EX-99.2


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


				Changes in Total Outstanding Common				Weighted Average
	Total Market		Capitalization	Shares and OP Units				Diluted EPS		Diluted FFO
	Capitalization ($)	%	Based on Net Debt 1		Common Shares 2	Common OP Units	Total	Quarter	YTD	Quarter	YTD
Equity Capitalization
Common Shares	131,031			Balance at 12/31/2024	119,658	4,709	124,367
Common Operating Partnership ("OP") Units	5,189			Vesting RS and LTIPs	10	598	608
Combined Common Shares and OP Units 2	136,220			OP Conversions	113	(113)	—
				Issuance of Shares	11,172	—	11,172
Share Price at September 30, 2025	$20.15			Other	3	—	3
				Balance at 3/31/2025	130,956	5,194	136,150	121,329	121,329	129,363	129,363
Equity Capitalization - Common Shares and OP Units	$2,744,833			Vesting RS and LTIPs	27	36	63
Preferred OP Units 3	5,159			OP Conversions	24	(24)	—
Total Equity Capitalization	2,749,992	65%	66%	Other	4	—	4
				Balance at 6/30/2025	131,011	5,206	136,217	130,981	126,182	138,909	134,266
Debt Capitalization				Vesting RS and LTIPs	—	—	—
Consolidated debt 4	1,873,079			OP Conversions	17	(17)	—
Adjustment to reflect pro-rata share of debt	(394,775)			Other	3	—	3
Total Debt Capitalization	1,478,304	35%	34%	Balance at 9/30/2025	131,031	5,189	136,220	131,022	127,819	138,950	135,754

Total Market Capitalization 2	$4,228,296	100%	100%

Reflects debt net of $53,664 pro-rata share of REIT Portfolio and Investment Management cash.

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

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

Reflects consolidated debt excluding $11,071 of unamortized premium and unamortized loan costs.

     Forward Equity Offerings

     (in thousands)



Forward Equity Offerings	Shares		Anticipated Net Proceeds 1

Beginning balance June 30, 2025 2		2,445	$	55,536
Shares sold		10,315		202,845
Shares settled		—		—
Forward settlement adjustments		—		(1,271	)
Ending balance as of September 30, 2025 3		12,760		257,110
Shares sold in October 2025		479		9,613
Ending balance		13,239	$	266,723

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

Beginning balance reflects the last quarterly report issued on July 29, 2025.

Ending balance reflects the fair value of the shares outstanding as of September 30, 2025.

     Consolidated Statements of Operations

     (in thousands)



	September 30, 2025 1
	Quarter			Year to Date
Revenues
Rental income 8	$	98,714		$	299,651
Other		2,292			6,341
Total revenues		101,006			305,992
Expenses
Depreciation and amortization		38,884			117,593
General and administrative		10,924			34,053
Real estate taxes		11,832			38,452
Property operating		16,627			52,431
Impairment charges		12,570			37,210
Total expenses		90,837			279,739

Gain on disposition of properties		2,515			2,515
Operating income		12,684			28,768
Equity in losses of unconsolidated affiliates		(3,694	)		(9,598	)
Interest income		6,121			18,575
Realized and unrealized holding losses on investments and other		(1,760	)		(193	)
Interest expense		(24,304	)		(71,155	)
Loss on change in control		—			(9,622	)
Loss from continuing operations before income taxes		(10,953	)		(43,225	)
Income tax provision		(2	)		(329	)
Net loss		(10,955	)		(43,554	)
Net loss attributable to redeemable noncontrolling interests		1,567			4,960
Net loss attributable to noncontrolling interests		15,006			47,783
Net income attributable to Acadia shareholders	$	5,618		$	9,189


	September 30, 2025 1
	Quarter		Year to Date
Reconciliation of Revenues to Consolidated GAAP Revenues
Total Revenues	$	95,955	$	285,144
Straight-line rent income		1,436		1,963
Above/below-market rent income		2,146		6,634
Asset and property management fees		709		2,289
Development, construction, leasing and legal fees		530		1,371
Other income 8		230		8,591
Consolidated Total GAAP Revenues	$	101,006	$	305,992

Reconciliation of Operating Expenses to Consolidated GAAP Property Operating Expenses
Property operating - CAM and Other	$	13,254	$	40,779
Other property operating (Non-CAM)		3,076		9,215
Asset and property management expense		257		872
Other		40		1,565
Consolidated Total GAAP Operating Expenses	$	16,627	$	52,431


Consolidated Statements of Operations - Detail
(in thousands)



	September 30, 2025 1
REIT PORTFOLIO AND INVESTMENT MANAGEMENT INCOME	Quarter			Year to Date
REVENUES
Minimum rents	$	76,481		$	224,724
Percentage rents		509			1,987
Expense reimbursements - CAM		9,960			28,797
Expense reimbursements - Taxes		8,197			27,224
Other property income		808			2,412
Total Revenues		95,955			285,144

EXPENSES
Property operating - CAM		13,254			40,779
Other property operating (Non-CAM)		3,076			9,215
Real estate taxes		11,832			38,452
Asset and property management expense		257			872
Total Expenses		28,419			89,318

NET OPERATING INCOME - PROPERTIES		67,536			195,826

OTHER INCOME (EXPENSE)
Interest income		6,121			18,575
Straight-line rent income		1,436			1,963
Above/below-market rent income		2,146			6,634
Interest expense 2		(21,551	)		(63,619	)
Amortization of finance costs		(2,463	)		(6,600	)
Above/below-market interest expense		226			605
Finance lease interest expense		(516	)		(1,541	)
Other income 8		768			8,671
Impairment charges		(12,570	)		(37,210	)
REIT PORTFOLIO AND INVESTMENT MANAGEMENT INCOME		41,133			123,304

FEE AND OTHER INCOME 3
Asset and property management fees		709			2,289
Development, construction, leasing and legal fees		530			1,371
Total Investment Management Fee Income		1,239			3,660

