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
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

411 Theodore Fremd Avenue

Suite 300

Rye, New York 10580

(Address of principal executive offices) (Zip Code)

(914) 288-8100

(Registrant’s telephone number, including area code)

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

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


☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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


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

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

Emerging growth company ☐

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

Item 2.02. Results of Operations and Financial Condition.

On 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




Exhibit Number	Description
99.1	Press release dated February 10, 2026
99.2	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
Dated:	(Registrant)

	By:	/s/ John Gottfried
	Name:	John Gottfried
February 10, 2026	Title:	Executive Vice President and Chief Financial Officer

Exhibit 99.1

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%

1

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:

     “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.”

    

2

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
	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 1	0.01	—
Realized gains on marketable securities 2	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

Refer to the “Notes to Financial Highlights” on page 15 of this release for the definition of Funds From Operations Before Special Items

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.

3

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

4

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.

5

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.

6

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		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 1	—	—	(0.06)
Transaction and other expenses 2	0.03	0.03	0.01
Funds From Operations As Adjusted per share attributable to Common Shareholders and Common OP Unit holders 3	$1.21	$1.25	$1.14

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.

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.

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:

•

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

•

Investment Management fees ranging from $23-$26 million

•

Structured Finance (interest) income ranging from $16-$18 million

•

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

•

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

7

•

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

•

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

•

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 year ended
	March 31, 2025			June 30, 2025		September 30, 2025			December 31, 2025			December 31, 2025
NAREIT FFO	$	44,583		$	38,074	$	38,579		$	41,649		$	162,885
Tenant lease settlement		(8,309	)		—		—			—			(8,309	)
Promote income		—			—		(1,216	)		—			(1,216	)
Transaction and other expenses		526			152		55			921			1,654
Unrealized holding (gain) loss		(1,672	)		494		2,281			(61	)		1,042
FFO As Adjusted	$	35,128		$	38,720	$	39,699		$	42,509		$	156,056

Share and Unit Count		129,363			138,909		138,950			139,031			136,635

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.


Live Conference Call:
Date:	Wednesday, February 11, 2026
Time:	11:00 AM ET
Participant call:	Fourth Quarter 2025 Dial-In
Participant webcast:	Fourth Quarter 2025 Webcast
Webcast Listen-only and Replay:	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

8

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

9

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.

10

Acadia Realty Trust and Subsidiaries

Condensed Consolidated Statements of Operations (1)

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


	Three Months Ended December 31,						Year Ended December 31,
	2025			2024			2025			2024
Revenues
Rental	$	102,485		$	91,579		$	402,136		$	349,530
Other		2,280			1,755			8,621			10,159
Total revenues		104,765			93,334			410,757			359,689

Expenses
Depreciation and amortization		39,864			35,189			157,457			138,910
General and administrative		11,611			10,397			45,664			40,559
Real estate taxes		13,636			12,535			52,088			46,049
Property operating		18,996			16,772			71,427			66,000
Impairment charges		—			1,678			37,210			1,678
Total expenses		84,107			76,571			363,846			293,196

Gain (loss) on disposition of properties		—			(393	)		2,515			(834	)
Operating income		20,658			16,370			49,426			65,659
Equity in earnings (losses) of unconsolidated affiliates		1,885			(774	)		(7,713	)		15,178
Interest income		5,142			6,575			23,717			25,085
Realized and unrealized holding gains (losses) on investments and other		97			904			(96	)		(5,014	)
Interest expense		(24,156	)		(21,904	)		(95,311	)		(92,557	)
Loss on change in control		—			—			(9,622	)		—
Income (loss) from continuing operations before income taxes		3,626			1,171			(39,599	)		8,351
Income tax provision		(83	)		(11	)		(412	)		(212	)
Net income (loss)		3,543			1,160			(40,011	)		8,139
Net loss attributable to redeemable noncontrolling interests		602			1,397			5,562			7,915
Net loss attributable to noncontrolling interests		3,562			5,967			51,345			5,596
Net income attributable to Acadia shareholders	$	7,707		$	8,524		$	16,896		$	21,650
Less: earnings attributable to unvested participating securities		(340	)		(306	)		(1,357	)		(1,189	)
Less: adjustment of redeemable noncontrolling interests to estimated redemption value		(2,428	)		—			(3,316	)		—
Income from continuing operations net of income attributable to participating securities for diluted earnings per share	$	4,939		$	8,218		$	12,223		$	20,461

Weighted average shares for basic earnings per share		131,035			118,719			128,625			108,227
Weighted average shares for diluted earnings per share		131,074			118,750			128,663			108,258

Net earnings per share - basic (2)	$	0.04		$	0.07		$	0.10		$	0.19
Net earnings per share - diluted (2)	$	0.04		$	0.07		$	0.10		$	0.19

11

Acadia Realty Trust and Subsidiaries

Reconciliation of Consolidated Net Income to Funds from Operations (1,3)

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


	Three Months Ended December 31,						Year Ended December 31,
	2025			2024			2025			2024

Net income attributable to Acadia	$	7,707		$	8,524		$	16,896		$	21,650

Depreciation of real estate and amortization of leasing costs (net of noncontrolling interests' share other than Common OP Units)		33,542			27,665			128,356			107,450
Impairment charges (net of noncontrolling interests' share other than Common OP Units)		—			750			9,572			750
Loss (gain) on disposition of properties (net of noncontrolling interests' share other than Common OP Units)		—			395			(2,614	)		(1,086	)
Loss on change in control		—			—			9,622			—
Income attributable to Common OP Unit holders		333			363			785			1,067
Distributions - Preferred OP Units		67			67			268			341
Funds from operations attributable to Common Shareholders and Common OP Unit holders - Diluted	$	41,649		$	37,764		$	162,885		$	130,172

Transaction and other costs		921			—			1,654			—
Unrealized holding (gain) loss		(61	)		(949	)		1,042			4,616
Realized gain		4,693			3,685			14,454			14,188
FFO Before Special Items attributable to Common Shareholder and Common OP Unit holders 1	$	47,202		$	40,500		$	180,035		$	148,976

Funds From Operations per Share - Diluted
Basic weighted-average shares outstanding, GAAP earnings		131,074			118,719			128,663			108,227
Weighted-average OP Units outstanding		7,701			7,280			7,716			7,495
Assumed conversion of Preferred OP Units to Common Shares		256			256			256			356
Assumed conversion of LTIP units and restricted share units to Common Shares		—			—			—			—
Weighted average number of Common Shares and Common OP Units		139,031			126,255			136,635			116,078

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

12

Acadia Realty Trust and Subsidiaries

Reconciliation of Consolidated Operating Income to Net Property Operating Income (“NOI”) (1)

(Unaudited, Dollars in thousands)


	Three Months Ended December 31,						Year Ended December 31,
	2025			2024			2025			2024

Consolidated operating income	$	20,658		$	16,370		$	49,426		$	65,659
Add back:
General and administrative		11,611			10,397			45,664			40,559
Depreciation and amortization		39,864			35,189			157,457			138,910
Impairment charges		—			1,678			37,210			1,678
Loss (gain) on disposition of properties		—			393			(2,515	)		834
Less:
Above/below-market rent, straight-line rent and other adjustments		(4,694	)		(4,760	)		(15,611	)		(17,735	)
Termination income		—			—			(8,366	)		—
Consolidated NOI		67,439			59,267			263,265			229,905

Redeemable noncontrolling interest in consolidated NOI		(1,831	)		(1,994	)		(6,829	)		(6,127	)
Noncontrolling interest in consolidated NOI		(17,704	)		(17,226	)		(74,452	)		(69,540	)
Less:
Operating Partnership's interest in Investment Management NOI included above		(8,459	)		(7,083	)		(31,170	)		(25,496	)
Add back:
Operating Partnership's share of unconsolidated joint ventures NOI (4)		3,604			3,027			6,810			11,531
REIT Portfolio NOI	$	43,049		$	35,991		$	157,624		$	140,273

Reconciliation of Same-Property NOI

(Unaudited, Dollars in thousands)


	Three Months Ended December 31,						Year Ended December 31,
	2025			2024			2025			2024
REIT Portfolio NOI	$	43,049		$	35,991		$	157,624		$	140,273
Less properties excluded from Same-Property NOI		(7,109	)		(2,195	)		(18,486	)		(8,629	)
Same-Property NOI	$	35,940		$	33,796		$	139,138		$	131,644

Percent change from prior year period		6.3	%					5.7	%

Components of Same-Property NOI:
Same-Property Revenues	$	50,241		$	48,129		$	193,257		$	186,932
Same-Property Operating Expenses		(14,301	)		(14,333	)		(54,119	)		(55,288	)
Same-Property NOI	$	35,940		$	33,796		$	139,138		$	131,644

13

Acadia Realty Trust and Subsidiaries

Condensed Consolidated Balance Sheets (1)

(Unaudited, Dollars in thousands, except shares)


As of:
	December 31, 2025			December 31, 2024
Assets
Investments in real estate, at cost
Buildings and improvements	$	3,421,366		$	3,174,250
Tenant improvements		339,414			304,645
Land		1,147,236			906,031
Construction in progress		32,969			23,704
Right-of-use assets - finance leases		61,366			61,366
Total		5,002,351			4,469,996
Less: Accumulated depreciation and amortization		(1,018,597	)		(926,022	)
Operating real estate, net		3,983,754			3,543,974
Real estate under development		167,051			129,619
Net investments in real estate		4,150,805			3,673,593
Notes receivable, net ($1,638 and $2,004 of allowance for credit losses as of December 31, 2025 and December 31, 2024, respectively)		154,892			126,584
Investments in and advances to unconsolidated affiliates		161,955			209,232
Other assets, net		223,980			223,767
Right-of-use assets - operating leases, net		23,594			25,531
Cash and cash equivalents		38,818			16,806
Restricted cash		18,081			22,897
Marketable securities		—			14,771
Rents receivable, net		65,027			58,022
Total assets	$	4,837,152		$	4,371,203

Liabilities:
Mortgage and other notes payable, net	$	893,944		$	953,700
Unsecured notes payable, net		879,462			569,566
Unsecured line of credit		89,500			14,000
Accounts payable and other liabilities		273,479			232,726
Lease liabilities - operating leases		25,972			27,920
Dividends and distributions payable		28,526			24,505
Distributions in excess of income from, and investments in, unconsolidated affiliates		16,838			16,514
Total liabilities		2,207,721			1,838,931
Commitments and contingencies
Redeemable noncontrolling interests		9,113			30,583

Equity:
Acadia Shareholders' Equity
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
Additional paid-in capital		2,710,651			2,436,285
Accumulated other comprehensive income		15,585			38,650
Distributions in excess of accumulated earnings		(500,720	)		(409,383	)
Total Acadia shareholders’ equity		2,225,647			2,065,672
Noncontrolling interests		394,671			436,017
Total equity		2,620,318			2,501,689
Total liabilities, redeemable noncontrolling interests, and equity	$	4,837,152		$	4,371,203

14

Acadia Realty Trust and Subsidiaries

Notes to Financial Highlights:

(1)

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

(2)

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

(3)

The Company considers funds from operations (“FFO”) as defined by the National Association of Real Estate Investment Trusts (“NAREIT”) and net property operating income (“NOI”) to be appropriate supplemental disclosures of operating performance for an equity REIT due to their widespread acceptance and use within the REIT and analyst communities. In addition, the Company believes that given the atypical nature of certain unusual items (as further described below), “FFO 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.

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

gains (losses) from sales of real estate properties;

ii.

depreciation and amortization;

iii.

impairment of real estate assets related to the Company’s main business and land held for the development of property for its operating portfolio;

iv.

gains and losses from change in control; and

after adjustments for unconsolidated partnerships and joint ventures.

15

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 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:

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 investment in Albertsons; and

iii.

any realized income or gains from the Company’s investment in Albertsons.

FFO As Adjusted (new metric starting in 2026) begins with the NAREIT definition of FFO and adjusts FFO (or as an adjustment to the numerator within its earnings per share calculations) to take into account FFO without regard to certain unusual items including:

charges, income and gains that management believes are not comparable and indicative of the results of the Company’s operating real estate portfolio.

(4)

The pro-rata share of NOI is based upon the Operating Partnership’s stated ownership percentages in each venture 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.

