AcadiaAcadia RealtyRealty TrustTrust Urban/InfillUrban/Infill TourTour November 8, 2007 OverviewOverview

• Strong Core Portfolio

• Solid Balance Sheet

• Accretive/Opportunistic External Growth Platform

• Energized Management Team

2 ExternalExternal GrowthGrowth PlatformPlatform

Acadia Strategic Opportunity Funds

Acquisition Focus

Opportunistic Value Added Acquisitions Redevelopment

• Pricing opportunity • NY Urban/Infill Projects • Capital restructure Real Estate • Other Redevelopment Projects • RCP Venture Location •Mervyns •Albertson’s •Shopko & Marsh

Real Estate Pricing Value Added Opportunity Potential

Capital Structure Enhancement

3 AcadiaAcadia InvestmentInvestment ManagementManagement PlatformPlatform

• Fund I - $90M in equity - Wilmington, DE / Brandywine - Kroger / Safeway Portfolio - Ohio Portfolio - 50% Mervyn’s - Haygood Shopping Center (Virginia) - Tarrytown Shopping Center () - Stirling Heights Shopping Center (Michigan) - Hitchcock Plaza (South Carolina)

• Fund II - $300M in equity - Urban/Infill Projects 8 CityPoint 8 Fordham Place 8 Pelham Manor 8 Canarsie 8 Sherman Plaza 8 161st Street 8 216th Street 8 Liberty Avenue 8 Atlantic Avenue - RCP Ventures - 50% Mervyn’s -Albertson’s - Neiman Marcus

• Fund III - $500M in equity - Sheepshead Bay, , NY - Westport, CT - Marketplace at the GWB (potential investment)

4 Urban/InfillUrban/Infill RedevelopmentRedevelopment ProgramProgram (Tour Site Map)

216th Street CityPoint Pelham Manor

216th Street

Sherman Plaza Fordham Place Broadway Marketplace at the GWB

Pelham Manor Sherman Plaza

West 54th Street

Broadway Marketplace Fordham Place at the GWB (Potential Investment)

CityPoint

West 54th Street

5 CityPointCityPoint –– DowntownDowntown Brooklyn,Brooklyn, NYNY

Geographic Location Aerial View

Demographic Summary

0.5 Mile 1 Mile 3 Miles

Total Population 30,886 133,672 1,016,000

Average HH Income $60,349 $76,834 $57,970

Median HH Income $43,443 $52,546 $40,780

6 CityPointCityPoint –– DowntownDowntown Brooklyn,Brooklyn, NYNY

• First major new retail redevelopment at the crossroads of and • 1.6 million SF mixed-use development with 475,000 sf of retail, over 125,000 sf of Class A office space, a mix of affordable and market rate housing and a parking garage

7 CityPointCityPoint-- DowntownDowntown Brooklyn,Brooklyn, NYNY

•Brooklyn is America’s 4th largest City and the 3rd busiest shopping district in NYC after Midtown and Lower •Residents, workers and students possess nearly $6.2 billion in total retail purchasing power

8 CityPointCityPoint –– DowntownDowntown Brooklyn,Brooklyn, NYNY

• Fulton Street boasts 100,000 shoppers per day and is Brooklyn’s foremost transportation corridor, second only to New York’s Times Square. 9 CityPointCityPoint -- DowntownDowntown Brooklyn,Brooklyn, NYNY

10 CityPointCityPoint -- DowntownDowntown Brooklyn,Brooklyn, NYNY

11 CityPointCityPoint-- DowntownDowntown Brooklyn,Brooklyn, NYNY

Building Section

12 CityPointCityPoint-- DowntownDowntown Brooklyn,Brooklyn, NYNY

13 CityPointCityPoint-- DowntownDowntown Brooklyn,Brooklyn, NYNY

14 CityPointCityPoint-- DowntownDowntown Brooklyn,Brooklyn, NYNY

Lower Concourse Level

15 CityPointCityPoint-- DowntownDowntown Brooklyn,Brooklyn, NYNY

Concourse Level

16 CityPointCityPoint-- DowntownDowntown Brooklyn,Brooklyn, NYNY

Ground Floor

17 CityPointCityPoint-- DowntownDowntown Brooklyn,Brooklyn, NYNY

Second Floor

18 CityPointCityPoint-- DowntownDowntown Brooklyn,Brooklyn, NYNY

Fifth Floor

19 CityPointCityPoint-- DowntownDowntown Brooklyn,Brooklyn, NYNY

Residential Tower

20 CityPointCityPoint-- DowntownDowntown Brooklyn,Brooklyn, NYNY

21 PELHAMPELHAM MANORMANOR SHOPPINGSHOPPING PLAZAPLAZA –– 22 PennPenn Place,Place, PelhamPelham Manor,Manor, NYNY

Geographic Location Aerial View

Route 1 ()

