata share of consolidated and unconsolidated joint venture  debt and principal amortization.

4 Reflects debt net of the current Core Portfolio cash balance as of 3/31/10.

5 Reflects debt net of the current Core Portfolio and pro-rata share of the Opportunity Funds cash balance as of 13/31/10.

Page 23

Reporting Supplement

March 31, 2010

Overview of Acadia Strategic Opportunity Funds
	FUND I	FUND II	FUND III
Item	Description	Description	Description
Date formed	September 2001	June 2004	May 2007
Capital commitment	$90 million	$300 million	$503 million
Funding	Fully funded	$238.1 million funded through March 31, 2010	$96.5 million funded through March 31, 2010
Partnership structure
Equity Contribution:	22.22% - Acadia	20% - Acadia	20% - Acadia
	77.78% - Four institutional investors	80% - Six institutional investors	80% - 14 institutional investors
Cash flow distribution:	22.22% - Acadia	20% - Acadia	20% - Acadia
	77.78% - Four institutional investors	80% - Six institutional investors	80% - 14 institutional investors
Promote:	20% to Acadia once all partners (including	20% to Acadia once all partners (including	20% to Acadia once all partners (including
	Acadia) have received 9% preferred return and	Acadia) have received 8% preferred return and	Acadia) have received 6% preferred return and
	return of equity	return of equity	return of equity
	Remaining 80% is distributed to all the partners	Remaining 80% is distributed to all the partners	Remaining 80% is distributed to all the partners
	(including Acadia).	(including Acadia).	(including Acadia).
	All original capital and accumulated preference	--	--
	has been paid. Acadia is entitled to a Promote
	on all future distributions.
Fees to Acadia	Priority distribution fee equal to 1.5% of implied	Asset management fee equal to 1.5% of total	Asset management fee equal to 1.5% of total
	capital	committed capital	committed capital
	Priority distribution fee equal to 4% of gross	Property management fee equal to 4% of gross	Property management fee equal to 4% of gross
	property revenues	property revenues	property revenues
	Market rate leasing fees	Market rate leasing fees	Market rate leasing fees
	Market rate construction/project management fees	Market rate construction/project management fees	Market rate construction/project management fees
			Development fee equal to 3% of total project cost

Page 24

Reporting Supplement

March 31, 2010

New York Urban/Infill: Development costs - Construction Complete
					Estimated		Total cost
		Estimated			square		to date		Estimated			Total		Debt as of
		completion			footage upon		(including		future			project		March 31,
Property	Anchors/Tenants	of Construction			completion		acquisition cost)		cost			cost		2010		% Leased 2
Fund II									($ in millions)
Construction complete
																Retail - 100%
Fordham Place	Sears, Walgreens, Best Buy, 24 Hour Fitness	Completed				276,000	$	123.5	$	9.9		$	133.4	$	86.0	Office - 35%
Pelham Manor Shopping Plaza 1	BJ's Wholesale Club, Michaels, Storage Post	Completed				320,000		57.8		6.2			64.0		31.7		75%
216th Street	City of New York Dept of General Services	Completed				60,000		27.7		-			27.7		25.5		100%
Liberty Avenue 1	CVS, Storage Post	Completed				125,000		15.3		(0.1	)		15.2		10.5		100%
161st Street 3	Various New York City and State Agencies	To be determined				230,000		57.8		7.8			65.6		30.0		99%
Atlantic Avenue	Storage Post	Completed				110,000		21.2		0.8			22.0		11.5
																Retail - 85%
Total						1,121,000	$	303.3	$	24.6		$	327.9	$	195.2	Office - 77%
1 Fund II acquired a ground lease interest at this property.
2 Percentage leased excludes self storage at Pelham Manor, Liberty Avenue and Atlantic Avenue.
3 161st Street is currently cash flowing at 84% occupancy. The redevelopment plan includes the recapture and conversion of street level office space to retail. Tenant consolidations necessary to accomplish this plan have already begun. While the tenant consolidations have caused a temporary decline in occupancy, three leases have been signed which will bring occupancy up to 99%.
4 Reconciliation of development costs to the Balance Sheet:
	Operating real estate	$	294.5
	Construction in progress		0.2
	Net real estate under development		141.1
	Investment in unconsolidated affiliates		44.4
	Deferred charges		5.1
	Canarsie lease termination income		(23.9	)
	Total costs to date	$	461.4
	Construction completed	$	303.3
	Under development		39.6
	In design		118.5
	Total	$	461.4

Page 25

Reporting Supplement

March 31, 2010

New York Urban/Infill: Development costs - Construction/Design
			Estimated		Total cost
		Estimated	square		to date		Estimated		Total		Debt as of
		completion	footage upon		(including		future		project		March 31,
Property	Anchors/Tenants	of Construction	completion		acquisition cost)		cost		cost		2010		% Leased
Fund II							($ in millions)
Under Construction
Canarsie Plaza 1	BJ's Wholesale Club, Planet Fitness, NYPD	1st half 2011		265,000	$	39.6	$	43.2	$	82.8		-		86%
Total Construction				265,000	$	39.6	$	43.2	$	82.8	$	-
In Design
Sherman Plaza	TBD	TBD	TBD			32.6	TBD		TBD			-
CityPoint 2	TBD	TBD	TBD			44.6	TBD		TBD			6.1
Total Design				-	$	77.2	$	-	$	-	$	6.1
Fund III
In Design
Sheepshead Bay	TBD	TBD	TBD		$	22.7	TBD		TBD		$	-
125 Main Street (Westport, CT)	TBD	TBD		30,000	$	18.6	$	7.4	$	26.0	$	-
1 Cost to date is net of lease termination income from Home Depot.
2 Fund II, along with P/A Associates and Washington Square Partner are co-developing the retail and office components at CityPoint. Amounts
represent Fund II's pro-rata share. Fund II has acquired a ground lease interest at this property.

Page 26

Reporting Supplement

March 31, 2010

Retailer Controlled Property ("RCP") Venture - Overview
*** Note - The RCP Venture is not a separate AKR Fund, rather it is a venture in which AKR, Funds I and II are anticipated to invest a total of $60 million equity. ***
Item	Description
Date formed	January 2004
Partnership structure
Equity Contribution:	Up to $300 million of total equity
	Up to 20% ($60 million) - AKR Fund I ($20 million) and Fund II ($40 million)
	80% - Klaff Realty LP and Lubert-Adler
Cash flow distribution:	20% - AKR Funds
	80% - Four institutional investors
Promote:	20% to Klaff once all partners (including Klaff) have received 10% preferred return and return
	of equity (50% of first $40 million of AKR Fund equity is not subject to this promote)
	Remaining 80% is distributed to all the partners (including Klaff).
RCP Venture - Investments
The following table summarizes the RCP Venture investments from inception through March 31, 2010
		Years	Invested				Equity
Investor	Investment	acquired	capital		Distributions		Multiple
		2004 through
Mervyns I and Mervyns II	Mervyns	2007	$	31,184	$	47,669		1.5	X
		2006 through
Mervyns II	Albertson’s	2007		23,126		66,972		2.9	X
		2006 through
Fund II and Mervyns II	Other investments 1	2008		6,468		4,139		0.6	X
Total			$	60,778	$	118,780		2.0	X
1 Represents investments in Shopko, Marsh and Rex.

