Acadia Realty Trust (NYSE: AKR) boosts 2026 outlook on Q2 FFO and NOI gains

Rhea-AI Filing Summary

Acadia Realty Trust reported stronger second-quarter 2026 results, with net income attributable to shareholders of $11.0 million, or $0.05 per diluted share, up from $0.01 a year earlier, primarily from gains on property sales. NAREIT FFO was $43.1 million, or $0.30 per diluted share, and FFO As Adjusted was $44.7 million, or $0.31.

REIT Portfolio same-property NOI grew 8.7% year over year, led by 15.6% growth in street retail. Economic and leased occupancy rose to 94.4% and 95.7%. Cash leasing spreads on new leases reached 91%, and 78% including renewals, while total pro-rata NOI increased to $56.9 million.

Year to date, Acadia completed approximately $652 million of acquisitions and about $583 million of Investment Management dispositions, plus $504.1 million of recapitalizations, and raised approximately $200 million through a common equity offering and $72.1 million from forward equity settlements. Net debt-to-adjusted EBITDA was 5.1x, there are no significant REIT Portfolio debt maturities until 2029, and full-year 2026 FFO As Adjusted guidance increased to $1.24–$1.26 per share.

Positive

• Raised 2026 earnings outlook, increasing net earnings guidance to $0.40–$0.41 per share and FFO As Adjusted guidance to $1.24–$1.26, reflecting stronger operating performance and transaction activity.
• Active and accretive capital recycling with approximately $652 million of year-to-date acquisitions alongside about $583 million of dispositions and $504.1 million of recapitalizations through the Investment Management platform.

Negative

• None.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Q2 2026 net earnings per share: $0.05 per share Q2 2026 NAREIT FFO: $43.1 million Q2 2026 FFO As Adjusted per share: $0.31 per share +5 more

8 metrics

Q2 2026 net earnings per share $0.05 per share Net earnings per diluted share for the three months ended June 30, 2026; prior year $0.01.

Q2 2026 NAREIT FFO $43.1 million NAREIT Funds From Operations for quarter ended June 30, 2026; $38.1 million in Q2 2025.

Q2 2026 FFO As Adjusted per share $0.31 per share FFO As Adjusted per diluted Common Share and Common OP Unit for Q2 2026; $0.28 in Q2 2025.

Same-property NOI growth Q2 2026 8.7 % Year-over-year growth in REIT Portfolio same-property NOI for the second quarter of 2026.

Year-to-date 2026 acquisitions $652 million Approximate total acquisition volume year to date across the REIT Portfolio and Investment Management.

Net Debt-to-EBITDA 5.1 x Net Debt-to-EBITDA, as adjusted, including pro-rata Investment Management debt and unsettled forward equity at June 30, 2026.

2026 FFO As Adjusted guidance $1.24-$1.26 per share Revised full-year 2026 FFO As Adjusted per diluted Common Share and Common OP Unit guidance range.

Q2 2026 dividend per share $0.20 per share Dividend declared per Common Share and Common OP Unit for the second quarter of 2026.

Key Terms

Funds From Operations, FFO As Adjusted, Same-Property NOI, Net Debt-to-EBITDA, +1 more

5 terms

Funds From Operations financial

"Reconciliation of Consolidated Net Income to Funds From Operations and Funds From Operations As Adjusted"

Funds from operations (FFO) measures the cash a real estate-focused company generates from its core property operations by adjusting net income to add back non-cash expenses like building depreciation and removing one-time gains or losses from property sales. Investors use FFO like a household’s monthly take-home pay—it's a clearer view of ongoing cash available to pay dividends, maintain properties and fund growth than raw accounting profit.

FFO As Adjusted financial

"FFO As Adjusted begins with the NAREIT definition of FFO and adjusts FFO to remove unusual items"

Funds From Operations (FFO) as adjusted is a non-GAAP measure that shows the cash-generating power of a property-owning business after removing accounting items that don’t reflect ongoing operations, such as property depreciation, one-time gains or losses, and other unusual items. Think of it like a homeowner’s monthly rent income after excluding one-off repairs and accounting quirks; investors use it to judge recurring cash flow and dividend sustainability, and to compare operating performance across periods or peers.

