8-K

On April 26, 2016, Acadia Realty Trust (the "Company") issued a press release announcing its consolidated financial results for the quarter ended March 31, 2016. A copy of this press release is attached to this report on Form 8-K as Exhibit 99.1 and incorporated herein by reference. In addition, on April 26, 2016, the Company made available supplemental information concerning the ownership, operations and portfolio of the Company as of and for the quarter ended March 31, 2016. 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.

“I am pleased to report that 2016 is off to a strong start,” stated Kenneth F. Bernstein, President and CEO of Acadia Realty Trust. “In contrast to the current global volatility, during first quarter 2016, our core portfolio, once again, delivered steady growth. Furthermore, we continue to selectively add high-quality street and urban retail properties to our core portfolio in a handful of gateway cities, responding to consumers’ and retailers’ desire for live-work-play retail experiences. At the same time, we continue to execute on our fund platform’s opportunistic and value-add mandate, profitably harvesting the embedded value in our stabilized assets and planting the seeds for future profit taking. And, by maintaining a healthy balance sheet, with plenty of dry powder, we are well positioned to act on interesting investment opportunities for the benefit of all of our stakeholders.”

Carlyle House, 985-991 Madison Ave, Upper East Side, New York, NY. In March 2016, the Company entered into a 49-year master lease for the 6,920-square-foot, two-level retail space located at the base of the Carlyle House on Madison Ave, between 76th and 77th Streets, on the Upper East Side of Manhattan. Madison Ave is one of Manhattan’s premier luxury retail corridors, catering to affluent locals as well as domestic and international visitors. The property is located a few blocks north of Ralph Lauren’s menswear flagship at the Rhinelander Mansion (at 72nd St), Apple’s new Upper East Side flagship (at 74th St), and the recently-opened Met Breuer (at 75th St). The property’s current retail tenants include Vera Wang, Perrin Paris, and Yves Delorme; however, the Company will have the opportunity to immediately recapture any of the five retail leases when its master lease commences on May 1, 2016. This lease position has been capitalized for the Company’s financial statements at a total value of $76.5 million which consists of a $7.0 million upfront payment in addition to the future annual master lease rent obligations.

Gotham Plaza, 149-169 E 125th St, Harlem, New York, NY. As previously reported, in January 2016, the Company acquired a 49% interest in Gotham Plaza from Blumenfeld Development Group, Ltd. for $38.8 million in an off-market transaction. Gotham Plaza is a 122,900-square foot urban property located between Lexington Ave and 3rd Ave in Harlem’s 125th St retail corridor. This already-strong shopping, arts, and entertainment destination is experiencing a retail transformation, driven by a surge of new development, a growing residential base, and increasing incomes. This three-level, mixed-use property is currently 98% occupied and contains street-level retail shops - including Bank of America, The Children’s Place, and Payless ShoeSource - in addition to two stories of office space and underground parking. Acadia funded its investment using a combination of OP units and the assumption of its $10.5 million prorated share of non-recourse debt secured by the property.

Cortlandt Town Center, Mohegan Lake, NY. As previously reported, in January 2016, Fund III completed the recapitalization of Cortlandt Town Center, a 641,000-square foot power center located in Westchester County, NY, with an institutional partner at a $165.0 million valuation, compared to an all-in cost basis of $94.7 million. Fund III sold a 65% interest in the property for $107.3 million. In January 2009, Fund III acquired the property for $78.0 million. At the time, the property was 84% occupied, due to the bankruptcies of junior-anchors Linens ‘n Things and Levitz Furniture. During its 7.0-year hold period, Fund III successfully increased the property’s occupancy to 97%. Fund III is also developing a 150,000-170,000 square foot shopping center directly across the street. Fund III’s sale of the 65% interest in Cortlandt Town Center generated a 44.6% IRR and 3.61x multiple on a 65% share of its total equity investment in that property.

Certain matters in this press release may constitute forward-looking statements within the meaning of federal securities law and as such may involve known and unknown risks, uncertainties and other factors that may cause the actual results, performances or achievements of Acadia to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. These forward-looking statements include statements regarding Acadia’s future financial results and its ability to capitalize on potential investment opportunities. Factors that could cause the Company’s forward-looking statements to differ from its future results include, but are not limited to, those discussed under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recent annual report on Form 10-K filed with the SEC on February 19, 2016 (“Form 10-K”) and other periodic reports filed with the SEC, including risks related to: (i) political and economic uncertainty; (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.



	As of
	March 31, 2016	December 31, 2015
ASSETS
Operating real estate
Land	$ 497,830	$ 514,120
Buildings and improvements	1,586,398	1,593,350
Construction in progress	22,227	19,239
	2,106,455	2,126,709
Less: accumulated depreciation	286,880	298,703
Net operating real estate	1,819,575	1,828,006
Real estate under development	639,759	609,574
Notes receivable and preferred equity investments, net	154,679	147,188
Investments in and advances to unconsolidated affiliates	210,309	173,277
Cash and cash equivalents	84,860	72,776
Cash in escrow	23,185	26,444
Restricted cash	10,840	10,840
Rents receivable, net	41,844	40,425
Deferred charges, net	21,776	22,568
Acquired lease intangibles, net	64,396	52,593
Prepaid expenses and other assets	50,791	48,628
Assets of properties held for sale	26,313	—
Total assets	$ 3,148,327	$ 3,032,319

LIABILITIES
Mortgage and other notes payable, net	$ 955,003	$ 1,050,051
Unsecured notes payable, net	341,555	308,555
Distributions in excess of income from, and investments in, unconsolidated affiliates	23,613	13,244
Accounts payable and accrued expenses	37,962	38,754
Dividends and distributions payable	19,343	37,552
Acquired lease intangibles, net	36,373	31,809
Other liabilities	106,002	31,000
Total liabilities	1,519,851	1,510,965

EQUITY
Shareholders’ Equity
Common shares, $.001 par value, authorized 100,000,000 shares; issued and outstanding 71,566,457 and 70,258,415 shares, respectively	72	70
Additional paid-in capital	1,140,914	1,092,239
Accumulated other comprehensive loss	(11,467)	(4,463)
Retained earnings	23,695	12,642
Total shareholders’ equity	1,153,214	1,100,488
Noncontrolling interests	475,262	420,866
Total equity	1,628,476	1,521,354
Total liabilities and equity	$ 3,148,327	$ 3,032,319

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
First Quarter 2016


Section I - First Quarter 2016 Earnings Press Release
Section II - Financial Information		Section III - Core Portfolio Information

Company Information…………………………………………………………	4	Core Properties………………………………………………………………	23
Market Capitalization…………………………………………………………………	5	Core Top Tenants………………………………………………………	25
Operating Statements		Core Lease Expirations………………………………………	26
Pro-rata Consolidation……………………………………………………	6	Core New and Renewal Rent Spreads…………………………………………	27
Funds……………………………………………………………………	7	Core Capital Expenditures…………………………………………	28
Funds from Operations ("FFO"), Adjusted FFO ("AFFO")	8	Portfolio Demographics……………………………………………	29
EBITDA…………………………………………………………………	9
Same Property Net Operating Income…………………………………………	10
Fee Income………………………………………………………………	11	Section IV - Fund Information
Balance Sheet - Pro-rata Consolidation………………………………………………	12
Structured Financing………………………………………………………………	13	Fund Overview……………………………………………………………	32
Other Information		Fund Properties……………………………………………………………………	33
Transactional Activity………………………………………………	14	Fund Lease Expirations………………………………………………………	34
2016 Guidance…………………………………………………………	15	Fund Development Activity………………………………………………………………	35
Net Asset Valuation Information………………………………………………	16
Selected Financial Ratios…………………………………………	17
Debt Analysis
Summary………………………………………………………	18
Detail………………………………………………………………………	19	Important Notes………………………………………………………………	36
Maturities……………………………………………………………	22




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



Company Information

Acadia Realty Trust is a fully-integrated equity real estate investment trust, focused on the ownership, acquisition, redevelopment and management of high-quality retail properties located in key street and urban retail corridors as well as suburban locations within high-barrier-to-entry, densely-populated metropolitan areas. Acadia owns, or has an ownership interest in, these properties through its core portfolio and through a series of opportunistic/value-add investment funds. Additional information may be found on the Company’s website at www.acadiarealty.com.





Contact Information

	Corporate Headquarters	Investor Relations	New York Stock Exchange
	411 Theodore Fremd Avenue	Amy Racanello	Symbol AKR
	Suite 300	Senior Vice President,
	Rye, NY 10580	Capital Markets & Investments
		(914) 288-3345
		aracanello@acadiarealty.com


Analyst Coverage

	Bank of America / Merrill Lynch	Green Street Advisors	RBC Capital Markets
	Craig Schmidt - (646) 855-3640	Jason White, CFA - (949) 640-8780	Rich Moore, CFA - (440) 715-2646
	craig.schmidt@baml.com	jwhite@greenstreetadvisors.com	rich.moore@rbccm.com
		Jay Carlington, CFA - (949) 640-8780
		jcarlington@greenstreetadvisors.com

	Bank of Montreal	KeyBanc Capital Markets, Inc.	UBS
	Paul Adornato, CFA - (212) 885-4170	Todd Thomas - (917) 368-2286	Ross Nussbaum - (212) 713-2484
	paul.adornato@bmo.com	tthomas@keybanccm.com	ross.nussbaum@ubs.com



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



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


						Capitalization
	Total Market Capitalization					based on	Changes in Total Outstanding Common Shares and OP Units (in thousands)				Weighted Average
	$				%	Net Debt¹					Diluted EPS	FFO
Equity Capitalization								Common Shares	OP Units	Total	Quarter	Quarter
Common Shares	71,566						Balance at 12/31/2015	70,259	3,857	74,116
Common Operating Partnership ("OP") Units	4,428						ATM Issuance	1,050	—	1,050
Combined Common Shares and OP Units	75,994						Other	257	571	828
							Balance at 3/31/2016	71,566	4,428	75,994	71,200	75,845
Share Price at March 31, 2016	$	35.13

Equity Capitalization - Common Shares and OP Units	$	2,669,669
Preferred OP Units	15,040			²
Total Equity Capitalization	2,684,709				78%	80%

Debt Capitalization
Consolidated debt	1,305,987
Adjustment to reflect pro-rata share of debt	(542,718		)
Total Debt Capitalization	763,269				22%	20%

Total Market Capitalization	$	3,447,978			100%	100%

Notes:
¹ Reflects debt net of:
Core Portfolio cash	$	64,312
pro-rata share of Funds cash	6,590
and pro-rata share of restricted cash relating to City Point financing	3,071
for total cash netted against debt of	$	73,973


² Represents 188 Series A and 141,593 Series C Preferred OP Units convertible into 25,067 and 403,054 Common OP units, respectively multiplied by the Common Share price at quarter end.
³ Fixed-rate debt includes notional principal fixed through interest rate swap transactions.
⁴ Less then 1% Preferred OP Units

	Market Capitalization ⁴



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

	Three months ended March 31, 2016
	Core Portfolio			Funds			Total

CORE PORTFOLIO AND FUND INCOME

PROPERTY REVENUES
Minimum rents	$	28,613		$	2,377		$	30,990
Percentage rents	84			32			116
Expense reimbursements - CAM	2,379			239			2,618
Expense reimbursements - Taxes	4,422			294			4,716
Other property income	305			70			375
Total Property Revenues	35,803			3,012			38,815

