# EDGAR Filing Document

**Accession Number:** 0000899629
**File Stem:** 0000950170-23-003255
**Filing Date:** 2023-2
**Character Count:** 199774
**Document Hash:** 99bd16896d78d3c7a8064a7c7be2745d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-23-003255.hdr.sgml**: 20230221

**ACCESSION NUMBER**: 0000950170-23-003255

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 46

**CONFORMED PERIOD OF REPORT**: 20230214

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230221

**DATE AS OF CHANGE**: 20230217

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ACADIA REALTY TRUST
- **CENTRAL INDEX KEY:** 0000899629
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **IRS NUMBER:** 232715194
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-12002
- **FILM NUMBER:** 23645034

**BUSINESS ADDRESS:**
- **STREET 1:** 411 THEODORE FREMD AVENUE
- **STREET 2:** SUITE 300
- **CITY:** RYE
- **STATE:** NY
- **ZIP:** 10580
- **BUSINESS PHONE:** 914-288-8100

**MAIL ADDRESS:**
- **STREET 1:** 411 THEODORE FREMD AVENUE
- **STREET 2:** SUITE 300
- **CITY:** RYE
- **STATE:** NY
- **ZIP:** 10580

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MARK CENTERS TRUST
- **DATE OF NAME CHANGE:** 19930329

?xml version="1.0" encoding="ASCII"? 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): February 14, 2023

ACADIA REALTY TRUST

(Exact name of registrant as specified in its charter)

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

411 Theodore Fremd Avenue

Suite 300

Rye, New York 10580

(Address of principal executive offices) (Zip Code)

(914) 288-8100

(Registrant's telephone number, including area code)

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

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

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

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

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

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

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

---

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

---

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

Emerging growth company ☐

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

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**Item 2.02. Results of Operations and Financial Condition.**

On February 14, 2023, Acadia Realty Trust (the "Company") issued a press release announcing its consolidated financial results for the quarter and year-to-date period ended December 31, 2022. A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1 and incorporated herein by reference.

On the same day, the Company made available supplemental reporting information regarding the financial results, operations and portfolio of the Company as of and for the quarter and year-to-date period ended December 31, 2022. A copy of the supplemental reporting information is attached to this Current Report on Form 8-K as Exhibit 99.2 and incorporated herein by reference.

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

**Item 9.01. Financial Statements and Exhibits.**

(d) Exhibits

---

| | |
|:---|:---|
| **<u>Exhibit</u>**<br>**<u>Number</u>** |  **<u>Description</u>** |
| [<u>99.1</u>](akr-ex99_1.htm) | Press release dated February 14, 2023  |
| [<u>99.2</u>](akr-ex99_2.htm) | Supplemental Reporting Information as of and for the quarter and year-to-date period ended December 31, 2022 |
| 104  | Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101.) |

---

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**SIGNATURES**

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

---

| | | |
|:---|:---|:---|
|  | **ACADIA REALTY TRUST** | **ACADIA REALTY TRUST** |
| Dated: | (Registrant) | (Registrant) |
|  | By: | /s/ John Gottfried |
|  | Name: | John Gottfried |
| February 17, 2023 | Title: | Executive Vice President and Chief Financial Officer |

---

------

## Ex-99

**Exhibit 99.1**

![img225797853_0.jpg](img225797853_0.jpg)

Jennifer Han

(914) 288-8100

**ACADIA REALTY TRUST REPORTS FOURTH QUARTER AND FULL YEAR 2022 OPERATING RESULTS**

**RYE, NY (February 14, 2023)** - Acadia Realty Trust (NYSE: AKR) ("Acadia" or the "Company") today reported operating results for the quarter and year ended December 31, 2022. For the quarter ended December 31, 2022, net earnings per share was $0.04 and for the year ended December 31, 2022, net loss per share was $0.40, primarily due to (i) Core and Fund non-cash impairment charges incurred during the three months ended September 30, 2022, as fully detailed in the third quarter 2022 earnings release dated November 1, 2022 and the Form 10-Q for the quarter ending September 30, 2022 and (ii) unrealized mark-to-market holding losses on its investment in Albertsons. All per share amounts are on a fully-diluted basis, where applicable. Acadia operates dual platforms, comprised of a high-quality core real estate portfolio ("Core Portfolio"), through which the Company owns and operates retail assets in the nation's most dynamic corridors, and a series of discretionary, institutional funds ("Funds") that target opportunistic and value-add investments.

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

**<u>Fourth Quarter and Recent Highlights</u>**

• **Fourth Quarter Earnings and Operating Results:**

oNAREIT FFO per share of $0.21 and FFO Before Special Items per share of $0.27

oGenerated increase in Core Portfolio same-property NOI of 5.7% during the fourth quarter and 6.3% increase for the full-year 2022, which exceeded the high-end of its 4.0% to 6.0% guidance

• **Core Portfolio Leasing:**

oGenerated GAAP and cash leasing spreads of 10.2% and 4.7%, respectively, on renewal leases

oIncreased both leased and occupied rates to 94.9% and 92.7%, respectively, as of December 31, 2022 compared to leased and occupied rates of 94.3% and 91.2% as of September 30, 2022

• **Core Portfolio and Fund Transactional Activity:**

oCompleted a disposition within its Core Portfolio of an Urban asset for $26.4 million, (generating a $7.4 million gain)

oPost quarter end, completed a Fund V acquisition in suburban New York for $62.1 million

oCompleted a Fund IV disposition for $46 million, (generating a $13 million gain, of which $3 million was the Company's share)

• **Albertsons Special Dividend:**

oAlbertsons Companies, Inc. ("Albertsons") paid its Special Dividend (as defined below) on January 20, 2023

oAcadia's share of the Special Dividend was approximately $11.3 million, or $0.11 per share, which will be recognized in the first quarter of 2023

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• **Balance Sheet:**

o97% of Core Portfolio debt is fixed, inclusive of swap contracts, as of December 31, 2022

• **Guidance:**

oProvided 2023 guidance for earnings per diluted share of $0.14 to $0.23 and FFO before Special Items per diluted share of $1.17 to $1.26

"We are pleased with our full year 2022 and fourth quarter results. In particular, we have seen a high level of new tenants taking occupancy during the quarter combined with steady leasing activity. Our Street and Urban assets are still in the early stages of a rebound and will continue to benefit from this recovery. Even after taking into account the uncertain macro backdrop and the potential for disruption in 2023, we remain confident with our substantial near and long-term internal growth expectations," stated Kenneth F. Bernstein, President and CEO of Acadia. "Given the deep transactional expertise embedded in our dual platform business, we continue to pursue opportunistic acquisitions as well as harvest assets accretively as market conditions evolve."

**<u>CORE PORTFOLIO OPERATING RESULTS</u>**

The Company had a GAAP earnings per share of $0.04, NAREIT FFO per share of $0.21 and FFO Before Special Items per share of $0.27 for the quarter ended December 31, 2022. Please refer to the Consolidated Financial Results section below for additional details.

The Company's same-property NOI, excluding redevelopments, increased 5.7% for the quarter ended December 31, 2022 and 6.3% for the year ended December 31, 2022, which exceeded the high-end of its 4.0% to 6.0% guidance.

For the quarter ended December 31, 2022, the Company's pro-rata share of credit losses and reserves is as follows (dollars in millions):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Core Same Store** | **Core Other** | **Funds** | **Total** | **Per Share** |
| **Fourth Quarter 2022 Credit Losses and Reserves** |  |  |  |  |  |
| Credit Loss and Abatements - Billed Rents and Recoveries | $0.3 | $0.1 | $0.3 | $0.7 | $0.01 |
| Prior Period (Benefit), Net | (0.4) | —  | (0.1) | (0.5) | —  |
| **Total** | **$(0.1)** | **$0.1** | **$0.2** | **$0.2** | **$0.01** |

---

**<u>CORE PORTFOLIO LEASING</u>**

During the quarter ended December 31, 2022, GAAP and cash leasing spreads were 10.2% and 4.7%, respectively, on 17 renewal leases aggregating approximately 152,000 square feet. While the Company did not sign any new comparable leases during the fourth quarter, the Company executed several profitable non-comparable new leases, including at 555 9th Street, a redevelopment in San Francisco. These non-comparable new leases totaled 54,000 square feet with aggregate ABR of approximately $1.6 million at the Company's share.

As of December 31, 2022, the Core Portfolio was 94.9% leased and 92.7% occupied. As of September 30, 2022, the Core Portfolio was 94.3% leased and 91.2% occupied. The leased rate includes space that is leased but not yet occupied and excludes development and redevelopment properties.

Post quarter end, the Company signed a lease for the entirety of Bed Bath & Beyond Inc.'s space at Brandywine Town Center in Wilmington, Delaware, one of two locations this tenant has within the Company's Core Portfolio.

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**<u>CORE PORTFOLIO AND FUND TRANSACTIONAL ACTIVITY</u>**

**<u>Core Portfolio Acquisition Activity</u>**

No Core Portfolio acquisitions were completed for the quarter ended December 31, 2022. For the full year 2022, the Company completed Core Portfolio acquisitions of $246.7 million. See Supplemental report for details.

**<u>Core (Urban) Disposition Activity</u>**

**330-340 River Street, Boston (Cambridge), Massachusetts.** In December 2022, the Company completed the disposition of 330-340 River Street at attractive pricing for $26.4 million. During the Company's ownership, lease terms with Whole Foods and Rite-Aid were extended and credit upgrades allowed the Company to obtain premium pricing on the disposition. The property generated a $7.4 million gain.

**<u>Fund Transactional Activity</u>** 

Fund V Acquisition

**Mohawk Commons (Fund V).** Post quarter-end, in January 2023, Fund V completed the acquisition of a 90% interest in Mohawk Commons in Schenectady, New York for $62.1 million in a joint venture with DLC Management. The investment, which was funded with a new non-recourse mortgage of $39.7 million, is expected to result in mid-teens current leveraged returns. This grocery-anchored power center is currently 98% leased and is anchored by Lowe's and a shadow anchor, Target, along with other national junior anchors, including Burlington Coat Factory, PetSmart and Marshalls.

Fund IV Disposition

**Promenade at Manassas (Fund IV)**. As previously announced, in October 2022, Fund IV completed the disposition of Promenade at Manassas in Manassas, Virginia for $46 million and repaid the mortgage of $27.3 million. This sale generated a 17% IRR, 2.2x multiple on the Fund's equity investment and a $13 million gain, of which $3 million gain was the Company's share.

**<u>ALBERTSONS SPECIAL DIVIDEND</u>**

On January 17, 2023, Albertsons announced that the State of Washington's Supreme Court denied a motion by the Attorney General of the State of Washington to hear an appeal from the trial court's denial of its request to enjoin the Company from paying its previously announced $6.85 per common share special dividend (the "Special Dividend"), originally scheduled to be paid November 7, 2022. Albertsons further announced that the temporary restraining order preventing the payment of the Special Divided was lifted as a result of the decision. Albertsons paid the Special Dividend on January 20, 2023. Acadia's share of the Special Dividend was approximately $11.3 million, or $0.11 per share.

Based on the legal uncertainty that existed at December 31, 2022, Acadia will recognize its share of the Special Dividend in the first quarter of fiscal year 2023.

**<u>BALANCE SHEET</u>**

As of December 31, 2022, 97% of the Core Portfolio debt was fixed, inclusive of interest rate swap contracts.

**<u>CONSOLIDATED FINANCIAL RESULTS</u>**

A complete reconciliation, in dollars and per share amounts, of (i) net loss or income attributable to Acadia to FFO (as defined by NAREIT and Before Special Items) attributable to common shareholders and common OP Unit holders and (ii) operating income to NOI is included in the financial tables of this release. Amounts discussed below are net of noncontrolling interests and all per share amounts are on a fully-diluted basis.

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**<u>Net Income (Loss)</u>**

Net income attributable to Acadia for the quarter ended December 31, 2022, was $3.8 million, or $0.04 per share, which included a $10.2 million gain, or $0.10 per share, on Core and Fund dispositions, partially offset by a $6.8 million loss, or $0.07 per share, from the unrealized mark-to-market holding loss on its investment in Albertsons.

Net income attributable to Acadia for the quarter ended December 31, 2021, was $2.9 million, or $0.03 per share, which included: $1.3 million, or $0.01 per share, from the unrealized mark-to-market holding loss on Albertsons.

Net loss attributable to Acadia for the year ended December 31, 2022, was $38.1 million, or $0.40 per share, which included: (i) Core and Fund impairment charges of $58.5 million, or $0.58 per share and (ii) $15.2 million, or $0.15 per share, from the unrealized mark-to-market holding loss on Albertsons, partially offset by $22.1 million gain, or $0.22 per share, on Core and Fund dispositions.

Net income attributable to Acadia for the year ended December 31, 2021, was $22.9 million, or $0.26 per share, which included: (i) $13.8 million, or $0.15 per share, primarily from the unrealized mark-to-market holding gain on Albertsons and (ii) $6.6 million, or $0.07 per share, attributable to an aggregate gain on dispositions of Core Portfolio and Fund investments, which were partially offset by (i) $6.3 million, or $0.07 per share, related to credit loss, straight-line rent reserves and tenant abatements, primarily due to the COVID-19 Pandemic and (ii) Fund impairment charges of $2.3 million, or $0.02 per share.

**<u>FFO as Defined by NAREIT</u>**

FFO for the quarter ended December 31, 2022 was $21.0 million, or $0.21 per share, which included $6.8 million, or $0.07 per share, from the unrealized mark-to-market holding loss on Albertsons.

FFO for the quarter ended December 31, 2021 was $26.7 million, or $0.28 per share, which included $1.3 million, or $0.01 per share, primarily from the unrealized mark-to-market holding loss on Albertsons.

FFO for the year ended December 31, 2022 was $103.6 million, or $1.02 per share, which included $1.5 million of a gain, or $0.01 per share from the Fund III disposition of its interest in Self Storage Management, which was offset by $15.2 million, or $0.15 per share, from the unrealized mark-to-market holding loss on Albertsons.

FFO for the year ended December 31, 2021 was $117.1 million, or $1.26 per share, which included $13.8 million, or $0.15 per share, primarily from the unrealized mark-to-market holding gain on Albertsons and was offset by $6.3 million, or $0.07 per share, related to credit loss, straight-line reserves and tenant abatements, primarily due to the COVID-19 Pandemic.

**<u>FFO Before Special Items</u>**

FFO Before Special Items for the quarter ended December 31, 2022 was $27.8 million, or $0.27 per share, which excluded $6.8 million, or $0.07 per share, from the unrealized mark-to-market holding loss on Albertsons.

FFO Before Special Items for the quarter ended December 31, 2021 was $28.0 million, or $0.30 per share, which excluded $1.3 million, or $0.01 per share, from the unrealized mark-to-market holding loss on Albertsons.

FFO Before Special Items for the year ended December 31, 2022 was $120.9 million, or $1.19 per share, which excluded: (i) $15.2 million, or $0.15 per share, from the unrealized mark-to-market holding loss on Albertsons; (ii) $1.3 million, $0.01 per share of non-recurring City Point recapitalization and transaction costs and (iii) $0.9 million, or $0.01 per share for net acquisition and transaction costs from a Core acquisition.

FFO Before Special Items for the year ended December 31, 2021 was $103.4 million, or $1.11 per share, which excluded $13.8 million, or $0.15 per share, from the unrealized mark-to-market holding gain on Albertsons.

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**<u>2023 GUIDANCE</u>**

The following initial guidance is based upon Acadia's current view of market conditions and assumptions for the year ended December 31, 2023.

The Company is setting initial 2023 guidance as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Earnings per diluted share of $0.14 to $0.23

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•FFO before Special Items per diluted share of $1.17 to $1.26

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Same-property NOI growth, excluding redevelopments of 5% to 6%

These forecasts and comparable 2022 results, both presented below are before gains or losses on sale or impairment of depreciated and non-operating assets. Please refer to the Company's fourth quarter 2022 supplemental information package for additional details.

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| | | |
|:---|:---|:---|
|  | **2023 Annual Guidance** | **2022 Actuals** |
| **Net earnings (loss) per share attributable to Acadia** | **$0.14 to $0.23** | **$(0.40)** |
| Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share) | $1.01 | 1.05 |
| Impairment charges (net of noncontrolling interest share) |  | 0.58 |
| (Gain) loss on disposition of properties (net of noncontrolling interest share) |  | (0.22) |
| Noncontrolling interest in Operating Partnership | 0.02 | 0.02 |
| **FFO to Common Shareholders and Common OP Unit holders** | $1.17 to $1.26 | $1.03 |
| Less: Impact of City point share conversion option (a) |  | (0.01) |
| **NAREIT Funds from operations per share attributable to Common Shareholders and Common OP Unit holders** | **$1.17 to $1.26** | **$1.02** |
| Unrealized holding loss (gain) (net of noncontrolling interest share) (c) |  | 0.15 |
| Transaction and other related costs (a), (b) |  | 0.02 |
| **Funds from operations Before Special Items per share attributable to Common Shareholders and Common OP Unit holders (d)** | **$1.17 to $1.26** | **$1.19** |

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_________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)This amount is not recognized within the Company's Consolidated Statements of Operations. Rather, it represents a required GAAP adjustment to the numerator within its diluted earnings per share computation to reflect an assumed conversion of potential common shares that could be subsequently issued in connection with the City Point recapitalization. Please refer to the third quarter 2022 supplemental information package for additional details. This non-recurring item only occurred in the third quarter 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Transaction and other related costs of $2.2 million, or $0.02 per share are non-recurring items for 2022, which included (i) $1.3 million ($0.9 million of City Point recapitalization and $0.4 million of transaction costs), or $0.01 per share and (ii) $0.9 million, or $0.01 per share for acquisition and transaction costs, net of a bargain purchase gain from a Core acquisition. See footnote (a) for further details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Company is not providing 2023 guidance for unrealized changes in fair value for its investment holdings. As the Company incurs unrealized gains or losses, they will be reflected in this line item. For the period 2022, the unrealized losses are with respect to the Company's holdings in Albertsons. Any realized gains of such shares, as well as the Special Dividend of $0.11 per share received during the first quarter of 2023, will be included in Net Promote and other Core and Fund income (loss) in the period in which a sale occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Company defines Special Items to include (i) unrealized holding losses or gains (net of noncontrolling interest share) on investments and (ii) Transaction and other costs that do not occur in the ordinary course of the Company's underwriting and investing business.

In reliance on the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K, reconciliation of the assumed range of 2023 same-property NOI growth to the most directly comparable GAAP financial measure is not provided because the Company is unable to provide such reconciliation without unreasonable effort due to the multiple components of the calculation which only includes properties owned for comparable periods and excludes all corporate level activity.

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**<u>CONFERENCE CALL</u>**

Management will conduct a conference call on Wednesday, February 15, 2023 at 11:00 AM ET to review the Company's earnings and operating results. Participant registration and webcast information is listed below.

**<u>Live Conference Call:</u>**

Date: Wednesday, February 15, 2023

Time: 11:00 AM ET

Participant Registration: Fourth Quarter 2022 Registration

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

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

**About Acadia Realty Trust**

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

**Safe Harbor Statement**

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

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

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

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**ACADIA REALTY TRUST AND SUBSIDIARIES**

**Consolidated Statements of Operations** <sup>(a)</sup>

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br> December 31,** | **Three Months Ended<br> December 31,** | **Year Ended <br>December 31,** | **Year Ended <br>December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| **Revenues** |  |  |  |  |
| Rental income | $79335 | $77529 | $317814 | $285898 |
| Other | 1243 | 1828 | 8476 | 6599 |
| Total revenues | 80578 | 79357 | 326290 | 292497 |
| **Operating expenses** |  |  |  |  |
| Depreciation and amortization | 33489 | 32195 | 135917 | 123439 |
| General and administrative | 11298 | 10570 | 44066 | 40125 |
| Real estate taxes | 10275 | 10909 | 44932 | 45357 |
| Property operating | 16268 | 15228 | 56995 | 53516 |
| Impairment charges |  |  | 33311 | 9925 |
| Total operating expenses | 71330 | 68902 | 315221 | 272362 |
| Gain on disposition of properties | 7245 |  | 57161 | 10521 |
| **Operating income** | 16493 | 10455 | 68230 | 30656 |
| Equity in earnings (losses) of unconsolidated affiliates | 13262 | 2177 | (32907) | 5330 |
| Interest and other income | 4751 | 2957 | 14641 | 9065 |
| Realized and unrealized holding (losses) gains on investments and other | (16579) | (4340) | (34994) | 49120 |
| Interest expense | (21900) | (17744) | (80209) | (68048) |
| (Loss) income from continuing operations before income taxes | (3973) | (6495) | (65239) | 26123 |
| Income tax (provision) benefit | (5) | 306 | (12) | (93) |
| Net (loss) income | (3978) | (6189) | (65251) | 26030 |
| Net loss attributable to redeemable noncontrolling interests | 2343 |  | 5536 |  |
| Net loss (income) attributable to noncontrolling interests | 5617 | 9202 | 24270 | (2482) |
| Net income (loss) attributable to Acadia | $3982 | $3013 | $(35445) | $23548 |
| Less: net income attributable to participating securities | (199) | (156) | (805) | (624) |
| Net income (loss) attributable to Common Shareholders - <br> basic (loss) earnings per share | $3783 | $2857 | $(36250) | $22924 |
| Impact of assumed conversion of dilutive convertible securities |  |  | (1804) |  |
| Income (loss) from continuing operations net of income attributable to participating securities for diluted (loss) earnings per share | $3783 | $2857 | $(38054) | $22924 |
| Weighted average shares for basic earnings (loss) per share | 95066 | 88949 | 94575 | 87654 |
| Weighted average shares for diluted earnings (loss) per share | 95066 | 88949 | 94643 | 87654 |
| **Net earnings (loss) per share - basic (b)** | $0.04 | $0.03 | $(0.38) | $0.26 |
| **Net earnings (loss) per share - diluted (b)** | $0.04 | $0.03 | $(0.40) | $0.26 |

---

------

**ACADIA REALTY TRUST AND SUBSIDIARIES**

**Reconciliation of Consolidated Net Income (Loss) to Funds from Operations** <sup>(a, c)</sup>

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended <br>December 31,** | **Three Months Ended <br>December 31,** | **Year Ended <br>December 31,** | **Year Ended <br>December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| Net income (loss) attributable to Acadia | $3982 | $3013 | $(35445) | $23548 |
| Depreciation of real estate and amortization of leasing costs (net of<br> noncontrolling interests' share) | 26903 | 23393 | 104910 | 93388 |
| Impairment charges (net of noncontrolling interests' share) |  |  | 58481 | 2294 |
| (Gain) loss on disposition of properties (net of noncontrolling interests' share) | (10245) |  | (22137) | (4163) |
| Income (loss) attributable to Common OP Unit holders | 257 | 213 | (1800) | 1584 |
| Distributions - Preferred OP Units | 123 | 123 | 492 | 492 |
| **Funds from operations attributable to Common Shareholders and Common OP Unit holders - Basic** | $21020 | $26742 | $104501 | $117143 |
| Less: Impact of City point share conversion option (d) |  |  | (906) |  |
| **FFO to Common Shareholders and Common OP Unit holders - Diluted** | $21020 | $26742 | $103595 | $117143 |
| **Adjustments for Special Items:** |  |  |  |  |
| Add back: Acquisition costs, net of bargain purchase gain (e) |  |  | 859 |  |
| Add back: City Point acquisition and transaction related costs (e) |  |  | 364 |  |
| Add back: Impact of City point share conversion option (d) |  |  | 906 |  |
| Unrealized holding loss (gain) (net of noncontrolling interest share) (f) | 6786 | 1302 | 15165 | (13782) |
| **Funds from operations before Special Items attributable to Common Shareholders and Common OP Unit holders (g)** | $27806 | $28044 | $120889 | $103361 |
| **Funds From Operations per Share - Diluted** |  |  |  |  |
| Basic weighted-average shares outstanding, GAAP earnings | 95066 | 88949 | 94575 | 87654 |
| Weighted-average OP Units outstanding | 6235 | 5085 | 6299 | 5115 |
| Assumed conversion of Preferred OP Units to common shares | 25 | 465 | 464 | 465 |
| Assumed conversion of LTIP units and restricted share units to<br> common shares |  | 6 |  |  |
| Weighted average number of Common Shares and Common OP Units | 101326 | 94505 | 101338 | 93234 |
| Diluted Funds from operations, per Common Share and Common OP Unit | $0.21 | $0.28 | $1.02 | $1.26 |
| Diluted Funds from operations before Special Items, per Common Share and Common OP Unit | $0.27 | $0.30 | $1.19 | $1.11 |

