Financial Data and Key Metrics Changes - Same-store NOI grew 3.9% for the year and 3.1% during the fourth quarter, driven by a strong fourth quarter 2018 comp [26][30] - Full-year 2019 FFO was $1.41 per share, with fourth quarter FFO at $0.32 per share, aligning with expectations [30][32] - 2020 FFO guidance is anticipated to be between $1.32 and $1.46, with variability due to potential transactional activities [32] Business Line Data and Key Metrics Changes - The street and urban portfolio drove same-store results with growth of approximately 6% in 2019, while suburban portfolio contributed 1% [26][30] - The company completed over $500 million in new acquisitions and $100 million in dispositions during 2019, contributing to a projected $0.05 or roughly 3% annual FFO accretion [14][31] Market Data and Key Metrics Changes - Market rents on Armitage Avenue in Lincoln Park, Chicago, grew approximately 20% over the past two years [11] - The company is seeing increased demand from DTC brands, which are recognizing the importance of physical stores, positively impacting the street and urban portfolio [10][12] Company Strategy and Development Direction - The company is focusing on acquiring high-quality street and urban assets in must-have markets to capture outsized growth [14][19] - The strategy includes a mix of internal growth through same-store NOI and external growth through acquisitions and fund investments [19][21] Management's Comments on Operating Environment and Future Outlook - Management noted a "bumpy bottom" for retail real estate, with improved leasing demand and tenant performance in 2019 compared to previous years [6][7] - The company is well-positioned to benefit from ongoing trends in retail, including the importance of physical stores and the growth of DTC brands [10][12] Other Important Information - The company has a strong balance sheet, with the ability to deploy similar volumes of capital in 2020 as in 2019 [32][33] - The fund platform has achieved mid-teens levered returns through opportunistic acquisitions of out-of-favor suburban shopping centers [16][21] Q&A Session Summary Question: Who is the competition for acquisitions of contiguous high street assets? - Management noted that competition varies, with private funds like Asana Group being involved, but the biggest challenge is getting sellers to understand current market realities [36] Question: How significant is the trend of direct-to-consumer brands opening physical stores? - Management indicated that while not all DTC brands will succeed, there is a growing recognition of the profitability of physical stores, leading to increased demand [38][40] Question: What is the impact of Pier 1 and Forever 21 on same-store NOI? - Management clarified that Forever 21 has been recaptured and is not in the bad debt reserve, while Pier 1 is expected to be recaptured early in the year [44][46] Question: What is the expected growth of the Structured Financing portfolio? - Management stated that the structured financing component has been reduced significantly and will only pursue opportunities that align with their long-term strategy [56] Question: What are the rent bumps in the street and urban portfolio leases? - Management indicated that the average rent bump is around 3%, with shorter lease terms becoming more common [80]

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2019 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 1-12002 ACADIA REALTY TRUST (Exact name of registrant in its charter) MARYLAND (State or other jurisdiction of incorporation or organization) 23-2715194 ...

Financial Data and Key Metrics Changes - The third quarter same-store NOI was 3.1%, with street and urban portfolio growing 4.8%, significantly outperforming the suburban portfolio at around 1% [21][22] - Year-to-date same-store portfolio growth was 4.1%, with street and urban contributing 6.6% [21] - The third quarter earnings came in at $0.34 per share, exceeding expectations [28] Business Line Data and Key Metrics Changes - The core portfolio is projected to grow in excess of 4% over the next several years, driven by 3% embedded growth and 1% from profitable redevelopments [20] - Year-to-date, $180 million of core acquisitions have been announced, with a focus on accretive properties in key urban markets [13][16] Market Data and Key Metrics Changes - The company noted a significant increase in tenant demand for key physical locations, indicating a recovery in certain street retail locations [12] - The bankruptcy of Forever 21 had a 30 basis point impact on the quarter, with an expected full-year impact of approximately 100 basis points [23] Company Strategy and Development Direction - The company is focusing on growing cash flow rather than increasing exposure to new development, ensuring leverage and liquidity are at desired levels [8] - The strategy includes acquiring properties that are accretive to NAV and long-term earnings growth, particularly in urban markets [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the economic environment, noting that while there are concerns about a potential recession, the job market and consumer spending remain strong [7] - The company anticipates continued opportunities for growth through careful acquisitions and a strong focus on internal growth [19] Other Important Information - The fund business has seen $330 million in property acquisitions year-to-date, with Fund V now 16% invested [16][33] - The company has raised approximately $140 million of equity to fund its acquisition pipeline and increase liquidity [32] Q&A Session Summary Question: Expectations for same-store NOI growth - Management reaffirmed that the 4% growth target remains intact, but noted the uncertainty around various moving pieces [42] Question: Impact of Uniqlo lease on P&L - The Uniqlo lease will start impacting cash rent in late Q4, with straight-line adjustments recognized from the turnover day [45] Question: Total square footage of Melrose Place acquisitions - Details will be provided upon closing of the acquisitions [46] Question: Comparison of street and urban markets in LA vs. other cities - Management highlighted the unique opportunities in LA, emphasizing the importance of retailer conversations to identify profitable locations [49] Question: Impact of Forever 21 bankruptcy - The bankruptcy resulted in a full reserve for one month’s rent, impacting the quarter’s results [55] Question: Future investment activity - Management indicated a potential increase in investment activity, with more realistic seller expectations emerging [57] Question: Cap rate expectations for Fund V - There is uncertainty regarding cap rate movements, but management remains optimistic about achieving returns despite market fluctuations [62] Question: Growth strategy in Los Angeles - The company is focused on Melrose Place for now but is open to exploring other opportunities if they arise [70]

