Form 8-K

8-K — ACADIA REALTY TRUST

Accession: 0001193125-26-187104

Filed: 2026-04-28

Period: 2026-04-28

CIK: 0000899629

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — akr-20260428.htm (Primary)

EX-99.1 (akr-ex99_1.htm)

EX-99.2 (akr-ex99_2.htm)

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8-K

8-K (Primary)

Filename: akr-20260428.htm · Sequence: 1

8-K

false000089962900008996292026-04-282026-04-28

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): April 28, 2026

ACADIA REALTY TRUST

(Exact name of registrant as specified in its charter)

Maryland

1-12002

23-2715194

(State or other jurisdiction of incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)

411 Theodore Fremd Avenue

Suite 300

Rye, New York 10580

(Address of principal executive offices) (Zip Code)

(914) 288-8100

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol

Name of exchange on which registered

Common shares of beneficial interest, par value $0.001 per share

AKR

The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth 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. ☐

Item 2.02. Results of Operations and Financial Condition.

On April 28, 2026, Acadia Realty Trust (the “Company”) issued a press release announcing its consolidated financial results for the quarter ended March 31, 2026. A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1 and incorporated herein by reference.

On the same day, the Company made available supplemental reporting information regarding the financial results, operations and portfolio of the Company as of and for the quarter ended March 31, 2026. A copy of the supplemental reporting information is attached to this Current Report on Form 8-K as Exhibit 99.2 and incorporated herein by reference.

The information included in this Item 2.02, including the information included in Exhibits 99.1 and 99.2 attached hereto, is intended to be “furnished” pursuant to Item 2.02, and is not deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference into any filing under the Securities Act of 1933, as amended (“Securities Act”) or the Exchange Act, or otherwise subject to the liabilities of Sections 11 and 12 (a)(2) of the Securities Act.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit

Number

Description

99.1

Press release dated April 28, 2026

99.2

Supplemental Reporting Information as of and for the quarter ended March 31, 2026

104

Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101.)

SIGNATURES

Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

ACADIA REALTY TRUST

Dated:

(Registrant)

By:

/s/ John Gottfried

Name:

John Gottfried

April 28, 2026

Title:

Executive Vice President and Chief Financial Officer

EX-99.1

Filename: akr-ex99_1.htm · Sequence: 2

EX-99.1

Exhibit 99.1

Acadia Realty Trust

(914) 288-8100

Acadia Realty Trust Reports First Quarter 2026 Operating Results

Key Highlights for the first quarter ended March 31, 2026 include:

•

First quarter GAAP net earnings of $0.22 per share (compared to $0.01 in first quarter 2025) and FFO As Adjusted of $0.30 per share, up 11% from the prior-year quarter

•

First quarter REIT Portfolio same-property NOI increased 5.9% and reaffirmed 5-9% annual guidance

•

Delivered REIT Portfolio GAAP and cash leasing spreads on new leases of 50% and 31%, respectively

•

Increased SNO Pipeline to $10.5 million (from $8.9 million at December 31, 2025)

•

Increased REIT Portfolio economic occupancy by 20 basis points to 94.1% during the first quarter driven by the street and urban portfolio, which increased 140 basis points from the fourth quarter to 91.7% as of March 31, 2026

•

Completed approximately $503 million of accretive acquisitions comprised of REIT Portfolio (street retail of $79 million) and Investment Management ($424 million)

•

Completed recapitalizations of approximately $504 million of assets in the Investment Management platform

•

Raised full-year 2026 guidance: Earnings per share to $0.37-$0.39 (from $0.24-$0.26) and FFO As Adjusted to $1.22-$1.26 (from $1.21-$1.25)

Subsequent Events

•

Signed an approximately 26,000 square foot lease with Sprouts Farmers Market at 555 9th Street in San Francisco, joining the previously signed Club Studio (expected to open late 2026), reflecting the market’s accelerating retail recovery

•

Completed a $109 million accretive portfolio acquisition on Newbury Street in Boston

•

Increased its borrowing capacity, extended duration and improved pricing on a $1.425 billion credit facility (replacing its $1.175 billion facility)

RYE, NY (April 28, 2026) - Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”) today reported operating results for the quarter ended March 31, 2026. All per share amounts are on a fully-diluted basis, where applicable. Acadia owns and operates a high-quality real estate portfolio of street and open-air retail properties in the nation's most dynamic retail corridors (“REIT Portfolio”), along with an investment management platform that targets opportunistic and value-add investments through its institutional co-investment vehicles (“Investment Management”).

Kenneth F. Bernstein, President and CEO of Acadia, commented:

“Our first quarter results reflect continued execution across Acadia's differentiated dual-platform strategy. Our street portfolio continues to benefit from strong tenant demand, enabling us to deliver same-property NOI growth of 5.9% for the quarter. Complementing this internal growth, we completed over $600 million of accretive REIT and Investment Management acquisitions in 2026. This includes our inaugural investment on Worth Avenue in Palm Beach, and our continued deployment of capital through our Investment Management platform. With strong internal growth, a well-positioned balance sheet, and an active acquisition pipeline, we remain well positioned to deliver sustained NOI and earnings growth over a multi-year horizon.”

Financial Results

A complete reconciliation, in dollars and per share amounts, of (i) net earnings attributable to Acadia to Funds From Operations (“FFO”) (as defined by the National Association of Real Estate Investment Trusts (“NAREIT”) and As Adjusted) attributable to common shareholders and Common OP Unit holders and (ii) operating income to net operating income (“NOI”) and definitions of non-GAAP metrics are included in the financial tables of this release. The amounts discussed below are net of noncontrolling interests (except for the Common OP Unit holders) and all per share amounts are on a fully-diluted basis.

Net Income

•

Net income per share for the three months ended March 31, 2026 was $0.22. This compares with net income per share for the three months ended March 31, 2025 of $0.01. The increase for the quarter ended March 31, 2026, as compared to the quarter ended March 31, 2025, was primarily a result of gains on sale of $0.22 per share in 2026, and the loss on change in control related to the Company’s additional investment in its Georgetown Renaissance portfolio of $0.08 per share in 2025.

•

Offsetting these items, during the three months ended March 31, 2026, the Company incurred charges of approximately $5 million, or $0.04 per share, to net income and NAREIT FFO, primarily comprised of retirement-driven, non-cash acceleration of unvested stock-based compensation awards (approximately $4.1 million included in general and administrative expenses), an unrealized loss on an investment (approximately $600,000) and non-capitalizable transaction costs (approximately $300,000, included in general and administrative expenses).

NAREIT FFO

•

NAREIT Funds From Operations (“NAREIT FFO”) for the quarter ended March 31, 2026 was $36.9 million, or $0.26 per share, as compared to $44.6 million, or $0.34 per share, for the quarter ended March 31, 2025.

FFO As Adjusted

•

FFO As Adjusted for the quarter ended March 31, 2026 was $41.8 million, or $0.30 per share, as compared to $35.1 million, or $0.27 per share, for the quarter ended March 31, 2025.

REIT Portfolio Same-Property NOI

•

Same-Property NOI grew 5.9%, for the first quarter, primarily driven by 7.0% growth from the street and urban retail portfolio. These amounts exclude developments and redevelopments.

REIT Portfolio Occupancy and Leasing Update

•

As of March 31, 2026, economic occupancy and leased occupancy increased 20 and 60 basis points to 94.1% and 95.3%, respectively, compared to 93.9% and 94.7% as of December 31, 2025.

•

For the quarter ended March 31, 2026, conforming GAAP and cash leasing spreads on new leases were 50% and 31%, respectively, and 23% and 11%, inclusive of renewal leases.

Signed Not Opened Update

The following summarizes the activity, at the Company’s pro-rata share, of ABR of its signed not opened pipeline during the first quarter (amounts in millions):

Balance at December 31, 2025

Commencing ABR

New Leases

Balance at March 31, 2026

REIT Portfolio (Same-property)

4.4

(1.5

)

1.6

4.5

REIT Portfolio (Redevelopment/Prestabilized)

3.5

(0.2

)

1.9

5.2

Investment Management

1.0

(0.5

)

0.3

0.8

Total

8.9

(2.2

)

3.8

10.5

Transactional Activity

During the quarter ended March 31, 2026, the Company completed approximately $503 million in accretive acquisitions comprised of REIT Portfolio ($79 million) and Investment Management ($424 million). Subsequent to quarter end, the Company completed an additional $109 million street retail portfolio acquisition in its REIT Portfolio. Details of the acquisitions are discussed below.

In addition, the Company completed recapitalizations of approximately $504 million in its Investment Management platform.

REIT Portfolio

•

Manhattan, New York. As previously disclosed, in January 2026, the Company acquired 1045 and 1165 Madison Avenue in Manhattan for an aggregate purchase price of $21 million. These assets further expand the Company’s ownership on upper Madison Avenue and align with its strategy of expanding its portfolio on must-have street retail corridors.

•

Palm Beach, Florida. In March 2026, the Company acquired 225 Worth Avenue for a purchase price of $43 million. Worth Avenue in Palm Beach is an exclusive retail corridor serving one of the wealthiest and fastest-growing markets in the country. The Company's inaugural investment in this market provides it with a compelling near-term opportunity to drive rental growth, as well as a platform to pursue additional acquisitions and grow our presence on this irreplaceable street.

•

Boston, Massachusetts. In April 2026, the Company, in conjunction with Osiris Ventures, acquired 4-6 Newbury Street and 28 Newbury Street for an aggregate purchase price of $109 million, expanding its presence on Newbury Street, Boston's premier luxury shopping corridor. The properties are leased to two of the world's most iconic luxury brands and provide a near-term opportunity to capture significant rental growth as a key retail lease approaches expiration.

•

Strategic Add-on Acquisitions (Washington D.C. and Armitage Avenue Chicago): In the first quarter, the Company added approximately $14 million of new acquisitions to further increase its scale in two of its key corridors.

Investment Management Platform Acquisition

•

Queens, New York. As previously disclosed, in January 2026, the Company, through its Investment Management platform, formed a joint venture with TPG Real Estate to acquire the Shops at Skyview for a gross purchase price of approximately $424 million of which the Company has a 20% ownership interest. The Shops at Skyview is a 555,000 retail center in Flushing, Queens, attracting 12 million visitors a year and anchored by three grocers along with an attractive mix of essential goods, value-oriented brands, and experiential concepts.

Investment Management Platform Recapitalizations

•

Fund V and Avenue at West Cobb Recapitalization. As previously disclosed, in February 2026, the Company and TPG Real Estate completed a $435 million portfolio transaction involving six Fund V assets (Hickory Ridge, Palm Coast Landing, Hiram Pavilion, Canton Marketplace, Elk Grove Commons, and Midstate Mall) along with the Avenue West Cobb (acquired in the third quarter of 2025). In connection with this transaction, the Company recognized a gain on sale of approximately $112 million, or $22 million ($0.15 per share) at its share.

TPG acquired an 80% interest across the portfolio, with Acadia retaining a 20% ownership in the previously held Fund V assets, along with a 20% interest in West Cobb.

•

Lake Worth, Florida. During March 2026, the Company completed the recapitalization of Pinewood Square, a 204,000 square foot retail center in Lake Worth, Florida, which was acquired in the first quarter of 2025. The Company sold an 80% interest to the Private Real Estate Group of Cohen & Steers, reflecting a total asset valuation of approximately $68 million. The Company recognized a gain on sale of $4.1 million ($0.03 per share) in connection with this transaction.

In connection with each of these recapitalizations, the Company will continue to manage the respective properties, earning asset management, property management, and leasing fees, as well as a potential promote upon ultimate disposition.

Dispositions

•

Virginia Beach, Virginia. As previously disclosed, during January 2026, the Company, through its Fund V platform, completed the disposition of Landstown Commons for $102 million, of which the Company’s share was $21 million. In connection with this transaction, the Company recognized a gain on sale of $26 million, or $5.1 million ($0.04 per share) at its share.

•

San Francisco, California. During March 2026, the Company, through its Fund IV platform, completed the disposition of 1964 Union Street for $2.6 million, of which the Company’s share was approximately $0.5 million.

•

Warwick, Rhode Island. During April 2026, the Company, through its Fund IV platform, completed the disposition of 650 Bald Hill Road for $20.5 million, of which the Company’s share was approximately $4.3 million.

Balance Sheet

Equity Activity:

•

The Company did not issue any equity during the first quarter of 2026. Additionally, during the first quarter, the Company settled approximately 2.4 million shares of previously issued forward equity contracts for cash proceeds of approximately $56 million. The Company currently has unsettled forward equity contracts to sell 12.3 million shares for aggregate net proceeds of approximately $239 million to accretively fund its acquisition pipeline and the Henderson Avenue redevelopment project in Dallas, TX.

Extension and Expansion of $1.425 Billion Corporate Credit Facility

•

In April 2026, the Company amended and upsized its corporate credit facility by $250 million to $1.425 billion, and extended maturity dates. The credit facility has an accordion feature that allows the Company to increase the capacity to $2.0 billion. The facility was oversubscribed and priced at improved spreads relative to the prior facility. Proceeds from the $250 million upsize were used to repay outstanding amounts on its revolving credit facility and other secured indebtedness.

Pro-Rata REIT Portfolio and Investment Management Debt-to-EBITDA (as adjusted):

•

Net Debt-to-EBITDA, as adjusted, inclusive of pro-rata share of Investment Management platform debt and unsettled forward equity contracts that were issued prior to March 31, 2026 as discussed above, was 5.5x at March 31, 2026. Refer to the first quarter 2026 Supplemental Information package for reconciliations and details on financial ratios.

No Significant REIT Portfolio Debt Maturities until 2029:

•

The Company has REIT portfolio debt maturing of 2.5%, 2.6%, and 7.5% in 2026, 2027, and 2028, respectively.

Guidance

The Company is increasing its previously issued guidance for Earnings per Share from $0.24-0.26 to $0.37-$0.39 and FFO As Adjusted from $1.21-$1.25 per share to $1.22-$1.26 per share.

The following updated guidance is based upon Acadia’s current view of market conditions and assumptions for the year ended December 31, 2026.

2026 Guidance 1

Revised

Prior

Net earnings per share attributable to Acadia

$0.37-$0.39

$0.24-$0.26

Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share other than Common OP Units)

0.95-0.97

Gain on disposition on real estate properties (net of noncontrolling interest share other than Common OP Units)

(0.22)

(0.04)

Adjustment of redeemable noncontrolling interest to estimated redemption value

0.04

—

Noncontrolling interest in Operating Partnership

0.03

NAREIT Funds from operations per share attributable to Common Shareholders and Common OP Unit holders

$1.17-$1.21

$1.18-$1.22

Adjustments to FFO:

Transaction and other expenses 2

0.05

0.03

Funds From Operations As Adjusted per share attributable to Common Shareholders and Common OP Unit holders 3

$1.22-$1.26

$1.21-$1.25

Totals may not foot due to rounding.

Transaction and other expenses include those costs that the Company believes are not reflective of ongoing core operating results, including investment transaction costs, debt extinguishment costs and employee retirement costs.

Refer to the “Notes to Financial Highlights” on page 14 of this release for definitions of non-GAAP measures

Management will conduct a conference call on Wednesday, April 29, 2026 at 11:00 AM ET to review the Company’s earnings and operating results. Participant registration and webcast information is listed below.

Live Conference Call:

Date:

Wednesday, April 29, 2026

Time:

11:00 AM ET

Participant call:

First Quarter 2026 Dial-In

Participant webcast:

First Quarter 2026 Webcast

Webcast Listen-only and Replay:

www.acadiarealty.com/investors under Events & Presentations

The Company uses, and intends to use, the Investors page of its website, which can be found at https://www.acadiarealty.com/investors, as a means of disclosing material nonpublic information and of complying with its disclosure obligations under Regulation FD, including, without limitation, through the posting of investor presentations and certain portfolio updates. Additionally, the Company also uses its LinkedIn profile to communicate with its investors and the public. Accordingly, investors are encouraged to monitor the Investors page of the Company's website and its LinkedIn profile, in addition to following the Company’s press releases, SEC filings, public conference calls, presentations and webcasts.

