# EDGAR Filing Document

**Accession Number:** 0000899629
**File Stem:** 0001193125-26-044722
**Filing Date:** 2026-2
**Character Count:** 196394
**Document Hash:** a462ae53eff1ed154ae531e06bbbba9b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-044722.hdr.sgml**: 20260210

**ACCESSION NUMBER**: 0001193125-26-044722

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20260210

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260210

**DATE AS OF CHANGE**: 20260210

**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:** 26616173

**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): February 10, 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. ☐

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

On February 10, 2026, Acadia Realty Trust (the "Company") issued a press release announcing its consolidated financial results for the quarter and year ended December 31, 2025. A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1 and incorporated herein by reference.

On the same day, the Company made available supplemental reporting information regarding the financial results, operations and portfolio of the Company as of and for the quarter and year ended December 31, 2025. A copy of the supplemental reporting information is attached to this Current Report on Form 8-K as Exhibit 99.2 and incorporated herein by reference.

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

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

(d) Exhibits

---

| | |
|:---|:---|
| **<u>Exhibit</u>**<br>**<u>Number</u>** |  **<u>Description</u>** |
| [<u>99.1</u>](akr-ex99_1.htm) | Press release dated February 10, 2026  |
| [<u>99.2</u>](akr-ex99_2.htm) | Supplemental Reporting Information as of and for the quarter and year ended December 31, 2025 |
| 104  | Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101.) |

---

------

**SIGNATURES**

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

---

| | | |
|:---|:---|:---|
|  | **ACADIA REALTY TRUST** | **ACADIA REALTY TRUST** |
| Dated: | (Registrant) | (Registrant) |
|  | By: | /s/ John Gottfried |
|  | Name: | John Gottfried |
| February 10, 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 Fourth Quarter and Full Year 2025 Operating Results

# *Key Highlights for the fourth quarter and year ended December 31, 2025 include:* 
• Fourth quarter and year ended December 31, 2025 GAAP net earnings of $0.04 and $0.10 per share and FFO Before Special Items of $0.34 and $1.32 per share, respectively

• Fourth quarter and year ended December 31, 2025 REIT Portfolio same-property NOI increased 6.3% and 5.7%, respectively, primarily driven by the street and urban portfolio

• Fourth quarter REIT Portfolio GAAP and cash leasing spreads on new leases of 60% and 27%, respectively, primarily driven by street retail leasing

• Increased REIT Portfolio occupancy by 30 basis points to 93.9% during the fourth quarter driven by street and urban retail, which increased 80 basis points for the fourth quarter and 370 basis points for the year to 90.3% as of December 31, 2025

• Completed approximately $487 million of accretive REIT Portfolio ($356 million of street retail) and Investment Management ($131 million) acquisitions during the year ended December 31, 2025

*Subsequent Events*

• Completed approximately $445 million of REIT Portfolio and Investment Management acquisitions year-to-date 2026, and additionally have a robust pipeline for several potential REIT Portfolio street retail investments in advanced stages of negotiation

• Provided 2026 FFO As Adjusted (new metric) expectations of $1.21 - $1.25 and REIT Portfolio same-property NOI growth of 5-9%

<br>1<br>

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RYE, NY (February 10, 2026) - Acadia Realty Trust (NYSE: AKR) ("Acadia" or the "Company") today reported operating results for the quarter and year ended December 31, 2025. All per share amounts are on a fully-diluted basis, where applicable. Acadia owns and operates a high-quality real estate portfolio of street and open-air retail properties in the nation's most dynamic retail corridors ("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;"As we close the year, our fourth quarter results reflect continued momentum across our differentiated dual platform business model. We are encouraged by the robust tenant demand for our street retail portfolio, enabling us to deliver REIT Portfolio same-property NOI growth in excess of 6% for the quarter. Complementing our strong internal growth, last year and year-to-date, we completed nearly $1 billion of accretive acquisitions, increasing our concentration in key street retail corridors and further scaling our Investment Management platform. With strong demand for street retail space and ample balance sheet capacity, we remain well positioned to deliver 5% earnings growth over a multi-year horizon."<br>

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

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**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 Before Special Items) attributable to common shareholders and Common OP Unit holders and (ii) operating income to net operating income ("NOI") is included in the financial tables of this release. The amounts discussed below are net of noncontrolling interests (except for the Common OP Unit holders) and all per share amounts are on a fully-diluted basis.

---

| | | |
|:---|:---|:---|
|  | **Financial Results** | **Financial Results** |
|  | **2025–4Q** | **2024–4Q** |
| **Net earnings per share attributable to Acadia** | **$0.04** | **$0.07** |
| Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share other than Common OP Units) | 0.24 | 0.22 |
| Impairment charges (net of noncontrolling interest share other than Common OP Units) |  | 0.01 |
| Adjustment of redeemable noncontrolling interest to estimated redemption value | 0.02 |  |
| **NAREIT Funds From Operations per share attributable to Common Shareholders and Common OP Unit holders** | **$0.30** | **$0.30** |
| Net unrealized holding gain |  | (0.01) |
| **Funds From Operations Before Special Items and Realized Gains and Promotes per share attributable to Common Shareholders and Common OP Unit holders** | **$0.30** | **$0.29** |
| Transaction and other expenses <sup>1</sup> | 0.01 |  |
| Realized gains on marketable securities <sup>2</sup> | 0.03 | 0.03 |
| **Funds From Operations Before Special Items per share attributable to Common Shareholders and Common OP Unit holders** | **$0.34** | **$0.32** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Refer to the "Notes to Financial Highlights" on page 15 of this release for the definition of Funds From Operations Before Special Items

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.It is the Company's policy to exclude unrealized gains and losses from FFO Before Special Items and to include realized gains related to the Company's investment in Albertsons. The Company had realized investment gains of $4.7 million and $3.7 million for the quarters ended December 31, 2025 and 2024, respectively. Refer to the "Notes to Financial Highlights" on page 15 of this release.

**Net Income**

• Net income per share for the three months and year ended December 31, 2025 was $0.04 and $0.10, respectively. This compares with net income per share for the three months and year ended December 31, 2024 of $0.07 and $0.19, respectively. The decrease for the year ended December 31, 2025, as compared to the year ended December 31, 2024, was primarily a result of the loss on change in control related to the Company's additional investment in its Georgetown Renaissance portfolio.

• The Company realized a net one-time benefit to net income, NAREIT FFO and FFO Before Special Items of approximately $.01 per share during the fourth quarter of 2025 relating to real estate tax savings and refunds, primarily from its Chicago portfolio. These savings occurred within its REIT Redevelopment/Prestabilized portfolio and thus were excluded from its reported fourth quarter and year ending December 31, 2025 Same-Property NOI.

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

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**NAREIT FFO**

• NAREIT Funds From Operations ("NAREIT FFO") for the quarter ended December 31, 2025 was $41.7 million, or $0.30 per share, as compared to $37.8 million, or $0.30 per share, for the quarter ended December 31, 2024.

**FFO Before Special Items**

• FFO Before Special Items for the quarter ended December 31, 2025 was $47.2 million, or $0.34 per share, as compared to $40.5 million, or $0.32 per share, for the quarter ended December 31, 2024. The Company had $4.7 million of realized investment gains on marketable securities and net promotes, or $0.03 per share, during the quarter ended December 31, 2025.

## REIT Portfolio Same-Property NOI
• Same-Property NOI grew 6.3%, for the fourth quarter, primarily driven by 7.5% growth from the street and urban retail portfolio. Full year same-property NOI grew 5.7%, coming in at the upper end of the Company's guidance. These amounts exclude developments and redevelopments.

## REIT Portfolio Occupancy and Leasing Update
• As of December 31, 2025, economic occupancy and leased occupancy increased 30 and 20 basis points to 93.9% and 94.7%, respectively, compared to 93.6% and 94.5% as of September 30, 2025.

• For the quarter ended December 31, 2025, conforming GAAP and cash leasing spreads on new leases were 60% and 27%, respectively, driven by leasing in its street retail corridors, and 27% and 12%, inclusive of renewal leases.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Balance at September 30, 2025** | **Commencing ABR** | **New Leases** | **Balance at December 31, 2025** |
| REIT Portfolio (Same-property) | $4.4 | $(1.5) | $1.5 | $4.4 |
| REIT Portfolio (Redevelopment/Prestabilized) | 6.5 | (3.1) | 0.1 | 3.5 |
| Investment Management | 1.0 | (0.4) | 0.4 | 1.0 |
| **Total** | $**11.9** | $**(5.0)** | $**2.0** | $**8.9** |

---

As highlighted above, of the $5.0 million of pro-rata ABR that commenced in the fourth quarter, approximately $3.1 million, primarily driven by the December 2025 opening of Mango at 664 North Michigan in Chicago, Illinois, originated from REIT Portfolio Redevelopment/Prestabilized assets. Because these assets were not included in REIT Portfolio occupancy as of September 30, 2025, the $3.1 million of ABR that commenced in the fourth quarter did not significantly contribute to the reported occupancy at December

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

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31, 2025. Likewise, this amount was excluded from the Same-Property NOI pool for both the fourth quarter and the full year of 2025.

# Transactional Activity
Subsequent to December 31, 2025, the Company completed approximately $445 million in accretive REIT Portfolio and Investment Management acquisitions as further described below.

## REIT Portfolio
• **Manhattan, New York.** In January 2026, the Company acquired 1045 and 1165 Madison Avenue in Manhattan for an aggregate purchase price of $20.8 million. These assets further expand the Company's ownership on Madison Avenue and align with its strategy of expanding its portfolio on must-have street retail corridors.

• **REIT Portfolio Pipeline.** The Company is in advanced stages of negotiations relating to potential investments to acquire street retail assets. These transactions are subject to final agreement between the parties, customary closing conditions and market uncertainty. Thus, no assurances can be given that the Company will successfully close on any of these transactions on the anticipated timeline or at all.

## Investment Management Platform Acquisition
• **Queens, New York.** 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 $425 million (the Company retained a 20% ownership interest in the joint venture and provided a preferred equity investment of $41.7 million). The Company will manage the day-to-day operations entitling it to earn asset management, property management, and leasing fees, along with the opportunity to earn a promote upon the ultimate disposition of the asset. 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.

## Investment Management Dispositions
• **Manhattan, New York.** As previously disclosed, in October 2025, the Company, through its Fund IV platform, completed the disposition of the retail component of 1035 Third Avenue for $22 million, of which the Company's share was $5 million.

• **Virginia Beach, Virginia.** 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. This property, acquired in August 2019, generated an approximate 17% IRR and a 1.8x equity multiple.

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

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**Balance Sheet**

**Equity Activity:**

• During the fourth quarter of 2025, the Company raised approximately $39 million of equity (of which approximately $9 million was previously disclosed), on a one-year forward basis, under its ATM program at an average issuance price, prior to fees, of $20.07 per share.

• The Company has unsettled forward equity contracts, inclusive of the amounts above, to sell 14.7 million shares for aggregate net proceeds of approximately $295 million to accretively fund its acquisition pipeline and the Henderson Avenue redevelopment project in Dallas, TX.

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

• Net Debt-to-EBITDA, as adjusted, inclusive of its pro-rata share of Investment Management platform debt and unsettled forward equity contracts that were issued prior to December 31, 2025 as discussed above, was 4.9x at December 31, 2025 as compared to 5.0x at September 30, 2025. Refer to the fourth quarter 2025 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 2.6%, 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**

As previously disclosed, beginning in 2026, the Company will report a new supplemental measure, FFO As Adjusted. FFO As Adjusted will be calculated by adjusting NAREIT FFO to exclude gains and promotes from its Investment Management business along with other items, including non-comparable revenues, expenses, gains, and losses, that the Company believes are not reflective of ongoing core operating results.

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

---

| | | | |
|:---|:---|:---|:---|
|  | **2026 Guidance** | **2026 Guidance** | **2025 Actuals** |
|  | **Low** | **High** |  |
| **Net earnings per share attributable to Acadia** | **$0.24** | **$0.26** | **$0.10** |
| Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share other than Common OP Units) | 0.95 | 0.97 | 0.94 |
| Gain on disposition on real estate properties (net of noncontrolling interest share other than Common OP Units) | (0.04) | (0.04) | (0.02) |
| Impairment charges (net of noncontrolling interest share other than Common OP Units) |  |  | 0.07 |
| Loss on change in control |  |  | 0.07 |
| Noncontrolling interest in Operating Partnership | 0.03 | 0.03 | 0.03 |
| **NAREIT Funds from operations per share attributable to Common Shareholders and Common OP Unit holders** | **$1.18** | **$1.22** | **$1.19** |
| **Adjustments to FFO:** |  |  |  |
| Unrealized holding loss |  |  | 0.01 |
| Promote Income |  |  | (0.01) |
| Lease Settlement Income <sup>1</sup> |  |  | (0.06) |
| Transaction and other expenses <sup>2</sup> | 0.03 | 0.03 | 0.01 |
| **Funds From Operations As Adjusted per share attributable to Common Shareholders and Common OP Unit holders** <sup>3</sup> | **$1.21** | **$1.25** | **$1.14** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Company recognized approximately $8.0 million, or $0.06 per share, related to the termination of its lease with Whole Foods at City Center for the quarter ended March 31, 2025.

&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, employee retirement and severance costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Refer to the "Notes to Financial Highlights" on page 15 of this release for the definition of Funds From Operations As Adjusted

The Company's full year outlook is based on the following assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•REIT Portfolio Same-Property NOI growth, excluding properties in redevelopment, of 5-9%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Investment Management fees ranging from $23-$26 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Structured Finance (interest) income ranging from $16-$18 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Pro-rata REIT Portfolio and Investment Management non-cash GAAP items (above/below market and straight-line rental income) ranging from $12-$15 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Recurring G&A expenses ranging from $44-$46 million

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Interest expense, net, ranging from $68-$70 million, which does not reflect the potential reduction in interest expense that would result from settling the forward equity contracts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Guidance does not factor in potential acquisitions or dispositions, other than those that have already been completed

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•NAREIT FFO guidance does not factor in any promotes or realized gains. Such amounts, if any, will be included in NAREIT FFO (but excluded from FFO As Adjusted) in the period in which the transaction occurs.

