2014-12-31 Earnings & Supplemental

On February 17, 2015, Acadia Realty Trust (the "Company") issued a press release announcing its consolidated financial results for the quarter and year ended December 31, 2014. A copy of this press release is attached to this report on Form 8-K as Exhibit 99.1 and incorporated herein by reference. In addition, on February 17, 2015, the Company made available supplemental information concerning the ownership, operations and portfolio of the Company as of and for the quarter and year ended December 31, 2014. A copy of this supplemental information is attached to this report on Form 8-K as Exhibit 99.2 and incorporated herein by reference. The information included in this Item 2.02, including the information included in Exhibits 99.1 and 99.2 attached hereto, is intended to be furnished solely pursuant to this Item 2.02, and is not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference into any filing under the Securities Act of 1933, as amended ("Securities Act") or the Exchange Act, or otherwise subject to the liabilities of Sections 11 and 12 (a) (2) of the Securities Act.

“Our solid 2014 operating results continue to reflect the strength of our high-quality portfolio,” stated Kenneth F. Bernstein, President and CEO of Acadia Realty Trust. “As we continue to responsibly grow our core portfolio - by adding both street retail, in dynamic flagship or live-work-play submarkets, as well as supermarket or discounter-anchored shopping centers in urban or high-barrier-to-entry suburban markets - we believe that we are positioning our company for long-term outperformance. Our recent decision to expand our platform to the West Coast - and, more importantly, to another vibrant, high-barrier-to-entry, gateway city - is consistent with this deep-rooted, location-centric investment philosophy. At the same time, through our highly-complementary fund platform, we are able to pursue a broader, more entrepreneurial set of strategies. And, once we complete our value-add activities, the opportunistic sales of these investments, at the right time, and at meaningful profits, inures to the benefit of all of our stakeholders.”

recent annual report on Form 10-K filed with the SEC on February 26, 2014 (“Form 10-K”) and other periodic reports filed with the SEC, including risks related to: (i) the current global financial environment and its effect on retail tenants; (ii) the Company’s reliance on revenues derived from major tenants; (iii) the Company’s limited control over joint venture investments; (iv) the Company’s partnership structure; (v) real estate and the geographic concentration of the Company’s properties; (vi) market interest rates; (vii) leverage; (viii) liability for environmental matters; (ix) the Company’s growth strategy; (x) the Company’s status as a REIT; (xi) uninsured losses and (xii) the loss of key executives. Copies of the Form 10-K and the other periodic reports Acadia files with the SEC are available on the Company’s website at www.acadiarealty.com. Any forward-looking statements in this press release speak only as of the date hereof. Acadia expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Acadia's expectations with regard thereto or change in events, conditions or circumstances on which any such statement is based.



	For the Quarters ended		For the Years ended
	December 31,		December 31,
Revenues	2014	2013	2014	2013

Rental income	$ 38,586	$ 32,633	$ 145,103	$ 122,730
Interest income	3,388	2,535	12,607	11,800
Expense reimbursements	8,634	7,394	32,642	28,373
Other property income	401	1,479	1,637	2,299
Other income	147	62	3,023	3,084
Total revenues	51,156	44,103	195,012	168,286
Operating expenses
Property operating	7,395	8,375	28,609	25,631
Real estate taxes	6,157	4,973	23,062	20,922
General and administrative	6,535	8,292	27,433	25,555
Depreciation and amortization	13,590	11,021	49,645	40,299
Total operating expenses	33,677	32,661	128,749	112,407

Operating income	17,479	11,442	66,263	55,879

Equity in earnings of unconsolidated affiliates	1,341	5,108	8,723	12,382
Gain on disposition of properties of unconsolidated affiliates	—	—	102,855	—
Impairment of asset				(1,500)
Loss on extinguishment of debt	(66)	(765)	(335)	(765)
Gain on disposition of property	—	—	13,138	—
Interest expense and other finance costs	(8,764)	(9,668)	(39,091)	(39,474)
Income from continuing operations before income taxes	9,990	6,117	151,553	26,522
Income tax (provision) benefit	(561)	38	(629)	(19)
Income from continuing operations	9,429	6,155	150,924	26,503



	For the Quarters ended		For the Years ended
	December 31,		December 31,
	2014	2013	2014	2013

Operating income from discontinued operations ⁵	—	1,424	—	6,818
Impairment of asset	—	(6,683)	—	(6,683)
Loss on extinguishment of debt	—	(800)	—	(800)
Gain on disposition of property	662	14,611	1,222	18,802
Income from discontinued operations	662	8,552	1,222	18,137
Net income	10,091	14,707	152,146	44,640
(Income) loss attributable to noncontrolling interests:
Continuing operations	(88)	1,420	(80,059)	7,523
Discontinued operations	(562)	(3,877)	(1,023)	(12,048)
Net income attributable to noncontrolling interests	(650)	(2,457)	(81,082)	(4,525)
Net income attributable to Common Shareholders	$ 9,441	$ 12,250	$ 71,064	$ 40,115

Income from continuing operations attributable to
Common Shareholders	$ 9,341	$ 7,575	$ 70,865	$ 34,026
Income from discontinued operations
attributable to Common Shareholders	100	4,675	199	6,089
Net income attributable to Common Shareholders	9,441	12,250	71,064	40,115

Less: Net Income attributable to participating securities	(115)	(189)	(1,156)	(685)
Net Income attributable to Common Shareholders - basic	$ 9,326	$ 12,061	$ 69,908	$ 39,430
Weighted average shares for basic earnings per share	63,866	55,576	59,402	54,919
Net Earnings per share - basic and diluted	$ 0.15	$ 0.22	$ 1.18	$ 0.72

Basic and diluted earnings per share - Continuing Operations ²	$ 0.15	$ 0.14	$ 1.18	$ 0.61
Basic and diluted earnings per share - Discontinued Operations ²	—	$ 0.08	—	$ 0.11

³ The Company considers funds from operations (“FFO”) as defined by the National Association of Real Estate Investment Trusts (“NAREIT”) and net property operating income (“NOI”) to be appropriate supplemental disclosures of operating performance for an equity REIT due to their widespread acceptance and use within the REIT and analyst communities. FFO and NOI are presented to assist investors in analyzing the performance of the Company. They are helpful as they exclude various items included in net income that are not indicative of the operating performance, such as gains (losses) from sales of depreciated property, depreciation and amortization, and impairment of depreciable real estate. In addition, NOI excludes interest expense. The Company’s method of calculating FFO and NOI may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. FFO does not represent cash generated from operations as defined by generally accepted accounting principles (“GAAP”) and is not indicative of cash available to fund all cash needs, including distributions. It should not be considered as an alternative to net income for the purpose of evaluating the Company’s performance or to cash flows as a measure of liquidity. Consistent with the NAREIT definition, the Company defines FFO as net income (computed in accordance with GAAP), excluding gains (losses) from sales of depreciated property, plus depreciation and amortization, impairment of depreciable real estate, and after adjustments for unconsolidated partnerships and joint ventures.



Table of Contents
Year Ended 2014


Section I - Fourth Quarter 2014 Earnings Press Release
Section II - Financial Information		Section III - Core Portfolio Information

Company Information……………………………………………	4	Core Properties………………………………………	24
Market Capitalization……………………………………	5	Core Top Tenants……………………………………	26
Operating Statements		Core Lease Expirations……………………………	27
Pro-rata Consolidation…………………………	6	Core New and Renewal Rent Spreads………………	28
Funds……………………	7	Core Capital Expenditures…………………………	29
Funds from Operations ("FFO"), Adjusted FFO ("AFFO")		Portfolio Demographics…………………………	30
and Funds Available for Distribution ("FAD")…	9
EBITDA………………………………………………	10
Same Property Net Operating Income……………………………	11	Section IV - Fund Information
Fee Income…………………………………………	12
Balance Sheet - Pro-rata Consolidation………………	13	Fund Overview………………………………………	33
Structured Financing……………………………………………	14	Fund Properties………………………………………	34
Other Information		Fund Lease Expirations………………………………	35
2014 Transactional Activity…………………………………	15	Development Activity…………………………………	36
2015 Guidance……………………………………	16	RCP Venture Investments……………………………	37
Net Asset Valuation Information………………………………	17
Selected Financial Ratios…………………………………………	18
Debt Analysis
Summary……………………………………………	19	Important Notes……………………………………	38
Detail……………………………………………	20
Maturities…………………………………………	23


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



Company Information

Acadia Realty Trust, a fully-integrated equity real estate investment trust, is focused on the acquisition, ownership, management and redevelopment 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
	1311 Mamaroneck Avenue	Jonathan Grisham	Symbol AKR
	Suite 260	Senior Vice President,
	White Plains, NY 10605	Chief Financial Officer
		(914) 288-8142
		jgrisham@acadiarealty.com


Analyst Coverage

	Bank of America / Merrill Lynch	Cowen and Company	KeyBanc Capital Markets, Inc.
	Craig Schmidt - (646) 855-3640	James Sullivan - (646) 562-1380	Todd Thomas - (917) 368-2286
	craig.schmidt@baml.com	james.sullivan@cown.com	tthomas@keybanccm.com

	Bank of Montreal	Green Street Advisors	RBC Capital Markets
	Paul Adornato, CFA - (212) 885-4170	Cedrik LaChance - (949) 640-8780	Rich Moore, CFA - (440) 715-2646
	paul.adornato@bmo.com	clachance@greenst.com	rich.moore@rbccm.com

	Citigroup - Global Markets	J.P. Morgan Securities, Inc.	UBS
	Christy McElroy - (212) 816-6981	Michael W. Mueller, CFA - (212) 622-6689	Ross Nussbaum - (212) 713-2484
	christy.mcelroy@citi.com	michael.w.mueller@jpmorgan.com	ross.nussbaum@ubs.com



Market Capitalization
(including pro-rata share of Fund debt, in thousands)


						Capitalization
	Total Market Capitalization					based on
	$				%	Net Debt ¹
Equity Capitalization
Common Shares	68,109
Common Operating Partnership ("OP") Units	3,664
Combined Common Shares and OP Units	71,773

Share Price at December 31, 2014	$	32.03

Equity Capitalization - Common Shares and OP Units	$	2,298,889
Preferred OP Units	803			²
Total Equity Capitalization	2,299,692				79%	84%

Debt Capitalization
Consolidated debt	1,127,538
Adjustment to reflect pro-rata share of debt	(510,815		)
Total Debt Capitalization	616,723				21%	16%

Total Market Capitalization	$	2,916,415			100%	100%



Weighted Average Outstanding Common Shares and OP Units
(in thousands)
	December 31, 2014					Changes in Total Common Shares Outstanding and OP Units
	Year-to-date				Quarter
Weighted average Common Shares - Basic EPS	59,402				63,866		Common Shares	OP Units	Total
Dilutive potential Common Shares	309				375	Balance @ 12/31/2013	55,643	1,954	57,597
Weighted average Common Shares - Diluted EPS	59,711				64,241	Issuance	12,236	1,577	13,813
OP Units	2,684				3,570	Other	230	133	363
Dilutive potential OP Units	25				25
Weighted average Common Shares and OP Units - Diluted FFO	62,420				67,836	Balance @ 12/31/2014	68,109	3,664	71,773


Notes:
¹ Reflects debt net of Core Portfolio cash balance of	$	178,366
pro-rata share of Funds cash balance of	8,057
and pro-rata share of restricted cash relating to City Point financing of	6,030
for total cash netted against debt of	$	192,453
² Represents 188 Series A Preferred OP Units convertible into 25,067 Common OP units multiplied by the Common Share price at quarter end.
³ Fixed-rate debt includes notional principal fixed through interest rate swap transactions.



Income Statements - Pro-rata Consolidation ¹
(in thousands)

	Year-to-date ended December 31, 2014									Three months ended December 31, 2014
	Core Portfolio			Funds			Total			Core Portfolio			Funds			Total

CORE PORTFOLIO AND FUND INCOME

PROPERTY REVENUES
Minimum rents	$	87,511		$	11,581		$	99,092		$	23,545		$	2,800		$	26,345
Percentage rents	215			65			280			1			13			14
Expense reimbursements - CAM	8,885			1,523			10,408			2,489			382			2,871
Expense reimbursements - Taxes	12,209			1,606			13,815			3,384			405			3,789
Other property income	336			193			529			123			50			173
Total Property Revenues	109,156			14,968			124,124			29,542			3,650			33,192

PROPERTY EXPENSES
Property operating - CAM	11,354			1,934			13,288			3,382			515			3,897
Other property operating (Non-CAM)	2,016			627			2,643			624			108			732
Real estate taxes	14,457			2,290			16,747			3,879			538			4,417
Total Property Expenses	27,827			4,851			32,678			7,885			1,161			9,046

NET OPERATING INCOME - PROPERTIES	81,329			10,117			91,446			21,657			2,489			24,146

OTHER INCOME (EXPENSE)
Interest income	11,542			250			11,792			2,921			(2		)	2,919
Straight-line rent income	2,810			772			3,582			740			196			936
Straight-line ground rent	—			(4		)	(4		)	—			(4		)	(4		)
Above/below market rent	2,666			844			3,510			793			217			1,010
Interest expense	(20,905		)	(2,884		)	(23,789		)	(5,373		)	(486		)	(5,859		)
Amortization of finance costs	(1,014		)	(520		)	(1,534		)	(278		)	(119		)	(397		)
Above/below market interest expense	1,024			81			1,105			499			8			507
Asset and property management expense	(130		)	(261		)	(391		)	(24		)	(59		)	(83		)
Other income/(expense)	2,075			(14		)	2,061			46			(2		)	44
Transaction costs	(4,611		)	(553		)	(5,164		)	(1,557		)	(88		)	(1,645		)
CORE PORTFOLIO AND FUND INCOME	74,786			7,828			82,614			19,424			2,150			21,574

FEE INCOME
Asset and property management fees	15,111			—			15,111			3,625			—			3,625
Transactional fees ²	7,043			—			7,043			1,557			—			1,557
Income tax provision	(178		)	(12		)	(190		)	(93		)	—			(93		)
Total Fee Income	21,976			(12		)	21,964			5,089			—			5,089

PROMOTE, RCP AND OTHER INCOME
Equity in earnings (losses) from RCP investments	—			297			297			—			120			120
Promote income - Fund capital transactions	156			—			156			—			—			—
Other income	732			—			732			—			—			—
Loss on extinguishment of debt	(5		)	(99		)	(104		)	—			(14		)	(14		)
Provision for income taxes (RCP)	—			(76		)	(76		)	—			(92		)	(92		)
Total Promote, RCP and Other Income	883			122			1,005			—			14			14

General and Administrative	(26,604		)	(409		)	(27,013		)	(6,231		)	(128		)	(6,359		)

Depreciation and amortization	(33,582		)	(4,438		)	(38,020		)	(9,275		)	(1,139		)	(10,414		)
Non-real estate depreciation and amortization	(523		)	—			(523		)	(130		)	—			(130		)
Gain on disposition of properties	12,393			21,018			33,411			—			231			231
Gain on disposition of land	190			672			862			—			—			—
Income before noncontrolling interests	49,519			24,781			74,300			8,877			1,128			10,005