PROPERTY EXPENSES
Property operating - CAM	2,999			437			3,436
Other property operating (Non-CAM)	282			65			347
Real estate taxes	5,055			520			5,575
Total Property Expenses	8,336			1,022			9,358

NET OPERATING INCOME - PROPERTIES	27,467			1,990			29,457

OTHER INCOME (EXPENSE)
Interest income	3,124			361			3,485
Straight-line rent income	765			245			1,010
Above/below market rent	1,132			57			1,189
Interest expense ²	(5,787		)	(566		)	(6,353		)
Amortization of finance costs	(297		)	(109		)	(406		)
Above/below market interest expense	383			—			383
Asset and property management expense	(84		)	(62		)	(146		)
Other income/(expense)	691			17			708
Transaction costs	(178		)	(34		)	(212		)
CORE PORTFOLIO AND FUND INCOME	27,216			1,899			29,115

FEE INCOME
Asset and property management fees	3,144			7			3,151
Transactional fees ³	1,692			—			1,692
Income tax (provision)/benefit	117			(5		)	112
Total Fee Income	4,953			2			4,955

PROMOTE, RCP AND OTHER INCOME
Equity in earnings from RCP investments	—			27			27
Promote income, net - Fund capital transactions ⁴	4,736			—			4,736
Total Promote, RCP and Other Income	4,736			27			4,763

General and Administrative	(7,688		)	(27		)	(7,715		)

Depreciation and amortization	(14,198		)	(1,130		)	(15,328		)
Non-real estate depreciation and amortization	(150		)	—			(150		)
Gain on disposition of properties	—			15,140			15,140
Income before noncontrolling interests	14,869			15,911			30,780

Noncontrolling interest - OP	(898		)	(957		)	(1,855		)

NET INCOME	$	13,971		$	14,954		$	28,925

Notes:



Income Statements - Funds ¹
(in thousands)

																													Total
			AKR Pro-					AKR Pro-						AKR Pro-						AKR Pro-						AKR Pro-			AKR Pro-
	Mervyns I		rata share		Fund II			rata share			Mervyns II			rata share			Fund III			rata share			Fund IV			rata share			rata share

PROPERTY REVENUES
Minimum rents	$	—	$	—	$	1,592		$	451		$	—		$	—		$	3,845		$	944		$	4,247		$	982		$	2,377
Percentage rents	—		—		—			—			—			—			38			9			99			23			32
Expense reimbursements - CAM	—		—		169			48			—			—			385			94			419			97			239
Expense reimbursements - Taxes	—		—		41			12			—			—			835			205			335			77			294
Other property income	—		—		29			8			—			—			12			3			254			59			70
Total Property Revenues	—		—		1,831			519			—			—			5,115			1,255			5,354			1,238			3,012

PROPERTY EXPENSES
Property operating - CAM	—		—		423			120			—			—			750			184			574			133			437
Other property operating (Non-CAM)	—		—		27			8			—			—			137			34			98			23			65
Real estate taxes	—		—		291			82			—			—			1,099			270			728			168			520
Total Property Expenses	—		—		741			210			—			—			1,986			488			1,400			324			1,022

NET OPERATING INCOME - PROPERTIES	—		—		1,090			309			—			—			3,129			767			3,954			914			1,990

OTHER INCOME (EXPENSE)
Interest income	—		—		182			52			—			—			226			55			1,097			254			361
Straight-line rent income	—		—		325			92			—			—			132			32			523			121			245
Above/below market rent	—		—		—			—			—			—			18			4			228			53			57
Interest expense	—		—		(40		)	(11		)	—			—			(490		)	(120		)	(1,880		)	(435		)	(566		)
Amortization of finance costs	—		—		(79		)	(22		)	—			—			(101		)	(25		)	(268		)	(62		)	(109		)
Asset and property management expense 2	—		—		—			—			—			—			(49		)	(12		)	(215		)	(50		)	(62		)
Other income/(expense)	—		—		18			5			2			1			(4		)	(1		)	52			12			17
Transaction costs	—		—		—			—			—			—			—			—			(149		)	(34		)	(34		)
Fund Income	—		—		1,496			425			2			1			2,861			700			3,342			773			1,899

FEE INCOME
Asset and property management fees	—		—		—			—			—			—			27			7			—			—			7
Income tax benefit	—		—		—			—			—			—			(20		)	(5		)	—			—			(5		)
Total Fee Income	—		—		—			—			—			—			7			2			—			—			2

PROMOTE, RCP AND OTHER INCOME
Equity in earnings from RCP investments	27		6		—			—			73			21			—			—			—			—			27
Total Promote, RCP and Other Income	27		6		—			—			73			21			—			—			—			—			27

GENERAL AND ADMINISTRATIVE	—		—		(5		)	(1		)	—			—			11			3			(127		)	(29		)	(27		)

Depreciation and amortization	—		—		(749		)	(212		)	—			—			(1,133		)	(278		)	(2,768		)	(640		)	(1,130		)
Gain on disposition of properties	—		—		—			—			—			—			61,684			15,140			—			—			15,140
Income before noncontrolling interest	27		6		742			212			75			22			63,430			15,567			447			104			15,911

Noncontrolling interest - OP	—		—		(46		)	(13		)	(4		)	(1		)	(3,818		)	(937		)	(26		)	(6		)	(957		)

NET INCOME	$	27	$	6	$	696		$	199		$	71		$	21		$	59,612		$	14,630		$	421		$	98		$	14,954

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 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.
³ For information on our pro-rata share of fund investments, see the "Fund Overview" page in this supplemental.



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


	Current
	Quarter			Quarter
	3 months ended			3 months ended
Funds from operations ("FFO"):	March 31, 2016			March 31, 2015

Net Income	$	28,925		$	16,547
Add back:
Depreciation of real estate and amortization of leasing costs:
(net of noncontrolling interest share)	15,328			10,936
Gain on disposition of properties (net of noncontrolling interest share)	(15,140		)	(5,402		)
Income attributable to noncontrolling interests'
share in Operating Partnership	1,994			973


FFO to Common Shareholders and Common OP Unit holders	$	31,107		$	23,054

Add back: Transaction costs	212			1,113
FFO before transaction costs	$	31,319		$	24,167


Adjusted Funds from operations ("AFFO"):
Diluted FFO	$	31,107		$	23,054
Straight-line rent, net	(1,010		)	(955		)
Above/below market rent	(1,189		)	(1,225		)
Amortization of finance costs	406			405
Above/below market interest	(383		)	(345		)
Loss on extinguishment of debt	—			21
Non-real estate depreciation	150			130
Leasing commissions	(17		)	(210		)
Tenant improvements	(2,229		)	(1,091		)
Capital expenditures	(284		)	(1,677		)
AFFO to Common Shareholders and Common OP Unit holders	$	26,551		$	18,107

Total weighted average diluted shares and OP Units:	75,845			72,586

Diluted FFO per Common share and OP Unit:
FFO	$	0.41		$	0.32
FFO before transaction costs	$	0.41		$	0.33

AFFO	$	0.35		$	0.25
AFFO before transaction costs	$	0.35		$	0.26

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.



Pro-Rata Consolidated Balance Sheet
(in thousands)
	Notes	Consolidated			Noncontrolling			Company's			Pro-Rata
		Balance			Interest in			Interest in			Consolidated
		Sheet			Consolidated			Unconsolidated			Balance
	^{1, 2}	As Reported			Subsidiaries			Subsidiaries			Sheet			Notes
ASSETS
Real estate														¹ The interim consolidated balance sheet is unaudited, although it
Land		$	497,830		$	(115,168	)	$	41,349		$	424,011		reflects all adjustments, which in the opinion of management,
Buildings and improvements		1,586,398			(320,605		)	217,443			1,483,236			are necessary for the fair presentation of the consolidated
Construction in progress		22,227			(14,716		)	290			7,801			balance sheet for the interim period.
		2,106,455			(450,489		)	259,082			1,915,048
Less: accumulated depreciation		(286,880		)	52,413			(13,393		)	(247,860		)	² The Company currently invests in Funds I, II, III & IV and Mervyns I & II
Net real estate		1,819,575			(398,076		)	245,689			1,667,188			which are consolidated within the Company's financial statements.
														To provide investors with supplemental information, the Company's
Net real estate under development	³	639,759			(460,313		)	7,511			186,957			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		84,860			(17,666		)	3,708			70,902			and liability line items. Similarly, the presentation also includes
Cash in escrow		23,185			(14,662		)	2,551			11,074			the Company's pro-rata share of assets and liabilities for
Restricted cash		10,840			(7,769		)	—			3,071			unconsolidated investments which are accounted for under the equity
Investments in and advances to unconsolidated affiliates		210,309			(74,267		)	(133,408		)	2,634			method of accounting in the Company's financial statements.
Rents receivable, net		10,045			(1,564		)	2,313			10,794
Straight-line rents receivable, net		31,799			(10,772		)	1,875			22,902
Notes receivable		154,679			(45,205		)	—			109,474			³ The components of Net real estate under development are as follows:
Deferred charges, net		21,776			(8,460		)	1,197			14,513			Fund II	$	556,555
Prepaid expenses and other assets	⁴	50,791			22,131			312			73,234			Fund III	41,903
Acquired lease intangibles		64,396			(7,442		)	12,077			69,031			Fund IV	37,608
Assets of real estate held for sale		26,313			(15,886		)	—			10,427			Other	3,693

Total Assets		$	3,148,327		$	(1,039,951	)	$	143,825		$	2,252,201		Total	639,759

LIABILITIES AND SHAREHOLDERS' EQUITY
														⁴ The components of Prepaid expenses and other assets are as follows:
Mortgage and other notes payable		$	963,161		$	(580,266	)	$	146,310		$	529,205		Due from Fund Investors	$	38,179
Unsecured notes payable		342,826			(108,762		)	—			234,064			Accrued interest on Notes receivable	11,655
Valuation of debt at acquisition, net of amortization		1,726			—			1,059			2,785			Prepaid expenses	7,336
Unamortized loan costs		(11,155		)	6,638			(1,399		)	(5,916		)	Other	16,064
Acquired lease intangibles		36,373			(5,615		)	9,259			40,017
Accounts payable and accrued expenses		37,962			(10,692		)	2,818			30,088			Total	$	73,234
Dividends and distributions payable		19,343			—			—			19,343
Share of losses in excess of inv. in unconsolidated affiliates		23,613			(6,245		)	(17,368		)	—
Other liabilities		106,002			(8,857		)	3,146			100,291

Total Liabilities		1,519,851			(713,799		)	143,825			949,877

Shareholders' equity:
Common shares		72			—			—			72
Additional paid-in capital		1,140,914			—			—			1,140,914
Accumulated other comprehensive loss		(11,467		)	—			—			(11,467		)
Retained earnings		23,695			—			—			23,695
Total controlling interest		1,153,214			—			—			1,153,214
Noncontrolling interest in subsidiary		475,262			(326,152		)	—			149,110
Total Shareholders' Equity		1,628,476			(326,152		)	—			1,302,324

Total Liabilities and Shareholders' Equity		$	3,148,327		$	(1,039,951	)	$	143,825		$	2,252,201



Transactional Activity
(in thousands)
Core Portfolio											Funds

										Acquisitions

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

											Fund IV:


Gotham Plaza ¹	$	79,163	49	%	$	38,790	January	Manhattan, NY	Bank of America, The Children's Place		1964 Union Street	$	2,250	90%		$	2,025	$	468	January	San Francisco, CA	—
991 Madison Avenue ²	76,461		100	%	76,461		March	Manhattan, NY	Vera Wang, Perrin Paris		Restaurants at Fort Point	11,500		100%		11,500		2,659		January	Boston, MA	—

Total	$	155,624			$	115,251					Total	$	13,750			$	13,525	$	3,127


										Dispositions


											Fund III:

											Cortlandt Town Center ³	$	165,000	65%		$	107,250	$	42,503	January	Mohegan Lake, NY	—
											Heritage Shops	46,500		100%		46,500		18,428		April	Chicago, IL

												$	211,500			$	153,750	$	60,931

										Structured Finance Investments

																						Extension
											Fund IV:	Principal		Interest Rate		Maturity Date				Month of Transaction	Location	Options

											900 W. Randolph Street	$	14,000	15	%	February, 2021				February	Chicago, IL	2 x 12 mos.

Notes:

¹ Acquired a 49% interest in this property for $38,790. The $79,163 represents the total value of the property at the time of our transaction.
² Acquired a 49-year master lease interest in this property. The lease position has been capitalized for the Company's financial statements at a total value of $76,461 which consists of a $7,000 upfront payment in addition to the future annual master lease rent obligations.
³ Sold a 65% interest in this property for $107,250. The $165,000 represents the total value of the property at the time of our transaction.