FFO As Adjusted for the year ended December 31, 2025 and for each quarterly period within the year were as follows (amounts in thousands except per share):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the quarter ended** | **For the quarter ended** | **For the quarter ended** | **For the quarter ended** | **For the year ended** |
|  | **March 31, 2025** | **June 30, 2025** | **September 30, 2025** | **December 31, 2025** | **December 31, 2025** |
| **NAREIT FFO** | $**44583** | $**38074** | $**38579** | $**41649** | $**162885** |
| Tenant lease settlement | (8309) |  |  |  | (8309) |
| Promote income |  |  | (1216) |  | (1216) |
| Transaction and other expenses | 526 | 152 | 55 | 921 | 1654 |
| Unrealized holding (gain) loss | (1672) | 494 | 2281 | (61) | 1042 |
| **FFO As Adjusted** | $**35128** | $**38720** | $**39699** | $**42509** | $**156056** |
| Share and Unit Count | 129363 | 138909 | 138950 | 139031 | 136635 |
| FFO As Adjusted per Share and Unit | $0.27 | $0.28 | $0.29 | $0.31 | $1.14 |

---

Management will conduct a conference call on Wednesday, February 11, 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, February 11, 2026 |
| &nbsp;&nbsp;Time: | &nbsp;&nbsp;11:00 AM ET |
| &nbsp;&nbsp;Participant call: | &nbsp;&nbsp;Fourth Quarter 2025 Dial-In |
| &nbsp;&nbsp;Participant webcast: | &nbsp;&nbsp;Fourth Quarter 2025 Webcast |
| &nbsp;&nbsp;Webcast Listen-only and Replay: | &nbsp;&nbsp;www.acadiarealty.com/investors under Events & Presentations |

---

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

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

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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"). Forward-looking statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations are generally identifiable by the use of words, such as "may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend" or "project," or the negative thereof, or other variations thereon or comparable terminology. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the Company's actual results and financial performance to be materially different from future results and financial performance expressed or implied by such forward-looking statements, including, but not limited to: (i) macroeconomic conditions, including due to geopolitical instability and global trade disruptions, which may lead to a disruption of or lack of access to the capital markets and other sources of funding, and rising inflation; (ii) the Company's success in implementing its business strategy and its ability to identify, underwrite, finance, consummate and integrate diversifying acquisitions and investments; (including the potential acquisitions discussed in this press release); (iii) changes in general economic conditions or economic conditions in the markets in which the Company may, from time to time, compete, including the impact of recently announced tariffs on our tenants and their customers, and their effect on the Company's and our tenants' revenues, earnings and funding sources; (iv) increases in the Company's borrowing costs as a result of rising inflation, changes in interest rates and other factors; (v) the Company's ability to pay down, refinance, restructure or extend its indebtedness as it becomes due; (vi) the Company's investments in joint ventures and unconsolidated entities, including its lack of sole decision-making authority and its reliance on its joint venture partners' financial condition; (vii) the Company's ability to obtain the financial results expected from its development and redevelopment projects; (viii) the ability and willingness of the Company's tenants to renew their leases with the Company upon expiration, the Company's ability to re-lease its properties on the same or better terms in the event of nonrenewal or in the event the Company exercises its right to replace an existing tenant, and obligations the Company may incur in connection with the replacement of an existing tenant; (ix) the Company's potential liability for environmental matters; (x) damage to the Company's properties from catastrophic weather and other natural events, and the physical effects of climate change; (xi) the economic, political and social impact of, and uncertainty surrounding, any public health crisis; (xii) uninsured losses; (xiii) the Company's ability and willingness to maintain its

![img225797853_1.jpg](img225797853_1.jpg)<sub>9</sub>

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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>10</sub>

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**Acadia Realty Trust and Subsidiaries**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br> December 31,** | **Three Months Ended<br> December 31,** | **Year Ended <br>December 31,** | **Year Ended <br>December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Revenues** |  |  |  |  |
| Rental | $102485 | $91579 | $402136 | $349530 |
| Other | 2280 | 1755 | 8621 | 10159 |
| Total revenues | 104765 | 93334 | 410757 | 359689 |
| **Expenses** |  |  |  |  |
| Depreciation and amortization | 39864 | 35189 | 157457 | 138910 |
| General and administrative | 11611 | 10397 | 45664 | 40559 |
| Real estate taxes | 13636 | 12535 | 52088 | 46049 |
| Property operating | 18996 | 16772 | 71427 | 66000 |
| Impairment charges |  | 1678 | 37210 | 1678 |
| Total expenses | 84107 | 76571 | 363846 | 293196 |
| Gain (loss) on disposition of properties |  | (393) | 2515 | (834) |
| **Operating income** | 20658 | 16370 | 49426 | 65659 |
| Equity in earnings (losses) of unconsolidated affiliates | 1885 | (774) | (7713) | 15178 |
| Interest income | 5142 | 6575 | 23717 | 25085 |
| Realized and unrealized holding gains (losses) on investments and other | 97 | 904 | (96) | (5014) |
| Interest expense | (24156) | (21904) | (95311) | (92557) |
| Loss on change in control |  |  | (9622) |  |
| Income (loss) from continuing operations before income taxes | 3626 | 1171 | (39599) | 8351 |
| Income tax provision | (83) | (11) | (412) | (212) |
| Net income (loss) | 3543 | 1160 | (40011) | 8139 |
| Net loss attributable to redeemable noncontrolling interests | 602 | 1397 | 5562 | 7915 |
| Net loss attributable to noncontrolling interests | 3562 | 5967 | 51345 | 5596 |
| Net income attributable to Acadia shareholders | $7707 | $8524 | $16896 | $21650 |
| Less: earnings attributable to unvested participating securities | (340) | (306) | (1357) | (1189) |
| Less: adjustment of redeemable noncontrolling interests to estimated redemption value | (2428) |  | (3316) |  |
| Income from continuing operations net of income attributable to participating securities for diluted earnings per share | $4939 | $8218 | $12223 | $20461 |
| Weighted average shares for basic earnings per share | 131035 | 118719 | 128625 | 108227 |
| Weighted average shares for diluted earnings per share | 131074 | 118750 | 128663 | 108258 |
| **Net earnings per share - basic** <sup>(2)</sup> | $0.04 | $0.07 | $0.10 | $0.19 |
| **Net earnings per share - diluted** <sup>(2)</sup> | $0.04 | $0.07 | $0.10 | $0.19 |

---

![img225797853_1.jpg](img225797853_1.jpg)<sub>11</sub>

------

**Acadia Realty Trust and Subsidiaries**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended <br>December 31,** | **Three Months Ended <br>December 31,** | **Year Ended <br>December 31,** | **Year Ended <br>December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Net income attributable to Acadia | $7707 | $8524 | $16896 | $21650 |
| Depreciation of real estate and amortization of leasing costs (net of<br> noncontrolling interests' share other than Common OP Units) | 33542 | 27665 | 128356 | 107450 |
| Impairment charges (net of noncontrolling interests' share other than Common OP Units) |  | 750 | 9572 | 750 |
| Loss (gain) on disposition of properties (net of noncontrolling interests' share other than Common OP Units) |  | 395 | (2614) | (1086) |
| Loss on change in control |  |  | 9622 |  |
| Income attributable to Common OP Unit holders | 333 | 363 | 785 | 1067 |
| Distributions - Preferred OP Units | 67 | 67 | 268 | 341 |
| **Funds from operations attributable to Common Shareholders and Common OP Unit holders - Diluted** | $41649 | $37764 | $162885 | $130172 |
| Transaction and other costs | 921 |  | 1654 |  |
| Unrealized holding (gain) loss | (61) | (949) | 1042 | 4616 |
| Realized gain | 4693 | 3685 | 14454 | 14188 |
| **FFO Before Special Items attributable to Common Shareholder and Common OP Unit holders** <sup>1</sup> | $47202 | $40500 | $180035 | $148976 |
| **Funds From Operations per Share - Diluted** |  |  |  |  |
| Basic weighted-average shares outstanding, GAAP earnings | 131074 | 118719 | 128663 | 108227 |
| Weighted-average OP Units outstanding | 7701 | 7280 | 7716 | 7495 |
| Assumed conversion of Preferred OP Units to Common Shares | 256 | 256 | 256 | 356 |
| Assumed conversion of LTIP units and restricted share units to<br> Common Shares |  |  |  |  |
| Weighted average number of Common Shares and Common OP Units | 139031 | 126255 | 136635 | 116078 |
| Diluted Funds from operations, per Common Share and Common OP Unit | $0.30 | $0.30 | $1.19 | $1.12 |
| Diluted Funds from operations Before Special Items, per Common Share and Common OP Unit | $0.34 | $0.32 | $1.32 | $1.28 |

---

![img225797853_1.jpg](img225797853_1.jpg)<sub>12</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> December 31,** | **Three Months Ended<br> December 31,** | **Year Ended <br>December 31,** | **Year Ended <br>December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Consolidated operating income | $20658 | $16370 | $49426 | $65659 |
| Add back: |  |  |  |  |
| &nbsp;&nbsp;General and administrative | 11611 | 10397 | 45664 | 40559 |
| &nbsp;&nbsp;Depreciation and amortization | 39864 | 35189 | 157457 | 138910 |
| &nbsp;&nbsp;Impairment charges |  | 1678 | 37210 | 1678 |
| &nbsp;&nbsp;Loss (gain) on disposition of properties |  | 393 | (2515) | 834 |
| Less: |  |  |  |  |
| &nbsp;&nbsp;Above/below-market rent, straight-line rent and other adjustments | (4694) | (4760) | (15611) | (17735) |
| &nbsp;&nbsp;Termination income |  |  | (8366) |  |
| Consolidated NOI | 67439 | 59267 | 263265 | 229905 |
| Redeemable noncontrolling interest in consolidated NOI | (1831) | (1994) | (6829) | (6127) |
| Noncontrolling interest in consolidated NOI | (17704) | (17226) | (74452) | (69540) |
| Less: |  |  |  |  |
| Operating Partnership's interest in Investment Management NOI included above | (8459) | (7083) | (31170) | (25496) |
| Add back: |  |  |  |  |
| Operating Partnership's share of unconsolidated joint ventures NOI <sup>(4)</sup> | 3604 | 3027 | 6810 | 11531 |
| REIT Portfolio NOI | $43049 | $35991 | $157624 | $140273 |

---

**Reconciliation of Same-Property NOI** 

*(Unaudited, Dollars in thousands)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br> December 31,** | **Three Months Ended<br> December 31,** | **Year Ended <br>December 31,** | **Year Ended <br>December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| REIT Portfolio NOI | $43049 | $35991 | $157624 | $140273 |
| Less properties excluded from Same-Property NOI | (7109) | (2195) | (18486) | (8629) |
| Same-Property NOI | $35940 | $33796 | $139138 | $131644 |
| Percent change from prior year period | 6.3% |  | 5.7% |  |
| Components of Same-Property NOI: |  |  |  |  |
| Same-Property Revenues | $50241 | $48129 | $193257 | $186932 |
| Same-Property Operating Expenses | (14301) | (14333) | (54119) | (55288) |
| Same-Property NOI | $35940 | $33796 | $139138 | $131644 |

---

![img225797853_1.jpg](img225797853_1.jpg)<sub>13</sub>

------

**Acadia Realty Trust and Subsidiaries**

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

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

---

| | | |
|:---|:---|:---|
| As of: |  |  |
|  | December 31, 2025 | December 31, 2024 |
| **Assets** |  |  |
| Investments in real estate, at cost |  |  |
| Buildings and improvements | $3421366 | $3174250 |
| Tenant improvements | 339414 | 304645 |
| Land | 1147236 | 906031 |
| Construction in progress | 32969 | 23704 |
| Right-of-use assets - finance leases | 61366 | 61366 |
| Total | 5002351 | 4469996 |
| Less: Accumulated depreciation and amortization | (1018597) | (926022) |
| &nbsp;&nbsp;Operating real estate, net | 3983754 | 3543974 |
| &nbsp;&nbsp;Real estate under development | 167051 | 129619 |
| Net investments in real estate | 4150805 | 3673593 |
| Notes receivable, net ($1,638 and $2,004 of allowance for credit losses as of December 31, 2025 and December 31, 2024, respectively) | 154892 | 126584 |
| Investments in and advances to unconsolidated affiliates | 161955 | 209232 |
| Other assets, net | 223980 | 223767 |
| Right-of-use assets - operating leases, net | 23594 | 25531 |
| Cash and cash equivalents | 38818 | 16806 |
| Restricted cash | 18081 | 22897 |
| Marketable securities |  | 14771 |
| Rents receivable, net | 65027 | 58022 |
| Total assets | $4837152 | $4371203 |
| Liabilities: |  |  |
| Mortgage and other notes payable, net | $893944 | $953700 |
| Unsecured notes payable, net | 879462 | 569566 |
| Unsecured line of credit | 89500 | 14000 |
| Accounts payable and other liabilities | 273479 | 232726 |
| Lease liabilities - operating leases | 25972 | 27920 |
| Dividends and distributions payable | 28526 | 24505 |
| Distributions in excess of income from, and investments in, unconsolidated affiliates | 16838 | 16514 |
| Total liabilities | 2207721 | 1838931 |
| Commitments and contingencies |  |  |
| Redeemable noncontrolling interests | 9113 | 30583 |
| Equity: |  |  |
| &nbsp;&nbsp;Acadia Shareholders' Equity |  |  |
| &nbsp;&nbsp;Common shares, $0.001 par value per share, authorized 200,000,000 shares, issued and outstanding 131,036,560 and 119,657,594 shares as of December 31, 2025 and December 31, 2024, respectively | 131 | 120 |
| &nbsp;&nbsp;Additional paid-in capital | 2710651 | 2436285 |
| &nbsp;&nbsp;Accumulated other comprehensive income | 15585 | 38650 |
| Distributions in excess of accumulated earnings | (500720) | (409383) |
| Total Acadia shareholders' equity | 2225647 | 2065672 |
| Noncontrolling interests | 394671 | 436017 |
| Total equity | 2620318 | 2501689 |
| Total liabilities, redeemable noncontrolling interests, and equity | $4837152 | $4371203 |

---

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

------

**Acadia Realty Trust and Subsidiaries**

Notes to Financial Highlights:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)For additional information and analysis concerning the Company's balance sheet and results of operations, reference is made to the Company's quarterly supplemental disclosures for the relevant periods furnished on the Company's Current Report on Form 8-K, which is available on the SEC's website at www.sec.gov and on the Company's website at www.acadiarealty.com.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common shares of the Company were exercised or converted into common shares. The effect of the conversion of units of limited partnership interest ("OP Units") in Acadia Realty Limited Partnership, the operating partnership of the Company (the "Operating Partnership"), is not reflected in the above table; OP Units are exchangeable into common shares on a one-for-one basis. The income allocable to such OP units is allocated on the same basis and reflected as noncontrolling interests in the consolidated financial statements. As such, the assumed conversion of these OP Units would have no net impact on the determination of diluted earnings per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)The Company considers funds from operations ("FFO") as defined by the National Association of Real Estate Investment Trusts ("NAREIT") and net property operating income ("NOI") to be appropriate supplemental disclosures of operating performance for an equity REIT due to their widespread acceptance and use within the REIT and analyst communities. In addition, the Company believes that given the atypical nature of certain unusual items (as further described below), "FFO Before Special Items" is also an appropriate supplemental disclosure of operating performance. FFO, FFO Before Special Items and NOI are presented to assist investors in analyzing the performance of the Company. The Company believes they are helpful as they exclude various items included in net income (loss) that are not indicative of operating performance, such as (i) gains (losses) from sales of real estate properties; (ii) depreciation and amortization and (iii) impairment of depreciable real estate assets related to the Company's main business and land held for the development of property. 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 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. 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. In addition, NOI excludes interest expense and FFO Before Special Items excludes certain unusual items (as further described below). The Company's method of calculating FFO, FFO Before Special Items, 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, FFO Before Special Items or FFO As Adjusted represent cash generated from operations as defined by generally accepted accounting principles ("GAAP"), or are indicative of cash available to fund all cash needs, including distributions. Such measures should not be considered as an alternative to net income (loss) for the purpose of evaluating the Company's performance or to cash flows as a measure of liquidity.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.impairment of real estate 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) | <br>**15** |

---

------

&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 Before Special Items begins with the NAREIT definition of FFO and adjusts FFO (or as an adjustment to the numerator within its earnings per share calculations) to take into account FFO without regard to certain unusual items including:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.the impact of the unrealized holding gains (losses) incidental to its main business, including those related to its investment in Albertsons; and

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.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:

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

&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 or Investment Management's operating agreement and does not include the Operating Partnership's share of NOI from unconsolidated partnerships and joint ventures within Investment Management.