Page 27

QUARTERLY SUPPLEMENTAL DISCLOSURE
March 31, 2010
Core Portfolio Retail Properties - Detail
			Acadia's			Gross Leasable Area						Occupancy									Annualized Base Rent
	Anchors		interest			Anchors		Shops		Total		Anchors			Shops			Total			Anchors		Shops		Total
New York
Connecticut
239 Greenwich Avenue 1	Restoration Hardware, Coach			75.0	%		16,834		-		16,834		100.00	%		-			100.00	%	$	1,397,621	$	-	$	1,397,621
New Jersey
Elmwood Park Shopping Center	Walgreens, Pathmark (A&P)			100.0	%		62,610		86,881		149,491		100.00	%		85.94	%		91.83	%		1,486,006		1,898,865		3,384,871
A & P Shopping Plaza	A&P			60.0	%		49,463		13,445		62,908		100.00	%		61.92	%		91.86	%		950,000		248,326		1,198,326
Total - New Jersey							112,073		100,326		212,399		100.00	%		82.72	%		91.84	%		2,436,006		2,147,191		4,583,197
New York
Village Commons Shopping Center		-		100.0	%		3,891		83,346		87,237		0.00	%		76.30	%		72.89	%		-		2,048,550		2,048,550
Branch Plaza	A&P, CVS			100.0	%		74,050		51,701		125,751		100.00	%		98.05	%		99.20	%		1,222,619		1,378,260		2,600,879
Amboy Center	King Kullen, Duane Reade			100.0	%		46,964		13,126		60,090		100.00	%		100.00	%		100.00	%		1,052,068		545,136		1,597,204
Bartow Avenue		-		100.0	%		-		14,676		14,676		0.00	%		89.49	%		89.49	%		-		434,990		434,990
Pacesetter Park Shopping Center	Stop & Shop			100.0	%		52,052		44,301		96,353		100.00	%		75.63	%		88.80	%		394,093		689,274		1,083,367
LA Fitness	LA Fitness			100.0	%		55,000		-		55,000		100.00	%		-			100.00	%		1,265,000		-		1,265,000
West 54th Street	Stage Deli			100.0	%		4,211		5,482		9,693		100.00	%		100.00	%		100.00	%		1,403,822		1,527,170		2,930,992
East 17th Street	Barnes & Noble			100.0	%		19,622		-		19,622		100.00	%		0.00	%		100.00	%		625,000		-		625,000
Crossroads Shopping Center				49.0	%		210,114		100,628		310,742		100.00	%		81.34	%		93.96	%		2,546,429		3,349,685		5,896,114
Total - New York							465,904		313,260		779,164		99.16	%		83.44	%		92.84	%		8,509,031		9,973,065		18,482,096
Total New York							594,811		413,586		1,008,397		99.35	%		83.26	%		92.75	%		12,342,658		12,120,256		24,462,914
New England
Connecticut
Town Line Plaza 2	Wal Mart, Super Stop & Shop			100.0	%		163,159		43,187		206,346		100.00	%		90.60	%		98.03	%		969,144		639,708		1,608,852
Massachusetts
Methuen Shopping Center	Wal Mart, Demoulas Super Markets			100.0	%		120,004		10,017		130,021		100.00	%		100.00	%		100.00	%		736,464		222,225		958,689
Crescent Plaza	Home Depot, Supervalu			100.0	%		156,985		61,156		218,141		100.00	%		69.14	%		91.35	%		1,178,872		429,615		1,608,487
Total - Massachusetts							276,989		71,173		348,162		100.00	%		73.48	%		94.58	%		1,915,336		651,840		2,567,176
New York
	Bon Ton, Marshalls, Price Chopper,
New Loudon Center	A.C. Moore, Raymours Furniture Co.			100.0	%		251,211		4,615		255,826		100.00	%		100.00	%		100.00	%		1,641,430		126,310		1,767,740
Rhode Island
Walnut Hill Plaza	Sears, Supervalu, CVS			100.0	%		121,892		162,825		284,717		100.00	%		92.56	%		95.75	%		1,005,500		1,418,590		2,424,090
Vermont
The Gateway Shopping Center	Supervalu			100.0	%		73,184		28,600		101,784		100.00	%		79.08	%		94.12	%		1,353,904		476,687		1,830,591
Total New England							886,435		310,400		1,196,835		100.00	%		86.78	%		96.57	%		6,885,314		3,313,135		10,198,449
General note - The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has not yet commenced.
1 239 Greenwich Avenue contains 16,834 square feet of retail GLA and 21 residential units encompassing 14,434 square feet. Residential activities are not included above.
2 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.

