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): July 27, 2010

ACADIA REALTY TRUST

 (Exact name of registrant as specified in its charter)

Maryland	1-12002	23-2715194
(State or other	(Commission	(I.R.S. Employer
jurisdiction of incorporation)	File Number)	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:

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

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

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

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

Item 2.02.                      Results of Operations and Financial Condition.

On July 27, 2010, Acadia Realty Trust (the "Company") issued a press release announcing its consolidated financial results for the quarter and six months ended June 30, 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 July 27, 2010, the Company made available supplemental information concerning the ownership, operations and portfolio of the Company as of and for the quarter and six months ended June 30, 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 Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference into any filing under the Securities Act of 1933, as amended ("Securities Act") or the Exchange Act, or otherwise subject to the liabilities of Sections 11 and 12 (a) (2) of the Securities Act.

Item 9.01.                      Financial Statements and Exhibits.

(d) Exhibits
Exhibit Number	Description
99.1	Press release of the Company dated July 27, 2010.
99.2	Financial and Operating Reporting Supplement of the Company
	for the quarter and six months ended June 30, 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: July 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 July 27, 2010.
99.2	Financial and Operating Reporting Supplement of the Company
	for the quarter and six months ended June 30, 2010.

EX-99.1

Exhibit 99.1

Acadia Realty Trust Reports Second Quarter 2010 Operating Results

NEW YORK--(BUSINESS WIRE)--July 27, 2010--Acadia Realty Trust (NYSE:AKR), today reported operating results for the quarter ended June 30, 2010. All per share amounts are on a fully diluted basis.

Second Quarter 2010 Highlights

EPS of $0.32; FFO of $0.28 before non-cash gain of $0.15

· Funds from operations (“FFO”) per share of $0.43 and Earnings per share (“EPS”) from continuing operations of $0.32 for second quarter 2010

Core Portfolio Performance Exceeds Expectations

· Current occupancy of 93% increased 50 basis points over first quarter 2010

· Same store net operating income (“NOI”) decreased 0.6% for second quarter 2010 compared to second quarter 2009

Guidance Increased on Improved Portfolio Performance and Non-Cash Gain

· Forecasted 2010 same store NOI increased; revised range increased from -2% to -4%, to 0% to -2%

· Earnings guidance range for 2010 increased $0.10 primarily from improved core portfolio performance and $0.15 from non-cash gain for a total increase of $0.25

· Revised forecasted FFO per share range is now $1.20 to $1.25 per share and EPS range is $0.71 to $0.76

Strong Balance Sheet

· Core portfolio debt, net of cash on hand (“Net Debt”) to EBIDTA ratio of 4.4x and Net Debt yield of 17%

· Cash on hand and availability under current facilities of approximately $103 million at June 30, 2010

Executes on Opportunity in New York Urban Redevelopment Project

· Completed the acquisition of an unaffiliated partner’s interest in City Point and started construction during the second quarter

Second Quarter and Six Months ended June 30, 2010 Operating Results

For the quarter ended June 30, 2010, FFO was $17.6 million, compared to $12.0 million for the quarter ended June 30, 2009. For the six months ended June 30, 2010, FFO was $27.8 million compared to $26.3 million for the six months ended June 30, 2009.

Earnings for the quarters and six months ended June 30, 2010 and 2009 were as follows:

	Quarters ended June 30,						Six Months ended June 30,
	2010		2009		Variance		2010		2009		Variance
FFO per share	$	0.43	$	0.30	$	0.13	$	0.68	$	0.71	$	(0.03	)
EPS from continuing
operations	$	0.32	$	0.18	$	0.14	$	0.45	$	0.45	$	--
EPS	$	0.32	$	0.18	$	0.14	$	0.45	$	0.48	$	(0.03	)

Following are the factors which contributed to the variance in EPS from continuing operations for the quarter and six months ended June 30, 2010 as compared to the corresponding periods in 2009:

	Variance 2010 v. 2009
	Quarter	Six months
2010 Non-cash gain on purchase	$0.15	$0.15
2009 Gain on extinguishment of convertible debt	(0.10)	(0.19)
2009 Reserve for mezzanine loan and development costs	0.06	0.06
2009 Income from forfeited contract deposit	--	(0.05)
Other items, net	0.03	0.03
Total	$0.14	$ --

Discontinued operations decreased $0.03 for the six months ended June 30, 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 June 30, 2010, Acadia’s solid balance sheet was evidenced by the following:

Strong Liquidity

· Total liquidity of $103 million, including $58 million of cash and $45 million available under existing lines of credit, excluding the cash and credit facilities of the Company’s opportunity funds (“Funds”)

· $406 million of committed Fund III investor capital is unfunded as of June 30, 2010 of which $350 million of unallocated investor capital commitments is available for Fund III’s equity component in additional investments or to repay outstanding subscription line borrowings. 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 17% 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 15%

· Core portfolio Net Debt to EBIDTA ratio of 4.4x. Including the Company’s pro-rata share of the Funds, a Net Debt to EBITDA ratio of 5.2x

· Combined fixed-charge coverage ratio, including core portfolio and Funds, of 3.1 to 1 for the quarter ended June 30, 2010

Low Exposure to Interest Rate Variability

· 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, 87% of the Company’s debt is fixed rate at an average interest rate of 5.5%

Retail Portfolio Performance Exceeds Expectations

Portfolio Occupancy

At June 30, 2010, Acadia’s core portfolio occupancy was 93.0%. This represents an increase of 50 basis points from 92.5% occupancy at March 31, 2010 and a 40 basis point increase over year-end 2009 occupancy of 92.6%, which is at the high-end of management’s 2010 projected portfolio occupancy. Acadia’s combined portfolio occupancy, including its core portfolio and Funds, was 92.4% as of June 30, 2010, which represents an increase of 60 basis points from occupancy at March 31, 2010 and an increase of 50 basis points from year-end 2009.

Same Store NOI

For the quarter ended June 30, 2010, same store NOI decreased 0.6% compared to the quarter ended June 30, 2009. For the six months ended June 30, 2010, same store NOI decreased 0.9% from the six months ended June 30, 2009. As discussed in prior quarters, 2010 NOI continues to be 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. Excluding the 2.7% reduction in total core portfolio NOI resulting from these two locations, same store NOI for second quarter 2010 would have increased 2.1% over second quarter 2009. As a result of the improved year-to-date performance of the core portfolio, the Company is increasing its expected full year 2010 same store NOI guidance range from -2% to -4%, to 0% to -2%.

Leasing Activity

During the second quarter of 2010, the Company realized an increase in average rents of 0.2% in its core portfolio on new and renewal leases totaling 88,000 square feet. Excluding the effect of the straight-lining of rents, the Company experienced an 11.7% decrease in average rents.

Acquires Remaining Interest in City Point Project

As previously disclosed in the Company’s Form 8-K filed with the SEC on July 12, 2010, Fund II together with P/A Associates and Washington Square Partners, acquired all of the unaffiliated joint venture partner’s interest in City Point during the second quarter for $9.2 million and the assumption of the partner’s share of the first mortgage debt totaling $19.6 million.

Construction has commenced on the first phase of City Point, a mixed-use project located in Downtown Brooklyn. The construction is being financed with a $20 million Recovery Zone Facility bond financing through the New York City Capital Resource Corporation.

The first phase of the project will be a four-story, retail building of approximately 50,000 square feet, located on the Fulton Mall, Brooklyn’s busiest shopping district. Ultimately the project is expected to aggregate approximately 1.5 million square feet of new construction, consisting of retail and commercial space and a mixture of affordable and market-rate housing.

As a result of this transaction, Fund II was required to report its entire investment in City Point at fair market value. Based on a June 30, 2010 third-party appraised value of $108 million and the Fund’s aggregate cost basis, including its basis before the acquisition of $45.4 million, Fund II reported a non-cash gain of approximately $33.8 million for the three months ended June 30, 2010. The Company’s share of this gain, net of the noncontrolling interests’ share, amounts to $6.3 million, or $0.15 per share.

Outlook - Earnings Guidance for 2010 Increased

Primarily as a result of stronger than anticipated core portfolio performance, reduced general and administrative expenses and the abovementioned non-cash gain, the Company has increased its 2010 earnings guidance range from that issued on April 27, 2010. Full-year 2010 EPS guidance has been increased by $0.25 at both the low and high ends resulting in an updated EPS guidance range of $0.71 to $0.76. Full-year 2010 FFO per share guidance has also been increased by $0.25 (inclusive of a $0.15 non-cash gain) resulting in an updated FFO per share guidance range of $1.20 to $1.25 compared to the previous guidance of $0.95 to $1.00. This revised guidance is before any potential contributions from new acquisitions, income from Acadia’s RCP investments or promote income from its opportunity funds. The following is a reconciliation of the c alculation of the Company’s revised guidance for 2010 EPS and FFO per share:

Revised Guidance Range for 2010
	Low		High
Diluted earnings per share	$	0.71	$	0.76
Depreciation of real estate and amortization of leasing costs:
Wholly owned and consolidated partnerships		0.44		0.44
Unconsolidated partnerships		0.04		0.04
Noncontrolling interest in Operating Partnership		0.01		0.01
Diluted FFO per share	$	1.20	$	1.25

Management Comments

“We are pleased with our second quarter results, which were driven by continued stronger than anticipated core portfolio performance” stated Kenneth F. Bernstein, President and CEO of Acadia Realty Trust. “We recognize that we are still in a fragile and volatile economic environment and therefore, 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 execute on potential opportunities, both within our existing portfolio as well as for new investments as they arise.”

Investor Conference Call

Management will conduct a conference call on Wednesday, July 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 866-831-6272 (internationally 617-213-8859). 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 37205528. The phone replay will be available through Wednesday, August 4, 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 continued economic uncertainty. 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 and 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 environment and its effect on retail tenants; (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 and Six Months ended June 30, 2010 and 2009
(dollars in thousands, except per share data)
	For the Quarters ended						For the Six Months ended
	June 30,						June 30,
Revenues	2010			2009			2010			2009
Minimum rents	$	25,702		$	23,797		$	51,434		$	45,046
Percentage rents		124			128			259			329
Mortgage interest income		5,238			4,933			10,231			9,959
Expense reimbursements		4,870			4,921			10,900			10,383
Lease termination income		59			21			65			226
Other property income		503			887			934			1,189
Management fee income		436			444			836			1,200
Other		--			--			--			1,700
Total revenues		36,932			35,131			74,659			70,032
Operating expenses
Property operating		6,571			7,240			14,416			14,546
Real estate taxes		4,346			4,088			8,873			7,753
General and administrative		5,416			5,208			10,535			11,349
Depreciation and amortization		7,864			8,456			18,205			17,036
Abandonment of project costs		--			2,415			3			2,431
Reserve for notes receivable		--			1,734			--			1,734
Total operating expenses		24,197			29,141			52,032			54,849
Operating income		12,735			5,990			22,627			15,183
Equity in earnings (losses) of unconsolidated affiliates		80			49			467			(3,258	)
Other interest income		153			95			287			212
Interest expense and other finance costs		(8,631	)		(7,631	)		(17,098	)		(15,452	)
Gain from bargain purchase		33,805			--			33,805			--
Gain on extinguishment of debt		--			3,895			--			7,045
Income from continuing operations before income taxes		38,142			2,398			40,088			3,730
Income taxes		(645	)		(1,096	)		(1,084	)		(1,622	)
Income from continuing operations		37,497			1,302			39,004			2,108

ACADIA REALTY TRUST AND SUBSIDIARIES
Financial Highlights 1
For the Quarters and Six Months ended June 30, 2010 and 2009
(dollars in thousands, except per share data)
	For the Quarters ended					For the Six Months ended
	June 30,					June 30,
		2010			2009		2010			2009
Discontinued operations:
Operating income from discontinued operations		--			19		--			193
Gain on sale of property		--			--		--			5,637
Income from discontinued operations		--			19		--			5,830
Net income		37,497			1,321		39,004			7,938
(Income) loss attributable to noncontrolling interests in subsidiaries:
Continuing operations		(24,699	)		5,814		(21,076	)		14,360
Discontinued operations		--			--		--			(4,864	)
Net (income) loss attributable to noncontrolling interests in subsidiaries		(24,699	)		5,814		(21,076	)		9,496
Net income attributable to Common Shareholders	$	12,798		$	7,135	$	17,928		$	17,434
Supplemental Information
Income from continuing operations attributable to Common Shareholders	$	12,798		$	7,116	$	17,928		$	16,468
Income from discontinued operations attributable to Common Shareholders		--			19		--			966
Net income attributable to Common Shareholders	$	12,798		$	7,135	$	17,928		$	17,434
Net income attributable to Common Shareholders per Common Share – Basic
Net income per Common Share – Continuing operations	$	0.32		$	0.18	$	0.45		$	0.45
Net income per Common Share – Discontinued operations		--			--		--			0.03
Net income per Common Share	$	0.32		$	0.18	$	0.45		$	0.48
Weighted average Common Shares		40,135			38,592		40,058			36,261
Net income attributable to Common Shareholders per Common Share – Diluted 2
Net income per Common Share – Continuing operations	$	0.32		$	0.18	$	0.45		$	0.45
Net income per Common Share – Discontinued operations		--			--		--			0.03
Net income per Common Share	$	0.32		$	0.18	$	0.45		$	0.48
Weighted average Common Shares		40,372			38,804		40,274			36,440