---

| | |
|:---|:---|
| ![img225797853_1.jpg](img225797853_1.jpg) | <br>**16** |

---

------

## Exhibit 99.2

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

------

**Table of Contents**<br>

---

| | |
|:---|:---|
| **Section I – Fourth Quarter 2025 Earnings Press Release** |  |
| **Section II – Financial Information** |  |
| [<u>Company Information</u>](#company_information) | 3 |
| [<u>Market Capitalization</u>](#market_capitalization) | 4 |
| [<u>Equity</u>](#forward_offerings) | 5 |
| Operating Statements |  |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Operations</u>](#consolidated_income_statement) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Statements of Operations - Pro-rata Adjustments</u>](#statements_of_ops_pro_rata) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Balance Sheet</u>](#consolidated_balance_sheet) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Balance Sheet - Pro-rata Adjustments</u>](#balance_sheet_pro_rata) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Funds from Operations ("FFO"), FFO Before Special Items, Adjusted Funds from Operations ("AFFO")</u>](#ffo) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>EBITDA</u>](#ebitda) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Fee Income Detail</u>](#fee_income) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Structured Financing</u>](#structured_financing_portfolio) | 15 |
| Other Information |  |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Transactional Activity</u>](#transactional_activity) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>2026 Guidance</u>](#guidance) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Net Asset Valuation Information</u>](#net_asset_valuation_information) | 19 |
| Debt Analysis |  |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Summary</u>](#portfolio_debt_summary) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Detail</u>](#portfolio_debt_detail) | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Maturities</u>](#future_debt_maturities) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Interest Rate Summary</u>](#interest_rate_summary) | 25 |
| **Section III – REIT Portfolio Information** |  |
| [<u>REIT Properties</u>](#core_properties) | 26 |
| [<u>REIT Top Tenants</u>](#core_portfolio_top_tenants) | 30 |
| [<u>Same Property Net Operating Income</u>](#same_property_net_op_income) | 31 |
| [<u>REIT Lease Expirations</u>](#core_portfolio_lease_expirations) | 32 |
| [<u>REIT New and Renewal Rent Spreads</u>](#core_new_and_renewal_rent_spreads) | 33 |
| **Section IV – Investment Management Information** |  |
| [<u>Fund Overview</u>](#fund_overview) | 34 |
| [<u>Investment Management Properties</u>](#investment_management_properties) | 35 |
| [<u>Investment Management Lease Expirations</u>](#investment_mgt_lease_exp) | 39 |
| [<u>Development and Redevelopment Activity</u>](#development_and_redevelopment_activity) | 41 |
| **Section V – Other Information** |  |
| [<u>Important Notes</u>](#imp_notes) | 43 |

---

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

------

---

| | | |
|:---|:---|:---|
| **Company Information** |  |  |
| Acadia Realty Trust is an equity real estate investment trust focused on delivering long-term, profitable growth. Acadia owns and operates a high-quality 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** | **Jeffries** | **Truist** |
| Kenneth Billingsley <br>(202) 534-1393 | Linda Tsai<br>(212) 778-8011 | Anthony Hau<br>(212) 303-4176 |
| kbillingsley@compasspointllc.com | ltsai@jeffries.com | anthony.hau@truist.com |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report December 31, 2025 – 3 |

---

------

---

| |
|:---|
| 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 | 131037 |  |
| Common Operating Partnership ("OP") Units | 5421 |  |
| Combined Common Shares and OP Units <sup>1</sup> | 136458 |  |
| Share Price at December 31, 2025 | $20.54 |  |
| Equity Capitalization - Common Shares and OP Units | $2802846 |  |
| Preferred OP Units <sup>2</sup> | 515 |  |
| **Total Equity Capitalization** | **2803361** | **66%** |
| **<u>Debt Capitalization</u>** |  |  |
| &nbsp;&nbsp;Consolidated Secured Debt | 893944 |  |
| &nbsp;&nbsp;Consolidated Revolving Credit | 89500 |  |
| &nbsp;&nbsp;Consolidated Unsecured Notes Payable | 879462 |  |
| Consolidated Principal Debt | 1862906 |  |
| Less: Net unamortized premium | (926 |  |
| Add: Deferred financing fees | 11387 |  |
| Consolidated Debt | 1873367 |  |
| Adjustment to reflect pro-rata share of debt | (378709 |  |
| **Total Pro-Rata Debt Capitalization** | **1494658** | **34%** |
| **<u>Total Market Capitalization</u>** | $**4298019** | **100%** |
| **<u>Pro-Rata Liquidity</u>** |  |  |
| Cash, cash equivalents and restricted cash | 45016 |  |
| Unsettled ATM forward equity contracts | 295461 |  |
| **Net debt** | **1154181** |  |
| Pro-Rata EBITDA (page 13) | 204652 |  |
| Pro-Rata Adjusted EBITDA (page 13) | 236728 |  |
| Pro-Rata EBITDA excluding Realized Gains (page 13) | 222274 |  |
| **Ratios**<sup>3</sup>**:** |  |  |
| Debt + Preferred Equity (Preferred OP Units) Total Market Capitalization | 35 |  |
| Net Debt + Preferred Equity Total Market Capitalization | 27 |  |
| Net Debt/EBITDA | 5.6 |  |
| Net Debt/Adjusted EBITDA | 4.9 |  |
| Net Debt/Adjusted EBITDA excluding realized gains | 5.2 |  |

---

_____________________________

&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 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 December 31, 2025 – 4 |

---

------

---

| |
|:---|
| **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** <sup>2</sup> | **Common OP Units** | **Total** | **Quarter** | **YTD** | **Quarter** | **YTD** |
| **Balance at 12/31/2024** | **119658** | **4709** | **124367** |  |  |  |  |
| Vesting RS and LTIPs | 10 | 598 | 608 |  |  |  |  |
| OP Conversions | 113 | (113) |  |  |  |  |  |
| Issuance of Shares | 11172 |  | 11172 |  |  |  |  |
| Other | 3 |  | 3 |  |  |  |  |
| **Balance at 3/31/2025** | **130956** | **5194** | **136150** | **121329** | **121329** | **129363** | **129363** |
| Vesting RS and LTIPs | 27 | 36 | 63 |  |  |  |  |
| OP Conversions | 24 | (24) |  |  |  |  |  |
| Other | 4 |  | 4 |  |  |  |  |
| **Balance at 6/30/2025** | **131011** | **5206** | **136217** | **130981** | **126182** | **138909** | **134266** |
| Vesting RS and LTIPs |  |  |  |  |  |  |  |
| OP Conversions | 17 | (17) |  |  |  |  |  |
| Other | 3 |  | 3 |  |  |  |  |
| **Balance at 9/30/2025** | **131031** | **5189** | **136220** | **131022** | **127819** | **138950** | **135754** |
| Vesting RS and LTIPs |  |  |  |  |  |  |  |
| OP Conversions |  | 231 | 231 |  |  |  |  |
| Other | 6 | 1 | 7 |  |  |  |  |
| **Balance at 12/31/2025** | **131037** | **5421** | **136458** | **131074** | **128663** | **139031** | **136635** |

---

---

| | | |
|:---|:---|:---|
| **Forward Equity Offerings** | **Shares** | **Net Proceeds** <sup>1</sup> |
| **Beginning balance September 30, 2025** | 12760 | $257110 |
| Shares sold | 1979 | 39313 |
| Shares settled |  |  |
| Current-value settlement adjustments <sup>1</sup> |  | (962) |
| **Ending balance as of December 31, 2025** <sup>2</sup> | 14739 | 295461 |

---

_____________________________

&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 December 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report December 31, 2025 – 5 |

---

------

---

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

---

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** <sup>1</sup> | **December 31, 2025** <sup>1</sup> |
|  | **Quarter** | **Year to Date** |
| **Revenues** |  |  |
| Rental income | $102485 | $402136 |
| Other <sup>8</sup> | 2280 | 8621 |
| &nbsp;&nbsp;Total revenues | **104765** | **410757** |
| **Expenses** |  |  |
| Depreciation and amortization | 39864 | 157457 |
| General and administrative | 11611 | 45664 |
| Real estate taxes | 13636 | 52088 |
| Property operating | 18996 | 71427 |
| Impairment charges |  | 37210 |
| Total expenses | **84107** | **363846** |
| Gain on disposition of properties |  | 2515 |
| &nbsp;&nbsp;**Operating income** | **20658** | **49426** |
| Equity in earnings (losses) of unconsolidated affiliates | 1885 | (7713) |
| Interest income | 5142 | 23717 |
| Realized and unrealized holding gains (losses) on investments and other | 97 | (96) |
| Interest expense | (24156) | (95311) |
| Loss on change in control |  | (9622) |
| &nbsp;&nbsp;**Income (loss) from continuing operations before income taxes** | **3626** | **(39599)** |
| Income tax provision | (83) | (412) |
| &nbsp;&nbsp;**Net income (loss)** | **3543** | **(40011)** |
| Net loss attributable to redeemable noncontrolling interests | 602 | 5562 |
| Net loss attributable to noncontrolling interests | 3562 | 51345 |
| &nbsp;&nbsp;**Net income attributable to Acadia shareholders** | $**7707** | $**16896** |

---

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** <sup>1</sup> | **December 31, 2025** <sup>1</sup> |
|  | **Quarter** | **Year to Date** |
| **Reconciliation of Revenues to Consolidated GAAP Revenues** |  |  |
| Total Revenues | $99912 | $385056 |
| Straight-line rent income | 1264 | 3227 |
| Above/below-market rent income | 2274 | 8908 |
| Asset and property management fees | 761 | 3050 |
| Investment management fees | 319 | 1690 |
| Other income <sup>8</sup> | 235 | 8826 |
| **Consolidated Total GAAP Revenues** | $**104765** | $**410757** |
| **Reconciliation of Property Operating Expenses to Consolidated GAAP Property Operating Expenses** |  |  |
| Property operating - CAM and Other | $15285 | $56064 |
| Asset and property management expense | 3552 | 13639 |
| Other | 159 | 1724 |
| **Consolidated Total GAAP Property Operating Expenses** | $**18996** | $**71427** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report December 31, 2025 – 6 |

---

------

---

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

---

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** <sup>1</sup> | **December 31, 2025** <sup>1</sup> |
| **REIT PORTFOLIO AND INVESTMENT MANAGEMENT INCOME** | **Quarter** | **Year to Date** |
| **REVENUES** |  |  |
| Minimum rents | $77216 | $301940 |
| Expense reimbursements - CAM | 10367 | 39164 |
| Expense reimbursements - Taxes | 10539 | 37763 |
| Percentage rent and other property income | 1790 | 6189 |
| **Total Revenues** | **99912** | **385056** |
| **EXPENSES** |  |  |
| Property operating - CAM | 15285 | 56064 |
| Real estate taxes | 13636 | 52088 |
| Asset and property management expense | 3552 | 13639 |
| **Total Expenses** | **32473** | **121791** |
| **NET OPERATING INCOME - PROPERTIES** | **67439** | **263265** |
| **OTHER INCOME (EXPENSE)** |  |  |
| Interest income | 5142 | 23717 |
| Straight-line rent income | 1264 | 3227 |
| Above/below-market rent income | 2274 | 8908 |
| Interest expense <sup>2</sup> | (24156) | (95311) |
| Other income <sup>8</sup> | 224 | 8895 |
| Impairment charges |  | (37210) |
| **REIT PORTFOLIO AND INVESTMENT MANAGEMENT INCOME** | **52187** | **175491** |
| **FEE AND OTHER INCOME** <sup>3</sup> |  |  |
| Asset and property management fees | 761 | 3050 |
| Investment management fees | 319 | 1690 |
| **Total Investment Management Fee Income** | **1080** | **4740** |
| Transactional and other expenses | (921) | (1654) |
| **Total Investment Management Fee Income and Other Transactional Expenses** | **159** | **3086** |
| Realized gains on marketable securities and promote, net | 4693 | 15175 |
| Less: previously recognized unrealized gains on marketable securities sold | (4693) | (14454) |
| Unrealized gains (losses) on marketable securities | 61 | (1042) |
| Income tax provision | (83) | (412) |
| **Total Fee and Other Income** | **137** | **2353** |
| **Administrative and Other Expenses (Adjusted)** | **(10802)** | **(45578)** |
| Depreciation and amortization | (39771) | (157098) |
| Non-real estate depreciation and amortization | (93) | (359) |
| Loss on change in control |  | (9622) |
| Gain on disposition of properties |  | 2515 |
| **Gain (loss) before equity in earnings and noncontrolling interests** | **1658** | **(32298)** |
| Equity in earnings (losses) of unconsolidated affiliates | 1885 | (7713) |
| Noncontrolling interests (including redeemable noncontrolling interests) | 4164 | 56907 |
| **NET INCOME ATTRIBUTABLE TO ACADIA SHAREHOLDERS** | $**7707** | $**16896** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report December 31, 2025 – 7 |

---

------

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quarter Ended December 31, 2025** | **Quarter Ended December 31, 2025** | **Year to Date December 31, 2025** | **Year to Date December 31, 2025** |
| **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> | **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 | $(27551) | $11242 | $(116364) | $46077 |
| Expense reimbursements - CAM | (5161) | 2114 | (19514) | 7610 |
| Expense reimbursements - Taxes | (4222) | 1963 | (15026) | 7338 |
| Percentage rent and other property income | (475) | 205 | (1951) | 853 |
| **Total Revenues** | **(37409)** | **15524** | **(152855)** | **61878** |
| **EXPENSES** |  |  |  |  |
| Property operating - CAM | (6240) | 1931 | (24550) | 8226 |
| Real estate taxes | (4973) | (110) | (19332) | 8384 |
| Asset and property management expense | (1366) | 1142 | (5254) | 3277 |
| **Total Expenses** | **(12579)** | **2963** | **(49136)** | **19887** |
| **NET OPERATING INCOME - PROPERTIES** | **(24830)** | **12561** | **(103719)** | **41991** |
| **OTHER INCOME (EXPENSE)** |  |  |  |  |
| Interest income | (143) | 125 | (523) | 228 |
| Straight-line rent income | (144) | 70 | (1276) | 793 |
| Above/below-market rent (expense) income | (684) | 534 | (2871) | 2598 |
| Interest expense <sup>2</sup> | 13219 | (4690) | 56026 | (19814) |
| Other (expense) income <sup>8</sup> | (261) | (1) | 49 | 204 |
| Impairment charges |  |  | 30770 | (3132) |
| **REIT PORTFOLIO AND INVESTMENT MANAGEMENT INCOME** | **(12843)** | **8599** | **(21544)** | **22868** |
| **FEE AND OTHER INCOME** <sup>3</sup> |  |  |  |  |
| Asset and property management fees | 2548 | 143 | 10392 | 427 |
| Investment management fees | 953 | 55 | 6098 | 342 |
| **Total Investment Management Fee Income** | **3501** | **198** | **16490** | **769** |
| Transactional and other expenses |  |  |  |  |
| **Total Investment Management Fee Income and Other Transactional Expenses** | **3501** | **198** | **16490** | **769** |
| Realized gains on marketable securities and promote, net |  |  | 495 |  |
| Less: previously recognized unrealized gains on marketable securities sold |  |  |  |  |
| Unrealized gains (losses) on marketable securities |  |  |  |  |
| Income tax provision | 20 | (1) | 170 | (40) |
| **Total Fee and Other Income** | **3521** | **197** | **17155** | **729** |
| **Administrative and Other Expenses (Adjusted)** | **891** | **(212)** | **3109** | **(1179)** |
| Depreciation and amortization | 12928 | (6699) | 57936 | (29194) |
| Non-real estate depreciation and amortization |  |  |  |  |
| Loss on change in control |  |  |  |  |
| Loss (gain) on disposition of properties |  |  | 1036 | (937) |
| **Gain (loss) before equity in earnings and noncontrolling interests** | **4497** | **1885** | **57692** | **(7713)** |
| Equity in earnings (losses) of unconsolidated affiliates |  |  |  |  |
| Noncontrolling interests (including redeemable noncontrolling interests) <sup>6</sup> | (333) |  | (785) |  |
| **NET INCOME (LOSS) ATTRIBUTABLE TO ACADIA SHAREHOLDERS** | $**4164** | $**1885** | $**56907** | $**(7713)** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report December 31, 2025 – 8 |