Same-Property NOI financial

"Same-Property NOI grew 8.7% for the second quarter, primarily driven by street retail"

Same-property NOI is the change in net operating income from a real estate portfolio’s properties that were owned and operating in both the current and prior comparison periods, excluding income from recently bought, sold or newly developed properties. It matters to investors because it shows how the existing core assets are performing on their own—like comparing sales from the same stores before and after management actions—so you can judge organic cash-flow trends and management effectiveness without distortion from acquisitions or disposals.

Net Debt-to-EBITDA financial

"Net Debt-to-EBITDA, as adjusted, inclusive of pro-rata share of Investment Management platform debt"

Net debt-to-EBITDA is a financial ratio that compares a company's total debt, minus its cash reserves, to its earnings before interest, taxes, depreciation, and amortization (EBITDA). It shows how many years it would take for the company to pay off its net debt if all its earnings were used for that purpose. Investors use this ratio to assess whether a company has manageable debt levels and its ability to meet its financial obligations.

forward equity financial

"unsettled forward equity contracts to sell 17.8 million shares for aggregate net proceeds"

Forward equity is an agreement to buy or sell a company’s shares at a predetermined price with the actual transfer occurring at a future date. It matters to investors because it lets companies secure financing now without issuing stock immediately and lets buyers lock in a future ownership level and price, similar to reserving a car today for pickup later; such deals affect future share count, dilution and potential returns.

Earnings Snapshot

Net income attributable to Acadia shareholders: $11.0 million in Q2 2026; $41.5 million for six months · Guidance included

quarter and six months ended June 30, 2026

Net income attributable to Acadia shareholders $11.0 million in Q2 2026; $41.5 million for six months Up from $2.0 million in Q2 2025 and $3.6 million for the first six months of 2025.

Diluted earnings per share $0.05 for Q2 2026; $0.27 year to date Compared with $0.01 and $0.02 in the respective prior-year periods.

NAREIT FFO per diluted share $0.30 in Q2 2026; $0.57 year to date Versus $0.27 in Q2 2025 and $0.62 for the first six months of 2025.

FFO As Adjusted per diluted share $0.31 in Q2 2026; $0.61 year to date Versus $0.28 in Q2 2025 and $0.55 for the first six months of 2025.

Same-property NOI growth 8.7% for Q2 2026; 7.3% year to date Up from 4.1% same-property NOI growth for the second quarter of 2025.

Guidance

For 2026, the company now expects net earnings per share of $0.40–$0.41, NAREIT FFO of $1.19–$1.21 per share, and FFO As Adjusted of $1.24–$1.26 per diluted Common Share and Common OP Unit, versus prior net earnings guidance of $0.37–$0.39 and FFO As Adjusted of $1.22–$1.26.

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Available on EDGAR 07/28/2026 - 04:22 PM Accepted by SEC EDGAR 07/28/2026 - 04:21 PM Learn about SEC filing dates

FAQ

How did Acadia Realty Trust (AKR) perform financially in Q2 2026?

Acadia reported Q2 2026 net income attributable to shareholders of $11.0 million, or $0.05 per diluted share, versus $0.01 a year earlier. NAREIT FFO was $43.1 million, or $0.30 per diluted share, and FFO As Adjusted was $44.7 million, or $0.31.

How did same-property NOI and leasing metrics for AKR look in Q2 2026?

REIT Portfolio same-property NOI grew 8.7% in Q2 2026, driven by 15.6% growth in street retail. Economic occupancy reached 94.4% and leased occupancy 95.7%, while cash leasing spreads on new leases were 91%, or 78% including renewals.

What acquisition and disposition activity did AKR complete in 2026 year to date?

Acadia completed approximately $652 million of year-to-date acquisitions, including major street retail assets in Boston, West Hollywood, and Manhattan. Through its Investment Management platform it executed about $583 million of dispositions and $504.1 million of recapitalizations across several fund properties.