Income Statements - Funds ¹
(in thousands)
	Year-to-date ended December 31, 2014
				AKR Pro-						AKR Pro-						AKR Pro-						AKR Pro-						AKR Pro-						AKR Pro-			Total
				rata share						rata share						rata share						rata share						rata share						rata share			AKR Pro-
	Fund I			22.22%			Mervyns I			22.22%			Fund II			20.00%			Mervyns II			20.00%			Fund III			19.90%			Fund IV			23.12%			rata share

PROPERTY REVENUES
Minimum rents	$	106		$	23		$	—		$	—		$	12,660		$	2,532		$	—		$	—		$	29,903		$	5,951		$	13,299		$	3,075		$	11,581
Percentage rents	—			—			—			—			—			—			—			—			292			58			34			7			65
Expense reimbursements - CAM	—			—			—			—			1,160			232			—			—			4,899			976			1,366			315			1,523
Expense reimbursements - Taxes	—			—			—			—			479			95			—			—			5,694			1,133			1,641			378			1,606
Other property income	4			1			—			—			464			93			—			—			421			83			68			16			193
Total Property Revenues	110			24			—			—			14,763			2,952			—			—			41,209			8,201			16,408			3,791			14,968

PROPERTY EXPENSES
Property operating - CAM	22			5			—			—			2,132			426			—			—			5,358			1,066			1,887			437			1,934
Other property operating (Non-CAM)	83			19			—			—			1,653			331			—			—			1,169			233			188			44			627
Real estate taxes	27			5			—			—			1,405			281			—			—			7,285			1,450			2,399			554			2,290
Total Property Expenses	132			29			—			—			5,190			1,038			—			—			13,812			2,749			4,474			1,035			4,851

NET OPERATING INCOME - PROPERTIES	(22		)	(5		)	—			—			9,573			1,914			—			—			27,397			5,452			11,934			2,756			10,117

OTHER INCOME (EXPENSE)
Interest income	—			—			—			—			16			4			—			—			334			66			779			180			250
Straight-line rent income	—			—			—			—			981			196			—			—			1,518			302			1,188			274			772
Straight-line ground rent	—			—			—			—			(12		)	(4		)	—			—			—			—			—			—			(4		)
Above/below market rent	—			—			—			—			—			—			—			—			1,734			345			2,161			499			844
Interest expense	(4		)	—			—			—			(4,463		)	(893		)	—			—			(5,971		)	(1,188		)	(3,472		)	(803		)	(2,884		)
Amortization of finance costs	—			—			—			—			(241		)	(49		)	—			—			(1,005		)	(200		)	(1,170		)	(271		)	(520		)
Above/below market interest expense	—			—			—			—			—			—			—			—			409			81			—			—			81
Asset and property management expense ²	2			—			—			—			(200		)	(40		)	—			—			(539		)	(108		)	(489		)	(113		)	(261		)
Other income/(expense)	(88		)	(19		)	—			—			250			50			—			—			(148		)	(29		)	(72		)	(16		)	(14		)
Transaction costs	—			—			—			—			—			—			—			—			(245		)	(48		)	(2,184		)	(505		)	(553		)
Fund Income	(112		)	(24		)	—			—			5,904			1,178			—			—			23,484			4,673			8,675			2,001			7,828

FEE INCOME
Income tax provision	(2		)	—			—			—			(17		)	(3		)	—			—			(44		)	(9		)	—			—			(12		)
Total Fee Income	(2		)	—			—			—			(17		)	(3		)	—			—			(44		)	(9		)	—			—			(12		)

PROMOTE, RCP AND OTHER INCOME
Equity in earnings from RCP investments	—			—			410			91			—			—			1,029			206			—			—			—			—			297
Gain on extinguishment of debt	—			—			—			—			(62		)	(12		)	—			—			(435		)	(87		)	—			—			(99		)
Provision for income taxes (RCP)	—			—			—			—			—			—			—			—			(385		)	(76		)	—			—			(76		)
Total Promote, RCP and Other Income	—			—			410			91			(62		)	(12		)	1,029			206			(820		)	(163		)	—			—			122

GENERAL AND ADMINISTRATIVE	(21		)	(5		)	(11		)	(3		)	(511		)	(102		)	(22		)	(4		)	(825		)	(163		)	(574		)	(132		)	(409		)

Depreciation and amortization	—			—			—			—			(2,766		)	(552		)	—			—			(12,383		)	(2,464		)	(6,151		)	(1,422		)	(4,438		)
Gain on disposition of properties	—			—			—			—			(341		)	(68		)	—			—			62,451			12,100			38,866			8,986			21,018
Gain on disposition of land	—			—			—			—			561			112			—			—			1,168			560			—			—			672
Income before noncontrolling interest	(135		)	(29		)	399			88			2,768			553			1,007			202			73,031			14,534			40,816			9,433			24,781

Noncontrolling interest - OP	5			1			(18		)	(4		)	(150		)	(30		)	(50		)	(10		)	(3,291		)	(655		)	(1,834		)	(424		)	(1,122		)

NET INCOME	$	(130	)	$	(28	)	$	381		$	84		$	2,618		$	523		$	957		$	192		$	69,740		$	13,879		$	38,982		$	9,009		$	23,659

Notes:
¹ Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim periods. The Company's investments in consolidated and unconsolidated
joint ventures are reflected separately for revenuesand expenses by calculating it's pro-rata share for each of the above line items. In total, net income agrees with net income as reported in the Company's Form 10Q's and 10K for the corresponding periods.
The Company currently invests in Funds I, II, III & IV and Mervyn's which are consolidated with the Company's financial statements.
² Funds I, II, III & IV and the Mervyn's entities pay various fees and promotes to the Company. As it is the recipient of such fees, the Company does not recognize its pro-rata share of these expenses.



Income Statements - Funds ¹
(in thousands)
	Three months ended December 31, 2014
				AKR Pro-						AKR Pro-						AKR Pro-					AKR Pro-				AKR Pro-						AKR Pro-			Total
				rata share						rata share						rata share					rata share				rata share						rata share			AKR Pro-
	Fund I			22.22%			Mervyns I			22.22%			Fund II			20.00%			Mervyns II		20.00%		Fund III		19.90%			Fund IV			23.12%			rata share

PROPERTY REVENUES
Minimum rents	$	15		$	3		$	—		$	—		$	3,282		$	656		—		—		7,244		$	1,442		$	3,023		$	699		$	2,800
Percentage rents	—			—			—			—			—			—			—		—		61		12			5			1			13
Expense reimbursements - CAM	—			—			—			—			239			48			—		—		1,305		260			322			74			382
Expense reimbursements - Taxes	—			—			—			—			142			28			—		—		1,507		300			335			77			405
Other property income	—			—			—			—			99			20			—		—		162		32			(10		)	(2		)	50
Total Property Revenues	15			3			—			—			3,762			752			—		—		10,279		2,046			3,675			849			3,650

PROPERTY EXPENSES
Property operating - CAM	6			1			—			—			477			95			—		—		1,527		304			496			115			515
Other property operating (Non-CAM)	16			4			—			—			376			75			—		—		118		23			25			6			108
Real estate taxes	21			5			—			—			340			68			—		—		1,781		354			481			111			538
Total Property Expenses	43			10			—			—			1,193			238			—		—		3,426		681			1,002			232			1,161

NET OPERATING INCOME - PROPERTIES	(28		)	(7		)	—			—			2,569			514			—		—		6,853		1,365			2,673			617			2,489

OTHER INCOME (EXPENSE)
Interest income	—			—			—			—			5			1			—		—		148		29			(139		)	(32		)	(2		)
Straight-line rent income	—			—			—			—			216			43			—		—		324		64			386			89			196
Straight-line ground rent	—			—			—			—			(18		)	(4		)	—		—		—		—			—			—			(4		)
Above/below market rent	—			—			—			—			—			—			—		—		382		76			609			141			217
Interest expense	—			—			—			—			(90		)	(18		)	—		—		(1,355	)	(270		)	(857		)	(198		)	(486		)
Amortization of finance costs	—			—			—			—			(53		)	(11		)	—		—		(227	)	(45		)	(273		)	(63		)	(119		)
Above/below market interest expense	—			—			—			—			—			—			—		—		41		8			—			—			8
Asset and property management expense ²	2			—			—			—			(44		)	(9		)	—		—		(95	)	(19		)	(134		)	(31		)	(59		)
Other income/(expense)	(1		)	—			—			—			—			—			—		—		—		—			(9		)	(2		)	(2		)
Transaction costs	—			—			—			—			—			—			—		—		(146	)	(29		)	(257		)	(59		)	(88		)
Fund Income	(27		)	(7		)	—			—			2,585			516			—		—		5,925		1,179			1,999			462			2,150

FEE INCOME
Income tax provision	—			—			—			—			—			—			—		—		—		—			—			—			—
Total Fee Income	—			—			—			—			—			—			—		—		—		—			—			—			—

PROMOTE, RCP AND OTHER INCOME
Equity in earnings (losses) from RCP investments	—			—			—			—			—			—			600		120		—		—			—			—			120
Gain on extinguishment of debt	—			—			—			—			(62		)	(12		)	—		—		(12	)	(2		)	—			—			(14		)
Provision for income taxes (RCP)	—			—			—			—			—			—			—		—		(464	)	(92		)	—			—			(92		)
Total Promote, RCP and Other Income	—			—			—			—			(62		)	(12		)	600		120		(476	)	(94		)	—			—			14

GENERAL AND ADMINISTRATIVE	(32		)	(7		)	(6		)	(2		)	(116		)	(23		)	(10	)	(2	)	(217	)	(43		)	(220		)	(51		)	(128		)

Depreciation and amortization	(1		)	—			—			—			(617		)	(123		)	—		—		(3,171	)	(631		)	(1,666		)	(385		)	(1,139		)



Gain on disposition of properties	—			—			—			—			524			105			—			—			633			126			—			—			231
Gain on disposition of land	—			—			—			—			—			—			—			—			—			—			—			—			—
Income before noncontrolling interest	(60		)	(14		)	(6		)	(2		)	2,314			463			590			118			2,694			537			113			26			1,128

Noncontrolling interest - OP	5			1			—			—			(130		)	(26		)	(35		)	(7		)	(151		)	(30		)	(4		)	(1		)	(63		)

NET INCOME	$	(55	)	$	(13	)	$	(6	)	$	(2	)	$	2,184		$	437		$	555		$	111		$	2,543		$	507		$	109		$	25		$	1,065

Notes:
¹ Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim periods. The Company's investments in consolidated and unconsolidated
joint ventures are reflected separately for revenuesand expenses by calculating it's pro-rata share for each of the above line items. In total, net income agrees with net income as reported in the Company's Form 10Q's and 10K for the corresponding periods.
The Company currently invests inFunds I, II, III & IV and Mervyn's which are consolidated with the Company's financial statements.
² Funds I, II, III & IV and the Mervyn's entities pay various fees and promotes to the Company. As it is the recipient of such fees, the Company does not recognize its pro-rata share of these expenses.



Funds from Operations ("FFO") ¹
(in thousands)

	2014															2013
	Current			Current			Previous			Previous			Previous
	Year-to-Date			Quarter			Quarter			Quarter			Quarter			Year-to-Date	Quarter
	Period ended			3 months ended			3 months ended			3 months ended			3 months ended			Period ended	3 months ended
Funds from operations ("FFO"):	December 31, 2014			December 31, 2014			September 30, 2014			June 30, 2014			March 31, 2014			December 31, 2013	December 31, 2013

Net Income	$	71,064		$	9,441		$	28,564		$	11,464		$	21,595		$ 40,115	$ 12,250
Add back:
Depreciation of real estate and amortization of leasing costs:
(net of noncontrolling interest share)	38,020			10,414			9,766			8,987			8,853			31,432	8,309
Gain on disposition of properties (net of noncontrolling interest share)	(33,438		)	(258		)	(20,953		)	166			(12,393		)	(6,378)	(5,602)
Impairment of asset	—			—			—			—			—			1,500	—
Income attributable to noncontrolling interests'
share in Operating Partnership	3,236			564			1,350			459			863			492	147

FFO	$	78,882		$	20,161		$	18,727		$	21,076		$	18,918		$ 67,161	$ 15,104

Add back: Transaction costs	5,164			1,645			1,721			1,124			674			3,477	1,413
FFO before transaction costs	$	84,046		$	21,806		$	20,448		$	22,200		$	19,592		$ 70,638	$ 16,517


Adjusted Funds from operations ("AFFO"):
Diluted FFO	$	78,882		$	20,161		$	18,727		$	21,076		$	18,918		$ 67,161	$ 15,104
Straight-line rent, net	(3,582		)	(936		)	(909		)	(1,012		)	(725		)	(3,621)	(727)
Straight-line ground rent	4			4			—			—			—			70	8
Above/below market rent	(3,510		)	(1,010		)	(664		)	(947		)	(889		)	(4,457)	(1,797)
Amortization of finance costs	1,534			397			375			388			374			1,433	282
Above/below market interest	(1,105		)	(507		)	(200		)	(199		)	(199		)	(1,406)	(217)
Loss (gain) on extinguishment of debt	104			14			2			16			72			617	617
Non-real estate depreciation	523			136			130			130			127			456	126
Leasing commissions	(939		)	(228		)	(134		)	(401		)	(176		)	(1,676)	(400)
Tenant improvements	(3,962		)	(1,411		)	(1,259		)	(853		)	(439		)	(4,057)	(1,047)
Capital expenditures	(964		)	(187		)	(187		)	(146		)	(444		)	(2,592)	(1,567)
AFFO	$	66,985		$	16,433		$	15,881		$	18,052		$	15,535		$ 51,928	$ 10,382

Funds Available for Distribution ("FAD"):
AFFO	$	66,985		$	16,433		$	15,881		$	18,052		$	15,535		$ 51,928	$ 10,382
Scheduled principal repayments	(5,694		)	(1,550		)	(1,620		)	(1,059		)	(1,465		)	(6,029)	(1,492)
FAD	$	61,291		$	14,883		$	14,261		$	16,993		$	14,070		$ 45,899	$ 8,890

Total weighted average diluted shares and OP Units:	$	62,420		$	67,836		$	62,483		$	60,521		$	58,419		55,954	56,572

Diluted FFO per share:
FFO	$	1.26		$	0.30		$	0.30		$	0.35		$	0.32		$ 1.20	$ 0.27
FFO before transaction costs	$	1.35		$	0.32		$	0.33		$	0.37		$	0.34		$ 1.26	$ 0.29

AFFO	$	1.07		$	0.24		$	0.25		$	0.30		$ 0.27			$ 0.93	$ 0.18
AFFO before transaction costs	$	1.16		$	0.27		$	0.28		$	0.32		$ 0.28			$ 0.99	$ 0.21

FAD	$	0.98		$	0.22		$	0.23		$	0.28		$ 0.24			$ 0.82	$ 0.16
FAD before transaction costs	$	1.06		$	0.24		$	0.26		$	0.30		$ 0.25			$ 0.88	$ 0.18

Notes:
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.



