# EDGAR Filing Document

**Accession Number:** 0000899629
**File Stem:** 0001193125-26-187104
**Filing Date:** 2026-4
**Character Count:** 184887
**Document Hash:** 4a63fbe42884cdfc9b77260bd00ae6e5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-187104.hdr.sgml**: 20260428

**ACCESSION NUMBER**: 0001193125-26-187104

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20260428

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260428

**DATE AS OF CHANGE**: 20260428

**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:** 26908049

**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): April 28, 2026

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

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

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

**Item 9.01. Financial Statements and Exhibits.**

(d) Exhibits

---

| | |
|:---|:---|
| **<u>Exhibit</u>**<br>**<u>Number</u>** |  **<u>Description</u>** |
| [<u>99.1</u>](akr-ex99_1.htm) | Press release dated April 28, 2026  |
| [<u>99.2</u>](akr-ex99_2.htm) | Supplemental Reporting Information as of and for the quarter ended March 31, 2026 |
| 104  | Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101.) |

---

------

**SIGNATURES**

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

---

| | | |
|:---|:---|:---|
|  | **ACADIA REALTY TRUST** | **ACADIA REALTY TRUST** |
| Dated: | (Registrant) | (Registrant) |
|  | By: | /s/ John Gottfried |
|  | Name: | John Gottfried |
| April 28, 2026 | Title: | Executive Vice President and Chief Financial Officer |

---

------

## Exhibit 99.1

Exhibit 99.1

![img225797853_0.jpg](img225797853_0.jpg)

Acadia Realty Trust

(914) 288-8100

# Acadia Realty Trust Reports First Quarter 2026 Operating Results

# *Key Highlights for the first quarter ended March 31, 2026 include:* 
• First quarter GAAP net earnings of $0.22 per share (compared to $0.01 in first quarter 2025) and FFO As Adjusted of $0.30 per share, up 11% from the prior-year quarter

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

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

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

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

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

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

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

*Subsequent Events*

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

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

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

<br>1<br>

------

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

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

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

**Financial Results**

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

**Net Income**

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

![img225797853_1.jpg](img225797853_1.jpg)<sub>2</sub>

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

**NAREIT FFO**

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

**FFO As Adjusted**

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

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

## REIT Portfolio Occupancy and Leasing Update
• As of March 31, 2026, economic occupancy and leased occupancy increased 20 and 60 basis points to 94.1% and 95.3%, respectively, compared to 93.9% and 94.7% as of December 31, 2025.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Balance at December 31, 2025** | **Commencing ABR** | **New Leases** | **Balance at March 31, 2026** |
| REIT Portfolio (Same-property) | $4.4 | $(1.5) | $1.6 | $4.5 |
| REIT Portfolio (Redevelopment/Prestabilized) | 3.5 | (0.2) | 1.9 | 5.2 |
| Investment Management | 1.0 | (0.5) | 0.3 | 0.8 |
| **Total** | $**8.9** | $**(2.2)** | $**3.8** | $**10.5** |

---

![img225797853_1.jpg](img225797853_1.jpg)<sub>3</sub>

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

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

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

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

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

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

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

![img225797853_1.jpg](img225797853_1.jpg)<sub>4</sub>

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

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

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

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

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

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

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

![img225797853_1.jpg](img225797853_1.jpg)<sub>5</sub>

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**Balance Sheet**

**Equity Activity:**

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

**Extension and Expansion of $1.425 Billion Corporate Credit Facility**

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

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

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

**No Significant REIT Portfolio Debt Maturities until 2029:**

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

![img225797853_1.jpg](img225797853_1.jpg)<sub>6</sub>

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**Guidance**

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

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

---

| | | |
|:---|:---|:---|
|  | **2026 Guidance** <sup>1</sup> | **2026 Guidance** <sup>1</sup> |
|  | **Revised** | **Prior** |
| **Net earnings per share attributable to Acadia** | **$0.37-$0.39** | **$0.24-$0.26** |
| Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share other than Common OP Units) | 0.95-0.97 | 0.95-0.97 |
| Gain on disposition on real estate properties (net of noncontrolling interest share other than Common OP Units) | (0.22) | (0.04) |
| Adjustment of redeemable noncontrolling interest to estimated redemption value | 0.04 |  |
| Noncontrolling interest in Operating Partnership | 0.03 | 0.03 |
| **NAREIT Funds from operations per share attributable to Common Shareholders and Common OP Unit holders** | **$1.17-$1.21** | **$1.18-$1.22** |
| **Adjustments to FFO:** |  |  |
| Transaction and other expenses <sup>2</sup> | 0.05 | 0.03 |
| **Funds From Operations As Adjusted per share attributable to Common Shareholders and Common OP Unit holders** <sup>3</sup> | **$1.22-$1.26** | **$1.21-$1.25** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Totals may not foot due to rounding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Transaction and other expenses include those costs that the Company believes are not reflective of ongoing core operating results, including investment transaction costs, debt extinguishment costs and employee retirement costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Refer to the "Notes to Financial Highlights" on page 14 of this release for definitions of non-GAAP measures

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

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| | |
|:---|:---|
| &nbsp;&nbsp;Live Conference Call: |  |
| &nbsp;&nbsp;Date: | &nbsp;&nbsp;Wednesday, April 29, 2026 |
| &nbsp;&nbsp;Time: | &nbsp;&nbsp;11:00 AM ET |
| &nbsp;&nbsp;Participant call: | &nbsp;&nbsp;First Quarter 2026 Dial-In |
| &nbsp;&nbsp;Participant webcast: | &nbsp;&nbsp;First Quarter 2026 Webcast |
| &nbsp;&nbsp;Webcast Listen-only and Replay: | &nbsp;&nbsp;www.acadiarealty.com/investors under Events & Presentations |

---

![img225797853_1.jpg](img225797853_1.jpg)<sub>7</sub>

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

**About Acadia Realty Trust**

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

**Safe Harbor Statement**

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

![img225797853_1.jpg](img225797853_1.jpg)<sub>8</sub>

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

The factors described above are not exhaustive and additional factors could adversely affect the Company's future results and financial performance, including the risk factors discussed under the section captioned "Risk Factors" in the Company's most recent Annual Report on Form 10-K and other periodic or current reports the Company files with the SEC. Any forward-looking statements in this press release speak only as of the date hereof. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any changes in the Company's expectations with regard thereto or changes in the events, conditions or circumstances on which such forward-looking statements are based.

![img225797853_1.jpg](img225797853_1.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)*

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| | | |
|:---|:---|:---|
|  | **Three Months Ended<br> March 31,** | **Three Months Ended<br> March 31,** |
|  | **2026** | **2025** |
| **Revenues** |  |  |
| Rental | $98568 | $102640 |
| Other | 4424 | 1754 |
| Total revenues | 102992 | 104394 |
| **Expenses** |  |  |
| Depreciation and amortization | 40155 | 39440 |
| General and administrative | 15303 | 11597 |
| Real estate taxes | 12922 | 13303 |
| Property operating | 18249 | 18280 |
| Impairment charges |  | 6450 |
| Total expenses | 86629 | 89070 |
| Gain on disposition of properties | 142148 |  |
| **Operating income** | 158511 | 15324 |
| Equity in losses of unconsolidated affiliates | (1508) | (1713) |
| Interest income | 4788 | 6096 |
| Realized and unrealized holding (losses) gains on investments and other | (616) | 1621 |
| Interest expense | (22052) | (23247) |
| Loss on change in control |  | (9622) |
| Income (loss) from continuing operations before income taxes | 139123 | (11541) |
| Income tax provision | (12) | (116) |
| Net income (loss) | 139111 | (11657) |
| Net loss attributable to redeemable noncontrolling interests | 698 | 1669 |
| Net (income) loss attributable to noncontrolling interests | (109332) | 11596 |
| Net income attributable to Acadia shareholders | $30477 | $1608 |
| Less: earnings attributable to unvested participating securities | (333) | (339) |
| Less: adjustment of redeemable noncontrolling interests to estimated redemption value | (1793) |  |
| Income from continuing operations net of income attributable to participating securities for diluted earnings per share | $28351 | $1269 |
| Weighted average shares for basic earnings per share | 131247 | 121329 |
| Weighted average shares for diluted earnings per share | 131332 | 121329 |
| **Net earnings per share - basic** <sup>(2)</sup> | $0.22 | $0.01 |
| **Net earnings per share - diluted** <sup>(2)</sup> | $0.22 | $0.01 |

---

![img225797853_1.jpg](img225797853_1.jpg)<sub>10</sub>

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**Acadia Realty Trust and Subsidiaries**

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

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

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| | | |
|:---|:---|:---|
|  | **Three Months Ended <br>March 31,** | **Three Months Ended <br>March 31,** |
|  | **2026** | **2025** |
| Net income attributable to Acadia | $30477 | $1608 |
| Depreciation of real estate and amortization of leasing costs (net of<br> noncontrolling interests' share other than Common OP Units) | 35851 | 31607 |
| Impairment charges (net of noncontrolling interests' share other than Common OP Units) |  | 1583 |
| Gain on disposition of properties (net of noncontrolling interests' share other than Common OP Units) | (30954) |  |
| Loss on change in control |  | 9622 |
| Income attributable to Common OP Unit holders | 1496 | 96 |
| Distributions - Preferred OP Units | 5 | 67 |
| **Funds from operations attributable to Common Shareholders and Common OP Unit holders - Diluted** | $36875 | $44583 |
| Transaction and other expenses | 4358 | 526 |
| Unrealized holding loss (gain) (net of noncontrolling interest share) | 616 | (1672) |
| Tenant lease settlement |  | (8309) |
| **FFO As Adjusted attributable to Common Shareholder and Common OP Unit holders** <sup>1</sup> | $41849 | $35128 |
| **Funds From Operations per Share - Diluted** |  |  |
| Basic weighted-average shares outstanding, GAAP earnings | 131332 | 121329 |
| Weighted-average OP Units outstanding | 8376 | 7778 |
| Assumed conversion of Preferred OP Units to Common Shares | 25 | 256 |
| Weighted average number of Common Shares and Common OP Units | 139733 | 129363 |
| Diluted Funds From Operations, per Common Share and Common OP Unit | $0.26 | $0.34 |
| Diluted Funds From Operations As Adjusted, per Common Share and Common OP Unit | $0.30 | $0.27 |

---

![img225797853_1.jpg](img225797853_1.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> March 31,** | **Three Months Ended<br> March 31,** |
|  | **2026** | **2025** |
| Consolidated operating income | $158511 | $15324 |
| Add back: |  |  |
| &nbsp;&nbsp;General and administrative | 15303 | 11597 |
| &nbsp;&nbsp;Depreciation and amortization | 40155 | 39440 |
| &nbsp;&nbsp;Impairment charges |  | 6450 |
| &nbsp;&nbsp;Gain on disposition of properties | (142148) |  |
| Less: |  |  |
| &nbsp;&nbsp;Above/below-market rent, straight-line rent and other adjustments | (6985) | (2704) |
| &nbsp;&nbsp;Termination income |  | (8366) |
| Consolidated NOI | 64836 | 61741 |
| Redeemable noncontrolling interest in consolidated NOI | (1840) | (1888) |
| Noncontrolling interest in consolidated NOI | (14997) | (17655) |
| Less: |  |  |
| Operating Partnership's interest in Investment Management NOI included above | (7542) | (6747) |
| Add back: |  |  |
| Operating Partnership's share of unconsolidated joint ventures NOI <sup>(4)</sup> | 1358 | 1279 |
| REIT Portfolio NOI | $41815 | $36730 |

---

**Reconciliation of Same-Property NOI** 

*(Unaudited, Dollars in thousands)* 

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended<br> March 31,** | **Three Months Ended<br> March 31,** |
|  | **2026** | **2025** |
| REIT Portfolio NOI | $41815 | $36730 |
| Less properties excluded from Same-Property NOI | (2973) | (52) |
| Same-Property NOI | $38842 | $36678 |
| Percent change from prior year period | 5.9% |  |
| Components of Same-Property NOI: |  |  |
| Same-Property Revenues | $54709 | $51442 |
| Same-Property Operating Expenses | (15867) | (14764) |
| Same-Property NOI | $38842 | $36678 |

---

![img225797853_1.jpg](img225797853_1.jpg)<sub>12</sub>

------

**Acadia Realty Trust and Subsidiaries**

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

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

---

| | | |
|:---|:---|:---|
| As of: |  |  |
|  | March 31, 2026 | December 31, 2025 |
| **Assets** |  |  |
| Investments in real estate, at cost |  |  |
| Buildings and improvements | $3057952 | $3421366 |
| Tenant improvements | 321489 | 339414 |
| Land | 1100492 | 1147236 |
| Construction in progress | 26266 | 32969 |
| Right-of-use assets - finance leases | 61366 | 61366 |
| Total | 4567565 | 5002351 |
| Less: Accumulated depreciation and amortization | (979837) | (1018597) |
| &nbsp;&nbsp;Operating real estate, net | 3587728 | 3983754 |
| &nbsp;&nbsp;Real estate under development | 178050 | 167051 |
| Net investments in real estate | 3765778 | 4150805 |
| &nbsp;&nbsp;Notes receivable, net ($2,176 and $1,638 of allowance for credit losses as of March 31, 2026 and December 31, 2025, respectively) | 154430 | 154892 |
| Investments in and advances to unconsolidated affiliates | 275770 | 161955 |
| Other assets, net | 190101 | 223980 |
| Right-of-use assets - operating leases, net | 22596 | 23594 |
| Cash and cash equivalents | 31415 | 38818 |
| Restricted cash | 17374 | 18081 |
| Rents receivable, net | 56259 | 65027 |
| Assets of property held for sale | 18932 |  |
| Total assets | $4532655 | $4837152 |
| Liabilities: |  |  |
| Mortgage and other notes payable, net | $624764 | $893944 |
| Unsecured notes payable, net | 880012 | 879462 |
| Unsecured line of credit | 91500 | 89500 |
| Accounts payable and other liabilities | 222654 | 273479 |
| Lease liabilities - operating leases | 24918 | 25972 |
| Dividends and distributions payable | 28421 | 28526 |
| Distributions in excess of income from, and investments in, unconsolidated affiliates | 16241 | 16838 |
| Liabilities of property held for sale | 161 |  |
| Total liabilities | 1888671 | 2207721 |
| Commitments and contingencies |  |  |
| Redeemable noncontrolling interests | 8457 | 9113 |
| Equity: |  |  |
| &nbsp;&nbsp;Acadia Shareholders' Equity |  |  |
| &nbsp;&nbsp;Common shares, $0.001 par value per share, authorized 200,000,000 shares, issued and outstanding 133,513,864 and 131,036,560 shares as of March 31, 2026 and December 31, 2025, respectively | 134 | 131 |
| &nbsp;&nbsp;Additional paid-in capital | 2755574 | 2710651 |
| &nbsp;&nbsp;Accumulated other comprehensive income | 20057 | 15585 |
| Distributions in excess of accumulated earnings | (498735) | (500720) |
| Total Acadia shareholders' equity | 2277030 | 2225647 |
| Noncontrolling interests | 358497 | 394671 |
| Total equity | 2635527 | 2620318 |
| Total liabilities, redeemable noncontrolling interests, and equity | $4532655 | $4837152 |

---

![img225797853_1.jpg](img225797853_1.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 As Adjusted" is also an appropriate supplemental disclosure of operating performance. FFO, FFO As Adjusted and NOI are presented to assist investors in analyzing the performance of the Company. The Company believes they are helpful as they exclude various items included in net income (loss) that are not indicative of operating performance, such as (i) gains (losses) from sales of real estate properties; (ii) depreciation and amortization, (iii) impairment of depreciable real estate assets related to the Company's main business and land held for the development of property, and (iv) items that management believes are not reflective of ongoing core operating results, including non-comparable revenues, expenses, gains, and losses. While these adjustments may be subject to fluctuations from period to period, with both positive and negative short-term impacts, management believes that the removal of the impacts of these items enhances our understanding of the operating performance of our properties. The Company believes that introducing a new supplemental measure beginning with fiscal year 2026 is useful for evaluating operating performance and comparing historical financial periods. The Company's method of calculating FFO, FFO As Adjusted and NOI may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. Neither FFO nor FFO As Adjusted represent cash generated from operations as defined by generally accepted accounting principles ("GAAP"), nor are indicative of cash available to fund all cash needs, including distributions. Such measures should not be considered as an alternative to net income (loss) for the purpose of evaluating the Company's performance or to cash flows as a measure of liquidity.

