# EDGAR Filing Document

**Accession Number:** 0000899629
**File Stem:** 0000950170-25-099653
**Filing Date:** 2025-7
**Character Count:** 187388
**Document Hash:** 92f52eba679822a2aea3ef5a11377c15
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-099653.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0000950170-25-099653

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20250729

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250729

**DATE AS OF CHANGE**: 20250729

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ACADIA REALTY TRUST
- **CENTRAL INDEX KEY:** 0000899629
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 232715194
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-12002
- **FILM NUMBER:** 251162144

**BUSINESS ADDRESS:**
- **STREET 1:** 411 THEODORE FREMD AVENUE
- **STREET 2:** SUITE 300
- **CITY:** RYE
- **STATE:** NY
- **ZIP:** 10580
- **BUSINESS PHONE:** 914-288-8100

**MAIL ADDRESS:**
- **STREET 1:** 411 THEODORE FREMD AVENUE
- **STREET 2:** SUITE 300
- **CITY:** RYE
- **STATE:** NY
- **ZIP:** 10580

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MARK CENTERS TRUST
- **DATE OF NAME CHANGE:** 19930329

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

WASHINGTON, D.C. 20549

**FORM** 8-K

**CURRENT REPORT**

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

Date of Report (Date of Earliest Event Reported): July 29, 2025

ACADIA REALTY TRUST

(Exact name of registrant as specified in its charter)

Maryland 1-12002 23-2715194 <br> (State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification No.)

411 Theodore Fremd Avenue

Suite 300

Rye, New York 10580

(Address of principal executive offices) (Zip Code)

(914) 288-8100

(Registrant's telephone number, including area code)

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Title of each class** | &nbsp;&nbsp;**Trading symbol** | &nbsp;&nbsp;**Name of exchange on which registered** |
| &nbsp;&nbsp;Common shares of beneficial interest, par value $0.001 per share | &nbsp;&nbsp;AKR | &nbsp;&nbsp;The New York Stock Exchange |

---

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

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02. Results of Operations and Financial Condition.**

On July 29, 2025, Acadia Realty Trust (the "Company") issued a press release announcing its consolidated financial results for the quarter and year-to-date period ended June 30, 2025. A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1 and incorporated herein by reference.

On the same day, the Company made available supplemental reporting information regarding the financial results, operations and portfolio of the Company as of and for the quarter and year-to-date period ended June 30, 2025. 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

---

| | |
|:---|:---|
| **<u>Exhibit</u>**<br>**<u>Number</u>** |  **<u>Description</u>** |
| [<u>99.1</u>](akr-ex99_1.htm) | Press release dated July 29, 2025  |
| [<u>99.2</u>](akr-ex99_2.htm) | Supplemental Reporting Information as of and for the quarter and year-to-date period ended June 30, 2025 |
| 104  | Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101.) |

---

------

**SIGNATURES**

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

---

| | | |
|:---|:---|:---|
|  | **ACADIA REALTY TRUST** | **ACADIA REALTY TRUST** |
| Dated: | (Registrant) | (Registrant) |
|  | By: | /s/ John Gottfried |
|  | Name: | John Gottfried |
| July 29, 2025 | Title: | Executive Vice President and Chief Financial Officer |

---

------

## Exhibit 99.1

Exhibit 99.1

Acadia Realty Trust

(914) 288-8100

# **Acadia Realty Trust Reports Second Quarter Operating Results** 
• Reported Second Quarter 2025 GAAP Net Earnings of $0.01 per share, consistent with $0.01 per share for the Second Quarter 2024 and Increased NAREIT FFO and FFO before special items to $0.27 per share and $0.32 per share, respectively, as compared to $0.25 per share and $0.31 per share for the Second Quarter 2024, respectively

• Reaffirmed Core Same Property NOI Growth Full-Year Guidance of 5-6%; achieved growth of 4.2% for the Second Quarter

• Increased Core Portfolio Occupancy Percentage by 50 basis points to 92.2% and maintained Total Signed Not Yet Opened Pipeline at approximately 7% of pro-rata minimum rent

• Executed a 35,000 square foot lease at 555 9<sup>th</sup> Street with LA Fitness (Club Studio) in San Francisco, California

• Completed $157 Million of accretive Core Street Retail acquisitions during the Second Quarter

RYE, NY (July 29, 2025) - Acadia Realty Trust (NYSE: AKR) ("Acadia" or the "Company") today reported operating results for the quarter ended June 30, 2025. 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 ("Core" or "Core 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:

&nbsp;&nbsp;"We delivered another strong quarter as we are continuing to see positive momentum from our differentiated Street Retail portfolio. Our same-property NOI is on track to grow 5-6% this year. In addition, we invested $157 million in accretive Street Retail assets, expanding our scale in our NYC corridors of Williamsburg and Flatiron/Union Square. And lastly, during the quarter, we have further enhanced our liquidity, reduced borrowing costs, and extended duration of our debt maturities. We have a strong and liquid balance sheet, an irreplaceable Street Retail Portfolio and an Investment Management Business that is built to capitalize in all cycles."<br>

![img225797853_0.jpg](img225797853_0.jpg)<sub>1</sub>

------

**Financial Results**

A complete reconciliation, in dollars and per share amounts, of (i) net earnings attributable to Acadia to Funds From Operations ("FFO") (as defined by NAREIT and Before Special Items) attributable to common shareholders and common OP Unit holders and (ii) operating income to net operating income ("NOI") is included in the financial tables of this release. The amounts discussed below are net of noncontrolling interests (except for the Common OP Units holders) and all per share amounts are on a fully-diluted basis.

---

| | | |
|:---|:---|:---|
|  | **Financial Results** | **Financial Results** |
|  | **2025–2Q** | **2024–2Q** |
| **Net earnings per share attributable to Acadia** | **$0.01** | **$0.01** |
| Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share other than Common OP Units) | 0.23 | 0.23 |
| Loss on disposition on real estate properties (net of noncontrolling interest share other than Common OP Units) |  | 0.01 |
| Impairment charges (net of noncontrolling interest share other than Common OP Units) | 0.03 |  |
| **NAREIT Funds From Operations per share attributable to Common Shareholders and Common OP Unit holders** | **$0.27** | **$0.25** |
| Net unrealized holding (gain) loss <sup>1</sup> | 0.01 | 0.03 |
| **Funds From Operations Before Special Items and Realized Gains and Promotes per share attributable to Common Shareholders and Common OP Unit holders** | **$0.28** | **$0.28** |
| Realized gains and promotes <sup>1</sup> | 0.04 | 0.03 |
| **Funds From Operations Before Special Items per share attributable to Common Shareholders and Common OP Unit holders** | **$0.32** | **$0.31** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.It is the Company's policy to exclude unrealized gains and losses from FFO Before Special items and to include realized gains related to the Company's investment in Albertsons. The Company had realized investment gains of $5.4 million for the quarter ended June 30, 2025, and had realized investment gains of $3.6 million for the quarter ended June 30, 2024. Refer to the "Notes to Financial Highlights" on page 14 of this document.

**Net Income**

• Net income for the quarter ended June 30, 2025, was $1.6 million, or $0.01 per share. This includes a non-cash impairment charge of approximately $4.2 million (net of noncontrolling interest share), or $0.03 per share, related to two properties within its Investment Management Platform, one of which is anticipated to be sold during the second half of 2025 and another that is being marketed for sale.

• This compares with net income of $1.2 million, or $0.01 per share, for the quarter ended June 30, 2024.

![img225797853_0.jpg](img225797853_0.jpg)<sub>2</sub>

------

**NAREIT FFO**

• NAREIT Funds From Operations ("NAREIT FFO") for the quarter ended June 30, 2025 was $38.1 million, or $0.27 per share, representing an increase of 8% as compared to $0.25 per share for the quarter ended June 30, 2024.

**FFO Before Special Items**

• Funds From Operations ("FFO") Before Special Items for the quarter ended June 30, 2025 was $44.1 million, or $0.32 per share, as compared to $0.31 per share for the quarter ended June 30, 2024. The Company had $5.4 million of realized investment gains, or $0.04 per share, from the sale of Albertsons stock during the quarter ended June 30, 2025.

## **Same-Property NOI** 
• Reaffirmed Core Same Property NOI Growth Full-Year Guidance of 5-6%, excluding redevelopments. Achieved Same Property NOI Growth of 4.2% for the Second Quarter, driven by increased occupancy.

## **Leasing and Occupancy Update** 
• Driven by the execution of approximately $4 million of pro-rata ABR from new leases, maintained its Total Signed Not Yet Opened Pipeline at $15 million at June 30, 2025 (inclusive of Core Operating, Core Redevelopments and its pro-rata share of Investment Management), which represented approximately 7% of pro-rata minimum rent. Approximately $4.5 million of pro-rata ABR commenced in the latter part of the second quarter.

• Core Portfolio Occupancy percentage increased 50 basis points to 92.2% compared to 91.7% as of March 31, 2025. As of June 30, 2025, Core Portfolio Leased percentage declined by 80 basis points to 94.7% from 95.5% as of March 31, 2025, primarily due to the anticipated suburban bankruptcies of Joanne Fabrics (one location) and Party City (one location), which aggregated approximately 30 basis points of ABR at our share.

• For the quarter ended June 30, 2025, conforming GAAP and cash leasing spreads on new and renewal leases were 2.9% and (5.6%), respectively, reflecting the impact of the previously announced lease at 152-154 Spring Street in SoHo, Manhattan. The expiring lease, which is the last of that vintage, was executed in 2015 (prior peak) and was replaced in the second quarter with Watchfinder & Co.(a Richemont brand). Subsequent to June 30, 2025, the Company has executed several new and renewal leases in SoHo, Manhattan, including strategic recaptures, resulting in double digit GAAP and Cash leasing spreads.

• The Company signed a new lease with LA Fitness Club Studio for approximately 35,000 square feet at its redevelopment project at 555 9<sup>th</sup> in San Francisco, California. Parent company of LA Fitness, City

![img225797853_0.jpg](img225797853_0.jpg)<sub>3</sub>

------

Sports Clubs, Esporta and Club Studio, Fitness International LLC's Club Studio concept is a premium, boutique-style fitness experience that combines various fitness studios, luxury amenities, and wellness services under one roof. The lease is subject to customary conditions and approvals and is currently anticipated to commence in late 2026. This follows the previously announced lease with T&T Supermarket at its redevelopment project at City Center, and we believe provides further evidence of an ongoing recovery in San Francisco.

# **Acquisition Activity** 
During the quarter ended June 30, 2025, the Company completed approximately $157 million of acquisitions as further described below.

## **Core Portfolio Acquisitions** 
• **Williamsburg, Brooklyn, New York**. In June 2025, the Company completed the acquisition of 70 and 93 North 6<sup>th</sup> Street in Williamsburg, Brooklyn, a collection of three retail storefronts for $50 million. This followed the previously announced April 2025 acquisition of 95, 97 and 107 North 6<sup>th</sup> Street in Williamsburg, Brooklyn, a collection of three retail storefronts for $60 million. Together, these fully leased acquisitions include an exciting lineup of retailers including On Running, Lululemon, Abercrombie & Fitch, and others.

Within a span of eight months, inclusive of these acquisitions, the Company has accretively acquired 10 prime retail storefronts on North 6<sup>th</sup> Street in Williamsburg, Brooklyn, establishing itself as the dominant landlord in this must-have corridor. This accumulation of scale enables the Company to effectively execute its strategy of curation to create incremental growth and value.

• **Flatiron/Union Square, Manhattan, New York**. In April 2025, as previously announced, the Company completed the acquisition of 85 5<sup>th</sup> Avenue for $47 million located on a key corner in the vibrant Flatiron/Union Square neighborhood of Manhattan. The property is fully leased to a high credit tenant.

## **Investment Management Dispositions** 
• **Eden Square, Bear, Delaware**. In June 2025, the Company, through its Fund IV platform, completed the disposition of a 229,000 square foot shopping center in Delaware for $28 million, of which the Company's share was $5.8 million.

![img225797853_0.jpg](img225797853_0.jpg)<sub>4</sub>

------

**Balance Sheet**

**Financing:**

During the second quarter, the Company entered into a new five-year $250 million delayed draw term loan (of which $175 million was drawn at closing) at an initial rate of 120 basis points over SOFR equating to an all-in rate of approximately 4.6%, inclusive of interest rate swaps that were executed. The proceeds were used to repay amounts outstanding on its revolving credit facility and a secured obligation.

As of June 30, in addition to the $75 million available under the new $250 million delayed draw term loan discussed above, the Company has $471.5 million of additional capacity under its revolving credit facility.

The Company did not raise any additional common share equity during the quarter. At June 30, 2025, the Company has unsettled forward equity contracts to sell 2.4 million shares remaining for aggregate net proceeds of approximately $55 million.

**Debt-to-EBITDA Metrics:** 

• Net Debt-to-EBITDA, inclusive of its pro-rata share of its Investment Management Platform and the unsettled forward equity discussed above, was 5.5x at June 30, 2025 as compared to 6.3x at June 30, 2024. Refer to the second quarter 2025 Supplemental Information package for reconciliations and details on financial ratios.

**No Significant Core Debt Maturities until 2028:**

Core debt maturing of 0.1%, 3.1%, and 2.9% in 2025, 2026, and 2027, respectively.

![img225797853_0.jpg](img225797853_0.jpg)<sub>5</sub>

------

**Guidance**

The Company has maintained its NAREIT FFO and FFO Before Special items per diluted share revised 2025 annual guidance and has updated its annual 2025 Net earnings per diluted share as follows:

---

| | | |
|:---|:---|:---|
|  | **2025 Guidance** | **2025 Guidance** |
|  | **Revised** | **Prior** <sup>1</sup> |
| **Net earnings per share attributable to Acadia** | **$0.09-$0.13** | **$0.12-$0.16** |
| Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share other than Common OP Units) | 1.00 | 1.00 |
| Impairment charges (net of noncontrolling interest share other than Common OP Units) | 0.04 | 0.01 |
| Loss on change in control | 0.08 | 0.08 |
| Noncontrolling interest in Operating Partnership | 0.01 | 0.01 |
| **NAREIT Funds from operations per share attributable to Common Shareholders and Common OP Unit holders** | **$1.22-$1.26** | **$1.22-$1.26** |
| Net unrealized holding gain <sup>2</sup> | (0.01) | (0.01) |
| **Funds From Operations Before Special Items and Realized Gains per share attributable to Common Shareholders and Common OP Unit holders** | **$1.21-$1.25** | **$1.21-$1.25** |
| Realized gains and promotes <sup>3</sup> | 0.11-0.14 | 0.11-0.14 |
| **Funds From Operations Before Special Items per share attributable to Common Shareholders and Common OP Unit holders** | **$1.32-$1.39** | **$1.32-$1.39** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.As disclosed in the Company's April 29, 2025 earnings release.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.This represents the actual unrealized mark-to-market holdings gain related to the Company's investment in Albertsons, which was recognized in NAREIT FFO for the six months ended June 30, 2025. The Company has not reflected any forward-looking estimates involving future unrealized holding gains or losses (i.e., changes in share price) on Albertsons in its 2025 guidance assumptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.It is the Company's policy to exclude unrealized gains and losses from FFO Before Special items and to include realized gains related to the Company's investment in Albertsons. The Company realized gains of $0.04 per share for the six months ended June 30, 2025. The Company reaffirms its prior guidance of $16-$19 million of realized gains and promotes.

![img225797853_0.jpg](img225797853_0.jpg)<sub>6</sub>

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**Conference Call**

Management will conduct a conference call on Wednesday, July 30, 2025 at 12:00 PM ET to review the Company's earnings and operating results. Participant registration and webcast information is listed below.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Live Conference Call: |  |
| &nbsp;&nbsp;Date: | &nbsp;&nbsp;Wednesday, July 30, 2025 |
| &nbsp;&nbsp;Time: | &nbsp;&nbsp;12:00 PM ET |
| &nbsp;&nbsp;Participant call: | &nbsp;&nbsp;Second Quarter 2025 Dial-In |
| &nbsp;&nbsp;Participant webcast: | &nbsp;&nbsp;Second Quarter 2025 Webcast |
| &nbsp;&nbsp;Webcast Listen-only and Replay: | &nbsp;&nbsp;www.acadiarealty.com/investors under Events & Presentations |

---

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

**About Acadia Realty Trust**

Acadia Realty Trust is an equity real estate investment trust focused on delivering long-term, profitable growth. Acadia owns and operates a high-quality core real estate portfolio ("Core" or "Core Portfolio") of street and open-air retail properties in the nation's most dynamic retail corridors, 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.

![img225797853_0.jpg](img225797853_0.jpg)<sub>7</sub>

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**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"). Forward-looking statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations 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 and global trade disruptions, which may lead to a disruption of or lack of access to the capital markets and other sources of funding, 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; (iv) increases in the Company's borrowing costs as a result of rising inflation, changes in interest rates and other factors; (v) the Company's ability to pay down, refinance, restructure or extend its indebtedness as it becomes due; (vi) the Company's investments in joint ventures and unconsolidated entities, including its lack of sole decision-making authority and its reliance on its joint venture partners' financial condition; (vii) the Company's ability to obtain the financial results expected from its development and redevelopment projects; (viii) the ability and willingness of the Company's tenants to renew their leases with the Company upon expiration, the Company's ability to re-lease its properties on the same or better terms in the event of nonrenewal or in the event the Company exercises its right to replace an existing tenant, and obligations the Company may incur in connection with the replacement of an existing tenant; (ix) the Company's potential liability for environmental matters; (x) damage to the Company's properties from catastrophic weather and other natural events, and the physical effects of climate change; (xi) the economic, political and social impact of, and uncertainty surrounding, any public health crisis; (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 security breaches, including increased cybersecurity risks relating to the use of remote technology; (xv) the loss of key executives; and (xvi) 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

![img225797853_0.jpg](img225797853_0.jpg)<sub>8</sub>

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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.

![img225797853_0.jpg](img225797853_0.jpg)<sub>9</sub>

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**Acadia Realty Trust and Subsidiaries**

Condensed Consolidated Statements of Operations <sup>(1)</sup>

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br> June 30,** | **Three Months Ended<br> June 30,** | **Six Months Ended <br>June 30,** | **Six Months Ended <br>June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Revenues** |  |  |  |  |
| Rental | $98297 | $85626 | $200937 | $171663 |
| Other | 2295 | 1628 | 4049 | 6947 |
| Total revenues | 100592 | 87254 | 204986 | 178610 |
| **Expenses** |  |  |  |  |
| Depreciation and amortization | 39269 | 34281 | 78709 | 69221 |
| General and administrative | 11532 | 10179 | 23129 | 19947 |
| Real estate taxes | 13317 | 9981 | 26620 | 22327 |
| Property operating | 17524 | 15781 | 35804 | 34877 |
| Impairment charges | 18190 |  | 24640 |  |
| Total expenses | 99832 | 70222 | 188902 | 146372 |
| Gain (loss) on disposition of properties |  | 757 |  | (441) |
| **Operating income** | 760 | 17789 | 16084 | 31797 |
| Equity in (losses) earnings of unconsolidated affiliates | (4191) | 4480 | (5904) | 4168 |
| Interest income | 6358 | 5413 | 12454 | 10651 |
| Realized and unrealized holding (losses) gains on investments and other | (54) | (2364) | 1567 | (4415) |
| Interest expense | (23604) | (23581) | (46851) | (47290) |
| Loss on change in control |  |  | (9622) |  |
| (Loss) income from continuing operations before income taxes | (20731) | 1737 | (32272) | (5089) |
| Income tax provision | (211) | (155) | (327) | (186) |
| Net (loss) income | (20942) | 1582 | (32599) | (5275) |
| Net loss attributable to redeemable noncontrolling interests | 1724 | 2292 | 3393 | 4846 |
| Net loss (income) attributable to noncontrolling interests | 21181 | (2431) | 32777 | 5141 |
| Net income attributable to Acadia shareholders | $1963 | $1443 | $3571 | $4712 |
| Less: earnings attributable to unvested participating securities | (338) | (290) | (677) | (577) |
| Income from continuing operations net of income attributable to participating securities for diluted earnings per share | $1625 | $1153 | $2894 | $4135 |
| Weighted average shares for basic earnings per share | 130981 | 103592 | 126182 | 102860 |
| Weighted average shares for diluted earnings per share | 130981 | 103592 | 126182 | 102860 |
| **Net earnings per share - basic** <sup>(2)</sup> | $0.01 | $0.01 | $0.02 | $0.04 |
| **Net earnings per share - diluted** <sup>(2)</sup> | $0.01 | $0.01 | $0.02 | $0.04 |

---

![img225797853_0.jpg](img225797853_0.jpg)<sub>10</sub>

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**Acadia Realty Trust and Subsidiaries**

Reconciliation of Consolidated Net Income to Funds from Operations <sup>(1,3)</sup>

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended <br>June 30,** | **Three Months Ended <br>June 30,** | **Six Months Ended <br>June 30,** | **Six Months Ended <br>June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Net income attributable to Acadia | $1963 | $1443 | $3571 | $4712 |
| Depreciation of real estate and amortization of leasing costs (net of<br> noncontrolling interests' share other than Common OP Units) | 31665 | 26291 | 63272 | 53378 |
| Impairment charges (net of noncontrolling interests' share other than Common OP Units) | 4185 |  | 5768 |  |
| Loss on disposition of properties (net of noncontrolling interests' share other than Common OP Units) | 86 | 568 | 86 | 843 |
| Loss on change in control |  |  | 9622 |  |
| Income attributable to Common OP Unit holders | 108 | 103 | 204 | 306 |
| Distributions - Preferred OP Units | 67 | 84 | 134 | 207 |
| **Funds from operations attributable to Common Shareholders and Common OP Unit holders - Diluted** | $38074 | $28489 | $82657 | $59446 |
| Transaction costs | 152 |  | 678 |  |
| Unrealized holding (gain) loss | 494 | 2308 | (1178) | 4323 |
| Realized gain | 5406 | 3586 | 5406 | 7580 |
| **FFO before Special Items attributable to Common Shareholder and Common OP Unit holders** <sup>1</sup> | $44126 | $34383 | $87563 | $71349 |
| **Funds From Operations per Share - Diluted** |  |  |  |  |
| Basic weighted-average shares outstanding, GAAP earnings | 130981 | 103592 | 126182 | 102860 |
| Weighted-average OP Units outstanding | 7672 | 7228 | 7828 | 7525 |
| Assumed conversion of Preferred OP Units to Common Shares | 256 | 319 | 256 | 25 |
| Assumed conversion of LTIP units and restricted share units to<br> Common Shares |  | 698 |  | 686 |
| Weighted average number of Common Shares and Common OP Units | 138909 | 111837 | 134266 | 111096 |
| Diluted Funds from operations, per Common Share and Common OP Unit | $0.27 | $0.25 | $0.62 | $0.54 |
| Diluted Funds from operations before Special Items, per Common Share and Common OP Unit | $0.32 | $0.31 | $0.65 | $0.64 |

