More annual reports from Acadia Realty Trust:
2023 ReportPeers and competitors of Acadia Realty Trust:
Federal Realty Investment TrustAnnual Report on Form 10-K for the year ended December 31, 2023 (cid:48)(cid:68)(cid:85)(cid:70)(cid:75)(cid:3)(cid:21)(cid:21)(cid:15)(cid:3)(cid:21)(cid:19)(cid:21)(cid:23)(cid:3) (cid:3) (cid:39)(cid:72)(cid:68)(cid:85)(cid:3)(cid:41)(cid:72)(cid:79)(cid:79)(cid:82)(cid:90)(cid:3)(cid:54)(cid:75)(cid:68)(cid:85)(cid:72)(cid:75)(cid:82)(cid:79)(cid:71)(cid:72)(cid:85)(cid:86)(cid:29)(cid:3) (cid:3) 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REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-12002 ACADIA REALTY TRUST (Exact name of registrant in its charter) Maryland (State or Other Jurisdiction of Incorporation or Organization) 23-2715194 (I.R.S. Employer Identification No.) 411 Theodore Fremd Avenue, Suite 300 Rye, NY 10580 (Address of principal executive offices) (914) 288-8100 (Registrant’s telephone number, including area code) Title of class of registered securities Common shares of beneficial interest, par value $0.001 per share Trading symbol AKR Name of exchange on which registered The New York Stock Exchange Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. YES ☒ NO ☐ YES ☐ NO ☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES ☒ NO ☐ Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large Accelerated Filer ☒ Accelerated Filer ☐ Emerging Growth Company ☐ YES ☒ NO ☐ Non-accelerated Filer ☐ Smaller Reporting Company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13 (a) of the Exchange Act. ☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐ Indicate by checkmark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act) YES ☐ NO ☒ The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant as of June 30, 2023, the last business day of the registrant’s most recently completed second fiscal quarter was approximately $1,371.3 million, based on a price of $14.39 per share, the average sales price for the registrant’s common shares of beneficial interest on the New York Stock Exchange on that date. The number of shares of the registrant’s common shares of beneficial interest outstanding on February 13, 2024 was 102,577,713 DOCUMENTS INCORPORATED BY REFERENCE Part III incorporates by reference information from certain portions of the definitive proxy statement of Acadia Realty Trust for the 2024 annual meeting of shareholders to be filed with the Securities and Exchange Commission (the “SEC”) within 120 days after the end of the fiscal year, or April 29, 2024, covered by this Annual Report on Form 10-K for the year ended December 31, 2023 (the “Report”). 2 ACADIA REALTY TRUST AND SUBSIDIARIES FORM 10-K INDEX Item No. Description 1. 1A. 1B. 1C. 2. 3. 4. 5. 6. 7. 7A. 8. PART I Business Risk Factors Unresolved Staff Comments Cybersecurity Properties Legal Proceedings Mine Safety Disclosures PART II Market for Registrant’s Common Equity, Related Stockholder Matters, Issuer Purchases of Equity Securities [Reserved] Management’s Discussion and Analysis of Financial Condition and Results of Operations Quantitative and Qualitative Disclosures about Market Risk Financial Statements and Supplementary Data Page 7 14 30 30 31 41 41 41 42 43 57 59 SPECIAL NOTE REGARDING CERTAIN REFERENCES All references to “Notes” throughout the document refer to the footnotes to the consolidated financial statements of the registrant referenced in Part II, Item 8. Financial Statements. 3 SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS Certain statements contained in this Report of Acadia Realty Trust, a Maryland real estate investment trust, (the “Company”), may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations are generally identifiable by the use of the words such as “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend” or “project,” or the negative thereof, or other variations thereon or comparable terminology. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause our actual results and financial performance to be materially different from future results and financial performance expressed or implied by such forward-looking statements, including, but not limited to: (i) macroeconomic conditions, including due to geopolitical conditions and instability, which may lead to a disruption of or lack of access to the capital markets, disruptions and instability in the banking and financial services industries and rising inflation; (ii) our success in implementing our business strategy and our ability to identify, underwrite, finance, consummate and integrate diversifying acquisitions and investments; (iii) changes in general economic conditions or economic conditions in the markets in which we may, from time to time, compete, and their effect on our revenues, earnings and funding sources; (iv) increases in our borrowing costs as a result of rising inflation, changes in interest rates and other factors, including the discontinuation of USD LIBOR, which was effected on June 30, 2023; (v) our ability to pay down, refinance, restructure or extend our indebtedness as it becomes due; (vi) our investments in joint ventures and unconsolidated entities, including our lack of sole decision-making authority and our reliance on our joint venture partners’ financial condition; (vii) our ability to obtain the financial results expected from our development and redevelopment projects; (viii) our tenants’ ability and willingness to renew their leases with us upon expiration, our ability to re-lease our properties on the same or better terms in the event of nonrenewal or in the event we exercise our right to replace an existing tenant, and obligations we may incur in connection with the replacement of an existing tenant; (ix) our potential liability for environmental matters; (x) damage to our properties from catastrophic weather and other natural events, and the physical effects of climate change; (xi) the economic, political and social impact of, and uncertainty surrounding, any public health crisis, such as the COVID-19 Pandemic, which adversely affected the Company and its tenants’ business, financial condition, results of operations and liquidity; (xii) uninsured losses; (xiii) our ability and willingness to maintain our qualification as a real estate investment trust (“REIT”) in light of economic, market, legal, tax and other considerations; (xiv) information technology security breaches, including increased cybersecurity risks relating to the use of remote technology; (xv) the loss of key executives; and (xvi) the accuracy of our methodologies and estimates regarding environmental, social and governance (“ESG”) metrics, goals and targets, tenant willingness and ability to collaborate towards reporting ESG metrics and meeting ESG goals and targets, and the impact of governmental regulation on our ESG efforts. The factors described above are not exhaustive and additional factors could adversely affect the Company’s future results and financial performance, including the risk factors discussed under the section captioned “Risk Factors” set forth under the headings Item 1A. Risk Factors and Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in this Report. These risks and uncertainties should be considered in evaluating any forward-looking statements contained or incorporated by reference herein. Any forward-looking statements speak only as of the date hereof. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any changes in the Company’s expectations with regard thereto or changes in the events, conditions, or circumstances on which such forward-looking statements are based. 4 SUMMARY RISK FACTORS Set forth below is a summary of the risks described under Item 1A. Risk Factors in the Report on Form 10-K: Risks related to our business, properties and tenants •There are risks relating to investments in real estate that could adversely affect our financial condition, cash flows, results of operations, and ability to satisfy our debt service obligations and make distributions to our shareholders. •We rely on revenues derived from tenants, in particular our key tenants, and a decrease in those revenues could adversely affect our ability to make distributions to our shareholders. •Anchor tenants and co-tenancy are crucial to the success of retail properties and vacated anchor space directly and indirectly affects our rental revenues. •The bankruptcy of, or a downturn in the business of, any of our major tenants or a significant number of our smaller tenants may adversely affect our financial condition, cash flows, results of operations and property values. •We may not be able to renew current leases or the terms of re-letting (including the cost of concessions to tenants) may be less favorable to us than current lease terms. •Our business is significantly influenced by demand for retail space generally, and a decrease in such demand may have a greater adverse effect on our business than if we owned a more diversified real estate portfolio. •E-commerce can have an impact on our business because it may cause a downturn in the business of our current tenants and affect future leases. •Many of our real estate costs are fixed, even if income from our properties decreases, which would cause a decrease in net income. •Our ability to change our portfolio is limited because real estate investments are illiquid. •We could be adversely affected by conditions in the markets where our properties are geographically concentrated. •Our development and construction activities could affect our operating results. •Developments and acquisitions may fail to perform as expected, which could adversely affect our results of operations. •We may not be able to recover our investments in marketable securities or other investments, which may result in significant losses to us. •Our real estate assets may be subject to impairment charges. •If a third-party vendor fails to provide agreed upon services, we may suffer losses. •Actual or perceived threats associated with epidemics, pandemics or other public health crises, including the COVID-19 Pandemic, have had and could continue to have a material adverse effect on our and our tenants’ businesses, financial condition, results of operations, cash flow, liquidity, and ability to access the capital markets and satisfy debt service obligations. Risks related to our liquidity and indebtedness •If we decided to employ higher leverage levels, we would be subject to increased debt service requirements and a higher risk of default on our debt obligations, which could adversely affect our financial conditions, cash flows and ability to make distributions to our shareholders. In addition, increases or changes in interest rates could cause our borrowing costs to rise and may limit our ability to refinance debt. •Our inability to raise capital or to carry out our growth strategy could adversely affect our financial condition, cash flows and results of operations. •Our structured financing portfolio is subject to specific risks relating to the structure and terms of the instruments and the underlying collateral. Risks related to litigation, environmental matters and government regulation •We are exposed to possible liability relating to environmental matters. •Uninsured losses or a loss in excess of insured limits could adversely affect our financial condition, cash flows and results of operations. •We may from time to time be subject to litigation that could negatively impact our financial condition, cash flows, results of operations and the trading price of our Common Shares. 5 •Compliance with the Americans with Disabilities Act and fire, safety and other regulations may require us to make unplanned expenditures that could adversely affect our financial condition, cash flows and results of operations. Risks related to our management and structure •The loss of key management members could have an adverse effect on our business, financial condition, and results of operations. •We have pursued and may in the future continue to pursue extensive growth opportunities, including investing in new markets, which may result in significant demands on our operational, administrative, and financial resources. •Our Board may change our investment policy or objectives without shareholder approval. •Concentration of ownership by certain investors may allow these investors to exert influence over the business and affairs of our Company. •Restrictions on a potential change of control could prevent changes that would be beneficial to our shareholders. •Certain provisions of Maryland law may limit the ability of a third party to acquire control of our Company. •Our rights and shareholders’ rights to take action against trustees and officers are limited, which could limit recourse in the event of actions not in the best interests of shareholders. •We operate through a partnership structure, which could have an adverse effect on our ability to manage our assets. •Our joint venture investments carry additional risks not present in our direct investments. Risks related to our REIT status •There can be no assurance we have qualified or will remain qualified as a REIT for federal income tax purposes. •Legislative or regulatory tax changes could have an adverse effect on our status as a REIT for federal income tax purposes. •We may be required to borrow funds or sell assets to satisfy the REIT distribution requirements. •Dividends payable by REITs generally do not qualify for reduced tax rates. •Complying with REIT requirements may cause us to forego otherwise attractive opportunities or liquidate otherwise attractive investments. •We have limits on ownership of our shares of beneficial interest. •Distribution requirements imposed by law limit our operating flexibility. General risk factors •The economic environment may cause us to lose tenants and may impair our ability to borrow money to purchase properties, refinance existing debt or finance our current development projects. •Political and economic uncertainty could have an adverse effect on our business. •Inflation may adversely affect our financial condition, cash flows and results of operations. •Competition may adversely affect our ability to purchase properties and to attract and retain tenants. •Changes in market conditions could have an adverse effect on our share price and our ability to access the public equity markets. •Outages, computer viruses and similar events could disrupt our operations. •Increased Information Technology (“IT”) security threats and more sophisticated computer crime could pose a risk to our systems, networks, and services. •Use of social media may adversely impact our reputation and business. •Climate change and natural disasters could adversely affect our properties and business. •Future terrorist attacks or civil unrest could harm the demand for, and the value of, our properties. •Increased scrutiny by and changing expectations from investors, tenants, employees, and other stakeholders regarding our ESG practices and reporting could cause us to incur additional costs and adversely impact our reputation, tenant and employee acquisition and retention, and access to capital. 6 ITEM 1. BUSINESS. GENERAL PART I Acadia Realty Trust (the “Trust”) was formed on March 4, 1993 as a Maryland real estate investment trust (“REIT”). All references to “Acadia,” “we,” “us,” “our” and “Company” refer to the Trust and its consolidated subsidiaries. We are a fully integrated REIT focused on the ownership, acquisition, development, and management of high-quality retail properties located primarily in high-barrier-to-entry, supply-constrained, densely populated metropolitan areas in the United States. We currently own or have an ownership interest in these properties through our Core Portfolio (as defined below). We generate additional growth through our Funds (as defined below) in which we co-invest with high-quality institutional investors. All of our assets are held by, and all of our operations are conducted through, Acadia Realty Limited Partnership (the “Operating Partnership”) and entities in which the Operating Partnership owns an interest. As of December 31, 2023, the Trust controlled approximately 95% of the Operating Partnership as the sole general partner. As the general partner, the Trust is entitled to share, in proportion to its percentage interest, in the cash distributions and profits and losses of the Operating Partnership. The limited partners primarily represent entities or individuals that contributed their interests in certain properties or entities to the Operating Partnership in exchange for common or preferred units of limited partnership interest (“Common OP Units” or “Preferred OP Units,” respectively, and collectively, “OP Units”) and employees who have been awarded restricted Common OP Units as long-term incentive compensation (“LTIP Units”). Limited partners holding Common OP and LTIP Units are generally entitled to exchange their units on a one-for-one basis for our common shares of beneficial interest, par value $0.001 per share, of the Company (“Common Shares”). This structure is referred to as an umbrella partnership REIT, or “UPREIT.” BUSINESS OBJECTIVES AND STRATEGIES Our primary business objective is to acquire and manage commercial retail properties that will provide cash for distributions to shareholders while also creating the potential for capital appreciation to enhance investor returns. We focus on the following fundamentals to achieve this objective: •Own and operate a portfolio of high-quality retail properties located primarily in high-barrier-to-entry, densely populated metropolitan areas (“Core Portfolio”). Our goal is to create value through accretive development and re-tenanting activities within our existing portfolio and grow this platform through the acquisition of high-quality assets that have the long-term potential to outperform the asset class. •Generate additional growth through our Funds (as defined below) in which we co-invest with high-quality institutional investors. Our Fund strategy focuses on opportunistic yet disciplined acquisitions with high inherent opportunity for the creation of additional value. We execute on this opportunity and realize value through the sale of these assets. In connection with this strategy, we focus on: ▪value-add investments in street retail properties, located in established and “next-generation” submarkets, with re-tenanting or repositioning opportunities, ▪opportunistic acquisitions of well-located real estate anchored by distressed retailers, and ▪other opportunistic acquisitions, which vary based on market conditions and may include high-yield acquisitions and purchases of distressed debt. •Some of these Core Portfolio and Fund investments historically have also included, and may in the future include joint ventures with private equity investors for the purpose of making investments in operating retailers with significant embedded value in their real estate assets. •Maintain a strong and flexible balance sheet through conservative financial practices while ensuring access to sufficient capital to fund future growth. Investment Strategy — Generate External Growth through our Dual Platforms: Core Portfolio and Funds The objective that acquisitions be accretive on a long-term basis based on our cost of capital, as well as increase the overall Core Portfolio quality and value, is a key strategic consideration to the growth of our Core Portfolio. As such, we constantly evaluate the blended cost of equity and debt and adjust the amount of acquisition activity to align the level of investment activity with capital flows. 7 Given the growing importance of technology and e-commerce, many of our retail tenants are appropriately focused on omni-channel sales and how to best utilize e- commerce initiatives to drive sales at their stores. Considering these initiatives, we have found retailers are becoming more selective as to the location, size and format of their next-generation stores and are focused on dense, high-traffic retail corridors, where they can utilize smaller and more productive formats closer to their shopping population. Accordingly, our focus for Core Portfolio and Fund acquisitions is on those properties which we believe will not only remain relevant to our tenants but become even more so in the future. In addition to our Core Portfolio investments in real estate assets, we have also capitalized on our expertise in the acquisition, development, leasing, and management of retail real estate by establishing discretionary opportunity funds. Our Fund platform is an investment vehicle where the Operating Partnership invests, along with outside institutional investors, including, but not limited to, endowments, foundations, pension funds and investment management companies, in primarily opportunistic and value-add retail real estate. To date, we have launched five funds (“Funds”); Acadia Strategic Opportunity Fund, LP (“Fund I,” which was liquidated in 2015), Acadia Strategic Opportunity Fund II, LLC (“Fund II”), Acadia Strategic Opportunity Fund III LLC (“Fund III”), Acadia Strategic Opportunity Fund IV LLC (“Fund IV”) and Acadia Strategic Opportunity Fund V LLC (“Fund V,” and our “current fund”). The investment period for our current fund was completed in August 2023. Thus, as of December 31, we have closed on all new investments in our Funds, and any remaining obligations to our Funds are related to existing investments. Due to our level of control, we consolidate these Funds for financial reporting purposes. Fund I and Fund II have also included investments in operating companies through Acadia Mervyn Investors I, LLC (“Mervyns I,” which was liquidated in 2018), Acadia Mervyn Investors II, LLC (“Mervyns II”) and, in certain instances, directly through Fund II, all on a non-recourse basis. These investments comprise, and are referred to as, the Company's Retailer Controlled Property Venture (“RCP Venture”). The Operating Partnership is the sole general partner or managing member of the Funds and Mervyns II and earns priority distributions or fees for asset management, property management, construction, development, leasing, and legal services. Cash flows from the Funds and the RCP Venture are distributed pro-rata to their respective partners and members (including the Operating Partnership) until each receives a certain cumulative return (“Preferred Return”), and the return of all capital contributions. Thereafter, remaining cash flows are distributed 20% to the Operating Partnership (“Promote”) and 80% to the partners or members (including the Operating Partnership). See Note 1 to Consolidated Financial Statements for a detailed discussion of the Funds. Capital Strategy — Balance Sheet Focus and Access to Capital Our primary capital objective is to maintain a strong and flexible balance sheet through conservative financial practices, including moderate use of leverage within our Core Portfolio, while ensuring access to sufficient capital to fund future growth. We intend to continue financing acquisitions and property development and redevelopment with sources of capital determined by management to be the most appropriate based on, among other factors, availability in current capital markets, pricing, and other commercial and financial terms. Such sources of capital may include the issuance of public equity, unsecured debt, mortgage and construction loans, and other capital alternatives including strategic capital and the issuance of OP Units. We manage our interest rate risk through the use of fixed-rate debt and, where we use variable-rate debt, through the use of certain derivative instruments, including Secured Overnight Financing Rate (“SOFR”) swap agreements and interest rate caps as discussed further in Item 7A. Quantitative and Qualitative Disclosures about Market Risk of this Report. We maintain a share repurchase program that authorizes management, at its discretion, to repurchase up to $200.0 million of outstanding Common Shares. The program may be discontinued or extended at any time. We did not repurchase any shares during the years ended December 31, 2023, 2022 or 2021. As of December 31, 2023, management may repurchase up to approximately $122.5 million of Common Shares under the program. See Note 10. We also maintain an at-the-market equity issuance program (the "ATM Program") that provides us with an efficient and low-cost vehicle for raising capital through public equity issuances on an as-we-go basis to fund our capital needs. Through the ATM Program, we have been able to effectively “match-fund” a portion of the required capital for our Core Portfolio and Fund acquisitions through the issuance of Common Shares over extended periods employing a price averaging strategy. In addition, from time to time, we have issued and intend to continue to issue equity in follow-on offerings separate from our ATM Program. Net proceeds raised through our ATM Program and follow-on offerings are primarily used for acquisitions, both for our Core Portfolio and our pro-rata share of Fund acquisitions, the repayment of outstanding indebtedness and for other general corporate purposes. During the year ended December 31, 2023, we did not issue any Common Shares under our ATM Program. During the year ended December 31, 2022, we issued 5,525,419 Common Shares under our ATM Program for gross proceeds of $123.9 million. During the year ended December 31, 2021, we issued 2,889,371 Common Shares under our ATM Program for gross proceeds of $64.9 million. See Note 10. In January 2024, we completed an underwritten offering of 6,900,000 Common Shares (inclusive of the underwriters’ option to purchase 900,000 additional shares) for net proceeds of $113.0 million (Note 17). 8 Operating Strategy — Experienced Management Team with Proven Track Record Our senior management team has decades of experience in the real estate industry. We have capitalized on our expertise in the acquisition, development/redevelopment, leasing, and management of retail real estate by creating value through property development/redevelopment, re-tenanting and establishing joint ventures, such as the Funds, in which we earn, in addition to a return on our equity interest, promotes, priority distributions and fees. Operating functions such as leasing, property management, construction, finance and legal are generally provided by our personnel, providing for a vertically integrated operating platform. INVESTING ACTIVITIES See Item 2. Properties for a description of the properties in our Core and Fund portfolios. See Significant Developments under Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations for a detailed discussion of our consolidated and unconsolidated acquisitions, dispositions and financing activity for the year ended December 31, 2023. Core Portfolio Our Core Portfolio consists primarily of high-quality street retail and urban assets, as well as suburban properties located in high-barrier-to-entry, trade areas. As we typically hold our Core Portfolio properties for long-term investment, we review our portfolio and implement programs to renovate and re-tenant targeted properties to enhance their market position. This in turn is expected to strengthen the competitive position of our leasing department to attract and retain quality tenants, increasing cash flow, and consequently, property values. From time to time, we also identify certain properties for disposition and redeploy the capital for acquisitions and for the repositioning of existing properties with greater potential for capital appreciation. Funds Our Fund investments, which are discretionary and consolidated, consist of suburban shopping centers and urban retail assets structured as wholly-owned by our Funds or through jointly-owned investments with the Funds. Structured Finance Program We also make investments in first mortgages and other notes receivable collateralized by real estate, (which we refer to as our Structured Finance Program or SF) either directly or through entities having an ownership interest therein. Development and Redevelopment Activities As part of our investing strategy, we invest in real estate assets that may require significant development. In addition, certain assets may require redevelopment to meet the demand of changing markets. As of December 31, 2023, there were two Core Portfolio and one Fund development projects, and eight Core Portfolio and one Fund redevelopment projects. During the year ended December 31, 2023, we placed three Core Portfolio properties into redevelopment and one Fund Portfolio property into service. See Item 2. Properties—Development Activities and Note 2. GOVERNMENT REGULATIONS AND ENVIRONMENTAL LAWS We are subject to federal, state and local laws and regulations, including environmental laws and regulations. As of the date of this Report, we do not expect the cost of compliance with such laws and regulations to have a material impact on our capital expenditures, earnings, or competitive position. See Item 1A. Risk Factors — Risks Related to Litigation, Environmental Matters and Governmental Regulation. We may be liable for the costs of removal or remediation of certain hazardous or toxic substances at our property sites, as well as certain other potential costs relating to hazardous or toxic substances (including government fines and penalties and damages for injuries to persons and adjacent property). These laws may impose liability without regard to whether we knew of, or were responsible for, the presence or disposal of those substances. This liability may be imposed on us in connection with the activities of an operator of, or tenant at our properties. The cost of any required remediation, removal, fines or personal or property damages and our liability therefore could exceed the value of the property and/or our aggregate assets. In addition, the presence of such substances, or the failure to properly dispose of or remove such substances, may adversely impact our ability to sell or rent an affected property or to borrow using that property as collateral, which, in turn, would reduce our revenues and ability to make distributions. 9 Our existing properties, as well as properties we may acquire, as commercial facilities, are required to comply with the Americans with Disabilities Act of 1990, as amended (the "ADA"). See Item 1A. Risk Factors — Compliance with the Americans with Disabilities Act and fire, safety and other regulations may require us to make unplanned expenditures that could adversely affect our financial condition, cash flows and results of operations. In addition, we may become subject to new compliance requirements and/or new costs or taxes associated with natural resource or energy usage and related emissions (such as a carbon tax), which could increase our operating costs. Compliance with new laws or regulations related to climate change may require us to make improvements to our existing properties or pay additional taxes and fees assessed on us or our properties. See Item 1A. Risk Factors — Climate change, natural disasters or health crises could adversely affect our properties and business. CORPORATE HEADQUARTERS Our executive office is located at 411 Theodore Fremd Avenue, Suite 300, Rye, New York 10580, and our telephone number is (914) 288-8100. HUMAN CAPITAL We recognize that our ability to achieve the high standards we set for our company can best be accomplished by curating a diverse team of top talent. We are committed to fostering an energized and motivated workforce through programs and benefits that promote employee satisfaction, advancement, equity, and inclusion. As of December 31, 2023, we had 117 employees, of whom 95 were located at our executive office and 22 were located at regional property management offices. During 2023, our total turnover rate was approximately 11%. None of our employees are covered by collective bargaining agreements and management believes that its relationship with employees is good. Diversity, Equity, and Inclusion Diversity, equity, and inclusion (“DEI”) are fundamental values of our business. We believe that our potential for success is maximized by having a diverse workforce that is reflective of our society and the communities we serve. As of December 31, 2023, women represent 49% of our employees, 36% of our management-level positions and 25% of the independent trustees on our board of trustees (the "Board"), and racially and ethnically diverse individuals represent 25% of our employees, 24% of our management-level positions, and 13% of the independent trustees on our Board. Our DEI Program is focused on fostering a professional environment that fully embraces individuals with varied backgrounds, cultures, races, identities, ages, perspectives, beliefs, and values. Through education and awareness – including annual employee training on DEI topics such as unconscious bias and allyship – we are working to maintain a corporate culture that is characterized by respect, acceptance, and inclusivity. We believe that we have an individual and institutional responsibility to observe, promote and protect DEI principles. As part of our commitment to promoting DEI principles, we signed the CEO Action for Diversity & Inclusion pledge in 2020, and since that year, our DEI Steering Committee has actively worked to establish goals and initiatives for our DEI program. Employee Engagement We have been recognized as a Great Place to Work® based on employee satisfaction surveys for four consecutive years. We analyze the survey results to identify opportunity areas for enhancing employee satisfaction and engagement. Training and Development We continually invest in the training and development of our people. Education opportunities are offered within our organization and through attendance at industry conferences, seminars, and company offered resources, like LinkedIn Learning. To promote career advancement, leadership training opportunities are available to managers and high-potential employees who are identified as possible successors for senior-level roles. We believe that mentorship within our organization supports employee development while building a sense of inclusion and increasing employee engagement and satisfaction. Our senior management team focuses on succession planning for senior leadership and business unit lead roles and presents a succession plan to our Board annually. 10 Our summer internship program offers hands-on experience to students looking to specialize in the retail real estate industry and offers our company a fresh perspective. We are committed to building our own talent pipeline and are thrilled that many of our interns return to Acadia to work with us as full-time employees. We seek to consider a diverse pool of candidates for our internship program through partnerships with external organizations. Health and Wellness All of our employees are eligible to participate in our Wellness at Acadia Program, which is focused on education, awareness, and fitness classes, and is coordinated by our Wellness Team, comprised of members across our company with an active interest in wellness programming. Our Wellness at Acadia Program advocates for, and provides resources regarding, nutrition, exercise, mental health, and workplace ergonomics. We offer a comprehensive benefits package to all eligible employees. ENVIRONMENTAL, SOCIAL AND GOVERNANCE (“ESG”) Achievements and Initiatives We seek to drive financial performance while engaging in environmentally and socially responsible business practices grounded in sound corporate governance. Our ESG program is overseen by the Board’s Nominating and Corporate Governance Committee (“NCG Committee”). The NCG Committee periodically reviews our ESG strategy, practices and policies, receives regular updates from management regarding our ESG activities and reports to the full Board for further discussion and evaluation as needed and appropriate. Day-to-day management of our ESG program, including developing and guiding the implementation of our ESG initiatives, is performed by our full-time dedicated Director of ESG and our internal ESG Committee, comprised of senior leaders and representatives from various departments. The ESG Committee meets regularly, at least quarterly, and provides periodic updates on our ESG program to our Chief Executive Officer and the Board. We maintain an Enterprise Risk Management (“ERM”) plan to identify and formulate responses to the most critical risks to operations, including those related to climate change and environmental impact. ERM planning serves as an additional forum for the integration of ESG considerations into our business operations. In addition to a dedicated team of professionals, we have established ESG policies and procedures that inform and guide our ESG approach and drive our ESG goals forward, including a firm-wide ESG Policy and a Tenant Sustainability Guide. We continue to align our reporting with the Task Force on Climate-Related Financial Disclosures (“TCFD”), the Sustainability Accounting Standards Board (“SASB”), and Global Reporting Initiative (“GRI”) frameworks. We seek to align our ESG strategy and goals with certain United Nations Sustainable Development Goals ("UN SDGs"), such as goals to combat climate change and to promote the sustainability of our communities. Below are some highlights of our ESG program. Additional information is available in our Proxy and Corporate Responsibility Report. Such information is not incorporated by reference into, and is not part of this Report. Environmental We are committed to understanding the environmental impact of our operations and promoting environmental sustainability while maintaining high standards for our company and our stakeholders. We are building the resiliency of our portfolio to the physical and transition risks of climate change. For standing investments, we analyze climate-related physical and transition risks and we consider any identified risks as part of our ERM budgeting, and capital improvements processes. Climate-related physical and transition risks are also assessed as part of the due diligence process for acquisitions. Understanding climate-related risks to our portfolio enables us to implement mitigation measures, including increased insurance coverage and physical enhancements, such as waterproofing systems, as necessary. In addition, we established a GHG emissions reduction goal for scope 1 and 2 emissions in our portfolio in an effort to reduce our exposure to, and our contribution to, the negative impacts of climate change. See also Item 1A. Risk Factors — Climate change and natural disasters could adversely affect our properties and business. We prioritize energy efficiency to try to reduce the amount of GHG emissions generated by our properties. Our energy efficiency strategy seeks to reduce energy consumption through a variety of measures, including LED lighting, and smart lighting controls upgrades in our parking areas, and smart thermostat installations in our vacant tenant spaces. Our energy efficiency strategy is complemented by our renewable energy strategy which seeks to incorporate the use of electricity sourced from renewable energy projects, such as solar and wind, for the landlord-controlled common areas of our properties. We engage in renewable energy projects through leasing roof and parking lot space at our properties for solar panel arrays and electric vehicle charging stations. 11 Our water management program focuses on monitoring and reducing common area water consumption, while encouraging water management practices by our tenants. We leverage technology to track and analyze water consumption at our properties to identify and decrease excessive use. A majority of our properties benefit from the use of a landscape design focused on drought-resistant, native, pollinator-friendly plantings that save water. For substantially all of our properties with landlord- controlled irrigation, we have installed smart irrigation systems with features like rain sensors, to ensure the irrigation is turned on only when necessary. In addition, we use submeters at certain of our properties to give our retail tenants visibility into their water consumption and a financial incentive to decrease their consumption. We include a green clause into our standard form of retail leases to align tenant and landlord interests in promoting the sustainability of our properties, which provides for, among other requirements, cooperation on environmental and social initiatives, and upgrades. We are proud to be named a Green Lease Leader by the Institute for Market Transformation/the U.S. Department of Energy’s Better Buildings Alliance and achieved gold status for using green leases to engage our tenants in making our properties more sustainable. Our sustainable practices extend to our corporate offices where we have adopted energy reduction, waste management and water conservation initiatives. These initiatives include, for example, installing LED lighting and automatic occupancy sensors for lighting and equipment, recycling programs, implementing electronic communication systems for tenant billing, and using low-flow faucets. Our corporate headquarters is easily accessible by public transit due to the close proximity to two train stations, helping to reduce air pollution and greenhouse gas emissions from employee travel. As a result of sustainability efforts made at our corporate headquarters, we were awarded the Outstanding Achievement in Land Use Award by the Green Business Partnership in 2019. Social DEI are fundamental values of our business. For additional details regarding our DEI Program, as well as employee engagement, employee training and development, and employee health and wellness initiatives, see Item 1. Business - Human Capital. Our company supports employee volunteerism and philanthropy. We engage with local charitable and volunteer organizations to connect with those in need and provide support to our communities. We value the importance of community engagement through the facilitation of events at our properties. We partner with local communities and non-profit organizations to host community events and fundraisers throughout our portfolio. The health and well-being of our tenants and their employees and customers are important to us. Our property managers conduct regular inspections, repairs and improvements to maintain safe and secure shopping centers and enhance the retail experience. We strive to respect and promote human rights in accordance with the UN Guiding Principles on Business and Human Rights. We support freedom of association as proclaimed in the Universal Declaration of Human Rights. Governance We are dedicated to maintaining a high standard for corporate governance predicated on integrity, ethics, diversity, and transparency. All of our Board members stand for re-election every year. We seek to maintain a diverse Board primarily comprised of independent trustees who represent a mix of varied experience, backgrounds, tenure, and skills to ensure a broad range of perspectives is represented. In 2021, our NCG Committee formally committed in its charter to seek to include candidates with a diversity of race, ethnicity, and gender in the pool from which it selects trustee candidates. The Committee annually reviews the composition of the Board and recommends measures to seek to achieve the appropriate balance of knowledge, experience, skills, expertise, and diversity of backgrounds on the Board to enable the Company to execute its strategic plan and achieve its objectives. As of December 31, 2023, two of our eight independent trustees are female and one independent trustee represents racial and ethnic diversity. Additionally, we regularly monitor developments in the area of corporate governance and seek to enhance our corporate governance structure based upon a review of new developments and recommended best practices, considering investor feedback. We believe that sound corporate governance strengthens the accountability of our Board and management and promotes the long-term interests of our shareholders. Governance highlights include: opt-out of the Board self-classification provisions of Subtitle 8; no shareholder rights plan; annual election of trustees; majority voting standard for trustees in uncontested elections with a resignation policy if an incumbent trustee fails to receive the required vote for re-election; independent and diverse Board with a lead independent trustee; regular succession planning; risk oversight by the full Board and committees; claw-back, anti-hedging and anti-pledging policies; annual Say-on-Pay vote; and shareholders’ ability to call a special meeting. 12 Our Corporate Governance Guidelines and associated policies mandate an elevated level of excellence from our company, the Board and management. Through transparency, alignment of interests, and removal of potential conflicts of interests, we ensure that our decisions and actions advance the interests of our shareholders, employees, and other stakeholders. COMPANY WEBSITE All of our filings with the Securities and Exchange Commission (the “SEC”), including our annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, and any amendments to such reports, are available at no cost on the Investors page of our website at www.acadiarealty.com, as soon as reasonably practicable after we electronically file such materials with, or furnish them to, the SEC. These filings can also be accessed through the SEC’s website at www.sec.gov. Alternatively, we will provide paper copies of our filings, including this Report, at no cost upon request addressed to Investor Relations at Acadia Realty Trust, 411 Theodore Fremd Avenue, Suite 300, Rye, NY 10580, phone number (914) 288-8100 or email investorrelations@acadiarealty.com. We use, and intend to use, the Investors page of our website as a means of disclosing material nonpublic information and of complying with our disclosure obligations under Regulation FD, including, without limitation, through the posting of investor presentations that may include material nonpublic information. Accordingly, investors should monitor the Investors page, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this Report. CODE OF ETHICS AND WHISTLEBLOWER POLICIES Our Board adopted a Code of Business Conduct and Ethics applicable to all employees, as well as a “Whistleblower Policy.” Copies of these documents are available in the Investors – Corporate Governance page of our website at www.acadiarealty.com. We will disclose future amendments to, or waivers from (with respect to our executive officers and trustees), our Code of Business Conduct and Ethics on our website within four business days following the date of such amendment or waiver. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this Report. 13 ITEM 1A. RISK FACTORS. Set forth below are the risk factors that we believe are material to our investors. You should carefully consider these risk factors, together with all of the other information included in this Report, including our consolidated financial statements and related notes thereto, before you decide whether to make an investment in our securities. The occurrence of any of the following risks could adversely affect our financial condition, cash flows, results of operations, and ability to satisfy our debt service obligations and to make distributions to our shareholders. In such case, the trading price of our Common Shares could decline, and you may lose all or a significant part of your investment. This section includes or refers to certain forward-looking statements. See “Special Note Regarding Forward-Looking Statements”. The following risk factors are not exhaustive. Other sections of this Report may include additional factors that could adversely affect our financial condition, cash flows, results of operations, and ability to satisfy our debt service obligations and to make distributions to our shareholders. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time, and it is not possible for us to predict all such risk factors, nor can we assess the impact of all such risk factors on our business or the extent to which any factor, or combination of factors, may affect our business. Investors should also refer to our quarterly reports on Form 10-Q and current reports on Form 8-K for future periods for material updates to these risk factors. RISKS RELATED TO OUR BUSINESS, OUR PROPERTIES AND OUR TENANTS There are risks relating to investments in real estate that could adversely affect our financial condition, cash flows, results of operations, and ability to satisfy our debt service obligations and make distributions to our shareholders. Real property investments are subject to multiple risks. Real estate values are affected by several factors, including changes in the general economic climate, local conditions (such as an oversupply of space or a reduction in demand), the quality and philosophy of management, competition from other available space, and the ability to provide adequate maintenance and insurance and to control variable operating costs. Retail properties, in particular, may be affected by changing perceptions of retailers or shoppers regarding the convenience and attractiveness of the property and by the overall climate for the retail industry. Real estate values are also affected by such factors as government regulations, interest rate levels, the availability of financing and potential liability under, and changes in, environmental, zoning, tax, and other laws. A significant portion of our income is derived from rental income from real property. Our income and cash flow would be adversely affected if we were unable to rent our vacant space to viable tenants on economically favorable terms or at all. In the event of default by a tenant, we may experience delays in enforcing, as well as incur substantial costs to enforce, our rights as a landlord. In addition, certain significant expenditures associated with each equity investment (such as mortgage payments, real estate taxes and maintenance costs) are generally not reduced even though there may be a reduction in income from the investment. We rely on revenues derived from tenants, in particular our key tenants, and a decrease in those revenues could adversely affect our ability to make distributions to our shareholders. Revenue from our properties depends primarily on the ability of our tenants to pay the full amount of rent and other charges due under their leases on a timely basis. We derive significant revenues from a concentration of 20 key tenants, which occupy space at more than one property and collectively account for approximately 17.8% of our consolidated revenue. We could be adversely affected in the event of the bankruptcy or insolvency of, or a downturn in the business of, any of our key tenants, or in the event that any such tenant does not renew its leases as they expire or renews such leases at lower rental rates. See Item 2. Properties—Major Tenants for quantified information with respect to the percentage of our minimum rents received from major tenants. Anchor tenants and co-tenancy are crucial to the success of retail properties and vacated anchor space directly and indirectly affects our rental revenues. Certain of our properties are supported by “anchor” tenants. Anchor tenants pay a significant portion of total rents at a property and contribute to the success of other tenants by drawing large numbers of customers to a property. Vacated anchor space not only directly reduces rental revenues, but, if not re-tenanted with a tenant with comparable consumer attraction, could adversely affect the rest of the property primarily through the loss of customer drawing power. This can also occur through the exercise of the right that most anchors have to vacate and prevent re-tenanting by paying rent for the balance of the lease term, also known as “going dark”, such as the case of the departure of a “shadow” anchor tenant that is owned by another landlord. In addition, in the event that certain anchor tenants cease to occupy a property, such an action results in a significant number of other tenants having the contractual right to terminate their leases, or pay a reduced rent based on a percentage of the tenant’s sales, at the affected property, which could adversely affect the future income from such property, also known as “co-tenancy.” Although it may not directly reduce our rental revenues, and there are no contractual co-tenancy conditions, vacant retail space adjacent to, or even on the same block as our street and urban properties may similarly affect shopper traffic and re-tenanting activities at our properties. See Item 2. Properties—Major Tenants. 