---

------

**ACADIA REALTY TRUST AND SUBSIDIARIES**

**Reconciliation of Consolidated Operating Income to Net Property Operating Income ("NOI")** <sup>(a)</sup>

(Dollars in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br> December 31,** | **Three Months Ended<br> December 31,** | **Year Ended <br>December 31,** | **Year Ended <br>December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| Consolidated operating income | $16493 | $10455 | $68230 | $30656 |
| Add back: |  |  |  |  |
| &nbsp;&nbsp;General and administrative | 11298 | 10570 | 44066 | 40125 |
| &nbsp;&nbsp;Depreciation and amortization | 33489 | 32195 | 135917 | 123439 |
| &nbsp;&nbsp;Impairment charges |  |  | 33311 | 9925 |
| Less: |  |  |  |  |
| Above/below market rent, straight-line rent and other adjustments | (3239) | (5746) | (20182) | (19488) |
| Gain on disposition of properties | (7245) |  | (57161) | (10521) |
| Consolidated NOI | 50796 | 47474 | 204181 | 174136 |
| Redeemable noncontrolling interest in consolidated NOI | (1382) |  | (1919) |  |
| Noncontrolling interest in consolidated NOI | (13190) | (14964) | (57957) | (48401) |
| Less: Operating Partnership's interest in Fund NOI included above | (3393) | (3820) | (15310) | (12337) |
| Add: Operating Partnership's share of unconsolidated <br> joint ventures NOI (h) | 4083 | 3786 | 14965 | 13811 |
| NOI - Core Portfolio | $36914 | $32476 | $143960 | $127209 |

---

------

**ACADIA REALTY TRUST AND SUBSIDIARIES**

**Consolidated Balance Sheets** <sup>(a)</sup>

(Dollars in thousands)

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **December 31,<br>2022** | **December 31,<br>2021** |
| **ASSETS** |  |  |
| Investments in real estate, at cost |  |  |
| Land | $817802 | $739641 |
| Buildings and improvements | 2987594 | 2892051 |
| Tenant improvements | 216899 | 199925 |
| Construction in progress | 21027 | 11131 |
| Right-of-use assets - finance leases | 25086 | 25086 |
|  | 4068408 | 3867834 |
| Less: Accumulated depreciation and amortization | (725143) | (648461) |
| Operating real estate, net | 3343265 | 3219373 |
| Real estate under development | 184602 | 203773 |
| Net investments in real estate | 3527867 | 3423146 |
| Notes receivable, net | 123903 | 153886 |
| Investments in and advances to unconsolidated affiliates | 291156 | 322326 |
| Other assets, net | 229591 | 186509 |
| Right-of-use assets - operating leases, net | 37281 | 40743 |
| Cash and cash equivalents | 17158 | 17746 |
| Restricted cash | 15063 | 9813 |
| Rents receivable, net | 49506 | 43625 |
| Assets of properties held for sale | 11057 | 63952 |
| Total assets | $4302582 | $4261746 |
| **LIABILITIES** |  |  |
| Mortgage and other notes payable, net | $928639 | $1140293 |
| Unsecured notes payable, net | 696134 | 559040 |
| Unsecured line of credit | 168287 | 112905 |
| Accounts payable and other liabilities | 196491 | 236415 |
| Lease liability - operating leases, net | 35271 | 38759 |
| Dividends and distributions payable | 18395 | 14460 |
| Distributions in excess of income from, and investments in, unconsolidated affiliates | 10505 | 9939 |
| Total liabilities | 2053722 | 2111811 |
| Commitments and contingencies |  |  |
| Redeemable noncontrolling interests | 67664 |  |
| **EQUITY** |  |  |
| Acadia Shareholders' Equity |  |  |
| Common shares, $0.001 par value per share, authorized 200,000,000 shares, issued and outstanding 95,120,773 and 89,303,545 shares, respectively | 95 | 89 |
| Additional paid-in capital | 1945322 | 1754383 |
| Accumulated other comprehensive income (loss) | 46817 | (36214) |
| Distributions in excess of accumulated earnings | (300402) | (196645) |
| Total Acadia shareholders' equity | 1691832 | 1521613 |
| Noncontrolling interests | 489364 | 628322 |
| Total equity | 2181196 | 2149935 |
| Total liabilities, equity and redeemable noncontrolling interests | $4302582 | $4261746 |

---

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**ACADIA REALTY TRUST AND SUBSIDIARIES**

**Notes to Financial Highlights:**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Company considers funds from operations ("FFO") as defined by the National Association of Real Estate Investment Trusts ("NAREIT") and net property operating income ("NOI") to be appropriate supplemental disclosures of operating performance for an equity REIT due to their widespread acceptance and use within the REIT and analyst communities. In addition, the Company believes that given the atypical nature of certain unusual items (as further described below), "FFO Before Special Items" is also an appropriate supplemental disclosure of operating performance. FFO, FFO Before Special Items and NOI are presented to assist investors in analyzing the performance of the Company. They are helpful as they exclude various items included in net income (loss) that are not indicative of the operating performance, such as (i) gains (losses) from sales of real estate properties; (ii) depreciation and amortization and (iii) impairment of real estate properties. In addition, NOI excludes interest expense and FFO Before Special Items excludes certain unusual items (as further described below). The Company's method of calculating FFO and NOI may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. Neither FFO nor FFO Before Special Items represent cash generated from operations as defined by generally accepted accounting principles ("GAAP"), or are indicative of cash available to fund all cash needs, including distributions. Such measures should not be considered as an alternative to net income (loss) for the purpose of evaluating the Company's performance or to cash flows as a measure of liquidity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Consistent with the NAREIT definition, the Company defines FFO as net income (computed in accordance with GAAP) excluding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.gains (losses) from sales of real estate properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.depreciation and amortization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.impairment of real estate properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.gains and losses from change in control; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v.after adjustments for unconsolidated partnerships and joint ventures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Also consistent with NAREIT's definition of FFO, the Company has elected to include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.the impact of the unrealized holding gains (losses), including those related to its RCP investments such as Albertsons in FFO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.FFO Before Special Items begins with the NAREIT definition of FFO and adjusts FFO (or as an adjustment to the numerator within its earnings per share calculations) to take into account FFO without regard to certain unusual items including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.charges, income and gains that management believes are not comparable and indicative of the results of the Company's operating real estate portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.the impact of the unrealized holding gains (losses), including those related to its RCP investments such as Albertsons; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.any realized income or gains from the Company's investment in Albertsons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)This amount is not recognized within the Company's Consolidated Statements of Operations. Rather, it represents a required GAAP adjustment to the numerator within its diluted earnings per share computation to reflect the impact of an assumed issuance of common shares that could be subsequently issued in connection with a put right granted to other partners related to the City Point Recapitalization and the Company's opportunity to increase its ownership in the future. Please refer to the third quarter 2022 supplemental information package for additional details. This non-recurring item only occurred in the third quarter 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Transaction and other related costs of $2.2 million, or $0.02 per share are non-recurring items for 2022, which included (i) $1.3 million ($0.9 million of City Point recapitalization and $0.4 million of transaction costs), or $0.01 per share and (ii) $0.9 million, or $0.01 per share for acquisition and transaction costs, net of a bargain purchase gain from a Core acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)The Company defines Special Items to include (i) unrealized holding losses or gains (net of noncontrolling interest share) on investments and (ii) Transaction and other costs that do not occur in the ordinary course of our underwriting and investing business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)The Company is not providing 2023 guidance for unrealized changes in fair value for its investment holdings. As the Company incurs unrealized gains or losses, they will be reflected in this line item. For the period 2022, the unrealized losses are with respect to our

------

holdings in Albertsons. Any realized gains of such shares, as well as the Special Dividend of $0.11 per share received during the first quarter of 2023, will be included in Net Promote and other Core and Fund income (loss) in the period in which a sale occurs.

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

------

## Ex-99

Exhibit 99.2

EALTY TRUST—![img226721374_0.jpg](img226721374_0.jpg)Q220SUPPLEMENTAL REPFORMATIO

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| | | | |
|:---|:---|:---|:---|
| **Table of Contents** |  | Supplemental Report – December 31, 2022 | Supplemental Report – December 31, 2022 |
| **Section I – Fourth Quarter 2022 Earnings Press Release** |  |  |  |
| **Section II – Financial Information** |  | **Section III – Core Portfolio Information** |  |
| [<u>Company Information</u>](#company_information) | 3 | [<u>Core Properties</u>](#core_properties) | 32 |
| [<u>Market Capitalization</u>](#market_capitalization) | 4 | [<u>Core Top Tenants</u>](#core_portfolio_top_tenants) | 37 |
| Operating Statements |  | [<u>Core Lease Expirations</u>](#core_portfolio_lease_expirations) | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Income Statements</u>](#consolidated_income_statement) | 5 | [<u>Core New and Renewal Rent Spreads</u>](#core_portfolio_new_renewal_rent_spreads) | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Income Statement - Pro-rata Adjustments</u>](#income_statement_pro_rata_adjustments) | 7 | [<u>Core Capital Expenditures</u>](#core_portfolio_capital_expenditures) | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Balance Sheet</u>](#consolidated_balance_sheet) | 8 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Balance Sheet - Pro-rata Adjustments</u>](#balance_sheet_prorata_adjustments) | 9 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Funds from Operations ("FFO"), Adjusted FFO ("AFFO")</u>](#funds_from_operation_ffo) | 11 | **Section IV – Fund Information** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>EBITDA</u>](#ebitda) | 13 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Same Property Net Operating Income</u>](#core_portfolio_same_property_performance) | 14 | [<u>Fund Overview</u>](#fund_overview) | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Fee Income</u>](#fee_income_by_fund) | 15 | [<u>Fund Properties</u>](#fund_properties) | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Structured Financing</u>](#structured_financing_portfolio) | 16 | [<u>Fund Lease Expirations</u>](#fund_lease_expirations) | 46 |
| Other Information |  | [<u>Development and Redevelopment Activity</u>](#development_and_redevelopment_activity) | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Transactional Activity</u>](#transactional_activity) | 17 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>2023 Guidance</u>](#guidance) | 19 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Net Asset Valuation Information</u>](#net_asset_valuation_information) | 22 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Selected Financial Ratios</u>](#selected_financial_ratios) | 23 | **Section V – Other Information** |  |
| Debt Analysis |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Summary</u>](#portfolio_debt_summary) | 26 | [<u>Important Notes</u>](#important_notes) | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Detail</u>](#portfolio_debt_detail) | 27 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Maturities</u>](#future_debt_maturities) | 29 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Interest Rate Summary</u>](#interest_rate_summary) | 31 |  |  |

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

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| | | | |
|:---|:---|:---|:---|
| Supplemental Report – December 31, 2022 | Supplemental Report – December 31, 2022 | **Company Information** | **Company Information** |
| <br>Acadia Realty Trust is a fully-integrated equity real estate investment trust, focused on the ownership, acquisition, redevelopment and management of high-quality retail properties located in key street and urban retail corridors as well as suburban locations within high-barrier-to-entry, densely-populated metropolitan areas. Acadia owns, or has an ownership interest in, these properties through its Core Portfolio and through a series of opportunistic/value-add investment funds. Additional information may be found on the Company's website at www.acadiarealty.com. | <br>Acadia Realty Trust is a fully-integrated equity real estate investment trust, focused on the ownership, acquisition, redevelopment and management of high-quality retail properties located in key street and urban retail corridors as well as suburban locations within high-barrier-to-entry, densely-populated metropolitan areas. Acadia owns, or has an ownership interest in, these properties through its Core Portfolio and through a series of opportunistic/value-add investment funds. Additional information may be found on the Company's website at www.acadiarealty.com. | <br>Acadia Realty Trust is a fully-integrated equity real estate investment trust, focused on the ownership, acquisition, redevelopment and management of high-quality retail properties located in key street and urban retail corridors as well as suburban locations within high-barrier-to-entry, densely-populated metropolitan areas. Acadia owns, or has an ownership interest in, these properties through its Core Portfolio and through a series of opportunistic/value-add investment funds. Additional information may be found on the Company's website at www.acadiarealty.com. | <br>Acadia Realty Trust is a fully-integrated equity real estate investment trust, focused on the ownership, acquisition, redevelopment and management of high-quality retail properties located in key street and urban retail corridors as well as suburban locations within high-barrier-to-entry, densely-populated metropolitan areas. Acadia owns, or has an ownership interest in, these properties through its Core Portfolio and through a series of opportunistic/value-add investment funds. Additional information may be found on the Company's website at www.acadiarealty.com. |
| **Contact Information** |  |  |  |
|  | **Corporate Headquarters** | **Investor Relations** | **New York Stock Exchange** |
|  | 411 Theodore Fremd Avenue | Stuart Seeley  | Symbol AKR |
|  | Suite 300 | Senior Managing Director of Strategy & Public Markets  |  |
|  | Rye, NY 10580 |  |  |
|  |  | Jennifer Han |  |
|  |  | Director, Reporting & Investor Relations |  |
|  |  | (914) 288-8100 |  |
|  |  | investorrelations@acadiarealty.com |  |
| **Analyst Coverage** |  |  |  |
|  | **Bank of America / Merrill Lynch** | **Citigroup - Global Markets** | &nbsp;&nbsp;&nbsp;&nbsp;**KeyBanc Capital Markets, Inc.** |
|  | Craig Schmidt - (646) 855-3640 | Craig Mailman - (212) 816-4471 | &nbsp;&nbsp;&nbsp;&nbsp;Todd Thomas - (917) 368-2286 |
|  | craig.schmidt@bofa.com | craig.mailman@citi.com | tthomas@key.com |
|  | **Green Street Advisors** | **Compass Point Research & Trading** | &nbsp;&nbsp;&nbsp;&nbsp;**J.P. Morgan Securities, Inc.** |
|  | Paulina Rojas Schmidt - (949) 640-8780 | Floris van Dijkum - (646) 757-2621 | &nbsp;&nbsp;&nbsp;&nbsp;Michael W. Mueller, CFA - (212) 622-6689 |
|  | projasschmidt@greenstreet.com | fvandijkum@compasspointllc.com | michael.w.mueller@jpmorgan.com |
|  | **Jefferies**  | **Truist**  | **Truist**  |
|  | Linda Tsai - (212) 778-8011 | Ki Bin Kim, CFA - (212) 303-4124 |  |
|  | ltsai@jefferies.com | kibin.kim@truist.com |  |

---

&nbsp;&nbsp;3<br>

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| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) <br>| **Market Capitalization** |
| &nbsp;&nbsp;Supplemental Report – December 31, 2022  | &nbsp;&nbsp;(Including pro-rata share of Fund debt, in thousands) |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Changes in Total Outstanding Common** | **Changes in Total Outstanding Common** | **Changes in Total Outstanding Common** | **Changes in Total Outstanding Common** | **Weighted Average** | **Weighted Average** | **Weighted Average** | **Weighted Average** |
|  | **Total Market** |  | **Capitalization** | **Shares and OP Units (in thousands)** | **Shares and OP Units (in thousands)** | **Shares and OP Units (in thousands)** | **Shares and OP Units (in thousands)** | **Diluted EPS** | **Diluted EPS** | **FFO** | **FFO** |
|  | **Capitalization<br>($)** | **%** | **Based on Net<br>Debt 1** |  | **Common <br>Shares** | **Common OP Units** | **Total** | **Quarter** | **YTD** | **Quarter** | **YTD** |
| **<u>Equity Capitalization</u>** |  |  |  |  |  |  |  |  |  |  |  |
| Common Shares | 95121 |  |  | Balance at 12/31/2021 | 89304 | 5059 | 94363 |  |  |  |  |
| Common Operating Partnership ("OP") Units | 5134 |  |  | ATM issuance | 5151 |  | 5151 |  |  |  |  |
| Combined Common Shares and OP Units | 100255 |  |  | Vesting RS and LTIPs | 11 | 279 | 290 |  |  |  |  |
|  |  |  |  | OP Conversions | 36 | (36) |  |  |  |  |  |
| Share Price at December 31, 2022 | $14.35 |  |  | Other | 6 |  | 6 |  |  |  |  |
|  |  |  |  | Balance at 3/31/2022 | 94508 | 5302 | 99810 | 93310 | 93310 | 99103 | 99103 |
| Equity Capitalization - Common Shares and OP Units | $1438659 |  |  | ATM issuance | 375 |  | 375 |  |  |  |  |
| Preferred OP Units 2 | 6657 |  |  | Vesting RS and LTIPs | 34 | 30 | 64 |  |  |  |  |
| **Total Equity Capitalization** | **1445316** | **51%** | **51%** | OP Conversions | 16 | (16) |  |  |  |  |  |
|  |  |  |  | Other | (4) |  | (4) |  |  |  |  |
| **<u>Debt Capitalization</u>** |  |  |  | Balance at 6/30/2022 | 94929 | 5316 | 100245 | 94945 | 94120 | 100281 | 99898 |
| Consolidated debt 3 | 1805414 |  |  | ATM issuance |  |  |  |  |  |  |  |
| Adjustment to reflect pro-rata share of debt | (390912) |  |  | Vesting RS and LTIPs |  |  |  |  |  |  |  |
| **Total Debt Capitalization** | **1414502** | **49%** | **49%** | OP Conversions | 20 | (20) |  |  |  |  |  |
|  |  |  |  | Other | 2 |  | 2 |  |  |  |  |
| **Total Market Capitalization** | $**2859818** | **100%** | **100%** | Balance at 9/30/2022 | 94951 | 5296 | 100247 | 95251 | 94849 | 100313 | 100534 |
|  |  |  |  | ATM issuance |  |  |  |  |  |  |  |
|  |  |  |  | Vesting RS and LTIPs | 3 | 1 | 4 |  |  |  |  |
|  |  |  |  | OP Conversions | 163 | (163) |  |  |  |  |  |
|  |  |  |  | Other | 4 |  | 4 |  |  |  |  |
|  |  |  |  | Balance at 12/31/2022 | 95121 | 5134 | 100255 | 95066 | 94643 | 101326 | 101338 |

---

__________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Reflects debt net of Core Portfolio cash of $12,823 and pro-rata share of Funds cash of $4,048 for total cash netted against debt of $16,871.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Represents 188 Series A and 126,384 Series C Preferred OP Units convertible into 25,067 and 438,831 Common OP Units, respectively, multiplied by the Common Share price at quarter end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Reflects consolidated debt excluding $12,354 of unamortized premium and unamortized loan costs.

&nbsp;&nbsp;4<br>

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_2.jpg](img226721374_2.jpg) <br>| **Consolidated Income Statement** |
| &nbsp;&nbsp;Supplemental Report – December 31, 2022 | &nbsp;&nbsp;(in thousands) |

---

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022 1** | **December 31, 2022 1** |
| **CONSOLIDATED INCOME STATEMENT** | **Quarter** | **Year to Date** |
| **Revenues** |  |  |
| Rental income | $79335 | $317814 |
| Other | 1243 | 8476 |
| &nbsp;&nbsp;Total revenues | **80578** | **326290** |
| **Operating expenses** |  |  |
| Depreciation and amortization | 33489 | 135917 |
| General and administrative | 11298 | 44066 |
| Real estate taxes | 10275 | 44932 |
| Property operating | 16268 | 56995 |
| Impairment charges |  | 33311 |
| Total operating expenses | **71330** | **315221** |
| Gain on disposition of properties | 7245 | 57161 |
| &nbsp;&nbsp;**Operating income** | **16493** | **68230** |
| Equity in earnings (losses) of unconsolidated affiliates | 13262 | (32907) |
| Interest and other income | 4751 | 14641 |
| Unrealized holding losses on investments and other | (16579) | (34994) |
| Interest expense | (21900) | (80209) |
| &nbsp;&nbsp;**Loss from continuing operations before income taxes** | (3973) | (65239) |
| Income tax provision | (5) | (12) |
| &nbsp;&nbsp;**Net loss** | **(3978)** | **(65251)** |
| Net loss attributable to redeemable noncontrolling interests | 2343 | 5536 |
| Net loss attributable to noncontrolling interests | 5617 | 24270 |
| &nbsp;&nbsp;**Net income (loss) attributable to Acadia** | $**3982** | $**(35445)** |

---

&nbsp;&nbsp;5<br>

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_3.jpg](img226721374_3.jpg) <br>| **Consolidated Income Statement - Detail** |
| &nbsp;&nbsp;Supplemental Report – December 31, 2022 | &nbsp;&nbsp;(in thousands) |

---

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022 1** | **December 31, 2022 1** |
| **CORE PORTFOLIO AND FUND INCOME** | **Quarter** | **Year to Date** |
| **PROPERTY REVENUES** |  |  |
| Minimum rents | $60230 | $240362 |
| Percentage rents | 896 | 3009 |
| Expense reimbursements - CAM | 7718 | 27534 |
| Expense reimbursements - Taxes | 7338 | 31757 |
| Other property income | 847 | 2638 |
| **Total Property Revenues** | **77029** | **305300** |
| **PROPERTY EXPENSES** |  |  |
| Property operating - CAM | 12345 | 43956 |
| Other property operating (Non-CAM) | 3613 | 12231 |
| Real estate taxes | 10275 | 44932 |
| **Total Property Expenses** | **26233** | **101119** |
| **NET OPERATING INCOME - PROPERTIES** | **50796** | **204181** |
| **OTHER INCOME (EXPENSE)** |  |  |
| Interest income | 4751 | 14641 |
| Straight-line rent income (expense) | 1637 | 8961 |
| Above/below-market rent income (expense) | 1532 | 8314 |
| Interest expense 2 | (20297) | (74448) |
| Amortization of finance costs | (1538) | (5507) |
| Above/below-market interest income (expense) | 26 | 104 |
| Finance lease interest expense | (91) | (358) |
| Asset and property management (expense) income | (159) | (675) |
| Other (expense) income | (111) | 2037 |
| Impairment charges |  | (33311) |
| **CORE PORTFOLIO AND FUND INCOME** | **36546** | **123939** |
| **FEE AND OTHER INCOME** |  |  |
| Asset and property management fees | 199 | 748 |
| Net promote and other transactional income |  | 1473 |
| Unrealized holding losses on investments and other | (16487) | (37032) |
| Transactional fees 3 | 49 | 199 |
| Income tax provision | (5) | (12) |
| **Total Fee and Other (Loss) Income** | **(16244)** | **(34624)** |
| **General and Administrative** | **(11298)** | **(42044)** |
| Depreciation and amortization | (33399) | (135540) |
| Non-real estate depreciation and amortization | (90) | (377) |
| (Loss) gain on change of control and other |  | (859) |
| Gain on disposition of properties | 7245 | 57161 |
| **(Loss) before equity in earnings and noncontrolling interests** | **(17240)** | **(32344)** |
| Equity in earnings (losses) of unconsolidated affiliates | 13262 | (32907) |
| Noncontrolling interests (including redeemable noncontrolling interests) | 7960 | 29806 |
| **NET INCOME (LOSS) ATTRIBUTABLE TO ACADIA** | $**3982** | $**(35445)** |