2016 Annual Guidance
Note: 2016 FFO and EPS guidance and comparable 2015 results are before acquisition related costs

(in millions except per share amounts, all per share amounts are fully diluted)
	2016 Guidance	2015 Actual	Notes
Summary:

Funds from Operations ("FFO") per share (before acquisiton costs)	$1.52 to $1.60	$1.56	'- 2015 included $0.13 of gain from the sale of air rights
			'- Before 2015 acquisition costs, which totaled $0.03

Earnings per Share ("EPS") (before acquisiton costs)	$0.99 to $1.07	$0.97


FFO Components:

Core and pro-rata share of Fund portfolio income (before acquisiton costs)	$120.5 to $124.5	$110.5	'- 2015 acquisition costs totaled $2.2 million

Asset and property management fee income, net of TRS taxes	$11.0 to $13.0	$13.1

Transactional fee income, net of TRS taxes	$7.0 to $8.0	$8.6

Other Fund related income, net	$9.0 to $11.0	$11.0	'- 2015 included $0.13 of gain from the sale of air rights
			'- Net of projeced payments under the Company's Long-Term Fund Investment Alignment Program ("FIAP")

General and administrative expense	$(31.0) to $(30.5)	$(29.4)

FFO	$116.5 to $126.0	$113.8


Additional Guidance Assumptions:

Fully diluted Common Shares and OP Units	77,000 to 79,000	73,100

Same property net operating income ("NOI") growth	3.0% to 4.0%

Core acquisitions	$200.0 to $400.0

Fund acquisitions	$200.0 to $400.0



Net Asset Valuation Information
(in thousands)

	CORE					FUND II											FUND III											FUND IV
						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	$	27,467	¹	$	109,868	$	1,090		$	4,360		28.33	%	$	1,235		$	3,129		$	12,516		39.63	%	$	4,960		$	3,954		$	15,816		23.12	%	$	3,657
Less:
(Income)/ loss from properties sold or under contract						—			—					—			(1,422		)	(5,688		)			(2,254		)	—			—					—
(Income)/ loss from pre-stabilized assets ²						(452		)	(1,808		)			(512		)	(547		)	(2,188		)			(867		)	(1,280		)	(5,120		)			(1,184		)
(Income)/ loss from development projects ³						—			—					—			—			—					—			(143		)	(572		)			(132		)
Net Operating Income of stabilized assets						638			2,552					723			1,160			4,640					1,839			2,531			10,124					2,341

Assets under contract for sale, net of debt																				$	22,022				$	8,727

Costs to Date
Pre-stabilized assets ²									$	73,505				$	20,824					$	64,623				$	25,610					$	148,199				$	34,264
Development projects ³				$	88,150				402,600					114,057						37,300					14,782						147,400					34,079

Total Costs to Date				$	88,150				$	476,105				$	134,881					$	101,923				$	40,392					$	295,599				$	68,343

Debt				$	539,213				$	401,196				$	107,068					$	184,949				$	45,402					$	324,469				$	71,586

Gross asset value ²
Net Asset Value


Notes:
¹ Does not include a full quarter of NOI for those assets purchased during the first quarter 2016. See "Transactions Activity" page in this supplemental for descriptions of those acquisitions.
² Consists of the following projects:
Fund II:
161st Street
Fund III:
640 Broadway
654 Broadway
Nostrand
Fund IV:
2819 Kennedy Blvd
Paramus Plaza
17 East 71st Street
1035 Third Avenue
1151 Third Avenue
Eden Square
³ See "Redevelopment Activity" page in this supplemental



Selected Financial Ratios
(in thousands)

		Three months ended March 31,							Three months ended March 31,			Three months ended December 31,

		2016			2015				2016			2015
COVERAGE RATIOS ¹								LEVERAGE RATIOS

Fixed-Charge Coverage Ratios								Debt/Market Capitalization Ratios

EBITDA ² divided by:		$	34,801		$	26,902		Debt + Preferred Equity (Preferred O.P. Units)	$	778,309		$	702,730
Interest expense		5,787			5,635			Total Market Capitalization	3,447,978			3,159,675
Principal Amortization		1,031			1,363			Debt+Preferred Equity/Total Market Capitalization	23		%	22		%
Preferred Dividends ³		139			6
Fixed-Charge Coverage Ratio - Core Portfolio		5.0x			3.8x			Debt ⁶	704,336			654,666
								Total Market Capitalization	3,374,005			3,111,611
EBITDA divided by:		$	37,382		$	29,953		Net Debt+Preferred Equity/Total Market Capitalization	21		%	21		%
Interest expense		6,353			6,191
Principal Amortization		1,158			1,562			Debt/EBITDA Ratios
Preferred Dividends		139			6
Fixed-Charge Coverage Ratio - Core Portfolio								Debt	539,213			515,513
and Funds		4.9x			3.9x			EBITDA (Annualized) ⁷	131,488			119,052
								Debt/EBITDA - Core Portfolio	4.1x			4.3x
Payout Ratios
								Debt ⁵	474,901			477,306
Dividends declared (per share/OP Unit) ⁴		$	0.25		$	0.24		EBITDA (Annualized) ⁷	131,488			119,052
								Net Debt/EBITDA - Core Portfolio	3.6x			4.0x
Dividends (Shares) & Distributions (OP Units) declared		$	19,342		$	17,671
FFO		31,107			23,054			Debt ⁴	763,269			701,899
FFO Payout Ratio		62		%	77		%	EBITDA (Annualized) ⁷	141,812			127,124
FFO Payout Ratio before acquisition costs		62		%	73		%	Debt/EBITDA - Core Portfolio and Funds	5.4x			5.5x

Dividends (Shares) & Distributions (OP Units) paid		$	19,342		$	17,671		Debt ⁶	704,336			654,666
AFFO		26,551			18,107			EBITDA (Annualized) ⁷	141,812			127,124
AFFO Payout Ratio		73		%	98		%	Net Debt/EBITDA - Core Portfolio and Funds	5.0x			5.1x
AFFO Payout Ratio before acquisition costs		72		%	92		%



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 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.
²	See page 9 for a calculation of EBITDA.
³	Represents preferred distributions on Preferred Operating partnership Units.
⁴	Includes the Company's pro-rata share of consolidated and unconsolidated joint venture debt.
⁵	Reflects debt net of the current Core Portfolio cash balance at end of period.
⁶	Reflects debt net of the current Core Portfolio and pro-rata share of the Funds cash balance at end of period.
⁷	Annualized EBITDA is adjusted to include the estimated amount of net Promote income to be earned during 2016.



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		Interest Share of		Unconsolidated			Debt
Unsecured Debt	Balance		Rate	Balance		Rate	Balance		Rate		Consolidated Debt ³		Debt ⁴			As Reported

Fixed-Rate Debt ¹	$	199,071	3.9%	$	—	n/a	$	199,071	3.9%	26%	$	—	$	—		$	199,071
Variable-Rate Debt	929		1.9%	34,064		2.8%	34,993		1.9%	5%	108,762		—			143,755
										31%
Mortgage and Other Notes Payable

Fixed-Rate Debt ¹	339,213		4.6%	76,004		4.3%	415,217		4.3%	54%	347,007		(106,818		)	655,406
Variable-Rate Debt	—		—	113,988		2.4%	113,988		2.4%	15%	233,259		(39,492		)	307,755
										69%

Total	$	539,213	4.3%	$	224,056	3.1%	$	763,269	3.8%	100%	$	689,028	$	(146,310	)	1,305,987
Unamortized premium																1,726
Unamortized loan costs																(11,155		)
																$	1,296,558


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	March 31, 2016			Percent	Amount			Rate	Date	Options

CORE PORTFOLIO

Fixed-Rate Debt
330-340 River Street	$	10,356		100.0%	$	10,356		5.24%	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	15,662			100.0%	15,662			6.35%	12/1/2016	None
239 Greenwich Avenue	26,000			75.0%	19,500			5.42%	2/11/2017	None
639 West Diversey	4,115			100.0%	4,115			6.65%	3/1/2017	None
Merrillville Plaza	25,057			100.0%	25,057			5.88%	8/1/2017	None
Bedford Green	29,038			100.0%	29,038			5.10%	9/5/2017	None
163 Highland Avenue	9,537			100.0%	9,537			4.66%	2/1/2024	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	17,496			50.0%	8,748			4.72%	12/10/2027	None
Unsecured interest rate swaps ¹	199,071			100.0%	199,071			3.87%	Various
Secured interest rate swaps ¹	93,208			88.2%	82,196			3.17%	Various

Sub-Total Fixed-Rate Debt	736,740				538,284			4.33%

Secured Variable-Rate Debt

664 N. Michigan	42,792			100.0%	42,792			Libor + 165	6/28/2018	1 x 60 mos.
4401 N. White Plains Road	5,983			100.0%	5,983			Libor + 190	9/1/2022	None
28 Jericho Turnpike	15,205			100.0%	15,205			Libor + 190	1/23/2023	None
60 Orange Street	7,947			98.0%	7,788			Libor + 175	4/3/2023	None
Gotham Plaza	21,281			49.0%	10,428			Libor + 160	6/10/2023	None
Secured interest rate swaps ¹	(93,208		)	88.2%	(82,196		)	Libor + 147

Unsecured Variable-Rate Debt

Unsecured Line of Credit ²	—			100.0%	—			Libor + 140	1/31/2018	1 x 12 mos.
Unsecured Term Loan	50,000			100.0%	50,000			Libor + 130	11/25/2019	None
Unsecured Term Loan	50,000			100.0%	50,000			Libor + 130	7/2/2020	None
Unsecured Term Loan	50,000			100.0%	50,000			Libor + 130	1/4/2021	None
Unsecured Term Loan	50,000			100.0%	50,000			Libor + 160	12/18/2022	None
Unsecured interest rate swaps ¹	(199,071		)	100.0%	(199,071		)	Libor + 147

Sub-Total Variable-Rate Debt	929				929			Libor + 147

Total Debt - Core Portfolio	$	737,669			$	539,213		4.33%

Portfolio Debt - Detail (continued)

(in thousands)

Principal Balance at

Acadia's Pro-rata Share

Interest

Maturity

Extension

Property

Entity

March 31, 2016

Percent

Amount

Rate

Date

Options

Funds

Fixed-Rate Debt

CityPoint ³

Fund II

19,000

25.4%

4,824

1.25%

12/23/2016

1 x 12 mos.