---

![img225797853_0.jpg](img225797853_0.jpg)<sub>11</sub>

------

**Acadia Realty Trust and Subsidiaries**

**Reconciliation of Consolidated Operating Income to Net Property Operating Income ("NOI")** <sup>(1)</sup>

*(Unaudited, Dollars in thousands)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br> June 30,** | **Three Months Ended<br> June 30,** | **Six Months Ended <br>June 30,** | **Six Months Ended <br>June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Consolidated operating income | $760 | $17789 | $16084 | $31797 |
| Add back: |  |  |  |  |
| &nbsp;&nbsp;General and administrative | 11532 | 10179 | 23129 | 19947 |
| &nbsp;&nbsp;Depreciation and amortization | 39269 | 34281 | 78709 | 69221 |
| &nbsp;&nbsp;Impairment charges | 18190 |  | 24640 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on disposition of properties |  | (757) |  | 441 |
| Less: |  |  |  |  |
| &nbsp;&nbsp;Above/below-market rent, straight-line rent and other adjustments | (3194) | (2869) | (5906) | (7477) |
| &nbsp;&nbsp;Termination income |  |  | (8366) |  |
| Consolidated NOI | 66557 | 58623 | 128290 | 113929 |
| Redeemable noncontrolling interest in consolidated NOI | (1376) | (1381) | (3264) | (2422) |
| Noncontrolling interest in consolidated NOI | (19489) | (18322) | (37144) | (35253) |
| Less: |  |  |  |  |
| Operating Partnership's interest in Investment Management NOI included above | (7936) | (6132) | (14683) | (11473) |
| Add back: |  |  |  |  |
| Operating Partnership's share of unconsolidated joint ventures NOI <sup>(5)</sup> | 873 | 2251 | 2160 | 6212 |
| Core Portfolio NOI | $38629 | $35039 | $75359 | $70993 |

---

**Reconciliation of Same-Property NOI** 

*(Unaudited, Dollars in thousands)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br> June 30,** | **Three Months Ended<br> June 30,** | **Six Months Ended <br>June 30,** | **Six Months Ended <br>June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Core Portfolio NOI | $38629 | $35039 | $75359 | $70993 |
| Less properties excluded from Same-Property NOI | (4152) | (1941) | (7041) | (5392) |
| Same-Property NOI | $34477 | $33098 | $68318 | $65601 |
| Percent change from prior year period | 4.2% |  | 4.1% |  |
| Components of Same-Property NOI: |  |  |  |  |
| Same-Property Revenues | $48109 | $46626 | $95745 | $93071 |
| Same-Property Operating Expenses | (13632) | (13528) | (27427) | (27470) |
| Same-Property NOI | $34477 | $33098 | $68318 | $65601 |

---

![img225797853_0.jpg](img225797853_0.jpg)<sub>12</sub>

------

**Acadia Realty Trust and Subsidiaries**

**Condensed Consolidated Balance Sheets** <sup>(1)</sup>

*(Unaudited, Dollars in thousands, except shares)*

---

| | | |
|:---|:---|:---|
| As of: |  |  |
|  | June 30, 2025 | December 31, 2024 |
| **Assets** |  |  |
| Investments in real estate, at cost |  |  |
| Buildings and improvements | $3398124 | $3174250 |
| Tenant improvements | 326565 | 304645 |
| Land | 1127913 | 906031 |
| Construction in progress | 29477 | 23704 |
| Right-of-use assets - finance leases | 61366 | 61366 |
| Total | 4943445 | 4469996 |
| Less: Accumulated depreciation and amortization | (980639) | (926022) |
| &nbsp;&nbsp;Operating real estate, net | 3962806 | 3543974 |
| &nbsp;&nbsp;Real estate under development | 153196 | 129619 |
| Net investments in real estate | 4116002 | 3673593 |
| Notes receivable, net ($1,704 and $2,004 of allowance for credit losses as of June 30, 2025 and December 31, 2024, respectively) | 154682 | 126584 |
| Investments in and advances to unconsolidated affiliates | 172418 | 209232 |
| Other assets, net | 219598 | 223767 |
| Right-of-use assets - operating leases, net | 25609 | 25531 |
| Cash and cash equivalents | 42780 | 16806 |
| Restricted cash | 25029 | 22897 |
| Marketable securities | 10908 | 14771 |
| Rents receivable, net | 61099 | 58022 |
| Assets of properties held for sale | 47444 |  |
| Total assets | $4875569 | $4371203 |
| Liabilities: |  |  |
| Mortgage and other notes payable, net | $1007588 | $953700 |
| Unsecured notes payable, net | 743049 | 569566 |
| Unsecured line of credit | 53500 | 14000 |
| Accounts payable and other liabilities | 270985 | 232726 |
| Lease liabilities - operating leases | 27980 | 27920 |
| Dividends and distributions payable | 27748 | 24505 |
| Distributions in excess of income from, and investments in, unconsolidated affiliates | 17223 | 16514 |
| Liabilities of properties held for sale | 163 |  |
| Total liabilities | 2148236 | 1838931 |
| Commitments and contingencies |  |  |
| Redeemable noncontrolling interests | 21174 | 30583 |
| Equity: |  |  |
| Acadia Shareholders' Equity |  |  |
| &nbsp;&nbsp;Common shares, $0.001 par value per share, authorized 200,000,000 shares, issued and outstanding 131,010,546 and 119,657,594 shares as of June 30, 2025 and December 31, 2024, respectively | 131 | 120 |
| &nbsp;&nbsp;Additional paid-in capital | 2707218 | 2436285 |
| &nbsp;&nbsp;Accumulated other comprehensive income | 19982 | 38650 |
| &nbsp;&nbsp;Distributions in excess of accumulated earnings | (458205) | (409383) |
| Total Acadia shareholders' equity | 2269126 | 2065672 |
| Noncontrolling interests | 437033 | 436017 |
| Total equity | 2706159 | 2501689 |
| Total liabilities, redeemable noncontrolling interests, and equity | $4875569 | $4371203 |

---

![img225797853_0.jpg](img225797853_0.jpg)<sub>13</sub>

------

**Acadia Realty Trust and Subsidiaries**

Notes to Financial Highlights:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 Before Special Items" is also an appropriate supplemental disclosure of operating performance. FFO, FFO Before Special Items 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 and (iii) impairment of depreciable real estate properties. In addition, NOI excludes interest expense and FFO Before Special Items excludes certain unusual items (as further described below). The Company's method of calculating FFO, FFO Before Special Items 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 Before Special Items represent cash generated from operations as defined by generally accepted accounting principles ("GAAP"), or are indicative of cash available to fund all cash needs, including distributions. Such measures should not be considered as an alternative to net income (loss) for the purpose of evaluating the Company's performance or to cash flows as a measure of liquidity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Consistent with the NAREIT definition, the Company defines FFO as net income (computed in accordance with GAAP) excluding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.gains (losses) from sales of real estate properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.depreciation and amortization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.impairment of real estate properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.gains and losses from change in control; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v.after adjustments for unconsolidated partnerships and joint ventures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 RCP investments such as Albertsons in FFO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.FFO Before Special Items 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.charges, income and gains that management believes are not comparable and indicative of the results of the Company's operating real estate portfolio;

![img225797853_0.jpg](img225797853_0.jpg)<sub>14</sub>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.the impact of the unrealized holding gains (losses) incidental to its main business, including those related to its Retailer Controlled Property Venture ("RCP") investments such as Albertsons; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.any realized income or gains from the Company's investment in Albertsons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)The Company defines Special Items to include (i) unrealized holding losses or gains (net of noncontrolling interest share) on investments and (ii) other costs that do not occur in the ordinary course of our underwriting and investing business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)The pro-rata share of NOI is based upon the Operating Partnership's stated ownership percentages in each venture or Investment Management's operating agreement and does not include the Operating Partnership's share of NOI from unconsolidated partnerships and joint ventures within Investment Management.

---

| | |
|:---|:---|
| ![img225797853_0.jpg](img225797853_0.jpg) | <br>**15** |

---

------

## Exhibit 99.2

**Exhibit 99.2**![img226721374_0.jpg](img226721374_0.jpg)

------

**Table of Contents**<br>

---

| | |
|:---|:---|
| Section I – Second Quarter 2025 Earnings Press Release |  |
| Section II – Financial Information |  |
| [<u>Company Information</u>](#company_information) | 3 |
| [<u>Market Capitalization</u>](#market_capitalization) | 4 |
| [<u>Forward Equity Offerings</u>](#forward_offerings) | 5 |
| Operating Statements |  |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Operations</u>](#consolidated_income_statement) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Statements of Operations - Pro-rata Adjustments</u>](#statements_of_ops_pro_rata) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Balance Sheet</u>](#consolidated_balance_sheet) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Balance Sheet - Pro-rata Adjustments</u>](#balance_sheet_pro_rata) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Funds from Operations ("FFO"), FFO Before Special Items, Adjusted Funds from Operations ("AFFO")</u>](#ffo) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>EBITDA</u>](#ebitda) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Same Property Net Operating Income</u>](#same_property_net_op_income) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Fee Income Detail</u>](#fee_income) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Structured Financing</u>](#structured_financing_portfolio) | 15 |
| Other Information |  |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Transactional Activity</u>](#transactional_activity) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>2025 Guidance</u>](#guidance) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Net Asset Valuation Information</u>](#net_asset_valuation_information) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Selected Financial Ratios</u>](#selected_financial_ratios) | 19 |
| Debt Analysis |  |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Summary</u>](#portfolio_debt_summary) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Detail</u>](#portfolio_debt_detail) | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Maturities</u>](#future_debt_maturities) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Interest Rate Summary</u>](#interest_rate_summary) | 25 |
| Section III – Core Portfolio Information |  |
| [<u>Core Properties</u>](#core_properties) | 26 |
| [<u>Core Top Tenants</u>](#core_portfolio_top_tenants) | 30 |
| [<u>Core Lease Expirations</u>](#core_portfolio_lease_expirations) | 31 |
| [<u>Core New and Renewal Rent Spreads</u>](#core_new_and_renewal_rent_spreads) | 32 |
| [<u>Core Capital Expenditures</u>](#core_portfolio_capital_expenditures) | 33 |
| Section IV – Investment Management Information |  |
| [<u>Fund Overview</u>](#fund_overview) | 34 |
| [<u>Investment Management Properties</u>](#investment_management_properties) | 35 |
| [<u>Investment Management Lease Expirations</u>](#investment_management_lease_expirations) | 39 |
| [<u>Development and Redevelopment Activity</u>](#development_and_redevelopment_activity) | 41 |
| Section V – Other Information |  |
| <u>Important Notes</u> | 43 |

---

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

------

---

| | | |
|:---|:---|:---|
| **Company Information** |  |  |
| Acadia Realty Trust is an equity real estate investment trust that owns and operates a high-quality core real estate portfolio ("Core" or "Core Portfolio") of street and open-air retail properties in the nation's most dynamic retail corridors, 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. | Acadia Realty Trust is an equity real estate investment trust that owns and operates a high-quality core real estate portfolio ("Core" or "Core Portfolio") of street and open-air retail properties in the nation's most dynamic retail corridors, 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. | Acadia Realty Trust is an equity real estate investment trust that owns and operates a high-quality core real estate portfolio ("Core" or "Core Portfolio") of street and open-air retail properties in the nation's most dynamic retail corridors, 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** | **Citigroup - Global Markets** | **KeyBanc Capital Markets, Inc.** |
| Samir Khanal <br>(646) 855-1497 | Craig Mailman <br>(212) 816-4471 | Todd Thomas <br>(917) 368-2286 |
| samir.khanal@bofa.com | craig.mailman@citi.com | tthomas@key.com |
| **Green Street Advisors** | **Compass Point Research & Trading** | **J.P. Morgan Securities, Inc.** |
| Paulina Rojas Schmidt <br>(949) 640-8780 | Kenneth Billingsley <br>(202) 534-1393 | Michael W. Mueller, CFA <br>(212) 622-6689 |
| projasschmidt@greenstreet.com | kbillingsley@compasspointllc.com | michael.w.mueller@jpmorgan.com |
| **Jefferies**  | **Truist**  | **Truist**  |
| Linda Tsai<br>(212) 778-8011 | Ki Bin Kim, CFA <br>(212) 303-4124 |  |
| ltsai@jefferies.com | kibin.kim@truist.com |  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report June 30, 2025 – 3 |

---

------

---

| |
|:---|
| Market Capitalization |
| &nbsp;&nbsp;(Including pro-rata share of Investment Management debt, in thousands, except per share amounts) |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Changes in Total Outstanding Common** | **Changes in Total Outstanding Common** | **Changes in Total Outstanding Common** | **Changes in Total Outstanding Common** | **Weighted Average** | **Weighted Average** | **Weighted Average** | **Weighted Average** |
|  | **Total Market** |  | **Capitalization** | **Shares and OP Units** | **Shares and OP Units** | **Shares and OP Units** | **Shares and OP Units** | **Diluted EPS** | **Diluted EPS** | **Diluted FFO** | **Diluted FFO** |
|  | **Capitalization<br>($)** | **%** | **Based on Net<br>Debt** <sup>1</sup> |  | **Common <br>Shares** <sup>2</sup> | **Common OP Units** | **Total** | **Quarter** | **YTD** | **Quarter** | **YTD** |
| **<u>Equity Capitalization</u>** |  |  |  |  |  |  |  |  |  |  |  |
| Common Shares | 131011 |  |  | Balance at 12/31/2024 | 119658 | 4709 | 124367 |  |  |  |  |
| Common Operating Partnership ("OP") Units | 5206 |  |  | Vesting RS and LTIPs | 10 | 598 | 608 |  |  |  |  |
| Combined Common Shares and OP Units <sup>2</sup> | 136217 |  |  | OP Conversions | 113 | (113) |  |  |  |  |  |
|  |  |  |  | Issuance of Shares | 11172 |  | 11172 |  |  |  |  |
| Share Price at June 30, 2025 | $18.57 |  |  | Other | 3 |  | 3 |  |  |  |  |
|  |  |  |  | Balance at 3/31/2025 | 130956 | 5194 | 136150 | 121329 | 121329 | 129363 | 129363 |
| Equity Capitalization - Common Shares and OP Units | $2529550 |  |  | Vesting RS and LTIPs | 27 | 36 | 63 |  |  |  |  |
| Preferred OP Units <sup>3</sup> | 4755 |  |  | OP Conversions | 24 | (24) |  |  |  |  |  |
| **Total Equity Capitalization** | **2534305** | **65%** | **66%** | Other | 4 |  | 4 |  |  |  |  |
|  |  |  |  | Balance at 6/30/2025 | 131011 | 5206 | 136217 | 130981 | 126182 | 138909 | 134266 |
| **<u>Debt Capitalization</u>** |  |  |  |  |  |  |  |  |  |  |  |
| Consolidated debt <sup>4</sup> | 1814472 |  |  |  |  |  |  |  |  |  |  |
| Adjustment to reflect pro-rata share of debt | (438735) |  |  |  |  |  |  |  |  |  |  |
| **Total Debt Capitalization** | **1375737** | **35%** | **34%** |  |  |  |  |  |  |  |  |
| **<u>Total Market Capitalization</u>** <sup>2</sup> | **$3910042** | **100%** | **100%** |  |  |  |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Reflects debt net of $53,091 pro-rata share of Core Portfolio and Investment Management cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Does not include the Common Shares sold under the [<u>Forward Equity Offerings</u>](#forward_offerings).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Represents 188 Series A and 66,519 Series C Preferred OP Units convertible into 25,067 and 230,967 Common OP Units, respectively, multiplied by the Common Share price at quarter end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Reflects consolidated debt excluding $10,335 of unamortized premium and unamortized loan costs.

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report June 30, 2025 – 4 |

---

------

---

| |
|:---|
| **Forward Equity Offerings**<br>|
| &nbsp;&nbsp;(in thousands) |

---

---

| | | |
|:---|:---|:---|
| **Forward Equity Offerings** | **Shares** | **Anticipated Net Proceeds** <sup>1</sup> |
| Beginning balance <sup>2</sup> | 2445 | $55771 |
| Shares sold |  |  |
| Shares settled |  |  |
| Settlement adjustments |  | (235) |
| Ending balance <sup>3</sup> | 2445 | $55536 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Amounts received upon settlement are subject to customary adjustments in accordance with the forward sales contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Beginning balance reflects the last quarterly report issued on April 29, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Ending balance reflects the fair value of the shares outstanding as of June 30, 2025. No shares were sold subsequent to June 30, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report June 30, 2025 – 5 |

---

------

---

| |
|:---|
| **Consolidated Statements of Operations**<br>|
| &nbsp;&nbsp;(in thousands) |

---

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** <sup>1</sup> | **June 30, 2025** <sup>1</sup> |
|  | **Quarter** | **Year to Date** |
| **Revenues** |  |  |
| Rental income <sup>8</sup> | $98297 | $200937 |
| Other | 2295 | 4049 |
| &nbsp;&nbsp;Total revenues | **100592** | **204986** |
| **Expenses** |  |  |
| Depreciation and amortization | 39269 | 78709 |
| General and administrative | 11532 | 23129 |
| Real estate taxes | 13317 | 26620 |
| Property operating | 17524 | 35804 |
| Impairment charges | 18190 | 24640 |
| Total expenses | **99832** | **188902** |
| &nbsp;&nbsp;**Operating income** | **760** | **16084** |
| Equity in losses of unconsolidated affiliates | (4191) | (5904) |
| Interest income | 6358 | 12454 |
| Realized and unrealized holding (losses) gains on investments and other | (54) | 1567 |
| Interest expense | (23604) | (46851) |
| Loss on change in control |  | (9622) |
| &nbsp;&nbsp;**Loss from continuing operations before income taxes** | **(20731)** | **(32272)** |
| Income tax provision | (211) | (327) |
| &nbsp;&nbsp;**Net loss** | **(20942)** | **(32599)** |
| Net loss attributable to redeemable noncontrolling interests | 1724 | 3393 |
| Net loss attributable to noncontrolling interests | 21181 | 32777 |
| &nbsp;&nbsp;**Net income attributable to Acadia shareholders** | $**1963** | $**3571** |

---

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** <sup>1</sup> | **June 30, 2025** <sup>1</sup> |
|  | **Quarter** | **Year to Date** |
| **Reconciliation of Revenues to Consolidated GAAP Revenues** |  |  |
| Total Revenues | $96550 | $189189 |
| Straight-line rent income | 156 | 527 |
| Above/below-market rent income | 2290 | 4488 |
| Asset and property management fees | 859 | 1580 |
| Development, construction, leasing and legal fees | 737 | 833 |
| Other income <sup>8</sup> |  | 8369 |
| **Consolidated Total GAAP Revenues** | $**100592** | $**204986** |
| **Reconciliation of Operating Expenses to Consolidated GAAP Property Operating Expenses** |  |  |
| Property operating - CAM and Other | $12926 | $27525 |
| Other property operating (Non-CAM) | 3476 | 6139 |
| Asset and property management expense | 274 | 607 |
| Other | 848 | 1533 |
| **Consolidated Total GAAP Operating Expenses** | $**17524** | $**35804** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report June 30, 2025 – 6 |

---

------

---

| |
|:---|
| **Consolidated Statements of Operations - Detail** |
| &nbsp;&nbsp;(in thousands) |

---

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** <sup>1</sup> | **June 30, 2025** <sup>1</sup> |
| **CORE PORTFOLIO AND INVESTMENT MANAGEMENT INCOME** | **Quarter** | **Year to Date** |
| **REVENUES** |  |  |
| Minimum rents | $75863 | $148243 |
| Percentage rents | 575 | 1478 |
| Expense reimbursements - CAM | 9749 | 18837 |
| Expense reimbursements - Taxes | 9678 | 19027 |
| Other property income | 685 | 1604 |
| **Total Revenues** | **96550** | **189189** |
| **EXPENSES** |  |  |
| Property operating - CAM | 12926 | 27525 |
| Other property operating (Non-CAM) | 3476 | 6139 |
| Real estate taxes | 13317 | 26620 |
| Asset and property management expense | 274 | 615 |
| **Total Expenses** | **29993** | **60899** |
| **NET OPERATING INCOME - PROPERTIES** | **66557** | **128290** |
| **OTHER INCOME (EXPENSE)** |  |  |
| Interest income | 6358 | 12454 |
| Straight-line rent income | 156 | 527 |
| Above/below-market rent income | 2290 | 4488 |
| Interest expense <sup>2</sup> | (21241) | (42068) |
| Amortization of finance costs | (2043) | (4137) |
| Above/below-market interest expense | 193 | 379 |
| Finance lease interest expense | (513) | (1025) |
| Other (expense) income <sup>8</sup> | (256) | 7903 |
| Accelerated amortization due to early lease termination |  | (678) |
| Impairment charges | (18190) | (24640) |
| **CORE PORTFOLIO AND INVESTMENT MANAGEMENT INCOME** | **33311** | **81493** |
| **FEE AND OTHER INCOME** <sup>3</sup> |  |  |
| Asset and property management fees | 859 | 1580 |
| Development, construction, leasing and legal fees | 737 | 841 |
| **Total Investment Management Fee Income** | **1596** | **2421** |
| Other transactional income (expense) | (152) |  |
| **Total Investment Management Fee Income, Net Promote and Other Transactional Income** | **1444** | **2421** |
| Realized gains on marketable securities, net | 5406 | 5406 |
| Less: previously recognized unrealized gains on marketable securities sold | (5406) | (5406) |
| Unrealized gains (losses) on marketable securities | (494) | 1178 |
| Income tax provision | (211) | (327) |
| **Total Fee and Other Income** | **739** | **3272** |
| **General and Administrative** | **(11532)** | **(23129)** |
| Depreciation and amortization | (39186) | (78536) |
| Non-real estate depreciation and amortization | (83) | (173) |
| Loss on change in control |  | (9622) |
| **Gain (loss) before equity in earnings and noncontrolling interests** | **(16751)** | **(26695)** |
| Equity in losses of unconsolidated affiliates | (4191) | (5904) |
| Noncontrolling interests (including redeemable noncontrolling interests) | 22905 | 36170 |
| **NET INCOME ATTRIBUTABLE TO ACADIA SHAREHOLDERS** | $**1963** | $**3571** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report June 30, 2025 – 7 |