---

------

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| **ASSETS** | **Consolidated<br>Balance Sheet<br>December 31, 2025** | **Line Item Details:** | **Line Item Details:** |
| <u>Real estate</u> |  |  |  |
| Buildings and improvements | $3421366 | **Real estate under development (REIT):** | $167051 |
| Tenant improvements | 339414 |  |  |
| Land | 1147236 | **Summary of other assets, net:** |  |
| Construction in progress | 32969 | Deferred charges, net | $44133 |
| Right-of-use assets - finance leases | 61366 | Accrued interest receivable | 8916 |
|  | 5002351 | Due from seller | 1768 |
| Less: Accumulated depreciation and amortization | (1018597) | Prepaid expenses | 17327 |
| Operating real estate, net | 3983754 | Other receivables | 6475 |
| Real estate under development | 167051 | Income taxes receivable | 1180 |
| Net investments in real estate | 4150805 | Corporate assets, net | 430 |
| Notes receivable, net ($1,638 of allowance for credit losses) | 154892 | Deposits | 5774 |
| Investments in and advances to unconsolidated affiliates | 161955 | Derivative financial instruments | 9738 |
| Lease intangibles, net | 128239 | Total | $95741 |
| Other assets, net | 95741 |  |  |
| Right-of-use assets - operating leases, net | 23594 | **Summary of accounts payable and other liabilities:** | **Summary of accounts payable and other liabilities:** |
| Cash and cash equivalents | 38818 | Lease liability - finance leases, net | $32112 |
| Restricted cash | 18081 | Accounts payable and accrued expenses | 88139 |
| Straight-line rents receivable, net | 45259 | Deferred income | 34102 |
| Rents receivable, net | 19768 | Tenant security deposits, escrows, and other | 19939 |
| Total assets | $4837152 | Derivative financial instruments | 3196 |
|  |  | Total | $177488 |
| **Liabilities:** |  |  |  |
| Mortgage and other notes payable, net | $893944 |  |  |
| Unsecured notes payable, net | 879462 |  |  |
| Unsecured line of credit | 89500 |  |  |
| Accounts payable and other liabilities | 177488 |  |  |
| Lease liabilities - operating leases | 25972 |  |  |
| Dividends and distributions payable | 28526 |  |  |
| Lease intangibles, net | 95991 |  |  |
| Distributions in excess of income from, and investments in, unconsolidated affiliates | 16838 |  |  |
| Total liabilities | 2207721 |  |  |
| Commitments and contingencies |  |  |  |
| Redeemable noncontrolling interests | 9113 |  |  |
| Equity: |  |  |  |
| Acadia Shareholders' Equity |  |  |  |
| Common shares | 131 |  |  |
| Additional paid-in capital | 2710651 |  |  |
| Accumulated other comprehensive income | 15585 |  |  |
| Distributions in excess of accumulated earnings | (500720) |  |  |
| Total Acadia shareholders' equity | 2225647 |  |  |
| Noncontrolling interests | 394671 |  |  |
| Total equity | 2620318 |  |  |
| Total liabilities, redeemable noncontrolling interests, and equity | $4837152 |  |  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report December 31, 2025 – 9 |

---

------

---

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

---

---

| | | |
|:---|:---|:---|
| **ASSETS** | **Noncontrolling<br>Interest in<br>Consolidated<br>Subsidiaries** <sup>4</sup> | **Company's<br>Interest in<br>Unconsolidated<br>Subsidiaries** <sup>5</sup> |
| <u>Real estate</u> |  |  |
| Buildings and improvements | $(702496) | $243225 |
| Tenant improvements | (55759) | 17952 |
| Land | (222097) | 59601 |
| Construction in progress | (5365) | 1613 |
| Right-of-use assets - finance leases | (21584) | 21866 |
|  | (1007301) | 344257 |
| Less: Accumulated depreciation and amortization | 158513 | (69504) |
| Operating real estate, net | (848788) | 274753 |
| Real estate under development |  | 2217 |
| &nbsp;&nbsp;Net investments in real estate | (848788) | 276970 |
| Notes receivable, net | 52590 |  |
| Investments in and advances to unconsolidated affiliates | (23623) | (115531) |
| Lease intangibles, net | (27498) | 7978 |
| Other assets, net | 5294 | 6630 |
| Right-of-use assets - operating leases, net | (1223) |  |
| Cash and cash equivalents | (18254) | 5668 |
| Restricted cash | (3129) | 3832 |
| Straight-line rents receivable, net | (9858) | 5326 |
| Rents receivable, net | (5219) | 2441 |
| Total assets | $(879708) | $193314 |
| **Liabilities:** |  |  |
| Mortgage and other notes payable, net | $(542286) | $170053 |
| Unsecured notes payable, net | 394 |  |
| Unsecured line of credit |  |  |
| Accounts payable and other liabilities | (45011) | 29456 |
| Lease liabilities - operating leases | (1273) | 4 |
| Dividends and distributions payable |  |  |
| Lease intangibles, net | (27754) | 10640 |
| Distributions in excess of income from, and investments in, unconsolidated affiliates |  | (16839) |
| Total liabilities | (615930) | 193314 |
| Acadia Shareholders' Equity |  |  |
| &nbsp;&nbsp; Common shares |  |  |
| &nbsp;&nbsp; Additional paid-in capital |  |  |
| &nbsp;&nbsp; Accumulated other comprehensive income |  |  |
| &nbsp;&nbsp; Distributions in excess of accumulated earnings |  |  |
| Total Acadia shareholders' equity |  |  |
| Noncontrolling interests | (263778) |  |
| Total equity | (263778) |  |
| Total liabilities, redeemable noncontrolling interests, and equity | $(879708) | $193314 |

---

_____________________________

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report December 31, 2025 – 10 |

---

------

**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 $2.4 million and $10.3 million, or $2.3 million and $8.7 million at the Company's pro-rata share, for the three months and year ended December 31, 2025, respectively.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Noncontrolling interests represent limited partners' interests in consolidated partnerships' activities and 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 $0.3 million and $0.8 million for the three months and year ended December 31, 2025, respectively.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.The Company recognized approximately $8.4 million of income related to its terminated lease with Whole Foods at City Center in San Francisco, CA during the first quarter of 2025, which is included in Other (expense) income for the year ended December 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report December 31, 2025 – 11 |

---

------

---

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

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Year to Date** | **Quarter Ended** | **Year to Date** |
|  | **March 31, <br>2025** | **June 30,<br>2025** | **September 30,<br>2025** | **December 31,<br>2025** | **December 31,<br>2025** | **December 31,<br>2024** | **December 31,<br>2024** |
| **<u>Funds from operations ("FFO"):</u>** |  |  |  |  |  |  |  |
| **Net Income attributable to Acadia** | **$1608** | **$1963** | **$5618** | **$7707** | **$16896** | **$8524** | **$21650** |
| Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share other than Common OP Units) | 31607 | 31665 | 31542 | 33542 | 128356 | 27665 | 107450 |
| Loss (gain) on disposition on real estate properties (net of noncontrolling interest share other than Common OP Units) |  | 86 | (2700) |  | (2614) | 395 | (1086) |
| Impairment charges (net of noncontrolling interest share other than Common OP Units) | 1583 | 4185 | 3804 |  | 9572 | 750 | 750 |
| Loss on change in control (net of noncontrolling interest share other than Common OP Units) | 9622 |  |  |  | 9622 |  |  |
| Income attributable to noncontrolling interests' share in Operating Partnership | 163 | 175 | 315 | 400 | 1053 | 430 | 1408 |
| **FFO to Common Shareholders and Common OP Unit holders - Diluted** | **$44583** | **$38074** | **$38579** | **$41649** | **$162885** | **$37764** | **$130172** |
| Add back: Transaction and other expenses | 526 | 152 | 55 | 921 | 1654 |  |  |
| Unrealized holding (gain) loss | (1672) | 494 | 2281 | (61) | 1042 | (949) | 4616 |
| Realized gain on marketable securities, net |  | 5406 | 4355 | 4693 | 14454 | 3685 | 14188 |
| **FFO Before Special Items attributable to Common Shareholder and Common OP Unit holders** <sup>1</sup> | **$43437** | **$44126** | **$45270** | **$47202** | **$180035** | **$40500** | **$148976** |
| **<u>Adjusted Funds from operations ("AFFO"):</u>** |  |  |  |  |  |  |  |
| FFO | $44583 | $38074 | $38579 | $41649 | $162885 | $37764 | $130172 |
| Unrealized holding (gain) loss | (1672) | 494 | 2281 | (61) | 1042 | (949) | 4616 |
| Realized gain on marketable securities, net |  | 5406 | 4355 | 4693 | 14454 | 3685 | 14188 |
| Straight-line rent, net | (341) | (28) | (1185) | (1190) | (2744) | (2640) | (5249) |
| Above/below-market rent | (2419) | (2223) | (1869) | (2124) | (8635) | (1702) | (5289) |
| Amortization of finance costs | 1488 | 1502 | 1879 | 1475 | 6344 | 1502 | 5483 |
| Above/below-market interest | (128) | (133) | (155) | (155) | (571) | (5) | (162) |
| Non-real estate depreciation | 90 | 83 | 93 | 93 | 359 | 92 | 363 |
| Stock-based compensation | 2400 | 2888 | 2904 | 2909 | 11101 | 2400 | 11132 |
| Leasing commissions | (1343) | (2456) | (2569) | (2493) | (8861) | (1908) | (4374) |
| Tenant improvements | (4881) | (10014) | (7318) | (2128) | (24341) | (3676) | (8496) |
| Maintenance capital expenditures | (1021) | (1752) | (1785) | (2446) | (7004) | (2053) | (7873) |
| **AFFO to Common Shareholders and Common OP Unit holders** | **$36756** | **$31841** | **$35210** | **$40222** | **$144029** | **$32510** | **$134511** |
| **FFO per Diluted Common Share and Common OP Unit** | **$0.34** | **$0.27** | **$0.28** | **$0.30** | **$1.19** | **$0.30** | **$1.12** |
| **FFO Before Special Items per Diluted Common Share and Common OP Unit** | **$0.34** | **$0.32** | **$0.33** | **$0.34** | **$1.32** | **$0.32** | **$1.28** |
| **Total weighted-average diluted shares and OP Units** | 129363 | 138909 | 138950 | 139031 | 136635 | 126255 | 116078 |
| **Additional Disclosures:** |  |  |  |  |  |  |  |
| Dividends Declared (per Common Share/OP Units) | $0.20 | $0.20 | $0.20 | $0.20 | $0.80 | $0.19 | $0.74 |
| Dividends (Shares) & Distributions (OP Units Declared) | $27636 | $27649 | $27652 | $28429 | $111366 | $24420 | $87364 |
| FFO Payout Ratio | 62% | 73% | 72% | 68% | 68% | 65% | 67% |
| FFO Before Special Items Payout Ratio | 64% | 63% | 61% | 60% | 62% | 60% | 59% |
| AFFO Payout Ratio | 75% | 87% | 79% | 71% | 77% | 75% | 65% |

---

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| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report December 31, 2025 – 12 |

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quarter Ended** | **Quarter Ended** | **Year to Date** | **Year to Date** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Net income (loss) attributable to Acadia shareholders** | $**7707** | $**8524** | $**16896** | $**21650** |
| **Adjustments:** <sup>1</sup> |  |  |  |  |
| &nbsp;&nbsp;Depreciation and amortization | 33635 | 27757 | 128715 | 107813 |
| &nbsp;&nbsp;Interest expense | 14010 | 11224 | 52201 | 51767 |
| &nbsp;&nbsp;Above/below-market interest | (155 | (5 | (571 | (162 |
| &nbsp;&nbsp;Provision for income taxes | 64 | 31 | 282 | 188 |
| &nbsp;&nbsp;Amortization of finance costs | 1475 | 1502 | 6344 | 5483 |
| &nbsp;&nbsp;Noncontrolling interest - OP | 333 | 363 | 785 | 1067 |
| **EBITDA** | $**57069** | $**49396** | $**204652** | $**187806** |
| &nbsp;&nbsp;Gain (loss) on disposition of properties |  | 395 | (2614 | (1086 |
| &nbsp;&nbsp;Unrealized holding (gain) loss on investment in Albertsons and other | (61 | (949 | 1042 | 4616 |
| &nbsp;&nbsp;Realized gain | 4693 | 3685 | 14454 | 14188 |
| &nbsp;&nbsp;Impairment charges |  | 750 | 9572 | 750 |
| &nbsp;&nbsp;Loss on change in control |  |  | 9622 |  |
| **Adjusted EBITDA** | $**61701** | $**53277** | $**236728** | $**206274** |
| &nbsp;&nbsp;Less: Realized gain | (4693 | (3685 | (14454 | (14188 |
| **EBITDA excluding realized gains** | $**57008** | $**49592** | $**222274** | $**192086** |
| **<u>Fixed-Charge Coverage Ratios</u>** |  |  |  |  |
| Adjusted EBITDA<sup>1</sup> divided by: | $61701 | $53277 | $236728 | $206274 |
| &nbsp;&nbsp;Interest expense | 14010 | 11224 | 52201 | 51767 |
| &nbsp;&nbsp;Principal Amortization | 1508 | 1783 | 4237 | 10705 |
| &nbsp;&nbsp;Preferred Dividends<sup>2</sup> | 67 | 67 | 268 | 341 |
| Total Fixed Charges | 15585 | 13074 | 56706 | 62813 |
| **Fixed-Charge Coverage Ratio - REIT Portfolio and Investment Management** | 4.0 | 4.1 | 4.2 | 3.3 |

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_____________________________

&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.Represents preferred distributions on Preferred Operating Partnership Units

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| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report December 31, 2025 – 13 |

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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** |
| **Year to Date December 31, 2025** |  |  |  |  |  |  |
| Asset and property management fees | $313 | $72 | $1846 | $8643 | $2995 | $13869 |
| Leasing, Construction, and Development fees | 377 | 318 | 953 | 4832 | 1650 | 8130 |
| Total fees | $690 | $390 | $2799 | $13475 | $4645 | $21999 |
| **Quarter Ended December 31, 2025** |  |  |  |  |  |  |
| Asset and property management fees | $45 |  | $401 | $2204 | $802 | $3452 |
| Leasing, Construction, and Development fees | 25 | 28 | 210 | 746 | 318 | 1327 |
| Total fees | $70 | $28 | $611 | $2950 | $1120 | $4779 |

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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 December 31, 2025 – 14 |

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

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **Quarter Ended December 31, 2025** | **Quarter Ended December 31, 2025** | **Quarter Ended December 31, 2025** | **Quarter Ended December 31, 2025** | **Quarter Ended December 31, 2025** |  |  |  |
|  | **Principal** | **Accrued** | **Ending** |  | **Repayments/** | **Current** | **Accrued** | **Ending** | **Stated Interest** | **Effective Interest** | **Maturity** |
| **Investment** | **Balance** | **Interest** | **Balance** | **Issuances** | **Conversions** | **Principal** | **Interest** | **Balance** | **Rate** | **Rate** | **Dates** <sup>1,3</sup> |
| First mortgage notes <sup>1,2</sup> | $59801 | $3809 | $63610 | $— | $— | $59801 | $3809 | $63610 | 5.99% | 6.39% | Sept 2026 |
| Other notes <sup>2</sup> | 149744 | 22083 | 171827 | 73 |  | 149817 | 24122 | 173939 | 10.41% | 10.49% | Nov 2026 - Dec 2027 |
| **Total notes receivable** | $**209545** | $**25892** | $**235437** | $**73** | $**—** | $**209618** | $**27931** | $**237549** | **9.15%** | **9.32%** |  |
| 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 | $209618 |  |  |  |  |  |
| &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> | (2136) |  |  |  |  |  |
| &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 | $207482 |  |  |  |  |  |

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_____________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.One note in the amount of $17.8 million was in default at December 31, 2025.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.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 December 31, 2025 – 15 |