How did Acadia Realty Trust (AKR) change its 2026 guidance?

Acadia increased full-year 2026 net earnings guidance to $0.40–$0.41 per share from $0.37–$0.39 and now expects NAREIT FFO of $1.19–$1.21 and FFO As Adjusted of $1.24–$1.26 per diluted Common Share and Common OP Unit.

What is AKR’s leverage and liquidity position as of June 30, 2026?

On a pro-rata basis, net debt-to-adjusted EBITDA was 5.1x at June 30, 2026. Total pro-rata debt capitalization was about $1.64 billion, with cash, cash equivalents, restricted cash, and unsettled forward equity contracts totaling $414.9 million of liquidity.

How much equity did Acadia Realty Trust (AKR) raise in Q2 2026?

During Q2 2026, Acadia raised approximately $200 million from a common share offering executed via forward sale agreements and settled about 3.8 million forward equity shares for $72.1 million in cash proceeds, with 17.8 million shares remaining unsettled.

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

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”).

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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.

2

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.

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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.

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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		0.04
Noncontrolling interest in Operating Partnership		0.03		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		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

1.Totals may not foot due to rounding.

2.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.

3.Refer to the “Notes to Financial Highlights” on page 12 of this release for definitions of non-GAAP measures

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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

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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.

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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

8

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	)			86				(34,555	)			86
Loss on change in control			—				—				—				9,622
Income attributable to Common OP Unit holders			580				108				2,076				204
Distributions - Preferred OP Units			5				67				10				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)			33				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			25				256				25				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

9

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

10

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				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

11

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.

a.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.

b.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.

c.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.

12

Exhibit 99.2

Table of Contents

Section I – Second Quarter 2026 Earnings Press Release
Section II – Financial & Operating Highlights
Company Information	3
Highlights	4
Market Capitalization	5
Equity	6
Funds from Operations (“FFO”), Funds From Operations As Adjusted, Adjusted Funds from Operations (“AFFO”)	7
EBITDA	8
Same Property Net Operating Income	9
New and Renewal Rent Spreads	10
Transactional Activity	11
2026 Guidance	13
Section III – Financial Statements and Data
Consolidated Statements of Operations	14
Statements of Operations - Pro-rata Adjustments	16
Consolidated Balance Sheet	17
Balance Sheet - Pro-rata Adjustments	18
Fee Income Detail	20
Structured Financing	21
Net Asset Valuation Information	22
Development and Redevelopment Activity	23
Section IV – Capital Structure and Debt Analysis
Debt Summary	25
Debt Detail	26
Debt Maturities	28
Interest Rate Summary	30
Section V – REIT Portfolio and Leasing Information
REIT Properties	31
REIT Top Tenants	35
REIT Lease Expirations	36
Section VI – Investment Management Platform
Fund Overview	37
Investment Management Properties	38
Investment Management Lease Expirations	41
Section VII – Other Information
Important Notes	43

Visit www.acadiarealty.com for additional investor and portfolio information.

Company Information
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.
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			$	0.20			$	0.40			$	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	x			5.5	x			4.9	x			5.0	x			5.5	x
Fixed charge coverage ratio (annualized) (pg 8)			3.8	x			3.5	x			4.0	x			4.2	x			4.1	x
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%				5% - 9%

_____________________________

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

2.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
		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			35	%
Net Debt + Preferred Equity Total Market Capitalization			27	%
Net Debt/Adjusted EBITDA			5.1	x

_____________________________

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

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

3.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 Shares				Common OP Units				Total				Quarter				YTD				Quarter				YTD
Balance at 12/31/2025			131,037				5,421				136,458
Vesting RS and LTIPs			12				1,008				1,020
OP Conversions			18				(18	)			—
Common Shares Issued Upon Forward Settlement			2,445				—				2,445
Other			2				—				2
Balance at 3/31/2026			133,514				6,411				139,925				131,332				131,332				139,733				139,733
Vesting RS and LTIPs			21				37				58
OP Conversions			26				(26	)			—
Common Shares Issued Upon Forward Settlement			3,765				—				3,765
Other			4				—				4
Balance at 6/30/2026			137,330				6,422				143,752				133,825				132,642				142,393				141,091