216th Street ³

Fund II

25,500

28.1%

7,159

5.80%

10/1/2017

None

CityPoint ^3,6

Fund II

5,262

26.7%

1,403

1.00%

8/23/2019

None

CityPoint ³

Fund II

200,000

26.7%

53,341

4.75%

5/29/2020

None

1964 Union Street

Fund IV

1,463

20.8%

304

3.80%

10/1/2025

None

2207 Fillmore Street ³

Fund IV

1,120

20.8%

233

4.50%

10/31/2025

None

Interest rate swaps ¹

Funds II & IV

34,741

25.2%

8,740

3.23%

Various

Sub-Total Fixed-Rate Debt

287,086

76,004

4.3%

Variable-Rate Debt

Nostrand Avenue

Fund III

11,440

39.6%

4,534

Libor + 265

5/1/2016

2 x 12 mos.

Broughton Street Portfolio

Fund IV

20,000

23.1%

4,624

Libor + 300

5/5/2016

1 x 6 mos.

640 Broadway ³

Fund III

22,001

25.0%

5,504

Libor + 295

7/1/2016

None

CityPoint ³

Fund II

20,000

26.7%

5,334

Libor + 170

8/23/2016

1 x 12 mos.

Acadia Strategic Opportunity II LLC

Fund II

20,000

28.3%

5,666

Libor + 275

10/19/2016

None

Acadia Strategic Opportunity IV LLC ⁴

Fund IV

82,710

23.1%

19,123

Libor + 165

11/18/2016

None

Promenade at Manassas ³

Fund IV

25,000

22.8%

5,696

Libor + 140

11/19/2016

2 x 12 mos.

CityPoint ³

Fund II

62,000

25.4%

15,742

Sifma + 160

12/23/2016

1 x 12 mos.

1701 Belmont Avenue ^{3, 7}

Fund IV

3,111

22.8%

709

Prime + 50

1/31/2017

None

Acadia Strategic Opportunity IV LLC ⁵

Fund IV

40,116

23.1%

9,275

Libor + 275

2/9/2017

1 x 6 mos.

Heritage Shops

Fund III

24,478

39.6%

9,701

Libor + 155

2/28/2017

1 x 12 mos.

654 Broadway

Fund III

8,780

39.6%

3,480

Libor + 188

3/1/2017

2 x 12 mos.

Arundel Plaza ³

Fund III

10,000

35.7%

3,567

Libor + 200

4/8/2017

1 x 12 mos.

New Hyde Park Shopping Center

Fund III

11,120

39.6%

4,407

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.

210 Bowery

Fund IV

4,654

23.1%

1,076

Libor + 275

10/15/2017

1 x 12 mos.

2819 Kennedy Boulevard ³

Fund IV

6,814

22.8%

1,553

Libor + 215

12/9/2017

2 x 12 mos.

Eden Square ³

Fund IV

16,000

22.8%

3,646

Libor + 200

12/17/2017

1 x 12 mos.

161st Street ³

Fund II

29,500

28.1%

8,282

Libor + 250

4/1/2018

None

230/240 W. Broughton

Fund IV

8,594

11.6%

993

Libor + 190

5/1/2018

None

Paramus Plaza ³

Fund IV

14,099

11.6%

1,630

Libor + 170

2/20/2019

None

Lake Montclair

Fund IV

14,807

23.1%

3,423

Libor + 215

5/1/2019

None

Cortlandt Town Center

Fund III

93,000

13.9%

12,900

Libor + 175

1/28/2020

None

17 E. 71st Street

Fund IV

19,000

23.1%

4,393

Libor + 190

6/9/2020

None

1035 Third Avenue

Fund IV

42,000

23.1%

9,710

Libor + 235

1/27/2021

None

CityPoint ³

Fund II

19,934

26.7%

5,317

Libor + 139

11/1/2021

None

3104 M Street ^3,7

Fund III

4,130

31.7%

1,309

Prime + 50

12/10/2021

None

Interest rate swaps ¹

Funds II & IV

(34,741

)

25.2%

(8,740

)

Libor + 198

Sub-Total Variable-Rate Debt

623,528

148,052

Libor + 200

Total Debt - Funds

910,614

224,056

3.07%

Total Debt - Core Portfolio and Funds

1,648,283

763,269

3.96%

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 March 31, 2016, 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 $206,478.

⁵ Total current availability under this facility is $50,000.

⁶ 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.

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

2016	$	3,253	$	191,999	$	195,252	$	2,943	$	62,732	$	65,675	5.97	%	5.97	%	n/a
2017	4,037		82,926		86,963		3,463		76,426		79,889		5.51	%	5.51	%	n/a
2018	3,674		40,058		43,732		2,629		40,058		42,687		2.09	%	n/a		2.09	%
2019	3,263		50,000		53,263		2,176		50,000		52,176		1.74	%	n/a		1.74	%
2020	3,374		50,000		53,374		2,247		50,000		52,247		1.84	%	n/a		1.84	%
Thereafter	12,526		292,559		305,085		7,588		238,951		246,539		2.65	%	4.12	%	1.26	%
Total	$	30,127	$	707,542	$	737,669	$	21,046	$	518,167	$	539,213





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

2016	$	1,460	$	282,049	$	283,509	$	468	$	71,021	$	71,489	2.26	%	1.25	%	2.33	%
2017	1,050		174,344		175,394		273		49,332		49,605		2.78	%	4.68	%	2.25	%
2018	918		38,094		39,012		202		9,275		9,477		2.99	%	n/a		2.99	%
2019	1,279		124,967		126,246		214		18,970		19,184		2.17	%	1.00	%	2.26	%
2020	398		218,539		218,937		102		57,627		57,729		4.57	%	4.75	%	2.34	%
Thereafter	1,169		66,347		67,516		312		16,260		16,572		2.58	%	4.10	%	2.53	%
Total	$	6,274	$	904,340	$	910,614	$	1,414	$	222,485	$	224,056

Note:
¹ Does not include any applicable extension options



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

STREET AND URBAN RETAIL
Chicago Metro

664 N. Michigan Avenue	Tommy Bahama, Ann Taylor Loft, Harley Davidson	2013	100.0	%	18,141	—	—	18,141	100.0	%	—		—		100.0	%	100.0	%	$	4,412,967	$	243.26
840 N. Michigan Avenue	H & M, Verizon Wireless	2014	88.4	%	87,135	—	—	87,135	100.0	%	—		—		100.0	%	100.0	%	7,610,395		87.34
Rush and Walton Streets Collection - 6 properties	Lululemon, Brioni, BHLDN, Marc Jacobs	2011/12	100.0	%	41,533	—	—	41,533	95.8	%	—		—		95.8	%	100.0	%	6,231,019		156.63
651-671 West Diversey	Trader Joe's, Urban Outfitters	2011	100.0	%	46,259	—	—	46,259	100.0	%	—		—		100.0	%	100.0	%	1,935,129		41.83
Clark Street and W. Diversey Collection - 3 properties	Ann Taylor, Akira	2011/12	100.0	%	23,531	—	—	23,531	95.6	%	—		—		95.6	%	95.6	%	1,232,791		54.82
Halsted and Armitage Collection - 9 properties	Intermix, BCBG, Club Monaco	2011/12	100.0	%	44,658	—	—	44,658	95.2	%	—		—		95.2	%	95.2	%	1,808,072		42.53
North Lincoln Park Chicago Collection - 6 properties	Forever 21, Aldo, Carhartt, Chase Bank	2011/14	100.0	%	22,125	—	29,130	51,255	100.0	%	—		67.6	%	81.6	%	81.6	%	1,663,879		39.78
Roosevelt Galleria	Petco, Vitamin Shoppe	2015	100.0	%	—	—	37,995	37,995	—		—		100.0	%	100.0	%	100.0	%	1,066,439		28.07
					283,382	—	67,125	350,507	98.3	%	—		86.0	%	95.9	%	96.4	%	25,960,691		77.23
New York Metro
83 Spring Street	Paper Source	2012	100.0	%	3,000	—	—	3,000	100.0	%	—		—		100.0	%	100.0	%	686,272		228.76
152-154 Spring Street	—	2014	100.0	%	2,936	—	—	2,936	100.0	%	—		—		100.0	%	100.0	%	2,242,681		763.86
Mercer Street	3 X 1 Denim	2011	100.0	%	3,375	—	—	3,375	100.0	%	—		—		100.0	%	100.0	%	431,250		127.78
East 17th Street	Union Fare	2008	100.0	%	11,467	—	—	11,467	100.0	%	—		—		100.0	%	100.0	%	1,300,014		113.37
West 54th Street	Stage Coach Tavern	2007	100.0	%	5,773	—	—	5,773	78.4	%	—		—		78.4	%	78.4	%	1,848,960		408.36
61 Main Street	Chicos	2014	100.0	%	3,400	—	—	3,400	100.0	%	—		—		100.0	%	100.0	%	351,560		103.40
181 Main Street	TD Bank	2012	100.0	%	11,350	—	—	11,350	100.0	%	—		—		100.0	%	100.0	%	866,365		76.33
4401 White Plains Road	Walgreens	2011	100.0	%	—	12,964	—	12,964	—		100.0	%	—		100.0	%	100.0	%	625,000		48.21
Bartow Avenue	Sleepy's	2005	100.0	%	—	—	14,676	14,676	—		—		100.0	%	100.0	%	100.0	%	371,379		25.31
239 Greenwich Avenue	Betteridge Jewelers, Coach	1998	75.0	%	16,553	—	—	16,553	100.0	%	—		—		100.0	%	100.0	%	1,481,080		89.48
252-256 Greenwich Avenue	Madewell, Calypso, Jack Wills	2014	100.0	%	7,986	—	—	7,986	100.0	%	—		—		100.0	%	100.0	%	1,308,431		163.84
Third Avenue	Planet Fitness	2006	100.0	%	—	21,650	18,670	40,320	—		100.0	%	100.0	%	100.0	%	100.0	%	918,690		22.78
868 Broadway	Dr. Martens	2013	100.0	%	2,031	—	—	2,031	100.0	%	—		—		100.0	%	100.0	%	702,531		345.90
313-315 Bowery2	John Varvatos, Patagonia	2013	100.0	%	6,600	—	—	6,600	100.0	%	—		—		100.0	%	100.0	%	435,600		66.00
120 West Broadway	HSBC Bank, Citibank	2013	100.0	%	13,838	—	—	13,838	91.3	%	—		—		91.3	%	100.0	%	1,905,910		150.80
131-135 Prince Street	Folli Follie, Uno De 50	2014	100.0	%	3,200	—	—	3,200	100.0	%	—		—		100.0	%	100.0	%	1,269,324		396.66