16

Exhibit 99.2


Table of Contents


Section I – Fourth Quarter 2025 Earnings Press Release
Section II – Financial Information
Company Information	3
Market Capitalization	4
Equity	5
Operating Statements
Consolidated Statements of Operations	6
Statements of Operations - Pro-rata Adjustments	8
Consolidated Balance Sheet	9
Balance Sheet - Pro-rata Adjustments	10
Funds from Operations (“FFO”), FFO Before Special Items, Adjusted Funds from Operations (“AFFO”)	12
EBITDA	13
Fee Income Detail	14
Structured Financing	15
Other Information
Transactional Activity	16
2026 Guidance	18
Net Asset Valuation Information	19
Debt Analysis
Summary	20
Detail	21
Maturities	23
Interest Rate Summary	25
Section III – REIT Portfolio Information
REIT Properties	26
REIT Top Tenants	30
Same Property Net Operating Income	31
REIT Lease Expirations	32
REIT New and Renewal Rent Spreads	33
Section IV – Investment Management Information
Fund Overview	34
Investment Management Properties	35
Investment Management Lease Expirations	39
Development and Redevelopment Activity	41
Section V – Other Information
Important Notes	43

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


Company Information

Acadia Realty Trust is an equity real estate investment trust focused on delivering long-term, profitable growth. Acadia owns and operates a high-quality 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 (646) 855-1497	Paulina Rojas Schmidt (949) 640-8780	Todd Thomas (917) 368-2286
	samir.khanal@bofa.com	projasschmidt@greenstreet.com	tthomas@key.com


	Citigroup - Global Markets	J.P. Morgan Securities, Inc.	Ladenburg Thalmann
	Craig Mailman (212) 816-4471	Michael W. Mueller, CFA (212) 622-6689	Floris van Dijkum (212) 409-2075
	craig.mailman@citi.com	michael.w.mueller@jpmorgan.com	fvandijkum@ladenburg.com


	Compass Point Research & Trading	Jeffries	Truist
	Kenneth Billingsley (202) 534-1393	Linda Tsai (212) 778-8011	Anthony Hau (212) 303-4176
	kbillingsley@compasspointllc.com	ltsai@jeffries.com	anthony.hau@truist.com

     
Supplemental Report December 31, 2025 – 3


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



	Total Market			Capitalization
	Capitalization ($)			Based on Net Debt
Equity Capitalization
Common Shares		131,037
Common Operating Partnership ("OP") Units		5,421
Combined Common Shares and OP Units 1		136,458

Share Price at December 31, 2025	$	20.54

Equity Capitalization - Common Shares and OP Units	$	2,802,846
Preferred OP Units 2		515
Total Equity Capitalization		2,803,361		66%

Debt Capitalization
Consolidated Secured Debt		893,944
Consolidated Revolving Credit		89,500
Consolidated Unsecured Notes Payable		879,462
Consolidated Principal Debt		1,862,906
Less: Net unamortized premium		(926	)
Add: Deferred financing fees		11,387
Consolidated Debt		1,873,367
Adjustment to reflect pro-rata share of debt		(378,709	)
Total Pro-Rata Debt Capitalization		1,494,658		34%

Total Market Capitalization	$	4,298,019		100%

Pro-Rata Liquidity
Cash, cash equivalents and restricted cash		45,016
Unsettled ATM forward equity contracts		295,461
Net debt		1,154,181

Pro-Rata EBITDA (page 13)		204,652
Pro-Rata Adjusted EBITDA (page 13)		236,728
Pro-Rata EBITDA excluding Realized Gains (page 13)		222,274

Ratios3:
Debt + Preferred Equity (Preferred OP Units) Total Market Capitalization		35	%
Net Debt + Preferred Equity Total Market Capitalization		27	%
Net Debt/EBITDA		5.6	x
Net Debt/Adjusted EBITDA		4.9	x
Net Debt/Adjusted EBITDA excluding realized gains		5.2	x

_____________________________

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

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

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

     
Supplemental Report December 31, 2025 – 4

     Equity

     (in thousands)


Changes in Total Outstanding Common								Weighted Average
Shares and OP Units								Diluted EPS				Diluted FFO
	Common Shares 2		Common OP Units			Total		Quarter		YTD		Quarter		YTD
Balance at 12/31/2024		119,658		4,709			124,367
Vesting RS and LTIPs		10		598			608
OP Conversions		113		(113	)		—
Issuance of Shares		11,172		—			11,172
Other		3		—			3
Balance at 3/31/2025		130,956		5,194			136,150		121,329		121,329		129,363		129,363
Vesting RS and LTIPs		27		36			63
OP Conversions		24		(24	)		—
Other		4		—			4
Balance at 6/30/2025		131,011		5,206			136,217		130,981		126,182		138,909		134,266
Vesting RS and LTIPs		—		—			—
OP Conversions		17		(17	)		—
Other		3		—			3
Balance at 9/30/2025		131,031		5,189			136,220		131,022		127,819		138,950		135,754
Vesting RS and LTIPs		—		—			—
OP Conversions		—		231			231
Other		6		1			7
Balance at 12/31/2025		131,037		5,421			136,458		131,074		128,663		139,031		136,635



Forward Equity Offerings	Shares		Net Proceeds 1

Beginning balance September 30, 2025		12,760	$	257,110
Shares sold		1,979		39,313
Shares settled		—		—
Current-value settlement adjustments 1		—		(962	)
Ending balance as of December 31, 2025 2		14,739		295,461

_____________________________

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

Ending balance reflects the fair value of the shares unsettled as of December 31, 2025.

     
Supplemental Report December 31, 2025 – 5

     Consolidated Statements of Operations

     (in thousands)


	December 31, 2025 1
	Quarter			Year to Date
Revenues
Rental income	$	102,485		$	402,136
Other 8		2,280			8,621
Total revenues		104,765			410,757
Expenses
Depreciation and amortization		39,864			157,457
General and administrative		11,611			45,664
Real estate taxes		13,636			52,088
Property operating		18,996			71,427
Impairment charges		—			37,210
Total expenses		84,107			363,846

Gain on disposition of properties		—			2,515
Operating income		20,658			49,426
Equity in earnings (losses) of unconsolidated affiliates		1,885			(7,713	)
Interest income		5,142			23,717
Realized and unrealized holding gains (losses) on investments and other		97			(96	)
Interest expense		(24,156	)		(95,311	)
Loss on change in control		—			(9,622	)
Income (loss) from continuing operations before income taxes		3,626			(39,599	)
Income tax provision		(83	)		(412	)
Net income (loss)		3,543			(40,011	)
Net loss attributable to redeemable noncontrolling interests		602			5,562
Net loss attributable to noncontrolling interests		3,562			51,345
Net income attributable to Acadia shareholders	$	7,707		$	16,896


	December 31, 2025 1
	Quarter		Year to Date
Reconciliation of Revenues to Consolidated GAAP Revenues
Total Revenues	$	99,912	$	385,056
Straight-line rent income		1,264		3,227
Above/below-market rent income		2,274		8,908
Asset and property management fees		761		3,050
Investment management fees		319		1,690
Other income 8		235		8,826
Consolidated Total GAAP Revenues	$	104,765	$	410,757

Reconciliation of Property Operating Expenses to Consolidated GAAP Property Operating Expenses
Property operating - CAM and Other	$	15,285	$	56,064
Asset and property management expense		3,552		13,639
Other		159		1,724
Consolidated Total GAAP Property Operating Expenses	$	18,996	$	71,427

     
Supplemental Report December 31, 2025 – 6


Consolidated Statements of Operations - Detail
(in thousands)



	December 31, 2025 1
REIT PORTFOLIO AND INVESTMENT MANAGEMENT INCOME	Quarter			Year to Date
REVENUES
Minimum rents	$	77,216		$	301,940
Expense reimbursements - CAM		10,367			39,164
Expense reimbursements - Taxes		10,539			37,763
Percentage rent and other property income		1,790			6,189
Total Revenues		99,912			385,056

EXPENSES
Property operating - CAM		15,285			56,064
Real estate taxes		13,636			52,088
Asset and property management expense		3,552			13,639
Total Expenses		32,473			121,791

NET OPERATING INCOME - PROPERTIES		67,439			263,265

OTHER INCOME (EXPENSE)
Interest income		5,142			23,717
Straight-line rent income		1,264			3,227
Above/below-market rent income		2,274			8,908
Interest expense 2		(24,156	)		(95,311	)
Other income 8		224			8,895
Impairment charges		—			(37,210	)
REIT PORTFOLIO AND INVESTMENT MANAGEMENT INCOME		52,187			175,491

FEE AND OTHER INCOME 3
Asset and property management fees		761			3,050
Investment management fees		319			1,690
Total Investment Management Fee Income		1,080			4,740

Transactional and other expenses		(921	)		(1,654	)
Total Investment Management Fee Income and Other Transactional Expenses		159			3,086

Realized gains on marketable securities and promote, net		4,693			15,175
Less: previously recognized unrealized gains on marketable securities sold		(4,693	)		(14,454	)
Unrealized gains (losses) on marketable securities		61			(1,042	)
Income tax provision		(83	)		(412	)
Total Fee and Other Income		137			2,353

Administrative and Other Expenses (Adjusted)		(10,802	)		(45,578	)

Depreciation and amortization		(39,771	)		(157,098	)
Non-real estate depreciation and amortization		(93	)		(359	)
Loss on change in control		—			(9,622	)
Gain on disposition of properties		—			2,515
Gain (loss) before equity in earnings and noncontrolling interests		1,658			(32,298	)

Equity in earnings (losses) of unconsolidated affiliates		1,885			(7,713	)
Noncontrolling interests (including redeemable noncontrolling interests)		4,164			56,907

NET INCOME ATTRIBUTABLE TO ACADIA SHAREHOLDERS	$	7,707		$	16,896

     
Supplemental Report December 31, 2025 – 7


Statements of Operations – Pro-Rata Adjustments 7
(in thousands)



	Quarter Ended December 31, 2025						Year to Date December 31, 2025
REIT PORTFOLIO AND INVESTMENT MANAGEMENT INCOME	Noncontrolling Interest in Consolidated Subsidiaries 4			Company’s Interest in Unconsolidated Subsidiaries 5			Noncontrolling Interest in Consolidated Subsidiaries 4			Company’s Interest in Unconsolidated Subsidiaries 5
REVENUES
Minimum rents	$	(27,551	)	$	11,242		$	(116,364	)	$	46,077
Expense reimbursements - CAM		(5,161	)		2,114			(19,514	)		7,610
Expense reimbursements - Taxes		(4,222	)		1,963			(15,026	)		7,338
Percentage rent and other property income		(475	)		205			(1,951	)		853
Total Revenues		(37,409	)		15,524			(152,855	)		61,878

EXPENSES
Property operating - CAM		(6,240	)		1,931			(24,550	)		8,226
Real estate taxes		(4,973	)		(110	)		(19,332	)		8,384
Asset and property management expense		(1,366	)		1,142			(5,254	)		3,277
Total Expenses		(12,579	)		2,963			(49,136	)		19,887

NET OPERATING INCOME - PROPERTIES		(24,830	)		12,561			(103,719	)		41,991

OTHER INCOME (EXPENSE)
Interest income		(143	)		125			(523	)		228
Straight-line rent income		(144	)		70			(1,276	)		793
Above/below-market rent (expense) income		(684	)		534			(2,871	)		2,598
Interest expense 2		13,219			(4,690	)		56,026			(19,814	)
Other (expense) income 8		(261	)		(1	)		49			204
Impairment charges		—			—			30,770			(3,132	)
REIT PORTFOLIO AND INVESTMENT MANAGEMENT INCOME		(12,843	)		8,599			(21,544	)		22,868

FEE AND OTHER INCOME 3
Asset and property management fees		2,548			143			10,392			427
Investment management fees		953			55			6,098			342
Total Investment Management Fee Income		3,501			198			16,490			769

Transactional and other expenses		—			—			—			—
Total Investment Management Fee Income and Other Transactional Expenses		3,501			198			16,490			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		3,521			197			17,155			729

Administrative and Other Expenses (Adjusted)		891			(212	)		3,109			(1,179	)

Depreciation and amortization		12,928			(6,699	)		57,936			(29,194	)
Non-real estate depreciation and amortization		—			—			—			—
Loss on change in control		—			—			—			—
Loss (gain) on disposition of properties		—			—			1,036			(937	)
Gain (loss) before equity in earnings and noncontrolling interests		4,497			1,885			57,692			(7,713	)

Equity in earnings (losses) of unconsolidated affiliates		—			—			—			—
Noncontrolling interests (including redeemable noncontrolling interests) 6		(333	)		—			(785	)		—

NET INCOME (LOSS) ATTRIBUTABLE TO ACADIA SHAREHOLDERS	$	4,164		$	1,885		$	56,907		$	(7,713	)

     
Supplemental Report December 31, 2025 – 8

     Balance Sheet

     (in thousands)