&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 assets related to the Company's main business and land held for the development of property for its operating portfolio;

&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.

![img225797853_1.jpg](img225797853_1.jpg)<sub>14</sub>

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)The pro-rata share of NOI is based upon the Operating Partnership's stated ownership percentages in each venture's operating agreement and does not include the Operating Partnership's share of NOI from unconsolidated partnerships and joint ventures within Investment Management.

---

| | |
|:---|:---|
| ![img225797853_1.jpg](img225797853_1.jpg) | <br>**15** |

---

------

## Exhibit 99.2

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

------

**Table of Contents**<br>

---

| | |
|:---|:---|
| **Section I – First Quarter 2026 Earnings Press Release** |  |
| **Section II – Financial & Operating Highlights** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Company Information</u>](#company_information) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Highlights</u>](#highlights) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Market Capitalization</u>](#market_capitalization) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Equity</u>](#forward_offerings) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Funds from Operations ("FFO"), Funds From Operations As Adjusted, Adjusted Funds from Operations ("AFFO")</u>](#funds_from_operations) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>EBITDA</u>](#ebitda) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Same Property Net Operating Income</u>](#same_property_net_op_income) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>New and Renewal Rent Spreads</u>](#core_new_and_renewal_rent_spreads) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Transactional Activity</u>](#transactional_activity) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>2026 Guidance</u>](#guidance) | 13 |
| **Section III – Financial Statements and Data** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Operations</u>](#consolidated_income_statement) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Statements of Operations - Pro-rata Adjustments</u>](#statements_of_ops_pro_rata) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Balance Sheet</u>](#consolidated_balance_sheet) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Balance Sheet - Pro-rata Adjustments</u>](#balance_sheet_pro_rata) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Fee Income Detail</u>](#fee_income) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Structured Financing</u>](#structured_financing_portfolio) | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Net Asset Valuation Information</u>](#net_asset_valuation_information) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Development and Redevelopment Activity</u>](#development_and_redevelopment_activity) | 23 |
| **Section IV – Capital Structure and Debt Analysis**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>Debt</u> [<u>Summary</u>](#portfolio_debt_summary) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>Debt</u> [<u>Detail</u>](#portfolio_debt_detail) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>Debt</u> [<u>Maturities</u>](#future_debt_maturities) | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Interest Rate Summary</u>](#interest_rate_summary) | 30 |
| **Section V – REIT Portfolio and Leasing Information**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>REIT Properties</u>](#core_properties) | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>REIT Top Tenants</u>](#core_portfolio_top_tenants) | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>REIT Lease Expirations</u>](#core_portfolio_lease_expirations) | 36 |
| **Section VI – Investment Management Platform** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Fund Overview</u>](#fund_overview) | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Investment Management Properties</u>](#investment_management_properties) | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Investment Management Lease Expirations</u>](#investment_mgt_lease_exp) | 42 |
| **Section VII – Other Information** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Important Notes</u>](#imp_notes) | 44 |

---

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

------

---

| | | |
|:---|:---|:---|
| **Company Information** |  |  |
| Acadia Realty Trust is an equity real estate investment trust focused on delivering long-term, profitable growth. Acadia owns and operates a high-quality core real estate portfolio of street and open-air retail properties in the nation's most dynamic retail corridors ("REIT Portfolio"), along with an investment management platform that targets opportunistic and value-add investments through its institutional co-investment vehicles ("Investment Management"). For further information, please visit www.acadiarealty.com. | Acadia Realty Trust is an equity real estate investment trust focused on delivering long-term, profitable growth. Acadia owns and operates a high-quality core real estate portfolio of street and open-air retail properties in the nation's most dynamic retail corridors ("REIT Portfolio"), along with an investment management platform that targets opportunistic and value-add investments through its institutional co-investment vehicles ("Investment Management"). For further information, please visit www.acadiarealty.com. | Acadia Realty Trust is an equity real estate investment trust focused on delivering long-term, profitable growth. Acadia owns and operates a high-quality core real estate portfolio of street and open-air retail properties in the nation's most dynamic retail corridors ("REIT Portfolio"), along with an investment management platform that targets opportunistic and value-add investments through its institutional co-investment vehicles ("Investment Management"). For further information, please visit www.acadiarealty.com. |
| **Contact Information** |  |  |
| **Corporate Headquarters** | **Investor Relations** | **New York Stock Exchange** |
| 411 Theodore Fremd Avenue | (914) 288-8100 | Symbol AKR |
| Suite 300 | investorrelations@acadiarealty.com |  |
| Rye, NY 10580 |  |  |
| **Analyst Coverage** |  |  |
| **Bank of America / Merrill Lynch** | **Green Street Advisors** | **KeyBanc Capital Markets, Inc.** |
| Samir Khanal <br>(646) 855-1497 | Paulina Rojas Schmidt<br>(949) 640-8780 | Todd Thomas <br>(917) 368-2286 |
| samir.khanal@bofa.com | projasschmidt@greenstreet.com | tthomas@key.com |
| **Citigroup - Global Markets** | **J.P. Morgan Securities, Inc.** | **Ladenburg Thalmann** |
| Craig Mailman <br>(212) 816-4471 | Michael W. Mueller, CFA <br>(212) 622-6689 | Floris van Dijkum<br>(212) 409-2075 |
| craig.mailman@citi.com | michael.w.mueller@jpmorgan.com | fvandijkum@ladenburg.com |
| **Compass Point Research & Trading** | **Jefferies** | **Truist** |
| Kenneth Billingsley <br>(202) 534-1393 | Linda Tsai<br>(212) 778-8011 | Anthony Hau<br>(212) 303-4176 |
| kbillingsley@compasspointllc.com | <u>ltsai@jefferies.com</u> | anthony.hau@truist.com |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report March 31, 2026 – 3 |

---

------

---

| |
|:---|
| Highlights |
| &nbsp;&nbsp;(in thousands, except per share amounts and ratios) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the three months ended March 31,** | **For the three months ended March 31,** |  |  |  |
| **Summary Financial Results** | **2026** | **2025** |  |  |  |
| REIT NOI at pro-rata share (pg 22) | $41815 | $36730 |  |  |  |
| Investment Management NOI at pro-rata share (pg 22) | $13243 | $9618 |  |  |  |
| Total NOI at pro-rata share | $55058 | $46348 |  |  |  |
| Adjusted EBITDA (pg 8) <sup>1</sup> | $58611 | $57129 |  |  |  |
| FFO As Adjusted per diluted Common Share and Common OP Unit (pg 7) | $0.30 | $0.27 |  |  |  |
| NAREIT FFO per diluted Common Share and OP Unit (pg 7) <sup>1</sup> | $0.26 | $0.34 |  |  |  |
| Dividends declared per Common Share and Common OP Unit (pg 7) | $0.20 | $0.20 |  |  |  |
|  | **Three months ended,** | **Three months ended,** | **Three months ended,** | **Three months ended,** | **Three months ended,** |
| **Summary Operating and Financial Ratios** | **March 31, 2026** | **Dec 31, 2025** | **Sept 30, 2025** | **June 30 2025** | **March 31, 2025** |
| REIT Portfolio Same-property NOI % (pg 9) | 5.9% | 5.7% | 5.4% | 4.1% | 4.1% |
| Net Debt to Adjusted EBITDA (including IM debt) (pg 5) | 5.5x | 4.9x | 5.0x | 5.5x | 5.7x |
| Fixed charge coverage ratio (annualized) (pg 8) | 3.5x | 4.0x | 4.2x | 4.3x | 4.0x |
|  | **As of** | **As of** | **As of** | **As of** | **As of** |
| **Outstanding Common Stock** | **March 31, 2026** | **Dec 31, 2025** | **Sept 30, 2025** | **June 30 2025** | **March 31, 2025** |
| Diluted Weighted Average Common shares and units outstanding (pg 6) | 139733 | 139031 | 138950 | 138909 | 129363 |
| Unsettled forward equity (pg 6) | 12294 | 14739 | 12760 | 2445 | 2445 |
|  | **Three months ended,** | **Three months ended,** | **Three months ended,** | **Three months ended,** | **Three months ended,** |
| **Transactional Activity** <sup>2</sup> | **March 31, 2026** | **Dec 31, 2025** | **Sept 30, 2025** | **June 30 2025** | **March 31, 2025** |
| REIT acquisitions (pg 11) | $78697 | $20750 | $904 | $49505 | $433796 |
| IM acquisitions (pg 11) | $424140 | $424400 | $62701 |  | $68207 |
| Aggregate purchase price of acquisitions (REIT and IM) (pg 11) | $502837 | $445150 | $63605 | $49505 | $502003 |
| Recapitalizations (pg 11) | $504115 |  |  |  |  |
| Aggregate sale price of dispositions (REIT and IM) (pg 11) | $496963 | $201540 | $99540 |  |  |
|  | **As of** | **As of** | **As of** | **As of** | **As of** |
| **Summary portfolio statistics (pro-rata)** | **March 31, 2026** | **Dec 31, 2025** | **Sept 30, 2025** | **June 30 2025** | **March 31, 2025** |
| Percent leased - REIT Street and Urban (pg 32) | 93.1% | 91.5% | 91.6% | 90.8% | 90.8% |
| Percent leased - REIT Suburban (pg 32) | 96.1% | 96.0% | 95.6% | 96.2% | 97.2% |
| Percent leased - REIT Total (pg 32) | 95.3% | 94.7% | 94.5% | 94.7% | 95.5% |
| Economic Occupancy - REIT Street and Urban (pg 32) | 91.7% | 90.3% | 89.5% | 86.7% | 86.0% |
| Economic Occupancy - REIT Suburban (pg 32) | 95.1% | 95.2% | 95.1% | 94.3% | 93.7% |
| Economic Occupancy - REIT Total (pg 32) | 94.1% | 93.9% | 93.6% | 92.2% | 91.7% |
| ABR PSF - REIT Total (pg 32) | $40.01 | $39.30 | $38.23 | $37.78 | $36.88 |
|  | **Current** | **Prior** |  |  |  |
| **2026 Guidance** | **(as of 4/28/2026)** | **(as of 2/10/2026)** |  |  |  |
| Projected 2026 FFO As Adjusted per diluted share | $1.22 - $1.26 | $1.21 - $1.25 |  |  |  |
| Annual Projected Same-property NOI | 5% - 9% | 5% - 9% |  |  |  |

---

_____________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Includes approximately $8.4 million of income recognized in connection with a terminated lease in the first quarter of 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Amounts reflect gross transaction value and are presented before giving effect to the Company's pro rata ownership interest.

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report March 31, 2026 – 4 |

---

------

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Total Market** | **Capitalization** |
|  | **Capitalization<br>($)** | **Based on Net<br>Debt** |
| **<u>Equity Capitalization</u>** |  |  |
| Common Shares | 133514 |  |
| Common Operating Partnership ("OP") Units | 6411 |  |
| Combined Common Shares and OP Units <sup>1</sup> | 139925 |  |
| Share Price at March 31, 2026 | $19.12 |  |
| Equity Capitalization - Common Shares and OP Units | $2675359 |  |
| Preferred OP Units <sup>2</sup> | 479 |  |
| **Total Equity Capitalization** | **2675838** | **64%** |
| **<u>Debt Capitalization</u>** |  |  |
| &nbsp;&nbsp;Consolidated Secured Debt | 624764 |  |
| &nbsp;&nbsp;Consolidated Revolving Credit | 91500 |  |
| &nbsp;&nbsp;Consolidated Unsecured Notes Payable | 880012 |  |
| Consolidated Principal Debt | 1596276 |  |
| Less: Net unamortized premium | (700 |  |
| Add: Deferred financing fees | 8684 |  |
| Consolidated Debt | 1604260 |  |
| Adjustment to reflect pro-rata share of debt | (38860 |  |
| **Total Pro-Rata Debt Capitalization** | **1565400** | **36%** |
| **<u>Total Market Capitalization</u>** | $**4241238** | **100%** |
| **<u>Pro-Rata Liquidity</u>** |  |  |
| Cash, cash equivalents and restricted cash | $43340 |  |
| Unsettled ATM forward equity contracts | 239225 |  |
| **Net debt** | $**1282835** |  |
| Pro-Rata EBITDA Annualized (page 8) | $260424 |  |
| Pro-Rata Adjusted EBITDA Annualized (page 8) | $234444 |  |
| **Ratios**<sup>3</sup>**:** |  |  |
| Debt + Preferred Equity (Preferred OP Units) Total Market Capitalization | 37 |  |
| Net Debt + Preferred Equity Total Market Capitalization | 30 |  |
| Net Debt/Adjusted EBITDA | 5.5 |  |

---

_____________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Does not include the unsettled Common Shares sold under the [<u>Forward Equity Offerings</u>](#forward_offerings).

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Ratios consider our pro-rata share of debt and net debt is net of cash, cash equivalents and restricted cash and unsettled forward equity.

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report March 31, 2026 – 5 |

---

------

---

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

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| **Shares and OP Units** | **Shares and OP Units** | **Shares and OP Units** | **Shares and OP Units** | **Diluted EPS** | **Diluted EPS** | **Diluted FFO** | **Diluted FFO** |
|  | **Common <br>Shares** | **Common OP Units** | **Total** | **Quarter** | **YTD** | **Quarter** | **YTD** |
| **Balance at 12/31/2025** | **131037** | **5421** | **136458** |  |  |  |  |
| Vesting RS and LTIPs | 12 | 1008 | 1020 |  |  |  |  |
| OP Conversions | 18 | (18) |  |  |  |  |  |
| Common Shares Issued Upon Forward Settlement | 2445 |  | 2445 |  |  |  |  |
| Other | 2 |  | 2 |  |  |  |  |
| **Balance at 3/31/2026** | **133514** | **6411** | **139925** | **131332** | **131332** | **139733** | **139733** |

---

---

| | | |
|:---|:---|:---|
| **Forward Equity Offerings** | **Shares** | **Net Proceeds** <sup>1</sup> |
| **Beginning balance 12/31/2025** | 14739 | $295461 |
| Shares sold |  |  |
| Shares settled | (2445) | (55888) |
| Current-value settlement adjustments <sup>1</sup> |  | (348) |
| **Ending balance as of 3/31/2026** <sup>2</sup> | 12294 | $239225 |

---

_____________________________

&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, which are reflected in settlement adjustments above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Ending balance reflects the fair value of the shares unsettled as of March 31, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report March 31, 2026 – 6 |

---

------

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Quarter Ended** |
|  | **March 31,<br>2026** | **March 31,<br>2025** |
| **<u>Funds from operations ("FFO"):</u>** |  |  |
| **Net Income attributable to Acadia** | **$30477** | **$1608** |
| Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share other than Common OP Units) | 35851 | 31607 |
| Gain on disposition on real estate properties (net of noncontrolling interest share other than Common OP Units) | (30954) |  |
| Impairment charges (net of noncontrolling interest share other than Common OP Units) |  | 1583 |
| Loss on change in control (net of noncontrolling interest share other than Common OP Units) |  | 9622 |
| Income attributable to noncontrolling interests' share in Operating Partnership | 1501 | 163 |
| **FFO to Common Shareholders and Common OP Unit holders - Diluted** | **$36875** | **$44583** |
| Transaction and other expenses <sup>1</sup> | 4358 | 526 |
| Unrealized holding loss (gain) (net of noncontrolling interest share) | 616 | (1672) |
| Tenant lease settlement |  | (8309) |
| **FFO As Adjusted to Common Shareholder and Common OP Unit holders** | **$41849** | **$35128** |
| **<u>Adjusted Funds from operations ("AFFO"):</u>** |  |  |
| FFO | $36875 | $44583 |
| Unrealized holding loss (gain) (net of noncontrolling interest share) | 616 | (1672) |
| Straight-line rent, net | 37 | (341) |
| Above/below-market rent | (2562) | (2419) |
| Amortization of finance costs | 1618 | 1488 |
| Above/below-market interest | (155) | (128) |
| Non-real estate depreciation | 93 | 90 |
| Stock-based compensation | 6189 | 2400 |
| Leasing commissions | (1447) | (1343) |
| Tenant improvements | (2694) | (4881) |
| Maintenance capital expenditures | (1735) | (1021) |
| **AFFO to Common Shareholders and Common OP Unit holders** | **$36835** | **$36756** |
| **FFO per Diluted Common Share and Common OP Unit** | **$0.26** | **$0.34** |
| **FFO As Adjusted per Diluted Common Share and Common OP Unit** | **$0.30** | **$0.27** |
| **Total weighted-average diluted shares and OP Units** | 139733 | 129363 |
| **Additional Disclosures:** |  |  |
| Dividends Declared (per Common Share/OP Units) | $0.20 | $0.20 |
| Dividends (Shares) & Distributions (OP Units Declared) | $28320 | $27636 |
| FFO Payout Ratio | 77% | 62% |
| FFO As Adjusted Payout Ratio | 68% | 79% |
| AFFO Payout Ratio | 77% | 75% |

---

_____________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Transaction and other expenses include those costs that the Company believes are not reflective of ongoing core operating results including investment transaction costs, debt extinguishment costs and employee retirement costs.