Other transactional expense		(55	)		(733	)
Total Investment Management Fee Income and Other Transactional Income		1,184			2,927

Realized gains on marketable securities and promote, net		5,076			10,482
Less: previously recognized unrealized gains on marketable securities sold		(4,355	)		(9,761	)
Unrealized losses on marketable securities		(2,281	)		(1,103	)
Income tax provision		(2	)		(329	)
Total Fee and Other Income		(378	)		2,216

General and Administrative		(11,647	)		(34,776	)

Depreciation and amortization		(38,791	)		(117,327	)
Non-real estate depreciation and amortization		(93	)		(266	)
Loss on change in control		—			(9,622	)
Gain on disposition of properties		2,515			2,515
Gain (loss) before equity in earnings and noncontrolling interests		(7,261	)		(33,956	)

Equity in losses of unconsolidated affiliates		(3,694	)		(9,598	)
Noncontrolling interests (including redeemable noncontrolling interests)		16,573			52,743

NET INCOME ATTRIBUTABLE TO ACADIA SHAREHOLDERS	$	5,618		$	9,189


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



	Quarter Ended September 30, 2025						Year to Date September 30, 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	$	(29,225	)	$	11,290		$	(88,813	)	$	34,835
Percentage rents		(105	)		90			(434	)		350
Expense reimbursements - CAM		(5,329	)		2,074			(14,353	)		5,496
Expense reimbursements - Taxes		(3,311	)		1,655			(10,804	)		5,375
Other property income		(384	)		128			(1,042	)		298
Total Revenues		(38,354	)		15,237			(115,446	)		46,354

EXPENSES
Property operating - CAM		(5,695	)		1,851			(18,310	)		6,295
Other property operating (Non-CAM)		(904	)		241			(2,482	)		715
Real estate taxes		(4,176	)		2,596			(14,359	)		8,494
Asset and property management expense		(445	)		463			(1,406	)		1,420
Total Expenses		(11,220	)		5,151			(36,557	)		16,924

NET OPERATING INCOME - PROPERTIES		(27,134	)		10,086			(78,889	)		29,430

OTHER INCOME (EXPENSE)
Interest income		(144	)		34			(380	)		103
Straight-line rent income		(696	)		445			(1,132	)		723
Above/below-market rent (expense) income		(810	)		533			(2,187	)		2,064
Interest expense 2		12,701			(4,111	)		39,310			(13,882	)
Amortization of finance costs		875			(291	)		2,664			(933	)
Above/below-market interest expense		(71	)		—			(189	)		—
Finance lease interest expense		328			(104	)		1,022			(309	)
Other (expense) income 8		(96	)		—			310			205
Impairment charges		11,898			(3,132	)		30,770			(3,132	)
REIT PORTFOLIO AND INVESTMENT MANAGEMENT INCOME		(3,149	)		3,460			(8,701	)		14,269

FEE AND OTHER INCOME 3
Asset and property management fees		2,588			86			7,844			284
Promote income from funds, net		495			—			495			—
Development, construction, leasing and legal fees		1,869			41			5,145			287
Total Investment Management Fee Income		4,952			127			13,484			571

Other transactional expense		—			—			—			—
Total Investment Management Fee Income and Other Transactional Income		4,952			127			13,484			571

Realized gains on marketable securities and promote, net		—			—			—			—
Less: previously recognized unrealized gains on marketable securities sold		—			—			—			—
Unrealized gains on marketable securities		—			—			—			—
Income tax provision		1			(3	)		150			(39	)
Total Fee and Other Income		4,953			124			13,634			532

General and Administrative		593			(288	)		2,218			(967	)

Depreciation and amortization		14,239			(6,990	)		45,008			(22,495	)
Loss (gain) on disposition of properties		185			—			1,036			(937	)
Gain (loss) before equity in earnings and noncontrolling interests		16,821			(3,694	)		53,195			(9,598	)

Equity in losses of unconsolidated affiliates		—			—			—			—
Noncontrolling interests (including redeemable noncontrolling interests) 6		(248	)		—			(452	)		—

NET INCOME (LOSS) ATTRIBUTABLE TO ACADIA SHAREHOLDERS	$	16,573		$	(3,694	)	$	52,743		$	(9,598	)

     Balance Sheet

     (in thousands)


ASSETS	Consolidated Balance Sheet September 30, 2025			Line Item Details:
Real estate
Buildings and improvements	$	3,411,249		Components of Real estate under development:
Tenant improvements		332,990		REIT	$	142,468
Land		1,147,235
Construction in progress		30,944
Right-of-use assets - finance leases		61,366
		4,983,784
Less: Accumulated depreciation and amortization		(989,377	)
Operating real estate, net		3,994,407
Real estate under development		142,468		Summary of other assets, net:
Net investments in real estate		4,136,875		Deferred charges, net	$	41,905
Notes receivable, net ($1,692 of allowance for credit losses)		154,765		Accrued interest receivable		9,068
Investments in and advances to unconsolidated affiliates		164,403		Due from seller		1,768
Lease intangibles, net		138,176		Prepaid expenses		19,682
Other assets, net		92,151		Other receivables		6,584
Right-of-use assets - operating leases, net		24,552		Income taxes receivable		1,250
Cash and cash equivalents		49,388		Corporate assets, net		488
Restricted cash		25,647		Deposits		742
Marketable securities		4,502		Derivative financial instruments		10,664
Straight-line rents receivable, net		46,021		Total	$	92,151
Rents receivable, net		17,689
Assets of property held for sale		21,023
Total assets	$	4,875,192