Hutchinson River Parkway

Demographic Summary

1 Mile 3 Miles 5 Miles

Total Population 28,559 400,119 1,114,822

Average HH Income $73,324 $59,780 $56,839

Median HH Income $60,205 $47,713 $44,052

22 PELHAMPELHAM MANORMANOR SHOPPINGSHOPPING PLAZAPLAZA –– 22 PennPenn Place,Place, PelhamPelham Manor,Manor, NYNY

Before

H u tc h in s o n R iv e r P a r k w ay

23 PELHAMPELHAM MANORMANOR SHOPPINGSHOPPING PLAZAPLAZA –– 22 PennPenn Place,Place, PelhamPelham Manor,Manor, NYNY

During Construction

24 PELHAMPELHAM MANORMANOR SHOPPINGSHOPPING PLAZAPLAZA –– 22 PennPenn Place,Place, PelhamPelham Manor,Manor, NYNY

Current Construction

25 PELHAMPELHAM MANORMANOR SHOPPINGSHOPPING PLAZAPLAZA –– 22 PennPenn Place,Place, PelhamPelham Manor,Manor, NYNY Proposed Site Plan

26 PELHAMPELHAM MANORMANOR SHOPPINGSHOPPING PLAZAPLAZA –– 22 PennPenn Place,Place, PelhamPelham Manor,Manor, NYNY

Redevelopment Renderings

27 FORDHAMFORDHAM PLACEPLACE –– 400400 EastEast FordhamFordham Road,Road, Bronx,Bronx, NYNY

Geographic Location Aerial View

Montefiore Medical Building

Fordham Place

Bus Terminal & Train Station Fordham University

Demographic Summary

1 Mile 2 Mile 3 Mile

Total Population 206,850 651,504 1,193,185

Average HH Income $33,414 $37,631 $40,477

Median HH Income $24,205 $28,217 $30,162

28 FORDHAMFORDHAM PLACEPLACE –– 400400 EastEast FordhamFordham Road,Road, Bronx,Bronx, NYNY Before

29 FordhamFordham RoadRoad –– RetailRetail CorridorCorridor

30 FORDHAMFORDHAM PLACEPLACE –– 400400 EastEast FordhamFordham Road,Road, Bronx,Bronx, NYNY Neighborhood Retailers – Before Neighborhood Retailers – After

31 FORDHAMFORDHAM PLACEPLACE –– 400400 EastEast FordhamFordham Road,Road, Bronx,Bronx, NYNY Concourse Level First Floor

LEGEND LEGEND RETAIL RETAIL OFFICE / C.F. OFFICE / C.F. AVAILABLE AVAILABLE COMMON COMMON

WALGREENS

SEARS

SEARS

BEST BUY

Second Floor Third Floor

LEGEND LEGEND RETAIL RETAIL OFFICE / C.F. OFFICE / C.F. AVAILABLE

AVAILABLE COMMON COMMON

BEST BUY

32 FORDHAMFORDHAM PLACEPLACE –– 400400 EastEast FordhamFordham Road,Road, Bronx,Bronx, NYNY Current Construction

33 SHERMANSHERMAN AVENUEAVENUE –– 46504650 Broadway,Broadway, WashingtonWashington Heights,Heights, NYNY

Geographic Location Current

Demographic Summary

0.5 Mile 1 Mile 2 Miles

Total 54,549 139,935 529,999 Population

Average HH $35,501 $40,618 $40,762 Income

Median HH $27,981 $31,657 $29,932 Income

34 SHERMANSHERMAN AVENUEAVENUE –– 46504650 Broadway,Broadway, WashingtonWashington Heights,Heights, NYNY Proposed Redevelopment Proposed Redevelopment “Option A” “Option B”

35 216TH216TH STREETSTREET –– 40554055 1010th Avenue,Avenue, NYNY

Geographic Location At Acquisition

Redevelopment

Demographic Summary

0.5 Mile 1 Mile 2 Miles

Total 30,873 156,847 536,119 Population Average HH $45,536 $42,793 $41,481 Income Median HH $37,300 $32,868 $30,978 Income

36 216TH216TH STREETSTREET –– 40554055 1010th Avenue,Avenue, NYNY After Redevelopment