Core Portfolio
Same Property Performance ¹
(in thousands)

	Quarter							Year-to-Date

	Three months ended						Percentage Growth in Same	Period ended				Percentage Growth in Same
							Property NOI -					Property NOI -
	December 31, 2014			December 31, 2013			% of Line Item	December 31, 2014		December 31, 2013		% of Line Item

Revenue
Minimum rents	$	16,326		$	15,832		3.1%	$	66,299	$	63,634	4.2%
Expense reimbursements	4,774			3,932			21.4%	18,145		16,686		8.7%
Other property income	86			100			(14.0)%	630		658		(4.3)%

Total Revenue	21,186			19,864			6.7%	85,074		80,978		5.1%

Expenses
Property operating - CAM & Real estate taxes	5,662			4,804			-17.9%	21,353		19,803		(7.8)%
Other property operating (Non-CAM)	416			527			21.1%	1,465		2,002		26.8%

Total Expenses	6,078			5,331			-14.0%	22,818		21,805		(4.6)%

Same Property NOI - Core properties	$	15,108		$	14,533		4.0%	$	62,256	$	59,173	5.2%

Other same property information
Physical Occupancy	96.0		%	95.0		%
Leased Occupancy	97.1		%	97.0		%


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



Fee income by Fund
(in thousands)

	Fund I		Fund II		Fund III		Fund IV		Other		Total
Year ended December 31, 2014
Asset and property management fees and priority distributions	$	44	$	2,567	$	5,344	$	6,570	$	586	$	15,111
Transactional fees	61		3,444		1,560		1,408		570		7,043
Total management fees and priority distributions	$	105	$	6,011	$	6,904	$	7,978	$	1,156	$	22,154


	Fund I		Fund II		Fund III		Fund IV		Other		Total
Current Quarter ended December 31, 2014
Asset and property management fees and priority distributions	$	11	$	643	$	1,286	$	1,529	$	156	$	3,625
Transactional fees	15		820		296		382		44		1,557
Total management fees and priority distributions	$	26	$	1,463	$	1,582	$	1,911	$	200	$	5,182


	Fund I		Fund II		Fund III		Fund IV		Other		Total
Previous Quarter ended September 30, 2014
Asset and property management fees and priority distributions	$	11	$	625	$	1,234	$	1,598	$	164	$	3,632
Transactional fees	31		772		331		591		22		1,747
Total management fees and priority distributions	$	42	$	1,397	$	1,565	$	2,189	$	186	$	5,379


	Fund I		Fund II		Fund III		Fund IV		Other		Total
Previous Quarter ended June 30, 2014
Asset and property management fees and priority distributions	$	11	$	656	$	1,384	$	1,692	$	147	$	3,890
Transactional fees	4		841		431		250		32		1,558
Total management fees and priority distributions	$	15	$	1,497	$	1,815	$	1,942	$	179	$	5,448


	Fund I		Fund II		Fund III		Fund IV		Other		Total
Previous Quarter ended March 31, 2014
Asset and property management fees and priority distributions	$	11	$	643	$	1,440	$	1,751	$	119	$	3,964
Transactional fees	11		1,011		502		185		472		2,181
Total management fees and priority distributions	$	22	$	1,654	$	1,942	$	1,936	$	591	$	6,145



Pro-Rata Consolidated Balance Sheet
(in thousands)
	Consolidated				Noncontrolling			Company's			Pro-Rata
	Balance				Interest in			Interest in			Consolidated
	Sheet				Consolidated			Unconsolidated			Balance
	As Reported ¹				Subsidiaries			Subsidiaries			Sheet ²				Notes
ASSETS
Real estate															¹ The interim consolidated balance sheet is unaudited, although it
Land	$	424,661			$	(108,313	)	$	47,802		$	364,150			reflects all adjustments, which in the opinion of management,
Buildings and improvements	1,329,080				(321,334		)	174,819			1,182,565				are necessary for the fair presentation of the consolidated
Construction in progress	7,464				(4,318		)	119			3,265				balance sheet for the interim period.
	1,761,205				(433,965		)	222,740			1,549,980
Less: accumulated depreciation	(256,015		)		63,010			(9,685		)	(202,690		)		² The Company currently invests in Funds I, II, III & IV and Mervyns I & II
Net real estate	1,505,190				(370,955		)	213,055			1,347,290				which are consolidated with the Company's financial statements.
															To provide investors with supplemental information, the Company's
Net real estate under development	447,390			³	(360,454		)	5,568			92,504				investments in these joint ventures are reflected above on a pro-rata
															basis by calculating its ownership percentage for each of the asset
Cash and cash equivalents	217,580				(32,881		)	1,724			186,423				and liability line items. Similarly, the presentation also includes
Cash in escrow	20,358				(11,201		)	3,164			12,321				the Company's pro-rata share of assets and liabilities for
Restricted cash	30,604				(24,574		)	—			6,030				unconsolidated investments which are accounted for under the equity
Investments in and advances to unconsolidated affiliates	183,577				(78,042		)	(105,213		)	322				method of accounting for the Company's financial statements.
Rents receivable, net	8,929				(3,464		)	1,818			7,283
Straight-line rents receivable, net	28,033				(11,302		)	1,869			18,600
Notes receivable	102,286				(2,714		)	—			99,572				³ The components of Net real estate under development are as follows:
Deferred charges, net	30,679				(16,787		)	2,685			16,577				Fund II	$	390,892
Prepaid expenses and other assets	57,283				3,810			963			62,056			⁴	Fund III	34,504
Acquired lease intangibles	44,618				(12,718		)	1,892			33,792				Fund IV	20,731
Accounts receivable from related parties	—				—			—			—
Assets of real estate held for sale	56,073				(45,673		)	—			10,400
															Other	1,263
Total Assets	$	2,732,600			$	(966,955	)	$	127,525		$	1,893,170			Total Funds	$	447,390

LIABILITIES AND SHAREHOLDERS' EQUITY
															⁴ The components of Prepaid expenses and other assets are as follows:
Mortgage and other notes payable	1,127,538				(642,644		)	131,829			616,723				Due from Fund Investors	31,244
Valuation of debt at acquisition, net of amortization	2,943				—			10			2,953				Contract deposits	7,990
Acquired lease intangibles	29,585				(7,265		)	1,613			23,933				Accrued interest on Notes receivable	6,211
Accounts payable and accrued expenses	34,026				(10,536		)	3,187			26,677				Prepaid expenses	5,566
Dividends and distributions payable	39,339				—			—			39,339				Other	11,045
Share of losses in excess of inv. in unconsolidated affiliates	12,564				—			(12,564		)	—
Other liabilities	25,148				(7,402		)	3,450			21,196				Total	$	62,056
Liabilities of real estate held for sale	25,500				(20,476		)	—			5,024

Total Liabilities	1,296,643				(688,323		)	127,525			735,845

Shareholders' equity:
Common shares	68				—			—			68
Additional paid-in capital	1,027,861				—			—			1,027,861
Accumulated other comprehensive loss	(4,005		)		—			—			(4,005		)
Retained earnings	31,617				—			—			31,617
Total controlling interest	1,055,541				—			—			1,055,541
Noncontrolling interest in subsidiary	380,416				(278,632		)	—			101,784
Total Shareholders' Equity	1,435,957				(278,632		)	—			1,157,325

Total Liabilities and Shareholders' Equity	$	2,732,600			$	(966,955	)	$	127,525		$	1,893,170



2014 Transactional Activity
(in thousands)

Acquisitions:

Property Name	Purchase Price		Ownership %	Acadia Share		Month of Transaction	Location	Key Tenants

Core Portfolio:

2014 Transactions

11 E. Walton	$	44,000	100%	$	44,000	January	Chicago, IL	Marc Jacobs, Saint Laurent
61 Main Street	7,300		100%	7,300		February	Westport, CT	Chico's
865 W. North Avenue	14,750		100%	14,750		March	Chicago, IL	Forever 21
252-256 Greenwich Avenue	24,450		100%	24,450		March	Greenwich, CT	Madwell, Calypso St. Barth, Jack Wills
152-154 Spring Street	38,000		90%	34,200		April	New York, NY	Kate Spade Saturday
2520 Flatbush Avenue	17,100		100%	17,100		May	New York, NY	Bob's Furniture, Capital One
Bedford Green	46,750		100%	46,750		July	Bedford Hills, NY	Shop Rite, CVS, Panera Bread
131-135 Prince Street	51,359		100%	51,359		August	New York, NY	Folli Follie, Uno De 50
Shops at Grand Avenue	56,000		100%	56,000		October	Queens, NY	Stop & Shop
201 Needham St.	10,125		100%	10,125		November	Needham, MA	Michael's
840 N. Michigan Avenue	163,206		88%	144,323		December	Chicago, IL	H&M, Verizon

Total	$	473,040		$	450,357

Funds:

Fund IV:

Broughton Street Portfolio ¹	$	33,856	50%	$	16,928	February-September	Savannah, GA	—
Eden Square	25,369		98%	24,862		July	Bear, DE	Lowe's, Giant
27 E. 61st Street	19,250		100%	19,250		October	New York, NY	—
17 E. 71st Street	28,000		100%	28,000		October	New York, NY	—
1035 Third Avenue	51,036		100%	51,036		January 2015	New York, NY	—

Total	$	157,511		$	140,076

Dispositions:

Property Name	Disposition Price		Ownership %	Fund Share		Month of Transaction	Location	Key Tenants

Core Portfolio:

Walnut Hill Plaza	$	22,865	100%	$	22,865	March	Woonsocket, RI	Sears

Funds:

Fund III:

Sheepshead Bay	$	20,200	100%	$	20,200	April	Brooklyn, NY	—
Lincoln Road Portfolio	141,800		95%	134,710		August	Miami Beach, FL	Starbucks, Sushi Samba
Lincoln Park Centre	64,000		100%	64,000		January 2015	Chicago, IL	Design Within Reach

Total	$	226,000		$ 218,910

Fund IV:



2015 Guidance


Note: 2015 FFO and EPS guidance and comparable 2014 results are before acquisition costs and gains on the sale of depreciated property
(in millions except per share amounts, all per share amounts are fully diluted)
	Notes	2015 Guidance	2014 Actual
Summary:

Fully diluted Common Shares and OP Units		73,500 to 74,800	62,420

Full year Funds from Operations ("FFO") per share	¹	$1.48 to $1.56	$1.35

Earnings per Share ("EPS")	²	$0.82 to $0.87	$0.53


FFO Components:

Core and pro-rata share of Fund ("Fund") portfolio income		$104.3 to $109.3	$87.9

Asset and property management fee income, net of TRS taxes		$12.5 to $13.0	$15.1

Transactional fee income, net of TRS taxes		$7.5 to $8.0	$6.9

Other Fund related income, net of taxes	³	$13.9 to $15.3	$1.1

General and administrative expense		$(29.5) to $(29.0)	$(27.0)

FFO		$108.7 to $116.6	$84.0


Additional Guidance Assumptions:

Same property net operating income ("NOI") growth		3% to 4%

Core acquisitions		$300.0 to $400.0

Fund acquisitions		$250.0 to $500.0


Notes:
¹ Excludes acquisition costs which totaled $0.09 for the year ended December 31, 2014
² Excludes acquisition costs and gains on sale of property which aggregated $0.65 for the year ended December 31, 2014
³ 2015 includes promote income, gain on sale of City Point residential air rights, RCP Venture income and other income, all net of taxes



Net Asset Valuation Information
(in thousands)

	CORE					FUND I						FUND II											FUND III										FUND IV
						Fund Level		AKR pro-rata share				Fund Level						AKR Pro-rata Share					Fund Level						AKR pro-rata share				Fund Level						AKR pro-rata share
	Quarterly			Annualized (x4)				%		$		Quarterly			Annualized (x4)			%		$			Quarterly			Annualized (x4)			%	$			Quarterly			Annualized (x4)			%	$
Current NOI
Net Operating Income	$	21,657	¹	$	86,628	—						$	2,569		$	10,276		20.00	%	$	2,055		$	6,853		$	27,412		19.90%	$	5,455		$	2,673		$	10,692		23.12%	$	2,472
Less:
(Income)/ loss from properties sold or under contract												(562		)	(2,248		)			(450		)	(798		)	(3,192		)		(635		)	—			—				—
(Income)/ loss from pre-stabilized assets ³												—			—					—			(562		)	(2,248		)		(447		)	(556		)	(2,224		)		(514		)
(Income)/ loss from development projects ⁴												—			—					—			(8		)	(32		)		(6		)	(195		)	(780		)		(180		)
Net Operating Income of stabilized assets												2,007			8,028					1,606			5,485			21,940				4,366			1,922			7,688				1,777

Assets under contract for sale, net of debt															$	6,500				$	1,300					$ 36,000				$ 7,164

Costs to Date
Pre-stabilized assets ³															$	—				$	—					$	59,208			$	11,783					$	38,031			$	8,793
Development projects ⁴															369,500					73,900						30,800				6,129						69,300				16,022

Total Costs to Date															$	369,500				$	73,900					$	90,008			$	17,912					$	107,331			$	24,815

Debt				$	468,814	$	—								$	303,385				$	57,505					$	242,065			$	44,284					$	184,897			$	40,547

Gross asset value ²						3,400
Net Asset Value						$	3,400	37.78	%	$	1,285


Notes:
¹ Does not include a full quarter of NOI for those assets purchased during the fourth quarter 2014. See "Transactions Activity" page in this supplemental for descriptions of those acquisitions.
² AKR pro-rata share of Fund I is the promote of 20% plus its co-investment share of the remainder (22% x 80%) for a total of 37.78%.
³Consists of the following projects:
Fund III:
640 Broadway
654 Broadway
Nostrand
Lincoln Park Centre
Fund IV:
2819 Kennedy Blvd
Paramus Plaza
1151 Third Avenue

⁴See "Redevelopment Activity" page in this supplemental



Selected Financial Ratios
(in thousands)

	Three months ended December 31,						Period ended December 31,
														Three months ended December 31,			Three months ended September 30,
	2014			2013			2014			2013				2014			2014
COVERAGE RATIOS ¹													LEVERAGE RATIOS