---

------

---

| |
|:---|
| **Statements of Operations – Pro-Rata Adjustments**<sup>7</sup> |
| &nbsp;&nbsp;(in thousands) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quarter Ended June 30, 2025** | **Quarter Ended June 30, 2025** | **Year to Date June 30, 2025** | **Year to Date June 30, 2025** |
| **CORE PORTFOLIO AND INVESTMENT MANAGEMENT INCOME** | **Noncontrolling<br>Interest in<br>Consolidated<br>Subsidiaries** <sup>4</sup> | **Company's<br>Interest in<br>Unconsolidated<br>Subsidiaries** <sup>5</sup> | **Noncontrolling<br>Interest in<br>Consolidated<br>Subsidiaries** <sup>4</sup> | **Company's<br>Interest in<br>Unconsolidated<br>Subsidiaries** <sup>5</sup> |
| **REVENUES** |  |  |  |  |
| Minimum rents | $(29957) | $11342 | $(59588) | $23545 |
| Percentage rents | (134) | 52 | (329) | 260 |
| Expense reimbursements - CAM | (4582) | 1608 | (9024) | 3422 |
| Expense reimbursements - Taxes | (3820) | 1780 | (7493) | 3720 |
| Other property income | (288) | 87 | (658) | 170 |
| **Total Revenues** | **(38781)** | **14869** | **(77092)** | **31117** |
| **EXPENSES** |  |  |  |  |
| Property operating - CAM | (5837) | 1972 | (12615) | 4444 |
| Other property operating (Non-CAM) | (862) | 154 | (1578) | 474 |
| Real estate taxes | (5150) | 2889 | (10183) | 5898 |
| Asset and property management expense | (452) | 393 | (961) | 957 |
| **Total Expenses** | **(12301)** | **5408** | **(25337)** | **11773** |
| **NET OPERATING INCOME - PROPERTIES** | **(26480)** | **9461** | **(51755)** | **19344** |
| **OTHER INCOME (EXPENSE)** |  |  |  |  |
| Interest income | (132) | 37 | (236) | 69 |
| Straight-line rent income | (191) | 63 | (436) | 278 |
| Above/below-market rent (expense) income | (710) | 643 | (1377) | 1531 |
| Interest expense <sup>2</sup> | 13605 | (4855) | 26609 | (9771) |
| Amortization of finance costs | 859 | (318) | 1789 | (642) |
| Above/below-market interest expense | (60) |  | (118) |  |
| Finance lease interest expense | 348 | (103) | 694 | (205) |
| Other (expense) income <sup>8</sup> | 458 | 3 | 406 | 205 |
| Impairment charges | 14005 |  | 18872 |  |
| **CORE PORTFOLIO AND INVESTMENT MANAGEMENT INCOME** | **1702** | **4931** | **(5552)** | **10809** |
| **FEE AND OTHER INCOME** <sup>3</sup> |  |  |  |  |
| Asset and property management fees | 2635 | 65 | 5256 | 198 |
| Development, construction, leasing and legal fees | 1369 | 177 | 3276 | 246 |
| **Total Investment Management Fee Income** | 4004 | 242 | 8532 | 444 |
| Other transactional income (expense) |  |  |  |  |
| **Total Investment Management Fee Income, Net Promote and Other Transactional Income** | **4004** | **242** | **8532** | **444** |
| Realized gains on marketable securities, net |  |  |  |  |
| Less: previously recognized unrealized gains on marketable securities sold |  |  |  |  |
| Unrealized gains on marketable securities |  |  |  |  |
| Income tax provision | 98 | (5) | 149 | (36) |
| **Total Fee and Other Income** | **4102** | **237** | **8681** | **408** |
| **General and Administrative** | **847** | **(432)** | **1625** | **(679)** |
| Depreciation and amortization | 15511 | (7990) | 30769 | (15505) |
| Non-real estate depreciation and amortization |  |  |  |  |
| Loss (gain) on disposition of properties | 851 | (937) | 851 | (937) |
| **Gain (loss) before equity in earnings and noncontrolling interests** | **23013** | **(4191)** | **36374** | **(5904)** |
| Equity in losses of unconsolidated affiliates |  |  |  |  |
| Noncontrolling interests (including redeemable noncontrolling interests) <sup>6</sup> | (108) |  | (204) |  |
| **NET INCOME (LOSS) ATTRIBUTABLE TO ACADIA SHAREHOLDERS** | $**22905** | $**(4191)** | $**36170** | $**(5904)** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report June 30, 2025 – 8 |

---

------

---

| |
|:---|
| **Balance Sheet**<br>|
| &nbsp;&nbsp;(in thousands) |

---

---

| | | | |
|:---|:---|:---|:---|
| **ASSETS** | **Consolidated<br>Balance<br>Sheet** | **Line Item Details:** | **Line Item Details:** |
| <u>Real estate</u> |  |  |  |
| Buildings and improvements | $3398124 | **Components of Real estate under development:** | **Components of Real estate under development:** |
| Tenant improvements | 326565 | Core | $120184 |
| Land | 1127913 | Fund III | 33012 |
| Construction in progress | 29477 | &nbsp;&nbsp; Total | $153196 |
| Right-of-use assets - finance leases | 61366 |  |  |
|  | 4943445 |  |  |
| Less: Accumulated depreciation and amortization | (980639) |  |  |
| &nbsp;&nbsp;Operating real estate, net | 3962806 |  |  |
| Real estate under development | 153196 | **Summary of other assets, net:** | **Summary of other assets, net:** |
| &nbsp;&nbsp;Net investments in real estate | 4116002 | Deferred charges, net | $40915 |
| Notes receivable, net ($1,704 of allowance for credit losses) | 154682 | Accrued interest receivable | 9048 |
| Investments in and advances to unconsolidated affiliates | 172418 | Due from seller | 2010 |
| Lease intangibles, net | 131572 | Prepaid expenses | 14364 |
| Other assets, net | 88026 | Other receivables | 6155 |
| Right-of-use assets - operating leases, net | 25609 | Income taxes receivable | 1280 |
| Cash and cash equivalents | 42780 | Corporate assets, net | 500 |
| Restricted cash | 25029 | Deposits | 1149 |
| Marketable securities | 10908 | Derivative financial instruments | 12605 |
| Straight-line rents receivable, net | 42858 | Total | $88026 |
| Rents receivable, net | 18241 |  |  |
| Assets of properties held for sale | 47444 |  |  |
| Total assets | $4875569 |  |  |
| **Liabilities:** |  |  |  |
| Mortgage and other notes payable, net | $1007588 |  |  |
| Unsecured notes payable, net | 743049 |  |  |
| Unsecured line of credit | 53500 |  |  |
| Accounts payable and other liabilities | 172009 | **Summary of accounts payable and other liabilities:** | **Summary of accounts payable and other liabilities:** |
| Lease liabilities - operating leases | 27980 | Lease liability - finance leases, net | $31751 |
| Dividends and distributions payable | 27748 | Accounts payable and accrued expenses | 81903 |
| Lease intangibles, net | 98976 | Deferred income | 30370 |
| Distributions in excess of income from, and investments in, unconsolidated affiliates | 17223 | Tenant security deposits, escrow and other | 25149 |
| Liabilities of properties held for sale | 163 | Derivative financial instruments | 2836 |
| Total liabilities | 2148236 | Total | $172009 |
| Commitments and contingencies |  |  |  |
| Redeemable noncontrolling interests | 21174 |  |  |
| Equity: |  |  |  |
| Acadia Shareholders' Equity |  |  |  |
| &nbsp;&nbsp;Common shares | 131 |  |  |
| &nbsp;&nbsp;Additional paid-in capital | 2707218 |  |  |
| &nbsp;&nbsp;Accumulated other comprehensive income | 19982 |  |  |
| &nbsp;&nbsp;Distributions in excess of accumulated earnings | (458205) |  |  |
| Total Acadia shareholders' equity | 2269126 |  |  |
| Noncontrolling interests | 437033 |  |  |
| Total equity | 2706159 |  |  |
| Total liabilities, redeemable noncontrolling interests, and equity | $4875569 |  |  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report June 30, 2025 – 9 |

---

------

---

| |
|:---|
| **Balance Sheet – Pro-rata Adjustments**<sup>7</sup> |
| &nbsp;&nbsp;(in thousands) |

---

---

| | | |
|:---|:---|:---|
| **ASSETS** | **Noncontrolling<br>Interest in<br>Consolidated<br>Subsidiaries** <sup>4</sup> | **Company's<br>Interest in<br>Unconsolidated<br>Subsidiaries** <sup>5</sup> |
| <u>Real estate</u> |  |  |
| Buildings and improvements | $(823287) | $241292 |
| Tenant improvements | (67522) | 16426 |
| Land | (210582) | 59683 |
| Construction in progress | (6457) | 5157 |
| Right-of-use assets - finance leases | (22571) | 21961 |
|  | (1130419) | 344519 |
| Less: Accumulated depreciation and amortization | 182717 | (65545) |
| Operating real estate, net | (947702) | 278974 |
| Real estate under development | (24911) | 2217 |
| &nbsp;&nbsp;Net investments in real estate | (972613) | 281191 |
| Notes receivable, net | 84148 |  |
| Investments in and advances to unconsolidated affiliates | (51350) | (116262) |
| Lease intangibles, net | (32504) | 9604 |
| Other assets, net | 38981 | 5689 |
| Right-of-use assets - operating leases, net | (1392) |  |
| Cash and cash equivalents | (17106) | 6011 |
| Restricted cash | (8449) | 4825 |
| Marketable securities |  |  |
| Straight-line rents receivable, net | (11350) | 5138 |
| Rents receivable, net | (5719) | 1109 |
| Assets of properties held for sale | (35801) |  |
| **Total assets** | $(1013155) | $197305 |
| **Liabilities:** |  |  |
| Mortgage and other notes payable, net | $(602658) | $172957 |
| Unsecured notes payable, net |  |  |
| Unsecured line of credit |  |  |
| Accounts payable and other liabilities | (52674) | 30385 |
| Lease liabilities - operating leases | (1463) | 4 |
| Dividends and distributions payable | - | - |
| Lease intangibles, net | (29126) | 11184 |
| Distributions in excess of income from, and investments in, unconsolidated affiliates |  | (17225) |
| Liabilities of properties held for sale | (123) |  |
| Total liabilities | (686044) | 197305 |
| Acadia Shareholders' Equity |  |  |
| &nbsp;&nbsp; Common shares |  |  |
| &nbsp;&nbsp; Additional paid-in capital |  |  |
| &nbsp;&nbsp; Accumulated other comprehensive income |  |  |
| &nbsp;&nbsp; Distributions in excess of accumulated earnings |  |  |
| Total Acadia shareholders' equity |  |  |
| Noncontrolling interests | (327111) |  |
| Total equity | (327111) |  |
| Total liabilities, redeemable noncontrolling interests, and equity | $(1013155) | $197305 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report June 30, 2025 – 10 |

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------

**Notes to Financial Statements**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Quarterly 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Net of consolidated capitalized interest of $3.1 million and $5.4 million, or $2.5 million and $4.2 million at the Company's pro rata share, for the three and six months ended June 30, 2025, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Refer to [<u>Fee Income Detail</u>](#fee_income)page in the Supplemental Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Noncontrolling interests represent limited partners' interests in consolidated partnerships' activities and includes redeemable noncontrolling interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Represents the Company's pro-rata share of unconsolidated investments (which consists of unconsolidated Core properties but also includes Investment Management assets that are held off-balance sheet), of which each are included on a single line presentation in the Company's consolidated financial statements in accordance with GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.This represents the (loss) income allocable to Operating Partnership Units of $0.1 million and $0.2 million for the three and six months ended June 30, 2025, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.The Company currently has controlling ownership interests in both (a) Investment Management (represented by Funds II, III, IV & V) and (b) non-wholly owned Core assets. All properties which the Company is deemed to control are consolidated within the Company's financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.The Company recognized approximately $8.4 million of income related to its terminated lease with Whole Foods at City Center in San Francisco, CA during the first quarter, which is included in Other (expense) income for the six months ended June 30, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report June 30, 2025 – 11 |

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Funds from Operations ("FFO"), FFO Before Special Items,** <br>**Adjusted Funds from Operations ("AFFO")**  |
| &nbsp;&nbsp;(in thousands, except per share amounts) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Quarter Ended** | **Quarter Ended** | **Year to Date** | **Quarter Ended** | **Year to Date** |
|  | **March 31, <br>2025** | **June 30,<br>2025** | **June 30,<br>2025** | **June 30,<br>2024** | **June 30,<br>2024** |
| **<u>Funds from operations ("FFO"):</u>** |  |  |  |  |  |
| **Net Income (Loss) attributable to Acadia** | $**1608** | $**1963** | $**3571** | $**1443** | $**4712** |
| Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share other than Common OP Units) | 31607 | 31665 | 63272 | 26291 | 53378 |
| Loss on disposition on real estate properties (net of noncontrolling interest share other than Common OP Units) |  | 86 | 86 | 568 | 843 |
| Impairment charges (net of noncontrolling interest share other than Common OP Units) | 1583 | 4185 | 5768 |  |  |
| Loss on change in control (net of noncontrolling interest share other than Common OP Units) | 9622 |  | 9622 |  |  |
| Income attributable to noncontrolling interests' share in Operating Partnership | 163 | 175 | 338 | 187 | 513 |
| **FFO to Common Shareholders and Common OP Unit holders - Diluted** | $**44583** | $**38074** | $**82657** | $**28489** | $**59446** |
| Add back: acquisition costs | 526 | 152 | 678 |  |  |
| Unrealized holding (gain) loss | (1672) | 494 | (1178) | 2308 | 4323 |
| Realized gain |  | 5406 | 5406 | 3586 | 7580 |
| **FFO before Special Items attributable to Common Shareholder and Common OP Unit holders** <sup>1</sup> | $**43437** | $**44126** | $**87563** | $**34383** | $**71349** |
| **<u>Adjusted Funds from operations ("AFFO"):</u>** |  |  |  |  |  |
| FFO | $44583 | $38074 | $82657 | $28489 | $59446 |
| Unrealized holding (gain) loss | (1672) | 494 | (1178) | 2308 | 4323 |
| Realized gain |  | 5406 | 5406 | 3586 | 7580 |
| Straight-line rent, net | (341) | (28) | (369) | (977) | (1173) |
| Above/below-market rent | (2419) | (2223) | (4642) | (1316) | (2491) |
| Amortization of finance costs | 1488 | 1502 | 2990 | 1540 | 2636 |
| Above/below-market interest | (128) | (133) | (261) | (109) | (152) |
| Non-real estate depreciation | 90 | 83 | 173 | 91 | 182 |
| Stock-based compensation | 2400 | 2888 | 5288 | 2406 | 6344 |
| Leasing commissions | (1343) | (2456) | (3799) | (1362) | (1922) |
| Tenant improvements | (4881) | (10014) | (14895) | (907) | (2119) |
| Maintenance capital expenditures | (1021) | (1752) | (2773) | (2143) | (3783) |
| **AFFO to Common Shareholders and Common OP Unit holders** | $**36756** | $**31841** | $**68597** | $**31606** | $**68871** |
| **Total weighted-average diluted shares and OP Units** | 129363 | 138909 | 134266 | 111837 | 111096 |
| **Diluted FFO per Common share and OP Unit:** |  |  |  |  |  |
| FFO | $0.34 | $0.27 | $0.62 | $0.25 | $0.54 |
| FFO before Special Items | $0.34 | $0.32 | $0.65 | $0.31 | $0.64 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Company defines Special Items to include (i) unrealized holding losses or gains on investments and (ii) other costs that do not occur in the ordinary course of the Company's underwriting and investing business.

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| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report June 30, 2025 – 12 |

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| |
|:---|
| **EBITDA**<br>|
| &nbsp;&nbsp;(in thousands) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quarter Ended** | **Quarter Ended** | **Year to Date** | **Year to Date** |
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Net income (loss) attributable to Acadia shareholders** | $**1963** | $**1443** | $**3571** | $**4712** |
| **Adjustments:** <sup>1</sup> |  |  |  |  |
| Depreciation and amortization | 31748 | 26382 | 63445 | 53560 |
| Interest expense | 12491 | 13498 | 25230 | 27339 |
| Amortization of finance costs | 1502 | 1540 | 2990 | 2636 |
| Above/below-market interest | (133) | (109) | (261) | (152) |
| Loss on disposition of properties | 86 | 568 | 86 | 843 |
| Unrealized holding (gain) loss on investment in Albertsons and other | 494 | 2308 | (1178) | 4323 |
| Realized gain | 5406 | 3586 | 5406 | 7580 |
| Provision for income taxes | 118 | 87 | 214 | 141 |
| Impairment charges | 4185 |  | 5768 |  |
| Loss on change in control |  |  | 9622 |  |
| Noncontrolling interest - OP | 108 | 103 | 204 | 306 |
| **EBITDA** | $**57968** | $**49406** | $**115097** | $**101288** |
| Less: Realized gain | (5406) | (3586) | (5406) | (7580) |
| **EBITDA excluding realized gains** | $**52562** | $**45820** | $**109691** | $**93708** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.These amounts represent the Company's pro-rata share of consolidated and unconsolidated investments.

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| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report June 30, 2025 – 13 |

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| |
|:---|
| **Core Portfolio – Same Property Performance** <sup>1</sup> |
| &nbsp;&nbsp;(in thousands) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Quarter Ended June 30,** | **Quarter Ended June 30,** |  | **Year to Date June 30,** | **Year to Date June 30,** | **Change** |
|  | **2025** | **2024** | **Change Favorable/<br>(Unfavorable)** | **2025** | **2024** | **Favorable/<br>(Unfavorable)** |
| **Summary** |  |  |  |  |  |  |
| Minimum rents | $37669 | $36642 | 2.8% | $74460 | $73240 | 1.7% |
| Expense reimbursements | 9757 | 9126 | 6.9% | 19496 | 18225 | 7.0% |
| Other property income | 683 | 858 | (20.4)% | 1789 | 1606 | 11.4% |
| **Total Revenue** | 48109 | 46626 | 3.2% | 95745 | 93071 | 2.9% |
| **Expenses** |  |  |  |  |  |  |
| Property operating - CAM & Real estate taxes | 12156 | 11929 | (1.9)% | 24578 | 24495 | 0.3% |
| Other property operating (Non-CAM) | 1476 | 1599 | 7.7% | 2849 | 2975 | (4.2)% |
| **Total Expenses** | 13632 | 13528 | (0.8)% | 27427 | 27470 | (0.2)% |
| Same Property NOI - Core properties | $34477 | $33098 | **4.2%** | $68318 | $65601 | **4.1%** |
| **Reconciliation of Same Property NOI to Core NOI** |  |  |  |  |  |  |
| NOI of Properties excluded from Same Property NOI | 4152 | 1941 |  | 7041 | 5392 |  |
| Core NOI | $38629 | $35039 |  | $75359 | $70993 |  |
| **Other same property information** |  |  |  |  |  |  |
| Physical Occupancy at the end of the period | 92.1% | 92.0% |  |  |  |  |
| Leased Occupancy at the end of the period | 94.7% | 95.0% |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The above amounts include the pro-rata share of the Company's Core consolidated and unconsolidated investments.