Liabilities:
Mortgage and other notes payable, net	$	978,915
Unsecured notes payable, net		818,093
Unsecured line of credit		65,000
Accounts payable and other liabilities		177,134		Summary of accounts payable and other liabilities:
Lease liabilities - operating leases		26,969		Lease liability - finance leases, net	$	31,931
Dividends and distributions payable		27,749		Accounts payable and accrued expenses		87,124
Lease intangibles, net		99,099		Deferred income		32,317
Distributions in excess of income from, and investments in, unconsolidated affiliates		17,119		Tenant security deposits, escrow and other		22,431
Total liabilities		2,210,078		Derivative financial instruments		3,331
Commitments and contingencies				Total	$	177,134
Redeemable noncontrolling interests		9,114
Equity:
Acadia Shareholders' Equity
Common shares		131
Additional paid-in capital		2,708,691
Accumulated other comprehensive income		17,001
Distributions in excess of accumulated earnings		(479,803	)
Total Acadia shareholders’ equity		2,246,020
Noncontrolling interests		409,980
Total equity		2,656,000
Total liabilities, redeemable noncontrolling interests, and equity	$	4,875,192

     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	$	(701,729	)	$	243,261
Tenant improvements		(55,081	)		17,345
Land		(222,096	)		59,601
Construction in progress		(5,697	)		2,032
Right-of-use assets - finance leases		(21,584	)		21,913
		(1,006,187	)		344,152
Less: Accumulated depreciation and amortization		151,703			(67,530	)
Operating real estate, net		(854,484	)		276,622
Real estate under development		121			2,217
Net investments in real estate		(854,363	)		278,839
Notes receivable, net		52,590			—
Investments in and advances to unconsolidated affiliates		(26,083	)		(115,152	)
Lease intangibles, net		(29,950	)		8,755
Other assets, net		4,350			6,055
Right-of-use assets - operating leases, net		(1,300	)		—
Cash and cash equivalents		(24,622	)		5,458
Restricted cash		(7,806	)		5,599
Marketable securities		—			—
Straight-line rents receivable, net		(9,609	)		5,141
Rents receivable, net		(4,989	)		1,309
Assets of property held for sale		(16,162	)		—
Total assets	$	(917,944	)	$	196,004

Liabilities:
Mortgage and other notes payable, net	$	(558,129	)	$	171,520
Unsecured notes payable, net		—			—
Unsecured line of credit		—			—
Accounts payable and other liabilities		(49,062	)		30,686
Lease liabilities - operating leases		(1,369	)		4
Dividends and distributions payable		—			—
Lease intangibles, net		(28,371	)		10,913
Distributions in excess of income from, and investments in, unconsolidated affiliates		—			(17,119	)
Liabilities of properties held for sale		—			—
Total liabilities		(636,931	)		196,004
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		(281,013	)		—
Total equity		(281,013	)		—
Total liabilities, redeemable noncontrolling interests, and equity	$	(917,944	)	$	196,004

     Notes to Financial Statements

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

Net of consolidated capitalized interest of $2.7 million and $8.0 million, or $2.3 million and $6.4 million at the Company’s pro rata share, for the three and nine months ended September 30, 2025, respectively.

Refer to Fee Income Detail page in the Supplemental Report.

Noncontrolling interests represent limited partners’ interests in consolidated partnerships’ activities and includes 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 $0.2 million and $0.5 million for the three and nine months ended September 30, 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 nine months ended September 30, 2025.

      
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			September 30, 2025			September 30, 2024			September 30, 2024
Funds from operations ("FFO"):
Net Income attributable to Acadia	$	1,608		$	1,963		$	5,618		$	9,189		$	8,414		$	13,126
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			94,814			26,407			79,785
Loss (gain) on disposition on real estate properties (net of noncontrolling interest share other than Common OP Units)		—			86			(2,700	)		(2,614	)		(2,324	)		(1,481	)
Impairment charges (net of noncontrolling interest share other than Common OP Units)		1,583			4,185			3,804			9,572			—			—
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			653			465			978
FFO to Common Shareholders and Common OP Unit holders - Diluted	$	44,583		$	38,074		$	38,579		$	121,236		$	32,962		$	92,408

Add back: acquisition costs		526			152			55			733			—			—
Unrealized holding (gain) loss		(1,672	)		494			2,281			1,103			1,242			5,565
Realized gain on marketable securities, net		—			5,406			4,355			9,761			2,923			10,503
FFO Before Special Items attributable to Common Shareholder and Common OP Unit holders 1	$	43,437		$	44,126		$	45,270		$	132,833		$	37,127		$	108,476


Adjusted Funds from operations ("AFFO"):
FFO	$	44,583		$	38,074		$	38,579		$	121,236		$	32,962		$	92,408
Unrealized holding (gain) loss		(1,672	)		494			2,281			1,103			1,242			5,565
Realized gain on marketable securities, net		—			5,406			4,355			9,761			2,923			10,503
Straight-line rent, net		(341	)		(28	)		(1,185	)		(1,554	)		(1,436	)		(2,609	)
Above/below-market rent		(2,419	)		(2,223	)		(1,869	)		(6,511	)		(1,096	)		(3,587	)
Amortization of finance costs		1,488			1,502			1,879			4,869			1,345			3,981
Above/below-market interest		(128	)		(133	)		(155	)		(416	)		(5	)		(157	)
Non-real estate depreciation		90			83			93			266			89			271
Stock-based compensation		2,400			2,888			2,904			8,192			2,388			8,732
Leasing commissions		(1,343	)		(2,456	)		(2,569	)		(6,368	)		(544	)		(2,466	)
Tenant improvements		(4,881	)		(10,014	)		(7,318	)		(22,213	)		(2,701	)		(4,820	)
Maintenance capital expenditures		(1,021	)		(1,752	)		(1,785	)		(4,558	)		(2,037	)		(5,820	)
AFFO to Common Shareholders and Common OP Unit holders	$	36,756		$	31,841		$	35,210		$	103,807		$	33,130		$	102,001

Total weighted-average diluted shares and OP Units		129,363			138,909			138,950			135,754			117,004			113,264

Diluted FFO per Common share and OP Unit:
FFO	$	0.34		$	0.27		$	0.28		$	0.89		$	0.28		$	0.82

FFO Before Special Items	$	0.34		$	0.32		$	0.33		$	0.98		$	0.32		$	0.96

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 investment in Albertsons and (iii) any realized income or gains from the Company’s investment in Albertsons.

