Acadia Realty Trust posts $0.03 Q3 2026 loss

Same-property NOI rose 10.2%, while Acadia lowered its 2026 net earnings guidance and kept its FFO guidance unchanged.

Available on EDGAR 11/02/2026 - 08:11 AM EST Accepted by SEC EDGAR 11/02/2026 - 08:11 AM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Acadia Realty Trust (AKR) reported a $0.03 diluted loss per share for the three months ended September 30, 2026, versus $0.03 diluted earnings a year earlier. The company attributed the change primarily to an $11.7 million non-cash impairment charge on two properties in process of being sold. NAREIT FFO was $0.30 per share versus $0.28, and FFO As Adjusted was $0.31 versus $0.29.

Same-property NOI rose 10.2% year over year, including 15.2% growth in street retail; Acadia projected 2026 growth of 7.5%-8.5%. It maintained full-year NAREIT FFO guidance of $1.19-$1.21 and FFO As Adjusted guidance of $1.24-$1.26 per share, while revising net earnings guidance to $0.29-$0.30 per share from $0.40-$0.41. Acadia completed approximately $152 million of accretive street retail acquisitions. At Henderson Avenue, leases executed or in advanced negotiations covered approximately 90% of retail GLA, with openings expected throughout 2027.

In October, Acadia became sole lender under a new $200 million Sunset Park financing at SOFR plus 300 basis points for four years. As of September 30, 2026, unsettled forward equity contracts covered 17.0 million shares for approximately $351 million in aggregate net proceeds, expected to fund Henderson Avenue and acquisition opportunities.

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Positive

• Moderate pointSame-property NOI grew 10.2% year over year in the third quarter.
• Moderate pointAdjusted FFO reached $0.31 per share, versus $0.29 a year earlier.
• Moderate pointApproximately $152 million of accretive street retail acquisitions closed during the quarter. 5.8% of market cap

Negative

• Major point. Forward-looking: it has not happened yet and may not happen.2026 net earnings guidance fell to $0.29-$0.30 from $0.40-$0.41.
• Moderate pointGAAP diluted EPS was a $0.03 loss, versus $0.03 earnings.

Filing Explained

Acadia says Henderson’s estimated $210 million to $235 million investment is fully funded, with about $144 million invested by September 30, 2026.

This 8-K furnishes Acadia’s third-quarter results.

During the quarter, Acadia settled previously issued forward contracts for approximately 0.8 million shares and received $15.6 million; those shares were issued, increasing the share count and reducing existing holders’ percentage ownership absent offsetting changes.

Acadia reported 138,138,232 common shares issued and outstanding at September 30, 2026, compared with 131,036,560 at December 31, 2025.

For Henderson Avenue, Acadia estimates total investment of $210 million to $235 million, says it is fully funded, and reports about $144 million invested as of September 30, 2026.

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, or exhibit attachments filed with this report.

Key Figures

Diluted net loss per share: ($0.03) per share NAREIT FFO per diluted share and Common OP Unit: $0.30 FFO As Adjusted per diluted share and Common OP Unit: $0.31 +5 more

8 metrics

Diluted net loss per share ($0.03) per share Three months ended September 30, 2026; compared with $0.03 earnings per share in 2025

NAREIT FFO per diluted share and Common OP Unit $0.30 Three months ended September 30, 2026; compared with $0.28 in 2025

FFO As Adjusted per diluted share and Common OP Unit $0.31 Three months ended September 30, 2026; compared with $0.29 in 2025

Same-property NOI growth 10.2% Third quarter 2026 compared with third quarter 2025

Non-cash impairment charge $11.7 million Related to two properties in process of being sold

Revised 2026 net earnings guidance $0.29-$0.30 per share Revised from $0.40-$0.41 per share

Third-quarter street retail acquisitions Approximately $152 million Completed in the three months ended September 30, 2026

Unsettled forward equity contracts 17.0 million shares; approximately $351 million in aggregate net proceeds As of September 30, 2026

Key Terms

FFO As Adjusted, Same-property NOI, Annualized Adjusted EBITDA, forward equity contracts, +1 more

5 terms

FFO As Adjusted financial

"FFO As Adjusted for the three months ended September 30, 2026"

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 10.2% for the third quarter of 2026"

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.

Annualized Adjusted EBITDA financial

"Net Debt to Annualized Adjusted EBITDA"

Annualized adjusted EBITDA is a company’s operating profit measure that removes interest, taxes, depreciation and amortization plus one-time or unusual items, then projects that cleaned-up short-term result out over a full year. Investors use it as a run-rate estimate of cash-generating performance—like taking a snapshot from a few months, removing distortions, and stretching it to represent a year—to compare businesses and judge ongoing profitability, while noting it can be shaped by the adjustments made.

forward equity contracts financial

"unsettled forward equity contracts to sell 17.0 million shares"

yield on cost financial

"projected yield on cost of 8% to 10%"

Yield on cost is the annual income return (usually dividends or interest) from an investment expressed as a percentage of the original purchase price. It is calculated by dividing the current annual income received from the holding by the price originally paid and multiplying by 100. The measure shows how much income the original outlay now produces, but it does not account for changes in the security’s current market value or total return from price gains or losses.

Earnings Snapshot

Diluted net (loss) earnings per share: ($0.03) · Guidance included

Three months ended September 30, 2026

Diluted net (loss) earnings per share ($0.03) From $0.03 in third quarter 2025

Total revenues $94.983 million From $101.006 million in third quarter 2025

NAREIT FFO per diluted share and Common OP Unit $0.30 From $0.28 in third quarter 2025

FFO As Adjusted per diluted share and Common OP Unit $0.31 From $0.29 in third quarter 2025

Same-property NOI $41.724 million Increased 10.2% year over year

Guidance

Maintained 2026 NAREIT FFO guidance of $1.19-$1.21 per share and FFO As Adjusted guidance of $1.24-$1.26 per share; revised net earnings guidance to $0.29-$0.30 per share from $0.40-$0.41.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were AKR's third-quarter 2026 earnings and FFO per share?

AKR reported a diluted net loss of $0.03 per share for the three months ended September 30, 2026, versus earnings of $0.03 a year earlier. NAREIT FFO was $0.30 and FFO As Adjusted was $0.31 per diluted Common Share and Common OP Unit.

Why did AKR report a third-quarter 2026 GAAP loss?

The loss primarily reflected an $11.7 million non-cash impairment charge related to two properties that were in process of being sold.

What is AKR's 2026 earnings guidance after the revision?

Acadia revised net earnings guidance to $0.29-$0.30 per share from $0.40-$0.41. It maintained NAREIT FFO guidance of $1.19-$1.21 per share and FFO As Adjusted guidance of $1.24-$1.26 per share.

What are the terms of AKR's Sunset Park financing?

In October 2026, Acadia received $20 million in connection with amending and extending its existing structured finance loan. It acquired the property's senior loan, invested approximately $120 million of incremental capital net of the payment, and consolidated its investments into a new $200 million financing. Acadia is the sole lender, and the financing bears interest at SOFR plus 300 basis points for a four-year term.

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false000089962900008996292026-11-022026-11-02

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): November 02, 2026

Acadia Realty Trust

(Exact name of Registrant as Specified in Its Charter)

Maryland			001-12002	23-2715194
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
411 Theodore Fremd Avenue Suite 300
Rye, New York				10580
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s Telephone Number, Including Area Code: 914 288-8100

(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(s)		Name of each 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 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 November 2, 2026, Acadia Realty Trust (the “Company”) issued a press release announcing its consolidated financial results for the three and nine months ended September 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 nine months ended September 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 November 2, 2026
99.2	Supplemental Reporting Information as of and for the three and nine months ended September 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 Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			Acadia Realty Trust (Registrant)
Date:	November 2, 2026	By:	/s/ John Gottfried
			Executive Vice President and Chief Financial Officer

Exhibit 99.1

Acadia Realty Trust

(914) 288-8100

Acadia Realty Trust Reports Third Quarter 2026 Operating Results

Key Highlights for the three months ended September 30, 2026 include:

•Third quarter GAAP net loss of $0.03 per share (compared to net earnings of $0.03 in third quarter 2025) and FFO As Adjusted of $0.31 per share (compared to $0.29 in third quarter 2025)

•Third quarter REIT Portfolio same-property NOI increased 10.2%, driven by street retail, which increased 15.2% and the Company anticipates full-year 2026 same-property NOI growth of 7.5% to 8.5%

•Delivered REIT Portfolio GAAP and cash leasing spreads on new leases of 98% and 62%, respectively, driven by street retail

•Grew its signed-not-open (“SNO”) pipeline 32% to $21.8 million, up from $16.5 million at June 30, 2026, driven by approximately $8.4 million of new leasing, of which approximately $6.2 million was from new street and urban leases

•Increased leasing at its Henderson Avenue development in Dallas to approximately 90% of retail GLA executed or in advanced stages of negotiation, with openings targeted throughout 2027 and a continued expected yield on cost for the entire project of 8% to 10%

•Completed approximately $152 million of accretive street acquisitions in the REIT Portfolio

•The Company has maintained its full-year NAREIT FFO and 2026 FFO As Adjusted Guidance. It revised net earnings per share to $0.29-$0.30 from $0.40-$0.41

RYE, NY (November 2, 2026) - Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”) today reported operating results for the quarter ended September 30, 2026. All per share amounts are on a fully-diluted basis, where applicable. Acadia owns and operates a high-quality real estate portfolio of street and open-air retail properties in the nation's most dynamic retail corridors (“REIT Portfolio”), along with an investment management platform that targets opportunistic and value-add investments through its institutional co-investment vehicles (“Investment Management”).

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

“We delivered third-quarter same-property NOI growth that ranks among the strongest in our history, led once again by growth of more than 15% in our street retail portfolio. Through the first nine months

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of 2026, same-property NOI growth exceeded 8%, and that top-line growth is dropping to the bottom line, with FFO As Adjusted up nearly 10% both compared with the same period last year. Leasing momentum continued across our key street retail corridors, and we are now beginning to see demand broaden into our larger-format urban markets, which have been slower to recover. Complementing this momentum, we acquired approximately $150 million of street retail during the quarter, adding properties that are accretive across each of our key metrics and strengthen the scale advantage we have established in these markets. With strong internal growth continuing into 2027 and beyond, along with ample liquidity and meaningful investment capacity, we are well positioned to further accelerate our growth as compelling opportunities emerge.”

Financial Results

A complete reconciliation, in dollars and per share amounts, of (i) net (loss) 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 property 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 (Loss) Earnings

•Net loss per share for the three months ended September 30, 2026 was $0.03. This compares with net earnings per share for the three months ended September 30, 2025 of $0.03. The decrease was primarily due to a non-cash impairment charge of $11.7 million, or $0.08 per share, related to two properties that are in process of being sold.

NAREIT FFO

•NAREIT Funds From Operations (“NAREIT FFO”) for the three months ended September 30, 2026 was $44.5 million, or $0.30 per share, as compared to $38.6 million, or $0.28 per share, for the three months ended September 30, 2025.

FFO As Adjusted

•FFO As Adjusted for the three months ended September 30, 2026 was $45.2 million, or $0.31 per share, as compared to $39.7 million, or $0.29 per share, for the three months ended September 30, 2025.

REIT Portfolio Same-Property NOI

•Same-property NOI grew 10.2% for the third quarter of 2026 compared with the third quarter of 2025, primarily driven by 15.2% growth from the street retail portfolio. Same-property NOI growth for the nine months ended September 30, 2026 was 8.3% compared to the same period in 2025, and the Company anticipates full-year 2026 same-property NOI growth of 7.5% to 8.5%. These amounts exclude developments and redevelopments.

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REIT Portfolio Occupancy and Leasing Update

•As of September 30, 2026, economic occupancy and leased occupancy each decreased 20 basis points to 94.2% and 95.5%, respectively, from 94.4% and 95.7% as of June 30, 2026. The declines were entirely attributable to approximately 16,600 square feet of vacancy in street retail properties acquired during the third quarter at 44 Main Street in Westport and 69-73 Greene Street in Soho, which the Company expects to lease in the near term. Excluding this acquired vacancy, economic occupancy would have increased approximately 10 basis points to 94.5%, with street and urban economic occupancy up approximately 30 basis points to 91.7%.

•For the three months ended September 30, 2026, conforming GAAP and cash leasing spreads on new leases were 98% and 62%, respectively, and 49% and 25%, respectively, inclusive of renewal leases.

•As part of third quarter activity, the Company executed a lease with a national specialty retailer at 129 Fifth Avenue in Manhattan’s Flatiron District, which was acquired vacant in the second quarter of 2026. Leveraging its tenant relationships, the Company drew competing bids and signed a lease for the entirety of the building within 30 days at a rent well above underwriting, for a projected yield on cost in excess of 9%.

Signed Not Opened Update

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

		Balance at June 30, 2026				Commencing ABR				New Leases				Balance at September 30, 2026
REIT Portfolio (Operating)		$	6.4			$	(2.4	)		$	4.9			$	8.9
REIT Portfolio (Development/Redevelopment/Prestabilized)			7.8				(0.1	)			2.5				10.2
Investment Management			2.3				(0.6	)			1.0				2.7
Total		$	16.5			$	(3.1	)		$	8.4			$	21.8

Transactional Activity

During the three months ended September 30, 2026, the Company completed approximately $152 million of accretive street retail acquisitions within its REIT Portfolio. Details of the third quarter acquisitions are discussed below. This brings year-to-date acquisition volume to $775 million (approximately $436 million at the Company's share), including $351 million in the REIT Portfolio and $424 million (approximately $85 million at the Company's share) through the Investment Management platform.

REIT Portfolio Acquisitions

•Westport, Fairfield County, Connecticut. In September 2026, the Company acquired 44 Main Street for a purchase price of $23 million, adding four storefronts on Main Street, Westport’s premier retail corridor,

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and bringing the Company's total storefronts owned on Main Street to nine. The property includes a mix of in-place retail tenancy, along with an additional vacancy offering near-term leasing upside.

•Soho, Manhattan, New York. In September 2026, the Company acquired two storefronts at 69-73 Greene Street for a purchase price of $66 million, bringing the Company's total storefronts owned on Greene Street to 11 and its total storefronts owned in Soho to 21. The acquisition includes one storefront leased to Amiri and an adjacent vacancy offering a near-term lease-up opportunity.