Forward Equity Offerings		Shares				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

_____________________________

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

2.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)		86		86
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	33		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	33		649		494		(1,178)
Realized gain		—	—		—		5,406		5,406
Straight-line rent, net		37	(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)	(155)		(310)		(133)		(261)
Non-real estate depreciation		93	54		147		83		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	$0.20		$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%	77%		77%		87%		81%

_____________________________

1.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,								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	)			86				(34,555	)			86
Unrealized holding loss (gain) on investments			33				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			5				67				10				134
Total Fixed Charges			16,009				14,118				32,384				28,386
Fixed-Charge Coverage Ratio - REIT Portfolio and Investment Management			3.8	x			4.1	x			3.7	x			4.1	x

		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

_____________________________

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

2.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.

3.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	%

_____________________________

1.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			Quarter Ended				Year to Date
		March 31, 2026			June 30, 2026				June 30, 2026
		GAAP 2		Cash 3	GAAP 2		Cash 3		GAAP 2		Cash 3
New Leases
Number of new leases executed		1		1	5		5		6		6
GLA		20,214		20,214	9,614		9,614		29,828		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		$173.55	$260.43		$260.43		$201.55		$201.55
Weighted Average Lease Term (years)		15.0		15.0	8.2		8.2		12.8		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		11		11	5		5		16		16
GLA		162,160		162,160	9,144		9,144		171,304		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		$3.70	$2.01		$2.01		$3.61		$3.61
Weighted Average Lease Term (years)		4.9		4.9	3.6		3.6		4.8		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		12		12	10		10		22		22
GLA commencing		182,374		182,374	18,758		18,758		201,132		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		$22.53	$134.46		$134.46		$32.96		$32.96
Weighted Average Lease Term (years)		6.0		6.0	6.0		6.0		6.0		6.0
Percentage growth in base rent		22.9 %		11.4%	98.0 %		77.7%		39.4 %		25.7 %

_____________________________

1.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.

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

3.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		Transaction Amount 1		Ownership % 2		Investment Management Share		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		Transaction Amount		Acadia Share
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)

1.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.

2.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.

3.Acquisitions that closed after June 30, 2026 do not reflect certain acquisitions costs that may be subsequently capitalized.

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

5.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.

6.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.

7.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

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		0.04
Noncontrolling interest in Operating Partnership		0.03		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		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

_____________________________

1.Totals may not foot due to rounding.

2.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.

3.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	)			7				(211	)			26
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				75				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			27				(5	)			2				(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	)			2
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

1.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.

2.Net of consolidated capitalized interest of $2.2 million and $4.3 million for the three and six months ended June 30, 2026.

3.Refer to Fee Income Detail page in the Supplemental Report.

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

5.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.

6.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.

7.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			43				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		$	52				—			$	363			$	1,331			$	2,044			$	3,790
Leasing, Construction, and Development fees and other			31				41				198				991				948				2,209
Total fees		$	83			$	41			$	561			$	2,322			$	2,992			$	5,999

_____________________________

1.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.

2.“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				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				74				(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			$	74			$	(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

_____________________________

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

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

3.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.

4.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.

5.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

9

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	)			—				40				—				—
(Income) loss from development and redevelopment projects 4			399				13				(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

_____________________________

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

2.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.

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

4.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.

5.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.

6.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			$	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				TBD				TBD				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				TBD				TBD				TBD
Mark Plaza		100.0%		Edwardsville, PA		TBD			107,000				—				3.7			TBD				TBD				TBD				TBD
Bedford Green		100.0%		Bedford Hills, NY		TBD			91,000				0.4				51.1			TBD				TBD				TBD				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				TBD				TBD				TBD
Redevelopment:
FUND IV
717 N. Michigan Avenue		23.1%		Chicago, IL		TBD		TBD					0.9				27.8			TBD				TBD				TBD				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

_____________________________

1.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.

2.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 to Maturity 6		Principal Balance		WA Years to Maturity 6		Principal Balance		WA Years to 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

_____________________________

1.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.