---

&nbsp;&nbsp;6<br>

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_4.jpg](img226721374_4.jpg) <br>| **Income Statement – Pro Rata Adjustments** |
| &nbsp;&nbsp;Supplemental Report – December 31, 2022 | &nbsp;&nbsp;(in thousands) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quarter Ended December 31, 2022** | **Quarter Ended December 31, 2022** | **Year to Date December 31, 2022** | **Year to Date December 31, 2022** |
| **CORE PORTFOLIO AND FUND INCOME** | **Noncontrolling<br>Interest in<br>Consolidated<br>Subsidiaries 4** | **Company's<br>Interest in<br>Unconsolidated<br>Subsidiaries 5** | **Noncontrolling<br>Interest in<br>Consolidated<br>Subsidiaries 5** | **Company's<br>Interest in<br>Unconsolidated<br>Subsidiaries 6** |
| **PROPERTY REVENUES** |  |  |  |  |
| Minimum rents | $(23322) | $12396 | $(95030) | $45845 |
| Percentage rents | (70) | 136 | (793) | 538 |
| Expense reimbursements - CAM | (3302) | 1497 | (12832) | 5457 |
| Expense reimbursements - Taxes | (2372) | 150 | (9883) | 7083 |
| Other property income | (236) | 50 | (1067) | 273 |
| **Total Property Revenues** | **(29302)** | **14229** | **(119605)** | **59196** |
| **PROPERTY EXPENSES** |  |  |  |  |
| Property operating - CAM | (5038) | 1836 | (19562) | 6135 |
| Other property operating (Non-CAM) | (885) | 243 | (3411) | 953 |
| Real estate taxes | (3580) | 418 | (15545) | 8694 |
| **Total Property Expenses** | **(9503)** | **2497** | **(38518)** | **15782** |
| **NET OPERATING INCOME - PROPERTIES** | **(19799)** | **11732** | **(81087)** | **43414** |
| **OTHER INCOME (EXPENSE)** |  |  |  |  |
| Interest income | (5) | 8 | (15) | 20 |
| Straight-line rent income (expense) | (631) | 137 | (4137) | 1313 |
| Above/below-market rent income (expense) | (588) | 1148 | (1996) | 3999 |
| Interest expense 2 | 9470 | (4602) | 35809 | (14541) |
| Amortization of finance costs | 790 | (326) | 2960 | (1149) |
| Above/below-market interest income (expense) |  | 21 |  | 84 |
| Finance lease interest expense | 38 | (2) | 205 | (2) |
| Asset and property management (expense) income | 397 | (492) | 1517 | (1812) |
| Other income (expense) | (96) | (5) | (1007) | 31 |
| Impairment charges |  |  | 25609 | (50779) |
| **CORE PORTFOLIO AND FUND INCOME** | **(10424)** | **7619** | **(22142)** | **(19422)** |
| **FEE AND OTHER INCOME** |  |  |  |  |
| Asset and property management fees | 2365 | 151 | 9853 | 607 |
| Net promote and other transactional income |  |  |  |  |
| Unrealized holding losses on investments and other | 9892 |  | 22502 |  |
| Transactional fees 3 | 1555 | 273 | 5738 | 893 |
| Income tax provision | 4 | (2) | 126 | (13) |
| **Total Fee and Other (Loss) Income** | **13816** | **422** | **38219** | **1487** |
| **General and Administrative** | **689** | **(139)** | **1993** | **(644)** |
| Depreciation and amortization | 13697 | (7201) | 57519 | (26889) |
| Non-real estate depreciation and amortization |  |  |  |  |
| (Loss) gain on change of control and other |  |  |  |  |
| Gain (loss) on disposition of properties | (9561) | 12561 | (47583) | 12561 |
| **(Loss) before equity in earnings and noncontrolling interests** | **8217** | **13262** | **28006** | **(32907)** |
| Equity in earnings (losses) of unconsolidated affiliates |  |  |  |  |
| Noncontrolling interests (including redeemable noncontrolling interests) 6 | (257) |  | 1800 |  |
| **NET INCOME (LOSS) ATTRIBUTABLE TO ACADIA** | $**7960** | $**13262** | $**29806** | $**(32907)** |

---

&nbsp;&nbsp;7<br>

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_5.jpg](img226721374_5.jpg) <br>| **Balance Sheet** |
| &nbsp;&nbsp;Supplemental Report – December 31, 2022 | &nbsp;&nbsp;(in thousands) |

---

---

| | | | |
|:---|:---|:---|:---|
| **ASSETS** | **Consolidated<br>Balance<br>Sheet** | **Line Item Details:** | **Line Item Details:** |
| <u>Real estate</u> |  |  |  |
| Land | $817802 | The components of Real estate under development, at cost are as follows: | The components of Real estate under development, at cost are as follows: |
| Buildings and improvements | 3204493 | Core | $54817 |
| Construction in progress | 21027 | Fund II | 34072 |
| Right-of-use assets - finance leases | 25086 | Fund III | 25798 |
|  | 4068408 | Fund IV | 69915 |
| Less: Accumulated depreciation and amortization | (725143) | &nbsp;&nbsp;Total | $184602 |
| Total | 3343265 |  |  |
| Real estate under development | 184602 | Summary of other assets, net: |  |
| &nbsp;&nbsp;Operating real estate, net | 3527867 | Deferred charges, net | $28478 |
| Notes receivable, net | 123903 | Accrued interest receivable | 18082 |
| Investments in and advances to unconsolidated affiliates | 291156 | Due from seller | 3036 |
| Lease intangibles, net | 102374 | Prepaid expenses | 15872 |
| Other assets, net | 127217 | Other receivables | 2060 |
| Right-of-use assets - operating leases, net | 37281 | Income taxes receivable | 1876 |
| Cash and cash equivalents | 17158 | Corporate assets, net | 1287 |
| Restricted cash | 15063 | Deposits | 1624 |
| Straight-line rents receivable, net | 34889 | Derivative financial instruments | 54902 |
| Rents receivable, net | 14617 | Total | $127217 |
| Assets of properties held for sale | 11057 |  |  |
| Total assets | $4302582 |  |  |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |  |
| Mortgage and other notes payable, net | $928639 |  |  |
| Unsecured notes payable, net | 696134 | Summary of accounts payable and other liabilities: |  |
| Unsecured line of credit | 168287 | Lease liability - finance leases, net | $7022 |
| Accounts payable and other liabilities | 118075 | Accounts payable and accrued expenses | 59922 |
| Lease liability - operating leases, net | 35271 | Deferred income | 34503 |
| Dividends and distributions payable | 18395 | Tenant security deposits, escrow and other | 16582 |
| Lease intangibles, net | 78416 | Derivative financial instruments | 46 |
| Distributions in excess of income from, and investments in, unconsolidated affiliates | 10505 | Total | $118075 |
| Total liabilities | 2053722 |  |  |
| Commitments and contingencies |  |  |  |
| Redeemable noncontrolling interests | 67664 |  |  |
| <u>Shareholders' Equity</u> |  |  |  |
| Common shares | 95 |  |  |
| Additional paid-in capital | 1945322 |  |  |
| Accumulated other comprehensive income (loss) | 46817 |  |  |
| Distributions in excess of accumulated earnings | (300402) |  |  |
| Total Acadia shareholders' equity | 1691832 |  |  |
| Noncontrolling interests | 489364 |  |  |
| Total equity | 2181196 |  |  |
| Total liabilities, equity and redeemable noncontrolling interests | $4302582 |  |  |

---

&nbsp;&nbsp;8<br>

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_6.jpg](img226721374_6.jpg) <br>| **Balance Sheet – Pro-rata Adjustments7** |
| &nbsp;&nbsp;Supplemental Report – December 31, 2022 | &nbsp;&nbsp;(in thousands) |

---

---

| | | |
|:---|:---|:---|
| **ASSETS** | **Noncontrolling<br>Interest in<br>Consolidated<br>Subsidiaries 5** | **Company's<br>Interest in<br>Unconsolidated<br>Subsidiaries 6** |
| <u>Real estate</u> |  |  |
| Land | $(164639) | $67674 |
| Buildings and improvements | (762554) | 250936 |
| Construction in progress | (5882) | 802 |
| Right-of-use assets - finance leases | (2346) | 22428 |
|  | (935421) | 341840 |
| Less: Accumulated depreciation and amortization | 114290 | (67692) |
| Total | (821131) | 274148 |
| Real estate under development | (87348) | 13909 |
| &nbsp;&nbsp;Operating real estate, net | (908479) | 288057 |
| Notes receivable, net | 65391 |  |
| Investments in and advances to unconsolidated affiliates | (150911) | (97601) |
| Lease intangibles, net | (32971) | 9037 |
| Other assets, net | 372 | 6383 |
| Right-of-use assets - operating leases, net | (2022) |  |
| Cash and cash equivalents | (8621) | 8334 |
| Restricted cash | (10610) | 3490 |
| Straight-line rents receivable, net | (7605) | 4961 |
| Rents receivable, net | (4014) | 1843 |
| **Total assets** | $(1059470) | $224504 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
| Mortgage and other notes payable, net | $(539220) | $192079 |
| Unsecured notes payable, net | (40917) |  |
| Unsecured line of credit |  |  |
| Accounts payable and other liabilities | (27215) | 28874 |
| Lease intangibles, net | (25339) | 6285 |
| Lease liability - operating leases, net | (2118) | 4 |
| Dividends and distributions payable |  |  |
| Lease liability - finance leases | (2907) | 7767 |
| Distributions in excess of income from, and investments in, unconsolidated affiliates |  | (10505) |
| Total liabilities | (637716) | 224504 |
| <u>Shareholders' Equity</u> |  |  |
| Common shares |  |  |
| Additional paid-in capital |  |  |
| Accumulated other comprehensive income (loss) |  |  |
| Distributions in excess of accumulated earnings |  |  |
| &nbsp;&nbsp;Total Acadia shareholders' equity |  |  |
| Noncontrolling interests (including redeemable noncontrolling interests) | (421754) |  |
| &nbsp;&nbsp;Total equity | (421754) |  |
| **Total liabilities, equity and redeemable noncontrolling interests** | $(1059470) | $224504 |

---

&nbsp;&nbsp;9<br>

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_7.jpg](img226721374_7.jpg) <br>| **Balance Sheet – Pro-rata Adjustments7** |
| &nbsp;&nbsp;Supplemental Report – December 31, 2022 | &nbsp;&nbsp;(in thousands) |

---

__________

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Net of consolidated capitalized interest of $1.9 million and $4.5 million, respectively, for the three months and year ended December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Consists of development, construction, leasing and legal fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Noncontrolling interests represent limited partners' interests in consolidated partnerships' activities and includes redeemable noncontrolling interests.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.This represents the (loss) income allocable to Operating Partnership Units of $0.3 million and $(1.8) million, respectively, for the three months and year ended December 31, 2022.

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

&nbsp;&nbsp;10<br>

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_8.jpg](img226721374_8.jpg) <br>| &nbsp;&nbsp;**Funds from Operations ("FFO"), Adjusted Funds from Operations ("AFFO")** |
| &nbsp;&nbsp;Supplemental Report – December 31, 2022 | &nbsp;&nbsp;(in thousands) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Year to Date** | **Quarter Ended** | **Year to Date** |
|  | **March 31, <br>2022** | **June 30,<br>2022** | **September 30,<br>2022** | **December 31,<br>2022** | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2021** |
| **<u>Funds from operations ("FFO"):</u>** |  |  |  |  |  |  |  |
| **Net Income (Loss) attributable to Acadia** | $**16838** | $**(374)** | $**(55891)** | $**3982** | $**(35445)** | $**3013** | $**23548** |
| Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share) | 24313 | 26597 | 27097 | 26903 | 104910 | 23393 | 93388 |
| (Gain) loss on disposition on real estate properties (net of noncontrolling interest share) | (6876) | (2961) | (2055) | (10245) | (22137) |  | (4163) |
| Impairment charges (net of noncontrolling interest share) |  |  | 58481 |  | 58481 |  | 2294 |
| Income (loss) attributable to noncontrolling interests' share in Operating Partnership | 1121 | 151 | (2960) | 380 | (1308) | 336 | 2076 |
| **FFO to Common Shareholders and Common OP Unit holders - Basic** | $**35396** | $**23413** | $**24672** | $**21020** | $**104501** | $**26742** | $**117143** |
| Less: Impact of City point share conversion option 1 |  |  | **(906)** |  | (906) |  |  |
| **FFO to Common Shareholders and Common OP Unit holders - Diluted** | $**35396** | $**23413** | $**23766** | $**21020** | $**103595** | $**26742** | $**117143** |
| Add back: acquisition costs, net of bargain purchase gain 2 | 859 |  |  |  | 859 |  |  |
| Add back: City Point recapitalization and transaction related costs 2 |  |  | 364 |  | 364 |  |  |
| Add back: Impact of City point share conversion option 1 |  |  | 906 |  | 906 |  |  |
| Unrealized holding (gain) loss (net of noncontrolling interest share) | (3570) | 8881 | 3068 | 6786 | 15165 | 1302 | (13782) |
| **FFO before Special Items attributable to Common Shareholder and Common OP Unit holders 3** | $**32685** | $**32294** | $**28104** | $**27806** | $**120889** | $**28044** | $**103361** |
| **<u>Adjusted Funds from operations ("AFFO"):</u>** |  |  |  |  |  |  |  |
| FFO | $35396 | $23413 | $24672 | $21020 | $104501 | $26742 | $117143 |
| Unrealized (gains) losses | (3570) | 8881 | 3068 | 6786 | 15165 | 1302 | (13782) |
| Straight-line rent, net | (2707) | (920) | (1367) | (1143) | (6137) | 1180 | (1462) |
| Above/below-market rent | (1965) | (3183) | (3077) | (2092) | (10317) | (4904) | (10172) |
| Amortization of finance costs | 807 | 768 | 1047 | 1074 | 3696 | 655 | 2982 |
| Above/below-market interest | (47) | (47) | (47) | (47) | (188) | (47) | (188) |
| Non-real estate depreciation | 90 | 107 | 90 | 90 | 377 | 116 | 388 |
| Stock-based compensation | 3887 | 2255 | 1932 | 2292 | 10366 | 2243 | 10583 |
| Leasing commissions | (1053) | (1057) | (811) | (538) | (3459) | (676) | (2360) |
| Tenant improvements | (3403) | (2250) | (4709) | (4289) | (14651) | (2533) | (10059) |
| Maintenance capital expenditures | (638) | (2049) | (1993) | (3651) | (8331) | (2968) | (4060) |
| **AFFO to Common Shareholders and Common OP Unit holders** | $**26797** | $**25918** | $**18805** | $**19502** | $**91022** | $**21110** | $**89013** |
| **Total weighted-average diluted shares and OP Units** | 99103 | 100281 | 100313 | 101326 | 101338 | 94505 | 93234 |
| **Diluted FFO per Common share and OP Unit:** |  |  |  |  |  |  |  |
| FFO | $0.36 | $0.23 | $0.24 | $0.21 | $1.02 | $0.28 | $1.26 |
| FFO before Special Items | $0.33 | $0.32 | $0.28 | $0.27 | $1.19 | $0.30 | $1.11 |

---

&nbsp;&nbsp;11<br>

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_8.jpg](img226721374_8.jpg) <br>| &nbsp;&nbsp;**Funds from Operations ("FFO"), Adjusted Funds from Operations ("AFFO")** |
| &nbsp;&nbsp;Supplemental Report – December 31, 2022 | &nbsp;&nbsp;(in thousands) |

---

__________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.This amount is not recognized within the Company's Consolidated Statements of Operations. Rather, it represents a required GAAP adjustment to the numerator within its diluted earnings per share computation to reflect an assumed conversion of potential common shares that could be subsequently issued in connection with the City Point recapitalization. Please refer to the third quarter 2022 supplemental information package for additional details. This non-recurring item only occurred in the third quarter 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Transaction and other related costs of $2.2 million, or $0.02 per share are non-recurring items for 2022, which included (i) $1.3 million ($0.9 million of City Point recapitalization and $0.4 million of transaction costs), or $0.01 per share and (ii) $0.9 million, or $0.01 per share for acquisition and transaction costs, net of a bargain purchase gain from a Core acquisition. See Footnote 1 for further details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.The Company defines Special Items to include (i) unrealized holding losses or gains (net of noncontrolling interest share) on investments and (ii) Transaction and other costs that do not occur in the ordinary course of the Company's underwriting and investing business.

&nbsp;&nbsp;12<br>

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_9.jpg](img226721374_9.jpg) <br>| **EBITDA** |
| &nbsp;&nbsp;Supplemental Report – December 31, 2022 | &nbsp;&nbsp;(in thousands) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Quarter Ended December 31, 2022** | **Quarter Ended December 31, 2022** | **Quarter Ended December 31, 2022** | **Year to Date December 31, 2022** | **Year to Date December 31, 2022** | **Year to Date December 31, 2022** | **Quarter Ended December 31, 2021** | **Quarter Ended December 31, 2021** | **Quarter Ended December 31, 2021** |
|  | **Core** |  |  | **Core** |  |  | **Core** |  |  |
|  | **Portfolio** | **Funds** | **Total** | **Portfolio** | **Funds** | **Total** | **Portfolio** | **Funds** | **Total** |
| **<u>EBITDA:</u>** |  |  |  |  |  |  |  |  |  |
| **Net Income (Loss) Attributable to Acadia** | $**4796** | $**(814)** | $**3982** | $**(32745)** | $**(2700)** | $**(35445)** | $**4813** | $**(1800)** | $**3013** |
| **Adjustments:** |  |  |  |  |  |  |  |  |  |
| Depreciation and amortization | 20771 | 6222 | 26993 | 83360 | 21927 | 105287 | 19420 | 4089 | 23509 |
| Interest expense | 12270 | 3159 | 15429 | 41264 | 11916 | 53180 | 8412 | 2676 | 11088 |
| Amortization of finance costs | 670 | 404 | 1074 | 2540 | 1156 | 3696 | 574 | 81 | 655 |
| Above/below-market interest | (47) |  | (47) | (188) |  | (188) | (47) |  | (47) |
| Gain on disposition of properties | (7245) | (3000) | (10245) | (7245) | (14894) | (22139) |  |  |  |
| Unrealized holding losses (gains) on investment in Albertsons and other | 6786 |  | 6786 | 15165 |  | 15165 | 1097 | 205 | 1302 |
| Provision (benefit) for income taxes | 2 | 1 | 3 | (137) | 36 | (101) | (298) |  | (298) |
| Impairment charges |  |  |  | 50779 | 7702 | 58481 |  |  |  |
| Noncontrolling interest - OP | 257 |  | 257 | (1800) |  | (1800) | 212 |  | 212 |
| **EBITDA** | $**38260** | $**5972** | $**44232** | $**150993** | $**25143** | $**176136** | $**34183** | $**5251** | $**39434** |
| **<u>Adjusted EBITDA:</u>** |  |  |  |  |  |  |  |  |  |
| EBITDA | $**38260** | $**5972** | $**44232** | $**150993** | $**25143** | $**176136** | $**34183** | $**5251** | $**39434** |
| Stock based compensation | 2292 |  | 2292 | 10366 |  | 10366 | 2243 |  | 2243 |
|  | $**40552** | $**5972** | $**46524** | $**161359** | $**25143** | $**186502** | $**36426** | $**5251** | $**41677** |

---

&nbsp;&nbsp;13<br>

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_10.jpg](img226721374_10.jpg) <br>| **Core Portfolio – Same Property Performance 1** |
| &nbsp;&nbsp;Supplemental Report – December 31, 2022 | &nbsp;&nbsp;(in thousands) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Quarter Ended** | **Quarter Ended** | **Change** | **Year to Date** | **Year to Date** | **Change** |
|  | **December 31, 2022** | **December 31, 2021** | **Favorable/<br>(Unfavorable)** | **December 31, 2022** | **December 31, 2021** | **Favorable/<br>(Unfavorable)** |
| **Summary** |  |  |  |  |  |  |
| Minimum rents | $33744 | $32468 | 3.9% | $133000 | $126926 | 4.8% |
| Expense reimbursements | 7527 | 9948 | (24.3)% | 35053 | 37188 | (5.7)% |
| Other property income | 518 | 550 | (5.8)% | 2522 | 1727 | 46.0% |
| **Total Revenue** | 41789 | 42966 | (2.7)% | 170575 | 165841 | 2.9% |
| **Expenses** |  |  |  |  |  |  |
| Property operating - CAM & Real estate taxes | 9852 | 12529 | 21.4% | 46292 | 48567 | 4.7% |
| Other property operating (Non-CAM) | 1299 | 1444 | 10.0% | 3838 | 4019 | 4.5% |
| **Total Expenses** | 11151 | 13973 | 20.2% | 50130 | 52586 | 4.7% |
| Same Property NOI - Core properties | $30638 | $28993 | **5.7%** | $120445 | $113255 | **6.3%** |
| **Reconciliation of Same Property NOI to Core NOI** |  |  |  |  |  |  |
| NOI of Properties excluded from Same Property NOI | 6276 | 3483 |  | 23515 | 13954 |  |
| Core NOI | $36914 | $32476 |  | $143960 | $127209 |  |
| **Other same property information** |  |  |  |  |  |  |
| Physical Occupancy at the end of the period | 92.7% | 89.8% |  |  |  |  |
| Leased Occupancy at the end of the period | 94.9% | 93.1% |  |  |  |  |

---

__________

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

&nbsp;&nbsp;14<br>

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_11.jpg](img226721374_11.jpg) <br>| **Fee Income by Fund** |
| &nbsp;&nbsp;Supplemental Report – December 31, 2022 | &nbsp;&nbsp;(in thousands) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund II** | **Fund III** | **Fund IV** | **Fund V** | **Other** | **Total** |
| **Year to Date December 31, 2022** |  |  |  |  |  |  |
| Asset and property management fees | $889 | $73 | $3766 | $5858 | $622 | $11208 |
| Transactional fees | 596 | 382 | 1542 | 4182 | 128 | 6830 |
| Total fees | $1485 | $455 | $5308 | $10040 | $750 | $18038 |
| **Quarter Ended December 31, 2022** |  |  |  |  |  |  |
| Asset and property management fees | $186 | $16 | $829 | $1521 | $163 | $2715 |
| Transactional fees | 65 | 41 | 465 | 1266 | 40 | 1877 |
| Total fees | $251 | $57 | $1294 | $2787 | $203 | $4592 |
| **Quarter Ended September 30, 2022** |  |  |  |  |  |  |
| Asset and property management fees | $142 | $12 | $915 | $1454 | $153 | $2676 |
| Transactional fees | 246 | 56 | 342 | 996 | 27 | 1667 |
| Total fees | $388 | $68 | $1257 | $2450 | $180 | $4343 |
| **Quarter Ended June 30, 2022** |  |  |  |  |  |  |
| Asset and property management fees | $275 | $13 | $967 | $1420 | $168 | $2843 |
| Transactional fees | 164 | 68 | 384 | 1061 | 33 | 1710 |
| Total fees | $439 | $81 | $1351 | $2481 | $201 | $4553 |
| **Quarter Ended March 31, 2022** |  |  |  |  |  |  |
| Asset and property management fees | $286 | $32 | $1055 | $1463 | $138 | $2974 |
| Transactional fees | 121 | 217 | 351 | 859 | 28 | 1576 |
| Total fees | $407 | $249 | $1406 | $2322 | $166 | $4550 |