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| |
|:---|
| **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>** |  |  |  |  |  |  |
| 106 Spring Street | New York, NY | January 2025 | $55137 | 100% | $— | $55137 |
| 73 Wooster Street | New York, NY | January 2025 | 25459 | 100% |  | 25459 |
| Renaissance Portfolio | Georgetown, Washington D.C. | January 2025 | 245700 | 48% |  | 117936 |
| 95, 97 and 107 North 6th Street <sup>3</sup> | Williamsburg Brooklyn, NY | April 2025 | 59668 | 100% |  | 59668 |
| 85 5th Avenue <sup>3</sup> | New York, NY | April 2025 | 47014 | 100% |  | 47014 |
| 70 and 93 North 6th Street | Williamsburg Brooklyn, NY | June 2025 | 50323 | 100% |  | 50323 |
| 2117 N. Henderson Avenue | Dallas, TX | July 2025 | 904 | 100% |  | 904 |
| 1045 and 1165 Madison Avenue <sup>7</sup> | New York, NY | January 2026 | 20750 | 100% |  | 20750 |
| **Subtotal REIT Portfolio:** |  |  | 504955 |  |  | 377191 |
| **<u>Investment Management:</u>** |  |  |  |  |  |  |
| <u>Other Co-Investment Vehicles:</u> |  |  |  |  |  |  |
| Pinewood Square <sup>4</sup> | Lake Worth, FL | March 2025 | 68207 | 100% |  | 68207 |
| The Avenue at West Cobb <sup>4</sup> | Marietta, GA | September 2025 | 62701 | 100% |  | 62701 |
| The Shops at Skyview <sup>7</sup> | Queens, NY | January 2026 | 424400 | 20% |  | 84880 |
| **Subtotal Investment Management:** |  |  | 555308 |  |  | 215788 |
| **TOTAL ACQUISITIONS** |  |  | $1060263 |  | $— | $592979 |
| **DISPOSITIONS** |  |  |  |  |  |  |
| **<u>REIT Portfolio:</u>** |  |  |  |  |  |  |
| Mad River Station | Dayton, OH | August 2025 | $15020 | 100% | $— | $15020 |
| **<u>Investment Management:</u>** |  |  |  |  |  |  |
| <u>Fund III:</u> |  |  |  |  |  |  |
| 640 Broadway | New York, NY | September 2025 | 49500 | 100% | 49500 | 12147 |
| <u>FUND IV:</u> |  |  |  |  |  |  |
| Eden Square | Bear, DE | June 2025 | 28040 | 90% | 25236 | 5835 |
| 1035 Third Avenue | New York, NY | October 2025 | 22000 | 100% | 22000 | 5086 |
| <u>Fund V:</u> |  |  |  |  |  |  |
| Landstown Commons | Virginia Beach, VA | January 2026 | 102000 | 100% | 102000 | 20502 |
| **Subtotal Investment Management:** |  |  | 201540 |  | 198736 | 43570 |
| **TOTAL DISPOSITIONS** |  |  | $216560 |  | $198736 | $58590 |
| **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** |  |  |
| Georgetown Renaissance - NCI Holder <sup>5</sup> | Other Loan | January 2025 | $57117 | $18277 |  |  |
| 850 Third Avenue | Mezzanine Loan | April 2025 | 28465 | 28465 |  |  |
| City Point Loan <sup>6</sup> | Conversion | September 2025 | 56018 | 56018 |  |  |
| The Shops at Skyview <sup>8</sup> | Preferred Equity | January 2026 | 41700 | 33360 |  |  |
|  |  |  | $183300 | $136120 |  |  |

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_____________________________

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| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report December 31, 2025 – 16 |

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| |
|:---|
| **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;3.97 North 6th Street and 85 5th Avenue were acquired with executed leases in place, that had not yet commenced. The 97 North 6th Street lease commenced in the third quarter of 2025. The 85 5th Avenue lease commenced in the fourth quarter of 2025. Prior to rent commencement, the Company capitalized interest on qualifying assets.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.In the third quarter of 2025, a Fund II partner exercised its put right, and the Company acquired the partner's 18.33% interest for total consideration of approximately $56.0 million (which comprised the assumption of the redeeming partner's portion of the City Point Loan and accrued interest balance of $48.0 million and a cash payment of $8.0 million), increasing its ownership in Fund II from 61.67% to 80%. Refer to Note 10 in the Company's 10-K for the year ended December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Acquisitions that closed after December 31, 2025 do not reflect certain acquisitions costs that may be subsequently capitalized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.The Company provided the venture a $41.7 million preferred equity investment to the venture, of which it has a 20% interest. The amount above represents its pro rata preferred equity investment in the venture.

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report December 31, 2025 – 17 |

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------

**2026 Guidance**<br>

As previously disclosed, beginning in 2026, the Company will report a new supplemental measure, FFO As Adjusted. FFO As Adjusted will be calculated by adjusting NAREIT FFO to exclude gains and promotes from its Investment Management business along with other items, including non-comparable revenues, expenses, gains, and losses, that the Company believes are not reflective of ongoing core operating results.

The following initial guidance is based upon Acadia's current view of market conditions and assumptions for the year ended December 31, 2026. The Company is setting initial 2026 guidance as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **2026 Guidance** | **2026 Guidance** | **2025 Actuals** |
|  | **Low** | **High** |  |
| **Net earnings per share attributable to Acadia** | **$0.24** | **$0.26** | **$0.10** |
| Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share other than Common OP Units) | 0.95 | 0.97 | 0.94 |
| Gain on disposition on real estate properties (net of noncontrolling interest share other than Common OP Units) | (0.04) | (0.04) | (0.02) |
| Impairment charges (net of noncontrolling interest share other than Common OP Units) |  |  | 0.07 |
| Loss on change in control |  |  | 0.07 |
| Noncontrolling interest in Operating Partnership | 0.03 | 0.03 | 0.03 |
| **NAREIT Funds from operations per share attributable to Common Shareholders and Common OP Unit holders** | **$1.18** | **$1.22** | **$1.19** |
| **Adjustments to FFO:** |  |  |  |
| Unrealized holding loss |  |  | 0.01 |
| Promote Income |  |  | (0.01) |
| Lease Settlement Income <sup>1</sup> |  |  | (0.06) |
| Transaction and other expenses <sup>2</sup> | 0.03 | 0.03 | 0.01 |
| **Funds From Operations As Adjusted per share attributable to Common Shareholders and Common OP Unit holders** <sup>3</sup> | **$1.21** | **$1.25** | **$1.14** |

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_____________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Company recognized approximately $8.0 million, or $0.06 per share, related to the termination of its lease with Whole Foods at City Center for the quarter ended March 31, 2025.

&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, employee retirement and severance costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Refer to the "Important Notes" on page 43 of this release for the definition of Funds From Operations As Adjusted.

The Company's full year outlook is based on the following assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;•REIT Portfolio Same-Property NOI growth, excluding properties in redevelopment, of 5-9%

&nbsp;&nbsp;&nbsp;&nbsp;•Investment Management fees ranging from $23-$26 million

&nbsp;&nbsp;&nbsp;&nbsp;•Structured Finance (interest) income ranging from $16-$18 million

&nbsp;&nbsp;&nbsp;&nbsp;•Pro-rata REIT Portfolio and Investment Management non-cash GAAP items (above/below market and straight-line rental income) ranging from $12-$15 million

&nbsp;&nbsp;&nbsp;&nbsp;•Recurring G&A expenses ranging from $44-$46 million

&nbsp;&nbsp;&nbsp;&nbsp;•Interest expense, net, ranging from $68-$70 million, which does not reflect the potential reduction in interest expense that would result from settling the forward equity contracts

&nbsp;&nbsp;&nbsp;&nbsp;•Guidance does not factor in potential acquisitions or dispositions, other than those that have already been completed

&nbsp;&nbsp;&nbsp;&nbsp;•NAREIT FFO guidance does not factor in any promotes or realized gains. Such amounts, if any, will be included in NAREIT FFO (but excluded from FFO As Adjusted) in the period in which the transaction occurs.

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report December 31, 2025 – 18 |

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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> | $43049 | N/A<sup>3</sup> | $(11) | $422 | $5246 | $3097 |
| Less: |  |  |  |  |  |  |
| Net operating income from properties sold or assets held for sale |  | N/A<sup>3</sup> | 4 | 15 | 3 |  |
| Net operating income (loss) from pre-stabilized assets, development and redevelopment projects <sup>4</sup> | (4082) | N/A <sup>3</sup> | 7 | (71) |  |  |
| Net Operating Income of stabilized assets | $38967 | N/A <sup>3</sup> | $— | $366 | $5249 | $3097 |
| **<u>Costs to Date (Pro-Rata)</u>** |  |  |  |  |  |  |
| Assets held for sale | $— | N/A <sup>3</sup> | $— | $— | $— | $— |
| Pre-stabilized assets <sup>4</sup> | 302246 | N/A <sup>3</sup> |  | 17466 |  |  |
| Development and redevelopment projects <sup>6</sup> | 517000 | N/A <sup>3</sup> | 8300 | 27800 |  |  |
| Total Costs to Date | $819246 | N/A <sup>3</sup> | $8300 | $45266 | $— | $— |
| **<u>Debt (Pro-Rata)</u>** | $1188590 | $103642 | $— | $23462 | $148614 | $30350 |

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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, 2323-2409 Henderson Avenue, and City Center; 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 (wholly-owned as of December 31, 2025), and The Avenue at West Cobb (wholly-owned as of December 31, 2025).

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report December 31, 2025 – 19 |

---

------

---

| |
|:---|
| **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> | $267975 | 2.9 | $28197 | 1.7 | $296172 | 2.8 | $1033142 | $1329314 |  | $305555 | $(132116) | $1502753 |
| Variable-Rate Debt <sup>5</sup> | 920615 | 3.0 | 277871 | 2.0 | 1198486 | 2.8 | (1033142) | 165344 |  | 239106 | (33836) | 370614 |
| **Total** | **$1188590** | **3.0** | **$306068** | **1.9** | **$1494658** | **2.8** | **$—** | **$1494658** | **4.5%** | **$544661** | **$(165952)** | **1873367** |
| Unamortized premium | Unamortized premium |  |  |  | 691 |  |  |  |  |  |  | 926 |
| Net unamortized loan costs | Net unamortized loan costs |  |  |  | (10254) |  |  |  |  |  |  | (11387) |
| Contingent loan obligation | Contingent loan obligation |  |  |  | 5787 |  |  |  |  |  |  |  |
| **Total** |  |  |  |  | **$1490882** |  |  |  |  |  |  | **$1862906** |

---

_____________________________

&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 December 31, 2025 – 20 |

---

------

---

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

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Principal Balance at** | **Acadia's Pro-rata Share** | **Acadia's Pro-rata Share** | **Interest** |  | **Extension** |
| **Property** |  | **December 31, 2025** | **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% | $28304 | N/A | 12/10/26 |  |
| 239 Greenwich Avenue |  | 25820 | 75.00% | 19365 | 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) |  | 13442 | 50.00% | 6721 | 4.72% | 12/10/27 |  |
| 555 9th Street |  | 55000 | 100.00% | 55000 | 3.99% | 01/01/28 | 1x24 mos. |
| State & Washington |  | 19964 | 100.00% | 19964 | 4.40% | 09/05/28 |  |
| $80M Senior Note, Series B |  | 80000 | 100.00% | 80000 | 5.94% | 08/21/29 |  |
| North & Kingsbury |  | 9456 | 100.00% | 9456 | 4.01% | 11/05/29 |  |
| 151 N. State Street |  | 11437 | 100.00% | 11437 | 4.03% | 12/01/29 |  |
| Concord & Milwaukee |  | 2103 | 100.00% | 2103 | 4.40% | 06/01/30 |  |
| Gotham Plaza |  | 28000 | 49.00% | 13720 | 5.90% | 10/05/34 |  |
| California & Armitage |  | 1905 | 100.00% | 1905 | 5.89% | 04/15/35 |  |
| **Sub-Total Fixed-Rate Debt** |  | **297127** |  | **267975** |  |  |  |
| **<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> |  | 89500 | 100.00% | 89500 | 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** |  | **991500** |  | **920615** |  |  |  |
| **Total Debt - REIT Portfolio** |  | **$1288627** |  | **$1188590** |  |  |  |
| **<u>INVESTMENT MANAGEMENT</u>** |  |  |  |  |  |  |  |
| **<u>Fixed-Rate Debt</u>** |  |  |  |  |  |  |  |
| Tri-City Plaza | Fund V | $35038 | 18.09% | $6338 | 6.00% | 04/18/26 |  |
| 650 Bald Hill Road | Fund IV | 14565 | 20.81% | 3031 | 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 |  |
| Canton Marketplace | Fund V | 34460 | 20.10% | 6926 | 6.29% | 06/01/28 |  |
| **Sub-Total Fixed-Rate Debt** |  | **142642** |  | **28197** |  |  |  |
| **<u>Variable-Rate Debt</u>** <sup>1</sup> |  |  |  |  |  |  |  |
| Hiram Pavilion | Fund V | 26467 | 20.10% | 5320 | SOFR+2.30% | 03/05/26 | 1x12 mos. |
| 1964 Union | Fund IV | 1310 | 20.81% | 273 | SOFR+2.75% | 03/30/26 | 1x3 mos. |
| Frederick County Square | Fund V | 24381 | 18.09% | 4411 | SOFR+2.51% | 04/01/26 |  |
| New Towne Center | Fund V | 15720 | 20.10% | 3160 | SOFR+2.20% | 05/01/26 |  |
| Fairlane Green | Fund V | 31019 | 20.10% | 6235 | SOFR+2.30% | 06/05/26 |  |
| Trussville Promenade | Fund V | 27747 | 20.10% | 5577 | SOFR+2.30% | 06/15/26 |  |
| Cypress Creek | Fund V | 32200 | 20.10% | 6472 | SOFR+2.80% | 09/01/26 | 1x12 mos. |
| Hickory Ridge | Fund V | 25989 | 20.10% | 5224 | SOFR+2.30% | 10/05/26 | 1x12 mos. |
| Monroe Marketplace | Fund V | 25300 | 20.10% | 5085 | SOFR+2.76% | 11/12/26 |  |
| Maple Tree Place | Fund V | 47743 | 20.10% | 9596 | SOFR+2.85% | 02/14/27 | 2x12 mos. |
| Wood Ridge Plaza | Fund V | 36035 | 18.09% | 6519 | SOFR+2.90% | 03/21/27 |  |
| La Frontera | Fund V | 55500 | 18.09% | 10040 | SOFR+2.61% | 06/10/27 |  |
| Midstate Mall | Fund V | 57000 | 20.10% | 11457 | SOFR+1.75% | 08/04/27 | 2x12 mos. |
| Landstown Commons | Fund V | 57903 | 20.10% | 11638 | SOFR+2.20% | 10/24/27 | 2x12 mos. |
| Riverdale FC | Fund V | 37764 | 17.97% | 6787 | SOFR+2.46% | 11/01/27 |  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report December 31, 2025 – 21 |

---

------

---

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

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Principal Balance at** | **Acadia's Pro-rata Share** | **Acadia's Pro-rata Share** | **Interest** |  | **Extension** |
| **Property** |  | **December 31, 2025** | **Percent** | **Amount** | **Rate** | **Maturity Date** | **Options** |
| Lincoln Commons | Fund V | 33830 | 20.10% | 6800 | 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. |
| Elk Grove Commons | Fund V | 41000 | 20.10% | 8241 | SOFR+2.00% | 12/20/27 | 1x12 mos. |
| Palm Coast Landing | Fund V | 25912 | 20.10% | 5208 | SOFR+2.15% | 02/01/28 |  |
| Mohawk Commons | Fund V | 39110 | 18.09% | 7074 | 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 |  |
| **Sub-Total Variable-Rate Debt** |  | **1059073** |  | **277871** |  |  |  |
| **Total Debt - Investment Management** |  | **1201715** |  | **306068** |  |  |  |
| **Total Debt - REIT Portfolio and Investment Management** |  | **$2490342** |  | **$1494658** |  |  |  |

