Form 8-K

8-K — ACADIA REALTY TRUST

Accession: 0001193125-26-321040

Filed: 2026-07-28

Period: 2026-07-28

CIK: 0000899629

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — akr-20260728.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-20260728.htm · Sequence: 1

8-K

false000089962900008996292026-07-282026-07-28

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): July 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 July 28, 2026, Acadia Realty Trust (the “Company”) issued a press release announcing its consolidated financial results for the three and six months ended June 30, 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 three and six months ended June 30, 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 July 28, 2026

99.2

Supplemental Reporting Information as of and for the three and six months ended June 30, 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

July 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 Second Quarter 2026 Operating Results

Key Highlights for the three months ended June 30, 2026 (and subsequent to the quarter as indicated) include:

•

Second quarter GAAP net earnings of $0.05 per share (compared to $0.01 in second quarter 2025) and FFO As Adjusted of $0.31 per share (compared to $0.28 in second quarter 2025)

•

Second quarter REIT Portfolio same-property NOI increased 8.7%, driven by street retail which increased 15.6%

•

Delivered REIT Portfolio cash leasing spreads on new leases of 91% driven by street retail

•

Grew its SNO Pipeline in excess of 50% to $16.5 million (from $10.5 million at March 31, 2026) on record new leasing volume of approximately $8.9 million, of which approximately $6.5 million was from new street and urban leases

•

Completed approximately $652 million of accretive year-to-date total acquisitions, including $228 million in the REIT Portfolio, of which $149 million was completed during the second quarter to date, and $424 million in Investment Management

•

Fully funded, on a forward basis, its REIT Portfolio acquisition pipeline and its Henderson development project with a common equity issuance of approximately $200 million during the second quarter

•

Profitably disposed and recapitalized approximately $211 million and $504 million, respectively, year-to-date through the Investment Management platform, with approximately $107 million of dispositions completed during the second quarter

•

Raised full-year 2026 guidance: GAAP net earnings to $0.40-$0.41 per share (from $0.37-$0.39) and FFO As Adjusted to $1.24-$1.26 per share (from $1.22-$1.26)

RYE, NY (July 28, 2026) - Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”) today reported operating results for the quarter ended June 30, 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:

“We delivered an exceptional second quarter that reaffirms the strength of our street retail thesis, with accelerating operating fundamentals and the proven benefits of scale converging across our must-have corridors. This operating momentum gives us the confidence to again raise our full-year guidance, reflecting 10% year-over-year growth at the midpoint. Our in-place REIT Portfolio generated same-property NOI growth of 8.7% for the quarter, while record leasing activity, in both volume and rental rate, produced high double-digit spreads on new leases. We complemented this internal growth with approximately $652 million of accretive REIT and Investment Management acquisitions year-to-date, further deepening our scale on the streets where we already operate. With strong in-place performance, a fully funded acquisition and development pipeline, and the outsized returns that scale creates on our irreplaceable street retail corridors, we are confident in our ability to drive meaningful earnings growth and long-term value for shareholders.”

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 FFO 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 June 30, 2026 was $0.05. This compares with net income per share for the three months ended June 30, 2025 of $0.01. The increase was primarily due to a gain on sale of properties in 2026.

NAREIT FFO

•

NAREIT Funds From Operations (“NAREIT FFO”) for the quarter ended June 30, 2026 was $43.1 million, or $0.30 per share, as compared to $38.1 million, or $0.27 per share, for the quarter ended June 30, 2025.

FFO As Adjusted

•

FFO As Adjusted for the quarter ended June 30, 2026 was $44.7 million, or $0.31 per share, as compared to $38.7 million, or $0.28 per share, for the quarter ended June 30, 2025.

REIT Portfolio Same-Property NOI

•

Same-Property NOI grew 8.7% for the second quarter, primarily driven by 15.6% growth from the street retail portfolio. These amounts exclude developments and redevelopments.

REIT Portfolio Occupancy and Leasing Update

•

As of June 30, 2026, economic occupancy and leased occupancy increased 30 and 40 basis points to 94.4% and 95.7%, respectively, compared to 94.1% and 95.3% as of March 31, 2026.

•

For the quarter ended June 30, 2026, conforming cash leasing spreads on new leases were 91%, and 78% 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 second quarter (amounts in millions):

Balance at March 31, 2026

Commencing ABR

New Leases

Balance at June 30, 2026

REIT Portfolio (Same-property)

4.5

(2.2

)

4.1

6.4

REIT Portfolio (Development/Redevelopment/Prestabilized)

5.2

(0.2

)

2.8

7.8

Investment Management

0.8

(0.5

)

2.0

2.3

Total

10.5

(2.9

)

8.9

16.5

Transactional Activity

During the quarter ended June 30, 2026, the Company completed approximately $120 million of accretive street retail acquisitions within its REIT Portfolio, with an additional $29 million of street retail acquisitions completed subsequent to quarter end for an aggregate of $149 million.

These transactions bring year-to-date acquisition volume to $652 million, including $79 million and $424 million (approximately $85 million at the Company’s share) of REIT Portfolio and Investment Management acquisitions completed in the first quarter. All REIT Portfolio acquisitions are on streets where the Company is building or further expanding its existing scale, with a robust pipeline of potential acquisitions on those same streets.

REIT Portfolio Acquisitions

•

Boston, Massachusetts. In April 2026, the Company acquired 4-6 Newbury Street and 28 Newbury Street for an aggregate purchase price of $110 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.

•

West Hollywood, Los Angeles, California. In July 2026, the Company acquired 8800-8804 Melrose Avenue for a purchase price of $29 million, sourced in collaboration with Osiris Ventures. Located in the heart of West Hollywood’s ascendant luxury retail corridor, in close proximity to the Company’s Melrose Place portfolio, the property directly complements and expands the Company’s scale within its West Hollywood corridor. The property is leased to Jacquemus, the acclaimed French luxury fashion house.

Additionally, the site includes a parking lot that can accommodate additional retail GLA, offering embedded upside that would more than double the building’s square footage.

•

Manhattan, New York (Flatiron/Union Square). In June 2026, the Company acquired 129 Fifth Avenue, located in the Flatiron District of Manhattan for a purchase price of $10 million, further increasing its scale in a key corridor.

Investment Management Platform Dispositions

During the second quarter, the Company, through its Investment Management platform, completed the disposition of three properties for $107 million, of which the Company’s share was approximately $21 million. Details of the dispositions are discussed below. Year-to-date, the Company has disposed of a total of approximately $715 million, including recapitalizations of $504 million, of which the Company’s share was $142 million. These fund dispositions and the Fund V recapitalization (completed in the first quarter) generated a weighted average gross equity multiple of approximately 1.9x.

•

Vernon, Connecticut (Fund V). During June 2026, the Company completed the disposition of Tri-City Plaza for $62.5 million, of which the Company’s share was approximately $11.3 million.

•

Canton, Michigan (Fund V). During June 2026, the Company completed the disposition of New Towne Center for $23.5 million, of which the Company’s share was $4.7 million.

•

Warwick, Rhode Island (Fund IV). During April 2026, the Company 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:

•

During the second quarter, raised approximately $200 million from the sale of its common shares through an underwritten public offering in connection with forward sale agreements.

•

Additionally, during the second quarter, the Company settled approximately 3.8 million shares of previously issued forward equity contracts for cash proceeds of approximately $72.1 million. The Company currently has unsettled forward equity contracts to sell 17.8 million shares for aggregate net proceeds of approximately $369 million to accretively fund its REIT Portfolio acquisition pipeline and its Henderson Avenue development 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 as previously disclosed 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.

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 as discussed above, was 5.1x at June 30, 2026. Refer to the second 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 (as extended) of 2.4 %, 2.5%, and 7.1% in 2026, 2027, and 2028, respectively.

Guidance

The Company increased its full year Net Earnings, NAREIT FFO and FFO As Adjusted guidance. 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

$0.40-$0.41

$0.37-$0.39

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

0.96-0.97

0.95-0.97

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

(0.24)

(0.22)

Adjustment of redeemable noncontrolling interest to estimated redemption value

0.04

Noncontrolling interest in Operating Partnership

0.03

NAREIT FFO per share attributable to Common Shareholders and Common OP Unit Holders

$1.19-$1.21

$1.17-$1.21

Adjustments to FFO:

Transaction and other expenses 2

0.05

FFO As Adjusted per share attributable to Common Shareholders and Common OP Unit Holders 3

$1.24-$1.26

$1.22-$1.26

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 12 of this release for definitions of non-GAAP measures

Management will conduct a conference call on Wednesday, July 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, July 29, 2026

Time:

11:00 AM ET

Participant call:

Second Quarter 2026 Dial-In

Participant webcast:

Second Quarter 2026 Webcast

Webcast Listen-only and Replay:

www.acadiarealty.com/investors under Events, Presentations & Portfolio Updates

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 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 its acquisition pipeline and development activities) 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

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

Revenues

Rental

91,188

98,297

189,756

200,937

Other

4,235

2,295

8,659

4,049

Total revenues

95,423

100,592

198,415

204,986

Expenses

Depreciation and amortization

35,162

39,269

75,317

78,709

General and administrative

11,782

11,532

27,085

23,129

Real estate taxes

12,735

13,317

25,657

26,620

Property operating

17,039

17,524

35,288

35,804

Impairment charges

—

18,190

—

24,640

Total expenses

76,718

99,832

163,347

188,902

Gain on disposition of properties

3,969

—

146,117

—

Operating income

22,674

760

181,185

16,084

Equity in earnings (losses) of unconsolidated affiliates

13,929

(4,191

)

12,421

(5,904

)

Interest income

6,557

6,358

11,345

12,454

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

(33

)

(54

)

(649

)

1,567

Interest expense

(20,143

)

(23,604

)

(42,195

)

(46,851

)

Loss on change in control

—

(9,622

)

