Exhibit 99.2

EALTY TRUST—Q220SUPPLEMENTAL REPFORMATIO

Table of Contents		Supplemental Report – March 31, 2022
Section I – First Quarter 2022 Earnings Press Release
Section II – Financial Information		Section III – Core Portfolio Information
Company Information	3	Core Properties	26
Market Capitalization	4	Core Top Tenants	30
Operating Statements		Core Lease Expirations	31
Consolidated Income Statements	5	Core New and Renewal Rent Spreads	32
Income Statement - Pro-rata Adjustments	7	Core Capital Expenditures	33
Consolidated Balance Sheet	8
Balance Sheet - Pro-rata Adjustments	9
Funds from Operations (“FFO”), Adjusted FFO (“AFFO”)	11	Section IV – Fund Information
EBITDA	12
Same Property Net Operating Income	13	Fund Overview	34
Fee Income	14	Fund Properties	35
Structured Financing	15	Fund Lease Expirations	38
Other Information		Development and Redevelopment Activity	39
Transactional Activity	16
2022 Guidance	17
Net Asset Valuation Information	18
Selected Financial Ratios	19	Section V – Other Information
Debt Analysis
Summary	21	Important Notes	41
Detail	22
Maturities	24

Visitwww.acadiarealty.comfor additional investor and portfolio information

Supplemental Report – March 31, 2022		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	Sunny Holcomb	Symbol AKR
	Suite 300	Vice President, Financial Reporting
	Rye, NY 10580	(914) 288-8100
		investorrelations@acadiarealty.com
Analyst Coverage
	Bank of America / Merrill Lynch	Citigroup - Global Markets	KeyBanc Capital Markets, Inc.
	Craig Schmidt - (646) 855-3640	Michael Bilerman - (212) 816-1383	Todd Thomas - (917) 368-2286
	craig.schmidt@bofa.com	michael.bilerman@citi.com	tthomas@key.com
	Green Street Advisors	Compass Point Research & Trading	J.P. Morgan Securities, Inc.
	Paulina Rojas Schmidt - (949) 640-8780	Floris van Dijkum - (646) 757-2621	Michael W. Mueller, CFA - (212) 622-6689
	projasschmidt@greenstreet.com	fvandijkum@compasspointllc.com	michael.w.mueller@jpmorgan.com
	Jefferies	Truist
	Linda Tsai - (212) 778-8011	Ki Bin Kim, CFA – (212) 303-4124
	ltsai@jefferies.com	kibin.kim@truist.com

3

	Market Capitalization
Supplemental Report – March 31, 2022	(Including pro-rata share of Fund debt, in thousands)

							Changes in Total Outstanding Common								Weighted Average
	Total Market					Capitalization	Shares and OP Units (in thousands)								Diluted EPS				FFO
	Capitalization ($)				%	Based on Net Debt 1		Common Shares		Common OP Units			Total		Quarter		YTD		Quarter		YTD
Equity Capitalization
Common Shares		94,508					Balance at 12/31/2021		89,304		5,059			94,363
Common Operating Partnership ("OP") Units		5,302					ATM issuance		5,151		—			5,151
Combined Common Shares and OP Units		99,810					Vesting RS and LTIPs		11		279			290
							OP Conversions		36		(36	)		—
Share Price at March 31, 2022	$	21.67					Other		6		—			6
							Balance at 3/31/2022		94,508		5,302			99,810		93,310		93,310		99,103		99,103
Equity Capitalization - Common Shares and OP Units	$	2,162,883
Preferred OP Units		10,068		2
Total Equity Capitalization		2,172,951			64%	65%
Debt Capitalization
Consolidated debt		1,826,271
Adjustment to reflect pro-rata share of debt		(610,061	)
Total Debt Capitalization		1,216,210			36%	35%
Total Market Capitalization	$	3,389,161		3	100%	100%

__________

1.Reflects debt net of Core Portfolio cash of$12,215and pro-rata share of Funds cash of$8,069for total cash netted against debt of$20,284.

2.Represents188Series A and126,593Series C Preferred OP Units convertible into25,067and439,556Common OP Units, respectively, multiplied by the Common Share price at quarter end.

4

	Consolidated Income Statement
Supplemental Report – March 31, 2022	(in thousands)

	March 31, 2022 1
CONSOLIDATED INCOME STATEMENT	Quarter
Revenues
Rental income	$	79,467
Other		2,040
Total revenues		81,507
Operating expenses
Depreciation and amortization		33,713
General and administrative		11,937
Real estate taxes		11,280
Property operating		13,350
Total operating expenses		70,280
Gain on disposition of properties		28,815
Operating income		40,042
Equity in earnings of unconsolidated affiliates		3,130
Interest and other income		2,935
Realized and unrealized holding gains (losses) on investments and other		15,730
Interest expense		(17,925	)
Income from continuing operations before income taxes		43,912
Income tax benefit		185
Net income		44,097
Net income attributable to noncontrolling interests		(27,259	)
Net income attributable to Acadia	$	16,838

5

	Income Statement - Detail
Supplemental Report – March 31, 2022	(in thousands)

	March 31, 2022 1
CORE PORTFOLIO AND FUND INCOME	Quarter
PROPERTY REVENUES
Minimum rents	$	58,739
Percentage rents		732
Expense reimbursements - CAM		6,805
Expense reimbursements - Taxes		7,815
Other property income		666
Total Property Revenues		74,757
PROPERTY EXPENSES
Property operating - CAM		10,900
Other property operating (Non-CAM)		2,296
Real estate taxes		11,280
Total Property Expenses		24,476
NET OPERATING INCOME - PROPERTIES		50,281
OTHER INCOME (EXPENSE)
Interest income		2,935
Straight-line rent income (expense)		4,427
Above/below-market rent income (expense)		1,514
Interest expense 2		(16,608	)
Amortization of finance costs		(1,255	)
Above/below-market interest income (expense)		26
Asset and property management income (expense)		(162	)
Other income (expense)		598
Finance lease interest expense		(88	)
CORE PORTFOLIO AND FUND INCOME		41,668
FEE AND OTHER INCOME
Asset and property management fees		169
Net promote and other transactional income		1,473
Realized and unrealized holding gains (losses) on investments and other		13,095
Transactional fees 3		51
Income tax (provision) benefit		185
Total Fee and Other Income (Loss)		14,973
General and Administrative		(9,915	)
Depreciation and amortization		(33,623	)
Non-real estate depreciation and amortization		(90	)
Gain on change of control and other		(859	)
Gain on disposition of properties		28,813
Income (Loss) before equity in earnings and noncontrolling interests		40,967
Equity in earnings of unconsolidated affiliates		3,130
Noncontrolling interests		(27,259	)
NET INCOME ATTRIBUTABLE TO ACADIA	$	16,838

6

	Income Statement – Pro Rata Adjustments
Supplemental Report – March 31, 2022	(in thousands)

	Quarter Ended March 31, 2022
CORE PORTFOLIO AND FUND INCOME	Noncontrolling Interest in Consolidated Subsidiaries 4			Company’s Interest in Unconsolidated Subsidiaries 5
PROPERTY REVENUES
Minimum rents	$	(23,137	)	$	9,616
Percentage rents		(463	)		240
Expense reimbursements - CAM		(3,339	)		1,482
Expense reimbursements - Taxes		(2,177	)		1,988
Other property income		(347	)		55
Total Property Revenues		(29,463	)		13,381
PROPERTY EXPENSES
Property operating - CAM		(5,074	)		1,381
Other property operating (Non-CAM)		(627	)		246
Real estate taxes		(3,618	)		2,285
Total Property Expenses		(9,319	)		3,912
NET OPERATING INCOME - PROPERTIES		(20,144	)		9,469
OTHER INCOME (EXPENSE)
Interest income		—			—
Straight-line rent income (expense)		(2,008	)		288
Above/below-market rent income (expense)		(346	)		797
Interest expense 2		8,416			(2,664	)
Amortization of finance costs		689			(241	)
Above/below-market interest income (expense)		—			21
Asset and property management income (expense)		332			(367	)
Other income (expense)		(489	)		305
Finance lease interest expense		64			—
CORE PORTFOLIO AND FUND INCOME		(13,486	)		7,608
FEE AND OTHER INCOME
Asset and property management fees		2,641			164
Net promote and other transactional income		—			—
Realized and unrealized holding gains (losses) on investments and other		(9,385	)		—
Transactional fees 3		1,427			98
Income tax (provision) benefit		52			(3	)
Total Fee and Other Income (Loss)		(5,265	)		259
General and Administrative		514			(134	)
Depreciation and amortization		13,913			(4,603	)
Non-real estate depreciation and amortization		—			—
Gain on change of control and other		—			—
Gain (loss) on disposition of properties		(21,937	)		—
Income (Loss) before equity in earnings and noncontrolling interests		(26,261	)		3,130
Equity in earnings of unconsolidated affiliates		—			—
Noncontrolling interests 6		(998	)		—
NET INCOME ATTRIBUTABLE TO ACADIA	$	(27,259	)	$	3,130

7

	Balance Sheet
Supplemental Report – March 31, 2022	(in thousands)

ASSETS	Consolidated Balance Sheet			Line Item Details:
Real estate
Land	$	821,841		The components of Real estate under development, at cost are as follows:
Buildings and improvements		3,221,608		Core	$	42,975
Construction in progress		7,825		Fund II		35,502
Right-of-use assets - finance leases		25,086		Fund III		24,578
		4,076,360		Fund IV		89,060
Less: Accumulated depreciation and amortization		(669,783	)	Total	$	192,115
Total		3,406,577
Real estate under development		192,115		Summary of other assets, net:
Operating real estate, net		3,598,692		Deferred charges, net	$	26,319
Notes receivable, net		153,161		Accrued interest receivable		18,559
Investments in and advances to unconsolidated affiliates		413,141		Due from seller		3,364
Lease intangibles, net		121,448		Prepaid expenses		13,591
Other assets, net		77,319		Other receivables		6,763
Right-of-use assets - operating leases, net		39,885		Income taxes receivable		2,643
Cash and cash equivalents		36,151		Corporate assets, net		1,561
Restricted cash		11,875		Deposits		4,519
Straight-line rents receivable, net		31,465		Total	$	77,319
Rents receivable, net		13,044
Total Assets	$	4,496,181
LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgage and other notes payable, net	$	1,095,445
Unsecured notes payable, net		529,796		Summary of accounts payable and other liabilities:
Unsecured line of credit		194,405		Lease liability - finance leases, net	$	6,712
Accounts payable and other liabilities		118,732		Accounts payable and accrued expenses		49,657
Lease liability - operating leases, net		37,936		Deferred income		35,714
Dividends and distributions payable		18,320		Tenant security deposits, escrow and other		13,899
Lease intangibles, net		83,794		Derivative financial instruments		12,750
Distributions in excess of income from, and investments in, unconsolidated affiliates		9,547		Total	$	118,732
Total liabilities		2,087,975
Shareholders' Equity
Common shares		95
Additional paid-in capital		1,864,060
Accumulated other comprehensive loss		(5,724	)
Distributions in excess of accumulated earnings		(196,818	)
Total Acadia shareholders’ equity		1,661,613
Noncontrolling interests		746,593
Total equity		2,408,206
Total liabilities and equity	$	4,496,181