About Acadia Realty Trust

Acadia Realty Trust is an equity real estate investment trust focused on delivering long-term, profitable growth. Acadia owns and operates a high-quality core real estate portfolio of street and open-air retail properties in the nation's most dynamic retail corridors (“REIT Portfolio”), along with an investment management platform that targets opportunistic and value-add investments through its institutional co-investment vehicles (“Investment Management”). For further information, please visit www.acadiarealty.com.

Safe Harbor Statement

Certain statements in this press release 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”). We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and we are including this statement for the purposes of complying with those safe harbor provisions, in each case, to the extent applicable. Forward-looking statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations (including with regards to acquisition pipeline) are generally identifiable by the use of 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 the Company's 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 instability (such as ongoing armed conflicts and heightened regional tensions in the Middle East), contemplated tariff increases and other trade restrictions, 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) the Company’s success in implementing its business strategy and its ability to identify, underwrite, finance, consummate and integrate diversifying acquisitions and investments; (including the potential acquisitions discussed in this press release); (iii) changes in general economic conditions or economic conditions in the markets in which the Company may, from time to time, compete, including the impact of recently announced tariffs on our tenants and their customers, and

their effect on the Company’s and our tenants' revenues, earnings and funding sources and those of our tenants; (iv) increases in the Company’s borrowing costs as a result of rising inflation, changes in interest rates and other factors; (v) the Company’s ability to pay down, refinance, restructure or extend its indebtedness as it becomes due; (vi) the Company’s investments in joint ventures and unconsolidated entities, including its lack of sole decision-making authority and its reliance on its joint venture partners’ financial condition; (vii) the Company’s ability to obtain the financial results expected from its development and redevelopment projects; (viii) the ability and willingness of the Company's tenants to renew their leases with the Company upon expiration, the Company’s ability to re-lease its properties on the same or better terms in the event of nonrenewal or in the event the Company exercises its right to replace an existing tenant, and obligations the Company may incur in connection with the replacement of an existing tenant; (ix) the Company’s potential liability for environmental matters; (x) damage to the Company’s 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 future public health crisis which may adversely affect us and our tenants’ business, financial condition, results of operations and liquidity; (xii) uninsured losses; (xiii) the Company’s ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax and other considerations; (xiv) information technology (“IT”) security breaches, including increased cybersecurity risks relating to the use of remote technology and artificial intelligence (“AI”); (xv) risks associated with our use of AI tools, which could result in reputational harm, and legal or regulatory liability; (xvi) the loss of key executives; and (xvii) the accuracy of the Company’s methodologies and estimates regarding corporate responsibility metrics, goals and targets, tenant willingness and ability to collaborate towards reporting such metrics and meeting such goals and targets, and the impact of governmental regulation on our corporate responsibility 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” in the Company’s most recent Annual Report on Form 10-K and other periodic or current reports the Company files with the SEC. Any forward-looking statements in this press release 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.

Acadia Realty Trust and Subsidiaries

Condensed Consolidated Statements of Operations (1)

(Unaudited, Dollars and Common Shares and Units in thousands, except per share amounts)

Three Months Ended

March 31,

2026

2025

Revenues

Rental

98,568

102,640

Other

4,424

1,754

Total revenues

102,992

104,394

Expenses

Depreciation and amortization

40,155

39,440

General and administrative

15,303

11,597

Real estate taxes

12,922

13,303

Property operating

18,249

18,280

Impairment charges

—

6,450

Total expenses

86,629

89,070

Gain on disposition of properties

142,148

—

Operating income

158,511

15,324

Equity in losses of unconsolidated affiliates

(1,508

)

(1,713

)

Interest income

4,788

6,096

Realized and unrealized holding (losses) gains on investments and other

(616

)

1,621

Interest expense

(22,052

)

(23,247

)

Loss on change in control

—

(9,622

)

Income (loss) from continuing operations before income taxes

139,123

(11,541

)

Income tax provision

(12

)

(116

)

Net income (loss)

139,111

(11,657

)

Net loss attributable to redeemable noncontrolling interests

698

1,669

Net (income) loss attributable to noncontrolling interests

(109,332

)

11,596

Net income attributable to Acadia shareholders

30,477

1,608

Less: earnings attributable to unvested participating securities

(333

)

(339

)

Less: adjustment of redeemable noncontrolling interests to estimated redemption value

(1,793

)

—

Income from continuing operations net of income attributable to participating securities for diluted earnings per share

28,351

1,269

Weighted average shares for basic earnings per share

131,247

121,329

Weighted average shares for diluted earnings per share

131,332

121,329

Net earnings per share - basic (2)

0.22

0.01

Net earnings per share - diluted (2)

0.22

0.01

Acadia Realty Trust and Subsidiaries

Reconciliation of Consolidated Net Income to Funds from Operations and Funds from Operations As Adjusted (1,3)

(Unaudited, Dollars and Common Shares and Units in thousands, except per share amounts)

Three Months Ended

March 31,

2026

2025

Net income attributable to Acadia

30,477

1,608

Depreciation of real estate and amortization of leasing costs (net of

noncontrolling interests' share other than Common OP Units)

35,851

31,607

Impairment charges (net of noncontrolling interests' share other than Common OP Units)

—

1,583

Gain on disposition of properties (net of noncontrolling interests' share other than Common OP Units)

(30,954

)

—

Loss on change in control

—

9,622

Income attributable to Common OP Unit holders

1,496

Distributions - Preferred OP Units

Funds from operations attributable to Common Shareholders and Common OP Unit holders - Diluted

36,875

44,583

Transaction and other expenses

4,358

526

Unrealized holding loss (gain) (net of noncontrolling interest share)

616

(1,672

)

Tenant lease settlement

—

(8,309

)

FFO As Adjusted attributable to Common Shareholder and Common OP Unit holders 1

41,849

35,128

Funds From Operations per Share - Diluted

Basic weighted-average shares outstanding, GAAP earnings

131,332

121,329

Weighted-average OP Units outstanding

8,376

7,778

Assumed conversion of Preferred OP Units to Common Shares

256

Weighted average number of Common Shares and Common OP Units

139,733

129,363

Diluted Funds From Operations, per Common Share and Common OP Unit

0.26

0.34

Diluted Funds From Operations As Adjusted, per Common Share and Common OP Unit

0.30

0.27

Acadia Realty Trust and Subsidiaries

Reconciliation of Consolidated Operating Income to Net Property Operating Income (“NOI”) (1)

(Unaudited, Dollars in thousands)

Three Months Ended

March 31,

2026

2025

Consolidated operating income

158,511

15,324

Add back:

General and administrative

15,303

11,597

Depreciation and amortization

40,155

39,440

Impairment charges

—

6,450

Gain on disposition of properties

(142,148

)

—

Less:

Above/below-market rent, straight-line rent and other adjustments

(6,985

)

(2,704

)

Termination income

—

(8,366

)

Consolidated NOI

64,836

61,741

Redeemable noncontrolling interest in consolidated NOI

(1,840

)

(1,888

)

Noncontrolling interest in consolidated NOI

(14,997

)

(17,655

)

Less:

Operating Partnership's interest in Investment Management NOI included above

(7,542

)

(6,747

)

Add back:

Operating Partnership's share of unconsolidated joint ventures NOI (4)

1,358

1,279

REIT Portfolio NOI

41,815

36,730

Reconciliation of Same-Property NOI

(Unaudited, Dollars in thousands)

Three Months Ended

March 31,

2026

2025

REIT Portfolio NOI

41,815

36,730

Less properties excluded from Same-Property NOI

(2,973

)

(52

)

Same-Property NOI

38,842

36,678

Percent change from prior year period

5.9

Components of Same-Property NOI:

Same-Property Revenues

54,709

51,442

Same-Property Operating Expenses

(15,867

)

(14,764

)

Same-Property NOI

38,842

36,678

Acadia Realty Trust and Subsidiaries

Condensed Consolidated Balance Sheets (1)

(Unaudited, Dollars in thousands, except shares)

As of:

March 31, 2026

December 31, 2025

Assets

Investments in real estate, at cost

Buildings and improvements

3,057,952

3,421,366

Tenant improvements

321,489

339,414

Land

1,100,492

1,147,236

Construction in progress

26,266

32,969

Right-of-use assets - finance leases

61,366

Total

4,567,565

5,002,351

Less: Accumulated depreciation and amortization

(979,837

)

(1,018,597

)

Operating real estate, net

3,587,728

3,983,754

Real estate under development

178,050

167,051

Net investments in real estate

3,765,778

4,150,805

Notes receivable, net ($2,176 and $1,638 of allowance for credit losses as of March 31, 2026 and December 31, 2025, respectively)

154,430

154,892

Investments in and advances to unconsolidated affiliates

275,770

161,955

Other assets, net

190,101

223,980

Right-of-use assets - operating leases, net

22,596

23,594

Cash and cash equivalents

31,415

38,818

Restricted cash

17,374

18,081

Rents receivable, net

56,259

65,027

Assets of property held for sale

18,932

—

Total assets

4,532,655

4,837,152

Liabilities:

Mortgage and other notes payable, net

624,764

893,944

Unsecured notes payable, net

880,012

879,462

Unsecured line of credit

91,500

89,500

Accounts payable and other liabilities

222,654

273,479

Lease liabilities - operating leases

24,918

25,972

Dividends and distributions payable

28,421

28,526

Distributions in excess of income from, and investments in, unconsolidated affiliates

16,241

16,838

Liabilities of property held for sale

161

—

Total liabilities

1,888,671

2,207,721

Commitments and contingencies

Redeemable noncontrolling interests

8,457

9,113

Equity:

Acadia Shareholders' Equity

Common shares, $0.001 par value per share, authorized 200,000,000 shares, issued and outstanding 133,513,864 and 131,036,560 shares as of March 31, 2026 and December 31, 2025, respectively

134

131

Additional paid-in capital

2,755,574

2,710,651

Accumulated other comprehensive income

20,057

15,585

Distributions in excess of accumulated earnings

(498,735

)

(500,720

)

Total Acadia shareholders’ equity

2,277,030

2,225,647

Noncontrolling interests

358,497

394,671

Total equity

2,635,527

2,620,318

Total liabilities, redeemable noncontrolling interests, and equity

4,532,655

4,837,152

Acadia Realty Trust and Subsidiaries

Notes to Financial Highlights:

(1)

For additional information and analysis concerning the Company’s balance sheet and results of operations, reference is made to the Company’s quarterly supplemental disclosures for the relevant periods furnished on the Company's Current Report on Form 8-K, which is available on the SEC's website at www.sec.gov and on the Company’s website at www.acadiarealty.com.

(2)

Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common shares of the Company were exercised or converted into common shares. The effect of the conversion of units of limited partnership interest (“OP Units”) in Acadia Realty Limited Partnership, the operating partnership of the Company (the “Operating Partnership”), is not reflected in the above table; OP Units are exchangeable into common shares on a one-for-one basis. The income allocable to such OP units is allocated on the same basis and reflected as noncontrolling interests in the consolidated financial statements. As such, the assumed conversion of these OP Units would have no net impact on the determination of diluted earnings per share.

(3)

The Company considers funds from operations (“FFO”) as defined by the National Association of Real Estate Investment Trusts (“NAREIT”) and net property operating income (“NOI”) to be appropriate supplemental disclosures of operating performance for an equity REIT due to their widespread acceptance and use within the REIT and analyst communities. In addition, the Company believes that given the atypical nature of certain unusual items (as further described below), “FFO As Adjusted” is also an appropriate supplemental disclosure of operating performance. FFO, FFO As Adjusted and NOI are presented to assist investors in analyzing the performance of the Company. The Company believes they are helpful as they exclude various items included in net income (loss) that are not indicative of operating performance, such as (i) gains (losses) from sales of real estate properties; (ii) depreciation and amortization, (iii) impairment of depreciable real estate assets related to the Company’s main business and land held for the development of property, and (iv) items that management believes are not reflective of ongoing core operating results, including non-comparable revenues, expenses, gains, and losses. While these adjustments may be subject to fluctuations from period to period, with both positive and negative short-term impacts, management believes that the removal of the impacts of these items enhances our understanding of the operating performance of our properties. The Company believes that introducing a new supplemental measure beginning with fiscal year 2026 is useful for evaluating operating performance and comparing historical financial periods. The Company’s method of calculating FFO, FFO As Adjusted and NOI may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. Neither FFO nor FFO As Adjusted represent cash generated from operations as defined by generally accepted accounting principles (“GAAP”), nor are indicative of cash available to fund all cash needs, including distributions. Such measures should not be considered as an alternative to net income (loss) for the purpose of evaluating the Company’s performance or to cash flows as a measure of liquidity.

Consistent with the NAREIT definition, the Company defines FFO As net income (computed in accordance with GAAP) excluding:

gains (losses) from sales of real estate properties;

ii.

depreciation and amortization;

iii.

impairment of real estate assets related to the Company’s main business and land held for the development of property for its operating portfolio;

iv.

gains and losses from change in control; and

after adjustments for unconsolidated partnerships and joint ventures.

Also consistent with NAREIT’s definition of FFO, the Company has elected to include: the impact of the unrealized holding gains (losses) incidental to its main business, including those related to its investments in Albertsons in FFO.

FFO As Adjusted (new metric starting in 2026) begins with the NAREIT definition of FFO and adjusts FFO (or as an adjustment to the numerator within its earnings per share calculations) to take into account FFO without regard to certain unusual items including charges, income and gains that management believes are not comparable and indicative of the results of the Company’s operating real estate portfolio.

(4)

The pro-rata share of NOI is based upon the Operating Partnership’s stated ownership percentages in each venture’s operating agreement and does not include the Operating Partnership's share of NOI from unconsolidated partnerships and joint ventures within Investment Management.

EX-99.2

Filename: akr-ex99_2.htm · Sequence: 3

EX-99.2

Exhibit 99.2

Table of Contents

Section I – First Quarter 2026 Earnings Press Release

Section II – Financial & Operating Highlights

Company Information

Contact Information

Corporate Headquarters

Investor Relations

New York Stock Exchange

411 Theodore Fremd Avenue

(914) 288-8100

Symbol AKR

Suite 300

investorrelations@acadiarealty.com

Rye, NY 10580

Analyst Coverage

Bank of America / Merrill Lynch

Green Street Advisors

KeyBanc Capital Markets, Inc.

Samir Khanal

(646) 855-1497

Paulina Rojas Schmidt

(949) 640-8780

Todd Thomas

(917) 368-2286

samir.khanal@bofa.com

projasschmidt@greenstreet.com

tthomas@key.com

Citigroup - Global Markets

J.P. Morgan Securities, Inc.