14 The bankruptcy of, or a downturn in the business of, any of our major tenants or a significant number of our smaller tenants may adversely affect our financial condition, cash flows, results of operations and property values. The bankruptcy of, or a downturn in the business of, any of our major tenants causing them to reject their leases, or to not renew their leases as they expire, or renew at lower rental rates, may adversely affect our cash flows and property values. Furthermore, the impact of vacated anchor space and the potential reduction in customer traffic may adversely impact the balance of tenants at a shopping center. Historically and from time to time, certain of our tenants experienced financial difficulties and filed for bankruptcy protection, typically under Chapter 11 of the United States Bankruptcy Code. Pursuant to bankruptcy law, tenants have the right to reject some or all of their leases. In the event a tenant exercises this right, the landlord generally has the right to file a claim for lost rent equal to the greater of either one year’s rent (including tenant expense reimbursements) for remaining terms greater than one year, or 15% of the rent remaining under the balance of the lease term, but not to exceed three years rent. Actual amounts to be received in satisfaction of those claims will be subject to the tenant’s final bankruptcy plan and the availability of funds to pay its creditors. There can be no assurance that our major tenants will not declare bankruptcy, in which case we may be unable to recoup past and future rent in full, and to re-lease a terminated or rejected space on comparable terms or at all. We may not be able to renew current leases or the terms of re-letting (including the cost of concessions to tenants) may be less favorable to us than current lease terms. Upon the expiration of current leases for space located in our properties, we may not be able to re-let all or a portion of that space, or the terms of re-letting (including the cost of concessions to tenants) may be less favorable to us than current lease terms. If we are unable to re-let promptly all or a substantial portion of the space located in our properties or if the rental rates we receive upon re-letting are significantly lower than current rates, our net income and ability to make expected distributions to our shareholders will be adversely affected due to the resulting reduction in revenues. There can be no assurance that we will be able to retain tenants in any of our properties upon the expiration of their leases. See Item 2. Properties—Lease Expirations for additional information regarding the scheduled lease expirations in our portfolio. In addition, current inflation levels are greater than the contractual rent increases we obtain from our tenant base. As a result, the Company could feel pricing pressure on rents that it is able to charge to new or renewing tenants, such that future rents and rent spreads could be negatively impacted. Our business is significantly influenced by demand for retail space generally, and a decrease in such demand may have a greater adverse effect on our business than if we owned a more diversified real estate portfolio. A decrease in the demand for retail space may have a greater adverse effect on our business and financial condition than if we owned a more diversified real estate portfolio. The market for retail space has been, and could continue to be, adversely affected by weakness in the national, regional, and local economies, the adverse financial condition of some large retailing companies and bankruptcy incidence, the ongoing consolidation in the retail sector, the excess amount of retail space in a number of markets and increasing consumer purchases through the Internet. To the extent that any of these conditions occur, they are likely to negatively affect market rents for retail space and could adversely affect our financial condition, cash flows, results of operations, the trading price of our Common Shares and our ability to satisfy our debt service obligations and to pay distributions to our shareholders. E-commerce can have an impact on our business because it may cause a downturn in the business of our current tenants and affect future leases. The use of the Internet by retail consumers continues to gain in popularity and the migration toward e-commerce is expected to continue. The increase in Internet sales could result in a downturn in the business of our current tenants in their “brick and mortar” locations, adversely impacting their ability to satisfy their rent obligations, and could affect the way future tenants lease space. While we devote considerable effort and resources to analyze and respond to tenant trends, preferences, and consumer spending patterns, we cannot predict with certainty what future tenants will want, what future retail spaces will look like and how much revenue will be generated at traditional “bricks and mortar” locations. If we are unable to anticipate and respond promptly to trends in the market because of, among others, the illiquid nature of real estate our occupancy levels and financial results could suffer. See the Risk Factor entitled, “Our ability to change our portfolio is limited because real estate investments are illiquid” below. 15 Many of our real estate costs are fixed, even if income from our properties decreases, which would cause a decrease in net income. Our financial results depend primarily on leasing space at our properties to tenants on terms favorable to us. Costs associated with real estate investment, such as real estate taxes, insurance, and maintenance costs, generally are not reduced even when a property is not fully occupied, rental rates decrease, or other circumstances cause a reduction in income from the property. As a result, cash flow from the operations of our properties may be reduced if a tenant does not pay its rent or we are unable to fully lease our properties on favorable terms. Additionally, properties that we develop or redevelop may not produce any significant revenue immediately, and the cash flow from existing operations may be insufficient to pay the operating expenses and debt service associated with such projects until they are fully occupied. Our ability to change our portfolio is limited because real estate investments are illiquid. Equity investments in real estate are relatively illiquid and, therefore, our ability to change our portfolio promptly in response to changed conditions is limited, which could adversely affect our financial condition, cash flows, and ability to satisfy our debt service obligations and to make distributions to our shareholders. In addition, the Internal Revenue Code of 1986, as amended (the “Code”), contains restrictions on a REIT’s ability to dispose of properties that are not applicable to other types of real estate companies. Our Board may establish investment criteria or limitations as it deems appropriate, but it currently does not limit the number of properties in which we may seek to invest or on the concentration of investments in any one geographic region. As discussed under the heading “Our Board may change our investment policy or objectives without shareholder approval” below, we could change our investment, disposition and financing policies and objectives without a vote of our shareholders, but such change may be delayed or more difficult to implement due to the illiquidity of real estate. We could be adversely affected by conditions in the markets where our properties are geographically concentrated. Our performance depends on the economic conditions in markets where our properties are geographically concentrated. We have significant exposure to the greater New York and Chicago metropolitan regions, from which we derive 42.8% and 18.3% of the annual base rents within our Core Portfolio, respectively. In addition, our Funds derive 31.8%, 22.4% and 26.0% of their annual base rents in the New York metropolitan, Southeast, and Northeast regions of the United States, respectively. Our operating results could be adversely affected if market conditions, such as an oversupply of space or a reduction in demand for real estate, occur in these areas. Our development and construction activities could affect our operating results. We intend to continue selective development and construction of retail properties. See Item 1. Business — Investing Activities– Funds–Development Activities. As opportunities arise, we may delay construction until sufficient pre-leasing is reached, and financing is in place. Our development and construction activities include, among others, the risks that: •we may abandon development opportunities after expending resources to determine feasibility; •construction costs of a project may exceed our original estimates; •occupancy rates and rents at a newly completed property may not be sufficient to make the property profitable; •financing for development of a property may not be available to us on favorable terms or at all; •we may not complete construction and lease-up on schedule, resulting in increased debt service expense and construction costs, including labor and material costs; and •we may not be able to obtain or may experience delays in obtaining necessary zoning and land use approvals as well as building, occupancy and other required governmental permits and authorizations. In addition, the entitlement and development of real estate entails extensive approval processes, sometimes involving multiple regulatory jurisdictions. It is common for a project to require multiple approvals, permits and consents from U.S. federal, state and local governing and regulatory bodies. Compliance with these and other regulations and standards is time intensive and costly and may require additional long range infrastructure review and approvals which can add to project cost. In addition, development of properties containing delineated wetlands may require one or more permits from the U.S. federal government and/or state and local governmental agencies. Any of these issues can materially affect the cost, timing and economic viability of our development and redevelopment projects. At times, we may also be required to use unionized construction workers or to pay the prevailing wage in a jurisdiction to unionized workers, which could increase a project’s costs and the risk of a strike, thereby affecting construction timelines. 16 Additionally, the time frame required for development, construction and lease-up of these properties means that we may not realize a significant cash return for several years. If any of the above events occur, the development and construction of properties may hinder our growth and could have an adverse effect on our financial condition, cash flows and results of operations. In addition, new development and construction activities, regardless of whether or not they are ultimately successful, typically require substantial time and attention from management. Developments and acquisitions may fail to perform as expected, which could adversely affect our results of operations. Our investment strategy includes the development and acquisition of retail properties in supply constrained markets in densely populated areas with high average household incomes and significant barriers to entry. The acquisition of such properties is highly competitive. Additionally, the development and acquisition of such properties entails risks that include the following, any of which could adversely affect our financial condition, cash flows, results of operations, and our ability to meet our debt obligations and make distributions to shareholders: •The property may fail to achieve the returns we have projected, either temporarily or for extended periods; •We may not be able to identify suitable properties to acquire or may be unable to complete the acquisition of the properties we identify; •We may not be able to integrate an acquisition into our existing operations successfully; •Properties we redevelop or acquire may fail to achieve the occupancy or rental rates we project or within the time frames we project which may result in the properties’ failure to achieve the returns we projected; •Our pre-acquisition evaluation of the physical condition of each new investment may not detect certain defects or identify necessary repairs until after the property is acquired, which could significantly increase our total acquisition costs or decrease cash flow from the property; and •Our investigation of a property or building prior to our acquisition, and any representations we may receive from the seller of such building or property, may fail to reveal various liabilities, which could reduce the cash flow from the property or increase our acquisition cost. Historically, Fund I, Mervyns I and Fund III have provided Promote income. There can be no assurance that our joint ventures will continue to operate profitably and thus provide additional Promote income in the future. These factors could limit the return that we receive from such investments or cause our cash flows to be lower than our estimates. In addition, a partner or co-venturer may not have access to sufficient capital to satisfy its funding obligations to the joint venture. We may not be able to recover our investments in marketable securities or other investments, which may result in significant losses to us. Our investments in marketable securities are subject to specific risks relating to the particular issuer of the securities, including the financial condition and business outlook of the issuer, which may result in significant losses to us. Marketable securities are generally unsecured and may also be subordinated to other obligations of the issuer. As a result, investments in marketable securities are subject to risks of substantial market price volatility, resulting from changes in prevailing interest rates and the possibility that earnings of the issuer may be insufficient to meet its debt service and distribution obligations. These risks may adversely affect the value of outstanding marketable securities and the ability of the issuers to make distribution payments. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Note 8 for additional discussion regarding the shares held by the Company of Albertsons Companies, Inc. (“Albertsons”). The economic performance and value of our other investments, which we do not control and are in retail operations, are subject to risks associated with owning and operating retail businesses, as outlined in our other risk factors provided herein. A decline in the value of our other investments may require us to recognize an other- than-temporary impairment (“OTTI”) against such assets. When the fair value of an investment is determined to be less than its amortized cost at the balance sheet date, we assess whether the decline is temporary or other-than-temporary. If we intend to sell an impaired asset, or it is more likely than not that we will be required to sell the impaired asset before any anticipated recovery, then we must recognize an OTTI through charges to earnings equal to the entire difference between the asset’s amortized cost and its fair value at the balance sheet date. When an OTTI is recognized through earnings, a new cost basis is established for the asset, and the new cost basis may not be adjusted through earnings for subsequent recoveries in fair value. 17 Our real estate assets may be subject to impairment charges. We periodically assess whether there are any indicators that the value of our real estate assets and other investments may be impaired. A property’s value is considered to be impaired only if the estimated aggregate future undiscounted property cash flows are less than the carrying value of the property. In our estimate of cash flows, we consider factors such as trends and prospects and the effects of demand and competition on expected future operating income. If we are evaluating the potential sale of an asset or redevelopment alternatives, the undiscounted future cash flows consider the most likely course of action as of the balance sheet date based on current plans, intended holding periods and available market information. We are required to make subjective assessments as to whether there are impairments in the value of our real estate assets and other investments. Impairment charges have an immediate direct impact on our earnings. There can be no assurance that we will not take additional charges in the future related to the impairment of our assets. Any future impairment could have a material adverse effect on our operating results in the period in which the charge is taken. If a third-party vendor fails to provide agreed upon services, we may suffer losses. We are dependent and rely on third party vendors, including Cloud providers, for redundancy of our network, system data, security, and data integrity. If a vendor fails to provide services as agreed, suffers outages, business interruptions, financial difficulties, or bankruptcy, we may experience service interruption, delays, or loss of information. Cloud computing is dependent upon having access to an Internet connection in order to retrieve data. If a natural disaster, blackout, or other unforeseen event were to occur that disrupted the ability to obtain an Internet connection, we may experience a slowdown or delay in our operations. We conduct due diligence on all services providers, contractually specify privacy and data security responsibilities, and restrict access, use and disclosure of personal information. Actual or perceived threats associated with epidemics, pandemics or other public health crises, including the COVID-19 Pandemic, have had and could continue to have a material adverse effect on our and our tenants’ businesses, financial condition, results of operations, cash flow, liquidity, and ability to access the capital markets and satisfy debt service obligations. Epidemics, pandemics, or other public health crises, including the COVID-19 Pandemic, that impact economic and market conditions, particularly in the markets where our properties are located, and preventative measures taken to alleviate their impact, may have a material adverse effect on our and our tenants’ businesses, financial condition, results of operations, liquidity, and ability to access capital markets and satisfy debt service obligations. Our retail tenants depend on in-person interactions with their customers to generate unit-level profitability, and an epidemic, pandemic or other public health crisis may decrease customer willingness to frequent, and “shelter-in-place” or “stay-at-home” orders or recommendations may prevent customers from frequenting our tenants’ businesses, which may result in their inability to maintain profitability and make timely rental payments to us under their leases. Such restrictions may also affect customer behavior longer term by, among other things, creating a preference for e-commerce, discussed further in our risk factors above. RISKS RELATED TO OUR LIQUIDITY AND INDEBTEDNESS If we decided to employ higher leverage levels, we would be subject to increased debt service requirements and a higher risk of default on our debt obligations, which could adversely affect our financial conditions, cash flows and ability to make distributions to our shareholders. In addition, increases or changes in interest rates could cause our borrowing costs to rise and may limit our ability to refinance debt. Although we have historically used moderate levels of leverage, we have incurred, and expect to continue to incur, indebtedness to support our activities. As of December 31, 2023, our outstanding indebtedness was $1,881.1 million, of which $426.4 million was variable-rate indebtedness. None of our Declaration of Trust, our Bylaws or any policy statement formally adopted by our Board limits either the total amount of indebtedness or the specified percentage of indebtedness that we may incur. Accordingly, we could become more highly leveraged, resulting in increased debt service requirements and a higher risk of default on our debt obligations. This in turn could adversely affect our financial condition, cash flows and ability to make distributions to our shareholders. 18 Although approximately 77.3% of our outstanding debt has fixed or effectively fixed interest rates, we also borrow funds at variable interest rates. We are exposed to risks related to a potential rising interest rate environment for our current or any future variable interest rate debt, which could cause our borrowing costs to rise and may limit our ability to refinance debt. Interest expense on our variable-rate debt as of December 31, 2023 would increase by approximately $4.3 million annually for a 100- basis-point increase in interest rates. This exposure would increase if we sought additional variable-rate financing based on pricing and other commercial and financial terms. We enter into interest rate hedging transactions, including interest rate swap and cap agreements, with counterparties, generally, the same lenders who made the loan in question. There can be no guarantee that the future financial condition of these counterparties will enable them to fulfill their obligations under these agreements. As a result of LIBOR being discontinued, our LIBOR-based borrowings and hedges were converted to the Secured Overnight Financing Rate (“SOFR”). The discontinuation of LIBOR did not affect our ability to borrow or maintain already outstanding borrowings. Higher average interest rates resulted in higher interest expense and payments under our debt agreements. Our inability to raise capital or to carry out our growth strategy could adversely affect our financial condition, cash flows and results of operations. Our earnings growth strategy is based on the acquisition and development of additional properties, including acquisitions of core properties through our Operating Partnership and our high return investment programs through our Fund platform. The consummation of any future acquisitions will be subject to satisfactory completion of our extensive valuation analysis and due diligence review and to the negotiation of definitive documentation. We cannot be sure that we will be able to implement our strategy because we may have difficulty finding new properties, obtaining necessary entitlements, negotiating with new or existing tenants or securing acceptable financing. Acquisitions of additional properties entail the risk that investments will fail to perform in accordance with expectations, including operating and leasing expectations. In the context of our business plan, “development” generally means an expansion or renovation of an existing property. Development is subject to numerous risks, including risks of construction delays, cost overruns or uncontrollable events that may increase project costs, new project commencement risks such as the receipt of zoning, occupancy and other required governmental approvals and permits, and incurring development costs in connection with projects that are not pursued to completion. Historically, a component of our growth strategy has been through private-equity type investments made through our RCP Venture, which have included investments in operating retailers. The inability of such retailers to operate profitably would have an adverse impact on income realized from these investments. Through our investments in joint ventures, we have also invested in operating businesses that have operational risk in addition to the risks associated with real estate investments, including human capital issues, adequate supply of product and material, and merchandising issues. Furthermore, if we were unable to obtain sufficient investor capital commitments in order to initiate future Funds, or other sources of strategic capital, our current growth strategy would be adversely impacted. Because the Operating Partnership is the sole general partner or managing member of our Funds and earns promote distributions or fees for asset management, property management, construction, development, leasing, and legal services, such a situation would also adversely impact the amount of or ability to earn such promotes or fees. Our structured financing portfolio is subject to specific risks relating to the structure and terms of the instruments and the underlying collateral. We invest in notes receivables and preferred equity investments that are collateralized by the underlying real estate, a direct interest or the borrower’s ownership interest in the entities that own the properties and/or by the borrower’s personal guarantee. The underlying assets are sometimes subordinate in payment and collateral to more senior loans. The ability of a borrower or entity to make payments on these investments may be subject to the senior lender and/or the performance of the underlying real estate. In the event of a default by the borrower or entity on its senior loan, our investment will only be satisfied after the senior loan and we may not be able to recover the full value of the investment. In the event of a bankruptcy of an entity in which we have a preferred equity interest, or in which the borrower has pledged its interest, the assets of the entity may not be sufficient to satisfy our investment. 19 RISKS RELATED TO LITIGATION, ENVIRONMENTAL MATTERS AND GOVERNMENTAL REGULATION We are exposed to possible liability relating to environmental matters. Under various federal, state and local environmental laws, statutes, ordinances, rules, and regulations, as an owner of real property, we may be liable for the costs of removal or remediation of certain hazardous or toxic substances at, on, in or under our property, as well as certain other potential costs relating to hazardous or toxic substances (including government fines and penalties and damages for injuries to persons and adjacent property). These laws may impose liability without regard to whether we knew of, or were responsible for, the presence or disposal of those substances. This liability may be imposed on us in connection with the activities of an operator of, or tenant at, the property. The cost of any required remediation, removal, fines or personal or property damages and our liability therefore could exceed the value of the property and/or our aggregate assets. In addition, the presence of those substances, or the failure to properly dispose of or remove those substances, may adversely affect our ability to sell or rent that property or to borrow using that property as collateral, which, in turn, could reduce our revenues and affect our ability to make distributions. A property can also be adversely affected either through physical contamination or by virtue of an adverse effect upon value attributable to the migration of hazardous or toxic substances, or other contaminants that have or may have emanated from other properties. Although our tenants are primarily responsible for any environmental damages and claims related to the leased premises, in the event of the bankruptcy or inability of any of our tenants to satisfy any obligations with respect to the property leased to that tenant, we may be required to satisfy such obligations. In addition, we may be held directly liable for any such damages or claims irrespective of the provisions of any lease. From time to time, in connection with the conduct of our business, and prior to the acquisition of any property from a third party or as required by our financing sources, we authorize the preparation of Phase I environmental reports and, when necessary, Phase II environmental reports, with respect to our properties. Based upon these environmental reports and our ongoing review of our properties, we are currently not aware of any environmental condition with respect to any of our properties that we believe would be reasonably likely to have a material adverse effect on us. There can be no assurance, however, that the environmental reports will reveal all environmental conditions at our properties or that the following will not expose us to material liability in the future: •The discovery of previously unknown environmental conditions; •Changes in law; •Activities of tenants; and •Activities relating to properties in the vicinity of our properties. Changes in laws increasing the potential liability for environmental conditions existing on properties or increasing the restrictions on discharges or other conditions may result in significant unanticipated expenditures or may otherwise adversely affect the operations of our tenants, which could adversely affect our financial condition, cash flows and results of operations. Uninsured losses or a loss in excess of insured limits could adversely affect our financial condition, cash flows and results of operations. We carry comprehensive general liability, all-risk property, extended coverage, loss of rent insurance, and environmental liability on our properties, with policy specifications and insured limits customarily carried for similar properties. However, with respect to those properties where the leases do not provide for abatement of rent under any circumstances, we maintain a minimum of twelve months loss of rent insurance. In addition, there are certain types of losses, such as losses resulting from wars, terrorism or acts of God that generally are not insured because they are either uninsurable or not economically insurable. Should an uninsured loss or a loss in excess of insured limits occur, we could lose capital invested in a property, as well as the anticipated future revenues from a property, while remaining obligated for any mortgage indebtedness or other financial obligations related to the property. Any loss of these types could adversely affect our financial condition, cash flows and results of operations. 20 We may from time to time be subject to litigation that could negatively impact our financial condition, cash flows, results of operations and the trading price of our Common Shares. We may from time to time be a defendant in lawsuits and regulatory proceedings relating to our business. Such litigation and proceedings may result in defense costs, settlements, fines, or judgments against us, some of which may not be covered by insurance. Due to the inherent uncertainties of litigation and regulatory proceedings, we cannot accurately predict the ultimate outcome of any such litigation or proceedings. An unfavorable outcome may result in our having to pay significant fines, judgments, or settlements, which, if uninsured, or if exceeding insurance coverage, could adversely impact our financial condition, cash flows, results of operations and the trading price of our Common Shares. Additionally, certain proceedings or the resolution of certain proceedings may affect the availability or cost of some of our insurance coverage and expose us to increased risks that would be uninsured. See Item 3. Legal Proceedings and the Notes to Consolidated Financial Statements as updated by our subsequent filings with the SEC, for pending litigation, if any. Compliance with the Americans with Disabilities Act and fire, safety and other regulations may require us to make unplanned expenditures that could adversely affect our financial condition, cash flows and results of operations. All of our properties are required to comply with the Americans with Disabilities Act, as amended (the “ADA”). The ADA has separate compliance requirements for “public accommodations” and “commercial facilities,” but generally requires that buildings be made accessible to people with disabilities. Compliance with the ADA requirements could require removal of access barriers, and non-compliance could result in imposition of fines by the U.S. government or an award of damages to private litigants, or both. While the tenants to whom we lease properties are obligated by law to comply with applicable ADA provisions, and are typically obligated to cover costs of compliance, if required changes involve greater expenditures than anticipated, or if the changes must be made on a more accelerated basis than anticipated, the ability of these tenants to cover costs could be adversely affected. As a result of the foregoing or if a tenant is not obligated to cover the cost of compliance, we could be required to expend funds to comply with the provisions of the ADA, which could adversely affect our financial condition, cash flows and results of operations. In addition, we are required to operate our properties in compliance with fire and safety regulations, building codes and other land use regulations, as they may be adopted by governmental agencies and bodies and become applicable to the properties. We may be required to make substantial capital expenditures to comply with those requirements, and these expenditures could also adversely affect our financial condition, cash flows and results of operations. RISKS RELATED TO OUR MANAGEMENT AND STRUCTURE The loss of key management members could have an adverse effect on our business, financial condition, and results of operations. Our success depends on the contribution of key management members. The loss of the services of Kenneth F. Bernstein, President and Chief Executive Officer, or other key executive-level employees could have a material adverse effect on our business, financial condition, and results of operations. Management continues to strengthen our team and we have CEO succession planning in place, as well as an emergency transition plan, but there can be no assurance that such planning will be capable of implementation or that our efforts will be successful. We have obtained key-man life insurance for Mr. Bernstein. In addition, we have entered into an employment agreement with Mr. Bernstein and into severance agreements with other senior executives; however, Mr. Bernstein and such executives may terminate their employment with us at will. We have pursued and may in the future continue to pursue extensive growth opportunities, including investing in new markets, which may result in significant demands on our operational, administrative, and financial resources. We have pursued and may pursue growth opportunities, some of which have been, and in the future may be, in locations in which we have not historically invested. This expansion places significant demands on our operational, administrative, and financial resources. The continued growth of our real estate portfolio can be expected to continue to place a significant strain on our resources. Our future performance will depend in part on our ability to successfully attract and retain qualified management personnel to manage the growth and operations of our business. In addition, the acquired properties may fail to operate at expected levels due to the numerous factors that may affect the value of real estate. There can be no assurance that we will have sufficient resources to identify and manage the newly acquired properties. Our Board may change our investment policy or objectives without shareholder approval. Our Board may determine to change our investment and financing policies or objectives, our growth strategy and our debt, capitalization, distribution, acquisition, disposition, and operating policies. Our Board may establish investment criteria or limitations as it deems appropriate, but currently does not limit the number of properties in which we may seek to invest or the concentration of investments in any one geographic region. Although our Board has no present intention to revise or amend our strategies and policies, it may do so at any time without a vote by our shareholders. Accordingly, the results of decisions made by our Board as implemented by management may or may not serve the interests of all of our shareholders and could adversely affect our financial condition, cash flows, results of operations, and ability to satisfy our debt service obligations and to make distributions to our shareholders. 21 Concentration of ownership by certain investors may allow these investors to exert influence over the business and affairs of our Company. As of December 31, 2023, four institutional shareholders own 5% or more individually, and 54.7% in the aggregate, of our Common Shares. While this ownership concentration does not jeopardize our qualification as a REIT for U.S. federal income tax purposes (due to certain “look-through provisions” of the Code), a significant concentration of ownership may allow an investor or a group of investors to exert a greater influence over our management and affairs and may have the effect of delaying, deferring, or preventing a change in control of us. Additionally, our Board may, in its sole discretion, waive or modify the 9.8% Common Shares ownership limit in our Declaration of Trust with respect to one or more persons if it is satisfied that ownership in excess of the limit will not jeopardize our qualification as a REIT for U.S. federal income tax purposes. From time to time, we have entered into waivers with certain institutional investors, subject to certain representations from such investors, including that the Common Shares held by the investors will be held in the ordinary course of business and not with the purpose or effect of changing or influencing control of us. Restrictions on a potential change of control could prevent changes that would be beneficial to our shareholders. Our Board is authorized by our Declaration of Trust to establish and issue one or more series of preferred shares of beneficial interest without shareholder approval. We have not established any series of preferred shares other than the Series A and Series C Preferred OP Units in the Operating Partnership. However, the establishment and issuance of a class or series of preferred shares could make a change of control of us that could be in the best interests of the shareholders more difficult. In addition, we have entered into an employment agreement with our Chief Executive Officer and severance agreements with certain of our executives, which provide that, upon the occurrence of a change in control of us and either the termination of their employment without “cause” or their resignation for “good reason” (each, as defined in the respective agreement), such executive officers would be entitled to certain termination or severance payments made by us (which may include a lump sum payment equal to defined percentages of annual salary and prior years’ average bonuses, paid in accordance with the terms and conditions of the respective agreement), which could deter a change of control of us that could be in the best interests of our shareholders generally. Certain provisions of Maryland law may limit the ability of a third party to acquire control of our Company. Under the provisions of the Maryland General Corporation Law (the “MGCL”) applicable to REITs, certain business combinations, including certain mergers, consolidations, share exchanges and asset transfers and certain issuances and reclassifications of equity securities, between a Maryland REIT and any person who beneficially owns 10% or more of the voting power of the REIT’s outstanding voting shares of beneficial interest or an affiliate or an associate, as defined in the MGCL, of the REIT who, at any time within the two-year period immediately prior to the date in question, was the beneficial owner of 10% or more of the voting power of the then-outstanding shares of beneficial interest of the REIT (an “interested shareholder”) or an affiliate of the interested shareholder, are prohibited for five years after the most recent date on which the interested shareholder becomes an interested shareholder. After that five-year period, any such business combination must be recommended by the board of trustees of the REIT and approved by the affirmative vote of at least (i) 80% of the votes entitled to be cast by holders of outstanding voting shares of beneficial interest of the REIT and (ii) two-thirds of the votes entitled to be cast by holders of voting shares of beneficial interest of the REIT other than shares held by the interested shareholder with whom, or with whose affiliate, the business combination is to be effected or held by an affiliate or associate of the interested shareholder, unless, among other conditions, the REIT’s common shareholders receive a minimum price, as defined in the MGCL, for their shares and the consideration is received in cash or in the same form as previously paid by the interested shareholder for its common shares. These provisions of the MGCL do not apply, however, to business combinations that are approved or exempted by the board of trustees of the REIT before the interested shareholder becomes an interested shareholder. A person is not an interested shareholder if the board of trustees approved in advance the transaction by which the person otherwise would have become an interested shareholder. In approving a transaction, the board of trustees may provide that its approval is subject to compliance, at or after the time of approval, with any terms and conditions determined by the board. We have not elected to opt out of the business combination statute. The MGCL also provides that holders of “control shares” of a Maryland REIT (defined as voting shares that, when aggregated with all other shares owned by the acquirer or in respect of which the acquirer is entitled to exercise or direct the exercise of voting power (except solely by virtue of a revocable proxy), would entitle the acquirer to exercise one of three increasing ranges of voting power in electing trustees) acquired in a “control share acquisition” (defined as the direct or indirect acquisition of ownership or control of “control shares”) have no voting rights except to the extent approved by the affirmative vote of holders of at least two-thirds of all the votes entitled to be cast on the matter, excluding shares owned by the acquirer, by officers or by employees who are also trustees of the REIT. Our Bylaws contain a provision exempting from the control share acquisition statute any and all acquisitions by any person of our shares of beneficial interest. Our Bylaws can be amended by our Board by majority vote or by our shareholders, pursuant to a binding proposal properly submitted for consideration at a meeting of shareholders, by the affirmative vote of a majority of all votes entitled to be cast on the matter, and there can be no assurance that this provision will not be amended or eliminated at any time in the future. 22 Additionally, Title 3, Subtitle 8 of the MGCL (“Subtitle 8”) permits our Board, without shareholder approval and regardless of what is currently provided in our Declaration of Trust or Bylaws, to elect to be subject to certain provisions relating to corporate governance that may have the effect of delaying, deferring or preventing a transaction or a change of control of our Company that might involve a premium to the market price of our Common Shares or otherwise be in the best interests of our shareholders. We are subject to some of these provisions (for example, a two-thirds vote requirement for removing a trustee) by provisions of our Declaration of Trust and Bylaws unrelated to Subtitle 8. However, pursuant to the Articles Supplementary filed with the State Department of Assessments and Taxation of Maryland on November 9, 2017, which are referenced in Part IV Item 15. Exhibits and Financial Statement Schedules hereto, the Board approved a resolution to opt out of Section 3- 803 of Subtitle 8 that allows the Board, without shareholder approval, to elect to classify into three classes with staggered three-year terms. The Articles Supplementary prohibit the Company, without the affirmative vote of a majority of the votes cast on the matter by shareholders entitled to vote generally in the election of trustees, from classifying the Board under Subtitle 8. Becoming subject to, or the potential to become subject to, these provisions of the MGCL could inhibit, delay, or prevent a transaction or a change of control of our Company that might involve a premium price for our shareholders or otherwise be in our or their best interests. In addition, the provisions of our Declaration of Trust on removal of trustees and the provisions of our Bylaws regarding advance notice of shareholder nominations of trustees and other business proposals and restricting shareholder action outside of a shareholders meeting unless such action is taken by unanimous written consent could have a similar effect. Our rights and shareholders’ rights to take action against trustees and officers are limited, which could limit recourse in the event of actions not in the best interests of shareholders. As permitted by Maryland law, our Declaration of Trust eliminates the liability of our trustees and officers to the Company and its shareholders for money damages, except for liability resulting from: •actual receipt of an improper benefit or profit in money, property, or services; or •a final judgment based upon a finding of active and deliberate dishonesty by the trustee or officer that was material to the cause of action adjudicated. In addition, our Declaration of Trust authorizes, and our Bylaws obligate, us to indemnify each present or former trustee or officer, to the maximum extent permitted by Maryland law, who is made a party to any proceeding because of his or her service to our Company in those or certain other capacities. As part of these indemnification obligations, we may be obligated to fund the defense costs incurred by our trustees and officers. We operate through a partnership structure, which could have an adverse effect on our ability to manage our assets. Our primary property-owning vehicle is the Operating Partnership, of which we are the general partner. Our acquisition of properties through the Operating Partnership in exchange for interests in the Operating Partnership may permit certain tax deferral advantages to limited partners who contribute properties to the Operating Partnership. Since properties contributed to the Operating Partnership may have unrealized gains attributable to the differences between the fair market value and adjusted tax basis in such properties prior to contribution, the sale of such properties could cause adverse tax consequences to the limited partners who contributed such properties. Although we, as the general partner of the Operating Partnership, generally have no obligation to consider the tax consequences of our actions to any limited partner, we own several properties subject to material contractual restrictions for varying periods of time designed to minimize the adverse tax consequences to the limited partners who contributed such properties. Such restrictions may result in significantly reduced flexibility to manage some of our assets. Our joint venture investments carry additional risks not present in our direct investments. Partnership or joint venture investments (that may include, among others, tenancy-in common and other similar investments) may involve risks not otherwise present for investments made solely by us, including the possibility that our partner or co-venturer might become bankrupt, and that our partner or co-venturer may take action contrary to our instructions, requests, policies, or objectives, including with respect to maintaining our qualification as a REIT. Actions by, or disputes with, joint venture partners might result in subjecting properties owned by the joint venture to additional risks. Other risks of joint venture investments include impasses on decisions, such as a sale, because neither we nor a joint venture partner may have full control over the joint venture. Also, there is no limitation under our organizational documents as to the amount of our funds that may be invested in joint ventures. Additionally, our partners or co-venturers may engage in malfeasance in spite of our efforts to perform a high level of due diligence on them, which may jeopardize an investment and/or subject us to reputational risk. Such acts may or may not be covered by insurance. 23 Any disputes that may arise between joint venture partners and us may result in potentially costly litigation or arbitration that would prevent our officers and/or trustees from focusing their time and effort on our business. In addition, we may, in certain circumstances, be liable for the actions of our third-party joint venture partners. RISKS RELATED TO OUR REIT STATUS There can be no assurance we have qualified or will remain qualified as a REIT for federal income tax purposes. We believe that we have consistently met the requirements for qualification as a REIT for federal income tax purposes beginning with our taxable year ended December 31, 1993, and we intend to continue to meet these requirements in the future. However, qualification as a REIT involves the application of highly technical and complex provisions of the Code, for which there may be only limited judicial or administrative interpretations. No assurance can be given that we have qualified or will remain qualified as a REIT. The Code provisions and income tax regulations applicable to REITs differ significantly from those applicable to other entities. The determination of various factual matters and circumstances not entirely within our control can potentially affect our ability to continue to qualify as a REIT. In addition, no assurance can be given that future legislation, regulations, administrative interpretations, or court decisions will not significantly change the requirements for qualification as a REIT or adversely affect the Federal income tax consequences of such qualification. Under current law, if we fail to qualify as a REIT, we would not be allowed a deduction for dividends paid to shareholders in computing our net taxable income. In addition, our income would be subject to U.S. federal income tax, including any applicable alternative minimum tax, on our taxable income at the regular corporate rates and we could be subject to the one-percent excise tax on share repurchases imposed by the 2022 Inflation Reduction Act. Also, we could be disqualified from treatment as a REIT for the four taxable years following the year during which qualification was lost. Cash available for distribution to our shareholders would be significantly reduced for each year in which we do not qualify as a REIT. In that event, we would not be required to continue to make distributions. Although we currently intend to continue to qualify as a REIT, it is possible that future economic, market, legal, tax or other considerations may cause us, without the consent of our shareholders, to revoke the REIT election or to otherwise take action that would result in disqualification. Legislative or regulatory tax changes could have an adverse effect on our status as a REIT for Federal income tax purposes. There are a number of issues associated with an investment in a REIT that are related to the Federal income tax laws, including, but not limited to, the consequences of our failing to continue to qualify as a REIT. At any time, the Federal income tax laws governing REITs, or the administrative interpretations of those laws may be amended or modified. Any new laws or interpretations may take effect retroactively and could adversely affect us or our shareholders. We may be required to borrow funds or sell assets to satisfy the REIT distribution requirements. Our cash flows may be insufficient to fund distributions required to maintain our qualification as a REIT as a result of differences in timing between the actual receipt of income and the recognition of income for U.S. Federal income tax purposes, or as a result of our inability to currently deduct certain expenditures that we must currently pay, such as capital expenditures, payments of compensation for which Section 162(m) of the Code denies a deduction, any business interest expense that is disallowed under Section 163 (j) of the Code (unless we elect to be an “electing real property trade or business”), and the creation of reserves or required amortization payments. We have historically satisfied these distribution requirements by making cash distributions to our shareholders, a REIT is permitted to satisfy these requirements by making distributions of cash or other property, including, in limited circumstances, its own stock. Assuming we continue to satisfy these distribution requirements with cash, we may need to borrow funds on a short term basis or sell assets, to meet the REIT distribution requirements and avoid the payment of income and excise taxes even if the then prevailing market conditions are not favorable for these borrowings or sales. These cash needs could result from differences in timing between the actual receipt of cash and inclusion of income for U.S. federal income tax purposes, or the effect of non-deductible capital expenditures, the creation of cash reserves or required debt or amortization payments. These sources, however, may not be available on favorable terms or at all. Our access to third-party sources of capital depends on a number of factors, including the market’s perception of our growth potential, our current debt levels, the market price of our common stock, and our current and potential future earnings. Such actions could adversely affect our cash flow and results of operations. Dividends payable by REITs generally do not qualify for reduced tax rates. Certain qualified dividends paid by corporations to individuals, trusts and estates that are U.S. shareholders are taxed at capital gain rates, which are lower than ordinary income rates. Dividends of current and accumulated earnings and profits payable by REITs, however, are taxed at ordinary income rates as opposed to the capital gain rates. Pursuant to section 199A of the Code, from 2018 through 2025, certain REIT shareholders will be permitted to deduct 20% of ordinary REIT dividends received. Dividends payable by REITs in excess of these earnings and profits generally are treated as a non-taxable reduction of the shareholders’ basis in the shares to the extent thereof and thereafter as taxable gain. The more favorable rates applicable to regular corporate dividends could cause investors who are individuals, trusts, and estates to perceive investments in REITs, including us, to be relatively less attractive than investments in the stock of non-REIT corporations that pay dividends, which may negatively impact the trading prices of our securities. 