Page 28

QUARTERLY SUPPLEMENTAL DISCLOSURE

March 31, 2010

Core Portfolio Retail Properties - Detail

			Acadia's			Gross Leasable Area						Occupancy									Annualized Base Rent
	Anchors		interest			Anchors		Shops		Total		Anchors			Shops			Total			Anchors		Shops		Total
Core Portfolio (continued):
Midwest
Illinois
Hobson West Plaza	Garden Fresh Markets			100.0	%		51,692		47,434		99,126		100.00	%		85.58	%		93.10	%	$	225,436	$	895,648	$	1,121,084
Clark Diversey		-		100.0	%		-		19,265		19,265		-			91.57	%		91.57	%		-		798,588		798,588
Total - Illinois							51,692		66,699		118,391		100.00	%		87.31	%		92.85	%		225,436		1,694,236		1,919,672
Indiana
	JC Penney, Office Max, TJ Maxx,
Merrillville Plaza	David's Bridal, Pier I			100.0	%		145,266		89,760		235,026		100.00	%		85.48	%		94.45	%		1,633,928		1,274,665		2,908,593
Michigan
	Home Goods, TJ Maxx, Marshalls,
Bloomfield Towne Square	Officemax			100.0	%		152,944		79,237		232,181		82.04	%		94.49	%		86.29	%		1,015,349		1,479,739		2,495,088
Ohio
Mad River Station 1	Babies 'R' Us, Office Depot, Pier I			100.0	%		68,297		57,687		125,984		100.00	%		72.99	%		87.63	%		819,271		610,931		1,430,202
Total Midwest							418,199		293,383		711,582		93.43	%		85.87	%		90.32	%		3,693,984		5,059,571		8,753,555
Mid-Atlantic
New Jersey
Marketplace of Absecon	Rite Aid			100.0	%		33,933		70,785		104,718		38.92	%		78.12	%		65.42	%		329,310		713,237		1,042,547
Total - New Jersey							33,933		70,785		104,718		38.92	%		78.12	%		65.42	%		329,310		713,237		1,042,547
Delaware
	Lowes, Target, Bed, Bath & Beyond,
Brandywine Town Center	Dicks Sporting Goods			22.2	%		840,172		34,817		874,989		97.20	%		89.09	%		96.88	%		12,501,351		573,908		13,075,258
Market Square Shopping Center	TJ Maxx, Trader Joe's			22.2	%		42,850		59,197		102,047		100.00	%		100.00	%		100.00	%		671,888		1,770,339		2,442,227
Naamans Road		-		22.2	%		-		19,970		19,970		0.00	%		54.94	%		54.94	%		-		558,340		558,340
Total - Delaware							883,022		113,984		997,006		97.34	%		88.77	%		96.36	%		13,173,239		2,902,587		16,075,825
Pennsylvania
Mark Plaza	Kmart, Redner's Market			100.0	%		157,595		58,806		216,401		100.00	%		28.86	%		80.67	%		652,095		148,200		800,295
Plaza 422	Home Depot, Dunham's			100.0	%		139,968		16,311		156,279		100.00	%		100.00	%		100.00	%		643,503		152,349		795,852
Route 6 Plaza	Kmart, Fashion Bug, Rite Aid			100.0	%		146,498		29,021		175,519		100.00	%		100.00	%		100.00	%		806,351		343,571		1,149,922
Chestnut Hill 2				100.0	%		31,420		9,150		40,570		0.00	%		100.00	%		22.55	%		-		325,483		325,483
Abington Towne Center 3	Target, TJ Maxx			100.0	%		184,616		31,753		216,369		100.00	%		94.75	%		99.23	%		270,000		815,654		1,085,654
Total - Pennsylvania							660,097		145,041		805,138		95.24	%		70.01	%		90.69	%		2,371,949		1,785,257		4,157,206
Total Mid-Atlantic							1,577,052		329,810		1,906,862		95.20	%		78.23	%		92.27	%		15,874,498		5,401,081		21,275,578
Total Core Properties							3,476,497		1,347,179		4,823,676		96.92	%		83.41	%		93.15	%	$	38,796,454	$	25,894,043	$	64,690,496
Total Core Properties -
weighted based on ownership interest 4							2,658,531		1,201,824		3,860,355		96.66	%		83.20	%		92.47	%		26,522,225		21,828,741		48,350,966

General note - The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has not yet commenced.

1 The GLA for this property excludes 29,857 square feet of office space.

2 This consists of two separate buildings.

3 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.

4 Weighted based on Acadia's ownership interest in the properties.

Page 29

Reporting Supplement
March 31, 2010
Core Portfolio Retail Properties by State - Summary
							Gross Leasable Area						Occupancy									Annualized Base Rent
	Ownership		Percent of		Number of
	%		base rent 1		properties		Anchors 2		Shops		Total		Anchors			Shops			Total			Anchors		Shops		Total
Connecticut		75.0%		5.5%		2		179,993		43,187		223,180		100.00	%		90.60	%		98.18	%	$	2,366,765	$	639,708	$	3,006,473
Delaware		22.2%		7.1%		3		883,022		113,984		997,006		97.34	%		88.77	%		96.36	%		13,173,239		2,902,587		16,075,825
Illinois		100.0%		4.0%		2		51,692		66,699		118,391		100.00	%		87.31	%		92.85	%		225,436		1,694,236		1,919,672
Indiana		100.0%		6.0%		1		145,266		89,760		235,026		100.00	%		85.48	%		94.45	%		1,633,928		1,274,665		2,908,593
Massachusetts		100.0%		5.3%		2		276,989		71,173		348,162		100.00	%		73.48	%		94.58	%		1,915,336		651,840		2,567,176
Michigan		100.0%		5.2%		1		152,944		79,237		232,181		82.04	%		94.49	%		86.29	%		1,015,349		1,479,739		2,495,088
New Jersey		89.5%		10.6%		3		146,006		171,111		317,117		85.80	%		80.82	%		83.11	%		2,765,316		2,860,428		5,625,744
New York		83.7%		35.9%		10		717,115		317,875		1,034,990		99.46	%		83.68	%		94.61	%		10,150,461		10,099,375		20,249,836
Ohio		100.0%		3.0%		1		68,297		57,687		125,984		100.00	%		72.99	%		87.63	%		819,271		610,931		1,430,202
Pennsylvania		100.0%		8.7%		5		660,097		145,041		805,138		95.24	%		70.01	%		90.69	%		2,371,949		1,785,257		4,157,206
Rhode Island		100.0%		5.0%		1		121,892		162,825		284,717		100.00	%		92.56	%		95.75	%		1,005,500		1,418,590		2,424,090
Vermont		100.0%		3.8%		1		73,184		28,600		101,784		100.00	%		79.08	%		94.12	%		1,353,904		476,687		1,830,591
Total - Core Portfolio				100.0%		32		3,476,497		1,347,179		4,823,676		96.92	%		83.41	%		93.15	%	$	38,796,454	$	25,894,043	$	64,690,496
General note - The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has not yet commenced.
1 The Company's pro-rata share of base rent from joint venture properties has been included for the purpose of calculating percentage of base rent by state.
2 Anchor GLA includes a total of 254,916 square feet which is not owned by the Company. This square footage has been excluded for calculating annualized base rent per square foot.