8

	Balance Sheet – Pro-rata Adjustments7
Supplemental Report – March 31, 2022	(in thousands)

ASSETS	Noncontrolling Interest in Consolidated Subsidiaries 5			Company’s Interest in Unconsolidated Subsidiaries 6
Real estate
Land	$	(179,509	)	$	74,274
Buildings and improvements		(999,515	)		294,783
Construction in progress		(3,540	)		392
Right-of-use assets - finance leases		(4,129	)		22,563
		(1,186,693	)		392,012
Less: Accumulated depreciation and amortization		133,686			(63,381	)
Total		(1,053,007	)		328,631
Real estate under development		(112,971	)		7,539
Operating real estate, net		(1,165,978	)		336,170
Notes receivable, net		-			—
Investments in and advances to unconsolidated affiliates		(220,122	)		(149,494	)
Lease intangibles, net		(43,561	)		9,815
Other assets, net		7,052			4,885
Right-of-use assets - operating leases, net		(2,262	)		—
Cash and cash equivalents		(22,168	)		6,301
Restricted cash		(8,921	)		5,637
Straight-line rents receivable, net		(7,577	)		4,579
Rents receivable, net		(4,423	)		1,618
Total Assets	$	(1,467,960	)	$	219,511
LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgage and other notes payable, net	$	(693,210	)	$	187,749
Unsecured notes payable, net		(103,395	)		—
Unsecured line of credit		—			—
Accounts payable and other liabilities		(34,921	)		26,487
Lease intangibles, net		(27,889	)		7,189
Lease liability - operating leases, net		(2,371	)		4
Dividends and distributions payable		—			—
Lease liability - finance leases		(4,892	)		7,629
Distributions in excess of income from, and investments in, unconsolidated affiliates		—			(9,547	)
Total liabilities		(866,678	)		219,511
Shareholders' Equity
Common shares		—			—
Additional paid-in capital		—			—
Accumulated other comprehensive loss		—			—
Distributions in excess of accumulated earnings		—			—
Total Acadia shareholders’ equity		—			—
Noncontrolling interests		(601,282	)		—
Total equity		(601,282	)		—
Total liabilities and equity	$	(1,467,960	)	$	219,511

9

	Balance Sheet – Pro-rata Adjustments7
Supplemental Report – March 31, 2022	(in thousands)

__________

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

1.Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management are necessary for a fair presentation of operating results for the interim periods.

2.Net of capitalized interest of $0.7 million for the three months ended March 31, 2022.

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

4.Noncontrolling interests represent limited partners’ interests in consolidated partnerships’ activities.

5.Represents the Company’s share of co-investment partnerships’ activities, of which each are included on a single line presentation in the Company’s consolidated financial statements in accordance with GAAP.

6.Adjustment to noncontrolling interests exclude income allocable to Operating Partnership Units of $1.0 million for the three months ended March 31, 2022.

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

10

	Funds from Operations (“FFO”), Adjusted Funds from Operations (“AFFO”)1
Supplemental Report – March 31, 2022	(in thousands)

	Quarter Ended			Quarter Ended
	March 31, 2022			March 31, 2021
Funds from operations ("FFO"):				(As Restated)
Net Income (Loss)	$	16,838		$	4,817
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share)		24,313			23,807
(Gain) loss on disposition on real estate properties (net of noncontrolling interest share)		(6,876	)		(5,096	)
Income (loss) attributable to noncontrolling interests' share in Operating Partnership		1,121			470
FFO to Common Shareholders and Common OP Unit holders	$	35,396		$	23,998
Add back: acquisition costs, net of bargain purchase gain		859			—
Less: Unrealized holding (gain) loss and other (net of noncontrolling interest share)		(3,570	)		(1,399	)
FFO before Special Items	$	32,685		$	22,599
Adjusted Funds from operations ("AFFO"):
FFO	$	35,396		$	23,998
Unrealized (gains) losses		(3,570	)		(1,399	)
Straight-line rent, net		(2,707	)		(402	)
Above/below-market rent		(1,965	)		(1,779	)
Amortization of finance costs		807			775
Above/below-market interest		(47	)		(47	)
Non-real estate depreciation		90			57
Stock-based compensation		3,887			3,861
Leasing commissions		(1,053	)		(98	)
Tenant improvements		(3,403	)		(1,290	)
Maintenance capital expenditures		(638	)		(285	)
AFFO to Common Shareholders and Common OP Unit holders	$	26,797		$	23,391
Total weighted-average diluted shares and OP Units		99,103			91,931
Diluted FFO per Common share and OP Unit:
FFO	$	0.36		$	0.26
FFO before Special Items	$	0.33		$	0.25

11

	EBITDA1
Supplemental Report – March 31, 2022	(in thousands)

	Quarter Ended March 31, 2022									Quarter Ended March 31, 2021
	Core									Core
	Portfolio			Funds			Total			Portfolio			Funds			Total
EBITDA:										(As Restated)			(As Restated)			(As Restated)
Net Income (Loss) Attributable to Acadia	$	9,943		$	6,895		$	16,838		$	6,508		$	(1,691	)	$	4,817
Adjustments:
Depreciation and amortization		19,617			4,786			24,403			20,103			3,761			23,864
Interest expense		8,387			2,469			10,856			8,049			2,367			10,416
Amortization of finance costs		605			202			807			571			210			781
Above/below-market interest		(47	)		—			(47	)		(47	)		—			(47	)
Gain on disposition of properties		—			(6,876	)		(6,876	)		(4,520	)		(576	)		(5,096	)
Unrealized holding losses (gains) and other		(3,570	)		—			(3,570	)		(1,738	)		339			(1,399	)
Acquisition costs, net of bargain purchase gain		859			—			859			—			—			—
Provision (benefit) for income taxes		(249	)		15			(234	)		99			14			113
Noncontrolling interest - OP		998			—			998			347			—			347
EBITDA	$	36,543		$	7,491		$	44,034		$	29,372		$	4,424		$	33,796
Adjusted EBITDA:
EBITDA	$	36,543		$	7,491		$	44,034		$	29,372		$	4,424		$	33,796
Stock based compensation		3,887			—			3,887			3,861			—			3,861
Adjusted EBITDA	$	40,430		$	7,491		$	47,921		$	33,233		$	4,424		$	37,657

__________

Notes to Funds from Operations and EBITDA:

1.See the Restatement 8-K filed with the SEC on February 15, 2022 and the Company's Form 10-K filed with the SEC on March 1, 2022 for a detailed reconciliation to previously reported amounts and a detailed description of adjustments thereon. As mentioned in the press release dated February 15, 2022, the Company has restated its prior period financial statements for the years and interim periods ended December 31, 2020 and 2019, and as of and for each of the quarterly periods ended March 31, 2021 and 2020, June 30, 2021 and 2020, September 30, 2021 and 2020 and December 31, 2020 for errors in accounting primarily related to the reclassification of two consolidated joint-venture subsidiaries. The restatement primarily impacted the classification of certain amounts within the Company’s consolidated balance sheets, statements of operations and statements of cash flows.

12

	Core Portfolio – Same Property Performance 1
Supplemental Report – March 31, 2022	(in thousands)

	Quarter Ended						Change
	March 31, 2022			March 31, 2021			Favorable/ (Unfavorable)
Summary
Minimum rents	$	33,178		$	30,189			9.9	%
Expense reimbursements		9,465			9,314			1.6	%
Other property income		599			385			55.6	%
Total Revenue		43,242			39,888			8.4	%
Expenses
Property operating - CAM & Real estate taxes		12,638			11,948			(5.8	)%
Other property operating (Non-CAM)		764			731			(4.5	)%
Total Expenses		13,402			12,679			(5.7	)%
Same Property NOI - Core properties	$	29,840		$	27,209			9.7	%
Reconciliation of Same Property NOI to Core NOI
NOI of Properties excluded from Same Property NOI		4,356			2,600
Core NOI	$	34,196		$	29,809
Other same property information
Physical Occupancy at the end of the period		90.4	%		88.2	%
Leased Occupancy at the end of the period		94.0	%		90.5	%

__________

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

13

	Fee Income by Fund
Supplemental Report – March 31, 2022	(in thousands)

	Fund II		Fund III		Fund IV		Fund V		Other		Total
Quarter Ended March 31, 2022
Asset and property management fees	$	286	$	32	$	1,055	$	1,463	$	138	$	2,974
Transactional fees		121		217		351		859		28		1,576
Total fees	$	407	$	249	$	1,406	$	2,322	$	166	$	4,550

14

	Structured Financing Portfolio
Supplemental Report – March 31, 2022	(in thousands)

	December 31, 2021						Quarter Ended March 31, 2022											Stated			Effective
	Principal		Accrued		Ending				Repayments/		Current			Accrued		Ending		Interest			Interest			Maturity
Investment	Balance		Interest		Balance		Issuances 1		Conversions		Principal			Interest		Balance		Rate			Rate			Dates
First mortgage notes 2,4	$	89,332	$	4,852	$	94,184	$	—	$	—	$	89,332		$	5,293	$	94,625		6.38	%		6.95	%	Apr-20 to Sept-24
Other notes4		65,000		11,514		76,514		—		—		65,000			13,077		78,077		8.52	%		8.52	%	Jan-23 to Dec-27
Total Core notes receivable	$	154,332	$	16,366	$	170,698	$	—	$	—	$	154,332		$	18,370	$	172,702		7.28	%		7.61	%
__________
Reconciliation of Notes Receivable to the Consolidated Balance Sheet (Pro Rata):
Total Notes Receivable per above											$	154,332
Fund Notes Receivable												—
Allowance for credit loss												(1,171	)
Total Pro-rata Notes Receivable											$	153,161

________

1.See Transactional Activity page that follows.

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

3.For more information and details of Fund notes receivable, see the Company’s latest form 10-Q or 10-K.

4.Certain of the first mortgage notes and other notes enable the borrower to prepay its obligations prior to the stated maturity date without penalty.

15

	Transactional Activity
Supplemental Report – March 31, 2022	(in thousands)

PROPERTY ACQUISITIONS AND DISPOSITIONS
Property Name	Location	Date of Transaction	Transaction Amount			Ownership % 1			Fund Share			Acadia Share
ACQUISITIONS 2
Core:
121 Spring Street	New York, NY	January 12, 2022	$	39,637			100.00	%	$	—		$	39,637
Williamsburg Collection 3	Brooklyn, NY	February 18, 2022		97,750			100.00	%		—			97,750
8833 Beverly Boulevard	Hollywood, CA	March 2, 2022		24,117			100.00	%		—			24,117
				161,504						—			161,504
Fund V:
Wood Ridge Plaza	Houston, TX	March 21, 2022		49,317			90.00	%		44,385			8,921
La Frontera	Round Rock, TX	March 30, 2022		81,358			90.00	%		73,222			14,718
				130,675						117,608			23,639
			$	292,179					$	117,608		$	185,143
DISPOSITIONS
Fund III:
Cortlandt Crossing	Mohegan Lake, NY	February 9, 2022	$	65,533			100.00	%	$	65,533		$	16,082
Self Storage Management		March 9, 2022		6,000			50.00	%		—			1,500
Fund IV:
Mayfair	Philadelphia, PA	January 26, 2022		23,700			100.00	%		23,700			5,479
Dauphin	Harrisburg, PA	March 4, 2022		21,650			100.00	%		21,650			5,005
Fund V:
New Town Center (Land Parcel)	Canton, MI	February 1, 2022		2,231			89.43	%		1,995			401
			$	119,114					$	112,878		$	28,468
STRUCTURED FINANCING ACTIVITY
Note Description	Transaction Type	Date of Transaction	Transaction Amount			Ownership % 1			Fund Share			Acadia Share
Fund III:
640 Broadway Note Receivable	Foreclosure	January 26, 2022	$	(5,307	)		100.00	%	$	(5,307	)	$	(1,302	)
			$	(5,307	)				$	(5,307	)	$	(1,302	)

________

1.Ownership percentages for Fund transactional activities represent the respective Fund’s ownership, not the Company’s proportionate share.