•West Village, Manhattan, New York. In August 2026, the Company acquired 385 Bleecker Street and 371-373 Bleecker Street for an aggregate purchase price of $20 million, adding three storefronts on the West Village's premier retail corridor. These acquisitions bring the Company’s total storefronts owned on Bleecker Street to 10.

•Greenwich, Fairfield County, Connecticut. In August 2026, the Company acquired 171-173 Greenwich Avenue for a purchase price of $10 million, bringing the Company’s total storefronts owned on Greenwich Avenue to five. The in-place lease provides an embedded mark-to-market opportunity on a supply-constrained corridor with high barriers to entry.

•West Hollywood, Los Angeles, California. In July 2026, the Company acquired 8800-8804 Melrose Avenue for a purchase price of $30 million. 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. 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.

Henderson Avenue Development

•Henderson Avenue Development, Dallas, Texas. During the third quarter, leases executed or in advanced stages of negotiation at the Company’s Henderson Avenue development reached approximately 90% of retail GLA (95% including the stabilized portfolio). Leasing activity was led by national apparel and lifestyle brands, including Lululemon, Vuori and Jenni Kayne, alongside a curated mix of local restaurants and retailers. The Company is the largest owner on Henderson Avenue, with a portfolio spanning more than a mile. The development is designed to connect and complete the street, extend the Knox-Henderson district and create a walkable street retail destination. The total estimated investment of approximately $210 million to $235 million is fully funded with approximately $144 million invested as of September 30, 2026. The amount invested included the September 2026 acquisition of an additional Henderson Avenue parcel for approximately $3 million, with anticipated future development costs of approximately $7 million, which are included in the amounts above. Adjacent to the Company’s existing holdings, the parcel provides further expansion and lease-up opportunities. Tenant openings are expected to begin in 2027 and continue throughout the year, with NOI contributions expected to be weighted toward the second half of 2027. Strong leasing demand continued to support a projected yield on cost of 8% to 10%.

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Investment Management Platform Dispositions

During the third quarter, the Company, through its Investment Management platform, completed the disposition of one property for $8 million, of which the Company’s share was approximately $2 million. Details of the disposition are discussed below. Year-to-date, the Company has disposed of a total of approximately $723 million, including recapitalizations of $504 million, of which the Company’s share was $144 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. The Company also has approximately $110 million of dispositions ($22 million at the Company's share) under contract for sale, subject to customary closing conditions.

•New York, New York (Fund IV). During July 2026, the Company completed the disposition of a parking garage condo unit at 1035 Third Avenue, in New York, NY, for $8 million.

Structured Finance (Subsequent Event)

Sunset Park, Brooklyn, Loan Amendment and Extension. In October 2026, the Company received $20 million in connection with an amendment and extension of its existing structured finance loan. As part of the transaction, the Company acquired the property's senior loan, investing approximately $120 million of incremental capital, net of the $20 million payment, and consolidating its investments into a new $200 million financing encompassing the property's entire debt capital stack. The Company is now the sole lender, with the financing bearing interest at SOFR plus 300 basis points for a four-year term. The cash-flowing, mixed-use retail property on the Sunset Park waterfront is anchored by Floor & Decor and Marshalls, with funded reserves available to cover operating expenses and capital expenditures. Additional leasing and redevelopment opportunities could further strengthen the underlying collateral securing the Company's loan.

Balance Sheet

Equity Activity:

•During the third quarter, the Company settled approximately 0.8 million shares of previously issued forward equity contracts for cash proceeds of approximately $15.6 million. As of September 30, 2026, the Company currently has unsettled forward equity contracts to sell 17.0 million shares for aggregate net proceeds of approximately $351 million, which it expects to use to accretively fund its Henderson Avenue development project in Dallas, TX, and to pursue acquisition opportunities.

Pro-Rata REIT Portfolio and Investment Management Net Debt to Annualized Adjusted EBITDA:

•As of September 30, 2026, the Company’s pro-rata Net Debt to Annualized Adjusted EBITDA, inclusive of its share of Investment Management debt and net of the estimated proceeds of its unsettled forward equity contracts, was 5.8x. Adjusted to reflect a full year of EBITDA from the Company’s 2026 transaction activity, Net Debt to Transaction-Adjusted Annualized EBITDA was 5.6x. Refer to the Third Quarter 2026 Supplemental Information package for reconciliations and details on financial ratios.

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No Significant REIT Portfolio Debt Maturities until 2030:

•The Company has REIT Portfolio debt maturing (as extended) of 2.0%, 2.2%, 6.2% and 6.8% in 2026, 2027, 2028 and 2029, respectively.

Guidance

The Company has maintained its full-year NAREIT FFO and 2026 FFO As Adjusted Guidance. It revised net earnings per share to $0.29-$0.30 from $0.40-$0.41.

		2026 Guidance
		Revised		Prior
Net earnings per share attributable to Acadia		$0.29-$0.30		$0.40-$0.41
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share other than Common OP Units)		1.00-1.01		0.96-0.97
Gain on disposition of real estate properties (net of noncontrolling interest share other than Common OP Units)		(0.25)		(0.24)
Impairment charges (net of noncontrolling interest share other than Common OP Units)		0.08		—
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		$1.19-$1.21
Adjustments to FFO:
Transaction and other expenses 1		0.05		0.05
FFO As Adjusted per share attributable to Common Shareholders and Common OP Unit Holders 2		$1.24-$1.26		$1.24-$1.26

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.

2.Refer to the Notes to Financial Highlights for definitions of non-GAAP measures.

Management will conduct a conference call on Monday, November 2, 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:	Monday, November 2, 2026
Time:	11:00 AM ET
Participant call:	Third Quarter 2026 Dial-In
Participant webcast:	Third Quarter 2026 Webcast
Webcast Listen-only and Replay:	www.acadiarealty.com/investors under Events, Presentations & Portfolio Updates

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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 uses its LinkedIn profile to communicate with its investors and the public. Accordingly, investors are encouraged to monitor the Investors page of the Company's website and its LinkedIn profile, in addition to following the Company’s press releases, SEC filings, public conference calls, presentations and webcasts.

About Acadia Realty Trust

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

Safe Harbor Statement

Certain statements in this press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and we are including this statement for the purposes of complying with those safe harbor provisions, in each case, to the extent applicable. Forward-looking statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations (including with regards to its acquisition pipeline and development activities) are generally identifiable by the use of words such as “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend” or “project,” or the negative thereof, or other variations thereon or comparable terminology. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the Company's actual results and financial performance to be materially different from future results and financial performance expressed or implied by such forward-looking statements, including, but not limited to: (i) macroeconomic conditions, including due to geopolitical instability (such as ongoing armed conflicts and heightened regional tensions in the Middle East), contemplated tariff increases and other trade restrictions, which may lead to a disruption of or lack of access to the capital markets, disruptions and instability in the banking and financial services industries and rising inflation; (ii) the Company’s success in implementing its business strategy and its ability to identify, underwrite, finance, consummate and integrate diversifying acquisitions and investments (including the potential acquisitions discussed in this press release); (iii) changes in general economic conditions or economic conditions in the markets in which the Company may, from time to time, compete, including the impact of recently announced tariffs on our tenants and their customers, and their effect on the Company’s and our tenants' revenues, earnings and funding sources and those of our tenants; (iv) increases in the Company’s borrowing costs as a result of rising inflation, changes in interest rates and other factors; (v) the Company’s ability to pay down, refinance, restructure or extend its indebtedness as it becomes due; (vi) the Company’s investments in joint ventures

7

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.

8

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  September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Revenues
Rental		$	90,395			$	98,714			$	280,151			$	299,651
Other			4,588				2,292				13,247				6,341
Total revenues			94,983				101,006				293,398				305,992
Expenses
Depreciation and amortization			35,572				38,884				110,889				117,593
General and administrative			11,912				10,924				38,997				34,053
Real estate taxes			9,771				11,832				35,428				38,452
Property operating			16,605				16,627				51,893				52,431
Impairment charges			11,660				12,570				11,660				37,210
Total expenses			85,520				90,837				248,867				279,739
Gain on disposition of properties			761				2,515				146,878				2,515
Operating income			10,224				12,684				191,409				28,768
Equity in (losses) earnings of unconsolidated affiliates			(467	)			(3,694	)			11,954				(9,598	)
Interest income			4,546				6,121				15,891				18,575
Realized and unrealized holding (losses) gains on investments and other			—				(1,760	)			(649	)			(193	)
Interest expense			(19,927	)			(24,304	)			(62,122	)			(71,155	)
Loss on change in control			—				—				—				(9,622	)
(Loss) income from continuing operations before income taxes			(5,624	)			(10,953	)			156,483				(43,225	)
Income tax provision			1				(2	)			(165	)			(329	)
Net (loss) income			(5,623	)			(10,955	)			156,318				(43,554	)
Net loss attributable to redeemable noncontrolling interests			25				1,567				1,704				4,960
Net loss (income) attributable to noncontrolling interests			2,004				15,006				(120,101	)			47,783
Net (loss) income attributable to Acadia shareholders		$	(3,594	)		$	5,618			$	37,921			$	9,189
Less: earnings attributable to unvested participating securities			(332	)			(340	)			(996	)			(1,017	)
Less: adjustment of redeemable noncontrolling interests to estimated redemption value			—				(888	)			(5,661	)			(888	)
(Loss) income from continuing operations net of income attributable to participating securities for diluted earnings per share		$	(3,926	)		$	4,390			$	31,264			$	7,284
Weighted average shares for basic earnings per share			137,648				131,020				134,198				127,812
Weighted average shares for diluted earnings per share			137,648				131,022				134,479				127,819
Net (loss) earnings per share - basic (2)		$	(0.03	)		$	0.03			$	0.23			$	0.06
Net (loss) earnings per share - diluted (2)		$	(0.03	)		$	0.03			$	0.23			$	0.06

9

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 September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Net (loss) income attributable to Acadia		$	(3,594	)		$	5,618			$	37,921			$	9,189
Depreciation of real estate and amortization of leasing costs (net of    noncontrolling interests' share other than Common OP Units)			36,934				31,542				107,898				94,814
Impairment charges (net of noncontrolling interests' share other than Common OP Units)			11,660				3,804				11,660				9,572
(Gain) loss on disposition of properties (net of noncontrolling interests' share other than Common OP Units)			(321	)			(2,700	)			(34,876	)			(2,614	)
Loss on change in control			—				—				—				9,622
(Loss) income attributable to Common OP Unit holders			(135	)			248				1,941				452
Distributions - Preferred OP Units			5				67				15				201
Funds from operations attributable to Common Shareholders and Common OP Unit holders - Diluted		$	44,549			$	38,579			$	124,559			$	121,236
Transaction and other expenses			634				55				6,515				733
Unrealized holding loss (gain) (net of noncontrolling interest share)			—				2,281				649				1,103
Promote income			—				(1,216	)			—				(1,216	)
Tenant lease settlement			—				—				—				(8,309	)
FFO As Adjusted attributable to Common Shareholders and Common OP Unit holders 1		$	45,183			$	39,699			$	131,723			$	113,547
Funds From Operations per Share - Diluted
Weighted-average shares outstanding			137,648				131,020				134,479				127,812
Weighted-average OP Units outstanding			8,537				7,674				8,456				7,686
Assumed conversion of Preferred OP Units to Common Shares			25				256				25				256
Weighted-average number of Common Shares and Common OP Units			146,210				138,950				142,960				135,754
Diluted Funds From Operations, per Common Share and Common OP Unit		$	0.30			$	0.28			$	0.87			$	0.89
Diluted Funds From Operations As Adjusted, per Common Share and Common OP Unit		$	0.31			$	0.29			$	0.92			$	0.84

10

Acadia Realty Trust and Subsidiaries

Reconciliation of Consolidated Operating Income to Net Property Operating Income (“NOI”) (1) (Unaudited, Dollars in thousands)

		Three Months Ended  September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Consolidated operating income		$	10,224			$	12,684			$	191,409			$	28,768
Add back:
General and administrative			11,912				10,924				38,997				34,053
Depreciation and amortization			35,572				38,884				110,889				117,593
Impairment charges			11,660				12,570				11,660				37,210
Gain on disposition of properties			(761	)			(2,515	)			(146,878	)			(2,515	)
Less:
Above/below-market rent, straight-line rent and other adjustments			(6,839	)			(5,011	)			(19,380	)			(10,917	)
Termination income			—				—				—				(8,366	)
Consolidated NOI			61,768				67,536				186,697				195,826
Redeemable noncontrolling interest in consolidated NOI			(8	)			(1,734	)			(3,507	)			(4,998	)
Noncontrolling interest in consolidated NOI			(10,620	)			(19,604	)			(35,861	)			(56,748	)
Less:
Operating Partnership's interest in Investment Management NOI included above			(6,276	)			(8,027	)			(18,519	)			(22,710	)
Add back:
Operating Partnership's share of unconsolidated joint ventures NOI (4)			1,707				1,045				4,706				3,205
REIT Portfolio NOI		$	46,571			$	39,216			$	133,516			$	114,575

Reconciliation of Same-Property NOI

(Unaudited, Dollars in thousands)

		Three Months Ended  September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
REIT Portfolio NOI		$	46,571			$	39,216			$	133,516			$	114,575
Less properties excluded from Same-Property NOI			(4,847	)			(1,343	)			(13,406	)			(3,660	)
Same-Property NOI		$	41,724			$	37,873			$	120,110			$	110,915
Percent change from prior year period			10.2	%							8.3	%
Components of Same-Property NOI:
Same-Property Revenues		$	56,193			$	50,942			$	165,449			$	152,917
Same-Property Operating Expenses			(14,469	)			(13,069	)			(45,339	)			(42,002	)
Same-Property NOI		$	41,724			$	37,873			$	120,110			$	110,915

11

Acadia Realty Trust and Subsidiaries

Condensed Consolidated Balance Sheets (1)

(Unaudited, Dollars in thousands, except shares)

As of:
		September 30, 2026				December 31, 2025
Assets
Investments in real estate, at cost
Buildings and improvements		$	3,126,806			$	3,421,366
Tenant improvements			328,458				339,414
Land			1,271,291				1,147,236
Construction in progress			37,488				32,969
Right-of-use assets - finance leases			61,366				61,366
Total			4,825,409				5,002,351
Less: Accumulated depreciation and amortization			(1,029,912	)			(1,018,597	)
Operating real estate, net			3,795,497				3,983,754
Real estate under development			212,538				167,051
Net investments in real estate			4,008,035				4,150,805
Notes receivable, net ($2,781 and $1,638 of allowance for credit losses as of September 30, 2026 and December 31, 2025, respectively)			208,535				154,892
Investments in and advances to unconsolidated affiliates			262,271				161,955
Other assets, net			217,004				223,980
Right-of-use assets - operating leases, net			24,175				23,594
Cash and cash equivalents			37,984				38,818
Restricted cash			11,322				18,081
Rents receivable, net			60,409				65,027
Total assets		$	4,829,735			$	4,837,152
Liabilities:
Mortgage and other notes payable, net		$	479,407			$	893,944
Unsecured notes payable, net			1,107,513				879,462
Unsecured line of credit			232,323				89,500
Accounts payable and other liabilities			258,035				273,479
Lease liabilities - operating leases			26,281				25,972
Dividends and distributions payable			29,351				28,526
Distributions in excess of income from, and investments in, unconsolidated affiliates			16,492				16,838
Total liabilities			2,149,402				2,207,721
Commitments and contingencies
Redeemable noncontrolling interests			4,472				9,113
Acadia Shareholders' Equity
Common shares, $0.001 par value per share, authorized 200,000,000 shares, issued and outstanding 138,138,232 and 131,036,560 shares as of September 30, 2026 and December 31, 2025, respectively			138				131
Additional paid-in capital			2,848,006				2,710,651
Accumulated other comprehensive income			38,684				15,585
Distributions in excess of accumulated earnings			(550,249	)			(500,720	)
Total Acadia shareholders’ equity			2,336,579				2,225,647
Noncontrolling interests			339,282				394,671
Total equity			2,675,861				2,620,318
Total liabilities, redeemable noncontrolling interests, and equity		$	4,829,735			$	4,837,152

12

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 represents cash generated from operations as defined by generally accepted accounting principles (“GAAP”), nor is 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 or 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.