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report March 31, 2026 – 7 |

---

------

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Quarter Ended** |
|  | **March 31,** | **March 31,** |
|  | **2026** | **2025** |
| **Net income (loss) attributable to Acadia shareholders** | $**30477** | $**1608** |
| **Adjustments:** <sup>1</sup> |  |  |
| &nbsp;&nbsp;Depreciation and amortization | 35944 | 31697 |
| &nbsp;&nbsp;Interest expense | 15169 | 12739 |
| &nbsp;&nbsp;Above/below-market interest | (155 | (128 |
| &nbsp;&nbsp;Provision for income taxes | 42 | 96 |
| &nbsp;&nbsp;Amortization of finance costs | 1618 | 1488 |
| &nbsp;&nbsp;Noncontrolling interest - OP | 1496 | 96 |
| **EBITDA** | $**84591** | $**47596** |
| &nbsp;&nbsp;Gain on disposition of properties | (30954 |  |
| &nbsp;&nbsp;Unrealized holding loss (gain) on investments | 616 | (1672 |
| &nbsp;&nbsp;Transaction and other expenses <sup>2</sup> | 4358 |  |
| &nbsp;&nbsp;Impairment charges |  | 1583 |
| &nbsp;&nbsp;Loss on change in control |  | 9622 |
| **Adjusted EBITDA** | $**58611** | $**57129** |
| **<u>Fixed-Charge Coverage Ratios</u>** |  |  |
| Adjusted EBITDA<sup>1</sup> divided by: | $58611 | $57129 |
| &nbsp;&nbsp;Interest expense | 15169 | 12739 |
| &nbsp;&nbsp;Principal Amortization | 1499 | 1513 |
| &nbsp;&nbsp;Preferred Dividends<sup>3</sup> | 5 | 67 |
| Total Fixed Charges | 16673 | 14319 |
| **Fixed-Charge Coverage Ratio - REIT Portfolio and Investment Management** | 3.5 | 4.0 |

---

---

| | | |
|:---|:---|:---|
|  | **EBITDA** | **EBITDA** |
|  | **Year to Date** | **Year ended** |
| **Reconciliation of EBITDA to Annualized EBITDA** | **March 31, 2026** | **December 31, 2025** |
| Year to Date EBITDA as reported | $84591 | $236728 |
| Add: Annualized EBITDA | 175833 |  |
| Annualized EBITDA | 260424 | 236728 |
| Year to Date Adjusted EBITDA as reported | $58611 | $236728 |
| Add: Annualized EBITDA | 175833 |  |
| Annualized Adjusted EBITDA | 234444 | 236728 |
| Year to Date Realized gain and Promote as reported |  | 14454 |
| Annualized Adjusted EBITDA excluding realized gains | $234444 | $222274 |

---

_____________________________

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Transaction and other expenses include those costs that the Company believes are not reflective of ongoing core operating results including investment transaction costs, debt extinguishment costs and employee retirement costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Represents preferred distributions on Preferred Operating Partnership Units

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report March 31, 2026 – 8 |

---

------

---

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

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Quarter Ended March 31,** | **Quarter Ended March 31,** |  |
|  | **2026** | **2025** | **% Change** |
| **Summary** |  |  |  |
| Minimum rents | $42371 | $40002 | 5.9% |
| Expense reimbursements | 11247 | 10181 | 10.5% |
| Other property income | 1091 | 1259 | (13.3)% |
| **Total Revenue** | 54709 | 51442 | 6.4% |
| **Expenses** |  |  |  |
| Property operating - CAM & Real estate taxes | 14406 | 13398 | 7.5% |
| Other property operating (Non-CAM) | 1461 | 1366 | 7.0% |
| **Total Expenses** | 15867 | 14764 | 7.5% |
| Same Property NOI - REIT properties | $38842 | $36678 | **5.9%** |
| **Reconciliation of Same Property NOI to REIT Portfolio NOI** |  |  |  |
| NOI of Properties excluded from Same Property NOI | 2973 | 52 |  |
| REIT Portfolio NOI | $41815 | $36730 |  |
| **Other same property information** |  |  |  |
| Economic Occupancy at the end of the period | 94.0% | 91.8% |  |
| Leased Occupancy at the end of the period | 95.1% | 95.7% |  |

---

_____________________________

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report March 31, 2026 – 9 |

---

------

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

---

| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Quarter Ended** |
|  | **March 31, 2026** | **March 31, 2026** |
|  | **GAAP** <sup>2</sup> | **Cash** <sup>3</sup> |
| **New Leases** |  |  |
| Number of new leases executed | 1 | 1 |
| GLA | 20214 | 20214 |
| New base rent | $37.51 | $34.00 |
| Previous base rent | $25.02 | $26.04 |
| Average cost per square foot | $173.55 | $173.55 |
| Weighted Average Lease Term (years) | 15.0 | 15.0 |
| **Percentage growth in base rent** | **49.9%** | **30.6%** |
| **Renewal Leases** |  |  |
| Number of renewal leases executed | 11 | 11 |
| GLA | 162160 | 162160 |
| New base rent | $49.90 | $47.34 |
| Expiring base rent | $41.28 | $43.03 |
| Average cost per square foot | $3.70 | $3.70 |
| Weighted Average Lease Term (years) | 4.9 | 4.9 |
| **Percentage growth in base rent** | **20.9%** | **10.0%** |
| **Total New and Renewal Leases** |  |  |
| Number of new and renewal leases executed | 12 | 12 |
| GLA commencing | 182374 | 182374 |
| New base rent | $48.52 | $45.86 |
| Expiring base rent | $39.48 | $41.15 |
| Average cost per square foot | $22.53 | $22.53 |
| Weighted Average Lease Term (years) | 6.0 | 6.0 |
| **Percentage growth in base rent** | **22.9%** | **11.4%** |

---

_____________________________

&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 March 31, 2026 – 10 |

---

------

68-4

---

| |
|:---|
| **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 <br>Share** | **Acadia Share** |
| **ACQUISITIONS** <sup>3</sup> |  |  |  |  |  |  |
| **<u>REIT Portfolio:</u>** |  |  |  |  |  |  |
| 1045 and 1165 Madison Avenue | New York, NY | January 2026 | $21313 | 100% | $— | $21313 |
| Rhode Island Place (Strategic Add-on) | Washington D.C | March 2026 | 9464 | 100% |  | 9464 |
| 846 W. Armitage Avenue (Strategic Add-on) | Chicago, IL | March 2026 | 4440 | 100% |  | 4440 |
| 225 Worth Avenue | Palm Beach, FL | March 2026 | 43480 | 100% |  | 43480 |
| 4-6 and 28 Newbury Street<sup>3</sup> | Boston, MA | April 2026 | 108850 | 100% |  | 108850 |
| **Subtotal REIT Portfolio:** |  |  | 187547 |  |  | 187547 |
| **<u>Investment Management:</u>** |  |  |  |  |  |  |
| <u>Other Co-Investment Vehicles:</u> |  |  |  |  |  |  |
| Shops at Skyview<sup>4</sup> | Queens, NY | January 2026 | 424140 | 20% |  | 84828 |
| **TOTAL ACQUISITIONS** |  |  | $611687 |  | $— | $272375 |
| **RECAPITALIZATIONS** |  |  |  |  |  |  |
| **<u>Investment Management:</u>** |  |  |  |  |  |  |
| <u>Other Co-Investment Vehicles:</u> |  |  |  |  |  |  |
| Atlantic Portfolio <sup>4</sup> | Various | February 2026 | $373203 | 20% |  | $74641 |
| Avenue at West Cobb<sup>4</sup> | Marietta, GA | February 2026 | 62706 | 20% |  | 12541 |
| Pinewood Square<sup>4</sup> | Lake Worth, FL | March 2026 | 68206 | 20% |  | 13641 |
| **Subtotal Investment Management:** |  |  | $504115 |  |  | $100823 |
| **TOTAL RECAPITALIZATIONS** |  |  |  |  |  |  |
| **DISPOSITIONS** |  |  |  |  |  |  |
| **<u>Investment Management</u>:** <sup>2</sup> |  |  |  |  |  |  |
| <u>FUND IV:</u> |  |  |  |  |  |  |
| 1964 Union Street | San Francisco, CA | March 2026 | $2600 | 90% | $2340 | $541 |
| 650 Bald Hill Road | Warwick, RI | April 2026 | 20500 | 90% | 18450 | 4266 |
|  |  |  | 23100 |  | 20790 | 4807 |
| <u>Fund V:</u> |  |  |  |  |  |  |
| Landstown Commons | Virginia Beach, VA | January 2026 | 102000 | 100% | 102000 | 20502 |
| Atlantic Portfolio <sup>4</sup> | Various | February 2026 | $371863 | 100% | 371863 | 74744 |
|  |  |  | 473863 |  | 473863 | 95246 |
| **TOTAL DISPOSITIONS** |  |  | $496963 |  | $494653 | $100053 |
| **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** | **Acadia <br>Share** |  |  |
| Shops at Skyview<sup>5</sup> | Preferred Equity | January 2026 | $41700 | $33360 |  |  |
| Atlantic Portfolio (TPG Recapitalization)<sup>6</sup> | Preferred Equity | February 2026 | 27500 | 22000 |  |  |
|  |  |  | $69200 | $55360 |  |  |

---

_____________________________

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report March 31, 2026 – 11 |

---

------

---

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

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The Company provided a $41.7 million preferred equity investment to the venture, of which it also holds a 20% ownership interest. The transaction amount presented reflects the Company's preferred equity investment net of the portion attributable to its ownership interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.The Company provided a $27.5 million preferred equity investment to the venture, of which it also holds a 20% ownership interest. The transaction amount presented reflects the Company's preferred equity investment net of the portion attributable to its ownership interest.

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report March 31, 2026 – 12 |

---

------

**2026 Guidance**<br>

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

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

---

| | | |
|:---|:---|:---|
|  | **2026 Guidance** <sup>1</sup> | **2026 Guidance** <sup>1</sup> |
|  | **Revised** | **Prior** |
| **Net earnings per share attributable to Acadia** | **$0.37-$0.39** | **$0.24-$0.26** |
| Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share other than Common OP Units) | 0.95-0.97 | 0.95-0.97 |
| Gain on disposition on real estate properties (net of noncontrolling interest share other than Common OP Units) | (0.22) | (0.04) |
| Adjustment of redeemable noncontrolling interest to estimated redemption value | 0.04 |  |
| Noncontrolling interest in Operating Partnership | 0.03 | 0.03 |
| **NAREIT Funds from operations per share attributable to Common Shareholders and Common OP Unit holders** | **$1.17-$1.21** | **$1.18-$1.22** |
| **Adjustments to FFO:** |  |  |
| Transaction and other expenses <sup>2</sup> | 0.05 | 0.03 |
| **Funds From Operations As Adjusted per share attributable to Common Shareholders and Common OP Unit holders** <sup>3</sup> | **$1.22-$1.26** | **$1.21-$1.25** |

---

_____________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Totals may not foot due to rounding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Transaction and other expenses include those costs that the Company believes are not reflective of ongoing core operating results, including investment transaction costs, debt extinguishment costs and employee retirement costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Refer to the [<u>Important Notes</u>](#imp_notes) for the definition of FFO As Adjusted.

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report March 31, 2026 – 13 |

---

------

---

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

---

---

| | |
|:---|:---|
|  | **March 31, 2026** <sup>1</sup> |
|  | **Quarter** |
| **Revenues** |  |
| Rental income | $98568 |
| Other | 4424 |
| &nbsp;&nbsp;Total revenues | **102992** |
| **Expenses** |  |
| Depreciation and amortization | 40155 |
| General and administrative | 15303 |
| Real estate taxes | 12922 |
| Property operating | 18249 |
| Total expenses | **86629** |
| Gain on disposition of properties | 142148 |
| &nbsp;&nbsp;**Operating income** | **158511** |
| Equity in losses of unconsolidated affiliates | (1508) |
| Interest income | 4788 |
| Unrealized holding losses on investments and other | (616) |
| Interest expense | (22052) |
| &nbsp;&nbsp;**Income from continuing operations before income taxes** | **139123** |
| Income tax provision | (12) |
| &nbsp;&nbsp;**Net income** | **139111** |
| Net loss attributable to redeemable noncontrolling interests | 698 |
| Net income attributable to noncontrolling interests | (109332) |
| &nbsp;&nbsp;**Net income attributable to Acadia shareholders** | $**30477** |

---

---

| | |
|:---|:---|
|  | **March 31, 2026** <sup>1</sup> |
|  | **Quarter** |
| **Reconciliation of Revenues to Consolidated GAAP Revenues** |  |
| Total Revenues | $95954 |
| Straight-line rent income | 166 |
| Above/below-market rent income | 3362 |
| Asset and property management fees | 1311 |
| Investment management fees | 2216 |
| Other income adjustments | (17) |
| **Consolidated Total GAAP Revenues** | $**102992** |
| **Reconciliation of Property Operating Expenses to Consolidated GAAP Property Operating Expenses** |  |
| Property operating - CAM and Other | $14670 |
| Asset and property management expense | 3526 |
| Other | 53 |
| **Consolidated Total GAAP Property Operating Expenses** | $**18249** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report March 31, 2026 – 14 |

---

------

---

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

---

---

| | |
|:---|:---|
|  | **March 31, 2026** <sup>1</sup> |
| **REIT PORTFOLIO AND INVESTMENT MANAGEMENT INCOME** | **Quarter** |
| **REVENUES** |  |
| Minimum rents | $74284 |
| Expense reimbursements - CAM | 10132 |
| Expense reimbursements - Taxes | 9743 |
| Percentage rent and other property income | 1795 |
| **Total Revenues** | **95954** |
| **EXPENSES** |  |
| Property operating - CAM | 14670 |
| Real estate taxes | 12922 |
| Asset and property management expense | 3526 |
| **Total Expenses** | **31118** |
| **NET OPERATING INCOME - PROPERTIES** | **64836** |
| **OTHER INCOME (EXPENSE)** |  |
| Interest income | 4788 |
| Straight-line rent income | 166 |
| Above/below-market rent income | 3362 |
| Interest expense <sup>2</sup> | (22052) |
| Other income | 203 |
| **REIT PORTFOLIO AND INVESTMENT MANAGEMENT INCOME** | **51303** |
| **FEE AND OTHER INCOME** <sup>3</sup> |  |
| Asset and property management fees | 1311 |
| Investment management fees | 2216 |
| **Total Investment Management Fee Income** | **3527** |
| Transactional and other expenses | (273) |
| **Total Investment Management Fee Income and Other Transactional Expenses** | **3254** |
| Unrealized losses on investments and other | (616) |
| Income tax provision | (12) |
| **Total Fee and Other Income** | **2626** |
| **Administrative and Other Expenses** | **(15303)** |
| Depreciation and amortization | (40062) |
| Non-real estate depreciation and amortization | (93) |
| Gain on disposition of properties | 142148 |
| **Gain (loss) before equity in earnings and noncontrolling interests** | **140619** |
| Equity in losses of unconsolidated affiliates | (1508) |
| Noncontrolling interests (including redeemable noncontrolling interests) | (108634) |
| **NET INCOME ATTRIBUTABLE TO ACADIA SHAREHOLDERS** | $**30477** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report March 31, 2026 – 15 |