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

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

16

	2022 Guidance 1
Supplemental Report – March 31, 2022	(in millions)

	2022 Guidance
	Revised	Prior
Net earnings per share attributable to Common Shareholders	$0.25 to $0.37	$0.19 to $0.32
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interests' share)	1.01 to 1.04	1.01 to 1.04
Gain on disposition of properties (net of noncontrolling interests' share)	(0.07)	(0.07)
Noncontrolling interest in Operating Partnership	0.02	0.02
NAREIT Funds from operations per share attributable to Common Shareholders and Common OP Unit holders	$1.21 to $1.36	$1.15 to $1.31
Net Promote and other Core and Fund profits	(0.06) to (0.11)	(0.06) to (0.10)
Funds from operations, excluding Net Promote and other Core and Fund profits	$1.15 to $1.25	$1.09 to $1.21
Adjustments for Special Items:
Less: Albertsons unrealized holding gain (net of noncontrolling interest share) for the three months ended March 31, 2022	(0.04)	—
Net Promote and other Core and Fund profits	0.06 to 0.11	0.06 to 0.10
Funds from operations Before Special Items per share attributable to Common Shareholders and Common OP Unit holders	$1.17 to $1.32	$1.15 to $1.31

1.The Company increased its annual 2022 guidance of earnings per share, NAREIT Funds from operations and FFO Before Special Items attributable to Common Shareholders and Common OP Unit holders. Additionally, the Company updated its net income and FFO to reflect the unrealized holding gains recognized related to its investment in Albertsons through March 31, 2022. The Company has not reflected any forward-looking estimates involving future unrealized holding gains (i.e. changes in share price) on Albertsons in its net income and FFO guidance assumptions. The revised guidance is based upon Acadia's current view of existing market conditions and assumptions for the year ending December 31, 2022.

17

	Net Asset Valuation Information
Supplemental Report – March 31, 2022	(in thousands)

	CORE			FUND II 2			FUND III			FUND IV			FUND V
Ownership Percentage	N/A				28.33	%		24.54	%		23.12	%		20.10	%
Current Quarter NOI
Net Operating Income 1, 2	$	34,196		N/A			$	790		$	5,695		$	16,604
Less:
Net operating (income) loss from properties sold or under contract		—		N/A				(575	)		(421	)		—
Net operating (income) loss from pre-stabilized assets, development and redevelopment projects 3, 4		(2,339	)	N/A				(215	)		39			—
Net Operating Income of stabilized assets	$	31,857		N/A			$	—		$	5,313		$	16,604
Costs to Date (Pro Rata)
Pre-stabilized assets 3	$	—		N/A			$	13,517		$	41,253		$	—
Development and redevelopment projects 4		181,560		N/A				4,558			26,217			—
Total Costs to Date	$	181,560		N/A			$	18,075		$	67,470		$	—
Debt (Pro Rata)	$	938,161		$	79,664		$	8,827		$	67,411		$	122,147

__________

1.Does not include a full quarter of NOI for any assets purchased during the current quarter. See “Transactional Activity” page in this Supplemental Report for descriptions of those acquisitions.

2.Fund II has been substantially liquidated except for its investment in City Point.

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

4.Includes incremental costs; excludes initial carrying value. See “Development and Redevelopment Activity” page in this Supplemental Report.

18

	Selected Financial Ratios
Supplemental Report – March 31, 2022	(in thousands)

	Quarter Ended March 31,							Quarter Ended
COVERAGE RATIOS 1	2022			2021			LEVERAGE RATIOS	March 31, 2022			December 31, 2021
Fixed-Charge Coverage Ratios				(As Restated)			Debt/Market Capitalization Ratios
EBITDA 2 divided by:	$	36,543		$	29,372		Debt + Preferred Equity (Preferred OP Units)	$	1,226,278		$	1,171,433
Interest expense		8,387			8,049		Total Market Capitalization		3,389,161			3,231,377
Principal Amortization		1,036			1,021		Debt + Preferred Equity/
Preferred Dividends 3		123			123		Total Market Capitalization		36	%		36	%
Fixed-Charge Coverage Ratio - Core Portfolio		3.8	x		3.2	x
EBITDA divided by:	$	44,034		$	33,796		Debt 6	$	1,205,994		$	1,153,533
Interest expense		10,856			10,416		Total Market Capitalization		3,389,161			3,231,377
Principal Amortization		1,261			1,279		Net Debt + Preferred Equity/
Preferred Dividends		123			123		Total Market Capitalization		36	%		36	%
Fixed-Charge Coverage Ratio - Core Portfolio and Funds		3.6	x		2.9	x	Debt/EBITDA Ratios
							Core:
Payout Ratios							Debt	$	938,161		$	869,957
							Net debt 5		925,946			855,384
Dividends declared (per share/OP Unit)	$	0.18		$	0.15		EBITDA		146,172			127,360
							Adjusted EBITDA		155,570			137,943
Dividends (Shares) & Distributions (OP Units) declared	$	18,295		$	13,994		Debt/EBITDA - Core Portfolio		6.4	x		6.8	x
FFO		35,396			23,998		Debt/Adjusted EBITDA - Core Portfolio		6.0	x		6.3	x
FFO Payout Ratio 8		52	%		58	%	Net Debt/EBITDA - Core Portfolio		6.3	x		6.7	x
							Net Debt/ Adjusted EBITDA - Core Portfolio		6.0	x		6.2	x
AFFO 7		26,797			23,391		Core and Funds:
AFFO Payout Ratio		68	%		60	%	Debt 4	$	1,216,210		$	1,161,290
							Net debt 6		1,195,926			1,143,390
FFO Before Special Items		32,685			22,599		EBITDA		171,717			146,189
FFO Before Special Items Payout Ratio		56	%		62	%	Adjusted EBITDA		181,115			156,772
							Debt/EBITDA - Core and Funds		7.1	x		7.9	x
							Debt/Adjusted EBITDA - Core and Funds		6.7	x		7.4	x
							Net Debt/EBITDA - Core and Funds		7.0	x		7.8	x
							Net Debt/ Adjusted EBITDA - Core and Funds		6.6	x		7.3	x

19

	Selected Financial Ratios
Supplemental Report – March 31, 2022	(in thousands)

__________

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

2. See EBITDA page in this Supplemental Report for a reconciliation of EBITDA to Net Income attributable to Acadia.

3. Represents preferred distributions on Preferred Operating Partnership Units.

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

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. See Funds from Operations (“FFO”), Adjusted Funds from Operations (“AFFO”) for a reconciliation of AFFO to net income attributable to Acadia.

	EBITDA					ADJUSTED EBITDA
	Quarter Ended			Year Ended		Quarter Ended			Year Ended
Reconciliation of EBITDA to Annualized EBITDA	March 31, 2022			December 31, 2021		March 31, 2022			December 31, 2021
Core EBITDA as reported	$	36,543		$	127,360	$	36,543		$	127,360
Add back: Stock-based compensation, net of employee equity elections		—			—		1,837			10,583
Subtotal		36,543			127,360		38,380			137,943
Annualized Core EBITDA		146,172			127,360		153,520			137,943
Add: Employee election to receive equity in lieu of cash in Q1		—			—		2,050			—
Annualized Core EBITDA		146,172			127,360		155,570			137,943
Funds EBITDA as reported		7,491			18,829		7,491			18,829
Subtract: Promote in Q2		(1,473	)		—		(1,473	)		—
Subtotal		6,018			18,829		6,018			18,829
Annualized Fund EBITDA		24,072			18,829		24,072			18,829
Add back: Promote in Q2		1,473			—		1,473			—
Annualized Fund EBITDA		25,545			18,829		25,545			18,829
Annualized EBITDA Core and Funds	$	171,717		$	146,189	$	181,115		$	156,772

20

	Portfolio Debt – Summary
Supplemental Report – March 31, 2022	(in thousands)

	Acadia Pro-Rata Share of Debt 2
	Core Portfolio							Funds							Total											Reconciliation to Consolidated Debt as Reported
Unsecured Debt	Principal Balance		Interest Rate			WA Years to Maturity 6		Principal Balance		Interest Rate			WA Years to Maturity 6		Principal Balance			%			Interest Rate			WA Years to Maturity 6		Add: Noncontrolling Interest Share of Debt 3		Less: Pro-rata Share of Unconsolidated Debt 4			Acadia Consolidated Debt as Reported
Fixed-Rate Debt 1	$	441,354		4.1	%		5.4	$	—		—			—	$	441,354			36	%		4.1	%		5.4	$	—	$	—		$	441,354
Variable-Rate Debt 5		153,051		1.6	%		3.3		30,131		2.3	%		0.2		183,182			15	%		1.7	%		2.8		103,395		—			286,577
																			51	%
Mortgage and Other Notes Payable
Fixed-Rate Debt 1		310,919		4.1	%		4.5		89,353		3.4	%		1.9		400,272			33	%		3.9	%		3.9		269,342		(135,027	)		534,587
Variable-Rate Debt 5		32,837		2.0	%		1.4		158,565		3.8	%		0.7		191,402			16	%		3.5	%		0.8		425,803		(53,452	)		563,753
																			49	%
Total	$	938,161		3.6	%		4.6	$	278,049		3.5	%		1.1	$	1,216,210			100	%		3.6	%		3.8	$	798,540	$	(188,479	)		1,826,271
Unamortized premium																716																420
Net unamortized loan costs																(6,136	)															(7,045	)
Total															$	1,210,790															$	1,819,646

_________

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.

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

6.Based on debt maturity date without regard to swap expirations or available extension options.