13

Exhibit 99.2

Table of Contents

Section I – Third 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, Adjusted EBITDA and Leverage	8
Same Property Net Operating Income	10
New and Renewal Rent Spreads	11
Transactional Activity	12
2026 Guidance	14
Section III – Financial Statements and Data
Consolidated Statements of Operations	15
Statements of Operations - Pro-rata Adjustments	17
Consolidated Balance Sheet	18
Balance Sheet - Pro-rata Adjustments	19
Fee Income Detail	21
Structured Financing	22
Net Asset Valuation Information	23
Development, Redevelopment, and Pre-Stabilized Properties	24
Section IV – Capital Structure and Debt Analysis
Portfolio Debt - Summary	26
Debt Detail	27
Debt Maturities	29
Swap Interest Rate Summary	31
Section V – REIT Portfolio and Leasing Information
REIT Properties	32
REIT Top Tenants	36
REIT Lease Expirations	37
Section VI – Investment Management Platform
Fund Overview	38
Investment Management Properties	39
Investment Management Lease Expirations	42
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		J.P. Morgan Securities, Inc.		Ladenburg Thalmann
		Samir Khanal (646) 855-1497		Michael W. Mueller, CFA (212) 622-6689		Floris van Dijkum (212) 409-2075
		samir.khanal@bofa.com		michael.w.mueller@jpmorgan.com		fvandijkum@ladenburg.com
		Citigroup - Global Markets		Jefferies		Truist
		Craig Mailman (212) 816-4471		Jonathan Petersen (212) 284-1705		Linda Tsai (212) 326-3149
		craig.mailman@citi.com		jpetersen@jefferies.com		linda.tsai@truist.com
		Green Street Advisors		KeyBanc Capital Markets, Inc.
		Paulina Rojas Schmidt (949) 640-8780		Todd Thomas (917) 368-2286
		projasschmidt@greenstreet.com		tthomas@key.com

Supplemental Report September 30, 2026 – 3

Highlights

Summary Financial Results		For the three months ended September 30,								For the nine months ended September 30,
(in thousands, except per share amounts)		2026				2025				2026				2025
REIT NOI at pro-rata share (pg 23)		$	46,571			$	39,216			$	133,516			$	114,575
Investment Management NOI at pro-rata share (pg 23)		$	12,461			$	11,272			$	37,453			$	31,792
Total NOI at pro-rata share		$	59,032			$	50,488			$	170,969			$	146,367
Adjusted EBITDA (pro-rata) (pg 8) 1		$	63,044			$	59,985			$	183,633			$	175,760
FFO As Adjusted per diluted Common Share and Common OP Unit (pg 7)		$	0.31			$	0.29			$	0.92			$	0.84
NAREIT FFO per diluted Common Share and OP Unit (pg 7) 1		$	0.30			$	0.28			$	0.87			$	0.89
Dividends declared per Common Share and Common OP Unit (pg 7)		$	0.20			$	0.20			$	0.60			$	0.60

		Three months ended,
Summary Operating and Financial Ratios		September 30, 2026				June 30, 2026				March 31, 2026				December 31, 2025				September 30, 2025
REIT Portfolio Same-property NOI % (pg 10)			10.2	%			8.7	%			5.9	%			5.7	%			5.4	%
Net Debt to Annualized Adjusted Annualized EBITDA (pg 5) 2			5.8	x			5.1	x			5.5	x			4.9	x			5.0	x
Net Debt to Transaction-Adjusted Annualized EBITDA 3			5.6	x
Fixed charge coverage ratio (annualized) (pg 8) 2			3.3	x			3.4	x			3.2	x			3.6	x			3.8	x
Outstanding Common Stock		Three months ended,
(in thousands)		September 30, 2026				June 30, 2026				March 31, 2026				December 31, 2025				September 30, 2025
Diluted Weighted Average Common shares and units outstanding (pg 6)			146,210				142,393				139,733				139,031				138,950
Unsettled forward equity (pg 6)			16,969				17,772				12,294				14,739				12,760
Transactional Activity 4		Three months ended,
(in thousands)		September 30, 2026				June 30, 2026				March 31, 2026				December 31, 2025				September 30, 2025
REIT acquisitions (pg 12)		$	152,951			$	119,753			$	78,686			$	20,750			$	904
IMP acquisitions (pg 12)			—				—			$	424,140				—			$	62,701
Aggregate purchase price of acquisitions (REIT and IMP) (pg 12)		$	152,951			$	119,753			$	502,826			$	20,750			$	63,605
Recapitalizations (pg 12)			—				—			$	504,115				—				—
Aggregate sale price of dispositions (REIT and IMP) (pg 12)		$	12,480			$	106,500			$	476,463			$	201,540			$	99,540
		As of
Summary portfolio statistics (pro-rata)		September 30, 2026				June 30, 2026				March 31, 2026				December 31, 2025				September 30, 2025
Percent leased - REIT Street and Urban (pg 32)			93.0	%			93.4	%			93.1	%			91.5	%			91.6	%
Percent leased - REIT Suburban (pg 33)			96.5	%			96.6	%			96.1	%			96.0	%			95.6	%
Percent leased - REIT Total (pg 33)			95.5	%			95.7	%			95.3	%			94.7	%			94.5	%
Economic Occupancy - REIT Street and Urban (pg 32) 5			90.7	%			91.4	%			91.7	%			90.3	%			89.5	%
Economic Occupancy - REIT Suburban (pg 33)			95.5	%			95.5	%			95.1	%			95.2	%			95.1	%
Economic Occupancy - REIT Total (pg 33) 5			94.2	%			94.4	%			94.1	%			93.9	%			93.6	%
ABR PSF - REIT Total (pg 33)		$	41.57			$	40.19			$	40.01			$	39.30			$	38.23
		Current				Prior
2026 Guidance		(as of 11/2/2026)				(as of 7/28/2026)
Projected 2026 FFO As Adjusted per diluted share		$1.24 - $1.26				$1.24 - $1.26
Annual Projected Same-property NOI		7.5% - 8.5%				5% - 9%

_____________________________

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

2.Beginning with the third quarter of 2026, interest expense used in the fixed-charge coverage ratio includes amortization of finance costs and above- and below-market debt amortization. Prior periods have been revised to conform to the current period presentation.

3.Transaction-Adjusted Annualized EBITDA reflects a full year of EBITDA from investments acquired or funded during 2026, and excludes EBITDA from properties sold or recapitalized during 2026. This measure is presented beginning with the third quarter of 2026 and prior periods have not been computed. Refer to EBITDA page for more information.

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

5.As of September 30, 2026, approximately 16,600 square feet of vacancy was acquired during the quarter at 44 Main Street in Westport and 69-73 Greene Street in Soho. Excluding this vacancy, street and urban and total REIT economic occupancy would have been approximately 91.7% and 94.5%, respectively, up 30 and 10 basis points from June 30, 2026.

Supplemental Report September 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			138,138
Common Operating Partnership ("OP") Units			6,420
Combined Common Shares and OP Units 1			144,558
Share Price at September 30, 2026		$	18.74
Equity Capitalization - Common Shares and OP Units		$	2,709,017
Preferred OP Units 2			470
Total Equity Capitalization			2,709,487			60%
Debt Capitalization
Consolidated Secured Debt			479,407
Consolidated Revolving Credit			232,323
Consolidated Unsecured Notes Payable			1,107,513
Consolidated Principal Debt			1,819,243
Less: Net unamortized premium			(248	)
Add: Deferred financing fees			14,407
Consolidated Debt			1,833,402
Adjustment to reflect pro-rata share of debt			3,569
Total Pro-Rata Debt Capitalization			1,836,971			40%
Total Market Capitalization		$	4,546,458			100%
Pro-Rata Liquidity
Cash, cash equivalents and restricted cash		$	45,386
Unsettled ATM forward equity contracts			351,328
Net debt		$	1,440,257
Annualized Adjusted EBITDA (page 8)		$	246,677
Transaction-Adjusted Annualized EBITDA (page 8)		$	259,125
Ratios3:
Debt + Preferred Equity (Preferred OP Units) Total Market Capitalization			40	%
Net Debt + Preferred Equity Total Market Capitalization			32	%
Net Debt/Annualized Adjusted EBITDA			5.8	x
Net Debt to Transaction-Adjusted Annualized EBITDA			5.6	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 September 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
Vesting RS and LTIPs			—				—				—
OP Conversions			2				(2	)			—
Common Shares Issued Upon Forward Settlement			803				—				803
Other			3				—				3
Balance at 9/30/2026			138,138				6,420				144,558				137,648				134,479				146,210				142,960

Forward Equity Offerings		Shares				Net Proceeds 1
Beginning balance 6/30/2026			17,772			$	368,814
Shares sold			-				-
Shares settled			(803	)			(15,649	)
Current-value settlement adjustments 1			—				(1,837	)
Ending balance as of 9/30/2026 2			16,969			$	351,328

_____________________________

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 September 30, 2026.

Supplemental Report September 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	September 30, 2026		September 30, 2026		September 30, 2025		September 30, 2025
Funds from operations ("FFO"):
Net Income (loss) attributable to Acadia		$30,477		$11,038	$(3,594)		$37,921		$5,618		$9,189
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share other than Common OP Units)		35,851		35,113	36,934		107,898		31,542		94,814
Gain on disposition on real estate properties (net of noncontrolling interest share other than Common OP Units)		(30,954)		(3,601)	(321)		(34,876)		(2,700)		(2,614)
Impairment charges (net of noncontrolling interest share other than Common OP Units)		—		—	11,660		11,660		3,804		9,572
Loss on change in control (net of noncontrolling interest share other than Common OP Units)		—		—	—		—		—		9,622
(Income) loss attributable to noncontrolling interests' share in Operating Partnership		1,501		585	(130)		1,956		315		653
FFO to Common Shareholders and Common OP Unit holders - Diluted		$36,875		$43,135	$44,549		$124,559		$38,579		$121,236
Promote income					—		—		(1,216)		(1,216)
Transaction and other expenses 1		4,358		1,523	634		6,515		55		733
Unrealized holding loss (net of noncontrolling interest share)		616		33	—		649		2,281		1,103
Tenant lease settlement		—		—	—		—		—		(8,309)
FFO As Adjusted to Common Shareholders and Common OP Unit holders		$41,849		$44,691	$45,183		$131,723		$39,699		$113,547
Adjusted Funds from operations ("AFFO"):
FFO		$36,875		$43,135	$44,549		$124,559		$38,579		$121,236
Unrealized holding loss (net of noncontrolling interest share)		616		33	—		649		2,281		1,103
Realized gain		—		—	—		—		4,355		9,761
Straight-line rent, net		37		(1,086)	(2,050)		(3,099)		(1,185)		(1,554)
Above/below-market rent		(2,562)		(2,472)	(2,603)		(7,637)		(1,869)		(6,511)
Amortization of finance costs		1,618		1,705	1,871		5,194		1,879		4,869
Above/below-market interest		(155)		(155)	(155)		(465)		(155)		(416)
Non-real estate depreciation		93		54	62		209		93		266
Stock-based compensation		6,189		2,964	2,962		12,115		2,904		8,192
Leasing commissions		(1,447)		(1,754)	(2,128)		(5,329)		(2,569)		(6,368)
Tenant improvements		(2,694)		(3,758)	(2,583)		(9,035)		(7,318)		(22,213)
Maintenance capital expenditures		(1,735)		(999)	(1,953)		(4,687)		(1,785)		(4,558)
AFFO to Common Shareholders and Common OP Unit holders		$36,835		$37,667	$37,972		$112,474		$35,210		$103,807
FFO per Diluted Common Share and Common OP Unit		$0.26		$0.30	$0.30		$0.87		$0.28		$0.89
FFO As Adjusted per Diluted Common Share and Common OP Unit		$0.30		$0.31	$0.31		$0.92		$0.29		$0.84
Total weighted-average diluted shares and OP Units		139,733		142,393	146,210		142,960		138,950		135,754
Additional Disclosures:
Dividends Declared (per Common Share/OP Units)		$0.20		$0.20	$0.20		$0.60		$0.20		$0.60
Dividends (Shares) & Distributions (OP Units Declared)		$28,320		$29,083	$29,249		$86,652		$27,652		$82,937
FFO Payout Ratio		77%		67%	66%		70%		72%		68%
FFO As Adjusted Payout Ratio		68%		65%	65%		66%		70%		73%
AFFO Payout Ratio		77%		77%	77%		77%		79%		80%

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 September 30, 2026 – 7

EBITDA, Adjusted EBITDA and Leverage

(in thousands)