Income (loss) from continuing operations before income taxes

22,984

(20,731

)

162,107

(32,272

)

Income tax provision

(154

)

(211

)

(166

)

(327

)

Net income (loss)

22,830

(20,942

)

161,941

(32,599

)

Net loss attributable to redeemable noncontrolling interests

981

1,724

1,679

3,393

Net (income) loss attributable to noncontrolling interests

(12,773

)

21,181

(122,105

)

32,777

Net income attributable to Acadia shareholders

11,038

1,963

41,515

3,571

Less: earnings attributable to unvested participating securities

(332

)

(338

)

(665

)

(677

)

Less: adjustment of redeemable noncontrolling interests to estimated redemption value

(3,868

)

—

(5,661

)

—

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

6,838

1,625

35,189

2,894

Weighted average shares for basic earnings per share

133,627

130,981

132,444

126,182

Weighted average shares for diluted earnings per share

133,825

130,981

132,642

126,182

Net earnings per share - basic (2)

0.05

0.01

0.27

0.02

Net earnings per share - diluted (2)

0.05

0.01

0.27

0.02

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

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

Net income attributable to Acadia

11,038

1,963

41,515

3,571

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

noncontrolling interests' share other than Common OP Units)

35,113

31,665

70,964

63,272

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

—

4,185

—

5,768

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

(3,601

)

(34,555

)

Loss on change in control

—

9,622

Income attributable to Common OP Unit holders

580

108

2,076

204

Distributions - Preferred OP Units

134

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

43,135

38,074

80,010

82,657

Transaction and other expenses

1,523

152

5,881

678

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

494

649

(1,178

)

Tenant lease settlement

—

(8,309

)

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

44,691

38,720

86,540

73,848

Funds From Operations per Share - Diluted

Weighted-average shares outstanding

133,825

130,981

132,642

126,182

Weighted-average OP Units outstanding

8,543

7,672

8,424

7,828

Assumed conversion of Preferred OP Units to Common Shares

256

Weighted-average number of Common Shares and Common OP Units

142,393

138,909

141,091

134,266

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

0.30

0.27

0.57

0.62

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

0.31

0.28

0.61

0.55

Acadia Realty Trust and Subsidiaries

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

(Unaudited, Dollars in thousands)

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

Consolidated operating income

22,674

760

181,185

16,084

Add back:

General and administrative

11,782

11,532

27,085

23,129

Depreciation and amortization

35,162

39,269

75,317

78,709

Impairment charges

—

18,190

—

24,640

Gain on disposition of properties

(3,969

)

—

(146,117

)

—

Less:

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

(5,556

)

(3,194

)

(12,541

)

(5,906

)

Termination income

—

(8,366

)

Consolidated NOI

60,093

66,557

124,929

128,290

Redeemable noncontrolling interest in consolidated NOI

(1,659

)

(1,376

)

(3,499

)

(3,264

)

Noncontrolling interest in consolidated NOI

(10,244

)

(19,489

)

(25,241

)

(37,144

)

Less:

Operating Partnership's interest in Investment Management NOI included above

(4,701

)

(7,936

)

(12,243

)

(14,683

)

Add back:

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

1,641

873

2,999

2,160

REIT Portfolio NOI

45,130

38,629

86,945

75,359

Reconciliation of Same-Property NOI

(Unaudited, Dollars in thousands)

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

REIT Portfolio NOI

45,130

38,629

86,945

75,359

Less properties excluded from Same-Property NOI

(5,566

)

(2,243

)

(8,538

)

(2,295

)

Same-Property NOI

39,564

36,386

78,407

73,064

Percent change from prior year period

8.7

7.3

Components of Same-Property NOI:

Same-Property Revenues

54,573

50,560

109,283

102,002

Same-Property Operating Expenses

(15,009

)

(14,174

)

(30,876

)

(28,938

)

Same-Property NOI

39,564

36,386

78,407

73,064

Acadia Realty Trust and Subsidiaries

Condensed Consolidated Balance Sheets (1)

(Unaudited, Dollars in thousands, except shares)

As of:

June 30, 2026

December 31, 2025

Assets

Investments in real estate, at cost

Buildings and improvements

3,089,483

3,421,366

Tenant improvements

324,002

339,414

Land

1,176,836

1,147,236

Construction in progress

30,564

32,969

Right-of-use assets - finance leases

61,366

Total

4,682,251

5,002,351

Less: Accumulated depreciation and amortization

(1,004,812

)

(1,018,597

)

Operating real estate, net

3,677,439

3,983,754

Real estate under development

194,222

167,051

Net investments in real estate

3,871,661

4,150,805

Notes receivable, net ($2,180 and $1,638 of allowance for credit losses as of June 30, 2026 and December 31, 2025, respectively)

154,501

154,892

Investments in and advances to unconsolidated affiliates

263,598

161,955

Other assets, net

194,661

223,980

Right-of-use assets - operating leases, net

21,589

23,594

Cash and cash equivalents

32,960

38,818

Restricted cash

16,272

18,081

Rents receivable, net

55,430

65,027

Assets of property held for sale

6,835

—

Total assets

4,617,507

4,837,152

Liabilities:

Mortgage and other notes payable, net

480,045

893,944

Unsecured notes payable, net

1,113,650

879,462

Unsecured line of credit

43,323

89,500

Accounts payable and other liabilities

229,641

273,479

Lease liabilities - operating leases

23,852

25,972

Dividends and distributions payable

29,185

28,526

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

16,914

16,838

Total liabilities

1,936,610

2,207,721

Commitments and contingencies

Redeemable noncontrolling interests

4,499

9,113

Equity:

Common shares, $0.001 par value per share, authorized 200,000,000 shares, issued and outstanding 137,329,896 and 131,036,560 shares as of June 30, 2026 and December 31, 2025, respectively

137

131

Additional paid-in capital

2,829,749

2,710,651

Accumulated other comprehensive income

25,838

15,585

Distributions in excess of accumulated earnings

(519,027

)

(500,720

)

Total Acadia shareholders’ equity

2,336,697

2,225,647

Noncontrolling interests

339,701

394,671

Total equity

2,676,398

2,620,318

Total liabilities, redeemable noncontrolling interests, and equity

4,617,507

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’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: (i) 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 (v) 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 – Second 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

Jonathan Petersen

(212) 284-1705

Anthony Hau

(212) 303-4176

kbillingsley@compasspointllc.com

jpetersen@jefferies.com

anthony.hau@truist.com

Supplemental Report June 30, 2026 – 3

Highlights

Summary Financial Results

For the three months ended June 30,

For the six months ended June 30,

(in thousands, except per share amounts)

2026

2025

2026

2025

REIT NOI at pro-rata share (pg 22)

45,130

38,629

86,945

75,359

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

11,749

10,901

24,992

20,520

Total NOI at pro-rata share

56,879

49,530

111,937

95,879

Adjusted EBITDA (pg 8) 1

61,045

58,120

119,358

115,775

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

0.31

0.28

0.61

0.55

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

0.30

0.27

0.57

0.62

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

0.20

0.40

Three months ended,

Summary Operating and Financial Ratios

June 30, 2026

March 31, 2026

Dec 31, 2025

Sept 30, 2025

June 30, 2025

REIT Portfolio Same-property NOI % (pg 9)

8.7

5.9

5.7

5.4

4.1

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

5.1

5.5

4.9

5.0

5.5

Fixed charge coverage ratio (annualized) (pg 8)

3.8

3.5

4.0

4.2

4.1

Outstanding Common Stock

Three months ended,

(in thousands)

June 30, 2026

March 31, 2026

Dec 31, 2025

Sept 30, 2025

June 30, 2025

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

142,393

139,733

139,031

138,950

138,909

Unsettled forward equity (pg 6)

17,772

12,294

14,739

12,760

2,445

Transactional Activity 2

Three months ended,

(in thousands)

June 30, 2026

March 31, 2026

Dec 31, 2025

Sept 30, 2025

June 30, 2025

REIT acquisitions (pg 11)

119,753

78,686

20,750

904

49,505

IM acquisitions (pg 11)

—

424,140

—

62,701

—

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

119,753

502,826

20,750

63,605

49,505

Recapitalizations (pg 11)

—

504,115

—

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

106,500

476,463

201,540

99,540

—

As of

Summary portfolio statistics (pro-rata)

June 30, 2026

March 31, 2026

Dec 31, 2025

Sept 30, 2025

June 30, 2025

Percent leased - REIT Street and Urban (pg 32)

93.4

93.1

91.5

91.6

90.8

Percent leased - REIT Suburban (pg 32)

96.6

96.1

96.0

95.6

96.2

Percent leased - REIT Total (pg 32)

95.7

95.3

94.7

94.5

94.7

Economic Occupancy - REIT Street and Urban (pg 32)

91.4

91.7

90.3

89.5

86.7

Economic Occupancy - REIT Suburban (pg 32)

95.5

95.1

95.2

95.1

94.3

Economic Occupancy - REIT Total (pg 32)

94.4

94.1

93.9

93.6

92.2

ABR PSF - REIT Total (pg 32)

40.19

40.01

39.30

38.23

37.78

Current

Prior

2026 Guidance

(as of 7/28/2026)

(as of 4/28/2026)

Projected 2026 FFO As Adjusted per diluted share

$1.24 - $1.26

$1.22 - $1.26

Annual Projected Same-property NOI

5% - 9%

_____________________________

Includes approximately $8.4 million of income recognized in connection with a terminated lease for the six months ended June 30, 2025.