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2019 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 1-12002 ACADIA REALTY TRUST (Exact name of registrant in its charter) MARYLAND (State or other jurisdiction of incorporation or organization) 23-2715194 (I.R. ...

Acadia Realty Trust (NYSE:AKR) Q2 2019 Results Conference Call July 23, 2019 12:00 PM ET Company Participants Destiny Nelson - Finance Intern Ken Bernstein - President and Chief Executive Officer John Gottfried - Senior Vice President and Chief Financial Officer Amy Racanello - Senior Vice President, Capital Markets and Investments Conference Call Participants Craig Schmidt - Bank of America Christy McElroy - Citi Todd Thomas - KeyBanc Capital Markets Vince Tibone - Green Street Advisors Michael Mueller - J ...

Acadia Realty Trust (NYSE:AKR) Q1 2019 Earnings Conference Call April 25, 2019 12:00 PM ET Company Participants Angie Cho – Property Accountant Ken Bernstein – President and Chief Executive Officer John Gottfried – Chief Financial Officer Conference Call Participants Christine McElroy – Citi Todd Thomas – KeyBanc Capital market Craig Schmidt – Bank of America Vince Tibone – Green Street Advisors Michael Mueller – JPMorgan Operator Good day, ladies and gentlemen, and welcome to the Acadia Trust Q1 2019 Earni ...

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2019 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 1-12002 ACADIA REALTY TRUST (Exact name of registrant in its charter) MARYLAND (State or other jurisdiction of incorporation or organization) 23-2715194 (I.R ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 ☐ 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 1-12002 ACADIA REALTY TRUST (Exact name of registrant as specified in its charter) Maryland 23-2715194 (State of incorporation) (I.R.S. employer identi ...

Financial Data and Key Metrics Changes - The company reported a same-store NOI growth of 4.1% for Q4 2018, driven by profitable leasing within the street and urban portfolio [21] - Full-year earnings were in line with expectations at $0.36 per share, with the core portfolio performing at the high end [24] - The company anticipates 2019 FFO ranging from $1.34 to $1.46, with solid NOI growth expected [25] Business Line Data and Key Metrics Changes - The company achieved over 95% of its $8 million NOI goal for 2018, with remaining inventory projected to yield approximately $1 million of NOI [21][22] - New leases in the street and urban portfolio showed cash and GAAP spreads of approximately 9.4% and 16.5% respectively [24] Market Data and Key Metrics Changes - The company noted a significant improvement in tenant interest from 2017 to 2018, particularly in key urban markets [10] - Retailers are increasingly selective about locations, with a notable shift in sentiment and activity observed in the leasing market [9] Company Strategy and Development Direction - The company is focused on high barrier to entry retail assets in key gateway markets, aiming for 4% annual NOI growth over the next several years [10][18] - Redevelopment projects are underway, including a lease with Whole Foods at City Center in San Francisco, which is expected to enhance the property [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing separation between successful and struggling retailers, indicating a positive outlook for the leasing fundamentals [5][10] - The company is cautious about construction costs and tenant demand, emphasizing the need for discipline in development projects [17] Other Important Information - The company announced the retirement of a key acquisition team member, Joel Braun, while expressing confidence in the new leadership [19] - The balance sheet remains strong, with no unfunded capital commitments and a focus on maintaining a disciplined approach to acquisitions [26] Q&A Session Summary Question: Investment opportunity set and acquisition strategy - Management indicated a pipeline equivalent to the previous year's volume, focusing on higher-yielding assets while remaining selective [30][31] Question: Impact of recaptured lease on economic trajectory - Management clarified that the $0.07 impact has no effect on same-store NOI and projected a downtime of six to seven months for the lease [34][35] Question: Same-store NOI spreads between portfolios - Management explained that suburban rent growth is historically low, while street and urban portfolios are experiencing stronger growth due to improved retailer interest [39][40] Question: Pricing movement in the private market - Management noted that rents have become more realistic, with a willingness among sellers to recognize market conditions, potentially allowing for new acquisitions [46][47] Question: Update on City Point leasing - Management highlighted significant demand for Alamo Drafthouse and DeKalb Market, indicating a positive shift in leasing momentum [52][53] Question: Suburban portfolio growth expectations - Management expressed cautious optimism for suburban growth, projecting it to be better than flat, but acknowledging potential headwinds from market conditions [60]