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report June 30, 2025 – 14 |

---

------

---

| |
|:---|
| **Fee Income Detail** <sup>1</sup> |
| &nbsp;&nbsp;(in thousands) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund II** | **Fund III** | **Fund IV** | **Fund V** | **Other** <sup>2</sup> | **Total** |
| **Year to Date June 30, 2025** |  |  |  |  |  |  |
| Asset and property management fees | $184 | $48 | $1002 | $4306 | $1494 | $7034 |
| Transactional fees | 123 | 159 | 416 | 2854 | 811 | 4363 |
| Total fees | $307 | $207 | $1418 | $7160 | $2305 | $11397 |
| **Quarter Ended June 30, 2025** |  |  |  |  |  |  |
| Asset and property management fees | $91 | $26 | $498 | $2156 | $788 | $3559 |
| Transactional fees | 96 | 123 | 266 | 1083 | 723 | 2291 |
| Total fees | $187 | $149 | $764 | $3239 | $1511 | $5850 |
| **Quarter Ended March 31, 2025** |  |  |  |  |  |  |
| Asset and property management fees | $93 | $22 | $504 | $2150 | $706 | $3475 |
| Transactional fees | 27 | 36 | 150 | 1771 | 88 | 2072 |
| Total fees | $120 | $58 | $654 | $3921 | $794 | $5547 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Fees are shown at the Company's pro-rata share and can be derived from the [<u>Consolidated Statements of Operations - Detail</u>](#income_statement_detail)and [<u>Statements of Operations - Pro-Rata Adjustments</u>](#statements_of_ops_pro_rata). 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' share of fee income from Unconsolidated Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Other includes fees generated from non-wholly owned joint ventures (within both Core and Investment Management) as well as third-party managed assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) ---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report June 30, 2025 – 15 |

| |
|:---|
| **Structured Financing Portfolio**<br>|
| &nbsp;&nbsp;(in thousands) |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** | **Quarter Ended June 30, 2025** | **Quarter Ended June 30, 2025** | **Quarter Ended June 30, 2025** | **Quarter Ended June 30, 2025** | **Quarter Ended June 30, 2025** |  |  |  |
|  | **Principal** | **Accrued** | **Ending** |  | **Repayments/** | **Current** | **Accrued** | **Ending** | **Stated Interest** | **Effective Interest** | **Maturity** |
| **Investment** | **Balance** | **Interest** | **Balance** | **Issuances** | **Conversions** | **Principal** | **Interest** | **Balance** | **Rate** | **Rate** | **Dates** <sup>1,3</sup> |
| First mortgage notes <sup>1,2</sup> | $59801 | $3809 | $63610 | $— | $— | $59801 | $3809 | $63610 | 5.99% | 6.39% | Sept 2025 |
| Other notes <sup>2</sup> | 153034 | 57181 | 210215 | 28630 |  | 181664 | 35482<br> <sup>4</sup> | 217146 | 10.99% | 11.10% | July 2025 - Dec 2027 |
| **Total Core notes receivable** | $**212835** | $**60990** | $**273825** | $**28630** | $**—** | $**241465** | $**39291** | $**280756** | **9.75%** | **9.94%** |  |
| Reconciliation of Notes Receivable to the Pro-Rata Balance Sheet: | Reconciliation of Notes Receivable to the Pro-Rata Balance Sheet: | Reconciliation of Notes Receivable to the Pro-Rata Balance Sheet: | Reconciliation of Notes Receivable to the Pro-Rata Balance Sheet: | Reconciliation of Notes Receivable to the Pro-Rata Balance Sheet: | Reconciliation of Notes Receivable to the Pro-Rata Balance Sheet: |  |  |  |  |  |  |
| &nbsp;&nbsp;Total Notes Receivable per above | &nbsp;&nbsp;Total Notes Receivable per above | &nbsp;&nbsp;Total Notes Receivable per above | &nbsp;&nbsp;Total Notes Receivable per above | &nbsp;&nbsp;Total Notes Receivable per above | &nbsp;&nbsp;Total Notes Receivable per above | $241465 |  |  |  |  |  |
| &nbsp;&nbsp;Allowance for credit loss <sup>5</sup> | &nbsp;&nbsp;Allowance for credit loss <sup>5</sup> | &nbsp;&nbsp;Allowance for credit loss <sup>5</sup> | &nbsp;&nbsp;Allowance for credit loss <sup>5</sup> | &nbsp;&nbsp;Allowance for credit loss <sup>5</sup> | &nbsp;&nbsp;Allowance for credit loss <sup>5</sup> | (2635) |  |  |  |  |  |
| &nbsp;&nbsp;Total pro-rata Notes Receivable | &nbsp;&nbsp;Total pro-rata Notes Receivable | &nbsp;&nbsp;Total pro-rata Notes Receivable | &nbsp;&nbsp;Total pro-rata Notes Receivable | &nbsp;&nbsp;Total pro-rata Notes Receivable | &nbsp;&nbsp;Total pro-rata Notes Receivable | $238830 |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.One Core note which matured on April 20, 2020 in the amount of $17.8 million with accrued interest of $3.8 million was in default at June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Certain of the first mortgage notes and other notes enable the borrower to prepay or convert its obligations prior to the stated maturity date without penalty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Certain first mortgage notes have extension options subject to customary conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The decrease in the accrued interest balance includes a $25.3 million repayment during the period. Refer to Footnote 2 in the Company's 10-Q for the period ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Allowance for credit loss includes the $0.9 million allowance for credit loss related to the City Point Loan which is classified as redeemable noncontrolling interests in the Company's consolidated financial statements in accordance with GAAP.

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report June 30, 2025 – 15 |

---

------

---

| |
|:---|
| **Transactional Activity**<br>|
| &nbsp;&nbsp;(in thousands) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Property Acquisitions and Dispositions** | **Property Acquisitions and Dispositions** | **Property Acquisitions and Dispositions** | **Property Acquisitions and Dispositions** | **Property Acquisitions and Dispositions** | **Property Acquisitions and Dispositions** | **Property Acquisitions and Dispositions** |
| **Property Name** | **Location** | **Date of<br>Transaction** | **Transaction<br>Amount** <sup>1</sup> | **Ownership %** <sup>2</sup> | **Investment Management Share** | **Acadia Share** |
| **ACQUISITIONS** <sup>3</sup> |  |  |  |  |  |  |
| **<u>CORE:</u>** |  |  |  |  |  |  |
| 106 Spring Street | New York, NY | January 2025 | $55137 | 100.00% | $— | $55137 |
| 73 Wooster Street | New York, NY | January 2025 | 25459 | 100.00% |  | 25459 |
| Renaissance Portfolio | Georgetown, Washington D.C. | January 2025 | 245700 | 48.00% |  | 117936 |
| 95, 97 and 107 North 6th Street <sup>3</sup> | Williamsburg Brooklyn, NY | April 2025 | 59668 | 100.00% |  | 59668 |
| 85 5th Avenue <sup>3</sup> | New York, NY | April 2025 | 47014 | 100.00% |  | 47014 |
| 70 and 93 North 6th Street | Williamsburg Brooklyn, NY | June 2025 | 50323 | 100.00% |  | 50323 |
|  |  |  | 483301 |  |  | 355537 |
| **<u>INVESTMENT MANAGEMENT:</u>** |  |  |  |  |  |  |
| **OTHER CO-INVESTMENT VEHICLES:** |  |  |  |  |  |  |
| Pinewood Square <sup>4</sup> | Lake Worth, FL | March 2025 | 68207 | 100.00% |  | 68207 |
| **TOTAL ACQUISITIONS** |  |  | $551508 |  | $— | $423744 |
| **DISPOSITIONS** |  |  |  |  |  |  |
| **<u>INVESTMENT MANAGEMENT:</u>** |  |  |  |  |  |  |
| **<u>FUND IV:</u>** |  |  |  |  |  |  |
| Eden Square | Bear, DE | June 2025 | 28040 | 90.00% | 25236 | 5835 |
| **TOTAL DISPOSITIONS** |  |  | $28040 |  | $25236 | $5835 |
| **Structured Financing Activity** | **Structured Financing Activity** | **Structured Financing Activity** | **Structured Financing Activity** | **Structured Financing Activity** | **Structured Financing Activity** | **Structured Financing Activity** |
| **Note Description** | **Transaction Type** | **Date of <br>Transaction** | **Transaction<br>Amount** | **Ownership %** <sup>2</sup> | **Investment Management Share** | **Acadia Share** |
| Georgetown Renaissance - NCI Holder <sup>5</sup> | Other Loan | January 2025 | $18277 | 100.00% | $— | $18277 |
| 850 Third Avenue | Mezzanine Loan | April 2025 | 28465 | 100.00% |  | 28465 |
|  |  |  | $46742 |  | $— | $46742 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Ownership percentages for those properties in Funds II, III, IV, and V within our Investment Management platform represent the respective Investment Management's ownership, not the Company's proportionate share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.97 North 6th Street and 85 5th Avenue were acquired with executed leases in place, which have not yet commenced. It is anticipated that the leases will commence late in the second half of 2025. Prior to rent commencement, the Company will capitalize interest on qualifying assets. Accordingly, these properties were classified as pre-stabilized (refer to the [<u>Development and Redevelopment Activity</u>](#development_and_redevelopment_activity) page), and the expected ABR of approximately $2.0 million has been excluded from our SNO pipeline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The Company intends to bring in a strategic institutional investor to complete the capitalization of this property. No assurances can be given that the Company will successfully identify and close on such a transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The Company paid down approximately $57.1 million of an assumed mortgage within the Renaissance Portfolio. This amount represents its noncontrolling interest holders' 32% share of such payment.

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report June 30, 2025 – 16 |

---

------

**2025 Revised Guidance**<br>

The Company has maintained its NAREIT FFO and FFO Before Special items per diluted share revised 2025 annual guidance and has updated its annual 2025 Net earnings per diluted share as follows:

---

| | | |
|:---|:---|:---|
|  | **2025 Guidance** | **2025 Guidance** |
|  | **Revised** | **Prior**<sup>1</sup> |
| **Net earnings per share attributable to Common Shareholders** | **$0.09 to $0.13** | **$0.12 to $0.16** |
| Depreciation of real estate and amortization of leasing costs (net of noncontrolling interests' share other than Common OP Units) | 1.00 | 1.00 |
| Impairment charges (net of noncontrolling interest share other than Common OP Units) | 0.04 | 0.01 |
| Loss on change in control | 0.08 | 0.08 |
| Noncontrolling interest in Operating Partnership | 0.01 | 0.01 |
| **NAREIT Funds from operations per share attributable to Common Shareholders and Common OP Unit holders** | **$1.22 to $1.26** | **$1.22 to $1.26** |
| Net unrealized holding loss <sup>2</sup> | (0.01) | (0.01) |
| **Funds from Operations Before Special Items and Realized Gains per share attributable to Common Shareholders and Common OP Unit holders** | **$1.21 to $1.25** | **$1.21 to $1.25** |
| Realized gains and promotes <sup>3</sup> | 0.11 to 0.14 | 0.11 to 0.14 |
| **Funds from Operations Before Special Items per share attributable to Common Shareholders and Common OP Unit holders** | **$1.32 to $1.39** | **$1.32 to $1.39** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.As disclosed in the Company's April 29, 2025 earnings release.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.This represents the actual unrealized mark-to-market holdings gain related to the Company's investment in Albertsons, which was recognized in NAREIT FFO for the six months ended June 30, 2025. The Company has not reflected any forward-looking estimates involving future unrealized holding gains or losses (i.e., changes in share price) on Albertsons in its 2025 guidance assumptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.It is the Company's policy to exclude unrealized gains and losses from FFO Before Special items and to include realized gains related to the Company's investment in Albertsons. The Company recognized $0.04 of realized gains for the three months ended June 30, 2025. The Company reaffirms its prior guidance of $16-$19 million of realized gains and promotes.

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report June 30, 2025 – 17 |

---

------

---

| |
|:---|
| **Net Asset Valuation Information**<br>|
| &nbsp;&nbsp;(in thousands) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **CORE** | **FUND II** <sup>3</sup> | **FUND III** | **FUND IV** | **FUND V** | **Other Co-Investment Vehicles** <sup>5</sup> | **Total Investment Management** |
| **<u>Acadia Ownership Percentage</u>** | N/A | 61.67% | 24.54% | 23.12% | 20.10% | 5% to 20% |  |
| **<u>Current Quarter NOI</u>** |  |  |  |  |  |  |  |
| **<u>At Pro-Rata</u>** <sup>1</sup> |  |  |  |  |  |  |  |
| Net Operating Income <sup>2</sup> | $38629 | N/A<sup>3</sup> | $127 | $732 | $5171 | $2191 | $8221 |
| Less: |  |  |  |  |  |  |  |
| Net operating loss (income) from properties sold or assets held for sale |  | N/A<sup>3</sup> | (127) | (187) |  |  | (314) |
| Net operating (income) loss from pre-stabilized assets, development and redevelopment projects <sup>4</sup> | (2899) | N/A <sup>3</sup> |  |  |  |  |  |
| Net Operating Income of stabilized assets | $35730 | N/A <sup>3</sup> | $— | $545 | $5171 | $2191 | $7907 |
| **<u>Costs to Date (Pro-Rata)</u>** |  |  |  |  |  |  |  |
| Assets held for sale | $— | N/A <sup>3</sup> | $11643 | $— | $— | $— | $11643 |
| Pre-stabilized assets <sup>4</sup> | 477553 | N/A <sup>3</sup> |  | 31097 |  |  | 31097 |
| Development and redevelopment projects <sup>6</sup> | 473300 | N/A <sup>3</sup> | 8100 | 27800 |  |  | 35900 |
| Total Costs to Date | $950853 | N/A <sup>3</sup> | $19743 | $58897 | $— | $— | $78640 |
| **<u>Debt (Pro-Rata)</u>** | $1081290 | $79888 | $8098 | $28352 | $147759 | $30350 | $294447 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.This Net Asset Valuation Information page shows Acadia's pro-rata portion of the Core and Investment Management Net Operating Income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Does not include a full quarter of NOI for any assets purchased during the current quarter. See [<u>Transactional Activity</u>](#transactional_activity)page in this Supplemental Report for descriptions of those acquisitions.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Pre-stabilized assets consist of the following projects for Core: Route 6 Mall, Mad River, 664 N. Michigan Avenue, 651-671 West Diversey, 2323-2409 Henderson Avenue, City Center, 97 North 6th Street, and 85 5th Avenue; Fund II: City Point; Fund IV: 210 Bowery, 801 Madison, 27 E 61st Street and 1035 Third Avenue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Other Co-investment vehicles currently include the Company's ownership interest in Shops at Grand Avenue, Walk at Highwoods Preserve, the LINQ Promenade and Pinewood Square (wholly-owned as of June 30, 2025).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Refer to [<u>Development and Redevelopment Activity</u>](#development_and_redevelopment_activity)page for projects.

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report June 30, 2025 – 18 |

---

------

---

| |
|:---|
| **Selected Financial Ratios**<br>|
| &nbsp;&nbsp;(in thousands, except per share amounts) |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Quarter Ended June 30,** | **Quarter Ended June 30,** | **Quarter Ended June 30,** |  | **Year to Date June 30,** | **Year to Date June 30,** | **Year to Date June 30,** |  |  | **Quarter Ended June 30,** | **Quarter Ended June 30,** | **Quarter Ended June 30,** |  |
| **COVERAGE RATIOS** <sup>1</sup> | **2025** |  | **2024** |  | **2025** |  | **2024** |  | **LEVERAGE RATIOS** | **2025** |  | **2024** |  |
| **<u>Fixed-Charge Coverage Ratios</u>** |  |  |  |  |  |  |  |  | **<u>Debt/Market Capitalization Ratios</u>** |  |  |  |  |
| EBITDA<sup>1</sup> divided by: | $57968 |  | $49406 |  | $115097 |  | $85016 |  | Debt + Preferred Equity (Preferred OP Units) | $1380492 |  | $1307245 |  |
| Interest expense | 12491 |  | 13498 |  | 25230 |  | 18578 |  | Total Market Capitalization | 3910042 |  | 3278642 |  |
| Principal Amortization | 935 |  | 3443 |  | 2448 |  | 5519 |  | **Debt + Preferred Equity/** |  |  |  |  |
| Preferred Dividends<sup>2</sup> | 67 |  | 84 |  | 134 |  | 207 |  | &nbsp;&nbsp;&nbsp;&nbsp;**Total Market Capitalization** | 35 | % | 40 | % |
| **Fixed-Charge Coverage Ratio - Core Portfolio and Investment Management** | 4.3 | x | 2.9 | x | 4.1 | x | 3.5 | x |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  | Net debt + Preferred Equity <sup>4</sup> | $1271865 |  | $1263821 |  |
| **<u>Payout Ratios</u>** |  |  |  |  |  |  |  |  | Total Market Capitalization | 3910042 |  | 3278642 |  |
|  |  |  |  |  |  |  |  |  | **Net Debt + Preferred Equity/** |  |  |  |  |
| Dividends declared (per share/OP Unit) | $0.20 |  | $0.18 |  | $0.40 |  | $0.36 |  | &nbsp;&nbsp;&nbsp;&nbsp;**Total Market Capitalization** | 33 | % | 39 | % |
| Dividends (Shares) & Distributions (OP Units) declared | $27649 |  | $20176 |  | $55285 |  | $40197 |  |  |  |  |  |  |
| FFO <sup>3</sup> | 38074 |  | 28489 |  | 82657 |  | 59446 |  |  |  |  |  |  |
| **FFO Payout Ratio** | 73 | % | 71 | % | 67 | % | 68 | % | **<u>Debt/EBITDA Ratios</u>** |  |  |  |  |
| AFFO <sup>3</sup> | 31841 |  | 31606 |  | 68597 |  | 68871 |  | Net debt <sup>4</sup> | 1267110 |  | 1258096 |  |
| **AFFO Payout Ratio** | 87 | % | 64 | % | 81 | % | 58 | % | EBITDA | 231033 |  | 200100 |  |
|  |  |  |  |  |  |  |  |  | EBITDA excluding Realized Gains | 225627 |  | 185348 |  |
| FFO Before Special Items | 44126 |  | 34383 |  | 87563 |  | 71349 |  | **Net Debt/EBITDA - Core and Investment Management** | 5.5 | x | 6.3 | x |
| **FFO Before Special Items Payout Ratio** | 63 | % | 59 | % | 63 | % | 56 | % | **Net Debt/EBITDA excluding Realized Gains - Core and Investment Management** | 5.6 | x | 6.8 | x |

---

---

| | | |
|:---|:---|:---|
|  | **EBITDA** | **EBITDA** |
|  | **Year to Date** | **Year to Date** |
| **Reconciliation of EBITDA to Annualized EBITDA** | **June 30, 2025** | **December 31, 2024** |
| Year to Date EBITDA as reported | $115097 | $206274 |
| Add: Projected EBITDA <sup>5</sup> | 115936 |  |
| Annualized EBITDA | 231033 | 206274 |
| Year to Date Realized gain as reported | 5406 | 14188 |
| Year to Date EBITDA excluding realized gains | $225627 | $192086 |

---

Quarterly 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. The coverage ratios include the Company's pro-rata share of FFO, AFFO, EBITDA, interest expense and principal amortization related to both the Company's consolidated and unconsolidated investments in joint ventures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.See [<u>EBITDA</u>](#ebitda)page in this Supplemental Report for a reconciliation of EBITDA to Net Income attributable to Acadia.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Represents preferred distributions on Preferred Operating Partnership Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.See [<u>Funds from Operations ("FFO"), Adjusted Funds from Operations ("AFFO")</u>](#ffo) for a reconciliation of AFFO to Net Income attributable to Acadia.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Net debt is calculated by deducting the current Core Portfolio, along with the pro-rata share of Investment Management's cash and restricted cash balances as of period-end. It also includes the estimated proceeds from the physical settlement of forward sales agreements, assuming such settlement were to occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Annualized EBITDA does not include the annualized impact of acquisitions completed in the quarter or anticipated realized gains and promote.

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report June 30, 2025 – 19 |

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------

---

| |
|:---|
| **Portfolio Debt – Summary**<br>|
| &nbsp;&nbsp;(in thousands) |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Acadia Pro-Rata Share of Debt** <sup>2</sup> | **Acadia Pro-Rata Share of Debt** <sup>2</sup> | **Acadia Pro-Rata Share of Debt** <sup>2</sup> | **Acadia Pro-Rata Share of Debt** <sup>2</sup> | **Acadia Pro-Rata Share of Debt** <sup>2</sup> | **Acadia Pro-Rata Share of Debt** <sup>2</sup> | **Acadia Pro-Rata Share of Debt** <sup>2</sup> | **Acadia Pro-Rata Share of Debt** <sup>2</sup> | **Acadia Pro-Rata Share of Debt** <sup>2</sup> | **Acadia Pro-Rata Share of Debt** <sup>2</sup> |  |  |  |
|  | **Core Portfolio** | **Core Portfolio** | **Investment Management** | **Investment Management** | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **Reconciliation to Consolidated Debt as Reported** | **Reconciliation to Consolidated Debt as Reported** | **Reconciliation to Consolidated Debt as Reported** |
| **Debt Type** | **Principal<br>Balance** | **WA Years <br>to<br>Maturity** <sup>6</sup> | **Principal<br>Balance** | **WA Years<br>to<br>Maturity** <sup>6</sup> | **Principal<br>Balance** | **WA Years <br>to<br>Maturity** <sup>6</sup> | **Swap<br>Notional** | **Adjusted <br>Debt Total** | **Interest<br>Rate** | **%** | **Add: <br>Noncontrolling<br>Interest Share<br>of Debt** <sup>3</sup> | **Less: Pro-rata<br>Share of<br>Unconsolidated<br>Debt** <sup>4</sup> | **Acadia<br>Consolidated<br>Debt as<br>Reported** |
| Fixed-Rate Debt <sup>1</sup> | $271675 | 3.4 | $21904 | 2.6 | $293579 | 3.4 | $977040 | $1270619 |  | 92% | $226944 | $(135016) | $1362547 |
| Variable-Rate Debt <sup>5</sup> | 809615 | 3.3 | 272543 | 1.1 | 1082158 | 2.8 | (977040) | 105118 |  | 8% | 378159 | (31352) | 451925 |
| **Total** | $**1081290** | **3.3** | $**294447** | **1.2** | $**1375737** | **2.9** | $**—** | $**1375737** | **4.7%** | **100%** | $**605103** | $**(166368)** | **1814472** |
| Unamortized premium | Unamortized premium |  |  |  | 1002 |  |  |  |  |  |  |  | 1378 |
| Net unamortized loan costs | Net unamortized loan costs |  |  |  | (10836) |  |  |  |  |  |  |  | (11713) |
| Contingent loan obligation | Contingent loan obligation |  |  |  | 8533 |  |  |  |  |  |  |  |  |
| **Total** |  |  |  |  | $**1374436** |  |  |  |  |  |  |  | $**1804137** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Fixed-rate debt includes notional principal fixed through swap transactions. The interest rate includes the impact of swaps; refer to the [<u>Swap Interest Rate Summary</u>](#interest_rate_summary) page.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Represents the Company's pro-rata share of debt based on its percent ownership.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Represents the Company's pro-rata share of unconsolidated partnership debt based on its percent ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Variable rate debt includes certain borrowings that are subject to interest rate cap agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Based on debt maturity date without regard to available extension options.