Fixed-Charge Coverage Ratios													Debt/Market Capitalization Ratios

EBITDA ² divided by:	$	23,527		$	19,555		$	92,309		$	80,076		Debt + Preferred Equity (Preferred O.P. Units)	$	617,526		$	545,683
Interest expense	5,373			5,174			20,905			20,368			Total Market Capitalization	2,916,415			2,300,323
Principal Amortization	1,347			1,252			4,962			5,107			Debt+Preferred Equity/Total Market Capitalization	21		%	24		%
Preferred Dividends ³	14			6			27			22
Fixed-Charge Coverage Ratio - Core Portfolio	3.5x			3.0x			3.6x			3.1x			Debt ⁷	$	424,270		$	437,928
													Total Market Capitalization	2,724,765			2,193,951
EBITDA divided by:	$	26,266		$	23,460		$	104,020		$	94,007		Net Debt+Preferred Equity/Total Market Capitalization	16		%	20		%
Interest expense	5,859			6,094			23,789			24,223
Principal Amortization	1,550			1,492			5,694			6,029			Debt/EBITDA Ratios
Preferred Dividends	14			6			27			22
Fixed-Charge Coverage Ratio - Core Portfolio													Debt	$	468,814		$	400,171
and Funds	3.5x			3.1x			3.5x			3.1x			EBITDA (Annualized)	94,108			87,892
													Debt/EBITDA - Core Portfolio	5.0x			4.6x
Payout Ratios
													Debt ⁶	$	290,448		$	310,618
Dividends (Shares) & Distributions (OP Units) paid ⁴	$	17,482		$	13,454		$	60,447		$	49,180		EBITDA (Annualized)	94,108			87,892
FFO	20,161			15,104			78,882			67,161			Net Debt/EBITDA - Core Portfolio	3.1x			3.5x
FFO Payout Ratio	87		%	89		%	77		%	73		%
FFO Payout Ratio before acquisition costs	80		%	81		%	72		%	70		%	Debt ⁵	$	616,723		$	545,683
													EBITDA (Annualized)	105,064			98,400
Dividends (Shares) & Distributions (OP Units) paid	$	17,482		$	13,454		$	60,447		$	49,180		Debt/EBITDA - Core Portfolio and Funds	5.9x			5.5x
AFFO	16,433			10,382			66,985			51,928
AFFO Payout Ratio	106		%	130		%	90		%	95		%	Debt ⁷	$	424,270		$	437,928
AFFO Payout Ratio before acquisition costs	97		%	114		%	84		%	89		%	EBITDA (Annualized)	105,064			98,400
													Net Debt/EBITDA - Core Portfolio and Funds	4.0x			4.5x
Dividends (Shares) & Distributions (OP Units) paid	$	17,482		$	13,454		$	60,447		$	49,180
FAD	14,883			8,890			61.291			45.899			Debt Yield Ratios
FAD Payout Ratio	117		%	151		%	99		%	107		%
FAD Payout Ratio before acquisition costs	106		%	131		%	91		%	100		%	NOI (Annualized)	$	86,628		$	82,932
													Debt	468,814			400,171
													Debt Yield - Core Portfolio	18		%	21		%
Notes:
													NOI (Annualized)	$	86,628		$	82,932
¹Quarterly 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. ²See page 10 for a calculation of EBITDA. ³Represents preferred distributions on Preferred Operating partnership Units. ⁴Does not include $0.30 special dividend. ⁵Includes the Company's pro-rata share of consolidated and unconsolidated joint venture debt. ⁶Reflects debt net of the current Core Portfolio cash balance at end of period. ⁷Reflects debt net of the current Core Portfolio and pro-rata share of the Funds cash balance at end of period.													Debt ⁶	290,448			310,618
													Net Debt Yield - Core Portfolio	30		%	27		%

													NOI (Annualized)	$	96,584		$	93,088
													Debt ⁵	616,723			545,683
													Debt Yield - Core Portfolio and Funds	16		%	17		%

													NOI (Annualized)	$	96,584		$	93,088
													Debt ⁷	424,270			437,928
													Net Debt Yield - Core Portfolio and Funds	23		%	21		%



Portfolio Debt - Summary
Reconciliation from Pro-Rata Share of Debt to Consolidated Debt per Financial Statement
(in thousands)

	Acadia Pro-Rata Share of Debt ²														Reconciliation to Consolidated Debt as Reported
															Add:		Less:			Acadia
	Core Portfolio				Funds				Total						Noncontrolling		Pro-rata Share of			Consolidated
	Principal		Interest		Principal		Interest		Principal		Interest		Fixed vs		Interest Share of		Unconsolidated			Debt
Mortgage Notes Payable	Balance		Rate		Balance		Rate		Balance		Rate		Variable		Consolidated Debt ³		Debt ⁴			As Reported

Fixed-Rate Debt ¹	$	468,327	4.8	%	$	81,166	4.0	%	$	549,493	4.7	%	89	%	$	365,116	$	(113,292	)	$	801,317
Variable-Rate Debt	487		1.7	%	66,743		1.9	%	67,230		1.9	%	11	%	277,528		(18,537		)	326,221

Total	$	468,814	4.8	%	$	147,909	3.0	%	$	616,723	4.3	%	100	%	$	642,644	$	(131,829	)	1,127,538
Unamortized premium																				2,943
																				$	1,130,481


Notes:
¹ Fixed-rate debt includes notional principal fixed through swap transactions.
² Represents the Company's pro-rata share of debt based on its percent ownership.
³ Represents the noncontrolling interest pro-rata share of consolidated partnership debt based on its percent ownership.
⁴ Represents the Company's pro-rata share of unconsolidated partnership debt based on its percent ownership.



Portfolio Debt - Detail
(in thousands)

	Principal Balance at			Acadia's Pro-rata Share				Interest	Maturity	Extension
Property	December 31, 2014			Percent	Amount			Rate	Date	Options

CORE PORTFOLIO

Fixed-Rate Debt
Crescent Plaza	$	16,455		100.0%	$	16,455		4.98%	9/6/2015	None
Pacesetter Park Shopping Center	11,307			100.0%	11,307			5.12%	11/6/2015	None
Elmwood Park Shopping Center	32,201			100.0%	32,201			5.53%	1/1/2016	None
Chicago Portfolio	15,266			100.0%	15,266			5.61%	2/1/2016	None
The Gateway Shopping Center	19,440			100.0%	19,440			5.44%	3/1/2016	None
330-340 River Street	10,668			100.0%	10,668			5.30%	5/1/2016	1 x 60 mos.
Brandywine Town Center	166,200			22.2%	36,933			5.99%	7/1/2016	None
Rhode Island Place Shopping Center	15,975			100.0%	15,975			6.35%	12/1/2016	None
Convertible Notes	380			100.0%	380			3.75%	12/15/2016	None
239 Greenwich Avenue	26,000			75.0%	19,500			5.42%	2/11/2017	None
639 West Diversey	4,245			100.0%	4,245			6.65%	3/1/2017	None
Merrillville Plaza	25,503			100.0%	25,503			5.88%	8/1/2017	None
Bedford Green	29,586			100.0%	29,586			5.10%	9/5/2017	None
Crossroads Shopping Center	67,500			49.0%	33,075			3.94%	9/30/2024	None
840 N. Michigan	73,500			88.4%	64,996			4.36%	2/10/2025	None
Georgetown Portfolio	17,912			50.0%	8,956			4.72%	12/10/2027	None
Interest rate swaps ¹	124,006			99.9%	123,841			3.67%	Various

Sub-Total Fixed-Rate Debt	656,144				468,327			4.77%

Variable-Rate Debt

Unsecured Line of Credit ²	—			100.0%	—			Libor + 140	1/31/2018	1 x 12 mos.
664 N. Michigan	44,369			100.0%	44,369			Libor + 165	6/28/2018	1 x 60 mos.
Unsecured Term Loan	50,000			100.0%	50,000			Libor + 130	11/25/2019	None
4401 N White Plains Road	6,141			100.0%	6,141			Libor + 190	9/1/2022	None
28 Jericho Turnpike	15,747			100.0%	15,747			Libor + 190	1/23/2023	None
60 Orange Street	8,236			98.0%	8,071			Libor + 175	4/3/2023	None
Interest rate swaps 1	(124,006		)	99.9%	(123,841		)	Libor + 156

Sub-Total Variable-Rate Debt	487				487			Libor + 156

Total Debt - Core Portfolio	$	656,631			$	468,814		4.77%

Portfolio Debt - Detail (continued)

(in thousands)

Principal Balance at

Acadia's Pro-rata Share

Interest

Maturity

Extension

Property

Entity

December 31, 2014

Percent

Amount

Rate

Date

Options

Funds

Fixed-Rate Debt

Arundel Plaza ³

Fund III

8,750

17.9%

1,568

5.60%

4/1/2015

None

CityPoint ³

Fund II

199,000

18.8%

37,469

4.75%

2020 6

None

CityPoint ^3,5

Fund II

5,262

18.8%

991

1.00%

8/23/2019

None

Interest rate swaps ¹

Funds II, III & IV

127,912

32.2%

41,138

3.24%

Various

Sub-Total Fixed-Rate Debt

340,924

81,166

3.96%

Variable-Rate Debt

Parkway Crossing ³

Fund III

12,926

17.9%

2,316

Libor + 220

1/1/2015

2 x 12 mos.

Liberty Avenue ³

Fund II

8,973

19.8%

1,778

Libor + 275

4/30/2015

None

210 Bowery

Fund IV

4,600

23.1%

1,064

Libor + 195

6/1/2015

None

640 Broadway ³

Fund III

22,564

12.6%

2,835

Libor + 295

7/1/2015

1 x 12 mos.

CityPoint ³

Fund II

20,650

18.8%

3,888

Libor + 400

8/12/2015

None

CityPoint ³

Fund II

20,000

18.8%

3,766

Libor + 170

8/23/2015

1 x 12 mos.

Cortlandt Towne Center

Fund III

83,936

19.9%

16,703

Libor + 165

10/26/2015

None

Acadia Strategic Opportunity IV LLC ⁴

Fund IV

77,100

23.1%

17,826

Libor + 165

11/20/2015

1 x 12 mos.

Nostrand Avenue

Fund III

12,046

19.9%

2,397

Libor + 265

2/1/2016

2 x 12 mos.

Heritage Shops

Fund III

24,500

19.9%

4,876

Libor + 155

2/28/2016

2 x 12 mos.

Promenade at Manassas ³

Fund IV

25,000

22.8%

5,696

Libor + 140

11/19/2016

2 x 12 mos.

Lincoln Park Centre

Fund III

28,000

19.9%

5,573

Libor + 145

12/3/2016

2 x 12 mos.

1701 Belmont Avenue ^{3, 7}

Fund IV

3,403

22.8%

775

Prime + 50

1/31/2017

None

654 Broadway

Fund III

9,000

19.9%

1,791

Libor + 188

3/1/2017

2 x 12 mos.

New Hyde Park Shopping Center

Fund III

11,720

19.9%

2,332

Libor + 185

5/1/2017

2 x 12 mos.

938 W. North Avenue ³

Fund IV

12,500

18.5%

2,312

Libor + 235

5/1/2017

1 x 12 mos.

1151 Third Avenue

Fund IV

12,481

23.1%

2,886

Libor + 175

6/3/2017

2 x 12 mos.

2819 Kennedy Boulevard

Fund IV

5,929

22.8%

1,351

Libor + 215

12/9/2017

2 x 12 mos.

Eden Square

Fund IV

16,000

22.8%

3,646

Libor + 200

12/17/2017

1 x 12 mos.

161st Street ³

Fund II

29,500

19.8%

5,847

Libor + 250

4/1/2018

None

Paramus Plaza ³

Fund IV

12,600

11.6%

1,457

Libor + 170

2/20/2019

None

Lake Montclair

Fund IV

15,284

23.1%

3,534

Libor + 215

5/1/2019

None

White City Shopping Center ³

Fund III

56,520

16.7%

9,450

Libor + 215

2/19/2021

None

3104 M Street

Fund III

103

15.9%

Prime + 50

12/10/2021

None

CityPoint ³

Fund II

20,000

18.8%

3,766

Libor + 139

11/1/2021

None

Interest rate swaps ¹

Funds II, III & IV

(127,912

)

32.2%

(41,138

)

Libor + 232

Sub-Total Variable-Rate Debt

417,423

66,743

Libor + 169

Total Debt - Funds

758,347

147,909

3.01%

Total Debt - Core Portfolio and Funds

1,414,978

616,723

4.35%

Portfolio Debt - Notes

(in thousands)

¹ The Company has hedged a portion of its variable-rate debt with variable to fixed-rate swap agreements

² This is an unsecured revolving facility which has a current capacity up to $150,000 and can be increased to $300,000.

The interest rate will vary based on levels of leverage. As of December 31, 2014, the interest rate is LIBOR + 140 basis points.

³ Acadia's interest in this Fund debt is also reflected net of other JV interests at the investment level.

⁴ Total current availability under this facility is $150,000. Fund IV also has the ability to increase the size of this facility to a total of $228,848.

⁵ This loan was made in connection with the New Markets Tax Credit and contains a borrower option to purchase the loan for $1 at the end of the term.

⁶ The maturity date of this loan is five years after the final advancing of funds which is currently anticipated to occur by the end of 2015.

⁷ Bears interest at the greater of 4% or the Prime Rate plus 50 basis points.



Future Debt Maturities 1
(in thousands)

Core Portfolio
	Total Debt Maturities						Acadia's Pro-rata Share						Weighted Average Interest Rate of Maturing Debt
	Scheduled						Scheduled
Year	Amortization		Maturities		Total		Amortization		Maturities		Total		Total Debt		Fixed-Rate Debt		Variable-Rate Debt

2015	$	5,374	$	27,344	$	32,718	$	5,211	$	27,344	$	32,555	5.04	%	5.04	%	n/a
2016	3,820		257,953		261,773		3,650		128,686		132,336		5.87	%	5.87	%	n/a
2017	3,331		82,926		86,257		3,004		76,426		79,430		5.50	%	5.50	%	n/a
2018	2,949		40,058		43,007		2,161		40,058		42,219		1.82	%	n/a		1.82	%
2019	2,520		50,000		52,520		1,701		50,000		51,701		1.47	%	n/a		1.47	%
Thereafter	13,619		81,095		94,714		8,266		122,504		130,770		3.92	%	4.08	%	3.81	%
Total	$	31,613	$	539,376	$	570,989	$	23,993	$	445,018	$	469,011





Funds
	Total Debt Maturities						Acadia's Pro-rata Share						Weighted Average Interest Rate of Maturing Debt
	Scheduled						Scheduled
Year	Amortization		Maturities		Total		Amortization		Maturities		Total		Total Debt		Fixed-Rate Debt		Variable-Rate Debt

2015	$	3,499	$	258,437	$	261,936	$	679	$	51,547	$	52,226	2.28	%	5.60	%	2.17	%
2016	2,239		88,897		91,136		444		18,303		18,747		1.79	%	n/a		1.79	%
2017	1,519		69,024		70,543		284		14,570		14,854		2.30	%	n/a		2.30	%
2018	1,449		29,500		30,949		266		5,847		6,113		2.67	%	n/a		2.67	%
2019	857		230,228		231,085		148		43,041		43,189		4.37	%	4.65	%	2.11	%
Thereafter	2,064		70,700		72,764		375		12,192		12,567		2.28	%	2.17	%	2.32	%
Total	$	11,627	$	746,786	$	758,413	$	2,196	$	145,500	$	147,696

Note:
1 Does not include any applicable extension options



Core Portfolio Retail Properties - Detail ¹
														Leased								Annualized
		Year	Acadia's		Gross Leaseable Area			In Place Occupancy						Occupancy		Annualized Base Rent PSF						Base Rent
Property	Key Tenants	Acquired	interest		Anchors	Shops	Total	Anchors		Shops		Total		Total		Anchors		Shops		Total		Total