Ladenburg Thalmann

Craig Mailman

(212) 816-4471

Michael W. Mueller, CFA

(212) 622-6689

Floris van Dijkum

(212) 409-2075

craig.mailman@citi.com

michael.w.mueller@jpmorgan.com

fvandijkum@ladenburg.com

Compass Point Research & Trading

Jefferies

Truist

Kenneth Billingsley

(202) 534-1393

Linda Tsai

(212) 778-8011

Anthony Hau

(212) 303-4176

kbillingsley@compasspointllc.com

ltsai@jefferies.com

anthony.hau@truist.com

Supplemental Report March 31, 2026 – 3

Highlights

(in thousands, except per share amounts and ratios)

For the three months ended March 31,

Summary Financial Results

2026

2025

REIT NOI at pro-rata share (pg 22)

$41,815

$36,730

Investment Management NOI at pro-rata share (pg 22)

$13,243

$9,618

Total NOI at pro-rata share

$55,058

$46,348

Adjusted EBITDA (pg 8) 1

$58,611

$57,129

FFO As Adjusted per diluted Common Share and Common OP Unit (pg 7)

$0.30

$0.27

NAREIT FFO per diluted Common Share and OP Unit (pg 7) 1

$0.26

$0.34

Dividends declared per Common Share and Common OP Unit (pg 7)

$0.20

Three months ended,

Summary Operating and Financial Ratios

March 31, 2026

Dec 31, 2025

Sept 30, 2025

June 30 2025

March 31, 2025

REIT Portfolio Same-property NOI % (pg 9)

5.9%

5.7%

5.4%

4.1%

Net Debt to Adjusted EBITDA (including IM debt) (pg 5)

5.5x

4.9x

5.0x

5.5x

5.7x

Fixed charge coverage ratio (annualized) (pg 8)

3.5x

4.0x

4.2x

4.3x

4.0x

As of

Outstanding Common Stock

March 31, 2026

Dec 31, 2025

Sept 30, 2025

June 30 2025

March 31, 2025

Diluted Weighted Average Common shares and units outstanding (pg 6)

139,733

139,031

138,950

138,909

129,363

Unsettled forward equity (pg 6)

12,294

14,739

12,760

2,445

Three months ended,

Transactional Activity 2

March 31, 2026

Dec 31, 2025

Sept 30, 2025

June 30 2025

March 31, 2025

REIT acquisitions (pg 11)

$78,697

$20,750

$904

$49,505

$433,796

IM acquisitions (pg 11)

$424,140

$424,400

$62,701

—

$68,207

Aggregate purchase price of acquisitions (REIT and IM) (pg 11)

$502,837

$445,150

$63,605

$49,505

$502,003

Recapitalizations (pg 11)

$504,115

Aggregate sale price of dispositions (REIT and IM) (pg 11)

$496,963

$201,540

$99,540

—

As of

Summary portfolio statistics (pro-rata)

March 31, 2026

Dec 31, 2025

Sept 30, 2025

June 30 2025

March 31, 2025

Percent leased - REIT Street and Urban (pg 32)

93.1%

91.5%

91.6%

90.8%

Percent leased - REIT Suburban (pg 32)

96.1%

96.0%

95.6%

96.2%

97.2%

Percent leased - REIT Total (pg 32)

95.3%

94.7%

94.5%

94.7%

95.5%

Economic Occupancy - REIT Street and Urban (pg 32)

91.7%

90.3%

89.5%

86.7%

86.0%

Economic Occupancy - REIT Suburban (pg 32)

95.1%

95.2%

95.1%

94.3%

93.7%

Economic Occupancy - REIT Total (pg 32)

94.1%

93.9%

93.6%

92.2%

91.7%

ABR PSF - REIT Total (pg 32)

$40.01

$39.30

$38.23

$37.78

$36.88

Current

Prior

2026 Guidance

(as of 4/28/2026)

(as of 2/10/2026)

Projected 2026 FFO As Adjusted per diluted share

$1.22 - $1.26

$1.21 - $1.25

Annual Projected Same-property NOI

5% - 9%

_____________________________

Includes approximately $8.4 million of income recognized in connection with a terminated lease in the first quarter of 2025.

Amounts reflect gross transaction value and are presented before giving effect to the Company’s pro rata ownership interest.

Supplemental Report March 31, 2026 – 4

Market Capitalization, Liquidity & Debt Ratios

(Including pro-rata share of Investment Management debt, in thousands, except per share amounts)

Total Market

Capitalization

($)

Based on Net

Debt

Equity Capitalization

Common Shares

133,514

Common Operating Partnership ("OP") Units

6,411

Combined Common Shares and OP Units 1

139,925

Share Price at March 31, 2026

19.12

Equity Capitalization - Common Shares and OP Units

2,675,359

Preferred OP Units 2

479

Total Equity Capitalization

2,675,838

64%

Debt Capitalization

Consolidated Secured Debt

624,764

Consolidated Revolving Credit

91,500

Consolidated Unsecured Notes Payable

880,012

Consolidated Principal Debt

1,596,276

Less: Net unamortized premium

(700

)

Add: Deferred financing fees

8,684

Consolidated Debt

1,604,260

Adjustment to reflect pro-rata share of debt

(38,860

)

Total Pro-Rata Debt Capitalization

1,565,400

36%

Total Market Capitalization

4,241,238

100%

Pro-Rata Liquidity

Cash, cash equivalents and restricted cash

43,340

Unsettled ATM forward equity contracts

239,225

Net debt

1,282,835

Pro-Rata EBITDA Annualized (page 8)

260,424

Pro-Rata Adjusted EBITDA Annualized (page 8)

234,444

Ratios3:

Debt + Preferred Equity (Preferred OP Units) Total Market Capitalization

Net Debt + Preferred Equity Total Market Capitalization

Net Debt/Adjusted EBITDA

5.5

_____________________________

Does not include the unsettled Common Shares sold under the Forward Equity Offerings.

Represents 188 Series A Preferred OP Units convertible into 25,067 Common OP Units multiplied by the Common Share price at quarter end.

Ratios consider our pro-rata share of debt and net debt is net of cash, cash equivalents and restricted cash and unsettled forward equity.

Supplemental Report March 31, 2026 – 5

Equity

(in thousands)

Changes in Total Outstanding Common

Weighted Average

Shares and OP Units

Diluted EPS

Diluted FFO

Common

Common OP Units

Total

Quarter

YTD

Quarter

YTD

Balance at 12/31/2025

131,037

5,421

136,458

Vesting RS and LTIPs

1,008

1,020

OP Conversions

(18

)

—

Common Shares Issued Upon Forward Settlement

2,445

—

2,445

Other

—

Balance at 3/31/2026

133,514

6,411

139,925

131,332

139,733

Forward Equity Offerings

Net Proceeds 1

Beginning balance 12/31/2025

14,739

295,461

Shares sold

—

Shares settled

(2,445

)

(55,888

)

Current-value settlement adjustments 1

—

(348

)

Ending balance as of 3/31/2026 2

12,294

239,225

_____________________________

Amounts received upon settlement are subject to customary adjustments in accordance with the forward sales contracts, which are reflected in settlement adjustments above.

Ending balance reflects the fair value of the shares unsettled as of March 31, 2026.

Supplemental Report March 31, 2026 – 6

Funds from Operations (“FFO”), FFO As Adjusted,

Adjusted Funds from Operations (“AFFO”)

(in thousands, except per share amounts)

Quarter Ended

March 31,

2026

March 31,

2025

Funds from operations ("FFO"):

Net Income attributable to Acadia

$30,477

$1,608

Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share other than Common OP Units)

35,851

31,607

Gain on disposition on real estate properties (net of noncontrolling interest share other than Common OP Units)

(30,954)

—

Impairment charges (net of noncontrolling interest share other than Common OP Units)

—

1,583

Loss on change in control (net of noncontrolling interest share other than Common OP Units)

—

9,622

Income attributable to noncontrolling interests' share in Operating Partnership

1,501

163

FFO to Common Shareholders and Common OP Unit holders - Diluted

$36,875

$44,583

Transaction and other expenses 1

4,358

526

Unrealized holding loss (gain) (net of noncontrolling interest share)

616

(1,672)

Tenant lease settlement

—

(8,309)

FFO As Adjusted to Common Shareholder and Common OP Unit holders

$41,849

$35,128

Adjusted Funds from operations ("AFFO"):

FFO

$36,875

$44,583

Unrealized holding loss (gain) (net of noncontrolling interest share)

616

(1,672)

Straight-line rent, net

(341)

Above/below-market rent

(2,562)

(2,419)

Amortization of finance costs

1,618

1,488

Above/below-market interest

(155)

(128)

Non-real estate depreciation

Stock-based compensation

6,189

2,400

Leasing commissions

(1,447)

(1,343)

Tenant improvements

(2,694)

(4,881)

Maintenance capital expenditures

(1,735)

(1,021)

AFFO to Common Shareholders and Common OP Unit holders

$36,835

$36,756

FFO per Diluted Common Share and Common OP Unit

$0.26

$0.34

FFO As Adjusted per Diluted Common Share and Common OP Unit

$0.30

$0.27

Total weighted-average diluted shares and OP Units

139,733

129,363

Additional Disclosures:

Dividends Declared (per Common Share/OP Units)

$0.20

Dividends (Shares) & Distributions (OP Units Declared)

$28,320

$27,636

FFO Payout Ratio

77%

62%

FFO As Adjusted Payout Ratio

68%

79%

AFFO Payout Ratio

77%

75%

_____________________________

Transaction and other expenses include those costs that the Company believes are not reflective of ongoing core operating results including investment transaction costs, debt extinguishment costs and employee retirement costs.

Supplemental Report March 31, 2026 – 7

EBITDA

(in thousands)

Quarter Ended

March 31,

2026

2025

Net income (loss) attributable to Acadia shareholders

30,477

1,608

Adjustments: 1

Depreciation and amortization

35,944

31,697

Interest expense

15,169

12,739

Above/below-market interest

(155

)

(128

)

Provision for income taxes

Amortization of finance costs

1,618

1,488

Noncontrolling interest - OP

1,496

EBITDA

84,591

47,596

Gain on disposition of properties

(30,954

)

—

Unrealized holding loss (gain) on investments

616

(1,672

)

Transaction and other expenses 2

4,358

—

Impairment charges

—

1,583

Loss on change in control

—

9,622

Adjusted EBITDA

58,611

57,129

Fixed-Charge Coverage Ratios

Adjusted EBITDA1 divided by:

58,611

57,129

Interest expense

15,169

12,739

Principal Amortization

1,499

1,513

Preferred Dividends3

Total Fixed Charges

16,673

14,319

Fixed-Charge Coverage Ratio - REIT Portfolio and Investment Management

3.5

4.0

EBITDA

Year to Date

Year ended

Reconciliation of EBITDA to Annualized EBITDA

March 31, 2026

December 31, 2025

Year to Date EBITDA as reported

84,591

236,728

Add: Annualized EBITDA

175,833

—

Annualized EBITDA

260,424

236,728

Year to Date Adjusted EBITDA as reported

58,611

236,728

Add: Annualized EBITDA

175,833

—

Annualized Adjusted EBITDA

234,444

236,728

Year to Date Realized gain and Promote as reported

—

14,454

Annualized Adjusted EBITDA excluding realized gains

234,444

222,274

_____________________________

These amounts represent the Company’s pro-rata share of consolidated and unconsolidated investments.

Represents preferred distributions on Preferred Operating Partnership Units

Supplemental Report March 31, 2026 – 8

Same Property Performance – REIT Portfolio1

(in thousands)

Quarter Ended March 31,

2026

2025

% Change

Summary

Minimum rents

42,371

40,002

5.9

Expense reimbursements

11,247

10,181

10.5

Other property income

1,091

1,259

(13.3

Total Revenue

54,709

51,442

6.4

Expenses

Property operating - CAM & Real estate taxes

14,406

13,398

7.5

Other property operating (Non-CAM)

1,461

1,366

7.0

Total Expenses

15,867

14,764

7.5

Same Property NOI - REIT properties

38,842

36,678

5.9

Reconciliation of Same Property NOI to REIT Portfolio NOI

NOI of Properties excluded from Same Property NOI

2,973

REIT Portfolio NOI

41,815

36,730

Other same property information

Economic Occupancy at the end of the period

94.0

91.8

Leased Occupancy at the end of the period

95.1

95.7

_____________________________

The above amounts include the pro-rata share of the Company’s REIT Portfolio consolidated and unconsolidated investments.

Supplemental Report March 31, 2026 – 9

New and Renewal Rent Spreads – REIT Portfolio1

Quarter Ended

March 31, 2026

GAAP 2

Cash 3

New Leases

Number of new leases executed

GLA

20,214

New base rent

$37.51

$34.00

Previous base rent

$25.02

$26.04

Average cost per square foot

$173.55

Weighted Average Lease Term (years)

15.0

Percentage growth in base rent

49.9 %

30.6 %

Renewal Leases

Number of renewal leases executed

GLA

162,160

New base rent

$49.90

$47.34

Expiring base rent

$41.28

$43.03

Average cost per square foot

$3.70

Weighted Average Lease Term (years)

4.9

Percentage growth in base rent

20.9 %

10.0 %

Total New and Renewal Leases

Number of new and renewal leases executed

GLA commencing

182,374

New base rent

$48.52

$45.86

Expiring base rent

$39.48

$41.15

Average cost per square foot

$22.53

Weighted Average Lease Term (years)

6.0

Percentage growth in base rent

22.9 %

11.4 %

_____________________________

Based on lease execution dates. Does not include leased square footage and costs related to first generation space and the Company's construction and/or redevelopment projects (see Development and Redevelopment Activity page of this Supplemental Report) in both new and renewal leases. Renewal leases include exercised options.

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

Rents have not been calculated on a straight-line basis. The previous (or expiring) rent reflects the amount at the time of lease expiration, while the new rent represents the amount payable at lease commencement.

(1)

Supplemental Report March 31, 2026 – 10

68-4

Transactional Activity

(in thousands)

Property Acquisitions and Dispositions

Property Name

Location

Date of

Transaction

Amount 1

Ownership % 2

Investment Management

Acadia Share

ACQUISITIONS 3

REIT Portfolio:

1045 and 1165 Madison Avenue

New York, NY

January 2026

$21,313

100%

$—

$21,313

Rhode Island Place (Strategic Add-on)

Washington D.C

March 2026

9,464

100%

—

9,464

846 W. Armitage Avenue (Strategic Add-on)

Chicago, IL

March 2026

4,440

100%

—

4,440

225 Worth Avenue

Palm Beach, FL

March 2026

43,480

100%

—

43,480

4-6 and 28 Newbury Street3

Boston, MA

April 2026

108,850

100%

—

108,850

Subtotal REIT Portfolio:

187,547

—

187,547

Investment Management:

Other Co-Investment Vehicles:

Shops at Skyview4

Queens, NY

January 2026

424,140

20%

—

84,828

TOTAL ACQUISITIONS

$611,687

$—

$272,375

RECAPITALIZATIONS

Investment Management:

Other Co-Investment Vehicles:

Atlantic Portfolio 4

Various

February 2026

$373,203

20%

—

$74,641

Avenue at West Cobb4

Marietta, GA

February 2026

62,706

20%

—

12,541

Pinewood Square4

Lake Worth, FL

March 2026

68,206

20%

—

13,641

Subtotal Investment Management:

$504,115

—

$100,823

TOTAL RECAPITALIZATIONS

DISPOSITIONS

Investment Management: 2

FUND IV:

1964 Union Street

San Francisco, CA

March 2026

$2,600

90%

$2,340

$541

650 Bald Hill Road

Warwick, RI

April 2026

20,500

90%

18,450

4,266

23,100

20,790

4,807

Fund V:

Landstown Commons

Virginia Beach, VA

January 2026

102,000

100%

102,000

20,502

Atlantic Portfolio 4

Various

February 2026

$371,863

100%

371,863

74,744

473,863

95,246

TOTAL DISPOSITIONS

$496,963

$494,653

$100,053

Structured Financing Activity

Note Description

Transaction Type

Date of

Transaction

Amount

Acadia

Shops at Skyview5

Preferred Equity

January 2026

$41,700

$33,360

Atlantic Portfolio (TPG Recapitalization)6

Preferred Equity

February 2026

27,500

22,000

$69,200

$55,360

_____________________________

Supplemental Report March 31, 2026 – 11

Notes to Transactional Activity

(in thousands)

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

Ownership percentages for those properties in Funds II, III, IV, and V within our Investment Management platform represent the respective Investment Management’s ownership, not the Company’s proportionate share.

Acquisitions that closed after March 31, 2026 do not reflect certain acquisitions costs that may be subsequently capitalized.

The difference between the acquisition amounts and the disposition amounts are due to acquisition costs, which are included in the acquisition amount only.

The Company provided a $41.7 million preferred equity investment to the venture, of which it also holds a 20% ownership interest. The transaction amount presented reflects the Company’s preferred equity investment net of the portion attributable to its ownership interest.

The Company provided a $27.5 million preferred equity investment to the venture, of which it also holds a 20% ownership interest. The transaction amount presented reflects the Company’s preferred equity investment net of the portion attributable to its ownership interest.