37 THETHE BROADWAYBROADWAY MARKETPLACEMARKETPLACE ATAT THETHE GWBGWB –– 42114211 Broadway,Broadway, NewNew YorkYork ,, NYNY

Geographic Location Aerial View

Demographic Summary

0.25 Mile 0.5 Mile 1 Mile

Total Population 26,979 73,272 173,174

Average HH Income $34,454 $34,716 $30,145

Median HH Income $34,446 $33,761 $31,047

38 THETHE BROADWAYBROADWAY MARKETPLACEMARKETPLACE ATAT THETHE GWBGWB –– 42114211 Broadway,Broadway, NewNew YorkYork ,, NYNY

39 THETHE BROADWAYBROADWAY MARKETPLACEMARKETPLACE ATAT THETHE GWBGWB –– 42114211 Broadway,Broadway, NewNew YorkYork ,, NYNY

40 THETHE BROADWAYBROADWAY MARKETPLACEMARKETPLACE ATAT THETHE GWBGWB –– 42114211 Broadway,Broadway, NewNew YorkYork ,, NYNY

41 AdditionalAdditional Urban/InfillUrban/Infill RedevelopmentRedevelopment ProjectsProjects

161st Street

161st Street Liberty Avenue

Liberty Avenue Atlantic Avenue Canarsie Plaza Atlantic Avenue Canarsie Plaza

Sheepshead Bay

Sheepshead Bay

42 LIBERTYLIBERTY AVENUEAVENUE –– 9898TH StSt atat LibertyLiberty Avenue,Avenue, OzoneOzone Park,Park, ,Queens, NYNY

Geographic Location Redevelopment

Redevelopment

Demographic Summary

0.5 Mile 1 Mile 3 Miles

Total 24,181 95,292 619,479 Population Average HH $57,774 $61,422 $60,405 Income Median HH $49,822 $52,215 $49,105 Income

43 CANARSIECANARSIE PLAZAPLAZA –– 90259025 AvenueAvenue D,D, Brooklyn,Brooklyn, NYNY

Geographic Location Aerial View

Redevelopment Rendering

Demographic Summary

0.5 Mile 1 Mile 2 Miles

Total 20,742 107,413 457,908 Population Average HH $52,009 $50,290 $45,778 Income Median HH $44,317 $41,614 $36,564 Income

44 161ST161ST STREETSTREET –– 260260 EastEast 161161st Street,Street, Bronx,Bronx, NYNY

Geographic Location Aerial View

Yankee New Yankee Stadium Stadium

Concourse Plaza Criminal Court (shopping center) Complex

Site

Redevelopment Rendering

Demographic Summary

0.5 Mile 1 Mile 2 Miles

Total 57,862 192,706 712,029 Population Average HH $34,363 $31,017 $32,900 Income Median HH $23,177 $20,649 $22,230 Income

45 ATLANTICATLANTIC AVENUEAVENUE –– 33193319 AtlanticAtlantic Ave,Ave, Brooklyn,Brooklyn, NYNY 1120811208

Geographic Location Aerial View

Redevelopment Rendering

Demographic Summary

1 Mile 2 Miles 3 Miles

Total 37,584 116,125 806,303 Population Average HH $43,949 $45,724 $48,423 Income Median HH $31,602 $33,559 $36,917 Income

46 SHEEPSHEADSHEEPSHEAD BAYBAY

Geographic Location Aerial View

Sheepshead Bay, Brooklyn, NY

Demographic Summary

1 Mile 2 Miles 3 Miles

Total 117,176 290,904 543,504 Population Average HH $45,630 $47,982 $49,525 Income Median HH $36,476 $37,761 $39,074 Income 47 DevelopmentDevelopment CostsCosts && TimingTiming

Est. Square Cost Property Construction Start Total Cost Completion Feet PSF

Liberty Avenue Construction completed $15.0 125,000 120(1)

216thStreet Construction completed 27.0 60,000 450

Pelham Manor Construction commenced 2nd half 2008 45.0 320,000 141(1) Shopping Center

161st Street 2nd half 2007 2nd half 2008 65.0 232,000 280

400 East Fordham Road Construction commenced 1st half 2009 120.0 285,000 421

Canarsie Plaza 2nd half 2007 1st half 2009 70.0 323,000 217(2)

Sherman Avenue 2nd half 2007 2nd half 2009 55.0 175,000 314

Albee Square To be determined 325.0 600,000 542

Atlantic Avenue 2nd half 2008 2nd half 2009 23.0 110,000 209

$745.0 2,230,000 $334

(1) The Fund acquired a ground lease interest at this property.

(2) 2 Under contract. 48