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

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

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

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

6.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

_____________________________

1.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.

2.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.

3.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						Scheduled		Fixed		Variable				Fixed-		Variable-
Year		Amortization		Maturities		Total		Amortization		Maturities		Maturities		Total		Rate Debt		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						Scheduled		Fixed		Variable				Fixed-		Variable-
Year		Amortization		Maturities		Total		Amortization		Maturities		Maturities		Total		Rate Debt		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		44		11,681		22,962		34,687		5.78%		1.67%
2029		—		659,115		659,115		—		—		131,908		131,908		N/A		1.63%
2030		—		75,000		75,000		—		—		15,030		15,030		N/A		1.73%
Thereafter		—		137,500		137,500		—		—		130,625		130,625		N/A		1.15%
Total		$8,045		$1,476,652		$1,484,697		$1,479		$11,681		$376,488		$389,648

_____________________________

1.Does not include any applicable extension options or subsequent refinancing.

2.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						Scheduled		Fixed		Variable				Fixed-		Variable-
Year		Amortization		Maturities		Total		Amortization		Maturities		Maturities		Total		Rate Debt		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						Scheduled		Fixed		Variable				Fixed-		Variable-
Year		Amortization		Maturities		Total		Amortization		Maturities		Maturities		Total		Rate Debt		Rate Debt
2026		$2,126		$—		$2,126		$398		$—		$—		$398		N/A		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		44		5,997		18,863		24,904		5.62%		1.49%
2029		—		302,214		302,214		—		5,684		45,484		51,168		5.95%		1.91%
2030		—		30,000		30,000		—		—		6,030		6,030		N/A		1.75%
Thereafter		—		789,215		789,215		—		—		261,000		261,000		N/A		1.38%
Total		$8,045		$1,476,652		$1,484,697		$1,479		$11,681		$376,488		$389,648

_____________________________

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

2.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 – 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%

_____________________________

1.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.

2.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				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	%			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	%			55.5	%			1,074,442				38.81			Guitar Center, Carhartt
State and Washington			2016		100.0%			65,401				—				—				65,401				100.0	%			—	%			—	%			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	%			100.0	%			1,573,000				57.44			Walgreens
North and Kingsbury			2016		100.0%			41,791				—				—				41,791				100.0	%			—	%			—	%			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	%			100.0	%			499,257				37.97
California and Armitage			2016		100.0%			—				—				18,275				18,275				—	%			—	%			82.6	%			82.6	%			82.6	%			793,750				52.60
Roosevelt Galleria			2015		100.0%			—				—				37,995				37,995				—	%			—	%			74.0	%			74.0	%			84.3	%			677,229				24.08			Petco, Dollar Tree
Sullivan Center			2016		100.0%			176,104				—				—				176,104				83.8	%			—	%			—	%			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	%			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	%			100.0	%			1,658,655				282.95
4401 White Plains Road			2011		100.0%			—				12,964				—				12,964				—	%			100.0	%			—	%			100.0	%			100.0	%			625,000				48.21			Walgreens
Bartow Avenue			2005		100.0%			—				—				14,824				14,824				—	%			—	%			100.0	%			100.0	%			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	%			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	%			100.0	%			100.0	%			100.0	%			1,148,294				28.28			Planet Fitness
313-315 Bowery 2			2013		100.0%			6,600				—				—				6,600				100.0	%			—	%			—	%			100.0	%			100.0	%			527,076				79.86			John Varvatos
120 West Broadway			2013		100.0%			13,838				—				—				13,838				100.0	%			—	%			—	%			100.0	%			100.0	%			2,553,577				184.53			Citizens Bank, Citi Bank
2520 Flatbush Avenue			2014		100.0%			—				—				29,114				29,114				—	%			100.0	%			100.0	%			100.0	%			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	%			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	%			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	%			100.0	%			900,000				258.99			Le Labo (Estee Lauder)
1165 Madison Avenue			2026		100.0%			4,399				—				—				4,399				100.0	%			—	%			—	%			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				Total				(ABR)				PSF				Key Tenants
Gotham Plaza			2016		49.0%			—				—				25,931				25,931				—	%			—	%			75.4	%			75.4	%			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	%			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	%			28.6	%		$	255,499			$	76.68			TD Bank
14th Street Collection (3 properties)			2021		100.0%			19,077				—				—				19,077				76.4	%			—	%			—	%			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	%			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	%			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	%			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	%			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				87,239				—	%			—	%			88.7	%			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	%			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	%			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				Total				(ABR)				PSF				Key Tenants
New Loudon Center			1993		100.0 %			—				241,746				16,643				258,389				—	%			95.0	%			100.0	%			95.3	%			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	%			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	%			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	%			100.0	%			100.0	%			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	%			100.0	%			711,662				34.87			Michael's
163 Highland Avenue			2015		100.0 %			—				40,505				—				40,505				—	%			100.0	%			100.0	%			100.0	%			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 %				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 %				100.0 %				100.0 %				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 %				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 %				100.0 %				100.0 %				100.0 %					3,600,923				35.29			Trader Joe's, TJ Maxx
Naamans Road			2006		100.0 %			—				—				19,865				19,865				—	%			—	%		100.0 %				100.0 %				100.0 %					920,134				46.32			Jared Jewelers, American Red Cross
Pennsylvania
Plaza 422			1993		100.0 %			—				139,968				16,311				156,279				—	%		100.0 %				100.0 %				100.0 %				100.0 %					971,975				6.22			Home Depot
Chestnut Hill			2006		100.0 %			—				—				36,492				36,492				—	%			—	%		79.2 %				79.2 %				79.2 %					770,672				26.67
Abington Towne Center 6			1998		100.0 %			—				184,616				32,255				216,871				—	%		100.0 %				100.0 %				100.0 %				100.0 %					1,423,683				24.03			Target, TJ Maxx
Route 6			1995		100.0 %			—				36,812				106,653				143,465				—	%		100.0 %				100.0 %				100.0 %				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				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