---

------

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Quarter Ended March 31, 2026** | **Quarter Ended March 31, 2026** |
| **REIT 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> |
| **REVENUES** |  |  |
| Minimum rents | $(23947) | $13148 |
| Expense reimbursements - CAM | (4171) | 2284 |
| Expense reimbursements - Taxes | (3522) | 2010 |
| Percentage rent and other property income | (536) | 648 |
| **Total Revenues** | **(32176)** | **18090** |
| **EXPENSES** |  |  |
| Property operating - CAM | (5150) | 2681 |
| Real estate taxes | (4121) | 2820 |
| Asset and property management expense | (1290) | 752 |
| **Total Expenses** | **(10561)** | **6253** |
| **NET OPERATING INCOME - PROPERTIES** | **(21615)** | **11837** |
| **OTHER INCOME (EXPENSE)** |  |  |
| Interest income | (179) | 19 |
| Straight-line rent income | (241) | 38 |
| Above/below-market rent (expense) income | (1530) | 730 |
| Interest expense <sup>2</sup> | 10679 | (5557) |
| Other (expense) income | (7) | 6 |
| **REIT PORTFOLIO AND INVESTMENT MANAGEMENT INCOME** | **(12893)** | **7073** |
| **FEE AND OTHER INCOME** <sup>3</sup> |  |  |
| Asset and property management fees | 2279 | 92 |
| Investment management fees | 1597 | 78 |
| **Total Investment Management Fee Income** | **3876** | **170** |
| Transactional and other expenses |  |  |
| **Total Investment Management Fee Income and Other Transactional Expenses** | **3876** | **170** |
| Unrealized losses on investments and other |  |  |
| Income tax provision | (25) | (5) |
| **Total Fee and Other Income** | **3851** | **165** |
| **Administrative and Other Expenses** | **604** | **(463)** |
| Depreciation and amortization | 12494 | (8283) |
| Non-real estate depreciation and amortization |  |  |
| Loss (gain) on disposition of properties | (111194) |  |
| **Gain (loss) before equity in earnings and noncontrolling interests** | **(107138)** | **(1508)** |
| Equity in losses of unconsolidated affiliates |  |  |
| Noncontrolling interests (including redeemable noncontrolling interests) <sup>6</sup> | (1496) |  |
| **NET INCOME (LOSS) ATTRIBUTABLE TO ACADIA SHAREHOLDERS** | $**(108634)** | $**(1508)** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report March 31, 2026 – 16 |

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------

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| **ASSETS** | **Consolidated<br>Balance Sheet** | **Line Item Details:** | **Line Item Details:** |
| <u>Real estate</u> |  |  |  |
| Buildings and improvements | $3057952 | **Real estate under development (REIT):** | $178050 |
| Tenant improvements | 321489 |  |  |
| Land | 1100492 | **Summary of other assets, net:** |  |
| Construction in progress | 26266 | Deferred charges, net | $40517 |
| Right-of-use assets - finance leases | 61366 | Accrued interest receivable | 9028 |
|  | 4567565 | Due from seller | 1654 |
| Less: Accumulated depreciation and amortization | (979837) | Prepaid expenses | 13020 |
| Operating real estate, net | 3587728 | Other receivables | 3925 |
| Real estate under development | 178050 | Income taxes receivable | 1273 |
| Net investments in real estate | 3765778 | Corporate assets, net | 550 |
| Notes receivable, net ($2,176 of allowance for credit losses) | 154430 | Deposits | 10577 |
| Investments in and advances to unconsolidated affiliates | 275770 | Derivative financial instruments | 12905 |
| Lease intangibles, net | 96652 | Total | $93449 |
| Other assets, net | 93449 |  |  |
| Right-of-use assets - operating leases, net | 22596 | **Summary of accounts payable and other liabilities:** | **Summary of accounts payable and other liabilities:** |
| Cash and cash equivalents | 31415 | Lease liability - finance leases, net | $32287 |
| Restricted cash | 17374 | Accounts payable and accrued expenses | 68407 |
| Straight-line rents receivable, net | 40846 | Deferred income | 24663 |
| Rents receivable, net | 15413 | Tenant security deposits, escrows, and other | 16841 |
| Assets of property held for sale | 18932 | Derivative financial instruments | 688 |
| Total assets | $4532655 | Total | $142886 |
| **Liabilities:** |  |  |  |
| Mortgage and other notes payable, net | $624764 |  |  |
| Unsecured notes payable, net | 880012 |  |  |
| Unsecured line of credit | 91500 |  |  |
| Accounts payable and other liabilities | 142886 |  |  |
| Lease liabilities - operating leases | 24918 |  |  |
| Dividends and distributions payable | 28421 |  |  |
| Lease intangibles, net | 79768 |  |  |
| Distributions in excess of income from, and investments in, unconsolidated affiliates | 16241 |  |  |
| Liabilities of property held for sale | 161 |  |  |
| Total liabilities | 1888671 |  |  |
| Commitments and contingencies |  |  |  |
| Redeemable noncontrolling interests | 8457 |  |  |
| Equity: |  |  |  |
| Acadia Shareholders' Equity |  |  |  |
| Common shares, $0.001 par value per share, authorized 200,000,000 shares, issued and outstanding 133,513,864 and 131,036,560 shares as of March 31, 2026 and December 31, 2025, respectively | 134 |  |  |
| Additional paid-in capital | 2755574 |  |  |
| Accumulated other comprehensive income | 20057 |  |  |
| Distributions in excess of accumulated earnings | (498735) |  |  |
| Total Acadia shareholders' equity | 2277030 |  |  |
| Noncontrolling interests | 358497 |  |  |
| Total equity | 2635527 |  |  |
| Total liabilities, redeemable noncontrolling interests, and equity | $4532655 |  |  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report March 31, 2026 – 17 |

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------

---

| |
|:---|
| **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 | $(440879) | $318265 |
| Tenant improvements | (33914) | 14632 |
| Land | (162498) | 123340 |
| Construction in progress | (3324) | 1907 |
| Right-of-use assets - finance leases | (21584) | 21817 |
|  | (662199) | 479961 |
| Less: Accumulated depreciation and amortization | 105730 | (62959) |
| Operating real estate, net | (556469) | 417002 |
| Real estate under development |  | 2217 |
| &nbsp;&nbsp;Net investments in real estate | (556469) | 419219 |
| Notes receivable, net | 52590 | 55373 |
| Investments in and advances to unconsolidated affiliates | (21242) | (231806) |
| Lease intangibles, net | (18271) | 49714 |
| Other assets, net | 10177 | 7928 |
| Right-of-use assets - operating leases, net | (1127) |  |
| Cash and cash equivalents | (15376) | 9278 |
| Restricted cash | (2956) | 3605 |
| Straight-line rents receivable, net | (6183) | 4554 |
| Rents receivable, net | (4612) | 1621 |
| Assets of property held for sale | (27953) | 17426 |
| Total assets | $(591422) | $336912 |
| **Liabilities:** |  |  |
| Mortgage and other notes payable, net | $(327606) | $289931 |
| Unsecured notes payable, net | 361 |  |
| Unsecured line of credit |  |  |
| Accounts payable and other liabilities | (36527) | 34454 |
| Lease liabilities - operating leases | (1175) | 4 |
| Dividends and distributions payable |  |  |
| Lease intangibles, net | (18156) | 28764 |
| Distributions in excess of income from, and investments in, unconsolidated affiliates |  | (16241) |
| Liabilities of property held for sale | (161) |  |
| Total liabilities | (383264) | 336912 |
| Commitments and contingencies |  |  |
| Acadia Shareholders' Equity |  |  |
| Common shares, $0.001 par value per share, authorized 200,000,000 shares, issued and outstanding 133,513,864 and 131,036,560 shares as of March 31, 2026 and December 31, 2025, respectively |  |  |
| &nbsp;&nbsp; Additional paid-in capital |  |  |
| &nbsp;&nbsp; Accumulated other comprehensive income |  |  |
| &nbsp;&nbsp; Distributions in excess of accumulated earnings |  |  |
| &nbsp;&nbsp; Total Acadia shareholders' equity |  |  |
| Noncontrolling interests | (208158) |  |
| Total equity | (208158) |  |
| Total liabilities, redeemable noncontrolling interests, and equity | $(591422) | $336912 |

---

_____________________________

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| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report March 31, 2026 – 18 |

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------

**Notes to Financial Statements**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Results are unaudited, although they reflect all adjustments, which in the opinion of management are necessary for a fair presentation of operating results for the interim periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Net of consolidated capitalized interest of $2.2 million, or $2.1 million at the Company's pro-rata share, for the three months ended March 31, 2026.

&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 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 REIT properties but also includes Investment Management assets that are held off-balance sheet), each of which are included on a single line presentation in the Company's consolidated financial statements in accordance with GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.This represents the income allocable to Operating Partnership Units of $1.5 million for the three months ended March 31, 2026.

&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 REIT assets. All properties which the Company is deemed to control are consolidated within the Company's financial statements.

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report March 31, 2026 – 19 |

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------

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

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund II** | **Fund III** | **Fund IV** | **Fund V** | **Other** <sup>2</sup> | **Total** |
| **Quarter Ended March 31, 2026** |  |  |  |  |  |  |
| Asset and property management fees | $58 |  | $412 | $1909 | $1303 | $3682 |
| Leasing, Construction, and Development fees and other | 12 | 94 | 163 | 1415 | 2207 | 3891 |
| Total fees | $70 | $94 | $575 | $3324 | $3510 | $7573 |

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_____________________________

&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's 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 the REIT Portfolio and Investment Management) as well as third-party managed assets.

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report March 31, 2026 – 20 |

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

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **Quarter Ended March 31, 2026** | **Quarter Ended March 31, 2026** | **Quarter Ended March 31, 2026** | **Quarter Ended March 31, 2026** | **Quarter Ended March 31, 2026** |  |  |  |
|  | **Principal** | **Accrued** | **Ending** |  | **Repayments/** | **Current** | **Accrued** | **Ending** | **Stated Interest** | **Effective Interest** | **Maturity** |
| **Investment** | **Balance** | **Interest** | **Balance** | **Issuances** | **Conversions** | **Principal** | **Interest** | **Balance** | **Rate** | **Rate** | **Dates** <sup>1,3</sup> |
| First mortgage notes <sup>1,2</sup> | $59801 | $3809 | $63610 | $— | $— | $59801 | $3809 | $63610 | 5.99% | 6.52% | Sept 2026 |
| Other notes <sup>2</sup> | 149817 | 24122 | 173939 | 55449 |  | 205266 | 24122 | 229388 | 9.47% | 9.60% | Nov 2026 - Feb 2029 |
| **Total notes receivable** | $**209618** | $**27931** | $**237549** | $**55449** | $**—** | $**265067** | $**27931** | $**292998** | **8.68%** | **8.91%** |  |
| 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;&nbsp;Total Notes Receivable per above | &nbsp;&nbsp;&nbsp;Total Notes Receivable per above | &nbsp;&nbsp;&nbsp;Total Notes Receivable per above | &nbsp;&nbsp;&nbsp;Total Notes Receivable per above | &nbsp;&nbsp;&nbsp;Total Notes Receivable per above | &nbsp;&nbsp;&nbsp;Total Notes Receivable per above | $265067 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Allowance for credit loss <sup>4</sup> | &nbsp;&nbsp;&nbsp;Allowance for credit loss <sup>4</sup> | &nbsp;&nbsp;&nbsp;Allowance for credit loss <sup>4</sup> | &nbsp;&nbsp;&nbsp;Allowance for credit loss <sup>4</sup> | &nbsp;&nbsp;&nbsp;Allowance for credit loss <sup>4</sup> | &nbsp;&nbsp;&nbsp;Allowance for credit loss <sup>4</sup> | (2674) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total pro-rata Notes Receivable | &nbsp;&nbsp;&nbsp;Total pro-rata Notes Receivable | &nbsp;&nbsp;&nbsp;Total pro-rata Notes Receivable | &nbsp;&nbsp;&nbsp;Total pro-rata Notes Receivable | &nbsp;&nbsp;&nbsp;Total pro-rata Notes Receivable | &nbsp;&nbsp;&nbsp;Total pro-rata Notes Receivable | $262393 |  |  |  |  |  |

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_____________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.One note in the principal amount of $17.8 million was in default at March 31, 2026.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report March 31, 2026 – 21 |

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

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **REIT** | **FUND II** <sup>3</sup> | **FUND III** | **FUND IV** | **FUND V** | **Other Co-Investment Vehicles** <sup>5</sup> |
| **<u>Acadia Ownership Percentage</u>** | N/A | 80.00% | 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 (loss) <sup>2</sup> | $41815 | N/A<sup>3</sup> | $(11) | $657 | $4204 | $4938 |
| Less: |  |  |  |  |  |  |
| Net operating income from properties sold or assets held for sale |  | N/A<sup>3</sup> | 2 | (153) | (1038) |  |
| Net operating (loss) income from pre-stabilized assets, development and redevelopment projects <sup>4</sup> | (1527) | N/A <sup>3</sup> | 9 | (242) |  |  |
| Net Operating Income of stabilized assets | $40288 | N/A <sup>3</sup> | $— | $262 | $3166 | $4938 |
| **<u>Costs to Date (Pro-Rata)</u>** |  |  |  |  |  |  |
| Assets held for sale | $— | N/A <sup>3</sup> | $— | $— | $— | $— |
| Pre-stabilized assets <sup>4</sup> | 1032481 | N/A <sup>3</sup> |  | 12875 |  |  |
| Development and redevelopment projects <sup>6</sup> | 524400 | N/A <sup>3</sup> | 8300 | 27800 |  |  |
| Total Costs to Date | $1556881 | N/A <sup>3</sup> | $8300 | $40675 | $— | $— |
| **<u>Debt (Pro-Rata)</u>** | $1189962 | $103642 | $— | $23165 | $94378 | $154253 |

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_____________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.This Net Asset Valuation Information page shows Acadia's pro-rata portion of the REIT 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 REIT: Route 6 Mall, 664 N. Michigan Avenue, 651-671 West Diversey, Henderson Avenue, City Center, and 1801-03 Connecticut Ave; Fund II: City Point; Fund IV: 210 Bowery, 801 Madison, and 27 E 61st Street.

&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, LINQ Promenade, Shops at Skyview, Pinewood Square, Avenue at West Cobb, and Atlantic Portfolio.

&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 March 31, 2026 – 22 |

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------

**Development and Redevelopment Activity**<br>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | **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 incurred from development / redevelopment** | **Total Costs to Date** <sup>2</sup> | **Estimated Future Range** | **Estimated Future Range** | **Estimated Total Range** | **Estimated Total Range** |
| **<u>REIT</u>** |  |  |  |  |  |  |  |  |  |  |
| **<u>Development:</u>** |  |  |  |  |  |  |  |  |  |  |
| Henderson Avenue Expansion <sup>1</sup> | 100.0% | Dallas, TX | 2027/2028 | 176000 | $106.7 | $106.7 | $82.3 | $101.2 | $189.0 | $207.9 |
| **<u>Redevelopment:</u>** |  |  |  |  |  |  |  |  |  |  |
| 555 9th Street | 100.0% | San Francisco, CA | TBD | 149000 | 22.0 | 163.7 | 3.0 | 13.0 | 166.7 | 176.7 |
| 840 N. Michigan Avenue | 94.4% | Chicago, IL | TBD | 87000 | 0.2 | 156.6 | TBD | TBD | TBD | TBD |
| Brandywine Holdings | 100.0% | Wilmington, DE | 2026 | 138000 | 4.1 | 28.1 | 6.0 | 8.0 | 34.1 | 36.1 |
| Westshore Expressway | 100.0% | Staten Island, NY | TBD | 55000 |  | 18.6 | TBD | TBD | TBD | TBD |
| Mark Plaza | 100.0% | Edwardsville, PA | TBD | 107000 |  | 3.7 | TBD | TBD | TBD | TBD |
| Bedford Green | 100.0% | Bedford Hills, NY | TBD | 91000 | 0.4 | 51.1 | TBD | TBD | TBD | TBD |
| **Total REIT Redevelopment** |  |  |  |  | $26.7 | $421.8 | $9.0 | $21.0 | $200.8 | $212.8 |
| **Total REIT Development and Redevelopment** |  |  |  |  | $133.4 | $528.5 | $91.3 | $122.2 | $389.8 | $420.7 |
| **<u>INVESTMENT MANAGEMENT</u>** |  |  |  |  |  |  |  |  |  |  |
| **<u>Development:</u>** |  |  |  |  |  |  |  |  |  |  |
| **<u>FUND III</u>** |  |  |  |  |  |  |  |  |  |  |
| Broad Hollow Commons | 24.5% | Farmingdale, NY | 2026/2027 | TBD | $5.3 | $8.3 | TBD | TBD | TBD | TBD |
| **<u>Redevelopment:</u>** |  |  |  |  |  |  |  |  |  |  |
| **<u>FUND IV</u>** |  |  |  |  |  |  |  |  |  |  |
| 717 N. Michigan Avenue | 23.1% | Chicago, IL | TBD | TBD | 0.9 | 27.8 | TBD | TBD | TBD | TBD |
| **Total Investment Management Development and Redevelopment** |  |  |  |  | $6.2 | $36.1 | $— | $— | $— | $— |
| **Total REIT and Investment Management Development and Redevelopment** |  |  |  |  | $139.6 | $564.6 | $91.3 | $122.2 | $389.8 | $420.7 |

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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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Total costs includes the original acquisition cost of the asset. The Company is not currently capitalizing interest or carrying costs for those assets included in "Redevelopment" assets and "Fund III development" above.