Page 30

	Reporting Supplement
	March 31, 2010
		Core Portfolio Top Tenants - Ranked by Annualized Base Rent 2
																Percentage of Total
		Number of		Wholly Owned				Joint Ventures				Combined				Represented by Retail Tenant
		stores in
	Retail	combined		Total		Annualized Base		Total		Annualized Base		Total		Annualized Base		Total			Annualized Base
Ranking	Tenant	portfolio		GLA		Rent 1		GLA		Rent 1		GLA		Rent 1		Portfolio GLA 2			Rent 1
	A&P		4		160,236	$	3,014,066		18,722	$	246,960		178,958	$	3,261,026		4.6	%		6.7	%
	-- A&P		3		112,463		1,963,060		18,722	$	246,960		131,185		2,210,020		3.4	%		4.6	%
	-- Pathmark		1		47,773		1,051,006		-		-		47,773		1,051,006		1.2	%		2.2	%
	Supervalu (Shows)		3		175,801		2,420,980		-		-		175,801		2,420,980		4.6	%		5.0	%
	TJX Companies		8		193,482		1,451,600		19,144		344,750		212,626		1,796,350		5.5	%		3.7	%
	-- T.J. Maxx		4		88,200		759,600		6,927		88,189		95,127		847,789		2.5	%		1.8	%
	-- Marshalls		2		65,636		384,743		-		-		65,636		384,743		1.7	%		0.8	%
	-- Homegoods		2		39,646		307,257		12,217		256,561		51,863		563,818		1.3	%		1.2	%
	Sears		4		285,314		1,150,615		49,355		277,463		334,669		1,428,078		8.7	%		3.0	%
	-- Kmart		3		224,614		892,615		49,355		277,463		273,969		1,170,078		7.1	%		2.4	%
	-- Sears		1		60,700		258,000		-		-		60,700		258,000		1.6	%		0.5	%
	Ahold (Stop and Shop)		2		117,911		1,363,237		-		-		117,911		1,363,237		3.1	%		2.8	%
	Home Depot		2		211,003		1,099,996		-		-		211,003		1,099,996		5.5	%		2.3	%
	Barnes & Noble		2		19,622		625,000		6,091		194,902		25,713		819,902		0.7	%		1.7	%
	Sleepy's		4		32,619		789,858		-		-		32,619		789,858		0.8	%		1.6	%
	Pier 1 Imports		3		19,255		419,017		4,321		170,802		23,576		589,819		0.6	%		1.2	%
	JP Morgan Chase Bank		4		17,432		525,081		-		-		17,432		525,081		0.5	%		1.1	%
	Payless Shoesource		7		22,236		469,749		1,514		52,994		23,750		522,743		0.6	%		1.1	%
	The Avenue		4		17,236		342,869		4,043		160,406		21,279		503,275		0.6	%		1.0	%
	CVS		2		34,300		498,990		-		-		34,300		498,990		0.9	%		1.0	%
	Rite Aid		2		25,047		447,710		-		-		25,047		447,710		0.6	%		0.9	%
	OfficeMax		2		47,657		428,913		-		-		47,657		428,913		1.2	%		0.9	%
	Drexel Heritage		2		13,315		332,875		4,850		91,034		18,165		423,909		0.5	%		0.9	%
	Dollar Tree		5		45,387		423,888		-		-		45,387		423,888		1.2	%		0.9	%
	Citibank		3		5,486		263,328		2,797		150,965		8,283		414,293		0.2	%		0.9	%
	Coldwell Banker		2		14,012		326,958		-		-		14,012		326,958		0.4	%		0.7	%
	Dots		4		17,698		297,358		-		-		17,698		297,358		0.5	%		0.6	%
	Blockbuster		2		9,730		255,350		-		-		9,730		255,350		0.3	%		0.5	%
	Hallmark Cards		3		14,482		233,391		-		-		14,482		233,391		0.4	%		0.5	%
	Total		74		1,499,261	$	17,180,829		110,837	$	1,690,276		1,610,098	$	18,871,105		41.7	%		39.0	%
	1 Base rents do not include percentage rents (except where noted), additional rents for property expense reimbursements, and contractual rent escalations due after the date of this report.
	2 Represents total GLA and annualized base rent for the Company's retail properties including its pro-rata share of Brandywine and Crossroads.

Page 31

Reporting Supplement
March 31, 2010
Core Portfolio Lease Expirations
			Gross Leased Area					Annualized Base Rent
	Number of				Percent					Percent			Average
	Leases		Square		of					of			per
	Expiring		Footage		Total			Amount		Total			Sq. Ft.
Anchor Tenant Expirations
2010		6		122,854		3.94	%		1,504,302		3.88	%		12.24
2011		9		215,901		6.93	%		3,255,357		8.39	%		15.08
2012		7		351,642		11.29	%		3,185,790		8.21	%		9.06
2013		9		374,876		12.06	%		5,258,605		13.55	%		14.03
2014		9		326,466		10.48	%		3,275,640		8.44	%		10.03
2015		7		249,454		8.01	%		3,468,328		8.94	%		13.90
2016		3		55,266		1.77	%		561,887		1.45	%		10.17
2017		4		158,877		5.10	%		2,661,119		6.86	%		16.75
2018		6		359,783		11.55	%		5,292,347		13.64	%		14.71
2019		5		122,539		3.93	%		927,850		2.39	%		7.57
2020		4		222,300		7.14	%		2,046,865		5.28	%		9.21
2021		1		106,760		3.43	%		661,912		1.71	%		6.20
2022		2		69,837		2.24	%		1,700,000		4.38	%		24.34
2024		3		188,506		6.05	%		3,273,048		8.44	%		17.36
2028		4		189,509		6.08	%		1,723,404		4.44	%		9.09
Total Occupied		79				100.00	%	$	38,796,454		100.00	%	$	12.46
				3,114,570
Anchor GLA Owned by Tenants
Total Vacant				254,916
				107,011
Total Square Feet
				3,476,497
Shop Tenant Expirations
Month to Month		5		2,725		0.24	%	$	80,647		0.31	%	$	29.60
2010		32		80,996		7.21	%		1,283,171		4.96	%		15.84
2011		51		193,564		17.23	%		4,095,886		15.82	%		21.16
2012		43		142,740		12.70	%		3,094,112		11.95	%		21.68
2013		47		156,713		13.95	%		3,610,884		13.94	%		23.04
2014		49		181,491		16.15	%		4,529,167		17.49	%		24.96
2015		19		111,209		9.90	%		1,985,844		7.67	%		17.86
2016		7		43,586		3.88	%		843,664		3.26	%		19.36
2017		14		42,683		3.80	%		1,933,008		7.47	%		45.29
2018		19		43,051		3.83	%		1,735,685		6.70	%		40.32
2019		14		42,049		3.74	%		891,817		3.44	%		21.21
2020		6		16,192		1.44	%		450,883		1.74	%		27.85
2021		3		30,270		2.69	%		264,013		1.02	%		8.72
2022		4		20,055		1.78	%		526,533		2.03	%		26.25
2023		2		7,362		0.66	%		126,712		0.49	%		17.21
2027		2		9,012		0.80	%		442,017		1.71	%		49.05
Total Occupied		317		1,123,698		100.00	%	$	25,894,043		100.00	%	$	23.04
Total Vacant				223,481
Total Square Feet				1,347,179