ASSETS	Consolidated Balance Sheet December 31, 2025			Line Item Details:
Real estate
Buildings and improvements	$	3,421,366		Real estate under development (REIT):	$	167,051
Tenant improvements		339,414
Land		1,147,236		Summary of other assets, net:
Construction in progress		32,969		Deferred charges, net	$	44,133
Right-of-use assets - finance leases		61,366		Accrued interest receivable		8,916
		5,002,351		Due from seller		1,768
Less: Accumulated depreciation and amortization		(1,018,597	)	Prepaid expenses		17,327
Operating real estate, net		3,983,754		Other receivables		6,475
Real estate under development		167,051		Income taxes receivable		1,180
Net investments in real estate		4,150,805		Corporate assets, net		430
Notes receivable, net ($1,638 of allowance for credit losses)		154,892		Deposits		5,774
Investments in and advances to unconsolidated affiliates		161,955		Derivative financial instruments		9,738
Lease intangibles, net		128,239		Total	$	95,741
Other assets, net		95,741
Right-of-use assets - operating leases, net		23,594		Summary of accounts payable and other liabilities:
Cash and cash equivalents		38,818		Lease liability - finance leases, net	$	32,112
Restricted cash		18,081		Accounts payable and accrued expenses		88,139
Straight-line rents receivable, net		45,259		Deferred income		34,102
Rents receivable, net		19,768		Tenant security deposits, escrows, and other		19,939
Total assets	$	4,837,152		Derivative financial instruments		3,196
				Total	$	177,488
Liabilities:
Mortgage and other notes payable, net	$	893,944
Unsecured notes payable, net		879,462
Unsecured line of credit		89,500
Accounts payable and other liabilities		177,488
Lease liabilities - operating leases		25,972
Dividends and distributions payable		28,526
Lease intangibles, net		95,991
Distributions in excess of income from, and investments in, unconsolidated affiliates		16,838
Total liabilities		2,207,721
Commitments and contingencies
Redeemable noncontrolling interests		9,113
Equity:
Acadia Shareholders' Equity
Common shares		131
Additional paid-in capital		2,710,651
Accumulated other comprehensive income		15,585
Distributions in excess of accumulated earnings		(500,720	)
Total Acadia shareholders’ equity		2,225,647
Noncontrolling interests		394,671
Total equity		2,620,318
Total liabilities, redeemable noncontrolling interests, and equity	$	4,837,152

     
Supplemental Report December 31, 2025 – 9

     Balance Sheet – Pro-rata Adjustments 7

     (in thousands)


ASSETS	Noncontrolling Interest in Consolidated Subsidiaries 4			Company’s Interest in Unconsolidated Subsidiaries 5
Real estate
Buildings and improvements	$	(702,496	)	$	243,225
Tenant improvements		(55,759	)		17,952
Land		(222,097	)		59,601
Construction in progress		(5,365	)		1,613
Right-of-use assets - finance leases		(21,584	)		21,866
		(1,007,301	)		344,257
Less: Accumulated depreciation and amortization		158,513			(69,504	)
Operating real estate, net		(848,788	)		274,753
Real estate under development		—			2,217
Net investments in real estate		(848,788	)		276,970
Notes receivable, net		52,590			—
Investments in and advances to unconsolidated affiliates		(23,623	)		(115,531	)
Lease intangibles, net		(27,498	)		7,978
Other assets, net		5,294			6,630
Right-of-use assets - operating leases, net		(1,223	)		—
Cash and cash equivalents		(18,254	)		5,668
Restricted cash		(3,129	)		3,832
Straight-line rents receivable, net		(9,858	)		5,326
Rents receivable, net		(5,219	)		2,441
Total assets	$	(879,708	)	$	193,314

Liabilities:
Mortgage and other notes payable, net	$	(542,286	)	$	170,053
Unsecured notes payable, net		394			—
Unsecured line of credit		—			—
Accounts payable and other liabilities		(45,011	)		29,456
Lease liabilities - operating leases		(1,273	)		4
Dividends and distributions payable		—			—
Lease intangibles, net		(27,754	)		10,640
Distributions in excess of income from, and investments in, unconsolidated affiliates		—			(16,839	)
Total liabilities		(615,930	)		193,314
Acadia Shareholders' Equity
Common shares		—			—
Additional paid-in capital		—			—
Accumulated other comprehensive income		—			—
Distributions in excess of accumulated earnings		—			—
Total Acadia shareholders’ equity		—			—
Noncontrolling interests		(263,778	)		—
Total equity		(263,778	)		—
Total liabilities, redeemable noncontrolling interests, and equity	$	(879,708	)	$	193,314

_____________________________

     
Supplemental Report December 31, 2025 – 10

     Notes to Financial Statements

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.

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.

Refer to Fee Income Detail page in the Supplemental Report.

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

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.

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.

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.

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.

     
Supplemental Report December 31, 2025 – 11

      
Funds from Operations (“FFO”), FFO Before Special Items, 
Adjusted Funds from Operations (“AFFO”)

     (in thousands, except per share amounts)



	Quarter Ended				Year to Date	Quarter Ended	Year to Date
	March 31, 2025	June 30, 2025	September 30, 2025	December 31, 2025	December 31, 2025	December 31, 2024	December 31, 2024
Funds from operations ("FFO"):
Net Income attributable to Acadia	$1,608	$1,963	$5,618	$7,707	$16,896	$8,524	$21,650
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share other than Common OP Units)	31,607	31,665	31,542	33,542	128,356	27,665	107,450
Loss (gain) on disposition on real estate properties (net of noncontrolling interest share other than Common OP Units)	—	86	(2,700)	—	(2,614)	395	(1,086)
Impairment charges (net of noncontrolling interest share other than Common OP Units)	1,583	4,185	3,804	—	9,572	750	750
Loss on change in control (net of noncontrolling interest share other than Common OP Units)	9,622	—	—	—	9,622	—	—
Income attributable to noncontrolling interests' share in Operating Partnership	163	175	315	400	1,053	430	1,408
FFO to Common Shareholders and Common OP Unit holders - Diluted	$44,583	$38,074	$38,579	$41,649	$162,885	$37,764	$130,172

Add back: Transaction and other expenses	526	152	55	921	1,654	—	—
Unrealized holding (gain) loss	(1,672)	494	2,281	(61)	1,042	(949)	4,616
Realized gain on marketable securities, net	—	5,406	4,355	4,693	14,454	3,685	14,188
FFO Before Special Items attributable to Common Shareholder and Common OP Unit holders 1	$43,437	$44,126	$45,270	$47,202	$180,035	$40,500	$148,976

Adjusted Funds from operations ("AFFO"):
FFO	$44,583	$38,074	$38,579	$41,649	$162,885	$37,764	$130,172
Unrealized holding (gain) loss	(1,672)	494	2,281	(61)	1,042	(949)	4,616
Realized gain on marketable securities, net	—	5,406	4,355	4,693	14,454	3,685	14,188
Straight-line rent, net	(341)	(28)	(1,185)	(1,190)	(2,744)	(2,640)	(5,249)
Above/below-market rent	(2,419)	(2,223)	(1,869)	(2,124)	(8,635)	(1,702)	(5,289)
Amortization of finance costs	1,488	1,502	1,879	1,475	6,344	1,502	5,483
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	2,400	2,888	2,904	2,909	11,101	2,400	11,132
Leasing commissions	(1,343)	(2,456)	(2,569)	(2,493)	(8,861)	(1,908)	(4,374)
Tenant improvements	(4,881)	(10,014)	(7,318)	(2,128)	(24,341)	(3,676)	(8,496)
Maintenance capital expenditures	(1,021)	(1,752)	(1,785)	(2,446)	(7,004)	(2,053)	(7,873)
AFFO to Common Shareholders and Common OP Unit holders	$36,756	$31,841	$35,210	$40,222	$144,029	$32,510	$134,511

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	129,363	138,909	138,950	139,031	136,635	126,255	116,078

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)	$27,636	$27,649	$27,652	$28,429	$111,366	$24,420	$87,364
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%

     
Supplemental Report December 31, 2025 – 12

     EBITDA

     (in thousands)


	Quarter Ended						Year to Date
	December 31,						December 31,
	2025			2024			2025			2024

Net income (loss) attributable to Acadia shareholders	$	7,707		$	8,524		$	16,896		$	21,650

Adjustments: 1
Depreciation and amortization		33,635			27,757			128,715			107,813
Interest expense		14,010			11,224			52,201			51,767
Above/below-market interest		(155	)		(5	)		(571	)		(162	)
Provision for income taxes		64			31			282			188
Amortization of finance costs		1,475			1,502			6,344			5,483
Noncontrolling interest - OP		333			363			785			1,067
EBITDA	$	57,069		$	49,396		$	204,652		$	187,806

Gain (loss) on disposition of properties		—			395			(2,614	)		(1,086	)
Unrealized holding (gain) loss on investment in Albertsons and other		(61	)		(949	)		1,042			4,616
Realized gain		4,693			3,685			14,454			14,188
Impairment charges		—			750			9,572			750
Loss on change in control		—			—			9,622			—
Adjusted EBITDA	$	61,701		$	53,277		$	236,728		$	206,274

Less: Realized gain		(4,693	)		(3,685	)		(14,454	)		(14,188	)
EBITDA excluding realized gains	$	57,008		$	49,592		$	222,274		$	192,086

Fixed-Charge Coverage Ratios
Adjusted EBITDA1 divided by:	$	61,701		$	53,277		$	236,728		$	206,274

Interest expense		14,010			11,224			52,201			51,767
Principal Amortization		1,508			1,783			4,237			10,705
Preferred Dividends2		67			67			268			341
Total Fixed Charges		15,585			13,074			56,706			62,813

Fixed-Charge Coverage Ratio - REIT Portfolio and Investment Management		4.0	x		4.1	x		4.2	x		3.3	x

_____________________________

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

Represents preferred distributions on Preferred Operating Partnership Units

     
Supplemental Report December 31, 2025 – 13


Fee Income Detail 1
(in thousands)


	Fund II		Fund III		Fund IV		Fund V		Other 2		Total
Year to Date December 31, 2025
Asset and property management fees	$	313	$	72	$	1,846	$	8,643	$	2,995	$	13,869
Leasing, Construction, and Development fees		377		318		953		4,832		1,650		8,130
Total fees	$	690	$	390	$	2,799	$	13,475	$	4,645	$	21,999

Quarter Ended December 31, 2025
Asset and property management fees	$	45		—	$	401	$	2,204	$	802	$	3,452
Leasing, Construction, and Development fees		25		28		210		746		318		1,327
Total fees	$	70	$	28	$	611	$	2,950	$	1,120	$	4,779

_____________________________

Fees are shown at the Company's pro-rata share and can be derived from the Consolidated Statements of Operations - Detail and Statements of Operations - Pro-Rata Adjustments. The components of the total fee income to the Company are derived by the fees included on the Consolidated Statements of Operations and the Company's share of fees from the Noncontrolling Interests in Consolidated Subsidiaries and the Company's share of fee income from Unconsolidated Subsidiaries.

“Other” includes fees generated from non-wholly owned joint ventures (within both the REIT Portfolio and Investment Management) as well as third-party managed assets.

     
Supplemental Report December 31, 2025 – 14

     Structured Financing Portfolio

     (in thousands)


	September 30, 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 1,3
First mortgage notes 1,2	$	59,801	$	3,809	$	63,610	$	—	$	—	$	59,801		$	3,809	$	63,610		5.99	%		6.39	%	Sept 2026

Other notes 2		149,744		22,083		171,827		73		—		149,817			24,122		173,939		10.41	%		10.49	%	Nov 2026 - Dec 2027

Total notes receivable	$	209,545	$	25,892	$	235,437	$	73	$	—	$	209,618		$	27,931	$	237,549		9.15	%		9.32	%




Reconciliation of Notes Receivable to the Pro-Rata Balance Sheet:

Total Notes Receivable per above											$	209,618
Allowance for credit loss 4												(2,136	)
Total pro-rata Notes Receivable											$	207,482

_____________________________

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

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.

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

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.