ACADIA REALTY TRUST AND SUBSIDIARIES
Financial Highlights 1
For the Quarters and Six Months ended June 30, 2010 and 2009
(dollars in thousands, except per share data)
RECONCILIATION OF NET INCOME TO FUNDS FROM OPERATIONS 3
	For the Quarters ended				For the Six Months ended
	June 30,				June 30,
		2010		2009		2010		2009
Net income attributable to Common Shareholders	$	12,798	$	7,135	$	17,928	$	17,434
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interests' share):
Consolidated affiliates		4,202		4,427		8,790		8,798
Unconsolidated affiliates		475		365		833		736
Gain on sale (net of noncontrolling interests' share):
Consolidated affiliates		--		--		--		(929	)
Unconsolidated affiliates		--		--		--		--
Income attributable to noncontrolling interests’ in Operating Partnership		160		60		247		211
Distributions – Preferred OP Units		5		5		9		10
Funds from operations	$	17,640	$	11,992	$	27,807	$	26,260
Funds from operations per share – Diluted
Weighted average Common Shares and OP Units 4		40,844		39,477		40,810		37,113
Funds from operations, per share	$	0.43	$	0.30	$	0.68	$	0.71

ACADIA REALTY TRUST AND SUBSIDIARIES
Financial Highlights 1
For the Quarters and Six Months ended June 30, 2010 and 2009
(dollars in thousands)
RECONCILIATION OF OPERATING INCOME TO NET PROPERTY
OPERATING INCOME (“NOI”) 3
	For the Quarters ended						For the Six Months ended
	June 30,						June 30,
	2010			2009			2010			2009
Operating income	$	12,735		$	5,990		$	22,627		$	15,183
Add back:
General and administrative		5,416			5,208			10,535			11,349
Depreciation and amortization		7,864			8,456			18,205			17,036
Abandonment of project costs		--			2,415			3			2,431
Reserve for notes receivable		--			1,734			--			1,734
Less:
Management fee income		(436	)		(444	)		(836	)		(1,200	)
Mortgage interest income		(5,238	)		(4,933	)		(10,231	)		(9,959	)
Other income		--			--			--			(1,700	)
Lease termination income		(59	)		(21	)		(65	)		(226	)
Straight line rent and other adjustments		(792	)		429			(1,710	)		443
Consolidated NOI		19,490			18,834			38,528			35,091
Noncontrolling interest in NOI		(5,371	)		(4,819	)		(10,824	)		(6,982	)
Pro-rata share of NOI	$	14,119		$	14,015		$	27,704		$	28,109

SELECTED BALANCE SHEET INFORMATION
	As of
	June 30,			December 31,
	2010			2009
Cash and cash equivalents		$	78,930		$	93,808
Rental property, at cost			1,057,392			1,070,066
Total assets			1.462,433			1,382,464
Notes payable			809,376			780,094
Total liabilities			885,547			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.
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 CompanyR 17;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 distributions. It should not be considered as an alternative to net income for the purpose of evaluating the Company’s performance or to cash flows as a measure of liquidity. Consistent with the NAREIT definition, the Company defines FFO as net income (computed in accordance with GAAP), excluding gains (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 472 and 673 OP Units into Common Shares for the quarters ended June 30, 2010 and 2009, respectively and 536 and 673 OP Units into Common Shares for the six months ended June 30, 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 June 30, 2010 and 2009, and for each of six months ended June 30, 2010 and 2009. In addition, diluted FFO also includes the effect of employee share options of 212 and 187 Common Shares for the quarters ended June 30, 2010 and 2009, respectively, and 191 and 155 Common Shares for t he six months ended June 30, 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.

Second Quarter 2010

Reporting Supplement

Reporting Supplement
June 30, 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
June 30, 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		James Sullivan (949) 640-8780		Todd Thomas - (917) 368-2286
	craig_schmidt@ml.com		jsullivan@greenst.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 - (440) 715-2646
	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
June 30, 2010
										Market Capitalization
Total Market Capitalization										including the hypothetical
(including pro-rata share of										repayment of debt with
Opportunity Fund debt)	Market Capitalization									available cash of
(dollars in thousands)	as of June 30, 2010									$65.5 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	%	$	40,143						98.8	%	$	40,143
Common Operating Partnership ("OP") Units		1.2	%		468						1.2	%		468
Combined Common Shares and OP Units					40,611									40,611
Share Price June 30, 2010					16.68									16.68
Equity Capitalization - Common Shares and OP Units					677,391									677,391
Preferred OP Units 1					418									418
Total Equity Capitalization					677,809			60.3	%					677,809			64.1	%
Debt Capitalization
Consolidated debt					809,376									809,376
Adjustment to reflect pro-rata share of debt					(363,737	)								(363,737	)
Total Debt Capitalization					445,639			39.7	%					445,639
Less debt paid with available cash														(65,539	)
Total Net Debt Capitalization														380,100			35.9	%
Total Market Capitalization				$	1,123,448			100.0	%				$	1,057,909			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 June 30, 2010.
	Weighted Average Outstanding Common Shares and OP Units
		June 30, 2010				June 30, 2009
		Quarter		Year-to-date		Quarter		Year-to-date
Weighted average Common Shares - Basic EPS			40,134,706		40,058,101		38,592,289		36,260,663
Dilutive potential Common Shares			237,106		215,729		211,819		179,654
Weighted average Common Shares - Diluted EPS			40,371,812		40,273,830		38,804,108		36,440,317
OP Units			471,865		535,858		673,311		672,670
Dilutive potential of OP Units and Common Shares			-		-		-		-
Weighted average Common Shares/OP Units - Diluted FFO			40,843,677		40,809,688		39,477,419		37,112,987

Page 4

Reporting Supplement

June 30, 2010

Income Statements - Pro-rata Consolidation 1

     Current Quarter and Year-to-Date

(in thousands)	Year-to-Date																			Current Quarter
	Period																			3 months
	ended June 30, 2010																			ended June 30, 2010
	Core Retail											Opportunity Funds					Total			Core Retail											Opportunity Funds					Total
	Wholly Owned			Joint Ventures			Total Continuing Operations			Discontinued Operations		Continuing Operations			Discontinued Operations					Wholly Owned			Joint Ventures			Total Continuing Operations			Discontinued Operations		Continuing Operations			Discontinued Operations
CORE PORTFOLIO AND OPPORTUNITY FUND INCOME
PROPERTY REVENUES
Minimum rents	$	23,247		$	3,242		$	26,489		$	-	$	5,516		$	-	$	32,005		$	11,654		$	1,632		$	13,286		$	-	$	2,779		$	-	$	16,065
Percentage rents		245			36			281			-		3			-		284			111			32			143			-		3			-		146
Expense reimbursements - CAM		2,836			378			3,214			-		426			-		3,640			938			174			1,112			-		230			-		1,342
Expense reimbursements - Taxes		3,603			497			4,100			-		497			-		4,597			1,682			226			1,908			-		231			-		2,139
Other property income		130			-			130			-		171			-		301			124			(1	)		123			-		73			-		196
		30,061			4,153			34,214			-		6,613			-		40,827			14,509			2,063			16,572			-		3,317			-		19,889
PROPERTY EXPENSES
Property operating - CAM		3,724			527			4,251			-		600			-		4,851			1,284			202			1,486			-		257			-		1,743
Other property operating (Non-CAM)		1,078			70			1,148			-		1,201			-		2,349			545			26			571			-		615			-		1,186
Real estate taxes		4,442			558			5,000			-		923			-		5,923			2,113			263			2,376			-		465			-		2,841
		9,244			1,155			10,399			-		2,724			-		13,123			3,942			491			4,433			-		1,337			-		5,770
NET OPERATING INCOME - PROPERTIES		20,817			2,998			23,815			-		3,889			-		27,704			10,567			1,572			12,139			-		1,980			-		14,119
OTHER INCOME (EXPENSE)
Mezzanine interest income		9,334			-			9,334			-		125			-		9,459			4,788			-			4,788			-		63			-		4,851
Other interest income		511			15			526			-		10			-		536			261			-			261			-		6			-		267
Straight-line rent income		58			(24	)		34			-		480			-		514			1			7			8			-		213			-		221
Straight-line rents written off		-			-			-			-		-			-		-			-			-			-			-		-			-		-
Straight-line ground rent		-			-			-			-		(44	)		-		(44	)		-			-			-			-		(22	)		-		(22	)
FAS 141 rent		(306	)		70			(236	)		-		(101	)		-		(337	)		(148	)		35			(113	)		-		(45	)		-		(158	)
FAS 141 interest		10			-			10			-		-			-		10			5			-			5					-			-		5
Interest expense		(8,328	)		(1,846	)		(10,174	)		-		(1,752	)		-		(11,926	)		(4,157	)		(929	)		(5,086	)				(893	)		-		(5,979	)
Asset and property management expense		(38	)		-			(38	)		-		-			-		(38	)		(19	)		-			(19	)		-		1			-		(19	)
Promote expense		-			-			-			-		-			-		-			-			-			-			-		-			-		-
Other income		188			-			188			-		-			-		188			94			-			94			-		-			-		94
Reserve for investment in unconsolidated property		-			-			-			-		-			-		-			-			-			-			-		-			-		-
Reserve for pre-acquisition costs		-			-			-			-		-			-		-			-			-			-			-		-			-		-
Reserve for notes receivable		-			-			-			-		-			-		-			-			-			-			-		-			-		-
CORE PORTFOLIO AND OPPORTUNITY FUND INCOME		22,246			1,213			23,459			-		2,608			-		26,067			11,392			685			12,077			-		1,302			-		13,379
FEE INCOME
Asset and property management fees		5,850			-			5,850			-		-			-		5,850			2,997			-			2,997			-		-			-		2,997
Priority distributions		220			-			220			-		-			-		220			110			-			110			-		-			-		110
Transactional fees 2		2,230			-			2,230			-		-			-		2,230			1,223						1,223					-			-		1,223
Provision for income taxes		(1,026	)		-			(1,026	)		-		-			-		(1,026	)		(626	)		-			(626	)		-		-			-		(626	)
FEE INCOME		7,274			-			7,274			-		-			-		7,274			3,704			-			3,704			-		-			-		3,704
PROMOTE, RCP AND OTHER INCOME
Equity in earnings from RCP investments		-			-			-			-		50			-		50			-			-			-			-		(3	)		-		(3	)
Promote income - RCP		-			-			-			-		22			-		22			-			-			-			-		(3	)		-		(3	)
Promote income - Fund capital transactions		-			-			-			-		-			-		-			-			-			-			-		-			-		-
Equity in earnings of unconsolidated properties		-			-			-			-		(18	)		-		(18	)		-			-			-			-		(18	)		-		(18	)
Forfeited property sale contract deposit		-			-			-			-		-			-		-			-			-			-			-		-			-		-
Lease termination income		50			56			106			-		3			-		109			44			56			100			-		3			-		103
Gain on extinguishment of debt		-			-			-			-		-			-		-			-						-					-			-		-
Gain from bargain purchase		-			-			-			-		6,383			-		6,383			-						-					6,383			-		6,383
Provision for income taxes		5			-			5			-		(15	)		-		(10	)		16			-			16			-		(10	)		-		6
PROMOTE, RCP AND OTHER INCOME		55			56			111			-		6,425			-		6,536			60			56			116			-		6,352			-		6,468
GENERAL AND ADMINISTRATIVE		(11,021	)		(12	)		(11,033	)		-		(120	)		-		(11,153	)		(5,380	)		(12	)		(5,392	)		-		(81	)		-		(5,473	)
Depreciation and amortization		(7,463	)		(857	)		(8,320	)		-		(2,207	)		-		(10,527	)		(3,759	)		(487	)		(4,246	)		-		(858	)		-		(5,104	)
FAS 141 amortization		52			-			52			-		(123	)		-		(71	)		34			-			34					(58	)		-		(24	)
Gain on sale of properties		-			-			-			-		-			-		-			-			-			-			-		-			-		-
Income before noncontrolling interests		11,143			400			11,543			-		6,582			-		18,125			6,051			242			6,293			-		6,656			-		12,949
Noncontrolling interest - OP		(253	)		-			(253	)		-		-			-		(253	)		(163	)		-			(163	)		-		-			-		(163	)
Noncontrolling interests		-			-			-			-		56			-		56			-			-			-			-		12			-		12
NET INCOME	$	10,890		$	400		$	11,290		$	-	$	6,638		$	-	$	17,928		$	5,888		$	242		$	6,130		$	-	$	6,668		$	-	$	12,798

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 areconsolidated 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.