		Quarter Ended								Year to Date
		September 30,								September 30,
		2026				2025				2026				2025
Net (loss) income attributable to Acadia shareholders		$	(3,594	)		$	5,618			$	37,921			$	9,189
Adjustments: 1
Depreciation and amortization			36,996				31,635				108,107				95,080
Interest expense 2			17,800				14,685				51,528				42,644
Provision for income taxes			(1	)			4				173				218
Noncontrolling interest - OP			(130	)			248				1,956				452
EBITDA (pro-rata)		$	51,071			$	52,190			$	199,685			$	147,583
(Gain) loss on disposition of properties			(321	)			(2,700	)			(34,876	)			(2,614	)
Unrealized holding loss (gain) on investments			—				2,281				649				1,103
Realized gain 3			—				4,355				—				9,761
Transaction and other expenses 4			634				55				6,515				733
Impairment charges			11,660				3,804				11,660				9,572
Loss on change in control			—				—				—				9,622
Adjusted EBITDA (pro-rata)		$	63,044			$	59,985			$	183,633			$	175,760
Fixed-Charge Coverage Ratios
Adjusted EBITDA (pro-rata) 1 divided by:		$	63,044			$	59,985			$	183,633			$	175,760
Interest expense 2			17,800				14,685				51,528				42,644
Principal Amortization			1,459				1,216				4,312				2,729
Preferred Dividends 5			5				67				15				201
Total Fixed Charges			19,264				15,968				55,855				45,574
Fixed-Charge Coverage Ratio – REIT Portfolio and Investment Management 2			3.3	x			3.8	x			3.3	x			3.9	x

Annualized Adjusted EBITDA and Leverage (pro-rata)		September 30, 2026
Adjusted EBITDA – nine months ended September 30, 2026		$	183,633
Adjusted EBITDA – three months ended September 30, 2026 6			63,044
Less: realized gain 3			—
Annualized Adjusted EBITDA 6		$	246,677
Adjustments for 2026 transaction activity: 7
Acquisitions, dispositions and recapitalizations		$	9,190
Structured finance investments			3,258
Total adjustments for 2026 transaction activity			12,448
Transaction-Adjusted Annualized EBITDA 7		$	259,125
Net debt 8		$	1,440,257
Net Debt to Annualized Adjusted EBITDA			5.8	x
Net Debt to Transaction-Adjusted Annualized EBITDA 7			5.6	x

_____________________________

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

2.Beginning with the third quarter of 2026, interest expense includes amortization of finance costs and above- and below-market debt amortization, which were previously presented as separate adjustments. Prior periods have been revised to conform to the current period presentation.

3.Represents realized gains on the sale of the Company’s investment in Albertsons. Realized gains are excluded from Annualized Adjusted EBITDA as they are not reflective of the Company’s ongoing core operating results. There were no realized gains during 2026.

4.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.

5.Represents preferred distributions on Preferred Operating Partnership Units.

Supplemental Report September 30, 2026 – 8

EBITDA, Adjusted EBITDA and Leverage

(in thousands)

6.Annualized Adjusted EBITDA represents Adjusted EBITDA for the nine months ended September 30, 2026, plus Adjusted EBITDA for the three months ended September 30, 2026 as an estimate of the fourth quarter, excluding realized gains.

7.Beginning with the third quarter of 2026, the Company presents Transaction-Adjusted Annualized EBITDA, which adjusts Annualized Adjusted EBITDA to reflect a full year of EBITDA from investments acquired or funded during 2026, and to exclude EBITDA from properties sold or recapitalized during 2026, as if each transaction had occurred on January 1, 2026. Because Annualized Adjusted EBITDA includes only partial-year results from these transactions, the Company believes this adjustment provides a more representative view of its leverage. These adjustments are based on management’s estimates and do not represent the Company’s historical results or a forecast of future results. This measure was not presented in prior periods. Refer to Important Notes for more information on Non-GAAP Financial Measures.

8.Represents total pro-rata debt, net of pro-rata cash and the estimated net proceeds of unsettled forward equity contracts. Refer to Market Capitalization, Liquidity & Debt Ratios.

Supplemental Report September 30, 2026 – 9

Same Property Performance – REIT Portfolio1

(in thousands)

		Quarter Ended September 30,												Year to Date September 30,
		2026				2025				% Change				2026				2025				% Change
Summary
Minimum rents		$	45,407			$	41,763				8.7	%		$	131,224			$	121,831				7.7	%
Expense reimbursements			9,747				8,456				15.3	%			31,375				28,426				10.4	%
Other property income			1,039				723				43.7	%			2,850				2,660				7.1	%
Total Revenue			56,193				50,942				10.3	%			165,449				152,917				8.2	%
Expenses
Property operating - CAM & Real estate taxes			12,936				11,362				13.9	%			40,567				37,434				8.4	%
Other property operating (Non-CAM)			1,533				1,707				(10.2	)%			4,772				4,568				4.5	%
Total Expenses			14,469				13,069				10.7	%			45,339				42,002				7.9	%
Same Property NOI - REIT properties		$	41,724			$	37,873				10.2	%		$	120,110			$	110,915				8.3	%
Reconciliation of Same Property NOI to REIT Portfolio NOI
NOI of Properties excluded from Same Property NOI			4,847				1,343								13,406				3,660
REIT Portfolio NOI		$	46,571			$	39,216							$	133,516			$	114,575
Other same property information
Economic Occupancy at the end of the period			94.2	%			93.8	%
Leased Occupancy at the end of the period			95.4	%			94.7	%

_____________________________

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

Supplemental Report September 30, 2026 – 10

New and Renewal Rent Spreads – REIT Portfolio1

		Quarter Ended				Quarter Ended			Quarter Ended				Year to Date
		March 31, 2026				June 30, 2026			September 30, 2026				September 30, 2026
		GAAP 2		Cash 3		GAAP 2		Cash 3	GAAP 2		Cash 3		GAAP 2		Cash 3
New Leases
Number of new leases executed		1		1		5		5	5		5		11		11
GLA		20,214		20,214		9,614		9,614	5,885		5,885		35,713		35,713
New base rent		$37.51		$34.00		$383.87		$345.87	$407.78		$361.67		$191.77		$171.95
Previous base rent		$25.02		$26.04		$179.11		$180.76	$205.52		$223.48		$96.25		$100.23
Average cost per square foot		$173.55		$173.55		$260.43		$260.43	$289.92		$289.92		$216.11		$216.11
Weighted Average Lease Term (years)		15.0		15.0		8.2		8.2	7.4		7.4		11.9		11.9
Percentage growth in base rent		49.9 %		30.6 %		114.3%		91.3%	98.4 %		61.8 %		99.2 %		71.6 %
Renewal Leases
Number of renewal leases executed		11		11		5		5	13		13		29		29
GLA		162,160		162,160		9,144		9,144	55,320		55,320		226,624		226,624
New base rent		$49.90		$47.34		$36.02		$34.73	$120.13		$104.22		$66.48		$60.72
Expiring base rent		$41.28		$43.03		$33.74		$34.09	$87.89		$90.45		$52.35		$54.25
Average cost per square foot		$3.70		$3.70		$2.01		$2.01	$—		$—		$2.73		$2.73
Weighted Average Lease Term (years)		4.9		4.9		3.6		3.6	6.6		6.6		5.2		5.2
Percentage growth in base rent		20.9 %		10.0 %		6.8%		1.9%	36.7 %		15.2 %		27.0 %		11.9 %
Total New and Renewal Leases
Number of new and renewal leases executed		12		12		10		10	18		18		40		40
GLA commencing		182,374		182,374		18,758		18,758	61,205		61,205		262,337		262,337
New base rent		$48.52		$45.86		$214.30		$194.20	$147.79		$128.97		$83.54		$75.86
Expiring base rent		$39.48		$41.15		$108.25		$109.26	$99.20		$103.24		$58.33		$60.51
Average cost per square foot		$22.53		$22.53		$134.46		$134.46	$27.88		$27.88		$31.78		$31.78
Weighted Average Lease Term (years)		6.0		6.0		6.0		6.0	6.6		6.6		6.1		6.1
Percentage growth in base rent		22.9 %		11.4%		98.0%		77.7%	49.0 %		24.9%		43.2 %		25.4 %

_____________________________

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, Redevelopment, and Pre-Stabilized Properties 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.

Supplemental Report September 30, 2026 – 11

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
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		9,611		100%		—		9,611
8800-8804 Melrose Avenue		West Hollywood, CA		July 2026		30,204		100%		—		30,204
171-173 Greenwich Avenue		Greenwich, CT		August 2026		10,109		100%		—		10,109
371-373 Bleecker Street		New York, NY		August 2026		10,009		100%		—		10,009
385 Bleecker Street		New York, NY		August 2026		10,206		100%		—		10,206
69-73 Greene Street		New York, NY		September 2026		66,113		100%		—		66,113
2310 N. Henderson Avenue		Dallas, TX		September 2026		3,202		100%		—		3,202
44 Main Street		Westport, CT		September 2026		23,108		100%		—		23,108
Subtotal REIT Portfolio:						351,402				—		351,402
Investment Management:
Other Co-Investment Vehicles:
Shops at Skyview3		Queens, NY		January 2026		424,140		20%		—		84,828
TOTAL ACQUISITIONS						$775,542				$—		$436,230
RECAPITALIZATIONS
Investment Management:
Other Co-Investment Vehicles:
Atlantic Portfolio 3		Various		February 2026		$373,203		20%		—		$74,641
Avenue at West Cobb 3		Marietta, GA		February 2026		62,706		20%		—		12,541
Pinewood Square 3		Lake Worth, FL		March 2026		68,206		20%		—		13,641
TOTAL RECAPITALIZATIONS						$504,115				—		$100,823
DISPOSITIONS
REIT Portfolio:
1525 W. Belmont		Chicago, IL		September 2026		$4,180		100%		—		$4,180
1801-1803 Connecticut Avenue		Washington, D.C.		October 2026		3,750		100%		—		3,750
						$7,930				$—		$7,930
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
1035 Third Avenue		New York, NY		July 2026		8,300		100%		8,300		1,919
						31,400				29,090		6,726
Fund V:
Landstown Commons		Virginia Beach, VA		January 2026		102,000		100%		102,000		20,502
Atlantic Portfolio 3		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						$599,193				$582,703		$125,932

Supplemental Report September 30, 2026 – 12

Transactional Activity (Continued)

(in thousands)

Structured Financing Activity
Note Description		Transaction Type		Date of Transaction		Transaction Amount				Acadia Share
Shops at Skyview 4		Preferred Equity		January 2026		$	41,700			$	33,360
Atlantic Portfolio (TPG Recapitalization) 5		Preferred Equity		February 2026			27,500				22,000
City Point Loan 6		Acquisition		June 2026			—				58,471
Whitestone Loan 7		Senior Loan		July 2026			53,916				53,916
Sunset Park Loan		Senior Loan		October 2026			120,000				120,000
						$	243,116			$	287,747

_____________________________

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 III, IV, and V within our Investment Management platform represent the respective Investment Management’s ownership, not the Company’s proportionate share.

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

4.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.

5.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.

6.In June 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.

7.During the third quarter of 2026, the Company funded $53.9 million on an urban shopping center located in Queens, New York.

8.During the fourth quarter of 2026, the Company amended and extended its existing Sunset Park structured finance loan, receiving a $20.0 million payment and acquiring the property’s senior loan, resulting in approximately $120.0 million of net incremental capital invested and a new $200.0 million financing.

Supplemental Report September 30, 2026 – 13

2026 Guidance

The Company has maintained its full-year NAREIT FFO and 2026 FFO As Adjusted Guidance. It revised net earnings per share to $0.29-$0.30 from $0.40-$0.41.

		2026 Guidance
		Revised		Prior
Net earnings per share attributable to Acadia		$0.29-$0.30		$0.40-$0.41
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share other than Common OP Units)		1.00-1.01		0.96-0.97
Gain on disposition of real estate properties (net of noncontrolling interest share other than Common OP Units)		(0.25)		(0.24)
Impairment charges (net of noncontrolling interest share other than Common OP Units)		0.08		—
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		$1.19-$1.21
Adjustments to FFO:
Transaction and other expenses 1		0.05		0.05
FFO As Adjusted per share attributable to Common Shareholders and Common OP Unit Holders 2		$1.24-$1.26		$1.24-$1.26

_____________________________

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.

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

Supplemental Report September 30, 2026 – 14

Consolidated Statements of Operations

(in thousands)

		September 30, 2026 1
		Quarter				Year to Date
Revenues
Rental income		$	90,395			$	280,151
Other			4,588				13,247
Total revenues			94,983				293,398
Expenses
Depreciation and amortization			35,572				110,889
General and administrative			11,912				38,997
Real estate taxes			9,771				35,428
Property operating			16,605				51,893
Impairment charges			11,660				11,660
Total expenses			85,520				248,867
Gain on disposition of properties			761				146,878
Operating income			10,224				191,409
Equity in (losses) earnings of unconsolidated affiliates			(467	)			11,954
Interest income			4,546				15,891
Unrealized holding losses on investments and other			—				(649	)
Interest expense			(19,927	)			(62,122	)
(Loss) income from continuing operations before income taxes			(5,624	)			156,483
Income tax benefit (provision)			1				(165	)
Net (loss) income			(5,623	)			156,318
Net loss attributable to redeemable noncontrolling interests			25				1,704
Net loss (income) attributable to noncontrolling interests			2,004				(120,101	)
Net (loss) income attributable to Acadia shareholders		$	(3,594	)		$	37,921

		September 30, 2026 1
		Quarter				Year to Date
Reconciliation of Revenues to Consolidated GAAP Revenues
Total Revenues		$	87,504			$	272,453
Straight-line rent income			1,584				2,854
Above/below-market rent income			2,199				7,673
Asset and property management fees			2,030				5,393
Leasing, Construction, and Development fees			944				4,121
Other income adjustments			722				904
Consolidated Total GAAP Revenues		$	94,983			$	293,398
Reconciliation of Property Operating Expenses to Consolidated GAAP Property Operating Expenses
Property operating - CAM and Other		$	12,429			$	39,342
Other property operating (Non-CAM)			3,122				9,952
Asset and property management expense			414				1,034
Other			640				1,565
Consolidated Total GAAP Property Operating Expenses		$	16,605			$	51,893

Supplemental Report September 30, 2026 – 15

Consolidated Statements of Operations - Detail

(in thousands)