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| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report March 31, 2026 – 23 |

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**Development and Redevelopment Activity**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Property** | **AKR Pro-rata share** | **Location** | **Estimated Stabilization** | **Est. Sq ft Upon Completion** |
| **<u>Pre-Stabilized:</u>** |  |  |  |  |
| 210 Bowery (Fund IV) | 23.1% | New York, NY | 2026 | 2538 |
| 801 Madison (Fund IV) | 23.1% | New York, NY | 2026 | 2522 |
| 27 E 61st Street (Fund IV) | 23.1% | New York, NY | 2026 | 4177 |
| 1035 Third Avenue (Fund IV) | 23.1% | New York, NY | 2026 | N/A |
| Henderson Avenue (REIT) | 100.0% | Dallas, TX | 2026/2027 | 62000 |
| City Center (REIT) | 100.0% | San Francisco, CA | 2026/2027 | 241000 |
| Route 6 Mall (REIT) | 100.0% | Honesdale, PA | 2026 | 154000 |
| City Point (Fund II) | 80.0% | Brooklyn, NY | 2026/2027 | 536198 |
| 651-671 West Diversey (REIT) | 100.0% | Chicago, IL | 2026/2027 | 40000 |
| 1801-03 Connecticut Avenue (REIT) | 100.0% | Washington, D.C. | 2027 | 10500 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report March 31, 2026 – 24 |

---

------

---

| |
|:---|
| **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> |  |  |  |
|  | **REIT Portfolio** | **REIT Portfolio** | **Investment Management** | **Investment Management** | **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> | $267347 | 2.7 | $21223 | 1.2 | $288570 | 2.6 | $1069071 | $1357641 |  | $123762 | $(175933) | $1305470 |
| Variable-Rate Debt <sup>5</sup> | 922615 | 2.8 | 354215 | 2.2 | 1276830 | 2.6 | (1069071) | 207759 |  | 204736 | (113705) | 298790 |
| **Total** | **$1189962** | **2.7** | **$375438** | **2.1** | **$1565400** | **2.6** | **$—** | **$1565400** | **4.5%** | **$328498** | **$(289638)** | **1604260** |
| Unamortized premium | Unamortized premium |  |  |  | 535 |  |  |  |  |  |  | 700 |
| Net unamortized loan costs | Net unamortized loan costs |  |  |  | (11567) |  |  |  |  |  |  | (8684) |
| Contingent loan obligation | Contingent loan obligation |  |  |  | 4411 |  |  |  |  |  |  |  |
| **Total** |  |  |  |  | **$1558779** |  |  |  |  |  |  | **$1596276** |

---

_____________________________

&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 March 31, 2026 – 25 |

---

------

---

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

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Principal Balance at** | **Acadia's Pro-rata Share** | **Acadia's Pro-rata Share** | **Interest** |  | **Extension** |
| **Property** |  | **March 31, 2026** | **Percent** | **Amount** | **Rate** | **Maturity Date** | **Options** |
| **<u>REIT 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 |  | 25705 | 75.00% | 19279 | 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) |  | 13311 | 50.00% | 6656 | 4.72% | 12/10/27 |  |
| 555 9th Street |  | 55000 | 100.00% | 55000 | 3.99% | 01/01/28 | 1x24 mos. |
| State & Washington |  | 19777 | 100.00% | 19777 | 4.40% | 09/05/28 |  |
| $80M Senior Note, Series B |  | 80000 | 100.00% | 80000 | 5.94% | 08/21/29 |  |
| North & Kingsbury |  | 9328 | 100.00% | 9328 | 4.01% | 11/05/29 |  |
| 151 N. State Street |  | 11336 | 100.00% | 11336 | 4.03% | 12/01/29 |  |
| Concord & Milwaukee |  | 2077 | 100.00% | 2077 | 4.40% | 06/01/30 |  |
| Gotham Plaza |  | 28000 | 49.00% | 13720 | 5.90% | 10/05/34 |  |
| California & Armitage |  | 1869 | 100.00% | 1869 | 5.89% | 04/15/35 |  |
| **Sub-Total Fixed-Rate Debt** |  | **296403** |  | **267347** |  |  |  |
| **<u>Variable-Rate Debt</u>** |  |  |  |  |  |  |  |
| Georgetown Portfolio (2016 Investment) |  | 102000 | 68.01% | 69365 | SOFR+1.55% | 11/06/26 | 2x12 mos. |
| Revolving Credit Facility <sup>3</sup> |  | 91500 | 100.00% | 91500 | SOFR+1.25% | 04/15/28 | 2x6 mos. |
| Term Loan A-1 |  | 400000 | 100.00% | 400000 | SOFR+1.40% | 04/15/28 | 2x6 mos. |
| Crossroads Shopping Center |  | 75000 | 49.00% | 36750 | SOFR+1.95% | 11/04/29 | 2x12 mos. |
| Term Loan A-2 |  | 250000 | 100.00% | 250000 | SOFR+1.20% | 05/29/30 |  |
| $75 Million Term Loan |  | 75000 | 100.00% | 75000 | SOFR+1.20% | 07/25/30 |  |
| **Sub-Total Variable-Rate Debt** |  | **993500** |  | **922615** |  |  |  |
| **Total Debt - REIT Portfolio** |  | **$1289903** |  | **$1189962** |  |  |  |
| **<u>INVESTMENT MANAGEMENT</u>** |  |  |  |  |  |  |  |
| **<u>Fixed-Rate Debt</u>** |  |  |  |  |  |  |  |
| Tri-City Plaza | Fund V | $34901 | 18.09% | $6314 | 6.00% | 04/18/26 |  |
| 650 Bald Hill Road | Fund IV | 14453 | 20.81% | 3007 | 3.75% | 06/01/26 |  |
| Shoppes at South Hills | Fund V | 32640 | 18.09% | 5905 | 5.95% | 03/01/28 | 1x12 mos. |
| Broughton Street Portfolio | Fund IV | 25939 | 23.12% | 5997 | 5.62% | 06/01/28 |  |
| **Sub-Total Fixed-Rate Debt** |  | **107933** |  | **21223** |  |  |  |
| **<u>Variable-Rate Debt</u>** <sup>1</sup> |  |  |  |  |  |  |  |
| New Towne Center | Fund V | 15640 | 20.10% | 3144 | SOFR+2.20% | 05/01/26 |  |
| Frederick County Square | Fund V | 24268 | 18.09% | 4390 | SOFR+2.51% | 05/01/26 |  |
| Fairlane Green | Fund V | 30863 | 20.10% | 6204 | SOFR+2.30% | 06/05/26 |  |
| Trussville Promenade | Fund V | 27656 | 20.10% | 5559 | SOFR+2.30% | 06/15/26 |  |
| Cypress Creek | Fund V | 32200 | 20.10% | 6472 | SOFR+2.80% | 09/01/26 | 1x12 mos. |
| Monroe Marketplace | Fund V | 25300 | 20.10% | 5085 | SOFR+2.76% | 11/12/26 |  |
| Maple Tree Place | Fund V | 47743 | 20.10% | 9596 | SOFR+2.85% | 02/14/27 | 2x12 mos. |
| Wood Ridge Plaza | Fund V | 35934 | 18.09% | 6500 | SOFR+2.90% | 03/21/27 |  |
| La Frontera | Fund V | 55500 | 18.09% | 10040 | SOFR+2.61% | 06/10/27 |  |
| Family Center at Riverdale | Fund V | 37594 | 17.97% | 6757 | SOFR+2.46% | 11/01/27 |  |
| Lincoln Commons | Fund V | 33684 | 20.10% | 6770 | SOFR+3.10% | 11/25/27 |  |
| 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. |
| Mohawk Commons | Fund V | 38924 | 18.09% | 7041 | SOFR+2.00% | 03/01/28 |  |
| City Point | Fund II | 137500 | 75.38% | 103642 | SOFR+1.90% | 08/01/28 | 1x12 mos. |
| The Walk at Highwoods Preserve | IMP | 20500 | 20.00% | 4100 | SOFR+2.50% | 10/25/28 | 1x12 mos. |
| Acadia Strategic Opportunity Fund IV Term Loan | Fund IV | 61250 | 23.12% | 14161 | SOFR+1.20% | 12/09/28 |  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report March 31, 2026 – 26 |

---

------

---

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

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Principal Balance at** | **Acadia's Pro-rata Share** | **Acadia's Pro-rata Share** | **Interest** |  | **Extension** |
| **Property** |  | **March 31, 2026** | **Percent** | **Amount** | **Rate** | **Maturity Date** | **Options** |
| Shops at Skyview | IMP | 276575 | 20.00% | 55315 | SOFR+1.50% | 01/09/29 | 2x12 mos. |
| Atlantic Portfolio | IMP | 255259 | 20.00% | 51052 | SOFR+1.70% | 02/25/29 | 2x12 mos. |
| Avenue at West Cobb | IMP | 42681 | 20.00% | 8536 | SOFR+1.70% | 02/25/29 | 2x12 mos. |
| Pinewood Square | IMP | 45000 | 20.00% | 9000 | SOFR+1.72% | 03/26/30 | 1x12 mos. |
| **Sub-Total Variable-Rate Debt** |  | **1441964** |  | **354215** |  |  |  |
| **Total Debt - Investment Management** |  | **1549897** |  | **375438** |  |  |  |
| **Total Debt - REIT Portfolio and Investment Management** |  | **$2839800** |  | **$1565400** |  |  |  |

---

_____________________________

&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;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report March 31, 2026 – 27 |

---

------

---

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

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **REIT 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** |
| 2026 | $2198 | $132000 | $134198 | $1914 | $28305 | $69365 | $99584 |  | 1.55% |
| 2027 | 5266 | 57537 | 62803 | 4953 | 45053 |  | 50006 | 4.91% | N/A |
| 2028 | 1901 | 561862 | 563763 | 1867 | 70362 | 491500 | 563729 | 4.10% | 1.37% |
| 2029 | 1886 | 171337 | 173223 | 1538 | 97086 | 36383 | 135007 | 5.55% | 1.95% |
| 2030 | 253 | 326597 | 326850 | 253 | 1597 | 325000 | 326850 | 4.40% | 1.20% |
| Thereafter | 1043 | 28023 | 29066 | 1043 | 13743 |  | 14786 | 5.90% | N/A |
| **Total** | **$12547** | **$1277356** | **$1289903** | **$11568** | **$256146** | **$922248** | **$1189962** |  |  |
| **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** |
| 2026 | $2636 | $204904 | $207540 | $492 | $9298 | $30802 | $40592 | 5.27% | 2.50% |
| 2027 | 5279 | 403344 | 408623 | 965 |  | 69592 | 70557 | N/A | 2.35% |
| 2028 | 243 | 313977 | 314220 | 44 | 11670 | 128672 | 140386 | 5.78% | 1.85% |
| 2029 |  | 574514 | 574514 |  |  | 114903 | 114903 | N/A | 1.60% |
| 2030 |  | 45000 | 45000 |  |  | 9000 | 9000 | N/A | 1.72% |
| Thereafter |  |  |  |  |  |  |  | N/A | N/A |
| **Total** | **$8158** | **$1541739** | **$1549897** | **$1501** | **$20968** | **$352969** | **$375438** |  |  |

---

_____________________________

&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 March 31, 2026 – 28 |

---

------

---

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

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **REIT 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** |
| 2026 | $2198 | $30000 | $32198 | $1914 | $28305 | $— | $30219 |  | N/A |
| 2027 | 5266 | 32401 | 37667 | 4953 | 26201 |  | 31154 | 5.58% | N/A |
| 2028 | 1901 | 119862 | 121763 | 1867 | 17862 | 69365 | 89094 | 4.40% | 1.55% |
| 2029 | 1886 | 588587 | 590473 | 1538 | 97088 | 491500 | 590126 | 5.55% | 1.37% |
| 2030 | 253 | 379097 | 379350 | 253 | 54097 | 325000 | 379350 | 4.00% | 1.20% |
| Thereafter | 1043 | 127409 | 128452 | 1043 | 32593 | 36383 | 70019 | 4.85% | 1.95% |
| **Total** | **$12547** | **$1277356** | **$1289903** | **$11568** | **$256146** | **$922248** | **$1189962** |  |  |
| **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** |
| 2026 | $2636 | $172704 | $175340 | $492 | $9298 | $24330 | $34120 | 5.27% | 2.42% |
| 2027 | 5279 | 189908 | 195187 | 965 |  | 35615 | 36580 | N/A | 2.76% |
| 2028 | 243 | 124618 | 124861 | 44 | 5997 | 20932 | 26973 | 5.62% | 1.47% |
| 2029 |  | 434994 | 434994 |  | 5673 | 148189 | 153862 | 5.95% | 1.96% |
| 2030 |  |  |  |  |  |  |  | N/A | N/A |
| Thereafter |  | 619515 | 619515 |  |  | 123903 | 123903 | N/A | 1.61% |
| **Total** | **$8158** | **$1541739** | **$1549897** | **$1501** | **$20968** | **$352969** | **$375438** |  |  |

---

_____________________________

&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 March 31, 2026 – 29 |

---

------

---

| |
|:---|
| **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> |
| April 2026 | $11020 | 2.9% |
| May 2026 | 3144 | 3.5% |
| June 2026 | 6191 | 1.2% |
| November 2026 | 73517 | 3.9% |
| December 2026 | 5964 | 4.3% |
| June 2027 | 5020 | 3.4% |
| July 2027 | 125000 | 2.1% |
| December 2027 | 110050 | 2.6% |
| March 2028 | 57039 | 3.2% |
| April 2028 | 75000 | 3.3% |
| June 2028 | 50000 | 2.9% |
| July 2028 | 25000 | 3.4% |
| August 2028 | 50000 | 3.4% |
| February 2029 | 50000 | 1.4% |
| March 2029 | 59588 | 3.3% |
| June 2029 | 25000 | 0.5% |
| July 2029 | 25000 | 0.1% |
| October 2029 | 4100 | 4.6% |
| November 2029 | 36750 | 3.8% |
| December 2029 | 87688 | 3.4% |
| March 2030 | 9000 | 3.8% |
| April 2030 | 50000 | 3.1% |
| July 2030 | 125000 | 2.7% |
| **Total** | **$1069071** | **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 REIT and Investment Management debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Represents the effective strike (fixed) rate on the swap, inclusive of the amortization of deferred gains/losses on terminated swaps, that the Company pays in exchange for receiving SOFR.