2520 Flatbush Avenue	Bob's Discount Furniture, Capital One	2014	100.0	%	—	—	29,114	29,114	—		—		100.0	%	100.0	%	100.0	%	1,054,338		36.21
Shops at Grand	Stop & Shop (Ahold)	2014	100.0	%	—	52,336	47,639	99,975	—		100.0	%	93.7	%	97.0	%	97.0	%	2,958,185		30.51
Gotham Plaza	Bank of America, Children's Place	2016	49.0	%	—	—	26,180	26,180	—		—		91.6	%	91.6	%	91.6	%	1,464,945		61.09
					91,509	86,950	136,279	314,738	97.3	%	100.0	%	96.2	%	97.6	%	98.0	%	22,222,515		72.36
San Francisco Metro
City Center	City Target, Best Buy	2015	100.0	%	—	174,311	30,337	204,648	—		100.0	%	82.9	%	97.5	%	97.5	%	7,613,310		38.17
					—	174,311	30,337	204,648	—		100.0	%	82.9	%	97.5	%	97.5	%	7,613,310		38.17
District of Columbia Metro
1739-53 & 1801-03 Connecticut Avenue	Ruth Chris Steakhouse, TD Bank	2012	100.0	%	22,907	—	—	22,907	90.2	%	—		—		90.2	%	100.0	%	1,228,605		59.44
Rhode Island Place Shopping Center	TJ Maxx	2012	100.0	%	—	24,996	32,533	57,529	—		100.0	%	83.1	%	90.4	%	90.4	%	1,460,379		28.07
M Street and Wisconsin Corridor - 7 Properties	Lacoste, Juicy Couture, Coach	2011	62.3	%	31,629	—	—	31,629	100.0	%	—		—		100.0	%	100.0	%	2,729,071		86.28
					54,536	24,996	32,533	112,065	95.9	%	100.0	%	83.1	%	93.1	%	95.1	%	5,418,055		51.93
Boston Metro
330-340 River Street	Whole Foods	2012	100.0	%	—	40,800	13,426	54,226	—		100.0	%	100.0	%	100.0	%	100.0	%	1,130,470		20.85
					—	40,800	13,426	54,226	—		100.0	%	100.0	%	100.0	%	100.0	%	1,130,470		20.85

Total Street and Urban Retail					429,427	327,057	279,700	1,036,184	97.8	%	100.0	%	91.0	%	96.6	%	97.1	%	$	62,345,041	$	62.27

Acadia Share Total Street and Urban Retail					402,867	327,057	266,348	996,272	97.6	%	100.0	%	88.0	%	96.6	%	97.1	%	$	59,317,076	$	61.63

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 and 991 Madison Avenue are 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		Annualized
		Year	Acadia's		Gross Leaseable Area				In Place Occupancy							Occupancy		Base Rent
Property	Key Tenants	Acquired	interest		Street	Anchors	Shops	Total	Street	Anchors		Shops		Total		Total		Total		Total
SUBURBAN PROPERTIES
New Jersey
Elmwood Park Shopping Center	Walgreens, Acme	1998	100.0	%	—	62,610	86,460	149,070	—	100.0	%	95.3	%	97.3	%	97.3	%	$	3,858,824	$	26.61
Marketplace of Absecon	Rite Aid, Dollar Tree	1998	100.0	%	—	46,724	57,832	104,556	—	100.0	%	85.9	%	92.2	%	92.2	%	1,376,956		14.28
60 Orange Street	Home Depot	2012	98.0	%	—	101,715	—	101,715	—	100.0	%	—		100.0	%	100.0	%	695,000		6.83

New York
Village Commons Shopping Center	—	1998	100.0	%	—	—	87,330	87,330	—	—		98.1	%	98.1	%	98.1	%	2,775,897		32.41
Branch Plaza	LA Fitness, The Fresh Market	1998	100.0	%	—	77,364	47,075	124,439	—	85.7	%	77.5	%	82.6	%	91.5	%	2,635,073		25.63
Amboy Center	Stop & Shop (Ahold)	2005	100.0	%	—	37,266	26,024	63,290	—	100.0	%	100.0	%	100.0	%	100.0	%	2,046,521		32.34
Pacesetter Park Shopping Center	Stop & Shop (Ahold)	1999	100.0	%	—	52,052	46,107	98,159	—	100.0	%	93.6	%	97.0	%	98.3	%	1,223,342		12.85
LA Fitness	LA Fitness	2007	100.0	%	—	55,000	—	55,000	—	100.0	%	—		100.0	%	100.0	%	1,391,500		25.30
Crossroads Shopping Center	Home Goods, PetSmart, Kmart	1998	49.0	%	—	202,727	108,035	310,762	—	100.0	%	83.6	%	94.3	%	94.3	%	6,843,208		23.35
New Loudon Center	Price Chopper, Marshalls	1993	100.0	%	—	251,058	4,615	255,673	—	100.0	%	100.0	%	100.0	%	100.0	%	2,060,935		8.06
28 Jericho Turnpike	Kohl's	2012	100.0	%	—	96,363	—	96,363	—	100.0	%	—		100.0	%	100.0	%	1,650,000		17.12
Bedford Green	Shop Rite	2014	100.0	%	—	37,981	52,608	90,589	—	100.0	%	66.5	%	80.6	%	80.6	%	2,190,667		30.02

Connecticut
Town Line Plaza ²	Wal-Mart, Stop & Shop (Ahold)	1998	100.0	%	—	163,159	43,187	206,346	—	100.0	%	93.6	%	98.7	%	98.7	%	1,720,212		16.18

Massachusetts
Methuen Shopping Center	Wal-Mart, Market Basket	1998	100.0	%	—	120,004	10,017	130,021	—	100.0	%	100.0	%	100.0	%	100.0	%	1,257,627		9.67
Crescent Plaza	Home Depot, Shaw's (Supervalu)	1993	100.0	%	—	156,985	61,163	218,148	—	100.0	%	85.7	%	96.0	%	96.0	%	1,812,245		8.65
201 Needham Street	Michael's	2014	100.0	%	—	20,409	—	20,409	—	100.0	%	—		100.0	%	100.0	%	591,861		29.00
163 Highland Avenue	Staples, Petco	2015	100.0	%	—	40,505	—	40,505	—	100.0	%	—		100.0	%	100.0	%	1,275,673		31.49

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	%	2,038,751		20.06

Illinois
Hobson West Plaza	Garden Fresh Markets	1998	100.0	%	—	51,692	47,445	99,137	—	100.0	%	92.2	%	96.3	%	96.3	%	1,159,961		12.15

Indiana						123,369



Merrillville Plaza	Jo-Ann Fabrics, TJ Maxx	1998	100.0	%	—	123,220	112,867	236,087	—		100.0	%	93.4	%	96.8	%	96.8	%	3,267,912		14.29

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	%	3,631,169		15.40
	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	%	1,396,788		13.69

Delaware
Brandywine Town Center	Lowes, Bed Bath & Beyond,	2003	22.2	%	—	775,803	48,608	824,411	—		94.0	%	80.0	%	93.1	%	93.1	%	12,397,942		16.15
	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	%	100.0	%	100.0	%	100.0	%	2,774,471		27.19
Naamans Road	—	2006	100.0	%	—	—	19,984	19,984	—		—		75.0	%	75.0	%	75.0	%	637,701		42.55

Pennsylvania
Mark Plaza	Kmart	1993	100.0	%	—	104,956	1,900	106,856	—		100.0	%	100.0	%	100.0	%	100.0	%	240,664		2.25
Plaza 422	Home Depot	1993	100.0	%	—	139,968	16,311	156,279	—		100.0	%	100.0	%	100.0	%	100.0	%	850,978		5.45
Route 6 Plaza	Kmart	1994	100.0	%	—	146,568	29,021	175,589	—		100.0	%	79.3	%	96.6	%	96.6	%	1,205,595		7.11
Chestnut Hill	—	2006	100.0	%	—	—	37,646	37,646	—		—		100.0	%	100.0	%	100.0	%	911,489		24.21
Abington Towne Center ³	Target, TJ Maxx	1998	100.0	%	—	184,616	31,662	216,278	—		100.0	%	70.4	%	95.7	%	95.7	%	1,040,142		21.10

Total Suburban Properties					—	3,376,803	1,210,662	4,587,465	—		98.3	%	88.7	%	95.8	%	96.0	%	66,959,103		16.18

Acadia Share Total Suburban Properties					—	2,594,125	1,071,713	3,665,838	—		99.2	%	88.8	%	96.1	%	96.5	%	$	51,654,065	$	15.80

TOTAL CORE PROPERTIES					429,427	3,703,860	1,490,362	5,623,649	97.8	%	98.4	%	89.1	%	95.9	%	96.2	%	$	129,304,144	$	25.16

Acadia Share Total Core Properties					402,867	2,961,687	1,338,062	4,702,615	97.6	%	99.3	%	89.2	%	96.3	%	96.6	%	$	110,971,142	$	25.97


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

Royal Ahold ²	4	207,513	$	3,625,951	4.4	%	3.3	%

Best Buy	2	86,686	3,574,348		1.8	%	3.2	%

Target	2	155,822	3,229,025		3.3	%	2.9	%

Albertsons Companies ³	3	171,182	3,154,331		3.6	%	2.8	%

Ascena Retail Group ⁴	5	23,233	2,427,684		0.5	%	2.2	%

Verizon	2	31,371	2,384,931		0.7	%	2.1	%

LA Fitness	2	100,000	2,336,500		2.1	%	2.1	%

Home Depot	3	312,718	1,827,600		6.6	%	1.6	%

TJX Companies ⁵	8	209,198	1,670,851		4.4	%	1.5	%

Walgreens	3	37,499	1,412,716		0.8	%	1.3	%

Sleepy's	10	123,927	1,348,089		2.6	%	1.2	%
Kate Spade	2	4,250	1,341,182		0.1	%	1.2	%
Citibank	4	16,160	1,233,029		0.3	%	1.1	%
Kmart	3	273,969	1,170,078		5.8	%	1.1	%
JP Morgan Chase	6	27,374	1,092,078		0.6	%	1.0	%
Bob's Discount Furniture	2	34,819	1,064,237		0.7	%	1.0	%
TD Bank	2	15,560	1,060,904		0.3	%	1.0	%
Trader Joe's	2	19,094	967,216		0.4	%	0.9	%
Urban Outfitters	2	19,902	893,186		0.4	%	0.8	%
HSBC Bank	2	5,686	884,901		0.1	%	0.8	%
TOTAL	69	1,875,963	$	36,698,837	39.5	%	33.1	%


Note:
¹ Does not include tenants that operate at only one Acadia Core location.
² Stop and Shop (4)
³ Shaw's (2), Acme (1)
⁴ Ann Taylor Loft (2), Catherines (1), Dress Barn (1), Lane Bryant (1)
⁵ TJMaxx (5), Marshalls (1), HomeGoods (2)



Core Portfolio Lease Expirations


	Street Tenants								Anchor Tenants								Shop Tenants								Total Tenants
		Gross Leased Area			Base Rent					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		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		Expiring	SF	of Total		PSF		of Total