     EBITDA

     (in thousands)


	Quarter Ended						Year to Date
	September 30,						September 30,
	2025			2024			2025			2024

Net income (loss) attributable to Acadia shareholders	$	5,618		$	8,414		$	9,189		$	13,126

Adjustments: 1
Depreciation and amortization		31,635			26,496			95,080			80,056
Interest expense		12,961			13,204			38,191			40,543
Amortization of finance costs		1,879			1,345			4,869			3,981
Above/below-market interest		(155	)		(5	)		(416	)		(157	)
Gain on disposition of properties		(2,700	)		(2,324	)		(2,614	)		(1,481	)
Unrealized holding loss on investment in Albertsons and other		2,281			1,242			1,103			5,565
Realized gain		4,355			2,923			9,761			10,503
Provision for income taxes		4			16			218			157
Impairment charges		3,804			—			9,572			—
Loss on change in control		—			—			9,622			—
Noncontrolling interest - OP		248			398			452			704
EBITDA	$	59,930		$	51,709		$	175,027		$	152,997

Less: Realized gain		(4,355	)		(2,923	)		(9,761	)		(10,503	)
EBITDA excluding realized gains	$	55,575		$	48,786		$	165,266		$	142,494

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


REIT Portfolio – Same Property Performance 1
(in thousands)


	Quarter Ended September 30,									Year to Date September 30,
	2025			2024			% Change			2025		2024		% Change

Summary
Minimum rents	$	38,340		$	36,021			6.4	%	$	112,800	$	109,261		3.2	%
Expense reimbursements		8,367			9,180			(8.9	)%		27,863		27,405		1.7	%
Other property income		564			531			6.2	%		2,353		2,137		10.1	%

Total Revenue		47,271			45,732			3.4	%		143,016		138,803		3.0	%

Expenses
Property operating - CAM & Real estate taxes		10,639			11,916			(10.7	)%		35,217		36,411		(3.3	)%
Other property operating (Non-CAM)		1,752			1,569			11.7	%		4,655		4,544		2.4	%

Total Expenses		12,391			13,485			(8.1	)%		39,872		40,955		(2.6	)%

Same Property NOI - REIT properties	$	34,880		$	32,247			8.2	%	$	103,144	$	97,848		5.4	%

Reconciliation of Same Property NOI to REIT Portfolio NOI
NOI of Properties excluded from Same Property NOI		4,336			1,042						11,431		6,434
REIT Portfolio NOI	$	39,216		$	33,289					$	114,575	$	104,282


Other same property information
Physical Occupancy at the end of the period		93.5	%		91.9	%
Leased Occupancy at the end of the period		94.4	%		95.0	%

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


Fee Income Detail 1
(in thousands)


	Fund II		Fund III		Fund IV		Fund V		Other 2		Total
Year to Date September 30, 2025
Asset and property management fees	$	268	$	72	$	1,445	$	6,439	$	2,193	$	10,417
Transactional fees		352		290		743		4,086		1,332		6,803
Total fees	$	620	$	362	$	2,188	$	10,525	$	3,525	$	17,220

Quarter Ended September 30, 2025
Asset and property management fees	$	84	$	24	$	443	$	2,133	$	699	$	3,383
Transactional fees		229		131		327		1,232		521		2,440
Total fees	$	313	$	155	$	770	$	3,365	$	1,220	$	5,823

Quarter Ended June 30, 2025
Asset and property management fees	$	91	$	26	$	498	$	2,156	$	788	$	3,559
Transactional fees		96		123		266		1,083		723		2,291
Total fees	$	187	$	149	$	764	$	3,239	$	1,511	$	5,850

Quarter Ended March 31, 2025
Asset and property management fees	$	93	$	22	$	504	$	2,150	$	706	$	3,475
Transactional fees		27		36		150		1,771		88		2,072
Total fees	$	120	$	58	$	654	$	3,921	$	794	$	5,547

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.

     Structured Financing Portfolio

     (in thousands)


	June 30, 2025						Quarter Ended September 30, 2025
	Principal		Accrued		Ending				Repayments/			Current			Accrued			Ending		Stated Interest			Effective Interest			Maturity
Investment	Balance		Interest		Balance		Issuances		Conversions 6			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		181,664		35,482		217,146		71		(31,991	)		149,744			22,083	4		171,827		10.41	%		10.48	%	Dec 2025 - Dec 2027

Total notes receivable	$	241,465	$	39,291	$	280,756	$	71	$	(31,991	)	$	209,545		$	25,892		$	235,437		9.15	%		9.32	%




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

Total Notes Receivable per above												$	209,545
Allowance for credit loss 5													(2,190	)
Total pro-rata Notes Receivable												$	207,355

One note which matured on April 20, 2020 in the amount of $17.8 million with accrued interest of $3.8 million was in default at September 30, 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.

The decrease in the accrued interest balance includes a $16.1 million repayment during the period related to the City Point Loan conversion. Refer to Footnote 10 in the Company’s 10-Q for the period ended September 30, 2025.

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.

During the third quarter, a portion of the City Point Loan was converted, which was comprised of $31.9 million and $15.1 million of principal and interest, respectively. Refer to Footnote 6 on Transactional Page and Footnote 3 in the Company’s 10-Q for the period ended September 30, 2025.