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report March 31, 2026 – 30 |

---

------

**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)** | **Economic Occupancy** | **Economic Occupancy** | **Economic Occupancy** | **Economic Occupancy** | **Leased<br>Occupancy** | **Annualized<br>Base Rent** | **ABR** |  |
| **Property** | **Acquired** | **Interest** | **Street** | **Anchors** | **Shops** | **Total** | **Street** | **Anchors** | **Shops** | **Total** | **Total** | **(ABR)** | **PSF** | **Key Tenants** |
| **STREET AND URBAN RETAIL** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **<u>Chicago Metro</u>** |  |  |  |  |  | ` |  |  |  |  |  |  |  |  |
| Gold Coast and North Michigan Ave Collection (7 properties) | 2011<br>2012<br>2013 | 100.0% | 57577 |  |  | 57577 | 95.1% | —% | —% | 95.1% | 95.1% | $11234469 | $205.27 | Kith, Lululemon, Reformation, <br>Veronica Beard, St. Laurent, Brandy Melville, Mango |
| Clark Street and W. Diversey <br> Collection (4 properties) | 2011<br>2012 | 100.0% | 53099 |  |  | 53099 | 89.0% | —% | —% | 89.0% | 100.0% | 2268513 | 47.98 | Starbucks, TJ Maxx,<br>J Crew Factory, Trader Joe's, Sephora |
| Halsted and Armitage <br> Collection (14 properties) | 2011 <br>2012 <br>2019 <br>2020<br>2026 | 100.0% | 54965 |  |  | 54965 | 100.0% | —% | —% | 100.0% | 100.0% | 3428491 | 62.38 | Serena and Lily, Faherty, <br>Jenny Kayne, Warby Parker, Kiehl's, Solidcore, <br>Rails, Levain Bakery, Huckberry, Rothy's |
| North Lincoln Park Chicago <br> Collection (6 properties) | 2011<br>2014 | 100.0% | 22125 |  | 27796 | 49921 | 27.7% | —% | 77.6% | 55.5% | 100.0% | 1070710 | 38.68 | Guitar Center, Carhartt |
| State and Washington | 2016 | 100.0% | 65401 |  |  | 65401 | 100.0% | —% | —% | 100.0% | 100.0% | 2788546 | 42.64 | Nordstrom Rack, Uniqlo |
| 151 N. State Street | 2016 | 100.0% | 27385 |  |  | 27385 | 100.0% | —% | —% | 100.0% | 100.0% | 1573000 | 57.44 | Walgreens |
| North and Kingsbury | 2016 | 100.0% | 41791 |  |  | 41791 | 100.0% | —% | —% | 100.0% | 100.0% | 2023537 | 48.42 | Old Navy, Backcountry |
| Concord and Milwaukee | 2016 | 100.0% | 13147 |  |  | 13147 | 100.0% | —% | —% | 100.0% | 100.0% | 496419 | 37.76 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| California and Armitage | 2016 | 100.0% |  |  | 18275 | 18275 | —% | —% | 82.6% | 82.6% | 82.6% | 768999 | 50.96 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Roosevelt Galleria | 2015 | 100.0% |  |  | 37995 | 37995 | —% | —% | 89.7% | 89.7% | 89.7% | 825979 | 24.24 | Petco, Vitamin Shoppe, <br>Dollar Tree |
| Sullivan Center | 2016 | 100.0% | 176104 |  |  | 176104 | 83.8% | —% | —% | 83.8% | 83.8% | 5542997 | 37.55 | Target |
|  |  |  | 511594 |  | 84066 | 595660 | 89.6% | —% | 84.1% | 88.8% | 89.8% | $32021659 | $60.51 |  |
| **<u>New York Metro</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Soho and West Village Collection<br> (19 properties) | 2011 <br>2014 <br>2019 <br>2020 <br>2022<br>2024<br>2025 | 100.0% | 69643 |  |  | 69643 | 88.0% | —% | —% | 88.0% | 93.0% | $20979385 | $342.41 | Reiss, Vuori, Zimmermann,<br>Madewell, John Varvatos<br>Watches of Switzerland, Frame, Theory, <br>Bang & Olufsen, Marine Layer, Faherty, Givenchy |
| Flatiron and Union Square Collection<br> (3 properties) | 2008<br>2013<br>2025 | 100.0% | 23781 |  |  | 23781 | 100.0% | —% | —% | 100.0% | 100.0% | 4858992 | 204.32 | Nespresso, Dr. Martens |
| 200 West 54th Street | 2007 | 100.0% | 5932 |  |  | 5932 | 98.8% | —% | —% | 98.8% | 98.8% | 1643764 | 280.41 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| 4401 White Plains Road | 2011 | 100.0% |  | 12964 |  | 12964 | —% | 100.0% | —% | 100.0% | 100.0% | 625000 | 48.21 | Walgreens |
| Bartow Avenue | 2005 | 100.0% |  |  | 14824 | 14824 | —% | —% | 100.0% | 100.0% | 100.0% | 510880 | 34.46 | Wingstop |
| Greenwich and Westport Collection (4 properties) | 1998<br>2012<br>2014 | 89.5% | 39593 |  |  | 39593 | 100.0% | —% | —% | 100.0% | 100.0% | 4269869 | 107.84 | Veronica Beard, The RealReal, <br>Blue Mercury, Splendid, Swarovski, Watches of Switzerland |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report March 31, 2026 – 31 |

---

------

**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)** | **Economic Occupancy** | **Economic Occupancy** | **Economic Occupancy** | **Economic Occupancy** | **Leased<br>Occupancy** | **Annualized<br>Base Rent** | **ABR** |  |
| **Property** | **Acquired** | **Interest** | **Street** | **Anchors** | **Shops** | **Total** | **Street** | **Anchors** | **Shops** | **Total** | **Total** | **(ABR)** | **PSF** | **Key Tenants** |
| 2914 Third Avenue | 2006 | 100.0% |  | 21650 | 18953 | 40603 | —% | 100.0% | 100.0% | 100.0% | 100.0% | 1148294 | 28.28 | Planet Fitness |
| 313-315 Bowery <sup>2</sup> | 2013 | 100.0% | 6600 |  |  | 6600 | 100.0% | —% | —% | 100.0% | 100.0% | 527076 | 79.86 | John Varvatos |
| 120 West Broadway | 2013 | 100.0% | 13838 |  |  | 13838 | 100.0% | —% | —% | 100.0% | 100.0% | 2544217 | 183.86 | Citizens Bank, Citi Bank |
| 2520 Flatbush Avenue | 2014 | 100.0% |  |  | 29114 | 29114 | —% | 100% | 100.0% | 100.0% | 100.0% | 1297818 | 44.58 | Bob's Discount Furniture, Capital One |
| Williamsburg Bedford Avenue Collection <sup>3</sup> | 2022 | 100.0% | 50842 |  |  | 50842 | 100.0% | —% |  | 100.0% | 100.0% | 5860061 | 115.26 | Sephora, SweetGreen, Levain Bakery, Alo Yoga |
| Williamsburg North 6th Collection <sup>3</sup><br>(7 properties) | 2024 <br>2025 | 100.0% | 56015 |  |  | 56015 | 95.8% | —% |  | 95.8% | 100.0% | 7764266 | 144.68 | Lululemon, Madewell, On Running, Abercrombie and Fitch, Birkenstock, Patagonia |
| 991 Madison Avenue | 2016 | 100.0% | 6919 |  |  | 6919 | 100.0% | —% | —% | 100.0% | 100.0% | 3790095 | 547.78 | Vera Wang, Gabriela Hearst |
| 1045 Madison Avenue | 2026 | 100.0% | 3475 |  |  | 3475 | 100.0% | —% | —% | 100.0% | 100.0% | 648000 | 186.47 | Le Labo (Estee Lauder) |
| 1165 Madison Avenue | 2026 | 100.0% | 4399 |  |  | 4399 | 100.0% | —% | —% | 100.0% | 100.0% | 1364025 | 310.08 | Todd Snyder, Swarovski |
| Gotham Plaza | 2016 | 49.0% |  |  | 25931 | 25931 | —% | —% | 75.4% | 75.4% | 75.4% | 1672236 | 85.48 | Bank of America, <br>Footlocker, Apple Bank |
|  |  |  | 281037 | 34614 | 88822 | 404473 | 96.2% | 100.0% | 92.8% | 95.8% | 97.2% | $59503979 | $153.63 |  |
| **<u>Los Angeles Metro</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 8833 Beverly Blvd | 2022 | 97.0% | 9757 |  |  | 9757 | 100.0% | —% | —% | 100.0% | 100.0% | $1390888 | $142.55 | Luxury Living |
| Melrose Place Collection | 2019 | 100.0% | 14000 |  |  | 14000 | 100.0% | —% | —% | 100.0% | 100.0% | 3241818 | 231.56 | The Row, Chloe, <br>Oscar de la Renta |
|  |  |  | 23757 |  |  | 23757 | 100.0% | —% | —% | 100.0% | 100.0% | $4632706 | $195.00 |  |
| **<u>District of Columbia Metro</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1739-53 Connecticut Avenue | 2012 | 100.0% | 11617 |  |  | 11617 | 38.9% | —% | —% | 38.9% | 38.9% | $318967 | $70.61 | TD Bank |
| 14th Street Collection (3 properties) | 2021 | 100.0% | 19077 |  |  | 19077 | 76.4% | —% | —% | 76.4% | 76.4% | 1401047 | 96.11 | Verizon, Long and Foster, VSV Wine Bar, Tile Bar |
| Rhode Island Place <br> Shopping Center | 2012 | 100.0% |  | 25134 | 88704 | 113838 | —% | 100.0% | 95.8% | 96.7% | 100.0% | 2625967 | 23.85 | Ross Dress for Less, Giant (Ahold), TD Bank |
| M Street and Wisconsin Corridor <br> (28 Properties) <sup>4</sup> | 2011 <br>2016 <br>2019 | 68.0% | 263112 |  |  | 263112 | 93.4% | —% | —% | 93.4% | 95.4% | 19284612 | 78.44 | Lululemon, Duxiana, Reformation, Swarovski, <br>Alo Yoga, Aritzia, Skims, J Crew, Google, Tesla |
|  |  |  | 293806 | 25134 | 88704 | 407644 | 90.2% | 100.0% | 95.8% | 92.0% | 94.2% | $23630593 | $63.01 |  |
| **<u>Boston Metro</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 165 Newbury Street | 2016 | 100.0% | 1051 |  |  | 1051 |  | —% | —% |  | 100.0% | $- | $- |  |
| **<u>Dallas Metro</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Henderson Avenue Portfolio <br>(7 properties) | 2022<br>2024<br>2025 | 100.0% | 27887 | 31635 |  | 59522 | 68.7% | 100.0% | —% | 85.3% | 85.3% | $1630734 | $32.11 | Sprouts Farmers Market, <br>Warby Parker, Tecovas |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report March 31, 2026 – 32 |

---

------

**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)** | **Economic Occupancy** | **Economic Occupancy** | **Economic Occupancy** | **Economic Occupancy** | **Leased<br>Occupancy** | **Annualized<br>Base Rent** | **ABR** |  |
| **Property** | **Acquired** | **Interest** | **Street** | **Anchors** | **Shops** | **Total** | **Street** | **Anchors** | **Shops** | **Total** | **Total** | **(ABR)** | **PSF** | **Key Tenants** |
| **<u>South Florida Metro</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 225 Worth Avenue | 2026 | 100.0% | 10118 |  |  | 10118 | 100.0% | —% | —% | 100.0% | 100.0% | $1920627 | $189.82 | Gucci, J McLaughlin, G/FORE |
| **Total Street and Urban Retail** |  |  | **1149250** | **91383** | **261592** | **1502225** | **91.1%** | **100.0%** | **91.0%** | **91.6%** | **93.1%** | **$123340298** | **$89.63** |  |
| **Acadia Share Total Street and Urban Retail** |  |  | **1060641** | **91383** | **248367** | **1400392** | **90.9%** | **100.0%** | **91.9%** | **91.7%** | **93.1%** | **$115935874** | **$90.31** |  |
| **SUBURBAN PROPERTIES** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **<u>New Jersey</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Elmwood Park Shopping Center | 1998 | 100.0% |  | 43531 | 100457 | 143988 | —% | 100.0% | 89.4% | 92.6% | 97.8% | $3489390 | $26.17 | Walgreens, Lidl, <br>Chase Bank, City MD, Five Below |
| Marketplace of Absecon | 1998 | 100.0% |  | 24504 | 79133 | 103637 | —% | 53.9% | 86.8% | 79.0% | 79.0% | 1610074 | 19.66 | Walgreens, Dollar Tree, Aldi |
| **<u>New York</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Village Commons <br>Shopping Center | 1998 | 100.0% |  |  | 87239 | 87239 | —% | —% | 88.7% | 88.7% | 92.6% | 2782704 | 35.96 | Citibank, Ace Hardware |
| Branch Plaza | 1998 | 100.0% |  | 76264 | 47081 | 123345 | —% | 73.5% | 89.9% | 79.7% | 96.1% | 2824731 | 28.72 | LA Fitness |
| Amboy Center | 2005 | 100.0% |  | 37266 | 26106 | 63372 | —% | 100.0% | 80.8% | 92.1% | 92.1% | 2132557 | 36.53 | Stop & Shop (Ahold) |
| Crossroads Shopping Center | 1998 | 49.0% |  | 202727 | 108801 | 311528 | —% | 100.0% | 92.9% | 97.5% | 97.5% | 10207458 | 33.60 | HomeGoods, PetSmart, <br>BJ's Wholesale Club, O'Reilly Auto Parts |
| New Loudon Center | 1993 | 100.0% |  | 241746 | 16643 | 258389 | —% | 95.0% | 100.0% | 95.3% | 95.3% | 2378407 | 9.66 | Price Chopper, Marshalls |
| 28 Jericho Turnpike | 2012 | 100.0% |  | 96363 |  | 96363 | —% | 100.0% | —% | 100.0% | 100.0% | 1996500 | 20.72 | Kohl's |
| **<u>Connecticut</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Town Line Plaza <sup>5</sup> | 1998 | 100.0% |  | 163159 | 43187 | 206346 | —% | 100.0% | 93.1% | 98.5% | 98.5% | 1676450 | 15.81 | Wal-Mart, <br>Stop & Shop (Ahold) |
| **<u>Massachusetts</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Methuen Shopping Center | 1998 | 100.0% |  | 120004 | 10017 | 130021 | —% | 100.0% | 56.3% | 96.6% | 96.6% | 1390578 | 11.07 | Wal-Mart, Market Basket |
| Crescent Plaza | 1993 | 100.0% |  | 156985 | 61017 | 218002 | —% | 100.0% | 100.0% | 100.0% | 100.0% | 2289321 | 10.50 | Home Depot, Shaw's (Albertsons) |
| 201 Needham Street | 2014 | 100.0% |  | 20409 |  | 20409 | —% | 100.0% | —% | 100.0% | 100.0% | 711662 | 34.87 | Michael's |
| 163 Highland Avenue | 2015 | 100.0% |  | 40505 |  | 40505 | —% | 100.0% | 100.0% | 100.0% | 100.0% | 1675657 | 41.37 | Staples, Petco |
| **<u>Vermont</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| The Gateway Shopping Center | 1999 | 100.0% |  | 73184 | 29670 | 102854 | —% | 100.0% | 88.6% | 96.7% | 98.2% | 2309789 | 23.22 | Shaw's (Albertsons), <br>Starbucks |
| **<u>Illinois</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Hobson West Plaza | 1998 | 100.0% |  | 51692 | 47281 | 98973 | —% | 100.0% | 63.8% | 82.7% | 84.0% | 1084043 | 13.24 | Garden Fresh Markets |

---

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| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report March 31, 2026 – 33 |

---

------

**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)** | **Economic Occupancy** | **Economic Occupancy** | **Economic Occupancy** | **Economic Occupancy** | **Leased<br>Occupancy** | **Annualized<br>Base Rent** | **ABR** |  |
| **Property** | **Acquired** | **Interest** | **Street** | **Anchors** | **Shops** | **Total** | **Street** | **Anchors** | **Shops** | **Total** | **Total** | **(ABR)** | **PSF** | **Key Tenants** |
| **<u>Indiana</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Merrillville Plaza | 1998 | 100.0% |  | 123144 | 112782 | 235926 | —% | 78.9% | 87.1% | 82.8% | 84.3% | 2966193 | 15.18 | Dollar Tree, TJ Maxx, <br>DD's Discount (Ross) |
| **<u>Michigan</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Bloomfield Town Square | 1998 | 100.0% |  | 153332 | 81619 | 234951 | —% | 100.0% | 100.0% | 100.0% | 100.0% | 4527873 | 19.27 | HomeGoods, TJ Maxx, <br>Dick's Sporting Goods, Burlington |
| **<u>Delaware</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Town Center and Other <br>(1 property) | 2003 | 100.0% |  | 707988 | 21891 | 729879 | —% | 100.0% | 45.3% | 98.4% | 98.4% | 12873687 | 17.93 | Lowes, Dick's <br>Sporting Goods, Target, Crunch Fitness |
| Market Square Shopping Center | 2003 | 100.0% |  | 42850 | 59197 | 102047 | —% | 100.0% | 100.0% | 100.0% | 100.0% | 3533495 | 34.63 | Trader Joe's, TJ Maxx |
| Naamans Road | 2006 | 100.0% |  |  | 19865 | 19865 | —% | —% | 100.0% | 100.0% | 100.0% | 920134 | 46.32 | Jared Jewelers, American Red Cross |
| **<u>Pennsylvania</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Plaza 422 | 1993 | 100.0% |  | 139968 | 16311 | 156279 | —% | 100.0% | 100.0% | 100.0% | 100.0% | 971975 | 6.22 | Home Depot |
| Chestnut Hill | 2006 | 100.0% |  |  | 36492 | 36492 | —% | —% | 79.2% | 79.2% | 79.2% | 770672 | 26.67 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Abington Towne Center <sup>6</sup> | 1998 | 100.0% |  | 184616 | 32255 | 216871 | —% | 100.0% | 100.0% | 100.0% | 100.0% | 1422163 | 24.00 | Target, TJ Maxx |
| **Total Suburban Properties** |  |  |  | 2700237 | 1037044 | 3737281 | —% | 97.4% | 89.3% | 95.2% | 96.2% | **$66545513** | $20.15 |  |
| **Acadia Share Total Suburban Properties** |  |  | **—** | **2596846** | **981555** | **3578402** | —% | **97.3%** | **89.1%** | **95.1%** | **96.1%** | **$61339710** | **$19.49** |  |
| **Total REIT Properties** |  |  | **1149250** | **2791620** | **1298636** | **5239506** | **91.1%** | **97.5%** | **89.7%** | **94.2%** | **95.3%** | **$189885811** | **$40.59** |  |
| **Acadia Share Total REIT Properties** |  |  | **1060641** | **2688229** | **1229923** | **4978793** | **90.9%** | **97.4%** | **89.7%** | **94.1%** | **95.3%** | **$177275583** | **$40.01** |  |

---

_____________________________

&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 economic occupancy and rent figures reflects only retail spaces where leases have commenced. Leased occupancy includes both economic leases and signed leases that have not yet commenced. ABR and ABR per square foot are based solely on economic occupancy.