Supplemental Report March 31, 2026 – 12

2026 Guidance

The Company is increasing its previously issued guidance for Earnings per Share from $0.24-0.26 to $0.37-$0.39 and FFO As Adjusted from $1.21-$1.25 per share to $1.22-$1.26 per share.

The following updated guidance is based upon Acadia’s current view of market conditions and assumptions for the year ended December 31, 2026.

2026 Guidance 1

Revised

Prior

Net earnings per share attributable to Acadia

$0.37-$0.39

$0.24-$0.26

Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share other than Common OP Units)

0.95-0.97

Gain on disposition on real estate properties (net of noncontrolling interest share other than Common OP Units)

(0.22)

(0.04)

Adjustment of redeemable noncontrolling interest to estimated redemption value

0.04

—

Noncontrolling interest in Operating Partnership

0.03

NAREIT Funds from operations per share attributable to Common Shareholders and Common OP Unit holders

$1.17-$1.21

$1.18-$1.22

Adjustments to FFO:

Transaction and other expenses 2

0.05

0.03

Funds From Operations As Adjusted per share attributable to Common Shareholders and Common OP Unit holders 3

$1.22-$1.26

$1.21-$1.25

_____________________________

Totals may not foot due to rounding.

Refer to the Important Notes for the definition of FFO As Adjusted.

Supplemental Report March 31, 2026 – 13

Consolidated Statements of Operations

(in thousands)

March 31, 2026 1

Quarter

Revenues

Rental income

98,568

Other

4,424

Total revenues

102,992

Expenses

Depreciation and amortization

40,155

General and administrative

15,303

Real estate taxes

12,922

Property operating

18,249

Total expenses

86,629

Gain on disposition of properties

142,148

Operating income

158,511

Equity in losses of unconsolidated affiliates

(1,508

)

Interest income

4,788

Unrealized holding losses on investments and other

(616

)

Interest expense

(22,052

)

Income from continuing operations before income taxes

139,123

Income tax provision

(12

)

Net income

139,111

Net loss attributable to redeemable noncontrolling interests

698

Net income attributable to noncontrolling interests

(109,332

)

Net income attributable to Acadia shareholders

30,477

March 31, 2026 1

Quarter

Reconciliation of Revenues to Consolidated GAAP Revenues

Total Revenues

95,954

Straight-line rent income

166

Above/below-market rent income

3,362

Asset and property management fees

1,311

Investment management fees

2,216

Other income adjustments

(17

)

Consolidated Total GAAP Revenues

102,992

Reconciliation of Property Operating Expenses to Consolidated GAAP Property Operating Expenses

Property operating - CAM and Other

14,670

Asset and property management expense

3,526

Other

Consolidated Total GAAP Property Operating Expenses

18,249

Supplemental Report March 31, 2026 – 14

Consolidated Statements of Operations - Detail

(in thousands)

March 31, 2026 1

REIT PORTFOLIO AND INVESTMENT MANAGEMENT INCOME

Quarter

REVENUES

Minimum rents

74,284

Expense reimbursements - CAM

10,132

Expense reimbursements - Taxes

9,743

Percentage rent and other property income

1,795

Total Revenues

95,954

EXPENSES

Property operating - CAM

14,670

Real estate taxes

12,922

Asset and property management expense

3,526

Total Expenses

31,118

NET OPERATING INCOME - PROPERTIES

64,836

OTHER INCOME (EXPENSE)

Interest income

4,788

Straight-line rent income

166

Above/below-market rent income

3,362

Interest expense 2

(22,052

)

Other income

203

REIT PORTFOLIO AND INVESTMENT MANAGEMENT INCOME

51,303

FEE AND OTHER INCOME 3

Asset and property management fees

1,311

Investment management fees

2,216

Total Investment Management Fee Income

3,527

Transactional and other expenses

(273

)

Total Investment Management Fee Income and Other Transactional Expenses

3,254

Unrealized losses on investments and other

(616

)

Income tax provision

(12

)

Total Fee and Other Income

2,626

Administrative and Other Expenses

(15,303

)

Depreciation and amortization

(40,062

)

Non-real estate depreciation and amortization

(93

)

Gain on disposition of properties

142,148

Gain (loss) before equity in earnings and noncontrolling interests

140,619

Equity in losses of unconsolidated affiliates

(1,508

)

Noncontrolling interests (including redeemable noncontrolling interests)

(108,634

)

NET INCOME ATTRIBUTABLE TO ACADIA SHAREHOLDERS

30,477

Supplemental Report March 31, 2026 – 15

Statements of Operations – Pro-Rata Adjustments 7

(in thousands)

Quarter Ended March 31, 2026

REIT PORTFOLIO AND INVESTMENT MANAGEMENT INCOME

Noncontrolling

Interest in

Consolidated

Subsidiaries 4

Company’s

Interest in

Unconsolidated

Subsidiaries 5

REVENUES

Minimum rents

(23,947

)

13,148

Expense reimbursements - CAM

(4,171

)

2,284

Expense reimbursements - Taxes

(3,522

)

2,010

Percentage rent and other property income

(536

)

648

Total Revenues

(32,176

)

18,090

EXPENSES

Property operating - CAM

(5,150

)

2,681

Real estate taxes

(4,121

)

2,820

Asset and property management expense

(1,290

)

752

Total Expenses

(10,561

)

6,253

NET OPERATING INCOME - PROPERTIES

(21,615

)

11,837

OTHER INCOME (EXPENSE)

Interest income

(179

)

Straight-line rent income

(241

)

Above/below-market rent (expense) income

(1,530

)

730

Interest expense 2

10,679

(5,557

)

Other (expense) income

)

REIT PORTFOLIO AND INVESTMENT MANAGEMENT INCOME

(12,893

)

7,073

FEE AND OTHER INCOME 3

Asset and property management fees

2,279

Investment management fees

1,597

Total Investment Management Fee Income

3,876

170

Transactional and other expenses

—

Total Investment Management Fee Income and Other Transactional Expenses

3,876

170

Unrealized losses on investments and other

—

Income tax provision

(25

)

Total Fee and Other Income

3,851

165

Administrative and Other Expenses

604

(463

)

Depreciation and amortization

12,494

(8,283

)

Non-real estate depreciation and amortization

—

Loss (gain) on disposition of properties

(111,194

)

—

Gain (loss) before equity in earnings and noncontrolling interests

(107,138

)

(1,508

)

Equity in losses of unconsolidated affiliates

—

Noncontrolling interests (including redeemable noncontrolling interests) 6

(1,496

)

—

NET INCOME (LOSS) ATTRIBUTABLE TO ACADIA SHAREHOLDERS

(108,634

)

(1,508

)

Supplemental Report March 31, 2026 – 16

Balance Sheet

(in thousands)

ASSETS

Consolidated

Balance Sheet

Line Item Details:

Real estate

Buildings and improvements

3,057,952

Real estate under development (REIT):

178,050

Tenant improvements

321,489

Land

1,100,492

Summary of other assets, net:

Construction in progress

26,266

Deferred charges, net

40,517

Right-of-use assets - finance leases

61,366

Accrued interest receivable

9,028

4,567,565

Due from seller

1,654

Less: Accumulated depreciation and amortization

(979,837

)

Prepaid expenses

13,020

Operating real estate, net

3,587,728

Other receivables

3,925

Real estate under development

178,050

Income taxes receivable

1,273

Net investments in real estate

3,765,778

Corporate assets, net

550

Notes receivable, net ($2,176 of allowance for credit losses)

154,430

Deposits

10,577

Investments in and advances to unconsolidated affiliates

275,770

Derivative financial instruments

12,905

Lease intangibles, net

96,652

Total

93,449

Other assets, net

93,449

Right-of-use assets - operating leases, net

22,596

Summary of accounts payable and other liabilities:

Cash and cash equivalents

31,415

Lease liability - finance leases, net

32,287

Restricted cash

17,374

Accounts payable and accrued expenses

68,407

Straight-line rents receivable, net

40,846

Deferred income

24,663

Rents receivable, net

15,413

Tenant security deposits, escrows, and other

16,841

Assets of property held for sale

18,932

Derivative financial instruments

688

Total assets

4,532,655

Total

142,886

Liabilities:

Mortgage and other notes payable, net

624,764

Unsecured notes payable, net

880,012

Unsecured line of credit

91,500

Accounts payable and other liabilities

142,886

Lease liabilities - operating leases

24,918

Dividends and distributions payable

28,421

Lease intangibles, net

79,768

Distributions in excess of income from, and investments in, unconsolidated affiliates

16,241

Liabilities of property held for sale

161

Total liabilities

1,888,671

Commitments and contingencies

Redeemable noncontrolling interests

8,457

Equity:

Acadia Shareholders' Equity

Common shares, $0.001 par value per share, authorized 200,000,000 shares, issued and outstanding 133,513,864 and 131,036,560 shares as of March 31, 2026 and December 31, 2025, respectively

134

Additional paid-in capital

2,755,574

Accumulated other comprehensive income

20,057

Distributions in excess of accumulated earnings

(498,735

)

Total Acadia shareholders’ equity

2,277,030

Noncontrolling interests

358,497

Total equity

2,635,527

Total liabilities, redeemable noncontrolling interests, and equity

4,532,655

Supplemental Report March 31, 2026 – 17

Balance Sheet – Pro-rata Adjustments 7

(in thousands)

ASSETS

Noncontrolling

Interest in

Consolidated

Subsidiaries 4

Company’s

Interest in

Unconsolidated

Subsidiaries 5

Real estate

Buildings and improvements

(440,879

)

318,265

Tenant improvements

(33,914

)

14,632

Land

(162,498

)

123,340

Construction in progress

(3,324

)

1,907

Right-of-use assets - finance leases

(21,584

)

21,817

(662,199

)

479,961

Less: Accumulated depreciation and amortization

105,730

(62,959

)

Operating real estate, net

(556,469

)

417,002

Real estate under development

—

2,217

Net investments in real estate

(556,469

)

419,219

Notes receivable, net

52,590

55,373

Investments in and advances to unconsolidated affiliates

(21,242

)

(231,806

)

Lease intangibles, net

(18,271

)

49,714

Other assets, net

10,177

7,928

Right-of-use assets - operating leases, net

(1,127

)

—

Cash and cash equivalents

(15,376

)

9,278

Restricted cash

(2,956

)

3,605

Straight-line rents receivable, net

(6,183

)

4,554

Rents receivable, net

(4,612

)

1,621

Assets of property held for sale

(27,953

)

17,426

Total assets

(591,422

)

336,912

Liabilities:

Mortgage and other notes payable, net

(327,606

)

289,931

Unsecured notes payable, net

361

—

Unsecured line of credit

—

Accounts payable and other liabilities

(36,527

)

34,454

Lease liabilities - operating leases

(1,175

)

Dividends and distributions payable

—

Lease intangibles, net

(18,156

)

28,764

Distributions in excess of income from, and investments in, unconsolidated affiliates

—

(16,241

)

Liabilities of property held for sale

(161

)

—

Total liabilities

(383,264

)

336,912

Commitments and contingencies

Acadia Shareholders' Equity

Common shares, $0.001 par value per share, authorized 200,000,000 shares, issued and outstanding 133,513,864 and 131,036,560 shares as of March 31, 2026 and December 31, 2025, respectively

—

Additional paid-in capital

—

Accumulated other comprehensive income

—

Distributions in excess of accumulated earnings

—

Total Acadia shareholders’ equity

—

Noncontrolling interests

(208,158

)

—

Total equity

(208,158

)

—

Total liabilities, redeemable noncontrolling interests, and equity

(591,422

)

336,912

_____________________________

Supplemental Report March 31, 2026 – 18

Notes to Financial Statements

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

Net of consolidated capitalized interest of $2.2 million, or $2.1 million at the Company’s pro-rata share, for the three months ended March 31, 2026.

Refer to Fee Income Detail page in the Supplemental Report.

Noncontrolling interests represent limited partners’ interests in consolidated partnerships’ activities and redeemable noncontrolling interests.

Represents the Company’s pro-rata share of unconsolidated investments (which consists of unconsolidated REIT properties but also includes Investment Management assets that are held off-balance sheet), each of which are included on a single line presentation in the Company’s consolidated financial statements in accordance with GAAP.

This represents the income allocable to Operating Partnership Units of $1.5 million for the three months ended March 31, 2026.

The Company currently has controlling ownership interests in both (a) Investment Management (represented by Funds II, III, IV & V) and (b) non-wholly owned REIT assets. All properties which the Company is deemed to control are consolidated within the Company's financial statements.

Supplemental Report March 31, 2026 – 19

Fee Income Detail 1

(in thousands)

Fund II

Fund III

Fund IV

Fund V

Other 2

Total

Quarter Ended March 31, 2026

Asset and property management fees

—

412

1,909

1,303

3,682

Leasing, Construction, and Development fees and other

163

1,415

2,207

3,891

Total fees

575

3,324

3,510

7,573

_____________________________

Fees are shown at the Company's pro-rata share and can be derived from the Consolidated Statements of Operations - Detail and Statements of Operations - Pro-Rata Adjustments. The components of the total fee income to the Company are derived by the fees included on the Consolidated Statements of Operations and the Company's share of fees from the Noncontrolling Interests in Consolidated Subsidiaries and the Company's share of fee income from Unconsolidated Subsidiaries.

“Other” includes fees generated from non-wholly owned joint ventures (within both the REIT Portfolio and Investment Management) as well as third-party managed assets.

Supplemental Report March 31, 2026 – 20

Structured Financing Portfolio

(in thousands)

December 31, 2025

Quarter Ended March 31, 2026

Principal

Accrued

Ending

Repayments/

Current

Accrued

Ending

Stated Interest

Effective Interest

Maturity

Investment

Balance

Interest

Balance

Issuances

Conversions

Principal

Interest

Balance

Rate

Dates 1,3

First mortgage notes 1,2

59,801

3,809

63,610

—

59,801

3,809

63,610

5.99

6.52

Sept 2026

Other notes 2

149,817

24,122

173,939

55,449

—

205,266

24,122

229,388

9.47

9.60

Nov 2026 - Feb 2029

Total notes receivable

209,618

27,931

237,549

55,449

—

265,067

27,931

292,998

8.68

8.91

Reconciliation of Notes Receivable to the Pro-Rata Balance Sheet:

Total Notes Receivable per above

265,067

Allowance for credit loss 4

(2,674

)

Total pro-rata Notes Receivable

262,393

_____________________________

One note in the principal amount of $17.8 million was in default at March 31, 2026.

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

Certain first mortgage notes have extension options subject to customary conditions.

Allowance for credit loss includes the $0.5 million allowance for credit loss related to the City Point Loan which is classified as redeemable noncontrolling interests in the Company’s consolidated financial statements in accordance with GAAP.

Supplemental Report March 31, 2026 – 21

Net Asset Valuation Information

(in thousands)

REIT

FUND II 3

FUND III

FUND IV

FUND V

Other Co-Investment Vehicles 5

Acadia Ownership Percentage

N/A

80.00

24.54

23.12

20.10

5% to 20%

Current Quarter NOI

At Pro-Rata 1

Net Operating Income (loss) 2

41,815

N/A3

(11

)

657

4,204

4,938

Less:

Net operating income from properties sold or assets held for sale

—

N/A3

(153

)

(1,038

)

—

Net operating (loss) income from pre-stabilized assets, development and redevelopment projects 4

(1,527

)

N/A 3

(242

)

—

Net Operating Income of stabilized assets

40,288

N/A 3

—

262

3,166

4,938

Costs to Date (Pro-Rata)

Assets held for sale

—

N/A 3

—

Pre-stabilized assets 4

1,032,481

N/A 3

—

12,875

—

Development and redevelopment projects 6

524,400

N/A 3

8,300

27,800

—

Total Costs to Date

1,556,881

N/A 3

8,300

40,675

—

Debt (Pro-Rata)

1,189,962

103,642

—

23,165

94,378

154,253

_____________________________

This Net Asset Valuation Information page shows Acadia’s pro-rata portion of the REIT and Investment Management Net Operating Income.