     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
Subtotal REIT Portfolio:				484,205					—		356,441

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
Subtotal Investment Management:				130,908					—		130,908

TOTAL ACQUISITIONS			$	615,113				$	—	$	487,349

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
Subtotal Investment Management:				99,540					96,736		23,068

TOTAL DISPOSITIONS			$	114,560				$	96,736	$	38,088


Structured Financing Activity
Note Description	Transaction Type	Date of Transaction	Transaction Amount		Ownership % 2			Investment Management Share		Acadia Share

Georgetown Renaissance - NCI Holder 5	Other Loan	January 2025	$	18,277		100	%	$	—	$	18,277
850 Third Avenue	Mezzanine Loan	April 2025		28,465		100	%		—		28,465
City Point Loan 6	Conversion	September 2025		56,018		100	%		—		56,018
			$	102,760				$	—	$	102,760

     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. It is anticipated that the 85 5th Avenue lease will commence in the fourth quarter of 2025. Prior to rent commencement, the Company will capitalize interest on qualifying assets. Accordingly, 85 5th Avenue remains classified as pre-stabilized (refer to the Development and Redevelopment Activity page), and the expected ABR of approximately $2.8 million has been excluded from our SNO pipeline.

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-Q for the period ended September 30, 2025.


2025 Revised Guidance

The Company has maintained its Funds From Operations Before Special Items and Realized Gains guidance per share (at the midpoint) and updated its 2025 Net earnings and NAREIT FFO per diluted share annual guidance, primarily to reflect the decline in the share price of Albertson’s stock, as follows:


	2025 Guidance
	Revised 1	Prior 2
Net earnings per share attributable to Common Shareholders	$0.12-$0.14	$0.09 to $0.13
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share other than Common OP Units)	0.93	1.00
Gain on disposition on real estate properties (net of noncontrolling interest share other than Common OP Units)	(0.02)	—
Impairment charges (net of noncontrolling interest share other than Common OP Units)	0.07	0.04
Loss on change in control	0.07	0.08
Adjustment of redeemable noncontrolling interest to estimated redemption value	0.02	—
Noncontrolling interest in Operating Partnership	0.01	0.01
NAREIT Funds from operations per share attributable to Common Shareholders and Common OP Unit holders	$1.20-$1.22	$1.22-$1.26
Net unrealized holding loss (gain) 3	0.01	(0.01)
Transaction costs	0.01	—
Funds from Operations Before Special Items and Realized Gains per share attributable to Common Shareholders and Common OP Unit holders	$1.22-$1.24	$1.21-$1.25
Realized gains on marketable securities 4	0.10	0.11-0.14
Funds from Operations Before Special Items per share attributable to Common Shareholders and Common OP Unit holders	$1.32-$1.34	$1.32-$1.39

Totals may not foot due to rounding.

As disclosed in the Company’s July 29, 2025 earnings release and supplemental report. Certain per share differences between the revised and prior guidance relate to the increased number of shares.

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

It is the Company's policy to exclude unrealized gains and losses from FFO Before Special Items and to include realized gains related to the Company's investment in Albertsons. The Company realized gains of $0.03 per share for the three months ended September 30, 2025. The Company has revised its prior guidance of $16-$19 million of realized gains and promotes to $14-$15 million.

     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 2	$	39,216		N/A3			$	119		$	493		$	5,554		$	2,214
Less:
Net operating income from properties sold or assets held for sale		—		N/A3				(119	)		(127	)		—			—
Net operating income from pre-stabilized assets, development and redevelopment projects 4		(1,416	)	N/A 3				—			(62	)		—			—
Net Operating Income of stabilized assets	$	37,800		N/A 3			$	—		$	304		$	5,554		$	2,214

Costs to Date (Pro-Rata)
Assets held for sale	$	—		N/A 3			$	—		$	13,701		$	—		$	—
Pre-stabilized assets 4		433,899		N/A 3				—			30,632			—			—
Development and redevelopment projects 6		493,400		N/A 3				8,600			27,800			—			—
Total Costs to Date	$	927,299		N/A 3			$	8,600		$	72,133		$	—		$	—

Debt (Pro-Rata)	$	1,167,208		$	103,642		$	—		$	28,328		$	148,776		$	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, City Center and 85 5th Avenue; Fund II: City Point; Fund IV: 210 Bowery, 801 Madison, and 27 E 61st Street.

As of September 30, 2025, 1035 Third Avenue was classified as held for sale and was subsequently sold in October 2025. Refer to Footnote 2 in the Company’s 10-Q.

Other Co-investment vehicles currently include the Company’s ownership interest in Shops at Grand Avenue, Walk at Highwoods Preserve, the LINQ Promenade, Pinewood Square (wholly-owned as of September 30, 2025), and The Avenue at West Cobb (wholly-owned as of September 30, 2025).

Refer to Development and Redevelopment Activity page for projects.

     Selected Financial Ratios

     (in thousands, except per share amounts)



	Quarter Ended September 30,		Year to Date September 30,			Quarter Ended September 30,
COVERAGE RATIOS 1	2025	2024	2025	2024	LEVERAGE RATIOS	2025	2024
Fixed-Charge Coverage Ratios					Debt/Market Capitalization Ratios

EBITDA1 divided by:	$59,930	$51,709	$175,027	$152,997	Debt + Preferred Equity (Preferred OP Units)	$1,483,463	$1,190,418
Interest expense	12,961	13,204	38,191	40,543	Total Market Capitalization	4,228,296	3,975,475
Principal Amortization	1,216	2,647	2,729	8,922	Debt + Preferred Equity/
Preferred Dividends2	67	67	201	274	Total Market Capitalization	35%	30%
Fixed-Charge Coverage Ratio - REIT Portfolio and Investment Management	4.2x	3.2x	4.3x	3.1x
					Net debt + Preferred Equity 4	$1,172,689	$1,159,647
Payout Ratios					Total Market Capitalization	4,228,296	3,975,475
					Net Debt + Preferred Equity/
Dividends declared (per share/OP Unit)	$0.20	$0.19	$0.60	$0.55	Total Market Capitalization	28%	29%

Dividends (Shares) & Distributions (OP Units) declared	$27,652	$22,747	$82,937	$62,944
FFO 3	38,579	32,962	121,236	92,408
FFO Payout Ratio	72%	69%	68%	68%	Debt/EBITDA Ratios