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

Supplemental Report June 30, 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

137,330

Common Operating Partnership ("OP") Units

6,422

Combined Common Shares and OP Units 1

143,752

Share Price at June 30, 2026

20.91

Equity Capitalization - Common Shares and OP Units

3,005,844

Preferred OP Units 2

524

Total Equity Capitalization

3,006,368

65%

Debt Capitalization

Consolidated Secured Debt

480,045

Consolidated Revolving Credit

43,323

Consolidated Unsecured Notes Payable

1,113,650

Consolidated Principal Debt

1,637,018

Less: Net unamortized premium

(474

)

Add: Deferred financing fees

15,780

Consolidated Debt

1,652,324

Adjustment to reflect pro-rata share of debt

(9,027

)

Total Pro-Rata Debt Capitalization

1,643,297

35%

Total Market Capitalization

4,649,665

100%

Pro-Rata Liquidity

Cash, cash equivalents and restricted cash

46,099

Unsettled ATM forward equity contracts

368,814

Net debt

1,228,384

Pro-Rata Adjusted EBITDA Annualized (page 8)

241,448

Ratios3:

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

Net Debt + Preferred Equity Total Market Capitalization

Net Debt/Adjusted EBITDA

5.1

_____________________________

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 June 30, 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

Vesting RS and LTIPs

OP Conversions

(26

)

—

Common Shares Issued Upon Forward Settlement

3,765

—

3,765

Other

—

Balance at 6/30/2026

137,330

6,422

143,752

133,825

132,642

142,393

141,091

Forward Equity Offerings

Net Proceeds 1

Beginning balance 3/31/2026

12,294

239,225

Shares sold

9,243

200,897

Shares settled

(3,765

)

(72,094

)

Current-value settlement adjustments 1

—

786

Ending balance as of 6/30/2026 2

17,772

368,814

_____________________________

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 June 30, 2026.

Supplemental Report June 30, 2026 – 6

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

Adjusted Funds from Operations (“AFFO”)

(in thousands, except per share amounts)

Quarter Ended

Year to Date

Quarter Ended

Year to Date

March 31,

2026

June 30,

2026

June 30,

2026

June 30,

2025

June 30,

2025

Funds from operations ("FFO"):

Net Income attributable to Acadia

$30,477

$11,038

$41,515

$1,963

$3,571

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

35,851

35,113

70,964

31,665

63,272

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

(30,954)

(3,601)

(34,555)

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

—

4,185

5,768

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

585

2,086

175

338

FFO to Common Shareholders and Common OP Unit holders - Diluted

$36,875

$43,135

$80,010

$38,074

$82,657

Transaction and other expenses 1

4,358

1,523

5,881

152

678

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

616

649

494

(1,178)

Tenant lease settlement

—

(8,309)

FFO As Adjusted to Common Shareholder and Common OP Unit holders

$41,849

$44,691

$86,540

$38,720

$73,848

Adjusted Funds from operations ("AFFO"):

FFO

$36,875

$43,135

$80,010

$38,074

$82,657

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

616

649

494

(1,178)

Realized gain

—

5,406

Straight-line rent, net

(1,086)

(1,049)

(28)

(369)

Above/below-market rent

(2,562)

(2,472)

(5,034)

(2,223)

(4,642)

Amortization of finance costs

1,618

1,705

3,323

1,502

2,990

Above/below-market interest

(155)

(310)

(133)

(261)

Non-real estate depreciation

147

173

Stock-based compensation

6,189

2,964

9,153

2,888

5,288

Leasing commissions

(1,447)

(1,754)

(3,201)

(2,456)

(3,799)

Tenant improvements

(2,694)

(3,758)

(6,452)

(10,014)

(14,895)

Maintenance capital expenditures

(1,735)

(999)

(2,734)

(1,752)

(2,773)

AFFO to Common Shareholders and Common OP Unit holders

$36,835

$37,667

$74,502

$31,841

$68,597

FFO per Diluted Common Share and Common OP Unit

$0.26

$0.30

$0.57

$0.27

$0.62

FFO As Adjusted per Diluted Common Share and Common OP Unit

$0.30

$0.31

$0.61

$0.28

$0.55

Total weighted-average diluted shares and OP Units

139,733

142,393

141,091

138,909

134,266

Additional Disclosures:

Dividends Declared (per Common Share/OP Units)

$0.20

$0.40

$0.20

$0.40

Dividends (Shares) & Distributions (OP Units Declared)

$28,320

$29,083

$57,403

$27,649

$55,285

FFO Payout Ratio

77%

67%

72%

73%

67%

FFO As Adjusted Payout Ratio

68%

65%

66%

71%

75%

AFFO Payout Ratio

77%

87%

81%

_____________________________

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 June 30, 2026 – 7

EBITDA

(in thousands)

Quarter Ended

Year to Date

June 30,

2026

2025

2026

2025

Net income attributable to Acadia shareholders

11,038

1,963

41,515

3,571

Adjustments: 1

Depreciation and amortization

35,167

31,748

71,111

63,445

Interest expense

14,650

12,491

29,521

25,230

Above/below-market interest

(155

)

(133

)

(310

)

(261

)

Provision for income taxes

132

118

174

214

Amortization of finance costs

1,705

1,502

3,323

2,990

Noncontrolling interest - OP

553

108

2,049

204

EBITDA

63,090

47,797

147,383

95,393

(Gain) loss on disposition of properties

(3,601

)

(34,555

)

Unrealized holding loss (gain) on investments

494

649

(1,178

)

Realized gain

—

5,406

—

5,406

Transaction and other expenses 2

1,523

152

5,881

678

Impairment charges

—

4,185

—

5,768

Loss on change in control

—

9,622

Adjusted EBITDA

61,045

58,120

119,358

115,775

Fixed-Charge Coverage Ratios

Adjusted EBITDA1 divided by:

61,045

58,120

119,358

115,775

Interest expense

14,650

12,491

29,521

25,230

Principal Amortization

1,354

1,560

2,853

3,022

Preferred Dividends3

134

Total Fixed Charges

16,009

14,118

32,384

28,386

Fixed-Charge Coverage Ratio - REIT Portfolio and Investment Management

3.8

4.1

3.7

4.1

EBITDA

Year to Date

Year ended

Reconciliation of EBITDA to Annualized EBITDA

June 30, 2026

December 31, 2025

Year to Date Adjusted EBITDA as reported

119,358

236,728

Add: Estimated adjusted EBITDA (Q2 baseline)

122,090

—

Annualized Adjusted EBITDA

241,448

236,728

Year to Date Realized gain and Promote as reported

—

(14,454

)

Annualized Adjusted EBITDA excluding realized gains

241,448

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 June 30, 2026 – 8

Same Property Performance – REIT Portfolio1

(in thousands)

Quarter Ended June 30,

Year to Date June 30,

2026

2025

% Change

2026

2025

% Change

Summary

Minimum rents

43,467

40,086

8.4

85,839

80,088

7.2

Expense reimbursements

10,386

9,796

6.0

21,633

19,977

8.3

Other property income

720

678

6.2

1,811

1,937

(6.5

Total Revenue

54,573

50,560

7.9

109,283

102,002

7.1

Expenses

Property operating - CAM & Real estate taxes

13,231

12,678

4.4

27,637

26,076

6.0

Other property operating (Non-CAM)

1,778

1,496

18.9

3,239

2,862

13.2

Total Expenses

15,009

14,174

5.9

30,876

28,938

6.7

Same Property NOI - REIT properties

39,564

36,386

8.7

78,407

73,064

7.3

Reconciliation of Same Property NOI to REIT Portfolio NOI

NOI of Properties excluded from Same Property NOI

5,566

2,243

8,538

2,295

REIT Portfolio NOI

45,130

38,629

86,945

75,359

Other same property information

Economic Occupancy at the end of the period

94.1

92.1

Leased Occupancy at the end of the period

95.5

94.7

_____________________________

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

Supplemental Report June 30, 2026 – 9

New and Renewal Rent Spreads – REIT Portfolio1

Quarter Ended

Year to Date

March 31, 2026

June 30, 2026

GAAP 2

Cash 3

GAAP 2

Cash 3

GAAP 2

Cash 3

New Leases

Number of new leases executed

GLA

20,214

9,614

29,828

New base rent

$37.51

$34.00

$383.87

$345.87

$149.15

$134.52

Previous base rent

$25.02

$26.04

$179.11

$180.76

$74.69

$75.91

Average cost per square foot

$173.55

$260.43

$201.55

Weighted Average Lease Term (years)

15.0

8.2

12.8

Percentage growth in base rent

49.9 %

30.6 %

114.3 %

91.3 %

99.7 %

77.2 %

Renewal Leases

Number of renewal leases executed

GLA

162,160

9,144

171,304

New base rent

$49.90

$47.34

$36.02

$34.73

$49.16

$46.67

Expiring base rent

$41.28

$43.03

$33.74

$34.09

$40.88

$42.56

Average cost per square foot

$3.70

$2.01

$3.61

Weighted Average Lease Term (years)

4.9

3.6

4.8

Percentage growth in base rent

20.9 %

10.0 %

6.8 %

1.9 %

20.3 %

9.7 %

Total New and Renewal Leases

Number of new and renewal leases executed

GLA commencing

182,374

18,758

201,132

New base rent

$48.52

$45.86

$214.30

$194.20

$63.99

$59.70

Expiring base rent

$39.48

$41.15

$108.25

$109.26

$45.89

$47.51

Average cost per square foot

$22.53

$134.46

$32.96

Weighted Average Lease Term (years)

6.0

Percentage growth in base rent

22.9 %

11.4%

98.0 %

77.7%

39.4 %

25.7 %

_____________________________

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 June 30, 2026 – 10

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

43,469

100%

—

43,469

4-6 and 28 Newbury Street

Boston, MA

April 2026

110,154

100%

—

110,154

129 5th Avenue

New York, NY

June 2026

9,599

100%

—

9,599

8800-8804 Melrose Avenue 3

West Hollywood, CA

July 2026

29,000

100%

—

29,000

Subtotal REIT Portfolio:

227,439

—

227,439

Investment Management:

Other Co-Investment Vehicles:

Shops at Skyview4

Queens, NY

January 2026

424,140

20%

—

84,828

TOTAL ACQUISITIONS

$651,579

$—

$312,267

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

New Towne Center

Canton, MI

June 2026

23,500

100%

23,500

4,724

Tri-City Plaza

Vernon, CT

June 2026

62,500

90%

56,250

11,306

559,863

553,613

111,276

TOTAL DISPOSITIONS

$582,963

$574,403

$116,083

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

City Point Loan 7

Acquisition

June 2026

—

58,471

$69,200

$113,831

_____________________________

Supplemental Report June 30, 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 June 30, 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.