     
Supplemental Report December 31, 2025 – 15

     Transactional Activity

     (in thousands)


Property Acquisitions and Dispositions
Property Name	Location	Date of Transaction	Transaction Amount 1	Ownership % 2	Investment Management Share	Acadia Share

ACQUISITIONS 3

REIT Portfolio:
106 Spring Street	New York, NY	January 2025	$55,137	100%	$—	$55,137
73 Wooster Street	New York, NY	January 2025	25,459	100%	—	25,459
Renaissance Portfolio	Georgetown, Washington D.C.	January 2025	245,700	48%	—	117,936
95, 97 and 107 North 6th Street 3	Williamsburg Brooklyn, NY	April 2025	59,668	100%	—	59,668
85 5th Avenue 3	New York, NY	April 2025	47,014	100%	—	47,014
70 and 93 North 6th Street	Williamsburg Brooklyn, NY	June 2025	50,323	100%	—	50,323
2117 N. Henderson Avenue	Dallas, TX	July 2025	904	100%	—	904
1045 and 1165 Madison Avenue 7	New York, NY	January 2026	20,750	100%	—	20,750
Subtotal REIT Portfolio:			504,955		—	377,191

Investment Management:
Other Co-Investment Vehicles:
Pinewood Square 4	Lake Worth, FL	March 2025	68,207	100%	—	68,207
The Avenue at West Cobb 4	Marietta, GA	September 2025	62,701	100%	—	62,701
The Shops at Skyview 7	Queens, NY	January 2026	424,400	20%	—	84,880
Subtotal Investment Management:			555,308		—	215,788

TOTAL ACQUISITIONS			$1,060,263		$—	$592,979

DISPOSITIONS

REIT Portfolio:
Mad River Station	Dayton, OH	August 2025	$15,020	100%	$—	$15,020

Investment Management:
Fund III:
640 Broadway	New York, NY	September 2025	49,500	100%	49,500	12,147

FUND IV:
Eden Square	Bear, DE	June 2025	28,040	90%	25,236	5,835
1035 Third Avenue	New York, NY	October 2025	22,000	100%	22,000	5,086

Fund V:
Landstown Commons	Virginia Beach, VA	January 2026	102,000	100%	102,000	20,502
Subtotal Investment Management:			201,540		198,736	43,570

TOTAL DISPOSITIONS			$216,560		$198,736	$58,590


Structured Financing Activity
Note Description	Transaction Type	Date of Transaction	Transaction Amount	Acadia Share

Georgetown Renaissance - NCI Holder 5	Other Loan	January 2025	$57,117	$18,277
850 Third Avenue	Mezzanine Loan	April 2025	28,465	28,465
City Point Loan 6	Conversion	September 2025	56,018	56,018
The Shops at Skyview 8	Preferred Equity	January 2026	41,700	33,360
			$183,300	$136,120

_____________________________

     
Supplemental Report December 31, 2025 – 16

     Transactional Activity

     (in thousands)

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.

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.

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.

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.

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.

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.

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

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.

     
Supplemental Report December 31, 2025 – 17


2026 Guidance

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		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 1	—	—	(0.06)
Transaction and other expenses 2	0.03	0.03	0.01
Funds From Operations As Adjusted per share attributable to Common Shareholders and Common OP Unit holders 3	$1.21	$1.25	$1.14

_____________________________

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.

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:

•

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

•

Investment Management fees ranging from $23-$26 million

•

Structured Finance (interest) income ranging from $16-$18 million

•

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

•

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

•

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

•

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

•

     
Supplemental Report December 31, 2025 – 18

     Net Asset Valuation Information

     (in thousands)


	REIT			FUND II 3			FUND III			FUND IV			FUND V			Other Co-Investment Vehicles 5

Acadia Ownership Percentage	N/A				80.00	%		24.54	%		23.12	%		20.10	%	5% to 20%

Current Quarter NOI
At Pro-Rata 1
Net Operating Income (loss) 2	$	43,049		N/A3			$	(11	)	$	422		$	5,246		$	3,097
Less:
Net operating income from properties sold or assets held for sale		—		N/A3				4			15			3			—
Net operating income (loss) from pre-stabilized assets, development and redevelopment projects 4		(4,082	)	N/A 3				7			(71	)		—			—
Net Operating Income of stabilized assets	$	38,967		N/A 3			$	—		$	366		$	5,249		$	3,097

Costs to Date (Pro-Rata)
Assets held for sale	$	—		N/A 3			$	—		$	—		$	—		$	—
Pre-stabilized assets 4		302,246		N/A 3				—			17,466			—			—
Development and redevelopment projects 6		517,000		N/A 3				8,300			27,800			—			—
Total Costs to Date	$	819,246		N/A 3			$	8,300		$	45,266		$	—		$	—

Debt (Pro-Rata)	$	1,188,590		$	103,642		$	—		$	23,462		$	148,614		$	30,350

_____________________________

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

Does not include a full quarter of NOI for any assets purchased during the current quarter. See Transactional Activity page in this Supplemental Report for descriptions of those acquisitions.

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

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.

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).

Refer to Development and Redevelopment Activity page for projects.

     
Supplemental Report December 31, 2025 – 19

     Portfolio Debt –  Summary

     (in thousands)


	Acadia Pro-Rata Share of Debt 2
	REIT Portfolio		Investment Management		Total					Reconciliation to Consolidated Debt as Reported
Debt Type	Principal Balance	WA Years to Maturity 6	Principal Balance	WA Years to Maturity 6	Principal Balance	WA Years to Maturity 6	Swap Notional	Adjusted Debt Total	Interest Rate	Add: Noncontrolling Interest Share of Debt 3	Less: Pro-rata Share of Unconsolidated Debt 4	Acadia Consolidated Debt as Reported
Fixed-Rate Debt 1	$267,975	2.9	$28,197	1.7	$296,172	2.8	$1,033,142	$1,329,314		$305,555	$(132,116)	$1,502,753
Variable-Rate Debt 5	920,615	3.0	277,871	2.0	1,198,486	2.8	(1,033,142)	165,344		239,106	(33,836)	370,614

Total	$1,188,590	3.0	$306,068	1.9	$1,494,658	2.8	$—	$1,494,658	4.5%	$544,661	$(165,952)	1,873,367

Unamortized premium					691							926
Net unamortized loan costs					(10,254)							(11,387)
Contingent loan obligation					5,787							—
Total					$1,490,882							$1,862,906

_____________________________

Fixed-rate debt includes notional principal fixed through swap transactions. The interest rate includes the impact of swaps; refer to the Swap Interest Rate Summary page.

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

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

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

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

Based on debt maturity date without regard to available extension options.

     
Supplemental Report December 31, 2025 – 20

     Portfolio Debt  –  Detail

     (in thousands)


		Principal Balance at	Acadia's Pro-rata Share		Interest		Extension
Property		December 31, 2025	Percent	Amount	Rate	Maturity Date	Options

REIT PORTFOLIO

Fixed-Rate Debt

840 N. Michigan Avenue 2		$30,000	94.35%	$28,304	N/A	12/10/26	None
239 Greenwich Avenue		25,820	75.00%	19,365	4.00%	07/10/27	1x60 mos.
$20M Senior Note, Series A		20,000	100.00%	20,000	5.86%	08/21/27	None
Georgetown Portfolio (2008 Investment)		13,442	50.00%	6,721	4.72%	12/10/27	None
555 9th Street		55,000	100.00%	55,000	3.99%	01/01/28	1x24 mos.
State & Washington		19,964	100.00%	19,964	4.40%	09/05/28	None
$80M Senior Note, Series B		80,000	100.00%	80,000	5.94%	08/21/29	None
North & Kingsbury		9,456	100.00%	9,456	4.01%	11/05/29	None
151 N. State Street		11,437	100.00%	11,437	4.03%	12/01/29	None
Concord & Milwaukee		2,103	100.00%	2,103	4.40%	06/01/30	None
Gotham Plaza		28,000	49.00%	13,720	5.90%	10/05/34	None
California & Armitage		1,905	100.00%	1,905	5.89%	04/15/35	None
Sub-Total Fixed-Rate Debt		297,127		267,975

Variable-Rate Debt

Georgetown Portfolio (2016 Investment)		102,000	68.01%	69,365	SOFR+1.55%	11/06/26	2x12 mos.
Revolving Credit Facility 3		89,500	100.00%	89,500	SOFR+1.25%	04/15/28	2x6 mos.
Term Loan A-1		400,000	100.00%	400,000	SOFR+1.40%	04/15/28	2x6 mos.
Crossroads Shopping Center		75,000	49.00%	36,750	SOFR+1.95%	11/04/29	2x12 mos.
Term Loan A-2		250,000	100.00%	250,000	SOFR+1.20%	05/29/30	None
$75 Million Term Loan		75,000	100.00%	75,000	SOFR+1.20%	07/25/30	None
Sub-Total Variable-Rate Debt		991,500		920,615
Total Debt - REIT Portfolio		$1,288,627		$1,188,590

INVESTMENT MANAGEMENT

Fixed-Rate Debt

Tri-City Plaza	Fund V	$35,038	18.09%	$6,338	6.00%	04/18/26	None
650 Bald Hill Road	Fund IV	14,565	20.81%	3,031	3.75%	06/01/26	None
Shoppes at South Hills	Fund V	32,640	18.09%	5,905	5.95%	03/01/28	1x12 mos.
Broughton Street Portfolio	Fund IV	25,939	23.12%	5,997	5.62%	06/01/28	None
Canton Marketplace	Fund V	34,460	20.10%	6,926	6.29%	06/01/28	None
Sub-Total Fixed-Rate Debt		142,642		28,197

Variable-Rate Debt 1

Hiram Pavilion	Fund V	26,467	20.10%	5,320	SOFR+2.30%	03/05/26	1x12 mos.
1964 Union	Fund IV	1,310	20.81%	273	SOFR+2.75%	03/30/26	1x3 mos.
Frederick County Square	Fund V	24,381	18.09%	4,411	SOFR+2.51%	04/01/26	None
New Towne Center	Fund V	15,720	20.10%	3,160	SOFR+2.20%	05/01/26	None
Fairlane Green	Fund V	31,019	20.10%	6,235	SOFR+2.30%	06/05/26	None
Trussville Promenade	Fund V	27,747	20.10%	5,577	SOFR+2.30%	06/15/26	None
Cypress Creek	Fund V	32,200	20.10%	6,472	SOFR+2.80%	09/01/26	1x12 mos.
Hickory Ridge	Fund V	25,989	20.10%	5,224	SOFR+2.30%	10/05/26	1x12 mos.
Monroe Marketplace	Fund V	25,300	20.10%	5,085	SOFR+2.76%	11/12/26	None
Maple Tree Place	Fund V	47,743	20.10%	9,596	SOFR+2.85%	02/14/27	2x12 mos.
Wood Ridge Plaza	Fund V	36,035	18.09%	6,519	SOFR+2.90%	03/21/27	None
La Frontera	Fund V	55,500	18.09%	10,040	SOFR+2.61%	06/10/27	None
Midstate Mall	Fund V	57,000	20.10%	11,457	SOFR+1.75%	08/04/27	2x12 mos.
Landstown Commons	Fund V	57,903	20.10%	11,638	SOFR+2.20%	10/24/27	2x12 mos.
Riverdale FC	Fund V	37,764	17.97%	6,787	SOFR+2.46%	11/01/27	None

     
Supplemental Report December 31, 2025 – 21

     Portfolio Debt  –  Detail

     (in thousands)

      
     Principal Balance at

     Acadia's Pro-rata Share

     Interest

     Extension

     Property

     December 31, 2025

     Percent

     Amount

     Rate

     Maturity Date

     Options

     Lincoln Commons

     Fund V

     33,830

     20.10%

     6,800

     SOFR+3.10%

     11/25/27

     None

     LINQ Promenade

     IMP

     175,000

     15.00%

     26,250

     SOFR+1.75%

     12/12/27

     1x24 mos.

     Santa Fe Plaza

     Fund V

     22,893

     20.10%

     4,601

     SOFR+2.10%

     12/20/27

     2x12 mos.

     Elk Grove Commons

     Fund V

     41,000

     20.10%

     8,241

     SOFR+2.00%

     12/20/27

     1x12 mos.

     Palm Coast Landing

     Fund V

     25,912

     20.10%

     5,208

     SOFR+2.15%

     02/01/28

     None

     Mohawk Commons

     Fund V

     39,110

     18.09%

     7,074

     SOFR+2.00%

     03/01/28

     None

     City Point

     Fund II

     137,500

     75.38%

     103,642

     SOFR+1.90%

     08/01/28

     1x12 mos.

     The Walk at Highwoods Preserve

     IMP

     20,500

     20.00%

     4,100

     SOFR+2.50%

     10/25/28

     1x12 mos.

     Acadia Strategic Opportunity Fund IV Term Loan

     Fund IV

     61,250

     23.12%

     14,161

     SOFR+1.20%

     12/09/28

     None

     Sub-Total Variable-Rate Debt

     1,059,073

     277,871

     Total Debt - Investment Management

     1,201,715

     306,068

     Total Debt - REIT Portfolio and Investment Management

     $2,490,342

     $1,494,658

_____________________________

The Company has hedged a portion of its variable-rate debt with multiple variable to fixed-rate swap agreements which have various maturities (see Swap Interest Rate Summary of this Supplemental report which highlights the notional and fixed base rate). The indicated maturity for each loan reflects the contractual maturity date of the loan without regard to the expiration of the related swap agreements.

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.