Page 32

			Gross Leased Area					Annualized Base Rent
	Number of				Percent					Percent			Average
	Leases		Square		of					of			per
	Expiring		Footage		Total			Amount		Total			Sq. Ft.
Total Anchor and Shop Tenant Expirations
Month to Month		5	$	2,725		0.06	%	$	80,647		0.12	%	$	29.60
2010		38		203,850		4.81	%		2,787,473		4.31	%		13.67
2011		60		409,465		9.66	%		7,351,243		11.36	%		17.95
2012		50		494,382		11.66	%		6,279,902		9.71	%		12.70
2013		56		531,589		12.56	%		8,869,489		13.74	%		16.68
2014		58		507,957		11.99	%		7,804,807		12.06	%		15.37
2015		26		360,663		8.51	%		5,454,172		8.43	%		15.12
2016		10		98,852		2.33	%		1,405,551		2.17	%		14.22
2017		18		201,560		4.76	%		4,594,127		7.10	%		22.79
2018		25		402,834		9.50	%		7,028,032		10.86	%		17.45
2019		19		164,588		3.88	%		1,819,667		2.81	%		11.06
2020		10		238,492		5.63	%		2,497,748		3.86	%		10.47
2021		4		137,030		3.23	%		925,925		1.43	%		6.76
2022		6		89,892		2.12	%		2,226,533		3.44	%		24.77
2023		2		7,362		0.17	%		126,712		0.20	%		17.21
2024		3		188,506		4.45	%		3,273,048		5.06	%		17.36
2027		2		9,012		0.21	%		442,017		0.68	%		49.05
2028		4		189,509		4.47	%		1,723,403		2.66	%		9.09
Total Occupied		396	$	4,238,268		100.00	%	$	64,690,496		100.00	%	$	15.26
Anchor GLA Owned by Tenants				254,916
Total Vacant				330,492
Total Square Feet				4,823,676

Page 33

Reporting Supplement
March 31, 2010
Core Portfolio	Year-to-Date						3 months ended
New and Renewal Rent Spreads 1	March 31, 2010						March 31, 2010
	Cash 2			GAAP 3			Cash 2			GAAP 3
New leases
Number of new leases commencing		4			4			4			4
GLA		15,759			15,759			15,759			15,759
New base rent	$	18.96		$	19.58		$	18.96		$	19.58
Previous base rent (and percentage rent)	$	22.30		$	21.09		$	22.30		$	21.09
Percentage growth in base rent		-15.0	%		-7.2	%		-15.0	%		-7.2	%
Average cost per square foot	$	23.27		$	23.27		$	23.27		$	23.27
Renewal leases
Number of renewal leases commencing		10			10			10			10
GLA expiring		105,775			105,775			105,775			105,775
Renewal percentage		81	%		81	%		81	%		81	%
New base rent	$	11.67		$	11.93		$	11.67		$	11.93
Expiring base rent (and percentage rent)	$	11.91		$	11.91		$	11.91		$	11.91
Percentage growth in base rent		-2.0	%		0.2	%		-2.0	%		0.2	%
Average cost per square foot	$	0.00		$	0.00		$	0.00		$	0.00
Total new and renewal Leases
Number of new and renewal leases commencing		14			14			14			14
GLA commencing		101,496			101,496			101,496			101,496
New base rent	$	12.80		$	13.12		$	12.80		$	13.12
Expiring base rent (and percentage rent)	$	13.52		$	13.34		$	13.52		$	13.34
Percentage growth in base rent		-5.3	%		-1.6	%		-5.3	%		-1.6	%
Average cost per square foot	$	3.61		$	3.61		$	3.61		$	3.61
1 Does not include leased square footage and costs related to first generation space and the Company's major redevelopment projects.
2 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.
3 Rents are calculated on a straight-line basis.

Page 34

Reporting Supplement
March 31, 2010
Core Portfolio Capital Expenditures
Current Quarter and Year-to-Date
	Year-to-Date		Current
			Quarter
	Period		3 months		Year
	ended		ended		Ended
	March 31, 2010		March 31, 2010		December 31, 2009
Leasing Commissions:	$	101	$	101	$	600
Tenant Improvements:		1,230		1,230		4,392
Capital Expenditures:		-		-		446
Redevelopments		-		-		-
Total	$	1,331	$	1,331	$	5,438

Page 35

Reporting Supplement
March 31, 2010
Fund I Portfolio Detail		Ownership		Gross Leasable Area						Occupancy									Annualized Base Rent
Midwest	Anchors	%		Anchors		Shops		Total		Anchors			Shops			Total			Anchors		Shops		Total
Ohio
Granville Centre	Lifestyle Family Fitness, Inc.		100%		90,047		44,950		134,997		38.81	%		28.92	%		35.52	%		450,336		142,686		593,022
New York
New York
Tarrytown Shopping Center	Walgreen's		100%		15,497		19,794		35,291		100.00	%		73.52	%		85.15	%		475,000		456,905		931,905
Various
Kroger/Safeway Portfolio (18 Properties)	Kroger/Safeway		75%		709,400		-		709,400		100.00	%		0.00	%		100.00	%		3,560,326		-		3,560,326
Grand Total					814,944		64,744		879,688		93.24	%		42.56	%		89.51	%	$	4,485,662	$	599,591	$	5,085,253
Fund II Portfolio Detail
Midwest
Illinois
Oakbrook	Neiman Marcus		100%		112,000		-		112,000		100.00	%		0.00	%		100.00	%	$	825,000	$	-	$	825,000
New York
New York
Pelham Plaza	BJ's Discount Club, Michaels		98.8%		149,554		79,629		229,183		100.00	%		25.23	%		74.02	%		3,864,172		846,102		4,710,274
Fordham Place	Sears, Best Buy		98.8%		74,899		44,547		119,446		100.00	%		100.00	%		100.00	%		2,873,228		2,646,532		5,519,760
Liberty Avenue	CVS		98.8%		10,880		15,245		26,125		100.00	%		100.00	%		100.00	%		394,944		508,424		903,368
	New York Dept of
216th Street	Citywide Admin. Services		98.8%		60,000		-		60,000		100.00	%		0.00	%		100.00	%		2,340,000		225,000		2,565,000
161st Street 1	The City of New York		98.8%		128,690		98,689		227,379		100.00	%		62.05	%		83.53	%		3,127,173		1,257,651		4,384,824
Total New York					424,023		238,110		662,133		100.00	%		59.27	%		85.35	%		12,599,517		5,483,709		18,083,226
Grand Total					536,023		238,110		774,133		100.00	%		59.27	%		87.47	%	$	13,424,517	$	5,483,709	$	18,908,226
Fund III Portfolio Detail
New York
	Wal Mart, A&P, United Artists
Cortlandt Towne Center	Theatre		100.0%		510,538		131,259		641,797		83.79	%		82.32	%		83.49	%	$	5,962,712	$	2,510,242	$	8,472,954
Notes:
General note - The above occupancy and rent amounts do not include space which is currently leased, but for which rent payment has not yet commenced.
The following Fund II and Fund III properties are currently undergoing redevelopment or are in the design phase as further detailed under Redevelopment Projects.
Property	Ownership %
Sherman Avenue	98.8%
CityPoint	23%
Canarsie Plaza	98.8%
Sheepshead Bay	100.0%
125 Main Street, Westport, CT.	100.0%
1 Currently operating, but will be redeveloped in the future.