During the three months ended June 30, 2026, the Company acquired the remaining interests of the other Fund II investors in City Point for total consideration of $67.1 million, comprised of the assumption of the remaining investors’ portion of the City Point Loan and accrued interest balance of $58.5 million and a cash payment of $8.6 million, increasing its ownership in Fund II from 80% to 100%. Refer to Note 10 in the Company’s 10-Q for the period ended June 30, 2026.

Supplemental Report June 30, 2026 – 12

2026 Guidance

2026 Guidance 1

Revised

Prior

Net earnings per share attributable to Acadia

$0.40-$0.41

$0.37-$0.39

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

0.96-0.97

0.95-0.97

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

(0.24)

(0.22)

Adjustment of redeemable noncontrolling interest to estimated redemption value

0.04

Noncontrolling interest in Operating Partnership

0.03

NAREIT FFO per share attributable to Common Shareholders and Common OP Unit Holders

$1.19-$1.21

$1.17-$1.21

Adjustments to FFO:

Transaction and other expenses 2

0.05

FFO As Adjusted per share attributable to Common Shareholders and Common OP Unit Holders 3

$1.24-$1.26

$1.22-$1.26

_____________________________

Totals may not foot due to rounding.

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

Supplemental Report June 30, 2026 – 13

Consolidated Statements of Operations

(in thousands)

June 30, 2026 1

Quarter

Year to Date

Revenues

Rental income

91,188

189,756

Other

4,235

8,659

Total revenues

95,423

198,415

Expenses

Depreciation and amortization

35,162

75,317

General and administrative

11,782

27,085

Real estate taxes

12,735

25,657

Property operating

17,039

35,288

Total expenses

76,718

163,347

Gain on disposition of properties

3,969

146,117

Operating income

22,674

181,185

Equity in earnings of unconsolidated affiliates

13,929

12,421

Interest income

6,557

11,345

Unrealized holding losses on investments and other

(33

)

(649

)

Interest expense

(20,143

)

(42,195

)

Income from continuing operations before income taxes

22,984

162,107

Income tax provision

(154

)

(166

)

Net income

22,830

161,941

Net loss attributable to redeemable noncontrolling interests

981

1,679

Net income attributable to noncontrolling interests

(12,773

)

(122,105

)

Net income attributable to Acadia shareholders

11,038

41,515

June 30, 2026 1

Quarter

Year to Date

Reconciliation of Revenues to Consolidated GAAP Revenues

Total Revenues

88,995

184,949

Straight-line rent income

1,104

1,270

Above/below-market rent income

2,112

5,474

Asset and property management fees

2,052

3,363

Investment management fees

961

3,177

Other income adjustments

199

182

Consolidated Total GAAP Revenues

95,423

198,415

Reconciliation of Property Operating Expenses to Consolidated GAAP Property Operating Expenses

Property operating - CAM and Other

12,243

26,913

Asset and property management expense

3,924

7,450

Other

872

925

Consolidated Total GAAP Property Operating Expenses

17,039

35,288

Supplemental Report June 30, 2026 – 14

Consolidated Statements of Operations - Detail

(in thousands)

June 30, 2026 1

REIT PORTFOLIO AND INVESTMENT MANAGEMENT INCOME

Quarter

Year to Date

REVENUES

Minimum rents

69,680

143,964

Expense reimbursements - CAM

9,482

19,614

Expense reimbursements - Taxes

8,519

18,262

Percentage rent and other property income

1,314

3,109

Total Revenues

88,995

184,949

EXPENSES

Property operating - CAM

12,243

26,913

Real estate taxes

12,735

25,657

Asset and property management expense

3,924

7,450

Total Expenses

28,902

60,020

NET OPERATING INCOME - PROPERTIES

60,093

124,929

OTHER INCOME (EXPENSE)

Interest income

6,557

11,345

Straight-line rent income

1,104

1,270

Above/below-market rent income

2,112

5,474

Interest expense 2

(19,507

)

(41,559

)

Other income

214

417

REIT PORTFOLIO AND INVESTMENT MANAGEMENT INCOME

50,573

101,876

FEE AND OTHER INCOME 3

Asset and property management fees

2,052

3,363

Investment management fees

961

3,177

Total Investment Management Fee Income

3,013

6,540

Transactional and other expenses

(1,523

)

(1,796

)

Total Investment Management Fee Income and Other Transactional Expenses

1,490

4,744

Unrealized losses on investments and other

(33

)

(649

)

Income tax provision

(154

)

(166

)

Total Fee and Other Income

1,303

3,929

Administrative and Other Expenses

(11,782

)

(27,085

)

Depreciation and amortization

(35,108

)

(75,170

)

Non-real estate depreciation and amortization

(54

)

(147

)

Gain on disposition of properties

3,969

146,117

Gain (loss) before equity in earnings and noncontrolling interests

8,901

149,520

Equity in earnings of unconsolidated affiliates

13,929

12,421

Noncontrolling interests (including redeemable noncontrolling interests)

(11,792

)

(120,426

)

NET INCOME ATTRIBUTABLE TO ACADIA SHAREHOLDERS

11,038

41,515

Supplemental Report June 30, 2026 – 15

Statements of Operations – Pro-Rata Adjustments 7

(in thousands)

Quarter Ended June 30, 2026

Year to Date June 30, 2026

REIT PORTFOLIO AND INVESTMENT MANAGEMENT INCOME

Noncontrolling

Interest in

Consolidated

Subsidiaries 4

Company’s

Interest in

Unconsolidated

Subsidiaries 5

Noncontrolling

Interest in

Consolidated

Subsidiaries 4

Company’s

Interest in

Unconsolidated

Subsidiaries 5

REVENUES

Minimum rents

(18,491

)

13,940

(42,438

)

27,088

Expense reimbursements - CAM

(4,204

)

2,688

(8,375

)

4,972

Expense reimbursements - Taxes

(2,597

)

2,140

(6,119

)

4,150

Percentage rent and other property income

(465

)

867

(1,001

)

1,515

Total Revenues

(25,757

)

19,635

(57,933

)

37,725

EXPENSES

Property operating - CAM

(4,779

)

3,047

(9,929

)

5,728

Real estate taxes

(3,525

)

2,816

(7,646

)

5,636

Asset and property management expense

(1,385

)

918

(2,675

)

1,670

Total Expenses

(9,689

)

6,781

(20,250

)

13,034

NET OPERATING INCOME - PROPERTIES

(16,068

)

12,854

(37,683

)

24,691

OTHER INCOME (EXPENSE)

Interest income

(32

)

(211

)

Straight-line rent income

(263

)

245

(504

)

283

Above/below-market rent (expense) income

(497

)

857

(2,027

)

1,587

Interest expense 2

8,703

(5,994

)

19,382

(11,551

)

Other (expense) income

(179

)

114

(186

)

120

REIT PORTFOLIO AND INVESTMENT MANAGEMENT INCOME

(8,336

)

8,083

(21,229

)

15,156

FEE AND OTHER INCOME 3

Asset and property management fees

1,663

3,942

167

Investment management fees

1,142

106

2,739

184

Total Investment Management Fee Income

2,805

181

6,681

351

Transactional and other expenses

—

Total Investment Management Fee Income and Other Transactional Expenses

2,805

181

6,681

351

Unrealized losses on investments and other

—

Income tax provision

)

(10

)

Total Fee and Other Income

2,832

176

6,683

341

Administrative and Other Expenses

574

(266

)

1,178

(729

)

Depreciation and amortization

9,275

(9,280

)

21,769

(17,563

)

Non-real estate depreciation and amortization

—

Loss (gain) on disposition of properties

(15,584

)

15,216

(126,778

)

15,216

Gain (loss) before equity in earnings and noncontrolling interests

(11,239

)

13,929

(118,377

)

12,421

Equity in earnings of unconsolidated affiliates

—

Noncontrolling interests (including redeemable noncontrolling interests) 6

(553

)

—

(2,049

)

—

NET INCOME (LOSS) ATTRIBUTABLE TO ACADIA SHAREHOLDERS

(11,792

)

13,929

(120,426

)

12,421

Supplemental Report June 30, 2026 – 16

Balance Sheet

(in thousands)

ASSETS

Consolidated

Balance Sheet

Line Item Details:

Real estate

Buildings and improvements

3,089,483

Real estate under development (REIT):

194,222

Tenant improvements

324,002

Land

1,176,836

Summary of other assets, net:

Construction in progress

30,564

Deferred charges, net

45,786

Right-of-use assets - finance leases

61,366

Accrued interest receivable

9,190

4,682,251

Due from seller

1,367

Less: Accumulated depreciation and amortization

(1,004,812

)

Prepaid expenses

13,826

Operating real estate, net

3,677,439

Other receivables

3,323

Real estate under development

194,222

Income taxes receivable

503

Net investments in real estate

3,871,661

Corporate assets, net

604

Notes receivable, net ($2,180 of allowance for credit losses)

154,501

Deposits

1,709

Investments in and advances to unconsolidated affiliates

263,598

Derivative financial instruments

18,407

Lease intangibles, net

99,946

Total

94,715

Other assets, net

94,715

Right-of-use assets - operating leases, net

21,589

Summary of accounts payable and other liabilities:

Cash and cash equivalents

32,960

Lease liability - finance leases, net

32,494

Restricted cash

16,272

Accounts payable and accrued expenses

72,936

Straight-line rents receivable, net

40,988

Deferred income

25,748

Rents receivable, net

14,442

Tenant security deposits, escrows, and other

14,951

Assets of property held for sale

6,835

Derivative financial instruments

323

Total assets

4,617,507

Total

146,452

Liabilities:

Mortgage and other notes payable, net

480,045

Unsecured notes payable, net

1,113,650

Unsecured line of credit

43,323

Accounts payable and other liabilities

146,452

Lease liabilities - operating leases

23,852

Dividends and distributions payable

29,185

Lease intangibles, net

83,189

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

16,914

Total liabilities

1,936,610

Commitments and contingencies

Redeemable noncontrolling interests

4,499

Equity:

Common shares, $0.001 par value per share, authorized 200,000,000 shares, issued and outstanding 137,329,896

137

Additional paid-in capital

2,829,749

Accumulated other comprehensive income

25,838

Distributions in excess of accumulated earnings

(519,027

)

Total Acadia shareholders’ equity

2,336,697

Noncontrolling interests

339,701

Total equity

2,676,398

Total liabilities, redeemable noncontrolling interests, and equity

4,617,507

Supplemental Report June 30, 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

(328,076

)

329,312

Tenant improvements

(22,962

)

14,728

Land

(161,738

)

123,745

Construction in progress

(2,834

)

2,809

Right-of-use assets - finance leases

(20,508

)

21,768

(536,118

)

492,362

Less: Accumulated depreciation and amortization

79,538

(70,311

)

Operating real estate, net

(456,580

)

422,051

Real estate under development

(5,553

)

2,217

Net investments in real estate

(462,133

)

424,268

Notes receivable, net

18,276

55,373

Investments in and advances to unconsolidated affiliates

(17,679

)

(229,807

)

Lease intangibles, net

(16,698

)

46,081

Other assets, net

(5,061

)

8,316

Right-of-use assets - operating leases, net

(1,032

)

—

Cash and cash equivalents

(14,706

)

9,723

Restricted cash

(2,142

)

3,992

Straight-line rents receivable, net

(5,048

)

5,121

Rents receivable, net

(3,713

)

1,855

Assets of property held for sale

(5,255

)

—

Total assets

(515,191

)

324,922

Liabilities:

Mortgage and other notes payable, net

(287,869

)

279,417

Unsecured notes payable, net

328

—

Unsecured line of credit

—

Accounts payable and other liabilities

(31,680

)

34,442

Lease liabilities - operating leases

(1,075

)

Dividends and distributions payable

—

Lease intangibles, net

(17,845

)

27,975

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

—

(16,914

)

Total liabilities

(338,141

)

324,922

Commitments and contingencies

Acadia Shareholders' Equity

Common shares, $0.001 par value per share, authorized 200,000,000 shares, issued and outstanding 137,329,896

—

Additional paid-in capital

—

Accumulated other comprehensive income

—

Distributions in excess of accumulated earnings

—

Total Acadia shareholders’ equity

—

Noncontrolling interests

(177,050

)

—

Total equity

(177,050

)

—

Total liabilities, redeemable noncontrolling interests, and equity

(515,191

)

324,922

_____________________________

Supplemental Report June 30, 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 and $4.3 million for the three and six months ended June 30, 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 $0.6 million and $2.1 million for the three and six months ended June 30, 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 June 30, 2026 – 19

Fee Income Detail 1

(in thousands)

Fund II

Fund III

Fund IV

Fund V

Other 2

Total

Year to Date June 30, 2026

Asset and property management fees

110

—

775

3,240

3,347

7,472

Leasing, Construction, and Development fees

135

361

2,406

3,155

6,100

Total fees

153

135

1,136

5,646

6,502

13,572

Quarter Ended June 30, 2026

Asset and property management fees

—

363

1,331

2,044

3,790

Leasing, Construction, and Development fees and other

198

991

948

2,209

Total fees

561

2,322

2,992

5,999

_____________________________

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 June 30, 2026 – 20

Structured Financing Portfolio

(in thousands)

March 31, 2026

Quarter Ended June 30, 2026

Principal

Accrued

Ending

Repayments/

Current

Accrued

Ending

Stated Interest

Effective Interest

Maturity

Investment

Balance

Interest

Balance

Issuances

Conversions 5

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 3, 4

205,266

24,122

229,388

(34,817

)

170,523

4,582

175,105

8.54

8.71

Nov 2026 - Feb 2029

Total notes receivable

265,067

27,931

292,998

(34,817

)

230,324

8,391

238,715

7.88

8.14

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

Total Notes Receivable per above

230,324

Allowance for credit loss

(2,174

)

Total pro-rata Notes Receivable

228,150

_____________________________

One note in the principal amount of $17.8 million was in default at June 30, 2026.

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

One note receivable with a principal balance of $5.0 million was placed on non-accrual status as of June 30, 2026, as the Company no longer considered the collection of contractual interest to be probable.

Includes a preferred equity investment (accounted for as a note receivable) and a mezzanine loan with an aggregate carrying value of approximately $82.5 million as of June 30, 2026. Interest payments were current through June 30, 2026 utilizing reserves established in a prior restructuring. The remaining reserves were insufficient to fund the full July 2026 interest payment, resulting in a default, and the Company is evaluating a restructuring with the borrowers.

During the second quarter, the Company acquired the remaining interests of the other Fund II investors in City Point. Following the transaction, the Company owns 100% of Fund II. Refer to the Transactional Activity page and Footnote 10 in the Company’s 10-Q for the period ended June 30, 2026.

Supplemental Report June 30, 2026 – 21

Net Asset Valuation Information

(in thousands)

REIT

FUND III

FUND IV

FUND V

Other Co-Investment Vehicles 5

Acadia Ownership Percentage 3

N/A

24.54

23.12

20.10

5% to 20%

Current Quarter NOI

At Pro-Rata 1

Net Operating Income (loss) 2

45,130

(13

)

320

3,129

4,681

Less:

Net operating income from properties sold or assets held for sale

—

(15

)

(83

)

—

(Income) loss from pre-stabilized assets 3

(2,264

)

—

(Income) loss from development and redevelopment projects 4

399

(82

)

—

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

(1,865

)

—

(42

)

—

Net Operating Income of stabilized assets

43,265

—

263

3,046

4,681

Costs to Date (Pro-Rata)

Assets held for sale

—

1,585

—

Pre-stabilized assets 4

350,650

—

8,269

—

Development and redevelopment projects 6

548,600

8,300

27,800

—

Total Costs to Date

899,250

8,300

37,654

—

Debt (Pro-Rata)

1,253,649

—

18,077

86,693

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, 651-671 West Diversey, Henderson Avenue, City Center, 1801-03 Connecticut Avenue and 129 5th Avenue; Fund II: City Point; Fund IV: 210 Bowery, 801 Madison, 27 E 61st Street, and 1035 Third Avenue.

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 June 30, 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 Expansion¹

95%

Dallas, TX

2027/2028

176,000

125.1

74.9

99.9

200.0

225.0

Redevelopment:

555 9th Street

100.0%

San Francisco, CA

TBD

149,000

23.5

165.2

10.0

20.0

175.2

185.2

840 N. Michigan Avenue

94.4%

Chicago, IL

TBD

87,000

0.2

156.6

TBD

Brandywine Holdings

100.0%

Wilmington, DE

2028

138,000

4.3

28.3

5.8

8.5

34.1

36.8

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

28.4

423.5

15.8

28.5

209.3

222.0

Total REIT Development and Redevelopment

153.5

548.6

90.7

128.4

409.3

447.0

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

159.7

584.7

90.7

128.4

409.3

447.0

_____________________________

As previously announced, the Company partnered with Ignite-Rebees DevCo LLC, and retained a 95% controlling interest in certain development projects. Ignite-Rebees DevCo LLC share of the Total Costs to Date is approximately $5.8 million and Estimated Total Range is $9.3 million to $10.2 million, which is reflected in the table above.

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 June 30, 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

City Point (Fund II)

95.0%

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

129 5th Avenue (REIT)

100.0%

New York, NY

2027

9,000

Supplemental Report June 30, 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

$266,716

2.4

$11,885

1.8

$278,601

2.4

$1,064,951

$1,343,552

$127,159

$(186,071)

$1,284,640

Variable-Rate Debt 5

986,933

4.1

377,763

2.0

1,364,696

3.5

(1,064,951)

299,745

162,086

(94,147)

367,684

Total

$1,253,649

3.8

$389,648

2.0

$1,643,297

3.3

$—

$1,643,297

4.3%

$289,245

$(280,218)

1,652,324

Unamortized premium

380

474

Net unamortized loan costs

(17,818)

(15,780)

Contingent loan obligation

3,035

—

Total

$1,628,894

$1,637,018

_____________________________

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 June 30, 2026 – 25

Portfolio Debt – Detail

(in thousands)

Principal Balance at

Acadia's Pro-rata Share

Interest

Extension

Property

June 30, 2026

Percent

Amount

Rate

Maturity Date

Options

REIT PORTFOLIO

Fixed-Rate Debt

840 N. Michigan Avenue 2

$30,000

94.35%

$28,305

—

12/10/26

None

239 Greenwich Avenue

25,596

75.00%

19,197

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)

13,180

50.00%

6,590

4.72%

12/10/27

None

555 9th Street

55,000

100.00%

55,000

3.99%

01/01/28

1x24 mos.

State & Washington

19,588

100.00%

19,588

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

9,199

100.00%

9,199

4.01%

11/05/29

None

151 N. State Street

11,234

100.00%

11,234

4.03%

12/01/29

None

Concord & Milwaukee

2,050

100.00%

2,050

4.40%

06/01/30

None

Gotham Plaza

28,000

49.00%

13,720

5.90%

10/05/34

None

California & Armitage

1,833

100.00%

1,833

5.89%

04/15/35

None

Sub-Total Fixed-Rate Debt

295,680

266,716

Variable-Rate Debt

Georgetown Portfolio (2016 Investment)

102,000

68.00%

69,360

SOFR+1.55%

11/06/26

2x12 mos.