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

     
Supplemental Report December 31, 2025 – 22

     Future Debt Maturities 1

     (in thousands)


REIT Portfolio	Contractual Debt Maturities			Acadia's Pro-Rata Share				Weighted Average2
	Scheduled			Scheduled	Fixed	Variable		Fixed-	Variable-
Year	Amortization	Maturities	Total	Amortization	Maturities	Maturities	Total	Rate Debt	Rate Debt

2026	$2,919	$132,000	$134,919	$2,541	$28,305	$69,365	$100,211	—	1.55%
2027	5,266	57,538	62,804	4,953	45,053	—	50,006	4.91%	N/A
2028	1,901	559,862	561,763	1,867	70,362	489,500	561,729	4.10%	1.37%
2029	1,887	171,337	173,224	1,539	97,088	36,380	135,007	5.54%	1.95%
2030	253	326,597	326,850	253	1,597	325,000	326,850	4.40%	1.20%
Thereafter	1,044	28,023	29,067	1,044	13,743	—	14,787	5.90%	N/A
Total	$13,270	$1,275,357	$1,288,627	$12,197	$256,148	$920,245	$1,188,590


Investment Management	Contractual Debt Maturities			Acadia's Pro-Rata Share				Weighted Average2
	Scheduled			Scheduled	Fixed	Variable		Fixed-	Variable-
Year	Amortization	Maturities	Total	Amortization	Maturities	Maturities	Total	Rate Debt	Rate Debt

2026	$6,201	$257,946	$264,147	$1,196	$9,300	$41,470	$51,966	5.27%	2.45%
2027	6,979	557,518	564,497	1,307	—	100,581	101,888	N/A	2.24%
2028	509	372,562	373,071	97	18,391	133,726	152,214	5.97%	1.86%
2029	—	—	—	—	—	—	—	N/A	N/A
2030	—	—	—	—	—	—	—	N/A	N/A
Thereafter	—	—	—	—	—	—	—	N/A	N/A
Total	$13,689	$1,188,026	$1,201,715	$2,600	$27,691	$275,777	$306,068

_____________________________

Does not include any applicable extension options or subsequent refinancing.

The amounts in the table reflect the all-in fixed rate for maturing debt with a fixed rate, and the spread above the applicable index (typically SOFR) on variable rate debt. The rate does not reflect the all-in rate for variable rate obligations. Refer to Swap Interest Rate Summary page for interest rate protection agreements that fix our variable rate debt.

     
Supplemental Report December 31, 2025 – 23

     Future Debt Maturities – As Extended 1

     (in thousands)


REIT Portfolio	Extended Debt Maturities 1			Acadia's Pro-Rata Share				Weighted Average2
	Scheduled			Scheduled	Fixed	Variable		Fixed-	Variable-
Year	Amortization	Maturities	Total	Amortization	Maturities	Maturities	Total	Rate Debt	Rate Debt

2026	$2,919	$30,000	$32,919	$2,541	$28,305	$—	$30,846	—	N/A
2027	5,266	32,402	37,668	4,953	26,201	—	31,154	5.57%	N/A
2028	1,901	119,862	121,763	1,867	17,862	69,365	89,094	4.40%	1.55%
2029	1,887	586,587	588,474	1,539	97,088	489,500	588,127	5.54%	1.37%
2030	253	379,097	379,350	253	54,097	325,000	379,350	4.01%	1.20%
Thereafter	1,044	127,409	128,453	1,044	32,595	36,380	70,019	4.85%	1.95%
Total	$13,270	$1,275,357	$1,288,627	$12,197	$256,148	$920,245	$1,188,590


Investment Management	Extended Debt Maturities 1			Acadia's Pro-Rata Share				Weighted Average2
	Scheduled			Scheduled	Fixed	Variable		Fixed-	Variable-
Year	Amortization	Maturities	Total	Amortization	Maturities	Maturities	Total	Rate Debt	Rate Debt

2026	$6,201	$174,062	$180,263	$1,196	$9,300	$24,610	$35,106	5.27%	2.43%
2027	6,979	241,599	248,578	1,307	—	46,004	47,311	N/A	2.66%
2028	509	224,204	224,713	97	12,718	34,228	47,043	5.98%	1.70%
2029	—	548,161	548,161	—	5,673	170,935	176,608	5.95%	1.96%
2030	—	—	—	—	—	—	—	N/A	N/A
Thereafter	—	—	—	—	—	—	—	N/A	N/A
Total	$13,689	$1,188,026	$1,201,715	$2,600	$27,691	$275,777	$306,068

_____________________________

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

     
Supplemental Report December 31, 2025 – 24

     Swap Interest Rate Summary 1

     (in thousands)


Maturity	Acadia's Pro-rata Notional Amount	Weighted Average Fixed SOFR 2
March 2026	$5,320	4.5%
April 2026	11,020	2.9%
May 2026	3,160	3.5%
June 2026	6,226	1.2%
October 2026	5,194	3.7%
November 2026	73,517	3.9%
December 2026	5,981	4.3%
June 2027	5,020	3.4%
July 2027	125,000	2.1%
August 2027	8,593	3.5%
December 2027	118,290	2.7%
February 2028	5,208	3.4%
March 2028	57,075	2.8%
April 2028	75,000	3.3%
June 2028	50,000	2.9%
July 2028	25,000	3.4%
August 2028	50,000	3.4%
February 2029	50,000	1.4%
June 2029	25,000	0.5%
July 2029	25,000	0.1%
October 2029	4,100	3.7%
November 2029	36,750	3.8%
December 2029	87,688	3.4%
April 2030	50,000	3.1%
July 2030	125,000	2.7%

Total	$1,033,142	2.8%

_____________________________

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.

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

     
Supplemental Report December 31, 2025 – 25

     Core Portfolio Retail Properties – Detail 1


	Year	Acadia's	Gross Leasable Area (GLA)				Economic Occupancy				Leased Occupancy	Annualized Base Rent	ABR
Property	Acquired	Interest	Street	Anchors	Shops	Total	Street	Anchors	Shops	Total	Total	(ABR)	PSF	Key Tenants

STREET AND URBAN RETAIL
Chicago Metro						`
Gold Coast and North Michigan Ave Collection (7 properties)	2011 2012 2013	100.0%	57,577	—	—	57,577	95.1%	—%	—%	95.1%	95.1%	$11,048,326	$201.87	Kith, Lululemon, Reformation, Veronica Beard, St. Laurent, Brandy Melville, Mango
Clark Street and W. Diversey Collection (4 properties)	2011 2012	100.0%	53,099	—	—	53,099	89.0%	—%	—%	89.0%	89.0%	2,261,842	47.84	Starbucks, TJ Maxx, J Crew Factory, Trader Joe's, Sephora
Halsted and Armitage Collection (13 properties)	2011 2012 2019 2020	100.0%	53,220	—	—	53,220	100.0%	—%	—%	100.0%	100.0%	3,249,311	61.05	Serena and Lily, Faherty, Jenny Kayne, Warby Parker, Kiehl's, Solidcore, Rails, Levain Bakery, Huckberry
North Lincoln Park Chicago Collection (6 properties)	2011 2014	100.0%	22,125	—	27,796	49,921	27.7 %	—%	77.6%	55.5%	55.5%	1,057,532	38.20	Guitar Center, Carhartt
State and Washington	2016	100.0%	65,401	—	—	65,401	100.0%	—%	—%	100.0%	100.0%	2,788,546	42.64	Nordstrom Rack, Uniqlo
151 N. State Street	2016	100.0%	27,385	—	—	27,385	100.0%	—%	—%	100.0%	100.0%	1,573,000	57.44	Walgreens
North and Kingsbury	2016	100.0%	41,791	—	—	41,791	100.0%	—%	—%	100.0%	100.0%	2,015,292	48.22	Old Navy, Backcountry
Concord and Milwaukee	2016	100.0%	13,147	—	—	13,147	100.0%	—%	—%	100.0%	100.0%	490,931	37.34	—
California and Armitage	2016	100.0%	—	—	18,275	18,275	—%	—%	90.8%	90.8%	90.8%	806,791	48.63	—
Roosevelt Galleria	2015	100.0%	—	—	37,995	37,995	—%	—%	89.7%	89.7%	89.7%	825,979	24.24	Petco, Vitamin Shoppe, Dollar Tree
Sullivan Center	2016	100.0%	176,181	—	—	176,181	83.8%	—%	—%	83.8%	83.8%	5,525,371	37.43	Target
			509,926	—	84,066	593,992	89.6%	—%	85.9%	89.0%	89.0%	$31,642,921	$59.82
New York Metro
Soho and West Village Collection (19 properties)	2011 2014 2019 2020 2022 2024 2025	100.0%	69,643	—	—	69,643	89.4%	—%	—%	89.4%	96.3%	$20,503,770	$329.32	Reiss, Vuori, Zimmermann, Madewell, John Varvatos Watches of Switzerland, Frame, Theory, Bang & Olufsen, Marine Layer
Flatiron and Union Square Collection (3 properties)		100.0%	23,781	—	—	23,781	100.0%	—%	—%	100.0%	100.0%	4,858,992	204.32	Nespresso, Dr. Martens
200 West 54th Street	2007	100.0%	5,932	—	—	5,932	98.8%	—%	—%	98.8%	98.8%	1,640,164	279.80	—
4401 White Plains Road	2011	100.0%	—	12,964	—	12,964	—%	100.0%	—%	100.0%	100.0%	625,000	48.21	Walgreens
Bartow Avenue	2005	100.0%	—	—	14,824	14,824	—%	—%	100.0%	100.0%	100.0%	509,030	34.34	Wingstop
Greenwich and Westport Collection (4 properties)	1998 2012 2014	89.5%	39,593	—	—	39,593	100.0%	—%	—%	100.0%	100.0%	4,544,869	114.79	Veronica Beard, The RealReal, Blue Mercury, Splendid, Swarvoski, Watches of Switzerland
2914 Third Avenue	2006	100.0%	—	21,650	18,953	40,603	—%	100.0%	100.0%	100.0%	100.0%	1,131,422	27.87	Planet Fitness

     
Supplemental Report December 31, 2025 – 26

     Core Portfolio Retail Properties – Detail 1


	Year	Acadia's	Gross Leasable Area (GLA)				Economic Occupancy				Leased Occupancy	Annualized Base Rent	ABR
Property	Acquired	Interest	Street	Anchors	Shops	Total	Street	Anchors	Shops	Total	Total	(ABR)	PSF	Key Tenants
313-315 Bowery 2	2013	100.0%	6,600	—	—	6,600	100.0%	—%	—%	100.0%	100.0%	527,076	79.86	John Varvatos
120 West Broadway	2013	100.0%	13,838	—	—	13,838	100.0%	—%	—%	100.0%	100.0%	2,506,696	181.15	Citizens Bank, Citi Bank
2520 Flatbush Avenue	2014	100.0%	—	—	29,114	29,114	—%	100%	100.0%	100.0%	100.0%	1,297,818	44.58	Bob's Discount Furniture, Capital One
Williamsburg Bedford Avenue Collection 3	2022	100.0%	50,842	—	—	50,842	92.9%	—%	—	92.9%	100.0%	5,284,345	111.87	Sephora, SweetGreen, Levain Bakery, Alo Yoga
Williamsburg North 6th Collection 3 (7 properties)	2024 2025	100.0%	56,815	—	—	56,815	94.5%	—%	—	94.5%	98.6%	7,635,565	142.28	Lululemon, Madewell, On Running, Abercrombie and Fitch, Birkenstock, Patagonia
991 Madison Avenue	2016	100.0%	7,512	—	—	7,512	100.0%	—%	—%	100.0%	100.0%	3,790,095	504.54	Vera Wang, Gabriela Hearst
Gotham Plaza	2016	49.0 %	—	—	25,931	25,931	—%	—%	75.4%	75.4%	75.4%	1,672,236	85.48	Bank of America, Footlocker, Apple Bank
			274,556	34,614	88,822	397,992	94.8%	100.0 %	92.8 %	94.8%	97.5%	$56,527,078	$149.77
Los Angeles Metro
8833 Beverly Blvd	2022	97.0 %	9,757	—	—	9,757	100.0%	—%	—%	100.0%	100.0%	$1,390,888	$142.55	Luxury Living
Melrose Place Collection	2019	100.0 %	14,000	—	—	14,000	100.0%	—%	—%	100.0%	100.0%	3,241,818	231.56	The Row, Chloe, Oscar de la Renta
			23,757	—	—	23,757	100.0%	—%	—%	100.0%	100.0%	$4,632,706	$195.00
District of Columbia Metro
1739-53 and 1801-03 Connecticut Avenue	2012	100.0 %	20,669	—	—	20,669	21.9%	—%	—%	21.9%	21.9%	$311,541	$68.97	TD Bank
14th Street Collection (3 properties)	2021	100.0 %	19,077	—	—	19,077	76.4%	—%	—%	76.4%	76.4%	1,396,848	95.83	Verizon, Long and Foster, VSV Wine Bar, Tile Bar
Rhode Island Place Shopping Center	2012	100.0 %	—	25,134	32,533	57,667	—%	100.0%	88.5%	93.5%	93.5%	1,957,308	36.30	Ross Dress for Less
M Street and Wisconsin Corridor (28 Properties) 4	2011 2016 2019	68.0 %	262,412	—	—	262,412	93.7%	—%	—%	93.7%	94.9%	19,085,423	77.63	Lululemon, Duxiana, Reformation, Glossier, Alo Yoga, Aritzia, Skims, J Crew, Google
			302,158	25,134	32,533	359,825	87.7%	100.0%	88.5%	88.6%	89.5%	$22,751,120	$71.35
Boston Metro
165 Newbury Street	2016	100.0 %	1,050	—	—	1,050	100.0%	—%	—%	100.0%	100.0%	$321,953	$306.62	Starbucks