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

Page 5

Reporting Supplement
June 30, 2010
Income Statements - Joint Ventures 1
Current Quarter and Year-to-Date
(in thousands)
	Year-to-Date															Current Quarter
	Period															3 months
	Ended June 30,															Ended June 30,
	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	$	8,025		$	1,783		$	2,976		$	1,459		$	3,242		$	4,050		$	900		$	1,493		$	732		$	1,632
Percentage rents		162			36			-			-			36			142			32			-			-			32
Expense reimbursements - CAM		766			171			423			207			378			354			79			194			95			174
Expense reimbursements - Taxes		575			127			755			370			497			285			63			333			163			226
Other property income		2			-			-			-			-			(3	)		(1	)		-			-			(1	)
		9,530			2,117			4,154			2,036			4,153			4,828			1,073			2,020			990			2,063
PROPERTY EXPENSES
Property operating - CAM		1,513			337			388			190			527			511			114			179			88			202
Other property operating (Non-CAM)		139			31			80			39			70			9			2			49			24			26
Real estate taxes		624			138			856			420			558			312			69			395			194			263
		2,276			506			1,324			649			1,155			832			185			623			306			491
NET OPERATING INCOME - PROPERTIES		7,254			1,611			2,830			1,387			2,998			3,996			888			1,397			684			1,572
OTHER INCOME (EXPENSE)
Mezzanine interest income		-			-			-			-			-			-			-			-			-			-
Other interest income		2			-			32			15			15			1			-			1			-			-
Straight-line rent income		(100	)		(23	)		(2	)		(1	)		(24	)		42			9			(5	)		(2	)		7
Straight-line rents written off		-			-			-			-			-			-			-			-			-			-
Straight-line ground rent		-			-			-			-			-			-			-			-			-			-
FAS 141 rent		314			70			-			-			70			157			35			-			-			35
FAS 141 interest		-			-			-			-			-			-			-			-			-			-
Interest expense		(5,000	)		(1,025	)		(1,676	)		(821	)		(1,846	)		(2,519	)		(517	)		(841	)		(412	)		(929	)
Property management expense		(529	)		-			-			-			-			(302	)		-			-			-			-
Promote expense		-			-			-			-			-			-			-			-			-			-
Other income		-			-			-			-			-
Reserve for investment in unconsolidated property		-			-			-			-			-			-			-			-			-			-
Reserve for pre-acquisition costs		-			-			-			-			-			-			-			-			-			-
Reserve for notes receivable		-			-			-			-			-			-			-			-			-			-
CORE PORTFOLIO AND OPPORTUNITY FUND INCOME		1,941			633			1,184			580			1,213			1,375			415			552			270			685
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		252			56			-			-			56			252			56			-			-			56
Gain on extinguishment of debt		-			-			-			-			-			-			-			-			-			-
Gain from bargain purchase
Provision for income taxes		-			-			(3	)		(1	)		-			-			-			(3	)		(1	)		-
PROMOTE, RCP AND OTHER INCOME		252			56			(3	)		(1	)		56			252			56			(3	)		(1	)		56
GENERAL AND ADMINISTRATIVE		(51	)		(11	)		(2	)		(1	)		(12	)		(51	)		(11	)		(2	)		(1	)		(12	)
Depreciation and amortization		(2,350	)		(522	)		(283	)		(335	)		(857	)		(1,449	)		(322	)		(137	)		(165	)		(487	)
FAS 141 amortization		-			-			-			-			-			-			-			-			-			-
Gain on sale of properties		-			-			-			-			-			-			-			-			-			-
Income before noncontrolling interest		(208	)		156			896			243			400			127			138			410			103			242
Noncontrolling interest - OP		-			-			-			-			-			-			-			-			-			-
Noncontrolling interests		-			-			-			-			-			-			-			-			-			-
NET INCOME	$	(208	)	$	156		$	896		$	243		$	400		$	127		$	138		$	410		$	103		$	242
	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

June 30, 2010

Income Statements -Opportunity Funds 1

Year-to-Date

(in thousands)

Year-to-Date

Period

ended June 30, 2010

												Continuing			Discontinued
												Operations			Operations
	Fund I 3			Fund I		Fund I			AKR			AKR Pro-			AKR Pro-					AKR			AKR Pro-						AKR Pro-						AKR Pro-						AKR Pro-			Total
	Continuing			Discontinued		Consolidated			Promote			rata share			rata share					Promote			rata share						rata share						rata share						rata share			AKR Pro-
	Operations			Operations		Operations			20.00%			22.22%			22.22%		Mervyns I			20.00%			22.22%			Fund II			20.00%			Mervyns II			20.00%			Fund III			19.9005%			rata share
PROPERTY REVENUES
Minimum rents	$	2,098		$	-	$	2,098		$	420		$	375		$	-	$	-		$	-		$	-		$	11,716		$	2,343		$	-		$	-		$	11,942		$	2,378		$	5,516
Percentage rents		-			-		-			-			-			-		-			-			-			-			-			-			-			13			3			3
Expense reimbursements - CAM		138			-		138			28			25			-		-			-			-			1,390			278			-			-			481			96			426
Expense reimbursements - Taxes		160			-		160			32			28			-		-			-			-			873			174			-			-			1,318			263			497
Other property income		77			-		77			15			14			-		-			-			-			165			33			-			-			549			109			171
		2,473			-		2,473			495			442			-		-			-			-			14,144			2,828			-			-			14,303			2,849			6,613
PROPERTY EXPENSES
Property operating - CAM		192			-		192			38			34			-		-			-			-			1,881			376			-			-			760			151			600
Other property operating (Non-CAM)		(12	)		-		(12	)		(2	)		(2	)		-		-			-			-			2,835			567			-			-			3,211			639			1,201
Real estate taxes		238			-		238			48			42			-		-			-			-			1,677			335			-			-			2,504			498			923
		418			-		418			84			74			-		-			-			-			6,393			1,278			-			-			6,475			1,288			2,724
NET OPERATING INCOME - PROPERTIES		2,055			-		2,055			411			367			-		-			-			-			7,751			1,550			-			-			7,828			1,561			3,889
OTHER INCOME (EXPENSE)
Mezzanine interest income		-			-		-			-			-			-		-			-			-			1			-			-			-			626			125			125
Other interest income		6			-		6			1			1			-		-			-			-			2			-			-			-			39			8			10
Straight-line rent income		864			-		864			173			154			-		-			-			-			664			133			-			-			102			21			480
Straight-line rents written off		-			-		-			-			-			-		-			-			-			-			-			-			-			-			-			-
Straight-line ground rent		-			-		-			-			-			-		-			-			-			(216	)		(44	)		-			-			-			-			(44	)
FAS 141 rent		(4	)		-		(4	)		(1	)		(1	)		-		-			-			-			(130	)		(26	)		-			-			(367	)		(73	)		(101	)
FAS 141 interest		-			-		-			-			-			-		-			-			-			-			-			-			-			-			-			-
Interest expense		(305	)		-		(305	)		(61	)		(54	)		-		-			-			-			(5,394	)		(1,079	)		-			-			(2,806	)		(558	)		(1,752	)
Property management expense		(2	)		-		(2	)		(0	)		(0	)		-		-			-			-			(2,779	)		-			(283	)		-			(4,460	)		-			0
Promote expense		(72	)		-		(72	)		-			-			-		(22	)		-			-			-			-			-			-			-			-			-
Other income		-			-		-			-			-			-		-			-			-			-			-			-			-			-			-			-
Reserve for investment in unconsolidated property		-			-		-			-			-			-		-			-			-			-			-			-			-			-			-			-
Reserve for pre-acquisition costs		-			-		-			-			-			-		-			-			-			-			-			-			-			-			-			-
Reserve for notes receivable		-			-		-			-			-			-		-			-			-			-			-			-			-			-			-			-
OPPORTUNITY FUND INCOME		2,542			-		2,542			523			467			-		(22	)		-			-			(101	)		534			(283	)		-			962			1,084			2,608
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		-			-		-			-			-			-		121			-			22			-			-			140			28			-			-			50
Promote income - RCP		-			-		-			-			-			-		-			24			-			-			-			-			-			-			-			24
Promote income - Fund capital transactions		-			-		-			-			-			-		-			-			-			-			-			-			-			-			-			-
Equity in earnings of unconsolidated properties		-			-		-			-			-			-		-			-			-			(12	)		(2	)		-			-			(79	)		(16	)		(18	)
Receipt of forfeited deposit		-			-		-			-			-			-		-			-			-			-			-			-			-			-			-			-
Lease termination income		-			-		-			-			-			-		-			-			-			-			-			-			-			15			3			3
Gain on extinguishment of debt		-			-		-			-			-			-		-			-			-			-			-			-			-			-			-			-
Gain from bargain purchase		-			-		-			-			-			-		-			-			-			33,805			6,383			-			-			-			-			6,383
Provision for income taxes		(25	)		-		(25	)		(5	)		(4	)		-		(2	)		(0	)		(0	)		(14	)		(3	)		(5	)		(1	)		(3	)		(1	)		(15	)
PROMOTE, RCP AND OTHER INCOME		(25	)		-		(25	)		(5	)		(4	)		-		119			24			21			33,779			6,378			135			27			(67	)		(14	)		6,427
GENERAL AND ADMINISTRATIVE		(80	)		-		(80	)		(16	)		(14	)		-		(10	)		(2	)		(2	)		(235	)		(47	)		(38	)		(7	)		(168	)		(34	)		(122	)
Depreciation and amortization		(1,795	)		-		(1,795	)		(359	)		(319	)		-		-			-			-			(3,897	)		(779	)		-			-			(3,771	)		(750	)		(2,207	)
FAS 141 amortization		(2	)		-		(2	)		(0	)		(0	)		-		-			-			-			(138	)		(28	)		-			-			(470	)		(94	)		(123	)
Gain on sale of properties		-			-		-			-			-			-		-			-			-			-			-			-			-			-			-			-
Income before noncontrolling interest		640			-		640			142			129			-		87			22			19			29,408			6,058			(186	)		20			(3,514	)		192			6,583
Noncontrolling interest - OP		-			-		-			-			-			-		-			-			-			-			-			-			-			-			-			-
Noncontrolling interests		-			-		-			-			-			-		-			-			-			(1,719	)		34			-			-			110			22			56
NET INCOME	$	640		$	-	$	640		$	142		$	129		$	-	$	87		$	22		$	19		$	27,689		$	6,092		$	(186	)	$	20		$	(3,404	)	$	214		$	6,639
	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 The 25% noncontrolling interest in the Kroger/Safeway Portfolio has been adjusted directly in each of the line items herein.

Page 7

Reporting Supplement

June 30, 2010

Income Statements -Opportunity Funds 1

Current Quarter

(in thousands)