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

Fund II has been substantially liquidated except for its investment in City Point. Amounts omitted as only remaining asset is City Point.

Pre-stabilized assets consist of the following projects for REIT: Route 6 Mall, 664 N. Michigan Avenue, 651-671 West Diversey, Henderson Avenue, City Center, and 1801-03 Connecticut Ave; Fund II: City Point; Fund IV: 210 Bowery, 801 Madison, and 27 E 61st Street.

Other Co-investment vehicles currently include the Company’s ownership interest in Shops at Grand Avenue, Walk at Highwoods Preserve, LINQ Promenade, Shops at Skyview, Pinewood Square, Avenue at West Cobb, and Atlantic Portfolio.

Refer to Development and Redevelopment Activity page for projects.

Supplemental Report March 31, 2026 – 22

Development and Redevelopment Activity

Acadia's Pro-rata Share (in millions)

Property

AKR Pro-rata share

Location

Estimated Stabilization

Est. Sq ft Upon Completion

Costs incurred from development / redevelopment

Total Costs to Date 2

Estimated Future Range

Estimated Total Range

REIT

Development:

Henderson Avenue Expansion 1

100.0%

Dallas, TX

2027/2028

176,000

106.7

82.3

101.2

189.0

207.9

Redevelopment:

555 9th Street

100.0%

San Francisco, CA

TBD

149,000

22.0

163.7

3.0

13.0

166.7

176.7

840 N. Michigan Avenue

94.4%

Chicago, IL

TBD

87,000

0.2

156.6

TBD

Brandywine Holdings

100.0%

Wilmington, DE

2026

138,000

4.1

28.1

6.0

8.0

34.1

36.1

Westshore Expressway

100.0%

Staten Island, NY

TBD

55,000

—

18.6

TBD

Mark Plaza

100.0%

Edwardsville, PA

TBD

107,000

—

3.7

TBD

Bedford Green

100.0%

Bedford Hills, NY

TBD

91,000

0.4

51.1

TBD

Total REIT Redevelopment

26.7

421.8

9.0

21.0

200.8

212.8

Total REIT Development and Redevelopment

133.4

528.5

91.3

122.2

389.8

420.7

INVESTMENT MANAGEMENT

Development:

FUND III

Broad Hollow Commons

24.5%

Farmingdale, NY

2026/2027

TBD

5.3

8.3

TBD

Redevelopment:

FUND IV

717 N. Michigan Avenue

23.1%

Chicago, IL

TBD

0.9

27.8

TBD

Total Investment Management Development and Redevelopment

6.2

36.1

—

Total REIT and Investment Management Development and Redevelopment

139.6

564.6

91.3

122.2

389.8

420.7

_____________________________

The Company intends to partner with Ignite-Rebees DevCo LLC, and expects to retain a controlling 95% interest.

Total costs includes the original acquisition cost of the asset. The Company is not currently capitalizing interest or carrying costs for those assets included in “Redevelopment” assets and “Fund III development” above.

Supplemental Report March 31, 2026 – 23

Development and Redevelopment Activity

Property

AKR Pro-rata share

Location

Estimated Stabilization

Est. Sq ft Upon Completion

Pre-Stabilized:

210 Bowery (Fund IV)

23.1%

New York, NY

2026

2,538

801 Madison (Fund IV)

23.1%

New York, NY

2026

2,522

27 E 61st Street (Fund IV)

23.1%

New York, NY

2026

4,177

1035 Third Avenue (Fund IV)

23.1%

New York, NY

2026

N/A

Henderson Avenue (REIT)

100.0%

Dallas, TX

2026/2027

62,000

City Center (REIT)

100.0%

San Francisco, CA

2026/2027

241,000

Route 6 Mall (REIT)

100.0%

Honesdale, PA

2026

154,000

City Point (Fund II)

80.0%

Brooklyn, NY

2026/2027

536,198

651-671 West Diversey (REIT)

100.0%

Chicago, IL

2026/2027

40,000

1801-03 Connecticut Avenue (REIT)

100.0%

Washington, D.C.

2027

10,500

Supplemental Report March 31, 2026 – 24

Portfolio Debt – Summary

(in thousands)

Acadia Pro-Rata Share of Debt 2

REIT Portfolio

Investment Management

Total

Reconciliation to Consolidated Debt as Reported

Debt Type

Principal

Balance

WA Years

Maturity 6

Principal

Balance

WA Years

Maturity 6

Principal

Balance

WA Years

Maturity 6

Swap

Notional

Adjusted

Debt Total

Interest

Rate

Add:

Noncontrolling

Interest Share

of Debt 3

Less: Pro-rata

Share of

Unconsolidated

Debt 4

Acadia

Consolidated

Debt as

Reported

Fixed-Rate Debt 1

$267,347

2.7

$21,223

1.2

$288,570

2.6

$1,069,071

$1,357,641

$123,762

$(175,933)

$1,305,470

Variable-Rate Debt 5

922,615

2.8

354,215

2.2

1,276,830

2.6

(1,069,071)

207,759

204,736

(113,705)

298,790

Total

$1,189,962

2.7

$375,438

2.1

$1,565,400

2.6

$—

$1,565,400

4.5%

$328,498

$(289,638)

1,604,260

Unamortized premium

535

700

Net unamortized loan costs

(11,567)

(8,684)

Contingent loan obligation

4,411

—

Total

$1,558,779

$1,596,276

_____________________________

Fixed-rate debt includes notional principal fixed through swap transactions. The interest rate includes the impact of swaps; refer to the Swap Interest Rate Summary page.

Represents the Company's pro-rata share of debt based on its percent ownership.

Represents the noncontrolling interest pro-rata share of consolidated partnership debt based on its percent ownership.

Represents the Company's pro-rata share of unconsolidated partnership debt based on its percent ownership.

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

Based on debt maturity date without regard to available extension options.

Supplemental Report March 31, 2026 – 25

Portfolio Debt – Detail

(in thousands)

Principal Balance at

Acadia's Pro-rata Share

Interest

Extension

Property

March 31, 2026

Percent

Amount

Rate

Maturity Date

Options

REIT PORTFOLIO

Fixed-Rate Debt

840 N. Michigan Avenue 2

$30,000

94.35%

$28,305

N/A

12/10/26

None

239 Greenwich Avenue

25,705

75.00%

19,279

4.00%

07/10/27

1x60 mos.

$20M Senior Note, Series A

20,000

100.00%

20,000

5.86%

08/21/27

None

Georgetown Portfolio (2008 Investment)

13,311

50.00%

6,656

4.72%

12/10/27

None

555 9th Street

55,000

100.00%

55,000

3.99%

01/01/28

1x24 mos.

State & Washington

19,777

100.00%

19,777

4.40%

09/05/28

None

$80M Senior Note, Series B

80,000

100.00%

80,000

5.94%

08/21/29

None

North & Kingsbury

9,328

100.00%

9,328

4.01%

11/05/29

None

151 N. State Street

11,336

100.00%

11,336

4.03%

12/01/29

None

Concord & Milwaukee

2,077

100.00%

2,077

4.40%

06/01/30

None

Gotham Plaza

28,000

49.00%

13,720

5.90%

10/05/34

None

California & Armitage

1,869

100.00%

1,869

5.89%

04/15/35

None

Sub-Total Fixed-Rate Debt

296,403

267,347

Variable-Rate Debt

Georgetown Portfolio (2016 Investment)

102,000

68.01%

69,365

SOFR+1.55%

11/06/26

2x12 mos.

Revolving Credit Facility 3

91,500

100.00%

91,500

SOFR+1.25%

04/15/28

2x6 mos.

Term Loan A-1

400,000

100.00%

400,000

SOFR+1.40%

04/15/28

2x6 mos.

Crossroads Shopping Center

75,000

49.00%

36,750

SOFR+1.95%

11/04/29

2x12 mos.

Term Loan A-2

250,000

100.00%

250,000

SOFR+1.20%

05/29/30

None

$75 Million Term Loan

75,000

100.00%

75,000

SOFR+1.20%

07/25/30

None

Sub-Total Variable-Rate Debt

993,500

922,615

Total Debt - REIT Portfolio

$1,289,903

$1,189,962

INVESTMENT MANAGEMENT

Fixed-Rate Debt

Tri-City Plaza

Fund V

$34,901

18.09%

$6,314

6.00%

04/18/26

None

650 Bald Hill Road

Fund IV

14,453

20.81%

3,007

3.75%

06/01/26

None

Shoppes at South Hills

Fund V

32,640

18.09%

5,905

5.95%

03/01/28

1x12 mos.

Broughton Street Portfolio

Fund IV

25,939

23.12%

5,997

5.62%

06/01/28

None

Sub-Total Fixed-Rate Debt

107,933

21,223

Variable-Rate Debt 1

New Towne Center

Fund V

15,640

20.10%

3,144

SOFR+2.20%

05/01/26

None

Frederick County Square

Fund V

24,268

18.09%

4,390

SOFR+2.51%

05/01/26

None

Fairlane Green

Fund V

30,863

20.10%

6,204

SOFR+2.30%

06/05/26

None

Trussville Promenade

Fund V

27,656

20.10%

5,559

SOFR+2.30%

06/15/26

None

Cypress Creek

Fund V

32,200

20.10%

6,472

SOFR+2.80%

09/01/26

1x12 mos.

Monroe Marketplace

Fund V

25,300

20.10%

5,085

SOFR+2.76%

11/12/26

None

Maple Tree Place

Fund V

47,743

20.10%

9,596

SOFR+2.85%

02/14/27

2x12 mos.

Wood Ridge Plaza

Fund V

35,934

18.09%

6,500

SOFR+2.90%

03/21/27

None

La Frontera

Fund V

55,500

18.09%

10,040

SOFR+2.61%

06/10/27

None

Family Center at Riverdale

Fund V

37,594

17.97%

6,757

SOFR+2.46%

11/01/27

None

Lincoln Commons

Fund V

33,684

20.10%

6,770

SOFR+3.10%

11/25/27

None

LINQ Promenade

IMP

175,000

15.00%

26,250

SOFR+1.75%

12/12/27

1x24 mos.

Santa Fe Plaza

Fund V

22,893

20.10%

4,601

SOFR+2.10%

12/20/27

2x12 mos.

Mohawk Commons

Fund V

38,924

18.09%

7,041

SOFR+2.00%

03/01/28

None

City Point

Fund II

137,500

75.38%

103,642

SOFR+1.90%

08/01/28

1x12 mos.

The Walk at Highwoods Preserve

IMP

20,500

20.00%

4,100

SOFR+2.50%

10/25/28

1x12 mos.

Acadia Strategic Opportunity Fund IV Term Loan

Fund IV

61,250

23.12%

14,161

SOFR+1.20%

12/09/28

None

Supplemental Report March 31, 2026 – 26

Portfolio Debt – Detail

(in thousands)

Principal Balance at

Acadia's Pro-rata Share

Interest

Extension

Property

March 31, 2026

Percent

Amount

Rate

Maturity Date

Options

Shops at Skyview

IMP

276,575

20.00%

55,315

SOFR+1.50%

01/09/29

2x12 mos.

Atlantic Portfolio

IMP

255,259

20.00%

51,052

SOFR+1.70%

02/25/29

2x12 mos.

Avenue at West Cobb

IMP

42,681

20.00%

8,536

SOFR+1.70%

02/25/29

2x12 mos.

Pinewood Square

IMP

45,000

20.00%

9,000

SOFR+1.72%

03/26/30

1x12 mos.

Sub-Total Variable-Rate Debt

1,441,964

354,215

Total Debt - Investment Management

1,549,897

375,438

Total Debt - REIT Portfolio and Investment Management

$2,839,800

$1,565,400

_____________________________

The Company has hedged a portion of its variable-rate debt with multiple variable to fixed-rate swap agreements which have various maturities (see Swap Interest Rate Summary of this Supplemental report which highlights the notional and fixed base rate). The indicated maturity for each loan reflects the contractual maturity date of the loan without regard to the expiration of the related swap agreements.

The Company makes cash payments at a stated interest rate of 6.5% on the outstanding principal balance. Following the modification of the loan in December 2023, the effective interest rate for GAAP purposes is zero.

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

Supplemental Report March 31, 2026 – 27

Future Debt Maturities 1

(in thousands)

REIT Portfolio

Contractual Debt Maturities

Acadia's Pro-Rata Share

Weighted Average2

Scheduled

Fixed

Variable

Fixed-

Variable-

Year

Amortization

Maturities

Total

Amortization

Maturities

Total

Rate Debt

2026

$2,198

$132,000

$134,198

$1,914

$28,305

$69,365

$99,584

—

1.55%

2027

5,266

57,537

62,803

4,953

45,053

—

50,006

4.91%

N/A

2028

1,901

561,862

563,763

1,867

70,362

491,500

563,729

4.10%

1.37%

2029

1,886

171,337

173,223

1,538

97,086

36,383

135,007

5.55%

1.95%

2030

253

326,597

326,850

253

1,597

325,000

326,850

4.40%

1.20%

Thereafter

1,043

28,023

29,066

1,043

13,743

—

14,786

5.90%

N/A

Total

$12,547

$1,277,356

$1,289,903

$11,568

$256,146

$922,248

$1,189,962

Investment Management

Contractual Debt Maturities

Acadia's Pro-Rata Share

Weighted Average2

Scheduled

Fixed

Variable

Fixed-

Variable-

Year

Amortization

Maturities

Total

Amortization

Maturities

Total

Rate Debt

2026

$2,636

$204,904

$207,540

$492

$9,298

$30,802

$40,592

5.27%

2.50%

2027

5,279

403,344

408,623

965

—

69,592

70,557

N/A

2.35%

2028

243

313,977

314,220

11,670

128,672

140,386

5.78%

1.85%

2029

—

574,514

—

114,903

N/A

1.60%

2030

—

45,000

—

9,000

N/A

1.72%

Thereafter

—

N/A

Total

$8,158

$1,541,739

$1,549,897

$1,501

$20,968

$352,969

$375,438

_____________________________

Does not include any applicable extension options or subsequent refinancing.

The amounts in the table reflect the all-in fixed rate for maturing debt with a fixed rate, and the spread above the applicable index (typically SOFR) on variable rate debt. The rate does not reflect the all-in rate for variable rate obligations. Refer to Swap Interest Rate Summary page for interest rate protection agreements that fix our variable rate debt.

Supplemental Report March 31, 2026 – 28

Future Debt Maturities – As Extended 1

(in thousands)

REIT Portfolio

Extended Debt Maturities 1

Acadia's Pro-Rata Share

Weighted Average2

Scheduled

Fixed

Variable

Fixed-

Variable-

Year

Amortization

Maturities

Total

Amortization

Maturities

Total

Rate Debt

2026

$2,198

$30,000

$32,198

$1,914

$28,305

$—

$30,219

—

N/A

2027

5,266

32,401

37,667

4,953

26,201

—

31,154

5.58%

N/A

2028

1,901

119,862

121,763

1,867

17,862

69,365

89,094

4.40%

1.55%

2029

1,886

588,587

590,473

1,538

97,088

491,500

590,126

5.55%

1.37%

2030

253

379,097

379,350

253

54,097

325,000

379,350

4.00%

1.20%

Thereafter

1,043

127,409

128,452

1,043

32,593

36,383

70,019

4.85%

1.95%

Total

$12,547

$1,277,356

$1,289,903

$11,568

$256,146

$922,248

$1,189,962

Investment Management

Extended Debt Maturities 1

Acadia's Pro-Rata Share

Weighted Average2

Scheduled

Fixed

Variable

Fixed-

Variable-

Year

Amortization

Maturities

Total

Amortization

Maturities

Total

Rate Debt

2026

$2,636

$172,704

$175,340

$492

$9,298

$24,330

$34,120

5.27%

2.42%

2027

5,279

189,908

195,187

965

—

35,615

36,580

N/A

2.76%

2028

243

124,618

124,861

5,997

20,932

26,973

5.62%

1.47%

2029

—

434,994

—

5,673

148,189

153,862

5.95%

1.96%

2030

—

N/A

Thereafter

—

619,515

—

123,903

N/A

1.61%

Total

$8,158

$1,541,739

$1,549,897

$1,501

$20,968

$352,969

$375,438

_____________________________

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

Supplemental Report March 31, 2026 – 29

Swap Interest Rate Summary 1

(in thousands)

Maturity

Acadia's Pro-rata

Notional Amount

Weighted Average

Fixed SOFR 2

April 2026

$11,020

2.9%

May 2026

3,144

3.5%

June 2026

6,191

1.2%

November 2026

73,517

3.9%

December 2026

5,964

4.3%

June 2027

5,020

3.4%

July 2027

125,000

2.1%

December 2027

110,050

2.6%

March 2028

57,039

3.2%

April 2028

75,000

3.3%

June 2028

50,000

2.9%

July 2028

25,000

3.4%

August 2028

50,000

3.4%

February 2029

50,000

1.4%

March 2029

59,588

3.3%

June 2029

25,000

0.5%

July 2029

25,000

0.1%

October 2029

4,100

4.6%

November 2029

36,750

3.8%

December 2029

87,688

3.4%

March 2030

9,000

3.8%

April 2030

50,000

3.1%

July 2030

125,000

2.7%

Total

$1,069,071

2.8%

_____________________________

Includes the Company's pro-rata share of consolidated and unconsolidated interest rate swaps to hedge against interest variability on REIT and Investment Management debt.