Dallas Metro
Henderson Avenue Portfolio (12 properties)	2022 2024 2025	100.0 %	53,017	31,635	—	84,652	74.0%	100.0%	—%	83.7%	85.9%	$2,642,593	$37.30	Sprouts Market, Warby Parker, Tecovas

Total Street and Urban Retail			1,164,464	91,383	205,421	1,461,268	89.8%	100.0%	89.3%	90.4%	91.5%	$118,518,371	$89.73

Acadia Share Total Street and Urban Retail			1,076,079	91,383	192,196	1,359,659	89.5%	100.0%	90.3%	90.3%	91.5%	$111,177,689	$90.51
			—

     
Supplemental Report December 31, 2025 – 27

     Core Portfolio Retail Properties – Detail 1


	Year	Acadia's	Gross Leasable Area (GLA)				Economic Occupancy				Leased Occupancy	Annualized Base Rent	ABR
Property	Acquired	Interest	Street	Anchors	Shops	Total	Street	Anchors	Shops	Total	Total	(ABR)	PSF	Key Tenants
SUBURBAN PROPERTIES
New Jersey
Elmwood Park Shopping Center	1998	100.0 %	—	43,531	100,457	143,988	—%	100.0%	92.5%	94.8%	100.0%	$3,592,469	$26.32	Walgreens, Lidl, Chase Bank, City MD, Five Below
Marketplace of Absecon	1998	100.0 %	—	24,504	79,133	103,637	—%	53.9%	86.8%	79.0%	79.0%	1,610,074	19.66	Walgreens, Dollar Tree, Aldi

New York
Village Commons Shopping Center	1998	100.0 %	—	—	87,239	87,239	—%	—%	88.7%	88.7%	92.6%	2,763,571	35.71	Citibank, Ace Hardware
Branch Plaza	1998	100.0 %	—	76,264	47,081	123,345	—%	73.5%	86.8%	78.6%	78.6%	2,762,924	28.51	LA Fitness
Amboy Center	2005	100.0 %	—	37,266	26,106	63,372	—%	100.0%	80.8%	92.1%	92.1%	2,129,760	36.49	Stop & Shop (Ahold)
Crossroads Shopping Center	1998	49.0 %	—	202,727	108,801	311,528	—%	93.9%	92.9%	93.5%	97.5%	9,769,104	33.53	HomeGoods, PetSmart, BJ's Wholesale Club, O'Reilly Auto Parts
New Loudon Center	1993	100.0 %	—	241,746	16,643	258,389	—%	95.0%	100.0%	95.3%	95.3%	2,332,481	9.47	Price Chopper, Marshalls
28 Jericho Turnpike	2012	100.0 %	—	96,363	—	96,363	—%	100.0%	—%	100.0%	100.0%	1,996,500	20.72	Kohl's

Connecticut
Town Line Plaza 5	1998	100.0 %	—	163,159	43,187	206,346	—%	100.0%	93.1%	98.5%	98.5%	1,657,996	15.63	Wal-Mart, Stop & Shop (Ahold)

Massachusetts
Methuen Shopping Center	1998	100.0 %	—	120,004	10,017	130,021	—%	100.0%	56.3%	96.6%	96.6%	1,390,578	11.07	Wal-Mart, Market Basket
Crescent Plaza	1993	100.0 %	—	156,985	61,017	218,002	—%	100.0%	97.5%	99.3%	100.0%	2,258,581	10.43	Home Depot, Shaw's
201 Needham Street	2014	100.0 %	—	20,409	—	20,409	—%	100.0%	—%	100.0%	100.0%	711,662	34.87	Michael's
163 Highland Avenue	2015	100.0 %	—	40,505	—	40,505	—%	100.0%	100.0%	100.0%	100.0%	1,675,657	41.37	Staples, Petco

Vermont
The Gateway Shopping Center	1999	100.0 %	—	73,184	29,670	102,854	—%	100.0%	88.6%	96.7%	98.2%	2,306,912	23.19	Shaw's (Albertsons), Starbucks

Illinois
Hobson West Plaza	1998	100.0 %	—	51,692	47,270	98,962	—%	100.0%	78.5%	89.8 %	89.8%	1,245,840	14.03	Garden Fresh Markets

Indiana
Merrillville Plaza	1998	100.0 %	—	123,144	112,782	235,926	—%	78.9%	87.1%	82.8 %	84.3%	2,959,547	15.15	Dollar Tree, TJ Maxx, DD's Discount (Ross)

Michigan
Bloomfield Town Square	1998	100.0 %	—	153,332	81,619	234,951	—%	100.0%	100.0%	100.0 %	100.0%	4,423,656	18.83	HomeGoods, TJ Maxx, Dick's Sporting Goods, Burlington

     
Supplemental Report December 31, 2025 – 28

     Core Portfolio Retail Properties – Detail 1


	Year	Acadia's	Gross Leasable Area (GLA)				Economic Occupancy				Leased Occupancy	Annualized Base Rent	ABR
Property	Acquired	Interest	Street	Anchors	Shops	Total	Street	Anchors	Shops	Total	Total	(ABR)	PSF	Key Tenants
Delaware
Town Center and Other (1 property)	2003	100.0 %	—	707,988	21,891	729,879	—%	100.0%	45.3%	98.4 %	98.4%	12,802,040	17.83	Lowes, Dick's Sporting Goods, Target, Crunch Fitness
Market Square Shopping Center	2003	100.0 %	—	42,850	59,197	102,047	—%	100.0%	100.0%	100.0%	100.0%	3,445,866	33.77	Trader Joe's, TJ Maxx
Naamans Road	2006	100.0 %	—	—	19,865	19,865	—%	—%	100.0%	100.0 %	100.0%	920,134	46.32	Jared Jewelers, American Red Cross

Pennsylvania
Plaza 422	1993	100.0 %	—	139,968	16,311	156,279	—%	100.0%	100.0%	100.0%	100.0%	956,954	6.12	Home Depot
Chestnut Hill	2006	100.0 %	—	—	36,492	36,492	—%	—%	100.0%	100.0%	100.0%	1,000,572	27.42	—
Abington Towne Center 6	1998	100.0 %	—	184,616	32,255	216,871	—%	100.0%	92.2%	98.8%	100.0%	1,285,513	21.95	Target, TJ Maxx

Total Suburban Properties			—	2,700,237	1,037,033	3,737,270	—%	97.0 %	90.5 %	95.2 %	96.0 %	$65,998,390	$19.99

Acadia Share Total Suburban Properties			—	2,596,846	981,544	3,578,391	—%	97.1%	90.4%	95.2%	96.0%	$61,016,147	$19.35

Total REIT Properties			1,164,464	2,791,620	1,242,454	5,198,538	89.8%	97.1%	90.3%	93.8%	94.8%	$184,516,761	$39.91

Acadia Share Total REIT Properties			1,076,079	2,688,229	1,173,741	4,938,049	89.5%	97.2%	90.4%	93.9%	94.7%	$172,193,836	$39.30

_____________________________

Excludes properties that are under development, redevelopment or pre-stabilized. For further detail, refer to the Development and Redevelopment Activity section of this Supplemental Report. The above economic occupancy and rent figures reflects only retail spaces where leases have commenced. Leased occupancy includes both economic leases and signed leases that have not yet commenced. ABR and ABR per square foot are based solely on economic occupancy.

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.

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.

Excludes 94,000 square feet of office GLA.

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.

Anchor GLA includes a 157,616 square foot Target store which is not owned by the Company. This square footage has been excluded from ABR per square footage calculations.

     
Supplemental Report December 31, 2025 – 29


REIT Portfolio – Top Tenants 1
(Pro-Rata Basis)


	Number of	Combined		Percentage of Total 2
Tenant	Stores	GLA	ABR	GLA	ABR

Target	3	408,895	$8,323,009	6.9 %	4.8%
J. Crew Group 3	6	34,902	5,656,274	0.6 %	3.1%
Lululemon	3	22,589	4,556,159	0.4 %	2.5%
TJX Companies 4	9	252,043	3,105,924	4.2 %	1.7%
Dick's Sporting Goods, Inc	2	149,782	2,965,770	2.5 %	1.6%
Walgreens	4	68,393	2,887,312	1.1 %	1.6%
PetSmart, Inc.	4	76,257	2,794,473	1.3 %	1.5%
Trader Joe's	3	40,862	2,628,360	0.7 %	1.4%
Fast Retailing 5	2	32,013	2,579,274	0.5 %	1.4%
ALO Yoga	2	22,566	2,505,663	0.4 %	1.4%
Albertsons Companies, Inc. 6	2	123,409	2,061,142	2.1 %	1.1%
Bob's Discount Furniture	2	68,793	2,027,670	1.2 %	1.1%
Watches of Switzerland 7	2	13,863	1,809,177	0.2 %	1.0%
Royal Ahold 8	2	103,125	1,752,574	1.7 %	1.0%
Patagonia	2	15,526	1,652,651	0.3 %	0.9%
Gap, Inc. 9	2	37,895	1,363,165	0.6 %	0.8%
Citibank	4	16,160	1,354,382	0.3 %	0.7%
The Home Depot, Inc.	2	187,914	1,345,020	3.1 %	0.7%
Michaels Stores, Inc.	2	45,285	1,283,810	0.8 %	0.7%
Veronica Beard	2	4,136	1,199,567	0.1 %	0.7%
TOTAL	60	1,724,408	$53,851,376	29.0%	29.7%

_____________________________

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).

Totals may not foot due to rounding.

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

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

Uniqlo (1 location), Theory (1 location)

Shaw’s (2 locations)

Grand Seiko (1 location), Betteridge Jewelers (1 location)

Stop and Shop (2 locations)

Old Navy (2 locations)

     
Supplemental Report December 31, 2025 – 30


REIT Portfolio – Same Property Performance 1
(in thousands)


	Quarter Ended December 31,									Year to Date December 31,
	2025			2024			% Change			2025		2024		% Change

Summary
Minimum rents	$	39,074		$	38,268			2.1	%	$	151,874	$	147,529		2.9	%
Expense reimbursements		10,086			9,277			8.7	%		37,949		36,682		3.5	%
Other property income		1,081			584			85.1	%		3,434		2,721		26.2	%

Total Revenue		50,241			48,129			4.4	%		193,257		186,932		3.4	%

Expenses
Property operating - CAM & Real estate taxes		12,706			12,908			(1.6	)%		47,923		49,319		(2.8	)%
Other property operating (Non-CAM)		1,595			1,425			11.9	%		6,196		5,969		3.8	%

Total Expenses		14,301			14,333			(0.2	)%		54,119		55,288		(2.1	)%

Same Property NOI - REIT properties	$	35,940		$	33,796			6.3	%	$	139,138	$	131,644		5.7	%

Reconciliation of Same Property NOI to REIT Portfolio NOI
NOI of Properties excluded from Same Property NOI		7,109			2,195						18,486		8,629
REIT Portfolio NOI	$	43,049		$	35,991					$	157,624	$	140,273


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	%

_____________________________

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

     
Supplemental Report December 31, 2025 – 31

     REIT Portfolio – Lease Expirations

     (Pro-Rata Basis)


	Street Tenants					Anchor Tenants
		GLA		ABR			GLA		ABR
	Leases	Expiring	Percent		Percent	Leases	Expiring	Percent		Percent
Year	Expiring	SF	of Total	PSF	of Total	Expiring	SF	of Total	PSF	of Total
M to M 1	5	12,290	1.3%	$100.26	1.2%	—	—	—%	$—	—%
2026	30	87,665	9.1%	137.93	11.9%	11	424,984	18.0%	10.78	12.4%
2027	28	83,901	8.7%	103.64	8.5%	4	140,838	6.0%	20.24	7.7%
2028	21	247,491	25.7%	61.87	15.0%	10	477,731	20.3%	12.31	15.9%
2029	25	71,864	7.5%	115.09	8.1%	14	505,783	21.5%	15.40	21.1%
2030	23	105,678	11.0%	100.68	10.4%	5	177,026	7.5%	24.70	11.8%
2031	6	38,026	3.9%	85.95	3.2%	2	50,566	2.1%	16.97	2.3%
2032	17	69,578	7.2%	163.00	11.1%	1	12,250	0.5%	21.96	0.7%
2033	26	90,021	9.3%	126.82	11.2%	1	28,881	1.2%	14.50	1.1%
2034	9	33,850	3.5%	152.14	5.1%	1	21,804	0.9%	11.25	0.7%
2035	15	64,633	6.7%	125.49	8.0%	4	276,160	11.7%	16.02	12.0%
Thereafter	9	58,516	6.1%	108.43	6.2%	6	241,472	10.2%	21.90	14.3%
Total 2	214	963,512	100.0%	$105.73	100.0%	59	2,357,496	100.0%	$15.69	100.0%