		September 30, 2026 1
REIT PORTFOLIO AND INVESTMENT MANAGEMENT INCOME		Quarter				Year to Date
REVENUES
Minimum rents		$	69,688			$	213,652
Expense reimbursements - CAM			9,098				28,712
Expense reimbursements - Taxes			7,090				25,352
Percentage rent and other property income			1,628				4,737
Total Revenues			87,504				272,453
EXPENSES
Property operating - CAM			12,429				39,342
Real estate taxes			9,771				35,428
Other property operating (Non-CAM) 2			3,122				9,952
Asset and property management expense			414				1,034
Total Expenses			25,736				85,756
NET OPERATING INCOME - PROPERTIES			61,768				186,697
OTHER INCOME (EXPENSE)
Interest income			4,546				15,891
Straight-line rent income			1,584				2,854
Above/below-market rent income			2,199				7,673
Interest expense 3			(19,927	)			(61,486	)
Other income			716				1,133
Impairment charges			(11,660	)			(11,660	)
REIT PORTFOLIO AND INVESTMENT MANAGEMENT INCOME			39,226				141,102
FEE AND OTHER INCOME 4
Asset and property management fees			2,030				5,393
Leasing, Construction, and Development fees			944				4,121
Total Investment Management Fee Income			2,974				9,514
Transactional and other expenses			(634	)			(2,430	)
Total Investment Management Fee Income and Other Transactional Expenses			2,340				7,084
Unrealized losses on investments and other			—				(649	)
Income tax benefit (provision)			1				(165	)
Total Fee and Other Income			2,341				6,270
Administrative and Other Expenses			(11,912	)			(38,997	)
Depreciation and amortization			(35,510	)			(110,680	)
Non-real estate depreciation and amortization			(62	)			(209	)
Gain on disposition of properties			761				146,878
Gain (loss) before equity in earnings and noncontrolling interests			(5,156	)			144,364
Equity in (losses) earnings of unconsolidated affiliates			(467	)			11,954
Noncontrolling interests (including redeemable noncontrolling interests)			2,029				(118,397	)
NET (LOSS) INCOME ATTRIBUTABLE TO ACADIA SHAREHOLDERS		$	(3,594	)		$	37,921

Supplemental Report September 30, 2026 – 16

Statements of Operations – Pro-Rata Adjustments 8

(in thousands)

		Quarter Ended September 30, 2026								Year to Date September 30, 2026
REIT PORTFOLIO AND INVESTMENT MANAGEMENT INCOME		Noncontrolling Interest in Consolidated Subsidiaries 5				Company’s Interest in Unconsolidated Subsidiaries 6				Noncontrolling Interest in Consolidated Subsidiaries 5				Company’s Interest in Unconsolidated Subsidiaries 6
REVENUES
Minimum rents		$	(16,787	)		$	13,565			$	(59,225	)		$	40,653
Expense reimbursements - CAM			(3,432	)			2,203				(11,807	)			7,175
Expense reimbursements - Taxes			(2,377	)			2,033				(8,496	)			6,183
Percentage rent and other property income			(234	)			894				(1,235	)			2,409
Total Revenues			(22,830	)			18,695				(80,763	)			56,420
EXPENSES
Property operating - CAM			(3,061	)			2,301				(12,990	)			8,029
Real estate taxes			(3,164	)			2,700				(10,810	)			8,336
Other property operating (Non-CAM) 2			(504	)			279				(2,311	)			1,099
Asset and property management expense			(355	)			405				(1,223	)			1,255
Total Expenses			(7,084	)			5,685				(27,334	)			18,719
NET OPERATING INCOME - PROPERTIES			(15,746	)			13,010				(53,429	)			37,701
OTHER INCOME (EXPENSE)
Interest income			(11	)			7				(222	)			33
Straight-line rent income			(202	)			668				(706	)			951
Above/below-market rent (expense) income			(526	)			930				(2,553	)			2,517
Interest expense 3			7,634				(5,507	)			27,016				(17,058	)
Other (expense) income			(193	)			93				(379	)			213
Impairment charges			—				—				—				—
REIT PORTFOLIO AND INVESTMENT MANAGEMENT INCOME			(9,044	)			9,201				(30,273	)			24,357
FEE AND OTHER INCOME 4
Asset and property management fees			1,560				53				5,502				220
Leasing, Construction, and Development fees			988				77				3,727				261
Total Investment Management Fee Income			2,548				130				9,229				481
Transactional and other expenses			—				—				—				—
Total Investment Management Fee Income and Other Transactional Expenses			2,548				130				9,229				481
Unrealized losses on investments and other			—				—				—				—
Income tax benefit (provision)			—				-				2				(10	)
Total Fee and Other Income			2,548				130				9,231				471
Administrative and Other Expenses			425				36				1,603				(693	)
Depreciation and amortization			8,410				(9,834	)			30,179				(27,397	)
Non-real estate depreciation and amortization			—				—				—				—
Loss on change in control			—				—				—				—
Loss (gain) on disposition of properties			(440	)			—				(127,218	)			15,216
Gain (loss) before equity in earnings and noncontrolling interests			1,899				(467	)			(116,478	)			11,954
Equity in (losses) earnings of unconsolidated affiliates			—				—				—				—
Redeemable noncontrolling interests
Noncontrolling interests (including redeemable noncontrolling interests) 7			130				—				(1,919	)			—
NET INCOME (LOSS) ATTRIBUTABLE TO ACADIA SHAREHOLDERS		$	2,029			$	(467	)		$	(118,397	)		$	11,954

Supplemental Report September 30, 2026 – 17

Balance Sheet

(in thousands)

ASSETS		Consolidated Balance Sheet				Line Item Details:
Real estate
Buildings and improvements		$	3,126,806			Real estate under development (REIT):		$	212,538
Tenant improvements			328,458
Land			1,271,291			Summary of other assets, net:
Construction in progress			37,488			Deferred charges, net		$	47,079
Right-of-use assets - finance leases			61,366			Accrued interest receivable			11,748
			4,825,409			Due from seller			1,268
Less: Accumulated depreciation and amortization			(1,029,912	)		Prepaid expenses			16,316
Operating real estate, net			3,795,497			Other receivables			3,754
Real estate under development			212,538			Income taxes receivable			505
Net investments in real estate			4,008,035			Corporate assets, net			549
Notes receivable, net ($2,781 of allowance for credit losses)			208,535			Deposits			662
Investments in and advances to unconsolidated affiliates			262,271			Derivative financial instruments			30,709
Lease intangibles, net			104,414			Total		$	112,590
Other assets, net			112,590
Right-of-use assets - operating leases, net			24,175			Summary of accounts payable and other liabilities:
Cash and cash equivalents			37,984			Lease liability - finance leases, net		$	32,674
Restricted cash			11,322			Accounts payable and accrued expenses			86,373
Straight-line rents receivable, net			42,364			Deferred income			29,941
Rents receivable, net			18,045			Tenant security deposits, escrows, and other			21,682
Total assets		$	4,829,735			Derivative financial instruments			54
						Total		$	170,724
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgage and other notes payable, net		$	479,407
Unsecured notes payable, net			1,107,513
Unsecured line of credit			232,323
Accounts payable and other liabilities			170,724
Lease liabilities - operating leases			26,281
Dividends and distributions payable			29,351
Lease intangibles, net			87,311
Distributions in excess of income from, and investments in, unconsolidated affiliates			16,492
Total liabilities			2,149,402
Commitments and contingencies
Redeemable noncontrolling interests			4,472
Equity:
Common shares, $0.001 par value per share, authorized 200,000,000 shares, issued and outstanding 138,138,232			138
Additional paid-in capital			2,848,006
Accumulated other comprehensive income			38,684
Distributions in excess of accumulated earnings			(550,249	)
Total Acadia shareholders’ equity			2,336,579
Noncontrolling interests			339,282
Total equity			2,675,861
Total liabilities, redeemable noncontrolling interests, and equity		$	4,829,735

Supplemental Report September 30, 2026 – 18

Balance Sheet – Pro-rata Adjustments 8

(in thousands)

ASSETS		Noncontrolling Interest in Consolidated Subsidiaries 5				Company’s Interest in Unconsolidated Subsidiaries 6
Real estate
Buildings and improvements		$	(331,047	)		$	330,263
Tenant improvements			(20,229	)			14,806
Land			(161,738	)			123,745
Construction in progress			(3,484	)			3,024
Right-of-use assets - finance leases			(20,225	)			21,719
			(536,723	)			493,557
Less: Accumulated depreciation and amortization			73,519				(72,903	)
Operating real estate, net			(463,204	)			420,654
Real estate under development			(6,243	)			2,217
Net investments in real estate			(469,447	)			422,871
Notes receivable, net			18,276				55,373
Investments in and advances to unconsolidated affiliates			(28,378	)			(229,197	)
Lease intangibles, net			(15,158	)			42,604
Other assets, net			(6,474	)			11,252
Right-of-use assets - operating leases, net			(936	)			—
Cash and cash equivalents			(15,091	)			9,493
Restricted cash			(1,980	)			3,658
Straight-line rents receivable, net			(4,040	)			5,681
Rents receivable, net			(5,077	)			2,484
Total assets		$	(528,305	)		$	324,219
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgage and other notes payable, net		$	(275,605	)		$	278,157
Unsecured notes payable, net			294				—
Unsecured line of credit			—				—
Accounts payable and other liabilities			(31,108	)			35,371
Lease liabilities - operating leases			(976	)			4
Dividends and distributions payable			—				—
Lease intangibles, net			(17,503	)			27,179
Distributions in excess of income from, and investments in, unconsolidated affiliates			—				(16,492	)
Total liabilities			(324,898	)			324,219
Commitments and contingencies
Acadia Shareholders' Equity
Common shares, $0.001 par value per share, authorized 200,000,000 shares, issued and outstanding 138,138,232			—				—
Additional paid-in capital			—				—
Accumulated other comprehensive income			—				—
Distributions in excess of accumulated earnings			—				—
Total Acadia shareholders’ equity			—				—
Noncontrolling interests			(203,407	)			—
Total equity			(203,407	)			—
Total liabilities, redeemable noncontrolling interests, and equity		$	(528,305	)		$	324,219

_____________________________

Supplemental Report September 30, 2026 – 19

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.Beginning in the third quarter of 2026, the Company revised the presentation of Asset and Property Management Expense to include a new line item, Other Property Operating (Non-CAM) Expenses, to better reflect underlying costs. Prior periods have been revised for consistency, with no impact on net income, FFO, same-property NOI or other reported performance metrics.

3.Net of consolidated capitalized interest of $2.5 million and $6.8 million, or $2.4 million and $6.7 million at the Company’s pro rata share, for the
three and nine months ended September 30, 2026, respectively.

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

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

6.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.

7.This represents the income allocable to Operating Partnership Units of $(0.1) million and $1.9 million for the three and nine months ended September 30, 2026, respectively.

8.The Company currently has controlling ownership interests in both (a) Investment Management (represented by Funds 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 September 30, 2026 – 20

Fee Income Detail 1

(in thousands)

		Fund III				Fund IV				Fund V				Other 2				Total
Year to Date September 30, 2026
Asset and property management fees		$	—			$	1,060			$	4,574			$	5,481			$	11,115
Leasing, Construction, and Development fees			143				531				3,302				4,133				8,109
Total fees		$	143			$	1,591			$	7,876			$	9,614			$	19,224
Quarter Ended September 30, 2026
Asset and property management fees		$	—			$	285			$	1,334			$	2,024			$	3,643
Leasing, Construction, and Development fees			8				170				896				935				2,009
Total fees		$	8			$	455			$	2,230			$	2,959			$	5,652

_____________________________

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 September 30, 2026 – 21

Structured Financing Portfolio

(in thousands)

		June 30, 2026												Quarter Ended September 30, 2026
		Principal				Accrued				Ending								Current				Accrued				Ending				Stated Interest				Effective Interest				Maturity
Investment		Balance				Interest				Balance				Issuances				Principal				Interest				Balance				Rate				Rate				Dates 1,3
First mortgage notes 1,2		$	59,801			$	3,809			$	63,610			$	725			$	60,526			$	3,809			$	64,335				5.99	%			6.51	%		Oct 2026
Other notes 3			170,523				4,582				175,105				53,916				224,439				6,840				231,279				8.57	%			8.75	%		Nov 2026 - Jul 2029
Total notes receivable		$	230,324			$	8,391			$	238,715			$	54,641			$	284,965			$	10,649			$	295,614				8.02	%			8.28	%
Reconciliation of Notes Receivable to the Pro-Rata Balance Sheet:
Total Notes Receivable per above																		$	284,965
Allowance for credit loss																			(2,781	)
Total pro-rata Notes Receivable																		$	282,184

_____________________________

1.One note in the principal amount of $17.8 million was in default at September 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 on non-accrual status as of September 30, 2026, as the Company no longer considered the collection of contractual interest to be probable.

Supplemental Report September 30, 2026 – 22

Net Asset Valuation Information

(in thousands)

		REIT				FUND III				FUND IV				FUND V				Other Co-Investment Vehicles 5
Acadia Ownership Percentage		N/A					24.54	%			23.12	%			20.10	%		Various
Current Quarter NOI
At Pro-Rata 1
Net Operating Income (loss) 2		$	46,571			$	(20	)		$	336			$	3,324			$	8,821
Less:
Net operating income from properties sold or assets held for sale			(56	)			11				(11	)			(164	)			—
Net operating (loss) income from pre-stabilized assets, development and redevelopment projects 3			(2,321	)			9				(74	)			—				(3,885	)
Net Operating Income of stabilized assets		$	44,194			$	—			$	251			$	3,160			$	4,936
Costs to Date (Pro-Rata)
Assets held for sale		$	—			$	—			$	—			$	—			$	—
Pre-stabilized assets 3			324,019				—				17,641				—				724,268
Development and redevelopment projects 4			569,400				8,325				27,800				—				—
Total Costs to Date		$	893,419			$	8,325			$	45,441			$	—			$	724,268
Debt (Pro-Rata)		$	1,442,010			$	—			$	16,459			$	86,748			$	291,754

_____________________________

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.Pre-stabilized assets consist of the following projects for REIT: 651-671 West Diversey, Henderson Avenue, City Center, 1801-03 Connecticut Avenue and 129 5th Avenue; Fund IV: 210 Bowery, 801 Madison, and 27 E 61st Street; Other Co-investment Vehicles: City Point.

4.Refer to Development, Redevelopment, and Pre-Stabilized Properties page for projects. Effective during the third quarter of 2026, the Company reclassified its pre-stabilized City Point property (previously included in Fund II) to Other Co-Investment Vehicles.