URBAN AND STREET RETAIL
Chicago Metro

664 N. Michigan Avenue	Tommy Bahama, Ann Taylor Loft	2013	100.0	%	—	18,141	18,141	—		100.0	%	100.0	%	100.0	%	$	—	$	237.23	$	237.23	$	4,303,538
840 N. Michigan Avenue	H & M, Verizon Wireless	2014	88.4	%	87,135	—	87,135	100.0	%	—		100.0	%	100.0	%	80.85		—		80.85		7,044,900
Rush and Walton Streets Collection - 6 properties	Lululemon, Brioni, BHLDN, Marc Jacobs	2011/12	100.0	%	—	41,432	41,432	—		100.0	%	100.0	%	100.0	%	—		152.15		152.15		6,303,696
651-671 West Diversey	Trader Joe's, Urban Outfitters	2011	100.0	%	16,500	29,759	46,259	100.0	%	100.0	%	100.0	%	100.0	%	54.55		33.92		41.27		1,909,285
Clark Street and W. Diversey Collection - 3 properties	Ann Taylor, Akira	2011/12	100.0	%	—	23,531	23,531	—		86.7	%	86.7	%	95.6	%	—		51.62		51.62		1,053,247
Halsted and Armitage Collection - 9 properties	Intermix, BCBG, Club Monaco	2011/12	100.0	%	20,580	24,078	44,658	100.0	%	90.9	%	95.1	%	95.1	%	20.70		64.47		43.26		1,836,615
North Lincoln Park Chicago Collection - 6 properties	Forever 21, Aldo, Carhartt, Chase Bank	2011/14	100.0	%	—	51,255	51,255	—		86.5	%	86.5	%	86.5	%	—		38.29		38.29		1,698,169
					124,215	188,196	312,411	100.0	%	93.5	%	96.1	%	93.5	%	67.39		89.67		80.45		24,149,450
New York Metro
83 Spring Street	Paper Source	2012	100.0	%	—	3,000	3,000	—		100.0	%	100.0	%	100.0	%	—		207.96		207.96		623,884
152-154 Spring Street	Kate Spade Saturday	2014	100.0	%	—	2,936	2,936	—		100.0	%	100.0	%	100.0	%	—		728.66		728.66		2,139,360
Mercer Street	3 X 1 Denim	2011	100.0	%	—	3,375	3,375	—		100.0	%	100.0	%	100.0	%	—		120.44		120.44		406,494
East 17th Street	—	2008	100.0	%	—	11,467	11,467	—		—		—		100.0	%	—		—		—		—
West 54th Street	Stage Coach Tavern	2007	100.0	%	—	5,773	5,773	—		92.3	%	92.3	%	100.0	%	—		412.09		412.09		2,196,061
61 Main Street	Chicos	2014	100.0	%	—	3,400	3,400	—		100.0	%	100.0	%	100.0	%	—		103.40		103.40		351,560
181 Main Street	TD Bank	2012	100.0	%	—	11,350	11,350	—		100.0	%	100.0	%	100.0	%	—		74.77		74.77		848,683
4401 White Plains Road	Walgreens	2011	100.0	%	12,964	—	12,964	100.0	%	—		100.0	%	100.0	%	48.21		—		48.21		625,000
Bartow Avenue	Sleepy's	2005	100.0	%	—	14,676	14,676	—		100.0	%	100.0	%	100.0	%	—		31.89		31.89		467,987
239 Greenwich Avenue	Restoration Hardware	1998	75.0	%	—	16,553	16,553	—		27.4	%	27.4	%	100.0	%	—		85.58		85.58		388,573
252-256 Greenwich Avenue	Madewell, Calypso, Jack Wills	2014	100.0	%	—	9,172	9,172	—		100.0	%	100.0	%	100.0	%	—		131.99		131.99		1,210,630
Third Avenue	Planet Fitness	2006	100.0	%	21,650	18,670	40,320	100.0	%	100.0	%	100.0	%	100.0	%	22.19		21.79		22.00		887,172
868 Broadway	Dr Martens	2013	100.0	%	—	2,031	2,031	—		100.0	%	100.0	%	100.0	%	—		335.83		335.83		682,069
313-315 Bowery²	John Varvatos, Patagonia	2013	100.0	%	—	6,600	6,600	—		100.0	%	100.0	%	100.0	%	—		66.00		66.00		435,600
120 West Broadway	HSBC Bank, Citibank	2013	100.0	%	—	13,638	13,638	—		81.7	%	81.7	%	81.7	%	—		144.86		144.86		1,613,503
131-135 Prince Street	Folli Follie, Uno De 50	2013	100.0	%	—	3,200	3,200	—		100.0	%	100.0	%	100.0	%	—		385.11		385.11		1,232,352
2520 Flatbush Avenue	Bob's Discount Furniture, Capital One	2014	100.0	%	—	29,114	29,114	—		100.0	%	100.0	%	100.0	%	—		36.05		36.05		1,049,538
Shops at Grand	Stop & Shop (Ahold)	2014	100.0	%	52,336	47,639	99,975	100.0	%	81.6	%	91.3	%	91.3	%	29.52		30.63		29.99		2,736,357
					86,950	202,594	289,544	100.0	%	82.6	%	87.9	%	96.1	%	12.71		83.94		70.35		17,894,823
District of Columbia Metro
1739-53 & 1801-03 Connecticut Avenue	Ruth Chris Steakhouse, TD Bank	2012	100.0	%	—	22,907	22,907	—		100.0	%	100.0	%	100.0	%	—		58.00		58.00		1,328,703
Rhode Island Place Shopping Center	TJ Maxx	2012	100.0	%	24,996	32,533	57,529	100.0	%	100.0	%	100.0	%	100.0	%	12.50		41.05		28.65		1,647,929
M Street and Wisconsin Corridor - 7 Properties	Lacoste, Juicy Couture, Coach	2011	63.0	%	—	31,629	31,629	—		100.0	%	100.0	%	100.0	%	—		79.78		79.78		2,523,512
					24,996	87,069	112,065	100.0	%	100.0	%	100.0	%	100.0	%	12.50		59.58		49.08		5,500,144
Boston Metro
330-340 River Street	Whole Foods	2012	100.0	%	40,800	13,426	54,226	100.0	%	100.0	%	100.0	%	100.0	%	17.05		32.38		20.85		1,130,470
					40,800	13,426	54,226	100.0	%	100.0	%	100.0	%	100.0	%	17.05		32.38		20.85		1,130,470




Total Urban and Street Retail					276,961	491,285	768,246	100.0	%	90.4	%	93.8	%	95.9	%	$	37.86	$	79.87	$	67.52	$	48,674,887

Acadia Share Total Urban and Street Retail					266,853	474,832	741,686	100.0	%	82.5	%	94.0	%	97.1	%	$	36.23	$	87.91	$	67.15	$	46,825,740

Notes:
¹ 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.
613-623 West Diversey Parkway is under redevelopment
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.


Core Portfolio Retail Properties - Detail ¹ (continued)
														Leased								Annualized
		Year	Acadia's		Gross Leaseable Area			In Pace Occupancy						Occupancy		Annualized Base Rent PSF						Base Rent
Property	Key Tenants	Acquired	interest		Anchors	Shops	Total	Anchors		Shops		Total		Total		Anchors		Shops		Total		Total
SUBURBAN PROPERTIES
New Jersey
Elmwood Park Shopping Center	Walgreens, Pathmark (A&P)	1998	100.0	%	62,610	86,460	149,070	100.0	%	95.3	%	97.3	%	97.3	%	$	25.26	25.53		25.41		$	3,685,445
Marketplace of Absecon	Rite Aid, Dollar Tree	1998	100.0	%	46,724	57,832	104,556	100.0	%	90.5		94.8	%	94.8	%	13.32		15.38		14.41		1,427,696
60 Orange Street	Home Depot	2012	98.0	%	101,715	—	101,715	100.0	%	—		100.0	%	100.0	%	6.83		—		6.83		695,000

New York
Village Commons Shopping Center	—	1998	100.0	%	—	87,330	87,330	—		98.1	%	98.1	%	98.1	%	—		31.40		31.40		2,689,355
Branch Plaza	LA Fitness, CVS	1998	100.0	%	76,105	51,136	127,241	73.6	%	78.5	%	75.6	%	92.1	%	21.35		30.28		25.07		2,411,650
Amboy Center	Stop & Shop (Ahold)	2005	100.0	%	37,266	26,024	63,290	100.0	%	100.0	%	100.0	%	100.0	%	20.00		46.57		30.92		1,957,236
Pacesetter Park Shopping Center	Stop & Shop (Ahold)	1999	100.0	%	52,052	45,552	97,604	100.0	%	73.2	%	87.5	%	88.9	%	8.72		18.62		12.58		1,074,806
LA Fitness	LA Fitness	2007	100.0	%	55,000	—	55,000	100.0	%	—		100.0	%	100.0	%	25.30		—		25.30		1,391,500
Crossroads Shopping Center	Home Goods, PetSmart, Kmart	1998	49.0	%	202,727	107,925	310,652	100.0	%	82.7	%	94.0	%	95.4	%	14.25		42.89		23.00		6,717,288
New Loudon Center	Price Chopper, Marshalls	1993	100.0	%	251,058	4,615	255,673	100.0	%	100.0	%	100.0	%	100.0	%	7.35		31.03		7.78		1,989,333
28 Jericho Turnpike	Kohl's	2012	100.0	%	96,363	—	96,363	100.0	%	—		100.0	%	100.0	%	17.12		—		17.12		1,650,000
Bedford Green	Shop Rite	2014	100.0	%	37,981	52,491	90,472	100.0	%	84.9	%	91.2	%	91.2	%	22.53		35.81		29.70		2,450,543


Connecticut
Town Line Plaza²	Wal-Mart, Stop & Shop (Ahold)	1998	100.0	%	163,159	43,187	206,346	100.0	%	93.6	%	98.7	%	98.7	%	15.20		17.68		16.14		1,716,160

Massachusetts
Methuen Shopping Center	Wal-Mart, Market Basket	1998	100.0	%	120,004	10,017	130,021	100.0	%	100.0	%	100.0	%	100.0	%	6.66		22.84		7.91		1,027,936
Crescent Plaza	Home Depot, Shaw's (Supervalu)	1993	100.0	%	156,985	61,163	218,148	100.0	%	78.9	%	94.1	%	96.0	%	7.51		12.16		8.60		1,765,676
201 Needham Street	Michael's	2014	100.0	%	20,409	—	20,409	100.0	%	—		100.0	%	100.0	%	29.00		—		29.00		591,861

Vermont
The Gateway Shopping Center	Shaw's (Supervalu)	1999	100.0	%	73,184	28,471	101,655	100.0	%	100.0	%	100.0	%	100.0	%	19.00		22.57		20.00		2,033,128

Illinois



Hobson West Plaza	Garden Fresh Markets	1998	100.0	%	51,692	47,445	99,137	100.0	%	88.3	%	94.4	%	94.4	%	4.64		21.05		11.99		1,121,625

Indiana
Merrillville Plaza	Jo-Ann Fabrics, TJ Maxx	1998	100.0	%	123,220	112,867	236,087	100.0	%	99.0	%	99.5	%	99.5	%	10.72		18.14		14.25		3,347,323

Michigan
Bloomfield Town Square	Best Buy, Home Goods,	1998	100.0	%	153,839	81,947	235,786	100.0	%	100.0	%	100.0	%	100.0	%	11.12		22.71		15.14		3,570,885
	TJ Maxx, Dick's Sporting Goods
Ohio
Mad River Station	Babies 'R' Us	1999	100.0	%	58,185	65,150	123,335	100.0	%	67.4	%	82.8	%	82.8	%	9.49		17.78		13.06		1,332,503

Delaware
Brandywine Town Center	Lowes, Bed Bath & Beyond,	2003	22.2	%	852,261	48,608	900,869	94.5	%	91.4	%	94.3	%	94.3	%	16.17		20.44		16.39		13,929,238
	Target, Dick's Sporting Goods
Market Square Shopping Center	Trader Joe's, TJ Maxx	2003	22.2	%	42,850	59,197	102,047	100.0	%	91.6	%	95.1	%	100.0	%	17.05		32.16		25.49		2,475,028
Naamans Road	—	2006	22.2	%	—	19,984	19,984	—		100.0	%	100.0	%	100.0	%	—		43.41		43.41		867,517

Pennsylvania
Mark Plaza	Kmart	1993	100.0	%	104,956	1,900	106,856	100.0	%	100.0	%	100.0	%	100.0	%	1.95		18.95		2.25		240,664
Plaza 422	Home Depot	1993	100.0	%	139,968	16,311	156,279	100.0	%	100.0	%	100.0	%	100.0	%	4.83		9.80		5.35		835,956
Route 6 Plaza	Kmart	1994	100.0	%	146,568	29,021	175,589	100.0	%	94.8	%	99.1	%	99.1	%	6.04		14.03		7.30		1,271,587
Chestnut Hill	—	2006	100.0	%	—	37,646	37,646	—		100.0	%	100.0	%	100.0	%	—		24.04		24.04		904,845
Abington Towne Center³	Target, TJ Maxx	1998	100.0	%	184,616	31,662	216,278	100.0	%	70.4	%	95.7	%	95.7	%	10.5		32.85		20.61		1,016,040

Total Suburban Properties					3,411,497	1,213,941	4,625,438	98	%	89.7	%	95.9	%	72.0	%	$	12.46	$	25.41	$	15.84	$	66,187,824

Acadia Share Total Suburban Properties					2,609,855	1,059,505	3,669,360	98.8%		89.8%		96.2%		97.0%		$	11.33	$	24.16	$	15.05	$	49,314,114

TOTAL CORE PROPERTIES					3,688,458	1,705,226	5,393,684	98.2%		89.9%		95.6%		75.4%		$	14.55	$	41.18	$	23.44	$	114,862,711

Acadia Share Total Core Properties					2,876,708	1,534,337	4,411,045	98.9%		90.1%		95.9%		97.0%		$	14.49	$	42.40	$	24.20	96,139,854


Notes:
¹ The above occupancy and rent amounts do not include space which is currently leased, other than "leased occupancy", but for which rent payment has not yet commenced. Residential and office GLA is excluded.
² 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
³ Anchor GLA includes a 157,616 square foot Target store which is not owned by the Company. This square footage has been excluded for calculating annualized base rent per square foot.



Core Portfolio Top Tenants - Ranked by Annual Base Rent (ABR) ¹

		Pro-Rata
	Number of stores	Combined			Percentage of Total
	in Core				Percentage of
Tenant	portfolio	GLA	Base Rent		Portfolio GLA		Base Rent

Stop and Shop (Ahold)	4	207,513	$	3,538,374	4.7	%	3.7	%

LA Fitness	2	100,000	2,336,500		2.3	%	2.4	%

Verizon	2	31,371	2,265,928		0.7	%	2.4	%

Ann Taylor Loft	2	14,174	2,150,210		0.3	%	2.2	%

TJX Companies	9	218,734	1,910,976		5.0	%	2.0	%
-- TJ Maxx	5	120,123	854,724		2.7%		0.9%
-- Marshalls	2	46,748	434,462		1.1	%	0.5	%
-- Home Goods	2	51,863	621,790		1.2%		0.6%

Supervalu (Shaw's)	2	123,409	1,907,456		2.8%		2.0%

Home Depot	3	312,718	1,827,600		7.1	%	1.9	%

Walgreens	3	37,499	1,412,716		0.9	%	1.5	%

Kate Spade	2	4,250	1,333,050		0.1	%	1.4	%

Citibank	5	17,283	1,239,117		0.4	%	1.3	%

Sleepy's	8	41,831	1,210,183		0.9%		1.3%
Kmart	3	273,969	1,170,078		6.2%		1.2%
Bob's Discount Furniture	2	34,723	1,062,507		0.8%		1.1%
TD Bank	2	15,560	1,060,904		0.4%		1.1%
Trader Joe's	2	19,094	967,216		0.4%		1.0%
Urban Outfitters	2	19,902	879,450		0.5%		0.9%
Gap (Banana Republic and Old Navy)	3	13,835	875,513		0.3%		0.9%
Dicks Sporting Goods	2	59,805	860,471		1.4%		0.9%
HSBC Bank	2	5,686	845,879		0.1%		0.9%
Capital One	3	12,778	795,368		0.3%		0.8%
TOTAL	63	1,564,134	$	29,649,496	35.6	%	30.9	%


Note:
¹ Does not include tenants that operate at only one of Acadia's properties.