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report June 30, 2025 – 20 |

---

------

---

| |
|:---|
| **Portfolio Debt – Detail**<br>|
| &nbsp;&nbsp;(in thousands) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Principal Balance at** | **Acadia's Pro-rata Share** | **Acadia's Pro-rata Share** | **Interest** |  | **Extension** |
| **Property** |  | **June 30, 2025** | **Percent** | **Amount** | **Rate** | **Maturity Date** | **Options** |
| **<u>CORE PORTFOLIO</u>** |  |  |  |  |  |  |  |
| **<u>Fixed-Rate Debt</u>** |  |  |  |  |  |  |  |
| 840 N. Michigan Avenue <sup>2</sup> |  | $30000 | 94.35% | $28305 | N/A | 12/10/26 |  |
| 239 Greenwich Avenue |  | 26000 | 75.00% | 19500 | 4.00% | 07/10/27 | 1x60 mos. |
| $20M Senior Note, Series A |  | 20000 | 100.00% | 20000 | 5.86% | 08/21/27 |  |
| Georgetown Portfolio (2008 Investment) |  | 13698 | 50.00% | 6849 | 4.72% | 12/10/27 |  |
| 555 9th Street |  | 57500 | 100.00% | 57500 | 3.99% | 01/01/28 | 1x24 mos. |
| State & Washington |  | 20331 | 100.00% | 20331 | 4.40% | 09/05/28 |  |
| $80M Senior Note, Series B |  | 80000 | 100.00% | 80000 | 5.94% | 08/21/29 |  |
| North & Kingsbury |  | 9707 | 100.00% | 9707 | 4.01% | 11/05/29 |  |
| 151 N. State Street |  | 11635 | 100.00% | 11635 | 4.03% | 12/01/29 |  |
| Concord & Milwaukee |  | 2154 | 100.00% | 2154 | 4.40% | 06/01/30 |  |
| Gotham Plaza |  | 28000 | 49.00% | 13720 | 5.90% | 10/05/34 |  |
| California & Armitage |  | 1974 | 100.00% | 1974 | 5.89% | 04/15/35 |  |
| **Sub-Total Fixed-Rate Debt** |  | **300999** |  | **271675** |  |  |  |
| **<u>Variable-Rate Debt</u>** |  |  |  |  |  |  |  |
| Georgetown Portfolio (2016 Investment) |  | 102000 | 68.00% | 69365 | SOFR+1.55% | 11/06/26 | 2x12 mos. |
| Crossroads Shopping Center |  | 75000 | 49.00% | 36750 | SOFR+1.95% | 11/04/29 | 2x12 mos. |
| Revolving Credit Facility <sup>3</sup> |  | 53500 | 100.00% | 53500 | SOFR+1.25% | 04/15/28 | 2x6 mos. |
| Term Loan |  | 400000 | 100.00% | 400000 | SOFR+1.40% | 04/15/28 | 2x6 mos. |
| $75 Million Term Loan |  | 75000 | 100.00% | 75000 | SOFR+1.75% | 07/29/29 |  |
| $250 Million Term Loan <sup>4</sup> |  | 175000 | 100.00% | 175000 | SOFR+1.20% | 05/29/30 |  |
| **Sub-Total Variable-Rate Debt** |  | **880500** |  | **809615** |  |  |  |
| **Total Debt - Core Portfolio** |  | $**1181499** |  | $**1081290** |  |  |  |
| **<u>INVESTMENT MANAGEMENT</u>** |  |  |  |  |  |  |  |
| **<u>Fixed-Rate Debt</u>** |  |  |  |  |  |  |  |
| 650 Bald Hill Road | Fund IV | $14782 | 20.81% | $3077 | 3.75% | 06/01/26 |  |
| Shoppes at South Hills | Fund V | 32640 | 18.09% | 5904 | 5.95% | 03/01/28 | 1x12 mos. |
| Broughton Street Portfolio | Fund IV | 25939 | 23.12% | 5997 | 5.62% | 06/01/28 |  |
| Canton Marketplace | Fund V | 34460 | 20.10% | 6926 | 6.29% | 06/01/28 |  |
| **Sub-Total Fixed-Rate Debt** |  | **107821** |  | **21904** |  |  |  |
| **<u>Variable-Rate Debt</u>** <sup>1</sup> |  |  |  |  |  |  |  |
| City Point | Fund II | 137484 | 58.10% | 79888 | SOFR+2.61% | 08/01/25 | 1x12 mos. |
| Cypress Creek | Fund V | 32200 | 20.10% | 6472 | SOFR+2.80% | 09/01/25 | 2x12 mos. |
| 640 Broadway | Fund III | 33000 | 24.54% | 8098 | SOFR+3.75% | 10/01/25 | 3x12 mos. |
| 1964 Union | Fund IV | 1317 | 20.81% | 274 | SOFR+2.25% | 10/01/25 |  |
| Tri-City Plaza | Fund V | 35297 | 18.09% | 6385 | SOFR+2.00% | 10/18/25 |  |
| Lincoln Commons | Fund V | 35301 | 20.10% | 7095 | SOFR+3.10% | 11/25/25 | 1x24 mos. |
| 717 N Michigan Avenue | Fund IV | 46000 | 23.12% | 10635 | SOFR+3.33% | 12/09/25 |  |
| Frederick County Square | Fund V | 24604 | 18.09% | 4451 | SOFR+2.51% | 01/01/26 |  |
| Hiram Pavilion | Fund V | 26777 | 20.10% | 5382 | SOFR+2.30% | 03/05/26 | 1x12 mos. |
| Acadia Strategic Opportunity Fund IV Term Loan | Fund IV | 36200 | 23.12% | 8369 | SOFR+2.15% | 03/31/26 |  |
| Midstate Mall | Fund V | 50200 | 20.10% | 10090 | SOFR+2.50% | 04/28/26 | 1x12 mos. |
| New Towne Center | Fund V | 15882 | 20.10% | 3192 | SOFR+2.20% | 05/01/26 |  |
| Fairlane Green | Fund V | 31329 | 20.10% | 6297 | SOFR+2.30% | 06/05/26 |  |
| Trussville Promenade | Fund V | 27928 | 20.10% | 5613 | SOFR+2.30% | 06/15/26 |  |
| Hickory Ridge | Fund V | 26278 | 20.10% | 5282 | SOFR+2.30% | 10/05/26 | 1x12 mos. |
| Monroe Marketplace | Fund V | 25300 | 20.10% | 5085 | SOFR+2.76% | 11/12/26 |  |
| Maple Tree Place | Fund V | 45721 | 20.10% | 9190 | SOFR+2.85% | 02/14/27 | 2x12 mos. |
| Wood Ridge Plaza | Fund V | 36188 | 18.09% | 6546 | SOFR+2.90% | 03/21/27 |  |
| La Frontera | Fund V | 55500 | 18.09% | 10040 | SOFR+2.61% | 06/10/27 |  |
| Landstown Commons | Fund V | 58376 | 20.10% | 11734 | SOFR+2.20% | 10/24/27 | 2x12 mos. |
| Riverdale FC | Fund V | 38104 | 17.97% | 6849 | SOFR+2.46% | 11/01/27 |  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report June 30, 2025 – 21 |

---

------

---

| |
|:---|
| **Portfolio Debt – Detail**<br>|
| &nbsp;&nbsp;(in thousands) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Principal Balance at** | **Acadia's Pro-rata Share** | **Acadia's Pro-rata Share** | **Interest** |  | **Extension** |
| **Property** |  | **June 30, 2025** | **Percent** | **Amount** | **Rate** | **Maturity Date** | **Options** |
| LINQ Promenade | IMP | 175000 | 15.00% | 26250 | SOFR+1.75% | 12/12/27 | 1x24 mos. |
| Santa Fe Plaza | Fund V | 22893 | 20.10% | 4601 | SOFR+2.10% | 12/20/27 | 2x12 mos. |
| Elk Grove Commons | Fund V | 41000 | 20.10% | 8241 | SOFR+2.00% | 12/20/27 | 1x12 mos. |
| Palm Coast Landing | Fund V | 26085 | 20.10% | 5243 | SOFR+2.15% | 02/01/28 |  |
| Mohawk Commons | Fund V | 39472 | 18.09% | 7141 | SOFR+2.00% | 03/01/28 |  |
| The Walk at Highwoods Preserve | IMP | 20500 | 20.00% | 4100 | SOFR+2.50% | 10/25/28 | 1x12 mos. |
| **Sub-Total Variable-Rate Debt** |  | **1143936** |  | **272543** |  |  |  |
| **Total Debt - Investment Management** |  | **1251757** |  | **294447** |  |  |  |
| **Total Debt - Core Portfolio and Investment Management** |  | $**2433256** |  | $**1375737** |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 [<u>Swap Interest Rate Summary</u>](#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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.The interest rate on the unsecured revolving credit facility excludes a 20-basis point facility fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The Company has the ability to draw an additional $75 million under this facility.

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report June 30, 2025 – 22 |

---

------

---

| |
|:---|
| **Future Debt Maturities** <sup>1</sup><br>|
| &nbsp;&nbsp;(in thousands) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Core Portfolio** | **Contractual Debt Maturities** | **Contractual Debt Maturities** | **Contractual Debt Maturities** | **Acadia's Pro-Rata Share** | **Acadia's Pro-Rata Share** | **Acadia's Pro-Rata Share** | **Acadia's Pro-Rata Share** | **Weighted Average**<sup>2</sup> | **Weighted Average**<sup>2</sup> |
|  | **Scheduled** |  |  | **Scheduled** | **Fixed** | **Variable** |  | **Fixed-** | **Variable-** |
| **Year** | **Amortization** | **Maturities** | **Total** | **Amortization** | **Maturities** | **Maturities** | **Total** | **Rate Debt** | **Rate Debt** |
| 2025 (Remainder) | $1373 | $— | $1373 | $1200 | $— | $— | $1200 | N/A | N/A |
| 2026 | 5419 | 132000 | 137419 | 5041 | 28305 | 69365 | 102711 |  | 1.55% |
| 2027 | 5267 | 57537 | 62804 | 4954 | 45053 |  | 50007 | 4.91% | N/A |
| 2028 | 1901 | 523861 | 525762 | 1867 | 70359 | 453500 | 525726 | 4.10% | 1.38% |
| 2029 | 1887 | 246338 | 248225 | 1539 | 97088 | 111383 | 210010 | 5.54% | 1.82% |
| Thereafter | 1296 | 204620 | 205916 | 1296 | 15340 | 175000 | 191636 | 5.72% | 1.20% |
| **Total** | $**17143** | $**1164356** | $**1181499** | $**15897** | $**256145** | $**809248** | $**1081290** |  |  |
| **Investment Management** | **Contractual Debt Maturities** | **Contractual Debt Maturities** | **Contractual Debt Maturities** | **Acadia's Pro-Rata Share** | **Acadia's Pro-Rata Share** | **Acadia's Pro-Rata Share** | **Acadia's Pro-Rata Share** | **Weighted Average**<sup>2</sup> | **Weighted Average**<sup>2</sup> |
|  | **Scheduled** |  |  | **Scheduled** | **Fixed** | **Variable** |  | **Fixed-** | **Variable-** |
| **Year** | **Amortization** | **Maturities** | **Total** | **Amortization** | **Maturities** | **Maturities** | **Total** | **Rate Debt** | **Rate Debt** |
| 2025 (Remainder) | $3779 | $320177 | $323956 | $735 | $— | $118764 | $119499 | N/A | 2.76% |
| 2026 | 5331 | 275931 | 281262 | 1027 | 2992 | 53175 | 57194 | 3.75% | 2.37% |
| 2027 | 6439 | 465780 | 472219 | 1198 |  | 82142 | 83340 | N/A | 2.23% |
| 2028 | 508 | 173812 | 174320 | 97 | 18391 | 15926 | 34414 | 5.97% | 2.17% |
| 2029 |  |  |  |  |  |  |  | N/A | N/A |
| Thereafter |  |  |  |  |  |  |  | N/A | N/A |
| **Total** | $**16057** | $**1235700** | $**1251757** | $**3057** | $**21383** | $**270007** | $**294447** |  |  |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 [<u>Swap Interest Rate Summary</u>](#interest_rate_summary) page for interest rate protection agreements that fix our variable rate debt.

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report June 30, 2025 – 23 |

---

------

---

| |
|:---|
| **Future Debt Maturities – As Extended** <sup>1</sup><br>|
| &nbsp;&nbsp;(in thousands) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Core Portfolio** | **Extended Debt Maturities** <sup>1</sup> | **Extended Debt Maturities** <sup>1</sup> | **Extended Debt Maturities** <sup>1</sup> | **Acadia's Pro-Rata Share** | **Acadia's Pro-Rata Share** | **Acadia's Pro-Rata Share** | **Acadia's Pro-Rata Share** | **Weighted Average**<sup>2</sup> | **Weighted Average**<sup>2</sup> |
|  | **Scheduled** |  |  | **Scheduled** | **Fixed** | **Variable** |  | **Fixed-** | **Variable-** |
| **Year** | **Amortization** | **Maturities** | **Total** | **Amortization** | **Maturities** | **Maturities** | **Total** | **Rate Debt** | **Rate Debt** |
| 2025 (Remainder) | $1373 | $— | $1373 | $1200 | $— | $— | $1200 | N/A | N/A |
| 2026 | 5419 | 30000 | 35419 | 5041 | 28305 |  | 33346 |  | N/A |
| 2027 | 5267 | 32401 | 37668 | 4954 | 26201 |  | 31155 | 5.57% | N/A |
| 2028 | 1901 | 119862 | 121763 | 1867 | 17862 | 69365 | 89094 | 4.40% | 1.55% |
| 2029 | 1887 | 625587 | 627474 | 1539 | 97088 | 528500 | 627127 | 5.54% | 1.43% |
| Thereafter | 1296 | 356506 | 357802 | 1296 | 86692 | 211380 | 299368 | 4.32% | 1.33% |
| **Total** | $**17143** | $**1164356** | $**1181499** | $**15897** | $**256148** | $**809245** | $**1081290** |  |  |
| **Investment Management** | **Extended Debt Maturities** <sup>1</sup> | **Extended Debt Maturities** <sup>1</sup> | **Extended Debt Maturities** <sup>1</sup> | **Acadia's Pro-Rata Share** | **Acadia's Pro-Rata Share** | **Acadia's Pro-Rata Share** | **Acadia's Pro-Rata Share** | **Weighted Average**<sup>2</sup> | **Weighted Average**<sup>2</sup> |
|  | **Scheduled** |  |  | **Scheduled** | **Fixed** | **Variable** |  | **Fixed-** | **Variable-** |
| **Year** | **Amortization** | **Maturities** | **Total** | **Amortization** | **Maturities** | **Maturities** | **Total** | **Rate Debt** | **Rate Debt** |
| 2025 (Remainder) | $3779 | $82436 | $86215 | $735 | $— | $17262 | $17997 | N/A | 2.82% |
| 2026 | 5331 | 311681 | 317012 | 1027 | 2992 | 112612 | 116631 | 3.75% | 2.54% |
| 2027 | 6439 | 293990 | 300429 | 1198 |  | 56537 | 57735 | N/A | 2.63% |
| 2028 | 508 | 195954 | 196462 | 97 | 12718 | 28165 | 40980 | 5.98% | 2.52% |
| 2029 |  | 351639 | 351639 |  | 5673 | 55431 | 61104 | 5.95% | 2.11% |
| Thereafter |  |  |  |  |  |  |  | N/A | N/A |
| **Total** | $**16057** | $**1235700** | $**1251757** | $**3057** | $**21383** | $**270007** | $**294447** |  |  |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 [<u>Swap Interest Rate Summary</u>](#interest_rate_summary) page for interest rate protection agreements that fix our variable rate debt.

.

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report June 30, 2025 – 24 |

---

------

---

| |
|:---|
| **Swap Interest Rate Summary** <sup>1</sup><br>|
| &nbsp;&nbsp;(in thousands) |

---

---

| | | |
|:---|:---|:---|
| **Maturity** | **Acadia's Pro-rata<br>Notional Amount** | **Weighted Average<br>Fixed SOFR** <sup>2</sup> |
| July 2025 | $12856 | 4.3% |
| October 2025 | 6385 | 4.2% |
| March 2026 | 5382 | 4.5% |
| April 2026 | 11020 | 2.9% |
| May 2026 | 3193 | 3.5% |
| June 2026 | 6296 | 1.2% |
| October 2026 | 5282 | 3.7% |
| November 2026 | 90021 | 4.0% |
| December 2026 | 6010 | 4.3% |
| June 2027 | 5020 | 3.4% |
| July 2027 | 125000 | 2.1% |
| December 2027 | 118289 | 2.7% |
| February 2028 | 5243 | 3.4% |
| March 2028 | 57141 | 2.8% |
| April 2028 | 75000 | 3.3% |
| June 2028 | 50000 | 2.9% |
| February 2029 | 50000 | 1.4% |
| June 2029 | 25000 | 0.5% |
| July 2029 | 25000 | 0.1% |
| October 2029 | 4100 | 3.7% |
| November 2029 | 36750 | 3.8% |
| December 2029 | 79052 | 3.5% |
| April 2030 | 50000 | 3.1% |
| July 2030 | 125000 | 2.7% |
| **Total** | $**977040** | **2.8%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Includes the Company's pro-rata share of consolidated and unconsolidated interest rate swaps to hedge against interest variability on Core and Investment Management debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Represents strike (fixed) rate on the swap that the Company pays in exchange for receiving SOFR.

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report June 30, 2025 – 25 |

---

------

**Core Portfolio Retail Properties – Detail** <sup>1</sup><br>

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Year** | **Acadia's** | **Gross Leasable Area (GLA)** | **Gross Leasable Area (GLA)** | **Gross Leasable Area (GLA)** | **Gross Leasable Area (GLA)** | **In Place Occupancy** | **In Place Occupancy** | **In Place Occupancy** | **In Place Occupancy** | **Leased<br>Occupancy** | **Annualized<br>Base Rent** | **ABR** |
| **Property** | **Key Tenants** | **Acquired** | **Interest** | **Street** | **Anchors** | **Shops** | **Total** | **Street** | **Anchors** | **Shops** | **Total** | **Total** | **(ABR)** | **PSF** |
| **STREET AND URBAN RETAIL** | **STREET AND URBAN RETAIL** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **<u>Chicago Metro</u>** |  |  |  |  |  |  | ` |  |  |  |  |  |  |  |
| Rush and Walton Streets <br> Collection (6 properties) | Lululemon, Reformation, <br>Veronica Beard, St. Laurent, Brandy Melville | 2011<br>2012 | 100.0% | 40590 |  |  | 40590 | 68.2% | —% | —% | 68.2% | 93.0% | $6780912 | $245.06 |
| Clark Street and W. Diversey <br> Collection (4 properties) | Starbucks, TJ Maxx,<br>J Crew Factory, Trader Joe's | 2011<br>2012 | 100.0% | 53099 |  |  | 53099 | 79.9% | —% | —% | 79.9% | 89.0% | 1908428 | 45.00 |
| Halsted and Armitage <br> Collection (13 properties) | Serena and Lily, Faherty, <br>Jenny Kayne, Warby Parker, Kiehl's, Solidcore, <br>Rails | 2011 <br>2012 <br>2019 <br>2020 | 100.0% | 53220 |  |  | 53220 | 91.7% | —% | —% | 91.7% | 100.0% | 2622804 | 53.73 |
| North Lincoln Park Chicago <br> Collection (6 properties) | Guitar Center, Carhartt | 2011<br>2014 | 100.0% | 22125 |  | 27796 | 49921 | 13.6% | —% | 77.6% | 49.2% | 49.2% | 905781 | 36.88 |
| State and Washington | Nordstrom Rack, Uniqlo | 2016 | 100.0% | 65401 |  |  | 65401 | 100.0% | —% | —% | 100.0% | 100.0% | 2768673 | 42.33 |
| 151 N. State Street | Walgreens | 2016 | 100.0% | 27385 |  |  | 27385 | 100.0% | —% | —% | 100.0% | 100.0% | 1573000 | 57.44 |
| North and Kingsbury | Old Navy, Backcountry | 2016 | 100.0% | 41791 |  |  | 41791 | 100.0% | —% | —% | 100.0% | 100.0% | 1981292 | 47.41 |
| Concord and Milwaukee | &nbsp;&nbsp;&nbsp;&nbsp;— | 2016 | 100.0% | 13147 |  |  | 13147 | 88.6% | —% | —% | 88.6% | 88.6% | 432125 | 37.11 |
| California and Armitage | &nbsp;&nbsp;&nbsp;&nbsp;— | 2016 | 100.0% |  |  | 18275 | 18275 | —% | —% | 72.7% | 72.7% | 84.8% | 706210 | 53.12 |
| Roosevelt Galleria | Petco, Vitamin Shoppe, <br>Dollar Tree | 2015 | 100.0% |  |  | 37995 | 37995 | —% | —% | 89.7% | 89.7% | 89.7% | 823131 | 24.15 |
| Sullivan Center | Target | 2016 | 100.0% | 176181 |  |  | 176181 | 82.2% | —% | —% | 82.2% | 83.8% | 5435325 | 37.55 |
|  |  |  |  | 492939 |  | 84066 | 577005 | 83.8% | —% | 82.0% | 83.5% | 87.7% | $25937682 | $53.84 |
| **<u>New York Metro</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Soho Collection/West Village<br> (19 properties) | Reiss, Vuori, Zimmermann,<br>Madewell, John Varvatos<br>Watches of Switzerland,<br>Stone Island, Frame, Theory, <br>Bang & Olufsen, Marine Layer | 2011 <br>2014 <br>2019 <br>2020 <br>2022<br>2024<br>2025 | 100.0% | 69643 |  |  | 69643 | 94.1% | —% | —% | 94.1% | 96.3% | $21058971 | $321.34 |
| 5-7 East 17th Street | &nbsp;&nbsp;&nbsp;&nbsp;— | 2008 | 100.0% | 8658 |  |  | 8658 | 47.1% | —% | —% | 47.1% | 100.0% | 600000 | 147.09 |
| 200 West 54th Street | &nbsp;&nbsp;&nbsp;&nbsp;— | 2007 | 100.0% | 5932 |  |  | 5932 | 90.7% | —% | —% | 90.7% | 90.7% | 1509127 | 280.51 |
| 4401 White Plains Road | Walgreens | 2011 | 100.0% |  | 12964 |  | 12964 | —% | 100.0% | —% | 100.0% | 100.0% | 625000 | 48.21 |
| Bartow Avenue | Wingstop | 2005 | 100.0% |  |  | 14824 | 14824 | —% | —% | 100.0% | 100.0% | 100.0% | 504192 | 34.01 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report June 30, 2025 – 26 |