Crossroads Shopping Center

75,000

49.00%

36,750

SOFR+1.95%

11/04/29

2x12 mos.

Revolving Credit Facility 3

43,323

100.00%

43,323

SOFR+1.00%

04/17/30

2x6 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

Term Loan A-1

512,500

100.00%

512,500

SOFR+1.15%

04/17/31

None

Sub-Total Variable-Rate Debt

1,057,823

986,933

Total Debt - REIT Portfolio

$1,353,503

$1,253,649

INVESTMENT MANAGEMENT

Fixed-Rate Debt

Shoppes at South Hills

Fund V

$32,546

18.09%

$5,888

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

58,485

11,885

Variable-Rate Debt 1

Fairlane Green

Fund V

30,716

20.10%

6,174

SOFR+1.95%

12/05/26

1x6 mos.

Trussville Promenade

Fund V

27,565

20.10%

5,542

SOFR+1.95%

12/15/26

1x6 mos.

Wood Ridge Plaza

Fund V

35,849

18.09%

6,485

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

37,425

17.97%

6,726

SOFR+2.46%

11/01/27

None

Frederick County Square

Fund V

24,561

18.09%

4,443

SOFR+1.90%

11/01/27

None

Lincoln Commons

Fund V

33,537

20.10%

6,741

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

38,801

18.09%

7,019

SOFR+2.00%

03/01/28

None

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

52,250

23.12%

12,080

SOFR+1.20%

12/09/28

None

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.

Maple Tree Place

Fund V

52,400

20.10%

10,532

SOFR+2.00%

05/08/29

None

Supplemental Report June 30, 2026 – 26

Portfolio Debt – Detail

(in thousands)

Principal Balance at

Acadia's Pro-rata Share

Interest

Extension

Property

June 30, 2026

Percent

Amount

Rate

Maturity Date

Options

Cypress Creek

Fund V

32,200

20.10%

6,472

SOFR+1.40%

06/24/29

2x12 mos.

Pinewood Square

IMP

45,000

20.00%

9,000

SOFR+1.72%

03/26/30

1x12 mos.

Monroe Marketplace

Fund V

30,000

20.10%

6,030

SOFR+1.75%

04/29/30

None

Term Loan A-3

IMP

137,500

95.00%

130,625

SOFR+1.15%

04/17/31

None

Sub-Total Variable-Rate Debt

1,426,212

377,763

Total Debt - Investment Management

1,484,697

389,648

Total Debt - REIT Portfolio and Investment Management

$2,838,200

$1,643,297

_____________________________

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 June 30, 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

$1,476

$132,000

$133,476

$1,285

$28,305

$69,360

$98,950

—

1.55%

2027

5,267

57,537

62,804

4,954

45,053

—

50,007

4.92%

N/A

2028

1,900

70,362

72,262

1,866

70,362

—

72,228

4.10%

N/A

2029

1,884

171,338

173,222

1,536

97,086

36,383

135,005

5.55%

1.95%

2030

253

369,920

370,173

253

1,597

368,323

370,173

4.40%

1.18%

Thereafter

1,043

540,523

541,566

1,043

13,743

512,500

527,286

5.90%

1.15%

Total

$11,823

$1,341,680

$1,353,503

$10,937

$256,146

$986,566

$1,253,649

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

$2,126

$57,903

$60,029

$398

$—

$11,639

$12,037

N/A

1.95%

2027

5,677

379,528

385,205

1,037

—

64,324

65,361

N/A

2.24%

2028

242

167,606

167,848

11,681

22,962

34,687

5.78%

1.67%

2029

—

659,115

—

131,908

N/A

1.63%

2030

—

75,000

—

15,030

N/A

1.73%

Thereafter

—

137,500

—

130,625

N/A

1.15%

Total

$8,045

$1,476,652

$1,484,697

$1,479

$11,681

$376,488

$389,648

_____________________________

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 June 30, 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

$1,476

$30,000

$31,476

$1,285

$28,305

$—

$29,590

—

N/A

2027

5,267

32,401

37,668

4,954

26,201

—

31,155

5.58%

N/A

2028

1,900

119,862

121,762

1,866

17,862

69,360

89,088

4.40%

1.55%

2029

1,884

97,088

98,972

1,536

97,086

—

98,622

5.55%

N/A

2030

253

379,097

379,350

253

54,097

325,000

379,350

4.00%

1.20%

Thereafter

1,043

683,232

684,275

1,043

32,595

592,206

625,844

4.85%

1.19%

Total

$11,823

$1,341,680

$1,353,503

$10,937

$256,146

$986,566

$1,253,649

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

$2,126

$—

$2,126

$398

$—

$398

N/A

2027

5,677

239,538

245,215

1,037

—

45,111

46,148

N/A

2.47%

2028

242

115,685

115,927

5,997

18,863

24,904

5.62%

1.49%

2029

—

302,214

—

5,684

45,484

51,168

5.95%

1.91%

2030

—

30,000

—

6,030

N/A

1.75%

Thereafter

—

789,215

—

261,000

N/A

1.38%

Total

$8,045

$1,476,652

$1,484,697

$1,479

$11,681

$376,488

$389,648

_____________________________

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

Supplemental Report June 30, 2026 – 29

Swap Interest Rate Summary 1

(in thousands)

Maturity

Acadia's Pro-rata

Notional Amount

Weighted Average

Fixed SOFR 2

November 2026

$73,517

3.9%

December 2026

5,949

4.3%

June 2027

5,020

1.1%

July 2027

125,000

2.1%

December 2027

110,050

2.6%

March 2028

57,007

2.8%

April 2028

75,000

3.3%

June 2028

50,000

3.5%

July 2028

24,998

3.4%

August 2028

50,000

2.8%

February 2029

50,000

1.4%

March 2029

59,588

3.3%

June 2029

31,472

1.2%

July 2029

25,000

0.1%

October 2029

4,100

3.7%

November 2029

36,750

3.8%

December 2029

97,500

3.4%

March 2030

9,000

3.8%

April 2030

50,000

3.1%

July 2030

125,000

2.7%

Total

$1,064,951

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 June 30, 2026 – 30

REIT 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

11,259,617

205.73

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

87.2

—

87.2

98.2

2,227,054

48.10

Starbucks, TJ Maxx,

J Crew Factory, Trader Joe's, Sephora (LVMH)

Halsted and Armitage

Collection (14 properties)

2011

2012

2019

2020

2026

100.0%

54,965

—

54,965

96.1

—

96.1

100.0

3,259,150

61.73

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

1,074,442

38.81

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 (Fast Retailing)

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

2,047,607

49.00

Old Navy (Gap), Backcountry

Concord and Milwaukee

2016

100.0%

13,147

—

13,147

100.0

—

100.0

499,257

37.97

California and Armitage

2016

100.0%

—

18,275

—

82.6

793,750

52.60

Roosevelt Galleria

2015

100.0%

—

37,995

—

74.0

84.3

677,229

24.08

Petco, Dollar Tree

Sullivan Center

2016

100.0%

176,104

—

176,104

83.8

—

83.8

5,542,996

37.55

Target

511,594

—

84,066

595,660

89.0

—

77.1

87.3

89.3

31,742,648

61.03

New York Metro

Soho and West Village Collection

(19 properties)

2011

2014

2019

2020

2022

2024

2025

100.0%

69,643

—

69,643

89.4

—

89.4

93.1

21,939,694

352.26

Givenchy (LVMH), Vuori, Zimmermann, Watches of Switzerland, Watchfinder (Richemont), Theory (Fast Retailing), Bang & Olufsen, Veronica Beard, Frame Denim, Madewell (J.Crew)

Flatiron and Union Square Collection

(3 properties)

2008

2013

2025

100.0%

23,781

—

23,781

100.0

—

100.0

4,891,141

205.67

Nespresso, Dr. Martens

200 West 54th Street

2007

100.0%

5,862

—

5,862

100.0

—

100.0

1,658,655

282.95

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

512,408

34.57

Wingstop

Greenwich and Westport Collection (4 properties)

1998

2012

2014

89.5%

39,593

—

39,593

100.0

—

100.0

4,394,875

111.00

Veronica Beard, The RealReal,

Blue Mercury, Splendid, Swarovski, Watches of Switzerland

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

2,553,577

184.53

Citizens Bank, Citi Bank

2520 Flatbush Avenue

2014

100.0%

—

29,114

—

100.0

1,304,463

44.81

Bob's Discount Furniture, Capital One

Williamsburg Bedford Avenue Collection 3

2022

100.0%

50,842

—

50,842

100.0

—

100.0

5,887,117

115.79

Sephora (LVMH), 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 (J. Crew), 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

900,000

258.99

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

Supplemental Report June 30, 2026 – 31

REIT 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

Gotham Plaza

2016

49.0%

—

25,931

—

75.4

1,691,134

86.45

Bank of America,

Footlocker, Apple Bank

280,967

34,614

88,822

404,403

96.5

100.0

92.8

96.0

97.2

60,951,820

156.96

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

71.4

—

71.4

100.0

2,391,923

239.19

The Row, Chloe (Richemont)

23,757

—

23,757

83.2

—

83.2

100.0

3,782,811

191.47

District of Columbia Metro

1739-53 Connecticut Avenue

2012

100.0%

11,638

—

11,638

28.6

—

28.6

255,499

76.68

TD Bank

14th Street Collection (3 properties)