Core Portfolio Lease Expirations


	Anchor Tenants								Shop Tenants								Total Tenants
		Gross Leased Area			Base Rent					Gross Leased Area			Base Rent					Gross Leased Area			Base Rent
	No. of Leases	Expiring	Percent				Percent		No. of Leases	Expiring	Percent				Percent		No. of Leases	Expiring	Percent				Percent
Year	Expiring	SF	of Total		PSF		of Total		Expiring	SF	of Total		PSF		of Total		Expiring	SF	of Total		PSF		of Total

M to M¹	—	—	—		$	—	—		7	20,996	1.4	%	$	25.48	0.8	%	7	20,996	0.4	%	$	25.48	0.5	%
2015	5	252,812	7.5	%	13.58		6.8	%	36	131,497	8.6	%	31.75		6.5	%	41	384,309	7.8	%	19.80		6.6	%
2016	10	353,043	10.5	%	12.50		8.7	%	55	221,305	14.5	%	26.42		9.1	%	65	574,348	11.7	%	17.86		8.9	%
2017	7	362,031	10.8	%	11.59		8.3	%	53	215,804	14.1	%	40.19		13.5	%	60	577,835	11.8	%	22.27		11.2	%
2018	7	476,369	14.1	%	21.18		20.0	%	59	177,873	11.6	%	34.02		9.4	%	66	654,242	13.4	%	24.67		14.1	%
2019	7	334,577	9.9	%	8.78		5.8	%	36	110,665	7.2	%	49.25		8.5	%	43	445,242	9.1	%	18.84		7.3	%
2020	6	329,713	9.8	%	12.16		7.9	%	25	93,643	6.1	%	52.46		7.6	%	31	423,356	8.6	%	21.07		7.8	%
2021	7	283,831	8.4	%	13.13		7.4	%	21	105,230	6.9	%	34.89		5.7	%	28	389,061	7.9	%	19.02		6.4	%
2022	2	69,837	2.1	%	26.15		3.6	%	26	103,015	6.7	%	50.01		8.0	%	28	172,852	3.5	%	40.37		6.1	%
2023	5	205,067	6.1	%	17.92		7.3	%	16	85,714	5.6	%	43.56		5.8	%	21	290,781	5.9	%	25.48		6.5	%
2024	7	239,038	7.1	%	25.80		12.2	%	30	137,008	9.0	%	44.79		9.5	%	37	376,046	7.7	%	32.72		10.7	%
Thereafter	10	460,317	13.7	%	13.18		12.0	%	18	127,935	8.3	%	78.04		15.5	%	28	588,252	12.0	%	27.29		14.0	%
Total	73	3,366,635	100.0	%	$	15.01	100.0	%	382	1,530,685	100.0	%	$	42.02	100.0	%	455	4,897,320	100.0	%	$	23.45	100.0	%


		254,916	Anchor GLA Owned by Tenants															254,916	Anchor GLA Owned by Tenants
		66,907	Total Vacant							174,541	Total Vacant							241,448	Total Vacant
		3,688,458	Total Square Feet							1,705,226	Total Square Feet							5,393,684	Total Square Feet


Note:
¹ Leases currently under month to month or in process of renewal



Core Portfolio - New and Renewal Rent Spreads 1



	Period ended						3 months ended				3 months ended				3 months ended				3 months ended
	December 31, 2014						December 31, 2014				September 30, 2014				June 30, 2014				March 31, 2014
	GAAP³			Cash²			GAAP³		Cash²		GAAP³		Cash²		GAAP³		Cash²		GAAP³		Cash²
New leases
Number of new leases executed	19			19			9		9		5		5		2		2		3		3
GLA	72,596			72,596			21,555		21,555		28,917		28,917		5,635		5,635		16,489		16,489
New base rent	$	59.52		$	53.07		$	71.07	$	63.41	$	31.1	$	29.01	$	41.67	$	38.72	$100.35		$86.66
Previous base rent	$	39.31		$	41.85		$	57.19	$	63.28	$	25.21	$	26.38	$	23.34	$	25.38	$46.12		$46.61
Average cost per square foot	$	121.35		$	121.35		$	74.18	$	74.18	$	141.5	$	141.5	$	1.62	$	1.62	$188.58		$188.58
Weighted Average Lease Term (years)	11			11			9.7		9.7		9.9		9.9		6.5		6.5		16.3		16.3
Percentage growth in base rent	51.4		%	26.8		%	24.3%		0.2%		23.4%		10.0%		78.5%		52.6%		117.6%		85.9%

Renewal leases
Number of renewal leases executed	26			26			5		5		5		5		13		13		3		3
GLA	251,536			251,536			16,195		16,195		42,419		42,419		185,472		185,472		7,450		7,450
New base rent	$	19.19		$	18.23		$	23.31	$	22.82	$	11.92	$	11.9	$	20.18	$	18.96	$	27.05	$	25.99
Expiring base rent	$	16.91		$	17.25		$	22.39	$	22.76	$	11.07	$	11.15	$	17.55	$	17.97	$	22.23	$	22.23
Average cost per square foot	$	—		$	—		$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Weighted Average Lease Term (years)	4.7			4.7			3.3		3.3		4.9		4.9		4.8		4.8		5.3		5.3
Percentage growth in base rent	13.5		%	5.7		%	4.1%		0.3%		7.7%		6.7%		15.0%		5.5%		21.7%		16.9%

Total new and renewal Leases
Number of new and renewal leases executed	45			45			14		14		10		10		15		15		6		6
GLA commencing	324,132			324,132			37,750		37,750		71,336		71,336		191,107		191,107		23,939		23,939
New base rent	$	28.22		$	26.03		$	50.58	$	46	$	19.69	$	18.84	$	20.81	$	19.54	$	77.54	$	67.78
Expiring base rent	$	21.93		$	22.76		$	42.26	$	45.9	$	16.8	$	17.32	$	17.72	$	18.19	$	38.69	$	39.02
Average cost per square foot	$	27.18		$	27.18		$	42.36	$	42.36	$	57.36	$	57.36	$	0.05	$	0.05	$	129.89	$	129.89
Weighted Average Lease Term (years)	6.1			6.1			6.9		6.9		6.9		6.9		4.8		4.8		12.9		12.9
Percentage growth in base rent	28.7		%	14.4		%	19.7%		0.2%		17.2%		8.7%		17.5%		7.4%		100.4%		73.7%


Notes:
¹Based 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.
²Rents 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.
³Rents are calculated on a straight-line ("GAAP") basis.



Core Portfolio Capital Expenditures
Current Quarter


	Year-to-Date		Current Quarter		Previous Quarter			Previous Quarter		Previous Quarter
	Period ended		3 months ended		3 months ended			3 months ended		3 months ended			Prior Year ended
	December 31, 2014		December 31, 2014		September 30, 2014			June 30, 2014		March 31, 2014			December 31, 2013

Leasing Commissions	$	939	$	228	$	134		$	401	$	176		$	1,676
Tenant Improvements	3,962		1,411		1,259			853		439			4,057
Capital Expenditures	964		187		187			146		444			2,592
Total Capital Expenditures	$	5,865	$	1,826	$	1,580		$	1,400	$	1,059		$	8,325

Other redevelopment and re-anchoring related activities	$	2,884	$	—	$	1,800	¹	$	—	$	1,084	²	$	5,953	²


Note:
¹ Consists of $1,800 of costs associated with the re-tenanting at the Branch Plaza.
² Consists of $3,363 of costs associated with the re-anchoring of Crossroads, $1,948 of costs associated with the re-tenanting of Merrillville Plaza,$890 of costs associated with the re-anchoring of Branch Plaza and $836k of costs associated with the installation of a new tenant at a Chicago Street Retail asset.



Property Demographics - Core
							3-Mile Radius
				Base		Total	Total	#	Median HH	Avg. HH
	Property	City	State	Rent		GLA	Pop.	HH	Income	Income
	Core - Urban and Street Retail

	664 N. Michigan Avenue	Chicago	IL	$	4,303,538	18,141	295,897	163,646	74,143	$	115,275
	840 N. Michigan Avenue	Chicago	IL	7,044,900		87,135	307,531	172,435	79,109	122,284
	Rush and Walton Streets Collection - 6 properties	Chicago	IL	6,303,696		41,432	319,505	178,056	75,196	116,122
	613-623 West Diversey Parkway	Chicago	IL	—		19,265	404,680	217,820	70,480	105,904
	651-671 West Diversey	Chicago	IL	1,909,285		46,259	413,506	220,785	70,198	105,234
	Clark Street and W. Diversey Collection - 3 properties	Chicago	IL	1,053,247		23,531	406,523	217,890	70,388	105,694
	Halsted and Armitage Collection - 9 properties	Chicago	IL	1,836,615		44,658	443,549	238,098	72,697	108,583
	North Lincoln Park Chicago Collection - 6 properties	Chicago	IL	1,698,169		51,255	496,377	247,811	68,233	99,096

	83 Spring Street	Manhattan	NY	623,884		3,000	981,658	479,147	85,920	121,994
	152-154 Spring Street	Manhattan	NY	2,139,360		2,936	918,561	473,494	87,476	126,722
	Mercer Street	Manhattan	NY	406,494		3,375	942,758	457,309	85,389	121,063
	East 17th Street	Manhattan	NY	—		11,467	1,079,577	547,698	91,428	133,947
	West 54th Street	Manhattan	NY	2,196,061		5,773	1,249,501	636,418	91,179	137,662
	61 Main Street	Westport	CT	351,560		3,400	46,740	17,572	126,406	193,141
	181 Main Street	Westport	CT	848,683		11,350	46,401	17,290	132,350	187,954
	4401 White Plains Road	Bronx	NY	625,000		12,964	571,325	214,126	52,977	65,542
	Bartow Avenue	Bronx	NY	467,987		14,676	578,872	215,091	47,890	58,583
	239 Greenwich Avenue	Greenwich	CT	388,573		16,553	67,092	24,790	112,373	169,820
	252-256 Greenwich Avenue	Greenwich	CT	1,210,630		9,172	67,228	25,117	110,894	176,008
	Third Avenue	Bronx	NY	887,172		40,320	1,239,993	443,231	35,628	49,095
	868 Broadway	Manhattan	NY	682,069		2,031	1,077,976	547,276	91,410	134,095
	313-315 Bowery	Manhattan	NY	435,600		6,600	1,032,158	506,284	85,730	122,785
	120 West Broadway	Manhattan	NY	1,613,503		13,638	878,321	422,645	85,293	121,409
	131-135 Prince Street	Manhattan	NY	1,232,352		3,200	990,615	484,990	88,621	132,090
	2520 Flatbush Avenue	Brooklyn	NY	1,049,538		29,114	553,769	211,713	56,343	68,554
	Shops at Grand	Queens	NY	2,736,357		99,975	935,540	331,826	56,790	68,721

	1739-53 & 1801-03 Connecticut Avenue	Washington	DC	1,328,703		22,907	338,815	164,797	81,801	108,533
	Rhode Island Place Shopping Center	Washington	DC	1647929		57529	348349	157678	66984	86314
	M Street and Wisconsin Corridor - 7 properties	Georgetown	DC	2523512		31629	321861	160430	87539	114211

	330-340 River Street	Cambridge	MA	1,130,470		54,226	492,750	214,634	65,037	91,540

Total Core Urban and Street Retail
Weighted Average - Based on annual base rent							519,058	251,885	$ 77,704	$ 113,650



Property Demographics - Core (continued)
							3-Mile Radius
				Base		Total	Total	#	Median HH		Avg. HH
	Property	City	State	Rent		GLA	Pop.	HH	Income		Income

	Core - Suburban Properties

	Elmwood Park Shopping Center	Elmwood Park	NJ	$	3,685,445	149,070	252,982	84,585	$	60,290	$	69,299
	Marketplace of Absecon	Absecon	NJ	1,427,696		104,556	32,668	11,471	61,717		73,395
	60 Orange Street	Bloomfield	NJ	695,000		101,715	338,909	125,166	56,211		67,492
	Village Commons Shopping Center	Smithtown	NY	2,689,355		87,330	67,473	22,922	109,170		123,046
	Branch Plaza	Smithtown	NY	2,411,650		127,241	67,554	22,991	108,660		122,359
	Amboy Center	Staten Island	NY	1,957,236		63,290	151,900	55,451	87,868		98,504
	Pacesetter Park Shopping Center	Pomona	NY	1,074,806		97,604	36,144	11,216	112,281		126,247
	LA Fitness	Staten Island	NY	1,391,500		55,000	128,131	45,167	79,348		89,832
	New Loudon Center	Latham	NY	1,989,333		255,673	42,827	17,479	67,391		81,548
	28 Jericho Turnpike	Westbury	NY	1,650,000		96,363	95,953	29,144	108,872		129,163
	Bedford Green	Bedford Hills	NY	2,450,543		90,472	25,440	8,955	99,204		140,115
	Town Line Plaza	Rocky Hill	CT	1,716,160		206,346	46,399	19,437	72,685		86,521
	Methuen Shopping Center	Methuen	MA	1,027,936		130,021	99,701	34,864	50,705		60,706
	Crescent Plaza	Brockton	MA	1,765,676		218,148	98,838	34,781	57,332		64,961
	201 Needham Street	Newton	MA	591,861		20,409	105,304	36,441	129,789		181,225
	The Gateway Shopping Center	So. Burlington	VT	2,033,128		101,655	48,384	19,261	51,446		63,537
	Hobson West Plaza	Naperville	IL	1,121,625		99,137	94,989	34,059	103,910		126,405
	Merrillville Plaza	Hobart	IN	3,347,323		236,087	26,123	10,805	47,909		58,578
	Bloomfield Town Square	Bloomfield Hills	MI	3,570,885		235,786	56,773	22,617	62,547		94,909
	Mad River Station	Dayton	OH	1,332,503		123,335	65,307	28,938	56,592		69,153
	Mark Plaza	Edwardsville	PA	240,664		106,856	86,196	36,839	37,495		45,983
	Plaza 422	Lebanon	PA	835,956		156,279	45,792	18,157	44,301		52,611
	Route 6 Plaza	Honesdale	PA	1,271,587		175,589	6,832	2,962	37,786		44,999
	Chestnut Hill	Philadelphia	PA	904,845		37,646	147,436	62,292	58,777		77,506
	Abington Towne Center	Abington	PA	1,016,040		216,278	89,439	35,119	78,159		95,124

Total Core Suburban Properties
Weighted Average - Based on annual base rent							90,060	32,932	$	77,117	$	94,236

Total Core Properties
Weighted Average - Based on annual base rent							304,029	142,138	$	77,410	$	103,919

	Brandywine/Market Square/Naamans Rd ¹	Wilmington	DE	17,271,783		1,022,900	507,575	193,705	$	72,923	$	88,573

Note:
¹ Based on 10 mile radius demographics given the unique trade market for this asset. This has been excluded from the average calculations of 3-mile radius due to its unique trade market.