	Current Quarter
	Period
	ended June 30, 2010
												Continuing			Discontinued
												Operations			Operations
	Fund I 3			Fund I		Fund I			AKR			AKR Pro-			AKR Pro-					AKR			AKR Pro-						AKR Pro-						AKR Pro-						AKR Pro-			Total
	Continuing			Discontinued		Consolidated			Promote			rata share			rata share					Promote			rata share						rata share						rata share						rata share			AKR Pro-
	Operations			Operations		Operations			20.00%			22.22%			22.22%		Mervyns I			20.00%			22.22%			Fund II			20.00%			Mervyns II			20.00%			Fund III			19.9005%			rata share
PROPERTY REVENUES
Minimum rents	$	1,052		$	-	$	1,052		$	210		$	188		$	-	$	-		$	-		$	-		$	5,891		$	1,178		$	-		$	-		$	6,044		$	1,203		$	2,779
Percentage rents		-			-		-			-			-			-		-			-			-			-			-			-			-			13			3			3
Expense reimbursements - CAM		33			-		33			7			6			-		-			-			-			794			159			-			-			296			59			230
Expense reimbursements - Taxes		81			-		81			16			14			-		-			-			-			412			82			-			-			591			118			231
Other property income		3			-		3			1			1			-		-			-			-			95			19			-			-			268			53			73
		1,169			-		1,169			234			209			-		-			-			-			7,192			1,438			-			-			7,212			1,436			3,317
PROPERTY EXPENSES
Property operating - CAM		56			-		56			11			10			-		-			-			-			861			172			-			-			324			64			257
Other property operating (Non-CAM)		(54	)		-		(54	)		(11	)		(10	)		-		-			-			-			1,460			292			-			-			1,724			343			615
Real estate taxes		119			-		119			24			21			-		-			-			-			856			171			-			-			1,252			249			465
		121			-		121			24			22			-		-			-			-			3,177			635			-			-			3,300			656			1,337
NET OPERATING INCOME - PROPERTIES		1,048			-		1,048			210			187			-		-			-			-			4,015			803			-			-			3,912			780			1,980
OTHER INCOME (EXPENSE)
Mezzanine interest income		-			-		-			-			-			-		-			-			-			1			-			-			-			315			63			63
Other interest income		6			-		6			1			1			-		-			-			-			1			-			-			-			19			4			6
Straight-line rent income		447			-		447			89			79			-		-			-			-			164			33			-			-			54			11			213
Straight-line rents written off		-			-		-			-			-			-		-			-			-			-			-			-			-			-			-			-
Straight-line ground rent		-			-		-			-			-			-		-			-			-			(108	)		(22	)		-			-			-			-			(22	)
FAS 141 rent		(2	)		-		(2	)		(0	)		(0	)		-		-			-			-			(65	)		(13	)		-			-			(157	)		(31	)		(45	)
FAS 141 interest		-			-		-			-			-			-		-			-			-			-			-			-			-			-			-			-
Interest expense		(152	)		-		(152	)		(30	)		(27	)		-		-			-			-			(2,871	)		(574	)		-			-			(1,318	)		(262	)		(893	)
Asset and property management expense		-			-		-			-			-			-		-			-			-			(1,426	)		-			(142	)		-			(2,267	)		-			1
Promote expense		(39	)		-		(39	)		-			-			-		3			-			-			-			-			-			-			-			-			-
Other income		-			-		-			-			-			-		-			-			-			-			-			-			-			-			-			-
Reserve for investment in unconsolidated property		-			-		-			-			-			-					-			-			-			-			-			-			-			-			-
Reserve for pre-acquisition costs		-			-		-			-			-			-		-			-			-			-			-			-			-			-			-			-
Reserve for notes receivable		-			-		-			-			-			-		-			-			-			-			-			-			-			-			-			-
OPPORTUNITY FUND INCOME		1,308			-		1,308			269			240			-		3			-			-			(289	)		227			(142	)		-			558			565			1,302
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		-			-		-			-			-			-		(7	)		-			(1	)		-			-			(8	)		(2	)		-			-			(3	)
Promote income - RCP		-			-		-			-			-			-		-			(1	)		-			-			-			-			-			-			-			(1	)
Promote income - Fund capital transactions		-			-		-			-			-			-		-			-			-			-			-			-			-			-			-			-
Equity in earnings of unconsolidated properties		-			-		-			-			-			-		-			-			-			(12	)		(2	)		-			-			(79	)		(16	)		(18	)
Receipt of forfeited deposit		-			-		-			-			-			-		-			-			-			-			-			-			-			-			-			-
Lease termination income		-			-		-			-			-			-		-			-			-			-			-			-			-			15			3			3
Gain on extinguishment of debt		-			-		-			-			-			-		-			-			-			-			-			-			-			-			-			-
Gain from bargain purchase		-			-		-			-			-			-		-			-			-			33,805			6,383			-			-			-			-			6,383
Provision for income taxes		(21	)		-		(21	)		(4	)		(4	)		-		(2	)		(0	)		(0	)		1			-			(5	)		(1	)		-			-			(10	)
PROMOTE, RCP AND OTHER INCOME		(21	)		-		(21	)		(4	)		(4	)		-		(9	)		(2	)		(2	)		33,794			6,381			(13	)		(3	)		(64	)		(13	)		6,354
GENERAL AND ADMINISTRATIVE		(57	)		-		(57	)		(11	)		(10	)		-		(8	)		(2	)		(1	)		(126	)		(25	)		(36	)		(7	)		(130	)		(26	)		(83	)
Depreciation and amortization		(898	)		-		(898	)		(180	)		(160	)		-		-			-			-			(810	)		(162	)		-			-			(1,795	)		(357	)		(858	)
FAS 141 amortization		(1	)		-		(1	)		(0	)		(0	)		-		-			-			-			(69	)		(14	)		-			-			(219	)		(44	)		(58	)
Gain on sale of properties		-			-		-			-			-			-		-			-			-			-			-			-			-			-			-			-
Income before noncontrolling interest		331			-		331			74			67			-		(14	)		(3	)		(3	)		32,500			6,407			(191	)		(10	)		(1,650	)		125			6,657
Noncontrolling interest - OP		-			-		-			-			-			-		-			-			-			-			-			-			-			-			-			-
Noncontrolling interests		-			-		-			-			-			-		-			-			-			(1,889	)		-			-			-			61			12			12
NET INCOME	$	331		$	-	$	331		$	74		$	67		$	-	$	(14	)	$	(3	)	$	(3	)	$	30,611		$	6,407		$	(191	)	$	(10	)	$	(1,589	)	$	137		$	6,669
	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 The 25% noncontrolling interest in the Kroger/Safeway Portfolio has been adjusted directly in each of the line items herein.

Page 8

Reporting Supplement
June 30, 2010
Funds from Operations ("FFO") 1			2010									2009
			Current			Current			Previous			Historic			Historic
			Year-to-Date			Quarter			Quarter			Year-to-Date			Quarter
			Period ended			3 months ended			3 months ended			Period ended			3 months ended
Funds from operations ("FFO"):	Notes		June 30, 2010			June 30, 2010			March 31, 2010			June 30, 2009			June 30, 2009
Net Income			$	17,928		$	12,798		$	5,130		$	17,434		$	7,135
Add back:
Depreciation of real estate and amortization of leasing costs:
(net of noncontrolling interest share)
Consolidated affiliates				8,790			4,202			4,588			8,798			4,427
Unconsolidated affiliates				833			475			358			736			365
(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				247			160			87			211			60
Extraordinary item  (net of noncontrolling interests' share and income taxes)				-												-
Distributions on Preferred OP Units		2		9			5			4			10			5
FFO			$	27,807		$	17,640		$	10,167		$	26,260		$	11,992
Adjusted Funds from operations ("AFFO"):
Diluted FFO			$	27,807		$	17,640		$	10,167		$	26,260		$	11,992
Straight line rent, net				(514	)		(221	)		(293	)		(432	)		(279	)
Non real estate depreciation				256			114			142			362			180
Amortization of finance costs				578			249			329			593			308
Amortization of cost of management contracts				178			104			74			109			51
Tenant improvements				(1,708	)		(478	)		(1,230	)		(1,047	)		(503	)
Leasing commissions				(395	)		(294	)		(101	)		(259	)		(72	)
Capital expenditures				-			-			-			(294	)		(285	)
Gain from bargain purchase				(6,383	)		(6,383	)		-			-			-
Gain on extinguishment of debt				-			-			-			(7,045	)		(3,895	)
AFFO			$	19,819		$	10,731		$	9,088		$	18,247		$	7,497
Funds Available for Distribution ("FAD")
AFFO			$	19,819		$	10,731		$	9,088		$	18,247		$	7,497
Scheduled principal repayments				(1,030	)		(511	)		(519	)		(776	)		(378	)
FAD			$	18,789		$	10,220		$	8,569		$	17,471		$	7,119
Total weighted average shares and OP Units:
Basic				40,594			40,607			40,581			36,933			39,266
Diluted				40,810			40,844			40,776			37,113			39,477
FFO per share:
FFO per share - Basic			$	0.68		$	0.43		$	0.25		$	0.71		$	0.31
FFO per share - Diluted			$	0.68		$	0.43		$	0.25		$	0.71		$	0.30
AFFO per share - Basic			$	0.49		$	0.26		$	0.22		$	0.49		$	0.19
AFFO per share - Diluted			$	0.49		$	0.26		$	0.22		$	0.49		$	0.19
FAD per share - Basic			$	0.46		$	0.25		$	0.21		$	0.47		$	0.18
FAD per share - Diluted			$	0.46		$	0.25		$	0.21		$	0.47		$	0.18
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
June 30, 2010
Income Statements - EBITDA
Current Quarter and Year-to-Date
(in thousands)
	Year-to-Date																		Current Quarter
	Period																		3 months
	ended June 30,																		ended June 30,
	2010																		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 2		Operations			Operations		Operations			Operations					Owned			Ventures		Operations			Operations		Operations			Operations
NET INCOME	$	10,890		$	400	$	11,290		$	-	$	6,638		$	-	$	17,928		$	5,888		$	242	$	6,130		$	-	$	6,668		$	-	$	12,798
Add back:
Depreciation and amortization		7,463			857		8,320			-		2,207			-		10,527			3,759			487		4,246			-		858			-		5,104
FAS 141 amortization		(52	)		-		(52	)		-		123			-		71			(34	)		-		(34	)		-		58			-		24
Interest expense		8,328			1,846		10,174			-		1,752			-		11,926			4,157			929		5,086			-		893			-		5,979
FAS 141 interest		(10	)		-		(10	)		-		-			-		(10	)		(5	)		-		(5	)		-		-			-		(5	)
Gain on sale of properties		-			-		-			-		-			-		-			-			-		-			-		-			-		-
Provision for income taxes		1,021			-		1,021			-		15			-		1,036			610			-		610			-		10			-		620
Gain from bargain purchase		-			-		-			-		(6,383	)		-		(6,383	)		-			-		-			-		(6,383	)		-		(6,383	)
Noncontrolling interest - OP		253			-		253			-		-			-		253			163			-		163			-		-			-		163
Noncontrolling interests		-			-		-			-		(56	)		-		(56	)		-			-		-			-		(12	)		-		(12	)
EBIDTA	$	27,893		$	3,103	$	30,996		$	-	$	4,297		$	-	$	35,293		$	14,538		$	1,658	$	16,196		$	-	$	2,093		$	-	$	18,289

Page 10

Reporting Supplement
June 30, 2010
Net Operating Income (NOI) - Same Property Performance 1
(in thousands)							Growth in Same									Growth in Same
							Property NOI -									Property NOI -
	Current			Historical			Continuing Operations			Current			Historical			Continuing Operations
	Quarter			Quarter			Favorable (unfavorable)			Year-to-Date			Year-to-Date			Favorable (unfavorable)
Core Portfolio	Three			Three
	months ended			months ended						Period ended			Period ended
	June 30,			June 30,						June 30,			June 30,
Reconciliation of total NOI to same property NOI:	2010			2009						2010			2009
NOI - Retail properties	$	12,139		$	11,950					$	23,815		$	24,384
NOI - Discontinued Operations		-			30						-			37
Total NOI		12,139			11,980						23,815			24,421
NOI - Properties in redevelopment		(846	)		(592	)					(1,443	)		(1,798	)
NOI - Discontinued Operations		-			(30	)					-			(37	)
Total	$	11,293		$	11,358			-0.6	%	$	22,372		$	22,586			-0.9	%
Same property NOI by revenues/expenses:
Revenues	$	15,299		$	16,030			-4.6	%	$	31,583		$	32,795			-3.7	%
Expenses		4,006			4,672			14.3	%		9,211			10,209			9.8	%
Total Core Portfolio	$	11,293		$	11,358			-0.6	%	$	22,372		$	22,586			-0.9	%
1 The above amounts includes the pro-rata activity related to the Company's consolidated and unconsolidated joint ventures.

Page 11

Reporting Supplement
June 30, 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 June 30, 2010
Asset and property management fees and priority distributions	$	220	$	2,062	$	3,255	$	533	$	6,070
Transactional fees		16		1,613		297		304		2,230
Total management fees and priority distributions		236		3,675		3,552		837		8,300
	Fund I		Fund II		Fund III		Other		Total
Current Quarter ended June 30, 2010
Asset and property management fees and priority distributions	$	110	$	1,045	$	1,647	$	305	$	3,107
Transactional fees		13		970		108		132		1,223
Total management fees and priority distributions		123		2,015		1,755		437		4,330
	Fund I		Fund II		Fund III		Other		Total
Prior Quarter ended March 31, 2010
Asset and property management fees and priority distributions	$	110	$	1,017	$	1,608	$	228	$	2,963
Transactional fees		3		643		189		172		1,007
Total management fees and priority distributions		113		1,660		1,797		400		3,970

Page 12

Reporting Supplement
June 30, 2010
2010 Guidance - Highlights
(in millions except per share amounts, all per share amounts are fully diluted)	Current		Original
	2010 Guidance		2010 Guidance
Overall:	Low/High		Low/High		2009 Actual
Fully diluted Common Shares and OP Units		41,000		41,000		38,900
Full year Funds from Operations ("FFO")  per share		$1.20 to $1.25		$0.95 to $1.00		$1.28
Earnings per Share ("EPS")		$0.71 to $0.76		$0.46 to $0.51		$0.75
FFO Components:
Core and pro-rata share of opportunity Fund ("Fund") portfolio income 1		$48.5 to $49.5		$45.5 to $46.0		$44.0
Asset and property management fee income, net of TRS taxes		$11.0		$11.0		$10.4
Transactional fee income, net of TRS taxes		$6.0 to $7.0		$6.0 to $7.0		$7.1
Promote, RCP and other income, net of TRS taxes 2		$0		$0		$11.8
Gain on bargain purchase		$6.4		$0		$0
General and administrative expense		$(22.5)		$(23.5) to $(23.0)		$(23.7)
Total		$49.4 to $51.4		$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		$1.0		$1.3
2 Although the Company has not included income from this activity in its earnings
guidance due to the uncertainty as to the timing and amount of potential transactions,
this is not to imply that there is no possibility of earnings from such activities occuring during 2010.