24 Complying with REIT requirements may cause us to forego otherwise attractive opportunities or liquidate otherwise attractive investments. To qualify to be taxed as a REIT for U.S. federal income tax purposes, we must continually satisfy tests concerning, among other things, the sources of our income, the nature and diversification of our assets, the amounts we distribute to our shareholders and the ownership of our Common Shares. In order to meet these tests, we may be required to forego investments we might otherwise make and refrain from engaging in certain activities. Thus, compliance with the REIT requirements may hinder our performance. In addition, if we fail to comply with certain asset ownership tests at the end of any calendar quarter, we must correct the failure within 30 days after the end of the calendar quarter or qualify for certain statutory relief provisions to avoid losing our REIT qualification. As a result, we may be required to liquidate otherwise attractive investments. We have limits on ownership of our shares of beneficial interest. For us to qualify as a REIT for federal income tax purposes, among other requirements, not more than 50% of the value of our shares of beneficial interest may be owned, directly or indirectly, by five or fewer individuals (as defined in the Code to include certain entities) at any time during the last half of each taxable year, and such shares of beneficial interest must be beneficially owned by 100 or more persons during at least 335 days of a taxable year of 12 months or during a proportionate part of a shorter taxable year (in each case, other than the first such year). Our Declaration of Trust includes certain restrictions regarding transfers of our shares of beneficial interest and ownership limits that are intended to assist us in satisfying these limitations, among other purposes. These restrictions and limits may not be adequate in all cases, however, to prevent the transfer of our shares of beneficial interest in violation of the ownership limitations. The ownership limits contained in our Declaration of Trust may have the effect of delaying, deferring, or preventing a change of control of us. Actual or constructive ownership of our shares of beneficial interest in excess of the share ownership limits contained in our Declaration of Trust would cause the violative transfer or ownership to be null and void from the beginning and subject to purchase by us at a price equal to the fair market value of such shares (determined in accordance with the rules set forth in our Declaration of Trust). As a result, if a violative transfer were made, the recipient of the shares would not acquire any economic or voting rights attributable to the transferred shares. Additionally, the constructive ownership rules for these limits are complex and groups of related individuals or entities may be deemed a single owner and consequently in violation of the share ownership limits. Distribution requirements imposed by law limit our operating flexibility. To maintain our status as a REIT for Federal income tax purposes, we are generally required to distribute to our shareholders at least 90% of our taxable income for each calendar year. Our taxable income is determined without regard to any deduction for dividends paid and by excluding net capital gains. To the extent that we satisfy the distribution requirement, but distribute less than 100% of our taxable income, we will be subject to Federal corporate income tax on our undistributed net taxable income. In addition, we will incur a 4% nondeductible excise tax on the amount, if any, by which our distributions in any year are less than the sum of (i) 85% of our ordinary income for that year; (ii) 95% of our capital gain net income for that year; and (iii) 100% of our undistributed taxable income from prior years. We intend to continue to make distributions to our shareholders to comply with the distribution requirements of the Code and to minimize exposure to Federal income and excise taxes. Differences in timing between the receipt of income and the payment of expenses in determining our income as well as required debt amortization payments and the capitalization of certain expenses could require us to borrow funds on a short-term basis to meet the distribution requirements that are necessary to achieve the tax benefits associated with qualifying as a REIT. The distribution requirements also severely limit our ability to retain earnings to acquire and improve properties or retire outstanding debt. GENERAL RISK FACTORS The economic environment may cause us to lose tenants and may impair our ability to borrow money to purchase properties, refinance existing debt or finance our current development projects. Our operations and performance depend on general economic conditions, including consumer health. The U.S. economy has historically experienced financial downturns from time to time, including a decline in consumer spending, credit tightening and high unemployment. 25 Certain sectors of the U. S. economy have experienced weakness over the past several years. General economic factors that are beyond our control, including, but not limited to, economic recessions, decreases in consumer confidence, reductions in consumer credit availability, increasing consumer debt levels, rising energy costs, higher tax rates, continued business layoffs, downsizing and industry slowdowns, and/or rising inflation, could have a negative impact on the business of our retail tenants. In turn, this could have a material adverse effect on our business because current or prospective tenants may, among other things, (i) have difficulty paying their rent obligations as they struggle to sell goods and services to consumers, (ii) be unwilling to enter into or renew leases with us on favorable terms or at all, (iii) seek to terminate their existing leases with us or request rental concessions on such leases, or (iv) be forced to curtail operations or declare bankruptcy. There can be no assurance that an economic recovery will occur or continue. While we currently believe we have adequate sources of liquidity, there can be no assurance that, in the event of a financial downturn, we will be able to obtain secured or unsecured loan facilities to meet our needs, including to purchase additional properties, to complete current development projects, or to successfully refinance our properties as loans become due. To the extent that the availability of credit is limited, it would also adversely impact our notes receivable, as counterparties may not be able to obtain the financing required to repay the loans upon maturity. Political and economic uncertainty could have an adverse effect on our business. The year ended December 31, 2023 was impacted by significant volatility in global markets, largely driven by rising inflation and interest rates, slowing economic growth (including continued fallout from the COVID-19 Pandemic), geopolitical uncertainty (including as a result of the armed conflict between Russia and Ukraine, and recent escalation in the conflict between the State of Israel and Hamas, and potentially other countries in the Middle East and North Africa), supply-chain disruptions and instability in the banking sector following multiple bank failures. We cannot predict how current political and economic uncertainty will affect our critical tenants, joint venture partners, lenders, financial institutions, and general economic conditions, including the health and confidence of the consumer and the volatility of the stock market. Political and economic uncertainty poses a risk to us in that it may cause consumers to postpone discretionary spending in response to tighter credit, reduced consumer confidence and other macroeconomic factors affecting consumer spending behavior, resulting in a downturn in the business of our tenants. In the event current political and economic uncertainty results in further financial turmoil affecting the banking system and financial markets generally or significant financial service institution failures, there could be new or incremental tightening in the credit markets, low liquidity, and extreme volatility in fixed income, credit, currency, and equity markets. Each of these factors could adversely affect our financial condition, cash flows and results of operations. Inflation may adversely affect our financial condition, cash flows and results of operations. Rising inflation could have a pronounced negative impact on our mortgage and debt interest, development and redevelopment costs, and general and administrative expenses, as such costs and expenses could increase at a rate higher than our rents. In recent periods, central banks have responded to rapidly rising inflation by tightening monetary policies, which could create headwinds to economic growth. The rate hikes enacted by the Federal Reserve have had a significant impact on interest rate indexes, such as SOFR and the Prime Rate. See “Risks Related to Our Liquidity and Indebtedness”. We believe we manage our properties in a cost-conscious manner to minimize recurring operational expenses and utilize multi-year contracts to alleviate the impact of inflation on our business and our tenants. Most of our leases require tenants to pay their share of operating expenses, including common area maintenance, real estate taxes and insurance, thereby reducing our exposure to increases in costs and operating expenses resulting from inflation. While these provisions are designed to partially mitigate the impact of inflation, current inflation levels are greater than the contractual rent increases we are able obtain from our tenant base. Increased inflation could also have an adverse effect on consumer spending, which could impact our tenants’ sales and, in turn, our average rents, and in some cases, our percentage rents, where applicable. In addition, renewals of leases or future leases may not be negotiated on current terms, in which event we may recover a smaller percentage of our operating expenses. Competition may adversely affect our ability to purchase properties and to attract and retain tenants. There are numerous commercial developers, real estate companies, financial institutions, and other investors with greater financial resources than we have that compete with us in seeking properties for acquisition and tenants who will lease space in our properties. Our competitors include other REITs, financial institutions, private funds, insurance companies, pension funds, private companies, family offices, sovereign wealth funds and individuals. This competition may result in a higher cost for properties than we wish to pay. In addition, retailers at our properties (both in our Core Portfolio and in the portfolios of the Funds) face increasing competition from outlet malls, discount shopping clubs, e-commerce, direct mail, and telemarketing, which could (i) reduce rents payable to us and (ii) reduce our ability to attract and retain tenants at our properties leading to increased vacancy rates at our properties. 26 Changes in market conditions could have an adverse effect on our share price and our ability to access the public equity markets. The market price of our Common Shares may fluctuate significantly in response to many factors, including: •actual or anticipated variations in our operating results, funds from operations, cash flows or liquidity; •changes in our earnings estimates or those of analysts; •changes in our dividend policy; •impairment charges affecting the carrying value of one or more of our properties or other assets; •publication of research reports about us, the retail industry, or the real estate industry generally; •increases in market interest rates that lead purchasers of our securities to seek higher dividend or interest rate yields; •changes in market valuations of similar companies; •adverse market reaction to the amount of our outstanding debt at any time, the amount of our maturing debt in the near and medium term and our ability to refinance such debt and the terms thereof or our plans to incur additional debt in the future; •additions or departures of key management personnel; •actions by institutional security holders; •proposed or adopted regulatory or legislative changes or developments; •speculation in the press or investment community; •the occurrence of any of the other risk factors included in, or incorporated by reference in, this Report; and •general market and economic conditions. Many of the factors listed above are beyond our control. Those factors may cause the market price of our Common Shares to decline significantly, regardless of our financial performance, condition, and prospects. We cannot provide any assurance that the market price of our Common Shares will not fall in the future, and it may be difficult for holders to sell such securities at prices they find attractive, or at all. A decline in our share price, as a result of this or other market factors, could unfavorably impact our ability to raise additional equity in the public markets. Outages, computer viruses and similar events could disrupt our operations. We rely on information technology networks and systems, some of which are owned and operated by third parties, to process, transmit and store electronic information. Any of these systems may be susceptible to outages due to fire, floods, power loss, telecommunications failures, terrorist or cyber-attacks and similar events. Despite the implementation of network security measures, our systems and those of third parties on which we rely may also be vulnerable to computer viruses and similar disruptions. If we or the third parties on whom we rely are unable to prevent such outages and breaches, our operations could be disrupted. Increased Information Technology (“IT”) security threats and more sophisticated computer crime could pose a risk to our systems, networks, and services. Cyber incidents can result from deliberate attacks or unintentional events. There have been an increased number of significant cyber-attacks targeted at the retail, insurance, financial and banking industries that include, but are not limited to, gaining unauthorized access to digital systems for purposes of misappropriating assets or sensitive information, corrupting data or causing operational disruption. Cyber-attacks may also be carried out in a manner that does not require gaining unauthorized access, such as by causing denial-of-service attacks on websites. Cyber-attacks by third parties or insiders utilize techniques that range from highly sophisticated efforts to electronically circumvent network security or overwhelm a website to more traditional intelligence gathering, and social engineering aimed at obtaining information necessary to gain access. Increased global IT security threats are more sophisticated and targeted computer crimes pose a risk to the security of our systems and networks and the confidentiality, availability and integrity of our data. The open nature of interconnected technologies may allow for a network or Web outage or a privacy breach that reveals sensitive data or transmission of harmful/malicious code to business partners and clients. Because the techniques used to obtain unauthorized access, disable, or degrade service, or sabotage systems change frequently and may be difficult to detect for long periods of time, we may be unable to anticipate these techniques or implement adequate preventive measures. 27 Cyber-attacks may result in substantial financial and reputational cost, including but are not limited to: •Compromising of confidential information; •Manipulation and destruction of data; •Loss of trade secrets; •System downtimes and operational disruptions; •Remediation costs that may include liability for stolen assets or information and repairing system damage, as well as incentives offered to customers, tenants, or other business partners in an effort to maintain business relationships; •Loss of revenues resulting from unauthorized use of proprietary information; •Cost to deploy additional protection strategies, training employees and engaging third party experts and consultants; •Reputational damage adversely affecting investor and tenant confidence; and •Costly litigation. The control environment for cybersecurity is an ever-changing risk landscape across the entire attack surface which includes risks from on-premises, cloud infrastructure, software as a service and mobile applications. While we attempt to mitigate these risks by employing a number of cybersecurity measures, along with purchasing cybersecurity insurance coverage, our insurance coverage may be insufficient in the event of an incident and our systems, networks, and services remain potentially vulnerable to advanced threats. Use of social media may adversely impact our reputation and business. There has been a significant increase in the use of social media platforms, including weblogs, social media websites and other forms of Internet-based communications, which allow individuals access to a broad audience, including our significant business constituents. The availability of information through these platforms is virtually immediate as is its impact and may be posted at any time without affording us an opportunity to redress or correct it timely. This information may be adverse to our interests, may be inaccurate and may harm our reputation, brand image, goodwill, performance, prospects, or business. Furthermore, these platforms increase the risk of unauthorized disclosure of material non-public Company information. Climate change and natural disasters could adversely affect our properties and business. Some of our current or future properties could be subject to natural disasters and may be impacted by climate change. To the extent climate change causes adverse changes in weather patterns, rising sea levels or extreme temperatures, our properties in certain markets may be adversely affected. Specifically, properties located in coastal regions, including Florida, Virginia, Georgia, New York, and Massachusetts could be affected by any future increases in sea levels or in the frequency or severity of hurricanes and storms, whether caused by climate change or other factors. Additionally, we own properties in California, which in recent years has experienced intense drought and wildfires and has had earthquake activity. Climate change could have a variety of direct or indirect adverse effects on our properties and business, including: •Property damage to our retail properties; •Indirect financial and operational impacts from disruptions to the operations of major tenants located in our retail properties from severe weather, such as hurricanes, floods, wildfires or other natural disasters; •Increased insurance premiums and deductibles, or a decrease in or unavailability of coverage, for properties in areas subject to severe weather, such as hurricanes, floods, wildfires or other natural disasters; •Increased insurance claims and liabilities; •Increases in energy costs impacting operational returns; •Changes in the availability or quality of water or other natural resources on which the tenant’s business depends; •Decreased consumer demand for products or services resulting from physical changes associated with climate change (e.g., warmer temperatures or decreasing shoreline could reduce demand for residential and commercial properties previously viewed as desirable); •Incorrect long-term valuation of an equity investment due to changing conditions not previously anticipated at the time of the investment; and 28 •Economic disruptions arising from the above. Moreover, compliance with new laws or regulations related to climate change, including compliance with “green” building codes, may require us to make improvements to our existing properties or pay additional taxes and fees assessed on us or our properties. Although we strive to identify, analyze, and respond to the risk and opportunities that climate change presents, at this time there can be no assurance that climate change will not have an adverse effect on us. Future terrorist attacks or civil unrest could harm the demand for, and the value of, our properties. Over the past several years, a number of highly publicized terrorist acts and shootings have occurred at domestic and international retail properties. Future terrorist attacks, civil unrest and other acts of terrorism or war could harm the demand for, and the value of, our properties. Terrorist attacks could directly impact the value of our properties through damage, destruction, loss or increased security costs, and the availability of insurance for such acts may be limited or may be subject to substantial cost increases. To the extent that our tenants are impacted by future attacks, their ability to continue to honor obligations under their existing leases could be adversely affected. A decrease in retail demand could make it difficult for us to renew or re-lease our properties at lease rates equal to or above historical rates. These acts might erode business and consumer confidence and spending and might result in increased volatility in national and international financial markets and economies. Any one of these events might decrease demand for real estate, decrease or delay the occupancy of our properties, and limit our access to capital or increase our cost of raising capital. Increased scrutiny by and changing expectations from investors, tenants, employees, and other stakeholders regarding our ESG practices and reporting could cause us to incur additional costs and adversely impact our reputation, tenant and employee acquisition and retention, and access to capital. Companies across all industries are facing increasing scrutiny related to their ESG practices and disclosure. Investors, tenants, employees, and other stakeholders have begun to focus increasingly on ESG practices and to place heightened importance on the environmental and social cost of their investments, business decisions and consumer choices. For example, an increasing number of investment funds focus on positive ESG practices and sustainability scores when making an investment decision. Additionally, certain institutional investors have demonstrated increased activism with respect to their existing investments, including by urging companies to take certain actions in areas of perceived ESG significance. Investors, particularly institutional investors, use or may use third-party benchmarks and scores to assess our ESG practices against our peers and if we are perceived as lagging, such investors may decide to not invest in our Common Shares or to divest from their current investment, and we may face reputational challenges. Alternatively, such investors may decide to actively engage with us to improve ESG disclosure or performance, and may also make voting decisions on this basis. Given increased investor focus and demand, public disclosure regarding ESG practices is becoming more broadly expected. Any disclosure we make may include our policies and practices on a variety of ESG matters, including corporate governance, environmental compliance, human capital management, and workforce inclusion and diversity. It is possible that stakeholders may not be satisfied with our ESG practices, reporting and goals, or with our speed of adoption. If our ESG practices and disclosures do not meet investor, tenant, employee or other stakeholder expectations, which continue to evolve, our reputation and tenant and employee retention, and access to capital may be negatively impacted. In 2022, the SEC proposed extensive rules aimed at enhancing and standardizing climate-related disclosures in an effort to foster greater consistency, comparability and reliability of climate-related information among public issuers. The proposal, if adopted, would require public issuers to include prescribed climate-related information in their registration statements and annual reports, including information regarding greenhouse gas emissions and climate-related risks and opportunities and related financial impacts, governance and strategy. Additionally, we may become subject to new compliance requirements and/or new costs or taxes associated with natural resource or energy usage and related emissions (such as a “carbon tax”), which could increase our operating costs. We could incur additional costs relating to implementing, monitoring and reporting various ESG practices and initiatives, as well as complying with applicable law, which could place a strain on our personnel, systems and resources. Our failure, or perceived failure, to meet the goals and objectives we set in any ESG disclosure within the timelines announced or at all, or the expectations of our various stakeholders could negatively impact our reputation, tenant and employee retention, and access to capital. 29 ITEM 1B. UNRESOLVED STAFF COMMENTS. None. ITEM 1C. CYBERSECURITY. Governance Cybersecurity is an integral part of the Board’s risk analysis and discussions with management. At least annually, the full Board is updated on the Company’s cybersecurity risks and risk mitigation strategy by our Vice President of Information Technology, who is responsible for management of our Information Technology program. The Board also receives ad hoc updates, as needed, about material changes to the Company’s cybersecurity program and/or the cybersecurity landscape, including briefings on major legislative and regulatory developments, from our Vice President of Information Technology and representatives from Legal and/or Risk Management, as applicable. Our Vice President of Information Technology and Director of Risk Management regularly evaluate the Company’s cybersecurity risk profile and lead the development of strategies to mitigate risks and address cybersecurity issues that may arise, in consultation with members of our senior management team. Our Vice President of Information Technology and Director of Risk Management each have approximately 25 years of experience in their respective fields, and our Vice President of Information Technology holds certifications in cybersecurity from accredited information technology certification providers. We have formal policies and procedures that address cybersecurity incident response and disaster recovery from interference with our critical applications. Our Cybersecurity Incident Response Plan provides a documented framework for responding to cybersecurity incidents in coordination across multiple departments. In the event of such an incident, our Cybersecurity Incident Response Team (“CIRT”), which is comprised of our Vice President of Information Technology, Director of Risk Management and representatives from Risk Management, Legal and Financial Reporting, would respond to such incident in accordance with our Cybersecurity Incident Response Plan. Any cybersecurity incident that meets certain criteria will be communicated by the CIRT to senior management and the Board in a timely manner, and will be evaluated by our Executive Management Team, comprised of certain executives, to assess the impact of the incident on the Company, considering qualitative and quantitative factors. In conducting this assessment and responding to an incident, the CIRT and Executive Management Team may utilize the services of third-party consultants. Cybersecurity user awareness training is mandatory for all new hires and for existing employees on an annual basis to help protect our employees and the Company against cybersecurity threats. This annual training is customized to address specific cybersecurity challenges and scenarios that we may face within the real estate investment industry. Novel cybersecurity threats to the Company that are identified by our Information Technology team are communicated to all employees by email, as needed, in an effort to promote awareness and protect the Company from cyber attacks. Risk Management and Strategy We maintain an Enterprise Risk Management (“ERM”) program to identify and respond to the most critical risks to our business, including cybersecurity risks. Risks and vulnerabilities from our increased reliance on information technology systems are assessed at least annually as part of our ERM program. In response to such assessments, controls are embedded into our processes and technology by our Vice President of Information Technology and Director of Risk Management to seek to mitigate risks to our systems and processes from cybersecurity incidents. We continuously evaluate if we have adequate controls in place utilizing a risk-based approach that aligns with the National Institute of Standards and Technology Cybersecurity Framework. Our daily operations are monitored by a dedicated information technology team. We conduct monitoring of our computer networks, and have implemented systems and processes intended to secure our information technology systems and prevent unauthorized access to or loss of sensitive data, including through the use of encryption and authentication technologies. We assess the adequacy of our cybersecurity measures through annual penetration testing of our computer networks by external consultants, and we have performed tabletop simulations and drills at both a technical and management level around scenarios involving the loss of critical information and technology systems. We maintain a risk-based approach to evaluating and overseeing cybersecurity risks presented by our third-party vendors. Third-party vendors that meet certain criteria, such as owning and operating any information technology networks and systems on which the Company relies, are evaluated to assess their performance across several domains, including data security and operations management. We seek to maintain effective communication with our third-party vendors to facilitate timely notification of cybersecurity incidents that might impact the Company. Although risks from cybersecurity threats have to date not materially affected, and we do not believe they are reasonably likely to materially affect, us, our business strategy, results of operations or financial condition, like other companies in our industry, we could, from time to time, experience threats and security incidents related to our and our third-party vendors’ information systems. For more information, please see Item 1A. Risk Factors - Increased Information Technology (“IT”) security threats and more sophisticated computer crime could pose a risk to our systems, networks, and services. 30 ITEM 2. PROPERTIES. Retail Properties The discussion and tables in this Item 2. include wholly-owned and partially-owned properties held through our Core Portfolio and our Funds. We define our Core Portfolio as those properties either 100% owned by, or partially owned through joint venture interests by the Operating Partnership or subsidiaries thereof, not including those properties owned through our Funds. As of December 31, 2023, our Core Portfolio consisted of 139 operating properties totaling approximately 5.4 million square feet (or 5.0 million at our pro-rata share) of gross leasable area (“GLA”) excluding two properties in development and eight properties under redevelopment. The Core Portfolio properties are located in 12 states and the District of Columbia and primarily consist of street retail and dense suburban shopping centers. These properties are diverse in size, ranging from approximately 1,000 to 800,000 square feet and as of December 31, 2023, were 92.8% occupied and 94.8% leased (or 93.0% occupied and 95.0% leased at our pro-rata share), excluding properties under development or redevelopment. As of December 31, 2023, we owned and operated 50 properties totaling approximately 9.0 million square feet in total (or 2.0 million square feet at our pro-rata share) of GLA in our Funds, excluding one property under development and one property under redevelopment. In addition to shopping centers, the Funds have invested in mixed-use properties, which generally include retail activities. The Fund properties are located in 19 states and the District of Columbia and, as of December 31, 2023, were 91.4% occupied and 93.3% leased (or 89.6% occupied and 92.4% leased at our pro-rata share), excluding the properties under development. Within our Core Portfolio and Funds, we had more than 1,200 retail leases as of December 31, 2023. A significant portion of our rental revenues are from national retailers and consist of rents received under long-term leases. These leases generally provide for the monthly payment of fixed minimum rent and the tenants' pro-rata share of the real estate taxes, insurance, utilities, and common area maintenance of the shopping centers. An insignificant portion of our leases also provide for the payment of rent based on a percentage of a tenant's gross sales in excess of a stipulated annual amount, either in addition to, or in place of, minimum rents, which we refer to as percentage rents. Minimum rents and expense reimbursements accounted for substantially all of our total revenues for the year ended December 31, 2023. Five of our Core Portfolio properties and four of our Fund properties are subject to long-term ground leases in which a third party owns and has leased the underlying land to us. We pay rent for the use of the land and are responsible for all costs and expenses associated with the building and improvements at all of these locations. No individual property or tenant contributed in excess of 10% of our total revenues for the years ended December 31, 2023, 2022 or 2021. See Note 7 for information on the mortgage debt pertaining to our properties. 31 The following table sets forth more specific information with respect to each of our Core operating properties at December 31, 2023: Property (a) Key Tenants STREET AND URBAN RETAIL Chicago Metro Rush and Walton Streets Collection (6 properties) Clark Street and W. Diversey Collection (4 properties) Halsted and Armitage Collection (13 properties) North Lincoln Park Chicago Collection (6 properties) State and Washington 151 N. State Street North and Kingsbury Concord and Milwaukee California and Armitage Roosevelt Galleria Sullivan Center New York Metro (b) Soho Collection (12 properties) 5-7 East 17th Street 200 West 54th Street 61 Main Street 181 Main Street 4401 White Plains Road Bartow Avenue 239 Greenwich Avenue 252-256 Greenwich Avenue 2914 Third Avenue 868 Broadway 313-315 Bowery (c) 120 West Broadway 2520 Flatbush Avenue Williamsburg Collection (d) 991 Madison Avenue Shops at Grand (e) Lululemon, Reformation, Sprinkle, St. Laurent Starbucks, TJ Maxx, J Crew Factory, Trader Joe's Serena and Lily, Bonobos, Allbirds, Warby Parker, Marine Layer, Kiehl's Champion, Carhartt Nordstrom Rack, Uniqlo Walgreens Old Navy, Backcountry — — Petco, Vitamin Shoppe, Dollar Tree Target Zimmermann, Faherty, Watches of Switzerland, ALC, Stone Island, Frame, Theory, Bang & Olufsen — — Splendid TD Bank Walgreens — Watches of Switzerland Veronica Beard, The RealReal, Blue Mercury Planet Fitness Dr. Martens John Varvatos Citizens Bank, Citi Bank Bob's Disc. Furniture, Capital One Sephora, SweetGreen, Levain Bakery Vera Wang, Gabriela Hearst Stop & Shop (Ahold), Starbucks Year Acquire d Acadia's Interest Gross Leasable Area (GLA) In Place Occupancy Leased Occupancy Annualized Base Rent (ABR) ABR/ Per Square Foot 2011 2012 2011 2012 2011 2012 2019 2020 2011 2014 2016 2016 2016 2016 2016 2015 2016 2011 2014 2019 2020 2022 2008 2007 2014 2012 2011 2005 1998 2014 2006 2013 2013 2013 2014 2022 2016 2014 100.0 % 40,384 78.3 % 78.3 % $ 6,608,610 $ 208.90 100.0 % 53,099 78.2 % 79.9 % 1,798,496 43.29 100.0 % 53,220 100.0 % 100.0 % 2,766,615 51.98 100.0 % 49,921 67.9 % 67.9 % 1,132,561 33.39 100.0 % 100.0 % 65,401 27,385 100.0 % 100.0 % 100.0 % 41,791 13,147 18,275 100.0 % 100.0 % 37,995 176,181 576,799 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 36,094 8,658 5,862 3,470 11,514 12,964 14,824 100.0 % 100.0 % 100.0 % 100.0 % 70.5 % 89.7 % 78.9 % 85.6 % 74.4 % 0.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 70.5 % 89.7 % 82.2 % 86.8 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 2,749,189 1,573,000 1,931,746 469,100 696,715 880,649 5,251,599 25,858,278 42.04 57.44 46.22 35.68 54.04 25.84 37.79 52.35 9,974,725 — 1,603,613 322,294 1,085,445 625,000 481,687 371.55 — 273.56 92.88 94.27 48.21 32.49 75.0 % 16,621 100.0 % 100.0 % 1,847,097 111.13 100.0 % 100.0 % 100.0 % 100.0 % 7,986 40,603 2,031 6,600 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 1,037,059 1,107,063 859,826 527,076 129.86 27.27 423.35 79.86 100.0 % 13,838 100.0 % 100.0 % 2,438,595 176.22 100.0 % 29,114 100.0 % 100.0 % 1,285,105 44.14 100.0 % 50,842 95.3 % 95.3 % 5,264,882 108.70 100.0 % 100.0 % 7,512 99,837 100.0 % 100.0 % 100.0 % 100.0 % 3,572,528 3,553,548 475.58 35.59 32 Year Acquire d Acadia's Interest Gross Leasable Area (GLA) In Place Occupancy Leased Occupancy Annualized Base Rent (ABR) ABR/ Per Square Foot 2016 49.0 % 25,922 394,292 91.6 % 94.3 % 91.6 % 98.8 % 2,016,748 37,602,290 84.98 101.14 97.0 % 9,757 100.0 % 100.0 % 1,311,046 134.37 100.0 % 100.0 % 100.0 % 14,000 23,757 20,669 19,461 100.0 % 100.0 % 100.0 % 100.0 % 3,083,482 4,394,528 220.25 184.98 60.9 % 62.3 % 60.9 % 62.3 % 780,099 1,037,040 61.95 85.54 100.0 % 57,667 93.5 % 93.5 % 1,883,023 34.92 Key Tenants Bank of America, Footlocker, Apple Bank Luxury Living The Row, Chloe, Oscar de la Renta TD Bank Verizon Ross Dress for Less Lululemon, Duxiana, Rag and Bone, Reformation, Glossier, Showfields, Alo Yoga Property (a) Gotham Plaza (f) Los Angeles Metro 8833 Beverly Blvd Melrose Place Collection District of Columbia Metro 1739-53 & 1801-03 Connecticut Avenue 14th Street Collection (3 properties) Rhode Island Place Shopping Center M Street and Wisconsin Corridor (27 Properties) (f)(g) Boston Metro 165 Newbury Street Dallas Metro 2022 2019 2012 2021 2012 2011 2016 2019 Starbucks 2016 100.0 % 1,050 1,050 24.4 % 254,942 352,739 91.3 % 88.3 % 100.0 % 100.0 % 94.1 % 90.3 % 100.0 % 100.0 % 16,719,810 20,419,972 312,576 312,576 71.83 65.58 297.69 297.69 Henderson Avenue Portfolio (14 properties) Sprouts Market, Warby Parker, Tecovas 2022 100.0 % 121,386 89.2 % 94.4 % 4,444,837 41.07 Total Street and Urban Retail Acadia Share Total Street and Urban Retail SUBURBAN PROPERTIES New Jersey Elmwood Park Shopping Center Marketplace of Absecon New York Village Commons Shopping Center (e) Branch Plaza Amboy Center (e) Crossroads Shopping Center (f) New Loudon Center 28 Jericho Turnpike Bedford Green Connecticut Town Line Plaza (h) Massachusetts Methuen Shopping Center 1,470,02 3 1,266,05 9 89.1 % 91.7 % $ 93,032,480 $ 71.01 88.9 % 91.4 % $ 80,170,479 $ 71.26 1998 1998 1998 1998 2005 1998 1993 2012 2014 100.0 % 143,969 96.9 % 96.9 % $ 3,670,835 $ 26.32 100.0 % 104,556 89.1 % 89.1 % 1,573,106 16.88 100.0 % 87,128 91.1 % 93.1 % 2,736,099 34.48 100.0 % 100.0 % 123,345 63,372 98.8 % 92.1 % 98.8 % 92.1 % 3,551,081 2,047,298 29.13 35.07 49.0 % 311,528 87.5 % 90.7 % 8,567,491 31.41 100.0 % 100.0 % 100.0 % 258,701 96,363 90,589 95.2 % 100.0 % 73.9 % 95.2 % 100.0 % 73.9 % 2,251,770 1,996,500 2,280,620 9.15 20.72 34.06 1998 100.0 % 206,346 97.2 % 98.5 % 1,811,142 17.53 1998 100.0 % 130,021 100.0 % 100.0 % 1,467,751 11.29 Walgreens, Lidl, Chase Bank, City MD Walgreens, Dollar Tree Citibank, Ace Hardware LA Fitness, The Fresh Market Stop & Shop (Ahold) HomeGoods, PetSmart, BJ's Wholesale Club Price Chopper, Marshalls Kohl's Shop Rite, CVS Wal-Mart, Stop & Shop (Ahold) Wal-Mart, Market Basket 33 Property (a) Key Tenants Home Depot, Shaw's Michael's Staples, Petco Year Acquire d Acadia's Interest Gross Leasable Area (GLA) In Place Occupancy Leased Occupancy Annualized Base Rent (ABR) ABR/ Per Square Foot 1993 2014 2015 100.0 % 100.0 % 100.0 % 218,002 20,409 40,505 98.9 % 100.0 % 100.0 % 98.9 % 100.0 % 100.0 % 2,111,087 711,662 1,490,575 9.80 34.87 36.80 Crescent Plaza 201 Needham Street 163 Highland Avenue Vermont The Gateway Shopping Center Illinois Hobson West Plaza Indiana Merrillville Plaza Michigan Bloomfield Town Square Delaware Town Center and Other (1 property) Market Square Shopping Center Naamans Road (e) Pennsylvania (e) Mark Plaza Plaza 422 Chestnut Hill Abington Towne Center (i) Total Suburban Properties Acadia Share Total Suburban Properties Total Core Properties Acadia Share Total Core Properties Shaw's (Supervalu), Starbucks 1999 100.0 % 102,854 96.7 % 96.7 % 2,190,988 22.03 Garden Fresh Markets Dollar Tree, TJ Maxx, DD's Discount (Ross) HomeGoods, TJ Maxx, Dick's Sporting Goods, Burlington Lowes, Dick's Sporting Goods, Target Trader Joe's, TJ Maxx Jared Jewelers, American Red Cross Kmart Home Depot — Target, TJ Maxx 1998 100.0 % 98,962 97.7 % 97.7 % 1,426,291 14.76 1998 100.0 % 235,926 88.9 % 91.1 % 2,950,134 14.06 1998 100.0 % 234,951 99.4 % 99.4 % 4,305,998 18.44 2003 2003 100.0 % 704,421 89.5 % 96.7 % 10,692,084 16.96 100.0 % 102,047 98.1 % 98.1 % 3,288,210 32.83 2006 100.0 % 19,850 63.9 % 63.9 % 705,101 55.60 1993 1993 2006 1998 100.0 % 106,856 100.0 % 100.0 % 246,274 100.0 % 100.0 % 100.0 % 156,279 36,492 216,871 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 956,954 986,067 1,312,228 2.30 6.12 27.02 22.15 3,910,34 3 3,751,46 4 5,380,36 6 5,017,52 2 94.1 % 95.9 % $ 65,327,344 $ 19.07 94.4 % 96.2 % $ 60,957,924 $ 18.55 92.8 % 94.8 % $ 158,359,825 $ 33.44 93.0 % 95.0 % $ 141,128,403 $ 31.99 a)Excludes properties under development or redevelopment, see “Development and Redevelopment Activities” section below. The above occupancy and rent amounts do not include space that is currently leased, but for which rent payment has not yet commenced as of December 31, 2023 (other than under “Leased Occupancy). Residential and office GLA are excluded. b)Includes one property owned by the Company on land subject to a ground lease. c)Represents the annual base rent paid to the Company pursuant to a master lease and does not reflect the rent paid by the retail tenants at the property. d)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. e)Property is owned by the Company on land subject to a ground lease. f)Property or properties are unconsolidated. g)Excludes 94,000 square feet of office GLA. h)Anchor GLA includes a 97,300 square foot Wal-Mart store that is not owned by the Company. This square footage has been excluded for calculating annualized base rent per square foot. i)Anchor GLA includes a 157,616 square foot Target store that is not owned by the Company. This square footage has been excluded for calculating annualized base rent per square foot. 34 The following table sets forth more specific information with respect to each of our Fund properties at December 31, 2023: Property (a) Key Tenants Year Acquired Acadia's Interest Gross Leasable Area (GLA) In Place Occupanc y Leased Occupancy Annualized Base Rent (ABR) ABR/Per Square Foot Fund II Portfolio Detail New York City Point (b)© Total - Fund II Fund III Portfolio Detail New York 640 Broadway Total - Fund III Fund IV Portfolio Detail New York 801 Madison Avenue 210 Bowery 27 East 61st Street 17 East 71st Street 1035 Third Avenue New Jersey (d) (e) Paramus Plaza Massachusetts Restaurants at Fort Point Rhode Island (e) (e) 650 Bald Hill Road Delaware Eden Square Georgia Broughton Street Portfolio (13 properties) California Union and Fillmore Collection (3 properties) Total - Fund IV Fund V Portfolio Detail New Mexico (c) Plaza Santa Fe Texas Wood Ridge Plaza (e) (e) La Frontera Village Michigan New Towne Center Fairlane Green Maryland Frederick County (2 properties) Connecticut (e) (e) Tri-City Plaza New Jersey Midstate New York (e) Shoppes at South Hills (e) Mohawk Commons Pennsylvania Primark, Target, Basis Schools, Alamo Drafthouse, Trader Joe's 2007 58.1 % 535,817 535,817 74.0 % 74.0 % 83.9 % $ 83.9 % $ 16,782,168 16,782,168 $ $ 42.31 42.31 ─ 2012 24.5 % ─ ─ ─ The Row ─ Marshalls, Hobby Lobby, Skechers ─ Dick's Sporting Goods, Burlington Giant Food, LA Fitness H&M, Lululemon, Kendra Scott, Starbucks 2015 2012 2014 2014 2015 2013 2016 2015 2014 2014 4,637 4,637 2,522 2,538 4,177 8,432 7,634 91.6 % 91.6 % 91.6 % $ 91.6 % $ 1,113,528 1,113,528 $ $ 262.19 262.19 — % — % — % 100.0 % 100.0 % — % $ — % — % 100.0 % 100.0 % $ — — — 2,055,281 1,203,962 — — — 243.75 157.71 23.1 % 23.1 % 23.1 % 23.1 % 23.1 % 11.6 % 153,494 100.0 % 100.0 % 3,262,289 21.25 23.1 % 15,711 100.0 % 100.0 % 1,072,232 68.25 20.8 % 160,448 85.3 % 85.3 % 2,061,926 15.06 20.8 % 229,171 91.1 % 96.5 % 3,357,465 16.09 23.1 % 94,713 89.1 % 92.6 % 3,090,918 36.61 Eileen Fisher, Bonobos 2015 20.8 % 7,183 686,023 77.5 % 90.5 % 77.5 % 92.8 % $ 654,290 16,758,363 $ 117.57 26.99 TJ Maxx, Best Buy, Ross Dress for Less Kirkland's, Office Depot Kohl's, Hobby Lobby, Burlington, Marshalls Kohl's, Jo-Ann's, DSW TJ Maxx, Michaels, Burlington Kohl's, Best Buy, Ross Dress for Less TJ Maxx, HomeGoods, ShopRite ShopRite, Best Buy, DSW, PetSmart ShopRite, At Home, Ashley Furniture Lowe's, Target 2017 2022 2022 2017 2017 2019 2019 2021 2022 2023 20.1 % 224,152 95.1 % 95.7 % $ 4,058,309 $ 19.03 18.1 % 213,120 90.1 % 90.1 % 4,377,879 22.80 18.1 % 534,430 88.5 % 89.0 % 6,609,207 13.98 20.1 % 190,530 100.0 % 100.0 % 2,363,758 12.41 20.1 % 270,187 98.7 % 100.0 % 5,194,785 19.49 18.1 % 530,816 93.7 % 94.8 % 7,696,127 15.47 18.1 % 302,738 90.0 % 92.0 % 3,913,671 14.36 20.1 % 388,616 86.5 % 94.2 % 6,456,914 19.21 18.1 % 18.1 % 512,218 399,338 67.0 % 98.3 % 74.3 % 98.3 % 3,990,900 5,550,595 11.64 14.15 35 Property (a) Key Tenants Year Acquired Acadia's Interest Gross Leasable Area (GLA) In Place Occupanc y Leased Occupancy Annualized Base Rent (ABR) ABR/Per Square Foot Kohl's, Dick's Sporting Goods, Giant Food Stop and Shop, Marshalls, HomeGoods Shaw's, Dick's Sporting Goods, Best Buy, Old Navy Best Buy, Burlington, Ross Dress for Less TJ Maxx, PetSmart, Ross Dress for Less Hobby Lobby, Total Wine, HomeGoods Kohl's, Best Buy, Dick's Sporting Goods Wal-Mart, Regal Cinemas Dick's Sporting Goods, TJ Maxx, Best Buy Kohl's, HomeGoods Kohl's, HomeGoods Target, Home Goods, Best Buy, Sierra Trading (TJX) 2021 2019 2023 2019 2019 2023 2017 2018 2021 2018 2018 2019 Monroe Marketplace Rhode Island Lincoln Commons Vermont Maple Tree Place Virginia (f) Landstown Commons Florida Palm Coast Landing (c) Cypress Creek North Carolina Hickory Ridge Alabama Trussville Promenade Georgia Canton Marketplace Hiram Pavilion California Elk Grove Commons Utah Family Center at Riverdale (e) Total - Fund V TOTAL FUND PROPERTIES Acadia Share of Total Fund Properties 20.1 % 370,533 100.0 % 100.0 % 4,250,625 11.47 20.1 % 461,995 88.0 % 90.8 % 5,570,789 13.70 20.1 % 394,368 84.6 % 84.6 % 6,567,224 19.68 20.1 % 380,199 96.8 % 97.2 % 7,528,566 20.46 20.1 % 171,799 96.9 % 96.9 % 3,495,105 21.00 20.1 % 239,656 98.5 % 98.5 % 4,919,868 20.83 20.1 % 380,565 99.3 % 99.3 % 4,742,374 12.55 20.1 % 463,681 95.8 % 96.8 % 4,279,904 9.63 20.1 % 20.1 % 351,988 362,675 96.1 % 99.4 % 96.6 % 100.0 % 5,971,975 4,666,300 17.65 12.94 20.1 % 242,078 100.0 % 100.0 % 5,312,115 21.94 18.0 % 372,475 7,758,157 97.9 % 92.6 % 97.9 % 94.0 % $ 4,010,821 111,527,808 $ 11.00 15.52 8,984,634 91.4 % 93.3 % $ 146,181,867 $ 17.81 1,945,468 89.6 % 92.4 % $ 35,065,352 $ 20.13 a)Excludes properties under development or redevelopment, see “Development and Redevelopment Activities” section below. 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 are excluded. b)In place occupancy excludes short-term percentage rent. c)Property is owned by the Company on land subject to a ground lease. d)Property also includes 12,371 square feet of 2nd floor office space and a 29,760 square-foot parking garage (131 spaces). e)Property or properties are unconsolidated. f)Property also includes 18,493 square feet of office space. 36 Major Tenants No individual retail tenant accounted for more than 5.2% of total Core Portfolio and Fund base rents for the year ended December 31, 2023 or occupied more than 7.4% of total Core Portfolio and Fund leased GLA as of December 31, 2023. The following table sets forth certain information for our 20 largest retail tenants by base rent for leases in place as of December 31, 2023. The amounts below include our pro-rata share of GLA and annualized base rent for the Operating Partnership’s partial ownership interest in properties including the Funds (GLA and Annualized Base Rent in thousands): Retail Tenant Number of Stores in (a) Portfolio Total GLA Annualized Base Rent (a) Percentage of Total Represented by Retail Tenant Annualized Base Rent Total Portfolio GLA (c) (b) Target TJX Companies Royal Ahold PetSmart, Inc. Trader Joe's Verizon Walgreens Kohl's ALO Yoga Lululemon Lowe's Fast Retailing Dicks Sporting Goods, Inc. Ulta Beauty Supervalu Inc. Bob's Discount Furniture H&M Gap Wakefern Food Corporation Watches of Switzerland (d) (e) (f) Total 5 31 6 14 5 8 5 8 3 5 2 2 7 16 3 3 2 11 4 2 142 $ 512 367 198 115 54 30 71 211 25 11 164 32 152 58 136 75 60 66 80 14 $ 2,431 9,233 4,330 4,209 3,485 3,356 3,064 2,962 2,859 2,852 2,719 2,648 2,450 2,284 2,199 2,198 2,043 2,032 1,801 1,743 1,705 60,172 7.4 % 5.2 % 2.8 % 1.7 % 0.8 % 0.4 % 1.0 % 3.0 % 0.4 % 0.2 % 2.4 % 0.5 % 2.2 % 0.8 % 2.0 % 1.1 % 0.9 % 0.9 % 1.1 % 0.2 % 35.0 % 5.2 % 2.5 % 2.4 % 2.0 % 1.9 % 1.7 % 1.7 % 1.6 % 1.6 % 1.5 % 1.5 % 1.4 % 1.3 % 1.2 % 1.2 % 1.2 % 1.2 % 1.0 % 1.0 % 1.0 % 34.1 % a)Does not include tenants that operate at only one Company location b)TJ Maxx (13 locations), HomeGoods (9 locations), Marshalls (7 locations), HomeSense (2 locations) c)Stop and Shop (4 locations), Giant (2 locations) d)Uniqlo (1 location), Theory (1 location) e)Shaw’s (3 locations) f)ShopRite (4 locations) 37 Lease Expirations The following tables show scheduled lease expirations on a pro-rata basis for retail tenants in place as of December 31, 2023, assuming that none of the tenants will exercise renewal options (GLA and Annualized Base Rent in thousands): Core Portfolio Leases Maturing in Month to Month 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Thereafter Total Funds Leases Maturing in Month to Month 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Thereafter Total GLA Annualized Base Rent (a, b) Number of Leases Square Feet Percentage of Total Current Annual Rent Percentage of Total — 79 68 78 57 68 31 20 24 45 44 20 534 — 828 585 626 332 827 175 96 176 216 217 334 4,412 0.0 % $ 18.8 % $ 13.3 % $ 14.2 % $ 7.5 % $ 18.7 % $ 4.0 % $ 2.2 % $ 4.0 % $ 4.9 % $ 4.9 % $ 7.6 % $ 100.0 % $ — 17,730 21,064 18,470 12,140 23,880 6,430 5,449 6,565 10,342 8,688 10,370 141,128 0.0 % 12.6 % 14.9 % 13.1 % 8.6 % 16.9 % 4.6 % 3.9 % 4.7 % 7.3 % 6.2 % 7.3 % 100.0 % GLA Annualized Base Rent (a, b) Number of Leases Square Feet Percentage of Total Current Annual Rent Percentage of Total 3 112 103 104 101 98 46 36 40 47 39 24 753 2 217 251 138 224 172 111 82 89 185 99 172 1,742 0.1 % $ 12.5 % 14.4 % 7.9 % 12.9 % 9.9 % 6.3 % 4.7 % 5.1 % 10.6 % 5.7 % 9.9 % 100.0 % $ 29 3,539 4,060 2,769 4,070 3,524 1,722 1,251 1,536 3,119 2,559 6,887 35,065 0.1 % 10.1 % 11.6 % 7.9 % 11.6 % 10.1 % 4.9 % 3.6 % 4.4 % 8.9 % 7.3 % 19.6 % 100.0 % a)Base rents do not include percentage rents, additional rents for property expense reimbursements, or contractual rent escalations. b)No single market, except as discussed below under Geographic Concentrations, represents a material amount of rent exposure to the Company. Given the diversity of our markets, properties and characteristics of the individual spaces, the Company cannot make any general representations relating to the expiring rents and the rates at which these spaces may be re-leased. 38 Geographic Concentrations The following table summarizes our operating retail properties by region, excluding redevelopment properties, as of December 31, 2023. The amounts below include our pro-rata share of GLA and annualized base rent for the Operating Partnership’s partial ownership interest in properties, including the Funds (GLA and Annualized Base Rent in thousands): Region GLA (a) % Occupied (b) Annualized Base Rent (b) Annualized Base Rent per Occupied Square Foot Percentage of Total Represented by Region GLA Annualized Base Rent Core Portfolio: (c) New York Metro Chicago Metro Mid-Atlantic New England Washington D.C. Metro Midwest Los Angeles Metro Dallas Metro Total Core Operating Properties Fund Portfolio: New York Metro Northeast Southeast Southwest West Midwest Mid-Atlantic San Francisco Metro Total Fund Operating Properties 1,498 577 1,343 719 166 570 23 121 5,017 336 678 494 180 116 93 48 1 1,946 92.9 % $ 85.6 % 93.8 % 98.4 % 85.8 % 94.8 % 100.0 % 89.2 % 93.0 % $ 75.3 % $ 87.9 % 97.1 % 90.5 % 98.8 % 99.2 % 91.1 % 77.5 % 89.6 % $ 60,417 25,858 18,187 10,096 9,088 8,682 4,355 4,445 141,128 11,153 9,095 7,871 2,803 1,789 1,519 700 136 35,066 $ $ $ $ 43.44 52.35 16.36 16.50 63.62 16.08 185.61 41.07 31.99 44.10 15.28 16.39 17.18 15.66 16.54 16.09 117.57 20.13 29.9 % 11.5 % 26.8 % 14.3 % 3.3 % 11.4 % 0.4 % 2.4 % 100.0 % 17.3 % 34.7 % 25.4 % 9.2 % 6.0 % 4.8 % 2.5 % 0.1 % 100.0 % 42.8 % 18.3 % 12.9 % 7.2 % 6.4 % 6.2 % 3.1 % 3.1 % 100.0 % 31.8 % 26.0 % 22.4 % 8.0 % 5.1 % 4.3 % 2.0 % 0.4 % 100.0 % a)Property GLA includes a total of 255,000 square feet, which is not owned by us. This square footage has been excluded for calculating annualized base rent per square foot. b)The above occupancy and rent amounts do not include space that is currently leased, but for which payment of rent had not yet commenced as of December 31, 2023. c)New York Metro includes the tri-state and surrounding states. 