Anchor GLA Owned by Tenants		—					254,916
Total Vacant 2		112,567					75,818
Total Square Feet 2		1,076,079					2,688,229

	Shop Tenants					Total Tenants
		GLA		ABR			GLA		ABR
	Leases	Expiring	Percent		Percent	Leases	Expiring	Percent		Percent
Year	Expiring	SF	of Total	PSF	of Total	Expiring	SF	of Total	PSF	of Total
M to M 1	5	28,000	2.6%	$33.58	2.8%	10	40,290	0.9%	$53.92	1.3%
2026	38	133,586	12.6%	26.42	10.6%	79	646,235	14.7%	31.26	11.7%
2027	35	138,941	13.1%	33.82	14.1%	67	363,680	8.3%	44.67	9.4%
2028	37	147,534	13.9%	35.70	15.8%	68	872,756	19.9%	30.32	15.4%
2029	30	121,926	11.5%	27.29	10.0%	69	699,572	16.0%	27.71	11.3%
2030	26	60,823	5.7%	39.32	7.2%	54	343,528	7.8%	50.66	10.1%
2031	15	81,283	7.7%	25.85	6.3%	23	169,875	3.9%	36.66	3.6%
2032	26	98,214	9.3%	33.29	9.8%	44	180,042	4.1%	82.64	8.6%
2033	21	85,791	8.1%	32.65	8.4%	48	204,693	4.7%	71.50	8.5%
2034	8	29,113	2.7%	28.54	2.5%	18	84,767	1.9%	73.45	3.6%
2035	21	105,181	9.9%	24.51	7.7%	40	445,974	10.2%	33.88	8.8%
Thereafter	12	30,317	2.9%	53.04	4.8%	27	330,305	7.5%	40.09	7.7%
Total 2	274	1,060,708	100.0%	$31.43	100.0%	547	4,381,716	100.0%	$39.30	100.0%

Anchor GLA Owned by Tenants		—					254,916
Total Vacant 2		113,033					301,417
Total Square Feet 2		1,173,741					4,938,049

_____________________________

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

Totals may not foot due to rounding.

     
Supplemental Report December 31, 2025 – 32

     REIT Portfolio – New and Renewal Rent Spreads 1


	Quarter Ended								Year to Date
	March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025		December 31, 2025
	GAAP 2	Cash 3	GAAP 2	Cash 3	GAAP 2	Cash 3	GAAP 2	Cash 3	GAAP 2	Cash 3
New Leases
Number of new leases executed	3	3	3	3	8	8	2	2	16	16
GLA	18,769	18,769	6,039	6,039	22,343	22,343	5,050	5,050	52,201	52,201
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	96,232	96,232	162,226	162,226	216,286	216,286	172,872	172,872	647,616	647,616
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	115,001	115,001	168,265	168,265	238,629	238,629	177,922	177,922	699,817	699,817
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 %

_____________________________

Based on lease execution dates. Does not include leased square footage and costs related to first generation space and the Company's construction and/or redevelopment projects (see Development and Redevelopment Activity page of this Supplemental Report) in both new and renewal leases. Renewal leases include exercised options.

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

Rents have not been calculated on a straight-line basis. The previous (or expiring) rent reflects the amount at the time of lease expiration, while the new rent represents the amount payable at lease commencement.

(1)

     
Supplemental Report December 31, 2025 – 33

     Fund Overview



I. KEY METRICS	Fund II				Fund III				Fund IV				Fund V				Total
General Information:
Vintage		Jun-2004				May-2007				May-2012				Aug-2016
Fund Size	$		472.0	Million 2	$		502.5	Million	$		540.6	Million	$		520.0	Million	$		2,035.1	Million
Acadia's Commitment	$		291.2	Million	$		123.3	Million	$		125.0	Million	$		104.5	Million	$		644.0	Million
Acadia's Pro-Rata Share			80.0	% 3			24.5	%			23.1	%			20.1	%			31.6	%
Acadia's Promoted Share 1			84.0	%			39.6	%			38.5	%			36.1	%			45.3	%
Preferred Return			8.0	%			6.0	%			6.0	%			6.0	%		6.4		%

Current-Quarter, Fund-Level Information:
Cumulative Contributions	$		559.4	Million 2	$		449.2	Million	$		506.0	Million	$		491.3	Million	$		2,005.9	Million
Cumulative Net Distributions 4	$		172.9	Million	$		616.3	Million	$		221.4	Million	$		187.8	Million	$		1,198.4	Million
Net Distributions/Contributions			30.9	%			137.2	%			43.8	%			38.2	%			59.7	%
Unfunded Commitment 5	$		0.0	Million	$		0.8	Million	$		24.0	Million	$		28.7	Million	$		53.5	Million
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

Type:		Applicable to				Description
Asset Management		Fund II & III				0%
Asset Management 6		Fund IV				0.75% of Implied Capital
Asset Management 6		Fund V				1.25% of Implied Capital
Property Management		All funds				4.0% of gross property revenues
Leasing		All funds				Market-rate leasing commissions
Construction/Project Management		All funds				Market-rate fees
Development		Fund III, IV & V				3.0% of total project costs

_____________________________

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.

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.

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.

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

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.

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

     
 Supplemental Report December 31, 2025 – 34

     Investment Management Retail Properties – Detail 1


	Year		Gross Leasable Area				Economic Occupancy				Leased	Annualized
Property	Acquired	Ownership %	Street	Anchors	Shops	Total	Street	Anchors	Shops	Total	Occupancy	Base Rent (ABR)	ABR PSF	Key Tenants

Fund II Portfolio Detail

NEW YORK
New York
City Point 2	2007	94.2%	—	330,448	201,534	531,982	—%	100.0%	46.3%	79.6%	87.6%	$20,764,697	$49.01	Primark, Target, Sephora, Basis Schools, Alamo Drafthouse, Trader Joe's, Lululemon

Total - Fund II			—	330,448	201,534	531,982	—%	100.0%	46.3%	79.6%	87.6%	$20,764,697	$49.01


Fund IV Portfolio Detail

NEW YORK
New York
801 Madison Avenue	2015	100.0%	2,522	—	—	2,522	100.0%	—%	—%	100.0%	100.0%	$300,000	$118.95	─
210 Bowery	2012	100.0%	2,538	—	—	2,538	—%	—%	—%	—%	—%	—	—	─
27 East 61st Street	2014	100.0%	4,177	—	—	4,177	—%	—%	—%	—%	—%	—	—	─
17 East 71st Street	2014	100.0%	8,432	—	—	8,432	100.0%	—%	—%	100.0%	100.0%	2,129,561	252.56	The Row

BOSTON
Massachusetts
Restaurants at Fort Point	2016	100.0%	15,711	—	—	15,711	9.1%	—%	—%	9.1%	9.1%	224,656	157.65	Santander Bank

NORTHEAST
Rhode Island
650 Bald Hill Road	2015	90.0%	—	116,940	43,508	160,448	—%	100.0%	46.0%	85.3%	85.3%	2,092,896	15.28	Dick's Sporting Goods, Burlington


SOUTHEAST
Georgia
Broughton Street Portfolio (14 properties)	2014	100.0%	94,693	—	—	94,693	93.3%	100.0%	—%	93.3%	93.3%	3,492,656	39.54	H&M, Warby Parker, Kendra Scott, Starbucks, Lululemon

WEST
California
Union and Fillmore Collection (1 property)	2015	90.0%	1,044	—	—	1,044	100.0%	—%	—%	100.0%	100.0%	82,500	79.02	Bonobos

Total - Fund IV			129,117	116,940	43,508	289,565	78.8%	100.0%	46.0%	82.4%	82.4%	$8,322,270	$34.87

     
Supplemental Report December 31, 2025 – 35

     Investment Management Retail Properties – Detail 1


	Year		Gross Leasable Area				Economic Occupancy				Leased	Annualized
Property	Acquired	Ownership %	Street	Anchors	Shops	Total	Street	Anchors	Shops	Total	Occupancy	Base Rent (ABR)	ABR PSF	Key Tenants
Fund V Portfolio Detail

SOUTHWEST
New Mexico
Plaza Santa Fe	2017	100.0%	—	153,983	70,169	224,152	—%	100.0%	99.7%	99.9%	99.9%	$4,323,989	$19.31	TJ Maxx, Best Buy, Ross Dress for Less

Texas
Wood Ridge Plaza	2022	90.0%	—	—	217,273	217,273	—%	—%	84.3%	84.3%	91.0%	4,693,229	25.61	Skechers, Diamonds Direct, Office Depot
La Frontera Village	2022	90.0%	—	310,762	223,679	534,441	—%	100.0%	88.5%	95.2%	99.5%	7,937,949	15.60	Kohl's, Hobby Lobby, Burlington, Marshalls

MIDWEST
Michigan
New Towne Center	2017	100.0%	—	126,425	64,105	190,530	—%	72.1%	100.0%	81.5%	81.5%	1,996,075	12.86	Kohl's, DSW
Fairlane Green	2017	100.0%	—	109,952	160,235	270,187	—%	100.0%	93.5%	96.2%	98.3%	5,149,277	19.82	TJ Maxx, Michaels, Burlington

NORTHEAST
Maryland
Frederick County (1 property)	2019	90.0%	—	132,794	103,713	236,507	—%	70.6%	85.5%	77.1%	79.6%	3,591,828	19.69	Lidl, Advance Auto, Starbucks

Connecticut
Tri-City Plaza	2019	90.0%	—	188,559	107,258	295,817	—%	100.0%	89.6%	96.2%	96.9%	4,632,849	16.27	TJ Maxx, HomeGoods, ShopRite

New Jersey
Midstate	2021	100.0%	—	270,423	122,466	392,889	—%	100.0%	83.5%	94.9%	95.4%	7,320,518	19.64	ShopRite, Best Buy, Ross Dress for Less, PetSmart

New York
Shoppes at South Hills	2022	90.0%	—	416,804	96,104	512,908	—%	80.7%	60.5%	77.0%	77.0%	4,540,459	11.50	ShopRite, Ashley Furniture
Mohawk Commons	2023	90.0%	—	265,140	134,058	399,198	—%	100.0%	98.2%	99.4%	99.4%	5,809,133	14.64	Lowe's, Target

Pennsylvania
Monroe Marketplace	2021	100.0%	—	263,376	108,276	371,652	—%	100.0%	98.5%	99.6%	99.6%	4,460,933	12.05	Kohl's, Dick's Sporting Goods, Giant Food

Rhode Island
Lincoln Commons	2019	100.0%	—	344,533	116,280	460,813	—%	100.0%	88.6%	97.1%	97.1%	6,208,135	13.87	Stop & Shop (Ahold), Marshalls, HomeGoods

Vermont

     
Supplemental Report December 31, 2025 – 36

     Investment Management Retail Properties – Detail 1


	Year		Gross Leasable Area				Economic Occupancy				Leased	Annualized
Property	Acquired	Ownership %	Street	Anchors	Shops	Total	Street	Anchors	Shops	Total	Occupancy	Base Rent (ABR)	ABR PSF	Key Tenants
Maple Tree Place 3	2023	100.0%	—	249,979	146,799	396,778	—%	100.0%	87.3%	95.3%	96.8%	7,394,723	19.56	Shaw's, Dick's Sporting Goods, Best Buy, Old Navy

SOUTHEAST
Virginia
Landstown Commons	2019	100.0%	—	112,068	271,168	383,236	—%	100.0%	96.3%	97.4%	97.4%	8,054,369	21.58	Best Buy, Burlington, Ross Dress for Less

Florida
Palm Coast Landing	2019	100.0%	—	73,241	98,480	171,721	—%	100.0%	96.4%	97.9%	97.9%	3,634,204	21.61	TJ Maxx, PetSmart, Ross Dress for Less
Cypress Creek	2023	100.0%	—	139,522	100,137	239,659	—%	100.0%	100.0%	100.0%	100.0%	5,265,164	21.97	Hobby Lobby, Total Wine, HomeGoods

North Carolina
Hickory Ridge	2017	100.0%	—	312,711	67,854	380,565	—%	100.0%	78.2%	96.1%	96.1%	4,649,252	12.71	Kohl's, Best Buy, Dick's Sporting Goods


