Acadia Realty Trust : Corporate Update – March 2024

March 2024

1

Table of Contents

Introduction ………………………………. 3

Corporate Update ……………………….. 11

Why Street Retail ……..……………….…	19
Benefits of Ownership ……………..…….	20
Window of Opportunity to Invest ……….	24

Why Acadia ……………………………….. 26

2

Introduction

3

Acadia Realty Snapshot

Acadia Realty Trust is an equity real estate investment trust focused on delivering long-term, profitable growth via its dual operating platforms (Core Portfolio and Strategic Capital) and its disciplined, location-driven investment strategy.

Acadia Realty Trust accomplishes this goal by:

• Building a best-in-class Core real estate portfolio with meaningful concentrations of assets in the nation's most dynamic corridors
• Making profitable opportunistic and value- add investments through its Strategic Capital Platform
• And maintaining a strong balance sheet.

ACADIA TOTAL OPERATING PORTFOLIO1

Core Portfolio	GLA at 100%	Pro-rata	Pro-rata Share	Pro-rata Share
Total	Share Total	Occupancy	Leased
Street & Urban	1,470	1,266	88.9%	91.4%
Suburban	3,910	3,751	94.4%	96.2%
Total Core	5,380	5,018	93.0%	95.0%
Strategic Capital
Total Funds	8,985	1,945	89.6%	92.4%
Total	14,365	6,963

1 As of 12/31/2023 AKR Supplemental Report. Square feet in '000s

4

Business Model Differentiation - Dual Platform

CORE/ON-BALANCE SHEET

• Public Capital
• Strategy: Open-air retail format agnostic depending on cycle and opportunities. Focused on high growth markets.

• Strategic Capital: Utilizing strategic institutional capital.
• Strategy: Opportunistic/Value-Add across capital stack, high-yielding, redevelopments and special situations.

INVESTMENT MANAGEMENT PLATFORM

CORE

COMPETENCY

DISTRESSED

RETAILER

REAL ESTATE

5

Our Differentiation is Driving Growth

Live, work, play

Street

50%

Suburban Urban

30% 20%

Stable	Densification

6

Our Prime Corridor Presence

Projected multi-year

annual growth in excess of 10%

Greenwich, CT	Melrose Place
Los Angeles, CA

Henderson Ave,	SoHo, NYC, NY	Williamsburg,	Armitage Ave,
Dallas, TX		Brooklyn, NY	Chicago, IL

with Mark to Market ranging from

10% - 50%+

Rush-Walton,	Georgetown,
Chicago, IL	Washington D.C.

7

Our Street Portfolio - What It Is Not

NOT

Return to Office

Dependent

FALSE NARRATIVE	REALITY
Stalled return to Office and Hybrid Work has	Amenity-oriented retail in office dense submarkets
a negative Impact on ALL "Urban Retail"	are dependent on workers & commuters
The false narrative generally conflates amenity-	HOWEVER dynamic retail corridors have
oriented retail with dynamic retail corridors	completely different traffic drivers

Williamsburg,

September 2023

Foot Traffic 2023 vs 2019 (pre-pandemic)

Williamsburg 8%

Soho 0%

-28%	Financial District

-18%MidtownSource: Placer.ai

-40%-30%-20%-10%0%10%

8

Building Blocks of Projected Core Internal NOI Growth

8-11%	Total Core NOI Growth of
$30-$40M Through 2026
Annual CAGR		2.5%
$22.5-30M	4-6%
	Contractual
	+
NOI Growth		Rent Steps
	Annual CAGR	2-3%
Street/Urban	$7.5-10M
	NOI Growth	Redevelopment
		Repositioning - MTM

Suburban

2-3%

Lease-up

Components of

CAGR

Note: Based upon growth from 2023 through projected year-end 2026

9

Beyond Words, We Delivered

Our Core Portfolio HAS and IS POISED to grow 5-10%

What We Said

"In terms of the multi-year Core NOI growth trajectory…we are also starting to see the building blocks forming to grow

above and beyond that…And we are becoming increasingly optimistic that it shows up within the next few years."

(Q4-2020 Earnings Call)

What We Did

5-10% Projected Range

10%

Approx. 6.5% = AKR average of last 11 quarters

5%

10