M to M ¹	—	—	—		$	—	—		—	—	—		$	—	—		5	17,936	1.4	%	$	16.70	0.8	%	5	17,936	0.3	%	$	16.70	0.2	%
2016	4	32,842	7.8	%	38.96		3.0	%	3	149,045	4.4	%	12.00		3.7	%	38	158,942	11.9	%	21.53		9.2	%	45	340,829	6.6	%	19.04		5.0	%
2017	8	34,503	8.2	%	94.83		7.6	%	7	321,386	9.5	%	11.53		7.6	%	49	197,495	14.9	%	30.89		16.4	%	64	553,384	10.8	%	23.63		10.1	%
2018	5	70,756	16.9	%	84.91		14.0	%	8	472,193	13.9	%	18.09		17.4	%	58	181,964	13.7	%	30.16		14.7	%	71	724,913	14.1	%	27.64		15.5	%
2019	7	18,858	4.5	%	166.68		7.3	%	9	334,577	9.9	%	8.82		6.0	%	29	93,115	7.0	%	25.27		6.3	%	45	446,550	8.7	%	18.92		6.5	%
2020	12	32,005	7.6	%	120.36		9.0	%	9	488,606	14.4	%	12.46		12.4	%	26	100,784	7.6	%	21.44		5.8	%	47	621,395	12.1	%	19.48		9.4	%
2021	11	61,647	14.7	%	60.24		8.6	%	11	425,753	12.6	%	11.48		10.0	%	17	89,482	6.7	%	24.04		5.8	%	39	576,882	11.2	%	18.64		8.3	%
2022	5	19,361	4.6	%	149.32		6.7	%	2	69,837	2.1	%	26.15		3.7	%	21	86,831	6.5	%	27.40		6.4	%	28	176,029	3.4	%	40.31		5.5	%
2023	5	22,169	5.3	%	95.95		4.9	%	5	205,067	6.0	%	17.92		7.5	%	13	74,549	5.6	%	27.72		5.5	%	23	301,785	5.9	%	26.08		6.1	%
2024	8	60,828	14.5	%	95.70		13.5	%	7	330,390	9.7	%	20.41		13.8	%	23	108,515	8.2	%	28.96		8.4	%	38	499,733	9.7	%	31.43		12.1	%
2025	6	22,998	5.5	%	144.82		7.7	%	6	179,820	5.3	%	18.59		6.8	%	24	79,047	6.0	%	39.54		8.4	%	36	281,865	5.5	%	34.76		7.6	%
Thereafter	10	43,839	10.4	%	173.01		17.5	%	8	414,517	12.1	%	13.09		11.2	%	16	139,662	10.5	%	33.05		12.5	%	34	598,018	11.8	%	29.48		13.5	%
Total	81	419,806	100.0	%	$	102.48	99.8	%	75	3,391,191	99.9	%	$	14.44	100.1	%	319	1,328,322	100.0	%	$	28.08	100.2	%	475	5,139,319	100.1	%	$	25.16	99.8	%


										254,916	Anchor GLA Owned by Tenants															254,916	Anchor GLA Owned by Tenants
		9,621	Total Vacant							57,753	Total Vacant							162,040	Total Vacant							229,414	Total Vacant
		429,427	Total Square Feet							3,703,860	Total Square Feet							1,490,362	Total Square Feet							5,623,649	Total Square Feet


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



Core Portfolio - New and Renewal Rent Spreads ¹



	3 months ended
	March 31, 2016
	GAAP³			Cash²
New leases
Number of new leases executed	3			3
GLA	15,938			15,938
New base rent	$	26.21		$	24.60
Previous base rent	$	24.73		$	24.85
Average cost per square foot	$	67.66		$	67.66
Weighted Average Lease Term (years)	10.7			10.7
Percentage growth in base rent	6.0		%	(1.0		)%

Renewal leases
Number of renewal leases executed	9			9
GLA	27,077			27,077
New base rent	$	28.04		$	27.45
Expiring base rent	$	25.14		$	25.61
Average cost per square foot	$	—		$	—
Weighted Average Lease Term (years)	6.8			6.8
Percentage growth in base rent	11.5		%	7.2		%

Total new and renewal Leases
Number of new and renewal leases executed	12			12
GLA commencing	43,015			43,015
New base rent	$	27.36		$	26.39
Expiring base rent	$	24.99		$	25.33
Average cost per square foot	$	25.07		$	25.07
Weighted Average Lease Term (years)	8.2			8.2
Percentage growth in base rent	9.5		%	4.2		%


Notes:
¹ Based on lease execution dates. Does not include leased square footage and costs
related to first generation space and the Company's major redevelopment
projects; renewal leases include exercised options.
² Rents 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.



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

	664 N. Michigan Avenue	Chicago	IL	$	4,412,967	18,141	295,897	163,646	$	74,143	$	115,275
	840 N. Michigan Avenue	Chicago	IL	7,610,395		87,135	307,531	172,435	79,109		122,284
	Rush and Walton Streets Collection - 6 properties	Chicago	IL	6,231,019		41,533	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	1,935,129		46,259	413,506	220,785	70,198		105,234
	Clark Street and W. Diversey Collection - 3 properties	Chicago	IL	1,232,791		23,531	406,523	217,890	70,388		105,694
	Halsted and Armitage Collection - 9 properties	Chicago	IL	1,808,072		44,658	443,549	238,098	72,697		108,583
	North Lincoln Park Chicago Collection - 6 properties	Chicago	IL	1,663,879		51,255	496,377	247,811	68,233		99,096
	Roosevelt Galleria	Chicago	IL	1,066,439		37,995	357,206	178,934	65,333		100,927

	83 Spring Street	Manhattan	NY	686,272		3,000	981,658	479,147	85,920		121,994
	152-154 Spring Street	Manhattan	NY	2,242,681		2,936	918,561	473,494	87,476		126,722
	Mercer Street	Manhattan	NY	431,250		3,375	942,758	457,309	85,389		121,063
	East 17th Street	Manhattan	NY	1,300,014		11,467	1,079,577	547,698	91,428		133,947
	West 54th Street	Manhattan	NY	1,848,960		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	866,365		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	371,379		14,676	578,872	215,091	47,890		58,583
	239 Greenwich Avenue	Greenwich	CT	1,481,080		16,553	67,092	24,790	112,373		169,820
	252-256 Greenwich Avenue	Greenwich	CT	1,308,431		7,986	67,228	25,117	110,894		176,008
	Third Avenue	Bronx	NY	918,690		40,320	1,239,993	443,231	35,628		49,095
	868 Broadway	Manhattan	NY	702,531		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	1,905,910		13,838	878,321	422,645	85,293		121,409
	131-135 Prince Street	Manhattan	NY	1,269,324		3,200	990,615	484,990	88,621		132,090
	2520 Flatbush Avenue	Brooklyn	NY	1,054,338		29,114	553,769	211,713	56,343		68,554
	Shops at Grand	Queens	NY	2,958,185		99,975	935,540	331,826	56,790		68,721
	Gotham Plaza	Manhattan	NY	1,464,945		26,180	1,316,651	547,928	64,400		99,981
	991 Madison Avenue	Manhattan	NY	—		6,920	1,265,411	626,933	89,711		139,825

	City Center	San Francisco	CA	7,613,310		204,648	514,866	247,768	79,424		109,896

	1739-53 & 1801-03 Connecticut Avenue	Washington	DC	1,228,605		22,907	338,815	164,797	81,801		108,533
	Rhode Island Place Shopping Center	Washington	DC	1,460,379		57,529	348,349	157,678	66,984		86,314
	M Street and Wisconsin Corridor - 7 properties	Georgetown	DC	2,729,071		31,629	321,861	160,430	87,539		114,211

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

Total Core Street and Urban Retail
Weighted Average - Based on annual base rent							536,346	258,098	$	78,351	$	114,180



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	$	3,858,824	149,070	252,982	84,585	$	60,290	$	69,299
	Marketplace of Absecon	Absecon	NJ	1,376,956		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	2,775,897		87,330	67,473	22,922	109,170		123,046
	Branch Plaza	Smithtown	NY	2,635,073		124,439	67,554	22,991	108,660		122,359
	Amboy Center	Staten Island	NY	2,046,521		63,290	151,900	55,451	87,868		98,504
	Pacesetter Park Shopping Center	Pomona	NY	1,223,342		98,159	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
	Crossroads Shopping Center	White Plains	NY	6,843,208		310,762	109,134	42,516	96,092		118,263
	New Loudon Center	Latham	NY	2,060,935		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	2,190,667		90,589	25,440	8,955	99,204		140,115
	Town Line Plaza	Rocky Hill	CT	1,720,212		206,346	46,399	19,437	72,685		86,521
	Methuen Shopping Center	Methuen	MA	1,257,627		130,021	99,701	34,864	50,705		60,706
	Crescent Plaza	Brockton	MA	1,812,245		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
	163 Highland Avenue	Newton	MA	1,275,673		40,505	94,925	33,363	132,872		186,226
	The Gateway Shopping Center	So. Burlington	VT	2,038,751		101,655	48,384	19,261	51,446		63,537
	Hobson West Plaza	Naperville	IL	1,159,961		99,137	94,989	34,059	103,910		126,405
	Merrillville Plaza	Hobart	IN	3,267,912		236,087	26,123	10,805	47,909		58,578
	Bloomfield Town Square	Bloomfield Hills	MI	3,631,169		235,786	56,773	22,617	62,547		94,909
	Mad River Station	Dayton	OH	1,396,788		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	850,978		156,279	45,792	18,157	44,301		52,611
	Route 6 Plaza	Honesdale	PA	1,205,595		175,589	6,832	2,962	37,786		44,999
	Chestnut Hill	Philadelphia	PA	911,489		37,646	147,436	62,292	58,777		77,506
	Abington Towne Center	Abington	PA	1,040,142		216,278	89,439	35,119	78,159		95,124

Total Core Suburban Properties
Weighted Average - Based on annual base rent							91,091	33,244	$	78,621	$	96,464

Total Core Properties
Weighted Average - Based on annual base rent							335,681	156,762	$	78,473	$	106,196

	Brandywine/Market Square/Naamans Rd ¹	Wilmington	DE	$	15,810,114	946,442	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
	Property	City	State	Rent		GLA	Pop.	HH	Income		Income

	Fund II
	216th Street	Manhattan	NY	$	2,574,000	60,000	963,175	337,894	$	37,629	$	48,228
	161st Street	Bronx	NY	3,344,960		249,336	1,274,128	450,383	33,329		45,066

Fund II
Weighted Average - Based on annual base rent							1,138,903	401,464	$	35,199	$	46,441

	Fund III
	Cortlandt Town Center	Mohegan Lake	NY	$	10,207,475	635,437	49,966	17,759	$	84,926	$	97,340
	654 Broadway	Manhattan	NY	583,495		2,896	1,007,518	497,906	86,836		124,507
	640 Broadway	Manhattan	NY	818,375		4,260	1,006,693	496,773	86,613		124,108
	New Hyde Park Shopping Center	New Hyde Park	NY	1,172,792		32,602	199,698	70,745	102,010		122,658
	Nostrand Avenue	Brooklyn	NY	1,510,778		42,912	544,351	203,713	51,528		65,388
	Arundel Plaza	Glen Burnie	MD	1,323,169		265,116	77,759	29,166	59,786		64,793
	Heritage Shops	Chicago	IL	3,343,518		82,098	288,116	154,272	71,414		110,831

Fund III
Weighted Average - Based on annual base rent							213,326	96,177	$	79,316	$	98,459

	Fund IV
	1151 Third Avenue	Manhattan	NY	$	1,729,350	13,250	1,270,132	636,996	$	87,522	$	131,326
	17 East 71st Street	Manhattan	NY	1,792,487		8,432	1,266,902	623,592	87,241		138,121
	1035 Third Avenue	Manhattan	NY	932,889		7,617	1,312,871	661,001	88,317		139,161
	Paramus Plaza	Paramus	NJ	1,847,945		153,057	106,906	37,209	119,131		132,518
	2819 Kennedy Boulevard	North Bergen	NJ	607,758		44,228	526,721	241,698	78,834		110,806
	Promenade at Manassas	Manassas	VA	3,483,922		265,442	57,996	18,940	74,390		84,467
	Lake Montclair	Prince William County	VA	1,894,996		105,832	55,900	18,373	93,338		103,028
	1701 Belmont Avenue	Catonsville	MD	936,166		58,674	110,450	43,613	60,575		68,732
	Eden Square	Bear	DE	2,304,196		231,392	69,756	26,155	69,989		75,629
	938 W. North Avenue	Chicago	IL	326,350		33,228	453,690	239,813	72,447		108,382
	146 Geary Street	San Francisco	CA	300,000		11,436	431,433	215,318	86,963		117,259
	Union and Fillmore Collection - 4 properties	San Francisco	CA	641,286		10,342	469,876	233,179	86,409		116,849