Page 13

	Reporting Supplement
	June 30, 2010
	Net Asset Valuation Information	Notes		Core		Fund I							Fund II									Fund III
	(in thousands)							AKR pro-rata share								AKR pro-rata share								AKR pro-rata share
						Fund Level		%			$		Fund Level			%			$			Fund Level		%			$
	Current Quarter NOI
	Operating properties		1	$	12,139		--						$	172			20.00	%	$	34		$	2,002		19.91	%	$	398
	Development Portfolio				-
	Construction complete - Stabilized													2,046						409			-					-
	Construction complete - Pre-stabilized													1,945						389			-					-
	Storage portfolio				-									(148	)					(30	)		1,910					380
	Total			$	12,139								$	4,015					$	803		$	3,912				$	779
	Cost to Date
	Construction complete		2										$	307,500					$	61,500		$	-				$	-
	Under construction		2											56,500						11,300			-					-
	In-design		2											107,400						21,480			41,400					8,241
	Storage portfolio													-						-			185,700					36,964
	Costs to Complete
	Construction complete (primarily pre-stabilized)		2										$	20,400					$	4,080		$	-				$	-
	Under construction		2											33,300						6,660			-					-
	In-design		2											-						-			-					-
	Annual NOI Upon Stabilization (Mid-Point of Range)
	Construction complete												$	27,872					$	5,574		$	-				$	-
	Storage portfolio													-						-			15,785					3,142
	Under construction													7,633						1,527			-					-
	Debt			$	341,253	$	9,800						$	271,170					$	50,822		$	244,639				$	48,270
	Gross asset value		1				46,100
	Net Asset Value					$	36,300		37.78	%	$	13,714
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
June 30, 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	$	200,354		$	(93,632	)	$	6,654		$	113,376			1 The interim consolidated balance sheet is unaudited, although it reflect all
Buildings and improvements		856,070			(384,754	)		47,987			519,303			adjustments, which in the opinion of management, are necessary for the fair
Construction in progress		968			(14	)		-			954			presentation of the consolidated balance sheet for the interim period.
		1,057,392			(478,400	)		54,641			633,633
Less: accumulated depreciation		(208,475	)		46,082			(9,264	)		(171,657	)		2 The Company currently invests in Funds I, II & III and Mervyns I & II which
Net real estate		848,917			(432,318	)		45,377			461,976			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		293,476			(219,258	)		-			74,218			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		78,930			(15,056	)		1,665			65,539			Similarly, the above presentation also includes the Company's share of
Cash in escrow		8,098			(2,667	)		924			6,355			assets and liabilities for unconsolidated investments which are accounted
Investments in and advances to unconsolidated affiliates		16,037			(10,127	)		(1,623	)		4,288			for under the equity method of accounting pursuant to GAAP.
Rents receivable, net		5,480			(1,466	)		(306	)		3,708
Straight-line rents receivable, net		11,733			(4,635	)		1,345			8,443			3 The components of Prepaid expenses and other assets are as follows:
Intercompany		-			-			-			-			Due from Fund Investors	$	25,586
Notes Receivable		86,048			(8,420	)		-			77,628			Accrued interest on Notes Receivable		13,408
Preferred equity investment		40,000			-			-			40,000			Prepaid expenses		3,593
Deferred charges, net		27,341			(17,262	)		805			10,884			Income Tax receivables		1,360
Prepaid expenses and other assets		25,726			19,440			279			45,445		3	Corporate assets		1,192
Acquired lease intangibles		20,447			(10,471	)		3			9,979			Restricted cash		533
Assets of discontinued operations		-			-			-			-			Other		(227	)
														Total	$	45,445
Total Assets	$	1,462,233		$	(702,240	)	$	48,469		$	808,463
														4 The components of Net real estate under development are as follows:
LIABILITIES AND SHAREHOLDERS' EQUITY														Fund II	$	228,709
Mortgage notes payable	$	760,955		$	(430,968	)	$	67,230		$	397,218			Fund III		40,856
Notes payable		48,421			-			-			48,421			Total Opportunity Funds		269,565
Valuation of debt at acquisition, net of amortization		86			(34	)		1,062			1,114			Core Portfolio		23,911
Acquired lease intangibles		6,247			(2,567	)		-			3,680			Total	$	563,041
Accounts payable and accrued expenses		23,601			(8,210	)		441			15,832
Dividends and distributions payable		7,426			-			-			7,426
Due to related parties		-			-			-			-
Share of losses in excess of inv. in unconsolidated affiliates		20,782			-			(20,782	)		-
Other liabilities		18,029			(6,951	)		518			11,596
Liabilities of discontinued operations		-			-			-			-
Total liabilities		885,547			(448,730	)		48,469			485,287
Shareholders' equity:
Common shares		40			-			-			40
Additional paid-in capital		301,625			-			-			301,625
Accumulated other comprehensive income		(3,371	)		-			-			(3,371	)
Retained earnings		19,587			-			-			19,587
Total controlling interest		317,881			-			-			317,881
Non-controlling interest in subsidiary		258,805			(253,510	)		-			5,295
Total shareholders' equity		576,686			(253,510	)		-			323,176
Total Liabilities and Shareholders' Equity	$	1,462,233		$	(702,240	)	$	48,469		$	808,463

Page 15

Reporting Supplement
June 30, 2010
Notes Receivable 1
(amounts in thousands)
	Balance at							Balance
	March 31,		Second					at June 30, 2010				Stated			Effective					Extension		Underlying third-party
	2010		Quarter					Accrued				Interest			Interest			Maturity		options		first mortgage
Investment	Principal		Activity			Principal		Interest		Total		rate			rate 2			date		(years)		Amount 3		Maturity dates
2008 Investments
Georgetown - 5 property portfolio	$	8,000	$	-		$	8,000	$	255	$	8,255		9.75	%		10.23	%		11/2010	2 x 1 year			9,630	2010 through 2012
Georgetown - 18 property portfolio		40,000		-			40,000		7,763		47,763		13.00	%		13.50	%		6/2010	2 x 1 year			115,713	$100 million in 2016, balance in 2011
Sub-total - Georgetown		48,000		-			48,000		8,018		56,018		12.46	%		12.96	%						125,343
72nd Street		42,322		1,405			43,727		4,877		48,604		13.00	%		20.85	%		7/2011	1 year			185,000	2011 w/ 1 year extension
Total 2008 investments		90,322		1,405			91,727		12,895		104,622		12.72	%		16.72	%						310,343
Other Investments
First mortgage and other notes 4		10,853		(1,999	)		8,854		118		8,972		14.38	%		14.41	%		2010/2011	1 six mo.			n/a	n/a
Mezzanine notes		14,916		71			14,987		231		15,218		14.48	%		15.49	%		2011		-		272,433	2011 thru 2019
Total other investments		25,769		(1,928	)		23,841		349		24,190		14.44	%		15.09	%
Total  notes receivable	$	116,091	$	(523	)	$	115,568	$	13,244	$	128,812		13.07	%		16.38	%					$	582,776
1 The above activity does not include a $10,000 Fund III first mortgage investment and other non-real estate loans of $480.
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
June 30, 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	$	361,401			5.8	%	$	26,479		5.9	%	$	387,880		5.8	%		87	%	$	113,710	$	(67,230	)	$	434,360
Variable-Rate Debt 1		(20,148	)		1.6	%		77,907		2.8	%		57,759		3.4	%		13	%		317,257		-			375,016
Total	$	341,253			6.0	%	$	104,386		3.7	%	$	445,639		5.5	%		100	%	$	430,968	$	(67,230	)		809,376
FAS 141 purchase price debt allocation																										86
Total debt as reported																									$	809,462
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
June 30, 2010
Debt Analysis
(amounts in thousands)
				Principal			Acadia's Pro-rata
				Balance at			share							Interest			Maturity	Extension
Property	Notes		Entity	June 30, 2010			Percent			Amount				Rate			Date	Options
CORE PORTFOLIO
Fixed-Rate Debt
Acadia Realty Trust		7	Acadia	$	48,421			100.0	%	$	48,421				6.03	%	12/20/2011	None
Chestnut Hill			Acadia		9,385			100.0	%		9,385				5.45	%	6/11/2013	None
Clark Diversey			Acadia		4,689			100.0	%		4,689				6.35	%	7/1/2014	None
New Loudon Center			Acadia		14,232			100.0	%		14,232				5.64	%	9/6/2014	None
Crossroads Shopping Center			Crossroads JV		61,832			49.0	%		30,297				5.37	%	12/1/2014	None
Crescent Plaza			Acadia		17,600			100.0	%		17,600				4.98	%	9/6/2015	None
Pacesetter Park Shopping Center			Acadia		12,223			100.0	%		12,223				5.12	%	11/6/2015	None
Elmwood Park Shopping Center			Acadia		34,415			100.0	%		34,415				5.53	%	1/1/2016	None
Gateway Shopping Center			Acadia		20,500			100.0	%		20,500				5.44	%	3/1/2016	None
Acadia Brandywine Subsidiary			Brandywine JV		61,375			22.2	%		13,639				5.99	%	7/1/2016	None
Acadia Brandywine Town Center			Brandywine JV		31,550			22.2	%		7,011				5.99	%	7/1/2016	None
Acadia Market Square Shopping Center			Brandywine JV		24,375			22.2	%		5,417				5.99	%	7/1/2016	None
Acadia Brandywine Condominium			Brandywine JV		22,650			22.2	%		5,033				5.99	%	7/1/2016	None
Acadia Brandywine Holdings			Brandywine JV		26,250			22.2	%		5,833				5.99	%	7/1/2016	None
Walnut Hill Plaza			Acadia		23,500			100.0	%		23,500				6.06	%	10/1/2016	None
239 Greenwich Avenue			Acadia		26,000			75.0	%		19,500				5.42	%	2/11/2017	None
Merrillville Plaza			Acadia		26,250			100.0	%		26,250				5.88	%	8/1/2017	None
Boonton			Acadia		8,109			60.0	%		4,865				6.40	%	11/1/2032	None
Interest rate swaps		1	Acadia		58,591			100.0	%		58,591				6.13	%	Various
Sub-Total Fixed-Rate Debt					531,947						361,401				5.76	%
Variable-Rate Debt
Various		2	Acadia		15,000			100.0	%		15,000		Libor +		125		12/1/2010	2 x 12 mos.
Branch Plaza			Acadia		14,055			100.0	%		14,055		Libor +		130		12/1/2011	1 x 12 mos.
Village Commons Shopping Center			Acadia		9,388			100.0	%		9,388		Libor +		140		6/29/2012
Interest rate swaps		1	Acadia		(58,591	)		100.0	%		(58,591	)
Sub-Total Variable-Rate Debt					(20,148	)					(20,148	)	Libor +		130
Total Core Portfolio Debt				$	511,799					$	341,253				6.00	%

Page 18

Reporting Supplement
June 30, 2010
Debt Analysis
(amounts in thousands)
				Principal			Acadia's Pro-rata
				Balance at			share							Interest			Maturity	Extension
Property	Notes		Entity	June 30, 2010			Percent			Amount				Rate			Date	Options
OPPORTUNITY FUNDS
Fixed-Rate Debt
Storage Post - Various		4	Fund III	$	41,500			18.9	%	$	7,846				5.30	%	3/16/2011	2 x 12 mos.
216th Street		3	Fund II		25,500			19.8	%		5,054				5.80	%	10/1/2017	None
Pelham Manor		3	Fund II		31,652			19.8	%		6,273				7.38	%	1/1/2020	None
Atlantic Avenue			Fund II		11,543			13.3	%		1,539				7.34	%	1/1/2020	None
Interest rate swaps		1	Fund I		20,250			28.5	%		5,767				4.88	%	Various
Sub-Total Fixed-Rate Debt					130,445						26,479				5.91	%
Variable-Rate Debt
CityPoint			Fund II		25,990			18.8	%		4,894		Libor +		250		8/12/2010	None
Liberty Avenue			Fund II		10,450			19.8	%		2,071		Libor +		325		9/2/2010	1 x 12 mos.
Tarrytown Shopping Center			Fund I		9,800			37.8	%		3,702		Libor +		165		10/30/2010	2 x 12 mos.
Acadia Strategic Opportunity Fund II, LLC		5	Fund II		40,000			20.0	%		8,000		Libor +		325		3/1/2011	None
Fordham Plaza		3	Fund II		86,000			19.8	%		17,045		Libor +		350		10/4/2011	1 x 12 mos.
Acadia Strategic Opportunity Fund III, LLC		6	Fund III		156,450			19.9	%		31,134		Comm Paper +50				10/9/2011	None
Canarsie Plaza			Fund II		10,035			15.9	%		1,591		Libor +		400		1/12/2012	1 x 36 mos.
Cortlandt Towne Center			Fund III		46,689			19.9	%		9,291		Libor +		400		7/29/2012	2 x 12 mos.
161st Street		3, 8	Fund II		30,000			19.8	%		5,946		Libor +		400		4/1/2013	None
Interest rate swaps		1	Fund I & Fund II		(20,250	)		28.5	%		(5,767	)
Sub-Total Variable-Rate Debt					395,164						77,907		Libor +		248
Total Opportunity Funds Portfolio Debt				$	525,609					$	104,385				3.70	%

Page 19

Reporting Supplement
June 30, 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
	$	10,636		2.25	%		4.90	%		7.14	%	10/1/2011
		7,955		2.25	%		5.14	%		7.39	%	3/1/2012
		15,000		2.25	%		3.79	%		6.04	%	11/30/2012
		15,000		2.25	%		3.41	%		5.66	%	11/30/2012
		10,000		2.25	%		2.65	%		4.90	%	11/30/2012
Core Portfolio	$	58,591		2.25	%		3.88	%		6.13	%
Opportunity Funds	$	9,800		2.25	%		4.47	%		6.72	%	10/29/2010
		10,450		2.25	%		0.90	%		3.15	%	7/19/2010
	$	20,250		2.25	%		2.63	%		4.88	%
Total Core Portfolio and Opportunity Funds	$	78,841		2.25	%		3.56	%		5.81	%
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.
3Fund 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%.
4The loan is collateralized by Storage Post locations - Linden, Webster Avenue, Jersey City, Fordham Road and Lawrence.
5 This is a revolving facility for up to $40,000.
6 This is a line of credit with a capacity of $221,000.
7 Convertible notes balance pursuant to ASC Topic 470-20. The actual face amount of the convertible notes at June 30, 2010 is $50,015.
While the interest rate on the convertible notes is 3.75%, the effective fair value interest rate is 6.03%.
8 Subsequent to June 30, 2010, this loan was amended and the maturity date was extended to April 1, 2013 with an interest rate of LIBOR
plus 400 basis points for the first year. The information above reflects this amendment.