---

_____________________________

&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 December 31, 2025 – 22 |

---

------

---

| |
|:---|
| **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 | $2919 | $132000 | $134919 | $2541 | $28305 | $69365 | $100211 |  | 1.55% |
| 2027 | 5266 | 57538 | 62804 | 4953 | 45053 |  | 50006 | 4.91% | N/A |
| 2028 | 1901 | 559862 | 561763 | 1867 | 70362 | 489500 | 561729 | 4.10% | 1.37% |
| 2029 | 1887 | 171337 | 173224 | 1539 | 97088 | 36380 | 135007 | 5.54% | 1.95% |
| 2030 | 253 | 326597 | 326850 | 253 | 1597 | 325000 | 326850 | 4.40% | 1.20% |
| Thereafter | 1044 | 28023 | 29067 | 1044 | 13743 |  | 14787 | 5.90% | N/A |
| **Total** | **$13270** | **$1275357** | **$1288627** | **$12197** | **$256148** | **$920245** | **$1188590** |  |  |
| **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 | $6201 | $257946 | $264147 | $1196 | $9300 | $41470 | $51966 | 5.27% | 2.45% |
| 2027 | 6979 | 557518 | 564497 | 1307 |  | 100581 | 101888 | N/A | 2.24% |
| 2028 | 509 | 372562 | 373071 | 97 | 18391 | 133726 | 152214 | 5.97% | 1.86% |
| 2029 |  |  |  |  |  |  |  | N/A | N/A |
| 2030 |  |  |  |  |  |  |  | N/A | N/A |
| Thereafter |  |  |  |  |  |  |  | N/A | N/A |
| **Total** | **$13689** | **$1188026** | **$1201715** | **$2600** | **$27691** | **$275777** | **$306068** |  |  |

---

_____________________________

&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 December 31, 2025 – 23 |

---

------

---

| |
|:---|
| **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 | $2919 | $30000 | $32919 | $2541 | $28305 | $— | $30846 |  | N/A |
| 2027 | 5266 | 32402 | 37668 | 4953 | 26201 |  | 31154 | 5.57% | N/A |
| 2028 | 1901 | 119862 | 121763 | 1867 | 17862 | 69365 | 89094 | 4.40% | 1.55% |
| 2029 | 1887 | 586587 | 588474 | 1539 | 97088 | 489500 | 588127 | 5.54% | 1.37% |
| 2030 | 253 | 379097 | 379350 | 253 | 54097 | 325000 | 379350 | 4.01% | 1.20% |
| Thereafter | 1044 | 127409 | 128453 | 1044 | 32595 | 36380 | 70019 | 4.85% | 1.95% |
| **Total** | **$13270** | **$1275357** | **$1288627** | **$12197** | **$256148** | **$920245** | **$1188590** |  |  |
| **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 | $6201 | $174062 | $180263 | $1196 | $9300 | $24610 | $35106 | 5.27% | 2.43% |
| 2027 | 6979 | 241599 | 248578 | 1307 |  | 46004 | 47311 | N/A | 2.66% |
| 2028 | 509 | 224204 | 224713 | 97 | 12718 | 34228 | 47043 | 5.98% | 1.70% |
| 2029 |  | 548161 | 548161 |  | 5673 | 170935 | 176608 | 5.95% | 1.96% |
| 2030 |  |  |  |  |  |  |  | N/A | N/A |
| Thereafter |  |  |  |  |  |  |  | N/A | N/A |
| **Total** | **$13689** | **$1188026** | **$1201715** | **$2600** | **$27691** | **$275777** | **$306068** |  |  |

---

_____________________________

&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 December 31, 2025 – 24 |

---

------

---

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

---

---

| | | |
|:---|:---|:---|
| **Maturity** | **Acadia's Pro-rata<br>Notional Amount** | **Weighted Average<br>Fixed SOFR** <sup>2</sup> |
| March 2026 | $5320 | 4.5% |
| April 2026 | 11020 | 2.9% |
| May 2026 | 3160 | 3.5% |
| June 2026 | 6226 | 1.2% |
| October 2026 | 5194 | 3.7% |
| November 2026 | 73517 | 3.9% |
| December 2026 | 5981 | 4.3% |
| June 2027 | 5020 | 3.4% |
| July 2027 | 125000 | 2.1% |
| August 2027 | 8593 | 3.5% |
| December 2027 | 118290 | 2.7% |
| February 2028 | 5208 | 3.4% |
| March 2028 | 57075 | 2.8% |
| 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% |
| June 2029 | 25000 | 0.5% |
| July 2029 | 25000 | 0.1% |
| October 2029 | 4100 | 3.7% |
| November 2029 | 36750 | 3.8% |
| December 2029 | 87688 | 3.4% |
| April 2030 | 50000 | 3.1% |
| July 2030 | 125000 | 2.7% |
| **Total** | **$1033142** | **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 December 31, 2025 – 25 |

---

------

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year** | **Acadia's** | **Gross Leasable Area (GLA)** | **Gross Leasable Area (GLA)** | **Gross Leasable Area (GLA)** | **Gross Leasable Area (GLA)** | **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% | $11048326 | $201.87 | 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% | 89.0% | 2261842 | 47.84 | Starbucks, TJ Maxx,<br>J Crew Factory, Trader Joe's, Sephora |
| Halsted and Armitage <br> Collection (13 properties) | 2011 <br>2012 <br>2019 <br>2020 | 100.0% | 53220 |  |  | 53220 | 100.0% | —% | —% | 100.0% | 100.0% | 3249311 | 61.05 | Serena and Lily, Faherty, <br>Jenny Kayne, Warby Parker, Kiehl's, Solidcore, <br>Rails, Levain Bakery, Huckberry |
| North Lincoln Park Chicago <br> Collection (6 properties) | 2011<br>2014 | 100.0% | 22125 |  | 27796 | 49921 | 27.7% | —% | 77.6% | 55.5% | 55.5% | 1057532 | 38.20 | 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% | 2015292 | 48.22 | Old Navy, Backcountry |
| Concord and Milwaukee | 2016 | 100.0% | 13147 |  |  | 13147 | 100.0% | —% | —% | 100.0% | 100.0% | 490931 | 37.34 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| California and Armitage | 2016 | 100.0% |  |  | 18275 | 18275 | —% | —% | 90.8% | 90.8% | 90.8% | 806791 | 48.63 | &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% | 176181 |  |  | 176181 | 83.8% | —% | —% | 83.8% | 83.8% | 5525371 | 37.43 | Target |
|  |  |  | 509926 |  | 84066 | 593992 | 89.6% | —% | 85.9% | 89.0% | 89.0% | $31642921 | $59.82 |  |
| **<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 | 89.4% | —% | —% | 89.4% | 96.3% | $20503770 | $329.32 | Reiss, Vuori, Zimmermann,<br>Madewell, John Varvatos<br>Watches of Switzerland, Frame, Theory, <br>Bang & Olufsen, Marine Layer |
| Flatiron and Union Square Collection<br> (3 properties) |  | 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% | 1640164 | 279.80 | &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% | 509030 | 34.34 | Wingstop |
| Greenwich and Westport Collection (4 properties) | 1998<br>2012<br>2014 | 89.5% | 39593 |  |  | 39593 | 100.0% | —% | —% | 100.0% | 100.0% | 4544869 | 114.79 | Veronica Beard, The RealReal, <br>Blue Mercury, Splendid, Swarvoski, Watches of Switzerland |
| 2914 Third Avenue | 2006 | 100.0% |  | 21650 | 18953 | 40603 | —% | 100.0% | 100.0% | 100.0% | 100.0% | 1131422 | 27.87 | Planet Fitness |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report December 31, 2025 – 26 |

---

------

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year** | **Acadia's** | **Gross Leasable Area (GLA)** | **Gross Leasable Area (GLA)** | **Gross Leasable Area (GLA)** | **Gross Leasable Area (GLA)** | **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** |
| 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% | 2506696 | 181.15 | 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 | 92.9% | —% |  | 92.9% | 100.0% | 5284345 | 111.87 | Sephora, SweetGreen, Levain Bakery, Alo Yoga |
| Williamsburg North 6th Collection <sup>3</sup><br>(7 properties) | 2024 <br>2025 | 100.0% | 56815 |  |  | 56815 | 94.5% | —% |  | 94.5% | 98.6% | 7635565 | 142.28 | Lululemon, Madewell, On Running, Abercrombie and Fitch, Birkenstock, Patagonia |
| 991 Madison Avenue | 2016 | 100.0% | 7512 |  |  | 7512 | 100.0% | —% | —% | 100.0% | 100.0% | 3790095 | 504.54 | Vera Wang, Gabriela Hearst |
| Gotham Plaza | 2016 | 49.0% |  |  | 25931 | 25931 | —% | —% | 75.4% | 75.4% | 75.4% | 1672236 | 85.48 | Bank of America, <br>Footlocker, Apple Bank |
|  |  |  | 274556 | 34614 | 88822 | 397992 | 94.8% | 100.0% | 92.8% | 94.8% | 97.5% | $56527078 | $149.77 |  |
| **<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 and 1801-03 <br> Connecticut Avenue | 2012 | 100.0% | 20669 |  |  | 20669 | 21.9% | —% | —% | 21.9% | 21.9% | $311541 | $68.97 | TD Bank |
| 14th Street Collection (3 properties) | 2021 | 100.0% | 19077 |  |  | 19077 | 76.4% | —% | —% | 76.4% | 76.4% | 1396848 | 95.83 | Verizon, Long and Foster, VSV Wine Bar, Tile Bar |
| Rhode Island Place <br> Shopping Center | 2012 | 100.0% |  | 25134 | 32533 | 57667 | —% | 100.0% | 88.5% | 93.5% | 93.5% | 1957308 | 36.30 | Ross Dress for Less |
| M Street and Wisconsin Corridor <br> (28 Properties) <sup>4</sup> | 2011 <br>2016 <br>2019 | 68.0% | 262412 |  |  | 262412 | 93.7% | —% | —% | 93.7% | 94.9% | 19085423 | 77.63 | Lululemon, Duxiana, Reformation, Glossier, <br>Alo Yoga, Aritzia, Skims, J Crew, Google |
|  |  |  | 302158 | 25134 | 32533 | 359825 | 87.7% | 100.0% | 88.5% | 88.6% | 89.5% | $22751120 | $71.35 |  |
| **<u>Boston Metro</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 165 Newbury Street | 2016 | 100.0% | 1050 |  |  | 1050 | 100.0% | —% | —% | 100.0% | 100.0% | $321953 | $306.62 | Starbucks |
| **<u>Dallas Metro</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Henderson Avenue Portfolio <br>(12 properties) | 2022<br>2024<br>2025 | 100.0% | 53017 | 31635 |  | 84652 | 74.0% | 100.0% | —% | 83.7% | 85.9% | $2642593 | $37.30 | Sprouts Market, <br>Warby Parker, Tecovas |
| **Total Street and Urban Retail** |  |  | **1164464** | **91383** | **205421** | **1461268** | **89.8%** | **100.0%** | **89.3%** | **90.4%** | **91.5%** | **$118518371** | **$89.73** |  |
| **Acadia Share Total Street and Urban Retail** |  |  | **1076079** | **91383** | **192196** | **1359659** | **89.5%** | **100.0%** | **90.3%** | **90.3%** | **91.5%** | **$111177689** | **$90.51** |  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report December 31, 2025 – 27 |

---

------

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year** | **Acadia's** | **Gross Leasable Area (GLA)** | **Gross Leasable Area (GLA)** | **Gross Leasable Area (GLA)** | **Gross Leasable Area (GLA)** | **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** |
| **SUBURBAN PROPERTIES** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **<u>New Jersey</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Elmwood Park Shopping Center | 1998 | 100.0% |  | 43531 | 100457 | 143988 | —% | 100.0% | 92.5% | 94.8% | 100.0% | $3592469 | $26.32 | 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% | 2763571 | 35.71 | Citibank, Ace Hardware |
| Branch Plaza | 1998 | 100.0% |  | 76264 | 47081 | 123345 | —% | 73.5% | 86.8% | 78.6% | 78.6% | 2762924 | 28.51 | LA Fitness |
| Amboy Center | 2005 | 100.0% |  | 37266 | 26106 | 63372 | —% | 100.0% | 80.8% | 92.1% | 92.1% | 2129760 | 36.49 | Stop & Shop (Ahold) |
| Crossroads Shopping Center | 1998 | 49.0% |  | 202727 | 108801 | 311528 | —% | 93.9% | 92.9% | 93.5% | 97.5% | 9769104 | 33.53 | 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% | 2332481 | 9.47 | 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% | 1657996 | 15.63 | 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% | 97.5% | 99.3% | 100.0% | 2258581 | 10.43 | Home Depot, Shaw's |
| 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% | 2306912 | 23.19 | Shaw's (Albertsons), <br>Starbucks |
| **<u>Illinois</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Hobson West Plaza | 1998 | 100.0% |  | 51692 | 47270 | 98962 | —% | 100.0% | 78.5% | 89.8% | 89.8% | 1245840 | 14.03 | Garden Fresh Markets |
| **<u>Indiana</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Merrillville Plaza | 1998 | 100.0% |  | 123144 | 112782 | 235926 | —% | 78.9% | 87.1% | 82.8% | 84.3% | 2959547 | 15.15 | 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% | 4423656 | 18.83 | HomeGoods, TJ Maxx, <br>Dick's Sporting Goods, Burlington |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report December 31, 2025 – 28 |

---

------

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year** | **Acadia's** | **Gross Leasable Area (GLA)** | **Gross Leasable Area (GLA)** | **Gross Leasable Area (GLA)** | **Gross Leasable Area (GLA)** | **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>Delaware</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Town Center and Other <br>(1 property) | 2003 | 100.0% |  | 707988 | 21891 | 729879 | —% | 100.0% | 45.3% | 98.4% | 98.4% | 12802040 | 17.83 | 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% | 3445866 | 33.77 | 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% | 956954 | 6.12 | Home Depot |
| Chestnut Hill | 2006 | 100.0% |  |  | 36492 | 36492 | —% | —% | 100.0% | 100.0% | 100.0% | 1000572 | 27.42 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Abington Towne Center <sup>6</sup> | 1998 | 100.0% |  | 184616 | 32255 | 216871 | —% | 100.0% | 92.2% | 98.8% | 100.0% | 1285513 | 21.95 | Target, TJ Maxx |
| **Total Suburban Properties** |  |  |  | 2700237 | 1037033 | 3737270 | —% | 97.0% | 90.5% | 95.2% | 96.0% | **$65998390** | $19.99 |  |
| **Acadia Share Total Suburban Properties** |  |  | **—** | **2596846** | **981544** | **3578391** | —% | **97.1%** | **90.4%** | **95.2%** | **96.0%** | **$61016147** | **$19.35** |  |
| **Total REIT Properties** |  |  | **1164464** | **2791620** | **1242454** | **5198538** | **89.8%** | **97.1%** | **90.3%** | **93.8%** | **94.8%** | **$184516761** | **$39.91** |  |
| **Acadia Share Total REIT Properties** |  |  | **1076079** | **2688229** | **1173741** | **4938049** | **89.5%** | **97.2%** | **90.4%** | **93.9%** | **94.7%** | **$172193836** | **$39.30** |  |

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_____________________________

&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 December 31, 2025 – 29 |

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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** | **$8323009** | **6.9%** | **4.8%** |
| **J. Crew Group** <sup>3</sup> | **6** | **34902** | **5656274** | **0.6%** | **3.1%** |
| **Lululemon** | **3** | **22589** | **4556159** | **0.4%** | **2.5%** |
| **TJX Companies** <sup>4</sup> | **9** | **252043** | **3105924** | **4.2%** | **1.7%** |
| **Dick's Sporting Goods, Inc** | **2** | **149782** | **2965770** | **2.5%** | **1.6%** |
| **Walgreens** | **4** | **68393** | **2887312** | **1.1%** | **1.6%** |
| **PetSmart, Inc.** | **4** | **76257** | **2794473** | **1.3%** | **1.5%** |
| **Trader Joe's** | **3** | **40862** | **2628360** | **0.7%** | **1.4%** |
| **Fast Retailing** <sup>5</sup> | **2** | **32013** | **2579274** | **0.5%** | **1.4%** |
| **ALO Yoga** | **2** | **22566** | **2505663** | **0.4%** | **1.4%** |
| Albertsons Companies, Inc. <sup>6</sup> | 2 | 123409 | 2061142 | 2.1% | 1.1% |
| Bob's Discount Furniture | 2 | 68793 | 2027670 | 1.2% | 1.1% |
| Watches of Switzerland <sup>7</sup> | 2 | 13863 | 1809177 | 0.2% | 1.0% |
| Royal Ahold <sup>8</sup> | 2 | 103125 | 1752574 | 1.7% | 1.0% |
| Patagonia | 2 | 15526 | 1652651 | 0.3% | 0.9% |
| Gap, Inc. <sup>9</sup> | 2 | 37895 | 1363165 | 0.6% | 0.8% |
| Citibank | 4 | 16160 | 1354382 | 0.3% | 0.7% |
| The Home Depot, Inc. | 2 | 187914 | 1345020 | 3.1% | 0.7% |
| Michaels Stores, Inc. | 2 | 45285 | 1283810 | 0.8% | 0.7% |
| Veronica Beard | 2 | 4136 | 1199567 | 0.1% | 0.7% |
| **TOTAL** | **60** | **1724408** | **$53851376** | **29.0%** | **29.7%** |