---

&nbsp;&nbsp;15<br>

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_12.jpg](img226721374_12.jpg) <br>| **Structured Financing Portfolio** |
| &nbsp;&nbsp;Supplemental Report – December 31, 2022 | &nbsp;&nbsp;(in thousands) |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **September 30, 2022** | **September 30, 2022** | **September 30, 2022** | **Quarter Ended December 31, 2022** | **Quarter Ended December 31, 2022** | **Quarter Ended December 31, 2022** | **Quarter Ended December 31, 2022** | **Quarter Ended December 31, 2022** | **Stated** | **Effective** |  |
|  | **Principal** | **Accrued** | **Ending** |  | **Repayments/** | **Current** | **Accrued** | **Ending** | **Interest** | **Interest** | **Maturity** |
| **Investment** | **Balance** | **Interest** | **Balance** | **Issuances 1** | **Conversions** | **Principal** | **Interest** | **Balance** | **Rate** | **Rate** | **Dates** |
| First mortgage notes 2,3 | $59801 | $3809 | $63610 | $— | $— | $59801 | $3809 | $63610 | 5.99% | 6.39% | Apr-20 to Sept-24 |
| Other notes3,4 | 130945 | 12192 | 143137 |  |  | 130945 | 16132 | 147077 | 11.28% | 11.38% | Jan-24 to Dec-27 |
| **Total Core notes receivable** | $**190746** | $**16001** | $**206747** | $**—** | $**—** | $**190746** | $**19941** | $**210687** | **9.62%** | **9.82%** |  |
| __________ |  |  |  |  |  |  |  |  |  |  |  |
| Reconciliation of Notes Receivable to the Pro-Rata Balance Sheet: | Reconciliation of Notes Receivable to the Pro-Rata Balance Sheet: | Reconciliation of Notes Receivable to the Pro-Rata Balance Sheet: | Reconciliation of Notes Receivable to the Pro-Rata Balance Sheet: | Reconciliation of Notes Receivable to the Pro-Rata Balance Sheet: | Reconciliation of Notes Receivable to the Pro-Rata Balance Sheet: |  |  |  |  |  |  |
| &nbsp;&nbsp;Total Notes Receivable per above | &nbsp;&nbsp;Total Notes Receivable per above | &nbsp;&nbsp;Total Notes Receivable per above | &nbsp;&nbsp;Total Notes Receivable per above | &nbsp;&nbsp;Total Notes Receivable per above | &nbsp;&nbsp;Total Notes Receivable per above | $190746 |  |  |  |  |  |
| &nbsp;&nbsp;Fund Notes Receivable | &nbsp;&nbsp;Fund Notes Receivable | &nbsp;&nbsp;Fund Notes Receivable | &nbsp;&nbsp;Fund Notes Receivable | &nbsp;&nbsp;Fund Notes Receivable | &nbsp;&nbsp;Fund Notes Receivable |  |  |  |  |  |  |
| &nbsp;&nbsp;Allowance for credit loss | &nbsp;&nbsp;Allowance for credit loss | &nbsp;&nbsp;Allowance for credit loss | &nbsp;&nbsp;Allowance for credit loss | &nbsp;&nbsp;Allowance for credit loss | &nbsp;&nbsp;Allowance for credit loss | (1452) |  |  |  |  |  |
| &nbsp;&nbsp;Total Pro-rata Notes Receivable | &nbsp;&nbsp;Total Pro-rata Notes Receivable | &nbsp;&nbsp;Total Pro-rata Notes Receivable | &nbsp;&nbsp;Total Pro-rata Notes Receivable | &nbsp;&nbsp;Total Pro-rata Notes Receivable | &nbsp;&nbsp;Total Pro-rata Notes Receivable | $189294 |  |  |  |  |  |

---

________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.See [<u>Transactional Activity</u>](#transactional_activity) page that follows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.One Core note which matured on April 20, 2020 in the amount of $17.8 million with accrued interest of $3.8 million was in default at December 31, 2022.

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

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

&nbsp;&nbsp;16<br>

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_13.jpg](img226721374_13.jpg) <br>| **Transactional Activity** |
| &nbsp;&nbsp;Supplemental Report – December 31, 2022 | &nbsp;&nbsp;(in thousands) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **PROPERTY ACQUISITIONS AND DISPOSITIONS** | **PROPERTY ACQUISITIONS AND DISPOSITIONS** | **PROPERTY ACQUISITIONS AND DISPOSITIONS** | **PROPERTY ACQUISITIONS AND DISPOSITIONS** | **PROPERTY ACQUISITIONS AND DISPOSITIONS** | **PROPERTY ACQUISITIONS AND DISPOSITIONS** | **PROPERTY ACQUISITIONS AND DISPOSITIONS** |
| **Property Name** | **Location** | **Date of<br>Transaction** | **Transaction<br>Amount** | **Ownership % 1** | **Fund Share** | **Acadia Share** |
| **ACQUISITIONS 2** |  |  |  |  |  |  |
| <u>Core:</u> |  |  |  |  |  |  |
| 121 Spring Street | New York, NY | January 12, 2022 | $39637 | 100.00% | $— | $39637 |
| Williamsburg Collection 3 | Brooklyn, NY | February 18, 2022 | 97750 | 100.00% |  | 97750 |
| 8833 Beverly Boulevard | Hollywood, CA | March 2, 2022 | 24117 | 100.00% |  | 24117 |
| Henderson Portfolio 4 | Dallas, TX | April 18, 2022 | 85192 | 100.00% |  | 85192 |
|  |  |  | 246696 |  |  | 246696 |
| <u>Fund V:</u> |  |  |  |  |  |  |
| Wood Ridge Plaza | Houston, TX | March 21, 2022 | 49317 | 90.00% | 44385 | 8921 |
| La Frontera | Round Rock, TX | March 30, 2022 | 81358 | 90.00% | 73222 | 14718 |
| Shoppes at South Hills | Poughkeepsie, NY | August 22, 2022 | 47609 | 90.00% | 42848 | 8612 |
|  |  |  | 178284 |  | 160455 | 32251 |
|  |  |  | $424980 |  | $160455 | $278947 |
| **DISPOSITIONS** |  |  |  |  |  |  |
| <u>Core:</u> |  |  |  |  |  |  |
| Henderson Avenue (Land Parcel) | Dallas, TX | October 7, 2022 | $3050 | 100.00% | $— | $3050 |
| 330-340 River Street | Boston, MA | December 13, 2022 | 26400 | 100.00% |  | 26400 |
|  |  |  | 29450 |  |  | 29450 |
| <u>Fund III:</u> |  |  |  |  |  |  |
| Cortlandt Crossing | Mohegan Lake, NY | February 9, 2022 | 65533 | 100.00% | 65533 | $16082 |
| Self Storage Management |  | March 9, 2022 | 6000 | 50.00% |  | 1500 |
| <u>Fund IV:</u> |  |  |  |  |  |  |
| Mayfair | Philadelphia, PA | January 26, 2022 | 23700 | 100.00% | 23700 | 5479 |
| Dauphin | Harrisburg, PA | March 4, 2022 | 21650 | 100.00% | 21650 | 5005 |
| Lincoln Place | Fairview Heights, IL | May 25, 2022 | 40670 | 100.00% | 40670 | 9403 |
| Wake Forest Crossing | Wake Forest, NC | August 24, 2022 | 38919 | 100.00% | 38919 | 8998 |
| Promenade at Manassas | Manassas, VA | October 13, 2022 | 46000 | 98.57% | 45342 | 10483 |
| <u>Fund V:</u> |  |  |  |  |  |  |
| New Town Center (Land Parcel) | Canton, MI | February 1, 2022 | 2231 | 89.43% | 1995 | 401 |
|  |  |  | 244703 |  | 237809 | 57351 |
|  |  |  | $274153 |  | $237809 | $86801 |

---

&nbsp;&nbsp;17<br>

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_13.jpg](img226721374_13.jpg) <br>| **Transactional Activity** |
| &nbsp;&nbsp;Supplemental Report – December 31, 2022 | &nbsp;&nbsp;(in thousands) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **STRUCTURED FINANCING ACTIVITY** | **STRUCTURED FINANCING ACTIVITY** | **STRUCTURED FINANCING ACTIVITY** | **STRUCTURED FINANCING ACTIVITY** | **STRUCTURED FINANCING ACTIVITY** | **STRUCTURED FINANCING ACTIVITY** | **STRUCTURED FINANCING ACTIVITY** |
| **Note Description** | **Transaction Type** | **Date of <br>Transaction** | **Transaction<br>Amount** | **Ownership % 1** | **Fund Share** | **Acadia Share** |
| <u>Core:</u> |  |  |  |  |  |  |
| White Oak | Repayment | May 26, 2022 | $(16000) | 100.00% | $— | $(16000) |
| <u>Core:</u> |  |  |  |  |  |  |
| City Point Loan | Recapitalization | August 1, 2022 | $65945 | 100.00% | —  | $65945 |
| <u>Fund III:</u> |  |  |  |  |  |  |
| 640 Broadway Note Receivable | Foreclosure | January 26, 2022 | (5307) | 100.00% | (5307) | (1302) |
|  |  |  | $44638 |  | $(5307) | $48643 |

---

________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Ownership percentages for Fund transactional activities represent the respective Fund's ownership, not the Company's proportionate share.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The Henderson Avenue Portfolio comprises 14 operating retail assets and two development and redevelopment sites.

&nbsp;&nbsp;18<br>

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_14.jpg](img226721374_14.jpg) <br>| **2023 Guidance**  |
| &nbsp;&nbsp;Supplemental Report – December 31, 2022 | &nbsp;&nbsp;(in millions) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2023 Guidance Forecast** | **2023 Guidance Forecast** | **2023 Guidance Forecast** | **2023 Guidance Forecast** |  |  |
|  | **Low** | **Low** | **High** | **High** | **2022 Actuals** | **2022 Actuals** |
| (in $ millions, except per share amounts) | **$ Millions** | **$/Share** | **$ Millions** | **$/Share** | **$ Millions** | **$/Share** |
| **Net earnings (loss) per share attributable to Acadia9** | **$13.9** | **$0.14** | **$22.1** | **$0.23** | **$(35.4)** | **$(0.40)** |
| Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share) |  | 1.01 |  | 1.01 |  | 1.05 |
| Impairment charges (net of noncontrolling interest share) |  |  |  |  |  | 0.58 |
| (Gain) loss on disposition of properties (net of noncontrolling interest share) |  |  |  |  |  | (0.22) |
| Noncontrolling interest in Operating Partnership |  | 0.02 |  | 0.02 |  | 0.02 |
| **FFO to Common Shareholders and Common OP Unit holders** |  | **$1.17** |  | **$1.26** |  | **$1.03** |
| Less: Impact of City point share conversion option1 |  |  |  |  |  | (0.01) |
| **NAREIT Funds from operations per share attributable to Common Shareholders and Common OP Unit holders** |  | **$1.17** |  | **$1.26** |  | **$1.02** |

---

&nbsp;&nbsp;19<br>

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_14.jpg](img226721374_14.jpg) <br>| **2023 Guidance**  |
| &nbsp;&nbsp;Supplemental Report – December 31, 2022 | &nbsp;&nbsp;(in millions) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2023 Guidance Forecast** | **2023 Guidance Forecast** | **2023 Guidance Forecast** | **2023 Guidance Forecast** |  |  |
|  | **Low** | **Low** | **High** | **High** | **2022 Actuals** | **2022 Actuals** |
| (in $ millions, except per share amounts) | **$ Millions** | **$/Share** | **$ Millions** | **$/Share** | **$ Millions** | **$/Share** |
| **FFO Comprises3:** |  |  |  |  |  |  |
| Core property NOI4 | $144 |  | $147 |  | $139 |  |
| Fund property NOI4 | 26 |  | 27 |  | 21 |  |
| Cash recoveries of prior period rents/lease termination income5 | 2 |  | 4 |  | 7 |  |
| Total NOI | 172 |  | 178 |  | 167 |  |
| Core interest expense, net of capitalized interest6 | (43) |  | (46) |  | (42) |  |
| Fund interest expense, net of capitalized interest6 | (22) |  | (24) |  | (15) |  |
| Total interest expense | (65) |  | (70) |  | (57) |  |
| Interest income (Structured Finance Portfolio) | 16 |  | 17 |  | 15 |  |
| Straight-line and above/below market rents | 11 |  | 14 |  | 17 |  |
| Fund fee income, net | 15 |  | 17 |  | 18 |  |
| General and administrative10 | (39) |  | (42) |  | (40) |  |
| Non-real estate depreciation and other expenses | (0.5) |  | (0.5) |  |  |  |
| Net Promote and other Core and Fund transactional income | 11 |  | 16 |  | 1 |  |
| **Funds from operations before Special Items per share attributable to Common Shareholders and Common OP Unit holders7** | **$120.5** | **$1.17** | **$129.5** | **$1.26** | **$121.0** | **$1.19** |
| Unrealized holding loss (gain) (net of noncontrolling interest share)8 |  |  |  |  | (15) | (0.15) |
| Transaction and other related costs1,2,10 |  |  |  |  | (2) | (0.02) |
| **NAREIT Funds from operations per share attributable to Common Shareholders and Common OP Unit holders** | **$120.5** | **$1.17** | **$129.5** | **$1.26** | **$104.0** | **$1.02** |
| **Additional Guidance Assumptions** |  |  |  |  |  |  |
| Fully diluted common shares - weighted average | 96 |  | 96 |  | 94.6 |  |
| Fully diluted common shares and OP Units - weighted average | 103 |  | 103 |  | 101.3 |  |
| Same property net operating income growth | 5% |  | 6% |  | 6.3% |  |

---

________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.This amount is not recognized within the Company's Consolidated Statements of Operations. Rather, it represents a required GAAP adjustment to the numerator within its diluted earnings per share computation to reflect an assumed conversion of potential common shares that could be subsequently issued in connection with the City Point recapitalization. Please refer to the third quarter 2022 supplemental information package for additional details. This non-recurring item only occurred in the third quarter 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Transaction and other related costs of $2.2 million, or $0.02 per share are non-recurring items for 2022, which included (i) $1.3 million ($0.9 million of City Point recapitalization and $0.4 million of transaction costs), or $0.01 per share and (ii) $0.9 million, or $0.01 per share for acquisition and transaction costs, net of a bargain purchase gain from a Core acquisition. See Footnote 1 for further details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.All dollar amounts above are based on the Company's pro-rata share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.As noted in footnote 5, Core and Fund 2022 NOI (as reported) included cash recoveries of prior period rents/lease termination income. Such amounts have been separately reflected for presentation purposes.

&nbsp;&nbsp;20<br>

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_14.jpg](img226721374_14.jpg) <br>| **2023 Guidance**  |
| &nbsp;&nbsp;Supplemental Report – December 31, 2022 | &nbsp;&nbsp;(in millions) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Represents repayments of rents that were reserved in prior years, cash basis accounting adjustments and lease termination receipts. Such amounts were included in reported Core and Fund 2022 NOI but broken out separately in the guidance table above for illustrative purposes. Any such amounts realized in 2023 will be reflected in NOI consistent with the 2022 reported presentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Inclusive of interest expense, amortization of finance costs, above and below market interest and capital lease interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.The Company defines Special Items to include (i) unrealized holding losses or gains (net of noncontrolling interest share) on investments and (ii) Transaction and other related costs that do not occur in the ordinary course of the Company's underwriting and investing business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.The Company is not providing 2023 guidance for unrealized changes in fair value for its investment holdings. As the Company incurs unrealized gains or losses, they will be reflected in in this line item. For the period 2022, the unrealized losses are with respect to the Company's holdings in Albertsons. Any realized gains of such shares, as well as the Special Dividend of $0.11 per share received during the first quarter of 2023, will be included in Net Promote and other Core and Fund income (loss) in the period in which a sale occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.The $(0.40) per share for GAAP purposes is computed by adjusting the numerator for an allocation to earnings for participating securities of $0.8 million along with the impact of assumed conversion of diluted convertible securities of $1.8 million. Such amounts are not recognized within its consolidated income statement but rather within its numerator for purposes of computing its earnings per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.G&A as reported was approximately $41 million, inclusive of approximately $1.3 million (see Footnote 2 above) of transaction costs required to be expensed in accordance with GAAP associated with investing activities. The $40 million reported above is reduced by such costs as they were excluded from the Company's calculation of FFO before Special Items. The $2.2 million adjustment to reduce NAREIT FFO is comprised of $1.3 million of transaction costs in addition to $0.9 million associated with the dilutive impact of the City Point conversion option.

&nbsp;&nbsp;21<br>

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_15.jpg](img226721374_15.jpg) <br>| **Net Asset Valuation Information** |
| &nbsp;&nbsp;Supplemental Report – December 31, 2022 | &nbsp;&nbsp;(in thousands) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **CORE** | **FUND II 2** | **FUND III** | **FUND IV** | **FUND V** |
| **<u>Ownership Percentage</u>** | N/A | 61.67% | 24.54% | 23.12% | 20.10% |
| **<u>Current Quarter NOI</u>** |  |  |  |  |  |
| Net Operating Income 1, 2 | $36914 | N/A5 | $120 | $3197 | $19683 |
| Less: |  |  |  |  |  |
| Net operating (income) loss from properties sold or under contract | (258) | N/A5 | (2) | 178 |  |
| Net operating (income) loss from pre-stabilized assets, development and redevelopment projects 3, 4 | (3042) | N/A5 | (118) | (791) |  |
| Net Operating Income of stabilized assets | $33614 | N/A | $— | $2584 | $19683 |
| **<u>Costs to Date (Pro Rata)</u>** |  |  |  |  |  |
| Pre-stabilized assets 3 | $— | N/A5 | $13496 | $35016 | $— |
| Development and redevelopment projects 4 | 357540 | N/A5 | 4607 | 17860 |  |
| Total Costs to Date | $357540 | N/A5 | $18103 | $52876 | $— |
| **<u>Debt (Pro Rata)</u>** | $1149441 | $77597 | $8827 | $45261 | $133376 |

---

__________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Does not include a full quarter of NOI for any assets purchased during the current quarter. NOI represents the Fund's share. See [<u>"Transactional Activity"</u>](#transactional_activity) page in this Supplemental Report for descriptions of those acquisitions.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Includes incremental costs; excludes initial carrying value. See "[<u>Development and Redevelopment Activity</u>](#development_and_redevelopment_activity)" page in this Supplemental Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Amounts omitted as only remaining asset is City Point.

&nbsp;&nbsp;22<br>

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_16.jpg](img226721374_16.jpg) <br>| **Selected Financial Ratios** |
| &nbsp;&nbsp;Supplemental Report – December 31, 2022 | &nbsp;&nbsp;(in thousands) |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Quarter Ended December 31,** | **Quarter Ended December 31,** | **Quarter Ended December 31,** |  | **Year to Date December 31,** | **Year to Date December 31,** | **Year to Date December 31,** |  |  | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** |  |
| **COVERAGE RATIOS 1** | **2022** |  | **2021** |  | **2022** |  | **2021** |  | **LEVERAGE RATIOS** | **December 31, 2022** |  | **September 30, 2022** |  |
| **<u>Fixed-Charge Coverage Ratios</u>** |  |  |  |  |  |  |  |  | **<u>Debt/Market Capitalization Ratios</u>** |  |  |  |  |
| EBITDA 2 divided by: | $38260 |  | $34183 |  | $150993 |  | $127360 |  | Debt + Preferred Equity (Preferred OP Units) | $1421159 |  | $1446766 |  |
| Interest expense | 12270 |  | 8412 |  | 41264 |  | 32777 |  | Total Market Capitalization | 2859818 |  | 2711883 |  |
| Principal Amortization | 877 |  | 1083 |  | 3737 |  | 4238 |  | **Debt + Preferred Equity/** |  |  |  |  |
| Preferred Dividends 3 | 123 |  | 123 |  | 492 |  | 492 |  | **Total Market Capitalization** | 50 | % | 53 | % |
| **Fixed-Charge Coverage Ratio - Core Portfolio** | 2.9 | x | 3.6 | x | 3.3 | x | 3.4 | x |  |  |  |  |  |
| EBITDA divided by: | $44232 |  | $39434 |  | $176136 |  | $146189 |  | Debt 6 | $1404288 |  | $1427197 |  |
| Interest expense | 15429 |  | 11088 |  | 53180 |  | 42550 |  | Total Market Capitalization | 2859818 |  | 2711883 |  |
| Principal Amortization | 1242 |  | 1366 |  | 5368 |  | 5578 |  | **Net Debt + Preferred Equity/** |  |  |  |  |
| Preferred Dividends | 123 |  | 123 |  | 492 |  | 492 |  | **Total Market Capitalization** | 49 | % | 53 | % |
| **Fixed-Charge Coverage Ratio - Core Portfolio and Funds** | 2.6 | x | 3.1 | x | 3.0 | x | 3.0 | x | **<u>Debt/EBITDA Ratios</u>** |  |  |  |  |
|  |  |  |  |  |  |  |  |  | <u>Core:</u> |  |  |  |  |
| **<u>Payout Ratios</u>** |  |  |  |  |  |  |  |  | Debt | $1043395 |  | $1064588 |  |
|  |  |  |  |  |  |  |  |  | Net debt 5 | 1030572 |  | 1049689 |  |
| Dividends declared (per share/OP Unit) | $0.18 |  | $0.15 |  | $0.72 |  | $0.60 |  | EBITDA | 150993 |  | 150672 |  |
|  |  |  |  |  |  |  |  |  | Adjusted EBITDA | 161359 |  | 158400 |  |
| Dividends (Shares) & Distributions (OP Units) declared | $18370 |  | $14557 |  | $73405 |  | $57057 |  | **Debt/EBITDA - Core Portfolio** | 6.9 | x | 7.1 | x |
| FFO | 21020 |  | 26742 |  | 104501 |  | 117143 |  | **Debt/Adjusted EBITDA - Core Portfolio** | 6.5 | x | 6.7 | x |
| **FFO Payout Ratio 8** | 87 | % | 54 | % | 70 | % | 49 | % | **Net Debt/EBITDA - Core Portfolio** | 6.8 | x | 7.0 | x |
|  |  |  |  |  |  |  |  |  | **Net Debt/ Adjusted EBITDA - Core Portfolio** | 6.4 | x | 6.6 | x |
| AFFO 7 | 19502 |  | 21110 |  | 91022 |  | 89013 |  | <u>Core and Funds:</u> |  |  |  |  |
| **AFFO Payout Ratio** | 94 | % | 69 | % | 81 | % | 64 | % | Debt 4 | $1414502 |  | $1440902 |  |
|  |  |  |  |  |  |  |  |  | Net debt 6 | 1397631 |  | 1421333 |  |
| FFO Before Special Items | 27806 |  | 28044 |  | 120889 |  | 103361 |  | EBITDA | 176136 |  | 175709 |  |
| **FFO Before Special Items Payout Ratio** | 66 | % | 52 | % | 61 | % | 55 | % | Adjusted EBITDA | 186502 |  | 183437 |  |
|  |  |  |  |  |  |  |  |  | **Debt/EBITDA - Core and Funds** | 8.0 | x | 8.2 | x |
|  |  |  |  |  |  |  |  |  | **Debt/Adjusted EBITDA - Core and Funds** | 7.6 | x | 7.9 | x |
|  |  |  |  |  |  |  |  |  | **Net Debt/EBITDA - Core and Funds** | 7.9 | x | 8.1 | x |
|  |  |  |  |  |  |  |  |  | **Net Debt/ Adjusted EBITDA - Core and Funds** | 7.5 | x | 7.7 | x |

---

&nbsp;&nbsp;23<br>

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_17.jpg](img226721374_17.jpg) <br>| **Selected Financial Ratios** |
| &nbsp;&nbsp;Supplemental Report – December 31, 2022 | &nbsp;&nbsp;(in thousands) |

---

__________

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. See [<u>EBITDA</u>](#ebitda) page in this Supplemental Report for a reconciliation of EBITDA to Net Income attributable to Acadia.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Represents preferred distributions on Preferred Operating Partnership Units.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. See [<u>Funds from Operations ("FFO"), Adjusted Funds from Operations ("AFFO")</u>](#funds_from_operation_ffo) for a reconciliation of AFFO to net income attributable to Acadia.