2021

100.0%

19,077

—

19,077

76.4

—

76.4

1,415,017

97.07

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

Rhode Island Place

Shopping Center

2012

100.0%

—

78,370

35,468

113,838

—

100.0

89.4

96.7

100.0

2,637,918

23.96

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

M Street and Wisconsin Corridor

(28 Properties) 4

2011

2016

2019

68.0%

263,203

—

263,203

96.5

—

96.5

99.4

19,874,532

78.21

Lululemon, Duxiana, Reformation, Swarovski,

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

293,918

78,370

35,468

407,756

92.5

100.0

89.4

93.7

96.5

24,182,965

63.29

Boston Metro

Newbury Collection (3 properties)

2026

100.0%

30,321

—

30,321

100.0

—

100.0

5,499,786

181.39

Cartier (Richemont), Chanel, Fjallraven

Dallas Metro

Henderson Avenue Portfolio

(7 properties)

2022

2024

2025

100.0%

27,887

31,635

—

59,522

68.7

100.0

—

85.3

1,614,877

31.80

Sprouts Farmers Market,

Warby Parker, Tecovas, Salt and Straw

South Florida Metro

225 Worth Avenue

2026

100.0%

10,118

—

10,118

100.0

—

100.0

1,931,668

190.91

Gucci (Kering), J McLaughlin, G/FORE (Richemont)

Total Street and Urban Retail

1,178,562

144,619

208,356

1,531,537

91.5

100.0

85.9

91.5

93.6

129,706,575

92.55

Acadia Share Total Street and Urban Retail

1,089,908

144,619

195,131

1,429,658

91.1

100

86.6

91.4

93.4

122,151,633

93.48

SUBURBAN PROPERTIES

New Jersey

Elmwood Park Shopping Center

1998

100.0 %

—

43,531

100,457

143,988

—

100.0

96.9

97.8

3,747,525

26.61

Walgreens, Lidl,

Chase Bank, City MD, Five Below

Marketplace of Absecon

1998

100.0 %

—

24,504

80,052

104,556

—

53.9

85.8

78.3

86.5

1,435,512

17.53

Walgreens, Dollar Tree, Aldi

New York

Village Commons

Shopping Center

1998

100.0 %

—

87,239

—

88.7

92.6

2,817,566

36.41

Citibank, Ace Hardware

Branch Plaza

1998

100.0 %

—

76,264

47,081

123,345

—

73.5

89.9

79.7

96.1

2,826,011

28.73

LA Fitness

Amboy Center

2005

100.0 %

—

37,266

26,106

63,372

—

100.0

80.8

92.1

2,136,630

36.60

Stop & Shop (Ahold)

Crossroads Shopping Center

1998

49.0 %

—

202,727

108,801

311,528

—

100.0

92.9

97.5

10,210,445

33.61

HomeGoods (TJX Companies), PetSmart, BJ's Wholesale Club, O'Reilly Auto Parts

Supplemental Report June 30, 2026 – 32

REIT 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

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 (TJX Companies)

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

1,686,747

15.91

Wal-Mart,

Stop & Shop (Ahold)

Massachusetts

Methuen Shopping Center

1998

100.0 %

—

120,004

10,017

130,021

—

100.0

56.3

96.6

100.0

1,390,578

11.07

Wal-Mart, Market Basket

Crescent Plaza

1993

100.0 %

—

156,985

61,017

218,002

—

100.0

2,291,721

10.51

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

28,290

101,474

—

100.0 %

81.9 %

95.0 %

96.4 %

2,202,064

22.85

Shaw's (Albertsons),

Starbucks

Illinois

Hobson West Plaza

1998

100.0 %

—

51,692

47,281

98,973

—

100.0 %

63.8 %

82.7 %

84.9 %

1,097,951

13.41

Garden Fresh Markets

Indiana

Merrillville Plaza

1998

100.0 %

—

123,144

112,782

235,926

—

78.9 %

90.1 %

84.3 %

3,059,925

15.39

Dollar Tree, TJ Maxx,

Five Below, DD's Discount (Ross)

Michigan

Bloomfield Town Square

1998

100.0 %

—

153,332

81,619

234,951

—

100.0 %

4,519,433

19.24

HomeGoods (TJX Companies), 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 %

12,870,697

17.93

Lowes, Dick's Sporting Goods (House of Sports),

Target, Crunch Fitness

Market Square Shopping Center

2003

100.0 %

—

42,850

59,197

102,047

—

100.0 %

3,600,923

35.29

Trader Joe's, TJ Maxx

Naamans Road

2006

100.0 %

—

19,865

—

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 %

1,423,683

24.03

Target, TJ Maxx

Route 6

1995

100.0 %

—

36,812

106,653

143,465

—

100.0 %

1,416,253

9.87

Hobby Lobby, TJ Maxx, Harbor Freight Tools, Dollar Tree

Total Suburban Properties

—

2,737,049

1,143,236

3,880,285

—

97.5

91.1

95.6

96.6

68,158,671

19.74

Acadia Share Total Suburban Properties

—

2,633,658

1,087,747

3,721,406

—

97.4

91.0

95.5

96.6

62,951,344

19.08

Total REIT Properties

1,178,562

2,881,668

1,351,592

5,411,822

91.5

97.6

90.3

94.4

95.8

197,865,246

40.76

Supplemental Report June 30, 2026 – 33

REIT 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

Acadia Share Total REIT Properties

1,089,908

2,778,277

1,282,879

5,151,064

91.1

97.5

90.3

94.4

95.7

185,102,977

40.19

_____________________________

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 June 30, 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

9.0 %

5.6%

J. Crew Group 3

34,902

5,825,185

0.7 %

3.2%

Lululemon

22,589

4,631,384

0.5 %

2.5%

Richemont 4

25,781

3,943,154

0.5 %

2.1%

Dick's Sporting Goods, Inc 5

152,404

3,193,710

3.0 %

1.7%

TJX Companies 6

252,043

3,022,858

5.0 %

1.6%

PetSmart, Inc.

76,257

2,934,201

1.5 %

1.6%

Walgreens

68,393

2,887,312

1.4 %

1.6%

Trader Joe's

42,257

2,628,360

0.8 %

1.4%

Fast Retailing 7

32,013

2,579,274

0.6 %

1.4%

ALO Yoga

22,566

2,565,099

0.5 %

1.4%

Kering 8

9,644

2,361,012

0.2 %

1.3%

Veronica Beard

7,649

2,355,251

0.2 %

1.3%

LVMH 9

12,669

2,172,585

0.3 %

1.2%

Royal Ahold 10

156,361

2,085,488

3.1 %

1.1%

Albertsons Companies, Inc. 11

123,409

2,061,142

2.5 %

1.1%

Bob's Discount Furniture

68,793

2,027,670

1.4 %

1.1%

Watches of Switzerland 12

13,863

1,863,452

0.3 %

1.0%

Patagonia

15,526

1,690,062

0.3 %

0.9%

Gap, Inc. 13

43,986

1,632,756

0.9 %

0.9%

TOTAL

1,590,000

$60,804,860

31.8%

33.1%

_____________________________

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 Chanel (4-6 Newbury Street).

Totals may not foot due to rounding.

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

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

10.

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

11.

Shaw’s (2 locations)

12.

Grand Seiko (1 location), Rolex /Patek Philippe (1 location)

13.

Old Navy (3 locations)

Supplemental Report June 30, 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

58,063

5.8

122.45

6.3

266,889

10.9

12.30

8.6

2027

96,158

9.7

106.32

9.1

95,838

3.9

17.81

4.5

2028

248,171

25.0

64.47

14.3

489,571

20.0

12.32

15.8

2029

64,722

6.5

125.60

7.2

505,783

20.6

15.50

20.5

2030

124,469

12.5

101.30

11.2

177,026

7.2

24.70

11.4

2031

63,325

6.4

114.83

6.5

268,731

11.0

13.75

9.7

2032

54,276

5.5

192.47

9.3

12,250

0.5

21.96

0.7

2033

96,045

9.7

136.92

11.7

28,881

1.2

14.50

1.1

2034

38,363

3.9

169.26

5.8

21,804

0.9

11.25

0.6

2035

65,233

6.6

129.57

7.5

276,160

11.3

16.02

11.6

Thereafter

80,299

8.1

150.09

10.7

310,701

12.7

19.32

15.7

Total 2

223

993,178

100.0

113.05

100.0

2,453,634

100.0

15.60

100.0

Anchor GLA Owned by Tenants

—

254,916

Total Vacant 2

96,730

69,727

Total Square Feet 2

1,089,908

2,778,277

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

1,312

0.1

37.60

0.1

5,366

0.1

73.15

0.2

2026

69,500

6.0

26.84

5.4

394,452

8.6

31.08

6.6

2027

133,124

11.5

33.79

13.0

325,120

7.1

50.53

8.9

2028

152,694

13.2

34.67

15.3

890,436

19.3

30.69

14.8

2029

123,940

10.7

27.38

9.8

694,445

15.1

27.88

10.5

2030

85,415

7.4

36.88

9.1

386,910

8.4

52.03

10.9

2031

113,106

9.8

29.52

9.7

445,162

9.7

32.14

7.7

2032

98,214

8.5

33.46

9.5

164,740

3.6

84.99

7.6

2033

129,228

11.2

26.29

9.8

254,154

5.5

66.76

9.2

2034

29,113

2.5

28.60

2.4

89,280

1.9

84.80

4.1

2035

162,703

14.0

19.85

9.4

504,096

10.9

31.95

8.7

Thereafter

60,144

5.2

36.64

6.4

451,144

9.8

44.90

10.9

Total 2

281

1,158,493

100.0

29.81

100.0

566

4,605,305

100.0

40.19

100.0

Anchor GLA Owned by Tenants

—

254,916

Total Vacant 2

124,386

290,843

Total Square Feet 2

1,282,879

5,151,064

_____________________________

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

Totals may not foot due to rounding.