Fund IV
Weighted Average - Based on annual base rent							434,221	206,277	$	81,693	$	103,367

Total - Funds
Weighted Average - Based on annual base rent							433,812	184,128	$	74,109	$	93,178

Fund Overview

As of March 31, 2016

I. KEY METRICS

Note

Fund I

Fund II

Fund III

Fund IV

Total

General Information:

Vintage

Sep-2001

Jun-2004

May-2007

May-2012

Fund Size

$90.0 Million

$300.0 Million

$502.5 Million

$540.6 Million

$1,433.1 Million

Acadia's Commitment

$20.0 Million

$85.0 Million

$123.3 Million

$125.0 Million

$353.3 Million

Acadia's Pro Rata Share

22.2

28.3

24.5

23.1

24.7

Acadia's Promoted Share

37.8

42.7

39.6

38.5

39.7

Number of Institutional Partners

Preferred Return

9.0

8.0

6.0

6.6

Current-Quarter, Fund-Level Information:

Cumulative Contributions

$86.6 Million

$300.0 Million

$387.5 Million

$239.3 Million

$1,013.5 Million

Cumulative Net Distributions

$194.5 Million

$131.6 Million

$492.7 Million

$101.9 Million

$920.8 Million

Net Distributions/Contributions

224.6

43.9

127.1

42.6

90.9

Unfunded Commitment

⁴

$0.0 Million

$47.1 Million

$62.5 Million

$301.2 Million

$410.8 Million

Acquisition Dry Powder

⁵

$184.0 Million

Investment Period Closes

Closed

Aug-2016

Currently in a Promote Position? (Yes/No)

Yes

II. FEES & PRIORITY DISTRIBUTIONS EARNED BY ACADIA

Type:

Applicable to

Description

Asset Management

⁶

All funds

1.5% of implied capital

Property Management

All funds

4.0% of gross property revenues

Leasing

All funds

Market-rate leasing commissions

Construction/Project Management

All funds

Market-rate fees

Development

Fund III & IV

3.0% of total project costs

Notes:

Acadia's "Promoted Share" reflects Acadia's share of fund profits once all partners (including Acadia) have received a return of their cumulative contributions plus their cumulative preferred return.

Acadia's Promoted Share equals a 20% promote plus Acadia's pro rata share of the remaining 80%.

During January 2016, Acadia acquired an additional 8.33% interest in Fund II from one of the institutional partners.

Net of fees and promote

⁴

Unfunded Commitments are set aside to complete leasing and development at existing fund investments and, for Fund IV, to make new investments.

The Unfunded Commitment will not equal Fund Size less Cumulative Contributions in those instances where certain fund distributions have been marked as recallable or where the fund has released

commitments due to, among other reasons, the closing of the fund's investment period or accelerated asset sales. With regard to Fund II, the Unfunded Commitment reflects a prior-period distribution

that is subject to recontribution to the Fund until December 2016 if needed to fund the on-going redevelopment of existing Fund II investments.

⁵

Unfunded Commitments available to deploy into new investments

⁶

Implied Capital is Fund Size less capital attributed to sold investments or released



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

NEW YORK
New York
216th Street	NYC Human Resources Administration	2005	99.1%	—	60,000	—	60,000	—		100.0	%	—		100.0	%	100.0	%	$	2,574,000	$	42.90
161st Street ²	Various New York City & State agencies	2005	99.1%	—	160,916	88,420	249,336	—		34.6	%	53.4	%	41.3	%	46.7	%	3,344,960		32.51

Total - Fund II				—	220,916	88,420	309,336	—		52.4	%	53.4	%	52.7	%	57.1	%	$	5,918,960	$	36.34

Fund III Portfolio Detail

NEW YORK
New York
Cortlandt Town Center	Wal-Mart, Best Buy, A&P	2009	35.0%	—	472,420	163,017	635,437	—		95.7	%	85.3	%	93.1	%	93.1	%	$	10,207,475	$	17.26
654 Broadway	Penguin (Perry Ellis)	2011	100.0%	2,896	—	—	2,896	100.0	%	—		—		100.0	%	100.0	%	583,495		201.48
640 Broadway	Swatch	2012	63.1%	4,260	—	—	4,260	78.4	%	—		—		78.4	%	78.4	%	818,375		245.16
New Hyde Park Shopping Center	PetSmart	2011	100.0%	—	13,507	19,095	32,602	—		100.0	%	70.8	%	82.9	%	82.9	%	1,172,792		43.41
Nostrand Avenue	—	2013	100.0%	—	—	42,912	42,912	—		—		75.6	%	75.6	%	75.6	%	1,510,778		46.56

MID-ATLANTIC
Maryland
Arundel Plaza	Giant Food, Lowe's	2012	94.3%	—	231,920	33,196	265,116	—		100.0	%	58.8	%	94.8	%	94.8	%	1,323,169		5.26

MIDWEST
Illinois
Heritage Shops	LA Fitness, Ann Taylor Loft	2011	100.0%	—	49,878	32,220	82,098	—		100.0	%	93.4	%	97.4	%	97.4	%	3,343,518		41.81

Total - Fund III				7,156	767,725	290,440	1,065,321	87.1	%	97.4	%	80.8	%	92.8	%	92.8	%	$	18,959,602	$	19.18

Fund IV Portfolio Detail

NEW YORK
New York
1151 Third Avenue	Vineyard Vines	2013	100.0%	13,250	—	—	13,250	100.0	%	—		—		100.0	%	100.0	%	$	1,729,350	$	130.52
17 East 71st Street	The Row	2014	100.0%	8,432	—	—	8,432	100.0	%	—		—		100.0	%	100.0	%	1,792,487		212.58
1035 Third Avenue ³	—	2015	100.0%	7,617	—	—	7,617	71.4	%	—		—		71.4	%	71.4	%	932,889		171.58

New Jersey
Paramus Plaza	Babies R Us, Ashley Furniture	2013	50.0%	—	74,837	78,220	153,057	—		100.0	%	29.4	%	63.9	%	63.9	%	1,847,945		18.89
2819 Kennedy Boulevard	Aldi	2013	98.6%	—	42,692	1,536	44,228	—		49.4	%	100.0	%	51.2	%	100.0	%	607,758		26.84



BOSTON
Massachusetts
Restaurants at Fort Point	—	2016	100.0%	15,711	—	—	15,711	100.0	%	—		—		100.0	%	100.0	%	297,733		18.95

MID-ATLANTIC
Virginia
Promenade at Manassas	Home Depot, HH Gregg	2013	98.6%	—	194,038	71,404	265,442	—		100.0	%	94.6	%	98.6	%	98.6	%	3,483,922		13.32
Lake Montclair	Food Lion	2013	100.0%	—	33,000	72,832	105,832	—		100.0	%	92.6	%	94.9	%	94.9	%	1,894,996		18.87

Maryland
1701 Belmont Avenue	Best Buy	2012	98.6%	—	58,674	—	58,674	—		100.0	%	—		100.0	%	100.0	%	936,166		15.96

Delaware
Eden Square	Giant Food	2014	98.6%	—	163,217	68,175	231,392	—		71.1	%	71.5	%	71.2	%	71.2	%	2,304,196		13.99

MIDWEST
Illinois
938 W. North Avenue	Sephora	2013	80.0%	33,228	—	—	33,228	16.1	%	—		—		16.1	%	16.1	%	326,350		61.00

SOUTHEAST
Georgia
Broughton Street Portfolio ⁴	J. Crew, L'Occitane, Lululemon, Michael Kors	2014	50.0%	76,641	—	—	76,641	54.7	%	—		—		54.7	%	100.0	%	1,835,907		43.81

WEST
California
146 Geary Street		2015	100.0%	11,436	—	—	11,436	100.0	%	—		—		100.0	%	100	%	300,000		26.23
Union and Fillmore Collection - 4 properties		2015	90.0%	10,342	—	—	10,342	88.0	%	—		—		88.0	%	88	%	641,286		70.44

Total - Fund IV				176,657	566,458	292,167	1,035,282	62.6	%	87.8	%	71.3	%	78.9	%	84.4	%	$	18,930,985	$	23.19

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%
801 Madison Avenue	100.0%
650 Bald Hill Road	90.0%
² Currently operating, but redevelopment activities have commenced.
³ Property also includes 12,371 sf of 2nd floor office space and 29,760 sf parking garage (131 spaces).
⁴ Represents 14 of the 25 properties in this portfolio that have been leased. The remaining properties are still in development.



Funds Lease Expirations


	FUND II
		Gross Leased Area					Base Rent
	No. of Leases	Expiring	Percent						Percent
Year	Expiring	SF	of Total		Amount		PSF		of Total
M to M ¹	—	—	—		$	—	$	—	—
2015	—	—	—		—		—		—
2016	—	—	—		—		—		—
2017	—	—	—		—		—		—
2018	—	—	—		—		—		—
2019	—	—	—		—		—		—
2020	—	—	—		—		—		—
2021	—	—	—		—		—		—
2022	—	—	—		—		—		—
2023	—	—	—		—		—		—
2024	—	—	—		—		—		—
Thereafter	10	162,881	100.0	%	5,918,960		36.34		100.0	%
Total	10	162,881	100.0	%	$	5,918,960	$	36.34	100.0	%

		146,455	Total Vacant
		309,336	Total Square Feet




	FUND III										FUND IV
		Gross Leased Area					Base Rent					Gross Leased Area					Base Rent
	No. of Leases	Expiring	Percent						Percent		No. of Leases	Expiring	Percent						Percent
Year	Expiring	SF	of Total		Amount		PSF		of Total		Expiring	SF	of Total		Amount		PSF		of Total
M to M ¹	3	7,379	0.7	%	$	179,114	$	24.27	0.9	%	4	8,800	1.1	%	$	250,504	$	28.47	1.3	%
2016	10	71,028	7.2	%	781,825		11.01		4.1	%	9	28,958	3.5	%	540,205		18.65		2.8	%
2017	9	76,478	7.7	%	1,887,978		24.69		10.0	%	14	99,683	12.0	%	2,520,023		25.28		13.0	%
2018	16	265,859	26.9	%	3,952,365		14.87		20.8	%	17	55,238	6.7	%	1,129,793		20.45		5.8	%
2019	10	258,345	26.1	%	2,493,804		9.65		13.2	%	15	103,068	12.5	%	1,881,649		18.26		9.7	%
2020	7	15,218	1.5	%	684,344		44.97		3.6	%	10	53,701	6.5	%	1,285,938		23.95		6.7	%
2021	5	53,267	5.4	%	1,382,889		25.96		7.3	%	4	39,027	4.7	%	566,374		14.51		2.9	%
2022	6	80,203	8.1	%	1,739,764		21.69		9.2	%	3	36,773	4.4	%	495,472		13.47		2.6	%
2023	4	26,044	2.6	%	1,227,481		47.13		6.5	%	7	52,148	6.3	%	952,493		18.27		4.9	%
2024	8	60,581	6.1	%	2,030,948		33.52		10.7	%	7	115,960	14.0	%	2,993,960		25.82		15.5	%
2025	5	58,360	5.9	%	1,645,180		28.19		8.7	%	17	31,589	3.8	%	3,562,625		112.78		18.4	%
Thereafter	6	15,674	1.8	%	953,910		60.86		5.0	%	11	202,482	24.5	%	3,155,997		15.59		16.3	%
Total	89	988,436	100.0	%	$	18,959,602	$	19.18	100.0	%	118	827,427	100.0	%	$	19,335,033	$	23.37	100.0	%