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

&nbsp;&nbsp;24<br>

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_17.jpg](img226721374_17.jpg) <br>| **Selected Financial Ratios** |
| &nbsp;&nbsp;Supplemental Report – December 31, 2022 | &nbsp;&nbsp;(in thousands) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **EBITDA** | **EBITDA** | **ADJUSTED EBITDA** | **ADJUSTED EBITDA** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
| **Reconciliation of EBITDA to Annualized EBITDA** | **December 31, 2022** | **December 31, 2021** | **December 31, 2022** | **December 31, 2021** |
| Core EBITDA | $150993 | $127360 | $161359 | $137943 |
| Fund EBITDA | 25143 | 18829 | 25143 | 18829 |
| EBITDA Core and Funds | $176136 | $146189 | $186502 | $156772 |

---

---

| | |
|:---|:---|
|  | **Quarter Ended** |
| **Reconciliation of Core Portfolio Debt** | **December 31, 2022** |
| Core Portfolio Debt per Debt Summary | $1149441 |
| Incremental Core Debt Attributable to City Point8 | (106046) |
| Adjusted Core Debt for purposes of computing Debt/EBITDA | 1043395  |
| Fund Portfolio Debt per Debt Summary | 265061  |
| Incremental Core Debt Attributable to City Point8 | 106046  |
| Adjusted Fund Debt per EBITDA | 371107  |
| Total Core and Fund Debt for purposes of computing Debt/EBITDA | $1414502 |

---

&nbsp;&nbsp;25<br>

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_18.jpg](img226721374_18.jpg) <br>| **Portfolio Debt – Summary** |
| &nbsp;&nbsp;Supplemental Report – December 31, 2022 | &nbsp;&nbsp;(in thousands) |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Acadia Pro-Rata Share of Debt 2** | **Acadia Pro-Rata Share of Debt 2** | **Acadia Pro-Rata Share of Debt 2** | **Acadia Pro-Rata Share of Debt 2** | **Acadia Pro-Rata Share of Debt 2** | **Acadia Pro-Rata Share of Debt 2** | **Acadia Pro-Rata Share of Debt 2** | **Acadia Pro-Rata Share of Debt 2** | **Acadia Pro-Rata Share of Debt 2** | **Acadia Pro-Rata Share of Debt 2** |  |  |  |
|  | **Core Portfolio** | **Core Portfolio** | **Core Portfolio** | **Funds** | **Funds** | **Funds** | **Total** | **Total** | **Total** | **Total** | **Reconciliation to Consolidated Debt as Reported** | **Reconciliation to Consolidated Debt as Reported** | **Reconciliation to Consolidated Debt as Reported** |
| **Unsecured Debt** | **Principal<br>Balance** | **Interest<br>Rate** | **WA Years <br>to<br>Maturity 6** | **Principal<br>Balance** | **Interest<br>Rate** | **WA Years<br>to<br>Maturity 6** | **Principal<br>Balance** | **%** | **Interest<br>Rate** | **WA Years <br>to<br>Maturity 6** | **Add: <br>Noncontrolling<br>Interest Share<br>of Debt 3** | **Less: Pro-rata<br>Share of<br>Unconsolidated<br>Debt 4** | **Acadia<br>Consolidated<br>Debt as<br>Reported** |
| Fixed-Rate Debt 1 | $806000 | 4.2% | 3.8 | $— |  |  | $806000 | 57% | 4.2% | 3.8 | $— | $— | $806000 |
| Variable-Rate Debt 5 | 12287 | 5.8% | 2.5 | 10293 | 6.2% | 0.3 | 22580 | 2% | 6.0% | 1.5 | 40917 |  | 63497 |
|  |  |  |  |  |  |  |  | **59%** |  |  |  |  |  |
| **Mortgage and Other Notes Payable** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Fixed-Rate Debt 1 | 314317 | 4.2% | 3.5 | 125004 | 4.3% | 1.7 | 439321 | 31% | 4.2% | 3.0 | 339823 | (144371) | 634773 |
| Variable-Rate Debt 5 | 16837 | 5.9% | 0.6 | 129764 | 7.0% | 2.2 | 146601 | 10% | 6.9% | 2.0 | 203037 | (48494) | 301144 |
|  |  |  |  |  |  |  |  | **41%** |  |  |  |  |  |
| **Total** | $**1149441** | **4.2%** | **3.7** | $**265061** | **5.7%** | **1.9** | $**1414502** | **100%** | **4.5%** | **3.3** | $**583777** | $**(192865)** | **1805414** |
| Unamortized premium |  |  |  |  |  |  | 577 |  |  |  |  |  | 343 |
| Net unamortized loan costs | Net unamortized loan costs |  |  |  |  |  | (10077) |  |  |  |  |  | (12697) |
| Total |  |  |  |  |  |  | $**1405002** |  |  |  |  |  | $**1793060** |

---

_________

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

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

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

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

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

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

&nbsp;&nbsp;26<br>

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_18.jpg](img226721374_18.jpg) <br>| **Portfolio Debt – Detail** |
| &nbsp;&nbsp;Supplemental Report – December 31, 2022 | &nbsp;&nbsp;(in thousands)<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Principal<br>Balance at** | **Acadia's Pro-rata Share** | **Acadia's Pro-rata Share** | **Interest** |  | **Extension** |
| **Property** |  | **December 31, 2022** | **Percent** | **Amount** | **Rate** | **Maturity** | **Options** |
| **<u>CORE PORTFOLIO</u>** |  |  |  |  |  |  |  |
| **<u>Fixed-Rate Debt</u>** |  |  |  |  |  |  |  |
| 163 Highland Avenue |  | $7689 | 100.00% | 7689 | 4.66% | 02/01/24 |  |
| Crossroads Shopping Center |  | 60873 | 49.00% | 29828 | 3.94% | 10/06/24 |  |
| 555 9th Street |  | 60000 | 100.00% | 60000 | 3.99% | 01/01/25 |  |
| 840 N. Michigan |  | 73500 | 88.43% | 64996 | 4.36% | 02/10/25 |  |
| 239 Greenwich Avenue |  | 26000 | 75.00% | 19500 | 4.00% | 07/10/27 |  |
| Georgetown Portfolio (2008 Investment) |  | 14920 | 50.00% | 7460 | 4.72% | 12/10/27 |  |
| State & Washington |  | 22051 | 100.00% | 22051 | 4.40% | 09/05/28 |  |
| North & Kingsbury |  | 10891 | 100.00% | 10891 | 4.01% | 11/05/29 |  |
| 151 North State Street |  | 12570 | 100.00% | 12570 | 4.03% | 12/01/29 |  |
| Concord & Milwaukee |  | 2394 | 100.00% | 2394 | 4.40% | 06/01/30 |  |
| California & Armitage |  | 2243 | 100.00% | 2243 | 5.89% | 04/15/35 |  |
| Unsecured interest rate swaps 1 |  | 806000 | 100.00% | 806000 | 4.19% | Various |  |
| Secured interest rate swaps 1 |  | 147745 | 50.56% | 74695 | 4.26% | Various |  |
| **Sub-Total Fixed-Rate Debt** |  | **1246876** |  | **1120317** | **4.20%** |  |  |
| **<u>Secured Variable-Rate Debt</u>** |  |  |  |  |  |  |  |
| Gotham Plaza |  | 17745 | 49.00% | 8695 | LIBOR+160 | 06/10/23 |  |
| Georgetown Portfolio (2016 Investment) |  | 160000 | 20.00% | 32000 | LIBOR+170 | 08/01/23 |  |
| 3104 M Street 2 |  | 4186 | 20.00% | 837 | Prime+0 | 01/01/24 |  |
| Sullivan Center |  | 50000 | 100.00% | 50000 | LIBOR+150 | 11/16/28 |  |
| Secured interest rate swaps 1 |  | (147745) | 50.56% | (74695) | 4.26% | Various |  |
| **<u>Unsecured Variable-Rate Debt</u>** |  |  |  |  |  |  |  |
| Unsecured Line of Credit 3 |  | 168287 | 100.00% | 168287 | SOFR+150 | 06/29/25 | 2 x 6 mos. |
| Unsecured Term Loan |  | 400000 | 100.00% | 400000 | SOFR+165 | 06/29/26 |  |
| Unsecured $175 Million Term Loan |  | 175000 | 100.00% | 175000 | SOFR+160 | 04/06/27 |  |
| Unsecured $75 Million Term Loan |  | 75000 | 100.00% | 75000 | SOFR+205 | 07/29/29 |  |
| Unsecured interest rate swaps 1 |  | (806000) | 100.00% | (806000) | 4.19% | Various |  |
| **Sub-Total Variable-Rate Debt** |  | **96473** |  | **29124** | LIBOR+173 |  |  |
| **Total Debt - Core Portfolio** |  | $**1343349** |  | $**1149441** | **4.24%** |  |  |
| **<u>Funds</u>** |  |  |  |  |  |  |  |
| **<u>Fixed-Rate Debt</u>** |  |  |  |  |  |  |  |
| Canton Marketplace | Fund V | $31801 | 20.10% | 6392 | 3.35% | 05/01/23 |  |
| 2207 Fillmore Street 4 | Fund IV | 1120 | 20.80% | 233 | 4.50% | 10/31/25 |  |
| 650 Bald Hill Road 4 | Fund IV | 15807 | 20.81% | 3289 | 3.75% | 06/01/26 |  |
| Interest rate swaps 1 | Funds II, IV & V | 485965 | 23.68% | 115090 | 4.35% | Various |  |
| **Sub-Total Fixed-Rate Debt** |  | **534693** |  | **125004** | **4.28%** |  |  |
| **<u>Variable-Rate Debt</u>** |  |  |  |  |  |  |  |
| New Towne Center | Fund V | 14716 | 20.10% | 2958 | LIBOR+220 | 02/01/23 |  |
| Eden Square 4 | Fund IV | 22167 | 22.78% | 5050 | SOFR+235 | 03/01/23 |  |
| Broughton Street Portfolio | Fund IV | 25439 | 23.12% | 5881 | SOFR+310 | 04/28/23 |  |

---

&nbsp;&nbsp;27<br>

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_18.jpg](img226721374_18.jpg) <br>| **Portfolio Debt – Detail** |
| &nbsp;&nbsp;Supplemental Report – December 31, 2022 | &nbsp;&nbsp;(in thousands)<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Principal<br>Balance at** | **Acadia's Pro-rata Share** | **Acadia's Pro-rata Share** | **Interest** |  | **Extension** |
| **Property** |  | **December 31, 2022** | **Percent** | **Amount** | **Rate** | **Maturity** | **Options** |
| Acadia Strategic Opportunity Fund V LLC | Fund V | 51210 | 20.10% | 10293 | SOFR+187 | 05/01/23 | 1x12 mos. |
| Fairlane Green | Fund V | 32877 | 20.10% | 6608 | LIBOR+190 | 06/05/23 |  |
| Trussville Promenade | Fund V | 28831 | 20.10% | 5795 | LIBOR+185 | 06/15/23 |  |
| 640 Broadway 4 | Fund III | 35970 | 24.54% | 8827 | SOFR+335 | 07/09/23 |  |
| 146 Geary Street | Fund IV | 19338 | 23.12% | 4471 | LIBOR+365 | 07/15/23 |  |
| Restaurants at Fort Point | Fund IV | 5855 | 23.12% | 1354 | SOFR+245 | 11/25/23 |  |
| 717 N. Michigan Avenue | Fund IV | 48500 | 23.12% | 11213 | SOFR+318 | 12/09/23 |  |
| Acadia Strategic Opportunity IV LLC | Fund IV | 39200 | 23.12% | 9063 | SOFR+256 | 12/29/23 |  |
| Elk Grove Commons | Fund V | 40990 | 20.10% | 8239 | LIBOR+150 | 01/11/24 |  |
| Hiram Pavilion | Fund V | 28341 | 20.10% | 5697 | LIBOR+190 | 03/05/24 |  |
| Hickory Ridge | Fund V | 28351 | 20.10% | 5699 | LIBOR+190 | 10/05/24 |  |
| Tri-City Plaza 4 | Fund V | 38594 | 18.09% | 6982 | LIBOR+190 | 10/18/24 | 1 x 12 mos. |
| Landstown Commons | Fund V | 60742 | 20.10% | 12209 | SOFR+180 | 10/24/24 |  |
| Lincoln Commons | Fund V | 38722 | 20.10% | 7783 | SOFR+180 | 10/24/24 |  |
| Palm Coast Landing | Fund V | 26409 | 20.10% | 5308 | LIBOR+175 | 11/01/24 |  |
| Frederick Crossing 4 | Fund V | 24237 | 18.09% | 4384 | LIBOR+175 | 12/02/24 | 1 x 12 mos. |
| Plaza Santa Fe | Fund V | 22893 | 20.10% | 4601 | SOFR+200 | 12/20/24 |  |
| Paramus Plaza 4 | Fund IV | 28521 | 11.56% | 3297 | SOFR+236 | 12/28/24 | 2 x 12 mos. |
| Frederick County Square 4 | Fund V | 22389 | 18.09% | 4050 | LIBOR+240 | 01/01/25 | 1 x 12 mos. |
| Wood Ridge Plaza4 | Fund V | 32338 | 18.09% | 5850 | Prime+013 | 03/21/25 | 2 x 12 mos. |
| Midstate Mall | Fund V | 42400 | 20.10% | 8522 | SOFR+250 | 04/28/25 | 2 x 12 mos. |
| City Point 4 | Fund II | 133655 | 58.06% | 77597 | SOFR+261 | 08/01/25 | 1 x 12 mos. |
| 1964 Union Street 4 | Fund IV | 1381 | 20.80% | 287 | LIBOR+225 | 10/01/25 |  |
| 2208-2216 Fillmore Street 4 | Fund IV | 5398 | 20.80% | 1123 | LIBOR+225 | 06/01/26 |  |
| Monroe Marketplace | Fund V | 29150 | 20.10% | 5859 | SOFR+276 | 11/12/26 |  |
| La Frontera Village4 | Fund V | 55500 | 18.09% | 10040 | SOFR+261 | 06/10/27 |  |
| Riverdale 4 | Fund V | 33977 | 17.97% | 6107 | SOFR+246 | 11/01/27 |  |
| Interest rate swaps 1 | Funds II, IV & V | (485965) | 23.68% | (115090) | 4.35% | Various |  |
| **Sub-Total Variable-Rate Debt** |  | **532126** |  | **140057** | **LIBOR+278** |  |  |
| **Total Debt - Funds** |  | **1066819** |  | **265061** | **4.36%** |  |  |
| **Total Debt - Core Portfolio and Funds** |  | $**2410168** |  | $**1414502** | **4.26%** |  |  |

---

_________

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

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

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

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

&nbsp;&nbsp;28<br>

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_19.jpg](img226721374_19.jpg) <br>| **Future Debt Maturities 1** |
| &nbsp;&nbsp;Supplemental Report – December 31, 2022 | &nbsp;&nbsp;(in thousands) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Core Portfolio** | **Contractual Debt Maturities** | **Contractual Debt Maturities** | **Contractual Debt Maturities** | **Acadia's Pro-Rata Share** | **Acadia's Pro-Rata Share** | **Acadia's Pro-Rata Share** | **Weighted Average Effective Interest Rate** | **Weighted Average Effective Interest Rate** | **Weighted Average Effective Interest Rate** |
|  |  |  |  |  |  |  |  | Fixed- |  |
|  | Scheduled |  |  | Scheduled |  |  | Total | Rate | Variable- |
| Year | Amortization | Maturities | Total | Amortization | Maturities | Total | Debt | Debt | Rate Debt |
| 2023 | $4177 | $177496 | $181673 | $3076 | $40573 | $43649 | 4.08% | 4.08% | n/a |
| 2024 | 3370 | 69855 | 73225 | 2565 | 36756 | 39321 | 4.16% | 4.09% | 7.50% |
| 2025 | 2571 | 301787 | 304358 | 2264 | 293283 | 295547 | 4.13% | 4.13% | n/a |
| 2026 | 2920 | 400000 | 402920 | 2542 | 400000 | 402542 | 4.09% | 4.09% | n/a |
| 2027 | 2728 | 212538 | 215266 | 2424 | 200053 | 202477 | 4.03% | 4.03% | n/a |
| Thereafter | 4336 | 161571 | 165907 | 4334 | 161571 | 165905 | 4.43% | 4.43% | n/a |
| **Total** | $**20102** | $**1323247** | $**1343349** | $**17205** | $**1132236** | $**1149441** |  |  |  |
| **Funds** | **Contractual Debt Maturities** | **Contractual Debt Maturities** | **Contractual Debt Maturities** | **Acadia's Pro-Rata Share** | **Acadia's Pro-Rata Share** | **Acadia's Pro-Rata Share** | **Weighted Average Effective Interest Rate** | **Weighted Average Effective Interest Rate** | **Weighted Average Effective Interest Rate** |
|  |  |  |  |  |  |  |  | Fixed- |  |
|  | Scheduled |  |  | Scheduled |  |  | Total | Rate | Variable- |
| Year | Amortization | Maturities | Total | Amortization | Maturities | Total | Debt | Debt | Rate Debt |
| 2023 | $7372 | $355125 | $362497 | $1431 | $77740 | $79171 | 6.16% | 4.27% | 6.89% |
| 2024 | 5322 | 328685 | 334007 | 1001 | 62473 | 63474 | 3.64% | 3.50% | 6.43% |
| 2025 | 1289 | 231566 | 232855 | 250 | 96226 | 96476 | 6.32% | 4.75% | 6.56% |
| 2026 | 829 | 48345 | 49174 | 156 | 9853 | 10009 | 5.85% | 3.75% | 6.76% |
| 2027 | 506 | 87780 | 88286 | 90 | 15841 | 15931 | 6.42% | n/a | 6.42% |
| Thereafter |  |  |  |  |  |  | n/a | n/a | n/a |
| **Total** | $**15318** | $**1051501** | $**1066819** | $**2928** | $**262133** | $**265061** |  |  |  |

---

__________

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

&nbsp;&nbsp;29<br>

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_20.jpg](img226721374_20.jpg) <br>| **Future Debt Maturities – As Extended 1** |
| &nbsp;&nbsp;Supplemental Report – December 31, 2022 | &nbsp;&nbsp;(in thousands) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Core Portfolio** | **Extended Debt Maturities 1** | **Extended Debt Maturities 1** | **Extended Debt Maturities 1** | **Acadia's Pro-Rata Share** | **Acadia's Pro-Rata Share** | **Acadia's Pro-Rata Share** | **Weighted Average Interest Rate** | **Weighted Average Interest Rate** | **Weighted Average Interest Rate** |
|  |  |  |  |  |  |  |  | Fixed- |  |
|  | Scheduled |  |  | Scheduled |  |  | Total | Rate | Variable- |
| Year | Amortization | Maturities | Total | Amortization | Maturities | Total | Debt | Debt | Rate Debt |
| 2023 | $4177 | $177496 | $181673 | $3076 | $40573 | $43649 | 3.93% | 3.93% | n/a |
| 2024 | 3370 | 69855 | 73225 | 2565 | 36756 | 39321 | 4.23% | 4.02% | 7.50% |
| 2025 | 2571 | 133500 | 136071 | 2264 | 124996 | 127260 | 4.19% | 4.19% | n/a |
| 2026 | 2920 | 568287 | 571207 | 2542 | 568287 | 570829 | 4.09% | 4.09% | n/a |
| 2027 | 3001 | 187402 | 190403 | 2628 | 181201 | 183829 | 4.06% | 4.06% | n/a |
| Thereafter | 6428 | 184342 | 190770 | 5905 | 178648 | 184553 | 4.38% | 4.38% | n/a |
| **Total** | $**22467** | $**1320882** | $**1343349** | $**18980** | $**1130461** | $**1149441** |  |  |  |
| **Funds** | **Extended Debt Maturities 1** | **Extended Debt Maturities 1** | **Extended Debt Maturities 1** | **Acadia's Pro-Rata Share** | **Acadia's Pro-Rata Share** | **Acadia's Pro-Rata Share** | **Weighted Average Interest Rate** | **Weighted Average Interest Rate** | **Weighted Average Interest Rate** |
|  |  |  |  |  |  |  |  | Fixed- |  |
|  | Scheduled |  |  | Scheduled |  |  | Total | Rate | Variable- |
| Year | Amortization | Maturities | Total | Amortization | Maturities | Total | Debt | Debt | Rate Debt |
| 2023 | $7372 | $303915 | $311287 | $1432 | $67447 | $68879 | 6.16% | 4.27% | 7.05% |
| 2024 | 5321 | 291189 | 296510 | 1001 | 58529 | 59530 | 4.03% | 3.57% | 6.16% |
| 2025 | 1289 | 63371 | 64660 | 250 | 11528 | 11778 | 3.21% | 3.13% | 6.39% |
| 2026 | 830 | 231408 | 232238 | 157 | 94578 | 94735 | 6.31% | 3.89% | 6.50% |
| 2027 | 507 | 161617 | 162124 | 91 | 30048 | 30139 | 6.28% | 5.11% | 6.74% |
| Thereafter |  |  |  |  |  |  | n/a | n/a | n/a |
| **Total** | $**15319** | $**1051500** | $**1066819** | $**2931** | $**262130** | $**265061** |  |  |  |

---

__________

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

&nbsp;&nbsp;30<br>

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_20.jpg](img226721374_20.jpg) <br>| **Interest Rate Summary 1** |
| &nbsp;&nbsp;Supplemental Report – December 31, 2022 | &nbsp;&nbsp;(in thousands) |

---

---

| | | |
|:---|:---|:---|
| **Core Portfolio** |  |  |
|  | Acadia's Pro-rata | Weighted Average |
| Maturity Year | Notional Balance | Fixed Rate on Swap 2 |
| 2023 | $74695 | 2.27% |
| 2024 | N/A | N/A |
| 2025 | 25000  | 2.24% |
| 2026 | 6000  | 2.40% |
| 2027 | 275000  | 2.57% |
| 2028 | 100000  | 2.92% |
| 2029 | 275000  | 2.68% |
| 2030 | 125000  | 2.93% |
| **Total** | **$880695** | **2.66%** |
| **Funds** |  |  |
|  | Acadia's Pro-rata | Weighted Average |
| Year | Notional Balance | Fixed Rate on Swap 2 |
| 2023 | $17790 | 2.38% |
| 2024 | 46965  | 1.34% |
| 2025 | 11256  | 2.36% |
| 2026 | N/A | N/A |
| 2027 | 10050  | 3.36% |
| 2028 | N/A | N/A |
| 2029 | 29029  | 3.23% |
| 2030 | N/A | N/A |
| **Total** | **$115090** | **2.26%** |

---

__________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Includes the Company's pro-rata share of consolidated and unconsolidated interest rate swaps.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Represents strike rate.