39 Development and Redevelopment Activities As part of our strategy, we invest in retail real estate assets that may require significant development. As of December 31, 2023, we had the following development or redevelopment projects in various stages of the development process (dollars in millions): Property CORE Development: Henderson - Development 1 & 2 Major Redevelopment: City Center 555 9th Street 651-671 West Diversey Route 6 Mall Mad River 840 N. Michigan Avenue 664 N. Michigan Avenue Brandywine Holdings Total Core Redevelopment Total Core Development and Redevelopment FUNDS Development: FUND III Broad Hollow Commons Major Redevelopment: FUND IV 717 N. Michigan Avenue Total Funds Development and Major Redevelopment Total Core and Funds Development and Major Redevelopment AKR Pro- rata share Location Estimated Stabilization Est. Sq ft Upon Completion Acadia's Pro-rata Share Costs prior to development / redevelopment Incurred costs since development / redevelopment Total Costs to Date Estimated Future Range Estimated Total Range 100.0% Dallas, TX TBD 160,000 $ 9.6 $ 6.4 $ 16.0 TBD - TBD TBD - TBD 100.0% San Francisco, CA 100.0% San Francisco, CA 100.0% 100.0% 100.0% 91.9% 100.0% 100.0% Chicago, IL Honesdale, PA Dayton, OH Chicago, IL Chicago, IL Wilmington, DE 2024 TBD TBD TBD TBD TBD TBD TBD 241,000 149,000 46,000 TBD TBD 87,000 18,000 96,000 155.0 141.7 29.1 14.8 14.3 152.3 87.2 24.0 51.8 206.8 5.1 0.4 4.5 0.4 — — 0.1 146.8 29.5 19.3 14.7 152.3 87.2 24.1 3.2 19.9 - - 6.2 29. 9 210. 0 166. 7 - - 213. 0 176. 7 TBD - TBD TBD - TBD 1.5 1.5 - 4.5 - 1.9 20.8 16.2 - - 23.8 16.6 TBD - TBD TBD - TBD - TBD TBD - TBD - TBD TBD - TBD TBD TBD $ 618.4 $ 62.3 $ 680.7 $ 26.1 $ 5 $ 7 42. 413. $ 628.0 $ 68.7 $ 696.7 $ 26.1 42. 5 $ 413. 7 $ 430. 1 430. 1 $ $ 24.5% Farmingdale, NY TBD TBD $ 3.0 $ 3.9 $ 6.9 TBD - TBD TBD - TBD 23.1% Chicago, IL TBD TBD $ $ 26.9 29.9 $ 0.8 4.7 $ 27.7 34.6 TBD - TBD $ — $ — TBD - $ — TBD $ — 657.9 $ 73.4 $ 731.3 $ 26.1 $ 42. 5 413. 7 $ $ 430. 1 40 ITEM 3. LEGAL PROCEEDINGS. From time to time, we are a party to various legal proceedings, claims or regulatory inquiries and investigations arising out of, or incident to, our ordinary course of business. While we are unable to predict with certainty the outcome of any particular matter, management does not currently expect, when any such matters are resolved, that our resulting exposure to loss contingencies, if any, will have a material adverse effect on our consolidated financial position. ITEM 4. MINE SAFETY DISCLOSURES. Not applicable. PART II ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES. Market Information, Dividends and Holders of Record of our Common Shares At February 13, 2024, there were 247 holders of record of our Common Shares, which are traded on the New York Stock Exchange under the symbol “AKR.” Our quarterly dividends are discussed in Note 10 and the characterization of such dividends for federal income tax purposes is discussed in Note 14. Securities Authorized for Issuance Under Equity Compensation Plans Our 2020 Share Incentive Plan (the “2020 Plan”) which was approved by our shareholders at the 2020 annual shareholders’ meeting, and Amended and Restated 2020 Share Incentive Plan (the “Amended and Restated 2020 Plan”) which was approved by our shareholders at the 2023 annual shareholders’ meeting, authorizes us to issue options, restricted shares, LTIP Units and other securities (collectively, the “Awards”) to, among others, the Company’s officers, trustees, and employees up to a total of 3,883,564 Common Shares (on a converted basis). See Note 13 for a discussion of the 2020 Plan and the Amended and Restated 2020 Plan. The following table provides information related to the 2020 Plan and the Amended and Restated 2020 Plan as of December 31, 2023: Equity Compensation Plan Information (b) (a) Number of securities to be issued upon exercise of outstanding options, warrants and rights Weighted-average exercise price of outstanding options, warrants and rights (c) Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) Equity compensation plans approved by security holders Equity compensation plans not approved by security holders Total — $ — — $ — — — 3,804,345 — 3,804,345 Remaining Common Shares available under the 2020 Plan and the Amended and Restated 2020 Plan are as follows: Outstanding Common Shares as of December 31, 2023 Outstanding OP Units as of December 31, 2023 Total Outstanding Common Shares and OP Units Common Shares and OP Units pursuant to the 2020 Plan and Amended and Restated 2020 Plan Less: Issuance of Restricted Shares and LTIP Units Granted Number of Common Shares remaining available 95,361,676 5,346,042 100,707,718 5,929,953 (2,125,608 ) 3,804,345 41 Share Price Performance The following performance graph compares the cumulative total shareholder return for our Common Shares for the five-year period commencing December 31, 2018, through December 31, 2023, with the cumulative total return on the Russell 2000 Index (“Russell 2000”), the FTSE NAREIT All Equity REITs Index (the “All Equity REITs”) and the FTSE NAREIT Equity Shopping Centers Index (the “Equity Shopping Centers”) (previously SNL REIT Shopping Center Index which was discontinued) over the same period. Total return values for the Russell 2000, the All Equity REITs, the Equity Shopping Centers and the Common Shares were calculated based upon cumulative total return assuming the investment of $100.00 in each of the Russell 2000, the All Equity REITs, the Equity Shopping Centers and our Common Shares on December 31, 2018, and assuming reinvestment of dividends. The shareholder return as set forth in the table below is not necessarily indicative of future performance. The information in this section is not “soliciting material,” is not deemed “filed” with the SEC and is not to be incorporated by reference into any of our filings under the Securities Act or the Exchange Act, whether made before or after the date hereof and irrespective of any general incorporation language contained in such filing. Source: S&P Global Market Intelligence Index Acadia Realty Trust Russell 2000 Index FTSE NAREIT All Equity REITs Index FTSE NAREIT Equity Shopping Centers Index At December 31, 2018 2019 2020 2021 2022 2023 $ 100.00 $ 100.00 100.00 100.00 113.78 $ 125.53 128.66 125.03 63.61 $ 150.58 122.07 90.47 100.74 $ 172.90 172.49 149.32 69.32 $ 137.56 129.45 130.60 86.21 160.85 144.16 146.32 Recent Sales of Unregistered Securities; Use of Proceeds from Registered Securities None. Issuer Purchases of Equity Securities The Company maintains a share repurchase program which authorizes management, at its discretion, to repurchase up to $200.0 million of its outstanding Common Shares. The program may be discontinued or extended at any time. The Company did not repurchase any shares during the years ended December 31, 2023, 2022 or 2021. As of December 31, 2023, management may repurchase up to approximately $122.5 million of the Company’s outstanding Common Shares under this program. ITEM 6. [RESERVED] Not applicable. 42 ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. OVERVIEW As of December 31, 2023, there were 201 properties, which we own or have an ownership interest in, within our Core Portfolio and Funds. Our Core Portfolio consists of those properties either 100% owned, or partially owned through joint venture interests by the Operating Partnership, or subsidiaries thereof, not including those properties owned through our Funds. These properties primarily consist of street and urban retail, and suburban shopping centers. See Item 2. Properties for a summary of our wholly-owned and partially-owned retail properties and their physical occupancies at December 31, 2023. The majority of our operating income is derived from rental revenues from operating properties, including expense recoveries from tenants, offset by operating and overhead expenses. Our primary business objective is to acquire and manage commercial retail properties that will provide cash for distributions to shareholders while also creating the potential for capital appreciation to enhance investor returns. We focus on the following fundamentals to achieve this objective: •Own and operate a Core Portfolio of high-quality retail properties located primarily in high-barrier-to-entry, densely populated metropolitan areas and create value through accretive development and re-tenanting activities coupled with the acquisition of high-quality assets that have the long-term potential to outperform the asset class as part of our Core asset recycling and acquisition initiative. •Generate additional external growth through an opportunistic yet disciplined acquisition program. We target transactions with high inherent opportunity for the creation of additional value through: ovalue-add investments in street retail properties, located in established and “next generation” submarkets, with re-tenanting or repositioning opportunities, oopportunistic acquisitions of well-located real-estate anchored by distressed retailers, and oother opportunistic acquisitions which may include high-yield acquisitions and purchases of distressed debt. •Some of these investments historically have also included, and may in the future include, joint ventures with private equity investors for the purpose of making investments in operating retailers with significant embedded value in their real estate assets. •Maintain a strong and flexible balance sheet through conservative financial practices while ensuring access to sufficient capital to fund future growth. Inflation and Economic Condition Considerations The economy continues to face several issues including geopolitical conditions and instability, the Gaza-Israel conflict, the war in Ukraine, the fallout from the COVID- 19 Pandemic, supply-chain disruptions, and the recessionary outlook of the current financial markets, which has increased volatility in the market and has caused a surge in interest rates in a period of high inflation. While we have not experienced any material negative impacts at this time, we are actively managing our business to respond to the ongoing economic and social impact from such events. We believe we manage our properties in a cost-conscious manner to minimize recurring operational expenses and utilize multi-year contracts to alleviate the impact of inflation on our business and our tenants. Most of our leases require tenants to pay their share of operating expenses, including real estate taxes, insurance, utilities, and common area maintenance of the shopping centers, thereby reducing our exposure to increases in costs and operating expenses resulting from inflation. These provisions are designed to partially mitigate the impact of inflation; however, current inflation levels are greater than the contractual rent increases we obtain from our tenant base. As a result, the Company could feel pricing pressure on rents that it is able to charge to new or renewing tenants, such that future rents and rent spreads could be negatively impacted. While interest rate increases enacted by the Federal Reserve have had a significant impact on interest rate indexes such as SOFR and the Prime Rate, as of December 31, 2023, approximately 77.3%, or 86.7% at our pro-rata share, of our outstanding debt is fixed or effectively fixed interest rate, with the remaining 22.7%, or 13.3% at our pro-rata share, indexed to SOFR or Prime plus an applicable margin per the loan agreement. We were also counterparty to 36 interest rate swap agreements and four interest rate cap agreements, all of which qualify for and are designated as hedging instruments. This helps to alleviate the impact of rising interest rates on our operations. The Company continues to monitor economic, financial, and social conditions and will assess its asset portfolio for any impairment indicators. See Item 1A. Risk Factors. 43 SIGNIFICANT DEVELOPMENTS DURING THE YEAR ENDED DECEMBER 31, 2023 AND SUBSEQUENT EVENTS Investments During the year ended December 31, 2023, Fund V acquired two consolidated properties and one unconsolidated property totaling $189.3 million, inclusive of transaction costs, as described below (Note 2, Note 4). •On January 27, 2023, Fund V acquired a 90% interest in an unconsolidated venture for $20.2 million, which purchased a shopping center, Mohawk Commons, located in Schenectady, New York, for $62.1 million, inclusive of transaction costs. In addition, the Mohawk Commons venture entered into a $39.7 million mortgage loan. •On July 3, 2023, Fund V acquired a shopping center, Cypress Creek, located in Tampa, Florida, for $49.4 million, inclusive of transaction costs. •On November 27, 2023, Fund V acquired a shopping center, Maple Tree Place, located in Williston, Vermont, for $77.8 million, inclusive of transaction costs. On January 20, 2023, through Mervyns II, we received a special cash dividend of $28.2 million from our investment in Albertsons, of which our share was $11.3 million. Additionally, following the expiration of the lock-up period and distribution of 2.5 million shares of Albertsons to our partners, we received 1.6 million shares of Albertsons (Note 4, Note 8). During the year ended December 31, 2023, we sold 200,000 shares of Albertsons, generating net proceeds of $4.6 million. As of December 31, 2023, we still held 1.4 million shares of Albertsons which had a fair value of $33.3 million. In January 2024, we sold an additional 175,000 shares of Albertsons, generating net proceeds of $4.0 million (Note 17). Financing Activity During the year ended December 31, 2023, we effected the following financing activities (Note 7, Note 4): •entered into a new Fund mortgage of $32.2 million; •modified and extended five Fund mortgages totaling $150.8 million (excluding principal reductions of $2.7 million); •refinanced four Fund mortgages totaling $111.4 million; •repaid a Fund mortgage totaling $5.8 million at maturity; •modified the Fund IV bridge loan with an outstanding balance of $36.2 million (excluding principal reductions of $3.0 million); •modified and extended five mortgages at unconsolidated properties totaling $271.6 million and restructured a $73.5 million mortgage at an unconsolidated property; •through Fund V, entered into a new mortgage at an unconsolidated property for $39.7 million, refinanced a $31.8 million unconsolidated mortgage loan; •through Fund V, modified its subscription line and extended the maturity date to February 28, 2024; and •made principal payments of $7.7 million. On July 15, 2023, the 146 Geary Street, Fund IV non-recourse mortgage loan with an outstanding balance of $19.3 million, or $4.5 million at the Company’s share, matured with no further extension options and was in default (Note 7). The property securing the mortgage was a vacant building located in San Francisco, California. The loan accrued default interest at a rate of 4.00% per annum in excess of the interest rate of SOFR + 3.65%. On October 27, 2023, the Company completed the transfer of the property to its lender through a deed-in-lieu of foreclosure and derecognized the mortgage loan as it had no continuing obligations. The Company had previously impaired the asset, and recorded an impairment charge of $3.7 million, or $0.9 million at the Company’s share, related to the change in estimated value and holding period of the asset for the year ended December 31, 2023 (Note 8). In January 2024, through Fund V, made a $3.8 million principal payment on a mortgage loan (Note 17). 44 Structured Financing Investments During the year ended December 31, 2023, we originated a Core Portfolio note for $1.4 million collateralized by our venture’s partner’s interest in 840 N. Michigan Avenue. We also funded $5.3 million of a $12.8 million construction loan commitment to an unconsolidated venture (Note 4). Through Fund V, we refinanced a $31.7 million bridge loan at an unconsolidated property that was originated by Fund V at acquisition with a new mortgage loan at an unconsolidated property. Common Share Issuances In January 2024, we completed an underwritten offering of 6,900,000 Common Shares (inclusive of the underwriters’ option to purchase 900,000 additional shares) for net proceeds of $113.0 million (Note 17). We intend to use the net proceeds from the offering for general corporate purposes, which may include, without limitation, the repayment of outstanding indebtedness, funding future acquisitions, working capital and other general corporate purposes. During the year ended December 31, 2023, we did not sell any shares under our ATM program. Inflation The year ended December 31, 2023 was impacted by significant volatility in global markets, largely driven by rising inflation, rising interest rates, slowing economic growth, geopolitical uncertainty and instability in the banking sector following multiple bank failures. Except for increased interest costs, we have not experienced any material negative impacts at this time and we intend to actively manage our business to respond to the ongoing economic and social impact from such events. The rate hikes enacted by the Federal Reserve have had a significant impact on interest rate indexes such as SOFR and the Prime Rate and cost of borrowing. We manage our exposure to fluctuations in interest rates primarily through the use of fixed-rate debt and interest rate swap and cap agreements. We believe we manage our properties in a cost-conscious manner to minimize recurring operational expenses and utilize multi-year contracts to alleviate the impact of inflation on our business and our tenants. Most of our leases require tenants to pay their share of operating expenses, including real estate taxes, insurance, utilities, and common area maintenance of the shopping centers. These provisions are designed to partially mitigate the impact of inflation. We also continue to see consumer confidence and we expect to continue to add value to our portfolio by executing on our current leasing momentum, our active development and redevelopment projects, and leasing pipeline. Tenant Bankruptcy On April 23, 2023, Bed Bath and Beyond, Inc. (“Bed Bath and Beyond”) filed for Chapter 11 bankruptcy protection. Bed Bath and Beyond had leases at two locations within our Core Portfolio and three locations in our Fund Portfolio, with aggregate GLA of 124,432 square feet and 59,391 square feet, representing 2.1% and 0.7% of Core and Fund GLA, respectively. In our Core Portfolio, we recaptured and re-leased one of the spaces to an existing tenant that is expanding a flagship store under a new 15-year lease. We are actively seeking a tenant for the remaining Core Portfolio location. In our Fund Portfolio, one lease was assumed by a new tenant and we have regained possession of the other two locations; we have one signed lease and identified future tenants at these two Fund locations. As a result of the bankruptcy filing, during the year ended December 31, 2023, we accelerated the amortization of the below-market lease intangibles of $8.1 million related to the Bed Bath and Beyond lease terminations. We did not experience any material negative impacts on our cash flows or property values as a result of the bankruptcy. 45 RESULTS OF OPERATIONS See Note 12 in the Notes to Consolidated Financial Statements for an overview of our three reportable segments. Comparison of Results for the Year Ended December 31, 2023 to the Year Ended December 31, 2022 The results of operations by reportable segment for the year ended December 31, 2023 compared to the year ended December 31, 2022 are summarized in the table below (in millions, totals may not add due to rounding): Year Ended December 31, 2023 Year Ended December 31, 2022 Increase (Decrease) Total revenues Depreciation and amortization expenses General and administrative expenses Property operating expenses, other operating and real estate taxes Impairment charges Gain on disposition of properties Operating income Equity in earnings (losses) of unconsolidated affiliates Interest income Realized and unrealized holding gains (losses) on investments and other Interest expense Income tax provision Net income (loss) Net loss attributable to redeemable noncontrolling interests Net (income) loss attributable to noncontrolling interests Net income (loss) attributable to Acadia Core Portfolio Core $ 203.5 Funds $ 135.1 SF $ — Total Core $ 202.5 Funds $ 123.7 SF $ — $ 338.7 (136. Total Core $ 326.3 (135. $ 1.0 Funds SF $ 11.4 $ — $ 12.4 Total (76.6 ) — (64.4 ) — — 62.5 2.7 — (59.3 ) — (44.1 ) (3.7 ) — 28.0 (10.4 ) — 5.8 (44.5 ) — 26.5 25.0 (48.7 ) — (6.1 ) — — — — — — — 20.0 (0.3 ) — — 19.7 0 ) (41.5 ) (108. 5 ) (3.7 ) — 49.1 (7.7 ) 20.0 30.4 (93.3 ) (0.3 ) (1.7 ) (75.6 ) — (60.3 ) — (60.3 ) — 7.2 73.9 (45.9 ) — 1.2 (37.9 ) — (8.8 ) (41.6 ) (33.3 ) 49.9 38.4 13.0 — (35.6 ) (42.3 ) — (26.4 ) — — — — — — — 14.6 (0.6 ) — — 14.0 9 ) (44.1 ) (101. 9 ) (33.3 ) 57.2 68.2 (32.9 ) 14.6 (35.0 ) (80.2 ) — (65.3 ) 1.0 — (1.0 ) — — — 0.1 (2.6 ) 4.1 — (7.2 ) (11.4 ) 2.5 — (29.6 ) — (49.9 ) — (10.4 ) — 6.6 (29.6 ) (57.2 ) (19.1 ) 48.6 — 4.6 6.6 — 35.3 (23.4 ) — 5.4 — 60.6 0.3 6.4 — — — 5.7 20.3 25.2 5.4 65.4 13.1 (0.3 ) 63.6 — 8.2 — 8.2 — 5.5 — 5.5 — (2.7 ) — (2.7 ) (1.9 ) 24.6 $ 15.3 17.4 $ — 19.7 $ 13.4 19.9 $ 1.0 (7.8 ) $ 23.3 2.4 $ — 14.0 24.3 $ (35.4 ) $ 2.9 32.4 $ 8.0 — 10.9 5.7 $ 55.3 $ 15.0 $ The results of operations for our Core Portfolio segment are depicted in the table above under the headings labeled “Core.” Segment net income attributable to Acadia for our Core Portfolio increased $32.4 million for the year ended December 31, 2023 compared to the prior year as a result of the changes further described below. Revenues for our Core Portfolio increased $1.0 million for the year ended December 31, 2023 compared to the prior year primarily due to (i) a $7.8 million acceleration of a below market lease for a bankrupt tenant, (ii) $6.0 million from lease up within the Core Portfolio, and (iii) a $2.8 million increase from Core Portfolio property acquisitions in 2022 (Note 2). These increases were offset by (i) $7.2 million from vacating tenants, (ii) $3.2 million from additional termination income received in 2022, (iii) a $3.2 million increase associated with revenues deemed uncollectible in 2023, and (iv) $1.2 million from Core property dispositions in 2022. Depreciation and amortization for our Core Portfolio increased $1.0 million for the year ended December 31, 2023 compared to the prior year primarily due to Core Portfolio acquisitions in 2022. Property operating expenses, other operating and real estate taxes for our Core Portfolio increased $4.1 million for the year ended December 31, 2023 compared to the prior year primarily due to an increase in non-recurring repairs and maintenance, utility and insurance costs in 2023. The gain on disposition of properties for our Core Portfolio of $7.2 million for the year ended December 31, 2022 primarily relates to the sale of 330-340 River Street (Note 2). Equity in (losses) earnings of unconsolidated affiliates for our Core Portfolio increased $48.6 million for the year ended December 31, 2023 compared to the prior year primarily due to the Company’s $50.8 million proportionate share of an impairment charge at 840 N. Michigan Avenue in 2022 (Note 4). 46 Interest expense for our Core Portfolio increased $6.6 million for the year ended December 31, 2023 compared to the prior year primarily due to (i) $6.1 million from higher average outstanding borrowings in 2023, and (ii) $1.8 million from higher average interest rates in 2023. These increases were partially offset by $1.1 million from higher capitalized interest in 2023. Realized and unrealized holding gains (losses) on investments and other for our Core Portfolio includes (i) a $5.2 million mark-to-market adjustment on the Investment in Albertsons in 2023, and (ii) a $1.2 million bargain purchase gain on the acquisition of the Williamsburg Collection in 2022 (Note 2). In January 2023, following the expiration of the lock-up period and distribution of approximately 2.5 million shares by Mervyns II to its partners, the Company received 1.6 million shares of Albertsons, of which 1.4 million shares are included in the Core portfolio following the sale of 200,000 shares in 2023 (Note 4, Note 8). Net loss attributable to noncontrolling interests for our Core Portfolio increased $2.9 million for the year ended December 31, 2023 compared to the prior year based on the noncontrolling interests’ share of the variances discussed above. Funds The results of operations for our Funds segment are depicted in the table above under the headings labeled “Funds.” Segment net income attributable to Acadia for the Funds increased $15.0 million for the year ended December 31, 2023 compared to the prior year as a result of the changes described below. Revenues for the Funds increased $11.4 million for the year ended December 31, 2023 compared to the prior year primarily due to (i) $9.0 million from new tenant lease up in 2022 and 2023, (ii) $4.3 million from Fund property acquisitions in 2023, and (iii) $2.0 million from settlement income related to a tenant. These increases were offset by (i) $4.1 million from Fund property dispositions in 2022 (Note 2). Depreciation and amortization for the Funds decreased $1.0 million for the year ended December 31, 2023 compared to the prior year primarily due to Fund property dispositions in 2022 (Note 2). Impairment charges for the Funds decreased $29.6 million for the year ended December 31, 2023 compared to the prior year (Note 8). Impairment charges totaled $3.7 million during 2023 for the Funds related to 146 Geary Street in Fund IV. Impairment charges totaled $33.3 million during 2022 for the Funds related to 146 Geary Street and 717 N. Michigan Avenue in Fund IV. Property operating expenses, other operating and real estate taxes for the Funds increased $2.5 million for the year ended December 31, 2023 compared to the prior year primarily due to an increase in non-recurring repairs and maintenance, utility and insurance costs in 2023. Gain on disposition of properties for the Funds decreased $49.9 million for the year ended December 31, 2023 compared to the prior year due to the sales of Cortlandt Crossing at Fund III, Lincoln Place, Mayfair, Dauphin and Wake Forest Crossing in Fund IV (Note 2). Equity in (losses) earnings of unconsolidated affiliates for the Funds decreased $23.4 million for the year ended December 31, 2023 compared to the prior year due to new unconsolidated Fund acquisitions in 2022 and 2023 (Note 4) and the $12.8 million gain on sale of Promenade at Manassas in 2022. Interest expense for the Funds increased $6.4 million for the year ended December 31, 2023 compared to the prior year primarily due to $17.3 million from higher average interest rates in 2023 offset by $9.0 million from lower average outstanding borrowings in 2023 and $1.9 million from higher capitalized interest in 2023. Realized and unrealized holding gains (losses) on investments and other for the Funds increased $60.6 million for the year ended December 31, 2023 compared to the prior year primarily due to (i) a $28.2 million increase in dividend income from Albertsons in 2023 and (ii) a $38.9 million decrease in the mark-to-market adjustment on the Investment in Albertsons in 2022, offset by (i) a $2.0 million decrease in the mark-to-market adjustment on the Investment in Albertsons in 2023, and (ii) a $1.4 million distribution from the Storage Post Management Company in 2022. (Note 4). Net loss attributable to redeemable noncontrolling interests for the Funds increased $2.7 million for the year ended December 31, 2023 compared to the prior year due to the City Point Loan in 2022 (Note 10). Net loss attributable to noncontrolling interests for the Funds increased $8.0 million for the year ended December 31, 2023 compared to the prior year based on the noncontrolling interests’ share of the variances discussed above. Net loss attributable to noncontrolling interests in the Funds 47 includes asset management fees earned by the Company of $7.2 million and $9.5 million for the years ended December 31, 2023 and 2022, respectively. Structured Financing The results of operations for our Structured Financing segment are depicted in the table above under the headings labeled “SF.” Interest and other income for the Structured Financing portfolio increased $5.4 million for the year ended December 31, 2023 compared to the prior year period primarily due to the City Point Loan in 2022 (Note 10). Unallocated The Company does not allocate general and administrative expense and income taxes to its reportable segments. These unallocated amounts are depicted in the table above under the headings labeled “Total.” Unallocated general and administrative expense decreased $2.6 for the year ended December 31, 2023 compared to the prior year due to $2.0 million related to acquisition costs (Note 2). Discussions of 2021 items and comparisons between the year ended December 31, 2022 and 2021, respectively, that are not included in this Report can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. NON-GAAP FINANCIAL MEASURES Net Property Operating Income The following discussion of net property operating income (“NOI”) and rent spreads on new and renewal leases includes the activity from both our consolidated and our pro-rata share of unconsolidated properties within our Core Portfolio. Our Funds invest primarily in properties that typically require significant leasing and development. Given that the Funds are finite-life investment vehicles, these properties are sold following stabilization. For these reasons, we believe NOI and rent spreads are not meaningful measures for our Fund investments. NOI represents property revenues less property expenses. We consider NOI and rent spreads on new and renewal leases for our Core Portfolio to be appropriate supplemental disclosures of Core Portfolio operating performance due to their widespread acceptance and use within the REIT investor and analyst communities. NOI and rent spreads on new and renewal leases are presented to assist investors in analyzing our property performance, however, our method of calculating these may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. A reconciliation of consolidated operating income to net operating income (loss) - Core Portfolio follows (in thousands): Consolidated operating income Add back: General and administrative Depreciation and amortization Impairment charges Less: Above/below-market rent, straight-line rent and other adjustments Gain on disposition of properties (a) Consolidated NOI Redeemable noncontrolling interest in consolidated NOI Noncontrolling interest in consolidated NOI Less: Operating Partnership's interest in Fund NOI included above Add: Operating Partnership's share of unconsolidated joint ventures NOI NOI - Core Portfolio (b) 2023 Year Ended December 31, 2022 2021 $ 49,076 $ 68,230 $ 30,656 41,470 135,984 3,686 (20,617 ) — 209,599 44,066 135,917 33,311 (20,869 ) (57,161 ) 203,494 (4,420 ) (59,597 ) (19,816 ) 14,249 140,015 $ (1,892 ) (58,277 ) (14,476 ) 14,381 143,230 $ $ 40,125 123,439 9,925 (19,862 ) (10,521 ) 173,762 — (48,795 ) (11,608 ) 13,279 126,638 a)Includes straight-line rent reserves. See Note 1 for additional information about straight-line rent reserves and adjustments for the periods presented. b)Does not include the Operating Partnership’s share of NOI from unconsolidated joint ventures within the Funds. 48 Same-Property NOI includes Core Portfolio properties that we owned for both the current and prior period presented, but excludes those properties which we acquired, sold or expected to sell, redeveloped and developed during these periods. The following table summarizes Same-Property NOI for our Core Portfolio (in thousands): Core Portfolio NOI Less properties excluded from Same-Property NOI Same-Property NOI Percent change from prior year period Components of Same-Property NOI: Same-Property Revenues Same-Property Operating Expenses Same-Property NOI Rent Spreads on Core Portfolio New and Renewal Leases Year Ended December 31, 2023 2022 140,015 $ (26,147 ) 113,868 $ 5.8 % 165,933 $ (52,065 ) 113,868 $ 143,230 (35,557 ) 107,673 158,415 (50,742 ) 107,673 $ $ $ $ The following table summarizes rent spreads on both a cash basis and straight-line basis for new and renewal leases based on leases executed within our Core Portfolio for the period presented. Cash basis represents a comparison of rent most recently paid on the previous lease as compared to the initial rent paid on the new lease. Straight-line basis represents a comparison of rents as adjusted for contractual escalations, abated rent, and lease incentives for the same comparable leases. The table below includes embedded option renewals for which the renewed rent was equal to or approximated existing base rent. Core Portfolio New and Renewal Leases Number of new and renewal leases executed GLA commencing New base rent Expiring base rent Percent growth in base rent Average cost per square foot Weighted average lease term (years) (a) Year Ended December 31, 2023 Cash Basis Straight- Line Basis 65 436,322 36.42 $ 30.49 $ 19.5 % 16.11 $ 6.7 65 436,322 38.11 29.72 28.2 % 16.11 6.7 $ $ $ a)The average cost per square foot includes tenant improvement costs, leasing commissions and tenant allowances. 49 Funds from Operations We consider funds from operations (“FFO”) as defined by the National Association of Real Estate Investment Trusts (“NAREIT”) to be meaningful non-GAAP measure 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 our performance. It is helpful as it excludes 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 real estate. Our 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 our performance or to cash flows as a measure of liquidity. Consistent with the NAREIT definition, we define FFO as net income (computed in accordance with GAAP), excluding gains (losses) from sales of depreciated property and impairment of depreciable real estate, 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. A reconciliation of net income attributable to Acadia to FFO follows (dollars in thousands, except per share amounts): 2023 Year Ended December 31, 2022 2021 Net income (loss) attributable to Acadia shareholders $ 19,873 $ (35,445 ) $ 23,548 Depreciation of real estate and amortization of leasing costs (net of noncontrolling interests' share) Impairment charges (net of noncontrolling interests' share) Gain on disposition of properties (net of noncontrolling interests' share) Income (loss) attributable to Common OP Unit holders Distributions - Preferred OP Units Funds from operations attributable to Common Shareholders and Common OP Unit holders (a) Less: Impact of City Point share conversion Funds from operations attributable to Common Shareholders and Common OP Unit holders - Diluted (b) Funds From Operations per Share - Diluted Basic weighted-average shares outstanding, GAAP earnings Weighted-average OP Units outstanding Basic weighted-average shares and OP Units outstanding, FFO Assumed conversion of Preferred OP Units to Common Shares Assumed conversion of LTIP units and restricted share units to Common Shares Diluted weighted-average number of Common Shares and Common OP Units outstanding, FFO 109,732 852 — 1,282 492 104,910 58,481 (22,137 ) (1,800 ) 492 93,388 2,294 (4,163 ) 1,584 492 $ $ 132,231 $ 104,501 $ 117,143 — (906 ) — 132,231 $ 103,595 $ 117,143 95,283,752 7,179,974 102,463,726 463,898 94,575,251 6,299,222 100,874,473 463,898 87,653,818 5,115,319 92,769,137 464,623 — — — 102,927,624 101,338,371 93,233,760 Diluted Funds from operations, per Common Share and Common OP Unit (c) $ 1.28 $ 1.02 $ 1.26 a)Represents the Company's total share of impairment charges from consolidated assets (Note 8) and allocated impairment charges from investments in and advances to unconsolidated affiliates (Note 4). b)The adjustment represents the impact of assumed conversion of dilutive convertible securities issued in connection with the City Point Loan in August 2022 that enabled the holder to convert its interest into the Company's Common Shares. The instrument was subsequently modified in the third quarter of 2022 to provide for a cash-only settlement option (Note 10). c)Diluted Funds from operations, per Common Share and Common OP Unit decreased for the year ended December 31, 2022 as compared to the prior year primarily related to the mark-to- market adjustment on our investment in Albertsons. 50 LIQUIDITY AND CAPITAL RESOURCES Uses of Liquidity and Cash Requirements Generally, our principal uses of liquidity are (i) distributions to our shareholders and OP unit holders, (ii) investments which include the funding of our capital committed to the Funds and property acquisitions and development/re-tenanting activities within our Core Portfolio, (iii) distributions to our Fund investors, (iv) debt service and loan repayments and (v) share repurchases. Distributions In order to qualify as a REIT for federal income tax purposes, we must currently distribute at least 90% of our taxable income to our shareholders. During the year ended December 31, 2023, we paid dividends and distributions on our Common Shares, Common OP Units and Preferred OP Units totaling $68.6 million. Investments During the year ended December 31, 2023, Fund V acquired two consolidated properties and one unconsolidated property totaling $189.3 million, inclusive of transaction costs (Note 2, Note 4). Structured Financing Investments During the year ended December 31, 2023, we funded $5.3 million of a $12.8 million construction loan commitment to an unconsolidated venture (Note 4). We originated a new $1.4 million Core Portfolio loan and, through Fund V, we refinanced a $31.7 million bridge loan at an unconsolidated property that was originated by Fund V at acquisition with a new mortgage loan at an unconsolidated property. Capital Commitments During the year ended December 31, 2023, we made capital contributions aggregating $15.5 million to Funds IV and V, and $1.3 million to Fund II for City Point. At December 31, 2023, our share of the remaining capital commitments to our Funds aggregated $29.3 million as follows: •$0.5 million to Fund III. Fund III was launched in May 2007 with total committed capital of $450.0 million of which our share was $89.6 million. During 2015, we acquired an additional interest, which had an original capital commitment of $20.9 million. •$6.2 million to Fund IV. Fund IV was launched in May 2012 with total committed capital of $530.0 million of which our share was $122.5 million. •$22.6 million to Fund V. Fund V was launched in August 2016 with total committed capital of $520.0 million of which our share is $104.5 million. Development Activities During the year ended December 31, 2023, capitalized costs associated with development activities totaled $14.9 million (Note 2). At December 31, 2023, we had a total of twelve consolidated projects under development or redevelopment, for which the estimated total cost to complete these projects through 2025 was $26.1 million to $42.5 million. Substantially all remaining development and redevelopment costs are discretionary, which could be affected by various risks and uncertainties, including, but not limited to, the effects of the current inflationary environment, rising interest rates, and other risks detailed in Item 1A. Risk Factors. 51 Debt A summary of our consolidated debt, which includes the full amount of Fund related obligations and excludes our pro-rata share of debt at our unconsolidated subsidiaries, is as follows (in thousands): December 31, 2023 December 31, 2022 Total Debt - Fixed and Effectively Fixed Rate $ 1,454,707 $ 1,440,773 Total Debt - Variable Rate Net unamortized debt issuance costs Unamortized premium Total Indebtedness 426,380 1,881,087 (11,186 ) 240 1,870,141 $ 364,641 1,805,414 (12,697 ) 343 1,793,060 $ As of December 31, 2023, our consolidated indebtedness aggregated $1,881.1 million, excluding unamortized premium of $0.2 million and unamortized loan costs of $11.2 million, and were collateralized by 33 properties and related tenant leases. Stated interest rates on our outstanding indebtedness ranged from 3.99% to SOFR + 3.75% with maturities that ranged from January 2024 to April 2035, without regard to available extension options. Taking into consideration $1,249.8 million of notional principal under variable to fixed-rate swap agreements currently in effect, $1,454.7 million of the portfolio debt, or 77.3%, was fixed at a 4.71% weighted- average interest rate and $426.4 million, or 22.7% was floating at a 7.77% weighted average interest rate as of December 31, 2023. Our variable-rate debt includes $151.4 million of debt subject to interest rate caps. Without regard to available extension options, at December 31, 2023 there is $327.6 million of debt maturing in 2024 at a weighted-average interest rate of 4.95%; there is $5.6 million of scheduled principal amortization due in 2024; and our share of scheduled 2024 principal payments and maturities on our unconsolidated debt was $69.1 million. In addition, $680.8 million of our total consolidated debt and $10.2 million of our pro-rata share of unconsolidated debt will come due in 2025. As it relates to the aforementioned maturing debt in 2024 and 2025, we have options to extend consolidated debt aggregating $0.0 million and $535.4 million at December 31, 2023, respectively; however, there can be no assurance that we will be able to successfully execute any or all of its available extension options. As it relates to the remaining maturing debt in 2024 and 2025, we may not have sufficient cash on hand to repay such indebtedness, and, therefore, we expect to refinance at least a portion of this indebtedness or select other alternatives based on market conditions as these loans mature; however, there can be no assurance that we will be able to obtain financing at acceptable terms or at all. Our ability to obtain financing could be affected by various risks and uncertainties, including, but not limited to, the effects of the current inflationary environment, rising interest rates, and other risks detailed in Part I, Item 1A. Risk Factors. Share Repurchase Program We maintain a share repurchase program under which $122.5 million remains available as of December 31, 2023 (Note 10). The Company did not repurchase any of its Common Shares under this program during the year ended December 31, 2023. Sources of Liquidity Our primary sources of capital for funding our short-term (less than 12 months) and long-term (12 months and longer) liquidity needs include (i) the issuance of both public equity and OP Units, (ii) the issuance of both secured and unsecured debt, (iii) unfunded capital commitments from noncontrolling interests within our Funds, (iv) investments of strategic capital (v) future sales of existing properties, (vi) repayments of structured financing investments, and (vii) cash on hand and future cash flow from operating activities. Our cash on hand in our consolidated subsidiaries at December 31, 2023 totaled $17.5 million. Our remaining sources of liquidity are described further below. Common Share Issuances We have an ATM Program (Note 10) that provides us with an efficient and low-cost vehicle for raising capital through public equity issuances on an as-we-go basis to fund our capital needs. Through this program, we have been able to effectively “match-fund” the required capital for our Core Portfolio and Fund acquisitions through the issuance of Common Shares over extended periods employing a price averaging strategy. In addition, from time to time, we have issued and intend to continue to issue, equity in follow-on offerings separate from our ATM Program. Net proceeds raised through our ATM Program and follow-on offerings are primarily used for acquisitions, both for our Core Portfolio and our pro-rata share of Fund acquisitions, and for general corporate purposes. We did not sell any shares under our ATM Program for the year ended December 31, 2023. 52 In January 2024, we completed an underwritten offering of 6,900,000 Common Shares (inclusive of the underwriters’ option to purchase 900,000 additional shares) for net proceeds of $113.0 million (Note 17). We intend to use the net proceeds from the Offering for general corporate purposes, which may include, without limitation, the repayment of outstanding indebtedness, funding future acquisitions, working capital and other general corporate purpose activities. Fund Capital During the year ended December 31, 2023, Funds IV and V called for capital contributions of $74.8 million, of which our aggregate share was $15.5 million. At December 31, 2023, unfunded capital commitments from noncontrolling interests within our Funds II, III, IV and V were zero, $1.4 million, $20.4 million, and $90.0 million, respectively. Other Transactions The contractual lock-up restrictions on our investment in Albertsons expired in January 2023, and we received 1.6 million shares. During the year ended December 31, 2023, we sold 200,000 shares of Albertsons, generating net proceeds of $4.6 million. At December 31, 2023, we held 1.4 million shares which had a fair value of $33.3 million (Note 4, Note 8). In addition, during the year ended December 31, 2023, we recognized dividend income of $29.1 million (inclusive of the $28.2 million special dividend received from Mervyns II investment in Albertsons prior to the expiration of the lockup), of which the Company's share was $12.0 million (Note 8). In April and June 2023, Fund II received $2.0 million, or $1.1 million at the Company’s share, of proceeds from the Century 21 Department Stores LLC bankruptcy claim (Note 11). During the year ended December 31, 2023, Fund V refinanced a $31.7 million bridge loan at an unconsolidated property that was originated by Fund V at acquisition. We also have one Structured Financing investment in the amount of $21.6 million including accrued interest (exclusive of default interest and other amounts due on the loan that have not been recognized) that previously matured and has not been repaid (Note 3). Financing and Debt As of December 31, 2023, we had $106.1 million of additional capacity under existing consolidated Core and Fund revolving debt facilities. In addition, at that date within our Core and Fund portfolios, we had 92 unleveraged consolidated properties with an aggregate carrying value of approximately $1.8 billion, although there can be no assurance that we would be able to obtain financing for these properties at favorable terms, if at all. HISTORICAL CASH FLOW Year Ended December 31, 2023 Compared to Year Ended December 31, 2022 The following table compares the historical cash flow for the year ended December 31, 2023 with the cash flow for the year ended December 31, 2022 (in millions, totals may not add due to rounding): Net cash provided by operating activities Net cash used in investing activities Net cash provided by (used in) financing activities Changes in cash, cash equivalents and restricted cash Operating Activities 2023 Year Ended December 31, 2022 Variance $ $ 155.8 $ (208.5 ) 45.9 (6.9 ) $ 133.2 $ (124.2 ) (4.4 ) 4.7 $ 22.6 (84.3 ) 50.3 (11.6 ) Net cash provided by operating activities primarily consists of cash inflows from dividend income and rental revenue, and cash outflows for property operating expenses, general and administrative expenses, and interest and debt expense. Our operating activities provided $22.6 million more cash for the year ended December 31, 2023 as compared to the year ended December 31, 2022, primarily due to the $28.2 million dividend received from our investment in Albertsons in 2023, offset by higher payments of interest in 2023. 53 Investing Activities Net cash used in investing activities is impacted by our investments in and advances to unconsolidated affiliates, the timing and extent of our real estate development, capital improvements, and acquisition and disposition activities during the period. Our investing activities used $84.3 million more cash for the year ended December 31, 2023 as compared to the year ended December 31, 2022, primarily due to (i) $224.6 million less cash received from the disposition of properties, (ii) $33.3 million less cash received from return of capital from unconsolidated affiliates, (iii) $29.5 million less cash received from repayment of notes receivable, and (iv) $18.5 million more cash used in development, construction, and property improvements. These sources of cash were primarily offset by (i) $117.9 million less cash used for the acquisition of properties, and (ii) $101.0 million less cash used in our investments in and advances to unconsolidated affiliates. Financing Activities Net cash used in financing activities is impacted by the timing and extent of issuances of debt and equity securities, distributions paid to common shareholders and unitholders of the Operating Partnership as well as principal and other payments associated with our outstanding indebtedness. Our financing activities provided $50.3 million more cash during the year ended December 31, 2023 as compared to the year ended December 31, 2022, primarily from (i) $145.4 million more cash received in proceeds from debt, (ii) $48.3 million less cash used for distributions to noncontrolling interests, (iii) $24.3 million less cash used for the acquisition of noncontrolling interests, and (iv) $5.3 million from lower financing costs. These decreases were offset by (i) $119.5 million less cash provided by the sale of Common Shares, (ii) $49.5 million less cash provided by contributions from noncontrolling interests, and (iii) $4.0 million more cash used in dividends paid to Common shareholders. OFF-BALANCE SHEET ARRANGEMENTS We have the following investments made through joint ventures (that may include, among others, tenancy-in common and other similar investments) for the purpose of investing in operating properties. We account for these investments using the equity method of accounting. As such, our financial statements reflect our investment and our share of income and loss from, but not the individual assets and liabilities, of these joint ventures. See Note 4 for a discussion of our unconsolidated investments. The Operating Partnership’s pro-rata share of unconsolidated non-recourse debt related to those investments is as follows (dollars in millions): (c) (c) (b) Investment Gotham Eden Square Crossroads Tri City Plaza Frederick Crossing Paramus Plaza Frederick County Square 650 Bald Hill (b) Renaissance 840 N. Michigan (b) 3104 M Street Wood Ridge Plaza La Frontera Riverdale Georgetown Mohawk Commons Shoppes at South Hills (c) Total (c) Operating Partnership Ownership Percentage Pro-rata Share of Mortgage Debt 49.0 % $ 20.8 % 49.0 % 18.1 % 18.1 % 11.6 % 18.1 % 20.8 % 20.0 % 91.9 % 20.0 % 18.1 % 18.1 % 18.0 % 50.0 % 18.1 % 18.1 % $ 8.5 5.0 29.1 6.9 4.3 3.2 4.2 3.2 30.4 50.0 0.8 6.1 10.0 6.9 7.2 7.2 5.8 188.8 December 31, 2023 Effective Interest (a) Rate 8.36 % 7.60 % 3.94 % 3.04 % 3.27 % 7.69 % 5.49 % 3.75 % 7.15 % 6.50 % 8.50 % 7.20 % 6.11 % 7.28 % 4.72 % 5.80 % 5.95 % Maturity Date Mar 2024 Sep 2024 Oct 2024 Oct 2024 Dec 2024 Dec 2024 Jan 2025 Jun 2026 Nov 2026 Dec 2026 Jan 2027 Mar 2027 Jun 2027 Nov 2027 Dec 2027 Mar 2028 Mar 2028 a)Effective interest rates incorporate the effect of interest rate swaps and caps that were in effect at December 31, 2023, where applicable. b)The debt has two available 12-month extension options. c)The debt has one available 12-month extension option. 