Represents the effective strike (fixed) rate on the swap, inclusive of the amortization of deferred gains/losses on terminated swaps, that the Company pays in exchange for receiving SOFR.

Supplemental Report March 31, 2026 – 30

Core Portfolio Retail Properties – Detail 1

Year

Acadia's

Gross Leasable Area (GLA)

Economic Occupancy

Leased

Occupancy

Annualized

Base Rent

ABR

Property

Acquired

Interest

Street

Anchors

Shops

Total

Street

Anchors

Shops

Total

(ABR)

PSF

Key Tenants

STREET AND URBAN RETAIL

Chicago Metro

Gold Coast and North Michigan Ave Collection (7 properties)

2011

2012

2013

100.0%

57,577

—

57,577

95.1%

—%

95.1%

$11,234,469

$205.27

Kith, Lululemon, Reformation,

Veronica Beard, St. Laurent, Brandy Melville, Mango

Clark Street and W. Diversey

Collection (4 properties)

2011

2012

100.0%

53,099

—

53,099

89.0%

—%

89.0%

100.0%

2,268,513

47.98

Starbucks, TJ Maxx,

J Crew Factory, Trader Joe's, Sephora

Halsted and Armitage

Collection (14 properties)

2011

2012

2019

2020

2026

100.0%

54,965

—

54,965

100.0%

—%

100.0%

3,428,491

62.38

Serena and Lily, Faherty,

Jenny Kayne, Warby Parker, Kiehl's, Solidcore,

Rails, Levain Bakery, Huckberry, Rothy's

North Lincoln Park Chicago

Collection (6 properties)

2011

2014

100.0%

22,125

—

27,796

49,921

27.7 %

—%

77.6%

55.5%

100.0%

1,070,710

38.68

Guitar Center, Carhartt

State and Washington

2016

100.0%

65,401

—

65,401

100.0%

—%

100.0%

2,788,546

42.64

Nordstrom Rack, Uniqlo

151 N. State Street

2016

100.0%

27,385

—

27,385

100.0%

—%

100.0%

1,573,000

57.44

Walgreens

North and Kingsbury

2016

100.0%

41,791

—

41,791

100.0%

—%

100.0%

2,023,537

48.42

Old Navy, Backcountry

Concord and Milwaukee

2016

100.0%

13,147

—

13,147

100.0%

—%

100.0%

496,419

37.76

—

California and Armitage

2016

100.0%

—

18,275

—%

82.6%

768,999

50.96

—

Roosevelt Galleria

2015

100.0%

—

37,995

—%

89.7%

825,979

24.24

Petco, Vitamin Shoppe,

Dollar Tree

Sullivan Center

2016

100.0%

176,104

—

176,104

83.8%

—%

83.8%

5,542,997

37.55

Target

511,594

—

84,066

595,660

89.6%

—%

84.1%

88.8%

89.8%

$32,021,659

$60.51

New York Metro

Soho and West Village Collection

(19 properties)

2011

2014

2019

2020

2022

2024

2025

100.0%

69,643

—

69,643

88.0%

—%

88.0%

93.0%

$20,979,385

$342.41

Reiss, Vuori, Zimmermann,

Madewell, John Varvatos

Watches of Switzerland, Frame, Theory,

Bang & Olufsen, Marine Layer, Faherty, Givenchy

Flatiron and Union Square Collection

(3 properties)

2008

2013

2025

100.0%

23,781

—

23,781

100.0%

—%

100.0%

4,858,992

204.32

Nespresso, Dr. Martens

200 West 54th Street

2007

100.0%

5,932

—

5,932

98.8%

—%

98.8%

1,643,764

280.41

—

4401 White Plains Road

2011

100.0%

—

12,964

—

12,964

—%

100.0%

—%

100.0%

625,000

48.21

Walgreens

Bartow Avenue

2005

100.0%

—

14,824

—%

100.0%

510,880

34.46

Wingstop

Greenwich and Westport Collection (4 properties)

1998

2012

2014

89.5%

39,593

—

39,593

100.0%

—%

100.0%

4,269,869

107.84

Veronica Beard, The RealReal,

Blue Mercury, Splendid, Swarovski, Watches of Switzerland

Supplemental Report March 31, 2026 – 31

Core Portfolio Retail Properties – Detail 1

Year

Acadia's

Gross Leasable Area (GLA)

Economic Occupancy

Leased

Occupancy

Annualized

Base Rent

ABR

Property

Acquired

Interest

Street

Anchors

Shops

Total

Street

Anchors

Shops

Total

(ABR)

PSF

Key Tenants

2914 Third Avenue

2006

100.0%

—

21,650

18,953

40,603

—%

100.0%

1,148,294

28.28

Planet Fitness

313-315 Bowery 2

2013

100.0%

6,600

—

6,600

100.0%

—%

100.0%

527,076

79.86

John Varvatos

120 West Broadway

2013

100.0%

13,838

—

13,838

100.0%

—%

100.0%

2,544,217

183.86

Citizens Bank, Citi Bank

2520 Flatbush Avenue

2014

100.0%

—

29,114

—%

100%

100.0%

1,297,818

44.58

Bob's Discount Furniture, Capital One

Williamsburg Bedford Avenue Collection 3

2022

100.0%

50,842

—

50,842

100.0%

—%

—

100.0%

5,860,061

115.26

Sephora, SweetGreen, Levain Bakery, Alo Yoga

Williamsburg North 6th Collection 3

(7 properties)

2024

2025

100.0%

56,015

—

56,015

95.8%

—%

—

95.8%

100.0%

7,764,266

144.68

Lululemon, Madewell, On Running, Abercrombie and Fitch, Birkenstock, Patagonia

991 Madison Avenue

2016

100.0%

6,919

—

6,919

100.0%

—%

100.0%

3,790,095

547.78

Vera Wang, Gabriela Hearst

1045 Madison Avenue

2026

100.0%

3,475

—

3,475

100.0%

—%

100.0%

648,000

186.47

Le Labo (Estee Lauder)

1165 Madison Avenue

2026

100.0%

4,399

—

4,399

100.0%

—%

100.0%

1,364,025

310.08

Todd Snyder, Swarovski

Gotham Plaza

2016

49.0 %

—

25,931

—%

75.4%

1,672,236

85.48

Bank of America,

Footlocker, Apple Bank

281,037

34,614

88,822

404,473

96.2%

100.0 %

92.8 %

95.8%

97.2%

$59,503,979

$153.63

Los Angeles Metro

8833 Beverly Blvd

2022

97.0 %

9,757

—

9,757

100.0%

—%

100.0%

$1,390,888

$142.55

Luxury Living

Melrose Place Collection

2019

100.0 %

14,000

—

14,000

100.0%

—%

100.0%

3,241,818

231.56

The Row, Chloe,

Oscar de la Renta

23,757

—

23,757

100.0%

—%

100.0%

$4,632,706

$195.00

District of Columbia Metro

1739-53 Connecticut Avenue

2012

100.0 %

11,617

—

11,617

38.9%

—%

38.9%

$318,967

$70.61

TD Bank

14th Street Collection (3 properties)

2021

100.0 %

19,077

—

19,077

76.4%

—%

76.4%

1,401,047

96.11

Verizon, Long and Foster, VSV Wine Bar, Tile Bar

Rhode Island Place

Shopping Center

2012

100.0 %

—

25,134

88,704

113,838

—%

100.0%

95.8%

96.7%

100.0%

2,625,967

23.85

Ross Dress for Less, Giant (Ahold), TD Bank

M Street and Wisconsin Corridor

(28 Properties) 4

2011

2016

2019

68.0 %

263,112

—

263,112

93.4%

—%

93.4%

95.4%

19,284,612

78.44

Lululemon, Duxiana, Reformation, Swarovski,

Alo Yoga, Aritzia, Skims, J Crew, Google, Tesla

293,806

25,134

88,704

407,644

90.2%

100.0%

95.8%

92.0%

94.2%

$23,630,593

$63.01

Boston Metro

165 Newbury Street

2016

100.0 %

1,051

—

1,051

—

—%

—

100.0%

Dallas Metro

Henderson Avenue Portfolio

(7 properties)

2022

2024

2025

100.0 %

27,887

31,635

—

59,522

68.7%

100.0%

—%

85.3%

$1,630,734

$32.11

Sprouts Farmers Market,

Warby Parker, Tecovas

Supplemental Report March 31, 2026 – 32

Core Portfolio Retail Properties – Detail 1

Year

Acadia's

Gross Leasable Area (GLA)

Economic Occupancy

Leased

Occupancy

Annualized

Base Rent

ABR

Property

Acquired

Interest

Street

Anchors

Shops

Total

Street

Anchors

Shops

Total

(ABR)

PSF

Key Tenants

South Florida Metro

225 Worth Avenue

2026

100.0%

10,118

—

10,118

100.0%

—%

100.0%

$1,920,627

$189.82

Gucci, J McLaughlin, G/FORE

Total Street and Urban Retail

1,149,250

91,383

261,592

1,502,225

91.1%

100.0%

91.0%

91.6%

93.1%

$123,340,298

$89.63

Acadia Share Total Street and Urban Retail

1,060,641

91,383

248,367

1,400,392

90.9%

100.0%

91.9%

91.7%

93.1%

$115,935,874

$90.31

SUBURBAN PROPERTIES

New Jersey

Elmwood Park Shopping Center

1998

100.0 %

—

43,531

100,457

143,988

—%

100.0%

89.4%

92.6%

97.8%

$3,489,390

$26.17

Walgreens, Lidl,

Chase Bank, City MD, Five Below

Marketplace of Absecon

1998

100.0 %

—

24,504

79,133

103,637

—%

53.9%

86.8%

79.0%

1,610,074

19.66

Walgreens, Dollar Tree, Aldi

New York

Village Commons

Shopping Center

1998

100.0 %

—

87,239

—%

88.7%

92.6%

2,782,704

35.96

Citibank, Ace Hardware

Branch Plaza

1998

100.0 %

—

76,264

47,081

123,345

—%

73.5%

89.9%

79.7%

96.1%

2,824,731

28.72

LA Fitness

Amboy Center

2005

100.0 %

—

37,266

26,106

63,372

—%

100.0%

80.8%

92.1%

2,132,557

36.53

Stop & Shop (Ahold)

Crossroads Shopping Center

1998

49.0 %

—

202,727

108,801

311,528

—%

100.0%

92.9%

97.5%

10,207,458

33.60

HomeGoods, PetSmart,

BJ's Wholesale Club, O'Reilly Auto Parts

New Loudon Center

1993

100.0 %

—

241,746

16,643

258,389

—%

95.0%

100.0%

95.3%

2,378,407

9.66

Price Chopper, Marshalls

28 Jericho Turnpike

2012

100.0 %

—

96,363

—

96,363

—%

100.0%

—%

100.0%

1,996,500

20.72

Kohl's

Connecticut

Town Line Plaza 5

1998

100.0 %

—

163,159

43,187

206,346

—%

100.0%

93.1%

98.5%

1,676,450

15.81

Wal-Mart,

Stop & Shop (Ahold)

Massachusetts

Methuen Shopping Center

1998

100.0 %

—

120,004

10,017

130,021

—%

100.0%

56.3%

96.6%

1,390,578

11.07

Wal-Mart, Market Basket

Crescent Plaza

1993

100.0 %

—

156,985

61,017

218,002

—%

100.0%

2,289,321

10.50

Home Depot, Shaw's (Albertsons)

201 Needham Street

2014

100.0 %

—

20,409

—

20,409

—%

100.0%

—%

100.0%

711,662

34.87

Michael's

163 Highland Avenue

2015

100.0 %

—

40,505

—

40,505

—%

100.0%

1,675,657

41.37

Staples, Petco

Vermont

The Gateway Shopping Center

1999

100.0 %

—

73,184

29,670

102,854

—%

100.0%

88.6%

96.7%

98.2%

2,309,789

23.22

Shaw's (Albertsons),

Starbucks

Illinois

Hobson West Plaza

1998

100.0 %

—

51,692

47,281

98,973

—%

100.0%

63.8%

82.7 %

84.0%

1,084,043

13.24

Garden Fresh Markets

Supplemental Report March 31, 2026 – 33

Core Portfolio Retail Properties – Detail 1

Year

Acadia's

Gross Leasable Area (GLA)

Economic Occupancy

Leased

Occupancy

Annualized

Base Rent

ABR

Property

Acquired

Interest

Street

Anchors

Shops

Total

Street

Anchors

Shops

Total

(ABR)

PSF

Key Tenants

Indiana

Merrillville Plaza

1998

100.0 %

—

123,144

112,782

235,926

—%

78.9%

87.1%

82.8 %

84.3%

2,966,193

15.18

Dollar Tree, TJ Maxx,

DD's Discount (Ross)

Michigan

Bloomfield Town Square

1998

100.0 %

—

153,332

81,619

234,951

—%

100.0%

100.0 %

100.0%

4,527,873

19.27

HomeGoods, TJ Maxx,

Dick's Sporting Goods, Burlington

Delaware

Town Center and Other

(1 property)

2003

100.0 %

—

707,988

21,891

729,879

—%

100.0%

45.3%

98.4 %

98.4%

12,873,687

17.93

Lowes, Dick's

Sporting Goods, Target, Crunch Fitness

Market Square Shopping Center

2003

100.0 %

—

42,850

59,197

102,047

—%

100.0%

3,533,495

34.63

Trader Joe's, TJ Maxx

Naamans Road

2006

100.0 %

—

19,865

—%

100.0%

100.0 %

100.0%

920,134

46.32

Jared Jewelers, American Red Cross

Pennsylvania

Plaza 422

1993

100.0 %

—

139,968

16,311

156,279

—%

100.0%

971,975

6.22

Home Depot

Chestnut Hill

2006

100.0 %

—

36,492

—%

79.2%

770,672

26.67

—

Abington Towne Center 6

1998

100.0 %

—

184,616

32,255

216,871

—%

100.0%

1,422,163

24.00

Target, TJ Maxx

Total Suburban Properties

—

2,700,237

1,037,044

3,737,281

—%

97.4 %

89.3 %

95.2 %

96.2 %

$66,545,513

$20.15

Acadia Share Total Suburban Properties

—

2,596,846

981,555

3,578,402

—%

97.3%

89.1%

95.1%

96.1%

$61,339,710

$19.49

Total REIT Properties

1,149,250

2,791,620

1,298,636

5,239,506

91.1%

97.5%

89.7%

94.2%

95.3%

$189,885,811

$40.59

Acadia Share Total REIT Properties

1,060,641

2,688,229

1,229,923

4,978,793

90.9%

97.4%

89.7%

94.1%

95.3%

$177,275,583

$40.01

_____________________________

Excludes properties that are under development, redevelopment or pre-stabilized. For further detail, refer to the Development and Redevelopment Activity section of this Supplemental Report. The above economic occupancy and rent figures reflects only retail spaces where leases have commenced. Leased occupancy includes both economic leases and signed leases that have not yet commenced. ABR and ABR per square foot are based solely on economic occupancy.