_____________________________

1.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.

2.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.

3.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.

4.Excludes 94,000 square feet of office GLA.

5.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.

6.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		3		408,895		$8,344,905		9.0 %		5.6%
J. Crew Group 3		6		34,902		5,825,185		0.7 %		3.2%
Lululemon		3		22,589		4,631,384		0.5 %		2.5%
Richemont 4		4		25,781		3,943,154		0.5 %		2.1%
Dick's Sporting Goods, Inc 5		3		152,404		3,193,710		3.0 %		1.7%
TJX Companies 6		9		252,043		3,022,858		5.0 %		1.6%
PetSmart, Inc.		4		76,257		2,934,201		1.5 %		1.6%
Walgreens		4		68,393		2,887,312		1.4 %		1.6%
Trader Joe's		3		42,257		2,628,360		0.8 %		1.4%
Fast Retailing 7		2		32,013		2,579,274		0.6 %		1.4%
ALO Yoga		2		22,566		2,565,099		0.5 %		1.4%
Kering 8		2		9,644		2,361,012		0.2 %		1.3%
Veronica Beard		3		7,649		2,355,251		0.2 %		1.3%
LVMH 9		5		12,669		2,172,585		0.3 %		1.2%
Royal Ahold 10		3		156,361		2,085,488		3.1 %		1.1%
Albertsons Companies, Inc. 11		2		123,409		2,061,142		2.5 %		1.1%
Bob's Discount Furniture		2		68,793		2,027,670		1.4 %		1.1%
Watches of Switzerland 12		2		13,863		1,863,452		0.3 %		1.0%
Patagonia		2		15,526		1,690,062		0.3 %		0.9%
Gap, Inc. 13		3		43,986		1,632,756		0.9 %		0.9%
TOTAL		67		1,590,000		$60,804,860		31.8%		33.1%

_____________________________

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).

2.Totals may not foot due to rounding.