Property Demographics - Funds
							3-Mile Radius
				Base		Total	Total	#	Median HH		Avg. HH
		City	State	Rent		GLA	Pop.	HH	Income		Income

	Fund II
		Manhattan	NY	$	2,574,000	60,000	963,175	337,894	$	37,629	$	48,228
		Bronx	NY	3,166,025		232,252	1,274,128	450,383	33,329		45,066
	Liberty Avenue	Queens	NY	937,724		26,125	639,405	213,464	55,561		67,368

Fund II
Weighted Average - Based on annual base rent							1,065,137	373,754	$ 38,108		$ 49,417

	Fund III
	Cortlandt Towne Center	Mohegan Lake	NY	$	9,868,707	639,353	49,966	17,759	$	84,926	$	97,340
	640 Broadway	Manhattan	NY	600,884		4,145	1,006,693	496,773	86,613		124,108
	654 Broadway	Manhattan	NY	566,500		2,896	1,007,518	497,906	86,836		124,507
	New Hyde Park Shopping Center	New Hyde Park	NY	1,254,488		32,602	199,698	70,745	102,010		122,658
	White City	Shrewsbury	MA	4,026,476		179,684	99,189	39,649	51,215		62,391
	Parkway Crossing	Parkville	MD	1,722,440		260,241	185,935	74,271	59,022		68,972
	Heritage Shops	Chicago	IL	3,149,752		81,730	288,116	154,272	71,414		110,831
	Lincoln Park Centre	Chicago	IL	2,917,267		61,761	431,527	230,716	73,011		109,736
	Nostrand Avenue	Brooklyn	NY	1,419,696		40,315	544,351	203,713	51,528		65,388
	Arundel Plaza	Glen Burnie	MD	1,318,478		265,116	77,759	29,166	59,786		64,793

Fund III
Weighted Average - Based on annual base rent							211,611	97,553	$ 73,203		$ 92,275

	Fund IV
	1701 Belmont Avenue	Catonsville	MD	$	936,166	58,674	110,450	43,613	$	60,575	$	68,732
	2819 Kennedy Boulevard	North Bergen	NJ	100,000		41,477	526,721	241,698	78,834		110,806
	Promenade at Manassas	Manassas	VA	3,402,218		265,442	57,996	18,940	74,390		84,467
	Paramus Plaza	Paramus	NJ	1,847,945		154,409	106,906	37,209	119,131		132,518
	1151 Third Avenue	Manhattan	NY	545,000		13,158	1,270,132	636,996	87,522		131,326
	Lake Montclair	Prince William County	VA	1,843,740		105,850	55,900	18,373	93,338		103,028
	Eden Square	Bear	DE	2,526,376		235,508	69,756	26,155	69,989		75,629
	938 W. North Avenue	Chicago	IL	988,726		33,228	453,690	239,813	72,447		108,382
	17 East 71st Street	Manhattan	NY	610,894		9,230	1,266,902	623,592	87,241		138,121

Fund IV
Weighted Average - Based on annual base rent							214,434	98,693	$	82,756	$	97,790

Total - Funds
Weighted Average - Based on annual base rent							335,431	137,684	$	70,784	$	87,621

Overview of Acadia Funds

As of December 31, 2014

FUND I

FUND II

FUND III

FUND IV

Date formed

September 2001

June 2004

May 2007

May 2012

Capital committed

$86.6 million

$300.0 million

$475.0 million

$540.6 million

Capital funded

Fully funded

Fully funded ²

$381.6 million

$140.2 million

As a percentage of commitments

100.0%

80.3%

25.9%

Capital funded and allocated ³

100.0%

40.0%

Distributions

$192.3 million

$131.6 million

$368.5 million

$95.9 million

As a percentage of funded capital

222.0%

43.9%

96.6%

68.4%

All original capital and accumulated preferred return

has been paid. Acadia is entitled to a Promote

on all future distributions.

Fund structure

Equity contribution and

22.2% - Acadia

20.0% - Acadia

19.9% - Acadia

23.1% - Acadia

Cash flow distribution:

77.8% - Four institutional investors

80.0% - Six institutional investors

80.1% - 14 institutional investors

76.9% - 17 institutional investors

Distributions:

20% to Acadia once all partners (including Acadia) have received cumulative preferred return and return of equity

Remaining 80% is distributed pro-rata to all the partners (including Acadia)

Preferred return rate:

Fees/Priority Distributions to Acadia

Asset management fee/Priority distribution equal to 1.5% of implied capital¹

Property management fee/Priority distribution equal to 4% of gross property revenues

Market rate leasing fees

Market rate construction/project management fees

Development fee equal to 3% of total project cost

Notes:

¹ Committed capital as reduced by capital attributed to sold investments.

² During the fourth quarter of 2013, a distribution of $47.1 million was made to the Fund II investors. Until December 2016, this amount is subject to recontribution to Fund II by the investors, if needed to fund the on-going redevelopment of existing projects.

³ Includes all funded capital as well as unfunded capital commitments which have been allocated to (i) complete existing projects and (ii) acquire and complete leasing/development of acquisitions under contract



Fund Retail Properties - Detail ¹
													Leased
		Year	Ownership	Gross Leasable Area			In Place Occupancy						Occupancy		Annualized Base Rent PSF
	Anchors	Acquired	%	Anchors	Shops	Total	Anchors		Shops		Total		Total		Anchors		Shops		Total
Fund I Portfolio Detail


VARIOUS

Total - Fund I	Kroger/Safeway Portfolio (3 Properties)	2003	60.0%	97,500	—	97,500	34.9	%	—		34.9	%	34.9	%	$	3.03	—		$	3.03

Fund II Portfolio Detail

NEW YORK

New York
Liberty Avenue	CVS	2005	99.1%	10,880	15,245	26,125	100.0	%	100.0	%	100.0	%	100.0	%	$	39.75	$	33.14	$	35.89
216th Street	NYC Human Resources Administration	2005	99.1%	60,000	—	60,000	100.0	%	—		100.0	%	100.0	%	42.90		—		42.90
161st Street ²	Various New York City & State agencies	2005	99.1%	107,026	125,226	232,252	—		87.6	%	47.2	%	93.3	%	—		28.85		28.85

Total - Fund II				177,906	140,471	318,377	39.8	%	89.0	%	61.5	%	95.1	%	$	42.42	$	29.38	$	34.10

Fund III Portfolio Detail

NEW YORK

New York
Cortlandt Towne Center	Wal-Mart, Best Buy, A&P	2009	100.0%	472,420	166,933	639,353	95.7	%	81.6	%	92.0	%	96.7	%	$	14.05	$	25.78	$	16.77
654 Broadway	Penguin (Perry Ellis)	2011	100.0%	—	2,896	2,896	—		100.0	%	100.0	%	100.0	%	—		195.61		195.61
640 Broadway	Swatch	2012	63.1%	—	4,145	4,145	—		61.3	%	61.3	%	100.0	%	—		236.49		236.49
New Hyde Park Shopping Center	PetSmart	2011	100.0%	13,507	19,095	32,602	100.0	%	80.4	%	88.5	%	88.5	%	35.00		50.93		43.47
Nostrand Avenue	—	2013	100.0%	—	40,315	40,315	—		75.9	%	75.9	%	75.9	%	—		46.39		46.39

NEW ENGLAND

Massachusetts
White City Shopping Center	Shaw's (Supervalu)	2010	84.0%	131,152	125,509	256,661	86	%	98.7	%	92.2	%	100.0	%	15.61		35.43		25.98

MID-ATLANTIC

Maryland
Parkway Crossing	Home Depot, Shop Rite	2011	94.3%	192,836	67,405	260,241	100.0	%	82.1	%	95.4	%	95.4	%	3.65		18.4		6.94
Arundel Plaza	Giant Food, Lowe's	2012	94.3%	231,920	33,196	265,116	100.0	%	58.8	%	94.8	%	94.8	%	3.90		21.18		5.24

MIDWEST
Illinois
Heritage Shops	LA Fitness, Ann Taylor Loft	2011	100.0%	49,878	31,852	81,730	100.0	%	89.7	%	96.0	%	96.0	%	21.61		72.5		40.15
Lincoln Park Centre	Design Within Reach	2012	100.0%	—	61,761	61,761	—		100.0	%	100.0	%	100.0	%	—		47.23		47.23

Total - Fund III				1,091,713	553,107	1,644,820	96.5	%	86.2	%	93.0	%	96.1	%	$	10.71	$	37.11	$	18.93

Fund IV Portfolio Detail

NEW YORK
New York
1151 Third Avenue		2013	100.0%	—	13,158	13,158	—		62.7	%	62.7	%	100.0	%	—		$	66.07	$	66.07
17 East 71st Street		2014	100.0%	—	9,230	9,230	—		63.9	%	63.9	%	63.9	%	—		103.54		103.54



New Jersey
Paramus Plaza	Babies R Us, Ashley Furniture	2013	50.0%		74,837	79,572	154,409	100.0	%	28.9	%	63.4	%	63.4	%	22.08		8.50		18.89
2819 Kennedy Boulevard	Aldi	2013	98.6%		36,941	4,536	41,477	—		33.9	%	3.7	%	47.9	%	—		65.10		65.10

MID-ATLANTIC
Virginia
Promenade at Manassas	Home Depot, HH Gregg	2013	98.6%		194,038	71,404	265,442	100.0	%	94.2	%	98.4	%	98.4	%	9.73		22.52		13.02
Lake Montclair	Food Lion	2013	100.0%		33,000	72,850	105,850	100.0	%	90.2	%	93.2	%	93.2	%	9.50		23.30		18.68

Maryland
1701 Belmont Avenue	Best Buy	2012	98.6%		58,674	—	58,674	100.0	%	—		100.0	%	100.0	%	15.96		—		15.96

Delaware
Eden Square	Giant Food, Lowe's	2014	98.6%		167,333	68,175	235,508	100.0	%	79.0	%	93.9	%	93.9	%	10.03		15.73		11.42

MIDWEST
Illinois
938 W. North Avenue	Restoration Hardware, Sephora	2013	80	%	—	33,228	33,228	—		62.6	%	62.6	%	62.6	%	—		47.56		47.56

Total - Fund IV					564,823	352,153	916,976	93.5	%	69.9	%	84.4	%	86.9	%	$	12.25	$	25.71	$	16.54


Notes:
¹ 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.

The following Fund II, Fund III and Fund IV properties are currently under redevelopment as further detailed under "Redevelopment Activity."
Property	Fund Ownership %
Sherman Avenue	99.1%
City Point	94.2%
Cortlandt Crossing	100.0%
Broad Hollow Commons	100.0%
3104 M Street	80.0%
210 Bowery	100.0%
Broughton Street Portfolio	50.0%
27 East 61st Street	100.0%
²Currently operating, but redevelopment activities have commenced.



Funds Lease Expirations

Fund I:
	Anchor Tenants
		Gross Leased Area			Base Rent
	No. of Leases	Expiring	Percent				Percent
Year	Expiring	SF	of Total		PSF		of Total
2019	1	34,000	100.0	%	$	3.03	100.0	%
Total	1	34,000	100.0	%	$	3.03	100.0	%

		63,500	Total Vacant
		97,500	Total Square Feet

Fund II:
	Anchor Tenants								Shop Tenants								Total Tenants
		Gross Leased Area			Base Rent					Gross Leased Area			Base Rent					Gross Leased Area			Base Rent
	No. of Leases	Expiring	Percent				Percent		No. of Leases	Expiring	Percent				Percent		No. of Leases	Expiring	Percent				Percent
Year	Expiring	SF	of Total		PSF		of Total		Expiring	SF	of Total		PSF		of Total		Expiring	SF	of Total		PSF		of Total
M to M¹	—	—	—		$	—	—		1	9,967	8.0	%	$	10.00	2.7	%	1	9,967	5.1	%	$	10.00	1.5	%
2015	—	—	—		—		—		—	—	—		—		—		—	—	—		—		—
2016	—	—	—		—		—		—	—	—		—		—		—	—	—		—		—
2017	—	—	—		—		—		—	—	—		—		—		—	—	—		—		—
2018	—	—	—		—		—		—	—	—		—		—		—	—	—		—		—
2019	—	—	—		—		—		1	4,575	3.7	%	27.81		3.5	%	1	4,575	2.3	%	27.81		1.9	%
2020	—	—	—		—		—		—	—	—		—		—		—	—	—		—		—
2021	—	—	—		—		—		—	—	—		—		—		—	—	—		—		—
2022	—	—	—		—		—		1	4,462	3.6	%	31.00		3.8	%	1	4,462	2.3	%	31.00		2.1	%
2023	—	—	—		—		—		—	—	—		—		—		—	—	—		—		—
2024	—	—	—		—		—		—	—	—		—		—		—	—	—		—		—
Thereafter	2	70,880	100.0	%	42.42		100.0	%	6	105,967	84.7	%	31.20		90	%	8	176,847	90.3	%	35.69		94.5	%
Total	2	70,880	100.0	%	$	42.42	100.0	%	9	124,971	100.0	%	$	29.38	100.0	%	11	195,851	100.0	%	$	34.10	100.0	%

		107,026	Total Vacant							15,500	Total Vacant							122,526	Total Vacant
		177,906	Total Square Feet							140,471	Total Square Feet							318,377	Total Square Feet

Fund III:
	Anchor Tenants								Shop Tenants								Total Tenants
		Gross Leased Area			Base Rent					Gross Leased Area			Base Rent					Gross Leased Area			Base Rent
	No. of Leases	Expiring	Percent				Percent		No. of Leases	Expiring	Percent				Percent		No. of Leases	Expiring	Percent				Percent
Year	Expiring	SF	of Total		PSF		of Total		Expiring	SF	of Total		PSF		of Total		Expiring	SF	of Total		PSF		of Total
M to M¹	—	—	—		$	—	—		3	8,240	1.7	%	$	21.75	1.0%		3	8,240	0.5	%	$	21.75	0.6%
2015	3	81,465	7.7	%	7.11		5.1	%	12	26,287	5.5	%	41.38		6.1	%	15	107,752	7.0	%	15.47		5.8	%
2016	1	26,561	2.5	%	8.00		1.9	%	22	56,800	11.9	%	36.76		11.8	%	23	83,361	5.4	%	27.60		7.9	%
2017	2	52,131	4.9	%	18.36		8.5	%	14	55,665	11.7	%	27.88		8.8	%	16	107,796	7.0	%	23.28		8.7	%
2018	5	287,562	27.3	%	12.54		32.0	%	22	77,706	16.3	%	29.42		12.9	%	27	365,268	23.9	%	16.13		20.3	%
2019	3	236,323	22.4	%	7.57		15.9	%	11	30,622	6.4	%	30.87		5.3	%	14	266,945	17.4	%	10.24		9.4	%
2020	—	—	—		—		—		6	16,677	3.5	%	23.00		2.2	%	6	16,677	1.1	%	23.00		1.3	%
2021	1	35,601	3.4	%	10.76		3.4	%	7	28,392	6.0	%	36.54		5.9	%	8	63,993	4.2	%	22.20		4.9	%
2022	1	65,028	6.2	%	17.00		9.8	%	9	26,428	5.5	%	38.68		5.8	%	10	91,456	6.0	%	23.27		7.3	%
2023	2	38,836	3.7	%	15.49		5.3	%	11	40,825	8.6	%	58.38		13.5	%	13	79,661	5.2	%	37.47		10.3	%
2024	—	—	—		—		—		10	56,299	11.8	%	34.97		11.1	%	10	56,299	3.7	%	34.97		6.8	%
Thereafter	3	229,660	21.8	%	8.89		18.1	%	9	52,766	11.1	%	52.26		15.6	%	12	282,426	18.5	%	17.00		16.6	%
Total	21	1,053,167	100.0	%	$	10.71	100.0	%	136	476,707	100.0	%	$	37.11	100.0	%	157	1,529,874	100.0	%	$	18.93	100.0	%