---

_____________________________

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

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

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

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

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

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

---

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

---

------

---

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

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Quarter Ended December 31,** | **Quarter Ended December 31,** |  | **Year to Date December 31,** | **Year to Date December 31,** |  |
|  | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
| **Summary** |  |  |  |  |  |  |
| Minimum rents | $39074 | $38268 | 2.1% | $151874 | $147529 | 2.9% |
| Expense reimbursements | 10086 | 9277 | 8.7% | 37949 | 36682 | 3.5% |
| Other property income | 1081 | 584 | 85.1% | 3434 | 2721 | 26.2% |
| **Total Revenue** | 50241 | 48129 | 4.4% | 193257 | 186932 | 3.4% |
| **Expenses** |  |  |  |  |  |  |
| Property operating - CAM & Real estate taxes | 12706 | 12908 | (1.6)% | 47923 | 49319 | (2.8)% |
| Other property operating (Non-CAM) | 1595 | 1425 | 11.9% | 6196 | 5969 | 3.8% |
| **Total Expenses** | 14301 | 14333 | (0.2)% | 54119 | 55288 | (2.1)% |
| Same Property NOI - REIT properties | $35940 | $33796 | **6.3%** | $139138 | $131644 | **5.7%** |
| **Reconciliation of Same Property NOI to REIT Portfolio NOI** |  |  |  |  |  |  |
| NOI of Properties excluded from Same Property NOI | 7109 | 2195 |  | 18486 | 8629 |  |
| REIT Portfolio NOI | $43049 | $35991 |  | $157624 | $140273 |  |
| **Other same property information** |  |  |  |  |  |  |
| Economic Occupancy at the end of the period | 93.8% | 93.1% |  |  |  |  |
| Leased Occupancy at the end of the period | 94.7% | 95.8% |  |  |  |  |

---

_____________________________

&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 December 31, 2025 – 31 |

---

------

---

| |
|:---|
| **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> | 5 | 12290 | 1.3% | $100.26 | 1.2% |  |  | —% | $— | —% |
| **2026** | 30 | 87665 | 9.1% | 137.93 | 11.9% | 11 | 424984 | 18.0% | 10.78 | 12.4% |
| **2027** | 28 | 83901 | 8.7% | 103.64 | 8.5% | 4 | 140838 | 6.0% | 20.24 | 7.7% |
| **2028** | 21 | 247491 | 25.7% | 61.87 | 15.0% | 10 | 477731 | 20.3% | 12.31 | 15.9% |
| **2029** | 25 | 71864 | 7.5% | 115.09 | 8.1% | 14 | 505783 | 21.5% | 15.40 | 21.1% |
| **2030** | 23 | 105678 | 11.0% | 100.68 | 10.4% | 5 | 177026 | 7.5% | 24.70 | 11.8% |
| **2031** | 6 | 38026 | 3.9% | 85.95 | 3.2% | 2 | 50566 | 2.1% | 16.97 | 2.3% |
| **2032** | 17 | 69578 | 7.2% | 163.00 | 11.1% | 1 | 12250 | 0.5% | 21.96 | 0.7% |
| **2033** | 26 | 90021 | 9.3% | 126.82 | 11.2% | 1 | 28881 | 1.2% | 14.50 | 1.1% |
| **2034** | 9 | 33850 | 3.5% | 152.14 | 5.1% | 1 | 21804 | 0.9% | 11.25 | 0.7% |
| **2035** | 15 | 64633 | 6.7% | 125.49 | 8.0% | 4 | 276160 | 11.7% | 16.02 | 12.0% |
| **Thereafter** | 9 | 58516 | 6.1% | 108.43 | 6.2% | 6 | 241472 | 10.2% | 21.90 | 14.3% |
| **Total** <sup>2</sup> | **214** | **963512** | **100.0%** | **$105.73** | **100.0%** | **59** | **2357496** | **100.0%** | **$15.69** | **100.0%** |
| Anchor GLA Owned by Tenants | Anchor GLA Owned by Tenants |  |  |  |  |  | 254916 |  |  |  |
| Total Vacant <sup>2</sup> | Total Vacant <sup>2</sup> | 112567 |  |  |  |  | 75818 |  |  |  |
| **Total Square Feet** <sup>2</sup> | **Total Square Feet** <sup>2</sup> | **1076079** |  |  |  |  | **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> | 5 | 28000 | 2.6% | $33.58 | 2.8% | 10 | 40290 | 0.9% | $53.92 | 1.3% |
| **2026** | 38 | 133586 | 12.6% | 26.42 | 10.6% | 79 | 646235 | 14.7% | 31.26 | 11.7% |
| **2027** | 35 | 138941 | 13.1% | 33.82 | 14.1% | 67 | 363680 | 8.3% | 44.67 | 9.4% |
| **2028** | 37 | 147534 | 13.9% | 35.70 | 15.8% | 68 | 872756 | 19.9% | 30.32 | 15.4% |
| **2029** | 30 | 121926 | 11.5% | 27.29 | 10.0% | 69 | 699572 | 16.0% | 27.71 | 11.3% |
| **2030** | 26 | 60823 | 5.7% | 39.32 | 7.2% | 54 | 343528 | 7.8% | 50.66 | 10.1% |
| **2031** | 15 | 81283 | 7.7% | 25.85 | 6.3% | 23 | 169875 | 3.9% | 36.66 | 3.6% |
| **2032** | 26 | 98214 | 9.3% | 33.29 | 9.8% | 44 | 180042 | 4.1% | 82.64 | 8.6% |
| **2033** | 21 | 85791 | 8.1% | 32.65 | 8.4% | 48 | 204693 | 4.7% | 71.50 | 8.5% |
| **2034** | 8 | 29113 | 2.7% | 28.54 | 2.5% | 18 | 84767 | 1.9% | 73.45 | 3.6% |
| **2035** | 21 | 105181 | 9.9% | 24.51 | 7.7% | 40 | 445974 | 10.2% | 33.88 | 8.8% |
| **Thereafter** | 12 | 30317 | 2.9% | 53.04 | 4.8% | 27 | 330305 | 7.5% | 40.09 | 7.7% |
| **Total** <sup>2</sup> | **274** | **1060708** | **100.0%** | **$31.43** | **100.0%** | **547** | **4381716** | **100.0%** | **$39.30** | **100.0%** |
| Anchor GLA Owned by Tenants | Anchor GLA Owned by Tenants |  |  |  |  |  | 254916 |  |  |  |
| Total Vacant <sup>2</sup> | Total Vacant <sup>2</sup> | 113033 |  |  |  |  | 301417 |  |  |  |
| **Total Square Feet** <sup>2</sup> | **Total Square Feet** <sup>2</sup> | **1173741** |  |  |  |  | **4938049** |  |  |  |

---

_____________________________

&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 December 31, 2025 – 32 |

---

------

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Year to Date** | **Year to Date** |
|  | **March 31, 2025** | **March 31, 2025** | **June 30, 2025** | **June 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **GAAP** <sup>2</sup> | **Cash** <sup>3</sup> | **GAAP** <sup>2</sup> | **Cash** <sup>3</sup> | **GAAP** <sup>2</sup> | **Cash** <sup>3</sup> | **GAAP** <sup>2</sup> | **Cash** <sup>3</sup> | **GAAP** <sup>2</sup> | **Cash** <sup>3</sup> |
| **New Leases** |  |  |  |  |  |  |  |  |  |  |
| Number of new leases executed | 3 | 3 | 3 | 3 | 8 | 8 | 2 | 2 | 16 | 16 |
| GLA | 18769 | 18769 | 6039 | 6039 | 22343 | 22343 | 5050 | 5050 | 52201 | 52201 |
| New base rent | $78.60 | $73.83 | $176.24 | $163.70 | $142.06 | $131.80 | $339.50 | $299.80 | $142.30 | $130.90 |
| Previous base rent | $46.02 | $46.41 | $250.42 | $285.02 | $110.34 | $116.99 | $212.90 | $236.46 | $113.34 | $122.61 |
| Average cost per square foot | $18.80 | $18.80 | $131.75 | $131.75 | $125.72 | $125.72 | $479.39 | $479.39 | $119.54 | $119.54 |
| Weighted Average Lease Term (years) | 4.8 | 4.8 | 7.5 | 7.5 | 7.5 | 7.5 | 9.0 | 9.0 | 6.1 | 6.1 |
| **Percentage growth in base rent** | **70.8%** | **59.1%** | **(29.6)%** | **(42.6)%** | **28.8%** | **12.7%** | **59.5%** | **26.8%** | **25.6%** | **6.8%** |
| **Renewal Leases** |  |  |  |  |  |  |  |  |  |  |
| Number of renewal leases executed | 13 | 13 | 22 | 22 | 20 | 20 | 16 | 16 | 71 | 71 |
| GLA | 96232 | 96232 | 162226 | 162226 | 216286 | 216286 | 172872 | 172872 | 647616 | 647616 |
| New base rent | $30.93 | $29.83 | $63.21 | $60.99 | $43.14 | $40.10 | $31.99 | $29.74 | $43.38 | $41.04 |
| Expiring base rent | $24.70 | $27.77 | $58.50 | $60.46 | $33.47 | $35.83 | $26.88 | $27.46 | $36.68 | $38.57 |
| Average cost per square foot | $— | $— | $10.86 | $10.86 | $31.01 | $31.01 | $0.59 | $0.59 | $0.38 | $0.38 |
| Weighted Average Lease Term (years) | 6.6 | 6.6 | 10.8 | 10.8 | 8.2 | 8.2 | 5.5 | 5.5 | 7.7 | 7.7 |
| **Percentage growth in base rent** | **25.2%** | **7.4%** | **8.1%** | **0.9%** | **28.9%** | **11.9%** | **19.0%** | **8.3%** | **18.3%** | **6.4%** |
| **Total New and Renewal Leases** |  |  |  |  |  |  |  |  |  |  |
| Number of new and renewal leases executed | 16 | 16 | 25 | 25 | 28 | 28 | 18 | 18 | 87 | 87 |
| GLA commencing | 115001 | 115001 | 168265 | 168265 | 238629 | 238629 | 177922 | 177922 | 699817 | 699817 |
| New base rent | $38.71 | $37.01 | $67.28 | $64.68 | $52.40 | $48.69 | $40.72 | $37.41 | $50.76 | $47.74 |
| Expiring base rent | $28.18 | $30.82 | $65.39 | $68.52 | $40.67 | $43.43 | $32.16 | $33.40 | $42.40 | $44.84 |
| Average cost per square foot | $3.07 | $3.07 | $15.20 | $15.20 | $39.88 | $39.88 | $14.18 | $14.18 | $9.27 | $9.27 |
| Weighted Average Lease Term (years) | 6.3 | 6.3 | 10.7 | 10.7 | 8.2 | 8.2 | 5.6 | 5.6 | 7.6 | 7.6 |
| **Percentage growth in base rent** | **37.4%** | **20.1%** | **2.9%** | **(5.6)%** | **28.8%** | **12.1%** | **26.6%** | **12.0%** | **19.7%** | **6.5%** |

---

_____________________________

&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 December 31, 2025 – 33 |

---

------

**Fund Overview**<br>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **I. KEY METRICS** | **Fund II** | **Fund III** | **Fund IV** | **Fund IV** | **Fund V** | **Fund V** | **Total** | **Total** | **Total** |
| <u>General Information:</u> |  |  |  |  |  |  |  |  |  |
| Vintage | Jun-2004 | May-2007 |  | May-2012 |  | Aug-2016 |  |  |  |
| Fund Size | 472.0 | 502.5 | $| 540.6 | $| 520.0 | $|  | 2035.1 |
| Acadia's Commitment | 291.2 | 123.3 | $| 125.0 | $| 104.5 | $|  | 644.0 |
| Acadia's Pro-Rata Share | 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>4</sup> | 172.9 | 616.3 | $| 221.4 | $| 187.8 | $|  | 1198.4 |
| Net Distributions/Contributions | 30.9% | 137.2% |  | 43.8% |  | 38.2% |  |  | 59.7% |
| Unfunded Commitment <sup>5</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>6</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>6</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.In the third quarter of 2025, a Fund II partner exercised its put right, and the Company acquired the partner's 18% interest for approximately $54.4 million, increasing its ownership in Fund II from 61.67% to 80%. Refer to Note 10 in the Company's 10-K for the year ended December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.All returns and distributions referenced are presented net of fees and promote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.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;6.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 December 31, 2025 – 34 |

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------

**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 | 201534 | 531982 | —% | 100.0% | 46.3% | 79.6% | 87.6% | $20764697 | $49.01 | Primark, Target, Sephora,<br>Basis Schools, <br>Alamo Drafthouse, <br>Trader Joe's, Lululemon |
| **Total - Fund II** |  |  |  | 330448 | 201534 | 531982 | —% | 100.0% | 46.3% | 79.6% | 87.6% | $20764697 | $49.01 |  |
| **<u>Fund IV Portfolio Detail</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **NEW YORK** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| <u>New York</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 801 Madison Avenue | 2015 | 100.0% | 2522 |  |  | 2522 | 100.0% | —% | —% | 100.0% | 100.0% | $300000 | $118.95 | ─ |
| 210 Bowery | 2012 | 100.0% | 2538 |  |  | 2538 | —% | —% | —% | —% | —% |  |  | ─ |
| 27 East 61st Street | 2014 | 100.0% | 4177 |  |  | 4177 | —% | —% | —% | —% | —% |  |  | ─ |
| 17 East 71st Street | 2014 | 100.0% | 8432 |  |  | 8432 | 100.0% | —% | —% | 100.0% | 100.0% | 2129561 | 252.56 | 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% |  | 116940 | 43508 | 160448 | —% | 100.0% | 46.0% | 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% | 3492656 | 39.54 | H&M, Warby Parker,<br>Kendra Scott, Starbucks, Lululemon |
| **WEST** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| <u>California</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Union and Fillmore <br>Collection (1 property) | 2015 | 90.0% | 1044 |  |  | 1044 | 100.0% | —% | —% | 100.0% | 100.0% | 82500 | 79.02 | Bonobos |
| **Total - Fund IV** |  |  | 129117 | 116940 | 43508 | 289565 | 78.8% | 100.0% | 46.0% | 82.4% | 82.4% | $8322270 | $34.87 |  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report December 31, 2025 – 35 |