		76,885	Total Vacant									182,894	Total Vacant
		1,065,321	Total Square Feet									1,010,321	Total Square Feet

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



Fund 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	2016/2020			⁶	763,000	⁷	68% ²	Century 21, CityTarget, Alamo Drafthouse	$	366.7	³	$	23.3	to	$	43.3	³	$	390.0	to	$	410.0	³	$	239.9
Sherman Plaza	99.1	%	New York, NY	TBD				TBD		—	TBD	35.9			TBD			TBD			TBD			TBD			—
												$	402.6		TBD			TBD			TBD			TBD			$	239.9

FUND III

Cortlandt Crossing	100.0	%	Mohegan Lake, NY	2017				150,000 - 170,000		—	TBD	$	15.2		$	31.8	to	$	40.8		$	47.0	to	$	56.0		$	—
3104 M Street NW	80.0	%	Washington, D.C.	2016				10,000		—	TBD	7.5			0.5		to	1.5			8.0		to	9.0			4.1
Broad Hollow Commons	100.0	%	Farmingdale, NY	2016				180,000 - 200,000		—	TBD	14.6			35.4		to	45.4			50.0		to	60.0			—
												$	37.3		$	67.7		$	87.7		$	105.0		$	125.0		$	4.1

FUND IV

210 Bowery	100.0	%	New York, NY	2016				16,000		—	TBD	$	13.3		$	5.2	to	$	9.2		$	18.5	to	$	22.5		$	4.7
Broughton Street Portfolio ⁵	50.0	%	Savannah, GA	2016				200,000		55%	J. Crew, Lululemon, H&M	66.1			18.9		to	23.9			85.0		to	90.0			28.6
27 E. 61st Street	100.0	%	New York, NY	2016				9,500		—	TBD	21.4			1.4		to	5.4			22.8		to	26.8			—
801 Madison Avenue	100.0	%	New York, NY	2016				5,000		45%	TBD	33.6			2.4		to	7.4			36.0		to	41.0			—
650 Bald Hill Road	90.0	%	Warwick, RI	2016				161,000		34%	Burlington Coat Factory	13.0			14.5		to	19.5			27.5		to	32.5			—
												$	147.4		$	42.4		$	65.4		$	189.8		$	212.8		$	33.3
Notes:
¹ Acquired a leasehold interest in this property.
² Leased rate calculated on approximately 540,000 rentable square feet.
³ Net of actual and anticipated contributions from retail tenants and proceeds from residential tower sales. Excludes Tower I. Debt and incurred costs are reduced by $5.3M relating to the New Markets Tax Credits received.
⁴ The leased rate excludes pre-redevelopment tenants.
⁵ This portfolio includes 25 buildings, including 14 which are operating.
⁶ Phases I and II have an estimated completion date of 2016. Phase III has an estimated completion date of 2020.
⁷ This reflects increases to Phase I and Phase II square footage, and the addition of Phase III square footage.

Reconciles to Consolidated Balance Sheet as follows:
Development costs above				$	587.3
City Point Items:
Adjustment to FMV				33.8
Gain on sales				51.2
Costs of Tower 1				80.7
Less:
Development held as operating real estate				(33.6		)
Development costs of unconsolidated properties				(79.1		)
Deferred costs and other amounts				(0.5		)
Total per consolidated balance sheet				$	639.8

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. 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 supplemental adjustment more appropriately reflects the results of its operations. The Company also provides one other supplemental disclosure of operating performance, adjusted funds from operations ("AFFO"). The Company defines AFFO as FFO adjusted for straight line rent, non-real estate depreciation, amortization of finance costs and costs of management contracts, tenant improvements, leasing commissions and capital expenditures.

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.)



	For the Quarters ended March 31,
Revenues	2016	2015

Rental income	$ 38,590	$ 38,187
Interest income	4,638	3,408
Expense reimbursements	7,959	10,066
Other property income	1,295	669
Other income	201	151
Total revenues	52,683	52,481
Operating expenses
Property operating	5,537	7,731
Other operating	291	2,120
Real estate taxes	6,165	6,292
General and administrative	9,352	7,532
Depreciation and amortization	16,849	13,658
Total operating expenses	38,194	37,333

Operating income	14,489	15,148

Equity in earnings of unconsolidated affiliates	1,954	6,593
Loss on debt extinguishment	—	(109)
Gain on disposition of properties	65,393	27,143
Interest expense and other finance costs	(8,038)	(8,821)
Income from continuing operations before income taxes	73,798	39,954
Income tax benefit (provision)	77	(1,417)
Net income	73,875	38,537



	For the Quarters ended March 31,
	2016	2015

Net income attributable to noncontrolling interests	(44,950)	(21,990)
Net income attributable to Common Shareholders	$ 28,925	$ 16,547

Less: Net Income attributable to participating securities	(365)	(240)
Net Income attributable to Common Shareholders - basic	$ 28,560	$ 16,307
Weighted average shares for diluted earnings per share	71,200	68,360
Net Earnings per share - basic and diluted ²	$ 0.40	$ 0.24



	For the Quarters ended March 31,
	2016	2015

Operating income	$ 14,489	$ 15,148

Add back:
General and administrative	9,352	7,532
Depreciation and amortization	16,849	13,658
Impairment of asset	—	—
Less:
Interest income	(4,638)	(3,408)
Above/below market rent, straight-line rent and other adjustments	(3,513)	(568)

Consolidated NOI	32,539	32,362

Noncontrolling interest in NOI	(7,052)	(9,371)
Pro-rata share of NOI	25,487	22,991
Operating Partnerships’ interest in Opportunity Funds	(1,289)	(1,582)
Operating Partnerships’ share of unconsolidated joint ventures¹	3,269	2,513
NOI - Core Portfolio	$ 27,467	$ 23,922

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



Core Portfolio
Same Property Performance ¹
(in thousands)

	Quarter

	Three months ended
							Change
	March 31, 2016			March 31, 2015			Favorable/(Unfavorable)

Summary
Minimum rents	$	25,218		$	24,478		3.0%
Property operating expenses, net of reimbursements	(1,118		)	(1,325		)	15.6%
Other net property income/(expense)	27			145			(81.4)%

Same Property NOI	$	24,127		$	23,298		3.6%

Reconciliation of Same Property NOI to Core NOI
NOI of Properties excluded from Same Property NOI	3,340			624
Core NOI ²	$	27,467		$	23,922

Other same property information
Physical Occupancy	96.3		%	96.5		%
Leased Occupancy	96.4		%	96.9		%

Notes:
¹ The above amounts include the pro-rata activity related to the Company's Core consolidated and unconsolidated investments.
² See "Income Statement - Consolidated."



Exhibit Number	Description
99.1	Press release of the Company dated April 26, 2016.
99.2	Financial and Operating Reporting Supplement of the Company for the quarter ended March 31, 2016.



Date: April 28, 2016	ACADIA REALTY TRUST (Registrant) By: /s/ Jonathan Grisham Name: Jonathan Grisham Title: Sr. Vice President and Chief Financial Officer


•	Earnings: Generated funds from operations (“FFO”) per share of $0.41 for the first quarter; generated earnings per share (“EPS”) of $0.40 for the first quarter


•	Core Portfolio Operating Results: Excluding redevelopments, generated same-property net operating income (“NOI”) growth of 3.6% for the first quarter, compared to 2015; achieved a leased rate of 96.6% as of quarter end


•	Core Portfolio Acquisitions: During 2016, acquired, or entered into contracts to acquire, $271.6 million of urban/street-retail property value, already exceeding the low end of full-year 2016 core acquisition guidance; this includes $115.3 million completed during first quarter 2016


•	Fund Dispositions: During 2016, completed $153.8 million of Fund III dispositions, generating a blended 42.3% IRR and 3.43x multiple; this includes $107.3 million completed during first quarter 2016


•	Fund III Promote: During 2016, generated approximately $6.8 million (approximately $0.09 per share) of net promote income for the Company from Fund III asset sales, including $4.7 million (approximately $0.06 per share) recognized during first quarter 2016


•	Fund Acquisitions: During first quarter 2016, Fund IV completed $27.8 million of street-retail investments


•	Balance Sheet: Maintained conservative leverage levels by matchfunding acquisitions, raising $189.5 million of net proceeds during 2016 through operating partnership unit (“OP unit”) issuance, a public offering on a forward basis and the Company’s at-the-market (“ATM”) facility


•	Differentiated Core Portfolio Continues To Deliver Solid Operating Results


•	Acquired, Or Entered Into Contracts To Acquire, $271.6 Million Of Urban/Street-Retail Properties


•	Maintained Conservative Leverage Levels By Matchfunding Acquisitions, Raising $189.5 Million Of Net Proceeds During 2016


•	Continued The Profitable Monetization Of Fund III, With $153.8 Million Of Assets Sold During 2016; These Profitable Asset Sales Generated Approximately $6.8 Million Of Net Promote Income



EBITDA
(in thousands)

	Current Quarter
	Three months ended March 31, 2016
	Core
	Portfolio			Funds			Total

NET INCOME	$	13,971		$	14,954		$	28,925

Adjustments:
Depreciation and amortization	14,348			1,130			15,478
Interest expense	5,787			566			6,353
Amortization of finance costs	297			109			406
Above/below market interest	(383		)	—			(383		)
Gain on disposition of properties	—			(15,140		)	(15,140		)
Provision for income taxes	(117		)	5			(112		)
Noncontrolling interest - OP	898			957			1,855

EBITDA	$	34,801		$	2,581		$	37,382



Fee income by Fund
(in thousands)

	Fund II		Fund III		Fund IV		Other		Total
Quarter ended March 31, 2016
Asset and property management fees and priority distributions	$	534	$	861	$	1,592	$	157	$	3,144
Transactional fees	715		237		632		108		1,692
Total fees and priority distributions	$	1,249	$	1,098	$	2,224	$	265	$	4,836



Structured Financing Portfolio
(in thousands)


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


First mortgage notes	$	65,169	$	400	$	(7,500	)	$	58,069	$	1,220	$	59,289	6.70%	7.01%	2016 to 2018

Mezzanine, preferred equity and other notes	47,878		—		(13,000		)	34,878		9,977		44,855		14.77%	14.83%	2016 to 2020

Total notes receivable	$	113,047	$	400	$	(20,500	)	$	92,947	$	11,197	$	104,144	9.73%	9.94%

Note:
¹ Inclusive of points and exit fees.

Reconciliation of Notes Receivable to the Consolidated Balance Sheet

Total Notes Receivable per above								$	92,947
Other loans (pro-rata share)								15,913

Total Notes Receivable per Pro-Rata Balance Sheet								$	108,860



Core Portfolio Capital Expenditures
Current Quarter


	Current Quarter		Historical
	3 months ended		Prior Year ended
	March 31, 2016		December 31, 2015

Leasing Commissions	$	17	$	1,566
Tenant Improvements	2,229		6,349
Capital Expenditures	284		3,602
Total Capital Expenditures	$	2,530	$	11,517

Other redevelopment and re-anchoring related activities	$	—	$	4,107	¹


Note:
¹ Costs associated with the re-anchoring of Branch and Crossroads shopping centers.