Represents the annual base rent paid to Acadia pursuant to a master lease and does not reflect the rent paid by the retail tenants at the property.

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% noncontrolling interest holders.

Excludes 94,000 square feet of office GLA.

Anchor GLA includes a 97,300 square foot Wal-Mart store which is not owned by the Company. This square footage has been excluded from ABR per square footage calculations.

Anchor GLA includes a 157,616 square foot Target store which is not owned by the Company. This square footage has been excluded from ABR per square footage calculations.

Supplemental Report March 31, 2026 – 34

REIT Portfolio – Top Tenants 1

(Pro-Rata Basis)

Number of

Combined

Percentage of Total 2

Tenant

Stores

GLA

ABR

GLA

ABR

Target

408,895

$8,344,905

6.7 %

4.5%

J. Crew Group 3

34,902

5,825,185

0.6 %

3.1%

Lululemon

22,589

4,631,384

0.4 %

2.5%

Dick's Sporting Goods, Inc 4

152,404

3,187,051

2.5 %

1.7%

TJX Companies 5

252,043

3,175,304

4.1 %

1.7%

PetSmart, Inc.

76,257

2,934,201

1.3 %

1.6%

Walgreens

68,393

2,887,312

1.1 %

1.5%

Trader Joe's

42,257

2,628,360

0.7 %

1.4%

Fast Retailing 6

32,013

2,579,274

0.5 %

1.4%

ALO Yoga

22,566

2,537,129

0.4 %

1.4%

Kering 7

9,644

2,361,012

0.2 %

1.3%

LVMH 8

12,669

2,167,152

0.2 %

1.2%

Royal Ahold 9

156,361

2,085,488

2.6 %

1.1%

Albertsons Companies, Inc. 10

123,409

2,061,142

2.0 %

1.1%

Bob's Discount Furniture

68,793

2,027,670

1.1 %

1.1%

Richemont 11

6,839

1,830,120

0.1 %

1.0%

Watches of Switzerland 12

13,863

1,809,177

0.2 %

1.0%

Patagonia

15,526

1,690,062

0.3 %

0.9%

Faherty

10,255

1,625,065

0.2 %

0.9%

Gap, Inc. 13

43,986

1,576,339

0.7 %

0.8%

TOTAL

1,573,664

$57,963,332

25.9%

31.2%

_____________________________

In accordance with the Company's policy of not disclosing the terms of individual leases, this list does not include tenants that operate at only one location. The following tenants with single locations that would otherwise be included in our top 20 tenants are: Vuori (106 Spring Street), Nespresso (85 5th Avenue), Mango (664 N. Michigan Avenue), Lowe's (Town Center), Kohl's (28 Jericho Turnpike), Bang & Olufsen (121 Spring Street), and Vera Wang (991 Madison Avenue).

Totals may not foot due to rounding.

Madewell (4 locations), J.Crew Factory (1 location), J. Crew (1 location)

Dick’s Sporting Goods (2 locations), Foot Locker (1 location)

TJ Maxx (6 locations), HomeGoods (2 locations), Marshalls (1 location)

Uniqlo (1 location), Theory (1 location)

Yves Saint Laurent (1 location), Gucci (1 location)

Sephora (2 locations), Lip Lab (2 locations), Givenchy (1 location)

Stop and Shop (2 locations), Giant (1 location)

10.

Shaw’s (2 locations)

11.

Watchfinder (1 location), Chloe (1 location), G/FORE (1 location)

12.

Grand Seiko (1 location), Betteridge Jewelers (1 location)

13.

Old Navy (3 locations)

Supplemental Report March 31, 2026 – 35

REIT Portfolio – Lease Expirations

(Pro-Rata Basis)

Street Tenants

Anchor Tenants

GLA

ABR

GLA

ABR

Leases

Expiring

Percent

Leases

Expiring

Percent

Year

Expiring

of Total

PSF

of Total

Expiring

of Total

PSF

of Total

M to M 1

4,054

0.4%

$84.66

0.3%

—

—%

$—

—%

2026

70,624

7.3%

141.39

9.4%

287,784

12.2%

13.37

10.3%

2027

80,204

8.3%

104.85

7.9%

95,838

4.1%

17.81

4.6%

2028

248,171

25.7%

62.44

14.6%

477,731

20.2%

12.35

15.8%

2029

65,907

6.8%

123.77

7.7%

505,783

21.4%

15.50

20.9%

2030

111,042

11.5%

104.66

11.0%

177,026

7.5%

24.70

11.7%

2031

50,844

5.3%

103.69

5.0%

232,766

9.8%

12.58

7.8%

2032

67,287

7.0%

166.29

10.6%

12,250

0.5%

21.96

0.7%

2033

95,971

10.0%

132.73

12.0%

28,881

1.2%

14.50

1.1%

2034

38,363

4.0%

168.11

6.1%

21,804

0.9%

11.25

0.7%

2035

65,233

6.8%

129.23

8.0%

276,160

11.7%

16.02

11.8%

Thereafter

66,458

6.9%

118.53

7.4%

247,563

10.5%

22.23

14.7%

Total 2

218

964,157

100.0%

$109.91

100.0%

2,363,586

100.0%

$15.85

100.0%

Anchor GLA Owned by Tenants

—

254,916

Total Vacant 2

96,484

69,727

Total Square Feet 2

1,060,641

2,688,229

Shop Tenants

Total Tenants

GLA

ABR

GLA

ABR

Leases

Expiring

Percent

Leases

Expiring

Percent

Year

Expiring

of Total

PSF

of Total

Expiring

of Total

PSF

of Total

M to M 1

6,380

0.6%

$49.52

0.9%

10,434

0.2%

$63.17

0.4%

2026

83,756

7.6%

26.45

6.5%

442,164

10.0%

36.29

9.1%

2027

139,749

12.7%

33.94

14.0%

315,791

7.1%

47.06

8.4%

2028

147,534

13.4%

35.76

15.6%

873,436

19.7%

30.54

15.0%

2029

121,926

11.1%

27.37

9.9%

693,615

15.7%

27.88

10.9%

2030

82,443

7.5%

37.34

9.1%

370,512

8.4%

51.47

10.8%

2031

95,684

8.7%

29.62

8.4%

379,294

8.6%

29.10

6.2%

2032

98,214

8.9%

33.35

9.7%

177,751

4.0%

82.89

8.3%

2033

87,328

7.9%

32.56

8.4%

212,180

4.8%

75.41

9.0%

2034

29,113

2.6%

28.60

2.5%

89,280

2.0%

84.31

4.2%

2035

105,181

9.5%

24.52

7.6%

446,574

10.1%

34.56

8.7%

Thereafter

105,872

9.6%

23.80

7.4%

419,893

9.5%

37.86

9.0%

Total 2

274

1,103,180

100.0%

$30.69

100.0%

551

4,430,924

100.0%

$40.01

100.0%

Anchor GLA Owned by Tenants

—

254,916

Total Vacant 2

126,743

292,954

Total Square Feet 2

1,229,923

4,978,793

_____________________________

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

Totals may not foot due to rounding.

Supplemental Report March 31, 2026 – 36

Fund Overview

I. KEY METRICS

Fund II

Fund III

Fund IV

Fund V

Total

General Information:

Vintage

Jun-2004

May-2007

May-2012

Aug-2016

Fund Size

472.0

Million 2

502.5

Million

540.6

Million

520.0

Million

2,035.1

Million

Acadia's Commitment

291.2

Million

123.3

Million

125.0

Million

104.5

Million

644.0

Million

Acadia's Pro-Rata Share

80.0

% 3

24.5

23.1

20.1

31.6

Acadia's Promoted Share 1

84.0

39.6

38.5

36.1

45.3

Preferred Return

8.0

6.0

6.4

Current-Quarter, Fund-Level Information:

Cumulative Contributions

559.4

Million 2

449.2

Million

506.0

Million

491.3

Million

2,005.9

Million

Cumulative Net Distributions 3

172.9

Million

616.3

Million

221.4

Million

391.1

Million

1,401.7

Million

Net Distributions/Contributions

30.9

137.2

43.8

79.6

69.9

Unfunded Commitment 4

0.0

Million

0.8

Million

24.0

Million

28.7

Million

53.5

Million

Investment Period Closes

Closed

Currently in a Promote Position? (Yes/No)

Yes

II. FEES & PRIORITY DISTRIBUTIONS EARNED BY ACADIA

Type:

Applicable to

Description

Asset Management

Fund II & III

Asset Management 5

Fund IV

0.75% of Implied Capital

Asset Management 5

Fund V

1.25% of Implied Capital

Property Management

All funds

4.0% of gross property revenues

Leasing

All funds

Market-rate leasing commissions

Construction/Project Management

All funds

Market-rate fees

Development

Fund III, IV & V

3.0% of total project costs

_____________________________

Acadia’s “Promoted Share” reflects Acadia's share of fund profits after all partners (including Acadia) have received a full return of their cumulative contributions plus their preferred return. Acadia's Promoted Share equals a 20% promote plus Acadia's pro-rata share of the remaining 80% of profits.

The additional contributions to Fund II beyond its original Fund Size reflects prior-period distributions that were re-contributed in 2016, 2020, 2021 and 2022. These funds supported the on-going redevelopment of existing Fund II investments and included an incremental $172 million of capital contributed in connection with the City Point recapitalization. City Point is the sole remaining asset in Fund II.

All returns and distributions referenced are presented net of fees and promote.

Unfunded Commitments are reserved for completing leasing and development activities at existing fund investments. These amounts may not equal the difference between Fund Size and Cumulative Contributions due to factors such as recallable distributions, the end of the investment period, or accelerated asset sales that result in released commitments.

Implied Capital refers to the Fund Size less capital allocated to investments that have been sold or released.

Supplemental Report March 31, 2026 – 37

Investment Management Retail Properties – Detail 1

Year

Gross Leasable Area

Economic Occupancy

Leased

Annualized

Property

Acquired

Ownership %

Street

Anchors

Shops

Total

Street

Anchors

Shops

Total

Occupancy

Base Rent (ABR)

ABR PSF

Key Tenants

Fund II Portfolio Detail

NEW YORK

New York

City Point 2

2007

94.2%

—

330,448

198,924

529,372

—%

100.0%

48.7%

80.7%

88.0%

$21,321,023

$49.89

Primark, Target, Sephora,

Basis Schools, Warby Parker, Just Salad

Alamo Drafthouse,

Trader Joe's, Lululemon

Total - Fund II

—

330,448

198,924

529,372

—%

100.0%

48.7%

80.7%

88.0%

$21,321,023

$49.89

Fund IV Portfolio Detail

NEW YORK

New York

801 Madison Avenue

2015

100.0%

2,522

—

2,522

—%

─

210 Bowery

2012

100.0%

2,538

—

2,538

—%

—

─

27 East 61st Street

2014

100.0%

4,177

—

4,177

—%

—

─

17 East 71st Street

2014

100.0%

8,432

—

8,432

100.0%

—%

100.0%

2,138,742

253.65

The Row

BOSTON

Massachusetts

Restaurants at Fort Point

2016

100.0%

15,711

—

15,711

9.1%

—%

9.1%

224,656

157.65

Santander Bank

NORTHEAST

Rhode Island

650 Bald Hill Road

2015

90.0%

—

55,000

105,448

160,448

—%

100.0%

77.7%

85.3%

2,092,896

15.28

Dick's Sporting Goods,

Burlington

SOUTHEAST

Georgia

Broughton Street Portfolio

(14 properties)

2014

100.0%

94,693

—

94,693

93.3%

100.0%

—%

93.3%

3,529,698

39.96

H&M, Warby Parker,

Kendra Scott, Starbucks, Lululemon

Total - Fund IV

128,073

55,000

105,448

288,521

76.7%

100.0%

77.7%

81.5%

$7,985,993

$33.96

Fund V Portfolio Detail

SOUTHWEST

New Mexico

Plaza Santa Fe

2017

100.0%

—

153,983

69,957

223,940

—%

100.0%

$4,343,255

$19.39

TJ Maxx, Best Buy,

Ross Dress for Less

Supplemental Report March 31, 2026 – 38

Investment Management Retail Properties – Detail 1

Year

Gross Leasable Area

Economic Occupancy

Leased

Annualized

Property

Acquired

Ownership %

Street

Anchors

Shops

Total

Street

Anchors

Shops

Total

Occupancy

Base Rent (ABR)

ABR PSF

Key Tenants

Texas

Wood Ridge Plaza

2022

90.0%

—

217,249

—%

84.3%

91.7%

4,726,080

25.79

Skechers, Diamonds Direct, Office Depot

La Frontera Village

2022

90.0%

—

310,762

223,679

534,441

—%

100.0%

91.3%

96.3%

99.5%

8,234,263

15.99

Kohl's, Hobby Lobby, Burlington, Marshalls

MIDWEST

Michigan

New Towne Center

2017

100.0%

—

145,389

45,141

190,530

—%

75.7%

100.0%

81.5%

100.0%

2,008,675

12.94

Kohl's, DSW

Fairlane Green

2017

100.0%

—

109,952

160,235

270,187

—%

100.0%

88.7%

93.3%

95.4%

5,049,350

20.03

TJ Maxx, Michaels, Burlington

NORTHEAST

Maryland

Frederick County (1 property)

2019

90.0%

—

90,053

146,454

236,507

—%

56.6%

93.7%

79.6%

96.1%

3,727,925

19.80

Lidl, Advance Auto, Starbucks

Connecticut

Tri-City Plaza

2019

90.0%

—

129,940

165,877

295,817

—%

100.0%

93.3%

96.2%

96.9%

4,653,324

16.35

TJ Maxx, HomeGoods, ShopRite

New York

Shoppes at South Hills

2022

90.0%

—

416,804

96,104

512,908

—%

80.7%

60.5%

77.0%

4,550,156

11.53

ShopRite,

Ashley Furniture

Mohawk Commons

2023

90.0%

—

330,874

68,324

399,198

—%

100.0%

96.4%

99.4%

5,839,574

14.72

Lowe's, Target

Pennsylvania

Monroe Marketplace

2021

100.0%

—

263,376

108,276

371,652

—%

100.0%

98.5%

99.6%

4,462,057

12.06

Kohl's, Dick's

Sporting Goods,

Giant Food

Rhode Island

Lincoln Commons

2019

100.0%

—

155,279

305,534

460,813

—%

61.4%

86.8%

78.2%

5,558,352

15.42

Stop & Shop (Ahold), Marshalls,

HomeGoods

Vermont

Maple Tree Place 3

2023

100.0%

—

246,738

150,057

396,795

—%

100.0%

91.4%

96.8%

7,529,618

19.61

Shaw's, Dick's Sporting Goods, Best Buy, Old Navy

SOUTHEAST

Florida

Cypress Creek

2023

100.0%

—

167,978

71,681

239,659

—%

93.4%

92.8%

93.2%

94.1%

4,947,531

22.15

Hobby Lobby, Total Wine, HomeGoods

Alabama

Trussville Promenade

2018

100.0%

—

366,010

97,671

463,681

—%

92.4%

82.4%

90.3%

96.3%

4,060,420

9.70

Wal-Mart, Regal Cinemas

Supplemental Report March 31, 2026 – 39

Investment Management Retail Properties – Detail 1

Year

Gross Leasable Area

Economic Occupancy

Leased

Annualized

Property

Acquired

Ownership %

Street

Anchors

Shops

Total

Street

Anchors

Shops

Total

Occupancy

Base Rent (ABR)