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, Atlantic Portfolio, and City Point.

Supplemental Report September 30, 2026 – 23

Development, Redevelopment, and Pre-Stabilized Properties

												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 3				Estimated Future Range								Estimated Total Range
REIT
Development:
Henderson Avenue Expansion 1, 2		95%		Dallas, TX		2027/2028			176,000			$	144.1			$	144.1			$	65.9			$	90.9			$	210.0			$	235.0
Redevelopment:
555 9th Street		100.0%		San Francisco, CA		TBD			149,000				25.3				167.0				8.2				18.2				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												$	30.2			$	425.3			$	14.0			$	26.7			$	209.3			$	222.0
Total REIT Development and Redevelopment 4												$	174.3			$	569.4			$	79.9			$	117.6			$	419.3			$	457.0
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 5												$	6.2			$	36.1			$	—			$	—			$	—			$	—
Total REIT and Investment Management Development and Redevelopment												$	180.5			$	605.5			$	79.9			$	117.6			$	419.3			$	457.0

1.As previously announced, the Company partnered with 3-O Real Estate Partners (formerly Ignite-Rebees), and retained a 95% controlling interest in certain development projects. 3-O Real Estate Partners’ share of the Total Costs to Date is approximately $6.6 million and Estimated Total Range is $9.8 million to $10.7 million, which is reflected in the table above.

2.Total costs includes the acquisition of 2310 N. Henderson Avenue in the third quarter.

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

4.Total NOI from REIT Portfolio development and redevelopment projects was $0.2 million for the quarter ended September 30, 2026.

5.Total NOI from Investment Management development and redevelopment projects was $0.1 million for the quarter ended September 30, 2026.

Supplemental Report September 30, 2026 – 24

Development, Redevelopment, and Pre-Stabilized Properties

Property 5		AKR Pro-rata share		Location		Estimated Stabilization		Est. Sq ft Upon Completion
Pre-Stabilized:
210 Bowery (Fund IV)		23.1%		New York, NY		2027			2,538
801 Madison (Fund IV)		23.1%		New York, NY		2027			2,522
27 E 61st Street (Fund IV)		23.1%		New York, NY		2027			4,177
Henderson Avenue (REIT)		100.0%		Dallas, TX		2027			62,000
City Center (REIT)		100.0%		San Francisco, CA		2027			241,000
City Point (IMP)		95.0%		Brooklyn, NY		2027			536,198
651-671 West Diversey (REIT)		100.0%		Chicago, IL		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

_____________________________

1.Total NOI from REIT Portfolio and Investment Management pre-stabilized assets was $2.2 million and $3.9 million for the quarter ended September 30, 2026, respectively.

Supplemental Report September 30, 2026 – 25

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 and Cap 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		$266,079		2.2		$11,867		1.5		$277,946		2.2		$1,203,384		$1,481,330				$124,630		$(185,932)		$1,420,028
Variable-Rate Debt 5		1,175,933		3.8		383,092		1.8		1,559,025		3.3		(1,203,384)		355,641				152,072		(94,339)		413,374
Total		$1,442,012		3.5		$394,959		1.8		$1,836,971		3.1		$—		$1,836,971		4.4%		$276,702		$(280,271)		1,833,402
Unamortized premium										224														248
Net unamortized loan costs										(16,482)														(14,407)
Contingent loan obligation										1,376														—
Total										$1,822,089														$1,819,243

_____________________________

1.Fixed-rate debt includes notional principal fixed through swap transactions and $86.0 million of notional principal subject to interest rate caps, each at the Company’s pro-rata share. The interest rate includes the impact of swaps; refer to the Swap Interest Rate Summary page. As of September 30, 2026, SOFR was below the strike rates on all interest rate caps, so the caps had no impact on the interest rate.

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 September 30, 2026 – 26

Portfolio Debt – Detail

(in thousands)

				Principal Balance at		Acadia's Share				Interest				Extension
Property				September 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				25,485		75.00%		19,115		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)				13,045		50.00%		6,522		4.72%		12/10/27		None
555 9th Street				55,000		100.00%		55,000		3.99%		01/01/28		1x24 mos.
State & Washington				19,397		100.00%		19,397		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				9,069		100.00%		9,069		4.01%		11/05/29		None
151 N. State Street				11,131		100.00%		11,131		4.03%		12/01/29		None
Concord & Milwaukee				2,024		100.00%		2,024		4.40%		06/01/30		None
Gotham Plaza				28,000		49.00%		13,720		5.90%		10/05/34		None
California & Armitage				1,796		100.00%		1,796		5.89%		04/15/35		None
Sub-Total Fixed-Rate Debt				294,947				266,079
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				232,323		100.00%		232,323		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				1,246,823				1,175,933
Total Debt - REIT Portfolio				$1,541,770				$1,442,012
INVESTMENT MANAGEMENT
Fixed-Rate Debt
Shoppes at South Hills		Fund V		$32,451		18.09%		$5,870		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				58,390				11,867
Variable-Rate Debt 1
Fairlane Green		Fund V		30,626		20.10%		6,156		SOFR+1.95%		12/05/26		1x6 mos.
Trussville Promenade		Fund V		27,479		20.10%		5,523		SOFR+1.95%		12/15/26		1x6 mos.
Wood Ridge Plaza		Fund V		35,750		18.09%		6,467		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		37,255		17.97%		6,696		SOFR+2.46%		11/01/27		None
Frederick County Square		Fund V		25,836		18.09%		4,674		SOFR+1.90%		11/01/27		None
Lincoln Commons		Fund V		33,390		20.10%		6,711		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%		4,602		SOFR+2.10%		12/20/27		2x12 mos.
Mohawk Commons		Fund V		38,551		18.09%		6,974		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		45,250		23.12%		10,462		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 September 30, 2026 – 27

Portfolio Debt – Detail

(in thousands)

Principal Balance at

Acadia's Share

Interest

Extension

Property

September 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

100.00%

137,500

SOFR+1.15%

04/17/31

None

Sub-Total Variable-Rate Debt

1,419,645

383,092

Total Debt - Investment Management

1,478,035

394,959

Total Debt - REIT Portfolio and Investment Management

$3,019,805

$1,836,971

_____________________________

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 September 30, 2026 – 28

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		$742		$132,000		$132,742		$646		$28,305		$69,360		$98,311		—		1.55%
2027		5,267		57,536		62,803		4,954		45,052		—		50,006		4.92%		N/A
2028		1,900		70,362		72,262		1,866		70,362		—		72,228		4.10%		N/A
2029		1,886		171,338		173,224		1,538		97,087		36,383		135,008		5.55%		1.95%
2030		253		558,920		559,173		253		1,597		557,323		559,173		4.40%		1.12%
Thereafter		1,043		540,523		541,566		1,043		13,743		512,500		527,286		5.90%		1.15%
Total		$11,091		$1,530,679		$1,541,770		$10,300		$256,146		$1,175,566		$1,442,012
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		$996		$57,931		$58,927		$186		$—		$11,644		$11,830		N/A		1.95%
2027		5,409		380,904		386,313		989		—		64,573		65,562		N/A		2.24%
2028		196		160,984		161,180		35		11,761		21,333		33,129		5.78%		1.71%
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		—		—		137,500		137,500		N/A		1.15%
Total		$6,601		$1,471,434		$1,478,035		$1,210		$11,761		$381,988		$394,959

_____________________________

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 September 30, 2026 – 29

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		$742		$30,000		$30,742		$646		$28,305		$—		$28,951		—		N/A
2027		5,267		32,400		37,667		4,954		26,200		—		31,154		5.58%		N/A
2028		1,900		119,862		121,762		1,866		17,862		69,360		89,088		4.40%		1.55%
2029		1,886		97,088		98,974		1,538		97,088		—		98,626		5.55%		N/A
2030		253		379,097		379,350		253		54,097		325,000		379,350		4.00%		1.20%
Thereafter		1,043		872,232		873,275		1,043		32,594		781,206		814,843		4.85%		1.14%
Total		$11,091		$1,530,679		$1,541,770		$10,300		$256,146		$1,175,566		$1,442,012
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		$996		$—		$996		$186		$—		$—		$186		N/A		N/A
2027		5,409		240,942		246,351		989		—		45,366		46,355		N/A		2.46%
2028		196		108,619		108,815		35		5,997		17,233		23,265		5.62%		1.52%
2029		—		302,658		302,658		—		5,764		45,484		51,248		5.95%		1.91%
2030		—		30,000		30,000		—		—		6,030		6,030		N/A		1.75%
Thereafter		—		789,215		789,215		—		—		267,875		267,875		N/A		1.37%
Total		$6,601		$1,471,434		$1,478,035		$1,210		$11,761		$381,988		$394,959

_____________________________

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 September 30, 2026 – 30

Swap Interest Rate Summary 1

(in thousands)

Maturity		Acadia's Pro-rata Notional Amount		Weighted Average Fixed SOFR 2
November 2026		$73,512		3.9%
December 2026		5,934		4.3%
June 2027		5,020		3.4%
July 2027		125,000		2.1%
December 2027		110,050		2.6%
March 2028		56,971		2.8%
April 2028		75,000		3.3%
June 2028		50,000		3.5%
July 2028		25,000		3.4%
August 2028		75,000		3.2%
February 2029		50,000		1.4%
March 2029		59,588		3.3%
June 2029		31,472		1.1%
July 2029		25,000		0.1%
August 2029		25,000		4.0%
October 2029		4,100		3.7%
November 2029		36,750		3.8%
December 2029		100,000		3.4%
March 2030		9,000		3.8%
April 2030		50,000		3.1%
July 2030		125,000		2.7%
Total		$1,117,397		2.9%

_____________________________

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 September 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
STREET AND URBAN RETAIL
Chicago Metro
Gold Coast and North Michigan Ave Collection (7 properties)			2011 2012 2013		100%		57,477		—		—		57,477		95.2%		—%		—%		95.2%		100%		$11,328,139		$206.98		Kith, Lululemon, Reformation, Veronica Beard, St. Laurent, Brandy Melville, Mango
Clark Street and W. Diversey    Collection (4 properties)			2011 2012		100%		53,099		—		—		53,099		85.3%		—%		—%		85.3%		96.3%		2,193,714		48.43		Starbucks, TJ Maxx, J Crew Factory, Trader Joe's, Sephora (LVMH)
Halsted and Armitage    Collection (14 properties)			2011 2012 2019 2020 2026		100%		54,965		—		—		54,965		96.1%		—%		—%		96.1%		100%		3,267,912		61.89		Serena and Lily, Faherty, Jenni Kayne, Warby Parker, Kiehl's, Solidcore, Rails, Levain Bakery, Huckberry, Rothy's
North Lincoln Park Chicago    Collection (5 properties)			2011 2014		100%		22,125		—		16,154		38,279		27.7%		—%		90.7%		54.3%		54.3%		806,000		38.80		Guitar Center, Carhartt
State and Washington			2016		100%		65,401		—		—		65,401		100%		—%		—%		100%		100%		2,788,546		42.64		Nordstrom Rack, Uniqlo (Fast Retailing)
151 N. State Street			2016		100%		27,385		—		—		27,385		100%		—%		—%		100%		100%		1,573,000		57.44		Walgreens
North and Kingsbury			2016		100%		41,791		—		—		41,791		100%		—%		—%		100%		100%		2,047,607		49.00		Old Navy (Gap), Backcountry
Concord and Milwaukee			2016		100%		13,147		—		—		13,147		100%		—%		—%		100%		100%		499,257		37.97
California and Armitage			2016		100%		—		—		18,275		18,275		—%		—%		82.6%		82.6%		82.6%		799,110		52.96
Roosevelt Galleria			2015		100%		—		—		37,995		37,995		—%		—%		74.0%		74.0%		84.3%		677,229		24.08		Petco, Dollar Tree
Sullivan Center			2016		100%		176,104		—		—		176,104		83.8%		—%		—%		83.8%		83.8%		5,631,238		38.15		Target
							511,494		—		72,424		583,918		88.8%		—%		79.9%		87.7%		90.2%		$31,611,751		$61.72
New York Metro
Soho and West Village Collection    (23 properties)			2011-2026		100%		84,757		—		—		84,757		84.2%		—%		—%		84.2%		87.3%		$24,213,081		$339.13		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%		23,781		—		—		23,781		100%		—%		—%		100%		100%		4,977,661		209.31		Nespresso, Dr. Martens
200 West 54th Street			2007		100%		5,862		—		—		5,862		100%		—%		—%		100%		100%		1,658,655		282.95
4401 White Plains Road			2011		100%		—		12,964		—		12,964		—%		100%		—%		100%		100%		625,000		48.21		Walgreens
Bartow Avenue			2005		100%		—		—		14,824		14,824		—%		—%		100%		100%		100%		514,931		34.74		Wingstop
Greenwich and Westport Collection (6 properties)			1998 2012 2014 2026		89.5%		60,552		—		—		60,552		82.5%		—%		—%		82.5%		92.6%		5,553,619		111.13		Veronica Beard, The RealReal, Blue Mercury, Splendid, Swarovski, Watches of Switzerland, Madewell, Alo Yoga, Brooks Brothers
2914 Third Avenue			2006		100%		—		21,650		18,953		40,603		—%		100%		100%		100%		100%		1,148,294		28.28		Planet Fitness
313-315 Bowery 2			2013		100%		6,600		—		—		6,600		100%		—%		—%		100%		100%		527,076		79.86		John Varvatos
120 West Broadway			2013		100%		13,838		—		—		13,838		100%		—%		—%		100%		100%		2,561,327		185.09		Citizens Bank, Citi Bank
2520 Flatbush Avenue			2014		100%		—		—		29,114		29,114		—%		—%		100%		100%		100%		1,304,463		44.81		Bob's Discount Furniture, Capital One
Williamsburg Bedford Avenue Collection 3			2022		100%		50,842		—		—		50,842		100%		—%		—%		100%		100%		5,902,767		116.10		Sephora (LVMH), SweetGreen, Levain Bakery, Alo Yoga
Williamsburg North 6th Collection (7 properties)			2024 2025		100%		56,015		—		—		56,015		94.7%		—%		—%		94.7%		99.5%		8,456,029		159.44		Lululemon, Madewell (J. Crew), On Running, Abercrombie and Fitch, Birkenstock, Patagonia
991 Madison Avenue			2016		100%		6,919		—		—		6,919		94.0%		—%		—%		94.0%		100%		3,547,039		545.28		Vera Wang, Gabriela Hearst
1045 Madison Avenue			2026		100%		3,475		—		—		3,475		100%		—%		—%		100%		100%		900,000		258.99		Le Labo (Estee Lauder)
1165 Madison Avenue			2026		100%		4,399		—		—		4,399		100%		—%		—%		100%		100%		1,373,025		312.12		Todd Snyder, Swarovski
Gotham Plaza			2016		49.0%		—		—		25,931		25,931		—%		—%		75.4%		75.4%		75.4%		1,695,275		86.66		Bank of America, Footlocker, Apple Bank
							317,040		34,614		88,822		440,476		91.4%		100%		92.8%		92.3%		95.0%		$64,958,243		$159.69