AFFO 3	35,210	33,130	103,807	102,001	Net debt 4	$1,167,530	$1,153,635
AFFO Payout Ratio	79%	69%	80%	62%	EBITDA	234,957	204,706
					EBITDA excluding Realized Gains	223,980	191,280
FFO Before Special Items	45,270	37,127	132,833	108,476	Net Debt/EBITDA - REIT and Investment Management	5.0x	5.6x
FFO Before Special Items Payout Ratio	61%	61%	62%	58%	Net Debt/EBITDA excluding Realized Gains - REIT and Investment Management	5.2x	6.0x


	EBITDA
	Year to Date		Year to Date
Reconciliation of EBITDA to Annualized EBITDA	September 30, 2025		December 31, 2024

Year to Date EBITDA as reported	$	175,027	$	206,274
Add: Projected EBITDA 5		59,930		—
Annualized EBITDA		234,957		206,274

Year to Date Realized gain and Promote as reported		10,977		14,188
Year to Date EBITDA excluding realized gains	$	223,980	$	192,086

Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim periods. The coverage ratios include the Company's pro-rata share of FFO, AFFO, EBITDA, interest expense and principal amortization related to both the Company's consolidated and unconsolidated investments in joint ventures.

See EBITDA page in this Supplemental Report for a reconciliation of EBITDA to Net Income attributable to Acadia.

Represents preferred distributions on Preferred Operating Partnership Units.

See Funds from Operations (“FFO”), Adjusted Funds from Operations (“AFFO”) for a reconciliation of AFFO to Net Income attributable to Acadia.

Net debt is calculated by deducting the current REIT Portfolio, along with the pro-rata share of Investment Management’s cash and restricted cash balances as of period-end. It also includes the estimated proceeds of $257.1 million as of September 30, 2025 from the physical settlement of forward sales agreements, assuming such settlement were to occur.

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

     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	$271,092	3.2	$21,881	2.3	$292,973	3.1	$1,039,698	$1,332,671		$290,158	$(132,276)	$1,490,553
Variable-Rate Debt 5	896,116	3.3	289,215	1.9	1,185,331	2.9	(1,039,698)	145,633		270,781	(33,888)	382,526

Total	$1,167,208	3.3	$311,096	2.0	$1,478,304	3.0	$—	$1,478,304	4.5%	$560,939	$(166,164)	1,873,079

Unamortized premium					846							1,151
Net unamortized loan costs					(11,101)							(12,222)
Contingent loan obligation					7,163							—
Total					$1,475,212							$1,862,008

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.


		Principal Balance at	Acadia's Pro-rata Share		Interest		Extension
Property		September 30, 2025	Percent	Amount	Rate	Maturity Date	Options

REIT PORTFOLIO

Fixed-Rate Debt

840 N. Michigan Avenue 2		$30,000	94.35%	$28,305	N/A	12/10/26	None
239 Greenwich Avenue		25,931	75.00%	19,448	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)		13,571	50.00%	6,785	4.72%	12/10/27	None
555 9th Street		57,500	100.00%	57,500	3.99%	01/01/28	1x24 mos.
State & Washington		20,148	100.00%	20,148	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		9,582	100.00%	9,582	4.01%	11/05/29	None
151 N. State Street		11,536	100.00%	11,536	4.03%	12/01/29	None
Concord & Milwaukee		2,128	100.00%	2,128	4.40%	06/01/30	None
Gotham Plaza		28,000	49.00%	13,720	5.90%	10/05/34	None
California & Armitage		1,940	100.00%	1,940	5.89%	04/15/35	None
Sub-Total Fixed-Rate Debt		300,336		271,092

Variable-Rate Debt

Georgetown Portfolio (2016 Investment)		102,000	68.00%	69,366	SOFR+1.55%	11/06/26	2x12 mos.
Revolving Credit Facility 3		65,000	100.00%	65,000	SOFR+1.25%	04/15/28	2x6 mos.
Term Loan		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.
$75 Million Term Loan		75,000	100.00%	75,000	SOFR+1.20%	05/29/30	None
$250 Million Term Loan		250,000	100.00%	250,000	SOFR+1.20%	07/25/30	None
Sub-Total Variable-Rate Debt		967,000		896,116
Total Debt - REIT Portfolio		$1,267,336		$1,167,208

INVESTMENT MANAGEMENT

Fixed-Rate Debt

650 Bald Hill Road	Fund IV	$14,675	20.81%	$3,054	3.75%	06/01/26	None
Shoppes at South Hills	Fund V	32,640	18.09%	5,904	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		107,713		21,881

Variable-Rate Debt 1

1964 Union	Fund IV	1,310	20.81%	273	SOFR+2.25%	10/01/25	None
Tri-City Plaza	Fund V	35,169	18.09%	6,362	SOFR+2.00%	10/18/25	None
Lincoln Commons	Fund V	35,154	20.10%	7,066	SOFR+3.10%	11/25/25	1x24 mos.
717 N Michigan Avenue	Fund IV	46,000	23.12%	10,635	SOFR+3.33%	12/09/25	None
Frederick County Square	Fund V	24,495	18.09%	4,431	SOFR+2.51%	01/01/26	None
Hiram Pavilion	Fund V	26,622	20.10%	5,351	SOFR+2.30%	03/05/26	1x12 mos.
Acadia Strategic Opportunity Fund IV Term Loan	Fund IV	36,200	23.12%	8,369	SOFR+2.15%	03/31/26	None
New Towne Center	Fund V	15,801	20.10%	3,176	SOFR+2.20%	05/01/26	None
Fairlane Green	Fund V	31,174	20.10%	6,266	SOFR+2.30%	06/05/26	None
Trussville Promenade	Fund V	27,837	20.10%	5,595	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	26,063	20.10%	5,239	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	45,721	20.10%	9,190	SOFR+2.85%	02/14/27	2x12 mos.
Wood Ridge Plaza	Fund V	36,126	18.09%	6,535	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	Fund V	57,000	20.10%	11,457	SOFR+1.75%	08/04/27	2x12 mos.
Landstown Commons	Fund V	58,139	20.10%	11,686	SOFR+2.20%	10/24/27	2x12 mos.