Page 36

Reporting Supplement

March 31, 2010

Storage Portfolio Property Detail

			Net
			Rentable
			Square
OWNER	Operating Properties	Location	Feet		Occupancy
	Stabilized
Fund III	Suffern	Suffern, New York		78,950
Fund III	Yonkers	Westchester, New York		100,523
Fund III	Jersey City	Jersey City, New Jersey		76,720
Fund III	Webster Ave	Bronx, New York		36,535
Fund III	Linden	Linden, New Jersey		84,235
	Subtotal Stabilized			376,963		83.1	%
	Repositioned - in Lease-up
Fund III	Bruckner Blvd	Bronx, New York		89,473
Fund III	New Rochelle	Westchester, New York		42,203
Fund III	Long Island City	Queens, New York		134,791
	Subtotal in Lease-up			266,467		72.6	%
	In initial Lease-up
Fund II	Liberty Avenue	Queens, New York		72,850
Fund II	Pelham Plaza	Pelham Manor, New York		62,020
Fund II	Atlantic Avenue	Brooklyn, New York		76,921
Fund III	Fordham Road	Bronx, New York		84,955
Fund III	Ridgewood	Queens, New York		88,839
Fund III	Lawrence	Lawrence, New York		97,693
	Total in lease-up			483,278		57.1	%
	Total			1,126,708		69.4	%

Page 37

Reporting Supplement
March 31, 2010
Fund I
Lease Expirations
	Gross Leased Area							Annualized Base Rent
	Number of				Percent					Percent			Average
	Leases		Square		of					of			per
	Expiring		Footage		Total			Amount		Total			Sq. Ft.
Anchor Tenant Expirations
2011		18		709,400		93.36	%	$	3,560,326		79.37	%	$	5.02
2017		1		34,951		4.60	%		450,336		10.04	%		12.88
2080		1		15,497		2.04	%		475,000		10.59	%		30.65
Total Occupied		20		759,848		100.00	%	$	4,485,662		100.00	%	$	5.90
Total Vacant				55,096
Total Square Feet				814,944
Shop Tenant Expirations
Month to Month		2		7,200		26.13	%	$	56,522		9.43	%	$	7.85
2010		1		2,547		9.24	%		86,012		14.35	%		33.77
2011		2		3,465		12.58	%		69,585		11.61	%		20.08
2012		2		2,920		10.60	%		62,648		10.45	%		21.45
2014		1		2,597		9.43	%		90,324		15.06	%		34.78
2018		2		1,761		6.39	%		53,658		8.95	%		30.47
2019		1		1,904		6.91	%		30,000		5.00	%		15.76
2020		1		5,157		18.72	%		150,842		25.16	%		29.25
Total Occupied		12		27,551		100.00	%	$	599,591		100.00	%	$	21.76
Total Vacant				37,193
Total Square Feet				64,744
Total Anchor and Shop Tenant Expirations
Month to Month		2		7,200		0.91	%	$	56,522		1.11	%	$	7.85
2010		1		2,547		0.32	%		86,012		1.69	%		33.77
2011		20		712,865		90.55	%		3,629,911		71.37	%		5.09
2012		2		2,920		0.37	%		62,648		1.23	%		21.45
2014		1		2,597		0.33	%		90,324		1.78	%		34.78
2017		1		34,951		4.44	%		450,336		8.86	%		12.88
2018		2		1,761		0.22	%		53,658		1.06	%		30.47
2019		1		1,904		0.24	%		30,000		0.59	%		15.76
2020		1		5,157		0.65	%		150,842		2.97	%		29.25
2080		1		15,497		1.97	%		475,000		9.34	%		-
Total Occupied		32		787,399		100.00	%	$	5,085,253		100.00	%	$	6.46
Total Vacant				92,289
Total Square Feet				879,688

Page 38

Reporting Supplement
March 31, 2010
Fund II
Lease Expirations
			Gross Leased Area					Annualized Base Rent
	Number of				Percent					Percent			Average
	Leases		Square		of					of			per
	Expiring		Footage		Total			Amount		Total			Sq. Ft.
Anchor Tenant Expirations
2011		2		240,690		44.90	%	$	3,952,173		29.45	%	$	16.42
2013		1		20,149		3.76	%		564,172		4.20	%		28.00
2019		1		39,705		7.41	%		1,747,020		13.01	%		44.00
2023		1		35,194		6.57	%		1,126,208		8.39	%		32.00
2027		1		60,000		11.19	%		2,340,000		17.43	%		39.00
2032		1		10,880		2.03	%		394,944		2.94	%		36.30
2033		1		129,405		24.14	%		3,300,000		24.58	%		25.50
Total Occupied		8		536,023		100.00	%	$	13,424,517		100.00	%	$	25.04
Total Vacant				-
Total Square Feet				536,023
Shop Tenant Expirations
Month to Month		1		9,967		6.87	%	$	99,670		1.82	%	$	10.00
2011		3		24,065		16.58	%		584,773		10.66	%		24.30
2012		3		27,205		18.75	%		573,208		10.45	%		21.07
2013		1		4,462		3.07	%		172,991		3.15	%		38.77
2014		2		5,081		3.50	%		193,078		3.52	%		38.00
2016		3		9,600		6.62	%		86,000		1.57	%		8.96
2018		3		6,000		4.13	%		417,600		7.62	%		69.60
2019		5		11,118		7.66	%		582,476		10.62	%		52.39
2022		1		-		0.00	%		225,000		4.10	%		-
2023		1		31,417		21.65	%		1,131,012		20.62	%		36.00
2027		1		6,208		4.28	%		217,901		3.97	%		35.10
2048		1		10,000		6.89	%		1,200,000		21.88	%		120.00
Total Occupied		25		145,123		100.00	%	$	5,483,709		100.00	%	$	37.79
Total Vacant				92,987
Total Square Feet				238,110
Total Anchor and Shop Tenant Expirations
Month to Month		1		9,967		1.46	%	$	99,670		0.53	%	$	10.00
2011		5		264,755		38.87	%		4,536,946		24.00	%		17.14
2012		3		27,205		3.99	%		573,208		3.03	%		21.07
2013		2		24,611		3.61	%		737,163		3.90	%		29.95
2014		2		5,081		0.75	%		193,078		1.02	%		38.00
2016		3		9,600		1.41	%		86,000		0.45	%		8.96
2018		3		6,000		0.88	%		417,600		2.21	%		69.60
2019		6		50,823		7.46	%		2,329,496		12.32	%		45.84
2023		2		66,611		9.78	%		2,257,220		11.94	%		33.89
2027		2		66,208		9.72	%		2,557,901		13.53	%		38.63
2022		1		-		0.00	%		225,000		1.19	%		-
2032		1		10,880		1.60	%		394,944		2.09	%		36.30
2033		1		129,405		19.00	%		3,300,000		17.45	%		25.50
2048		1		10,000		1.47	%		1,200,000		6.35	%		120.00
Total Occupied		33		681,146		100.00	%	$	18,908,226		100.00	%	$	27.76
Total Vacant				92,987
Total Square Feet				774,133