54 CRITICAL ACCOUNTING ESTIMATES Management’s discussion and analysis of financial condition and results of operations is based upon our Consolidated Financial Statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America, referred to as “GAAP”. The preparation of these Consolidated Financial Statements requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues, and expenses. We base our estimates on historical experience and assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. We believe the following critical accounting policies affect the significant judgments and estimates used by us in the preparation of our Consolidated Financial Statements. Real Estate and Investments in and Advances to Unconsolidated Affiliates – Impairment of Properties On a periodic basis, we assess whether there are any indicators that the value of real estate assets, including any related right-of-use (“ROU”), intangible assets, undeveloped land and construction in progress, may be impaired. A property’s value is impaired only if the estimate of the aggregate future cash flows (undiscounted and without interest charges) to be generated by the property are less than the carrying value of the property. The determination of undiscounted cash flows requires significant estimates by management. In management’s estimate of cash flows, it considers factors such as expected future sale of an asset or development alternatives, capitalization rates and the undiscounted future cash flows analysis, which is probability-weighted based upon management’s best estimate of the likelihood of the alternative courses of action. Expected future cash flows and recoverability conclusions could be materially impacted by changes in items such as future leasing activity, occupancy, property operating costs, market pricing, our view or strategy relative to a tenant’s business or industry, the manner in which a property is used and the expected hold period of an asset. Subsequent changes in estimated undiscounted cash flows arising from changes in anticipated actions could affect the determination of whether an impairment exists and whether the effects could have a material impact on the Company’s net income. To the extent an impairment has occurred, the loss will be measured as the excess of the carrying amount of the property over the fair value of the property. The Company is required to make subjective assessments as to whether there are impairments in the value of its real estate properties and other investments. These assessments have a direct impact on the Company’s estimates of the projected future cash flows, anticipated holding periods or market conditions change, its evaluation of the impairment charges may be different, and such differences could be material to the Company’s consolidated financial statements. Plans to hold properties over longer periods decrease the likelihood of recording impairment losses. During 2023 and 2022, the Company recognized impairment charges on properties of $3.7 million and $33.3 million, respectively. See Note 8 for a discussion of impairments recognized during the periods presented. Our investments in unconsolidated joint ventures are reviewed for indicators of impairment on a quarterly basis and we record impairment charges when events or circumstances change indicating that a decline in the fair values below the carrying amounts has occurred and such decline is other-than-temporary. This evaluation of the investments in unconsolidated joint ventures is dependent on a number of factors, including the performance of each investment and market conditions. We will record an impairment charge if we determine that a decline in the fair value below the carrying amount of an investment in an unconsolidated joint venture is other-than- temporary. The fair value is calculated using discounted cash flows which is subjective and considers assumptions regarding future occupancy, future rental rates, future capital requirements, debt interest rates and availability, discount rates and capitalization rates that could differ materially from actual results in future periods. Revenue Recognition and Receivables – Estimating Collectability We assess the collectability of our accounts receivable related to tenant revenues under ASC Topic 842 “Leases” (“ASC 842”). Management exercises judgment in assessing collectability and will look to both quantitative and qualitative factors. Such factors include tenants’ current credit status, either from third parties or using an internal risk assessment, payment history, amount of outstanding receivables, tenant sales performance, potential liquidity and current economic and sector specific trends. Changes in our assessments of collectability are recognized as adjustments to rental revenue in accordance with ASC 842. These assessments are inherently sensitive as they are based on the judgment of management and information available at the time of evaluation. We routinely reassess the quantitative and qualitative factors used to derive these estimates and believe the methods and assumptions noted above to be reasonable in evaluating collectability. Billed tenant receivables, and receivables arising from the straight-lining of rents, are written-off when management deems the collectability of substantially all future lease payments from a specific lease is not probable, at which point, the Company will begin recognizing revenue from such leases prospectively on a cash basis, based on actual amounts received. If the Company subsequently determines that it is probable it will collect substantially all of the lessee’s remaining lease payments under the lease term, the Company will reinstate the receivables balance, including those arising from the straight-lining of rents, adjusting for the amount related to the period when the lease was accounted for on a cash basis. 55 Rental revenue for the years ended December 31, 2023, 2022 and 2021 are reported net of our collectability related adjustments of $(1.3) million, $1.5 million, and $1.9 million, respectively (Note 11). Real Estate – Estimates Related to Valuing Acquired Assets and Liabilities Upon acquisitions of real estate, we assess the fair value of acquired tangible and intangible assets (including land, buildings, tenant improvements, “above-” and “below-market” leases, leasing and assumed financing origination costs, acquired in-place leases, other identified intangible assets and assumed liabilities) in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 805 “Business Combinations” and ASC Topic 350 “Intangibles – Goodwill and Other,” and allocate the purchase price to the acquired assets and assumed liabilities, including land and buildings as if vacant. We assess fair value based on estimated cash flow projections utilizing appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known trends, and market/economic conditions. Based on these estimates, we allocate the purchase price to the applicable assets and liabilities based on their relative fair values at date of acquisition. In allocating the purchase price to identified intangible assets and liabilities of an acquired property, the value of above-market and below-market leases is estimated based on the present value of the difference between the contractual amounts, including fixed rate below-market renewal options, to be paid pursuant to the in-place leases and our estimate of the market lease rates and other lease provisions for comparable leases measured over a period equal to the estimated remaining term of the lease. Tenant related intangibles and improvements are amortized on a straight-line basis over the related lease term, including any renewal options. We amortize identified intangibles that have finite lives over the period they are expected to contribute directly or indirectly to the future cash flows of the property or business acquired. We consider qualitative and quantitative factors in evaluating the likelihood of a tenant exercising a below market renewal option and include such renewal options in the calculation of in-place leases. If the value of below-market lease intangibles includes renewal option periods, we include such renewal periods in the amortization period utilized. If a lease terminates prior to its stated expiration, all unamortized amounts relating to that lease are written off. During the year ended December 31, 2023, we completed two asset acquisitions, and the purchase price of each was allocated based on the relative fair values of the assets acquired and liabilities assumed (Note 2). Investments in and Advances to Unconsolidated Affiliates – Consolidation We account for our investments in and advances to unconsolidated affiliates under the equity method of accounting in cases where we exercise significant influence over, but do not control, these entities and are not considered to be the primary beneficiary. We consolidate those joint ventures that we control or which are variable interest entities (each, a "VIE") and where we are considered to be the primary beneficiary. In all these joint ventures, the rights of the joint venture partner are both protective as well as participating. Unless we are determined to be the primary beneficiary in a VIE, these participating rights preclude us from consolidating these VIE entities. Determining control of the entities can be subjective in assessing which activities of the joint venture most significantly impact the economic performance and whether the rights of the joint venture partner are protective or participating. In making this determination, any new or amended joint venture agreement is assessed by the Company for the activities that most significantly impact the joint venture’s economic performance based on the business purpose and design of the venture. We assess the rights that are conveyed to us in the agreement and evaluate whether we are provided with participating or protective rights over the activities that most significantly impact the entity’s economic performance. We also assess the rights of our joint venture partner. Such participating rights include, among other things, the right to approve/amend the annual budget, leasing of the property to a significant tenant, and approval of financing. If our joint venture partner has substantive participating rights and we are determined not to be the primary beneficiary, we do not consolidate the entity. The assets and liabilities of the consolidated VIEs are described in Note 16. Recently Issued Accounting Pronouncements Reference is made to Note 1 for information about recently issued and recently adopted accounting pronouncements. 56 ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. Information as of December 31, 2023 Our primary market risk exposure is to changes in interest rates related to our mortgage and other debt. See Note 7 for certain quantitative details related to our mortgage and other debt. Currently, we manage our exposure to fluctuations in interest rates primarily through the use of fixed-rate debt and interest rate swap and cap agreements. As of December 31, 2023, we had total mortgage and other notes payable of $1,881.1 million, excluding the unamortized premium of $0.2 million and unamortized debt issuance costs of $11.2 million, of which $1,454.7 million, or 77.3% was fixed-rate, inclusive of debt with rates fixed through the use of derivative financial instruments, and $426.4 million, or 22.7%, was variable-rate based upon LIBOR rates plus certain spreads. As of December 31, 2023, we were party to 36 interest rate swap and four interest rate cap agreements to hedge our exposure to changes in interest rates with respect to $1,249.8 million and $151.4 million of LIBOR or SOFR-based variable- rate debt, respectively. For a discussion of the risks associated with the discontinuation of LIBOR, see Item 1A. Risk Factors —Risks Related to Our Liquidity and Indebtedness — If we decided to employ higher leverage levels, we would be subject to increased debt service requirements and a higher risk of default on our debt obligations, which could adversely affect our financial conditions, cash flows and ability to make distributions to our shareholders. In addition, increases or changes in interest rates could cause our borrowing costs to rise and may limit our ability to refinance debt. The following table sets forth information as of December 31, 2023 concerning our long-term debt obligations, including principal cash flows by scheduled maturity and weighted average interest rates of maturing amounts (dollars in millions): Core Consolidated Mortgage and Other Debt Year 2024 2025 2026 2027 2028 Thereafter Fund Consolidated Mortgage and Other Debt Year 2024 2025 2026 2027 2028 Thereafter $ $ $ $ Scheduled Amortization Maturities Total Weighted-Average Interest Rate 1.8 $ 2.0 2.4 2.3 1.8 2.5 12.8 $ 7.3 $ 273.3 400.0 200.1 67.9 93.7 1,042.3 $ 9.1 275.3 402.4 202.4 69.7 96.2 1,055.1 4.7 % 4.7 % 4.7 % 4.6 % 4.5 % 5.6 % Scheduled Amortization Maturities Total Weighted-Average Interest Rate 3.8 $ 0.5 0.2 0.4 0.2 — 5.1 $ 320.3 $ 405.0 34.5 — 61.1 — 820.9 $ Mortgage Debt in Unconsolidated Partnerships (at our Pro-Rata Share) Year 2024 2025 2026 2027 2028 Thereafter Scheduled Amortization Maturities Total $ $ 13.0 $ 6.0 6.0 0.6 — — 25.6 $ 56.1 $ 4.2 61.0 29.6 12.3 — 163.2 $ 5.0 % 7.3 % 6.6 % — % 6.0 % — % Weighted-Average Interest Rate 5.0 % 5.5 % 6.7 % 6.3 % 5.9 % — % 324.1 405.5 34.7 0.4 61.3 — 826.0 69.1 10.2 67.0 30.2 12.3 — 188.8 57 Without regard to available extension options, in 2024, $333.2 million of our total consolidated debt and $69.1 million of our pro-rata share of unconsolidated outstanding debt will become due. In addition, $680.8 million of our total consolidated debt and $10.2 million of our pro-rata share of unconsolidated debt will become due in 2025. As it relates to the maturing debt in 2024 and 2025, we have options to extend consolidated debt aggregating $0.0 million and $535.4 million, respectively; however, there can be no assurance that the Company will be able to successfully execute any or all of its available extension options. As we intend on refinancing some or all of such debt at the then-existing market interest rates, which may be greater than the current interest rate, our interest expense would increase by approximately $10.8 million annually if the interest rate on the refinanced debt increased by 100 basis points. After giving effect to noncontrolling interests, our share of this increase would be $5.6 million. Interest expense on our consolidated variable-rate debt of $426.4 million, net of variable to fixed-rate swap agreements currently in effect, as of December 31, 2023, would increase $4.3 million if interest rates increased by 100 basis points. After giving effect to noncontrolling interests, our share of this increase would be $1.7 million. We may seek additional variable-rate financing if and when pricing and other commercial and financial terms warrant. As such, we would consider hedging against the interest rate risk related to such additional variable-rate debt through interest rate swaps and protection agreements, or other means. Based on our outstanding debt balances as of December 31, 2023, the fair value of our total consolidated outstanding debt would decrease by approximately $6.9 million if interest rates increase by 1%. Conversely, if interest rates decrease by 1%, the fair value of our total outstanding debt would increase by approximately $6.6 million. As of December 31, 2023, and 2022, we had consolidated notes receivable of $124.9 million and $123.9 million, respectively. We determined the estimated fair value of our notes receivable by discounting future cash receipts utilizing a discount rate equivalent to the rate at which similar notes receivable would be originated under conditions then existing. Based on our outstanding notes receivable balances as of December 31, 2023, the fair value of our total outstanding notes receivable would decrease by approximately $0.6 million if interest rates increase by 1%. Conversely, if interest rates decrease by 1%, the fair value of our total outstanding notes receivable would increase by approximately $0.6 million. Summarized Information as of December 31, 2022 As of December 31, 2022, we had total mortgage and other notes payable of $1,805.4 million, excluding the unamortized premium of $0.3 million and unamortized debt issuance costs of $12.7 million, of which $1,440.8 million, or 79.8% was fixed-rate, inclusive of debt with rates fixed through the use of derivative financial instruments, and $364.6 million, or 20.2%, was variable-rate based upon LIBOR, SOFR or Prime rates plus certain spreads. As of December 31, 2022, we were party to 36 interest rate swap and three interest rate cap agreements to hedge our exposure to changes in interest rates with respect to $1,264.0 million and $103.8 million of variable-rate debt, respectively. Interest expense on our variable-rate debt of $364.6 million as of December 31, 2022, would have increased $3.6 million if corresponding rate indices increased by 100 basis points. Based on our outstanding debt balances as of December 31, 2022, the fair value of our total outstanding debt would have decreased by approximately $5.4 million if interest rates increased by 1%. Conversely, if interest rates decreased by 1%, the fair value of our total outstanding debt would have increased by approximately $6.5 million. Changes in Market Risk Exposures from December 31, 2022 to December 31, 2023 Our interest rate risk exposure from December 31, 2022, to December 31, 2023, has increased on an absolute basis, as the $364.6 million of variable-rate debt as of December 31, 2022, has increased to $426.4 million as of December 31, 2023. As a percentage of our overall debt, our interest rate risk exposure has increased as our variable-rate debt accounted for 20.2% of our consolidated debt as of December 31, 2022 compared to 22.7% as of December 31, 2023. 58 ITEM 8. FINANCIAL STATEMENTS. ACADIA REALTY TRUST AND SUBSIDIARIES INDEX TO FINANCIAL STATEMENTS Financial Statements: Report of Independent Registered Public Accounting Firm (Deloitte & Touche LLP; New York, New York, PCAOB ID No. 34) Report of Independent Registered Public Accounting Firm (BDO USA, LLP; New York, New York, PCAOB ID No. 243) Consolidated Balance Sheets as of December 31, 2023 and 2022 Consolidated Statements of Operations for the years ended December 31, 2023, 2022 and 2021 Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2023, 2022 and 2021 Consolidated Statements of Changes in Shareholders’ Equity for the years ended December 31, 2023, 2022 and 2021 Consolidated Statements of Cash Flows for the years ended December 31, 2023, 2022 and 2021 Notes to Consolidated Financial Statements Financial Statement Schedules: Schedule III – Real Estate and Accumulated Depreciation Schedule IV – Mortgage Loans on Real Estate Page 60 62 63 64 65 66 68 70 115 119 59 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the shareholders and the Board of Trustees of Acadia Realty Trust Opinion on the Financial Statements We have audited the accompanying consolidated balance sheet of Acadia Realty Trust and subsidiaries (the "Company") as of December 31, 2023, the related consolidated statements of operations, comprehensive income (loss), changes in shareholders' equity, and cash flows, for the year ended December 31, 2023, and the related notes, and the schedules listed in the Index at Item 15 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023, and the results of its operations and its cash flows for the year ended December 31, 2023, in conformity with accounting principles generally accepted in the United States of America. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 16, 2024, expressed an unqualified opinion on the Company's internal control over financial reporting. Basis for Opinion These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion. Critical Audit Matter The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. Operating real estate, net — Impairment — Refer to Notes 1, 2 and 8 to the financial statements Critical Audit Matter Description The Company reviews its real estate assets for impairment periodically or when there is an event or a change in circumstances that indicates the carrying amount may not be recoverable. The Company’s evaluation of the recoverability of real estate assets involves the comparison of undiscounted future cash flows expected to be generated by each real estate asset over the Company’s estimated holding period to the respective carrying amount. The cash flow analysis considers factors such as expected future operating income, trends, and prospects, as well as the effects of demand, competition, and other factors. If the Company is evaluating the potential sale of an asset, the undiscounted future cash flows analysis is probability-weighted based upon management’s best estimate of the likelihood of the alternative courses of action for that particular asset as of the balance sheet date. If an impairment is indicated, an impairment loss is recognized equal to the excess of the carrying amount of the asset over its estimated fair value. The determination of anticipated undiscounted cash flows is inherently subjective, requiring significant estimates and assumptions to be made by management such as future market rental rates and capitalization rates. 60 We identified the impairment of certain real estate assets as a critical audit matter because of the significant estimates and assumptions management makes related to future market rental rates and capitalization rates. This required a high degree of auditor judgment and an increased extent of effort, including the need to involve our fair value specialists, when performing audit procedures to evaluate the reasonableness of management’s undiscounted future cash flows analysis. How the Critical Audit Matter Was Addressed in the Audit Our audit procedures related to the undiscounted future cash flows analysis included the following, among others: •We tested the effectiveness of controls over management’s evaluation of the recoverability of real estate assets, including those over future market rental rates and capitalization rates. •We evaluated the reasonableness of future market rental rates and capitalization rates used by management through comparison to independent market data, focusing on geographical location and property type. In addition, we developed ranges of independent estimates of future market rental rates and capitalization rates and compared those to the amounts used by management. •We involved our fair value specialists in (1) evaluating the reasonableness of the valuation methodology; (2) providing comparable market transaction details to evaluate the future market rental rates and capitalization rates assumptions; and (3) evaluating the mathematical accuracy of the undiscounted future cash flows analysis. •We evaluated whether the assumptions used by management were consistent with evidence obtained in other areas of the audit. /s/ Deloitte & Touche LLP New York, New York February 16, 2024 We have served as the Company’s auditor since 2023. 61 Report of Independent Registered Public Accounting Firm Shareholders and Board of Trustees Acadia Realty Trust Rye, New York Opinion on the Consolidated Financial Statements We have audited the accompanying consolidated balance sheet of Acadia Realty Trust (the “Company”) as of December 31, 2022, the related consolidated statements of operations, comprehensive income (loss), changes in shareholders’ equity, and cash flows for each of the two years in the period ended December 31, 2022, and the related notes and financial statement schedules listed in the accompanying index (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2022, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2022, in conformity with accounting principles generally accepted in the United States of America. Basis for Opinion These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion. /s/ BDO USA, LLP We have served as the Company's auditor from 2005 to 2022. New York, New York March 1, 2023 62 ACADIA REALTY TRUST AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (dollars in thousands, except share and per share data) ASSETS Investments in real estate, at cost Operating real estate, net Real estate under development Net investments in real estate Notes receivable, net ($1,279 and $898 of allowance for credit losses as of December 31, 2023 and December 31, 2022, respectively) Investments in and advances to unconsolidated affiliates Other assets, net Right-of-use assets - operating leases, net Cash and cash equivalents Restricted cash Marketable securities Rents receivable, net Assets of properties held for sale Total assets (a) LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY Liabilities: Mortgage and other notes payable, net Unsecured notes payable, net Unsecured line of credit Accounts payable and other liabilities Lease liability - operating leases Dividends and distributions payable Distributions in excess of income from, and investments in, unconsolidated affiliates Total liabilities Commitments and contingencies (Note 9) Redeemable noncontrolling interests (Note 10) Equity: Acadia Shareholders' Equity (a) Common shares, $0.001 par value per share, authorized 200,000,000 shares, issued and outstanding 95,361,676 and 95,120,773 shares, respectively Additional paid-in capital Accumulated other comprehensive income Distributions in excess of accumulated earnings Total Acadia shareholders’ equity Noncontrolling interests Total equity Total liabilities, redeemable noncontrolling interests, and equity $ $ $ $ December 31, 2023 December 31, 2022 3,517,281 $ 94,799 3,612,080 124,949 197,240 208,460 29,286 17,481 7,813 33,284 49,504 11,057 4,291,154 $ 930,127 $ 726,727 213,287 229,375 31,580 18,520 7,982 2,157,598 3,343,265 184,602 3,527,867 123,903 291,156 229,591 37,281 17,158 15,063 — 49,506 11,057 4,302,582 928,639 696,134 168,287 196,491 35,271 18,395 10,505 2,053,722 50,339 67,664 95 1,953,521 32,442 (349,141 ) 1,636,917 446,300 2,083,217 4,291,154 $ 95 1,945,322 46,817 (300,402 ) 1,691,832 489,364 2,181,196 4,302,582 (a)Represents the consolidated assets and liabilities of Acadia Realty Limited Partnership (the "Operating Partnership"), which is a consolidated variable interest entity ("VIE") (Note 16). The Consolidated Balance Sheets include the following amounts related to our consolidated VIEs that are consolidated by the Operating Partnership: $1,679.8 million and $1,466.4 million of Operating real estate, net; $28.9 million and $129.9 million of Real estate under development; $92.8 million and $210.9 million of Investments in and advances to unconsolidated affiliates; $101.7 million and $98.7 million of Other assets, net; $2.1 million and $2.5 million of Right-of-use assets - operating leases, net; $10.8 million and $13.3 million of Cash and cash equivalents; $7.0 million and $15.0 million of Restricted cash; $21.4 million and $17.9 million of Rents receivable, net; $764.6 million and $761.2 million of Mortgage and other notes payable, net; $80.5 million and $51.2 million of Unsecured notes payable, net; $127.2 million and $95.4 million of Accounts payable and other liabilities; $2.2 million and $2.7 million of Lease liability- operating leases as of December 31, 2023 and 2022, respectively. The accompanying notes are an integral part of these consolidated financial statements 63 ACADIA REALTY TRUST AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands except per share amounts) Revenues Rental Other Total revenues Expenses Depreciation and amortization General and administrative Real estate taxes Property operating Impairment charges Total expenses Gain on disposition of properties Operating income Equity in (losses) earnings of unconsolidated affiliates Interest income Realized and unrealized holding gains (losses) on investments and other Interest expense (Loss) income from continuing operations before income taxes Income tax provision Net (loss) income Net loss attributable to redeemable noncontrolling interests Net loss (income) attributable to noncontrolling interests Net income (loss) attributable to Acadia shareholders Basic earnings (loss) per share Diluted earnings (loss) per share Weighted average shares for basic earnings (loss) per share Weighted average shares for diluted earnings (loss) per share $ $ $ $ 2023 Year Ended December 31, 2022 2021 $ $ $ $ 333,044 5,648 338,692 135,984 41,470 46,650 61,826 3,686 289,616 — 49,076 (7,677 ) 19,993 30,413 (93,253 ) (1,448 ) (301 ) (1,749 ) 8,239 13,383 19,873 0.20 0.20 95,284 95,284 $ $ $ $ 317,814 8,476 326,290 135,917 44,066 44,932 56,995 33,311 315,221 57,161 68,230 (32,907 ) 14,641 (34,994 ) (80,209 ) (65,239 ) (12 ) (65,251 ) 5,536 24,270 (35,445 ) (0.38 ) (0.40 ) 94,575 94,643 285,898 6,599 292,497 123,439 40,125 45,357 53,516 9,925 272,362 10,521 30,656 5,330 9,065 49,120 (68,048 ) 26,123 (93 ) 26,030 — (2,482 ) 23,548 0.26 0.26 87,654 87,654 The accompanying notes are an integral part of these consolidated financial statements 64 ACADIA REALTY TRUST AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (in thousands) Net (loss) income Other comprehensive (loss) income: Unrealized gain on valuation of swap agreements Reclassification of realized interest on swap agreements Other comprehensive (loss) income Comprehensive (loss) income Comprehensive loss attributable to redeemable noncontrolling interests Comprehensive loss (income) attributable to noncontrolling interests Comprehensive income attributable to Acadia shareholders 2023 Year Ended December 31, 2022 2021 $ (1,749 ) $ (65,251 ) $ 26,030 10,963 (33,647 ) (22,684 ) (24,433 ) 8,239 21,692 5,498 $ 96,858 8,232 105,090 39,839 5,536 2,211 47,586 $ 30,500 21,407 51,907 77,937 — (15,712 ) 62,225 $ The accompanying notes are an integral part of these consolidated financial statements. 65 ACADIA REALTY TRUST AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY Years Ended December 31, 2023, 2022, and 2021 (in thousands, except per share amounts) Common Shares Share Amount Acadia Shareholders Additional Paid-in Capital Accumulated Other Comprehensive Income (Loss) Distributions in Excess of Accumulated Earnings Total Common Shareholders’ Equity Noncontrollin g Interests Total Equity Redeemable Noncontrolling Interest 95,121 $ 95 $ 1,945,322 $ 46,817 $ (300,402 ) $ 1,691,832 $ 489,364 $ 2,181,196 $ 67,664 Balance at January 1, 2023 Conversion of OP Units to Common Shares by limited partners of the Operating Partnership Dividends/distributions declared ($0.72 per Common Share/OP Unit) City Point Loan Advances City Point Loan accrued interest, net Employee and trustee stock compensation, net Noncontrolling interest distributions Noncontrolling interest contributions Comprehensive income (loss) Reallocation of noncontrolling interests Balance at December 31, 2023 Balance at January 1, 2022 Issuance of Common Shares, net Conversion of OP Units to Common Shares by limited partners of the Operating Partnership Dividends/distributions declared ($0.72 per Common Share/OP Unit) Acquisition of noncontrolling interest City Point Loan Advances City Point Loan accrued interest, net Employee and trustee stock compensation, net Noncontrolling interest distributions Noncontrolling interest contributions Comprehensive income (loss) Reclassification of redeemable noncontrolling interests Reallocation of noncontrolling interests Balance at December 31, 2022 Balance at January 1, 2021 Conversion of OP Units to Common Shares by limited partners of the Operating Partnership Cancellation of OP Units Issuance of Common Shares Dividends/distributions declared ($0.60 per Common Share/OP Unit) Employee and trustee stock compensation, net Noncontrolling interest distributions Noncontrolling interest contributions Comprehensive income Reallocation of noncontrolling interests Balance at December 31, 2021 $ $ 2,521 — — — 1,689 — — — 3,989 1,953,521 1,754,383 119,479 3,945 — 67,475 — — 1,122 — — — — (1,082 ) 1,945,322 $ $ $ $ 151 — — — 90 — — — — 95,362 89,304 5,525 235 — — — — 57 — — — — — 95,121 $ — — — — — — — — — 95 89 6 — — — — — — — — — — — 95 90 — 2,889 — 56 — — — — 89,304 $ — — 3 — — — — — — 89 — — — — — — 2,521 (2,521 ) — — (68,612 ) — — (68,612 ) — — (5,352 ) — — (73,964 ) — — — 1,689 11,064 12,753 — — (14,375 ) — 32,442 (36,214 ) — $ $ — — 19,873 — (349,141 ) (196,645 ) — $ $ — — 5,498 3,989 1,636,917 1,521,613 119,485 $ $ $ $ (80,186 ) 59,612 (21,692 ) (3,989 ) 446,300 $ (80,186 ) 59,612 (16,194 ) — 2,083,217 628,322 — $ 2,149,935 119,485 $ $ — — — — — — — — 83,031 — — 46,817 $ — 3,945 (3,945 ) — (68,312 ) — — — — — — (35,445 ) — — (300,402 ) (68,312 ) 67,475 — — 1,122 — — 47,586 — (1,082 ) $ 1,691,832 $ (5,094 ) (91,811 ) — — 10,000 (79,838 ) 109,428 (2,211 ) (73,406 ) (24,336 ) — — 11,122 (79,838 ) 109,428 45,375 (76,569 ) 1,082 489,364 $ (76,569 ) — 2,181,196 $ — (796 ) (9,350 ) — (50 ) 1,110 (8,239 ) — 50,339 — — — — — (65,391 ) (3,923 ) — — 65,945 (5,536 ) 76,569 — 67,664 — — — — — — — — — — — 86,269 $ 86 $ 1,683,165 $ (74,891 ) $ (167,321 ) $ 1,441,039 $ 609,165 $ 2,050,204 $ 1,431 — 63,873 — 1,146 — — — — — — — — — — 1,431 — 63,876 (1,431 ) (568 ) — — (568 ) 63,876 (52,872 ) (52,872 ) (4,185 ) (57,057 ) — — 1,146 — — — 4,768 1,754,383 $ — 38,677 — (36,214 ) $ — 23,548 — (196,645 ) $ — 62,225 4,768 1,521,613 $ $ 11,284 (27,051 ) 30,164 12,430 (27,051 ) 30,164 15,712 (4,768 ) 628,322 $ 77,937 — 2,149,935 $ The accompanying notes are an integral part of these consolidated financial statements. 66 ACADIA REALTY TRUST AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) CASH FLOWS FROM OPERATING ACTIVITIES Net (loss) income Adjustments to reconcile net (loss) income to net cash provided by operating activities: 2023 Year Ended December 31, 2022 2021 $ (1,749 ) $ (65,251 ) $ 26,030 Depreciation and amortization Gain on disposition of properties and other investments Net unrealized holding (gains) losses on investments Stock compensation expense Straight-line rents Equity in losses (earnings) of unconsolidated affiliates Distributions of operating income from unconsolidated affiliates Adjustments to straight-line rent reserves Amortization of financing costs Non-cash lease expense Adjustments to allowance for credit loss Acceleration of below market lease Impairment charges Termination of ground lease Other, net Changes in assets and liabilities: Rents receivable Other liabilities Accounts payable and accrued expenses Prepaid expenses and other assets Lease liability - operating leases Net cash provided by operating activities CASH FLOWS FROM INVESTING ACTIVITIES Acquisitions of real estate Proceeds from the disposition of properties and other investments, net Investments in and advances to unconsolidated affiliates Development, construction and property improvement costs Refund (deposits) for properties under purchase contract Deposits for properties under sale contract Change in control of previously unconsolidated affiliate Return of capital from unconsolidated affiliates Payment of deferred leasing costs Acquisition of investment interests Proceeds from sale of marketable securities Proceeds from repayment of notes receivable Issuance of notes receivable Net cash used in investing activities CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from unsecured debt Principal payments on unsecured debt Proceeds from the sale of Common Shares Capital contributions from noncontrolling interests Principal payments on mortgage and other notes Distributions to noncontrolling interests Dividends paid to Common Shareholders Proceeds received from mortgage and other notes Payment of deferred financing and other costs Acquisition of noncontrolling interest Payments of finance lease obligations Net cash provided by (used in) financing activities Changes in cash, cash equivalents and restricted cash Cash and cash equivalents of $17,158, $17,746 and $18,699 and restricted cash of $15,063, $9,813 and $11,096, respectively, beginning of year Cash and cash equivalents of $17,481, $17,158 and $17,746 and restricted cash of $7,813, $15,063 and $9,813, respectively, end of year 135,984 — (1,634 ) 12,753 (1,392 ) 7,677 3,844 — 6,481 3,596 (1,241 ) (8,057 ) 3,686 — (5,818 ) 2,538 15,492 2,045 (14,756 ) (3,691 ) 155,758 (126,545 ) — (53,736 ) (69,540 ) 1,080 1,515 — 44,486 (9,007 ) — 4,636 — (1,426 ) (208,537 ) 283,989 (209,599 ) — 59,926 (112,283 ) (36,389 ) (68,568 ) 132,902 (4,026 ) — (100 ) 45,852 (6,927 ) 32,221 135,917 (58,634 ) 37,751 11,122 (8,669 ) 32,907 24,179 (292 ) 5,639 3,462 (102 ) — 33,311 — (7,675 ) 1,586 (2,959 ) (2,141 ) (3,452 ) (3,488 ) 133,211 (242,633 ) 224,558 (154,695 ) (51,046 ) (729 ) 2,000 3,592 77,774 (7,997 ) (4,527 ) — 29,530 — (124,173 ) 850,120 (656,556 ) 119,485 109,428 (447,998 ) (84,723 ) (64,586 ) 204,138 (9,348 ) (24,336 ) — (4,376 ) 4,662 27,559 $ 25,294 $ 32,221 $ 123,439 (10,521 ) (51,925 ) 12,430 (6,726 ) (5,330 ) 3,828 2,682 4,396 3,721 (2,796 ) — 9,925 (3,615 ) (5,304 ) 7,384 7,856 572 (7,427 ) (3,636 ) 104,983 (161,846 ) 63,901 (14,835 ) (40,671 ) — — — 17,722 (4,914 ) — — — (57,895 ) (198,538 ) 323,200 (206,781 ) 63,876 30,164 (98,602 ) (30,410 ) (39,476 ) 56,847 (7,436 ) — (63 ) 91,319 (2,236 ) 29,795 27,559 67 ACADIA REALTY TRUST AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS - Continued (in thousands) Supplemental disclosure of cash flow information Cash paid during the period for interest, net of capitalized interest of $7,206 and $4,166 and $3,421 respectively (a) Cash paid for income taxes, net of (refunds) Supplemental disclosure of non-cash investing and financing activities Distribution declared and payable Assumption of accounts payable and accrued expenses through acquisition of real estate Right-of-use assets, operating leases exchanged for operating lease liabilities Disposition of 146 Geary Street upon deed-in-lieu of foreclosure Extinguishment of the obligations under the mortgage loan for 146 Geary Street upon deed-in-lieu of foreclosure Issuance of note receivable used as capital contributions from redeemable noncontrolling interests Accrued interest on note receivable recorded to redeemable noncontrolling interest Distributions to noncontrolling interests of marketable securities Reclassification of investment in unconsolidated affiliate to marketable securities Reclassification of noncontrolling interest in excess of amount paid to additional paid-in capital Acquisition of real estate through assumption of debt Settlement of note receivable through cancellation of OP Units Change in control of previously unconsolidated investment Increase in real estate Increase in mortgage notes payable Decrease in investments in and advances to unconsolidated affiliates Decrease in notes receivable Decrease in reserve on note receivable Decrease in accrued interest on notes receivable Change in other assets and liabilities Increase in cash and restricted cash upon change of control 2023 Year Ended December 31, 2022 2021 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 119,550 301 18,372 645 — 19,338 (19,338 ) 796 9,350 49,117 32,745 — — — — — — — — — — — $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 65,109 11 18,368 4,062 — — - 65,945 3,923 — — 67,475 — — (55,791 ) 35,970 17,822 5,306 (4,582 ) 4,691 176 3,592 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 44,663 147 14,314 1,319 412 — - — — — — — 31,801 479 — — — — — — — — (a)Interest paid for the year ended December 31, 2023, 2022 and 2021 excludes the cash flows from net settlements on interest rate swap contracts, which was a net receipt of cash of $28.7 million, a net payment of $8.3 million, and a net receipt of $29.9 million, respectively. The accompanying notes are an integral part of these consolidated financial statements. 68 ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. Organization, Basis of Presentation and Summary of Significant Accounting Policies Organization Acadia Realty Trust, (the “Trust”, collectively with its consolidated subsidiaries, the “Company”), a Maryland real estate investment trust (“REIT”), is a fully-integrated equity REIT focused on the ownership, acquisition, development, and management of retail properties located primarily in high-barrier-to-entry, supply-constrained, densely populated metropolitan areas in the United States. All of the Company’s assets are held by, and all of its operations are conducted through, Acadia Realty Limited Partnership (the “Operating Partnership”) and entities in which the Operating Partnership owns an interest. As of December 31, 2023 and 2022, the Trust controlled approximately 95% of the Operating Partnership as the sole general partner and is entitled to share, in proportion to its percentage interest, in the cash distributions and profits and losses of the Operating Partnership. The limited partners primarily represent entities or individuals that contributed their interests in certain properties or entities to the Operating Partnership in exchange for common or preferred units of limited partnership interest (“Common OP Units” or “Preferred OP Units”) and employees who have been awarded restricted Common OP Units (“LTIP Units”) as long-term incentive compensation (Note 13). Limited partners holding Common OP and LTIP Units are generally entitled to exchange their units on a one-for-one basis for common shares of beneficial interest, par value $0.001 per share, of the Company (“Common Shares”). This structure is referred to as an umbrella partnership REIT or “UPREIT.” As of December 31, 2023, the Company has ownership interests in 149 properties within its core portfolio, which consist of those properties either 100% owned, or partially owned through joint venture interests, by the Operating Partnership, or subsidiaries thereof, not including those properties owned through its funds (“Core Portfolio”). The Company also has ownership interests in 52 properties within its opportunity funds, Acadia Strategic Opportunity Fund II, LLC (“Fund II”), Acadia Strategic Opportunity Fund III LLC (“Fund III”), Acadia Strategic Opportunity Fund IV LLC (“Fund IV”), and Acadia Strategic Opportunity Fund V LLC (“Fund V” and, collectively with Fund II, Fund III, and Fund IV, the “Funds”). The investment period for our current fund was completed in August 2023. At December 31, we have closed on all new investments in our Funds, and any remaining obligations to our Funds are related to existing investments. The 201 Core Portfolio and Fund properties primarily consist of street and urban retail, and suburban shopping centers. In addition, the Company, together with the investors in the Funds, invested in operating companies through Acadia Mervyn Investors II, LLC (“Mervyns II”), all on a non-recourse basis. The Company consolidates the Funds as it has (i) the power to direct the activities that most significantly impact the Funds’ economic performance, (ii) is obligated to absorb the Funds’ losses and (iii) has the right to receive benefits from the Funds that could potentially be significant. The Operating Partnership is the sole general partner or managing member of the Funds and Mervyns II and earns fees or priority distributions for asset management, property management, construction, development, leasing, and legal services. Cash flows from the Funds and Mervyns II are distributed pro-rata to their respective partners and members (including the Operating Partnership) until each receives a certain cumulative return (“Preferred Return”) and the return of all capital contributions. Thereafter, remaining cash flow is distributed 20% to the Operating Partnership (“Promote”) and 80% to the partners or members (including the Operating Partnership). All transactions between the Funds, Mervyns II, and the Operating Partnership have been eliminated in consolidation. The following table summarizes the general terms and Operating Partnership’s equity interests in the Funds and Mervyns II (dollars in millions): (c) Entity Fund II and Mervyns II Fund III Fund IV Fund V Operating Partnership Share of Capital Capital Called as of December (a) 31, 2023 Unfunded Commitment (a) Equity Interest Held By Operating Partnership (b) Preferred Return 61.67 % $ 24.54 % 23.12 % 20.10 % $ 559.4 448.1 503.4 407.4 0.0 1.9 26.6 112.6 61.67 % 24.54 % 23.12 % 20.10 % Total Distributions as of December 31, 2023 (a) 8 % $ 6 % 6 % 6 % 172.9 603.5 221.4 105.8 Formation Date 6/2004 5/2007 5/2012 8/2016 a)Represents the total for the Funds, including the Operating Partnership and noncontrolling interests’ shares. b)Amount represents the current economic ownership at December 31, 2023, which could differ from the stated legal ownership based upon the cumulative preferred returns of the respective Fund. c)In January 2023, following the expiration of the lock-up period, Mervyns II distributed the 2.5 million shares of its investment in Albertsons to its partners; the Company received 1.6 million shares (Note 4, Note 8). The Company’s ownership in Mervyns II is 40.0%. 69 ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Basis of Presentation Principles of Consolidation The consolidated financial statements include the consolidated accounts of the Company and its investments in partnerships and limited liability companies in which the Company has control, including where the Company has been determined to be a primary beneficiary of a variable interest entity ("VIE"), in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810 “Consolidation” (“ASC Topic 810”). The ownership interests of other investors in these entities are recorded as noncontrolling interests. All significant intercompany balances and transactions have been eliminated in consolidation. Investments in entities for which the Company has the ability to exercise significant influence over, but does not have financial or operating control and does not consolidate, are accounted for using the equity method of accounting. Accordingly, the Company’s share of the earnings (or losses) of these entities are included in Equity in (losses) earnings of unconsolidated affiliates in the Consolidated Statement of Operations. Use of Estimates Generally accepted accounting principles (“GAAP”) requires the Company’s management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The most significant assumptions and estimates relate to the valuation of real estate, depreciable lives, revenue recognition and the collectability of notes receivable and rents receivable. Application of these estimates and assumptions requires the exercise of judgment as to future uncertainties and, as a result, actual results could differ from these estimates. Segments We review operating and financial data for each property on an individual basis; therefore, each of our individual properties is a separate operating segment. We define our reportable segments to be aligned with our method of internal reporting and the way our chief operating decision maker makes key operating decisions, evaluates financial results, allocates resources and manages our business. Accordingly, we aggregate our operating segments into three reportable operating segments: Core Portfolio, Funds and Structured Financing, based on the economic characteristics and nature of our assets and services. Reclassifications Certain prior year amounts with regard to general reserves for leases and rental revenue have been reclassified to conform to the current year presentation. These reclassifications had no effect on the reported results of operations. Financial Statement Schedule II was also removed to conform to the current year presentation in the footnotes to the consolidated financial statements. Summary of Significant Accounting Policies Real Estate Land, buildings, and personal property are carried at cost less accumulated depreciation. Improvements and significant renovations that extend the useful life of the properties are capitalized, while replacements, maintenance, and repairs that do not improve or extend the lives of the respective assets are expensed as incurred. Real estate under development includes costs for significant property expansion and development. Construction in progress pertains to construction activity at the Company’s operating properties that are in service and continue to operate during the construction period. Depreciation is computed on the straight-line basis over estimated useful lives of the assets as follows: Buildings and improvements Furniture and fixtures Tenant improvements Useful lives of 40 years for buildings and 15 years for improvements Useful lives, ranging from five years to 10 years Shorter of economic life or lease terms If the Company funds tenant improvements and the improvements are deemed to be owned by the Company, revenue recognition will commence when the improvements are substantially completed, and possession or control of the space is turned over to the tenant. If the Company determines that the tenant allowances are lease incentives, the Company commences revenue recognition when possession or control of the space is turned 70 ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS over to the tenant for tenant work to begin. The lease incentive is recorded as a deferred expense and amortized as a reduction of revenue on a straight-line basis over the respective lease term. Purchase Accounting – Upon acquisitions of real estate, the Company assesses the fair value of acquired assets and assumed liabilities (including land, buildings and improvements, and identified intangibles such as above- and below-market leases and acquired in-place leases) in accordance with ASC Topic 805, “Business Combinations” and ASC Topic 350 “Intangibles – Goodwill and Other,” and allocates the acquisition price based on their relative fair values. When acquisitions of properties do not meet the criteria for business combinations, they are accounted for as asset acquisitions; therefore, no goodwill is recorded, and acquisition costs are capitalized. The Company assesses the fair value of its tangible assets acquired and liabilities assumed based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information at the measurement period. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends, and market/economic conditions that may affect the property. In determining the value of above- and below-market leases, the Company estimates the present value difference between contractual rent obligations and estimated market rate of leases at the time of the transaction. To the extent there were fixed-rate options at below-market rental rates, the Company included these periods along with the current term below-market rent in arriving at the fair value of the acquired leases. The discounted difference between contract and market rents is being amortized to rental revenue over the remaining applicable lease term, inclusive of any option periods. In determining the value of acquired in-place leases, the Company considers market conditions at the time of the transaction and values the costs to execute similar leases during the expected lease-up period from vacancy to existing occupancy, including carrying costs. The value assigned to in-place leases and tenant relationships is amortized to depreciation and amortization expense over the estimated remaining term of the leases. If a lease were to be terminated prior to its scheduled expiration, all unamortized costs (e.g., lease intangibles) relating to that lease would be written off. The Company estimates the value of any assumption of mortgage debt based on market conditions at the time of acquisitions including prevailing interest rates, terms, and ability to obtain financing for a similar asset. Mortgage debt discounts or premiums are included in the carrying value of the debt and amortized into interest expense over the remaining term of the related debt instrument. Real Estate Under Development – The Company capitalizes certain costs related to the development of real estate. Interest and real estate taxes incurred during the period of the construction, expansion or development of real estate are capitalized and depreciated over the estimated useful life of the building. The Company will cease the capitalization of these costs when construction activities are substantially completed and the property is available for occupancy by tenants, but no later than one year from the completion of major construction activity, at which time the project is placed in service and depreciation commences. If the Company suspends substantially all activities related to the development of a qualifying asset, the Company will cease capitalization of interest and taxes until activities are resumed. Real Estate Impairment – The Company reviews its real estate, real estate under development and right-of-use assets for impairment periodically or when there is an event or a change in circumstances that indicates that the carrying amount may not be recoverable. In cases where the Company does not expect to recover its carrying amounts on properties held for use, the Company reduces its carrying amounts to fair value. The determination of anticipated undiscounted cash flows considers the most likely expected course of action at the balance sheet date based on current plans, intended holding periods and available market information. If the Company is evaluating the potential sale of an asset, the undiscounted future cash flows analysis is probability-weighted based upon management’s best estimate of the likelihood of the alternative courses of action as of the balance sheet date. Such cash flow projections consider factors such as expected future operating income, trends, and prospects, as well as the effects of demand, competition, and other factors. If an impairment is indicated, an impairment loss is recognized based on the excess of the carrying amount of the asset over its estimated fair value based on third-party appraisals, broker selling estimates, sale agreements under negotiation, and/or final selling prices, when available. The determination of anticipated undiscounted cash flows is inherently subjective, requiring significant estimates to be made by management such as market rental rates and capitalization rates, and considers the most likely expected course of action at the balance sheet date based on current plans and available market information. See Note 8 for information about impairment charges recorded during the periods presented. Dispositions of Real Estate – The Company recognizes property sales in accordance with ASC Topic 610-20, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets. Sales of real estate include the sale of investments in real estate properties and real estate joint ventures. Gains on the sale of investment in real estate are recognized, and the related real estate derecognized, when the Company has satisfied its performance obligations by transferring control of the property. Typically, the timing of payment and satisfaction of performance obligations occur simultaneously on the disposition date. 71 ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Real Estate Held for Sale – The Company generally considers assets to be held for sale when certain criteria have been met, and management believes it is probable that the disposition will occur within one year. Properties are held for sale for a period longer than one year if events or circumstances out of the Company's control occur that delay the sale and while management continues to be committed to the plan of sale and is performing actions necessary to respond to the conditions causing the delay the properties held for sale remain salable in their current condition. Assets that are classified as held for sale are recorded at the lower of their carrying amount or fair value, less cost to sell, and depreciation and amortization are no longer recognized. Held for sale properties are evaluated quarterly to ensure that properties continue to meet the held for sale criteria. If properties are required to be reclassified from held for sale to held for use due to changes to a plan of sale, they are recorded at the lower of fair value or the carrying amount before the property was classified as held for sale, adjusted for any depreciation and amortization expense that would have been recognized had the property been continuously classified as held and used. Properties that do not meet the held for sale criteria are accounted for as operating properties. Notes Receivable Notes receivable include certain loans that are held for investment and are collateralized by real estate-related investments and may be subordinate to other senior loans. Notes receivable are reported net of an allowance for current expected credit losses (“CECL”) and are recorded at stated principal amounts or at initial investment less accretive yield for loans purchased at a discount, which is accreted over the life of the note. The Company defers loan origination and commitment fees, net of origination costs, and amortizes them over the term of the related loan. Changes in cash flows from previous estimates are included in future interest income on a prospective basis and a new effective interest rate is computed based on the current cost basis of the instrument and remaining cash flows. Earnings from these notes and mortgages receivable are reported within the Company’s Structured Financing segment (Note 12). Interest receivable is included in Other assets (Note 5). The Company monitors the credit quality of its notes receivable on an ongoing basis and considers indicators of credit quality such as loan payment activity, the estimated fair value of the underlying collateral, the seniority of the Company’s loan in relation to other debt secured by the collateral and the prospects of the borrower. Given the small number of notes outstanding, the Company believes the characteristics of its notes are not sufficiently similar to allow an evaluation as a group for CECL allowance. As such, all of the Company’s notes are evaluated individually for this purpose. The Company evaluates the collectability of both principal and interest based upon an assessment of the underlying collateral value to determine whether the note is impaired. Allowance for CECL represents management’s estimate of future losses based on national historical economic loss rates for similar obligations, management’s estimate of future economic impacts and factors specific to the borrower. Impairment charges may be required if and when such amounts are estimated to be nonrecoverable upon a realization event, which is generally at the time a loan is repaid, or in the case of foreclosure, when the underlying asset is sold; however, non-recoverability may also be concluded if it is reasonably certain that all amounts due will not be collected. Pursuant to ASC 326, certain of the Company’s loans are considered “collateral dependent” in that settlement of the amount is likely to be achieved by obtaining access to the collateral (e.g., notes in default). The same valuation techniques are used to value the collateral for such collateral dependent instruments as those used to determine the fair value of real estate investments for impairment purposes. Interest income on performing notes is accrued as earned. The Company assesses the probability of a borrower’s ability to repay the loan similar to the factors noted above. We consider a loan to be past due when amounts contractually due have not been paid. Loans are placed on a non-accrual status at the earlier of the date at which payments become 90 days past due or when, in the opinion of management, a full recovery of interest income becomes doubtful. Interest income recognition is resumed on any loan that is on non-accrual status when such loan becomes contractually current and performance is demonstrated to be resumed. Allowance for Credit Losses The Company’s estimated allowance for CECL related to its Structured Financing segment (including unfunded commitments and guarantees) has been computed for its amortized cost basis in the portfolio, including accrued interest (Note 5), factoring in the Company’s historical results and loss experience in the United States for similar loans, as adjusted for current conditions, as well as the Company’s expectations related to future economic conditions. If the Company has determined that a loan or a portion of a loan is uncollectible, it will write-off the loan through an adjustment to its CECL allowance based on the net present value of expected future cash flows or the fair value of the collateral less costs to sell, if repayment is expected from the sale of the collateral. The write-offs are recorded in the period in which the loan balance is deemed uncollectible based on management’s judgment. The Company records the CECL allowance related to its City Point Loan (Note 10) as a reduction to redeemable noncontrolling interest. 72 ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Investments in and Advances to Unconsolidated Joint Ventures Some of the Company’s unconsolidated joint ventures obtain non-recourse third-party financing on their property investments, contractually limiting the Company’s exposure to losses. The Company recognizes income for distributions in excess of its investment where there is no recourse to the Company and no intention or obligation to contribute additional capital. For investments in which there is recourse to the Company or an obligation or intention to contribute additional capital exists, distributions in excess of the investment are recorded as a liability. When characterizing distributions from unconsolidated investees within the Company's consolidated statements of cash flows, all distributions received are first applied as returns on investment to the extent there are cumulative earnings related to the respective investment and are classified as cash inflows from operating activities. If cumulative distributions are in excess of cumulative earnings, distributions are considered return of investment. In such cases, the distribution is classified as cash inflows from investing activities. To the extent that the Company’s carrying basis in an unconsolidated affiliate is different from the basis reflected at the joint venture level, the basis difference is amortized over the life of the related assets and included in the Company’s share of equity in earnings (losses) of unconsolidated affiliates. The Company periodically reviews its investments in unconsolidated joint ventures for other-than-temporary losses in investment value. A decline in the value of our other investments may require us to recognize an other-than-temporary impairment (“OTTI”) against such assets. When the fair value of an investment is determined to be less than its amortized cost at the balance sheet date, we assess whether the decline is temporary or other-than-temporary. If we intend to sell an impaired asset, or it is more likely than not that we will be required to sell the impaired asset before any anticipated recovery, then we must recognize an OTTI through charges to earnings equal to the entire difference between the asset’s amortized cost and its fair value at the balance sheet date. When an OTTI is recognized through earnings, a new cost basis is established for the asset, and the new cost basis may not be adjusted through earnings for subsequent recoveries in fair value. Fair Value Measurements The Company follows the guidance in the FASB ASC Topic 820, Fair Value Measurements and Disclosures ("Topic 820"), to determine the fair value of financial and non-financial instruments. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as considering counterparty credit risk. The fair value of an asset is defined as the exit price, which is the amount that would either be received when an asset is sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy based on the inputs used in measuring fair value: Level 1 - quoted market prices for identical instruments are available in active markets, such as money market funds, equity securities, and U.S. Treasury securities; Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the instrument, such as certain derivative instruments including interest rate caps and interest rate swaps; Level 3 - Financial instruments or other assets/liabilities that do not fall into Level 1 or Level 2 and for which little or no market data exists, therefore requiring the Company to develop its own assumptions. For significant Level 3 items, the Company has also provided the unobservable inputs. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents are maintained at financial institutions and, at times, balances may exceed the limits insured by the Federal Deposit Insurance Corporation. Restricted Cash Restricted cash consists principally of cash held for real estate taxes, construction costs, property maintenance, insurance, minimum occupancy, and property operating income requirements at specific properties as required by certain loan agreements. 73 ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Marketable Equity Securities The Company classifies its marketable equity securities as available-for-sale in accordance with the FASB’s Investments-Debt and Equity Securities guidance. In accordance with ASC Topic 825 Financial Instruments: the Company recognizes changes in the fair value of equity investments with readily determinable fair values in Realized and unrealized holding gains on investments and other on the Company's Consolidated Statements of Operations. Deferred Costs External fees and costs paid in the successful negotiation of leases are deferred and amortized on a straight-line basis over the terms of the respective leases. External fees and costs incurred in connection with obtaining financing are deferred and amortized as a component of interest expense over the term of the related debt obligation on a straight-line basis, which approximates the effective interest method. Derivative Instruments and Hedging Activities The Company measures derivative instruments at fair value and records them as assets or liabilities, depending on its rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For a derivative designated and that qualified as a cash flow hedge, the effective portion of the change in fair value of the derivative is recognized in Accumulated other comprehensive income on the Consolidated Balance Sheets until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings. The Company accounts for its share of cash flow hedges from non-consolidated entities as part of Investment in and advances to unconsolidated affiliates and Accumulated other comprehensive income on the Consolidated Balance Sheets. Although the Company's derivative contracts are subject to master netting arrangements, which serve as credit mitigants to both the Company and its counterparties under certain situations, the Company does not net its derivative fair values or any existing rights or obligations to cash collateral on the Consolidated Balance Sheets. The Company does not use derivatives for trading or speculative purposes. The Company will discontinue hedge accounting on a prospective basis with changes in the estimated fair value reflected in earnings when (i) it is determined that the derivative is no longer effective in offsetting cash flows of a hedged item (including forecasted transactions), (ii) it is no longer probable that the forecasted transaction will occur, or (iii) it is determined that designating the derivative as an interest rate swap is no longer appropriate. For the periods presented, all of the Company's derivatives qualified and were designated as cash flow hedges, and none of its derivatives were deemed ineffective. Noncontrolling Interests Noncontrolling interests represent the portion of equity that the Company does not own in those entities it consolidates. Noncontrolling interests also include amounts related to Common and Preferred OP Units issued to unrelated third parties in connection with certain property acquisitions. The Company identifies its noncontrolling interests separately within the equity section on the Company’s Consolidated Balance Sheets. Redeemable noncontrolling interests that are redeemable at the option of the holder are classified outside of shareholders' equity in accordance with Accounting Standards Codification (“ASC”) 480, Distinguishing Liabilities from Equity on the Company’s Consolidated Balance Sheets as temporary equity under the caption, Redeemable noncontrolling interests, and are measured at their redemption values at the end of each period. If the redemption value is greater than the carrying value, an adjustment is recorded in Additional paid-in capital to record the noncontrolling at its redemption value. The amounts of consolidated net earnings attributable to the Company and to the noncontrolling interests are presented separately on the Company’s Consolidated Statements of Operations. Variable Interest Entities The Company consolidates a VIE in which it is considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. The Company assesses the accounting treatment and determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a VIE and reconsiders that conclusion on an ongoing basis when certain events occur. In determining whether the Company is the primary beneficiary, it evaluates its control rights as well as economic interests in the entity held either directly or indirectly by the Company. Each entity is assessed on an individual basis to determine the rights provided to each party and whether those rights are protective or participating. For all VIEs, the Company reviews such agreements in order to determine which party has the power to direct the activities that most significantly impact the entity's economic performance. 74 ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS For those entities evaluated under the voting interest model, the Company consolidates the entity if it has a controlling financial interest. The Company has a controlling financial interest in a voting interest entity (“VOE”) if it owns a majority voting interest in the entity. Investments in entities for which the Company has the ability to exercise significant influence over the entity, but does not have financial or operating control through its voting interest and entities which are VIEs but where the Company is not the primary beneficiary, are accounted for using the equity method of accounting. Revenue Recognition Rental Revenue - The Company recognizes rental revenue from fixed and variable lease payments, as designated within tenant operating leases in accordance with ASC Topic 842, Leases (“ASC 842”), as further described below, as Rental revenue on the Consolidated Statement of Operations. We evaluate the collectability of amounts due from tenants and disputed enforceable charges on a lease-by-lease basis, which result from the inability of tenants to make required payments under their operating lease agreements. We recognize changes in the collectability assessment of these operating leases as adjustments to rental revenue in accordance with ASC 842. Other Revenue - The Company recognizes other categories of revenue such as parking and storage, as well as management, leasing, legal, development and construction fees charged to our unconsolidated affiliates. Leases Pursuant to ASC 842, the Company does not separate the non-lease components, such as common area maintenance, from its leases. In addition, the Company accounts for those taxes that it pays on behalf of the tenant as reimbursable costs and does not account for those taxes paid directly by the tenant. Minimum rents from tenants are recognized using the straight-line method over the non-cancelable lease term of the respective leases, unless another systematic and rational basis is more representative of the pattern in which benefit is expected to be derived from the use of the underlying asset. At December 31, 2023 and 2022, unbilled rents receivable relating to the straight-lining of rents of $49.3 million and $48.1 million, respectively, are included in Rents receivable, net on the accompanying Consolidated Balance Sheets. The Company manages the risk associated with the residual value of its leased properties by including contract clauses that make tenants responsible for surrendering the space in good condition upon lease termination, holding a diversified portfolio, and other activities. The Company does not have residual value guarantees on specific properties. Contractual rent increases of renewal options are often fixed at the initial lease agreement. In addition to fixed base rents, variable rental revenue is derived from certain leases that are dependent on percentage rents based upon the level of sales achieved by the tenant. Percentage rent is recognized in the period when the tenants’ sales breakpoint is met. In addition, variable rental revenue is derived from leases through reimbursement to the Company by our tenants for real estate taxes, insurance, and other property operating expenses. These reimbursements are recognized as revenue in the period the related expenses are incurred. Right-of-use ("ROU") assets are recorded for properties the Company leases from third parties, and represent our right to use an underlying asset for the lease term, and the corresponding lease liabilities represent our obligation to make lease payments arising from these leases. ROU assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. The initial measurement of a ROU asset may differ from the initial measurement of the lease liability due to initial direct costs, prepaid lease payments and lease incentives. Our leases often offer renewal options, which we assess against relevant economic factors to determine whether the Company is reasonably certain of exercising or not exercising the option. Lease payments associated with renewal periods, for which the Company has determined are reasonably certain of being exercised, are included in the measurement of the corresponding lease liability and the ROU asset. For finance leases and operating leases, the discount rate applied to measure each ROU asset and lease liability is based on the incremental borrowing rate of the lease due to the rate implicit in the lease not being readily determinable. The Company initially considers the general economic environment and factors in various financing and asset specific secured borrowings so that the overall incremental borrowing rate is appropriate to the intended use of the lease. Certain expenses derived from these leases are variable and are not included in the measurement of the corresponding lease liability and ROU asset, but are recognized in the period in which the obligation for those payments is incurred. These variable lease payments consist of payments for real estate taxes and common area maintenance, which is dependent on projects and activities at each individual property under ground or building lease. Right-of-use assets – finance leases are included in Operating real estate (Note 2) on the Consolidated Balance Sheets. Lease liabilities – finance leases are included in Accounts payable and other liabilities on the Consolidated Balance Sheets (Note 5). Operating lease cost comprises amortization of ROU assets for operating properties (related to ground rents) or amortization of ROU assets for office and corporate assets and is included in Property operating expense or General and administrative expense, respectively, on the Consolidated Statements of Operations. 75 ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Finance lease cost comprises amortization of ROU assets for certain ground leases, which is included in Property operating expense, as well as interest on lease liabilities, which is included in Interest expense on the Consolidated Statements of Operations. Accounts Receivable In addition to the lease-specific collectability assessment, the Company also recognizes a general allowance based on the Company’s historical collection experience, for its portfolio of operating lease receivables which are not expected to be fully collectible. The Company estimates the collectability of its accrued rent and accounts receivable balances related to lease revenue. The Company estimates the collectability of the accounts receivable related to billed rents, straight-line rents, recoveries from tenants, and other revenue taking into consideration the Company's historical write-off experience, tenant creditworthiness, current economic trends, and remaining lease terms. Rents receivable at December 31, 2023 and 2022 are shown net of a general allowance of $4.1 million and $5.4 million, respectively. Rental income for the years ended December 31, 2023, 2022 and 2021 are reported net of adjustments of $(1.3) million, $1.5 million, and $1.9 million, respectively, to allowance for uncollectible accounts. Stock-Based Compensation Stock-based compensation expense for all equity-classified stock-based compensation awards is based on the grant date fair value estimated in accordance with current accounting guidance for share-based payments. The Company recognizes these compensation costs for only those shares or units expected to vest on a straight-line or graded-vesting basis, as appropriate, over the requisite service period of the award. The Company records forfeitures during the period in which they occur by reversing all previously recorded stock compensation expense associated with the forfeited shares. Dividends declared on awards issued are recorded as cumulative distributions in excess of retained earnings on the Consolidated Balance Sheets. Accumulated dividends related to forfeited awards are reversed through compensation expense in the period the forfeiture occurs. The Company includes stock-based compensation within general and administrative expense on the Consolidated Statements of Operations. Income Taxes The Company has made an election to be taxed, and believes it qualifies, as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”). To maintain REIT status for federal income tax purposes, the Company is generally required to distribute at least 90% of its REIT taxable income to its shareholders as well as comply with certain other income, asset and organizational requirements as defined in the Code. Accordingly, the Company is generally not subject to federal corporate income tax to the extent that it distributes 100% of its REIT taxable income each year. The Company is permitted to participate in certain activities and still maintain its qualification as a REIT, so long as these activities are conducted in entities that elect to be treated as taxable subsidiaries under the Code. As such, the Company is subject to federal and state income taxes on the income from these activities. Although it may qualify for REIT status for federal income tax purposes, the Company is subject to state or local income or franchise taxes in certain jurisdictions in which some of its properties are located. In addition, taxable income from non-REIT activities managed through the Company’s Taxable REIT Subsidiary (“TRS”) is fully subject to federal, state and local income taxes. The Company accounts for TRS income taxes under the liability method as required by ASC Topic 740, “Income Taxes.” Under the liability method, deferred income taxes are recognized for the temporary differences between the GAAP basis and tax basis of the TRS income, assets, and liabilities. The Company records net deferred tax assets to the extent it believes it is more likely than not that these assets will be realized. In 2023 and 2022, the Company recorded valuation allowances to reduce deferred tax assets when it determined that an uncertainty existed regarding their realization, which increased the provision for income taxes. In making such determination, the Company considered all available positive and negative evidence, including forecasts of future taxable income, the reversal of other existing temporary differences, available net operating loss carryforwards, tax planning strategies and recent results of operations. Several of these considerations require assumptions and significant judgment about the forecasts of future taxable income and are consistent with the plans and estimates that the Company is utilizing to manage its business. To the extent facts and circumstances change in the future, further adjustments to the valuation allowances may be required. Recent Accounting Pronouncements In January 2021, the FASB issued Accounting Standards Update (“ASU”) 2021-01, “Reference Rate Reform (Topic 848): Scope”, which modifies ASC 848, Reference Rate Reform (“ASC 848”), which was intended to provide relief related to “contracts and transactions that reference LIBOR 76 ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS or a reference rate was discontinued effective June 30, 2023 as a result of reference rate reform.” ASU 2021-01 expands the scope of ASC 848 to include all affected derivatives and give reporting entities the ability to apply certain aspects of the contract modification and hedge accounting expedients to derivative contracts affected by the discounting transition. ASU 2020-04, “Reference Rate Reform (ASC 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting”, also adds implementation guidance to clarify which optional expedients in ASC 848 may be applied to derivative instruments that do not reference LIBOR or a reference rate that is expected to be discontinued, but that are being modified as a result of the discounting transition. The Company has elected the optional practical expedients under ASU 2020-04 and 2021-01, which allows entities to account for the modification as if the modification was not substantial, and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of hedge accounting expedients preserved the presentation of derivatives consistent with past presentation. As a result, the implementation of this guidance did not have an effect on the Company’s consolidated financial statements. In December 2022, the FASB issued ASU 2022-06 Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848. The guidance in this update defers the sunset date of ASC 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. The amendments are effective for all entities in scope upon issuance of the ASU. The Company transitioned all variable rate loans to SOFR or another applicable benchmark index and will apply the relief based Topic 848 in line with the sunset date. In August 2023, the FASB issued ASU 2023-05, ”Business Combinations - Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement” (“ASU 2023-05”). ASU 2023-05 addresses the accounting for contributions made to a joint venture, upon formation, in a joint venture’s separate financial statements. Prior to the amendment, the FASB did not provide specific authoritative guidance on the initial measurement of assets and liabilities assumed by a joint venture upon its formation. ASU 2023-05 requires a joint venture to recognize and initially measure its assets and liabilities at fair value (with exceptions to fair value measurement that are consistent with the business combinations guidance). ASU 2023-05 is effective for all joint venture formations with a formation date on or after January 1, 2025, with early adoption permitted. The Company has elected not to early adopt ASU 2023-05 and does not expect the adoption will have a significant impact on our consolidated financial statements. Any other recently issued accounting standards or pronouncements not disclosed above have been excluded as they are not relevant to the Company, or they are not expected to have a material impact on the consolidated financial statements. 2. Real Estate The Company’s real estate is comprised of the following for the periods presented (in thousands): Land Buildings and improvements Tenant improvements Construction in progress Right-of-use assets - finance leases (Note 11) Total Less: Accumulated depreciation and amortization Operating real estate, net Real estate under development Net investments in real estate December 31, 2023 December 31, 2022 $ $ 872,228 $ 3,128,650 257,955 23,250 58,637 4,340,720 (823,439 ) 3,517,281 94,799 3,612,080 $ 817,802 2,987,594 216,899 21,027 25,086 4,068,408 (725,143 ) 3,343,265 184,602 3,527,867 77 ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Acquisitions and Foreclosure During the years ended December 31, 2023 and 2022, the Company acquired (through purchase, investment, or foreclosure) the following retail properties and other real estate investments (dollars in thousands): Date of Acquisition Purchase Price Property and Location Fund V 2023 Acquisitions Cypress Creek - Tampa, FL Maple Tree Place - Williston, VT Total Fund V 2023 Acquisitions 2022 Acquisitions and Foreclosure Core 121 Spring Street - New York, NY Williamsburg Collection - Brooklyn, NY 8833 Beverly Boulevard - West Hollywood, CA Henderson Avenue Portfolio - Dallas, TX (b) (a) Percent Acquired 100% 100% 100% (a) 100% 100% July 3, 2023 November 27, 2023 Jan 12, 2022 Feb 18, 2022 Mar 2, 2022 Apr 18, 2022 Subtotal Core Fund III 640 Broadway - New York, NY (Foreclosure) (c) Subtotal Fund III Total 2022 Acquisitions and Foreclosure 100% Jan 26, 2022 $ $ $ $ 49,374 77,816 127,190 39,637 97,750 24,117 85,192 246,696 59,207 59,207 305,903 a)The Company invested $2.8 million in its 49.99% equity interest and, through a separate lending subsidiary, provided a $64.1 million first mortgage loan and a $30.9 million mezzanine loan to subsidiaries of the venture (such equity and loans have been eliminated in consolidation). Pursuant to the entity’s operating agreement, the venture partner has a one-time right to put its 50.01% interest in the entity (the "Williamsburg NCI", which is further described in Note 10) to the Company for fair value at a future date. Given the preferred rate of return embedded in its equity interests and the accruing debt senior to the equity, the Company did not attribute any initial redemption value to the Williamsburg NCI and recognized a bargain purchase gain of $1.2 million, which is included in Realized and unrealized holding (losses) gains on investments and other on the Consolidated Statements of Operations. b)The Henderson Avenue Portfolio comprises 14 operating retail assets, one residential building and two development and redevelopment sites. One of the development sites was sold in October 2022. c)The entity was previously accounted for as an equity method investment until an affiliate of Fund III acquired the venture partner's interest in a foreclosure action. Fund III now indirectly owns 100% of the entity and consolidates it. For the years ended December 31, 2023 and 2022, the Company capitalized $1.0 million and $1.2 million of acquisition costs in connection with the Fund V 2023 Acquisitions and the 2022 Acquisitions and Foreclosure, respectively. In addition, during the year ended December 31, 2022, the Company expensed $2.0 million of acquisition costs (including a $1.5 million acquisition fee paid to an affiliate of a joint venture partner). Acquisition costs that were expensed are included in General and administrative expenses on the Consolidated Statements of Operations. 78 ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Purchase Price Allocations The purchase prices for the 2023 Acquisitions and 2022 Acquisitions and Foreclosure were allocated to the acquired assets and assumed liabilities based on their estimated relative fair values at the dates of acquisition. The following table summarizes the allocation of the purchase price of properties acquired during the years ended December 31, 2023 and 2022 (in thousands): Buildings and improvement s Land Intangible assets Right-of-use asset Lease liability Intangible liabilities Other assets, net Net assets acquired Property Name Cypress Creek Maple Tree Place 2023 Total $ $ — 17,597 17,597 $ $ 39,637 49,404 89,041 $ $ 10,949 18,209 29,158 $ $ 25,313 — 25,313 $ $ (22,075 ) $ — (22,075 ) $ (4,450 ) $ (7,395 ) (11,845 ) $ — $ — — $ 49,374 77,816 127,190 $ 121 Spring Street Williamsburg Collection 8833 Beverly Boulevard Henderson Avenue Portfolio 640 Broadway (a) 2022 Total $ $ 5,380 31,500 14,423 $ 31,707 60,700 8,299 40,764 27,831 119,898 $ 40,865 27,291 168,862 $ 2,550 16,401 1,395 7,611 1,059 $ — — — — — $ — — — — (661 ) $ 29,016 $ — $ (661 ) $ — $ (9,688 ) — (4,048 ) (390 ) (14,126 ) $ — $ — — — 4,077 4,077 $ 39,637 98,913 24,117 85,192 59,207 307,066 a)The Company assumed a $36.0 million mortgage with the consolidation of 640 Broadway during the year ended December 31, 2022 (Note 7). The Company determines the fair value of the individual components of real estate asset acquisitions primarily through calculating the "as-if vacant" value of a building, using an income approach, which relies significantly upon internally determined assumptions. The Company has determined that these estimates primarily rely on Level 3 inputs, which are unobservable inputs based on our own assumptions. The most significant assumptions used in calculating the "as-if vacant" value for acquisition activity during 2023 and 2022, respectively, are as follows: Exit Capitalization Rate Annual net rental rate per square foot on acquired buildings Annual net rental rate per square foot on acquired ground lease Low 2023 7.00 % 4.00 $ 1.04 $ $ $ 2022 High Low High 8.50 % 47.00 $ 1.91 $ 4.25 % 20.00 $ — $ 7.25 % 825.00 — The estimate of the portion of the "as-if vacant" value that is allocated to the land underlying the acquired real estate relies on Level 3 inputs and is primarily determined by reference to recent comparable transactions. 79 ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Dispositions During the years ended December 31, 2023 and 2022, the Company disposed of the following properties and other real estate investments (in thousands): Property and Location 2023 Dispositions None (a) 2022 Dispositions NE Grocer Portfolio (Selected Assets) - Pennsylvania New Towne (Parcel) - Canton, MI Cortlandt Crossing - Westchester County, NY Lincoln Place - Fairview Heights, IL Wake Forest Crossing - Wake Forest, NC Henderson Avenue (Parcel) - Dallas, TX 330-340 River Street - Cambridge, MA Total 2022 Dispositions Owner Sale Date Sale Price Gain (Loss) on Sale Fund IV Fund V Fund III Fund IV Fund IV Core Core Jan 26, 2022 Mar 4, 2022 Feb 1, 2022 Feb 9, 2022 May 25, 2022 Aug 24, 2022 Oct 7, 2022 Dec 13, 2022 $ 45,350 $ 13,784 2,231 65,533 40,670 38,919 3,050 26,400 222,153 $ 1,776 13,255 12,216 8,885 (194 ) 7,439 57,161 $ a)Does not include the 146 Geary Street property, which had a carrying value of $19.4 million, and was transferred to the Company’s lender through deed-in-lieu of foreclosure, extinguishing the obligations under the $20.1 million mortgage loan and accrued interest in default (Note 7). Properties Held for Sale At December 31, 2023 and 2022, the Company had one Core property under contract for sale with assets totaling $11.1 million, which was probable of disposition within one-year. This property was classified as "held for sale" on the Company's Consolidated Balance Sheets. Assets of property held for sale consisted of the following: Assets Buildings and improvements Land Tenant improvements Less: Accumulated depreciation and amortization Real Estate Under Development December 31, 2023 December 31, 2022 $ $ 12,562 3,380 1,010 (5,895 ) 11,057 $ $ 12,562 3,380 1,010 (5,895 ) 11,057 Real estate under development represents the Company’s properties that have not yet been placed into service while undergoing substantial development or construction. Development activity for the Company’s properties comprised the following during the periods presented (dollars in thousands): January 1, 2023 Number of Properties Carrying Value Year Ended December 31, 2023 Capitalized Costs Transfers In Core Fund II Fund III Fund IV Total 2 — 1 1 4 $ $ 54,817 34,072 25,798 69,915 184,602 $ $ — — — — — $ $ 11,266 633 2,958 — 14,857 $ Transfers Out $ — 34,705 40 69,915 104,660 December 31, 2023 Number of Properties Carrying Value 2 — 1 — 3 $ 66,083 — 28,716 — 94,799 80 ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS January 1, 2022 Number of Properties Carrying Value Year Ended December 31, 2022 Capitalized Costs Transfers Out Transfers In December 31, 2022 Number of Properties Carrying Value Core Fund II Fund III Fund IV Total (a) (b) — $ — 1 1 2 $ 42,517 $ 35,125 24,296 101,835 203,773 $ 9,610 $ — — — 9,610 $ 2,690 $ 503 1,502 215 4,910 $ — 1,556 — 32,135 33,691 2 $ — 1 1 4 $ 54,817 34,072 25,798 69,915 184,602 (a)Transfers out include $1.6 million related to a portion of one Fund II property that was transferred out of development. (b)Transfers out include $13.4 million related to a portion of one Fund IV property that was transferred out of development and an impairment charge totaling $18.7 million on one Fund IV development property (Note 8). The number of properties in the tables above refers to projects comprising the entire property under development; however, certain projects represent a portion of a property. At December 31, 2023, development projects included: portions of the Henderson 1 & 2 Portfolio, in Core, and Broad Hollow Commons in Fund III. During the year ended December 31, 2023, the Company: •placed the remainder of the building and improvements of one Fund II property, City Point, into service in the third quarter; and •placed the remainder of the building and improvements of one Fund IV property, 717 N. Michigan Avenue, into service in the first quarter. At December 31, 2022, development projects included: portions of the Henderson 1 & 2 Portfolio in Core, Broad Hollow Commons in Fund III and a portion of 717 N. Michigan Avenue at Fund IV. During the year ended December 31, 2022, the Company: •placed the building and improvements of two Core properties in the Henderson Portfolio into development in the second quarter; •placed a portion of the building and improvements of one Fund II property, City Point, into service in the fourth quarter; and •placed a portion of the building and improvements of one Fund IV property, 717 N. Michigan Avenue, into service in the first quarter. 3. Notes Receivable, Net The Company’s notes receivable, net are generally collateralized either by the underlying properties or the borrowers’ ownership interests in the entities that own the properties, and were as follows (dollars in thousands): Description Core Portfolio (a) Allowance for credit losses Notes receivable, net December 31, 2023 December 31, 2022 Number $ $ 126,228 $ (1,279 ) 124,949 $ 124,801 (898 ) 123,903 6 6 December 31, 2023 Maturity Date Interest Rate Apr 2020 - Dec 2027 4.65% - 10.00% (a)Includes one note receivable from an OP Unit holder, with a balance of $6.0 million at December 31, 2023 and 2022. Changes in the Company’s CECL allowance were as follows (dollars in thousands): CECL Allowance beginning of period Provision of loan losses Write-offs Total - CECL Allowance 2023 Year Ended December 31, 2022 2021 $ $ 898 381 — 1,279 $ $ 5,752 (272 ) (4,582 ) 898 $ $ 1,218 4,534 — 5,752 81 ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Due to the lack of comparability across the Structured Financing portfolio, each note was evaluated separately. As a result, the Company did not elect the collateral- dependent practical expedient for four of its notes with a total amortized cost of $121.1 million, inclusive of accrued interest of $18.6 million, for which an allowance for CECL has been recorded aggregating $1.3 million at December 31, 2023. For two notes in this portfolio, aggregating $27.9 million, inclusive of accrued interest of $4.1 million at December 31, 2023, the Company has elected to apply the practical expedient in accordance with ASC 326 and did not establish an allowance for CECL because (i) these notes are collateral-dependent notes, which due to their settlement terms are not expected to be settled in cash but rather by the Company’s possession of the real estate collateral; and (ii) at December 31, 2023, the Company determined that the estimated fair value of the collateral at the expected realization date for these notes was sufficient to cover the carrying value of its investments in these notes receivable. Default One Core Portfolio note aggregating $21.6 million including accrued interest (exclusive of default interest and other amounts due on the note that have not been recognized) was in default at December 31, 2023 and December 31, 2022. On April 1, 2020, the note matured and was not repaid. The Company expects to take appropriate actions to recover the amounts due under the note and has issued a reservation of rights letter to the borrowers and guarantor, reserving all of its rights and remedies under the applicable note documents and otherwise. The Company has determined that the collateral for this note was sufficient to cover the loan’s carrying value at December 31, 2023 and December 31, 2022. During the year ended December 31, 2023, the Company: •originated a Core Portfolio note for $1.4 million with a stated interest rate of 6.5% and a maturity date of September 30, 2024, collateralized by the venture partner’s interest in 840 N. Michigan Avenue (Note 4). During the year ended December 31, 2022, the Company: •through Fund III obtained the remaining venture partner's interest in an entity that held a property, which was collateral for a note with a balance of $5.3 million, accrued interest of $4.7 million, less a CECL reserve of $4.6 million (exclusive of default interest and other amounts due on the loan that have not been recognized), via a foreclosure auction in January 2022. The entity was previously accounted for as an equity method investment until Fund III acquired the venture partner's interest. Fund III now owns 100% of the entity and consolidates it; •received full payment on a $16.0 million Core Portfolio note during the second quarter, and full payment on a $13.5 million Core Portfolio note and partial payment of $5.7 million of accrued interest on a Core Portfolio note during the third quarter; •extended the maturity date of one Core Portfolio note of $54.0 million from January 13, 2023 to January 9, 2024; and •decreased its allowance for CECL by $4.9 million, of which approximately $4.6 million was attributable to the aforementioned Fund III foreclosure. 82 ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 4. Investments in and Advances to Unconsolidated Affiliates The Company’s investments in and advances to unconsolidated affiliates consist of the following (dollars in thousands): Portfolio Property Ownership Interest December 31, 2023 December 31, December 31, 2023 2022 Core: Renaissance Portfolio Gotham Plaza Georgetown Portfolio 1238 Wisconsin Avenue 840 N. Michigan Avenue (a) (a, b) (d) Mervyns II: KLA/ABS (c) Fund IV: Fund V: Various: Core: Fund IV Other Portfolio 650 Bald Hill Road Paramus Plaza (d) Family Center at Riverdale Tri-City Plaza Frederick County Acquisitions Wood Ridge Plaza La Frontera Village Shoppes at South Hills Mohawk Commons (e) Due from (to) Related Parties Other (f) Investments in and advances to unconsolidated affiliates (g) Crossroads 840 N. Michigan Avenue (d, g) Distributions in excess of income from, and investments in, unconsolidated affiliates 20% 49% 50% 80% 91.85% 36.7% 90% 90% 50% 89.42% 90% 90% 90% 90% 90% 90% 49% 91.85% $ 30,745 $ 30,772 4,230 19,719 15,761 101,227 28,755 30,112 4,048 14,502 — 77,417 — 85,403 5,221 9,486 70 14,777 2,552 6,452 11,345 10,313 17,483 11,707 16,434 76,286 396 4,554 7,914 10,203 936 19,053 4,995 8,422 12,240 12,751 20,803 44,677 775 104,663 305 4,315 $ $ $ 197,240 $ 291,156 7,982 $ — 8,832 1,673 7,982 $ 10,505 a)Represents a VIE for which the Company is not the primary beneficiary (Note 16). b)Includes the amounts advanced against a $12.8 million construction commitment from the Company to the venture that holds an investment in 1238 Wisconsin. As of December 31, 2023 and 2022 the note receivable from a related party had a balance of $12.8 million and $7.5 million, respectively, net of an allowance for CECL of $0.1 million, and $0.1 million, respectively. The loan is collateralized by the venture members' equity interest in the entity that holds the 1238 Wisconsin development property, bears interest at Prime + 1.0% subject to a 4.5% floor, and matures on December 28, 2024. The Company recognized Interest income of $0.2 million for the year ended December 31, 2023, related to this note receivable. The note originated in 2022 and the Company recognized less than $0.1 million of Interest income for the year ended December 31, 2022. c)At December 31, 2022, Mervyns II had an effective indirect ownership of approximately 4.1 million shares (approximately 1% interest) through its Investment in Albertsons Companies Inc. ("Albertsons"), which is accounted for at fair value (Note 8). Mervyns II distributed its shares to its investors upon expiration of the lock-up agreement in January 2023, as further described below. d)Represents a tenancy-in-common interest. e)Includes a $31.7 million bridge loan at December 31, 2022, from the Company to the venture that holds the property in its investment in Shoppes at South Hills. During the first quarter of 2023 the bridge loan was repaid, as further described below. f)Includes cost-method investment in Fifth Wall and other investments. g)Distributions have exceeded the Company’s investment; however, the Company recognizes a liability balance as it may elect to contribute capital to the entity. 83 ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS During the year ended December 31, 2023, the Company: •funded $5.3 million of a $12.8 million construction loan commitment to the 1238 Wisconsin venture. The total outstanding balance of the loan was $12.8 million; •modified a property mortgage with an outstanding balance of $160.0 million with a new loan of $152.0 million and extended the maturity date at Georgetown Renaissance. The Company contributed an additional $1.4 million in equity to cover the venture partner’s share of the required paydown; •through Fund IV, modified a property mortgage with an outstanding balance of $21.9 million with a new loan of $24.1 million at Eden Square; •through Fund V, modified a property mortgage with an outstanding balance of $33.5 million to extend the maturity date at Wood Ridge Plaza; •through Fund V, acquired a 90% interest in a venture for $20.2 million, which purchased Mohawk Commons, a shopping center located in Schenectady, New York for $62.1 million, inclusive of transaction costs. In addition, the Mohawk Commons venture entered into a $39.7 million mortgage loan; •through Fund V, received payment on a bridge loan from the Shoppes at South Hills venture for $31.7 million which matured in February 2023. Upon maturity of the bridge loan, the venture entered into a $36.0 million mortgage loan, of which $31.8 million was funded at closing; and •through Mervyns II, received cash dividends from its investment in Albertsons totaling $28.5 million on January 20, 2023, of which the Company's share was $11.4 million. Additionally, the lock-up period, which restricted the transfer or sale of shares, expired on January 24, 2023, and 4.1 million shares of Albertsons were distributed to the individual investors as a non-cash distribution, of which the Company received 1.6 million shares. The shares are classified as Marketable securities on the Company's Consolidated Balance Sheets (Note 8). In December 2023, an unconsolidated venture that holds an interest in a property on North Michigan Avenue modified its $73.5 million nonrecourse mortgage loan. As part of the modification, the principal balance was reduced by $18.5 million and required a principal paydown of $17.5 million, the interest rate increased from 4.4% to 6.5%, and the maturity date was extended from February 2025 to December 2026. In addition, the venture, upon a sale or secured refinancing prior to maturity (or early prepayment) at an amount that exceeds $55.0 million (as adjusted pursuant to the modification agreement), may be subject to additional contingent payments of up to $17.5 million (“Contingent Payment”), which amortizes on a straight-line basis over the remaining term of the loan. The modification was accounted for as a troubled debt restructuring pursuant to ASC 470, resulting in an initial gain of approximately $0.4 million, which was recognized within Equity in (losses) earnings of unconsolidated affiliates on the Company’s Consolidated Statements of Operations, and represented the excess of the original principal balance of the mortgage (prior to modification), over the maximum total future cash payments under the new terms. Thus, all future cash payments under the terms of the payable, including the Contingent Payment, shall be accounted for as a reduction of the carrying amount of the mortgage, and no interest expense shall be recognized for any period between the modification and the revised maturity of the mortgage. As the Contingent Payment amortizes (and no transaction arises that requires a payment as described above) the additional gain will be recognized within equity in earnings in the Company’s consolidated financial statements. No amortization of the Contingent Payment occurred in 2023. As part of the modification, the Operating Partnership provided a recourse guarantee equivalent to 50% of the unpaid outstanding principal balance of the mortgage. In December 2023, the Company acquired an additional 3.42% interest in the North Michigan Avenue venture, increasing its ownership from 88.43% to 91.85% and provided a loan of $1.4 million to the remaining venture partners for their share of the required paydown (Note 3). During the year ended December 31, 2022, the Company: •funded $7.5 million of a $12.8 million construction loan commitment to the 1238 Wisconsin venture. The total outstanding balance of the loan was $7.5 million; •recorded our proportionate share of an impairment charge of $50.8 million in the 840 N. Michigan Avenue venture during the third quarter, which is included in Equity in (losses) earnings of unconsolidated affiliates in the Consolidated Statements of Operations; 84 ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS •through Fund III, sold its investment in Self Storage Management for $6.0 million and recognized its proportionate gain of $1.5 million during the first quarter, which is included in Realized and unrealized holding (losses) gains on investments and other in the Consolidated Statements of Operations; •through Fund IV, recognized its proportionate gain from the venture’s sale of Promenade at Manassas for $46.0 million and repayment of $27.3 million of mortgage debt. Fund IV recognized a gain of $12.8 million, of which the Company's share was $3.0 million; •through Fund V, acquired a 90% interest in a venture for $15.9 million, which acquired Shoppes at South Hills, a shopping center located in Poughkeepsie, New York for $47.6 million. In addition, Fund V made a bridge loan to the venture for $31.7 million during the third quarter; •through Fund V, acquired a 90% interest in a venture for $26.5 million, which acquired La Frontera Village, a shopping center located in Round Rock, Texas for $81.4 million. In addition, Fund V made a bridge loan to the venture for $52.0 million during the first quarter, which was repaid during the second quarter. During the second quarter, the venture entered into a $57.0 million mortgage loan, of which $55.5 million was funded at closing; •through Fund V, acquired a 90% interest in a venture for $15.3 million, which acquired Wood Ridge Plaza, a shopping center located in Houston, Texas for $49.3 million during the first quarter. In addition, on March 21, 2022 the Wood Ridge Plaza venture entered into a $36.6 million mortgage loan, of which $32.3 million was funded at closing; •funded $0.2 million of its capital commitment to its Fifth Wall investment during the second and third quarter; and •received cash dividends totaling $1.9 million at Mervyns II related to distributions from its Investment in Albertsons and recorded a net unrealized holding loss of $38.9 million reflecting the change in fair value of its Investment in Albertsons (Note 8). Fees from Unconsolidated Affiliates The Company earned property management, construction, development, legal and leasing fees from its investments in unconsolidated partnerships totaling $0.4 million and $0.4 million and $0.6 million for the years ended December 31, 2023, 2022 and 2021, respectively, which is included in other revenues in the Consolidated Statements of Operations. In addition, the Company’s joint ventures paid certain unaffiliated partners of its joint ventures, $4.5 million and $2.7 million and $2.2 million for the years ended December 31, 2023, 2022 and 2021, respectively, for leasing commissions, development, management, construction, and overhead fees. 85 ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Summarized Financial Information of Unconsolidated Affiliates The following combined and condensed Balance Sheets and Statements of Operations, in each period, summarized the financial information of the Company’s investments in unconsolidated affiliates that were held as of December 31, 2023, and accordingly exclude the results of any investments disposed of or consolidated prior to that date (in thousands): Combined and Condensed Balance Sheets Assets: Rental property, net Real estate under development Other assets Total assets Liabilities and partners’ equity: Mortgage notes payable Other liabilities Partners’ equity Total liabilities and partners’ equity Company's share of accumulated equity Basis differential Deferred fees, net of portion related to the Company's interest Amounts receivable to/payable by the Company Investments in and advances to unconsolidated affiliates, net of Company's share of distributions in excess of income from and investments in unconsolidated affiliates Investments carried at fair value or cost Company's share of distributions in excess of income from and investments in unconsolidated affiliates Investments in and advances to unconsolidated affiliates Combined and Condensed Statements of Operations Total revenues Operating and other expenses Interest expense Depreciation and amortization Gain (loss) on extinguishment of debt Impairment of Investment Gain on disposition of properties Net (losses) earnings attributable to unconsolidated affiliates (a) (c) (b) Company’s share of equity in net losses of unconsolidated affiliates Basis differential amortization Company’s equity in (losses) earnings of unconsolidated affiliates December 31, 2023 December 31, 2022 $ $ $ $ $ $ $ 723,411 — 125,699 849,110 $ 662,552 $ 100,270 86,288 849,110 $ 128,690 $ 51,824 3,794 396 184,704 4,554 7,982 197,240 $ 650,997 17,359 127,070 795,426 609,923 96,532 88,971 795,426 131,878 52,813 5,937 305 190,933 89,718 10,505 291,156 Year Ended December 31, 2023 2022 2021 $ $ $ $ 108,425 $ (35,488 ) (40,864 ) (42,212 ) 368 — — (9,771 ) $ (6,688 ) $ (989 ) (7,677 ) $ 96,080 $ (29,858 ) (26,807 ) (34,596 ) (7 ) (57,423 ) 12,983 (39,628 ) $ (31,907 ) $ (1,000 ) (32,907 ) $ 80,823 (28,572 ) (21,228 ) (30,518 ) (35 ) — 3,206 3,676 6,023 (693 ) 5,330 a)Includes the gain on debt extinguishment related to the restructuring at 840 N. Michigan Avenue for the year ended December 31, 2023. b)Includes the impairment charge related to 840 N. Michigan Avenue for the year ended December 31, 2022. c)Includes the gain on the sale of Promenade at Manassas on October 13, 2022, and two land parcels by the Family Center at Riverdale on January 4, 2021. 