Page 20

Reporting Supplement
June 30, 2010
Future Debt Maturities - Not Including Extension Options
(in thousands)
Core Portfolio								Acadia's Pro-rata Share							Weighted Average Interest Rate of Maturing Debt
Year	Scheduled Amortization		Maturities		Total			Scheduled Amortization		Maturities		Total			Total Debt			Fixed-Rate Debt			Variable-Rate Debt
2010	$	1,387	$	15,000	$	16,387		$	1,120	$	15,000	$	16,120			1.60	%		n/a			1.60	%
20111		3,044		63,720		66,764			2,481		63,720		66,201			3.29	%		3.75	%		1.65	%
2012		3,204		9,074		12,278			2,613		9,074		11,687			1.75	%		n/a			1.75	%
2013		3,390		8,777		12,167			2,760		8,777		11,537			5.45	%		5.45	%		n/a
2014		3,310		74,406		77,716			2,643		45,279		47,922			5.54	%		5.54	%		n/a
Thereafter		9,182		318,899		328,081			6,512		182,868		189,380			5.64	%		5.64	%		n/a
	$	23,517	$	489,876	$	513,393		$	18,129	$	324,718	$	342,847
Less: additional convertible notes balance						(1,594	)						(1,594	)
Balance per Portfolio Debt Detail					$	511,799						$	341,253
															Weighted Average Interest Rate of Pro-rata Share of Maturing Debt
Opportunity Funds
															Total Debt			Fixed-Rate Debt			Variable-Rate Debt
2010	$	205	$	56,240	$	56,445		$	41	$	12,667	$	12,708			2.84	%		n/a			2.84	%
2011		436		313,950		314,386			87		62,025		62,112			2.79	%		5.30	%		2.43	%
2012		317		55,813		56,130			453		10,310		10,763			4.68	%		n/a			4.68	%
2013		553		30,000		30,553			110		5,946		6,056			6.35	%		n/a			6.35	%
2014		596		-		596			118		-		118			n/a			n/a			n/a
Thereafter		4,036		63,463		67,499			780		11,848		12,628			6.70	%		6.70	%		n/a
	$	6,143	$	519,466	$	525,609		$	1,589	$	102,796	$	104,385
1 Includes additional convertible notes balance of $1,594 maturing in 2011.

Page 21

Reporting Supplement
June 30, 2010
Future Debt Maturities - Including Extension Options
(in thousands)
Core Portfolio								Acadia's Pro-rata Share							Weighted Average Interest Rate of Maturing Debt
Year	Scheduled Amortization		Maturities		Total			Scheduled Amortization		Maturities		Total			Total Debt			Fixed-Rate Debt			Variable-Rate Debt
2010	$	1,387	$	-	$	1,387		$	1,120	$	-	$	1,120			n/a			n/a			n/a
20111		3,065		50,015		53,080			2,502		50,015		52,517			3.75	%		3.75	%		n/a
2012		3,451		37,511		40,962			2,860		37,511		40,371			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		3,310		74,406		77,716			2,643		45,279		47,922			5.54	%		5.54	%		n/a
Thereafter		9,182		318,899		328,081			6,512		182,868		189,380			5.64	%		5.64	%		n/a
	$	23,785	$	489,608	$	513,393		$	18,397	$	324,450	$	342,847
Less: additional convertible notes balance						(1,594	)						(1,594	)
Balance per Portfolio Debt Detail					$	511,799						$	341,253
															Weighted Average Interest Rate of Pro-rata Share of Maturing Debt
Opportunity Funds
															Total Debt			Fixed-Rate Debt			Variable-Rate Debt
2010	$	205	$	35,990	$	36,195		$	41	$	6,894	$	6,935			3.07	%		n/a			3.07	%
2011		436		196,900		197,336			87		39,205		39,292			1.38	%		n/a			1.38	%
2012		661		95,800		96,461			125		20,747		20,872			4.46	%		n/a			4.46	%
2013		1,230		71,500		72,730			238		13,792		14,030			5.75	%		5.30	%		6.35	%
2014		1,089		44,749		45,838			209		8,905		9,114			4.35	%		n/a			4.35	%
Thereafter		4,050		72,999		77,049			782		13,360		14,142			6.68	%		6.70	%		6.50	%
	$	7,671	$	517,938	$	525,609		$	1,482	$	102,903	$	104,385
1 Includes additional convertible notes balance of $1,594 maturing in 2011.

Page 22

Reporting Supplement
June 30, 2010
Selected Operating Ratios		Three months ended June 30,						Six months ended June 30,
		2010			2009			2010			2009
Coverage Ratios	1
Interest Coverage Ratio
EBIDTA	2	$	18,289		$	16,019		$	35,293		$	20,198
Divided by Interest expense			5,979			6,140			11,926			12,659
			3.06	x		2.61	x		2.96	x		1.60
Fixed Charge Coverage Ratio
EBIDTA		$	18,289		$	16,019		$	35,293		$	20,198
Divided by ( Interest expense			5,979			6,140			11,926			12,659
+ Preferred Dividends)	3		5			5			9			10
			3.06	x		2.61	x		2.96	x		1.59
Debt Service Coverage Ratio
EBIDTA		$	18,289		$	16,019		$	35,293		$	20,198
Divided by ( Interest expense			5,979			6,140			11,926			12,659
+ Principal Amortization)			511			378			1,030			776
			2.82	x		2.46	x		2.72	x		1.50
Payout Ratios
FFO Payout Ratio
Dividends (Shares) & Distributions (O.P. Units) paid		$	7,426		$	7,361		$	14,849		$	14,737
FFO			17,640			11,992			27,807			26,260
			42	%		61	%		53	%		56	%
AFFO Payout Ratio
Dividends (Shares) & Distributions (O.P. Units) paid		$	7,426		$	7,361		$	14,849		$	14,737
AFFO			10,731			7,497			19,819			18,247
			69	%		98	%		75	%		81	%
FAD Payout Ratio
Dividends (Shares) & Distributions (O.P. Units) paid		$	7,426		$	7,361		$	14,849		$	14,737
FAD			10,220			7,119			18,789			17,471
			73	%		103	%		79	%		84	%
Leverage Ratios
Debt/Total Market Capitalization
Debt	4	$	445,639					$	445,639		Notes:
Total Market Capitalization			1,123,448						1,123,448		1 Quarterly results for 2010 and 2009 are unaudited, although they reflect all adjustments,
			40	%					40	%	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
Debt + Preferred Equity (Preferred O.P. Units)		$	446,057					$	446,057		of EBIDTA, interest expense and principal amortization related to both the Company's
Total Market Capitalization			1,123,448						1,123,448		consolidated and unconsolidated investments in joint ventures.
			40	%					40	%	2 2010 EBITDA excludes the gain from bargain purchase and 2009 EBITDA excludes
Debt/EBIDTA - Core Portfolio											gains from the extinguishment of debt.
Debt		$	341,253					$	341,253		3 Represents preferred distributions on Preferred Operating partnership Units.
EBIDTA (Annualized)			64,782						61,992		4 Includes the Company's pro-rata share of consolidated and unconsolidated joint venture
			5.27	x					5.50	x	debt and principal amortization.
Net Debt/EBIDTA - Core Portfolio 5											5 Reflects debt net of the current Core Portfolio cash balance as of June 30, 2010.
Debt		$	283,595					$	283,595		6 Reflects debt net of the current Core Portfolio and pro-rata share of the Opportunity Funds
EBIDTA (Annualized)			64,782						61,992		cash balance as of June 30, 2010.
			4.38	x					4.57	x
Debt/EBIDTA - Core Portfolio and Opportunity Funds
Debt		$	445,639					$	445,639
EBIDTA (Annualized)			73,155						70,585
			6.09	x					6.31	x
Net Debt/EBIDTA - Core Portfolio and Opportunity Funds 6
Debt		$	380,100					$	380,100
EBIDTA (Annualized)			73,155						70,585
			5.20	x					5.38	x
Debt Yield - Core Portfolio
NOI (Annualized)		$	48,556					$	47,630
Debt			341,253						341,253
			14.2	%					14.0	%
Net Debt Yield - Core Portfolio 4
NOI (Annualized)		$	48,556					$	47,630
Debt			283,595						283,595
			17.1	%					16.8	%
Debt Yield - Core Portfolio and Opportunity Funds
NOI (Annualized)		$	56,476					$	55,409
Debt			445,639						445,639
			12.7	%					12.4	%
Net Debt Yield - Core Portfolio and Opportunity Funds 5
NOI (Annualized)		$	56,476					$	55,409
Debt			380,100						380,100
			14.9	%					14.6	%

Page 23

Reporting Supplement
June 30, 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	$247.6 million funded through June 30, 2010	$96.5 million funded through June 30, 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	All unfunded capital is anticipated to be used to	The Fund is still in its acquisition phase through
	has been paid. Acadia is entitled to a Promote	complete existing projects	June 2012.
	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
June 30, 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		June 30,
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		59.7		4.3			64.0		31.7	90%
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	83%
161st Street 3	Various New York City and State Agencies	To be determined				230,000		59.9		5.7			65.6		30.0	99%
Atlantic Avenue	Storage Post	Completed				110,000		21.4		0.6			22.0		11.5
																Retail - 93%
Total						1,121,000	$	307.5	$	20.4		$	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 83% 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	$	296.2
	Net real estate under development		269.6
	Deferred charges		4.7
	Gain from bargain purchase		(33.8	)
	Canarsie lease termination income		(23.9	)
	Total costs to date	$	512.8
	Construction completed	$	307.5
	Under development		56.5
	In design		148.8
	Total	$	512.8

Page 25

Reporting Supplement
June 30, 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		June 30,
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		275,000	$	56.5	$	33.3	$	89.8	$	10.0		82	%
Total Construction				275,000	$	56.5	$	33.3	$	89.8	$	10.0
In Design
Sherman Plaza	TBD	TBD	TBD		$	32.9	TBD		TBD		$	-
CityPoint 2	TBD	TBD	TBD			74.5	TBD		TBD			26.0
Total Design				-	$	107.4	$	-	$	-	$	26.0
Fund III
In Design
Sheepshead Bay	TBD	TBD	TBD		$	22.7	TBD		TBD		$	-
125 Main Street (Westport, CT)	TBD	TBD		30,000	$	18.7	$	7.3	$	26.0	$	-
1 Cost to date is net of lease termination income from Home Depot. Due to tenant demand, the Company decided to increase the project’s footprint by approximately 10,000 sf.
Solely as a result of this increase in total gross leasable area, the property’s percentage pre-leased decreased quarter-over-quarter to 82%.
2 Fund II is co-developing CityPoint with P/A Associates and Washington Square Partners. Amounts represent Fund II's pro-rata share. Fund II
acquired a ground lease interest at this property.

Page 26

Reporting Supplement
June 30, 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 have invested approximately $62 million in 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 June 30, 2010
		Years	Invested				Equity
Investor	Investment	acquired	capital		Distributions		Multiple
		2004 through
Mervyns I and Mervyns II	Mervyns	2007	$	32,575	$	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			$	62,169	$	118,780		1.9	X
1 Represents investments in Shopko, Marsh and Rex.