21

	Portfolio Debt - Detail
Supplemental Report – March 31, 2022	(in thousands)

		Principal Balance at			Acadia's Pro-rata Share						Interest		Extension
Property		March 31, 2022			Percent			Amount			Rate	Maturity	Options
CORE PORTFOLIO
Fixed-Rate Debt
163 Highland Avenue		$	7,924			100.00	%		7,924		4.66%	02/01/24	None
Crossroads Shopping Center			61,936			49.00	%		30,349		3.94%	10/06/24	None
555 9th Street			60,000			100.00	%		60,000		3.99%	01/01/25	None
840 N. Michigan			73,500			88.43	%		64,996		4.36%	02/10/25	None
Georgetown Portfolio (2008 Investment)			15,325			50.00	%		7,663		4.72%	12/10/27	None
State & Washington			22,532			100.00	%		22,532		4.40%	09/05/28	None
239 Greenwich Avenue			25,580			75.00	%		19,185		3.88%	01/10/29	None
North & Kingsbury			11,224			100.00	%		11,224		4.01%	11/05/29	None
151 North State Street			12,832			100.00	%		12,832		4.03%	12/01/29	None
Concord & Milwaukee			2,461			100.00	%		2,461		4.40%	06/01/30	None
California & Armitage			2,315			100.00	%		2,315		5.89%	04/15/35	None
Unsecured interest rate swaps 1			441,354			100.00	%		441,354		4.11%	Various
Secured interest rate swaps 1			78,709			88.22	%		69,438		3.80%	Various
Sub-Total Fixed-Rate Debt			815,692						752,273		4.11%
Secured Variable-Rate Debt
Gotham Plaza			18,179			49.00	%		8,908		LIBOR+160	06/10/23	None
Georgetown Portfolio (2016 Investment)			160,000			20.00	%		32,000		LIBOR+170	08/01/23	None
3104 M Street 2			4,186			20.00	%		837		Prime+0	01/01/24	None
330-340 River Street			10,530			100.00	%		10,530		LIBOR+170	06/01/26	None
Sullivan Center			50,000			100.00	%		50,000		LIBOR+150	11/16/28	None
Secured interest rate swaps 1			(78,709	)		88.22	%		(69,438	)	LIBOR+355	Various
Unsecured Variable-Rate Debt
Unsecured Line of Credit 3			194,405			100.00	%		194,405		LIBOR+140	06/29/25	2 x 6 mos.
Unsecured Term Loan			400,000			100.00	%		400,000		LIBOR+155	06/29/26	None
Unsecured interest rate swaps 1			(441,354	)		100.00	%		(441,354	)	LIBOR+387	Various
Sub-Total Variable-Rate Debt			317,237						185,888		LIBOR+146
Total Debt - Core Portfolio		$	1,132,929					$	938,161		3.63%
Funds
Fixed-Rate Debt
Canton Marketplace	Fund V		31,801			20.10	%		6,392		3.35%	05/01/23	None
2207 Fillmore Street 4	Fund IV		1,120			20.80	%		233		4.50%	10/31/25	None
650 Bald Hill Road 4	Fund IV		16,000			20.81	%		3,330		3.75%	06/01/26	None
Interest rate swaps 1	Funds II, IV & V		406,108			19.55	%		79,398		3.39%	Various
Sub-Total Fixed-Rate Debt			455,029						89,353		3.41%
Variable-Rate Debt
Acadia Strategic Opportunity Fund V LLC	Fund V		93,526			20.10	%		18,799		LIBOR+190	05/02/22	None
Riverdale 4	Fund V		24,361			17.97	%		4,379		LIBOR+170	05/28/22	2 x 12 mos.
Fairlane Green	Fund V		33,297			20.10	%		6,693		LIBOR+190	06/05/22	1 x 12 mos.
Trussville Promenade	Fund V		29,099			20.10	%		5,849		LIBOR+185	06/15/22	1 x 12 mos.
Lincoln Place	Fund IV		22,759			23.12	%		5,262		LIBOR+185	06/13/22	None
Acadia Strategic Opportunity IV LLC 5	Fund IV		50,825			23.12	%		11,751		LIBOR+250	06/30/22	None

22

	Portfolio Debt - Detail
Supplemental Report – March 31, 2022	(in thousands)

640 Broadway 4	Fund III		35,970		24.54	%		8,827		LIBOR+310	07/09/22	1 x 12 mos.
City Point 4	Fund II		200,000		26.67	%		53,340		Prime+200	08/11/22	None
City Point 5	Fund II		16,741		26.67	%		4,465		LIBOR+275	08/11/22	None
17 E. 71st Street	Fund IV		8,857		23.12	%		2,048		LIBOR+300	09/09/22	None
Acadia Strategic Opportunity Fund II, LLC	Fund II		40,000		28.33	%		11,332		LIBOR+225	09/20/22	None
Broughton Street Portfolio 5	Fund IV		25,682		23.12	%		5,938		LIBOR+300	10/31/22	None
Promenade at Manassas 4	Fund IV		27,403		22.78	%		6,242		LIBOR+175	12/05/22	2 x 12 mos.
717 N. Michigan Avenue	Fund IV		52,000		23.12	%		12,022		LIBOR+310	12/09/22	1 x 12 mos.
Restaurants at Fort Point	Fund IV		5,827		23.12	%		1,347		LIBOR+235	11/25/22	1 x 12 mos.
Acadia Strategic Opportunity IV LLC	Fund IV		—		23.12	%		—		SOFR+201	12/29/22	None
Elk Grove Commons	Fund V		41,375		20.10	%		8,316		LIBOR+150	01/01/23	1 x 12 mos.
New Towne Center	Fund V		15,052		20.10	%		3,025		LIBOR+220	02/01/23	None
Wake Forest Crossing	Fund IV		20,798		23.12	%		4,808		SOFR+175	02/14/23	None
Eden Square 4	Fund IV		22,792		22.78	%		5,192		SOFR+235	03/01/23	None
City Point Phase III 4	Fund II		39,471		26.67	%		10,527		LIBOR+300	03/01/23	1 x 12 mos.
146 Geary Street	Fund IV		19,338		23.12	%		4,471		LIBOR+365	07/15/23	None
Hiram Pavilion	Fund V		28,830		20.10	%		5,795		LIBOR+190	03/05/24	None
Hickory Ridge	Fund V		28,935		20.10	%		5,816		LIBOR+190	10/05/24	None
Tri-City Plaza 4	Fund V		38,670		18.09	%		6,995		LIBOR+190	10/18/24	1 x 12 mos.
Landstown Commons	Fund V		60,900		20.10	%		12,241		LIBOR+170	10/24/24	None
Lincoln Commons	Fund V		38,820		20.10	%		7,803		LIBOR+170	10/24/24	None
Palm Coast Landing	Fund V		26,500		20.10	%		5,327		LIBOR+175	11/01/24	None
Frederick Crossing 4	Fund V		24,290		18.09	%		4,394		LIBOR+175	12/02/24	1 x 12 mos.
Plaza Santa Fe	Fund V		22,893		20.10	%		4,601		LIBOR+190	12/20/24	None
Paramus Plaza 4	Fund IV		28,815		11.56	%		3,331		SOFR+225	12/28/24	2 x 12 mos.
Frederick County Square 4	Fund V		22,185		18.09	%		4,013		LIBOR+240	01/01/25	1 x 12 mos.
Wood Ridge Plaza	Fund V		32,338		18.09	%		5,850		Prime+013	03/21/25	2 x 12 mos.
1964 Union Street 4	Fund IV		1,407		20.80	%		293		LIBOR+225	10/01/25	None
2208-2216 Fillmore Street 4	Fund IV		5,495		20.80	%		1,143		LIBOR+225	06/01/26	None
Monroe Marketplace	Fund V		29,150		20.10	%		5,859		SOFR+265	11/12/26	None
Interest rate swaps 1	Funds II, IV & V		(406,108	)	19.55	%		(79,398	)	LIBOR+315	Various
Sub-Total Variable-Rate Debt			808,293					188,696		LIBOR+331
Total Debt - Funds		$	1,263,322				$	278,049		3.50%
Total Debt - Core Portfolio and Funds		$	2,396,251				$	1,216,210		3.60%

_________

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

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

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

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

5.Bears interest at the greater of 0.25% or the LIBOR, plus the indicated spread.

23

	Future Debt Maturities 1
Supplemental Report – March 31, 2022	(in thousands)

Core Portfolio	Contractual Debt Maturities						Acadia's Pro-Rata Share						Weighted Average Effective Interest Rate
														Fixed-
	Scheduled						Scheduled						Total	Rate	Variable-
Year	Amortization		Maturities		Total		Amortization		Maturities		Total		Debt	Debt	Rate Debt
2022 (Remainder)	$	3,927	$	—	$	3,927	$	2,879	$	—	$	2,879	n/a	n/a	n/a
2023		5,018		177,496		182,514		3,780		40,573		44,353	4.08%	4.08%	n/a
2024		4,241		69,892		74,133		3,294		36,774		40,068	4.09%	4.08%	n/a
2025		3,264		327,905		331,169		2,862		319,401		322,263	4.13%	4.13%	n/a
2026		3,219		409,273		412,492		2,799		409,273		412,072	4.08%	4.08%	n/a
Thereafter		8,175		120,519		128,694		7,595		108,931		116,526	4.35%	4.35%	n/a
Total	$	27,844	$	1,105,085	$	1,132,929	$	23,209	$	914,952	$	938,161
Funds	Contractual Debt Maturities						Acadia's Pro-Rata Share						Weighted Average Effective Interest Rate
														Fixed-
	Scheduled						Scheduled						Total	Rate	Variable-
Year	Amortization		Maturities		Total		Amortization		Maturities		Total		Debt	Debt	Rate Debt
2022 (Remainder)	$	4,714	$	665,544	$	670,258	$	970	$	158,112	$	159,082	3.63%	4.44%	3.53%
2023		5,923		188,783		194,706		1,142		42,333		43,475	3.21%	3.31%	3.10%
2024		4,878		288,166		293,044		921		54,329		55,250	3.17%	3.20%	2.65%
2025		746		55,993		56,739		152		10,193		10,345	3.78%	4.03%	3.60%
2026		257		48,318		48,575		49		9,848		9,897	3.28%	3.75%	3.08%
Thereafter		—		—		—		—		—		—	n/a	n/a	n/a
Total	$	16,518	$	1,246,804	$	1,263,322	$	3,234	$	274,815	$	278,049

__________

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

24

	Future Debt Maturities – As Extended 1
Supplemental Report – March 31, 2022	(in thousands)

Core Portfolio	Extended Debt Maturities 1						Acadia's Pro-Rata Share						Weighted Average Interest Rate
														Fixed-
	Scheduled						Scheduled						Total	Rate	Variable-
Year	Amortization		Maturities		Total		Amortization		Maturities		Total		Debt	Debt	Rate Debt
2022 (Remainder)	$	3,927	$	—	$	3,927	$	2,879	$	—	$	2,879	n/a	n/a	n/a
2023		5,018		177,496		182,514		3,780		40,573		44,353	4.08%	4.08%	n/a
2024		4,241		69,892		74,133		3,294		36,774		40,068	4.08%	4.09%	n/a
2025		3,264		133,500		136,764		2,862		124,996		127,858	4.18%	4.18%	n/a
2026		3,218		603,679		606,897		2,799		603,679		606,478	4.08%	4.08%	n/a
Thereafter		8,175		120,519		128,694		7,594		108,931		116,525	4.35%	4.35%	n/a
Total	$	27,843	$	1,105,086	$	1,132,929	$	23,208	$	914,953	$	938,161
Funds	Extended Debt Maturities 1						Acadia's Pro-Rata Share						Weighted Average Interest Rate
														Fixed-
	Scheduled						Scheduled						Total	Rate	Variable-
Year	Amortization		Maturities		Total		Amortization		Maturities		Total		Debt	Debt	Rate Debt
2022 (Remainder)	$	4,714	$	457,965	$	462,679	$	970	$	112,833	$	113,803	3.52%	n/a	3.52%
2023		5,923		291,541		297,464		1,142		64,467		65,609	3.57%	3.75%	3.43%
2024		4,876		304,281		309,157		920		63,236		64,156	3.36%	3.39%	3.24%
2025		746		63,364		64,110		152		11,527		11,679	3.13%	3.13%	3.15%
2026		257		98,215		98,472		54		17,064		17,118	3.33%	3.89%	2.94%
Thereafter		—		31,440		31,440		—		5,684		5,684	3.63%	n/a	3.63%
Total	$	16,516	$	1,246,806	$	1,263,322	$	3,238	$	274,811	$	278,049