86 ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 5. Other Assets, Net and Accounts Payable and Other Liabilities Other assets, net and accounts payable and other liabilities are comprised of the following for the periods presented: (a) (in thousands) Other Assets, Net: Lease intangibles, net (Note 6) Derivative financial instruments (Note 8) Deferred charges, net Accrued interest receivable (Note 3) Prepaid expenses Due from seller Income taxes receivable Deposits Corporate assets, net Other receivables (a) Deferred Charges, Net: Deferred leasing and other costs Deferred financing costs related to line of credit (a) Accumulated amortization Deferred charges, net Accounts Payable and Other Liabilities: Lease intangibles, net (Note 6) Accounts payable and accrued expenses Deferred income Tenant security deposits, escrow and other Lease liability - finance leases (Note 11) Derivative financial instruments (Note 8) December 31, 2023 December 31, 2022 100,594 $ 28,989 31,074 25,553 15,204 2,631 1,141 575 924 1,775 208,460 $ 73,908 $ 9,829 83,737 (52,663 ) 31,074 $ 73,994 $ 61,425 34,386 17,939 32,739 8,892 229,375 $ 102,374 54,902 28,478 18,082 15,872 3,036 1,876 1,624 1,287 2,060 229,591 63,920 9,494 73,414 (44,936 ) 28,478 78,416 59,922 34,503 16,582 7,022 46 196,491 $ $ $ $ $ $ (a)Effective January 1, 2023, the Company implemented compensation plans for its internal leasing representatives to adopt a commission structure paid in connection with new, renewal, and modified leases. At December 31, 2023, deferred leasing and other costs include direct and incremental capitalized internal leasing commissions incurred in connection with executed lease agreements of $2.2 million, which are amortized on a straight-line basis over the terms of the related leases. 87 ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 6. Lease Intangibles Intangible assets and liabilities are included in Other assets and Accounts payable and other liabilities (Note 5) on the Consolidated Balance Sheets and summarized as follows (in thousands): Amortizable Intangible Assets In-place lease intangible assets Above-market rent Amortizable Intangible Liabilities Below-market rent Above-market ground lease December 31, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount December 31, 2022 Accumulated Amortization Net Carrying Amount $ $ $ $ 327,484 27,294 354,778 (188,098 ) (671 ) (188,769 ) $ $ $ $ (234,808 ) (19,376 ) (254,184 ) 114,393 382 114,775 $ $ $ $ 92,676 7,918 100,594 (73,705 ) (289 ) (73,994 ) $ $ $ $ 301,556 24,064 325,620 (176,253 ) (671 ) (176,924 ) $ $ $ $ (205,951 ) (17,295 ) (223,246 ) 98,182 326 98,508 $ $ $ $ 95,605 6,769 102,374 (78,071 ) (345 ) (78,416 ) During the year ended December 31, 2023, the Company: •acquired in-place lease intangibles of $25.9 million, above-market rent of $3.2 million, and below-market rent of $11.8 million with weighted-average useful lives of 5.7, 7.1, and 21.1 years, respectively (Note 2); •recorded accelerated amortization related to in-place lease intangible assets of $3.2 million and below-market rent of $8.8 million, of which the Company's share was $2.8 million and $8.4 million, respectively, related to notification of tenant non-renewals and early tenant lease terminations. During the year ended December 31, 2022, the Company: •acquired in-place lease intangible assets of $28.2 million, above-market rent of $0.8 million, and below-market rent of $14.1 million with weighted-average useful lives of 6.4, 6.9, and 11.4 years, respectively (Note 2); •derecognized in-place lease intangible assets of $1.5 million and below-market rent of $2.1 million, of which the Company's share was $0.5 million and $0.5 million, respectively, related to disposed properties (Note 2); and •recorded accelerated amortization related to in-place lease intangible assets of $0.2 million and below-market rent of $5.5 million, of which the Company's share was $0.1 million and $5.4 million, respectively, related to notification of tenant non-renewals and early tenant lease terminations. Amortization of in-place lease intangible assets is recorded in depreciation and amortization expense and amortization of above-market rent and below-market rent is recorded as a reduction to and increase to rental income, respectively, on the Consolidated Statements of Operations. Amortization of above-market ground leases are recorded as a reduction to rent expense on the Consolidated Statements of Operations. The scheduled amortization of acquired lease intangible assets and assumed liabilities as of December 31, 2023 is as follows (in thousands): Years Ending December 31, 2024 2025 2026 2027 2028 Net Increase in Rental Revenues Increase to Amortization Expense Reduction of Property Operating Expense $ $ 5,157 4,752 4,522 4,452 4,536 $ (23,596 ) (17,912 ) (14,435 ) (11,159 ) (7,299 ) 58 58 58 58 57 88 ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 7. Debt A summary of the Company’s consolidated indebtedness is as follows (dollars in thousands): Interest Rate at December 31, 2023 Maturity Date at December 31, 2023 December 31, December 31, 2023 2022 Carrying Value at (a) Mortgages Payable Core Fund II Fund III Fund IV Fund V Net unamortized debt issuance costs Unamortized premium (b) 3.99% - 5.89% SOFR+2.61% SOFR+3.75% SOFR+2.25% - SOFR+3.33% SOFR + 1.61% - SOFR + 2.80% December 31, 2022 3.88% - 5.89% SOFR+2.61% SOFR+3.35% LIBOR+2.25% - LIBOR+3.65% LIBOR + 1.85% - SOFR + 2.76% Feb 2024 - Apr 2035 Aug 2025 Oct 2025 Mar 2025 - Jun 2028 Feb 2024 - Jun 2028 Total Mortgages Payable Unsecured Notes Payable Core Term Loans Fund V Subscription Facility Net unamortized debt issuance costs (c) Total Unsecured Notes Payable Unsecured Line of Credit (c) Revolving credit facility (d)(e) Total Debt Net unamortized debt issuance costs Unamortized premium Total Indebtedness SOFR+1.60% - SOFR+2.05% SOFR+3.05% 3.74%-5.11% SOFR+1.86% Jun 2026 - Jul 2029 Jan 2024 SOFR+1.45% SOFR+1.50% Jun 2025 $ $ $ $ $ $ $ 191,830 $ 137,485 33,000 115,925 458,960 (7,313 ) 240 930,127 650,000 80,600 (3,873 ) 726,727 $ $ $ 193,838 133,655 35,970 146,230 426,224 (7,621 ) 343 928,639 650,000 51,210 (5,076 ) 696,134 213,287 $ 168,287 1,881,087 (11,186 ) 240 1,870,141 $ $ 1,805,414 (12,697 ) 343 1,793,060 a)The Company has a total commitment of $198.0 million on the Fund II mortgage. b)Includes the outstanding balance on the Fund IV secured bridge facility of $36.2 million at December 31, 2023 and $39.2 million at December 31, 2022. The Operating Partnership has guaranteed up to $22.5 million of the Fund IV secured bridge facility (Note 9). c)The Company has entered into various swap agreements to effectively fix its interest costs on a portion of its Revolver and term loans at December 31, 2023 and 2022 (Note 8). d)Includes $1,249.8 million and $1,264.0 million, respectively, of variable-rate debt that has been fixed with interest rate swap agreements as of the periods presented. The effective fixed rates ranged from 1.14% to 4.54%. e)Includes $151.4 million and $103.8 million, respectively, of variable-rate debt that is subject to interest cap agreements as of the periods presented. The effective fixed rates ranged from 3.0% to 5.50%. Unsecured Debt Credit Facility The Operating Partnership has a $700.0 million senior unsecured credit facility, as amended (the “Credit Facility”), with Bank of America, N.A. as administrative agent, comprised of a $300.0 million senior unsecured revolving credit facility (the “Revolver”) which bears interest at a floating rate based on SOFR with margins based on leverage or credit rating, and a $400.0 million senior unsecured term loan (the “Term Loan”) which bears interest at a floating rate based on SOFR with margins based on leverage or credit rating. The Credit Facility provides for an accordion feature, which allows for one or more increases in the revolving credit facility or term loan facility, for a maximum aggregate principal amount not to exceed $900.0 million. The Credit Facility is guaranteed by the Trust and certain subsidiaries of the Trust (Note 9). Revolving Credit Facility At December 31, 2023, The Revolver bears interest at SOFR + 1.45% and matures on June 29, 2025, subject to two six-month extension options. The outstanding balance and total available credit of the Revolver was $213.3 million and $86.7 million, respectively, at December 31, 2023, reflecting no letters of credit outstanding. The outstanding balance and total available credit of the Revolver was $168.3 million and $131.7 million, respectively, at December 31, 2022, reflecting no letters of credit outstanding. 89 ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Core Term Loans At December 31, 2023, the Term Loan bears interest at SOFR + 1.60% and matures on June 29, 2026. The outstanding balance of the Term Loan was $400.0 million at each of December 31, 2023 and December 31, 2022. On April 6, 2022, the Operating Partnership entered into a $175.0 million term loan facility (the “$175.0 Million Term Loan”), with Bank of America, N.A. as administrative agent, which bears interest at a floating rate based on SOFR with margins based on leverage or credit rating, matures on April 6, 2027, and is guaranteed by the Trust and certain subsidiaries of the Trust (Note 9). The proceeds of the $175.0 Million Term Loan were used to pay down the Revolver. At December 31, 2023, the $175.0 Million Term Loan bears interest at SOFR + 1.60%. The outstanding balance of the $175.0 Million Term Loan was $175.0 million at each of December 31, 2023 and 2022. On July 29, 2022, the Operating Partnership entered into the $75.0 million term loan (the “$75.0 Million Term Loan”), with TD Bank, N.A. as administrative agent, which bears interest at a floating rate based on SOFR with margins based on leverage or credit rating, matures on July 29, 2029, and is guaranteed by the Trust and certain subsidiaries of the Trust. At December 31, 2023, the $75.0 Million Term Loan bears interest at SOFR + 2.05%. The proceeds of the $75.0 Million Term Loan were used to pay down the Revolver. The outstanding balance of the $75.0 Million Term Loan was $75.0 million at each of December 31, 2023 and 2022. Fund V Subscription Facility Fund V has a $100.0 million subscription line collateralized by Fund V’s unfunded capital commitments, and, to the extent of the Company’s capital commitments, is guaranteed by the Operating Partnership. In January 2024, Fund V modified its subscription line and extended the maturity date to February 28, 2024. The outstanding balance and total available credit of the Fund V subscription line was $80.6 million and $19.4 million, respectively at December 31, 2023, reflecting outstanding letters of credit of $2.0 million. The outstanding balance and total available credit were $51.2 million and $41.8 million at December 31, 2022 respectively, reflecting outstanding letters of credit of $7.0 million. Mortgages and Other Notes Payable During the year ended December 31, 2023, the Company (amounts represent balances at the time of transactions): •entered into a new Fund mortgage for $32.2 million; •modified and extended five Fund mortgages totaling $150.8 million (excluding principal reductions of $2.7 million); •refinanced four Fund mortgages totaling $111.4 million; •repaid a Fund mortgage totaling $5.8 million at maturity; •modified the Fund IV bridge loan with an outstanding balance of $36.2 million (excluding principal reductions of $3.0 million) and extended the maturity date to March 31, 2025; and •made scheduled principal payments totaling $7.7 million. During the year ended December 31, 2022, the Company (amounts represent balances at the time of transactions): •entered into a new Fund mortgage for $42.4 million; •refinanced a Core loan in the third quarter with an outstanding balance of $25.4 million with a new loan of $26.0 million at an interest rate of 4.0% maturing July 10, 2027; •modified and extended ten Fund mortgages totaling $280.6 million (excluding principal reductions and an interest reserve of $4.6 million and $4.2 million, respectively); •refinanced Fund II mortgage debt and unsecured note of City Point Phase II in the third quarter with an aggregate outstanding balance of $257.9 million and $40.0 million, respectively, with a single $198.0 million mortgage loan, with initial proceeds of approximately $132.3 million and a loan from the Company to other Fund II Investors (Note 10). The mortgage has a three-year initial term and bears interest at SOFR + 2.61%. The mortgage is collateralized by the real estate assets of City Point, of which $50.0 million is guaranteed by the Operating Partnership; •modified the Fund IV bridge loan with an outstanding balance of $42.2 million (excluding principal reductions of $8.6 million) and changed the rate to SOFR plus 2.56% and extended the maturity date to December 29, 2023; 90 ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS •repaid one Core mortgage of $12.3 million; •repaid six Fund mortgages in the aggregate amount of $97.6 million in connection with the sale of properties (Note 2); repaid one Fund mortgage in the amount of $22.7 million; and •made principal payments of $7.5 million and repaid $17.0 million on the Fund IV secured bridge facility. A portion of the Company’s variable-rate mortgage debt has been effectively fixed through certain cash flow hedge transactions (Note 8). At December 31, 2023 and 2022, the Company’s mortgages were collateralized by 33 and 31 properties each period, respectively, as well as the related tenant leases. Certain loans are cross-collateralized and contain cross-default provisions. The loan agreements contain customary representations, covenants, and events of default. Certain loan agreements require the Company to comply with affirmative and negative covenants, including the maintenance of debt service coverage and leverage ratios. At December 31, 2023, a Fund V mortgage of $29.2 million, or $5.9 million at the Company’s share, had not met its debt service coverage ratio requirements. As this is not an event of default, the debt maturity was not accelerated. The Company made a principal payment of $3.9 million in January 2024, to cure this event. Also at December 31, 2023, three Fund V mortgages totaling $127.1 million, or $25.5 million at the Company’s share, did not meet their liquidity requirement. In February 2024, Fund V obtained a new mortgage loan and paid down the Fund V subscription line to cure this event. On July 15, 2023, the 146 Geary Street, Fund IV non-recourse mortgage loan with an outstanding balance of $19.3 million, or $4.5 million at the Company’s share, matured with no further extension options and was in default. The property securing the mortgage was a vacant building located in San Francisco, California. The loan accrued default interest at a rate of 4.00% per annum in excess of the interest rate of SOFR + 3.65%. On October 27, 2023, the Company completed the transfer of the property to its lender through a deed-in-lieu of foreclosure, extinguishing the obligation under the mortgage loan. The Company reduced interest expense by $0.7 million upon derecognition of the loan for the additional interest expense previously recorded. The Company had previously impaired the asset, and recorded an impairment charge of $3.7 million, or $0.9 million at the Company’s share, related to the change in estimated value and holding period of the asset for the year ended December 31, 2023 (Note 8). Scheduled Debt Principal Payments The scheduled principal repayments, without regard to available extension options (described further below), of the Company’s consolidated indebtedness, as of December 31, 2023 are as follows (in thousands): Maturities 2024 2025 2026 2027 2028 Thereafter Unamortized premium Net unamortized debt issuance costs Total indebtedness $ $ 333,174 680,834 437,087 202,826 130,959 96,207 1,881,087 240 (11,186 ) 1,870,141 The table above does not reflect available extension options (subject to customary conditions) on debt balances as of December 31, 2023. The Company has debt balances of $535.4 million contractually due in 2025 and $25.1 million contractually due in 2027, all for which the Company has available options to extend by up to 12 months, and for some an additional 12 months thereafter. However, there can be no assurance that the Company will be able to successfully execute any or all of its available extension options. 8. Financial Instruments and Fair Value Measurements Items Measured at Fair Value on a Recurring Basis The methods and assumptions described below were used to estimate the fair value of each class of financial instrument. 91 ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Marketable Equity Securities — The Company has an investment in marketable equity securities of Albertsons, which has a readily determinable market value (traded on an exchange) and is being accounted for as a Level 1 investment. This investment was included in Marketable securities and Investments in and advances to unconsolidated affiliates on the Consolidated Balance Sheets at December 31, 2023 and 2022, respectively. Derivative Financial Instruments — The Company has derivative assets, which are included in Other assets, net on the Consolidated Balance Sheets, and are comprised of interest rate swaps and caps. The Company has derivative liabilities, which are included in Accounts payable and other liabilities on the Consolidated Balance Sheets and are comprised of interest rate swaps. The derivative instruments were measured at fair value using readily observable market inputs, such as quotations on interest rates, and were classified as Level 2 as these instruments are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market. See “Derivative Financial Instruments,” below. The following table presents the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis (in thousands): Assets Marketable equity securities Derivative financial instruments Liabilities Derivative financial instruments Level 1 December 31, 2023 Level 2 Level 3 Level 1 December 31, 2022 Level 2 Level 3 $ 33,284 $ — — $ 28,989 — $ — 85,403 $ — — $ 54,902 — (8,892 ) — — (46 ) — — — In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The Company did not have any transfers into or out of Level 1, Level 2, and Level 3 measurements during the year ended December 31, 2023 or 2022. Marketable Equity Securities During the year ended December 31, 2023, the Company sold 200,000 shares of Albertsons, generating net proceeds of $4.6 million. As of December 31, 2023, the Company still held 1.4 million shares of Albertsons which had a fair value of $33.3 million. In January 2024, the Company sold an additional 175,000 shares of Albertsons, generating net proceeds of $4.0 million (Note 17). At December 31, 2022, the shares of Albertsons were held by Mervyns II (Note 4). During the year ended December 31, 2023 and 2022, the Company recognized dividend income from marketable securities of $29.1 million and $1.8 million, of which the Company's share was $12.0 million and $0.6 million, respectively, and is included in Realized and unrealized holding gains on investments and other on the Company's Consolidated Statements of Operations. The following table represents the realized and unrealized gain (loss) on marketable securities included in Realized and unrealized holding gains on investments and other on the Company's Consolidated Statements of Operations (in thousands): Realized gain on marketable securities Less: previously recognized unrealized gains on marketable securities sold during the period Unrealized gains (losses) on marketable securities still held at the end of the period and through the disposition date on marketable securities sold during the period Gain on marketable securities, net $ $ 2023 Year Ended December 31, 2022 2021 4,636 $ (4,636 ) 1,634 1,634 $ $ — — (38,913 ) $ (38,913 ) — — 51,925 51,925 92 ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Items Measured at Fair Value on a Nonrecurring Basis Impairment Charges Impairment charges for the periods presented are as follows (in thousands): Property and Location Owner Triggering Event Effective Date Total Acadia's Share Impairment Charge (a) 2023 Impairment Charges 146 Geary Street, San Francisco, CA 2022 Impairment Charges 146 Geary Street, San Francisco, CA 717 N. Michigan Avenue, Chicago, IL Total 2022 Impairment Charges Fund IV Reduced holding period (Note 7) Sept 30, 2023 $ 3,686 $ 852 Fund IV Reduced projected operating income Sept 30, 2022 $ 12,435 $ Fund IV Reduced holding period and intended use Sept 30, 2022 20,876 $ 33,311 $ 2,875 4,827 7,702 (a)The fair value of 717 N. Michigan Avenue was based on an observable contract to sell the asset, less estimated costs to sell. The Company estimated the fair value of 146 Geary Street based on a discounted cash flow analysis using a range of discount rates from 5.00% to 7.75% and a range of capitalization rates from 4.25% to 5.75%. As significant inputs to the models are unobservable, the Company determined that the value determined for these properties falls within Level 3 of the fair value reporting hierarchy. Redeemable Noncontrolling Interests The Company has redeemable noncontrolling interests related to certain properties. The Company is required to periodically review these redeemable noncontrolling interests to in order to compare the redemption value to the carrying value. See Note 10 for further discussion regarding these interests. 93 ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Derivative Financial Instruments The Company had the following interest rate swaps and caps for the periods presented (dollars in thousands): Derivative Instrument Core Interest Rate Swaps Interest Rate Swaps Fund II Interest Rate Swap Fund III Interest Rate Cap Fund IV Interest Rate Cap Fund V Interest Rate Swaps Interest Rate Caps Interest Rate Swaps $ $ $ $ $ $ $ Total asset derivatives Total liability derivatives Aggregate Notional Amount Effective Date Maturity Date Low High Balance Sheet Location December 31, 2023 December 31, 2022 Strike Rate Fair Value 225,000 Dec 2022 - Oct 2023 Jul 2027 - Dec 2029 3.61% 4.69% Accounts payable and other liabilities May 2022 - May 2023 Mar 2025 - Jul 2030 1.98% — 3.36% Other assets, net 631,000 856,000 50,000 Jan 2023 Dec 2029 3.23% — 3.23% Other assets, net 33,000 Sep 2023 Oct 2025 5.50% — 5.50% Other assets, net 54,500 Dec 2023 Dec 2025 6.00% — 6.00% Other assets, net 315,409 72,447 28,480 Apr 2022 - Jul 2023 Jan 2023 - Aug 2023 Jun 2023 Mar 2024- May 2026 Jan 2024 - Sep 2025 Jun 2025 1.14% 3.64% 4.54% — 4.34% Other assets, net — 5.00% Other assets, net — 4.54% Accounts payable and other liabilities 416,336 $ $ $ $ $ $ $ $ $ (8,807 ) $ (46 ) 22,675 13,868 $ 40,884 40,838 634 $ 1,108 26 $ 232 29 $ 1,093 $ 5,523 102 (85 ) 11,585 — — 5,540 $ 11,585 28,989 (8,892 ) $ $ 54,902 (46 ) All of the Company’s derivative instruments have been designated as cash flow hedges and hedge the future cash outflows on variable-rate debt (Note 7). It is estimated that approximately $23.2 million included in Accumulated other comprehensive income related to derivatives will be reclassified as a reduction to interest expense within the next twelve months. During the year ended December 31, 2023, the Company terminated six interest rate swaps with forward effective dates with an aggregate notional value of $175.0 million for cash proceeds of $16.0 million. The net derivative gain associated with the discontinued cash flow hedge continues to be reporting in Accumulated other comprehensive income as the forecasted transaction is expected to occur within the originally specified time period. Such amounts will be reclassified from Accumulated other comprehensive income into earnings as an increase in interest income over the period during which the hedged forecasted transaction affects earnings. Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its debt funding and, from time to time, through the use of derivative financial instruments. The Company enters into derivative financial instruments to manage exposures that result in the receipt or payment of future known and uncertain cash amounts, the values of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings. The Company is exposed to credit risk in the event of non-performance by the counterparties to the swaps if the derivative position has a positive balance. The Company believes it mitigates its credit risk by entering into swaps with major financial institutions. The Company continually monitors and actively manages interest costs on its variable-rate debt portfolio and may enter into additional interest rate swap positions or other derivative interest rate instruments based on market conditions. 94 ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Credit Risk-Related Contingent Features The Company has agreements with each of its swap counterparties that contain a provision whereby if the Company defaults on certain of its unsecured indebtedness, the Company could also be declared in default on its swaps, resulting in an acceleration of payment under the swaps. Other Financial Instruments The Company’s other financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands, inclusive of amounts attributable to noncontrolling interests where applicable): (a) Notes Receivable (a) City Point Loan Mortgages Payable Investment in non-traded equity securities Unsecured notes payable and Unsecured line of credit (b) (a) December 31, 2023 December 31, 2022 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Level 3 $ 3 3 3 2 124,949 $ 66,741 937,200 4,398 943,887 124,789 $ 66,017 921,563 4,702 937,153 123,903 $ 65,945 935,917 4,160 869,497 122,716 65,856 906,348 5,593 868,399 (c) a)The Company determined the estimated fair value of these financial instruments using a discounted cash flow model with rates that take into account the credit of the borrower or tenant, where applicable, and changes in interest rates. The Company also considered the value of the underlying collateral, taking into account the quality of the collateral, the credit quality of the borrower, the time until maturity and the current market interest rate environment. Amounts exclude discounts and loan costs. The estimated market rates are between 4.90% to 14.25% for the Company's notes receivable and City Point Loan, and 5.83% to 9.27% for the Company's mortgage and other notes payable, depending on the attributes of the specific loans. b)Represents the Operating Partnership’s cost-method investment in Fifth Wall (Note 4). c)The Company determined the estimated fair value of the unsecured notes payable and unsecured line of credit using quoted market prices in an open market with limited trading volume where available. In cases where there was no trading volume, the Company determined the estimated fair value using a discounted cash flow model using a rate that reflects the average yield of similar market participants. The Company’s cash and cash equivalents, restricted cash, rents receivable, accounts payable and certain financial instruments (classified as Level 1) included in other assets and other liabilities had fair values that approximated their carrying values due to their short maturity profiles at December 31, 2023 and 2022. 9. Commitments and Contingencies The Company is involved in various matters of litigation arising out of, or incidental to, its business. While the Company is unable to predict with certainty the outcome of any particular matter, management does not expect, when such litigation is resolved, that the Company’s resulting exposure to loss contingencies, if any, will have a material adverse effect on its consolidated financial position or results of operations. Commitments and Guaranties From time to time, the Company (or ventures in which the Company has an ownership interest) has agreed, and may in the future agree, to guarantee portions of the principal, interest and other amounts in connection with their borrowings, provide customary environmental indemnifications and nonrecourse carve-outs (e.g., guarantees against fraud, misrepresentation and bankruptcy) in connection with their borrowings and provide guarantees to lenders, tenants and other third parties for the completion of development projects. With respect to borrowings of our consolidated entities, the Company has guaranteed $72.5 million of principal payment guarantees on various property mortgage loans and the Fund IV secured bridge facility (Note 7, Note 15). At December 31, 2023 and 2022, the Company had Core and Fund letters of credit outstanding of $2.0 million and $7.0 million, respectively (Note 7). The Company has not recorded any obligation associated with these letters of credit. The majority of the letters of credit are collateral for existing indebtedness and other obligations of the Company. 95 ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Additionally, in connection with the refinancing of the La Frontera Village mortgage loan of $57.0 million, which is collateralized by the investment property, Fund V guaranteed the joint venture’s obligation under the loan. Fund V earned a fee from the joint venture for providing the guarantee. As of December 31, 2023, $0.2 million related to the guarantee was recorded as a liability in the Company’s condensed consolidated financial statements (Note 4). In conjunction with the development and expansion of various properties, the Company has entered into agreements with general contractors for the construction or development of properties aggregating approximately $15.8 million and $39.1 million, of which the Company’s share is $12.5 million and $37.5 million as of December 31, 2023 and December 31, 2022, respectively. The Company has committed client-related obligations for tenant improvements based on executed leases aggregating approximately $25.7 million and $30.4 million, of which the Company’s share is $14.6 million and $15.8 million, as of December 31, 2023 and 2022, respectively. The timing and amounts of payments for tenant-related obligations are uncertain and may only be due upon satisfactory performance of certain conditions. Gain Contingency The Company entered into a purchase and sale agreement (together with subsequent amendments thereto) to sell its West Shore Expressway property in the Core Portfolio. At the request of the former potential buyer, the Company extended the closing date numerous times in exchange for additional non-refundable deposits and contributions towards the carrying costs of the property. The agreement terminated and expired by its terms on August 2, 2023, and the $3.3 million deposit was forfeited to an affiliate of the Company, when, among other things, the former potential buyer failed to close on the property pursuant to the terms of the agreement. During the third quarter of 2023, the former potential buyer filed for Chapter 11 bankruptcy, which bankruptcy was dismissed during the fourth quarter, though this dismissal remained subject to appeal through January 2024. The Company has not recorded any amount in its consolidated financial statements related to this gain contingency as of December 31, 2023. Insurance Coverage We carry insurance coverage on our properties of different types and in amounts with deductibles that we believe are in line with coverage customarily obtained by owners of similar properties. 10. Shareholders’ Equity, Noncontrolling Interests and Other Comprehensive Loss Common Shares and Units In addition to the ATM Program and share repurchase activity discussed below, the Company completed the following transactions during the year ended December 31, 2023: •The Company withheld 3,251 shares of its restricted Common Shares ("Restricted Shares") to pay the employees’ statutory minimum income taxes due on the value of the portion of their Restricted Shares that vested. •The Company recognized Common Share and Common OP Unit-based compensation expense totaling $9.2 million in connection with Restricted Shares and restricted Common OP Units (“Restricted Units”) (Note 13). In addition to the ATM Program and share repurchase activity discussed below, the Company completed the following transactions during the year ended December 31, 2022: •The Company withheld 3,235 Restricted Shares to pay the employees’ statutory minimum income taxes due on the value of the portion of their Restricted Shares that vested. •The Company recognized Common Share and Common OP Unit-based compensation expense totaling $7.4 million in connection with Restricted Shares and Units (Note 13). In January 2024, the Company completed an underwritten offering of 6,900,000 Common Shares (inclusive of the underwriters’ option to purchase 900,000 additional shares) for net proceeds of $113.0 million (Note 17). 96 ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ATM Program The Company has an at-the-market equity issuance program (“ATM Program”) that provides the Company an efficient vehicle for raising public equity capital to fund its needs. The Company entered into its current $250.0 million ATM Program, which includes an optional “forward sale” component, in the first quarter of 2022. The Company had approximately $222.3 million of availability under the ATM program at December 31, 2023 .The Company has not issued any shares on a forward basis during the years ended December 31, 2023 and 2022. During the year ended December 31, 2023 the Company did not sell any Common Shares under its ATM program. During the year ended December 31, 2022, the Company sold 5,525,419 Common Shares under its ATM Program for gross proceeds of $123.9 million, or $119.5 million net of issuance costs, at a weighted-average gross price per share of $22.43, of which 4,281,576 shares were sold under the previous ATM Program for gross proceeds of $96.3 million, or $92.5 million net of issuance costs. During the year ended December 31, 2021, the Company sold 2,889,371 Common Shares under its previous ATM Program for gross proceeds of $64.9 million, or $63.9 million net of issuance costs, at a weighted-average gross price per share of $22.46. Share Repurchase Program During 2018, the Company’s board of trustees (the “Board”) approved a new share repurchase program, which authorizes management, at its discretion, to repurchase up to $200.0 million of its outstanding Common Shares. The program does not obligate the Company to repurchase any specific number of Common Shares and may be discontinued or extended at any time. The Company did not repurchase any shares during the years ended December 31, 2023, 2022 and 2021. Under the share repurchase program $122.5 million remains available at December 31, 2023. Dividends and Distributions The following table sets forth the distributions declared and/or paid during the periods presented: Date Declared Amount Per Share Record Date Payment Date February 15, 2022 May 4, 2022 August 10, 2022 November 9, 2022 January 17, 2023 May 3, 2023 August 9, 2023 November 2, 2023 $ $ $ $ $ $ $ $ 0.18 0.18 0.18 0.18 0.18 0.18 0.18 0.18 March 31, 2022 June 30, 2022 September 30, 2022 December 30, 2022 March 31, 2023 June 30, 2023 September 29, 2023 December 29, 2023 April 14, 2022 July 15, 2022 October 14, 2022 January 13, 2023 April 14, 2023 July 14, 2023 October 13, 2023 January 12, 2024 97 ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Noncontrolling Interests The following tables summarize the change in the noncontrolling interests for the years ended December 31, 2023, 2022 and 2021 (dollars in thousands): Noncontrolling Interests in Operating Partnership (a) Noncontrolling Interests in Partially- Owned Affiliates (b) Total Redeemable Noncontrolling Interests (c) $ 99,554 $ 389,810 $ 489,364 $ 67,664 Balance at January 1, 2023 Conversion of 151,257 Common OP Units to Common Shares by limited partners of the Operating Partnership Distributions declared of $0.72 per Common OP Unit and distributions on Preferred OP Units City Point Loan City Point Loan accrued interest Employee and trustee stock compensation, net Noncontrolling interest distributions Noncontrolling interest contributions Net income (loss) for the year ended December 31, 2023 Other comprehensive (loss) income - unrealized gain on valuation of swap agreements Reclassification of realized interest expense on swap agreements Reallocation of noncontrolling interests Balance at December 31, 2023 (d) $ (e) Balance at January 1, 2022 Conversion of 234,473 Common OP Units to Common Shares by limited partners of the Operating Partnership Distributions declared of $0.72 per Common OP Unit and distributions on Preferred OP Units Acquisition of noncontrolling interest City Point Loan City Point Loan accrued interest Employee and trustee stock compensation, net Noncontrolling interest distributions Noncontrolling interest contributions Net loss for the year ended December 31, 2022 Other comprehensive income - unrealized gain on valuation of swap agreements Reclassification of realized interest expense on swap agreements Reclassification of redeemable noncontrolling interests Reallocation of noncontrolling interests Balance at December 31, 2022 (d) (f) $ $ ) (2,521 (5,352 ) — — 11,064 — — 1,785 — — — — — (80,186 ) 59,612 (15,168 ) ) (2,521 (5,352 ) — — 11,064 (80,186 ) 59,612 (13,383 ) (613 ) (210 ) (3,989 ) 99,718 $ 6,015 (13,501 ) — 346,582 $ 5,402 (13,711 ) (3,989 ) 446,300 $ 94,120 $ 534,202 $ 628,322 $ (3,945 ) — (3,945 ) (5,094 ) — — — 10,000 — — (1,308 ) 4,641 58 — 1,082 99,554 $ — (91,811 ) — — — (79,838 ) 109,428 (22,962 ) 15,567 1,793 (76,569 ) — 389,810 $ (5,094 ) (91,811 ) — — 10,000 (79,838 ) 109,428 (24,270 ) 20,208 1,851 (76,569 ) 1,082 489,364 $ — — (796 ) (9,350 ) — (50 ) 1,110 (8,239 ) — — — 50,339 — — — — (65,391 ) (3,923 ) — — 65,945 (5,536 ) — — 76,569 — 67,664 98 ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Noncontrolling Interests in Operating Partnership (a) Noncontrolling Interests in Partially- Owned Affiliates (b) Total Redeemable Noncontrolling Interests (c) Balance at January 1, 2021 Conversion of 89,765 Common OP Units to Common Shares by limited partners of the Operating Partnership (g) Cancellation of OP units Distributions declared of $0.60 per Common OP Unit Employee and trustee stock compensation, net Noncontrolling interest distributions Noncontrolling interest contributions Net income for the year ended December 31, 2021 Other comprehensive loss - unrealized loss on valuation of swap agreements Reclassification of realized interest expense on swap agreements Reallocation of noncontrolling interests Balance at December 31, 2021 (d) $ 89,431 $ 519,734 $ 609,165 $ (1,431 ) (568 ) (4,185 ) 11,284 — — 2,075 2,072 210 (4,768 ) 94,120 $ — — — — (27,051 ) 30,164 407 3,918 7,030 — 534,202 $ (1,431 ) (568 ) (4,185 ) 11,284 (27,051 ) 30,164 2,482 5,990 7,240 (4,768 ) 628,322 $ $ — — — — — — — — — — — — (a)Noncontrolling interests in the Operating Partnership are comprised of (i) the limited partners’ 2,855,574, 3,062,108, and 3,076,849 Common OP Units at December 31, 2023, 2022 and 2021, respectively; (ii) 188 Series A Preferred OP Units at December 31, 2023, 2022 and 2021; (iii) 126,384 Series C Preferred OP Units at December 31, 2023 and 2022, and 126,593 at December 31, 2021; and (iv) 4,247,054, 3,512,414, and 3,371,296 LTIP units at December 31, 2023, 2022 and 2021, respectively, as discussed in the Amended and Restated 2020 Plan (Note 13). Distributions declared for Preferred OP Units are reflected in net income (loss) in the table above. (b)Noncontrolling interests in partially-owned affiliates comprise third-party interests in Funds II, III, IV and V, and Mervyns II, and seven other subsidiaries. (c)Redeemable noncontrolling interests comprise third-party interests that have been granted put rights, as further described below. (d)Adjustment reflects the difference between the fair value of the consideration received or paid and the book value of the Common Shares, Common OP Units, Preferred OP Units, and LTIP Units involving changes in ownership. (e)Represents the acquisition of the 11.67% noncontrolling interest in Fund II and Mervyns II acquired on June 27, 2022 for $18.5 million and of a 21.67% interest in Fund II on August 1, 2022 for $5.8 million (Note 1). (f)Represents the reclassification of redeemable noncontrolling interests related to the City Point Loan in the third quarter of 2022. (g)The Company exchanged 21,109 OP Units in settlement of a note receivable in the amount of $0.5 million on July 12, 2021. Redeemable Noncontrolling Interests Williamsburg Portfolio In connection with the Williamsburg Portfolio acquisition in February 2022 (Note 2), the Company evaluated the Williamsburg Noncontrolling Interest ("Williamsburg NCI"), which represents the venture partner's one-time right to put its 50.01% interest in the property to the Company for redemption at fair value at a future date. As it was unlikely as of the acquisition date that the venture partner would receive any consideration on redemption due to the Company’s preferential returns, the initial fair value of the Williamsburg NCI was determined to be zero. The Company is required to periodically evaluate the NCI and adjust it to redemption value. At December 31, 2023 and 2022, the Company determined that the fair value of the Williamsburg NCI was zero. The Company determined that its valuation was classified within Level 3 of the fair value hierarchy. The estimated fair market value of this noncontrolling interest was based upon a discounted cash flow model, for which a capitalization rate of 5.25% and discount rate of 7.25% were utilized in the model based upon unobservable rates that the Company believes to be within a reasonable range of current market rates. City Point Loan In August 2022, the Company provided a loan, through a separate lending subsidiary, to other Fund II investors in City Point, through a separate borrower subsidiary, to fund the investors' pro-rata contribution necessary to complete the refinancing of the City Point debt, of which $65.9 million was funded at closing ("City Point Loan"). The City Point Loan has a five-year term which matures on August 1, 2027 and is collateralized by the investors' equity in City Point ("City Point NCI"). Because the City Point Loan was granted in return for a capital contribution from the investors, and is collateralized by the City Point NCI, the City Point Loan and accrued interest, net of a $0.7 million and $0.5 million allowance for CECL as of December 31, 2023 and 2022, respectively, are presented as a reduction of the City Point NCI balance. The borrower subsidiary of the City Point Loan was determined to be a VIE for which the Company is not the primary beneficiary. The maximum loss in the VIE is limited to the amount of the City Point Loan and any accrued interest. 99 ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS In connection with the City Point Loan, each partner has a one-time right to put its City Point NCI to the Company for redemption in exchange for the settlement of its proportion of the City Point Loan amount plus either (i) a fixed cash amount or (ii) a cash amount equal to the value of fixed number of Common Shares of the Company on the trading day prior to the election, which began in August 2023 ("Redemption Value"). As a result of granting these redemption rights, the City Point NCI, net of the City Point Loan, has been reclassified and presented as Redeemable noncontrolling interests on the Company's Consolidated Balance Sheets. Given the carrying value of the City Point NCI at the time of the transaction exceeded the maximum Redemption Value, the Company did not recognize any initial adjustment to accrete the City Point NCI to the Redemption Value. The Company is required to periodically evaluate the maximum redemption amount of the City Point NCI interest and recognize an increase in the carrying value if the redemption value exceeds the then current carrying value. At December 31, 2023, the Company determined that the carrying value exceeded the maximum Redemption Value and no adjustment was required. The Company determined that its valuation was classified within Level 3 of the fair value hierarchy. The estimated fair market value of this noncontrolling interest was based upon a discounted cash flow model, for which a capitalization rate of 5.25% and discount rate of 6.25% were utilized in the model based upon unobservable rates that the Company believes to be within a reasonable range of current market rates. 8833 Beverly Boulevard In July 2023, the Company entered into a limited partnership agreement to own and operate the 8833 Beverly Boulevard property. Following the formation of the partnership, the Company retained a 97.0% controlling interest. At a future point in time, subject to certain criteria, either party may elect a buy-out right, where either the Company may purchase its partner’s interest or its partner may sell its 3.0% interest in the partnership (the "8833 Beverly NCI") to the Company for fair value. As a result of these redemption rights, the 8833 Beverly NCI was initially recorded at fair value and presented as Redeemable noncontrolling interests on the Company’s Consolidated Balance Sheets. On a quarterly basis, the Company will recognize changes in the redemption value as an adjustment to the carrying amount of the redeemable 8833 Beverly NCI. At December 31, 2023, the Company determined that the carrying value exceeded the maximum redemption value and no adjustment was required. The Company determined that its valuation was classified within Level 3 of the fair value hierarchy. The estimated fair market value of this noncontrolling interest was based upon a discounted cash flow model, for which a capitalization rate of 6.0% and discount rate of 9.0% were utilized in the model based upon unobservable rates that the Company believes to be within a reasonable range of current market rates. Preferred OP Units In 2016, the Operating Partnership issued 442,478 Common OP Units and 141,593 Series C Preferred OP Units to a third party to acquire Gotham Plaza (Note 4). The Series C Preferred OP Units have a value of $100.00 per unit and are entitled to a preferred quarterly distribution of $0.9375 per unit and are convertible into Common OP Units at a rate based on the share price at the time of conversion. Through December 31, 2023, 15,209 Series C Preferred OP Units were converted into 52,613 Common OP Units and then into Common Shares. If the share price is below $28.80 on the conversion date, each Series C Preferred OP Unit will be convertible into 3.4722 Common OP Units. If the share price is between $28.80 and $35.20 on the conversion date, each Series C Preferred OP Unit will be convertible into a number of Common OP Units equal to $100.00 divided by the closing share price. If the share price is above $35.20 on the conversion date, each Series C Preferred OP Unit will be convertible into 2.8409 Common OP Units. The Series C Preferred OP Units have a mandatory conversion date of December 31, 2025, at which time all units that have not been converted will automatically be converted into Common OP Units based on the same calculations. In 1999, the Operating Partnership issued 1,580 Series A Preferred OP Units in connection with the acquisition of a property, which have a stated value of $1,000 per unit, and are entitled to a preferred quarterly distribution of the greater of (i) $22.50 (9.00% annually) per Series A Preferred OP Unit or (ii) the quarterly distribution attributable to a Series A Preferred OP Unit if such unit was converted into a Common OP Unit. Through December 31, 2023, 1,392 Series A Preferred OP Units were converted into 185,600 Common OP Units and then into Common Shares. The 188 remaining Series A Preferred OP Units are currently convertible into Common OP Units based on the stated value divided by $7.50. Either the Company or the holders can currently call for the conversion of the Series A Preferred OP Units at the lesser of $7.50 or the market price of the Common Shares as of the conversion date. 100 ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 11. Leases As Lessor The Company has approximately 1,000 leases in the leasing of shopping centers and other retail properties that are either owned or, with respect to certain shopping centers, leased under long-term ground leases (see below) that expire at various dates through December 31, 2121, with renewal options. Certain leases may allow for the tenants to terminate the leases before the expiration of the lease term. Space in the properties is leased to tenants pursuant to agreements that generally provide for terms ranging from one month to sixty years and for additional rents based on certain operating expenses as well as tenants’ sales volumes. The components of rental revenue are as follows (in thousands): Fixed lease revenue Variable lease revenue Total rental revenue 2023 Year Ended December 31, 2022 2021 $ $ 269,648 $ 63,396 333,044 $ 258,472 59,342 317,814 $ $ 227,608 58,290 285,898 The scheduled future minimum rental revenues from rental properties under the terms of non-cancelable tenant leases greater than one year (assuming no new or renegotiated leases or option extensions for such premises) as of December 31, 2023, are summarized as follows (in thousands): 2024 2025 2026 2027 2028 Thereafter Interest Total Minimum Rental Revenues (a) 249,135 233,786 208,935 184,039 153,941 668,128 1,697,964 — 1,697,964 $ $ (a)Amount represents contractual lease maturities at December 31, 2023, including any extension options that management determined were reasonably certain of exercise, and excluding any amounts related to reimbursements of operating expenses. During the years ended December 31, 2023, 2022 and 2021, no single tenant or property collectively comprised more than 10% of the Company’s Total revenues. During the year ended December 31, 2023, Fund II received $2.0 million, or $1.1 million at the Company’s share, of proceeds from the Century 21 Department Stores LLC bankruptcy claim. The proceeds are recorded in Rental revenue on the Consolidated Statements of Operations. As Lessee The Company has properties in its portfolio that are currently owned by third parties. We also lease real estate for equipment and office space. We lease these properties pursuant to ground leases that provide us the right to operate each such property, and generally provide form terms ranging from eight months to 98 years. 