Page 27

QUARTERLY SUPPLEMENTAL DISCLOSURE
June 30, 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		1,904,333		3,390,339
A & P Shopping Plaza	A&P			60.0	%		49,463		13,445		62,908		100.00	%		53.55	%		90.07	%		950,000		216,305		1,166,305
Total - New Jersey							112,073		100,326		212,399		100.00	%		81.59	%		91.31	%		2,436,006		2,120,638		4,556,644
New York
Village Commons Shopping Center		-		100.0	%		3,891		83,346		87,237		0.00	%		78.31	%		74.82	%		-		2,103,578		2,103,578
Branch Plaza	A&P, CVS			100.0	%		74,050		51,701		125,751		100.00	%		96.56	%		98.59	%		1,264,448		1,353,895		2,618,343
Amboy Center	King Kullen, Duane Reade			100.0	%		46,964		13,126		60,090		100.00	%		100.00	%		100.00	%		1,052,068		548,902		1,600,970
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		44,328		96,380		100.00	%		75.65	%		88.80	%		394,093		682,059		1,076,152
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	%		1,459,975		1,540,529		3,000,504
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		99,373		309,487		100.00	%		76.77	%		92.54	%		2,546,429		3,170,175		5,716,604
Total - New York							465,904		312,032		777,936		99.16	%		82.28	%		92.39	%		8,607,013		9,834,128		18,441,141
Total New York							594,811		412,358		1,007,169		99.35	%		82.12	%		92.29	%		12,440,640		11,954,766		24,395,406
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		660,112		1,629,256
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	%		1,685,495		126,310		1,811,805
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		1,425,596		2,431,096
Vermont
The Gateway Shopping Center	Supervalu			100.0	%		73,184		28,600		101,784		100.00	%		79.08	%		94.12	%		1,353,904		478,745		1,832,649
Total New England							886,435		310,400		1,196,835		100.00	%		86.78	%		96.57	%		6,929,379		3,342,603		10,271,982

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

 June 30, 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	$	898,585	$	1,124,021
Clark Diversey		-		100.0	%		-		19,265		19,265		-			91.57	%		91.57	%		-		799,766		799,766
Total - Illinois							51,692		66,699		118,391		100.00	%		87.31	%		92.85	%		225,436		1,698,351		1,923,787
Indiana
	JC Penney, Office Max, TJ Maxx,
Merrillville Plaza	David's Bridal, Pier I			100.0	%		145,778		90,069		235,847		100.00	%		78.14	%		91.65	%		1,633,928		1,189,887		2,823,815
Michigan
	Home Goods, TJ Maxx, Marshalls,
Bloomfield Towne Square	Officemax			100.0	%		154,858		79,237		234,095		100.00	%		94.49	%		98.13	%		1,368,005		1,479,739		2,847,744
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		599,855		1,419,126
Total Midwest							420,625		293,692		714,317		100.00	%		83.62	%		93.27	%		4,046,640		4,967,832		9,014,472
Mid-Atlantic
New Jersey
Marketplace of Absecon	Rite Aid			100.0	%		33,933		70,785		104,718		38.92	%		79.94	%		66.65	%		329,310		735,582		1,064,892
Total - New Jersey							33,933		70,785		104,718		38.92	%		79.94	%		66.65	%		329,310		735,582		1,064,892
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	%		12,565,016		573,908		13,138,924
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	%		13,236,904		2,902,587		16,139,491
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		349,179		1,155,530
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		817,959		1,087,959
Total - Pennsylvania							660,097		145,041		805,138		95.24	%		70.01	%		90.69	%		2,371,949		1,793,170		4,165,119
Total Mid-Atlantic							1,577,052		329,810		1,906,862		95.20	%		78.62	%		92.34	%		15,938,163		5,431,339		21,369,502
Total Core Properties							3,478,923		1,346,260		4,825,183		97.71	%		82.67	%		93.52	%	$	39,354,822	$	25,696,540	$	65,051,362
Total Core Properties - weighted based on ownership interest 4							2,660,957		1,201,545		3,862,502		97.70	%		82.59	%		93.00	%		27,031,074		21,735,597		48,766,671

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
June 30, 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	$	660,112	$	3,026,877
Delaware		22.2	%		7.1	%		3		883,022		113,984		997,006		97.34	%		88.77	%		96.36	%		13,236,904		2,902,587		16,139,491
Illinois		100.0	%		3.9	%		2		51,692		66,699		118,391		100.00	%		87.31	%		92.85	%		225,436		1,698,351		1,923,787
Indiana		100.0	%		5.8	%		1		145,778		90,069		235,847		100.00	%		78.14	%		91.65	%		1,633,928		1,189,887		2,823,815
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	%		5.8	%		1		154,858		79,237		234,095		100.00	%		94.49	%		98.13	%		1,368,005		1,479,739		2,847,744
New Jersey		89.8	%		10.6	%		3		146,006		171,111		317,117		85.80	%		80.91	%		83.16	%		2,765,316		2,856,220		5,621,536
New York		84.2	%		35.8	%		10		717,115		316,647		1,033,762		99.46	%		82.54	%		94.28	%		10,292,508		9,960,438		20,252,946
Ohio		100.0	%		2.9	%		1		68,297		57,687		125,984		100.00	%		72.99	%		87.63	%		819,271		599,855		1,419,126
Pennsylvania		100.0	%		8.6	%		5		660,097		145,041		805,138		95.24	%		70.01	%		90.69	%		2,371,949		1,793,170		4,165,119
Rhode Island		100.0	%		5.0	%		1		121,892		162,825		284,717		100.00	%		92.56	%		95.75	%		1,005,500		1,425,596		2,431,096
Vermont		100.0	%		3.8	%		1		73,184		28,600		101,784		100.00	%		79.08	%		94.12	%		1,353,904		478,745		1,832,649
Total - Core Portfolio					100.0	%		32		3,478,923		1,346,260		4,825,183		97.71	%		82.67	%		93.52	%	$	39,354,822	$	25,696,540	$	65,051,362
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
	June 30, 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	%		4.5	%
	-- Pathmark		1		47,773		1,051,006		-		-		47,773		1,051,006		1.2	%		2.2	%
	Supervalu (Shaws)		3		175,801		2,420,980		-		-		175,801		2,420,980		4.6	%		5.0	%
	TJX Companies		8		193,382		1,451,600		19,144		344,750		212,526		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	%		1.7	%
	-- Marshalls		2		65,536		384,743		-		-		65,536		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	%		2.9	%
	-- 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		3		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		540,818		-		-		34,300		540,818		0.9	%		1.1	%
	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		428,872		-		-		45,387		428,872		1.2	%		0.9	%
	Citibank		3		5,486		263,328		2,797		150,965		8,283		414,293		0.2	%		0.8	%
	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		73		1,499,161	$	17,227,641		110,837	$	1,690,276		1,609,998	$	18,917,917		41.7	%		38.8	%
	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

June 30, 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		1		25,000		0.80	%		325,000		0.83	%		13.00
2011		11		250,677		8.01	%		3,639,622		9.25	%		14.52
2012		7		351,642		11.24	%		3,185,790		8.10	%		9.06
2013		9		374,876		11.98	%		5,289,394		13.44	%		14.11
2014		8		326,466		10.44	%		3,275,640		8.32	%		10.03
2015		8		274,492		8.77	%		3,860,748		9.81	%		14.07
2016		3		55,266		1.77	%		561,887		1.43	%		10.17
2017		4		159,389		5.09	%		2,661,119		6.76	%		16.70
2018		6		359,783		11.50	%		5,348,500		13.59	%		14.87
2019		5		122,539		3.92	%		927,850		2.36	%		7.57
2020		7		244,400		7.81	%		2,568,252		6.53	%		10.51
2021		2		136,148		4.35	%		1,014,568		2.58	%		7.45
2022		2		69,837		2.23	%		1,700,000		4.32	%		24.34
2024		3		188,506		6.03	%		3,273,048		8.32	%		17.36
2028		4		189,509		6.06	%		1,723,404		4.38	%		9.09
Total Occupied		80		3,128,530		100.00	%	$	39,354,822		100.00	%	$	12.58

Anchor GLA Owned by Tenants	254,916
Total Vacant	95,477
Total Square Feet	3,478,923

Shop Tenant Expirations
Month to Month	4	4,176	0.38	%	$	26,189	0.10	%	$	6.27
2010	23	54,839	4.94	%		780,428	3.04	%		14.23
2011	50	186,019	16.75	%		3,998,279	15.56	%		21.49
2012	43	142,740	12.85	%		3,118,643	12.14	%		21.85
2013	48	149,150	13.43	%		3,498,657	13.62	%		23.46
2014	50	181,491	16.34	%		4,545,095	17.69	%		25.04
2015	25	133,370	12.01	%		2,420,192	9.42	%		18.15
2016	7	43,586	3.92	%		844,927	3.29	%		19.39
2017	14	42,683	3.84	%		1,934,556	7.53	%		45.32
2018	19	43,051	3.88	%		1,735,685	6.75	%		40.32
2019	14	42,049	3.79	%		891,817	3.47	%		21.21
2020	8	20,901	1.88	%		540,291	2.10	%		25.85
2021	3	30,270	2.73	%		264,013	1.03	%		8.72
2022	4	20,055	1.81	%		526,533	2.05	%		26.25
2023	2	7,362	0.66	%		126,712	0.49	%		17.21
2027	2	9,012	0.81	%		444,523	1.73	%		49.33
Total Occupied	316	1,110,754	100.00	%	$	25,696,540	100.00	%	$	23.13

Total Vacant	235,506
Total Square Feet	1,346,260

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		4	$	4,176		0.10	%	$	26,189		0.04	%	$	6.27
2010		24		79,839		1.88	%		1,105,428		1.70	%		13.85
2011		61		436,696		10.30	%		7,637,901		11.74	%		17.49
2012		50		494,382		11.66	%		6,304,433		9.69	%		12.75
2013		57		524,026		12.36	%		8,788,051		13.51	%		16.77
2014		58		507,957		11.98	%		7,820,735		12.02	%		15.40
2015		33		407,862		9.62	%		6,280,941		9.66	%		15.40
2016		10		98,852		2.33	%		1,406,814		2.16	%		14.23
2017		18		202,072		4.77	%		4,595,675		7.06	%		22.74
2018		25		402,834		9.50	%		7,084,185		10.89	%		17.59
2019		19		164,588		3.88	%		1,819,667		2.80	%		11.06
2020		15		265,301		6.26	%		3,108,543		4.78	%		11.72
2021		5		166,418		3.93	%		1,278,581		1.97	%		7.68
2022		6		89,892		2.12	%		2,226,533		3.42	%		24.77
2023		2		7,362		0.17	%		126,712		0.19	%		17.21
2024		3		188,506		4.45	%		3,273,048		5.03	%		17.36
2027		2		9,012		0.21	%		444,523		0.68	%		49.33
2028		4		189,509		4.47	%		1,723,403		2.65	%		9.09
Total Occupied		396	$	4,239,284		100.00	%	$	65,051,362		100.00	%	$	15.34

Anchor GLA Owned by Tenants	254,916
Total Vacant	330,983
Total Square Feet	4,825,183

Page 33

Reporting Supplement

June 30, 2010

Core Portfolio	Year-to-Date						3 months ended						3 months ended
New and Renewal Rent Spreads 1	June 30, 2010						June 30, 2010						March 31, 2010
	Cash 2			GAAP 3			Cash 2			GAAP 3			Cash 2			GAAP 3
New leases
Number of new leases commencing		7			7			3			3			4			4
GLA		48,112			48,112			32,353			32,353			15,759			15,759
New base rent	$	15.12		$	15.66		$	13.25		$	13.75		$	18.96		$	19.58
Previous base rent (and percentage rent)	$	21.02		$	18.58		$	20.40		$	17.35		$	22.30		$	21.09
Percentage growth in base rent		-28.1	%		-15.7	%		-35.0	%		-20.7	%		-15.0	%		-7.2	%
Average cost per square foot	$	58.12		$	58.12		$	75.10		$	75.10		$	23.27		$	23.27
Renewal leases
Number of renewal leases commencing		19			19			9			9			10			10
GLA expiring		171,964			171,964			66,189			66,189			105,775			105,775
Renewal percentage		82	%		82	%		84	%		84	%		81	%		81	%
New base rent	$	13.25		$	13.58		$	15.68		$	16.15		$	11.67		$	11.91
Expiring base rent (and percentage rent)	$	12.98		$	12.75		$	14.62		$	14.01		$	11.91		$	11.93
Percentage growth in base rent		2.1	%		6.5	%		7.3	%		15.3	%		-2.0	%		-0.2	%
Average cost per square foot	$	0.00		$	0.00		$	0.00		$	0.00		$	0.00		$	0.00
Total new and renewal Leases
Number of new and renewal leases commencing		26			26			12			12			14			14
GLA commencing		189,518			189,518			88,022			88,022			101,496			101,496
New base rent	$	13.72		$	14.11		$	14.79		$	15.27		$	12.80		$	13.10
Expiring base rent (and percentage rent)	$	15.02		$	14.23		$	16.74		$	15.24		$	13.52		$	13.35
Percentage growth in base rent		-8.6	%		-0.8	%		-11.7	%		0.2	%		-5.3	%		-1.9	%
Average cost per square foot	$	14.76		$	14.76		$	27.60		$	27.60		$	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