&nbsp;&nbsp;31<br>

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_21.jpg](img226721374_21.jpg) <br>| **Core Portfolio Retail Properties – Detail 1** |
| &nbsp;&nbsp;Supplemental Report – December 31, 2022 |  |

---

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Year** | **Acadia's** | **Gross Leasable Area (GLA)** | **Gross Leasable Area (GLA)** | **Gross Leasable Area (GLA)** | **Gross Leasable Area (GLA)** | **In Place Occupancy** | **In Place Occupancy** | **In Place Occupancy** | **In Place Occupancy** | **Leased<br>Occupancy** | **Annualized<br>Base Rent** | **ABR** |
| **Property** | **Key Tenants** | **Acquired** | **Interest** | **Street** | **Anchors** | **Shops** | **Total** | **Street** | **Anchors** | **Shops** | **Total** | **Total** | **(ABR)** | **PSF** |
| **STREET AND URBAN RETAIL** | **STREET AND URBAN RETAIL** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **<u>Chicago Metro</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 664 N. Michigan Avenue | Tommy Bahama, <br> Ann Taylor Loft | 2013 | 100.0% | 18141 |  |  | 18141 | 100.0% | —% | —% | 100.0% | 100.0% | $3350038 | $184.67 |
| 840 N. Michigan Avenue | H & M, Verizon<br> Wireless | 2014 | 88.4% | 87135 |  |  | 87135 | 100.0% | —% | —% | 100.0% | 100.0% | 8521951 | 97.80 |
| Rush and Walton Streets <br> Collection (6 properties) | Lululemon, BHLDN, <br> Reformation, <br> Sprinkles | 2011<br> 2012 | 100.0% | 40384 |  |  | 40384 | 88.2% | —% | —% | 88.2% | 88.2% | 6996440 | 196.50 |
| Clark Street and W. Diversey <br> Collection (4 properties) | Starbucks;TJ Maxx; J Crew Factory | 2011<br>2012 | 100.0% | 53277 |  |  | 53277 | 68.3% | —% | —% | 68.3% | 78.0% | 1452248 | 39.93 |
| Halsted and Armitage <br> Collection (13 properties) | Serena and Lily, <br> Bonobos, Allbirds<br> Warby Parker, <br> Marine Layer, <br> Kiehl's | 2011 <br>2012 <br>2019 <br>2020 | 100.0% | 51596 |  |  | 51596 | 97.6% | —% | —% | 97.6% | 100.0% | 2493561 | 49.52 |
| North Lincoln Park Chicago <br> Collection (6 properties) | Champion,<br> Carhartt | 2011<br>2014 | 100.0% | 22125 |  | 27796 | 49921 | 27.7% | —% | 100.0% | 67.9% | 67.9% | 1065847 | 31.42 |
| State and Washington | Nordstrom Rack, <br> Uniqlo | 2016 | 100.0% | 78771 |  |  | 78771 | 100.0% | —% | —% | 100.0% | 100.0% | 3364962 | 42.72 |
| 151 N. State Street | Walgreens | 2016 | 100.0% | 27385 |  |  | 27385 | 100.0% | —% | —% | 100.0% | 100.0% | 1573000 | 57.44 |
| North and Kingsbury | Old Navy, Backcountry | 2016 | 100.0% | 41791 |  |  | 41791 | 100.0% | —% | —% | 100.0% | 100.0% | 1845756 | 44.17 |
| Concord and Milwaukee |  | 2016 | 100.0% | 13147 |  |  | 13147 | 80.8% | —% | —% | 80.8% | 100.0% | 359012 | 33.79 |
| California and Armitage |  | 2016 | 100.0% |  |  | 18275 | 18275 | —% | —% | 78.8% | 78.8% | 78.8% | 725404 | 50.40 |
| Roosevelt Galleria | Petco, Vitamin <br> Shoppe | 2015 | 100.0% |  |  | 37995 | 37995 | —% | —% | 63.4% | 63.4% | 89.7% | 698674 | 29.02 |
| Sullivan Center | Target | 2016 | 100.0% | 176181 |  |  | 176181 | 78.9% | —% | —% | 78.9% | 78.9% | 5023101 | 36.14 |
|  |  |  |  | 609933 |  | 84066 | 693999 | 87.1% | —% | 78.8% | 86.1% | 88.8% | 37469994 | 62.71 |
| **<u>New York Metro</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Soho Collection<br> (12 properties) | Faherty, Outerknown, <br> ALC, Stone Island, Taft, Frame, Theory,<br> Bang & Olufsen | 2011 <br>2014 <br>2019 <br>2020 <br>2022 | 100.0% | 36389 |  |  | 36389 | 73.8% | —% | —% | 73.8% | 90.7% | 9137418 | 340.36 |
| 5-7 East 17th Street |  | 2008 | 100.0% | 8593 |  |  | 8593 | —% | —% | —% | —% | 47.5% |  |  |
| 200 West 54th Street |  | 2007 | 100.0% | 5862 |  |  | 5862 | 100.0% | —% | —% | 100.0% | 100.0% | 1569139 | 267.68 |

---

&nbsp;&nbsp;32<br>

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_21.jpg](img226721374_21.jpg) <br>| **Core Portfolio Retail Properties – Detail 1** |
| &nbsp;&nbsp;Supplemental Report – December 31, 2022 |  |

---

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Year** | **Acadia's** | **Gross Leasable Area (GLA)** | **Gross Leasable Area (GLA)** | **Gross Leasable Area (GLA)** | **Gross Leasable Area (GLA)** | **In Place Occupancy** | **In Place Occupancy** | **In Place Occupancy** | **In Place Occupancy** | **Leased<br>Occupancy** | **Annualized<br>Base Rent** | **ABR** |
| **Property** | **Key Tenants** | **Acquired** | **Interest** | **Street** | **Anchors** | **Shops** | **Total** | **Street** | **Anchors** | **Shops** | **Total** | **Total** | **(ABR)** | **PSF** |
| 61 Main Street |  | 2014 | 100.0% | 3470 |  |  | 3470 | 100.0% | —% | —% | 100.0% | 100.0% | 312925 | 90.18 |
| 181 Main Street | TD Bank | 2012 | 100.0% | 11514 |  |  | 11514 | 100.0% | —% | —% | 100.0% | 100.0% | 980044 | 85.12 |
| 4401 White Plains Road | Walgreens | 2011 | 100.0% |  | 12964 |  | 12964 | —% | 100.0% | —% | 100.0% | 100.0% | 625000 | 48.21 |
| Bartow Avenue |  | 2005 | 100.0% |  |  | 14590 | 14590 | —% | —% | 80.0% | 80.0% | 80.0% | 396697 | 33.97 |
| 239 Greenwich Avenue | Watches of Switzerland | 1998 | 75.0% | 16621 |  |  | 16621 | 100.0% | —% | —% | 100.0% | 100.0% | 1793298 | 107.89 |
| 252-256 Greenwich Avenue | Veronica Beard, <br> The RealReal, <br> Blue Mercury | 2014 | 100.0% | 7986 |  |  | 7986 | 100.0% | —% | —% | 100.0% | 100.0% | 910725 | 114.04 |
| 2914 Third Avenue | Planet Fitness | 2006 | 100.0% |  | 21650 | 18953 | 40603 | —% | 100.0% | 100.0% | 100.0% | 100.0% | 1099431 | 27.08 |
| 868 Broadway | Dr. Martens | 2013 | 100.0% | 2031 |  |  | 2031 | 100.0% | —% | —% | 100.0% | 100.0% | 838855 | 413.03 |
| 313-315 Bowery 2 | John Varvatos | 2013 | 100.0% | 6600 |  |  | 6600 | 100.0% | —% | —% | 100.0% | 100.0% | 527076 | 79.86 |
| 120 West Broadway | Citizens Bank | 2013 | 100.0% | 13838 |  |  | 13838 | 79.8% | —% | —% | 79.8% | 100.0% | 2089073 | 189.25 |
| 2520 Flatbush Avenue | Bob's Disc. Furniture,<br> Capital One | 2014 | 100.0% |  |  | 29114 | 29114 | —% | —% | 100.0% | 100.0% | 100.0% | 1181175 | 40.57 |
| Williamsburg Collection 3 | Sephora, SweetGreen,<br> Levain Bakery | 2022 | 100.0% | 50842 |  |  | 50842 | 100.0% | —% |  | 100.0% | 100.0% | 5027426 | 98.88 |
| 991 Madison Avenue | Vera Wang, <br> Gabriella Hearst | 2016 | 100.0% | 7513 |  |  | 7513 | 91.1% | —% | —% | 91.1% | 91.1% | 3007496 | 439.24 |
| Shops at Grand | Stop & Shop (Ahold) | 2014 | 100.0% |  | 52336 | 47349 | 99685 | —% | 100.0% | 100.0% | 100.0% | 100.0% | 3335287 | 33.46 |
| Gotham Plaza | Bank of America,<br> Footlocker, Taco Bell | 2016 | 49.0% |  |  | 25922 | 25922 | —% | —% | 73.9% | 73.9% | 91.6% | 1588117 | 82.91 |
|  |  |  |  | 171259 | 86950 | 135928 | 394137 | 87.4% | 100.0% | 92.9% | 92.1% | 96.5% | 34419182 | 94.86 |
| **<u>Los Angeles Metro</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 8833 Beverly Blvd | Luxury Living | 2022 | 100.0% | 9757 |  |  | 9757 | 100.0% | —% | —% | 100.0% | 100.0% | 1272860 | 130.46 |
| Melrose Place Collection | The Row, Chloe, <br> Oscar de la Renta | 2019 | 100.0% | 14000 |  |  | 14000 | 100.0% | —% | —% | 100.0% | 100.0% | 2677460 | 191.25 |
|  |  |  |  | 23757 |  |  | 23757 | 100.0% | —% | —% | 100.0% | 100.0% | 3950320 | 166.28 |
| **<u>District of Columbia Metro</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1739-53 & 1801-03 <br> Connecticut Avenue | TD Bank | 2012 | 100.0% | 20669 |  |  | 20669 | 66.7% | —% | —% | 66.7% | 66.7% | 875265 | 63.53 |
| 14th Street Collection (3 properties) | Mitchell Gold and Bob Williams, Verizon | 2021 | 100.0% | 19461 |  |  | 19461 | 100.0% | —% | —% | 100.0% | 100.0% | 1410882 | 72.50 |
| Rhode Island Place <br> Shopping Center | Ross Dress for Less | 2012 | 100.0% |  | 25134 | 32533 | 57667 | —% | 100.0% | 100.0% | 100.0% | 100.0% | 2080617 | 36.08 |

---

&nbsp;&nbsp;33<br>

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_21.jpg](img226721374_21.jpg) <br>| **Core Portfolio Retail Properties – Detail 1** |
| &nbsp;&nbsp;Supplemental Report – December 31, 2022 |  |

---

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Year** | **Acadia's** | **Gross Leasable Area (GLA)** | **Gross Leasable Area (GLA)** | **Gross Leasable Area (GLA)** | **Gross Leasable Area (GLA)** | **In Place Occupancy** | **In Place Occupancy** | **In Place Occupancy** | **In Place Occupancy** | **Leased<br>Occupancy** | **Annualized<br>Base Rent** | **ABR** |
| **Property** | **Key Tenants** | **Acquired** | **Interest** | **Street** | **Anchors** | **Shops** | **Total** | **Street** | **Anchors** | **Shops** | **Total** | **Total** | **(ABR)** | **PSF** |
| M Street and Wisconsin Corridor <br> (26 Properties) 4 | Lululemon, Duxiana,<br>Rag and Bone, <br>Reformation, Glossier, Showfields | 2011 <br>2016 <br>2019 | 24.8% | 245249 |  |  | 245249 | 82.1% | —% | —% | 82.1% | 87.9% | 12867936 | 63.88 |
|  |  |  |  | 285379 | 25134 | 32533 | 343046 | 82.2% | 100.0% | 100.0% | 85.2% | 89.4% | 17234700 | 58.95 |
| **<u>Boston Metro</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 165 Newbury Street | Starbucks | 2016 | 100.0% | 1050 |  |  | 1050 | 100.0% | —% | —% | 100.0% | 100.0% | 303471 | 289.02 |
|  |  |  |  | 1050 |  |  | 1050 | 100.0% |  |  | 100.0% | 100.0% | 303471 | 289.02 |
| **<u>Dallas Metro</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Henderson Avenue Portfolio (14 properties) | Sprouts Market | 2022 | 100.0% | 90080 | 31635 |  | 121715 | 88.9% | 100.0% | —% | 91.8% | 93.1% | 4379233 | 39.20 |
| **Total Street and Urban Retail** | **Total Street and Urban Retail** |  |  | **1181458** | **143719** | **252527** | **1577704** | **86.4%** | **100.0%** | **89.1%** | **88.1%** | **91.4%** | $**97756900** | $**70.37** |
| **Acadia Share Total Street and Urban Retail** | **Acadia Share Total Street and Urban Retail** |  |  | **982693** | **143719** | **239307** | **1365719** | **87.2%** | **100.0%** | **90.0%** | **89.0%** | **91.8%** | $**86404051** | $**71.07** |
| **SUBURBAN PROPERTIES** | **SUBURBAN PROPERTIES** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **<u>New Jersey</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Elmwood Park Shopping Center | Walgreens, Lidl | 1998 | 100.0% |  | 43531 | 100379 | 143910 | —% | 100.0% | 76.6% | 83.7% | 100.0% | 3245133 | 26.95 |
| Marketplace of Absecon | Walgreens, Dollar Tree | 1998 | 100.0% |  | 46724 | 57832 | 104556 | —% | 100.0% | 85.9% | 92.2% | 92.2% | 1488815 | 15.44 |
| **<u>New York</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Village Commons <br> Shopping Center |  | 1998 | 100.0% |  |  | 87128 | 87128 | —% | —% | 92.1% | 92.1% | 92.1% | 2765190 | 34.44 |
| Branch Plaza | LA Fitness, <br> The Fresh Market | 1998 | 100.0% |  | 76264 | 47081 | 123345 | —% | 100.0% | 96.9% | 98.8% | 98.8% | 3532225 | 28.98 |
| Amboy Center | Stop & Shop (Ahold) | 2005 | 100.0% |  | 37266 | 26024 | 63290 | —% | 100.0% | 71.9% | 88.4% | 92.2% | 1924058 | 34.38 |
| Crossroads Shopping Center | HomeGoods, PetSmart, BJ's Wholesale Club | 1998 | 49.0% |  | 202727 | 108928 | 311655 | —% | 100.0% | 57.9% | 85.3% | 88.5% | 8154634 | 30.68 |
| New Loudon Center | Price Chopper,<br> Marshalls | 1993 | 100.0% |  | 242058 | 16643 | 258701 | —% | 94.8% | 100.0% | 95.2% | 95.2% | 2249812 | 9.14 |
| 28 Jericho Turnpike | Kohl's | 2012 | 100.0% |  | 96363 |  | 96363 | —% | 100.0% | —% | 100.0% | 100.0% | 1996500 | 20.72 |
| Bedford Green | Shop Rite, CVS | 2014 | 100.0% |  | 37981 | 52608 | 90589 | —% | 100.0% | 57.1% | 75.1% | 75.1% | 2366064 | 34.79 |
| **<u>Connecticut</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Town Line Plaza 5 | Wal-Mart, Stop <br> & Shop (Ahold) | 1998 | 100.0% |  | 163159 | 42930 | 206089 | —% | 100.0% | 87.2% | 97.3% | 97.3% | 1807822 | 17.07 |
| **<u>Massachusetts</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Methuen Shopping Center | Wal-Mart, <br> Market Basket | 1998 | 100.0% |  | 120004 | 10017 | 130021 | —% | 100.0% | 100.0% | 100.0% | 100.0% | 1467752 | 11.29 |

---

&nbsp;&nbsp;34<br>

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_21.jpg](img226721374_21.jpg) <br>| **Core Portfolio Retail Properties – Detail 1** |
| &nbsp;&nbsp;Supplemental Report – December 31, 2022 |  |

---

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Year** | **Acadia's** | **Gross Leasable Area (GLA)** | **Gross Leasable Area (GLA)** | **Gross Leasable Area (GLA)** | **Gross Leasable Area (GLA)** | **In Place Occupancy** | **In Place Occupancy** | **In Place Occupancy** | **In Place Occupancy** | **Leased<br>Occupancy** | **Annualized<br>Base Rent** | **ABR** |
| **Property** | **Key Tenants** | **Acquired** | **Interest** | **Street** | **Anchors** | **Shops** | **Total** | **Street** | **Anchors** | **Shops** | **Total** | **Total** | **(ABR)** | **PSF** |
| Crescent Plaza | Home Depot, Shaw's<br> (Supervalu) | 1993 | 100.0% |  | 156985 | 61163 | 218148 | —% | 100.0% | 85.7% | 96.0% | 100.0% | 2066246 | 9.87 |
| 201 Needham Street | Michael's | 2014 | 100.0% |  | 20409 |  | 20409 | —% | 100.0% | —% | 100.0% | 100.0% | 646965 | 31.70 |
| 163 Highland Avenue | Staples, Petco | 2015 | 100.0% |  | 40505 |  | 40505 | —% | 100.0% | —% | 100.0% | 100.0% | 1490575 | 36.80 |
| **<u>Vermont</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| The Gateway Shopping Center | Shaw's (Supervalu) | 1999 | 100.0% |  | 73184 | 28290 | 101474 | —% | 100.0% | 94.9% | 98.6% | 98.6% | 2205414 | 22.05 |
| **<u>Illinois</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Hobson West Plaza | Garden Fresh <br> Markets | 1998 | 100.0% |  | 51692 | 47270 | 98962 | —% | 100.0% | 97.4% | 98.7% | 98.7% | 1394982 | 14.28 |
| **<u>Indiana</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Merrillville Plaza | Jo-Ann Fabrics, <br> TJ Maxx | 1998 | 100.0% |  | 123144 | 112782 | 235926 | —% | 82.3% | 75.1% | 78.8% | 92.8% | 2711118 | 14.57 |
| **<u>Michigan</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Bloomfield Town Square | HomeGoods, <br> TJ Maxx | 1998 | 100.0% |  | 153332 | 81619 | 234951 | —% | 100.0% | 98.2% | 99.4% | 99.4% | 4263415 | 18.26 |
| **<u>Delaware</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Town Center and Other <br> (2 properties) | Lowes, Bed Bath &<br> Beyond, Target | 2003 | 100.0% |  | 751455 | 48608 | 800063 | —% | 94.2% | 91.4% | 94.0% | 94.0% | 12980977 | 17.26 |
| Market Square Shopping Center | Trader Joe's, <br> TJ Maxx | 2003 | 100.0% |  | 42850 | 59197 | 102047 | —% | 100.0% | 100.0% | 100.0% | 100.0% | 3270246 | 32.05 |
| Naamans Road |  | 2006 | 100.0% |  |  | 19850 | 19850 | —% | —% | 63.9% | 63.9% | 63.9% | 698462 | 55.08 |
| **<u>Pennsylvania</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Mark Plaza | Kmart | 1993 | 100.0% |  | 104956 | 1900 | 106856 | —% | 100.0% | 100.0% | 100.0% | 100.0% | 246274 | 2.30 |
| Plaza 422 | Home Depot | 1993 | 100.0% |  | 139968 | 16311 | 156279 | —% | 100.0% | 100.0% | 100.0% | 100.0% | 909901 | 5.82 |
| Chestnut Hill |  | 2006 | 100.0% |  |  | 36492 | 36492 | —% | —% | 100.0% | 100.0% | 100.0% | 961735 | 26.35 |
| Abington Towne Center 6 | Target, TJ Maxx | 1998 | 100.0% |  | 184616 | 32255 | 216871 | —% | 100.0% | 100.0% | 100.0% | 100.0% | 1314679 | 22.19 |
| **Total Suburban Properties** | **Total Suburban Properties** |  |  |  | 2909173 | 1095307 | 4004480 | —% | 97.3% | 84.2% | 93.7% | 95.7% | $**66158994** | $18.83 |
| **Acadia Share Total Suburban Properties** | **Acadia Share Total Suburban Properties** |  |  | **—** | **2805782** | **1039754** | **3845536** | —% | **97.2%** | **85.6%** | **94.1%** | **95.9%** | $**62000131** | $**18.36** |
| **Total Core Properties** | **Total Core Properties** |  |  | **1181458** | **3052892** | **1347834** | **5582184** | **86.4%** | **97.4%** | **85.1%** | **92.1%** | **94.4%** | $**163915894** | $**33.40** |
| **Acadia Share Total Core Properties** | **Acadia Share Total Core Properties** |  |  | **982693** | **2949501** | **1279061** | **5211255** | **87.2%** | **97.3%** | **86.4%** | **92.7%** | **94.9%** | $**148404182** | $**32.29** |

---

&nbsp;&nbsp;35<br>

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_21.jpg](img226721374_21.jpg) <br>| **Core Portfolio Retail Properties – Detail 1** |
| &nbsp;&nbsp;Supplemental Report – December 31, 2022 |  |

---

__________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Excludes properties under development, redevelopment and pre-stabilized, see "[<u>Development and Redevelopment Activity</u>](#development_and_redevelopment_activity)" page of this Supplemental Report. The above occupancy and rent amounts do not include space which is currently leased, other than "leased occupancy," but for which rent payment has not yet commenced.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Excludes 94,000 square feet of office GLA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.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.