---

------

**Core Portfolio Retail Properties – Detail** <sup>1</sup><br>

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Year** | **Acadia's** | **Gross Leasable Area (GLA)** | **Gross Leasable Area (GLA)** | **Gross Leasable Area (GLA)** | **Gross Leasable Area (GLA)** | **In Place Occupancy** | **In Place Occupancy** | **In Place Occupancy** | **In Place Occupancy** | **Leased<br>Occupancy** | **Annualized<br>Base Rent** | **ABR** |
| **Property** | **Key Tenants** | **Acquired** | **Interest** | **Street** | **Anchors** | **Shops** | **Total** | **Street** | **Anchors** | **Shops** | **Total** | **Total** | **(ABR)** | **PSF** |
| Greenwich/Westport Collection (4 properties) | Veronica Beard, The RealReal, <br>Blue Mercury, Splendid, Swarvoski, Watches of Switzerland | 1998<br>2012<br>2014 | 89.5% | 39593 |  |  | 39593 | 100.0% | —% | —% | 100.0% | 100.0% | 4515709 | 114.05 |
| 2914 Third Avenue | Planet Fitness | 2006 | 100.0% |  | 21650 | 18953 | 40603 | —% | 100.0% | 100.0% | 100.0% | 100.0% | 1131422 | 27.87 |
| 868 Broadway | Dr. Martens | 2013 | 100.0% | 2031 |  |  | 2031 | 100.0% | —% | —% | 100.0% | 100.0% | 881322 | 433.94 |
| 313-315 Bowery <sup>2</sup> | John Varvatos | 2013 | 100.0% | 6600 |  |  | 6600 | 100.0% | —% | —% | 100.0% | 100.0% | 527076 | 79.86 |
| 120 West Broadway | Citizens Bank, Citi Bank | 2013 | 100.0% | 13838 |  |  | 13838 | 100.0% | —% | —% | 100.0% | 100.0% | 2499171 | 180.60 |
| 2520 Flatbush Avenue | Bob's Discount Furniture, Capital One | 2014 | 100.0% |  |  | 29114 | 29114 | —% | —% | 100.0% | 100.0% | 100.0% | 1297818 | 44.58 |
| Williamsburg Bedford Avenue Collection <sup>3</sup> | Sephora, SweetGreen, Levain Bakery, Lululemon, Madewell, Alo Yoga | 2022 | 100.0% | 50842 |  |  | 50842 | 88.2% | —% |  | 88.2% | 92.9% | 4947790 | 110.36 |
| Williamsburg North 6th Collection <sup>3</sup><br>(6 properties) | Lululemon, Madewell, On Running, Abercrombie and Fitch, Birkenstock, Patagonia | 2024 <br>2025 | 100.0% | 47365 |  |  | 47365 | 100.0% | —% |  | 100.0% | 100.0% | 7032801 | 148.48 |
| 991 Madison Avenue | Vera Wang, Gabriela Hearst | 2016 | 100.0% | 7512 |  |  | 7512 | 100.0% | —% | —% | 100.0% | 100.0% | 3679704 | 489.84 |
| Gotham Plaza | Bank of America, <br>Footlocker, Apple Bank | 2016 | 49.0% |  |  | 25931 | 25931 | —% | —% | 76.4% | 76.4% | 83.9% | 1662236 | 83.86 |
|  |  |  |  | 252014 | 34614 | 88822 | 375450 | 93.9% | 100.0% | 93.1% | 94.3% | 97.1% | 52472338 | $148.19 |
| **<u>Los Angeles Metro</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 8833 Beverly Blvd | Luxury Living | 2022 | 97.0% | 9757 |  |  | 9757 | 100.0% | —% | —% | 100.0% | 100.0% | $1350377 | $138.40 |
| Melrose Place Collection | The Row, Chloe, <br>Oscar de la Renta | 2019 | 100.0% | 14000 |  |  | 14000 | 100.0% | —% | —% | 100.0% | 100.0% | 3165526 | 226.11 |
|  |  |  |  | 23757 |  |  | 23757 | 100.0% | —% | —% | 100.0% | 100.0% | $4515903 | $190.09 |
| **<u>District of Columbia Metro</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1739-53 & 1801-03 <br> Connecticut Avenue | &nbsp;&nbsp;&nbsp;&nbsp;— | 2012 | 100.0% | 20669 |  |  | 20669 | 21.9% | —% | —% | 21.9% | 21.9% | $309692 | $68.56 |
| 14th Street Collection (3 properties) | Verizon, Long and Foster, VSV Wine Bar, Tile Bar | 2021 | 100.0% | 19077 |  |  | 19077 | 76.4% | —% | —% | 76.4% | 76.4% | 1396848 | 95.83 |
| Rhode Island Place <br> Shopping Center | Ross Dress for Less | 2012 | 100.0% |  | 25134 | 32533 | 57667 | —% | 100.0% | 88.5% | 93.5% | 93.5% | 1957308 | 36.30 |
| M Street and Wisconsin Corridor <br> (27 Properties) 4 | Lululemon, Duxiana, Reformation, Glossier, <br>Alo Yoga, Aritzia, Skims | 2011 <br>2016 <br>2019 | 68.0% | 262412 |  |  | 262412 | 83.1% | —% | —% | 83.1% | 94.2% | 16893189 | 77.43 |
|  |  |  |  | 302158 | 25134 | 32533 | 359825 | 78.5% | 100.0% | 88.5% | 80.9% | 89.0% | $20557036 | $70.60 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report June 30, 2025 – 27 |

---

------

**Core Portfolio Retail Properties – Detail** <sup>1</sup><br>

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Year** | **Acadia's** | **Gross Leasable Area (GLA)** | **Gross Leasable Area (GLA)** | **Gross Leasable Area (GLA)** | **Gross Leasable Area (GLA)** | **In Place Occupancy** | **In Place Occupancy** | **In Place Occupancy** | **In Place Occupancy** | **Leased<br>Occupancy** | **Annualized<br>Base Rent** | **ABR** |
| **Property** | **Key Tenants** | **Acquired** | **Interest** | **Street** | **Anchors** | **Shops** | **Total** | **Street** | **Anchors** | **Shops** | **Total** | **Total** | **(ABR)** | **PSF** |
| **<u>Boston Metro</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 165 Newbury Street | Starbucks | 2016 | 100.0% | 1050 |  |  | 1050 | 100.0% | —% | —% | 100.0% | 100.0% | $321953 | $306.62 |
|  |  |  |  | 1050 |  |  | 1050 | 100.0% | —% | —% | 100.0% | 100.0% | $321953 | $306.62 |
| **<u>Dallas Metro</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Henderson Avenue Portfolio <br>(14 properties) | Sprouts Market, <br>Warby Parker, Tecovas | 2022<br>2024 | 100.0% | 53099 | 31635 |  | 84734 | 83.6% | 100.0% | —% | 89.7% | 89.7% | $3035999 | $39.93 |
| **Total Street and Urban Retail** | **Total Street and Urban Retail** |  |  | **1125017** | **91383** | **205421** | **1421821** | **85.0%** | **100.0%** | **87.8%** | **86.4%** | **90.9%** | **$106840912** | **$87.01** |
| **Acadia Share Total Street and Urban Retail** | **Acadia Share Total Street and Urban Retail** |  |  | **1036632** | **91383** | **192196** | **1320212** | **85.2%** | **100.0%** | **88.6%** | **86.7%** | **90.8%** | **$100235738** | **$87.59** |
| **SUBURBAN PROPERTIES** | **SUBURBAN PROPERTIES** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **<u>New Jersey</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Elmwood Park Shopping Center | Walgreens, Lidl, <br>Chase Bank, City MD, Five Below | 1998 | 100.0% |  | 43531 | 100457 | 143988 | —% | 100.0% | 95.5% | 96.9% | 96.9% | $3727216 | $26.72 |
| Marketplace of Absecon | Walgreens, Dollar Tree, Aldi | 1998 | 100.0% |  | 46724 | 57832 | 104556 | —% | 75.8% | 80.4% | 78.3% | 78.3% | 1453097 | 17.74 |
| **<u>New York</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Village Commons <br>Shopping Center | Citibank, Ace Hardware | 1998 | 100.0% |  |  | 87128 | 87128 | —% | —% | 87.6% | 87.6% | 88.8% | 2702151 | 35.39 |
| Branch Plaza | LA Fitness, <br>The Fresh Market | 1998 | 100.0% |  | 76264 | 47081 | 123345 | —% | 100.0% | 86.8% | 94.9% | 96.1% | 3318304 | 28.33 |
| Amboy Center | Stop & Shop (Ahold) | 2005 | 100.0% |  | 37266 | 26106 | 63372 | —% | 100.0% | 80.8% | 92.1% | 92.1% | 2074410 | 35.54 |
| Crossroads Shopping Center | HomeGoods, PetSmart, <br>BJ's Wholesale Club, O'Reilly Auto Parts | 1998 | 49.0% |  | 202727 | 108990 | 311717 | —% | 93.9% | 89.7% | 92.4% | 94.2% | 9530903 | 33.09 |
| New Loudon Center | Price Chopper, Marshalls | 1993 | 100.0% |  | 241746 | 16643 | 258389 | —% | 95.0% | 100.0% | 95.3% | 95.3% | 2330402 | 9.47 |
| 28 Jericho Turnpike | Kohl's | 2012 | 100.0% |  | 96363 |  | 96363 | —% | 100.0% | —% | 100.0% | 100.0% | 1996500 | 20.72 |
| **<u>Connecticut</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Town Line Plaza <sup>5</sup> | Wal-Mart, <br>Stop & Shop (Ahold) | 1998 | 100.0% |  | 163159 | 43187 | 206346 | —% | 100.0% | 88.4% | 97.6% | 98.5% | 1607631 | 15.45 |
| **<u>Massachusetts</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Methuen Shopping Center | Wal-Mart, Market Basket | 1998 | 100.0% |  | 120004 | 10017 | 130021 | —% | 100.0% | 56.3% | 96.6% | 96.6% | 1390578 | 11.07 |
| Crescent Plaza | Home Depot, Shaw's | 1993 | 100.0% |  | 156985 | 61017 | 218002 | —% | 100.0% | 93.4% | 98.2% | 99.3% | 2138927 | 10.00 |
| 201 Needham Street | Michael's | 2014 | 100.0% |  | 20409 |  | 20409 | —% | 100.0% | —% | 100.0% | 100.0% | 711662 | 34.87 |
| 163 Highland Avenue | Staples, Petco | 2015 | 100.0% |  | 40505 |  | 40505 | —% | 100.0% | —% | 100.0% | 100.0% | 1555412 | 38.40 |
| **<u>Vermont</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report June 30, 2025 – 28 |

---

------

**Core Portfolio Retail Properties – Detail** <sup>1</sup><br>

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Year** | **Acadia's** | **Gross Leasable Area (GLA)** | **Gross Leasable Area (GLA)** | **Gross Leasable Area (GLA)** | **Gross Leasable Area (GLA)** | **In Place Occupancy** | **In Place Occupancy** | **In Place Occupancy** | **In Place Occupancy** | **Leased<br>Occupancy** | **Annualized<br>Base Rent** | **ABR** |
| **Property** | **Key Tenants** | **Acquired** | **Interest** | **Street** | **Anchors** | **Shops** | **Total** | **Street** | **Anchors** | **Shops** | **Total** | **Total** | **(ABR)** | **PSF** |
| The Gateway Shopping Center | Shaw's (Albertsons), <br>Starbucks | 1999 | 100.0% |  | 73184 | 29670 | 102854 | —% | 100.0% | 88.6% | 96.7% | 96.7% | 2303692 | 23.16 |
| **<u>Illinois</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Hobson West Plaza | Garden Fresh Markets | 1998 | 100.0% |  | 51692 | 47270 | 98962 | —% | 100.0% | 76.0% | 88.5% | 88.5% | 1197535 | 13.67 |
| **<u>Indiana</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Merrillville Plaza | Dollar Tree, TJ Maxx, <br>DD's Discount (Ross) | 1998 | 100.0% |  | 123144 | 112782 | 235926 | —% | 38.2% | 88.1% | 62.0% | 83.3% | 2412960 | 16.49 |
| **<u>Michigan</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Bloomfield Town Square | HomeGoods, TJ Maxx, <br>Dick's Sporting Goods, Burlington | 1998 | 100.0% |  | 153332 | 81619 | 234951 | —% | 100.0% | 96.3% | 98.7% | 100.0% | 4305051 | 18.56 |
| **<u>Delaware</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Town Center and Other <br>(1 property) | Lowes, Dick's <br>Sporting Goods, Target | 2003 | 100.0% |  | 678585 | 21891 | 700476 | —% | 100.0% | 86.3% | 99.6% | 99.6% | 12440800 | 17.84 |
| Market Square Shopping Center | Trader Joe's, TJ Maxx | 2003 | 100.0% |  | 42850 | 59197 | 102047 | —% | 100.0% | 100.0% | 100.0% | 100.0% | 3422242 | 33.54 |
| Naamans Road | Jared Jewelers, American Red Cross | 2006 | 100.0% |  |  | 19865 | 19865 | —% | —% | 63.8% | 63.8% | 100.0% | 711939 | 56.14 |
| **<u>Pennsylvania</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Plaza 422 | Home Depot | 1993 | 100.0% |  | 139968 | 16311 | 156279 | —% | 100.0% | 100.0% | 100.0% | 100.0% | 956954 | 6.12 |
| Chestnut Hill | &nbsp;&nbsp;&nbsp;&nbsp;— | 2006 | 100.0% |  |  | 36492 | 36492 | —% | —% | 100.0% | 100.0% | 100.0% | 993248 | 27.22 |
| Abington Towne Center <sup>6</sup> | Target, TJ Maxx | 1998 | 100.0% |  | 184616 | 32255 | 216871 | —% | 100.0% | 100.0% | 100.0% | 100.0% | 1363586 | 23.01 |
| **Total Suburban Properties** | **Total Suburban Properties** |  |  |  | 2693054 | 1015810 | 3708864 | —% | 95.8% | 89.8% | 94.2% | 96.1% | **$64645199** | $19.96 |
| **Acadia Share Total Suburban Properties** | **Acadia Share Total Suburban Properties** |  |  | **—** | **2589663** | **960225** | **3549888** | —% | **95.9%** | **89.8%** | **94.3%** | **96.2%** | **$59784438** | **$19.34** |
| **Total Core Properties** | **Total Core Properties** |  |  | **1125017** | **2784437** | **1221231** | **5130685** | **85.0%** | **96.0%** | **89.4%** | **92.0%** | **94.7%** | **$171486111** | **$38.40** |
| **Acadia Share Total Core Properties** | **Acadia Share Total Core Properties** |  |  | **1036632** | **2681046** | **1152421** | **4870100** | **85.2%** | **96.1%** | **89.6%** | **92.2%** | **94.7%** | **$160020177** | **$37.78** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Excludes properties that are under development, redevelopment or pre-stabilized. For further detail, refer to the [<u>Development and Redevelopment Activity</u>](#development_and_redevelopment_activity) section of this Supplemental Report. The above in-place occupancy and rent figures reflects only spaces where leases have commenced. Leased occupancy includes both in-place leases and signed leases that have not yet commenced. ABR and ABR per square foot are based solely on in-place occupancy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Represents the annual base rent paid to Acadia pursuant to a master lessee and does not reflect the rent paid by the retail tenants at the property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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% non-controlling interest holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Excludes 94,000 square feet of office GLA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 foot calculations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report June 30, 2025 – 29 |

---

------

---

| |
|:---|
| **Core Portfolio – Top Tenants** <sup>1</sup> |
| &nbsp;&nbsp;(Pro-Rata Basis) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Number of** | **Combined** | **Combined** | **Percentage of Total** <sup>2</sup> | **Percentage of Total** <sup>2</sup> |
| **Tenant** | **Stores** | **GLA** | **ABR** | **GLA** | **ABR** |
| **Target** | **3** | **408895** | $**8323009** | **6.8%** | **4.9%** |
| **J. Crew Group** <sup>3</sup> | **5** | **21788** | **4860982** | **0.4%** | **2.8%** |
| **Lululemon** | **3** | **16289** | **4013459** | **0.3%** | **2.3%** |
| **Dick's Sporting Goods, Inc** | **3** | **169782** | **3385770** | **2.8%** | **2.0%** |
| **TJX Companies** <sup>4</sup> | **9** | **252043** | **3105924** | **4.2%** | **1.8%** |
| **Walgreens** | **4** | **68393** | **2887312** | **1.1%** | **1.7%** |
| **PetSmart, Inc.** | **4** | **76257** | **2794473** | **1.3%** | **1.6%** |
| **Trader Joe's** | **3** | **40862** | **2628360** | **0.7%** | **1.5%** |
| **Fast Retailing** <sup>5</sup> | **2** | **32013** | **2559401** | **0.5%** | **1.5%** |
| **ALO Yoga** | **2** | **22566** | **2505663** | **0.4%** | **1.5%** |
| Albertsons Companies, Inc. <sup>6</sup> | 2 | 123409 | 2061142 | 2.0% | 1.2% |
| Bob's Discount Furniture | 2 | 68793 | 2027670 | 1.1% | 1.2% |
| Watches of Switzerland <sup>7</sup> | 2 | 13863 | 1809177 | 0.2% | 1.1% |
| Royal Ahold <sup>8</sup> | 2 | 103125 | 1711582 | 1.7% | 1.0% |
| Patagonia | 2 | 15526 | 1640837 | 0.3% | 1.0% |
| Ulta Salon Cosmetics & Fragrance | 3 | 31497 | 1550756 | 0.5% | 0.9% |
| Citibank | 4 | 16160 | 1354382 | 0.3% | 0.8% |
| The Home Depot, Inc. | 2 | 187914 | 1345020 | 3.1% | 0.8% |
| Gap, Inc. <sup>9</sup> | 2 | 37895 | 1329165 | 0.6% | 0.8% |
| Michaels Stores, Inc. | 2 | 45285 | 1283810 | 0.7% | 0.7% |
| **TOTAL** | **61** | **1752355** | $**53177893** | **29.0%** | **31.1%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 Acadia Core location. The following tenants with single locations that would otherwise be included in our top 20 tenants are: Vuori (106 Spring), Lowe's (Brandywine), Kohl's (28 Jericho), Bang & Olufsen (121 Spring), Nordstrom Rack (State and Washington), and Vera Wang (991 Madison).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Totals may not foot due to rounding.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.TJ Maxx (6 locations), HomeGoods (2 locations), Marshalls (1 location)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Uniqlo (1 location), Theory (1 location)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Shaw's (2 locations)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Grand Seiko (1 location), Betteridge Jewelers (1 location)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.Stop and Shop (2 locations)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.Old Navy (2 locations)

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report June 30, 2025 – 30 |

---

------

---

| |
|:---|
| **Core Portfolio – Lease Expirations**<br>|
| &nbsp;&nbsp;(Pro-Rata Basis) |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Street Tenants** | **Street Tenants** | **Street Tenants** | **Street Tenants** | **Street Tenants** | **Anchor Tenants** | **Anchor Tenants** | **Anchor Tenants** | **Anchor Tenants** | **Anchor Tenants** |
|  |  | **GLA** | **GLA** | **ABR** | **ABR** |  | **GLA** | **GLA** | **ABR** | **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** <sup>1</sup> | 1 | 1977 | 0.2% | $46.98 | 0.1% |  |  | —% | $— | —% |
| **2025 (Remainder)** | 8 | 22977 | 2.6% | 156.82 | 4.0% | 3 | 109904 | 4.7% | 23.58 | 7.0% |
| **2026** | 28 | 86305 | 9.8% | 135.25 | 12.8% | 10 | 424984 | 18.3% | 10.78 | 12.5% |
| **2027** | 26 | 77690 | 8.8% | 105.57 | 9.0% | 4 | 140838 | 6.1% | 20.24 | 7.8% |
| **2028** | 21 | 235677 | 26.7% | 63.20 | 16.4% | 10 | 477731 | 20.6% | 12.22 | 15.9% |
| **2029** | 26 | 77049 | 8.7% | 111.51 | 9.4% | 13 | 440142 | 19.0% | 14.92 | 17.9% |
| **2030** | 20 | 102376 | 11.6% | 94.10 | 10.6% | 4 | 152977 | 6.6% | 22.29 | 9.3% |
| **2031** | 6 | 38026 | 4.3% | 81.20 | 3.4% | 2 | 50566 | 2.2% | 16.97 | 2.3% |
| **2032** | 15 | 65577 | 7.4% | 164.36 | 11.8% | 1 | 12250 | 0.5% | 21.96 | 0.7% |
| **2033** | 26 | 92635 | 10.5% | 125.17 | 12.7% | 1 | 28881 | 1.2% | 14.50 | 1.1% |
| **2034** | 8 | 16179 | 1.8% | 107.94 | 1.9% | 1 | 21804 | 0.9% | 11.25 | 0.7% |
| **Thereafter** | 14 | 66271 | 7.5% | 107.94 | 7.9% | 9 | 460317 | 19.8% | 19.87 | 24.9% |
| **Total** <sup>2</sup> | **199** | **882739** | **100.0%** | $**103.15** | **100.0%** | **58** | **2320394** | **100.0%** | $**15.85** | **100.0%** |
| Anchor GLA Owned by Tenants | Anchor GLA Owned by Tenants |  |  |  |  |  | 254916 |  |  |  |
| Total Vacant <sup>2</sup> | Total Vacant <sup>2</sup> | 153893 |  |  |  |  | 105736 |  |  |  |
| **Total Square Feet** <sup>2</sup> | **Total Square Feet** <sup>2</sup> | **1036632** |  |  |  |  | **2681046** |  |  |  |
|  | **Shop Tenants** | **Shop Tenants** | **Shop Tenants** | **Shop Tenants** | **Shop Tenants** | **Total Tenants** | **Total Tenants** | **Total Tenants** | **Total Tenants** | **Total Tenants** |
|  |  | **GLA** | **GLA** | **ABR** | **ABR** |  | **GLA** | **GLA** | **ABR** | **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** <sup>1</sup> |  |  | —% | $— | —% | 1 | 1977 | 0.0% | $46.98 | 0.1% |
| **2025 (Remainder)** | 23 | 80953 | 7.8% | 28.98 | 7.3% | 34 | 213834 | 5.0% | 39.94 | 5.3% |
| **2026** | 35 | 122123 | 11.8% | 26.66 | 10.1% | 73 | 633412 | 15.0% | 30.80 | 12.2% |
| **2027** | 36 | 136781 | 13.2% | 34.23 | 14.5% | 66 | 355309 | 8.4% | 44.28 | 9.8% |
| **2028** | 37 | 148401 | 14.4% | 35.16 | 16.2% | 68 | 861809 | 20.3% | 30.11 | 16.2% |
| **2029** | 32 | 131388 | 12.7% | 27.12 | 11.1% | 71 | 648579 | 15.3% | 28.87 | 11.7% |
| **2030** | 14 | 37352 | 3.6% | 38.10 | 4.4% | 38 | 292705 | 6.9% | 49.42 | 9.0% |
| **2031** | 15 | 81283 | 7.9% | 25.82 | 6.5% | 23 | 169875 | 4.0% | 35.58 | 3.8% |
| **2032** | 24 | 94920 | 9.2% | 33.26 | 9.8% | 40 | 172747 | 4.1% | 82.23 | 8.9% |
| **2033** | 21 | 85791 | 8.3% | 32.41 | 8.6% | 48 | 207307 | 4.9% | 71.37 | 9.2% |
| **2034** | 9 | 30191 | 2.9% | 29.25 | 2.7% | 18 | 68174 | 1.6% | 42.17 | 1.8% |
| **Thereafter** | 23 | 83250 | 8.1% | 33.46 | 8.7% | 46 | 609838 | 14.4% | 31.30 | 11.9% |
| **Total** <sup>2</sup> | **269** | **1032433** | **100.0%** | $**31.18** | **100.0%** | **526** | **4235566** | **100.0%** | $**37.78** | **100.0%** |
| Anchor GLA Owned by Tenants | Anchor GLA Owned by Tenants |  |  |  |  |  | 254916 |  |  |  |
| Total Vacant <sup>2</sup> | Total Vacant <sup>2</sup> | 119988 |  |  |  |  | 379618 |  |  |  |
| **Total Square Feet** <sup>2</sup> | **Total Square Feet** <sup>2</sup> | **1152421** |  |  |  |  | **4870100** |  |  |  |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Totals may not foot due to rounding.