Alabama
Trussville Promenade	2018	100.0%	—	346,902	116,779	463,681	—%	92.0%	82.5%	89.6%	97.3%	3,957,844	9.53	Wal-Mart, Regal Cinemas

Georgia
Canton Marketplace	2021	100.0%	—	132,569	215,397	347,966	—%	100.0%	96.9%	98.1%	98.1%	6,359,342	18.63	Dick's Sporting Goods, TJ Maxx, Best Buy
Hiram Pavilion	2018	100.0%	—	192,114	171,277	363,391	—%	100.0%	100.0%	100.0%	100.0%	5,109,256	14.06	Kohl's, HomeGoods

WEST
California
Elk Grove Commons	2018	100.0%	—	114,015	128,063	242,078	—%	100.0%	98.3%	99.1%	100.0%	5,413,855	22.57	Kohl's, HomeGoods

Utah
Family Center at Riverdale	2019	89.4%	—	270,287	102,121	372,408	—%	100.0%	92.5%	97.9%	97.9%	4,261,462	11.68	Target, Home Goods, Best Buy, Sierra Trading (TJX)

Total - Fund V			—	4,526,159	2,941,691	7,467,850	—%	96.0%	91.3%	94.1%	95.4%	$114,763,845	$16.33

Other Co-investment Vehicles Detail 4

NORTHEAST
New York
Shops at Grand Avenue	2024	5.0%	—	52,336	47,501	99,837	—%	100.0%	78.3%	89.7%	89.7%	$3,292,401	$36.78	Stop & Shop (Ahold), Starbucks

     
Supplemental Report December 31, 2025 – 37

     Investment Management Retail Properties – Detail 1


	Year		Gross Leasable Area				Economic Occupancy				Leased	Annualized
Property	Acquired	Ownership %	Street	Anchors	Shops	Total	Street	Anchors	Shops	Total	Occupancy	Base Rent (ABR)	ABR PSF	Key Tenants
SOUTHEAST
Florida
Walk at Highwoods Preserve	2024	20.0%	—	80,894	56,862	137,756	—%	100.0%	88.2%	95.1%	95.1%	2,663,811	20.32	HomeGoods, Michaels
Pinewood Square	2025	100.0%	—	113,359	90,558	203,917	—%	100.0%	95.0%	97.8%	97.8%	4,792,309	24.04	TJ Maxx, Ross Dress for Less, Five Below
Georgia
Avenue at West Cobb	2025	100.0%	—	24,025	230,421	254,446	—%	100.0%	74.9%	77.3%	77.3%	4,625,460	23.52	Barnes & Noble, Warby Parker, JCrew Factory, Jim N Nicks
WEST
Nevada
LINQ Promenade	2024	15.0%	—	45,097	136,401	181,498	—%	100.0%	94.8%	96.1%	99.3%	14,175,780	81.28	Yard House, Brooklyn Bowl, I Love Sugar, Starbucks, Welcome to Las Vegas, In-N-Out Burger, Magicians Room
Total - Other Co-investment Vehicles			—	315,711	561,743	877,454	—	100.0%	84.6%	90.1%	90.8%	$29,549,760	$37.36

TOTAL INVESTMENT MANAGEMENT PROPERTIES			129,117	5,289,258	3,748,476	9,166,851	78.8%	96.5%	87.3%	92.5%	94.1%	$173,400,572	$20.44


Acadia Share of Total Investment Management Properties			29,828	1,316,015	1,088,784	2,434,627	78.8%	97.4%	81.5%	90.1%	92.2%	$52,246,181	$23.83

_____________________________

Excludes properties currently under development. For details, refer to Development and Redevelopment Activity section of this Supplemental Report. The above economic occupancy and rent figures reflect only those retail spaces where leases have commenced. Leased occupancy includes both economic occupancy and signed leases that have not yet commenced. ABR and ABR per square foot are based on economic occupancy.

Economic occupancy excludes short-term percentage rent.

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

Ownership percentages for Fund properties reflect each Fund’s respective ownership interest, while ownership percentages for other co‑investment vehicles reflect our pro‑rata share.

     
Supplemental Report December 31, 2025 – 38

     Investment Management Lease Expirations

     (Pro-Rata Basis)


	FUND II						FUND IV
		GLA		ABR				GLA		ABR
	Leases	Expiring	Percent		Percent		Leases	Expiring	Percent		Percent
Year	Expiring	SF	of Total	PSF	of Total	Year	Expiring	SF	of Total	PSF	of Total
M to M 1	—	—	—%	$—	—%	M to M 1	2	583	1.1%	$118.95	3.7%
2026	2	4,075	1.3%	100.40	2.6%	2026	2	731	1.4%	87.21	3.4%
2027	3	20,005	6.2%	84.87	10.8%	2027	5	3,245	6.2%	58.11	10.1%
2028	1	722	0.2%	219.00	1.0%	2028	7	4,563	8.8%	109.23	26.6%
2029	1	758	0.2%	161.53	0.8%	2029	4	14,941	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	97,232	30.2%	12.50	7.7%	2032	4	19,666	37.8%	20.47	21.5%
2033	3	24,695	7.7%	50.47	7.9%	2033	3	4,874	9.4%	23.45	6.1%
2034	4	6,499	2.0%	109.72	4.5%	2034	2	1,199	2.3%	44.97	2.9%
2035	5	21,724	6.7%	79.08	10.9%	2035	1	599	1.2%	50.00	1.6%
Thereafter	6	146,283	45.4%	58.11	53.9%	Thereafter	—	—	—%	—	—%
Total 2	27	321,993	100.0%	$49.01	100.0%	Total 2	34	51,996	100.0%	$36.04	100.0%

		82,313	Total Vacant 2					11,218	Total Vacant 2
		404,306	Total Square Feet 2					63,214	Total Square Feet 2

	FUND V						OTHER CO-INVESTMENT VEHICLES
		GLA		ABR				GLA		ABR
	Leases	Expiring	Percent		Percent		Leases	Expiring	Percent		Percent
Year	Expiring	SF	of Total	PSF	of Total		Expiring	SF	of Total	PSF	of Total
M to M 1	7	3,952	0.3%	$22.17	0.4%	M to M 1	1	185	0.0%	$231.29	0.3%
2026	98	122,630	9.0%	19.09	10.5%	2026	20	61,899	13.7%	21.22	10.7%
2027	91	204,538	15.0%	13.66	12.5%	2027	21	46,891	10.4%	26.32	10.1%
2028	95	191,324	14.0%	17.67	15.1%	2028	30	112,241	24.8%	22.53	20.7%
2029	94	212,600	15.6%	15.71	14.9%	2029	30	64,309	14.2%	44.96	23.6%
2030	86	229,148	16.8%	15.71	16.1%	2030	18	52,706	11.6%	25.45	11.0%
2031	30	52,523	3.8%	17.36	4.1%	2031	5	33,863	7.5%	21.05	5.8%
2032	34	74,981	5.5%	16.17	5.4%	2032	2	8,966	2.0%	23.95	1.8%
2033	33	78,410	5.7%	16.33	5.7%	2033	8	34,978	7.7%	23.23	6.6%
2034	41	90,202	6.6%	16.92	6.8%	2034	8	12,220	2.7%	32.17	3.2%
2035	36	62,352	4.6%	19.18	5.4%	2035	7	20,090	4.4%	27.26	4.5%
Thereafter	13	43,268	3.2%	15.67	3.0%	Thereafter	2	4,487	1.0%	46.50	1.7%
Total 2	658	1,365,928	100.0%	$16.36	100.0%	Total 2	152	452,835	100.0%	$27.03	100.0%

		83,048	Total Vacant 2					65,295	Total Vacant 2
		1,448,976	Total Square Feet 2					518,130	Total Square Feet 2

     
Supplemental Report December 31, 2025 – 39

     Investment Management Lease Expirations

     (Pro-Rata Basis)


	TOTAL INVESTMENT MANAGEMENT
		GLA		ABR
	Leases	Expiring	Percent		Percent
Year	Expiring	SF	of Total	PSF	of Total
M to M 1	10	4,720	0.2%	$42.33	0.4%
2026	122	189,335	8.6%	21.80	7.9%
2027	120	274,679	12.5%	21.54	11.3%
2028	133	308,850	14.1%	21.26	12.6%
2029	129	292,608	13.3%	22.95	12.9%
2030	106	282,518	12.9%	17.64	9.5%
2031	37	87,317	4.0%	19.17	3.2%
2032	42	200,845	9.2%	15.16	5.8%
2033	47	142,957	6.5%	24.16	6.6%
2034	55	110,120	5.0%	24.40	5.1%
2035	49	104,765	4.8%	33.33	6.7%
Thereafter	21	194,038	8.8%	48.38	18.0%
Total 2	871	2,192,752	100.0%	$23.83	100.0%

		241,873	Total Vacant 2
		2,434,625	Total Square Feet 2

_____________________________

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

Totals may not foot due to rounding.

     
Supplemental Report December 31, 2025 – 40

     Development and Redevelopment Activity


						Acadia's Pro-rata Share (in millions)
Property	AKR Pro-rata share	Location	Estimated Stabilization	Est. Sq ft Upon Completion		Costs incurred from development / redevelopment		Total Costs to Date 2		Estimated Future Range				Estimated Total Range
REIT

Development:
Henderson Avenue Expansion 1	100.0%	Dallas, TX	2027/2028		176,000	$	101.7	$	101.7	$	87.3	$	106.2	$	189.0	$	207.9

Redevelopment:
555 9th Street	100.0%	San Francisco, CA	TBD		149,000		18.5		160.2		6.5		16.5		166.7		176.7
840 N. Michigan Avenue	94.4%	Chicago, IL	TBD		87,000		0.2		156.6	TBD		TBD		TBD		TBD
Brandywine Holdings	100.0%	Wilmington, DE	2026		138,000		1.2		25.2		8.9		10.9		34.1		36.1
Westshore Expressway	100.0%	Staten Island, NY	TBD		55,000		—		18.6	TBD		TBD		TBD		TBD
Mark Plaza	100.0%	Edwardsville, PA	TBD		107,000		—		3.7	TBD		TBD		TBD		TBD
Bedford Green	100.0%	Bedford Hills, NY	TBD		91,000		0.3		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

INVESTMENT MANAGEMENT

Development:
FUND III
Broad Hollow Commons	24.5%	Farmingdale, NY	2026/2027	TBD		$	5.3	$	8.3	TBD		TBD		TBD		TBD

Redevelopment:
FUND IV
717 N. Michigan Avenue	23.1%	Chicago, IL	TBD	TBD			0.9		27.8	TBD		TBD		TBD		TBD
Total Investment Management Development and Redevelopment						$	6.2	$	36.1	$	—	$	—	$	—	$	—

Total REIT and Investment Management Development and Redevelopment						$	128.1	$	553.1	$	102.7	$	133.6	$	389.8	$	420.7

_____________________________

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

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

     
Supplemental Report December 31, 2025 – 41

     Development and Redevelopment Activity



Property	AKR Pro-rata share	Location	Estimated Stabilization	Est. Sq ft Upon Completion
Pre-Stabilized:
210 Bowery (Fund IV)	23.1%	New York, NY	2026		2,538
801 Madison (Fund IV)	23.1%	New York, NY	2026		2,522
27 E 61st Street (Fund IV)	23.1%	New York, NY	2026		4,177
1035 Third Avenue(Fund IV)	23.1%	New York, NY	2026	N/A
2323-2409 Henderson Avenue (REIT)	100.0%	Dallas, TX	2026		38,500
City Center (REIT)	100.0%	San Francisco, CA	2026/2027		241,000
Route 6 Mall (REIT)	100.0%	Honesdale, PA	2026		154,000
City Point (Fund II)	80.0%	Brooklyn, NY	2026/2027		536,198
651-671 West Diversey (REIT)	100.0%	Chicago, IL	2026/2027		40,000

     
Supplemental Report December 31, 2025 – 42

     Important Notes

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

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

NON-GAAP FINANCIAL MEASURES

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

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

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

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

     
Supplemental Report December 31, 2025 – 43

     Important Notes

FFO Before Special Items: 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.

FFO As Adjusted: 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.

Net Operating Income (“NOI”): The Company uses NOI to make investment and capital allocation decisions and management believes NOI is useful to investors as a performance measure because, when compared across periods, NOI reflects the impact on operations from trends in occupancy rates, rental rates, operating costs, and acquisition and disposition activity on an unleveraged basis, providing perspective not immediately apparent from net income. The Company computes NOI by taking the difference between Property Revenues and Property Expenses as detailed in this reporting supplement. Management does not believe NOI is a meaningful 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.

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

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

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

     
Supplemental Report December 31, 2025 – 44

     Important Notes

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

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

     
Supplemental Report December 31, 2025 – 45