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

25

	Core Portfolio Retail Properties - Detail
Supplemental Report – March 31, 2022

		Year	Acadia's			Gross Leasable Area (GLA)								In Place Occupancy												Leased Occupancy			Annualized Base Rent		ABR
Property	Key Tenants	Acquired	Interest			Street		Anchors		Shops		Total		Street			Anchors			Shops			Total			Total			(ABR)		PSF
STREET AND URBAN RETAIL
Chicago Metro
664 N. Michigan Avenue	Tommy Bahama,    Ann Taylor Loft	2013		100.0	%		18,141		—		—		18,141		100.0	%		—	%		—	%		100.0	%		100.0	%	$	3,298,490	$	181.83
840 N. Michigan Avenue	H & M, Verizon    Wireless	2014		88.4	%		87,135		—		—		87,135		100.0	%		—	%		—	%		100.0	%		100.0	%		8,521,951		97.80
Rush and Walton Streets    Collection (6 properties)	Lululemon, BHLDN,    Reformation,    Sprinkles	2011  2012		100.0	%		40,384		—		—		40,384		88.2	%		—	%		—	%		88.2	%		88.2	%		6,750,144		189.58
651-671 West Diversey	Trader Joe's,    Urban Outfitters	2011		100.0	%		46,259		—		—		46,259		86.2	%		—	%		—	%		86.2	%		86.2	%		1,196,145		30.00
Clark Street and W. Diversey    Collection (4 properties)	Starbucks;TJ Maxx; J Crew Factory	2011 2012		100.0	%		53,277		—		—		53,277		68.3	%		—	%		—	%		68.3	%		68.3	%		1,467,205		40.34
Halsted and Armitage    Collection (13 properties)	Serena and Lily,    Bonobos, Allbirds    Warby Parker,    Marine Layer,    Kiehl's	2011 2012 2019 2020		100.0	%		51,778		—		—		51,778		93.0	%		—	%		—	%		93.0	%		100.0	%		2,339,993		48.61
North Lincoln Park Chicago    Collection (6 properties)	Champion,    Carhartt	2011 2014		100.0	%		22,125		—		27,796		49,921		27.7	%		—	%		100.0	%		67.9	%		67.9	%		1,047,845		30.89
State and Washington	Nordstrom Rack,    Uniqlo	2016		100.0	%		78,771		—		—		78,771		100.0	%		—	%		—	%		100.0	%		100.0	%		3,346,235		42.48
151 N. State Street	Walgreens	2016		100.0	%		27,385		—		—		27,385		100.0	%		—	%		—	%		100.0	%		100.0	%		1,573,000		57.44
North and Kingsbury	Old Navy	2016		100.0	%		41,791		—		—		41,791		68.9	%		—	%		—	%		68.9	%		100.0	%		1,153,437		40.08
Concord and Milwaukee	—	2016		100.0	%		13,105		—		—		13,105		100.0	%		—	%		—	%		100.0	%		100.0	%		439,870		33.57
California and Armitage	—	2016		100.0	%		—		—		18,275		18,275		—	%		—	%		70.6	%		70.6	%		78.8	%		681,917		52.89
Roosevelt Galleria	Petco, Vitamin    Shoppe	2015		100.0	%		—		—		37,995		37,995		—	%		—	%		47.7	%		47.7	%		47.7	%		613,881		33.86
Sullivan Center	Target, DSW	2016		100.0	%		176,181		—		—		176,181		95.4	%		—	%		—	%		95.4	%		95.4	%		6,433,561		38.30
							656,332		—		84,066		740,398		89.5	%		—	%		70.0	%		87.3	%		89.7	%		38,863,674		60.14
New York Metro
Soho Collection    (12 properties)	Faherty, ALC    Stone Island, Taft,    Frame, Theory;    Bang & Olufsen	2011 2014 2019 2020 2022		100.0	%		36,889		—		—		36,889		67.1	%		—	%		—	%		67.1	%		82.7	%		7,730,021		312.50
5-7 East 17th Street	—	2008		100.0	%		9,536		—		—		9,536		—	%		—	%		—	%		—	%		—	%		—		—
200 West 54th Street	—	2007		100.0	%		5,862		—		—		5,862		78.2	%		—	%		—	%		78.2	%		78.2	%		1,291,535		281.87
61 Main Street	—	2014		100.0	%		3,470		—		—		3,470		100.0	%		—	%		—	%		100.0	%		100.0	%		303,798		87.55
181 Main Street	TD Bank	2012		100.0	%		11,514		—		—		11,514		100.0	%		—	%		—	%		100.0	%		100.0	%		980,044		85.12
4401 White Plains Road	Walgreens	2011		100.0	%		—		12,964		—		12,964		—	%		100.0	%		—	%		100.0	%		100.0	%		625,000		48.21

26

	Core Portfolio Retail Properties - Detail
Supplemental Report – March 31, 2022

Bartow Avenue	—	2005	100.0	%	—	—	14,590	14,590	—	%	—	%	80.0	%	80.0	%	80.0	%		368,873		31.59
239 Greenwich Avenue	Betteridge Jewelers	1998	75.0	%	16,553	—	—	16,553	100.0	%	—	%	—	%	100.0	%	100.0	%		1,741,068		105.18
252-256 Greenwich Avenue	Veronica Beard,    The RealReal,    Blue Mercury	2014	100.0	%	7,986	—	—	7,986	100.0	%	—	%	—	%	100.0	%	100.0	%		893,373		111.87
2914 Third Avenue	Planet Fitness	2006	100.0	%	—	21,650	18,953	40,603	—	%	100.0	%	100.0	%	100.0	%	100.0	%		1,022,572		25.18
868 Broadway	Dr. Martens	2013	100.0	%	2,031	—	—	2,031	100.0	%	—	%	—	%	100.0	%	100.0	%		838,855		413.03
313-315 Bowery 2	John Varvatos,    Patagonia	2013	100.0	%	6,600	—	—	6,600	100.0	%	—	%	—	%	100.0	%	100.0	%		527,076		79.86
120 West Broadway	HSBC Bank	2013	100.0	%	13,838	—	—	13,838	79.8	%	—	%	—	%	79.8	%	100.0	%		2,074,884		187.97
2520 Flatbush Avenue	Bob's Disc. Furniture,    Capital One	2014	100.0	%	—	—	29,114	29,114	—	%	—	%	100.0	%	100.0	%	100.0	%		1,175,271		40.37
Williamsburg	Sephora, SweetGreen,    Levain Bakery	2022	100.0	%	50,842	—	—	50,842	100	%	—	%	—		100.0	%	100.0	%		5,038,310		99.10
991 Madison Avenue	Vera Wang,    Gabriella Hearst	2016	100.0	%	7,513	—	—	7,513	91.1	%	—	%	—	%	91.1	%	91.1	%		2,919,899		426.45
Shops at Grand	Stop & Shop (Ahold)	2014	100.0	%	—	52,336	47,349	99,685	—	%	100.0	%	100.0	%	100.0	%	100.0	%		3,335,738		33.46
Gotham Plaza	Bank of America,    Footlocker, Taco Bell	2016	49.0	%	—	—	25,922	25,922	—	%	—	%	73.9	%	73.9	%	91.6	%		1,450,686		75.74
					172,634	86,950	135,928	395,512	84.7	%	100.0	%	92.9	%	90.9	%	94.2	%		32,317,003		89.92
Los Angeles Metro
8833 Beverly Blvd	Luxury Living	2022	100.0	%	9,757	—	—	9,757	100.0	%	—	%	—	%	100.0	%	100.0	%		1,235,786		126.66
Melrose Place Collection	The Row, Chloe,    Oscar de la Renta	2019	100.0	%	14,000	—	—	14,000	100.0	%	—	%	—	%	100.0	%	100.0	%		2,610,181		186.44
					23,757	—	—	23,757	100.0	%	—	%	—	%	100.0	%	100.0	%		3,845,967		161.89
District of Columbia Metro
1739-53 & 1801-03    Connecticut Avenue	TD Bank	2012	100.0	%	20,669	—	—	20,669	58.7	%	—	%	—	%	58.7	%	58.7	%		789,568		65.10
14th Street Collection	Mitchell Gold and Bob Williams, Verizon	2021	100.0	%	19,461	—	—	19,461	100.0	%	—	%	—	%	100.0	%	100.0	%		1,384,216		71.13
Rhode Island Place    Shopping Center	Ross Dress for Less	2012	100.0	%	—	25,134	32,533	57,667	—	%	100.0	%	88.4	%	93.4	%	100.0	%		1,848,045		34.30
M Street and Wisconsin Corridor    (26 Properties) 3	Lululemon, Duxiana, Rag and Bone,    The Reformation	2011 2016 2019	24.8	%	242,317	—	—	242,317	68.2	%	—	%	—	%	68.2	%	73.6	%		11,344,609		68.61
					282,447	25,134	32,533	340,114	69.7	%	100.0	%	88.4	%	73.7	%	78.7	%		15,366,438		61.26
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	%		1,320,045		24.34
165 Newbury Street	Starbucks	2016	100.0	%	1,050	—	—	1,050	100.0	%	—	%	—	%	100.0	%	100.0	%		294,632		280.60
					1,050	40,800	13,426	55,276	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%		1,614,677		29.21
Total Street and Urban Retail					1,136,220	152,884	265,953	1,555,057	84.1	%	100.0	%	85.4	%	85.9	%	89.0	%	$	92,007,759	$	68.89
Acadia Share Total Street and Urban Retail					939,818	152,884	252,733	1,345,435	87.3	%	100.0	%	86.0	%	88.5	%	91.1	%	$	81,902,259	$	68.77
SUBURBAN PROPERTIES
New Jersey
Elmwood Park Shopping Center	Walgreens, Lidl	1998	100.0	%	—	43,531	100,379	143,910	—	%	100.0	%	76.6	%	83.7	%	87.1	%		3,159,998		26.25