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report June 30, 2025 – 31 |

---

------

**Core Portfolio – New and Renewal Rent Spreads** <sup>1</sup><br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Year to Date** | **Year to Date** |
|  | **March 31, 2025** | **March 31, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  | **GAAP** <sup>2</sup> | **Cash** <sup>3</sup> | **GAAP** <sup>2</sup> | **Cash** <sup>3</sup> | **GAAP** <sup>2</sup> | **Cash** <sup>3</sup> |
| **<u>New Leases</u>** |  |  |  |  |  |  |
| Number of new leases executed | 3 | 3 | 3 | 3 | 6 | 6 |
| GLA | 18769 | 18769 | 6039 | 6039 | 24808 | 24808 |
| New base rent | $78.60 | $73.83 | $176.24 | $163.70 | $102.37 | $95.71 |
| Previous base rent | $46.02 | $46.41 | $250.42 | $285.02 | $95.78 | $104.49 |
| Average cost per square foot | $18.80 | $18.80 | $131.75 | $131.75 | $46.29 | $46.29 |
| Weighted Average Lease Term (years) | 4.8 | 4.8 | 7.5 | 7.5 | 5.5 | 5.5 |
| **Percentage growth in base rent** | **70.8%** | **59.1%** | **(29.6)%** | **(42.6)%** | **6.9%** | **(8.4)%** |
| **<u>Renewal Leases</u>** |  |  |  |  |  |  |
| Number of renewal leases executed | 13 | 13 | 22 | 22 | 35 | 35 |
| GLA | 96232 | 96232 | 162226 | 162226 | 258458 | 258458 |
| New base rent | $30.93 | $29.83 | $63.21 | $60.99 | $51.19 | $49.39 |
| Expiring base rent | $24.70 | $27.77 | $58.50 | $60.46 | $45.92 | $48.29 |
| Average cost per square foot | $— | $— | $10.86 | $10.86 | $6.82 | $6.82 |
| Weighted Average Lease Term (years) | 6.6 | 6.6 | 10.8 | 10.8 | 9.3 | 9.3 |
| **Percentage growth in base rent** | **25.2%** | **7.4%** | **8.1%** | **0.9%** | **11.5%** | **2.3%** |
| **<u>Total New and Renewal Leases</u>** |  |  |  |  |  |  |
| Number of new and renewal leases executed | 16 | 16 | 25 | 25 | 41 | 41 |
| GLA commencing | 115001 | 115001 | 168265 | 168265 | 283266 | 283266 |
| New base rent | $38.71 | $37.01 | $67.27 | $64.68 | $55.67 | $53.45 |
| Expiring base rent | $28.18 | $30.82 | $65.39 | $68.51 | $50.29 | $53.21 |
| Average cost per square foot | $3.07 | $3.07 | $15.20 | $15.20 | $10.28 | $10.28 |
| Weighted Average Lease Term (years) | 6.3 | 6.3 | 10.7 | 10.7 | 8.9 | 8.9 |
| **Percentage growth in base rent** | **37.4%** | **20.1%** | **2.9%** | **(5.6)%** | **10.7%** | **0.4%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 [<u>Development and Redevelopment Activity</u>](#development_and_redevelopment_activity)page of this Supplemental Report) in both new and renewal leases. Renewal leases include exercised options.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) ---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report June 30, 2025 – 32 |

---

------

**Core Portfolio – Capital Expenditures**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quarter Ended** | **Quarter Ended** | **Year to Date** | **Year to Date** |
|  | **March 31, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** |
| Leasing Commissions | $1343 | $2456 | $3799 | $4374 |
| Tenant Improvements | 4881 | 10014 | 14895 | 8496 |
| Maintenance Capital Expenditures | 1021 | 1752 | 2773 | 7873 |
| Total Capital Expenditures | $7245 | $14222 | $21467 | $20743 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report June 30, 2025 – 33 |

---

------

**Fund Overview**<br>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **I. KEY METRICS** | **Fund II** | **Fund III** | **Fund IV** | **Fund IV** | **Fund V** | **Fund V** | **Total** | **Total** | **Total** |
| <u>General Information:</u> |  |  |  |  |  |  |  |  |  |
| Vintage | Jun-2004 | May-2007 |  | May-2012 |  | Aug-2016 |  |  |  |
| Fund Size | 472.0 | 502.5 | $| 540.6 | $| 520.0 | $|  | 2035.1 |
| Acadia's Commitment | 291.2 | 123.3 | $| 125.0 | $| 104.5 | $|  | 644.0 |
| Acadia's Pro-Rata Share | 61.7% <sup>2</sup> | 24.5% |  | 23.1% |  | 20.1% |  |  | 31.6% |
| Acadia's Promoted Share <sup>1</sup> | 69.4% | 39.6% |  | 38.5% |  | 36.1% |  |  | 45.3% |
| Preferred Return | 8.0% | 6.0% |  | 6.0% |  | 6.0% |  | 6.4 | 6.4% |
| <u>Current-Quarter, Fund-Level Information:</u> |  |  |  |  |  |  |  |  |  |
| Cumulative Contributions <sup>2</sup> | 559.4 | 448.6 | $| 506.0 | $| 478.8 | $|  | 1992.8 |
| Cumulative Net Distributions <sup>3</sup> | 172.9 | 603.5 | $| 221.4 | $| 162.8 | $|  | 1160.6 |
| Net Distributions/Contributions | 30.9% | 134.5% |  | 43.8% |  | 34.0% |  |  | 58.2% |
| Unfunded Commitment <sup>4</sup> | 0.0 | 1.4 | $| 24.0 | $| 41.2 | $|  | 66.6 |
| Investment Period Closes | Closed | Closed |  | Closed |  | Closed |  |  |  |
| Currently in a Promote Position? (Yes/No) | No | No |  | No |  | No |  |  |  |
| **II. FEES & PRIORITY DISTRIBUTIONS EARNED BY ACADIA** | **II. FEES & PRIORITY DISTRIBUTIONS EARNED BY ACADIA** |  |  |  |  |  |  |  |  |
| <u>Type:</u> | **Applicable to** | **Description** | **Description** | **Description** | **Description** | **Description** | **Description** | **Description** | **Description** |
| Asset Management | Fund II & III | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Asset Management <sup>5</sup> | Fund IV | 0.75% of Implied Capital | 0.75% of Implied Capital | 0.75% of Implied Capital | 0.75% of Implied Capital | 0.75% of Implied Capital | 0.75% of Implied Capital | 0.75% of Implied Capital | 0.75% of Implied Capital |
| Asset Management <sup>5</sup> | Fund V | 1.25% of Implied Capital | 1.25% of Implied Capital | 1.25% of Implied Capital | 1.25% of Implied Capital | 1.25% of Implied Capital | 1.25% of Implied Capital | 1.25% of Implied Capital | 1.25% of Implied Capital |
| Property Management | All funds | 4.0% of gross property revenues | 4.0% of gross property revenues | 4.0% of gross property revenues | 4.0% of gross property revenues | 4.0% of gross property revenues | 4.0% of gross property revenues | 4.0% of gross property revenues | 4.0% of gross property revenues |
| Leasing | All funds | Market-rate leasing commissions | Market-rate leasing commissions | Market-rate leasing commissions | Market-rate leasing commissions | Market-rate leasing commissions | Market-rate leasing commissions | Market-rate leasing commissions | Market-rate leasing commissions |
| Construction/Project Management | All funds | Market-rate fees | Market-rate fees | Market-rate fees | Market-rate fees | Market-rate fees | Market-rate fees | Market-rate fees | Market-rate fees |
| Development | Fund III, IV & V | 3.0% of total project costs | 3.0% of total project costs | 3.0% of total project costs | 3.0% of total project costs | 3.0% of total project costs | 3.0% of total project costs | 3.0% of total project costs | 3.0% of total project costs |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The additional contributions to Fund II beyond its original Fund Size reflects prior-period distributions that were re-contributed in 2016, 2020, 2021 and 2022. These funds supported the on-going redevelopment of existing Fund II investments and included an incremental $172 million of capital contributed in connection with the City Point recapitalization. City Point is the sole remaining asset in Fund II.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Unfunded Commitments are reserved for completing leasing and development activities at existing fund investments. These amounts may not equal the difference between Fund Size and Cumulative Contributions due to factors such as recallable distributions, the end of the investment period, or accelerated asset sales that result in released commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Implied Capital refers to the Fund Size less capital allocated to investments that have been sold or released.

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br> Supplemental Report June 30, 2025 – 34 |

---

------

**Investment Management Retail Properties – Detail** <sup>1</sup><br>

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Year** | **Fund** | **Gross Leasable Area** | **Gross Leasable Area** | **Gross Leasable Area** | **Gross Leasable Area** | **In Place Occupancy** | **In Place Occupancy** | **In Place Occupancy** | **In Place Occupancy** | **Leased** | **Annualized** |  |
| **Property** | **Key Tenants** | **Acquired** | **Ownership %** | **Street** | **Anchors** | **Shops** | **Total** | **Street** | **Anchors** | **Shops** | **Total** | **Occupancy** | **Base Rent (ABR)** | **ABR PSF** |
| **<u>Fund II Portfolio Detail</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **NEW YORK** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| <u>New York</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| City Point <sup>2</sup> | Primark, Target, Sephora,<br>Basis Schools, <br>Alamo Drafthouse, <br>Trader Joe's, Lululemon | 2007 | 94.2% |  | 330448 | 205966 | 536414 | —% | 100.0% | 44.4% | 78.7% | 86.5% | $20058572 | $47.54 |
| **Total - Fund II** |  |  |  |  | 330448 | 205966 | 536414 | —% | 100.0% | 44.4% | 78.7% | 86.5% | $20058572 | $47.54 |
| **<u>Fund III Portfolio Detail</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **NEW YORK** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| <u>New York</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 640 Broadway | ─ | 2012 | 100.0% | 4547 |  |  | 4547 | 93.4% | —% | —% | 93.4% | 93.4% | $1158550 | $272.79 |
| **Total - Fund III** |  |  |  | 4547 |  |  | 4547 | 93.4% | —% | —% | 93.4% | 93.4% | $1158550 | $272.79 |
| **<u>Fund IV Portfolio Detail</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **NEW YORK** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| <u>New York</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 801 Madison Avenue | ─ | 2015 | 100.0% | 2522 |  |  | 2522 | 100.0% | —% | —% | 100.0% | 100.0% | $300000 | $118.95 |
| 210 Bowery | ─ | 2012 | 100.0% | 2538 |  |  | 2538 | —% | —% | —% | —% | —% |  |  |
| 27 East 61st Street | ─ | 2014 | 100.0% | 4177 |  |  | 4177 | —% | —% | —% | —% | —% |  |  |
| 17 East 71st Street | The Row | 2014 | 100.0% | 8432 |  |  | 8432 | 100.0% | —% | —% | 100.0% | 100.0% | 2125853 | 252.12 |
| 1035 Third Avenue <sup>3</sup> | ─ | 2015 | 100.0% | 7634 |  |  | 7634 | 100.0% | —% | —% | 100.0% | 100.0% | 1125346 | 147.41 |
| **BOSTON** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| <u>Massachusetts</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Restaurants at Fort Point | Santander Bank | 2016 | 100.0% | 15711 |  |  | 15711 | 9.1% | —% | —% | 9.1% | 9.1% | 224438 | 157.50 |
| **NORTHEAST** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| <u>Rhode Island</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 650 Bald Hill Road | Dick's Sporting Goods, <br>Burlington | 2015 | 90.0% |  | 55000 | 105448 | 160448 | —% | 100.0% | 77.7% | 85.3% | 85.3% | 2092896 | 15.28 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report June 30, 2025 – 35 |

---

------

**Investment Management Retail Properties – Detail** <sup>1</sup><br>

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Year** | **Fund** | **Gross Leasable Area** | **Gross Leasable Area** | **Gross Leasable Area** | **Gross Leasable Area** | **In Place Occupancy** | **In Place Occupancy** | **In Place Occupancy** | **In Place Occupancy** | **Leased** | **Annualized** |  |
| **Property** | **Key Tenants** | **Acquired** | **Ownership %** | **Street** | **Anchors** | **Shops** | **Total** | **Street** | **Anchors** | **Shops** | **Total** | **Occupancy** | **Base Rent (ABR)** | **ABR PSF** |
| **SOUTHEAST** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| <u>Georgia</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Broughton Street Portfolio<br> (13 properties) | H&M, Warby Parker,<br>Kendra Scott, Starbucks, Lululemon | 2014 | 100.0% | 94693 |  |  | 94693 | 93.3% | —% | —% | 93.3% | 93.3% | 3461323 | 39.19 |
| **WEST** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| <u>California</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Union and Fillmore <br>Collection (1 property) | Bonobos | 2015 | 90.0% | 1044 |  |  | 1044 | 100.0% | —% | —% | 100.0% | 100.0% | 82500 | 79.02 |
| **Total - Fund IV** |  |  |  | 136751 | 55000 | 105448 | 297199 | 80.0% | 100.0% | 77.7% | 82.9% | 82.9% | $9412356 | $38.21 |
| **<u>Fund V Portfolio Detail</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **SOUTHWEST** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| <u>New Mexico</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Plaza Santa Fe | TJ Maxx, Best Buy, <br>Ross Dress for Less | 2017 | 100.0% |  | 153983 | 70169 | 224152 | —% | 100.0% | 99.7% | 99.9% | 99.9% | $4303243 | $19.22 |
| <u>Texas</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Wood Ridge Plaza | Skechers, Diamonds Direct, Office Depot | 2022 | 90.0% |  |  | 217273 | 217273 | —% | —% | 85.1% | 85.1% | 85.1% | 4687698 | 25.37 |
| La Frontera Village | Kohl's, Hobby Lobby, Burlington, Marshalls | 2022 | 90.0% |  | 203619 | 330930 | 534549 | —% | 100.0% | 92.0% | 95.0% | 96.3% | 7834402 | 15.42 |
| **MIDWEST** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| <u>Michigan</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| New Towne Center | Kohl's, DSW | 2017 | 100.0% |  | 145389 | 45141 | 190530 | —% | 75.7% | 95.6% | 80.4% | 81.5% | 1920347 | 12.53 |
| Fairlane Green | TJ Maxx, Michaels, Burlington | 2017 | 100.0% |  | 109952 | 160235 | 270187 | —% | 100.0% | 97.1% | 98.3% | 98.3% | 5256120 | 19.79 |
| **NORTHEAST** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| <u>Maryland</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Frederick County (1 property) | Lidl, Advance Auto, Starbucks | 2019 | 90.0% |  | 90053 | 146454 | 236507 | —% | 56.6% | 84.0% | 73.6% | 75.8% | 3425545 | 19.68 |
| <u>Connecticut</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Tri-City Plaza | TJ Maxx, HomeGoods, ShopRite | 2019 | 90.0% |  | 129940 | 165877 | 295817 | —% | 100.0% | 93.0% | 96.1% | 96.9% | 4357330 | 15.33 |

---

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| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report June 30, 2025 – 36 |

---

------

**Investment Management Retail Properties – Detail** <sup>1</sup><br>

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Year** | **Fund** | **Gross Leasable Area** | **Gross Leasable Area** | **Gross Leasable Area** | **Gross Leasable Area** | **In Place Occupancy** | **In Place Occupancy** | **In Place Occupancy** | **In Place Occupancy** | **Leased** | **Annualized** |  |
| **Property** | **Key Tenants** | **Acquired** | **Ownership %** | **Street** | **Anchors** | **Shops** | **Total** | **Street** | **Anchors** | **Shops** | **Total** | **Occupancy** | **Base Rent (ABR)** | **ABR PSF** |
| <u>New Jersey</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Midstate | ShopRite, Best Buy, Ross Dress for Less, PetSmart | 2021 | 100.0% |  | 270423 | 122466 | 392889 | —% | 100.0% | 83.0% | 94.7% | 95.3% | 7276219 | 19.55 |
| <u>New York</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Shoppes at South Hills | ShopRite, <br>Ashley Furniture | 2022 | 90.0% |  | 416804 | 96104 | 512908 | —% | 80.7% | 58.2% | 76.5% | 76.5% | 4805125 | 12.24 |
| Mohawk Commons | Lowe's, Target | 2023 | 90.0% |  | 330874 | 68324 | 399198 | —% | 100.0% | 86.1% | 97.6% | 99.2% | 5604599 | 14.38 |
| <u>Pennsylvania</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Monroe Marketplace | Kohl's, Dick's <br>Sporting Goods, <br>Giant Food | 2021 | 100.0% |  | 263376 | 108276 | 371652 | —% | 100.0% | 98.5% | 99.6% | 99.6% | 4432591 | 11.98 |
| <u>Rhode Island</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Lincoln Commons | Stop & Shop (Ahold), Marshalls, <br>HomeGoods | 2019 | 100.0% |  | 155279 | 305534 | 460813 | —% | 100.0% | 95.7% | 97.1% | 97.1% | 6126463 | 13.69 |
| <u>Vermont</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Maple Tree Place <sup>4</sup> | Shaw's, Dick's Sporting Goods, Best Buy, Old Navy | 2023 | 100.0% |  | 246738 | 150040 | 396778 | —% | 100.0% | 87.5% | 95.3% | 96.8% | 7349884 | 19.44 |
| **SOUTHEAST** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| <u>Virginia</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Landstown Commons | Best Buy, Burlington,<br>Ross Dress for Less | 2019 | 100.0% |  | 87883 | 295376 | 383259 | —% | 100.0% | 94.6% | 95.9% | 98.2% | 7785674 | 21.19 |
| <u>Florida</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Palm Coast Landing | TJ Maxx, PetSmart, <br>Ross Dress for Less | 2019 | 100.0% |  | 73241 | 98480 | 171721 | —% | 100.0% | 96.4% | 97.9% | 97.9% | 3603945 | 21.43 |
| Cypress Creek | Hobby Lobby, Total Wine, HomeGoods | 2023 | 100.0% |  | 167978 | 71678 | 239656 | —% | 100.0% | 95.1% | 98.5% | 100.0% | 5121664 | 21.69 |
| <u>North Carolina</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Hickory Ridge | Kohl's, Best Buy, Dick's Sporting Goods | 2017 | 100.0% |  | 266584 | 113981 | 380565 | —% | 100.0% | 87.0% | 96.1% | 96.8% | 4645263 | 12.70 |

---

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| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report June 30, 2025 – 37 |

---

------

**Investment Management Retail Properties – Detail** <sup>1</sup><br>

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Year** | **Fund** | **Gross Leasable Area** | **Gross Leasable Area** | **Gross Leasable Area** | **Gross Leasable Area** | **In Place Occupancy** | **In Place Occupancy** | **In Place Occupancy** | **In Place Occupancy** | **Leased** | **Annualized** |  |
| **Property** | **Key Tenants** | **Acquired** | **Ownership %** | **Street** | **Anchors** | **Shops** | **Total** | **Street** | **Anchors** | **Shops** | **Total** | **Occupancy** | **Base Rent (ABR)** | **ABR PSF** |
| <u>Alabama</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Trussville Promenade | Wal-Mart, Regal Cinemas | 2018 | 100.0% |  | 366010 | 97671 | 463681 | —% | 92.4% | 79.0% | 89.6% | 89.6% | 3945040 | 9.50 |
| <u>Georgia</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Canton Marketplace | Dick's Sporting Goods, <br>TJ Maxx, <br>Best Buy | 2021 | 100.0% |  | 132569 | 215397 | 347966 | —% | 100.0% | 96.2% | 97.7% | 98.6% | 6318061 | 18.59 |
| Hiram Pavilion | Kohl's, HomeGoods | 2018 | 100.0% |  | 210139 | 153252 | 363391 | —% | 100.0% | 96.7% | 98.6% | 100.0% | 4949068 | 13.81 |
| **WEST** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| <u>California</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Elk Grove Commons | Kohl's, HomeGoods | 2018 | 100.0% |  | 132489 | 109589 | 242078 | —% | 100.0% | 100.0% | 100.0% | 100.0% | 5449481 | 22.51 |
| <u>Utah</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Family Center at Riverdale | Target, Home Goods, <br>Best Buy,<br> Sierra Trading (TJX) | 2019 | 89.4% |  | 231895 | 140513 | 372408 | —% | 100.0% | 92.3% | 97.1% | 97.9% | 4071021 | 11.26 |
| **Total - Fund V** |  |  |  |  | 4185218 | 3282760 | 7467978 | —% | 95.6% | 91.3% | 93.7% | 94.5% | $113268783 | $16.18 |
| **<u>Other Co-investment Vehicles Detail</u>** <sup>5</sup> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **NORTHEAST** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| <u>New York</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Shops at Grand Avenue | Stop & Shop (Ahold), Starbucks | 2024 | 5.0% |  | 52336 | 47501 | 99837 | —% | 100.0% | 78.3% | 89.7% | 89.7% | $3285171 | $36.70 |
| **SOUTHEAST** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| <u>Florida</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Walk at Highwoods Preserve | HomeGoods, Michaels | 2024 | 20.0% |  | 80894 | 56862 | 137756 | —% | 100.0% | 88.2% | 95.1% | 95.1% | 2651111 | 20.23 |
| Pinewood Square | TJ Maxx, Ross Dress for Less, Five Below | 2025 | 100.0% |  | 113359 | 90643 | 204002 | —% | 100.0% | 98.5% | 99.4% | 99.4% | 4847164 | 23.92 |