		38,546	Total Vacant							76,400	Total Vacant							114,946	Total Vacant
		1,091,713	Total Square Feet							553,107	Total Square Feet							1,644,820	Total Square Feet



Fund IV:
	Anchor Tenants							Shop Tenants							Total Tenants
		Gross Leased Area			Base Rent				Gross Leased Area			Base Rent				Gross Leased Area			Base Rent
	No. of Leases	Expiring	Percent			Percent		No. of Leases	Expiring	Percent			Percent		No. of Leases	Expiring	Percent			Percent
Year	Expiring	SF	of Total		PSF	of Total		Expiring	SF	of Total		PSF	of Total		Expiring	SF	of Total		PSF	of Total
M to M¹	—	—	—		—	—		—	—	—		—	—		—	—	—		—	—
2015	—	—	—		—	—		5	25,140	10.2	%	36.84	14.6	%	5	25,140	3.2	%	36.84	7.2	%
2016	—	—	—		—	—		10	30,575	12.4%		18.63	9.0%		10	30,575	3.9%		18.63	4.4%
2017	2	161,152	30.5%		9.69	24.1%		12	31,435	12.8%		35.51	17.6%		14	192,587	24.8%		13.90	20.9%
2018	—	—	—		—	—		13	39,212	15.9	%	22.09	13.7	%	13	39,212	5.1	%	22.09	6.8	%
2019	1	39,220	7.4	%	19.52	11.8	%	9	58,274	23.6	%	15.99	14.7	%	10	97,494	12.6	%	17.41	13.3	%
2020	1	27,926	5.3	%	12.00	0.05		4	19,900	8.1	%	21.22	6.7	%	5	47,826	6.2	%	15.84	5.9	%
2021	1	32,144	6.1	%	11.50	5.7		1	2,400	1.0	%	22.95	0.9	%	2	34,544	4.5	%	12.30	3.3	%
2022	1	26,568	5.0	%	10,140.00	4.2	%	1	9,600	3.9	%	13.00	2	%	2	36,168	4.7	%	10.90	3.1	%
2023	1	33,000	6.3	%	9.50	4.8	%	3	14,063	5.7	%	27.50	6.1	%	4	47,063	6.1	%	14.88	5.5	%
2024	2	100,472	19.0	%	19.31	0.30		5	15,700	6.4	%	59.49	14.7	%	7	116,172	15.0	%	24.74	22.5	%
Thereafter	1	107,400	20.4	%	8.50	14.2	%	—	—	—		—	—		1	107,400	13.9	%	8.50	7.1	%
Total	10	527,882	100.0	%	12.25	100.0	%	63	246,299	100.0	%	25.71	100.0	%	73	774,181	100.0	%	16.53	100.0	%

		36,941	Total Vacant						105,854	Total Vacant						142,795	Total Vacant
		564,823	Total Square Feet						352,153	Total Square Feet						916,976	Total Square Feet

Note:
¹ Leases currently under month to month or in process of renewal



Development Activity
($ in millions)

				Estimated
				Construction			Estimated Sq.Ft.			Acquisition & Development Costs																Outstanding
Property	Ownership		Location	Completion			Upon Completion	Leased Rate ⁴	Key Tenants	Incurred			Estimated Future Range							Estimated Total Range						Debt
FUND II

City Point ¹	94.2	%	Brooklyn, NY	2016			675,000	65% ²	Century 21, CityTarget, Alamo Drafthouse, Armani Exchange	$	334.2	³	$	(14.2	)	to	$	15.8	³	$	320.0	to	$	350.0	³	$	259.6
Sherman Plaza	99.1	%	New York, NY	TBD			TBD	—	TBD	35.3			TBD				TBD			TBD			TBD			—
										$	369.5		TBD				TBD			TBD			TBD			$	259.6

FUND III

Cortlandt Crossing	100.0	%	Mohegan Lake, NY	2017			150,000 - 170,000	—	TBD	$	12.9		$	34.1		to	$	43.1		$	47.0	to	$	56.0		$	—
3104 M Street NW	80.0	%	Washington, D.C.	2016			10,000	—	TBD	3.9			4.1			to	5.1			8.0		to	9.0			0.1
Broad Hollow Commons	100.0	%	Farmingdale, NY	2016			180,000 - 200,000	—	TBD	14.0			36.0			to	46.0			50.0		to	60.0			—
										$	30.8		$	74.2			$	94.2		$	105.0		$	125.0		$	—


FUND IV

210 Bowery	100.0	%	New York, NY	2016			16,000	—	TBD	$	8.2		$	10.3		to	$	14.3		$	18.5	to	$	22.5		$	4.6
Broughton Street Portfolio ⁵	50.0	%	Savannah, GA	2016			200,000	—	TBD	41.2			20.8			to	26.8			62.0		to	68.0			—
27 E. 61st Street	100.0	%	New York, NY	2016			9,500	—	TBD	19.9			2.9				6.9			22.8			26.8			—
										$	69.3		$	34.0			$	48.0		$	103.3		$	117.3		$	4.6

Notes:
¹ Acquired a leasehold interest in this property.
² Leased rate calculated on approximately 475,000 rentable square feet.
³ Net of actual and anticipated contributions from retail tenants and proceeds from residential tower sales. Debt and incurred costs are reduced by $5,262 relating to the New Markets Tax Credits received.
⁴ The leased rate excludes pre-redevelopment tenants.
⁵ The portfolio will be acquired through a series of transactions. Costs incurred and estimated total costs are for those acquisitions completed as of December 31, 2014 (24 buildings).

Reconciles to Consolidated Balance Sheet as follows:

Development costs above				$	469.6
City Point adjustment to FMV				33.8
City Point gain on sale of Tower 1				1.3
Less development held as operating real estate				(8.2		)
Less development costs of unconsolidated properties				(41.2		)
Less deferred costs and other amounts				(7.9		)

Total per consolidated balance sheet				$ 447.4

Retailer Controlled Property ("RCP") Venture - Overview ¹

Item

Description

Date formed

August 2004

Partnership structure

Equity Contribution:

$300 million of total equity - Fully invested

20% ($63 million) - AKR Fund I ($15 million) and Fund II ($48 million)

80% - Klaff Realty LP and Lubert-Adler

Cash flow distribution:

20% - AKR Funds

80% - Four institutional investors

Promote:

20% to Klaff once all partners (including Klaff) have received 10% preferred return and return

of equity (50% of first $40 million of AKR Fund equity is not subject to this promote)

Remaining 80% is distributed to all the partners (including Klaff)

RCP Venture - Investments

The following table summarizes the RCP Venture investments from inception through December 31, 2014

Distributions

Years

Invested

Current

From

Equity

Investor

Investment

acquired

capital

year-to-date

inception

Multiple

Mervyns I and Mervyns II

Mervyns

2004 through

33,605

2,087

54,336

1.6x

2007

Mervyns II

Albertson’s

2006 through

23,133

—

86,458

3.7x

2007

Fund II and Mervyns II

Other investments ²

2006 through

6,478

1,773

8,828

1.4x

2008

Total

63,216

3,860

149,622

2.4x

Notes:

¹ The RCP Venture is not a separate AKR Fund, rather it is a venture

in which AKR, Funds I and II have invested approximately $63 million in equity.

² Represents investments in Shopko, Marsh and Rex Stores.

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.

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

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



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



	December 31, 2014
Core Portfolio only:
Fixed-charge coverage ratio	3.5x
Net Debt to EBITDA	3.1x

Core Portfolio and pro-rata share of Funds:
Fixed-charge coverage ratio	3.5x
Net Debt to EBITDA	4.0x

Net Debt to total Market Capitalization	16%



Guidance Range for 2015	Low	High
Earnings per share	$ 0.82	$ 0.87
Depreciation of real estate and amortization of leasing costs
(net of noncontrolling interests' share)	0.64	0.66
Noncontrolling interest in Operating Partnership	0.02	0.03
FFO per share	$ 1.48	$ 1.56



	For the Quarters ended		For the Years ended
	December 31,		December 31,
	2014	2013	2014	2013

Operating income	$ 17,479	$ 11,442	$ 66,263	$ 55,879

Add back:
General and administrative	6,535	8,292	27,433	25,555
Depreciation and amortization	13,590	11,021	49,645	40,299
Less:
Interest income	(3,388)	(2,535)	(12,607)	(11,800)
Straight line rent and other adjustments	(2,536)	(1,686)	(8,626)	(5,910)

Consolidated NOI	31,680	26,534	122,108	104,023

Noncontrolling interest in NOI	(10,025)	(8,367)	(38,862)	(33,856)
Pro-rata share of NOI	21,655	18,167	83,246	70,167
Operating Partnerships’ interest in Opportunity Funds	(1,678)	(1,314)	(6,280)	(5,342)
Operating Partnerships’ share of unconsolidated joint ventures ¹	1,680	711	4,366	2,792
NOI - Core Portfolio	$ 21,657	$ 17,564	$ 81,332	$ 67,617

Note:
¹Does not include share of unconsolidated joint ventures within Opportunity Funds




SELECTED BALANCE SHEET INFORMATION
	As of
	December 31, 2014	December 31, 2013
	(dollars in thousands)

Cash and cash equivalents	$ 217,580	$ 79,189
Rental property, at cost	1,761,205	1,481,700
Total assets	2,732,600	2,264,957
Notes payable	1,130,481	1,039,997
Total liabilities	1,296,643	1,143,369



Exhibit Number	Description
99.1	Press release of the Company dated February 17, 2015.
99.2	Financial and Operating Reporting Supplement of the Company for the quarter and year ended December 31, 2014.



Date: February 19, 2015	ACADIA REALTY TRUST (Registrant) By: /s/ Jonathan Grisham Name: Jonathan Grisham Title: Sr. Vice President and Chief Financial Officer


•	Generated funds from operations (“FFO”) per share of $0.30 for the fourth quarter and $1.26 for the full year, which included acquisition-related costs of $0.02 and $0.09, respectively; generated earnings per share (“EPS”) of $0.15 for the fourth quarter and $1.18 for the full year


•	Generated Core Portfolio same-property net operating income (“NOI”) growth of 4.0% for the fourth quarter and 5.2% for the full year, both compared to 2013


•	Maintained 97.0% leased rate in the Core Portfolio for the third consecutive quarter


•	Completed $450.4 million of Core Portfolio acquisitions during 2014, remaining focused on street, urban and high-barrier-to-entry suburban retail properties


•	Entered into a $155.0 million contract to acquire City Center, a 204,000 square foot, CityTarget-anchored shopping center in San Francisco, California, for the Core Portfolio; including City Center, Core Portfolio acquisition pipeline under contract totals $179.0 million


•	During January 2015, continued the profitable monetization of Fund III with the sale of Lincoln Park Centre in Chicago, Illinois for $64.0 million, which generated a 57% IRR and 2.7x equity multiple


•	During and subsequent to the fourth quarter, Fund IV completed $98.3 million of value-add, street-retail acquisitions on the Upper East Side of Manhattan


•	Maintained conservative leverage levels by match-funding acquisitions; raised $402.3 million of equity through At-the-Market (“ATM”), block deal and operating partnership (“OP”) unit issuances during 2014


•	Solid 2014 Results, In-Line With Guidance


•	Strong Operating Metrics Underscore High Quality of Differentiated Core Portfolio


•	Fund III Monetization Continues With Highly-Profitable Sale of Completed Street-Retail Redevelopment in Lincoln Park, Chicago; Follows 2014 Sale of Funds’ Lincoln Rd Portfolio


•	Maintained Conservative Leverage Levels By Match-Funding Acquisitions


•	During January 2015, paid a special cash dividend of $0.30 per share, in addition to a regular quarterly dividend of $0.24; the special dividend was sourced primarily from distributable capital gains arising from the Funds’ previously-reported sale of a six-property portfolio in Miami Beach, Florida


•	Completed $450.4 Million of Street, Urban & High-Barrier-to-Entry Suburban Core Acquisitions During 2014, Exceeding Original Guidance


•	$179.0 Million Core Acquisition Pipeline Includes Company’s First West Coast Investment


•	Fund IV Acquires $98.3 Million of Manhattan Street Retail During Fourth Quarter of 2014


•	$402.3 Million Of Equity Sourced Through Common Share And OP Unit Issuances During 2014




Noncontrolling interest - OP	(2,114		)	(1,122		)	(3,236		)	(501	)	(63	)	(564	)

NET INCOME	$	47,405		$	23,659		$	71,064		$ 8,376		$ 1,065		$ 9,441

Notes:
¹ Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim periods.
The Company's investments in consolidated and unconsolidated joint ventures are reflected separately for revenues and expenses by calculating its pro-rata share for each of the above line items.
In total, net income agrees with net income as reported in the Company's Form 10Q's and 10K for the corresponding periods.
² Consists of development, construction, leasing and legal fees.



EBITDA
(in thousands)

	Year-to-Date									Current Quarter
	Period ended December 31, 2014									Three months ended December 31, 2014
	Core									Core
	Portfolio			Funds			TOTAL			Portfolio			Funds			TOTAL

NET INCOME	$	47,405		$	23,659		$	71,064		$	8,376		$	1,065		$	9,441

Adjustments:
Depreciation and amortization	34,105			4,438			38,543			9,405			1,139			10,544
Interest expense	20,905			2,884			23,789			5,373			486			5,859
Amortization of finance costs	1,014			520			1,534			278			119			397
Above/below market interest	(1,024		)	(81		)	(1,105		)	(499		)	(8		)	(507		)
Gain on disposition of properties	(12,393		)	(21,018		)	(33,411		)	—			(231		)	(231		)
Provision for income taxes	178			88			266			93			92			185
Loss on extinguishment of debt	5			99			104			—			14			14
Noncontrolling interest - OP	2,114			1,122			3,236			501			63			564

EBITDA	$	92,309		$	11,711		$	104,020		$	23,527		$	2,739		$	26,266



Structured Financing
(in thousands)


													Stated		Effective
	Previous						Current		Accrued				Interest		Interest		Maturity
Investment	Principal		Advances		Repayments		Principal		Interest		Total		Rate		Rate ¹		Dates


First mortgage notes	$	16,269	$	7,500	$	—	$	23,769	$	244	$	24,013	6.71	%	7.69	%	2015 to 2016

Mezzanine, preferred equity and other notes	74,983		227		—		75,210		6,013		81,223		12.19	%	12.53	%	2016 to 2024

Total notes receivable	$	91,252	$	7,727	$	—	$	98,979	$	6,257	$	105,236	10.87	%	11.37	%

Note:
¹ Inclusive of points and exit fees.

Reconciliation of Notes Receivable to the Consolidated Balance Sheet

Total Notes Receivable per above							$	98,979
Fund III non-real estate loans							3,307

Total Notes Receivable per Consolidated Balance Sheet							$	102,286



Lincoln Road Portfolio	$	200,200	95%	$	190,190	Miami Beach, FL	Aldo, Fossil, Spris

Note:

¹ In addition, Fund IV has provided financing to the joint venture.