June 30, 2010

Core Portfolio Capital Expenditures
Current Quarter and Year-to-Date
	Year-to-Date		Current		Prior
			Quarter		Quarter
	Period		3 months		3 months		Year
	ended		ended		ended		Ended
	June 30, 2010		June 30, 2009		March 31, 2010		December 31, 2009
Leasing Commissions:	$	395	$	294	$	101	$	600
Tenant Improvements:		1,708		478		1,230		4,392
Capital Expenditures:		-		-		-		446
Redevelopments		-		-		-		-
Total	$	2,103	$	772	$	1,331	$	5,438

Page 35

Reporting Supplement
June 30, 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		19,482		34,979		100.00	%		66.95	%		81.59	%		475,000		414,690		889,690
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		64,432		879,376		93.24	%		40.42	%		89.37	%	$	4,485,662	$	557,376	$	5,043,038
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		851,502		4,715,674
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	%		70.73	%		82.92	%		394,944		335,432		730,376
	New York Dept of
216th Street	Citywide Admin. Services		98.8	%		60,000		-		60,000		100.00	%		0.00	%		100.00	%		2,340,000		120,000		2,460,000
161st Street 1	The City of New York		98.8	%		128,690		101,528		230,218		100.00	%		60.47	%		82.57	%		3,127,173		1,257,651		4,384,824
Total New York						424,023		240,949		664,972		100.00	%		56.78	%		84.34	%		12,599,517		5,211,117		17,810,634
Grand Total						536,023		240,949		776,972		100.00	%		56.78	%		86.60	%	$	13,424,517	$	5,211,117	$	18,635,634
Fund III Portfolio Detail
New York
	Wal Mart, Best Buy, A&P,
Cortlandt Towne Center	United Artists Theatre		100.0	%		508,882		132,561		641,443		91.10	%		82.45	%		89.31	%	$	6,347,712	$	2,533,802	$	8,881,514

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	95.0%
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
	June 30, 2010
	Storage Portfolio Property Detail		Net		Occupancy
			Rentable
			Square		June 30,			March 31,			December 31,
OWNER	Operating Properties	Location	Feet		2010			2010			2009
	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		36,140
Fund III	Linden	Linden, New Jersey		84,035
	Subtotal Stabilized			376,368		85.1	%		83.1	%		85.3	%
	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		134,731
	Subtotal in Lease-up			266,407		76.4	%		72.6	%		70.9	%
	In initial Lease-up
Fund II	Liberty Avenue	Queens, New York		72,950
Fund II	Pelham Plaza	Pelham Manor, New York		62,020
Fund II	Atlantic Avenue	Brooklyn, New York		76,896
Fund III	Fordham Road	Bronx, New York		85,005
Fund III	Ridgewood	Queens, New York		88,839
Fund III	Lawrence	Lawrence, New York		97,743
	Total in lease-up			483,453		63.4	%		57.1	%		51.7	%
	Total			1,126,228		73.8	%		69.4	%		67.5	%

Page 37

Reporting Supplement
June 30, 2010
Fund I
Lease Expirations
		Gross Leased Area				Annualized Base Rent
		Number of		Percent				Percent		Average
		Leases	Square	of				of		per
	Notes	Expiring	Footage	Total		Amount		Total		Sq. Ft.
Anchor Tenant Expirations
2011	1	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	27.66	%	$	56,522	10.14	%	$	7.85
2010		1	2,547	9.78	%		86,012	15.43	%		33.77
2011		1	1,955	7.51	%		27,370	4.91	%		14.00
2012		2	2,920	11.21	%		62,648	11.24	%		21.45
2014		1	2,597	9.97	%		90,324	16.21	%		34.78
2018		2	1,761	6.76	%		53,658	9.63	%		30.47
2019		1	1,904	7.31	%		30,000	5.38	%		15.76
2020		1	5,157	19.80	%		150,842	27.06	%		29.25
Total Occupied		11	26,041	100.00	%	$	557,376	100.00	%	$	21.40
Total Vacant			38,391
Total Square Feet			64,432
Total Anchor and Shop Tenant Expirations
Month to Month		2	7,200	0.92	%	$	56,522	1.12	%	$	7.85
2010		1	2,547	0.32	%		86,012	1.71	%		33.77
2011		19	711,355	90.52	%		3,587,696	71.15	%		5.04
2012		2	2,920	0.37	%		62,648	1.24	%		21.45
2014		1	2,597	0.33	%		90,324	1.79	%		34.78
2017		1	34,951	4.45	%		450,336	8.93	%		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	0.66	%		150,842	2.99	%		29.25
2080		1	15,497	1.97	%		475,000	9.42	%		-
Total Occupied		31	785,889	100.00	%	$	5,043,038	100.00	%	$	6.42
Total Vacant			93,487
Total Square Feet			879,376

1 The 2011 anchor expirations represent the term of the master lease for all 18 Kroger/Safeway locations. The underlying operating leases at 14 of these locations, representing 547,500 square feet and rents aggregating $2,743,794, expire during 2014. The operating leases at 2 locations, representing 91,900 square feet and rents aggregating $426,000, expire during 2019.

Page 38

Reporting Supplement
June 30, 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	3	11,767	8.60	%	$	177,069	3.40	%	$	15.05
2011	3	24,065	17.59	%		584,773	11.22	%		24.30
2012	3	27,365	20.00	%		573,208	11.00	%		20.95
2014	1	5,081	3.71	%		193,078	3.71	%		38.00
2016	1	2,000	1.46	%		86,000	1.65	%		43.00
2018	3	9,600	7.02	%		417,600	8.01	%		43.50
2019	4	9,318	6.81	%		510,476	9.80	%		54.78
2022	1	-	0.00	%		120,000	2.30	%		-
2023	1	31,417	22.96	%		1,131,012	21.70	%		36.00
2027	1	6,208	4.54	%		217,901	4.18	%		35.10
2048	1	10,000	7.31	%		1,200,000	23.03	%		120.00
Total Occupied	22	136,821	100.00	%	$	5,211,117	100.00	%	$	38.09
Total Vacant		104,128
Total Square Feet		240,949
Total Anchor and Shop Tenant Expirations
Month to Month	3	11,767	1.75	%	$	177,069	0.95	%	$	15.05
2011	5	264,755	39.33	%		4,536,946	24.36	%		17.14
2012	3	27,365	4.07	%		573,208	3.08	%		20.95
2013	1	20,149	2.99	%		564,172	3.03	%		28.00
2014	1	5,081	0.76	%		193,078	1.04	%		38.00
2016	1	2,000	0.30	%		86,000	0.46	%		43.00
2018	3	9,600	1.43	%		417,600	2.24	%		43.50
2019	5	49,023	7.29	%		2,257,496	12.11	%		46.05
2023	2	66,611	9.90	%		2,257,220	12.11	%		33.89
2027	2	66,208	9.84	%		2,557,901	13.73	%		38.63
2022	1	-	0.00	%		120,000	0.64	%		-
2032	1	10,880	1.62	%		394,944	2.12	%		36.30
2033	1	129,405	19.23	%		3,300,000	17.71	%		25.50
2048	1	10,000	1.49	%		1,200,000	6.44	%		120.00
Total Occupied	30	672,844	100.00	%	$	18,635,634	100.00	%	$	27.70
Total Vacant		104,128
Total Square Feet		776,972

Page 39

Reporting Supplement
June 30, 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	13.93	%		1,182,125	18.62	%		18.30
2014	3	71,346	15.39	%		1,103,266	17.38	%		15.46
2017	2	52,131	11.25	%		927,312	14.61	%		17.79
2018	2	174,707	37.69	%		1,709,562	26.93	%		9.79
2021	1	35,790	7.71	%		385,000	6.07	%		10.76
2022	1	65,028	14.03	%		1,040,447	16.39	%		16.00
Total Occupied	12	463,582	100.00	%	$	6,347,712	100.00	%	$	13.69
Total Vacant		45,300
Total Square Feet		508,882
Shop Tenant Expirations
2010	3	5,584	5.27	%		78,489	3.10	%		14.06
2011	2	2,000	1.89	%		74,970	2.96	%		37.49
2012	3	8,200	7.73	%		223,000	8.80	%		27.20
2013	2	7,000	6.60	%		178,620	7.05	%		25.52
2014	7	30,432	28.69	%		789,533	31.16	%		25.94
2015	4	12,402	11.69	%		292,499	11.54	%		23.58
2016	1	9,100	8.58	%		176,771	6.98	%		19.43
2017	2	9,688	9.14	%		208,653	8.23	%		21.54
2018	2	7,637	7.20	%		151,020	5.96	%		19.77
2019	2	9,285	8.76	%		270,816	10.69	%		29.17
2020	2	4,720	4.45	%		89,431	3.53	%		-
Total Occupied	30	106,048	100.00	%	$	2,533,802	100.00	%	$	23.89
Total Vacant		26,513
Total Square Feet		132,561
Total Anchor and Shop Tenant Expirations
2010	3	8,584	1.50	%		78,489	0.88	%		9.14
2011	2	2,000	0.35	%		74,970	0.84	%		37.49
2012	3	8,200	1.43	%		223,000	2.51	%		27.20
2013	5	71,580	12.50	%		1,360,745	15.32	%		19.01
2014	10	101,778	17.77	%		1,892,799	21.33	%		18.60
2015	4	12,402	2.17	%		292,499	3.29	%		23.58
2016	1	9,100	1.59	%		176,771	1.99	%		19.43
2017	4	61,819	10.80	%		1,135,965	12.79	%		18.38
2018	4	182,344	31.84	%		1,860,582	20.95	%		10.20
2019	2	9,285	1.62	%		270,816	3.05	%		29.17
2020	2	4,720	0.82	%		89,431	1.01	%		18.95
2021	1	35,790	6.25	%		385,000	4.33	%		10.76
2022	1	65,028	11.36	%		1,040,447	11.71	%		16.00
Total Occupied	42	572,630	100.00	%	$	8,881,514	100.00	%	$	15.51
Total Vacant		71,813
Total Square Feet		644,443

Page 40

	QUARTERLY SUPPLEMENTAL DISCLOSURE
	June 30, 2010
	Property Demographics 1
							3-Mile Radius2						5-Mile Radius
				Trade	Cash 2			#
	Property /			Area	Base	Total	Total	Households	Median HH		Avg. HH		Total	#	Median HH		Avg. HH
Classification	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	16,139,491	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	3,390,339	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	1,087,959	216,369	91,293	34,692		66,882		82,491	304,127	117,213		59,851		70,401
Core	Clark & Diversey	Chicago	IL	3	799,766	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	1,124,021	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	5,716,604	309,487	105,870	39,349		78,556		85,621	205,109	73,112		93,445		108,276
Core	The Branch Plaza	Smithtown	NY	3	2,618,343	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	1,600,970	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	2,103,578	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	2,847,744	234,095	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	1,629,256	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	1,811,805	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	1,076,152	96,380	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	3,000,504	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	1,419,126	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	2,431,096	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	1,166,305	62,908	49,442	18,288		87,533		113,042	101,266	36,438		86,509		106,011
Core	Merrillville Plaza	Hobart	IN	5	2,823,815	235,847	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	1,832,649	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	1,064,892	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	1,155,530	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	889,690	34,979	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	4,715,674	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	230,218	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	730,376	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	2,460,000	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	8,881,514	641,443	50,899	17,257		83,556		96,323	85,373	28,902		88,363		103,198
					94,051,222	6,413,574
TOTAL
Weighted Average - Based on GLA							155,413	55,656	$	63,117	$	76,803	333,904	123,986	$	62,856	$	77,118
Weighted Average - Based on base rent 1							176,673	71,274	$	64,938	$	80,254	428,115	165,734	$	60,558	$	74,876
CORE
Weighted Average - Based on GLA							75,025	28,617	$	64,210	$	78,606	184,517	69,145	$	62,564	$	77,400
Weighted Average - Based on base rent 1							133,083	57,579	$	66,325	$	82,212	359,860	142,125	$	60,970	$	75,601
FUND I
Weighted Average - Based on GLA							96,971	40,363	$	53,899	$	62,296	236,933	95,085	$	60,111	$	69,484
Weighted Average - Based on base rent 1							67,129	27,003	$	66,069	$	78,677	180,647	69,554	$	72,842	$	86,276
FUND II -Urban In-fill
Weighted Average - Based on GLA							867,590	297,219	$	35,468	$	43,181	1,689,989	623,720	$	38,944	$	48,504
Weighted Average - Based on base rent 1							892,004	305,642	$	34,570	$	42,628	1,635,244	594,912	$	37,516	$	46,847
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

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Reporting Supplement

June 30, 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, includ ing distributions. It should not be considered as an alternative to net income for the purpose of evaluating the Company’s performance or to cash flows as a measure of liquidity. Consistent with the NAREIT definition, the Company defines FFO as net income (computed in accordance with GAAP), excluding gains (or losses) from sales of depreciated property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. In addition, the Company also discloses FFO as adjusted to include the extraord inary 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 operations. The Company also provides two other supplemental disclosures of operating performance, adjusted funds from operations ("AFFO")  and funds available for distrib ution ("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 alterna tive to net income for the purpose of evaluating the Company’s performance or to cash flows as a measure of liquidity.

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