---

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| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report June 30, 2025 – 38 |

---

------

**Investment Management Retail Properties – Detail** <sup>1</sup><br>

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Year** | **Fund** | **Gross Leasable Area** | **Gross Leasable Area** | **Gross Leasable Area** | **Gross Leasable Area** | **In Place Occupancy** | **In Place Occupancy** | **In Place Occupancy** | **In Place Occupancy** | **Leased** | **Annualized** |  |
| **Property** | **Key Tenants** | **Acquired** | **Ownership %** | **Street** | **Anchors** | **Shops** | **Total** | **Street** | **Anchors** | **Shops** | **Total** | **Occupancy** | **Base Rent (ABR)** | **ABR PSF** |
| **WEST** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| <u>Nevada</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| LINQ Promenade | Yard House, <br>Brooklyn Bowl, <br>I Love Sugar, Starbucks,<br>Welcome to Las Vegas, <br>In-N-Out Burger | 2024 | 15.0% |  |  | 182926 | 182926 | —% | —% | 96.2% | 96.2% | 99.6% | 14497152 | 82.35 |
| **Total - Other Co-investment Vehicles** |  |  |  |  | 246589 | 377932 | 624521 |  | 100.0% | 93.3% | 96.0% | 96.9% | $25280598 | $42.18 |
| **TOTAL INVESTMENT MANAGEMENT PROPERTIES** |  |  |  | **141298** | **4817255** | **3972106** | **8930659** | **80.4%** | **96.2%** | **88.7%** | **92.6%** | **93.8%** | **$169178859** | **$20.46** |
| **Acadia Share of Total Investment Management Properties** | **Acadia Share of Total Investment Management Properties** | **Acadia Share of Total Investment Management Properties** | **Acadia Share of Total Investment Management Properties** | **32709** | **1148321** | **909668** | **2090698** | **80.4%** | **97.0%** | **85.7%** | **91.8%** | **93.6%** | **$43842108** | **$22.84** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Excludes properties currently under development. For details, refer to [<u>Development and Redevelopment Activity</u>](#development_and_redevelopment_activity) section of this Supplemental Report. The above in-place occupancy and rent figures reflect only those spaces where leases have commenced. Leased occupancy includes both in-place occupancy and signed leases that have not yet commenced. ABR and ABR per square foot are based on in-place occupancy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.In place occupancy excludes short-term percentage rent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Property also includes 12,371 square feet of 2nd floor office space and a 29,760 square foot parking garage (13 spaces).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Property also includes 93,259 square feet of office space.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Ownership percentages for other co-investment vehicles are presented at our pro rata share.

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report June 30, 2025 – 39 |

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------

---

| |
|:---|
| **Investment Management Lease Expirations**<br>|
| &nbsp;&nbsp;(Pro-Rata Basis) |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **FUND II** | **FUND II** | **FUND II** | **FUND II** |  |  | **FUND III** | **FUND III** | **FUND III** | **FUND III** |  |  |
|  |  | **GLA** | **GLA** |  | **ABR** | **ABR** |  | **GLA** | **GLA** |  | **ABR** | **ABR** |
|  | **Leases** | **Expiring** | **Percent** |  |  | **Percent** | **Leases** | **Expiring** | **Percent** |  |  | **Percent** |
| **Year** | **Expiring** | **SF** | **of Total** | **Amount** | **PSF** | **of Total** | **Expiring** | **SF** | **of Total** | **Amount** | **PSF** | **of Total** |
| **M to M** <sup>1</sup> |  |  | —% | $— | $— | —% |  |  | —% | $— | $— | —% |
| **2025 (Remainder)** | 1 | 2353 | 1.0% | 175815 | 74.73 | 1.5% |  |  | —% |  |  | —% |
| **2026** | 2 | 3115 | 1.3% | 312746 | 100.40 | 2.7% |  |  | —% |  |  | —% |
| **2027** | 3 | 15292 | 6.2% | 1246815 | 81.53 | 10.7% | 1 | 306 | 29.4% | 77741 | 254.05 | 27.3% |
| **2028** | 1 | 552 | 0.2% | 120863 | 219.00 | 1.0% |  |  | —% |  |  | —% |
| **2029** | 1 | 580 | 0.2% | 91368 | 157.59 | 0.8% | 1 | 177 | 17.0% | 43413 | 245.36 | 15.3% |
| **2030** |  |  | —% |  |  | —% | 1 | 226 | 21.7% | 57142 | 252.55 | 20.1% |
| **2031** |  |  | —% |  |  | —% |  |  | —% |  |  | —% |
| **2032** | 2 | 74323 | 30.3% | 928816 | 12.50 | 8.0% |  |  | —% |  |  | —% |
| **2033** | 3 | 18877 | 7.7% | 897049 | 47.52 | 7.7% |  |  | —% |  |  | —% |
| **2034** | 4 | 4968 | 2.0% | 534820 | 107.66 | 4.6% | 1 | 173 | 16.6% | 47117 | 271.57 | 16.6% |
| **Thereafter** | 9 | 125076 | 51.0% | 7344362 | 58.72 | 63.0% | 2 | 160 | 15.3% | 58896 | 369.23 | 20.7% |
| **Total** <sup>2</sup> | **26** | **245134** | **100.0%** | $**11652654** | $**47.54** | **100.0%** | **6** | **1042** | **100.0%** | $**284308** | $**272.79** | **100.0%** |
|  |  | 66485 | Total Vacant <sup>2</sup> | Total Vacant <sup>2</sup> |  |  |  | 74 | Total Vacant <sup>2</sup> | Total Vacant <sup>2</sup> |  |  |
|  |  | **311620** | **Total Square Feet** <sup>2</sup> | **Total Square Feet** <sup>2</sup> |  |  |  | **1116** | **Total Square Feet** <sup>2</sup> | **Total Square Feet** <sup>2</sup> |  |  |
|  | **FUND IV** | **FUND IV** | **FUND IV** | **FUND IV** |  |  | **FUND V** | **FUND V** | **FUND V** | **FUND V** |  |  |
|  |  | **GLA** | **GLA** |  | **ABR** | **ABR** |  | **GLA** | **GLA** |  | **ABR** | **ABR** |
|  | **Leases** | **Expiring** | **Percent** |  |  | **Percent** | **Leases** | **Expiring** | **Percent** |  |  | **Percent** |
| **Year** | **Expiring** | **SF** | **of Total** | **Amount** | **PSF** | **of Total** | **Expiring** | **SF** | **of Total** | **Amount** | **PSF** | **of Total** |
| **M to M** <sup>1</sup> |  |  | —% | $— | $— | —% | 5 | 1103 | 0.1% | $26619 | $24.14 | —% |
| **2025 (Remainder)** | 5 | 2197 | 4.1% | 587392 | 267.35 | 27.6% | 45 | 63626 | 4.7% | 1219353 | 19.16 | 6.0% |
| **2026** | 2 | 731 | 1.4% | 63021 | 86.26 | 3.0% | 95 | 121314 | 8.9% | 2348019 | 19.35 | 11.0% |
| **2027** | 5 | 3245 | 6.0% | 187791 | 57.86 | 8.8% | 91 | 204538 | 15.0% | 2763734 | 13.51 | 13.0% |
| **2028** | 5 | 3631 | 6.8% | 104668 | 28.83 | 4.9% | 89 | 173870 | 12.8% | 3274343 | 18.83 | 15.0% |
| **2029** | 4 | 14941 | 27.8% | 359337 | 24.05 | 16.9% | 97 | 214170 | 15.7% | 3375788 | 15.76 | 15.0% |
| **2030** | 2 | 664 | 1.2% | 42474 | 63.94 | 2.0% | 60 | 180465 | 13.3% | 2551492 | 14.14 | 12.0% |
| **2031** | 3 | 1488 | 2.8% | 124004 | 83.35 | 5.8% | 31 | 67752 | 5.0% | 1000609 | 14.77 | 5.0% |
| **2032** | 4 | 19666 | 36.6% | 402555 | 20.47 | 18.9% | 34 | 74981 | 5.5% | 1210684 | 16.15 | 5.0% |
| **2033** | 3 | 4874 | 9.1% | 113423 | 23.27 | 5.3% | 33 | 78410 | 5.8% | 1280277 | 16.33 | 6.0% |
| **2034** | 3 | 1199 | 2.2% | 52355 | 43.66 | 2.5% | 41 | 90042 | 6.6% | 1523624 | 16.92 | 7.0% |
| **Thereafter** | 2 | 1125 | 2.1% | 88821 | 78.93 | 4.2% | 34 | 89866 | 6.6% | 1488545 | 16.56 | 5.0% |
| **Total** <sup>2</sup> | **38** | **53760** | **100.0%** | $**2125841** | $**39.54** | **100.0%** | **655** | **1360135** | **100.0%** | $**22063086** | $**16.22** | **100.0%** |
|  |  | 11218 | Total Vacant <sup>2</sup> | Total Vacant <sup>2</sup> |  |  |  | 88865 | Total Vacant <sup>2</sup> | Total Vacant <sup>2</sup> |  |  |
|  |  | **64979** | **Total Square Feet** <sup>2</sup> | **Total Square Feet** <sup>2</sup> |  |  |  | **1448999** | **Total Square Feet** <sup>2</sup> | **Total Square Feet** <sup>2</sup> |  |  |

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| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report June 30, 2025 – 39 |

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------

---

| |
|:---|
| **Investment Management Lease Expirations (Continued)** |
| &nbsp;&nbsp;(Pro-Rata Basis) |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **OTHER CO-INVESTMENT VEHICLES** | **OTHER CO-INVESTMENT VEHICLES** | **OTHER CO-INVESTMENT VEHICLES** | **OTHER CO-INVESTMENT VEHICLES** |  |  | **TOTAL INVESTMENT MANAGEMENT** | **TOTAL INVESTMENT MANAGEMENT** | **TOTAL INVESTMENT MANAGEMENT** | **TOTAL INVESTMENT MANAGEMENT** |  |  |
|  |  | **GLA** | **GLA** |  | **ABR** | **ABR** |  | **GLA** | **GLA** |  | **ABR** | **ABR** |
|  | **Leases** | **Expiring** | **Percent** |  |  | **Percent** | **Leases** | **Expiring** | **Percent** |  |  | **Percent** |
|  | **Expiring** | **SF** | **of Total** | **Amount** | **PSF** | **of Total** | **Expiring** | **SF** | **of Total** | **Amount** | **PSF** | **of Total** |
| **M to M** <sup>1</sup> |  |  | —% | $— | $— | —% | 5 | 1103 | 0.1% | $26619 | $24.14 | 0.1% |
| **2025 (Remainder)** | 9 | 8954 | 3.4% | 401449 | 44.83 | 5.2% | 60 | 77130 | 4.0% | 2384009 | 30.91 | 5.4% |
| **2026** | 10 | 23818 | 9.2% | 707086 | 29.69 | 9.2% | 109 | 148977 | 7.8% | 3430871 | 23.03 | 7.8% |
| **2027** | 21 | 37628 | 14.5% | 1139189 | 30.27 | 14.8% | 121 | 261010 | 13.6% | 5415270 | 20.75 | 12.4% |
| **2028** | 21 | 78810 | 30.3% | 1627329 | 20.65 | 21.1% | 116 | 256862 | 13.4% | 5127202 | 19.96 | 11.7% |
| **2029** | 23 | 36151 | 13.9% | 2034782 | 56.28 | 26.4% | 126 | 266019 | 13.9% | 5904687 | 22.20 | 13.5% |
| **2030** | 12 | 37029 | 14.3% | 829849 | 22.41 | 10.8% | 75 | 218385 | 11.4% | 3480956 | 15.94 | 7.9% |
| **2031** | 2 | 2038 | 0.8% | 139298 | 68.34 | 1.8% | 36 | 71278 | 3.7% | 1263911 | 17.73 | 2.9% |
| **2032** | 1 | 1945 | 0.7% | 68075 | 35.00 | 0.9% | 41 | 170914 | 8.9% | 2610130 | 15.27 | 6.0% |
| **2033** | 6 | 25118 | 9.7% | 539194 | 21.47 | 7.0% | 45 | 127278 | 6.6% | 2829943 | 22.23 | 6.5% |
| **2034** | 6 | 7999 | 3.1% | 221297 | 27.66 | 2.9% | 55 | 104381 | 5.4% | 2379214 | 22.79 | 5.4% |
| **Thereafter** | 1 | 287 | 0.1% | 8670 | 30.17 | 0.1% | 48 | 216514 | 11.3% | 8989295 | 41.52 | 20.5% |
| **Total** <sup>2</sup> | **112** | **259778** | **100.0%** | **7716218** | $**29.70** | **100.0%** | **837** | **1919850** | **100.0%** | $**43842108** | $**22.84** | **100.0%** |
|  |  | 4206 | Total Vacant <sup>2</sup> | Total Vacant <sup>2</sup> |  |  |  | 170848 | Total Vacant <sup>2</sup> | Total Vacant <sup>2</sup> |  |  |
|  |  | **263984** | **Total Square Feet** <sup>2</sup> | **Total Square Feet** <sup>2</sup> |  |  |  | **2090698** | **Total Square Feet** <sup>2</sup> | **Total Square Feet** <sup>2</sup> |  |  |

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Totals may not foot due to rounding.

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| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report June 30, 2025 – 40 |

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**Development and Redevelopment Activity**<br>

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | **Acadia's Pro-rata Share (in millions)** | **Acadia's Pro-rata Share (in millions)** | **Acadia's Pro-rata Share (in millions)** | **Acadia's Pro-rata Share (in millions)** | **Acadia's Pro-rata Share (in millions)** | **Acadia's Pro-rata Share (in millions)** | **Acadia's Pro-rata Share (in millions)** |
| **Property** | **AKR Pro-rata share** | **Location** | **Estimated Stabilization** | **Est. Sq ft Upon Completion** | **Costs prior to development / redevelopment** | **Incurred costs since development / redevelopment** | **Total Costs to Date** | **Estimated Future Range** | **Estimated Future Range** | **Estimated Total Range** | **Estimated Total Range** |
| **<u>CORE</u>** |  |  |  |  |  |  |  |  |  |  |  |
| **<u>Development:</u>** |  |  |  |  |  |  |  |  |  |  |  |
| Henderson Avenue Expansion <sup>1</sup> | 100.0% | Dallas, TX | 2027/2028 | 176000 | $23.1 | $39.7 | $62.8 | $5.7 | $105.7 | $68.5 | $168.5 |
| **<u>Redevelopment:</u>** |  |  |  |  |  |  |  |  |  |  |  |
| 555 9th Street | 100.0% | San Francisco, CA | TBD | 149000 | 141.7 | 14.9 | 156.6 | 10.1 | 20.1 | 166.7 | 176.7 |
| 840 N. Michigan Avenue | 94.4% | Chicago, IL | TBD | 87000 | 156.4 | 0.2 | 156.6 | TBD | TBD | TBD | TBD |
| Brandywine Holdings | 100.0% | Wilmington, DE | 2026 | 138000 | 24.0 | 0.3 | 24.3 | 9.8 | 11.8 | 34.1 | 36.1 |
| Westshore Expressway | 100.0% | Staten Island, NY | TBD | 55000 | 18.6 |  | 18.6 | TBD | TBD | TBD | TBD |
| Mark Plaza | 100.0% | Edwardsville, PA | TBD | 107000 | 3.7 |  | 3.7 | TBD | TBD | TBD | TBD |
| Bedford Green | 100.0% | Bedford Hills, NY | TBD | 91000 | 50.7 |  | 50.7 | TBD | TBD | TBD | TBD |
| **Total Core Redevelopment** |  |  |  |  | $395.1 | $15.4 | $410.5 | $19.9 | $31.9 | $200.8 | $212.8 |
| **Total Core Development and Redevelopment** |  |  |  |  | $418.2 | $55.1 | $473.3 | $25.6 | $137.6 | $269.3 | $381.3 |
| **<u>INVESTMENT MANAGEMENT</u>** |  |  |  |  |  |  |  |  |  |  |  |
| **<u>Development:</u>** |  |  |  |  |  |  |  |  |  |  |  |
| **<u>FUND III</u>** |  |  |  |  |  |  |  |  |  |  |  |
| Broad Hollow Commons | 24.5% | Farmingdale, NY | 2026/2027 | TBD | $3.0 | $5.1 | $8.1 | TBD | TBD | TBD | TBD |
| **<u>Redevelopment:</u>** |  |  |  |  |  |  |  |  |  |  |  |
| **<u>FUND IV</u>** |  |  |  |  |  |  |  |  |  |  |  |
| 717 N. Michigan Avenue | 23.1% | Chicago, IL | TBD | TBD | 26.9 | 0.9 | 27.8 | TBD | TBD | TBD | TBD |
| **Total Investment Management Development and Redevelopment** |  |  |  |  | $29.9 | $6.0 | $35.9 | $— | $— | $— | $— |
| **Total Core and Investment Management Development and Redevelopment** |  |  |  |  | $448.1 | $61.1 | $509.2 | $25.6 | $137.6 | $269.3 | $381.3 |

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| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report June 30, 2025 – 41 |

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**Development and Redevelopment Activity**<br>

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| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Pre-Stabilized:</u>** |  |  |  |  |
| City Point (Fund II) | 61.7% | Brooklyn, NY | 2025/2026 | 536198 |
| 210 Bowery (Fund IV) | 23.1% | New York, NY | 2025 | 2538 |
| 801 Madison (Fund IV) | 23.1% | New York, NY | 2025 | 2522 |
| 27 E 61st Street (Fund IV) | 23.1% | New York, NY | 2025 | 4177 |
| 1035 Third Avenue (Fund IV) | 23.1% | New York, NY | 2025 | 7634 |
| 651-671 West Diversey (Core) | 100.0% | Chicago, IL | 2026/2027 | 40000 |
| Route 6 Mall (Core) | 100.0% | Honesdale, PA | 2026 | 154000 |
| Mad River (Core) | 100.0% | Dayton, OH | 2027 | 126000 |
| 664 N. Michigan Avenue (Core) | 100.0% | Chicago, IL | 2026 | 17000 |
| 2323-2409 Henderson Avenue (Core) | 100.0% | Dallas, TX | 2026 | 38500 |
| City Center (Core) | 100.0% | San Francisco, CA | 2026 | 241000 |
| 85 5th Avenue (Core) | 100.0% | New York, NY | 2025 | 13000 |
| 97 North 6th Street (Core) | 100.0% | Brooklyn, NY | 2025 | 9250 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Company intends to partner with Ignite-Rebees DevCo LLC, and expects to retain a controlling 95% interest.

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| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report June 30, 2025 – 42 |

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**Important Notes**<br>

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.

USE OF FUNDS FROM OPERATIONS AS NON-GAAP FINANCIAL MEASURE

The Company considers funds from operations ("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 depreciable real estate properties; (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, including those related to its RCP investments such as Albertsons in FFO.

The Company also provides another supplemental disclosure of operating performance, adjusted funds from operations ("AFFO"). The Company defines AFFO as FFO adjusted for straight line rent, non-real estate depreciation, stock-based compensation, amortization of finance costs and costs of management contracts, tenant improvements, leasing commissions and capital expenditures.

The Company may also provide from time to time another supplemental disclosure of operating performance, FFO Before Special Items. The Company defines FFO Before Special Items as FFO adjusted for certain unusual items including (i) charges, income and gains that management believes are not comparable and indicative of the results of the Company's operating real estate portfolio; (ii) the impact of the unrealized holding gains (losses) incidental to its main business, including those related to its RCP investments such as Albertsons and (iii) any realized income or gains from the Company's investment in Albertsons.

It should be noted that the Company's methods of calculating FFO, AFFO or FFO Before Special Items may be different from methods used by other REITs and, accordingly, may not be comparable to such metrics used by other REITs. FFO, AFFO and FFO Before Special Items do not represent cash generated from operations as defined by generally accepted accounting principles ("GAAP") and are not indicative of cash available to fund all cash needs, including distributions. None of these measures should 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.

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| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report June 30, 2025 – 43 |

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**Important Notes**<br>

USE OF NON-GAAP FINANCIAL MEASURES

Non-GAAP financial measures such as EBITDA, NOI, same-property NOI and lease spreads are widely used financial measures in many industries, including the REIT industry, and are presented to assist investors and analysts in analyzing the performance of the Company. They are helpful as they exclude various items included in net income that are not indicative of operating performance, such as gains (or losses) from sales of property and depreciation and amortization and is used in computing various financial ratios as a measure of operational performance. The Company computes EBITDA as the sum of net income before extraordinary items plus interest expense, depreciation, income taxes and amortization, less any gains (losses including impairment charges) on the sale of income producing properties. The Company computes NOI by taking the difference between Property Revenues and Property Expenses as detailed in this reporting supplement. Same-property NOI includes properties in our Core Portfolio that we owned for both the current and prior periods presented, but excludes those properties which we acquired, sold or expected to sell, and redeveloped during these periods. The Company's method of calculating EBITDA, NOI and same-property NOI may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. EBITDA, NOI and same-property NOI do not represent cash generated from operations as defined by GAAP and are not indicative of cash available to fund all cash needs, including distributions. They 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.

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| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report June 30, 2025 – 44 |

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