      
     Principal Balance at

     Acadia's Pro-rata Share

     Interest

     Extension

     Property

     September 30, 2025

     Percent

     Amount

     Rate

     Maturity Date

     Options

     Riverdale FC

     Fund V

     37,934

     17.97%

     6,818

     SOFR+2.46%

     11/01/27

     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

     25,999

     20.10%

     5,226

     SOFR+2.15%

     02/01/28

     None

     Mohawk Commons

     Fund V

     39,299

     18.09%

     7,109

     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.

     Sub-Total Variable-Rate Debt

     1,115,936

     289,215

     Total Debt - Investment Management

     1,223,649

     311,096

     Total Debt - REIT Portfolio and Investment Management

     $2,490,986

     $1,478,304

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.

     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

2025 (Remainder)	$712	$—	$712	$620	$—	$—	$620	N/A	N/A
2026	5,418	132,000	137,418	5,040	28,305	69,365	102,710	—	1.55%
2027	5,267	57,537	62,804	4,954	45,053	—	50,007	4.91%	N/A
2028	1,900	535,362	537,262	1,866	70,360	465,000	537,226	4.10%	1.38%
2029	1,886	171,338	173,224	1,538	97,088	36,383	135,009	5.54%	1.95%
Thereafter	1,296	354,620	355,916	1,296	15,340	325,000	341,636	5.72%	1.20%
Total	$16,479	$1,250,857	$1,267,336	$15,314	$256,146	$895,748	$1,167,208


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

2025 (Remainder)	$1,837	$117,492	$119,329	$358	$—	$24,308	$24,666	N/A	2.90%
2026	5,330	257,934	263,264	1,026	2,992	49,558	53,576	3.75%	2.40%
2027	6,439	522,796	529,235	1,198	—	93,601	94,799	N/A	2.17%
2028	509	311,312	311,821	97	18,391	119,567	138,055	5.97%	1.94%
2029	—	—	—	—	—	—	—	N/A	N/A
Thereafter	—	—	—	—	—	—	—	N/A	N/A
Total	$14,115	$1,209,534	$1,223,649	$2,679	$21,383	$287,034	$311,096

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.

     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

2025 (Remainder)	$712	$—	$712	$620	$—	$—	$620	N/A	N/A
2026	5,418	30,000	35,418	5,040	28,305	—	33,345	—	N/A
2027	5,267	32,401	37,668	4,954	26,201	—	31,155	5.57%	N/A
2028	1,900	119,862	121,762	1,866	17,862	69,365	89,093	4.40%	1.55%
2029	1,886	562,088	563,974	1,538	97,088	465,000	563,626	5.54%	1.38%
Thereafter	1,296	506,506	507,802	1,296	86,692	361,381	449,369	4.32%	1.28%
Total	$16,479	$1,250,857	$1,267,336	$15,314	$256,148	$895,746	$1,167,208


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

2025 (Remainder)	$1,837	$82,436	$84,273	$358	$—	$17,262	$17,620	N/A	2.82%
2026	5,330	174,199	179,529	1,026	2,992	32,726	36,744	3.75%	2.35%
2027	6,439	243,806	250,245	1,198	—	46,450	47,648	N/A	2.66%
2028	509	162,954	163,463	97	12,718	20,067	32,882	5.98%	2.04%
2029	—	546,139	546,139	—	5,673	170,529	176,202	5.95%	1.96%
Thereafter	—	—	—	—	—	—	—	N/A	N/A
Total	$14,115	$1,209,534	$1,223,649	$2,679	$21,383	$287,034	$311,096

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

     Swap Interest Rate Summary 1

     (in thousands)


Maturity	Acadia's Pro-rata Notional Amount	Weighted Average Fixed SOFR 2
October 2025	$6,362	4.2%
March 2026	5,351	4.5%
April 2026	11,020	2.9%
May 2026	3,177	3.5%
June 2026	6,262	1.2%
October 2026	5,239	3.7%
November 2026	73,517	3.9%
December 2026	5,996	4.3%
June 2027	5,020	3.4%
July 2027	125,000	2.1%
August 2027	8,593	3.5%
December 2027	118,288	2.7%
February 2028	5,226	3.4%
March 2028	57,109	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	$1,039,698	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.


	Year	Acadia's	Gross Leasable Area (GLA)				In Place 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						`
Rush and Walton Streets Collection (6 properties)	2011 2012	100.0%	40,590	—	—	40,590	93.0%	—%	—%	93.0%	93.0%	$8,348,326	$221.18	Kith, Lululemon, Reformation, Veronica Beard, St. Laurent, Brandy Melville
Clark Street and W. Diversey Collection (4 properties)	2011 2012	100.0%	53,099	—	—	53,099	89.0%	—%	—%	89.0%	89.0%	2,260,635	47.81	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	91.7%	—%	—%	91.7%	100.0%	2,695,831	55.22	Serena and Lily, Faherty, Jenny Kayne, Warby Parker, Kiehl's, Solidcore, Rails
North Lincoln Park Chicago Collection (6 properties)	2011 2014	100.0%	22,125	—	27,796	49,921	13.6 %	—%	77.6%	49.2%	55.5%	909,741	37.04	Guitar Center, Carhartt
State and Washington	2016	100.0%	65,401	—	—	65,401	100.0%	—%	—%	100.0%	100.0%	2,768,673	42.33	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	88.6%	—%	—%	88.6%	100.0%	432,125	37.11	—
California and Armitage	2016	100.0%	—	—	18,275	18,275	—%	—%	72.7%	72.7%	90.8%	710,858	53.47	—
Roosevelt Galleria	2015	100.0%	—	—	37,995	37,995	—%	—%	89.7%	89.7%	89.7%	823,131	24.15	Petco, Vitamin Shoppe, Dollar Tree
Sullivan Center	2016	100.0%	176,181	—	—	176,181	83.8%	—%	—%	83.8%	83.8%	5,594,913	37.90	Target
			492,939	—	84,066	577,005	87.4%	—%	82.0%	86.6%	88.7%	$28,132,525	$56.31
New York Metro
Soho Collection/West Village (19 properties)	2011 2014 2019 2020 2022 2024 2025	100.0%	69,643	—	—	69,643	89.4%	—%	—%	89.4%	96.3%	$20,251,323	$325.27	Reiss, Vuori, Zimmermann, Madewell, John Varvatos Watches of Switzerland, Frame, Theory, Bang & Olufsen, Marine Layer
5-7 East 17th Street	2008	100.0%	8,658	—	—	8,658	100.0%	—%	—%	100.0%	100.0%	1,071,637	123.77	Narkara
200 West 54th Street	2007	100.0%	5,932	—	—	5,932	98.8%	—%	—%	98.8%	98.8%	1,614,127	275.35	—
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%	506,641	34.18	Wingstop