101 ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS The scheduled future minimum rental payments under the terms of all non-cancelable operating and finance leases in which the Company is the lessee, principally for office space, land, and equipment, as of December 31, 2023, are summarized as follows (in thousands): 2024 2025 2026 2027 2028 Thereafter Interest Total Minimum Rental Payments Operating Leases (a) Finance (a) Leases $ $ 5,414 $ 5,329 5,173 4,373 4,157 15,911 40,357 (8,777 ) 31,580 $ 3,925 1,780 1,264 1,264 1,310 154,018 163,561 (130,822 ) 32,739 (a)Minimum rental payments include $8.8 million of interest related to operating leases and $130.8 million related to finance leases and exclude options or renewals not reasonably certain of exercise. Additional disclosures regarding the Company’s leases as lessee are as follows (dollars in thousands): Lease Cost Finance lease cost: Amortization of right-of-use assets Interest on lease liabilities Subtotal Operating lease cost Variable lease cost Total lease cost Cash Paid Payments of operating lease obligations - operating activities Payments of interest on finance lease obligations - operating activities Payments of finance lease obligations - financing activities Other Information Weighted-average remaining lease term - finance leases (years) Weighted-average remaining lease term - operating leases (years) Weighted-average discount rate - finance leases Weighted-average discount rate - operating leases During the year ended December 31, 2023, the Company: 2023 Year Ended December 31, 2022 2021 903 388 1,291 7,184 84 8,559 7,223 388 63 $ $ $ 1,244 $ 1,239 2,483 5,291 228 8,002 $ 5,386 $ 1,239 100 As of December 31, 2023 2022 58.3 9.7 6.5 % 5.1 % 903 $ 410 1,313 5,338 80 6,731 $ 5,364 $ 410 — 31.9 13.5 6.3 % 5.1 % •modified its master lease at 565 Broadway within the Core Portfolio and extended the lease term for 43 years until December 31, 2121, for an additional payment of $4.0 million to be paid over the lease term. As a result, the transaction was accounted for as a lease modification which resulted in a change in lease classification per ASC 842 from Right-of-use-asset – operating lease to a right-of-use-asset – finance lease. The Company recorded an additional right-of-use asset – finance lease and corresponding lease liability-finance lease of $3.8 million. •acquired four ground leases as part of the Fund V acquisition of Cypress Creek in July 2023 (Note 2), and recorded a right-of-use-asset – finance lease of $25.3 million and a lease liability – finance lease of $22.1 million as the present value of the sum of the lease payments exceeded substantially all of the fair value of the underlying assets. 102 ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS During the year ended December 31, 2022, there were no new leases entered or modified where the Company acted as lessee. 12. Segment Reporting The Company has three reportable segments: Core Portfolio, Funds and Structured Financing. The Company’s Core Portfolio segment consists primarily of high-quality retail properties located primarily in high-barrier-to-entry, densely populated metropolitan areas with a long-term investment horizon. The Company’s Funds segment hold primarily retail real estate in which the Company co-invests with high-quality institutional investors. The Company’s Structured Financing segment consists of earnings and expenses related to notes and mortgages receivable (Note 3) which are held within the Core Portfolio or the Funds. Fees earned by the Company as the general partner or managing member of the Funds are eliminated in the Company’s consolidated financial statements and are not presented in the Company’s segments. The following tables set forth certain segment information for the Company (in thousands): Core Portfolio As of or for the Year Ended December 31, 2023 Structured Financing Unallocated Funds Total revenues Depreciation and amortization expenses General and administrative expenses Property operating expenses, other operating and real estate taxes Impairment charges Operating income Equity in earnings (losses) of unconsolidated affiliates Interest income Realized and unrealized holding gains (losses) on investments and other Interest expense Income tax provision Net income (loss) Net loss attributable to redeemable noncontrolling interests Net (income) loss attributable to noncontrolling interests Net income (loss) attributable to Acadia shareholders Real estate at cost (a) Total assets (a) Cash paid for acquisition of real estate Cash paid for development, construction and property improvement costs $ $ $ $ $ $ 203,545 $ (76,642 ) — (64,382 ) — 62,521 2,734 — 5,756 (44,521 ) — 26,490 — (1,937 ) 24,553 $ 135,147 $ (59,342 ) — (44,094 ) (3,686 ) 28,025 (10,411 ) — 24,995 (48,732 ) — (6,123 ) 8,239 15,320 17,436 $ — $ — — — — — — 19,993 (338 ) — — 19,655 — — 19,655 $ 2,646,831 $ 2,566,450 $ — $ 44,428 $ 1,788,688 $ 1,599,755 $ 126,545 $ 25,112 $ — $ 124,949 $ — $ — $ — $ — (41,470 ) — — (41,470 ) — — — — (301 ) (41,771 ) — — (41,771 ) $ — $ — $ — $ — $ Total 338,692 (135,984 ) (41,470 ) (108,476 ) (3,686 ) 49,076 (7,677 ) 19,993 30,413 (93,253 ) (301 ) (1,749 ) 8,239 13,383 19,873 4,435,519 4,291,154 126,545 69,540 103 ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS As of or for the Year Ended December 31, 2022 Structured Financing Funds Unallocated $ Total revenues Depreciation and amortization expenses General and administrative expenses Property operating expenses, other operating and real estate taxes Impairment charges Gain on disposition of properties Operating income (loss) Equity in (losses) earnings of unconsolidated affiliates Interest income Realized and unrealized holding gains (losses) on investments and other Interest expense Income tax provision Net (loss) income Net loss attributable to redeemable noncontrolling interests Net loss attributable to noncontrolling interests Net (loss) income attributable to Acadia Real estate at cost (a) Total assets (a) $ $ $ $ Cash paid for acquisition of real estate $ Cash paid for development, construction and property improvement costs $ Core Portfolio 202,547 (75,614 ) — (60,306 ) — 7,245 73,872 (45,919 ) — 1,163 (37,892 ) — (8,776 ) — 1,000 (7,776 ) 2,597,394 2,599,268 242,633 32,406 $ $ $ $ $ $ 123,743 $ (60,303 ) — (41,621 ) (33,311 ) 49,916 38,424 13,012 — (35,559 ) (42,317 ) — (26,440 ) 5,536 23,270 2,366 $ — — — — — — — — 14,641 (598 ) — — 14,043 — — 14,043 1,655,616 1,579,411 — 18,640 $ $ $ $ — 123,903 — — $ $ $ $ $ — — (44,066 ) — — — (44,066 ) — — — — (12 ) (44,078 ) — — (44,078 ) — — — — Total 326,290 (135,917 ) (44,066 ) (101,927 ) (33,311 ) 57,161 68,230 (32,907 ) 14,641 (34,994 ) (80,209 ) (12 ) (65,251 ) 5,536 24,270 (35,445 ) 4,253,010 4,302,582 242,633 51,046 $ $ $ $ $ $ 104 ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Core Portfolio As of or for the Year Ended December 31, 2021 Structured Financing Unallocated Funds $ Total revenues Depreciation and amortization expenses General and administrative expenses Property operating expenses, other operating and real estate taxes Impairment charges Gain on disposition of properties Operating income (loss) Equity in earnings of unconsolidated affiliates Interest income Realized and unrealized holding gains (losses) on investments and other Interest expense Income tax provision Net income (loss) Net income attributable to noncontrolling interests Net income (loss) attributable to Acadia $ 181,332 $ (69,103 ) — (56,957 ) — 4,612 59,884 353 — — (29,454 ) — 30,783 (2,276 ) 28,507 $ 111,165 $ (54,336 ) — (41,916 ) (9,925 ) 5,909 10,897 4,977 — 53,654 (38,594 ) — 30,934 (206 ) 30,728 $ — $ — — — — — — — 9,065 (4,534 ) — — 4,531 — 4,531 $ — $ — (40,125 ) — — — (40,125 ) — — — — (93 ) (40,218 ) — (40,218 ) $ Total 292,497 (123,439 ) (40,125 ) (98,873 ) (9,925 ) 10,521 30,656 5,330 9,065 49,120 (68,048 ) (93 ) 26,030 (2,482 ) 23,548 (a) (a) Total assets Real estate at cost $ $ $ Cash paid for acquisition of real estate and leasehold interest Cash paid for development, construction and property improvement costs $ 2,356,645 $ 2,212,877 $ 26,176 $ 13,625 $ 1,714,962 $ 1,894,983 $ 135,670 $ 27,046 $ — $ 153,886 $ — $ — $ — $ — $ — $ — $ 4,071,607 4,261,746 161,846 40,671 a)Total assets for the Funds segment include $555.8 million, $569.1 million, and $583.4 million related to Fund II’s City Point property at December 31, 2023, 2022,and 2021, respectively. 13. Share Incentive and Other Compensation Share Incentive Plan In March and May of 2020, respectively, the Board and the Company’s shareholders, approved the 2020 Share Incentive Plan (the “2020 Plan”), which increased the number of Common Shares authorized for issuance by 2,650,000 shares to an aggregate of 2,829,953 shares. On March 22, 2023 and May 4, 2023, respectively, the Board and the Company’s shareholders approved the Amended and Restated 2020 Share Incentive Plan (the "Amended and Restated 2020 Plan") which further increased the number of Common Shares authorized for issuance by 3,100,000 to an aggregate of 3,883,564 shares. In this report, references to issuances, compensation arrangements and expenses under the Amended and Restated 2020 Plan include issuances, compensation arrangements and expenses under the originally adopted 2020 Plan, as applicable. The 2020 Plan and the Amended and Restated 2020 Plan authorize the Company to issue options, Restricted Shares, LTIP Units and other securities (collectively “Awards”) to, among others, the Company’s officers, trustees, and employees. At December 31, 2023 a total of 3,804,345 shares remained available to be issued under the Amended and Restated 2020 Plan. 105 ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS A summary of the status of the Company’s unvested Restricted Shares and LTIP Units is presented below: Unvested Restricted Shares and LTIP Units Unvested at January 1, 2023 Granted Vested Forfeited Unvested at December 31, 2023 Unvested at January 1, 2022 Granted Vested Forfeited Unvested at December 31, 2022 Unvested at January 1, 2021 Granted Vested Forfeited Unvested at December 31, 2021 Common Restricted Shares Weighted Grant-Date Fair Value LTIP Units Weighted Grant-Date Fair Value 92,735 70,629 (41,268 ) (8,187 ) 113,909 89,746 45,813 (40,894 ) (1,930 ) 92,735 89,911 43,078 (43,084 ) (159 ) 89,746 $ $ $ $ $ $ 17.31 14.11 19.09 21.07 14.41 16.87 20.98 19.75 31.82 17.31 15.42 19.94 16.85 36.22 16.87 1,465,398 780,193 (354,343 ) (92,589 ) 1,798,659 1,415,195 637,818 (309,283 ) (278,332 ) 1,465,398 1,122,889 666,967 (283,024 ) (91,637 ) 1,415,195 $ $ $ $ $ $ 18.59 15.00 20.35 30.78 16.03 20.85 21.04 22.86 31.16 18.59 24.38 19.48 26.66 36.22 20.85 The weighted-average grant date fair value for Restricted Shares and LTIP Units granted for the years ended December 31, 2023, 2022 and 2021 were $14.93, $21.04 and $19.51, respectively. As of December 31, 2023, there was $16.7 million of total unrecognized compensation cost related to unvested share-based compensation arrangements granted under the Amended and Restated 2020 Plan. That cost is expected to be recognized over a weighted-average period of 1.5 years. The total fair value of Restricted Shares that vested for each of the years ended December 31, 2023, 2022 and 2021, was $0.8 million. The total fair value of LTIP Units that vested (LTIP units vest primarily during the first quarter) during the years ended December 31, 2023, 2022 and 2021, was $7.2 million, $7.1 million and $7.5 million, respectively. Restricted Shares and LTIP Units - Employees During the year ended December 31, 2023, the Company issued 22,314 Restricted Share Units and 739,734 LTIP Units to employees of the Company pursuant to the Amended and Restated 2020 Plan. Certain of these equity awards were granted in performance-based Restricted Share Units or LTIP Units with market conditions as described below (“Performance Shares”). These awards were measured at their fair value on the grant date, incorporating the following factors: •A portion of these annual equity awards is granted in performance-based Restricted Share Units or LTIP Units that may be earned based on the Company’s attainment of specified relative total shareholder returns (“Relative TSR”) hurdles or specified same-property net operating income growth (“Absolute SSNOI Growth”). •In the event the Relative TSR percentile falls between the 25th percentile and the 50th percentile, the Relative TSR vesting percentage is determined using a straight-line linear interpolation between 50% and 100%, and in the event that the Relative TSR percentile falls between the 50th percentile and 75th percentile, the Relative TSR vesting percentage is determined using a straight-line linear interpolation between 100% and 200%. •Fifty percent (50%) of the performance-based LTIP Units will vest based on the Company’s total shareholder return (“TSR”) for the three-year forward-looking performance period relative to the constituents of the National Association of Real Estate Investment Trusts ("NAREIT") Shopping Center Property Subsector and twenty five percent (25%) on the Company’s TSR for the three-year forward-looking performance period as compared to the constituents of the NAREIT Retail Property Sector (both on a non-weighted basis). •Twenty-five percent (25%) of the performance-based LTIP Units will vest based on the Company's same-property net operating income ("SSNOI") growth for the three-year forward-looking performance period. If the Company achieves annualized SSNOI growth between 2% and 3%, the Absolute SSNOI Growth vesting percentage is determined using a straight-line linear interpolation between 50% and 100%, and in the event that the Company achieves annualized SSNOI growth between 3% and 4%, the Absolute SSNOI Growth vesting percentage is determined using a straight-line linear interpolation between 100% and 200%. 106 ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS •If the Company’s performance fails to achieve the aforementioned hurdles at the culmination of the three-year performance period, all performance-based shares will be forfeited. Any earned performance-based shares vest 60% at the end of the performance period, with the remaining 40% of shares vesting ratably over the next two years. For valuation of the 2023, 2022 and 2021 Performance Shares, a Monte Carlo simulation was used to estimate the fair values of the relative TSR portion based on probability of satisfying the market conditions and the projected share prices at the time of payments, discounted to the valuation dates over the three-year performance periods. The assumptions include volatility (48.0%, 49.0% and 48.0%) and risk-free interest rates of (4.3%, 1.7% and 0.2%) for 2023, 2022 and 2021, respectively. The total value of the 2023, 2022 and 2021 Performance Shares will be expensed over the vesting period. The total fair value of the above Restricted Share Units and LTIP Units as of the grant date was $11.5 million, $13.1 million and $12.6 million for the years ended December 31, 2023, 2022 and 2021, respectively. Total long-term incentive compensation expense, including the expense related to the Amended and Restated 2020 Plan, was $9.2 million, $7.4 million, and $9.4 million for the years ended December 31, 2023, 2022, and 2021, respectively and is recorded in General and administrative on the Consolidated Statements of Operations. Restricted Shares and LTIP Units - Board of Trustees In addition, members of the Board have been issued shares and units under the Amended and Restated 2020 Plan. During 2023, the Company issued 45,882 Restricted Shares and 40,459 LTIP Units to Trustees of the Company in connection with Trustee fees. Vesting with respect to 15,850 of the Restricted Shares and 10,427 of the LTIP Units will be on the first anniversary of the date of issuance, and 30,032 of the Restricted Shares and 30,032 of the LTIP Units vest over three years with 33% vesting on each of the next three anniversaries of the issuance date. Additionally, during the year ended December 31, 2023, the Company issued 2,433 Restricted Shares as compensation to a new Trustee of the Company. These Restricted Shares vest over three years with 33% vesting May 9, 2023, and the remaining amount vesting ratably on May 9, 2024 and May 9, 2025. The Restricted Shares do not carry voting rights or other rights of Common Shares until vesting and may not be transferred, assigned, or pledged until the recipients have a vested non-forfeitable right to such shares. Dividends are not paid currently on unvested Restricted Shares but are paid cumulatively from the issuance date through the applicable vesting date of such Restricted Shares. Total trustee fee expense, including the expense related to the Amended and Restated 2020 Plan, was $1.9 million, $1.7 million and $1.6 million for the years ended December 31, 2023, 2022 and 2021, respectively, and is recorded in General and administrative on the Consolidated Statements of Operations. Long-Term Investment Alignment Program In 2009, the Company adopted the Long-Term Investment Alignment Program (the “Program”) pursuant to which the Company may grant awards to employees, entitling them to receive up to 25% of any potential future payments of Promote to the Operating Partnership from Funds III, IV and V. The Company has granted such awards to employees representing 25% of the potential Promote payments from Fund III to the Operating Partnership, 23.1% of the potential Promote payments from Fund IV to the Operating Partnership and 18.0% of the potential Promote payments from Fund V to the Operating Partnership. Payments to senior executives under the Program require further Board approval at the time any potential payments are due pursuant to these grants. Compensation relating to these awards will be recognized in each reporting period in which Board approval is granted. As payments to other employees are not subject to further Board approval, compensation relating to these awards will be recorded based on the estimated fair value at each reporting period in accordance with ASC Topic 718, Compensation – Stock Compensation. The awards in connection with Fund IV were determined to have no intrinsic value at December 31, 2023 or 2022. The Company recognized $0.2 million and $0.4 million compensation expense related to the Program for the years ended December 31, 2023 and 2022, related to Funds III and V. No compensation expense was recognized for the year ended 2021 related to the Program. Other Plans On a combined basis, the Company incurred a total of $0.5 million, $0.4 million, and $0.4 million of compensation expense related to the following employee benefit plans for the years ended December 31, 2023, 2022 and 2021, respectively: 107 ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Employee Share Purchase Plan The Acadia Realty Trust Employee Share Purchase Plan (the “Purchase Plan”) allows eligible employees of the Company to purchase Common Shares through payroll deductions for a maximum aggregate issuance of 200,000 Common Shares. The Purchase Plan provides for employees to purchase Common Shares on a quarterly basis at a 15% discount to the closing price of the Company’s Common Shares on either the first day or the last day of the quarter, whichever is lower. A participant may not purchase more than $25,000 in Common Shares per year. Compensation expense will be recognized by the Company to the extent of the above discount to the closing price of the Common Shares with respect to the applicable quarter. A total of 13,177 and 9,747 Common Shares were purchased by employees under the Purchase Plan for the years ended December 31, 2023 and 2022, respectively. Deferred Share Plan The Company maintains a Trustee Deferral and Distribution Election program, under which the participating Trustees earn deferred compensation. Employee 401(k) Plan The Company maintains a 401(k) plan for employees under which the Company currently matches 50% of a plan participant’s contribution up to 6% of the employee’s annual salary. A plan participant may contribute up to a maximum of 15% of their compensation, up to $22,500, for the year ended December 31, 2023. 14. Federal Income Taxes The Company has elected to qualify as a REIT in accordance with Sections 856 through 860 of the Code and intends at all times to qualify as a REIT under the Code. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its annual REIT taxable income to its shareholders. As a REIT, the Company generally will not be subject to corporate federal income tax, provided that distributions to its shareholders equal at least the amount of its REIT taxable income as defined under the Code. As the Company distributed sufficient taxable income for the years ended December 31, 2023, 2022 and 2021, no U.S. federal income or excise taxes were incurred. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at the regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for the four subsequent taxable years. Even though the Company qualifies for taxation as a REIT, the Company is subject to certain state and local taxes on its income and property and federal income and excise taxes on any undistributed taxable income. In addition, taxable income from non-REIT activities managed through the Company’s TRS’s is subject to federal, state and local income taxes. No more than 20% of the value of our total assets may consist of the securities of one or more TRS. In the normal course of business, the Company or one or more of its subsidiaries is subject to examination by federal, state and local jurisdictions, in which it operates, where applicable. The Company expects to recognize interest and penalties related to uncertain tax positions, if any, as income tax expense. For the three years ended December 31, 2023, the Company recognized no material adjustments regarding its tax accounting treatment for uncertain tax provisions. As of December 31, 2023, the tax years that remain subject to examination by the major tax jurisdictions under applicable statutes of limitations are generally the year 2020 and forward. 108 ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Reconciliation of Net Income to Taxable Income Reconciliation of GAAP net income attributable to Acadia to taxable income (loss) is as follows: (in thousands) (a) (a) Net income (loss) attributable to Acadia Deferred rental and other (loss) income Book/tax difference - depreciation and amortization Straight-line rent and above- and below-market rent adjustments Book/tax differences - equity-based compensation Joint venture equity in earnings, net and other investments Impairment charges and reserves Acquisition costs Gain (loss) on disposition of properties and investments Book adjustment marketable securities Book/tax differences - miscellaneous Taxable income (a) (a) (a) Dividends/Distributions declared (b) 2023 Year Ended December 31, 2022 2021 $ $ $ 19,873 $ 351 22,353 (12,484 ) 7,519 33,522 524 9 1,800 (4,813 ) 2,355 71,009 $ 68,612 $ (35,445 ) $ (1,854 ) 28,337 (11,917 ) 5,952 22,493 54,822 2,048 (14,960 ) — 5,638 55,114 $ 68,312 $ 23,548 3,209 24,756 (8,588 ) 7,663 3,962 2,657 22 (2,170 ) — (1,203 ) 53,856 52,872 a)Adjustments from certain subsidiaries and affiliates, which are consolidated for financial reporting but not for tax reporting, are included in the reconciliation item “Joint venture equity in earnings, net.” b)The entire fourth quarter 2023 dividend of $17.2 million (paid in January 2024) was attributed to 2024. Any additional distributions required for REIT qualification may be made through October 15, 2024. The entire fourth quarter 2022 dividend of $17.1 million (paid in January 2023) was attributed to 2023. The entire fourth quarter 2021 dividend of $14.4 million (paid in January 2022) was attributed to 2021 (Note 10). Characterization of Distributions The Company has determined that the cash distributed to the shareholders for the periods presented is characterized as follows for federal income tax purposes: 2023 Year Ended December 31, 2022 2021 Ordinary income - Section 199A Qualified dividend Capital gain (a) Total Per Share $ 0.583 0.115 0.022 0.720 $ % Per Share % Per Share % 81 % $ 16 % 3 % 100 % $ 0.650 0.010 0.060 0.720 90 % $ 1 % 9 % 100 % $ 0.550 0.010 0.040 0.600 92 % 1 % 7 % 100 % a)The fourth quarter 2023 regular dividend was $0.18 per Common Share, all of which is allocable to 2024. The fourth quarter 2022 regular dividend was $0.18 per Common Share, all of which is allocable to 2023. The fourth quarter 2021 regular dividend was $0.15 per Common Share, all of which is allocable to 2021. 109 ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Taxable REIT Subsidiaries Income taxes have been provided for using the liability method as required by ASC Topic 740, “Income Taxes.” The Company’s TRS income (loss) and provision for income taxes associated with the TRS for the periods presented are summarized as follows (in thousands): TRS loss before income taxes Provision for income taxes: Federal State and local TRS net loss before noncontrolling interests Noncontrolling interests TRS net loss 2023 Year Ended December 31, 2022 2021 $ (3,768 ) $ (3,178 ) $ (4,240 ) — — (3,768 ) — (3,768 ) $ — — (3,178 ) — (3,178 ) $ — — (4,240 ) 9 (4,231 ) $ The income tax provision for the Company differs from the amount computed by applying the statutory Federal income tax rate to income (loss) before income taxes as follows. Amounts are not adjusted for temporary book/tax differences (in thousands): Federal tax benefit at statutory tax rate TRS state and local taxes, net of Federal benefit Tax effect of: Permanent differences, net Adjustment to deferred tax reserve Other REIT state and local income and franchise taxes Total provision for income taxes 2023 Year Ended December 31, 2022 2021 $ $ (791 ) $ (238 ) 246 (8 ) 791 301 301 $ (667 ) $ (201 ) 194 691 (16 ) 11 12 $ (890 ) (268 ) 252 1,061 (156 ) 94 93 As of December 31, 2023, and 2022, the Company’s deferred tax assets were $0.0 million net of applicable reserves of $4.3 million and were comprised of capital loss carryovers of $0.0 million and $0.1 million and net operating loss carryovers of $3.1 million and $4.2 million, respectively. Under GAAP a reduction of the carrying amounts of deferred tax assets by a valuation allowance is required, if, based on the evidence available, it is more likely than not (a likelihood of more than 50 percent) that some portion or all of the deferred tax assets will not be realized. The valuation allowance should be sufficient to reduce the deferred tax asset to the amount that is more likely than not to be realized. For the years ended December 31, 2023, 2022, and 2021, the Company determined that the realization of its deferred tax assets was not likely and as such, the Company recorded a valuation allowance against its deferred tax assets of $0.0 million, $0.7 million, and $1.1 million, respectively. 15. Earnings (Loss) Per Common Share Basic earnings (loss) per Common Share is computed by dividing net income (loss) attributable to Common Shareholders by the weighted average Common Shares outstanding (Note 10). During the periods presented, the Company had unvested LTIP Units which provide for non-forfeitable rights to dividend equivalent payments. Accordingly, these unvested LTIP Units are considered participating securities and are included in the computation of basic earnings per Common Share pursuant to the two-class method. Diluted earnings (loss) per Common Share reflects the potential dilution of the conversion of obligations and the assumed exercises of securities including the effects of Restricted Share Units issued under the Company’s Amended and Restated 2020 Plan (Note 13). The effect of such shares is excluded from the calculation of earnings per share when anti-dilutive as indicated in the table below. 110 ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS The effect of the conversion of Common OP Units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Common Shares on a one-for-one basis. The income allocable to such units is allocated on this same basis and reflected as noncontrolling interests in the accompanying consolidated financial statements. As such, the assumed conversion of these units would have no net impact on the determination of diluted earnings per share. (dollars in thousands) Numerator: Net income (loss) attributable to Acadia shareholders Less: earnings attributable to unvested participating securities Income (loss) from continuing operations net of income attributable to participating securities for basic earnings per share Impact of City Point Loan share conversion option Income from continuing operations net of income attributable to participating securities for diluted earnings per share (a) Denominator: Weighted average shares for basic earnings (loss) per share Effect of dilutive securities: Series A Preferred OP Units Employee unvested restricted shares City Point Loan common stock conversion option (Note 10) Weighted average shares for diluted earnings per share (a) Basic earnings (loss) per Common Share from continuing operations attributable to Acadia Diluted earnings (loss) per Common Share from continuing operations attributable to Acadia Anti-Dilutive Shares Excluded from Denominator: Series A Preferred OP Units Series A Preferred OP Units - Common share equivalent Series C Preferred OP Units Series C Preferred OP Units - Common share equivalent Restricted shares 2023 Year Ended December 31, 2022 2021 19,873 $ (978 ) (35,445 ) (805 ) $ 18,895 — (36,250 ) (1,804 ) 18,895 $ (38,054 ) $ 23,548 (624 ) 22,924 — 22,924 95,283,752 94,575,251 87,653,818 — — — 95,283,752 — — 68,215 94,643,466 — — — 87,653,818 0.20 $ 0.20 $ (0.38 ) (0.40 ) $ $ 0.26 0.26 $ $ $ $ 188 25,067 126,384 438,831 90,006 188 25,067 126,384 438,831 68,832 188 25,067 126,593 439,556 70,827 a)The impact of the assumed conversion of dilutive convertible securities is related to the assumed conversion of potential common shares of the Company that could be subsequently issued in connection with the City Point Loan (Note 10) for the stub-period until the put rights were modified for a cash-only settlement option in the third quarter of 2022. 16. Variable Interest Entities Pursuant to GAAP consolidation guidance, the Company consolidates certain VIEs for which the Company is the primary beneficiary. As of December 31, 2023 and 2022, the Company had seven and eight consolidated VIEs, respectively, including the Operating Partnership and the Funds. Excluding the Operating Partnership and the Funds at December 31, 2023, the VIEs consisted of three in-service Core properties: the Williamsburg Portfolio, 239 Greenwich Avenue, and 8833 Beverly Boulevard. The Operating Partnership is considered a VIE in which the Company is the primary beneficiary because the limited partners do not have substantive kick-out or participating rights. The Company consolidated these VIEs because it is the primary beneficiary as it has (i) the power to direct the activities of the entity that most significantly impact the entity's economic performance, and (ii) the obligation to absorb the entity's losses or receive benefits from the entity that could potentially be significant to the entity. The third parties’ interests in these consolidated entities are reflected as noncontrolling interests in the accompanying consolidated financial statements and in Note 10. 111 ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS The majority of the operations of these VIEs are funded with fees earned from investment opportunities or cash flows generated from the properties. The Company has not provided financial support to any of these VIEs that it was not previously contractually required to provide, which consists primarily of funding any capital commitments and capital expenditures, which are deemed necessary to continue to operate the entity and any operating cash shortfalls the entity may experience. Since the Company conducts its business through and substantially all of its interests are held by the Operating Partnership, substantially all of the assets and liabilities on the Consolidated Balance Sheets represent the assets and liabilities of the Operating Partnership. As of December 31, 2023 and December 31, 2022, the Consolidated Balance Sheets included the following assets and liabilities of the consolidated VIEs of the Operating Partnership: (dollars in thousands) VIE ASSETS Operating real estate, net Real estate under development Investments in and advances to unconsolidated affiliates Other assets, net Right-of-use assets - operating leases, net Cash and cash equivalents Restricted cash Rents receivable, net Total VIE assets (a) VIE LIABILITIES Mortgage and other notes payable, net Unsecured notes payable, net Accounts payable and other liabilities Lease liability - operating leases Total VIE liabilities (a) December 31, 2023 December 31, 2022 $ $ $ $ 1,679,779 28,851 92,802 101,679 2,112 10,787 7,048 21,427 1,944,485 764,614 80,473 127,162 2,213 974,462 $ $ $ $ 1,466,381 129,888 210,922 98,675 2,535 13,330 14,995 17,915 1,954,641 761,166 51,202 95,385 2,657 910,410 (a)At December 31, 2023 and December 31, 2022, totals included VIE assets of $721.2 million and 678.1 million, respectively, and VIE liabilities of $234.7 million and $200.4 million, respectively, related to third-party mortgages that are collateralized by the real estate assets of City Point, a Fund II property, and 27 East 61st Street, 801 Madison Avenue, and 1035 Third Avenue, all Fund IV properties, of which $72.5 million is guaranteed by the Operating Partnership (Note 9). The remaining VIE assets are generally encumbered by third-party non-recourse mortgage debt and are collateral under the respective mortgages and are therefore restricted and can only be used to settle the corresponding liabilities of the VIE. The remaining VIE assets may only be used to settle obligations of these consolidated VIEs and the remaining VIE liabilities are only the obligations of these consolidated VIEs and they do not have recourse to the Operating Partnership or the Company. Unconsolidated VIEs The Company holds variable interests in certain VIEs which are not consolidated. While the Company may be responsible for managing the day-to-day operations of these investees, it is not the primary beneficiary of these VIEs, as the Company does not hold unilateral power over activities that, when taken together, most significantly impact the respective VIE's economic performance. The Company accounts for investments in these entities under the equity method (Note 4). As of December 31, 2023 and 2022, the Company has determined that the following entities are VIEs: 1238 Wisconsin Avenue and the Georgetown Portfolio. The Company's involvement with these entities is in the form of direct and indirect equity interests and fee arrangements. The maximum exposure to loss in these entities is limited to: (i) the amount of the Company's equity investment and (ii) debt guarantees (Note 9). The Company's aggregate investment in the unconsolidated VIEs assets was $45.8 million and $41.5 million at December 31, 2023 and 2022, respectively. The Company's aggregate investment in unconsolidated VIEs liabilities was $40.1 million and $49.2 million at December 31, 2023 and 2022, respectively. 112 ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 17. Subsequent Events On January 8, 2024, the Company sold 175,000 shares of Albertsons, generating net proceeds of $4.0 million. On January 8, 2024, the Company completed an underwritten offering of 6,900,000 Common Shares (inclusive of the underwriters’ option to purchase 900,000 additional shares) for net proceeds of $113.0 million. The Company had the following financing activity: •repaid a Core mortgage totaling $7.3 million at maturity; and •entered into a new Fund V mortgage for $43.4 million and repaid the outstanding balance of the Fund V subscription line with the proceeds. 113 ACADIA REALTY TRUST SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2023 Initial Cost to Company Gross Amount at Which Carried at December 31, 2023 Description and Location Encumbrances Land Buildings & Improvements Increase (Decrease) in Net Investments Land Buildings & Improvements (1) Total (2) Accumulated (1) Depreciation Date of Acquisition (a) Construction (c) Life on which Depreciation in Latest Statement of Operations is (1) Compared 1,147 7,425 4,855 1,147 12,280 13,427 Core Portfolio: Crescent Plaza Brockton, MA New Loudon Center Latham, NY Mark Plaza Edwardsville, PA Plaza 422 Lebanon, PA Route 6 Mall Honesdale, PA Abington Towne Center Abington, PA Bloomfield Town Square Bloomfield Hills, MI Elmwood Park Shopping Center Elmwood Park, NJ Merrillville Plaza Hobart, IN Marketplace of Absecon Absecon, NJ 239 Greenwich Avenue Greenwich, CT Hobson West Plaza Naperville, IL Village Commons Shopping Center Smithtown, NY Town Line Plaza Rocky Hill, CT Branch Shopping Center Smithtown, NY Methuen Shopping Center Methuen, MA The Gateway Shopping Center South Burlington, VT Mad River Station Dayton, OH Brandywine Holdings Wilmington, DE Bartow Avenue Bronx, NY Amboy Road Staten Island, NY Chestnut Hill Philadelphia, PA 2914 Third Avenue Bronx, NY West 54th Street Manhattan, NY 5-7 East 17th Street Manhattan, NY 651-671 W Diversey Chicago, IL 15 Mercer Street Manhattan, NY 4401 White Plains Bronx, NY 56 E. Walton Chicago, IL 841 W. Armitage Chicago, IL 2731 N. Clark Chicago, IL 2140 N. Clybourn Chicago, IL 853 W. Armitage Chicago, IL 2299 N. Clybourn Avenue Chicago, IL 843-45 W. Armitage Chicago, IL 1525 W. Belmont Avenue Chicago, IL 2206-08 N. Halsted Chicago, IL 2633 N. Halsted Chicago, IL 50-54 E. Walton Chicago, IL 662 W. Diversey Chicago, IL 837 W. Armitage Chicago, IL 823 W. Armitage Chicago, IL — — — — — — — — — — 26,000 — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — 505 — 190 1,664 799 3,207 3,248 4,288 2,573 1,817 1,793 3,229 878 3,156 956 1,273 2,350 5,063 1,691 4,161 16,414 3,396 3,004 1 2,809 — 17,141 3,197 4,811 13,774 29,347 12,992 22,103 17,152 12,245 10,294 15,846 7,172 12,917 3,510 5,817 2,908 5,659 5,779 8,389 12,545 17,465 3,826 2,006 5,091 12,932 9,404 15,252 5,803 505 — 190 1,664 799 3,207 3,798 4,288 2,577 1,817 1,793 3,229 907 3,401 961 1,273 2,350 5,201 1,691 — 2,689 2,983 1,635 3,537 4,802 5,627 1,515 7,468 402 97 — 3,078 422 43 54 508 — 299 887 360 359 642 10 151 95 — 11,909 8,289 11,108 5,691 8,038 16,699 18,704 3,048 8,576 1,887 1,581 994 728 557 306 557 177 731 1,480 1,183 960 2,848 1,713 780 717 7,281 17,256 2,483 5,054 6,126 1,989 1,839 788 1,946 484 2,730 3,338 3,540 4,096 12,694 1,603 1,758 1,149 20,575 21,080 3,397 5,813 3,397 6,003 17,141 18,805 8,008 8,807 43,121 46,328 34,545 38,343 29,397 33,685 16,107 18,684 18,754 20,571 12,831 14,624 18,696 21,925 11,870 12,777 29,765 33,166 5,827 6,788 18,023 19,296 12,093 14,443 18,097 23,298 7,438 9,129 9,760 17,764 3,186 5,406 12,058 5,162 29,743 23,339 17,321 10,986 10,749 7,996 12,698 10,021 20,748 3,659 12,937 7,791 9,491 4,178 15,446 15,446 11,403 8,289 11,855 10,493 12,918 18,782 24,773 16,699 20,219 36,918 3,048 8,576 1,887 1,581 994 728 557 306 557 177 731 1,480 1,183 998 2,848 1,713 780 717 14,749 17,797 17,658 26,234 2,580 5,054 9,204 2,411 1,882 842 2,454 484 3,029 4,225 3,900 4,417 4,467 6,635 10,198 3,139 2,439 1,148 3,011 661 3,760 5,705 5,083 5,415 13,336 16,184 1,613 1,909 1,244 3,326 2,689 1,961 6,519 4,910 9,028 9,065 5,450 778 1,558 1,450 1,037 600 261 1,088 150 968 1,540 1,391 1,333 4,095 446 633 364 1993 (a) 1993 (a) 1993 (c) 1993 (c) 1994 (c) 1998 (a) 1998 (a) 1998 (a) 1998 (a) 1998 (a) 1998 (a) 1998 (a) 1998 (a) 1998 (a) 1998 (a) 1998 (a) 1999 (a) 1999 (a) 2003 (a) 2005 (c) 2005 (a) 2006 (a) 2006 (a) 2007 (a) 2008 (a) 2011 (a) 2011 (a) 2011 (a) 2011 (a) 2011 (a) 2011 (a) 2011 (a) 2011 (a) 2011 (a) 2012 (a) 2012 (a) 2012 (a) 2012 (a) 2012 (a) 2012 (a) 2012 (a) 2012 (a) 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 114 ACADIA REALTY TRUST SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION Initial Cost to Company Gross Amount at Which Carried at December 31, 2023 Encumbrances Land Buildings & Improvements Land Buildings & Improvements (1) Total (2) Accumulated (1) Depreciation Date of Acquisition (a) Construction (c) Life on which Depreciation in Latest Statement of Operations is (1) Compared Description and Location 851 W. Armitage Chicago, IL 1240 W. Belmont Avenue Chicago, IL 21 E. Chestnut Chicago, IL 819 W. Armitage Chicago, IL 1520 Milwaukee Avenue Chicago, IL Rhode Island Place Shopping Center Washington, D.C. 930 Rush Street Chicago, IL 28 Jericho Turnpike Westbury, NY 181 Main Street Westport, CT 83 Spring Street Manhattan, NY 179-53 & 1801-03 Connecticut Avenue Washington, D.C. 639 West Diversey Chicago, IL 664 North Michigan Chicago, IL 8-12 E. Walton Chicago, IL 3200-3204 M Street Washington, DC 868 Broadway Manhattan, NY 313-315 Bowery Manhattan, NY 120 West Broadway Manhattan, NY 11 E. Walton Chicago, IL 61 Main Street Westport, CT 865 W. North Avenue Chicago, IL 152-154 Spring St. Manhattan, NY 2520 Flatbush Ave Brooklyn, NY 252-256 Greenwich Avenue Greenwich, CT Bedford Green Bedford Hills, NY 131-135 Prince Street Manhattan, NY Shops at Grand Ave Queens, NY 201 Needham Street Newton, MA City Center San Francisco, CA 163 Highland Avenue Needham, MA Roosevelt Galleria Chicago, IL Route 202 Shopping Center Wilmington, DE 991 Madison Avenue Manhattan, NY 165 Newbury Street Boston, MA Concord & Milwaukee Chicago, IL State & Washington Chicago, IL 151 N. State Street Chicago, IL North & Kingsbury Chicago, IL Sullivan Center Chicago, IL California & Armitage Chicago, IL 555 9th Street San Francisco, CA Market Square Wilmington, DE 613-623 W. Diversey Chicago, IL 51 Greene Street Manhattan, NY Increase (Decrease) in Net Investments 139 1,357 752 689 348 15,968 2,659 209 1,589 8,468 1,266 1,306 14,587 24,416 12,158 9,200 545 2,137 1,318 790 2,110 7,458 4,933 6,220 1,908 1,754 — 46 719 309 1,999 1,089 322 977 1,213 5 — 2,101 1,444 1,862 246 347 313 1,122 4,729 1,251 3,380 110 11,690 10,135 4,429 15,240 5,398 6,899 3,519 — — 16,744 4,578 1,893 8,544 6,613 10,175 12,425 — 20,264 4,550 6,102 65,331 15,601 4,249 9,247 5,516 32,819 28,346 2,645 11,594 27,001 10,419 12,641 32,730 57,536 33,131 4,459 — — — — — — — — — — — — — — — — — — — — — — — — — — — — — 36,063 109,098 7,129 7,363 12,679 11,213 (105 ) 4,838 14,574 1,208 — — — — 2,301 21,386 12,207 — — 1,918 2,739 3,907 1,941 10,432 18,731 50,000 13,443 137,327 6,346 708 76,965 (75,357 ) 3,980 2,746 — 486 70,943 6,236 25,529 16,292 172 3,252 1,615 545 2,137 1,318 790 2,110 7,458 4,933 6,220 1,908 1,754 11,690 4,429 15,240 5,398 6,899 3,519 — — 348 2,946 9,220 1,955 1,654 893 5,083 10,538 2,745 3,764 18,627 26,085 14,587 19,520 24,462 30,682 12,877 14,785 9,509 11,263 12,134 23,824 7,191 11,620 185 1,013 2,467 542 618 6,591 4,285 7,424 3,771 2,649 3,619 2,428 65,653 80,893 17,776 16,578 21,976 5,462 9,252 5,516 12,361 12,771 5,516 34,920 34,920 4,970 1,465 2,331 2,232 5,987 7,757 1,238 2,874 6,706 2,693 3,735 9,524 16,744 29,790 46,534 4,578 1,893 8,544 6,613 10,175 13,765 4,507 9,085 11,840 13,733 27,348 35,892 10,732 17,345 13,763 23,938 36,119 49,884 — 58,787 58,787 26,387 20,264 4,550 26,386 12,529 4,838 — — 1,918 2,739 3,907 1,941 18,731 13,443 36,511 56,775 4,569 9,119 8,497 1,117 125,904 152,290 28,162 11,258 23,787 15,782 20,620 7,054 1,608 3,980 3,232 7,054 1,608 5,898 5,971 2,644 3,188 1,996 767 763 752 77,179 81,086 15,388 25,701 27,642 19,544 38,275 4,739 3,857 138,942 152,385 25,724 2,142 6,770 2,292 98 6,770 2,390 9,160 475 60,000 75,591 73,268 5,775 75,591 79,043 154,634 13,366 — — — 8,100 31,221 683 8,100 31,904 40,004 10,061 4,488 2,773 11,896 10,061 14,669 24,730 8,992 100 4,488 9,092 13,580 5,342 4,660 1,102 2012 (a) 2012 (a) 2012 (a) 2012 (a) 2012 (a) 2012 (a) 2012 (a) 2012 (a) 2012 (a) 2012 (a) 2012 (a) 2012 (a) 2013 (a) 2013 (a) 2013 (a) 2013 (a) 2013 (a) 2013 (a) 2014 (a) (a) 2014 2014 (a) 2014 (a) 2014 (a) 2014 (a) 2014 (a) 2014 (a) 2014 (a) 2014 (a) 2015 (a) 2015 (a) 2015 (a) 2015 (a) 2016 (a) 2016 (a) 2016 (a) 2016 (a) 2016 (a) 2016 (a) 2016 (a) 2016 (a) 2016 (a) 2017 (a) 2018 (c) 2019 (a) 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 115 ACADIA REALTY TRUST SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION Initial Cost to Company Gross Amount at Which Carried at December 31, 2023 Description and Location Encumbrances Land Buildings & Improvements Increase (Decrease) in Net Investments Land Buildings & Improvements (1) Total (2) Accumulated (1) Depreciation Date of Acquisition (a) Construction (c) Life on which Depreciation in Latest Statement of Operations is (1) Compared 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years — — — — — — — — — — — — — — — — — — — 3,605 6,276 6,265 837 982 12,177 9,582 16,758 2,731 2,868 20,490 26,788 2,903 8,487 2 — 6 — 183 — 297 - 700 6,721 901 22,491 9,492 2,081 9,119 2,368 — 573 — 3,605 6,276 6,265 837 982 20,490 2,903 — 700 6,721 901 12,179 15,784 9,582 15,858 16,764 23,029 2,731 3,051 3,568 4,033 26,788 47,278 8,784 11,687 31,983 31,983 2,081 9,692 2,368 2,781 16,413 3,269 1,446 1,098 1,851 311 360 2,800 975 2,421 232 912 251 15,632 101,861 9,076 15,632 110,937 126,569 11,879 728 1,377 1,485 5,380 14,423 31,500 27,086 3,044 6,964 10,411 31,707 8,314 60,720 41,823 — — — — — 2,334 4,537 728 1,377 1,485 5,380 14,423 31,500 27,086 3,044 6,964 3,772 8,341 10,411 11,896 31,707 37,087 8,314 22,737 63,054 94,554 46,360 73,446 152 348 521 1,585 382 2,861 2,321 137,485 — 100,316 571,784 — 672,100 672,100 135,588 2019 (a) 2019 (a) 2019 (a) 2019 (a) 2019 (a) 2019 (a) 2019 (a) 2019 (a) 2019 (a) 2020 (a) 2020 (a) 2020 (a) 2021 (a) 2021 (a) 2021 (a) 2022 (a) 2022 (a) 2022 (a) 2022 (a) 2007 (c) 33,000 27,831 27,291 939 27,831 28,230 56,061 1,365 2012 (a) 40 years — 7,473 — 1,875 4,813 7,391 5,625 (6,514 ) 14,438 3,358 20,176 388 518 3,523 7,391 468 986 19,086 22,609 20,564 27,955 242 3,130 4,901 13,725 12,759 37,431 5,852 14,099 41,943 56,042 10,791 15,002 5,308 1,120 1,356 4,178 3,027 1,498 563 28,470 (4,667 ) 6,376 1,735 1,688 217 125 2,071 81 2,922 3,027 1,498 563 1,041 25,059 27,981 6,593 1,860 3,759 9,620 3,358 4,322 4,522 1,368 408 602 10,986 12,027 2,204 — 1,041 10,905 46,000 72,591 35,440 (25,344 ) 48,920 33,767 82,687 1,545 1,008 3,178 6,466 910 2,663 1,863 910 — 2,345 5,052 — 609 588 1,324 2,343 547 1,160 619 465 660 1,160 2,185 — 1,513 937 2,459 6,560 439 2,736 1,799 688 1,900 2,695 9,597 514 62 12 383 904 32 1,944 985 33 34 193 6 — 609 588 1,324 2,343 547 1,160 619 465 660 1,160 2,185 — 1,575 949 2,842 7,464 471 4,680 2,784 721 1,934 2,888 9,603 514 2,184 1,537 4,166 9,807 1,018 5,840 3,403 1,186 2,594 4,048 11,788 514 411 213 127 491 1,063 74 820 496 97 260 365 861 46 2012 (c) 2014 (c) 2014 (a) 2015 (a) 2015 (c) 2015 (a) 2015 (a) 2016 (c) 2016 (a) 2016 (a) 2018 (a) 2018 (a) 2018 (a) 2018 (a) 2018 (a) 2018 (a) 2018 (a) 2018 (a) 2018 (a) 2018 (a) 2020 (a) 2020 (a) 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 53 Greene Street Manhattan, NY 41 Greene Street Manhattan, NY 47 Greene Street Manhattan, NY 849 W Armitage Chicago, IL 912 W Armitage Chicago, IL Melrose Place Collection Los Angeles, CA 45 Greene Street Manhattan, NY 565 Broadway Manhattan, NY 907 W Armitage Chicago, IL 37 Greene Street Manhattan, NY 917 W Armitage Chicago, IL Brandywine Town Center Wilmington, DE 1324 14th Street Washington, D.C. 1526 14th Street Washington, D.C. 1529 14th Street Washington, D.C. 121 Spring St Manhattan, NY 8833 Beverly Blvd West Hollywood, CA Williamsburg Portfolio Brooklyn, NY Henderson Portfolio Dallas, TX Fund II: City Point Brooklyn, NY Fund III: 640 Broadway Manhattan, NY Fund IV: 210 Bowery Manhattan, NY 27 E. 61st Street Manhattan, NY 17 E. 71st Street Manhattan, NY 1035 Third Avenue Manhattan, NY 801 Madison Avenue Manhattan, NY 2208-2216 Fillmore Street San Francisco, CA 2207 Fillmore Street San Francisco, CA 1964 Union Street San Francisco, CA Restaurants at Fort Point Boston, MA 717 N. Michigan Chicago, IL 18 E. Broughton St. Savannah, GA 20 E. Broughton St. Savannah, GA 25 E. Broughton St. Savannah, GA 109 W. Broughton St. Savannah, GA 204-206 W. Broughton St. Savannah, GA 216-218 W. Broughton St. Savannah, GA 220 W. Broughton St. Savannah, GA 223 W. Broughton St. Savannah, GA 226-228 W. Broughton St. Savannah, GA 309/311 W. Broughton St. Savannah, GA 230-240 W. Broughton St. Savannah, GA 102 E. Broughton St. Savannah, GA 116 ACADIA REALTY TRUST SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION Initial Cost to Company Gross Amount at Which Carried at December 31, 2023 Description and Location Encumbrances Land Buildings & Improvements Increase (Decrease) in Net Investments Land Buildings & Improvements (1) Total (2) Accumulated (1) Depreciation Date of Acquisition (a) Construction (c) Fund V: Plaza Santa Fe Santa Fe, NM Hickory Ridge Hickory, NC New Towne Plaza Canton, MI Fairlane Green Allen Park, MI Trussville Promenade Birmingham, AL Elk Grove Commons Elk Grove, CA Hiram Pavilion Hiram, GA Palm Coast Landing Palm Coast, FL Lincoln Commons Lincoln, RI Landstown Commons Virginia Beach, VA Canton Marketplace Canton, GA Monroe Marketplace Selinsgrove, PA Midstate Mall East Brunswick, NJ Cypress Creek Tampa, FL Maple Tree Place Williston, VT Total operating real estate Real estate under development Unamortized loan costs Unamortized premium Total $ 22,893 27,546 16,334 — 7,852 5,040 28,214 29,998 17,391 2,005 5,041 587 — 7,852 4,719 30,219 30,219 35,039 42,891 18,299 23,018 32,260 18,121 37,143 3,991 18,121 41,134 59,255 28,472 40,247 7,587 6,204 27,667 13,029 25,862 7,066 38,134 14,429 59,795 10,222 36,000 11,883 29,150 8,755 34,285 77 48,008 1,884 25,446 27,299 34,417 69,005 34,902 35,452 625 789 6,169 7,200 1,204 482 7,587 6,204 13,029 7,066 14,429 10,222 11,883 8,755 34,362 41,949 49,892 56,096 26,071 39,100 28,088 35,154 40,586 55,015 76,205 86,427 36,106 47,989 35,934 44,689 42,400 13,062 43,290 3,241 13,062 46,531 59,593 32,200 25,313 — 17,597 937,200 — (7,313 ) 240 930,127 $ 930,827 31,673 — — 962,500 39,637 49,404 2,595,398 — — — 2,595,398 $ $ 54 — 814,495 63,126 — — 877,621 $ — 65,004 65,004 17,597 49,404 67,001 872,228 31,673 — — 903,901 3,468,492 4,340,720 823,439 63,126 — 94,799 — $ — 3,531,618 $ — 4,435,519 $ — — — 823,439 Life on which Depreciation in Latest Statement of Operations is (1) Compared 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 40 years 5,587 7,177 3,497 6,809 5,451 7,200 4,412 4,033 5,438 8,949 2,476 2,623 2,808 841 121 2017 (a) 2017 (a) 2017 (a) 2017 (a) 2018 (a) 2018 (a) 2018 (a) 2019 (a) 2019 (a) 2019 (a) 2021 (a) 2021 (a) 2021 (a) 2023 (a) 2023 (a) Notes: (1)Depreciation on buildings and improvements reflected on the Consolidated Statements of Operations is calculated over the estimated useful life of the assets as follows: Buildings at 40 years and improvements at the shorter of lease term or useful life. (2)The aggregate gross cost of property included above for Federal income tax purposes was approximately $4.6 billion as of December 31, 2023. The following table reconciles the activity for real estate properties from January 1, 2021 to December 31, 2023 (in thousands): Balance at beginning of year Improvements and other Property acquisitions Property dispositions or held for sale assets Consolidation of previously unconsolidated investments Impairment charges Balance at end of year 2023 Year Ended December 31, 2022 2021 $ $ 4,253,010 $ 75,668 131,952 (21,425 ) — (3,686 ) $ 4,435,519 4,071,607 $ 50,696 234,557 (125,933 ) 55,394 (33,311 ) $ 4,253,010 4,011,326 32,070 172,558 (134,422 ) — (9,925 ) 4,071,607 The following table reconciles accumulated depreciation from January 1, 2021 to December 31, 2023 (in thousands): Balance at beginning of year Depreciation related to real estate Property dispositions or held for sale assets Balance at end of year Year Ended December 31, 2023 2022 2021 $ $ 725,143 $ 100,300 (2,004 ) 823,439 $ 648,461 $ 98,414 (21,732 ) 725,143 $ 573,364 90,456 (15,359 ) 648,461 117 ACADIA REALTY TRUST SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE December 31, 2023 (in thousands) Effective Interest Rate 6.00% 9.25% 6.56% 6.50% 4.65% Final Maturity Date 4/1/2020 1/9/2024 9/17/2024 9/27/2024 4/12/2026 8.00% 12/11/2027 Periodic Payment Terms Interest only Interest only Interest only Interest only Interest only Interest only Net Carrying Amount of Notes Receivable as of December 31, 2023 (1) Principal Amount of Loans Subject to Delinquent Principal or Interest Face Amount of Notes Receivable Prior Liens — $ 17,810 $ 17,801 $ 17,801 — 54,000 54,000 — 43,000 42,000 — 1,427 — 6,000 — $ 5,000 127,237 1,427 6,000 5,000 126,228 $ (1,279 ) $ 124,949 — — — — — 17,801 Description First Mortgage Loan Mezzanine Loan First Mortgage Loan Other Other Mezzanine Loan Total Allowance for credit loss Net carrying amount of notes receivable Notes: (1)The aggregate carrying amount of notes receivable included above for Federal income tax purposes was approximately $126.2 million as of December 31, 2023. The Company monitors the credit quality of its notes receivable on an ongoing basis and considers indicators of credit quality such as loan payment activity, the estimated fair value of the underlying collateral, the seniority of the Company's loan in relation to other debt secured by the collateral, the personal guarantees of the borrower and the prospects of the borrower. The following table reconciles the activity for loans on real estate from January 1, 2021 to December 31, 2023 (in thousands): Balance at beginning of year Additions Repayments Conversion of OP Units Conversion to real estate through receipt of deed or through foreclosure Total Allowance for credit loss Balance at end of year Reconciliation of Loans on Real Estate Year Ended December 31, 2022 2023 2021 $ $ $ 124,801 $ 1,427 — — — 126,228 $ (1,279 ) 124,949 $ 159,638 $ — (29,531 ) — (5,306 ) 124,801 $ (898 ) 123,903 $ 102,100 58,000 — (462 ) — 159,638 (5,752 ) 153,886 118
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