27

	Core Portfolio Retail Properties - Detail
Supplemental Report – March 31, 2022

Marketplace of Absecon	Walgreens, Dollar Tree	1998	100.0	%	—	46,724	57,832	104,556	—	%	100.0	%	85.9	%	92.2	%	92.2	%	1,442,036	14.96
New York
Village Commons    Shopping Center	—	1998	100.0	%	—	—	87,128	87,128	—	%	—	%	93.7	%	93.7	%	95.6	%	2,764,004	33.87
Branch Plaza	LA Fitness,    The Fresh Market	1998	100.0	%	—	76,264	47,081	123,345	—	%	100.0	%	94.8	%	98.0	%	98.8	%	3,393,388	28.07
Amboy Center	Stop & Shop (Ahold)	2005	100.0	%	—	37,266	26,024	63,290	—	%	100.0	%	66.1	%	86.1	%	86.1	%	1,861,371	34.17
LA Fitness	LA Fitness	2007	100.0	%	—	55,000	—	55,000	—	%	100.0	%	—	%	100.0	%	100.0	%	1,485,287	27.01
Crossroads Shopping Center	HomeGoods,Pet-    Smart	1998	49.0	%	—	202,727	108,928	311,655	—	%	50.3	%	48.8	%	49.8	%	85.7	%	5,407,473	34.86
New Loudon Center	Price Chopper,    Marshalls	1993	100.0	%	—	242,058	16,643	258,701	—	%	94.8	%	100.0	%	95.2	%	95.2	%	2,237,910	9.09
28 Jericho Turnpike	Kohl's	2012	100.0	%	—	96,363	—	96,363	—	%	100.0	%	—	%	100.0	%	100.0	%	1,996,500	20.72
Bedford Green	Shop Rite, CVS	2014	100.0	%	—	37,981	52,608	90,589	—	%	100.0	%	57.1	%	75.1	%	78.7	%	2,364,956	34.77
Connecticut
Town Line Plaza 4	Wal-Mart, Stop    & Shop (Ahold)	1998	100.0	%	—	163,159	42,930	206,089	—	%	100.0	%	100.0	%	100.0	%	100.0	%	1,902,242	17.49
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	%	1,467,752	11.29
Crescent Plaza	Home Depot, Shaw's    (Supervalu)	1993	100.0	%	—	156,985	61,163	218,148	—	%	100.0	%	85.7	%	96.0	%	96.0	%	2,065,005	9.86
201 Needham Street	Michael's	2014	100.0	%	—	20,409	—	20,409	—	%	100.0	%	—	%	100.0	%	100.0	%	646,965	31.70
163 Highland Avenue	Staples, Petco	2015	100.0	%	—	40,505	—	40,505	—	%	100.0	%	—	%	100.0	%	100.0	%	1,490,575	36.80
Vermont
The Gateway Shopping Center	Shaw's (Supervalu)	1999	100.0	%	—	73,184	28,290	101,474	—	%	100.0	%	94.9	%	98.6	%	98.6	%	2,192,007	21.92
Illinois
Hobson West Plaza	Garden Fresh    Markets	1998	100.0	%	—	51,692	47,270	98,962	—	%	100.0	%	92.5	%	96.4	%	98.9	%	1,253,908	13.14
Indiana
Merrillville Plaza	Jo-Ann Fabrics,   TJ Maxx	1998	100.0	%	—	123,352	112,782	236,134	—	%	82.2	%	75.1	%	78.8	%	88.0	%	2,705,768	14.54
Michigan
Bloomfield Town Square	HomeGoods,    TJ Maxx	1998	100.0	%	—	153,332	81,588	234,920	—	%	81.2	%	68.3	%	76.7	%	99.6	%	3,193,930	17.72
Delaware
Town Center and Other    (2 properties)	Lowes, Bed Bath &    Beyond, Target	2003	100.0	%	—	751,455	48,608	800,063	—	%	94.2	%	91.4	%	94.0	%	94.0	%	12,735,493	16.94
Market Square Shopping Center	Trader Joe's,    TJ Maxx	2003	100.0	%	—	42,850	59,197	102,047	—	%	100.0	%	95.5	%	97.4	%	100.0	%	3,168,592	31.89

28

	Core Portfolio Retail Properties - Detail
Supplemental Report – March 31, 2022

Naamans Road	—	2006	100.0	%	—	—	19,850	19,850	—	%	—	%	30.1	%	30.1	%	63.9	%		433,785		72.60
Pennsylvania
Mark Plaza	Kmart	1993	100.0	%	—	104,956	1,900	106,856	—	%	100.0	%	100.0	%	100.0	%	100.0	%		246,274		2.30
Plaza 422	Home Depot	1993	100.0	%	—	139,968	16,311	156,279	—	%	100.0	%	100.0	%	100.0	%	100.0	%		909,901		5.82
Chestnut Hill	—	2006	100.0	%	—	—	36,492	36,492	—	%	—	%	100.0	%	100.0	%	100.0	%		954,833		26.17
Abington Towne Center 5	Target, TJ Maxx	1998	100.0	%	—	184,616	32,255	216,871	—	%	100.0	%	100.0	%	100.0	%	100.0	%		1,309,005		22.09
Total Suburban Properties					—	2,964,381	1,095,276	4,059,657	—	%	93.0	%	80.3	%	89.6	%	94.8	%	$	62,788,958	$	18.42
Acadia Share Total Suburban Properties					—	2,860,990	1,039,723	3,900,713	—	%	94.5	%	82.0	%	91.2	%	95.1	%	$	60,031,147	$	18.06
Total Core Properties					1,136,220	3,117,265	1,361,229	5,614,714	84.1	%	93.3	%	81.3	%	88.5	%	93.2	%	$	154,796,717	$	32.62
Acadia Share Total Core Properties					939,818	3,013,874	1,292,456	5,246,148	87.3	%	94.8	%	82.8	%	90.5	%	94.1	%	$	141,933,406	$	31.42

__________

1.Excludes properties under development, redevelopment and pre-stabilized, see“Development and Redevelopment Activity”page of this Supplemental Report. The above occupancy and rent amounts do not include space which is currently leased, other than "leased occupancy," but for which rent payment has not yet commenced.

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.

3.Excludes 94,000 square feet of office GLA.

4.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.

5.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.

29

	Core Portfolio – Top Tenants 1
Supplemental Report – March 31, 2022	(Pro Rata Basis)

	Number of		Combined				Percentage of Total
Tenant	Stores		GLA		ABR		GLA			ABR
Target		3		408,895	$	8,126,134		7.8	%		5.7	%
Walgreens		6		95,189		4,154,379		1.8	%		2.9	%
Bed, Bath, and Beyond 2		3		172,432		3,942,421		3.3	%		2.8	%
Royal Ahold 3		3		155,461		3,475,460		3.0	%		2.4	%
TJX Companies4		8		229,043		2,765,292		4.4	%		1.9	%
Verizon		2		26,054		2,754,366		0.5	%		1.9	%
Lululemon		2		7,533		2,541,414		0.1	%		1.8	%
LA Fitness International LLC		2		100,000		2,524,787		1.9	%		1.8	%
Trader Joe's		3		40,862		2,357,003		0.8	%		1.7	%
Fast Retailing 5		2		32,013		2,327,489		0.6	%		1.6	%
PetSmart, Inc.		3		55,867		2,314,710		1.1	%		1.6	%
Gap 6		3		44,895		2,133,405		0.9	%		1.5	%
Albertsons Companies7		2		123,409		1,980,640		2.4	%		1.4	%
Bob's Discount Furniture		2		68,793		1,843,336		1.3	%		1.3	%
Tapestry 8		2		4,250		1,686,218		0.1	%		1.2	%
Ulta Salon Cosmetic & Fragrance		3		31,497		1,550,757		0.6	%		1.1	%
Dick's Sporting Goods, Inc		2		98,805		1,519,874		1.9	%		1.1	%
DSW		2		35,842		1,478,679		0.7	%		1.0	%
JP Morgan Chase		6		21,721		1,446,408		0.4	%		1.0	%
Citibank		4		16,160		1,337,924		0.3	%		0.9	%
TOTAL		63		1,768,721	$	52,260,696		33.9	%		36.7	%

__________

1.Does not include tenants that operate at only one Acadia Core location

2.Bed Bath and Beyond (2 locations), Christmas Tree Shops (1 location)

3.Stop and Shop (3 locations)

4.TJ Maxx (5 locations), HomeGoods (2 locations), Marshalls (1 location)

5.Uniqlo (1 location), Theory (1 location)

6.Old Navy (2 locations), Banana Republic (1 location)

7.Shaw’s (2 locations)

8.Kate Spade (2 locations)

30

	Core Portfolio – Lease Expirations
Supplemental Report – March 31, 2022	(Pro Rata Basis)

	Street Tenants												Anchor Tenants
			GLA					ABR							GLA					ABR
	Leases		Expiring		Percent					Percent			Leases		Expiring		Percent					Percent
Year	Expiring		SF		of Total			PSF		of Total			Expiring		SF		of Total			PSF		of Total
M to M 1		—		—		—	%	$	—		—	%		—		—		—	%	$	—		—	%
2022		8		35,200		4.3	%		73.78		3.7	%		1		55,000		2.1	%		27.01		3.8	%
2023		27		171,607		20.9	%		74.55		18.4	%		7		332,664		12.8	%		17.40		14.6	%
2024		14		55,523		6.8	%		102.34		8.2	%		13		492,207		18.9	%		14.34		17.9	%
2025		25		89,883		11.0	%		122.07		15.8	%		10		391,435		15.0	%		19.52		19.3	%
2026		26		84,758		10.3	%		126.68		15.5	%		10		444,889		17.1	%		10.93		12.3	%
2027		9		18,663		2.3	%		122.74		3.3	%		2		74,188		2.9	%		14.72		2.8	%
2028		10		167,109		20.4	%		52.84		12.7	%		6		416,588		16.0	%		10.11		10.7	%
2029		13		33,619		4.1	%		107.22		5.2	%		5		182,205		7.0	%		16.04		7.4	%
2030		9		71,456		8.7	%		59.78		6.1	%		—		—		—	%		—		—	%
2031		3		28,697		3.5	%		77.91		3.2	%		2		50,566		1.9	%		13.94		1.8	%
Thereafter		13		64,040		7.7	%		85.41		7.9	%		6		162,538		6.3	%		23.11		9.4	%
Total		157		820,555		100.0	%	$	84.68		100.0	%		62		2,602,280		100.0	%	$	15.11		100.0	%
Anchor GLA Owned by Tenants				—												254,916
Total Vacant				119,263												156,678
Total Square Feet				939,818												3,013,874
	Shop Tenants												Total Tenants
			GLA					ABR							GLA					ABR
	Leases		Expiring		Percent					Percent			Leases		Expiring		Percent					Percent
Year	Expiring		SF		of Total			PSF		of Total			Expiring		SF		of Total			PSF		of Total
M to M 1		1		1,400		0.1	%	$	24.40		0.1	%		1		1,400		0.0	%	$	24.40		0.0	%
2022		16		56,571		5.3	%		27.97		4.8	%		25		146,771		3.3	%		38.60		4.0	%
2023		41		140,816		13.2	%		30.61		13.1	%		75		645,087		14.4	%		35.49		16.1	%
2024		35		153,156		14.3	%		25.79		12.0	%		62		700,886		15.6	%		23.82		11.8	%
2025		34		115,664		10.8	%		28.48		10.0	%		69		596,982		13.3	%		36.70		15.4	%
2026		37		143,139		13.4	%		25.58		11.1	%		73		672,786		15.0	%		28.63		13.6	%
2027		30		111,027		10.4	%		35.57		12.0	%		41		203,878		4.5	%		35.96		5.2	%
2028		23		97,406		9.1	%		39.04		11.5	%		39		681,103		15.2	%		24.73		11.9	%
2029		10		27,474		2.6	%		28.84		2.4	%		28		243,298		5.4	%		30.09		5.2	%
2030		13		37,839		3.5	%		32.66		3.8	%		22		109,295		2.4	%		50.39		3.9	%
2031		17		86,236		8.1	%		28.79		7.5	%		22		165,499		3.8	%		32.77		3.8	%
Thereafter		23		99,644		9.2	%		38.45		11.7	%		42		326,222		7.1	%		40.02		9.1	%
Total		280		1,070,372		100.0	%	$	30.76		100.0	%		499		4,493,207		100.0	%	$	31.42		100.0	%
Anchor GLA Owned by Tenants				—												254,916
Total Vacant				222,084												498,025
Total Square Feet				1,292,456												5,246,148