Supplemental Report September 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
Los Angeles Metro
8833 Beverly Blvd			2022		97.0%		9,757		—		—		9,757		100%		—%		—%		100%		100%		$1,483,064		$152.00		Luxury Living
8800-8804 Melrose Ave			2026		100%		4,000		—		—		4,000		100%		—%		—%		100%		100%		1,668,600		417.15		Jacquemus
Melrose Place Collection			2019		100%		14,000		—		—		14,000		100%		—%		—%		100%		100%		3,528,852		252.06		The Row, Chloe (Richemont)
							27,757		—		—		27,757		100%		—%		—%		100%		100%		$6,680,516		$240.68
District of Columbia Metro
1739-53 Connecticut Avenue			2012		100%		11,638		—		—		11,638		28.6%		—%		—%		28.6%		28.6%		$255,499		$76.68		European Wax Center
14th Street Collection (3 properties)			2021		100%		19,077		—		—		19,077		76.4%		—%		—%		76.4%		76.4%		1,433,418		98.33		Verizon, Long and Foster, VSV Wine Bar, Tile Bar
Rhode Island Place    Shopping Center			2012		100%		—		78,370		35,468		113,838		—%		100%		89.4%		96.7%		100%		2,677,747		24.32		Ross Dress for Less, Giant (Ahold), TD Bank
M Street and Wisconsin Corridor    (28 Properties) 4			2011 2016 2019		68.0%		263,289		—		—		263,289		95.5%		—%		—%		95.5%		97.9%		19,836,823		78.89		Lululemon, Duxiana, Reformation, Swarovski, Alo Yoga, Aritzia, Skims, J Crew, Google, Tesla, Sezane
							294,004		78,370		35,468		407,842		91.6%		100%		89.4%		93.0%		95.5%		$24,203,487		$63.79
Boston Metro
Newbury Collection (3 properties)			2026		100%		30,321		—		—		30,321		100%		—%		—%		100%		100%		$5,562,509		$183.45		Cartier (Richemont), Chanel, Fjallraven
Dallas Metro
Henderson Avenue Portfolio (8 properties)			2022 2024 2025 2026		100%		27,887		31,635		—		59,522		64.4%		100%		—%		83.3%		83.3%		$1,566,853		$31.60		Sprouts Farmers Market, Warby Parker, Tecovas, Salt and Straw
South Florida Metro
225 Worth Avenue			2026		100%		10,118		—		—		10,118		100%		—%		—%		100%		100%		$1,931,668		$190.91		Gucci (Kering), J McLaughlin, G/FORE (Richemont)
Total Street and Urban Retail							1,218,621		144,619		196,714		1,559,954		90.2%		100%		87.5%		90.8%		93.1%		$136,515,027		$96.40
Acadia Share Total Street and Urban Retail							1,129,939		144,619		183,489		1,458,048		89.9%		100%		88.3%		90.7%		93.0%		$128,967,202		$97.52
SUBURBAN PROPERTIES
New Jersey
Elmwood Park Shopping Center			1998		100%		—		43,531		100,457		143,988		—%		100%		96.9%		97.8%		97.8%		$3,750,553		$26.63		Walgreens, Lidl, Chase Bank, City MD, Five Below
Marketplace of Absecon			1998		100%		—		24,504		80,052		104,556		—%		53.9%		85.8%		78.3%		78.3%		1,483,547		18.11		Walgreens, Dollar Tree, Aldi
New York
Village Commons Shopping Center			1998		100%		—		—		87,239		87,239		—%		—%		92.6%		92.6%		92.6%		$2,996,079		$37.09		Citibank, Ace Hardware
Branch Plaza			1998		100%		—		76,264		47,081		123,345		—%		73.5%		89.9%		79.7%		99.4%		2,867,137		29.15		LA Fitness
Amboy Center			2005		100%		—		37,266		26,106		63,372		—%		100%		80.8%		92.1%		92.1%		2,149,110		36.82		Stop & Shop (Ahold)
Crossroads Shopping Center			1998		49.0%		—		202,727		108,850		311,577		—%		100%		89.3%		96.3%		96.9%		9,879,799		32.94		HomeGoods (TJX), PetSmart, BJ's Wholesale Club, O'Reilly Auto Parts
New Loudon Center			1993		100%		—		241,746		16,643		258,389		—%		95.0%		100%		95.3%		95.3%		2,378,407		9.66		Price Chopper, Marshalls (TJX Companies)
28 Jericho Turnpike			2012		100%		—		96,363		—		96,363		—%		100%		—%		100%		100%		1,996,500		20.72		Kohl's
Connecticut
Town Line Plaza 5			1998		100%		—		163,159		43,187		206,346		—%		100%		93.1%		98.5%		98.5%		$1,689,430		$15.93		Wal-Mart, Stop & Shop (Ahold)

Supplemental Report September 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
Massachusetts
Methuen Shopping Center			1998		100%		—		120,004		10,017		130,021		—%		100%		56.3%		96.6%		100%		$1,390,578		$11.07		Wal-Mart, Market Basket
Crescent Plaza			1993		100%		—		156,985		61,017		218,002		—%		100%		100%		100%		100%		2,296,776		10.54		Home Depot, Shaw's (Albertsons)
201 Needham Street			2014		100%		—		20,409		—		20,409		—%		100%		—%		100%		100%		711,662		34.87		Michael's
163 Highland Avenue			2015		100%		—		40,505		—		40,505		—%		100%		—%		100%		100%		1,675,657		41.37		Staples, Petco
Vermont
The Gateway Shopping Center			1999		100%		—		73,184		28,290		101,474		—%		100%		87.3%		96.4%		96.4%		$2,277,493		$23.27		Shaw's (Albertsons), Starbucks
Illinois
Hobson West Plaza			1998		100%		—		51,692		47,349		99,041		—%		100%		61.8%		81.7%		86.2%		$1,074,107		$13.27		Garden Fresh Markets
Indiana
Merrillville Plaza			1998		100%		—		123,144		112,782		235,926		—%		78.9%		90.1%		84.3%		84.3%		$3,071,434		$15.45		Dollar Tree, TJ Maxx, Five Below, DD's Discount (Ross)
Michigan
Bloomfield Town Square			1998		100%		—		153,332		81,619		234,951		—%		100%		100%		100%		100%		$4,530,008		$19.28		HomeGoods (TJX Companies), TJ Maxx, Dick's Sporting Goods, Burlington
Delaware
Town Center and Other (1 property)			2003		100%		—		707,988		21,713		729,701		—%		100%		45.7%		98.4%		98.4%		$12,884,942		$17.95		Lowes, Dick's Sporting Goods (House of Sports), Target, Crunch Fitness
Market Square Shopping Center			2003		100%		—		42,850		59,197		102,047		—%		100%		100%		100%		100%		3,600,923		35.29		Trader Joe's, TJ Maxx
Naamans Road			2006		100%		—		—		19,865		19,865		—%		—%		100%		100%		100%		927,388		46.68		Jared Jewelers, American Red Cross
Pennsylvania
Plaza 422			1993		100%		—		139,968		16,311		156,279		—%		100%		100%		100%		100%		$971,975		$6.22		Home Depot
Chestnut Hill			2006		100%		—		—		36,492		36,492		—%		—%		79.2%		79.2%		79.2%		778,143		26.93
Abington Towne Center 6			1998		100%		—		184,616		32,255		216,871		—%		100%		100%		100%		100%		1,423,683		24.03		Target, TJ Maxx
Route 6			1995		100%		—		36,812		106,653		143,465		—%		100%		100%		100%		100%		1,430,028		9.97		Hobby Lobby, TJ Maxx, Harbor Freight Tools, Dollar Tree
Total Suburban Properties							—		2,737,049		1,143,175		3,880,224		—%		97.5%		91.1%		95.6%		96.5%		$68,235,358		$19.76
Acadia Share Total Suburban Properties							—		2,633,658		1,087,662		3,721,320		—%		97.4%		91.2%		95.5%		96.5%		$63,196,661		$19.15
Total REIT Properties							1,218,621		2,881,668		1,339,889		5,440,178		90.2%		97.6%		90.6%		94.2%		95.5%		$204,750,385		$42.04
Acadia Share Total REIT Properties							1,129,939		2,778,277		1,271,151		5,179,367		89.9%		97.5%		90.8%		94.2%		95.5%		192,163,863		$41.57

_____________________________

Supplemental Report September 30, 2026 – 34

REIT Portfolio Retail Properties – Detail 1

1.Excludes properties that are under development, redevelopment or pre-stabilized. For further detail, refer to the Development, Redevelopment, and Pre-Stabilized Properties 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 September 30, 2026 – 35

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		7.9 %		4.3%
J. Crew Group 3		7		38,158		6,362,098		0.7 %		3.3%
Lululemon		3		22,589		4,671,884		0.4 %		2.4%
Richemont 4		4		25,781		4,024,345		0.5 %		2.1%
Dick's Sporting Goods, Inc 5		3		152,404		3,193,710		2.9 %		1.7%
Alo Yoga		3		26,628		3,025,324		0.5 %		1.6%
TJX Companies 6		9		252,043		3,022,858		4.9 %		1.6%
Walgreens		4		68,393		2,887,312		1.3 %		1.5%
Trader Joe's		3		42,257		2,724,341		0.8 %		1.4%
Fast Retailing 7		2		32,013		2,674,631		0.6 %		1.4%
Veronica Beard		3		7,649		2,366,089		0.1 %		1.2%
Kering 8		2		9,644		2,361,012		0.2 %		1.2%
LVMH 9		5		12,669		2,172,585		0.2 %		1.1%
Royal Ahold 10		3		156,361		2,109,268		3.0 %		1.1%
Albertsons Companies, Inc. 11		2		123,409		2,061,142		2.4 %		1.1%
Bob's Discount Furniture		2		68,793		2,027,670		1.3 %		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		0.8 %		0.8%
Faherty		3		10,255		1,625,065		0.2 %		0.8%
TOTAL		68		1,531,316		$60,840,509		29.6%		31.7%

_____________________________

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), Chanel (4-6 Newbury Street), Nespresso (85 5th Avenue), Mango (664 N. Michigan Avenue), Lowe's (Town Center), Bang & Olufsen (121 Spring Street), The Row (Melrose Place), Kohl's (28 Jericho Turnpike), Vera Wang (991 Madison), Nordstrom (State and Washington), and Kith (50-54 East Walton Street).

2.Totals may not foot due to rounding.

3.Madewell (5 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 & 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 September 30, 2026 – 36

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			4				9,829				1.0	%		$	55.67				0.5	%			—				—				—	%		$	—				—	%
2026			13				26,598				2.6	%			137.66				3.1	%			2				196,304				8.0	%			8.02				4.1	%
2027			29				90,694				8.9	%			108.84				8.3	%			5				140,838				5.7	%			20.24				7.4	%
2028			20				246,153				24.2	%			56.57				11.7	%			11				489,571				20.0	%			12.32				15.7	%
2029			21				64,308				6.3	%			123.97				6.7	%			14				505,783				20.6	%			15.50				20.4	%
2030			25				134,064				13.2	%			114.59				12.9	%			5				177,026				7.2	%			24.70				11.4	%
2031			18				68,603				6.8	%			117.97				6.8	%			11				294,316				12.0	%			14.65				11.2	%
2032			15				54,276				5.3	%			194.64				8.9	%			1				12,250				0.5	%			21.96				0.7	%
2033			28				109,937				10.8	%			148.47				13.7	%			1				28,881				1.2	%			14.50				1.1	%
2034			13				41,424				4.1	%			163.13				5.7	%			1				21,804				0.9	%			11.25				0.6	%
2035			18				70,170				6.9	%			132.79				7.8	%			4				276,160				11.3	%			16.02				11.5	%
Thereafter			20				99,548				9.8	%			169.96				14.2	%			9				310,701				12.7	%			19.39				15.7	%
Total 2			224				1,015,603				100.0	%		$	117.48				100.0	%			64				2,453,634				100.0	%		$	15.64				100.0	%
Anchor GLA Owned by Tenants							—																				254,916
Total Vacant 2							114,336																				69,727
Total Square Feet 2							1,129,939																				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			2				1,312				0.1	%		$	37.60				0.1	%			6				11,141				0.2	%		$	53.55				0.3	%
2026			12				39,566				3.4	%			29.65				3.4	%			27				262,468				5.7	%			24.42				3.3	%
2027			38				133,124				11.5	%			33.88				13.1	%			72				364,656				7.9	%			47.26				9.0	%
2028			38				153,759				13.3	%			34.72				15.5	%			69				889,483				19.2	%			28.44				13.2	%
2029			30				120,035				10.4	%			26.94				9.4	%			65				690,125				14.9	%			27.60				9.9	%
2030			30				85,415				7.4	%			36.94				9.2	%			60				396,506				8.6	%			57.73				11.9	%
2031			27				118,093				10.2	%			29.66				10.2	%			56				481,012				10.4	%			33.07				8.3	%
2032			26				98,214				8.5	%			33.57				9.6	%			42				164,740				3.6	%			85.77				7.4	%
2033			28				138,841				12.0	%			25.63				10.3	%			57				277,659				6.0	%			73.11				10.6	%
2034			8				29,113				2.5	%			28.66				2.4	%			22				92,341				2.0	%			84.87				4.1	%
2035			24				162,703				14.1	%			19.91				9.4	%			46				509,033				11.0	%			33.36				8.8	%
Thereafter			20				73,559				6.4	%			35.25				7.5	%			49				483,808				10.5	%			52.78				13.3	%
Total 2			283				1,153,734				100.0	%		$	29.89				100.0	%			571				4,622,972				100.0	%		$	41.57				100.0	%
Anchor GLA Owned by Tenants							—																				254,916
Total Vacant 2							117,417																				301,480
Total Square Feet 2							1,271,151																				5,179,367

_____________________________

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

2.Totals may not foot due to rounding.