&nbsp;&nbsp;36<br>

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_22.jpg](img226721374_22.jpg) <br>| **Core Portfolio – Top Tenants 1** |
| &nbsp;&nbsp;Supplemental Report – December 31, 2022 | &nbsp;&nbsp;(Pro Rata Basis) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Number of** | **Combined** | **Combined** | **Percentage of Total** | **Percentage of Total** |
| **Tenant** | **Stores** | **GLA** | **ABR** | **GLA** | **ABR** |
| **Target** | **3** | **408895** | $**8126134** | **7.8%** | **5.5%** |
| **Walgreens** | **5** | **81763** | **3719187** | **1.6%** | **2.5%** |
| **Royal Ahold 2** | **3** | **155461** | **3475460** | **3.0%** | **2.3%** |
| **Bed, Bath, and Beyond** | **2** | **124432** | **3288661** | **2.4%** | **2.2%** |
| **Verizon** | **2** | **26054** | **2771219** | **0.5%** | **1.9%** |
| **TJX Companies 3** | **8** | **229043** | **2765292** | **4.4%** | **1.9%** |
| **PetSmart, Inc.** | **4** | **76257** | **2760241** | **1.5%** | **1.9%** |
| **Lululemon** | **2** | **7533** | **2614752** | **0.1%** | **1.8%** |
| **Trader Joe's** | **3** | **40862** | **2499318** | **0.8%** | **1.7%** |
| **Fast Retailing 4** | **2** | **32013** | **2387950** | **0.6%** | **1.6%** |
| Gap 5 | 3 | 44895 | 2191532 | 0.9% | 1.5% |
| Albertsons Companies**6** | 2 | 123409 | 1980640 | 2.4% | 1.3% |
| Bob's Discount Furniture | 2 | 68793 | 1843336 | 1.3% | 1.2% |
| Tapestry 7 | 2 | 4250 | 1696218 | 0.1% | 1.1% |
| Watches of Switzerland 8 | 2 | 13863 | 1624974 | 0.3% | 1.1% |
| Ulta Salon Cosmetic & Fragrance | 3 | 31497 | 1550757 | 0.6% | 1.0% |
| Dick's Sporting Goods, Inc | 2 | 98805 | 1519874 | 1.9% | 1.0% |
| Citibank | 4 | 16160 | 1337924 | 0.3% | 0.9% |
| The Home Depot | 2 | 187914 | 1307040 | 3.6% | 0.9% |
| Michael's | 2 | 45285 | 1219113 | 0.9% | 0.8% |
| **TOTAL** | **58** | **1817184** | $**50679622** | **35.0%** | **34.1%** |

---

__________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.In accordance with the Company's policy of not disclosing the terms of individual leases, this list does not include tenants that operate at only one Acadia Core location. The following tenants with single locations that would otherwise be included in our top 20 tenants are: H&M (840 N. Michigan), Lowe's (Brandywine), Tommy Bahama (664 N. Michigan), Kohl's (28 Jericho) and Bang & Olufsen (Soho).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Stop and Shop (3 locations)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.TJ Maxx (5 locations), HomeGoods (2 locations), Marshalls (1 location)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Uniqlo (1 location), Theory (1 location)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Old Navy (2 locations), Banana Republic (1 location)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Shaw's (2 locations)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Kate Spade (2 locations)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.Grand Seiko (1 location), Betteridge Jewelers (1 location)

&nbsp;&nbsp;37<br>

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_23.jpg](img226721374_23.jpg) <br>| **Core Portfolio – Lease Expirations** |
| &nbsp;&nbsp;Supplemental Report – December 31, 2022 | &nbsp;&nbsp;(Pro Rata Basis) |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Street Tenants** | **Street Tenants** | **Street Tenants** | **Street Tenants** | **Street Tenants** | **Anchor Tenants** | **Anchor Tenants** | **Anchor Tenants** | **Anchor Tenants** | **Anchor Tenants** |
|  |  | **GLA** | **GLA** | **ABR** | **ABR** |  | **GLA** | **GLA** | **ABR** | **ABR** |
|  | **Leases** | **Expiring** | **Percent** |  | **Percent** | **Leases** | **Expiring** | **Percent** |  | **Percent** |
| **Year** | **Expiring** | **SF** | **of Total** | **PSF** | **of Total** | **Expiring** | **SF** | **of Total** | **PSF** | **of Total** |
| **M to M 1** | 3 | 3843 | 0.4% | $31.75 | 0.2% |  |  | —% | $— | —% |
| **2023** | 21 | 113194 | 13.2% | 83.49 | 12.7% | 3 | 95734 | 3.7% | 15.63 | 3.8% |
| **2024** | 21 | 75096 | 8.8% | 88.24 | 8.9% | 12 | 425458 | 16.3% | 13.81 | 14.8% |
| **2025** | 24 | 109640 | 12.8% | 98.91 | 14.6% | 9 | 376598 | 14.4% | 19.14 | 18.1% |
| **2026** | 26 | 72896 | 8.5% | 137.95 | 13.5% | 9 | 404089 | 15.4% | 9.94 | 10.1% |
| **2027** | 14 | 26074 | 3.0% | 143.82 | 5.1% | 3 | 89025 | 3.4% | 18.18 | 4.1% |
| **2028** | 17 | 68050 | 7.9% | 136.08 | 12.5% | 9 | 513514 | 19.6% | 11.67 | 15.1% |
| **2029** | 16 | 47879 | 5.6% | 80.87 | 5.2% | 7 | 280589 | 10.7% | 16.81 | 11.9% |
| **2030** | 8 | 63747 | 7.4% | 61.16 | 5.3% |  |  |  |  |  |
| **2031** | 7 | 41177 | 4.8% | 68.81 | 3.8% | 2 | 50566 | 1.9% | 16.97 | 2.2% |
| **2032** | 18 | 56771 | 6.6% | 105.08 | 8.0% | 2 | 62382 | 2.4% | 12.53 | 2.0% |
| **Thereafter** | 9 | 178411 | 20.8% | 42.45 | 10.2% | 7 | 318388 | 12.2% | 22.59 | 17.9% |
| **Total** | **184** | **856778** | **100.0%** | $**86.67** | **100.0%** | **63** | **2616343** | **100.0%** | $**15.15** | **100.0%** |
| Anchor GLA Owned by Tenants | Anchor GLA Owned by Tenants |  |  |  |  |  | 254916 |  |  |  |
| Total Vacant | Total Vacant | 125915 |  |  |  |  | 78242 |  |  |  |
| **Total Square Feet** | **Total Square Feet** | **982693** |  |  |  |  | **2949501** |  |  |  |
|  | **Shop Tenants** | **Shop Tenants** | **Shop Tenants** | **Shop Tenants** | **Shop Tenants** | **Total Tenants** | **Total Tenants** | **Total Tenants** | **Total Tenants** | **Total Tenants** |
|  |  | **GLA** | **GLA** | **ABR** | **ABR** |  | **GLA** | **GLA** | **ABR** | **ABR** |
|  | **Leases** | **Expiring** | **Percent** |  | **Percent** | **Leases** | **Expiring** | **Percent** |  | **Percent** |
| **Year** | **Expiring** | **SF** | **of Total** | **PSF** | **of Total** | **Expiring** | **SF** | **of Total** | **PSF** | **of Total** |
| **M to M 1** | 1 | 1400 | 0.1% | $24.40 | 0.1% | 4 | 5243 | 0.1% | $29.78 | 0.1% |
| **2023** | 27 | 82624 | 7.5% | 25.91 | 6.2% | 51 | 291552 | 6.4% | 44.89 | 8.8% |
| **2024** | 33 | 141774 | 12.8% | 24.84 | 10.2% | 66 | 642328 | 14.0% | 24.95 | 10.8% |
| **2025** | 34 | 115867 | 10.5% | 28.48 | 9.6% | 67 | 602105 | 13.2% | 35.46 | 14.4% |
| **2026** | 36 | 139436 | 12.6% | 25.64 | 10.4% | 71 | 616421 | 13.5% | 28.63 | 11.9% |
| **2027** | 39 | 147941 | 13.4% | 34.78 | 15.0% | 56 | 263040 | 5.7% | 39.97 | 7.1% |
| **2028** | 31 | 125328 | 11.3% | 38.58 | 14.1% | 57 | 706892 | 15.4% | 28.42 | 13.5% |
| **2029** | 15 | 44239 | 4.0% | 29.85 | 3.8% | 38 | 372707 | 8.1% | 26.59 | 6.7% |
| **2030** | 11 | 32348 | 2.9% | 35.73 | 3.4% | 19 | 96095 | 2.1% | 52.60 | 3.4% |
| **2031** | 17 | 83961 | 7.6% | 29.41 | 7.2% | 26 | 175704 | 3.8% | 35.07 | 4.2% |
| **2032** | 26 | 101521 | 9.2% | 32.13 | 9.5% | 46 | 220674 | 4.8% | 45.36 | 6.7% |
| **Thereafter** | 20 | 88399 | 8.1% | 41.14 | 10.5% | 36 | 585198 | 12.9% | 31.45 | 12.4% |
| **Total** | **290** | **1104838** | **100.0%** | $**31.13** | **100.0%** | **537** | **4577959** | **100.0%** | $**32.29** | **100.0%** |
| Anchor GLA Owned by Tenants | Anchor GLA Owned by Tenants |  |  |  |  |  | 254916 |  |  |  |
| Total Vacant | Total Vacant | 174223 |  |  |  |  | 378380 |  |  |  |
| **Total Square Feet** | **Total Square Feet** | **1279061** |  |  |  |  | **5211255** |  |  |  |

---

_________

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

&nbsp;&nbsp;38<br>

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---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_24.jpg](img226721374_24.jpg) <br>| **Core Portfolio – New and Renewal Rent Spreads 1** |
| &nbsp;&nbsp;Supplemental Report – December 31, 2022 |  |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Year to Date** | **Year to Date** |
|  | **March 31, 2022** | **March 31, 2022** | **June 30, 2022** | **June 30, 2022** | **September 30, 2022** | **September 30, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
|  | **GAAP 2** | **Cash 3** | **GAAP 2** | **Cash 3** | **GAAP 2** | **Cash 3** | **GAAP 2** | **Cash 3** | **GAAP 2** | **Cash 3** |
| **<u>New Leases</u>** |  |  |  |  |  |  |  |  |  |  |
| Number of new leases executed | 4 | 4 | 2 | 2 | 3 | 3 |  |  | 9 | 9 |
| GLA | 12970 | 12970 | 11000 | 11000 | 4544 | 4544 |  |  | 28514 | 28514 |
| New base rent | $37.83 | $34.10 | $113.70 | $99.38 | $78.62 | $70.12 | $— | $— | $73.60 | $65.02 |
| Previous base rent | $34.75 | $35.01 | $98.17 | $99.15 | $60.47 | $62.72 | $— | $— | $63.31 | $64.17 |
| Average cost per square foot | $42.51 | $42.51 | $161.05 | $161.05 | $63.39 | $63.39 | $— | $— | $91.57 | $91.57 |
| Weighted Average Lease Term (years) | 12.0 | 12.0 | 11.8 | 11.8 | 10.0 | 10.0 |  |  | 11.6 | 11.6 |
| **Percentage growth in base rent** | **8.9%** | **(2.6)%** | **15.8%** | **0.2%** | **30.0%** | **11.8%** | **—%** | **—%** | **16.3%** | **1.3%** |
| **<u>Renewal Leases</u>** |  |  |  |  |  |  |  |  |  |  |
| Number of renewal leases executed | 21 | 21 | 12 | 12 | 17 | 17 | 17 | 17 | 67 | 67 |
| GLA | 284858 | 284858 | 71026 | 71026 | 176463 | 176463 | 152451 | 152451 | 684798 | 684798 |
| New base rent | $32.60 | $32.29 | $45.44 | $44.21 | $38.88 | $37.18 | $22.23 | $22.02 | $33.24 | $32.50 |
| Expiring base rent | $29.45 | $29.81 | $39.43 | $41.79 | $30.56 | $30.56 | $20.17 | $21.04 | $28.71 | $29.29 |
| Average cost per square foot | $21.29 | $21.29 | $6.34 | $6.34 | $6.89 | $6.89 | $5.39 | $5.39 | $12.49 | $12.49 |
| Weighted Average Lease Term (years) | 5.8 | 5.8 | 5.1 | 5.1 | 4.6 | 4.6 | 4.6 | 4.6 | 5.1 | 5.1 |
| **Percentage growth in base rent** | **10.7%** | **8.3%** | **15.2%** | **5.8%** | **27.2%** | **21.7%** | **10.2%** | **4.7%** | **15.8%** | **11.0%** |
| **<u>Total New and Renewal Leases</u>** |  |  |  |  |  |  |  |  |  |  |
| Number of new and renewal leases executed | 25 | 25 | 14 | 14 | 20 | 20 | 17 | 17 | 76 | 76 |
| GLA commencing | 297828 | 297828 | 82026 | 82026 | 181007 | 181007 | 152451 | 152451 | 713312 | 713312 |
| New base rent | $32.83 | $32.37 | $54.59 | $51.61 | $39.88 | $38.01 | $22.23 | $22.02 | $34.85 | $33.80 |
| Expiring base rent | $29.68 | $30.04 | $47.31 | $49.48 | $31.31 | $31.37 | $20.17 | $21.04 | $30.09 | $30.68 |
| Average cost per square foot | $22.21 | $22.21 | $27.09 | $27.09 | $8.31 | $8.31 | $5.39 | $5.39 | $15.65 | $15.65 |
| Weighted Average Lease Term (years) | 6.1 | 6.1 | 6.0 | 6.0 | 4.7 | 4.7 | 4.6 | 4.6 | 5.4 | 5.4 |
| **Percentage growth in base rent** | **10.6%** | **7.8%** | **15.4%** | **4.3%** | **27.4%** | **21.2%** | **10.2%** | **4.7%** | **15.8%** | **10.2%** |

---

__________

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

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

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

&nbsp;&nbsp;39<br>

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_25.jpg](img226721374_25.jpg) <br>| **Core Portfolio – Capital Expenditures** |
| &nbsp;&nbsp;Supplemental Report – December 31, 2022 |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Year to Date** | **Year to Date** |
|  | **March 31,<br> 2022** | **June 30, <br>2022** | **September 30, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** |
| Leasing Commissions | $1053 | $1057 | $811 | $538 | $3459 | $2360 |
| Tenant Improvements | 3403 | 2250 | 4709 | 4289 | 14651 | 10059 |
| Maintenance Capital Expenditures | 638 | 2049 | 1993 | 3651 | 8331 | 4060 |
| Total Capital Expenditures | $5094 | $5356 | $7513 | $8478 | $26441 | $16479 |

---

&nbsp;&nbsp;40<br>

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_26.jpg](img226721374_26.jpg) <br>| **Fund Overview** |
| &nbsp;&nbsp;Supplemental Report – December 31, 2022 |  |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **I. KEY METRICS** | **Fund I** | **Fund II** | **Fund II** | **Fund II** | **Fund III** | **Fund III** | **Fund IV** | **Fund IV** | **Fund V** | **Fund V** | **Total** | **Total** |
| <u>General Information:</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| Vintage | Sep-2001 |  | Jun-2004 | Jun-2004 |  | May-2007 |  | May-2012 |  | Aug-2016 |  |  |
| Fund Size | 90.0 | $| 472.0 | Million 2 | $| 502.5 | $| 540.6 | $| 520.0 | $| 2125.1 |
| Acadia's Commitment | 20.0 | $| 291.2 | Million | $| 123.3 | $| 125.0 | $| 104.5 | $| 664.0 |
| Acadia's Pro Rata Share | 22.2% |  | 61.7 | % 2 |  | 24.5% |  | 23.1% |  | 20.1% |  | 31.2% |
| Acadia's Promoted Share 1 | 37.8% |  | 69.4 | % |  | 39.6% |  | 38.5% |  | 36.1% |  | 45.0% |
| Preferred Return | 9.0% |  | 8.0 | % |  | 6.0% |  | 6.0% |  | 6.0% |  | 6.4% |
| <u>Current-Quarter, Fund-Level Information:</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| Cumulative Contributions 2 | 86.6 | $| 557.3 | Million | $| 448.1 | $| 488.1 | $| 347.9 | $| 1928.0 |
| Cumulative Net Distributions 3 | 195.4 | $| 172.9 | Million | $| 603.5 | $| 221.4 | $| 88.7 | $| 1281.9 |
| Net Distributions/Contributions | 225.6% |  | 31.0 | % |  | 134.7% |  | 45.4% |  | 25.5% |  | 66.5% |
| Unfunded Commitment 4 | 0.0 | $| 0.0 | Million | $| 1.9 | $| 41.9 | $| 172.1 | $| 215.9 |
| Acquisition Dry Powder 5 | N/A |  | N/A |  |  | N/A |  | N/A | $| 80.0 | $| 80.0 |
| Investment Period Closes | Closed |  | Closed |  |  | Closed |  | Closed |  | Aug-2023 |  |  |
| Currently in a Promote Position? (Yes/No) | No |  | No |  |  | No |  | No |  | No |  |  |
| **II. FEES & PRIORITY DISTRIBUTIONS EARNED BY ACADIA** | **II. FEES & PRIORITY DISTRIBUTIONS EARNED BY ACADIA** | **II. FEES & PRIORITY DISTRIBUTIONS EARNED BY ACADIA** | **II. FEES & PRIORITY DISTRIBUTIONS EARNED BY ACADIA** |  |  |  |  |  |  |  |  |  |
| <u>Type:</u> | **Applicable to** |  | **Description** | **Description** | **Description** | **Description** | **Description** | **Description** | **Description** | **Description** | **Description** | **Description** |
| Asset Management 6 | Fund I & II |  | 0.75% in 2022, 0% in 2023 | 0.75% in 2022, 0% in 2023 | 0.75% in 2022, 0% in 2023 | 0.75% in 2022, 0% in 2023 | 0.75% in 2022, 0% in 2023 | 0.75% in 2022, 0% in 2023 | 0.75% in 2022, 0% in 2023 | 0.75% in 2022, 0% in 2023 | 0.75% in 2022, 0% in 2023 | 0.75% in 2022, 0% in 2023 |
| Asset Management | Fund III |  | Currently 0% | Currently 0% | Currently 0% | Currently 0% | Currently 0% | Currently 0% | Currently 0% | Currently 0% | Currently 0% | Currently 0% |
| Asset Management 6 | Fund IV |  | 1.5% of Implied Capital during the investment period; 1.25% of Implied Capital post-investment period | 1.5% of Implied Capital during the investment period; 1.25% of Implied Capital post-investment period | 1.5% of Implied Capital during the investment period; 1.25% of Implied Capital post-investment period | 1.5% of Implied Capital during the investment period; 1.25% of Implied Capital post-investment period | 1.5% of Implied Capital during the investment period; 1.25% of Implied Capital post-investment period | 1.5% of Implied Capital during the investment period; 1.25% of Implied Capital post-investment period | 1.5% of Implied Capital during the investment period; 1.25% of Implied Capital post-investment period | 1.5% of Implied Capital during the investment period; 1.25% of Implied Capital post-investment period | 1.5% of Implied Capital during the investment period; 1.25% of Implied Capital post-investment period | 1.5% of Implied Capital during the investment period; 1.25% of Implied Capital post-investment period |
| Asset Management 7 | Fund V |  | 1.5% of Implied Capital for Year 1-4 of the investment period; 1.5% of Allocated Capital Commitments for Year 5 of the investment period (August 26, 2020-August 25, 2021); 1.0% of Allocated Capital Commitments for Year 6-7 of the investment period (August 26, 2021-August 25, 2023); 1.25% of Implied Capital post-investment period | 1.5% of Implied Capital for Year 1-4 of the investment period; 1.5% of Allocated Capital Commitments for Year 5 of the investment period (August 26, 2020-August 25, 2021); 1.0% of Allocated Capital Commitments for Year 6-7 of the investment period (August 26, 2021-August 25, 2023); 1.25% of Implied Capital post-investment period | 1.5% of Implied Capital for Year 1-4 of the investment period; 1.5% of Allocated Capital Commitments for Year 5 of the investment period (August 26, 2020-August 25, 2021); 1.0% of Allocated Capital Commitments for Year 6-7 of the investment period (August 26, 2021-August 25, 2023); 1.25% of Implied Capital post-investment period | 1.5% of Implied Capital for Year 1-4 of the investment period; 1.5% of Allocated Capital Commitments for Year 5 of the investment period (August 26, 2020-August 25, 2021); 1.0% of Allocated Capital Commitments for Year 6-7 of the investment period (August 26, 2021-August 25, 2023); 1.25% of Implied Capital post-investment period | 1.5% of Implied Capital for Year 1-4 of the investment period; 1.5% of Allocated Capital Commitments for Year 5 of the investment period (August 26, 2020-August 25, 2021); 1.0% of Allocated Capital Commitments for Year 6-7 of the investment period (August 26, 2021-August 25, 2023); 1.25% of Implied Capital post-investment period | 1.5% of Implied Capital for Year 1-4 of the investment period; 1.5% of Allocated Capital Commitments for Year 5 of the investment period (August 26, 2020-August 25, 2021); 1.0% of Allocated Capital Commitments for Year 6-7 of the investment period (August 26, 2021-August 25, 2023); 1.25% of Implied Capital post-investment period | 1.5% of Implied Capital for Year 1-4 of the investment period; 1.5% of Allocated Capital Commitments for Year 5 of the investment period (August 26, 2020-August 25, 2021); 1.0% of Allocated Capital Commitments for Year 6-7 of the investment period (August 26, 2021-August 25, 2023); 1.25% of Implied Capital post-investment period | 1.5% of Implied Capital for Year 1-4 of the investment period; 1.5% of Allocated Capital Commitments for Year 5 of the investment period (August 26, 2020-August 25, 2021); 1.0% of Allocated Capital Commitments for Year 6-7 of the investment period (August 26, 2021-August 25, 2023); 1.25% of Implied Capital post-investment period | 1.5% of Implied Capital for Year 1-4 of the investment period; 1.5% of Allocated Capital Commitments for Year 5 of the investment period (August 26, 2020-August 25, 2021); 1.0% of Allocated Capital Commitments for Year 6-7 of the investment period (August 26, 2021-August 25, 2023); 1.25% of Implied Capital post-investment period | 1.5% of Implied Capital for Year 1-4 of the investment period; 1.5% of Allocated Capital Commitments for Year 5 of the investment period (August 26, 2020-August 25, 2021); 1.0% of Allocated Capital Commitments for Year 6-7 of the investment period (August 26, 2021-August 25, 2023); 1.25% of Implied Capital post-investment period |
| Property Management | All funds |  | 4.0% of gross property revenues | 4.0% of gross property revenues | 4.0% of gross property revenues | 4.0% of gross property revenues | 4.0% of gross property revenues | 4.0% of gross property revenues | 4.0% of gross property revenues | 4.0% of gross property revenues | 4.0% of gross property revenues | 4.0% of gross property revenues |
| Leasing | All funds |  | Market-rate leasing commissions | Market-rate leasing commissions | Market-rate leasing commissions | Market-rate leasing commissions | Market-rate leasing commissions | Market-rate leasing commissions | Market-rate leasing commissions | Market-rate leasing commissions | Market-rate leasing commissions | Market-rate leasing commissions |
| Construction/Project Management | All funds |  | Market-rate fees | Market-rate fees | Market-rate fees | Market-rate fees | Market-rate fees | Market-rate fees | Market-rate fees | Market-rate fees | Market-rate fees | Market-rate fees |
| Development | Fund III, IV & V |  | 3.0% of total project costs | 3.0% of total project costs | 3.0% of total project costs | 3.0% of total project costs | 3.0% of total project costs | 3.0% of total project costs | 3.0% of total project costs | 3.0% of total project costs | 3.0% of total project costs | 3.0% of total project costs |

---

&nbsp;&nbsp;41<br>

------

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| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_26.jpg](img226721374_26.jpg) <br>| **Fund Overview** |
| &nbsp;&nbsp;Supplemental Report – December 31, 2022 |  |

---

_________

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Unfunded Commitments available to deploy into new unidentified investments.