Page 39

Reporting Supplement
March 31, 2010
Fund III
Lease Expirations
			Gross Leased Area					Annualized Base Rent
	Number of				Percent					Percent			Average
	Leases		Square		of					of			per
	Expiring		Footage		Total			Amount		Total			Sq. Ft.
Anchor Tenant Expirations
2013		3		64,580		15.10	%		1,182,125		19.83	%		18.30
2014		3		71,346		16.68	%		1,103,266		18.50	%		15.46
2017		2		52,131		12.19	%		927,312		15.55	%		17.79
2018		2		174,707		40.83	%		1,709,562		28.67	%		9.79
2022		1		65,028		15.20	%		1,040,447		17.45	%		16.00
Total Occupied		11		427,792		100.00	%	$	5,962,712		100.00	%	$	13.94
Total Vacant				82,746
Total Square Feet				510,538
Shop Tenant Expirations
Month to Month		3		5,670		5.12	%	$	94,392		3.76	%	$	16.65
2010		4		10,064		9.10	%		93,517		3.73	%		9.29
2011		2		2,000		1.81	%		74,970		2.99	%		37.49
2012		3		8,200		7.41	%		223,000		8.88	%		27.20
2013		2		11,000		9.94	%		274,620		10.94	%		24.97
2014		6		25,872		23.38	%		687,589		27.39	%		26.58
2015		3		7,402		6.69	%		175,499		6.99	%		23.71
2016		1		9,100		8.23	%		176,771		7.04	%		19.43
2017		2		9,688		8.76	%		208,653		8.31	%		21.54
2018		3		9,357		8.46	%		176,202		7.02	%		18.83
2019		2		9,285		8.39	%		266,559		10.62	%		28.71
2020		1		3,000		2.71	%		58,470		2.33	%		-
Total Occupied		32		110,638		100.00	%	$	2,510,242		100.00	%	$	22.69
Total Vacant				20,621
Total Square Feet				131,259
Total Anchor and Shop Tenant Expirations
Month to Month		3		5,670		1.06	%		94,392		1.11	%	$	16.65
2010		4		8,584		1.60	%		93,517		1.10	%		10.89
2011		2		2,000		0.37	%		74,970		0.88	%		37.49
2012		3		8,200		1.53	%		223,000		2.63	%		27.20
2013		5		75,580		14.08	%		1,456,745		17.19	%		19.27
2014		9		97,218		18.11	%		1,790,855		21.14	%		18.42
2015		3		7,402		1.38	%		175,499		2.07	%		23.71
2016		1		9,100		1.69	%		176,771		2.09	%		19.43
2017		4		61,819		11.51	%		1,135,965		13.41	%		18.38
2018		5		184,064		34.27	%		1,885,764		22.26	%		10.25
2019		2		9,285		1.73	%		266,559		3.15	%		28.71
2020		1		3,000		0.56	%		58,470		0.69	%		19.49
2022		1		65,028		12.11	%		1,040,447		12.28	%		16.00
Total Occupied		43		536,950		100.00	%	$	8,472,954		100.00	%	$	15.78
Total Vacant				103,367
Total Square Feet				640,317