Supplemental Report September 30, 2026 – 37

Fund Overview

I. KEY METRICS			Fund III							Fund IV							Fund V
General Information:
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 1					39.6		%					38.5		%					36.1		%
Preferred Return					6.0		%					6.0		%					6.0		%
Current-Quarter, Fund-Level Information:
Cumulative Contributions			$		449.5		Million			$		508.3		Million			$		496.4		Million
Cumulative Net Distributions 2			$		616.3		Million			$		221.4		Million			$		435.6		Million
Net Distributions/Contributions					137.1		%					43.6		%					87.8		%
Unfunded Commitment 3			$		0.5		Million			$		21.7		Million			$		23.6		Million
Investment Period Closes				Closed							Closed							Closed
Currently in a Promote Position? (Yes/No)				No							No							No
II. FEES & PRIORITY DISTRIBUTIONS EARNED BY ACADIA
Type:				Applicable to							Description
Asset Management				Fund III							—%
Asset Management				Fund IV							—%
Asset Management 4				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.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.

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

3.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.

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

Supplemental Report September 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
Fund IV Portfolio Detail
NEW YORK
New York
801 Madison Avenue			2015		100%		2,522		—		—		2,522		100%		—%		—%		100%		100%		$888,000		$352.10
210 Bowery			2012		100%		2,538		—		—		2,538		—%		—%		—%		—%		—%		—		—
27 East 61st Street			2014		100%		4,177		—		—		4,177		—%		—%		—%		—%		—%		—		—
17 East 71st Street			2014		100%		8,432		—		—		8,432		100%		—%		—%		100%		100%		2,193,448		260.13		The Row
BOSTON
Massachusetts
Restaurants at Fort Point			2016		100%		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%		94,693		—		—		94,693		93.3%		—%		—%		93.3%		93.3%		3,568,797		40.40		H&M, Warby Parker, Kendra Scott, Starbucks, Lululemon
Total - Fund IV							128,073		—		—		128,073		78.6%		—%		—%		78.6%		78.6%		$6,874,683		$68.26
Fund V Portfolio Detail
SOUTHWEST
New Mexico
Plaza Santa Fe			2017		100%		—		153,983		69,957		223,940		—%		100%		100%		100%		100%		$4,361,425		$19.48		TJ Maxx, Best Buy, Ross Dress for Less
Texas
Wood Ridge Plaza			2022		90.0%		—		—		217,249		217,249		—%		—%		88.8%		88.8%		89.5%		4,937,304		25.59		Skechers, Diamonds Direct, Office Depot
La Frontera Village			2022		90.0%		—		203,619		330,842		534,461		—%		85.0%		93.2%		90.1%		91.7%		7,796,554		16.20		Kohl's, Hobby Lobby, Burlington, Marshalls
MIDWEST
Michigan
Fairlane Green			2017		100%		—		109,952		160,235		270,187		—%		100%		92.3%		95.4%		95.4%		5,400,205		20.94		TJ Maxx, Michaels, Burlington
NORTHEAST
Maryland
Frederick County (1 property)			2019		90.0%		—		90,053		146,454		236,507		—%		56.6%		93.9%		79.7%		96.2%		3,808,050		20.20		Lidl, Advance Auto, Starbucks
New York
Shoppes at South Hills			2022		90.0%		—		416,804		96,104		512,908		—%		80.7%		58.9%		76.6%		76.6%		4,624,851		11.76		ShopRite, Ashley Furniture
Mohawk Commons			2023		90.0%		—		330,874		67,794		398,668		—%		100%		84.9%		97.4%		99.4%		5,735,876		14.77		Lowe's, Target

Supplemental Report September 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
Pennsylvania
Monroe Marketplace			2021		100%		—		263,376		108,276		371,652		—%		100%		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%		—		155,279		305,487		460,766		—%		61.4%		86.8%		78.2%		78.2%		5,603,032		15.54		Stop & Shop (Ahold), Marshalls, HomeGoods
Vermont
Maple Tree Place 3			2023		100%		—		256,035		140,021		396,056		—%		100%		90.6%		96.7%		97.3%		7,525,101		19.65		Shaw's, Dick's Sporting Goods, Best Buy, Old Navy
SOUTHEAST
Florida
Cypress Creek			2023		100%		—		160,633		79,026		239,659		—%		93.1%		100%		95.4%		100%		5,221,641		22.85		Hobby Lobby, Total Wine, HomeGoods
Alabama
Trussville Promenade			2018		100%		—		366,010		97,671		463,681		—%		92.4%		83.8%		90.6%		96.6%		4,353,336		10.37		Wal-Mart, Regal Cinemas
WEST
Utah
Family Center at Riverdale			2019		89.4%		—		231,895		140,513		372,408		—%		100%		95.3%		98.2%		98.2%		4,321,003		11.81		Target, Home Goods, Best Buy, Sierra Trading (TJX)
Total - Fund V							—		2,738,513		1,959,629		4,698,142		—%		90.9%		90.0%		90.5%		92.6%		$68,150,435		$16.02
Other Co-investment Vehicles Detail 4
NORTHEAST
New York
City Point 2			2007		95.0%		—		330,448		199,090		529,538		—%		100%		65.1%		86.9%		90.3%		$21,550,809		$46.84		Primark, Target, Sephora, Basis Schools, Warby Parker, Alamo Drafthouse, Trader Joe's, Lululemon
Shops at Grand Avenue			2024		5.0%		—		52,336		47,501		99,837		—%		100%		74.0%		87.6%		87.6%		3,210,480		36.69		Stop & Shop (Ahold), Starbucks
Shops at Skyview			2026		20.0%		—		407,511		143,733		551,244		—%		87.8%		88.1%		87.9%		96.9%		24,378,947		50.33		Target, BJ's Warehouse, Nike, Uniqlo, Burlington
New Jersey
Midstate			2026		20.0%		—		270,423		120,588		391,011		—%		100%		86.4%		95.8%		100%		7,392,677		19.73		ShopRite, Best Buy, DSW, PetSmart
SOUTHEAST
Florida
Walk at Highwoods Preserve			2024		20.0%		—		80,894		56,862		137,756		—%		100%		75.6%		89.9%		98.4%		2,517,777		20.32		HomeGoods, Michaels
Pinewood Square			2025		20.0%		—		—		203,917		203,917		—%		—%		95.8%		95.8%		96.5%		4,813,574		24.64		TJ Maxx, Ross Dress for Less, Five Below

Supplemental Report September 30, 2026 – 40

Investment Management Retail Properties – Detail 1

			Year				Gross Leasable Area								Economic Occupancy								Leased		Annualized
Property			Acquired		Ownership %		Street		Anchors		Shops		Total		Street		Anchors		Shops		Total		Occupancy		Base Rent (ABR)		ABR PSF		Key Tenants
Palm Coast Landing			2026		20.0%		—		73,241		98,480		171,721		—%		100%		96.4%		97.9%		98.6%		3,656,321		21.74		TJ Maxx, PetSmart, Ross Dress for Less
North Carolina
Hickory Ridge			2026		20.0%		—		266,584		113,981		380,565		—%		100%		87.0%		96.1%		100%		4,734,629		12.94		Kohl's, Best Buy, Dick's Sporting Goods
Georgia
Avenue at West Cobb			2025		20.0%		—		24,025		230,421		254,446		—%		100%		73.3%		75.8%		77.3%		4,776,903		24.77		Barnes & Noble, Warby Parker, JCrew Factory, Jim N Nicks
Canton Marketplace			2026		20.0%		—		132,569		215,397		347,966		—%		100%		97.3%		98.3%		98.3%		6,502,985		19.01		Dick's Sporting Goods, TJ Maxx, Best Buy
Hiram Pavilion			2026		20.0%		—		210,139		153,252		363,391		—%		100%		95.2%		98.1%		100%		5,058,867		14.19		Kohl's, HomeGoods
WEST
Nevada
LINQ Promenade			2024		15.0%		—		—		181,498		181,498		—%		—%		99.7%		99.7%		100.0%		16,399,149		90.67		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%		98.8%		99.5%		100%		5,528,949		22.96		Kohl's, HomeGoods
Total - Other Co-investment Vehicles							—		1,980,659		1,874,309		3,854,968		—%		97.5%		87.6%		92.7%		95.9%		$110,522,065		$30.93
TOTAL INVESTMENT MANAGEMENT PROPERTIES							128,073		4,719,172		3,833,938		8,681,183		78.6%		93.7%		88.8%		91.3%		93.9%		$185,547,183		$23.41
Acadia Share of Total Investment Management Properties							29,610		1,160,696		881,622		2,071,928		78.6%		95.1%		84.8%		90.5%		93.3%		$51,621,022		$27.53

_____________________________

1.Excludes properties currently under development. For details, refer to Development, Redevelopment, and Pre-Stabilized Properties 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. Due to preferred return and distribution waterfall arrangements, economic ownership may differ from legal ownership.

Supplemental Report September 30, 2026 – 41

Investment Management Lease Expirations

(Pro-Rata Basis)

		FUND IV												FUND V
				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		6		2,064		0.3%		$22.81		0.4%
2026		1		282		1.2%		84.81		1.5%		2026		22		20,448		2.5%		24.50		3.8%
2027		5		3,477		14.9%		62.00		13.6%		2027		57		146,542		18.0%		13.07		14.7%
2028		8		4,563		19.6%		112.07		32.2%		2028		49		114,298		14.0%		15.38		13.5%
2029		4		2,052		8.8%		72.85		9.4%		2029		55		109,288		13.4%		16.87		14.1%
2030		2		664		2.9%		65.04		2.7%		2030		48		136,884		16.8%		14.29		15.0%
2031		2		931		4.0%		54.39		3.2%		2031		40		66,532		8.2%		18.07		9.2%
2032		2		7,759		33.3%		29.07		14.2%		2032		17		45,503		5.6%		15.69		5.5%
2033		6		1,757		7.5%		161.23		17.8%		2033		19		38,313		4.7%		19.05		5.6%
2034		2		1,199		5.2%		46.32		3.5%		2034		20		56,802		7.0%		14.49		6.3%
2035		1		599		2.6%		51.50		1.9%		2035		17		43,021		5.3%		16.49		5.4%
Thereafter		—		—		—%		—		—%		Thereafter		24		34,525		4.2%		25.12		6.6%
Total 2		33		23,284		100.0%		$68.26		100.0%		Total 2		374		814,218		100.0%		$16.05		100.0%
				6,327		Total Vacant 2										84,003		Total Vacant 2
				29,610		Total Square Feet 2										898,221		Total Square Feet 2
		OTHER CO-INVESTMENT VEHICLES												TOTAL INVESTMENT MANAGEMENT
				GLA				ABR								GLA				ABR
		Leases		Expiring		Percent				Percent				Leases		Expiring		Percent				Percent
		Expiring		SF		of Total		PSF		of Total		Year		Expiring		SF		of Total		PSF		of Total
M to M 1		7		7,280		0.7%		$5.40		0.1%		M to M 1		13		9,343		0.5%		$9.25		0.2%
2026		19		11,581		1.1%		29.31		0.9%		2026		42		32,311		1.7%		26.75		1.7%
2027		54		84,270		8.1%		31.41		7.2%		2027		116		234,289		12.5%		20.39		9.3%
2028		68		86,867		8.4%		28.41		6.7%		2028		125		205,727		11.0%		23.02		9.2%
2029		68		90,574		8.7%		30.38		7.4%		2029		127		201,914		10.8%		23.50		9.2%
2030		54		126,213		12.2%		31.10		10.6%		2030		104		263,762		14.1%		22.46		11.5%
2031		25		71,230		6.9%		16.25		3.1%		2031		67		138,693		7.4%		17.38		4.7%
2032		18		162,944		15.7%		20.08		8.9%		2032		37		216,206		11.5%		19.48		8.2%
2033		22		73,177		7.1%		33.46		6.6%		2033		47		113,247		6.0%		30.57		6.7%
2034		32		44,529		4.3%		45.75		5.5%		2034		54		102,530		5.5%		28.44		5.6%
2035		25		47,468		4.6%		57.50		7.4%		2035		43		91,088		4.9%		38.09		6.7%
Thereafter		23		231,365		22.3%		56.84		35.6%		Thereafter		47		265,891		14.2%		52.72		27.2%
Total 2		415		1,037,497		100.0%		$35.63		100.0%		Total 2		822		1,874,999		100.0%		$27.53		100.0%
				106,600		Total Vacant 2										196,929		Total Vacant 2
				1,144,097		Total Square Feet 2										2,071,928		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 September 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.

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.

Supplemental Report September 30, 2026 – 43

Important Notes

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 excludes 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, Adjusted EBITDA, Annualized Adjusted EBITDA and Transaction-Adjusted Annualized EBITDA: The Company defines EBITDA as net income (loss) attributable to Acadia shareholders, adjusted to exclude interest expense, income taxes, depreciation and amortization and noncontrolling interests in the Operating Partnership. The Company defines Adjusted EBITDA as EBITDA further adjusted for gains or losses on the disposition of properties, unrealized holding gains or losses on investments, realized gains, transaction and other expenses, impairment charges and losses arising from changes in control. Annualized Adjusted EBITDA represents Adjusted EBITDA for the year-to-date period plus Adjusted EBITDA for the most recent quarter as an estimate of the remaining quarter, excluding realized gains. Beginning with the third quarter of 2026, the Company also presents Transaction-Adjusted Annualized EBITDA, which adjusts Annualized Adjusted EBITDA to reflect a full year of EBITDA from investments acquired or funded during the current year, and to exclude EBITDA from properties sold or recapitalized during the current year, as if each transaction had occurred at the beginning of the year. Because Annualized Adjusted EBITDA includes only partial-year results from investments acquired or sold during the year, the Company believes Transaction-Adjusted Annualized EBITDA provides a more representative view of its leverage, particularly in periods of significant transaction activity. These adjustments are based on management’s estimates and do not represent the Company’s historical results or a forecast of future results. This measure was not presented in prior periods. The Company uses these measures to evaluate its operating performance and leverage. These measures are supplemental non-GAAP financial measures and should not be considered substitutes for net income (loss) attributable to Acadia shareholders. Other companies may calculate these measures differently.

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.

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 September 30, 2026 – 44

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