Supplemental Report June 30, 2026 – 36

Fund Overview

I. KEY METRICS

Fund III

Fund IV

Fund V

General Information: 1

Vintage

May-2007

May-2012

Aug-2016

Fund Size

502.5

Million

540.6

Million

520.0

Million

Acadia's Commitment

123.3

Million

125.0

Million

104.5

Million

Acadia's Pro-Rata Share

24.5

23.1

20.1

Acadia's Promoted Share 2

39.6

38.5

36.1

Preferred Return

6.0

Current-Quarter, Fund-Level Information:

Cumulative Contributions

449.2

Million

508.3

Million

491.3

Million

Cumulative Net Distributions 3

616.3

Million

221.4

Million

432.1

Million

Net Distributions/Contributions

137.2

43.6

88.0

Unfunded Commitment 4

0.8

Million

21.7

Million

28.7

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 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

_____________________________

In June 2026, the Company’s ownership interest in Fund II increased from 80% to 100% and has been removed from the overview.

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.

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 June 30, 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

95.0

—

330,448

199,097

529,545

—

100.0

64.7

86.7

90.3

21,291,666

46.37

Primark, Target, Sephora,

Basis Schools, Warby Parker, Just Salad

Alamo Drafthouse,

Trader Joe's, Lululemon

Total - Fund II

—

330,448

199,097

—

529,545

—

100.0

64.7

86.7

90.3

21,291,666

46.37

Fund IV Portfolio Detail

NEW YORK

New York

801 Madison Avenue

2015

100.0

2,522

—

2,522

—

100.0

—

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

224,438

157.50

Santander Bank

SOUTHEAST

Georgia

Broughton Street Portfolio

(14 properties)

2014

100.0

94,693

—

94,693

—

93.3

3,556,832

40.27

H&M, Warby Parker,

Kendra Scott, Starbucks, Lululemon

Total - Fund IV

128,073

—

128,073

76.7

—

76.7

78.6

5,920,012

60.29

Fund V Portfolio Detail

SOUTHWEST

New Mexico

Plaza Santa Fe

2017

100.0

—

153,983

69,957

223,940

—

100.0

4,361,425

19.48

TJ Maxx, Best Buy,

Ross Dress for Less

Texas

Wood Ridge Plaza

2022

90.0

—

217,249

—

91.0

91.7

5,032,550

25.44

Skechers, Diamonds Direct, Office Depot

La Frontera Village

2022

90.0

—

203,619

330,822

534,441

—

100.0

94.1

96.3

97.0

8,312,934

16.14

Kohl's, Hobby Lobby, Burlington, Marshalls

MIDWEST

Michigan

Fairlane Green

2017

100.0

—

109,952

160,235

270,187

—

100.0

88.7

93.3

95.4

5,091,575

20.19

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

3,769,577

20.02

Lidl, Advance Auto, Starbucks

New York

Shoppes at South Hills

2022

90.0

—

416,804

96,104

512,908

—

80.7

60.5

77.0

4,655,811

11.80

ShopRite,

Ashley Furniture

Supplemental Report June 30, 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

Mohawk Commons

2023

90.0

—

330,874

67,794

398,668

—

100.0

84.9

97.4

98.5

5,691,371

14.65

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

5,595,691

15.52

Stop & Shop (Ahold), Marshalls,

HomeGoods

Vermont

Maple Tree Place 3

2023

100.0

—

256,035

140,021

396,056

—

100.0

90.6

96.7

7,499,576

19.58

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

SOUTHEAST

Florida

Cypress Creek

2023

100.0

—

160,633

79,026

239,659

—

93.1

93.5

93.2

95.4

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

96.6

4,237,463

10.12

Wal-Mart, Regal Cinemas

WEST

Utah

Family Center at Riverdale

2019

89.4

—

231,895

140,513

372,408

—

100.0

95.3

98.2

4,317,428

11.80

Target, Home Goods,

Best Buy, Sierra Trading (TJX)

Total - Fund V

—

2,738,513

1,959,656

4,698,169

—

92.0

89.9

91.1

93.0

67,974,989

15.88

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

—

407,511

143,733

551,244

—

68.1

88.1

73.3

96.9

20,784,355

51.42

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

96.8

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

99.1

2,646,613

20.38

HomeGoods, Michaels

Pinewood Square

2025

20.0

—

203,917

—

95.8

4,774,182

24.43

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

98.6

3,651,176

21.71

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

76.2

4,762,030

24.70

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

98.3

6,341,085

18.81

Dick's Sporting Goods, TJ Maxx, Best Buy

Supplemental Report June 30, 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

Hiram Pavilion

2026

20.0

—

210,139

153,252

363,391

—

100.0

5,141,361

14.15

Kohl's, HomeGoods

WEST

Nevada

LINQ Promenade

2024

15.0

—

181,498

—

100.0

16,528,576

91.07

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

—

132,489

109,589

242,078

—

100.0

98.8

99.5

100.0

5,492,027

22.81

Kohl's, HomeGoods

Total - Other Co-investment Vehicles

—

1,650,211

1,677,097

3,327,308

—

92.1

90.7

91.4

95.9

85,424,968

28.09

TOTAL INVESTMENT MANAGEMENT PROPERTIES

128,073

4,719,172

3,835,850

8,683,095

76.7

92.6

88.9

90.8

93.8

180,611,635

22.92

Acadia Share of Total Investment Management Properties

29,610

1,160,696

882,010

2,072,316

76.7

94.2

84.8

89.9

93.1

50,392,608

27.04

_____________________________

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 June 30, 2026 – 40

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

6,960

1.6%

—

—%

2026

282

1.2%

84.83

1.7%

2027

9,951

2.3%

100.05

4.9%

2027

3,477

15.3%

62.00

15.7%

2028

903

0.2%

218.88

1.0%

2028

4,563

20.1%

109.37

36.5%

2029

948

0.2%

161.55

0.8%

2029

2,052

9.0%

72.87

10.9%

2030

4,002

0.9%

71.76

1.4%

2030

664

2.9%

65.06

3.2%

2031

27,166

6.2%

7.21

1.0%

2031

931

4.1%

53.74

3.7%

2032

139,357

31.9%

20.32

14.0%

2032

7,759

34.2%

29.07

16.5%

2033

30,869

7.1%

50.47

7.7%

2033

1,174

5.2%

65.68

5.6%

2034

8,123

1.9%

112.10

4.5%

2034

1,199

5.3%

44.98

3.9%

2035

27,155

6.2%

79.08

10.6%

2035

599

2.6%

51.48

2.3%

Thereafter

180,792

41.4%

60.57

54.1%

Thereafter

—

—%

—

—%

Total 2

436,226

100.0%

$46.37

100.0%

Total 2

22,700

100.0%

$60.29

100.0%

66,842

Total Vacant 2

6,910

Total Vacant 2

503,068

Total Square Feet 2

29,610

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

0.2%

$16.37

0.2%

M to M 1

—

—%

$—

—%

2026

34,712

4.2%

22.81

6.1%

2026

15,558

2.7%

32.16

3.2%

2027

147,085

18.0%

13.12

14.8%

2027

75,203

12.8%

21.21

10.1%

2028

114,206

13.9%

15.33

13.4%

2028

85,068

14.5%

25.54

13.8%

2029

109,404

13.4%

16.80

14.1%

2029

89,365

15.2%

28.89

16.4%

2030

136,884

16.7%

14.27

15.0%

2030

122,211

20.9%

29.69

23.0%

2031

56,676

6.9%

17.36

7.6%

2031

42,127

7.2%

21.18

5.7%

2032

45,503

5.6%

15.50

5.4%

2032

23,586

4.0%

18.65

2.8%

2033

38,129

4.7%

18.92

5.5%

2033

42,507

7.3%

20.40

5.5%

2034

62,341

7.6%

14.51

6.9%

2034

36,954

6.3%

33.55

7.9%

2035

43,021

5.3%

16.44

5.4%

2035

20,313

3.5%

27.72

3.6%

Thereafter

29,682

3.6%

23.95

5.5%

Thereafter

33,136

5.7%

39.16

8.2%

Total 2

373

818,953

100.0%

$15.88

100.0%

Total 2

381

586,028

100.0%

$26.92

100.0%

79,274

Total Vacant 2

55,383

Total Vacant 2

898,227

Total Square Feet 2

641,411

Total Square Feet 2

Supplemental Report June 30, 2026 – 41

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%

$16.37

0.0%

2026

57,512

3.1%

22.88

2.6%

2027

117

235,716

12.6%

20.09

9.4%

2028

125

204,740

11.0%

22.56

9.2%

2029

126

201,769

10.8%

23.41

9.4%

2030

105

263,761

14.2%

22.42

11.7%

2031

126,900

6.8%

16.72

4.2%

2032

216,205

11.6%

19.44

8.3%

2033

112,679

6.0%

28.61

6.4%

2034

108,617

5.8%

28.62

6.2%

2035

91,088

4.9%

37.86

6.8%

Thereafter

243,610

13.1%

53.19

25.7%

Total 2

817

1,863,907

100.0%

$27.04

100.0%

208,409

Total Vacant 2

2,072,316

Total Square Feet 2

_____________________________

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

Totals may not foot due to rounding.

Supplemental Report June 30, 2026 – 42

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 June 30, 2026 – 43

Important Notes

FFO As Adjusted: The Company uses FFO As Adjusted 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 measure 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 June 30, 2026 – 44

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 June 30, 2026 – 45

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+ References

No definition available.

+ Details

Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

dei_

Data Type:

dei:stateOrProvinceItemType

Balance Type:

Period Type:

duration

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

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

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityCentralIndexKey

Namespace Prefix:

dei_

Data Type:

dei:centralIndexKeyItemType

Balance Type:

Period Type:

duration

- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

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

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

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

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

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

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

Period Type:

duration

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

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 pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

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

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

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Data Type:

xbrli:booleanItemType

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 pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

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

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

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Balance Type:

Period Type:

duration

- Definition

Title of a 12(b) registered security.

+ References

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

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

duration

- Definition

Name of the Exchange on which a security is registered.

+ References

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:

dei_

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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Data Type:

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