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

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

&nbsp;&nbsp;42<br>

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_21.jpg](img226721374_21.jpg) <br>| **Fund Portfolio Retail Properties – Detail 1** |
| &nbsp;&nbsp;Supplemental Report – December 31, 2022 |  |

---

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Year** | **Fund** | **Gross Leasable Area** | **Gross Leasable Area** | **Gross Leasable Area** | **Gross Leasable Area** | **In Place Occupancy** | **In Place Occupancy** | **In Place Occupancy** | **In Place Occupancy** | **Leased** | **Annualized** |  |
| **Property** | **Key Tenants** | **Acquired** | **Ownership %** | **Street** | **Anchors** | **Shops** | **Total** | **Street** | **Anchors** | **Shops** | **Total** | **Occupancy** | **Base Rent (ABR)** | **ABR PSF** |
| **<u>Fund II Portfolio Detail</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **NEW YORK** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| <u>New York</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| City Point 2 | Primark, Target, Basis Schools, <br>Alamo Drafthouse | 2007 | 94.2% |  | 329945 | 211125 | 541070 | —% | 88.7% | 27.6% | 64.8% | 83.0% | $14408337 | $41.07 |
| **Total - Fund II** |  |  |  |  | 329945 | 211125 | 541070 | —% | 88.7% | 27.6% | 64.8% | 83.0% | $14408337 | $41.07 |
| **<u>Fund III Portfolio Detail</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **NEW YORK** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| <u>New York</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 640 Broadway | Swatch | 2012 | 100.0% | 4637 |  |  | 4637 | 91.6% | —% | —% | 91.6% | 91.6% | $1082505 | $254.89 |
| **Total - Fund III** |  |  |  | 4637 |  |  | 4637 | 91.6% | —% | —% | 91.6% | 91.6% | $1082505 | $254.89 |
| **<u>Fund IV Portfolio Detail</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **NEW YORK** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| <u>New York</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 801 Madison Avenue | ─ | 2015 | 100.0% | 2522 |  |  | 2522 | —% | —% | —% | —% | —% | $— | $— |
| 210 Bowery | ─ | 2012 | 100.0% | 2538 |  |  | 2538 | —% | —% | —% | —% | —% |  |  |
| 27 East 61st Street | ─ | 2014 | 100.0% | 4177 |  |  | 4177 | —% | —% | —% | —% | —% |  |  |
| 17 East 71st Street | The Row | 2014 | 100.0% | 8432 |  |  | 8432 | 82.2% | —% | —% | 82.2% | 82.2% | 1878913 | 271.05 |
| 1035 Third Avenue 3 | ─ | 2015 | 100.0% | 7634 |  |  | 7634 | 100.0% | —% | —% | 100.0% | 100.0% | 1299967 | 170.29 |
| <u>New Jersey</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Paramus Plaza | Ashley Furniture, Marshalls | 2013 | 50.0% |  | 87539 | 65955 | 153494 | —% | 100.0% | 100.0% | 100.0% | 100.0% | 3258849 | 21.23 |
| **BOSTON** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| <u>Massachusetts</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Restaurants at Fort Point | ─ | 2016 | 100.0% | 15711 |  |  | 15711 | 100.0% | —% | —% | 100.0% | 100.0% | 1050946 | 66.89 |
| <u>Rhode Island</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 650 Bald Hill Road | Dick's Sporting Goods, <br>Burlington Coat Factory | 2015 | 90.0% |  | 55000 | 105448 | 160448 | —% | 100.0% | 77.7% | 85.4% | 85.4% | 2052672 | 14.99 |
| **MID-ATLANTIC** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| <u>Delaware</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Eden Square | Giant Food, LA Fitness | 2014 | 98.6% |  | 116003 | 113168 | 229171 | —% | 100.0% | 81.5% | 90.9% | 96.3% | 3249992 | 15.60 |
| **SOUTHEAST** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| <u>Georgia</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Broughton Street Portfolio<br> (13 properties) | H&M, Lululemon, <br>Kendra Scott, Starbucks | 2014 | 100.0% | 95201 |  |  | 95201 | 86.5% | —% | —% | 86.5% | 95.5% | 3017138 | 36.62 |

---

&nbsp;&nbsp;43<br>

------

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| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_21.jpg](img226721374_21.jpg) <br>| **Fund Portfolio Retail Properties – Detail 1** |
| &nbsp;&nbsp;Supplemental Report – December 31, 2022 |  |

---

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Year** | **Fund** | **Gross Leasable Area** | **Gross Leasable Area** | **Gross Leasable Area** | **Gross Leasable Area** | **In Place Occupancy** | **In Place Occupancy** | **In Place Occupancy** | **In Place Occupancy** | **Leased** | **Annualized** |  |
| **Property** | **Key Tenants** | **Acquired** | **Ownership %** | **Street** | **Anchors** | **Shops** | **Total** | **Street** | **Anchors** | **Shops** | **Total** | **Occupancy** | **Base Rent (ABR)** | **ABR PSF** |
| **WEST** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| <u>California</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 146 Geary Street | ─ | 2015 | 100.0% | 10151 |  |  | 10151 | —% | —% | —% | —% | —% |  |  |
| Union and Fillmore <br>Collection (3 properties) | Eileen Fisher, Bonobos | 2015 | 90.0% | 7148 |  |  | 7148 | 77.9% | —% | —% | 77.9% | 77.9% | 636247 | 114.33 |
| **Total - Fund IV** |  |  |  | 153514 | 258542 | 284571 | 696627 | 77.0% | 100.0% | 84.4% | 88.6% | 91.6% | $16444724 | $26.66 |
| **<u>Fund V Portfolio Detail</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **SOUTHWEST** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| <u>New Mexico</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Plaza Santa Fe | TJ Maxx, Best Buy, <br>Ross Dress for Less | 2017 | 100.0% |  | 153983 | 70169 | 224152 | —% | 100.0% | 91.5% | 97.3% | 99.4% | $3998589 | $18.33 |
| <u>Texas</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Wood Ridge Plaza | Kirkland's, Office Depot | 2022 | 90.0% |  |  | 211674 | 211674 | —% | —% | 84.5% | 84.5% | 87.3% | 3787696 | 21.19 |
| La Frontera Plaza | Kohl's, Hobby Lobby | 2022 | 90.0% |  | 203500 | 330930 | 534430 | —% | 100.0% | 81.8% | 88.7% | 94.3% | 6532919 | 13.78 |
| **MIDWEST** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| <u>Michigan</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| New Towne Center | Kohl's, Jo-Ann's, DSW | 2017 | 100.0% |  | 145389 | 45141 | 190530 | —% | 100.0% | 100.0% | 100.0% | 100.0% | 2344851 | 12.31 |
| Fairlane Green | TJ Maxx, Michaels | 2017 | 100.0% |  | 109952 | 160235 | 270187 | —% | 100.0% | 91.9% | 95.2% | 95.2% | 5051602 | 19.64 |
| **NORTHEAST** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| <u>Maryland</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Frederick County (2 properties) | Kohl's, Best Buy, <br>Ross Dress for Less | 2019 | 90.0% |  | 251988 | 278828 | 530816 | —% | 100.0% | 78.1% | 88.5% | 94.8% | 6915187 | 14.72 |
| <u>Connecticut</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Tri-City Plaza | TJ Maxx, HomeGoods, ShopRite | 2019 | 90.0% |  | 129940 | 172948 | 302888 | —% | 100.0% | 79.9% | 88.5% | 91.5% | 3812027 | 14.22 |
| <u>New Jersey</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Midstate | ShopRite, Best Buy, DSW, PetSmart | 2021 | 100.0% |  | 253779 | 131337 | 385116 | —% | 90.5% | 70.8% | 83.8% | 88.8% | 6223830 | 19.28 |
| <u>New York</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Shoppes at South Hills | ShopRite, At Home, Ashley Furniture | 2022 | 90.0% |  | 416804 | 95414 | 512218 | —% | 80.7% | 46.2% | 74.3% | 74.3% | 4375401 | 11.50 |
| <u>Pennsylvania</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Monroe Marketplace | Kohl's, Dick's Sporting Goods, <br>Giant Food | 2021 | 100.0% |  | 263376 | 108276 | 371652 | —% | 100.0% | 100.0% | 100.0% | 100.0% | 4243262 | 11.42 |
| <u>Rhode Island</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Lincoln Commons | Stop and Shop, Marshalls, <br>HomeGoods | 2019 | 100.0% |  | 194470 | 267551 | 462021 | —% | 100.0% | 79.3% | 88.0% | 88.0% | 5482073 | 13.48 |
| **SOUTHEAST** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| <u>Virginia</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Landstown Commons | Best Buy, Burlington Coat Factory,<br>Ross Dress for Less | 2019 | 100.0% |  | 87883 | 298532 | 386415 | —% | 100.0% | 87.6% | 90.4% | 90.4% | 7366896 | 21.08 |

---

&nbsp;&nbsp;44<br>

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_21.jpg](img226721374_21.jpg) <br>| **Fund Portfolio Retail Properties – Detail 1** |
| &nbsp;&nbsp;Supplemental Report – December 31, 2022 |  |

---

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Year** | **Fund** | **Gross Leasable Area** | **Gross Leasable Area** | **Gross Leasable Area** | **Gross Leasable Area** | **In Place Occupancy** | **In Place Occupancy** | **In Place Occupancy** | **In Place Occupancy** | **Leased** | **Annualized** |  |
| **Property** | **Key Tenants** | **Acquired** | **Ownership %** | **Street** | **Anchors** | **Shops** | **Total** | **Street** | **Anchors** | **Shops** | **Total** | **Occupancy** | **Base Rent (ABR)** | **ABR PSF** |
| <u>Florida</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Palm Coast Landing | TJ Maxx, PetSmart, <br>Ross Dress for Less | 2019 | 100.0% |  | 73241 | 98558 | 171799 | —% | 100.0% | 94.6% | 96.9% | 96.9% | 3435796 | 20.64 |
| <u>North Carolina</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Hickory Ridge | Kohl's, Best Buy, Dick's Sporting Goods | 2017 | 100.0% |  | 266584 | 113981 | 380565 | —% | 100.0% | 100.0% | 100.0% | 100.0% | 4775096 | 12.55 |
| <u>Alabama</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Trussville Promenade | Wal-Mart, Regal Cinemas | 2018 | 100.0% |  | 366010 | 97671 | 463681 | —% | 100.0% | 78.9% | 95.6% | 95.6% | 4491844 | 10.14 |
| <u>Georgia</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Canton Marketplace | Dick's Sporting Goods, TJ Maxx, Best Buy | 2021 | 100.0% |  | 132569 | 219419 | 351988 | —% | 100.0% | 82.8% | 89.3% | 94.4% | 5434763 | 17.29 |
| Hiram Pavilion | Kohl's, HomeGoods | 2018 | 100.0% |  | 209423 | 153252 | 362675 | —% | 100.0% | 98.6% | 99.4% | 99.4% | 4563956 | 12.66 |
| **WEST** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| <u>California</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Elk Grove Commons | Kohl's, HomeGoods | 2018 | 100.0% |  | 132489 | 109589 | 242078 | —% | 100.0% | 96.4% | 98.4% | 99.1% | 5076275 | 21.31 |
| <u>Utah</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Family Center at Riverdale | Target, Sportsman's <br>Warehouse | 2019 | 89.4% |  | 256673 | 115802 | 372475 | —% | 80.5% | 97.7% | 85.9% | 97.9% | 3355288 | 10.49 |
| **Total - Fund V** |  |  |  |  | 3648053 | 3079307 | 6727360 | —% | 95.8% | 85.0% | 90.8% | 93.3% | $91267351 | $14.94 |
| **TOTAL FUND PROPERTIES** | **TOTAL FUND PROPERTIES** | **TOTAL FUND PROPERTIES** | **TOTAL FUND PROPERTIES** | **158151** | **4236540** | **3575003** | **7969694** | **77.4%** | **95.5%** | **81.5%** | **88.9%** | **92.5%** | $**123202917** | $**17.40** |
| **Acadia Share of Total Fund Properties** | **Acadia Share of Total Fund Properties** | **Acadia Share of Total Fund Properties** | **Acadia Share of Total Fund Properties** | **36433** | **947565** | **772763** | **1756761** | **77.5%** | **94.7%** | **75.9%** | **86.1%** | **91.4%** | $**29754638** | $**19.68** |

---

__________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Excludes properties under development, see "[<u>Development and Redevelopment Activity</u>](#development_and_redevelopment_activity)" page of this Supplemental Report. The above occupancy and rent amounts do not include space which is currently leased, other than "leased occupancy," but for which rent payment has not yet commenced. Residential and office GLA is excluded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.In place occupancy excludes short-term percentage rent.

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

&nbsp;&nbsp;45<br>

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_27.jpg](img226721374_27.jpg) <br>| **Fund Lease Expirations** |
| &nbsp;&nbsp;Supplemental Report – December 31, 2022 | &nbsp;&nbsp;(Pro Rata Basis) |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **FUND II** | **FUND II** | **FUND II** | **FUND II** |  |  | **FUND III** | **FUND III** | **FUND III** | **FUND III** |  |  |
|  |  | **GLA** | **GLA** |  | **ABR** | **ABR** |  | **GLA** | **GLA** |  | **ABR** | **ABR** |
|  | **Leases** | **Expiring** | **Percent** |  |  | **Percent** | **Leases** | **Expiring** | **Percent** |  |  | **Percent** |
| **Year** | **Expiring** | **SF** | **of Total** | **Amount** | **PSF** | **of Total** | **Expiring** | **SF** | **of Total** | **Amount** | **PSF** | **of Total** |
| **M to M 1** |  |  | —% | $— | $— | —% |  |  | —% | $— | $— | —% |
| **2023** |  |  | —% |  |  | —% | 1 | 159 | 15.3% | 64321 | 404.53 | 24.3% |
| **2024** |  |  | —% |  |  | —% |  |  | —% |  |  | —% |
| **2025** | 2 | 1426 | 0.7% | 155105 | 108.77 | 1.9% |  |  | —% |  |  | —% |
| **2026** |  |  | —% |  |  | —% |  |  | —% |  |  | —% |
| **2027** | 3 | 15294 | 7.5% | 1139686 | 74.52 | 13.6% |  |  | —% |  |  | —% |
| **2028** | 1 | 552 | 0.3% | 107629 | 194.98 | 1.3% | 1 | 306 | 29.4% | 73875 | 241.42 | 27.9% |
| **2029** | 1 | 580 | 0.3% | 86976 | 149.96 | 1.0% |  |  | —% |  |  | —% |
| **2030** |  |  | —% |  |  | —% | 1 | 177 | 17.0% | 40854 | 230.81 | 15.4% |
| **2031** |  |  | —% |  |  | —% | 1 | 226 | 21.7% | 53825 | 238.16 | 20.3% |
| **2032** | 4 | 78373 | 38.4% | 1066826 | 13.61 | 12.7% | 1 | 173 | 16.6% | 32340 | 186.94 | 12.1% |
| **Thereafter** | 4 | 107616 | 52.8% | 5815021 | 54.03 | 69.5% |  |  | —% |  |  | —% |
| **Total** | **15** | **203841** | **100.0%** | $**8371243** | $**41.07** | **100.0%** | **5** | **1041** | **100.0%** | $**265215** | $**254.89** | **100.0%** |
|  |  | 110521 | Total Vacant | Total Vacant |  |  |  | 95 | Total Vacant | Total Vacant |  |  |
|  |  | **314362** | **Total Square Feet** | **Total Square Feet** |  |  |  | **1136** | **Total Square Feet** | **Total Square Feet** |  |  |
|  | **FUND IV** | **FUND IV** | **FUND IV** | **FUND IV** |  |  | **FUND V** | **FUND V** | **FUND V** | **FUND V** |  |  |
|  |  | **GLA** | **GLA** |  | **ABR** | **ABR** |  | **GLA** | **GLA** |  | **ABR** | **ABR** |
|  | **Leases** | **Expiring** | **Percent** |  |  | **Percent** | **Leases** | **Expiring** | **Percent** |  |  | **Percent** |
| **Year** | **Expiring** | **SF** | **of Total** | **Amount** | **PSF** | **of Total** | **Expiring** | **SF** | **of Total** | **Amount** | **PSF** | **of Total** |
| **M to M 1** |  |  | —% | $— | $— | —% | 7 | 4654 | 0.4% | $83539 | $17.95 | 0.5% |
| **2023** | 2 | 588 | 0.5% | 28655 | 48.73 | 0.9% | 48 | 60746 | 5.1% | 1106680 | 18.22 | 6.2% |
| **2024** | 4 | 2063 | 1.7% | 68246 | 33.08 | 2.0% | 83 | 160478 | 13.5% | 2380636 | 14.83 | 13.4% |
| **2025** | 5 | 2129 | 1.8% | 501387 | 235.50 | 15.0% | 83 | 187831 | 15.8% | 2735713 | 14.56 | 15.4% |
| **2026** | 13 | 18496 | 15.3% | 487020 | 26.33 | 14.5% | 82 | 109940 | 9.3% | 2100911 | 19.11 | 11.8% |
| **2027** | 12 | 8966 | 7.4% | 285688 | 31.86 | 8.5% | 66 | 139634 | 11.8% | 1905063 | 13.64 | 10.7% |
| **2028** | 7 | 5366 | 4.4% | 157748 | 29.40 | 4.7% | 43 | 114515 | 9.7% | 1903773 | 16.62 | 10.7% |
| **2029** | 5 | 30480 | 25.2% | 562494 | 18.45 | 16.8% | 30 | 83690 | 7.1% | 1021265 | 12.20 | 5.7% |
| **2030** | 1 | 346 | 0.3% | 16264 | 47.01 | 0.5% | 28 | 77181 | 6.5% | 1061069 | 13.75 | 6.0% |
| **2031** | 7 | 14380 | 11.9% | 366978 | 25.52 | 10.9% | 30 | 76440 | 6.4% | 1094663 | 14.32 | 6.2% |
| **2032** | 7 | 25565 | 21.1% | 605463 | 23.68 | 18.3% | 32 | 70509 | 5.9% | 1050815 | 14.90 | 5.9% |
| **Thereafter** | 4 | 12579 | 10.4% | 272425 | 21.66 | 7.9% | 24 | 100472 | 8.5% | 1321684 | 13.15 | 7.5% |
| **Total** | **67** | **120958** | **100.0%** | $**3352368** | $**27.71** | **100.0%** | **556** | **1186090** | **100.0%** | $**17765811** | $**14.98** | **100.0%** |
|  |  | 17769 | Total Vacant | Total Vacant |  |  |  | 116447 | Total Vacant | Total Vacant |  |  |
|  |  | **138727** | **Total Square Feet** | **Total Square Feet** |  |  |  | **1302537** | **Total Square Feet** | **Total Square Feet** |  |  |

---

__________

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

&nbsp;&nbsp;46<br>

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---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_28.jpg](img226721374_28.jpg) <br>| **Development and Redevelopment Activity** |
| &nbsp;&nbsp;Supplemental Report – December 31, 2022 |  |

---

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Est. SQFT** |  |  |  | **Acquisition & Development Costs 1** | **Acquisition & Development Costs 1** | **Acquisition & Development Costs 1** | **Acquisition & Development Costs 1** | **Acquisition & Development Costs 1** | **Acquisition & Development Costs 1** | **Acquisition & Development Costs 1** |
| **Property** | **Ownership 1** | **Location** | **Estimated<br>Stabilization** | **Upon<br>Completion** | **Occupied/ <br>Leased Rate** | **Key<br>Tenants** | **Description** | **Incurred 2** | **Estimated Future Range** | **Estimated Future Range** | **Estimated Future Range** | **Estimated Total Range** | **Estimated Total Range** | **Estimated Total Range** |
| **<u>Development:</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **<u>CORE</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1238 Wisconsin | 80.0% | Washington DC | 2023 | 29000 | 12%/70% | Wolford, Everbody | Redevelopment/addition to existing building with ground level retail, upper floor office and residential units upon completion. Discretionary spend upon securing tenant(s) | $18.3 | $14.4 | to | $15.2 | $32.7 | to | $33.5 |
| Henderson - Development 1 & 2 | 100.0% | Dallas, TX | TBD | 160000 |  | TBD | Ground up development for mixed-use street-level retail spaces and upper level office spaces. | $10.5 | TBD | to | TBD | TBD | to | TBD |
| **<u>FUND III</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Broad Hollow Commons | 100.0% | Farmingdale, NY | TBD | TBD |  | TBD | Discretionary spend upon securing necessary approvals and tenant(s) for lease up | 25.9 | 24.1 | to | 34.1 | 50.0 | to | 60.0 |
| **<u>FUND IV</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 717 N. Michigan Avenue | 100.0% | Chicago, IL | TBD | TBD | 14%/26% | Alo Yoga | Discretionary spend upon securing tenant(s) for lease up | 116.6 | TBD | to | TBD | TBD | to | TBD |
|  |  |  |  |  |  |  |  | $171.3 | $38.5 |  | $49.3 | $82.7 |  | $93.5 |
| **<u>Major Redevelopment:</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **<u>CORE</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| City Center | 100.0% | San Francisco, CA | 2024 | 241000 | 75%/99% | Target, Whole Foods, PetSmart | Ground up development of pad sites and street level retail and re-tenanting/redevelopment for Whole Foods | $203.3 | $6.7 | to | $9.7 | $210.0 | to | $213.0 |
| 555 9th Street | 100.0% | San Francisco, CA | TBD | 149000 | 65%/81% | The Container Store | Re-tenanting and potential split of former 46,000 square foot Nordstrom; façade upgrade and possible vertical expansion | 0.2 | 17.8 | to | 27.8 | 18.0 | to | 28.0 |
| 651-671 West Diversey | 100.0% | Chicago, IL | TBD | 46000 | 86%/86% | TBD | 'Discretionary spend for future re-tenanting and re-configuration of approximately 30,000 sf. |  | TBD | to | TBD | TBD | to | TBD |
| Route 6 Mall | 100.0% | Honesdale, PA | TBD | TBD | 32%/47% | TJ Maxx | Discretionary spend for re-tenanting former 120,000 square foot Kmart anchor space once tenant(s) are secured | 0.1 | 5.9 | to | 8.9 | 6.0 | to | 9.0 |
| Mad River | 100.0% | Dayton, OH | TBD | TBD | 73%/73% | TBD | Discretionary spend for the re-tenanting former 33,000 square foot Babies R Us space once tenant(s) are secured |  | 1.9 | to | 2.3 | 1.9 | to | 2.3 |
|  |  |  |  |  |  |  |  | $203.6 | $32.3 |  | $48.7 | $235.9 |  | $252.3 |

---

_________

&nbsp;&nbsp;47<br>

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| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_29.jpg](img226721374_29.jpg)  | **Development and Redevelopment Activity** |
| &nbsp;&nbsp;Supplemental Report – December 31, 2022 |  |

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__________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Ownership percentages and costs represent the Core or Fund level ownership and not Acadia's pro rata share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Incurred amounts include costs associated with the initial carrying value. Refer to " [<u>Net Asset Valuation Information</u>](#net_asset_valuation_information)" for pro-rata costs incurred. Reconciles to Consolidated Balance Sheet at December 31, 2022 as follows:

---

| | |
|:---|:---|
| Development costs above | $171.3 |
| Unconsolidated projects (a) | (18.3) |
| Projects in redevelopment or partial development (b) | 73.8 |
| Deferred costs and other amounts | (6.1) |
| Impairment charges taken | (36.1) |
| Total per consolidated balance sheet | $184.6 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Relates to 1238 Wisconsin Avenue

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Primarily relates to the portion of City Center that is still in Major Redevelopment and City Point. Total incurred amount of $203.3 for City Center reflects the historical carrying value of the entire property (including its initial acquisition cost).

&nbsp;&nbsp;48<br>

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| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_30.jpg](img226721374_30.jpg) <br>| **Important Notes** |
| &nbsp;&nbsp;Supplemental Report – December 31, 2022 |  |

---

**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS**

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

**USE OF FUNDS FROM OPERATIONS AS NON-GAAP FINANCIAL MEASURE**

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

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

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

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

**USE OF NON-GAAP FINANCIAL MEASURES**

Non-GAAP financial measures such as EBITDA, NOI, same-property NOI and lease spreads are widely used financial measures in many industries, including the REIT industry, and are presented to assist investors and analysts in analyzing the performance of the Company. They are helpful as they exclude various items included in net income that are not indicative of operating performance, such as gains (or losses) from sales of property and depreciation and amortization and is used in computing various financial ratios as a measure of operational performance. The Company computes EBITDA as the sum of net income before extraordinary items plus interest expense, depreciation, income taxes and amortization, less any gains (losses including impairment charges) on the sale of income producing properties. The Company computes NOI by taking the difference between Property Revenues and Property Expenses as detailed in this reporting supplement. Same-property NOI includes properties in our Core Portfolio that we owned for both the current and prior periods presented, but excludes those properties which we acquired, sold or expected to sell, and redeveloped during these periods. The Company's method of calculating EBITDA, NOI and same-property NOI may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. EBITDA, NOI and same-property NOI do not represent cash generated from operations as defined by GAAP and are not indicative of cash available to fund all cash needs, including distributions. They should not be considered as an alternative to net income for the purpose of evaluating the Company's performance or to cash flows as a measure of liquidity. In reliance on the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K, reconciliation of the assumed range of 2023

&nbsp;&nbsp;49<br>

------

same-property NOI growth to the most directly comparable GAAP financial measure is not provided because the Company is unable to provide such reconciliation without unreasonable effort due to the multiple components of the calculation which only includes properties owned for comparable periods and excludes all corporate level activity.

&nbsp;&nbsp;50<br>

------