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

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

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

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

7.Uniqlo (1 location), Theory (1 location

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

9.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								Percent				Leases				Expiring				Percent								Percent
Year		Expiring				SF				of Total				PSF				of Total				Expiring				SF				of Total				PSF				of Total
M to M 1			1				4,054				0.4	%		$	84.66				0.3	%			—				—				—	%		$	—				—	%
2026			20				58,063				5.8	%			122.45				6.3	%			5				266,889				10.9	%			12.30				8.6	%
2027			31				96,158				9.7	%			106.32				9.1	%			3				95,838				3.9	%			17.81				4.5	%
2028			22				248,171				25.0	%			64.47				14.3	%			11				489,571				20.0	%			12.32				15.8	%
2029			23				64,722				6.5	%			125.60				7.2	%			14				505,783				20.6	%			15.50				20.5	%
2030			27				124,469				12.5	%			101.30				11.2	%			5				177,026				7.2	%			24.70				11.4	%
2031			14				63,325				6.4	%			114.83				6.5	%			9				268,731				11.0	%			13.75				9.7	%
2032			15				54,276				5.5	%			192.47				9.3	%			1				12,250				0.5	%			21.96				0.7	%
2033			27				96,045				9.7	%			136.92				11.7	%			1				28,881				1.2	%			14.50				1.1	%
2034			12				38,363				3.9	%			169.26				5.8	%			1				21,804				0.9	%			11.25				0.6	%
2035			16				65,233				6.6	%			129.57				7.5	%			4				276,160				11.3	%			16.02				11.6	%
Thereafter			15				80,299				8.1	%			150.09				10.7	%			8				310,701				12.7	%			19.32				15.7	%
Total 2			223				993,178				100.0	%		$	113.05				100.0	%			62				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								Percent				Leases				Expiring				Percent								Percent
Year		Expiring				SF				of Total				PSF				of Total				Expiring				SF				of Total				PSF				of Total
M to M 1			1				1,312				0.1	%		$	37.60				0.1	%			2				5,366				0.1	%		$	73.15				0.2	%
2026			20				69,500				6.0	%			26.84				5.4	%			45				394,452				8.6	%			31.08				6.6	%
2027			36				133,124				11.5	%			33.79				13.0	%			70				325,120				7.1	%			50.53				8.9	%
2028			37				152,694				13.2	%			34.67				15.3	%			70				890,436				19.3	%			30.69				14.8	%
2029			31				123,940				10.7	%			27.38				9.8	%			68				694,445				15.1	%			27.88				10.5	%
2030			30				85,415				7.4	%			36.88				9.1	%			62				386,910				8.4	%			52.03				10.9	%
2031			24				113,106				9.8	%			29.52				9.7	%			47				445,162				9.7	%			32.14				7.7	%
2032			26				98,214				8.5	%			33.46				9.5	%			42				164,740				3.6	%			84.99				7.6	%
2033			27				129,228				11.2	%			26.29				9.8	%			55				254,154				5.5	%			66.76				9.2	%
2034			8				29,113				2.5	%			28.60				2.4	%			21				89,280				1.9	%			84.80				4.1	%
2035			24				162,703				14.0	%			19.85				9.4	%			44				504,096				10.9	%			31.95				8.7	%
Thereafter			17				60,144				5.2	%			36.64				6.4	%			40				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

_____________________________

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

2.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		%					6.0		%					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							Closed							Closed
Currently in a Promote Position? (Yes/No)				Yes							No							No
II. FEES & PRIORITY DISTRIBUTIONS EARNED BY ACADIA
Type:				Applicable to							Description
Asset Management				Fund III							0%
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

_____________________________

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

2.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.

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

4.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.

5.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	%			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	%			9.1	%			224,438				157.50			Santander Bank
SOUTHEAST
Georgia
Broughton Street Portfolio    (14 properties)			2014			100.0	%			94,693				—				—						94,693				93	%			—	%			—	%			93.3	%			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	%			100.0	%			100.0	%			100.0	%		$	4,361,425			$	19.48			TJ Maxx, Best Buy, Ross Dress for Less
Texas
Wood Ridge Plaza			2022			90.0	%			—				—				217,249						217,249				—	%			—				91.0	%			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	%			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	%			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	%			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	%			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	%			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	%			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					203,917				—	%			—				95.8	%			95.8	%			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	%			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	%			100.0	%			100.0	%			100.0	%			5,141,361				14.15			Kohl's, HomeGoods
WEST
Nevada
LINQ Promenade			2024			15.0	%			—				—				181,498					181,498				—	%			—	%			100.0	%			100.0	%			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

_____________________________

1.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.