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

&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% noncontrolling 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 footage 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 March 31, 2026 – 34 |

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------

---

| |
|:---|
| **REIT 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** | **$8344905** | **6.7%** | **4.5%** |
| **J. Crew Group** <sup>3</sup> | **6** | **34902** | **5825185** | **0.6%** | **3.1%** |
| **Lululemon** | **3** | **22589** | **4631384** | **0.4%** | **2.5%** |
| **Dick's Sporting Goods, Inc** <sup>4</sup> | **3** | **152404** | **3187051** | **2.5%** | **1.7%** |
| **TJX Companies** <sup>5</sup> | **9** | **252043** | **3175304** | **4.1%** | **1.7%** |
| **PetSmart, Inc.** | **4** | **76257** | **2934201** | **1.3%** | **1.6%** |
| **Walgreens** | **4** | **68393** | **2887312** | **1.1%** | **1.5%** |
| **Trader Joe's** | **3** | **42257** | **2628360** | **0.7%** | **1.4%** |
| **Fast Retailing** <sup>6</sup> | **2** | **32013** | **2579274** | **0.5%** | **1.4%** |
| **ALO Yoga** | **2** | **22566** | **2537129** | **0.4%** | **1.4%** |
| Kering <sup>7</sup> | 2 | 9644 | 2361012 | 0.2% | 1.3% |
| LVMH <sup>8</sup> | 5 | 12669 | 2167152 | 0.2% | 1.2% |
| Royal Ahold <sup>9</sup> | 3 | 156361 | 2085488 | 2.6% | 1.1% |
| Albertsons Companies, Inc. <sup>10</sup> | 2 | 123409 | 2061142 | 2.0% | 1.1% |
| Bob's Discount Furniture | 2 | 68793 | 2027670 | 1.1% | 1.1% |
| Richemont <sup>11</sup> | 3 | 6839 | 1830120 | 0.1% | 1.0% |
| Watches of Switzerland <sup>12</sup> | 2 | 13863 | 1809177 | 0.2% | 1.0% |
| Patagonia | 2 | 15526 | 1690062 | 0.3% | 0.9% |
| Faherty | 4 | 10255 | 1625065 | 0.2% | 0.9% |
| Gap, Inc. <sup>13</sup> | 3 | 43986 | 1576339 | 0.7% | 0.8% |
| **TOTAL** | **67** | **1573664** | **$57963332** | **25.9%** | **31.2%** |

---

_____________________________

&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 location. The following tenants with single locations that would otherwise be included in our top 20 tenants are: Vuori (106 Spring Street), Nespresso (85 5th Avenue), Mango (664 N. Michigan Avenue), Lowe's (Town Center), Kohl's (28 Jericho Turnpike), Bang & Olufsen (121 Spring Street), and Vera Wang (991 Madison Avenue).

&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), J. Crew (1 location)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Dick's Sporting Goods (2 locations), Foot Locker (1 location)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.TJ Maxx (6 locations), HomeGoods (2 locations), Marshalls (1 location)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Uniqlo (1 location), Theory (1 location)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Yves Saint Laurent (1 location), Gucci (1 location)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.Sephora (2 locations), Lip Lab (2 locations), Givenchy (1 location)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.Stop and Shop (2 locations), Giant (1 location)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.Shaw's (2 locations)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.Watchfinder (1 location), Chloe (1 location), G/FORE (1 location)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.Grand Seiko (1 location), Betteridge Jewelers (1 location)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.Old Navy (3 locations)

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report March 31, 2026 – 35 |

---

------

---

| |
|:---|
| **REIT 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 | 4054 | 0.4% | $84.66 | 0.3% |  |  | —% | $— | —% |
| **2026** | 27 | 70624 | 7.3% | 141.39 | 9.4% | 6 | 287784 | 12.2% | 13.37 | 10.3% |
| **2027** | 27 | 80204 | 8.3% | 104.85 | 7.9% | 3 | 95838 | 4.1% | 17.81 | 4.6% |
| **2028** | 22 | 248171 | 25.7% | 62.44 | 14.6% | 10 | 477731 | 20.2% | 12.35 | 15.8% |
| **2029** | 23 | 65907 | 6.8% | 123.77 | 7.7% | 14 | 505783 | 21.4% | 15.50 | 20.9% |
| **2030** | 26 | 111042 | 11.5% | 104.66 | 11.0% | 5 | 177026 | 7.5% | 24.70 | 11.7% |
| **2031** | 9 | 50844 | 5.3% | 103.69 | 5.0% | 7 | 232766 | 9.8% | 12.58 | 7.8% |
| **2032** | 16 | 67287 | 7.0% | 166.29 | 10.6% | 1 | 12250 | 0.5% | 21.96 | 0.7% |
| **2033** | 27 | 95971 | 10.0% | 132.73 | 12.0% | 1 | 28881 | 1.2% | 14.50 | 1.1% |
| **2034** | 12 | 38363 | 4.0% | 168.11 | 6.1% | 1 | 21804 | 0.9% | 11.25 | 0.7% |
| **2035** | 16 | 65233 | 6.8% | 129.23 | 8.0% | 4 | 276160 | 11.7% | 16.02 | 11.8% |
| **Thereafter** | 12 | 66458 | 6.9% | 118.53 | 7.4% | 7 | 247563 | 10.5% | 22.23 | 14.7% |
| **Total** <sup>2</sup> | **218** | **964157** | **100.0%** | **$109.91** | **100.0%** | **59** | **2363586** | **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> | 96484 |  |  |  |  | 69727 |  |  |  |
| **Total Square Feet** <sup>2</sup> | **Total Square Feet** <sup>2</sup> | **1060641** |  |  |  |  | **2688229** |  |  |  |
|  | **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> | 2 | 6380 | 0.6% | $49.52 | 0.9% | 3 | 10434 | 0.2% | $63.17 | 0.4% |
| **2026** | 26 | 83756 | 7.6% | 26.45 | 6.5% | 59 | 442164 | 10.0% | 36.29 | 9.1% |
| **2027** | 36 | 139749 | 12.7% | 33.94 | 14.0% | 66 | 315791 | 7.1% | 47.06 | 8.4% |
| **2028** | 37 | 147534 | 13.4% | 35.76 | 15.6% | 69 | 873436 | 19.7% | 30.54 | 15.0% |
| **2029** | 30 | 121926 | 11.1% | 27.37 | 9.9% | 67 | 693615 | 15.7% | 27.88 | 10.9% |
| **2030** | 29 | 82443 | 7.5% | 37.34 | 9.1% | 60 | 370512 | 8.4% | 51.47 | 10.8% |
| **2031** | 19 | 95684 | 8.7% | 29.62 | 8.4% | 35 | 379294 | 8.6% | 29.10 | 6.2% |
| **2032** | 26 | 98214 | 8.9% | 33.35 | 9.7% | 43 | 177751 | 4.0% | 82.89 | 8.3% |
| **2033** | 22 | 87328 | 7.9% | 32.56 | 8.4% | 50 | 212180 | 4.8% | 75.41 | 9.0% |
| **2034** | 8 | 29113 | 2.6% | 28.60 | 2.5% | 21 | 89280 | 2.0% | 84.31 | 4.2% |
| **2035** | 21 | 105181 | 9.5% | 24.52 | 7.6% | 41 | 446574 | 10.1% | 34.56 | 8.7% |
| **Thereafter** | 18 | 105872 | 9.6% | 23.80 | 7.4% | 37 | 419893 | 9.5% | 37.86 | 9.0% |
| **Total** <sup>2</sup> | **274** | **1103180** | **100.0%** | **$30.69** | **100.0%** | **551** | **4430924** | **100.0%** | **$40.01** | **100.0%** |
| Anchor GLA Owned by Tenants | Anchor GLA Owned by Tenants |  |  |  |  |  | 254916 |  |  |  |
| Total Vacant <sup>2</sup> | Total Vacant <sup>2</sup> | 126743 |  |  |  |  | 292954 |  |  |  |
| **Total Square Feet** <sup>2</sup> | **Total Square Feet** <sup>2</sup> | **1229923** |  |  |  |  | **4978793** |  |  |  |

---

_____________________________

&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 March 31, 2026 – 36 |

---

------

**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 | 80.0% <sup>3</sup> | 24.5% |  | 23.1% |  | 20.1% |  |  | 31.6% |
| Acadia's Promoted Share <sup>1</sup> | 84.0% | 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 | 559.4 | 449.2 | $| 506.0 | $| 491.3 | $|  | 2005.9 |
| Cumulative Net Distributions <sup>3</sup> | 172.9 | 616.3 | $| 221.4 | $| 391.1 | $|  | 1401.7 |
| Net Distributions/Contributions | 30.9% | 137.2% |  | 43.8% |  | 79.6% |  |  | 69.9% |
| Unfunded Commitment <sup>4</sup> | 0.0 | 0.8 | $| 24.0 | $| 28.7 | $|  | 53.5 |
| Investment Period Closes | Closed | Closed |  | Closed |  | Closed |  |  |  |
| Currently in a Promote Position? (Yes/No) | No | Yes |  | 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 March 31, 2026 – 37 |

---

------

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year** |  | **Gross Leasable Area** | **Gross Leasable Area** | **Gross Leasable Area** | **Gross Leasable Area** | **Economic Occupancy** | **Economic Occupancy** | **Economic Occupancy** | **Economic Occupancy** | **Leased** | **Annualized** |  |  |
| **Property** | **Acquired** | **Ownership %** | **Street** | **Anchors** | **Shops** | **Total** | **Street** | **Anchors** | **Shops** | **Total** | **Occupancy** | **Base Rent (ABR)** | **ABR PSF** | **Key Tenants** |
| **<u>Fund II Portfolio Detail</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **NEW YORK** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| <u>New York</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| City Point <sup>2</sup> | 2007 | 94.2% |  | 330448 | 198924 | 529372 | —% | 100.0% | 48.7% | 80.7% | 88.0% | $21321023 | $49.89 | Primark, Target, Sephora,<br>Basis Schools, Warby Parker, Just Salad<br>Alamo Drafthouse, <br>Trader Joe's, Lululemon |
| **Total - Fund II** |  |  |  | 330448 | 198924 | 529372 | —% | 100.0% | 48.7% | 80.7% | 88.0% | $21321023 | $49.89 |  |
| **<u>Fund IV Portfolio Detail</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **NEW YORK** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| <u>New York</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 801 Madison Avenue | 2015 | 100.0% | 2522 |  |  | 2522 | —% | —% | —% | —% | —% | $- | $- | ─ |
| 210 Bowery | 2012 | 100.0% | 2538 |  |  | 2538 | —% | —% | —% | —% | —% |  |  | ─ |
| 27 East 61st Street | 2014 | 100.0% | 4177 |  |  | 4177 | —% | —% | —% | —% | —% |  |  | ─ |
| 17 East 71st Street | 2014 | 100.0% | 8432 |  |  | 8432 | 100.0% | —% | —% | 100.0% | 100.0% | 2138742 | 253.65 | The Row |
| **BOSTON** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| <u>Massachusetts</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Restaurants at Fort Point | 2016 | 100.0% | 15711 |  |  | 15711 | 9.1% | —% | —% | 9.1% | 9.1% | 224656 | 157.65 | Santander Bank |
| **NORTHEAST** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| <u>Rhode Island</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 650 Bald Hill Road | 2015 | 90.0% |  | 55000 | 105448 | 160448 | —% | 100.0% | 77.7% | 85.3% | 85.3% | 2092896 | 15.28 | Dick's Sporting Goods, <br>Burlington |
| **SOUTHEAST** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| <u>Georgia</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Broughton Street Portfolio<br> (14 properties) | 2014 | 100.0% | 94693 |  |  | 94693 | 93.3% | 100.0% | —% | 93.3% | 93.3% | 3529698 | 39.96 | H&M, Warby Parker,<br>Kendra Scott, Starbucks, Lululemon |
| **Total - Fund IV** |  |  | 128073 | 55000 | 105448 | 288521 | 76.7% | 100.0% | 77.7% | 81.5% | 81.5% | $7985993 | $33.96 |  |
| **<u>Fund V Portfolio Detail</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **SOUTHWEST** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| <u>New Mexico</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Plaza Santa Fe | 2017 | 100.0% |  | 153983 | 69957 | 223940 | —% | 100.0% | 100.0% | 100.0% | 100.0% | $4343255 | $19.39 | TJ Maxx, Best Buy, <br>Ross Dress for Less |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report March 31, 2026 – 38 |