_________

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

31

	Core Portfolio – New and Renewal Rent Spreads 1
Supplemental Report – March 31, 2022

	Quarter Ended
	March 31, 2022
	GAAP 2			Cash 3
New Leases
Number of new leases executed		4			4
GLA		12,970			12,970
New base rent	$	37.83		$	34.10
Previous base rent	$	34.75		$	35.01
Average cost per square foot	$	42.51		$	42.51
Weighted Average Lease Term (years)		12.0			12.0
Percentage growth in base rent		8.9	%		(2.6	)%
Renewal Leases
Number of renewal leases executed		21			21
GLA		284,858			284,858
New base rent	$	32.60		$	32.29
Expiring base rent	$	29.45		$	29.81
Average cost per square foot	$	21.29		$	21.29
Weighted Average Lease Term (years)		5.8			5.8
Percentage growth in base rent		10.7	%		8.3	%
Total New and Renewal Leases
Number of new and renewal leases executed		25			25
GLA commencing		297,828			297,828
New base rent	$	32.83		$	32.37
Expiring base rent	$	29.68		$	30.04
Average cost per square foot	$	22.21		$	22.21
Weighted Average Lease Term (years)		6.1			6.1
Percentage growth in base rent		10.6	%		7.8	%

__________

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

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

32

	Core Portfolio – Capital Expenditures
Supplemental Report – March 31, 2022

	Year to Date
	March 31, 2022		December 31, 2021
Leasing Commissions	$	1,053	$	2,360
Tenant Improvements		3,403		10,059
Maintenance Capital Expenditures		638		4,060
Total Capital Expenditures	$	5,094	$	16,479

33

	Fund Overview
Supplemental Report – March 31, 2022

I. KEY METRICS	Fund I				Fund II				Fund III				Fund IV				Fund V				Total
General Information:
Vintage		Sep-2001				Jun-2004				May-2007				May-2012				Aug-2016
Fund Size	$		90.0	Million	$		300.0	Million	$		502.5	Million	$		540.6	Million	$		520.0	Million	$		1,953.1	Million
Acadia's Commitment	$		20.0	Million	$		85.0	Million	$		123.3	Million	$		125.0	Million	$		104.5	Million	$		457.8	Million
Acadia's Pro Rata Share			22.2	%			28.3	%			24.5	%			23.1	%			20.1	%			23.4	%
Acadia's Promoted Share 1			37.8	%			42.7	%			39.6	%			38.5	%			36.1	%			38.8	%
Preferred Return			9.0	%			8.0	%			6.0	%			6.0	%			6.0	%		6.4		%
Current-Quarter, Fund-Level Information:
Cumulative Contributions 2	$		86.6	Million	$		384.1	Million	$		448.1	Million	$		488.1	Million	$		347.9	Million	$		1,754.9	Million
Cumulative Net Distributions 3	$		195.4	Million	$		169.8	Million	$		601.5	Million	$		193.1	Million	$		61.0	Million	$		1,220.8	Million
Net Distributions/Contributions			225.6	%			44.2	%			134.2	%			39.6	%			17.5	%			69.6	%
Unfunded Commitment 4	$		0.0	Million	$		1.2	Million	$		1.9	Million	$		41.9	Million	$		172.1	Million	$		217.1	Million
Acquisition Dry Powder 5		N/A				N/A				N/A				N/A			$		70.8	Million	$		70.8	Million
Investment Period Closes		Closed				Closed				Closed				Closed				Aug-2022
Currently in a Promote Position? (Yes/No)		No				No				No				No				No
II. FEES & PRIORITY DISTRIBUTIONS EARNED BY ACADIA
Type:		Applicable to				Description
Asset Management 6		Fund I & II				1.0% in 2021, 0.75% in 2022, 0% in 2023
Asset Management		Fund III				Currently 0%
Asset Management 6		Fund IV				1.5% of Implied Capital during the investment period; 1.25% of Implied Capital post-investment period
Asset Management 7		Fund V				1.5% of Implied Capital for Year 1-4 of the investment period; 1.5% of Allocated Capital Commitments for Year 5 of the investment period (August 26, 2020-August 25, 2021); 1.0% of Allocated Capital Commitments for Year 6 of the investment period (August 26, 2021-August 25, 2022); 1.25% of Implied Capital post-investment period
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 & V				3.0% of total project costs

__________

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

2.With regard to Fund II, the additional contributions over original Fund Size reflects prior-period distributions that were re-contributed to the Fund during 2016, 2020 and 2021 to fund the on-going redevelopment of existing Fund II investments.

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

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

5.Unfunded Commitments available to deploy into new unidentified investments.

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

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

34

	Fund Portfolio Retail Properties – Detail 1
Supplemental Report – March 31, 2022

		Year	Fund			Gross Leasable Area								In Place Occupancy												Leased			Annualized
Property	Key Tenants	Acquired	Ownership %			Street		Anchors		Shops		Total		Street			Anchors			Shops			Total			Occupancy			Base Rent (ABR)		ABR PSF
Fund II Portfolio Detail
NEW YORK
New York
City Point	Target, Alamo Drafthouse	2007		94.2	%		—		352,201		188,869		541,070		—	%		64.3	%		24.9	%		50.5	%		75.0	%	$	9,796,023	$	35.83
Total - Fund II							—		352,201		188,869		541,070		—	%		64.3	%		24.9	%		50.5	%		75.0	%	$	9,796,023	$	35.83
Fund III Portfolio Detail
NEW YORK
New York
640 Broadway	Swatch	2012		100.0	%		4,637		—		—		4,637		76.3	%		—	%		—	%		76.3	%		91.6	%	$	895,245	$	252.90
Total - Fund III							4,637		—		—		4,637		76.3	%		—	%		—	%		76.3	%		91.6	%	$	895,245	$	252.90
Fund IV Portfolio Detail
NEW YORK
New York
801 Madison Avenue	─	2015		100.0	%		2,522		—		—		2,522		—	%		—	%		—	%		—	%		—	%	$	—	$	—
210 Bowery	─	2012		100.0	%		2,538		—		—		2,538		—	%		—	%		—	%		—	%		—	%		—		—
27 East 61st Street	─	2014		100.0	%		4,177		—		—		4,177		—	%		—	%		—	%		—	%		—	%		—		—
17 East 71st Street	The Row	2014		100.0	%		8,432		—		—		8,432		82.2	%		—	%		—	%		82.2	%		82.2	%		1,832,345		264.33
1035 Third Avenue 2	─	2015		100.0	%		7,634		—		—		7,634		100.0	%		—	%		—	%		100.0	%		100.0	%		1,265,746		165.80
New Jersey
Paramus Plaza	Ashley Furniture, Marshalls	2013		50.0	%		—		87,539		65,955		153,494		—	%		100.0	%		100.0	%		100.0	%		100.0	%		3,233,834		21.07
BOSTON
Massachusetts
Restaurants at Fort Point	─	2016		100.0	%		15,711		—		—		15,711		100.0	%		—	%		—	%		100.0	%		100.0	%		1,030,234		65.57
Rhode Island
650 Bald Hill Road	Dick's Sporting Goods, Burlington Coat Factory	2015		90.0	%		—		55,000		105,448		160,448		—	%		100.0	%		77.7	%		85.4	%		85.4	%		2,052,672		14.99
MID-ATLANTIC
Virginia
Promenade at Manassas	Home Depot	2013		98.6	%		—		209,356		71,404		280,760		—	%		100.0	%		100.0	%		100.0	%		100.0	%		3,681,263		13.11
Delaware
Eden Square	Giant Food, LA Fitness	2014		98.6	%		—		116,003		113,933		229,936		—	%		100.0	%		81.9	%		91.0	%		91.0	%		3,265,630		15.60
MIDWEST
Illinois
Lincoln Place	Kohl's, Marshall's, Ross	2017		100.0	%		—		144,302		127,758		272,060		—	%		100.0	%		90.5	%		95.6	%		95.6	%		3,087,479		11.88
SOUTHEAST

35

	Fund Portfolio Retail Properties – Detail 1
Supplemental Report – March 31, 2022

Georgia
Broughton Street Portfolio    (13 properties)	H&M, Lululemon, Kendra Scott, Starbucks	2014	100.0	%	96,331	—	—	96,331	88.4	%	—	%	—	%	88.4	%	88.4	%		3,071,601		36.09
North Carolina
Wake Forest Crossing	Lowe's, TJ Maxx	2016	100.0	%	—	113,353	88,972	202,325	—	%	100.0	%	95.5	%	98.0	%	100.0	%		3,128,527		15.78
WEST
California
146 Geary Street	─	2015	100.0	%	11,436	—	—	11,436	—	%	—	%	—	%	—	%	—	%		—		—
Union and Fillmore Collection (3 properties)	Eileen Fisher, Bonobos	2015	90.0	%	7,148	—	—	7,148	77.9	%	—	%	—	%	77.9	%	77.9	%		632,195		113.60
Total - Fund IV					155,929	725,553	573,470	1,454,952	77.6	%	100.0	%	89.5	%	93.5	%	93.7	%	$	26,281,526	$	19.33
Fund V Portfolio Detail
SOUTHWEST
New Mexico
Plaza Santa Fe	TJ Maxx, Best Buy, Ross Dress for Less	2017	100.0	%	—	153,983	70,169	224,152	—	%	100.0	%	91.5	%	97.3	%	97.3	%	$	3,988,358	$	18.28
Texas
Wood Ridge Plaza	Kirkland's, Office Depot	2022	90.0	%	—	—	211,183	211,183	—	%	—	%	84.7	%	84.7	%	89.2	%		3,703,330		20.72
La Frontera Plaza	Kohl's, Hobby Lobby	2022	90.0	%	—	203,500	330,930	534,430	—	%	100.0	%	81.1	%	88.3	%	88.3	%		6,452,054		13.67
MIDWEST
Michigan
New Towne Plaza	Kohl's, Jo-Ann's, DSW	2017	100.0	%	—	145,389	45,141	190,530	—	%	100.0	%	89.8	%	97.6	%	97.6	%		2,241,936		12.06
Fairlane Green	TJ Maxx, Michaels, Bed Bath & Beyond	2017	100.0	%	—	109,952	160,235	270,187	—	%	74.5	%	84.3	%	80.3	%	95.2	%		4,396,493		20.27
NORTHEAST
Maryland
Frederick County (2 properties)	Kohl's, Best Buy, Ross Dress for Less	2019	90.0	%	—	251,988	278,778	530,766	—	%	100.0	%	76.1	%	87.4	%	90.6	%		6,753,192		14.55
Connecticut
Tri-City Plaza	TJ Maxx, HomeGoods	2019	90.0	%	—	129,940	172,948	302,888	—	%	100.0	%	81.8	%	89.6	%	89.6	%		3,955,095		14.57
New Jersey
Midstate	ShopRite, Best Buy, DSW, PetSmart	2021	100.0	%	—	253,779	131,337	385,116	—	%	90.5	%	70.8	%	83.8	%	83.8	%		6,217,529		19.26
Pennsylvania
Monroe Marketplace	Kohl's, Dick's Sporting Goods, Giant Food	2021	100.0	%	—	263,376	108,276	371,652	—	%	100.0	%	100.0	%	100.0	%	100.0	%		4,231,262		11.39
Rhode Island
Lincoln Commons	Stop and Shop, Marshalls, HomeGoods	2019	100.0	%	—	194,470	267,551	462,021	—	%	100.0	%	69.9	%	82.6	%	88.0	%		5,092,933		13.35
SOUTHEAST
Virginia
Landstown Commons	Best Buy, Bed Bath & Beyond, Ross Dress for Less	2019	100.0	%	—	87,883	316,925	404,808	—	%	100.0	%	82.7	%	86.4	%	88.1	%		7,378,347		21.08
Florida