2.Economic occupancy excludes short-term percentage rent.

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

4.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				Percent				Leases		Expiring		Percent				Percent
Year		Expiring		SF		of Total		PSF		of Total		Year		Expiring		SF		of Total		PSF		of Total
M to M 1		—		—		—%		$—		—%		M to M 1		—		—		—%		$—		—%
2026		1		6,960		1.6%		—		—%		2026		1		282		1.2%		84.83		1.7%
2027		3		9,951		2.3%		100.05		4.9%		2027		5		3,477		15.3%		62.00		15.7%
2028		1		903		0.2%		218.88		1.0%		2028		8		4,563		20.1%		109.37		36.5%
2029		1		948		0.2%		161.55		0.8%		2029		4		2,052		9.0%		72.87		10.9%
2030		1		4,002		0.9%		71.76		1.4%		2030		2		664		2.9%		65.06		3.2%
2031		2		27,166		6.2%		7.21		1.0%		2031		2		931		4.1%		53.74		3.7%
2032		3		139,357		31.9%		20.32		14.0%		2032		2		7,759		34.2%		29.07		16.5%
2033		3		30,869		7.1%		50.47		7.7%		2033		4		1,174		5.2%		65.68		5.6%
2034		4		8,123		1.9%		112.10		4.5%		2034		2		1,199		5.3%		44.98		3.9%
2035		5		27,155		6.2%		79.08		10.6%		2035		1		599		2.6%		51.48		2.3%
Thereafter		8		180,792		41.4%		60.57		54.1%		Thereafter		—		—		—%		—		—%
Total 2		32		436,226		100.0%		$46.37		100.0%		Total 2		31		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				Percent				Leases		Expiring		Percent				Percent
Year		Expiring		SF		of Total		PSF		of Total				Expiring		SF		of Total		PSF		of Total
M to M 1		4		1,310		0.2%		$16.37		0.2%		M to M 1		—		—		—%		$—		—%
2026		34		34,712		4.2%		22.81		6.1%		2026		27		15,558		2.7%		32.16		3.2%
2027		58		147,085		18.0%		13.12		14.8%		2027		51		75,203		12.8%		21.21		10.1%
2028		49		114,206		13.9%		15.33		13.4%		2028		67		85,068		14.5%		25.54		13.8%
2029		55		109,404		13.4%		16.80		14.1%		2029		66		89,365		15.2%		28.89		16.4%
2030		48		136,884		16.7%		14.27		15.0%		2030		54		122,211		20.9%		29.69		23.0%
2031		33		56,676		6.9%		17.36		7.6%		2031		21		42,127		7.2%		21.18		5.7%
2032		17		45,503		5.6%		15.50		5.4%		2032		15		23,586		4.0%		18.65		2.8%
2033		18		38,129		4.7%		18.92		5.5%		2033		19		42,507		7.3%		20.40		5.5%
2034		21		62,341		7.6%		14.51		6.9%		2034		29		36,954		6.3%		33.55		7.9%
2035		17		43,021		5.3%		16.44		5.4%		2035		20		20,313		3.5%		27.72		3.6%
Thereafter		19		29,682		3.6%		23.95		5.5%		Thereafter		12		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				Percent
Year		Expiring		SF		of Total		PSF		of Total
M to M 1		4		1,310		0.1%		$16.37		0.0%
2026		63		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		58		126,900		6.8%		16.72		4.2%
2032		37		216,205		11.6%		19.44		8.3%
2033		44		112,679		6.0%		28.61		6.4%
2034		56		108,617		5.8%		28.62		6.2%
2035		43		91,088		4.9%		37.86		6.8%
Thereafter		39		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

_____________________________

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

2.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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