---

------

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year** |  | **Gross Leasable Area** | **Gross Leasable Area** | **Gross Leasable Area** | **Gross Leasable Area** | **Economic Occupancy** | **Economic Occupancy** | **Economic Occupancy** | **Economic Occupancy** | **Leased** | **Annualized** |  |  |
| **Property** | **Acquired** | **Ownership %** | **Street** | **Anchors** | **Shops** | **Total** | **Street** | **Anchors** | **Shops** | **Total** | **Occupancy** | **Base Rent (ABR)** | **ABR PSF** | **Key Tenants** |
| <u>Texas</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Wood Ridge Plaza | 2022 | 90.0% |  |  | 217249 | 217249 | —% | —% | 84.3% | 84.3% | 91.7% | 4726080 | 25.79 | Skechers, Diamonds Direct, Office Depot |
| La Frontera Village | 2022 | 90.0% |  | 310762 | 223679 | 534441 | —% | 100.0% | 91.3% | 96.3% | 99.5% | 8234263 | 15.99 | Kohl's, Hobby Lobby, Burlington, Marshalls |
| **MIDWEST** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| <u>Michigan</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| New Towne Center | 2017 | 100.0% |  | 145389 | 45141 | 190530 | —% | 75.7% | 100.0% | 81.5% | 100.0% | 2008675 | 12.94 | Kohl's, DSW |
| Fairlane Green | 2017 | 100.0% |  | 109952 | 160235 | 270187 | —% | 100.0% | 88.7% | 93.3% | 95.4% | 5049350 | 20.03 | TJ Maxx, Michaels, Burlington |
| **NORTHEAST** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| <u>Maryland</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Frederick County (1 property) | 2019 | 90.0% |  | 90053 | 146454 | 236507 | —% | 56.6% | 93.7% | 79.6% | 96.1% | 3727925 | 19.80 | Lidl, Advance Auto, Starbucks |
| <u>Connecticut</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Tri-City Plaza | 2019 | 90.0% |  | 129940 | 165877 | 295817 | —% | 100.0% | 93.3% | 96.2% | 96.9% | 4653324 | 16.35 | TJ Maxx, HomeGoods, ShopRite |
| <u>New York</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Shoppes at South Hills | 2022 | 90.0% |  | 416804 | 96104 | 512908 | —% | 80.7% | 60.5% | 77.0% | 77.0% | 4550156 | 11.53 | ShopRite, <br>Ashley Furniture |
| Mohawk Commons | 2023 | 90.0% |  | 330874 | 68324 | 399198 | —% | 100.0% | 96.4% | 99.4% | 99.4% | 5839574 | 14.72 | Lowe's, Target |
| <u>Pennsylvania</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Monroe Marketplace | 2021 | 100.0% |  | 263376 | 108276 | 371652 | —% | 100.0% | 98.5% | 99.6% | 99.6% | 4462057 | 12.06 | Kohl's, Dick's <br>Sporting Goods, <br>Giant Food |
| <u>Rhode Island</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Lincoln Commons | 2019 | 100.0% |  | 155279 | 305534 | 460813 | —% | 61.4% | 86.8% | 78.2% | 78.2% | 5558352 | 15.42 | Stop & Shop (Ahold), Marshalls, <br>HomeGoods |
| <u>Vermont</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Maple Tree Place <sup>3</sup> | 2023 | 100.0% |  | 246738 | 150057 | 396795 | —% | 100.0% | 91.4% | 96.8% | 96.8% | 7529618 | 19.61 | Shaw's, Dick's Sporting Goods, Best Buy, Old Navy |
| **SOUTHEAST** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| <u>Florida</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Cypress Creek | 2023 | 100.0% |  | 167978 | 71681 | 239659 | —% | 93.4% | 92.8% | 93.2% | 94.1% | 4947531 | 22.15 | Hobby Lobby, Total Wine, HomeGoods |
| <u>Alabama</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Trussville Promenade | 2018 | 100.0% |  | 366010 | 97671 | 463681 | —% | 92.4% | 82.4% | 90.3% | 96.3% | 4060420 | 9.70 | Wal-Mart, Regal Cinemas |

---

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| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report March 31, 2026 – 39 |

---

------

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year** |  | **Gross Leasable Area** | **Gross Leasable Area** | **Gross Leasable Area** | **Gross Leasable Area** | **Economic Occupancy** | **Economic Occupancy** | **Economic Occupancy** | **Economic Occupancy** | **Leased** | **Annualized** |  |  |
| **Property** | **Acquired** | **Ownership %** | **Street** | **Anchors** | **Shops** | **Total** | **Street** | **Anchors** | **Shops** | **Total** | **Occupancy** | **Base Rent (ABR)** | **ABR PSF** | **Key Tenants** |
| **WEST** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| <u>Utah</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Family Center at Riverdale | 2019 | 89.4% |  | 231895 | 140513 | 372408 | —% | 100.0% | 95.3% | 98.2% | 98.2% | 4296577 | 11.74 | Target, Home Goods, <br>Best Buy, Sierra Trading (TJX) |
| **Total - Fund V** |  |  |  | 3119033 | 2066752 | 5185785 | —% | 91.9% | 89.6% | 90.9% | 93.7% | $73987157 | $15.69 |  |
| **<u>Other Co-investment Vehicles Detail</u>** <sup>4</sup> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **NORTHEAST** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| <u>New York</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Shops at Grand Avenue | 2024 | 5.0% |  | 52336 | 47501 | 99837 | —% | 100.0% | 74.0% | 87.6% | 87.6% | $3206092 | $36.64 | Stop & Shop (Ahold), Starbucks |
| Shops at Skyview | 2026 | 20.0% |  | 383565 | 143733 | 527298 | —% | 100.0% | 88.1% | 96.8% | 96.8% | 25486922 | 49.96 | Target, BJ's Warehouse, Nike, Uniqlo, Burlington |
| <u>New Jersey</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Midstate | 2026 | 20.0% |  | 270423 | 122466 | 392889 | —% | 100.0% | 85.1% | 95.4% | 96.4% | 7382795 | 19.70 | ShopRite, Best Buy, DSW, PetSmart |
| **SOUTHEAST** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| <u>Florida</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Walk at Highwoods Preserve | 2024 | 20.0% |  | 80894 | 56862 | 137756 | —% | 100.0% | 86.1% | 94.3% | 94.3% | 2639527 | 20.32 | HomeGoods, Michaels |
| Pinewood Square | 2025 | 20.0% |  |  | 203917 | 203917 | —% | - | 96.5% | 96.5% | 96.5% | 4856056 | 24.68 | TJ Maxx, Ross Dress for Less, Five Below |
| Palm Coast Landing | 2026 | 20.0% |  | 73241 | 98480 | 171721 | —% | 100.0% | 96.4% | 97.9% | 97.9% | 3647675 | 21.69 | TJ Maxx, PetSmart, <br>Ross Dress for Less |
| <u>North Carolina</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Hickory Ridge | 2026 | 20.0% |  | 266584 | 113981 | 380565 | —% | 100.0% | 87.0% | 96.1% | 96.1% | 4714677 | 12.89 | Kohl's, Best Buy, Dick's Sporting Goods |
| <u>Georgia</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Avenue at West Cobb | 2025 | 20.0% |  | 24025 | 230421 | 254446 | —% | 100.0% | 73.3% | 75.8% | 75.8% | 4741005 | 24.59 | Barnes & Noble, Warby Parker, JCrew Factory, Jim N Nicks |
| Canton Marketplace | 2026 | 20.0% |  | 132569 | 215397 | 347966 | —% | 100.0% | 94.9% | 96.9% | 96.9% | 6298932 | 18.69 | Dick's Sporting Goods, TJ Maxx, Best Buy |
| Hiram Pavilion | 2026 | 20.0% |  | 192114 | 171277 | 363391 | —% | 100.0% | 100.0% | 100.0% | 100.0% | 5133688 | 14.13 | Kohl's, HomeGoods |

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| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report March 31, 2026 – 40 |

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

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year** |  | **Gross Leasable Area** | **Gross Leasable Area** | **Gross Leasable Area** | **Gross Leasable Area** | **Economic Occupancy** | **Economic Occupancy** | **Economic Occupancy** | **Economic Occupancy** | **Leased** | **Annualized** |  |  |
| **Property** | **Acquired** | **Ownership %** | **Street** | **Anchors** | **Shops** | **Total** | **Street** | **Anchors** | **Shops** | **Total** | **Occupancy** | **Base Rent (ABR)** | **ABR PSF** | **Key Tenants** |
| **WEST** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| <u>Nevada</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| LINQ Promenade | 2024 | 15.0% |  |  | 181498 | 181498 | —% | - | 96.1% | 96.1% | 99.3% | 14278818 | 81.86 | Yard House, <br>Brooklyn Bowl, <br>I Love Sugar, Starbucks,<br>Welcome to Las Vegas, <br>In-N-Out Burger, Magicians Room |
| <u>California</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Elk Grove Commons | 2026 | 20.0% |  | 114015 | 128063 | 242078 | —% | 100.0% | 97.3% | 98.6% | 100.0% | 5380825 | 22.55 | Kohl's, HomeGoods |
| **Total - Other Co-investment Vehicles** |  |  |  | 1589766 | 1713596 | 3303362 |  | 100.0% | 90.4% | 95.0% | 95.4% | $87767013 | $27.96 |  |
| **TOTAL INVESTMENT MANAGEMENT PROPERTIES** |  |  | **128073** | **5094247** | **4084720** | **9307040** | **76.7%** | **95.0%** | **87.6%** | **91.5%** | **93.6%** | **$191061186** | **$22.43** |  |
| **Acadia Share of Total Investment Management Properties** | **Acadia Share of Total Investment Management Properties** | **Acadia Share of Total Investment Management Properties** | **29610** | **1168985** | **893627** | **2092222** | **76.7%** | **95.8%** | **82.8%** | **90.0%** | **92.8%** | **$48502748** | **$25.76** |  |

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_____________________________

&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 economic occupancy and rent figures reflect only those retail spaces where leases have commenced. Leased occupancy includes both economic occupancy and signed leases that have not yet commenced. ABR and ABR per square foot are based on economic occupancy.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Ownership percentages for Fund properties reflect each Fund's respective ownership interest, while ownership percentages for other co-investment vehicles reflect our pro-rata share.

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report March 31, 2026 – 41 |

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

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **FUND II** | **FUND II** | **FUND II** |  |  |  | **FUND IV** | **FUND IV** | **FUND IV** |  |  |
|  |  | **GLA** | **GLA** | **ABR** | **ABR** |  |  | **GLA** | **GLA** | **ABR** | **ABR** |
|  | **Leases** | **Expiring** | **Percent** |  | **Percent** |  | **Leases** | **Expiring** | **Percent** |  | **Percent** |
| **Year** | **Expiring** | **SF** | **of Total** | **PSF** | **of Total** | **Year** | **Expiring** | **SF** | **of Total** | **PSF** | **of Total** |
| **M to M** <sup>1</sup> |  |  | —% | $— | —% | **M to M** <sup>1</sup> |  |  | —% | $- | —% |
| **2026** | 1 | 1866 | 0.6% | 136.40 | 1.6% | **2026** | 1 | 282 | 0.6% | 84.81 | 1.3% |
| **2027** | 4 | 22215 | 6.8% | 83.39 | 11.4% | **2027** | 5 | 3477 | 6.8% | 62.00 | 12.0% |
| **2028** | 1 | 722 | 0.2% | 219.00 | 1.0% | **2028** | 7 | 4563 | 8.9% | 109.23 | 27.7% |
| **2029** | 1 | 758 | 0.2% | 161.53 | 0.8% | **2029** | 4 | 14941 | 29.2% | 24.24 | 20.1% |
| **2030** |  |  | —% |  | —% | **2030** | 2 | 664 | 1.3% | 65.04 | 2.4% |
| **2031** | 1 | 1220 | 0.4% | 128.50 | 1.0% | **2031** | 2 | 931 | 1.8% | 52.80 | 2.7% |
| **2032** | 2 | 97232 | 29.9% | 12.50 | 7.5% | **2032** | 4 | 19666 | 38.4% | 20.71 | 22.7% |
| **2033** | 3 | 24695 | 7.6% | 50.47 | 7.7% | **2033** | 3 | 4874 | 9.5% | 23.45 | 6.4% |
| **2034** | 4 | 6499 | 2.0% | 110.84 | 4.4% | **2034** | 2 | 1199 | 2.3% | 44.97 | 3.0% |
| **2035** | 5 | 21724 | 6.7% | 79.08 | 10.6% | **2035** | 1 | 599 | 1.2% | 50.00 | 1.7% |
| **Thereafter** | 8 | 147871 | 45.5% | 59.24 | 54.1% | **Thereafter** |  |  | —% |  | —% |
| **Total** <sup>2</sup> | **30** | **324802** | **100.0%** | **$49.89** | **100.0%** | **Total** <sup>2</sup> | **31** | **51196** | **100.0%** | **$35.12** | **100.0%** |
|  |  | 77521 | Total Vacant <sup>2</sup> |  |  |  |  | 11801 | Total Vacant <sup>2</sup> |  |  |
|  |  | **402323** | **Total Square Feet** <sup>2</sup> |  |  |  |  | **62997** | **Total Square Feet** <sup>2</sup> |  |  |
|  | **FUND V** | **FUND V** | **FUND V** |  |  |  | **OTHER CO-INVESTMENT VEHICLES** | **OTHER CO-INVESTMENT VEHICLES** | **OTHER CO-INVESTMENT VEHICLES** |  |  |
|  |  | **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> | 4 | 1310 | 0.1% | $27.42 | 0.3% | **M to M** <sup>1</sup> | 2 |  | —% | $— | 0.1% |
| **2026** | 57 | 64893 | 7.2% | 20.69 | 9.5% | **2026** | 29 | 19545 | 3.2% | $29.54 | 3.5% |
| **2027** | 62 | 150841 | 16.7% | 13.60 | 14.5% | **2027** | 49 | 74117 | 12.2% | $21.41 | 9.7% |
| **2028** | 54 | 117834 | 13.1% | 15.62 | 13.0% | **2028** | 66 | 85068 | 14.0% | $25.51 | 13.3% |
| **2029** | 55 | 129848 | 14.4% | 15.49 | 14.2% | **2029** | 66 | 89365 | 14.7% | $28.72 | 15.7% |
| **2030** | 52 | 152969 | 17.0% | 14.36 | 15.5% | **2030** | 53 | 122211 | 20.2% | $29.66 | 22.2% |
| **2031** | 29 | 52311 | 5.8% | 15.79 | 5.8% | **2031** | 20 | 41431 | 6.8% | $21.11 | 5.3% |
| **2032** | 19 | 51481 | 5.7% | 15.13 | 5.5% | **2032** | 15 | 23586 | 3.9% | $18.65 | 2.7% |
| **2033** | 19 | 39751 | 4.4% | 19.00 | 5.3% | **2033** | 18 | 42226 | 7.0% | $18.98 | 4.9% |
| **2034** | 22 | 62793 | 7.0% | 14.66 | 6.5% | **2034** | 29 | 36954 | 6.1% | $33.46 | 7.6% |
| **2035** | 21 | 44802 | 5.0% | 16.79 | 5.3% | **2035** | 20 | 20313 | 3.4% | $28.54 | 3.5% |
| **Thereafter** | 17 | 31898 | 3.5% | 19.77 | 4.5% | **Thereafter** | 10 | 51184 | 8.4% | 36.95 | 11.6% |
| **Total** <sup>2</sup> | **411** | **900730** | **100.0%** | **$15.70** | **100.0%** | **Total** <sup>2</sup> | **377** | **606001** | **100.0%** | **$26.99** | **100.0%** |
|  |  | 89551 | Total Vacant <sup>2</sup> |  |  |  |  | 30620 | Total Vacant <sup>2</sup> |  |  |
|  |  | **990281** | **Total Square Feet** <sup>2</sup> |  |  |  |  | **636621** | **Total Square Feet** <sup>2</sup> |  |  |

---

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| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report March 31, 2026 – 42 |

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---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **TOTAL INVESTMENT MANAGEMENT** | **TOTAL INVESTMENT MANAGEMENT** | **TOTAL INVESTMENT MANAGEMENT** |  |  |
|  |  | **GLA** | **GLA** | **ABR** | **ABR** |
|  | **Leases** | **Expiring** | **Percent** |  | **Percent** |
| **Year** | **Expiring** | **SF** | **of Total** | **PSF** | **of Total** |
| **M to M** <sup>1</sup> | 6 | 1310 | 0.1% | $34.29 | 0.1% |
| **2026** | 88 | 86586 | 4.6% | 37.05 | 6.7% |
| **2027** | 120 | 250650 | 13.3% | 25.10 | 13.1% |
| **2028** | 128 | 208187 | 11.1% | 24.33 | 10.6% |
| **2029** | 126 | 234913 | 12.5% | 26.06 | 12.8% |
| **2030** | 107 | 275844 | 14.7% | 11.29 | 6.5% |
| **2031** | 52 | 95894 | 5.1% | 15.35 | 3.1% |
| **2032** | 40 | 191965 | 10.2% | 16.68 | 6.7% |
| **2033** | 43 | 111546 | 5.9% | 30.05 | 7.0% |
| **2034** | 57 | 107445 | 5.7% | 21.17 | 4.7% |
| **2035** | 47 | 87438 | 4.6% | 28.59 | 5.2% |
| **Thereafter** | 35 | 230953 | 12.3% | 48.85 | 23.5% |
| **Total** <sup>2</sup> | **849** | **1882730** | **100.0%** | **$25.76** | **100.0%** |
|  |  | 209493 | Total Vacant <sup>2</sup> |  |  |
|  |  | **2092222** | **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 March 31, 2026 – 43 |

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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.

NON-GAAP FINANCIAL MEASURES

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

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

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

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

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| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report March 31, 2026 – 44 |

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**Important Notes**<br>

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

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

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

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

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

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

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| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report March 31, 2026 – 45 |

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**Important Notes**<br>

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

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| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report March 31, 2026 – 46 |

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