36

	Fund Portfolio Retail Properties – Detail 1
Supplemental Report – March 31, 2022

Palm Coast Landing	TJ Maxx, PetSmart, Ross Dress for Less	2019	100.0	%	—	73,241	98,558	171,799	—	%	100.0	%	97.6	%	98.6	%	98.6	%		3,470,714		20.48
North Carolina
Hickory Ridge	Kohl's, Best Buy, Dick's	2017	100.0	%	—	266,584	113,981	380,565	—	%	100.0	%	100.0	%	100.0	%	100.0	%		4,726,781		12.42
Alabama
Trussville Promenade	Wal-Mart, Regal Cinemas	2018	100.0	%	—	366,010	97,671	463,681	—	%	100.0	%	72.4	%	94.2	%	95.1	%		4,438,883		10.16
Georgia
Canton Marketplace	Dick's, TJ Maxx, Best Buy	2021	100.0	%	—	132,569	219,409	351,978	—	%	100.0	%	81.3	%	88.3	%	89.8	%		5,335,783		17.16
Hiram Pavilion	Kohl's, HomeGoods	2018	100.0	%	—	209,423	153,252	362,675	—	%	100.0	%	98.6	%	99.4	%	99.4	%		4,529,100		12.56
WEST
California
Elk Grove Commons	Kohl's, HomeGoods	2018	100.0	%	—	132,489	109,589	242,078	—	%	100.0	%	88.8	%	94.9	%	97.0	%		4,874,449		21.22
Utah
Family Center at Riverdale	Target, Sportman's Warehouse	2019	89.4	%	—	256,673	115,709	372,382	—	%	80.5	%	97.7	%	85.9	%	98.0	%		3,337,705		10.44
Total - Fund V					—	3,231,249	3,001,642	6,232,891	—	%	96.8	%	83.7	%	90.5	%	93.0	%	$	85,123,944	$	15.09
TOTAL FUND PROPERTIES					160,566	4,309,003	3,763,981	8,233,550	77.5	%	94.7	%	81.6	%	88.4	%	92.0	%	$	122,096,738	$	16.78
Acadia Share of Total Fund Properties					36,991	881,715	753,357	1,672,063	77.5	%	94.0	%	80.7	%	87.6	%	91.6	%	$	25,073,970	$	17.12

__________

1.Excludes properties under development, see“Development and Redevelopment Activity”page of this Supplemental Report. The above occupancy and rent amounts do not include space which is currently leased, other than "leased occupancy," but for which rent payment has not yet commenced. Residential and office GLA is excluded.

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

37

	Fund Lease Expirations
Supplemental Report – March 31, 2022	(Pro Rata Basis)

	FUND II														FUND III
			GLA							ABR							GLA							ABR
	Leases		Expiring		Percent							Percent			Leases		Expiring		Percent							Percent
Year	Expiring		SF		of Total			Amount		PSF		of Total			Expiring		SF		of Total			Amount		PSF		of Total
M to M 1		—		—		—	%	$	—	$	—		—	%		—		—		—	%	$	—	$	—		—	%
2022		—		—		—	%		—		—		—	%		—		—		—	%		—		—		—	%
2023		—		—		—	%		—		—		—	%		1		159		18.3	%		59,032		371.27		26.9	%
2024		—		—		—	%		—		—		—	%		—		—		—	%		—		—		—	%
2025		—		—		—	%		—		—		—	%		—		—		—	%		—		—		—	%
2026		1		655		0.9	%		71,279		108.82		2.7	%		—		—		—	%		—		—		—	%
2027		—		—		—	%		—		—		—	%		—		—		—	%		—		—		—	%
2028		2		5,951		8.2	%		391,648		65.81		15.0	%		1		306		35.3	%		72,073		235.53		32.9	%
2029		1		254		0.3	%		49,462		194.73		1.9	%		—		—		—	%		—		—		—	%
2030		—		—		—	%		—		—		—	%		1		177		20.4	%		39,664		224.09		18.1	%
2031		—		—		—	%		—		—		—	%		1		226		26.0	%		48,566		214.89		22.1	%
Thereafter		6		66,148		90.6	%		2,103,149		31.79		80.4	%		—		—		—	%		—		—		—	%
Total		10		73,008		100.0	%	$	2,615,538	$	35.83		100.0	%		4		868		100.0	%	$	219,335	$	252.90		100.0	%
				71,458	Total Vacant													268	Total Vacant
				144,466	Total Square Feet													1,136	Total Square Feet
	FUND IV														FUND V
			GLA							ABR							GLA							ABR
	Leases		Expiring		Percent							Percent			Leases		Expiring		Percent							Percent
Year	Expiring		SF		of Total			Amount		PSF		of Total			Expiring		SF		of Total			Amount		PSF		of Total
M to M 1		—		—		—	%	$	—	$	—		—	%		10		5,288		0.5	%	$	123,776	$	23.41		0.7	%
2022		7		4,780		1.6	%		105,877		22.15		1.9	%		32		24,119		2.2	%		512,729		21.26		3.1	%
2023		10		3,942		1.4	%		107,103		27.17		1.9	%		72		101,545		9.2	%		1,859,797		18.32		11.2	%
2024		6		2,319		0.8	%		60,423		26.06		1.1	%		85		176,465		16.1	%		2,715,686		15.39		16.3	%
2025		18		17,912		6.1	%		779,233		43.50		13.9	%		78		185,251		16.9	%		2,654,314		14.33		16.0	%
2026		24		33,991		11.7	%		788,456		23.20		14.0	%		75		95,195		8.7	%		1,836,784		19.29		11.0	%
2027		18		31,848		10.9	%		548,816		17.23		9.8	%		47		128,276		11.7	%		1,563,709		12.19		9.4	%
2028		10		14,768		5.1	%		280,259		18.98		5.0	%		25		58,187		5.3	%		1,064,690		18.30		6.4	%
2029		11		45,597		15.6	%		794,167		17.42		14.1	%		26		70,935		6.5	%		829,777		11.70		5.0	%
2030		6		11,315		3.9	%		196,426		17.36		3.5	%		27		76,459		7.0	%		1,032,870		13.51		6.2	%
2031		11		47,319		16.2	%		693,847		14.66		12.4	%		26		57,337		5.2	%		922,754		16.09		5.6	%
Thereafter		18		77,923		26.7	%		1,261,942		16.19		22.4	%		27		120,342		10.7	%		1,505,662		12.51		9.1	%
Total		139		291,714		100.0	%	$	5,616,549	$	19.25		100.0	%		530		1,099,399		100.0	%	$	16,622,548	$	15.12		100.0	%
				21,341	Total Vacant													114,007	Total Vacant
				313,055	Total Square Feet													1,213,406	Total Square Feet

__________

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

38

	Development and Redevelopment Activity
Supplemental Report – March 31, 2022

				Est. SQFT					Acquisition & Development Costs 1
Property	Ownership 1	Location	Estimated Stabilization	Upon Completion		Occupied/ Leased Rate	Key Tenants	Description	Incurred 2		Estimated Future Range					Estimated Total Range
Development:
CORE
1238 Wisconsin	80.0%	Washington DC	2023		29,000	—	TBD	Redevelopment/addition to existing building with ground level retail, upper floor office and residential units upon completion. Discretionary spend upon securing tenant(s)	$	9.7	$	23.0	to	$	23.8	$	32.7	to	$	33.5
FUND III
Broad Hollow Commons	100.0%	Farmingdale, NY	TBD	TBD		—	TBD	Discretionary spend upon securing necessary approvals and tenant(s) for lease up		24.6		25.4	to		35.4		50.0	to		60.0
FUND IV
717 N. Michigan Avenue	100.0%	Chicago, IL	2025		62,000	0%/14%	TBD	Discretionary spend upon securing tenant(s) for lease up		116.5		12.0	to		19.5		128.5	to		136.0
									$	150.8	$	60.4		$	78.7	$	211.2		$	229.5
Major Redevelopment:
CORE
City Center	100.0%	San Francisco, CA	2024		241,000	75%/99%	Target, Whole Foods, PetSmart	Ground up development of pad sites and street level retail and re-tenanting/redevelopment for Whole Foods	$	201.8	$	8.2	to	$	11.2	$	210.0	to	$	213.0
555 9th Street	100.0%	San Francisco, CA	2023		149,000	69%/69%	TBD	Re-tenanting and potential split of former 46,000 square foot Nordstrom; façade upgrade and possible vertical expansion		—	TBD		to	TBD		TBD		to	TBD
Route 6 Mall	100.0%	Honesdale, PA	TBD	TBD		26%/26%	TBD	Discretionary spend for re-tenanting former 120,000 square foot Kmart anchor space once tenant(s) are secured		—		6.0	to		9.0		6.0	to		9.0
Mad River	100.0%	Dayton, OH	TBD	TBD		48%/48%	TBD	Discretionary spend for the re-tenanting former 33,000 square foot Babies R Us space once tenant(s) are secured		—		1.9	to		2.3		1.9	to		2.3
									$	201.8	$	16.1		$	22.5	$	217.9		$	224.3

_________

39

	Development and Redevelopment Activity
Supplemental Report – March 31, 2022

__________

1.Ownership percentages and costs represent the Core or Fund level ownership and not Acadia’s pro rata share.

2.Incurred amounts include costs associated with the initial carrying value. Refer to “Net Asset Valuation Information” for pro-rata costs incurred. Reconciles to Consolidated Balance Sheet at March 31, 2022 as follows:

Development costs above	$	150.8
Unconsolidated projects (a)		(9.7	)
Projects in redevelopment or partial development (b)		74.1
Deferred costs and other amounts		(5.7	)
Impairment charges taken		(17.4	)
Total per consolidated balance sheet	$	192.1

(a)Relates to 1238 Wisconsin Avenue

(b)Primarily relates to the portion of City Center that is still in Major Redevelopment. Total incurred amount of $201.8 reflects the historical carrying value of the entire property (including its initial acquisition cost).

40

	Important Notes
Supplemental Report – March 31, 2022

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

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

USE OF FUNDS FROM OPERATIONS AS NON-GAAP FINANCIAL MEASURE

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

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

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

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

USE OF NON-GAAP FINANCIAL MEASURES

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

41