Page 40

	QUARTERLY SUPPLEMENTAL DISCLOSURE
	March 31, 2010
	Property Demographics1
							3-Mile Radius2				5-Mile Radius
				Trade	Cash 2			#
				Area	Base	Total	Total	Households	Median HH	Avg. HH	Total	#	Median HH	Avg. HH
Classification	Property / JV Ownership %	City	State	(Miles)	Rent	GLA	Pop.	("HH")	Income	Income	Pop.	HH	Income	Income
Core	Brandywine Town Center & Mkt Sq./22.22%	Wilmington	DE	3	16,075,825	997,006	41,222	15,054	$83,769	$102,192	120,306	46,004	$74,110	$93,425
Core	Elmwood Park Shopping Ctr.	Elmwood Park	NJ	3	3,384,871	149,491	257,647	83,959	52,609	62,446	614,727	208,535	57,938	69,562
Core	Chestnut Hill	Philadelphia	PA	3	325,483	40,570	148,084	59,791	53,526	65,990	399,921	157,197	52,171	65,291
Core	Abington Towne Center	Abington	PA	3	1,085,654	216,369	91,293	34,692	66,882	82,491	304,127	117,213	59,851	70,401
Core	Clark & Diversey	Chicago	IL	3	798,588	19,265	419,461	213,740	58,803	81,579	969,623	410,327	51,138	67,593
Core	Hobson West Plaza	Naperville	IL	3	1,121,084	99,126	98,083	34,231	94,977	114,120	241,153	82,668	93,969	113,986
Core	Methuen Shopping Ctr.	Methuen	MA	5	958,689	130,021	89,957	31,569	41,619	49,981	201,503	72,943	47,894	56,306
Core	Crossroads Shopping Ctr. / 49%	White Plains	NY	3	5,896,114	310,742	105,870	39,349	78,556	85,621	205,109	73,112	93,445	108,276
Core	The Branch Plaza	Smithtown	NY	3	2,600,879	125,751	68,832	23,221	89,522	113,455	199,361	64,663	82,867	105,093
Core	Amboy Road	Staten Island	NY	3	1,597,204	60,090	156,384	56,991	69,666	90,260	292,132	105,178	66,927	88,388
Core	Village Commons Shopping Ctr.	Smithtown	NY	3	2,048,550	87,237	68,832	23,221	89,522	113,455	199,361	64,663	82,867	105,093
Core	Bloomfield Town Square	Bloomfield Hills	MI	5	2,495,088	232,181	62,528	23,953	73,997	102,234	166,443	62,677	79,970	105,922
Core	Crescent Plaza	Brockton	MA	3	1,608,487	218,141	99,649	34,369	46,062	56,826	168,246	58,789	46,062	56,826
Core	239 Greenwich Avenue / 75%	Greenwich	CT	5	1,397,621	16,834	67,165	24,889	97,270	125,159	142,822	51,210	94,119	119,232
Core	Town Line Plaza	Rocky Hill	CT	3	1,608,852	206,346	45,606	19,067	65,917	75,855	153,302	61,023	57,724	68,679
Core	New Loudon Center	Latham	NY	5	1,767,740	255,826	41,815	15,619	55,375	66,288	151,655	61,034	47,547	61,261
Core	Pacesetter Park Shopping Ctr.	Pomona	NY	3	1,083,367	96,353	25,618	8,209	89,598	125,526	129,143	36,828	72,841	102,767
Core	LA Fitness, Staten Island	Staten Island	NY	3	1,265,000	55,000	127,542	45,026	65,178	83,167	457,912	162,076	60,236	77,922
Core	West 54th Street	Manhattan	NY	3	2,930,992	9,693	582,613	325,406	80,037	96,770	2,424,848	1,048,312	55,446	67,194
Core	East 17th Street	Manhattan	NY	3	625,000	19,622	1,027,933	495,157	64,629	116,133	2,512,412	1,086,434	53,903	96,755
Core	Mad River Station	Dayton	OH	5	1,430,202	125,984	58,692	25,428	58,119	67,529	135,000	56,693	60,560	71,601
Core	Mark Plaza	Edwardsville	PA	5	800,295	216,401	87,986	37,409	31,982	39,628	124,868	52,566	34,683	43,184
Core	Bartow Avenue	The Bronx	NY	3	434,990	14,676	567,476	209,231	40,253	47,643	1,435,467	511,796	30,552	43,522
Core	Walnut Hill Plaza	Woonsocket	RI	5	2,424,090	284,717	60,322	22,861	42,715	47,867	95,320	35,238	50,142	56,573
Core	A & P Shopping Plaza / 60%	Boonton	NJ	5	1,198,326	62,908	49,442	18,288	87,533	113,042	101,266	36,438	86,509	106,011
Core	Merrillville Plaza	Hobart	IN	5	2,908,593	235,026	26,118	10,066	56,556	64,248	87,796	32,151	54,709	62,531
Core	The Gateway Shopping Ctr.	So. Burlington	VT	3	1,830,591	101,784	46,879	19,366	44,294	55,033	69,993	28,186	47,104	57,514
Core	Marketplace of Absecon	Absecon	NJ	3	1,042,547	104,718	30,732	11,642	52,106	64,775	68,326	26,137	51,610	62,711
Core	Plaza 422	Lebanon	PA	3	795,852	156,279	43,975	17,347	36,874	47,144	61,197	23,615	41,055	51,545
Core	Route 6 Plaza	Honesdale	PA	5	1,149,922	175,519	7,567	3,014	32,283	43,919	11,899	4,627	34,031	46,300
Fund I	Granville Center / 37.78%	Columbus	OH	3	593,022	134,997	112,547	47,337	47,547	53,746	266,313	108,411	53,466	60,719
Fund I	Tarrytown Shopping Center / 37.78%	Tarrytown	NY	3	931,905	35,291	36,856	13,450	78,415	95,294	123,546	43,654	85,757	103,311
Fund II- Urban In-Fill	400 East Fordham Road / 19.2%	The Bronx	NY	2	5,519,760	119,446	1,205,053	412,674	30,252	38,298	1,997,909	698,322	33,259	40,957
Fund II- Urban In-Fill	Sherman Avenue / 19.2%	Manhattan	NY	2	-	-	535,739	175,108	29,260	36,324	2,049,516	721,521	34,366	42,608
Fund II- Urban In-Fill	Pelham Manor Shopping Plaza / 19.2%	Westchester	NY	3	4,710,274	229,183	398,727	147,238	48,697	56,116	1,109,022	403,897	44,956	53,542
Fund II- Urban In-Fill	161st Street /19.2%	The Bronx	NY	2	4,384,824	227,379	1,274,483	427,111	25,104	31,477	2,531,473	966,482	37,307	48,034
Fund II- Urban In-Fill	Liberty Avenue / 19.2%	Queens	NY	3	903,368	26,125	613,457	201,509	44,915	59,078	613,457	201,509	44,915	59,078
Fund II- Urban In-Fill	216th Street / 19.2%	Manhattan	NY	2	2,565,000	60,000	536,119	183,542	30,978	41,481	536,119	183,542	30,978	41,481
Fund II- Other	Oakbrook/ 20%	Oakbrook	IL	3	825,000	112,000	77,560	29,487	77,130	108,955	288,932	108,039	75,456	97,126
Fund III- Other	Cortlandt Towne Center/19.91%	Mohegan Lake	NY	3	8,472,954	641,797	50,899	17,257	83,556	96,323	85,373	28,902	88,363	103,198
					93,596,603	6,409,894
TOTAL
Weighted Average - Based on GLA							154,941	55,500	$           63,136	$           76,820	332,964	123,624	$           62,871	$           77,133
Weighted Average - Based on base rent 1							177,395	71,426	$           64,818	$           80,029	427,638	165,399	$           60,436	$           74,671
CORE
Weighted Average - Based on GLA							75,047	28,625	$           64,211	$           78,600	184,546	69,155	$           62,567	$           77,399
Weighted Average - Based on base rent 1							132,927	57,431	$           66,256	$           82,028	358,134	141,340	$           60,898	$           75,439
FUND I
Weighted Average - Based on GLA							96,861	40,314	$           53,944	$           62,357	236,726	94,991	$           60,158	$           69,546
Weighted Average - Based on base rent 1							66,291	26,628	$           66,411	$           79,137	179,066	68,837	$           73,199	$           86,748
FUND II -Urban In-fill
Weighted Average - Based on GLA							865,845	296,662	$           35,513	$           43,231	1,686,381	622,251	$           38,951	$           48,506
Weighted Average - Based on base rent 1							887,420	303,985	$           34,644	$           42,775	1,619,244	588,817	$           37,546	$           46,931
FUND II -Other
Weighted Average - Based on GLA							77,560	29,487	$           77,130	$        108,955	288,932	108,039	$           75,456	$           97,126
Weighted Average - Based on base rent 1							77,560	29,487	$           77,130	$        108,955	288,932	108,039	$           75,456	$           97,126
FUND III
Weighted Average - Based on GLA							50,899	17,257	$           83,556	$           96,323	85,373	28,902	$           88,363	$        103,198
Weighted Average - Based on base rent 1							50,899	17,257	$           83,556	$           96,323	85,373	28,902	$           88,363	$        103,198
1 Does not include the Kroger/Safeway Portfolio.  Base rent for joint ventures has been pro-rated based on the Company's ownership % in the joint venture.
2 West 54th Street, Sherman 161st Street and 216th Street figures are for 2 mile radius

Page 41

Reporting Supplement

March 31, 2010

Important Notes

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

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

USE OF FUNDS FROM OPERATIONS AS NON-GAAP FINANCIAL MEASURE

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

USE OF EBITDA AND NOI AS NON-GAAP FINANCIAL MEASURES

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

Page 42