---

------

**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 V Portfolio Detail</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **SOUTHWEST** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| <u>New Mexico</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Plaza Santa Fe | 2017 | 100.0% |  | 153983 | 70169 | 224152 | —% | 100.0% | 99.7% | 99.9% | 99.9% | $4323989 | $19.31 | TJ Maxx, Best Buy, <br>Ross Dress for Less |
| <u>Texas</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Wood Ridge Plaza | 2022 | 90.0% |  |  | 217273 | 217273 | —% | —% | 84.3% | 84.3% | 91.0% | 4693229 | 25.61 | Skechers, Diamonds Direct, Office Depot |
| La Frontera Village | 2022 | 90.0% |  | 310762 | 223679 | 534441 | —% | 100.0% | 88.5% | 95.2% | 99.5% | 7937949 | 15.60 | Kohl's, Hobby Lobby, Burlington, Marshalls |
| **MIDWEST** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| <u>Michigan</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| New Towne Center | 2017 | 100.0% |  | 126425 | 64105 | 190530 | —% | 72.1% | 100.0% | 81.5% | 81.5% | 1996075 | 12.86 | Kohl's, DSW |
| Fairlane Green | 2017 | 100.0% |  | 109952 | 160235 | 270187 | —% | 100.0% | 93.5% | 96.2% | 98.3% | 5149277 | 19.82 | TJ Maxx, Michaels, Burlington |
| **NORTHEAST** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| <u>Maryland</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Frederick County (1 property) | 2019 | 90.0% |  | 132794 | 103713 | 236507 | —% | 70.6% | 85.5% | 77.1% | 79.6% | 3591828 | 19.69 | Lidl, Advance Auto, Starbucks |
| <u>Connecticut</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Tri-City Plaza | 2019 | 90.0% |  | 188559 | 107258 | 295817 | —% | 100.0% | 89.6% | 96.2% | 96.9% | 4632849 | 16.27 | TJ Maxx, HomeGoods, ShopRite |
| <u>New Jersey</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Midstate | 2021 | 100.0% |  | 270423 | 122466 | 392889 | —% | 100.0% | 83.5% | 94.9% | 95.4% | 7320518 | 19.64 | ShopRite, Best Buy, Ross Dress for Less, PetSmart |
| <u>New York</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Shoppes at South Hills | 2022 | 90.0% |  | 416804 | 96104 | 512908 | —% | 80.7% | 60.5% | 77.0% | 77.0% | 4540459 | 11.50 | ShopRite, <br>Ashley Furniture |
| Mohawk Commons | 2023 | 90.0% |  | 265140 | 134058 | 399198 | —% | 100.0% | 98.2% | 99.4% | 99.4% | 5809133 | 14.64 | Lowe's, Target |
| <u>Pennsylvania</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Monroe Marketplace | 2021 | 100.0% |  | 263376 | 108276 | 371652 | —% | 100.0% | 98.5% | 99.6% | 99.6% | 4460933 | 12.05 | Kohl's, Dick's <br>Sporting Goods, <br>Giant Food |
| <u>Rhode Island</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Lincoln Commons | 2019 | 100.0% |  | 344533 | 116280 | 460813 | —% | 100.0% | 88.6% | 97.1% | 97.1% | 6208135 | 13.87 | Stop & Shop (Ahold), Marshalls, <br>HomeGoods |
| <u>Vermont</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report December 31, 2025 – 36 |

---

------

**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** |
| Maple Tree Place <sup>3</sup> | 2023 | 100.0% |  | 249979 | 146799 | 396778 | —% | 100.0% | 87.3% | 95.3% | 96.8% | 7394723 | 19.56 | Shaw's, Dick's Sporting Goods, Best Buy, Old Navy |
| **SOUTHEAST** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| <u>Virginia</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Landstown Commons | 2019 | 100.0% |  | 112068 | 271168 | 383236 | —% | 100.0% | 96.3% | 97.4% | 97.4% | 8054369 | 21.58 | Best Buy, Burlington,<br>Ross Dress for Less |
| <u>Florida</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Palm Coast Landing | 2019 | 100.0% |  | 73241 | 98480 | 171721 | —% | 100.0% | 96.4% | 97.9% | 97.9% | 3634204 | 21.61 | TJ Maxx, PetSmart, <br>Ross Dress for Less |
| Cypress Creek | 2023 | 100.0% |  | 139522 | 100137 | 239659 | —% | 100.0% | 100.0% | 100.0% | 100.0% | 5265164 | 21.97 | Hobby Lobby, Total Wine, HomeGoods |
| <u>North Carolina</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Hickory Ridge | 2017 | 100.0% |  | 312711 | 67854 | 380565 | —% | 100.0% | 78.2% | 96.1% | 96.1% | 4649252 | 12.71 | Kohl's, Best Buy, Dick's Sporting Goods |
| <u>Alabama</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Trussville Promenade | 2018 | 100.0% |  | 346902 | 116779 | 463681 | —% | 92.0% | 82.5% | 89.6% | 97.3% | 3957844 | 9.53 | Wal-Mart, Regal Cinemas |
| <u>Georgia</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Canton Marketplace | 2021 | 100.0% |  | 132569 | 215397 | 347966 | —% | 100.0% | 96.9% | 98.1% | 98.1% | 6359342 | 18.63 | Dick's Sporting Goods, <br>TJ Maxx, <br>Best Buy |
| Hiram Pavilion | 2018 | 100.0% |  | 192114 | 171277 | 363391 | —% | 100.0% | 100.0% | 100.0% | 100.0% | 5109256 | 14.06 | Kohl's, HomeGoods |
| **WEST** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| <u>California</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Elk Grove Commons | 2018 | 100.0% |  | 114015 | 128063 | 242078 | —% | 100.0% | 98.3% | 99.1% | 100.0% | 5413855 | 22.57 | Kohl's, HomeGoods |
| <u>Utah</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Family Center at Riverdale | 2019 | 89.4% |  | 270287 | 102121 | 372408 | —% | 100.0% | 92.5% | 97.9% | 97.9% | 4261462 | 11.68 | Target, Home Goods, <br>Best Buy, Sierra Trading (TJX) |
| **Total - Fund V** |  |  |  | 4526159 | 2941691 | 7467850 | —% | 96.0% | 91.3% | 94.1% | 95.4% | $114763845 | $16.33 |  |
| **<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% | 78.3% | 89.7% | 89.7% | $3292401 | $36.78 | Stop & Shop (Ahold), Starbucks |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report December 31, 2025 – 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** |
| **SOUTHEAST** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| <u>Florida</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Walk at Highwoods Preserve | 2024 | 20.0% |  | 80894 | 56862 | 137756 | —% | 100.0% | 88.2% | 95.1% | 95.1% | 2663811 | 20.32 | HomeGoods, Michaels |
| Pinewood Square | 2025 | 100.0% |  | 113359 | 90558 | 203917 | —% | 100.0% | 95.0% | 97.8% | 97.8% | 4792309 | 24.04 | TJ Maxx, Ross Dress for Less, Five Below |
| <u>Georgia</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Avenue at West Cobb | 2025 | 100.0% |  | 24025 | 230421 | 254446 | —% | 100.0% | 74.9% | 77.3% | 77.3% | 4625460 | 23.52 | Barnes & Noble, Warby Parker, JCrew Factory, Jim N Nicks |
| **WEST** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| <u>Nevada</u> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| LINQ Promenade | 2024 | 15.0% |  | 45097 | 136401 | 181498 | —% | 100.0% | 94.8% | 96.1% | 99.3% | 14175780 | 81.28 | Yard House, <br>Brooklyn Bowl, <br>I Love Sugar, Starbucks,<br>Welcome to Las Vegas, <br>In-N-Out Burger, Magicians Room |
| **Total - Other Co-investment Vehicles** |  |  |  | 315711 | 561743 | 877454 |  | 100.0% | 84.6% | 90.1% | 90.8% | $29549760 | $37.36 |  |
| **TOTAL INVESTMENT MANAGEMENT PROPERTIES** |  |  | **129117** | **5289258** | **3748476** | **9166851** | **78.8%** | **96.5%** | **87.3%** | **92.5%** | **94.1%** | **$173400572** | **$20.44** |  |
| **Acadia Share of Total Investment Management Properties** | **Acadia Share of Total Investment Management Properties** | **Acadia Share of Total Investment Management Properties** | **29828** | **1316015** | **1088784** | **2434627** | **78.8%** | **97.4%** | **81.5%** | **90.1%** | **92.2%** | **$52246181** | **$23.83** |  |

---

_____________________________

&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 December 31, 2025 – 38 |

---

------

---

| |
|:---|
| **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> | 2 | 583 | 1.1% | $118.95 | 3.7% |
| **2026** | 2 | 4075 | 1.3% | 100.40 | 2.6% | **2026** | 2 | 731 | 1.4% | 87.21 | 3.4% |
| **2027** | 3 | 20005 | 6.2% | 84.87 | 10.8% | **2027** | 5 | 3245 | 6.2% | 58.11 | 10.1% |
| **2028** | 1 | 722 | 0.2% | 219.00 | 1.0% | **2028** | 7 | 4563 | 8.8% | 109.23 | 26.6% |
| **2029** | 1 | 758 | 0.2% | 161.53 | 0.8% | **2029** | 4 | 14941 | 28.7% | 24.19 | 19.3% |
| **2030** |  |  | —% |  | —% | **2030** | 2 | 664 | 1.3% | 63.94 | 2.3% |
| **2031** |  |  | —% |  | —% | **2031** | 2 | 931 | 1.8% | 52.80 | 2.6% |
| **2032** | 2 | 97232 | 30.2% | 12.50 | 7.7% | **2032** | 4 | 19666 | 37.8% | 20.47 | 21.5% |
| **2033** | 3 | 24695 | 7.7% | 50.47 | 7.9% | **2033** | 3 | 4874 | 9.4% | 23.45 | 6.1% |
| **2034** | 4 | 6499 | 2.0% | 109.72 | 4.5% | **2034** | 2 | 1199 | 2.3% | 44.97 | 2.9% |
| **2035** | 5 | 21724 | 6.7% | 79.08 | 10.9% | **2035** | 1 | 599 | 1.2% | 50.00 | 1.6% |
| **Thereafter** | 6 | 146283 | 45.4% | 58.11 | 53.9% | **Thereafter** |  |  | —% |  | —% |
| **Total** <sup>2</sup> | **27** | **321993** | **100.0%** | **$49.01** | **100.0%** | **Total** <sup>2</sup> | **34** | **51996** | **100.0%** | **$36.04** | **100.0%** |
|  |  | 82313 | Total Vacant <sup>2</sup> |  |  |  |  | 11218 | Total Vacant <sup>2</sup> |  |  |
|  |  | **404306** | **Total Square Feet** <sup>2</sup> |  |  |  |  | **63214** | **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> | 7 | 3952 | 0.3% | $22.17 | 0.4% | **M to M** <sup>1</sup> | 1 | 185 | 0.0% | $231.29 | 0.3% |
| **2026** | 98 | 122630 | 9.0% | 19.09 | 10.5% | **2026** | 20 | 61899 | 13.7% | 21.22 | 10.7% |
| **2027** | 91 | 204538 | 15.0% | 13.66 | 12.5% | **2027** | 21 | 46891 | 10.4% | 26.32 | 10.1% |
| **2028** | 95 | 191324 | 14.0% | 17.67 | 15.1% | **2028** | 30 | 112241 | 24.8% | 22.53 | 20.7% |
| **2029** | 94 | 212600 | 15.6% | 15.71 | 14.9% | **2029** | 30 | 64309 | 14.2% | 44.96 | 23.6% |
| **2030** | 86 | 229148 | 16.8% | 15.71 | 16.1% | **2030** | 18 | 52706 | 11.6% | 25.45 | 11.0% |
| **2031** | 30 | 52523 | 3.8% | 17.36 | 4.1% | **2031** | 5 | 33863 | 7.5% | 21.05 | 5.8% |
| **2032** | 34 | 74981 | 5.5% | 16.17 | 5.4% | **2032** | 2 | 8966 | 2.0% | 23.95 | 1.8% |
| **2033** | 33 | 78410 | 5.7% | 16.33 | 5.7% | **2033** | 8 | 34978 | 7.7% | 23.23 | 6.6% |
| **2034** | 41 | 90202 | 6.6% | 16.92 | 6.8% | **2034** | 8 | 12220 | 2.7% | 32.17 | 3.2% |
| **2035** | 36 | 62352 | 4.6% | 19.18 | 5.4% | **2035** | 7 | 20090 | 4.4% | 27.26 | 4.5% |
| **Thereafter** | 13 | 43268 | 3.2% | 15.67 | 3.0% | **Thereafter** | 2 | 4487 | 1.0% | 46.50 | 1.7% |
| **Total** <sup>2</sup> | **658** | **1365928** | **100.0%** | **$16.36** | **100.0%** | **Total** <sup>2</sup> | **152** | **452835** | **100.0%** | **$27.03** | **100.0%** |
|  |  | 83048 | Total Vacant <sup>2</sup> |  |  |  |  | 65295 | Total Vacant <sup>2</sup> |  |  |
|  |  | **1448976** | **Total Square Feet** <sup>2</sup> |  |  |  |  | **518130** | **Total Square Feet** <sup>2</sup> |  |  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report December 31, 2025 – 39 |

---

------

---

| |
|:---|
| **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> | 10 | 4720 | 0.2% | $42.33 | 0.4% |
| **2026** | 122 | 189335 | 8.6% | 21.80 | 7.9% |
| **2027** | 120 | 274679 | 12.5% | 21.54 | 11.3% |
| **2028** | 133 | 308850 | 14.1% | 21.26 | 12.6% |
| **2029** | 129 | 292608 | 13.3% | 22.95 | 12.9% |
| **2030** | 106 | 282518 | 12.9% | 17.64 | 9.5% |
| **2031** | 37 | 87317 | 4.0% | 19.17 | 3.2% |
| **2032** | 42 | 200845 | 9.2% | 15.16 | 5.8% |
| **2033** | 47 | 142957 | 6.5% | 24.16 | 6.6% |
| **2034** | 55 | 110120 | 5.0% | 24.40 | 5.1% |
| **2035** | 49 | 104765 | 4.8% | 33.33 | 6.7% |
| **Thereafter** | 21 | 194038 | 8.8% | 48.38 | 18.0% |
| **Total** <sup>2</sup> | **871** | **2192752** | **100.0%** | **$23.83** | **100.0%** |
|  |  | 241873 | Total Vacant <sup>2</sup> |  |  |
|  |  | **2434625** | **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 December 31, 2025 – 40 |

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**Development and Redevelopment Activity**<br>

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | **Acadia's Pro-rata Share (in millions)** | **Acadia's Pro-rata Share (in millions)** | **Acadia's Pro-rata Share (in millions)** | **Acadia's Pro-rata Share (in millions)** | **Acadia's Pro-rata Share (in millions)** | **Acadia's Pro-rata Share (in millions)** |
| **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 | $101.7 | $101.7 | $87.3 | $106.2 | $189.0 | $207.9 |
| **<u>Redevelopment:</u>** |  |  |  |  |  |  |  |  |  |  |
| 555 9th Street | 100.0% | San Francisco, CA | TBD | 149000 | 18.5 | 160.2 | 6.5 | 16.5 | 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 | 1.2 | 25.2 | 8.9 | 10.9 | 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 | 0.3 | 51.0 | TBD | TBD | TBD | TBD |
| **Total REIT Redevelopment** |  |  |  |  | $20.2 | $415.3 | $15.4 | $27.4 | $200.8 | $212.8 |
| **Total REIT Development and Redevelopment** |  |  |  |  | $121.9 | $517.0 | $102.7 | $133.6 | $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** |  |  |  |  | $128.1 | $553.1 | $102.7 | $133.6 | $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 December 31, 2025 – 41 |

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**Development and Redevelopment Activity**<br>

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| | | | | |
|:---|:---|:---|:---|:---|
| **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 |
| 2323-2409 Henderson Avenue (REIT) | 100.0% | Dallas, TX | 2026 | 38500 |
| 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 |

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| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report December 31, 2025 – 42 |

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**Important Notes**<br>

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain statements contained in this supplemental disclosure may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934 and as such may involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations are generally identifiable by use of the words "may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend" or "project" or the negative thereof or other variations thereon or comparable terminology. Factors which could have a material adverse effect on the operations and future prospects of the Company include, but are not limited to those set forth under the heading "Risk Factors" in the Company's Annual Report on Form 10-K. These risks and uncertainties should be considered in evaluating any forward-looking statements contained or incorporated by reference herein.

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, including those related to its investments in Albertsons in FFO. 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 December 31, 2025 – 43 |

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**Important Notes**<br>

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

<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. 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).

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|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report December 31, 2025 – 44 |

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**Important Notes**<br>

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

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

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| | |
|:---|:---|
| &nbsp;&nbsp;![img226721374_1.jpg](img226721374_1.jpg) | &nbsp;&nbsp; <br>Supplemental Report December 31, 2025 – 45 |

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