ABR PSF

Key Tenants

WEST

Utah

Family Center at Riverdale

2019

89.4%

—

231,895

140,513

372,408

—%

100.0%

95.3%

98.2%

4,296,577

11.74

Target, Home Goods,

Best Buy, Sierra Trading (TJX)

Total - Fund V

—

3,119,033

2,066,752

5,185,785

—%

91.9%

89.6%

90.9%

93.7%

$73,987,157

$15.69

Other Co-investment Vehicles Detail 4

NORTHEAST

New York

Shops at Grand Avenue

2024

5.0%

—

52,336

47,501

99,837

—%

100.0%

74.0%

87.6%

$3,206,092

$36.64

Stop & Shop (Ahold), Starbucks

Shops at Skyview

2026

20.0%

—

383,565

143,733

527,298

—%

100.0%

88.1%

96.8%

25,486,922

49.96

Target, BJ's Warehouse, Nike, Uniqlo, Burlington

New Jersey

Midstate

2026

20.0%

—

270,423

122,466

392,889

—%

100.0%

85.1%

95.4%

96.4%

7,382,795

19.70

ShopRite, Best Buy, DSW, PetSmart

SOUTHEAST

Florida

Walk at Highwoods Preserve

2024

20.0%

—

80,894

56,862

137,756

—%

100.0%

86.1%

94.3%

2,639,527

20.32

HomeGoods, Michaels

Pinewood Square

2025

20.0%

—

203,917

—%

96.5%

4,856,056

24.68

TJ Maxx, Ross Dress for Less, Five Below

Palm Coast Landing

2026

20.0%

—

73,241

98,480

171,721

—%

100.0%

96.4%

97.9%

3,647,675

21.69

TJ Maxx, PetSmart,

Ross Dress for Less

North Carolina

Hickory Ridge

2026

20.0%

—

266,584

113,981

380,565

—%

100.0%

87.0%

96.1%

4,714,677

12.89

Kohl's, Best Buy, Dick's Sporting Goods

Georgia

Avenue at West Cobb

2025

20.0%

—

24,025

230,421

254,446

—%

100.0%

73.3%

75.8%

4,741,005

24.59

Barnes & Noble, Warby Parker, JCrew Factory, Jim N Nicks

Canton Marketplace

2026

20.0%

—

132,569

215,397

347,966

—%

100.0%

94.9%

96.9%

6,298,932

18.69

Dick's Sporting Goods, TJ Maxx, Best Buy

Hiram Pavilion

2026

20.0%

—

192,114

171,277

363,391

—%

100.0%

5,133,688

14.13

Kohl's, HomeGoods

Supplemental Report March 31, 2026 – 40

Investment Management Retail Properties – Detail 1

Year

Gross Leasable Area

Economic Occupancy

Leased

Annualized

Property

Acquired

Ownership %

Street

Anchors

Shops

Total

Street

Anchors

Shops

Total

Occupancy

Base Rent (ABR)

ABR PSF

Key Tenants

WEST

Nevada

LINQ Promenade

2024

15.0%

—

181,498

—%

96.1%

99.3%

14,278,818

81.86

Yard House,

Brooklyn Bowl,

I Love Sugar, Starbucks,

Welcome to Las Vegas,

In-N-Out Burger, Magicians Room

California

Elk Grove Commons

2026

20.0%

—

114,015

128,063

242,078

—%

100.0%

97.3%

98.6%

100.0%

5,380,825

22.55

Kohl's, HomeGoods

Total - Other Co-investment Vehicles

—

1,589,766

1,713,596

3,303,362

—

100.0%

90.4%

95.0%

95.4%

$87,767,013

$27.96

TOTAL INVESTMENT MANAGEMENT PROPERTIES

128,073

5,094,247

4,084,720

9,307,040

76.7%

95.0%

87.6%

91.5%

93.6%

$191,061,186

$22.43

Acadia Share of Total Investment Management Properties

29,610

1,168,985

893,627

2,092,222

76.7%

95.8%

82.8%

90.0%

92.8%

$48,502,748

$25.76

_____________________________

Excludes properties currently under development. For details, refer to Development and Redevelopment Activity section of this Supplemental Report. The above economic occupancy and rent figures reflect only those retail spaces where leases have commenced. Leased occupancy includes both economic occupancy and signed leases that have not yet commenced. ABR and ABR per square foot are based on economic occupancy.

Economic occupancy excludes short-term percentage rent.

Property also includes 93,259 square feet of office space.

Ownership percentages for Fund properties reflect each Fund’s respective ownership interest, while ownership percentages for other co‑investment vehicles reflect our pro‑rata share.

Supplemental Report March 31, 2026 – 41

Investment Management Lease Expirations

(Pro-Rata Basis)

FUND II

FUND IV

GLA

ABR

GLA

ABR

Leases

Expiring

Percent

Leases

Expiring

Percent

Year

Expiring

of Total

PSF

of Total

Year

Expiring

of Total

PSF

of Total

M to M 1

—

—%

$—

—%

M to M 1

—

—%

2026

1,866

0.6%

136.40

1.6%

2026

282

0.6%

84.81

1.3%

2027

22,215

6.8%

83.39

11.4%

2027

3,477

6.8%

62.00

12.0%

2028

722

0.2%

219.00

1.0%

2028

4,563

8.9%

109.23

27.7%

2029

758

0.2%

161.53

0.8%

2029

14,941

29.2%

24.24

20.1%

2030

—

—%

—

—%

2030

664

1.3%

65.04

2.4%

2031

1,220

0.4%

128.50

1.0%

2031

931

1.8%

52.80

2.7%

2032

97,232

29.9%

12.50

7.5%

2032

19,666

38.4%

20.71

22.7%

2033

24,695

7.6%

50.47

7.7%

2033

4,874

9.5%

23.45

6.4%

2034

6,499

2.0%

110.84

4.4%

2034

1,199

2.3%

44.97

3.0%

2035

21,724

6.7%

79.08

10.6%

2035

599

1.2%

50.00

1.7%

Thereafter

147,871

45.5%

59.24

54.1%

Thereafter

—

—%

—

—%

Total 2

324,802

100.0%

$49.89

100.0%

Total 2

51,196

100.0%

$35.12

100.0%

77,521

Total Vacant 2

11,801

Total Vacant 2

402,323

Total Square Feet 2

62,997

Total Square Feet 2

FUND V

OTHER CO-INVESTMENT VEHICLES

GLA

ABR

GLA

ABR

Leases

Expiring

Percent

Leases

Expiring

Percent

Year

Expiring

of Total

PSF

of Total

Expiring

of Total

PSF

of Total

M to M 1

1,310

0.1%

$27.42

0.3%

M to M 1

—

—%

$—

0.1%

2026

64,893

7.2%

20.69

9.5%

2026

19,545

3.2%

$29.54

3.5%

2027

150,841

16.7%

13.60

14.5%

2027

74,117

12.2%

$21.41

9.7%

2028

117,834

13.1%

15.62

13.0%

2028

85,068

14.0%

$25.51

13.3%

2029

129,848

14.4%

15.49

14.2%

2029

89,365

14.7%

$28.72

15.7%

2030

152,969

17.0%

14.36

15.5%

2030

122,211

20.2%

$29.66

22.2%

2031

52,311

5.8%

15.79

5.8%

2031

41,431

6.8%

$21.11

5.3%

2032

51,481

5.7%

15.13

5.5%

2032

23,586

3.9%

$18.65

2.7%

2033

39,751

4.4%

19.00

5.3%

2033

42,226

7.0%

$18.98

4.9%

2034

62,793

7.0%

14.66

6.5%

2034

36,954

6.1%

$33.46

7.6%

2035

44,802

5.0%

16.79

5.3%

2035

20,313

3.4%

$28.54

3.5%

Thereafter

31,898

3.5%

19.77

4.5%

Thereafter

51,184

8.4%

36.95

11.6%

Total 2

411

900,730

100.0%

$15.70

100.0%

Total 2

377

606,001

100.0%

$26.99

100.0%

89,551

Total Vacant 2

30,620

Total Vacant 2

990,281

Total Square Feet 2

636,621

Total Square Feet 2

Supplemental Report March 31, 2026 – 42

Investment Management Lease Expirations

(Pro-Rata Basis)

TOTAL INVESTMENT MANAGEMENT

GLA

ABR

Leases

Expiring

Percent

Year

Expiring

of Total

PSF

of Total

M to M 1

1,310

0.1%

$34.29

0.1%

2026

86,586

4.6%

37.05

6.7%

2027

120

250,650

13.3%

25.10

13.1%

2028

128

208,187

11.1%

24.33

10.6%

2029

126

234,913

12.5%

26.06

12.8%

2030

107

275,844

14.7%

11.29

6.5%

2031

95,894

5.1%

15.35

3.1%

2032

191,965

10.2%

16.68

6.7%

2033

111,546

5.9%

30.05

7.0%

2034

107,445

5.7%

21.17

4.7%

2035

87,438

4.6%

28.59

5.2%

Thereafter

230,953

12.3%

48.85

23.5%

Total 2

849

1,882,730

100.0%

$25.76

100.0%

209,493

Total Vacant 2

2,092,222

Total Square Feet 2

_____________________________

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

Totals may not foot due to rounding.

Supplemental Report March 31, 2026 – 43

Important Notes

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

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

NON-GAAP FINANCIAL MEASURES

The Company uses certain non-GAAP performance measures, in addition to the primary GAAP presentations, as management believes these measures improve the understanding of the Company’s operational results. We continually evaluate the usefulness, relevance, limitations, and calculation of our reported non-GAAP performance measures to determine how best to provide relevant information to the investing public, and thus such reported measures are subject to change. The Company’s non-GAAP performance measures have limitations as they do not include all items of income and expense that affect operations, and accordingly, should always be considered as supplemental financial results. Additionally, the Company’s computation of non-GAAP measures may not be comparable to similarly titled non-GAAP metrics reported by other real estate investment trusts (“REITs”) or real estate companies that define these metrics differently, and, as a result, it is important to understand the manner in which the Company defines and calculates each of its non-GAAP metrics. Quantitative reconciliations of the differences between the most directly comparable GAAP financial measures and the non-GAAP financial measures presented are provided within this Supplemental package.

The following non-GAAP measures are commonly used by the Company and its investors to understand and evaluate its operating results and performance:

Funds From Operations (“FFO”): The Company considers FFO as defined by the National Association of Real Estate Investment Trusts (“NAREIT”) to be an appropriate supplemental disclosure of operating performance for an equity REIT due to its widespread acceptance and use within the REIT and analyst communities. FFO is presented to assist investors in analyzing the performance of the Company. It is helpful as it excludes various items included in net income that are not indicative of the operating performance, such as gains (or losses) from sales of property and depreciation and amortization. Consistent with the NAREIT definition, the Company defines FFO as net income (computed in accordance with GAAP), excluding (i) gains (or losses) from sales of depreciated properties; (ii) depreciation and amortization; (iii) impairment of real estate assets related to the Company’s main business and land held for the development of property for its operating portfolio; (iv) gains (losses) from change in control and (v) after adjustments for unconsolidated partnerships and joint ventures. Also consistent with NAREIT’s definition of FFO, the Company has elected to include the impact of the unrealized holding gains (losses) incidental to its main business. FFO does not represent cash generated from operations as defined by GAAP and are not indicative of cash available to fund all cash needs, including distributions, and should not be considered as an alternative to net income for the purpose of evaluating the Company’s performance or to cash flows as a measure of liquidity.

Adjusted FFO (“AFFO”): The Company also provides another supplemental disclosure of operating performance, AFFO. The Company defines AFFO as FFO adjusted for (i) straight line rent, (ii) non-real estate depreciation, (iii) stock-based compensation, (iv) amortization of finance costs and costs of management contracts, (v) tenant improvements, (vi) leasing commissions and (vii) capital expenditures.

Supplemental Report March 31, 2026 – 44

Important Notes

FFO As Adjusted: The Company believes that introducing a new supplemental measure beginning with FY 2026 is useful for evaluating operating performance and comparing historical financial periods. The Company defines FFO As Adjusted as FFO adjusted for items that management believes are not reflective of ongoing core operating results, including non-comparable revenues, expenses, gains, and losses (including impairment losses related to the Company’s investment in Fifth Wall). While these adjustments may be subject to fluctuations from period to period, with both positive and negative short-term impacts, management believes that the removal of the impacts of these items enhances our understanding of the operating performance of our properties. The Company’s method of calculating FFO As Adjusted may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

Net Operating Income (“NOI”): The Company uses NOI to make investment and capital allocation decisions and management believes NOI is useful to investors as a performance measure because, when compared across periods, NOI reflects the impact on operations from trends in occupancy rates, rental rates, operating costs, and acquisition and disposition activity on an unleveraged basis, providing perspective not immediately apparent from net income. The Company computes NOI by taking the difference between Property Revenues and Property Expenses as detailed in this reporting supplement. Management does not believe NOI is a meaningful measures for its Investment Management investments as Investment Management invests primarily in properties that typically require significant leasing and development and is primarily comprised of finite-life investment vehicles.

Same-Property: In the Company’s analysis of NOI, particularly to make comparisons of NOI between periods meaningful, it is important to provide information for properties that were in-service and owned by the Company throughout each period presented. The Company refers to properties acquired or placed in-service prior to the beginning of the earliest period presented and owned by the Company through the end of the latest period presented as “Same-Property.” “Same-Property” therefore exclude properties placed in-service, acquired, repositioned or in or held for development or redevelopment after the beginning of the earliest period presented or disposed of prior to the end of the latest period presented.

EBITDA: The Company defines EBITDA as net income (loss) attributable to Company shareholders, adjusted to exclude the impact of interest expense, income taxes, depreciation, and amortization. EBITDA is intended to represent a GAAP-based operating performance measure that isolates earnings before the effects of capital structure, tax position, and non-cash depreciation and amortization. Consistent with industry practice, the Company further adjusts GAAP net income to remove certain items that do not relate to, or are not indicative of, our core operating performance. These include above- or below-market lease amortization, gains or losses on the disposition of properties, unrealized holding gains or losses on investments, impairment charges, realized gains, and the impact of changes in control or other non-recurring items. These additional adjustments are applied after the determination of GAAP EBITDA and are included in the calculation of Adjusted EBITDA, a supplemental non-GAAP measure used in evaluating operational performance.

The Company also presents certain non-GAAP financial measures on a “Pro-Rata Share” basis. These amounts are calculated as the consolidated amount determined in accordance with GAAP, adjusted to include the Company’s proportionate share of amounts from its unconsolidated joint ventures (based on the Company’s ownership interest and, in some cases, after priority allocations), and to exclude the partners’ share of results from the Company’s consolidated joint ventures (based on the partners’ ownership percentages).

Management believes this presentation provides useful information to investors regarding the Company’s financial condition and operating results because the Company participates in several significant joint ventures. In certain cases, the Company exercises significant influence but does not control the joint venture, requiring GAAP to apply the equity method of accounting, which results in non-consolidation for financial reporting purposes. In other cases, GAAP requires consolidation even though the Company’s partner(s) hold a substantial ownership interest. Accordingly, management believes that presenting these measures on a Pro-Rata Share basis helps investors better understand the Company’s financial condition and operating performance after considering its true economic interest in these joint ventures. The Company cautions that ownership percentages used in these calculations may not fully reflect all legal and economic implications of holding an interest in a consolidated or unconsolidated joint venture, which arrangements often include varying provisions related to decision-making rights, distributions, transferability of interests, financing and guarantees, liquidations, and other matters. Accordingly, these measures should be considered supplemental and not a substitute for the Company’s GAAP financial information.

Supplemental Report March 31, 2026 – 45

Important Notes

The Company also presents certain operating metrics, such as occupancy and leased percentages, on a Pro-Rata Share basis. These amounts combine the Company’s consolidated portfolio square footage with its share of square footage from unconsolidated joint ventures (based on ownership interest), net of partners’ share from consolidated ventures.

Supplemental Report March 31, 2026 – 46

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

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Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

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Namespace Prefix:

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