	Year	Acadia's	Gross Leasable Area (GLA)				In Place Occupancy				Leased Occupancy	Annualized Base Rent	ABR
Property	Acquired	Interest	Street	Anchors	Shops	Total	Street	Anchors	Shops	Total	Total	(ABR)	PSF	Key Tenants
Greenwich/Westport Collection (4 properties)	1998 2012 2014	89.5%	39,593	—	—	39,593	100.0%	—%	—%	100.0%	100.0%	4,540,277	114.67	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
868 Broadway	2013	100.0%	2,031	—	—	2,031	100.0%	—%	—%	100.0%	100.0%	881,322	433.94	Dr. Martens
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	88.2%	—%	—	88.2%	100.0%	4,962,985	110.70	Sephora, SweetGreen, Levain Bakery, Alo Yoga
Williamsburg North 6th Collection 3 (7 properties)	2024 2025	100.0%	56,615	—	—	56,615	100.0%	—%	—	100.0%	100.0%	8,432,801	148.95	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%	3,780,849	503.31	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
			261,264	34,614	88,822	384,700	94.8%	100.0 %	92.8 %	94.8%	97.7%	$53,802,209	$147.46
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%	3,222,128	230.15	The Row, Chloe, Oscar de la Renta
			23,757	—	—	23,757	100.0%	—%	—%	100.0%	100.0%	$4,613,016	$194.18
District of Columbia Metro
1739-53 & 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 (27 Properties) 4	2011 2016 2019	68.0 %	262,412	—	—	262,412	92.9%	—%	—%	92.9%	94.9%	18,810,639	77.14	Lululemon, Duxiana, Reformation, Glossier, Alo Yoga, Aritzia, Skims, J Crew, Google
			302,158	25,134	32,533	359,825	87.0%	100.0%	88.5%	88.1%	89.5%	$22,476,335	$70.94
Boston Metro


	Year	Acadia's	Gross Leasable Area (GLA)				In Place Occupancy				Leased Occupancy	Annualized Base Rent	ABR
Property	Acquired	Interest	Street	Anchors	Shops	Total	Street	Anchors	Shops	Total	Total	(ABR)	PSF	Key Tenants
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 (14 properties)	2022 2024 2025	100.0 %	53,017	31,635	—	84,652	83.7%	100.0%	—%	89.8%	89.8%	$3,059,669	$40.24	Sprouts Market, Warby Parker, Tecovas

Total Street and Urban Retail			1,134,185	91,383	205,421	1,430,989	89.1%	100.0%	87.7%	89.6%	91.6%	$112,405,707	$87.67

Acadia Share Total Street and Urban Retail			1,045,800	91,383	192,196	1,329,380	88.8%	100.0%	88.6%	89.5%	91.6%	$105,169,028	$88.35

SUBURBAN PROPERTIES
New Jersey
Elmwood Park Shopping Center	1998	100.0 %	—	43,531	100,457	143,988	—%	100.0%	92.5%	94.8%	94.8%	$3,589,545	$26.30	Walgreens, Lidl, Chase Bank, City MD, Five Below
Marketplace of Absecon	1998	100.0 %	—	46,724	57,832	104,556	—%	75.8%	80.4%	78.3%	78.3%	1,605,630	19.61	Walgreens, Dollar Tree, Aldi

New York
Village Commons Shopping Center	1998	100.0 %	—	—	87,128	87,128	—%	—%	88.8%	88.8%	88.8%	2,748,844	35.52	Citibank, Ace Hardware
Branch Plaza	1998	100.0 %	—	76,264	47,081	123,345	—%	73.5%	89.9%	79.7%	79.7%	2,809,967	28.57	LA Fitness
Amboy Center	2005	100.0 %	—	37,266	26,106	63,372	—%	100.0%	80.8%	92.1%	92.1%	2,127,536	36.45	Stop & Shop (Ahold)
Crossroads Shopping Center	1998	49.0 %	—	202,727	108,990	311,717	—%	93.9%	89.7%	92.4%	98.1%	9,539,154	33.12	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%	2,330,402	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%	88.4%	97.6%	98.5%	1,608,715	15.46	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%	99.3%	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


	Year	Acadia's	Gross Leasable Area (GLA)				In Place Occupancy				Leased Occupancy	Annualized Base Rent	ABR
Property	Acquired	Interest	Street	Anchors	Shops	Total	Street	Anchors	Shops	Total	Total	(ABR)	PSF	Key Tenants
The Gateway Shopping Center	1999	100.0 %	—	73,184	29,670	102,854	—%	100.0%	88.6%	96.7%	98.2%	2,303,692	23.16	Shaw's (Albertsons), Starbucks

Illinois
Hobson West Plaza	1998	100.0 %	—	51,692	47,270	98,962	—%	100.0%	76.0%	88.5 %	89.8%	1,203,049	13.73	Garden Fresh Markets

Indiana
Merrillville Plaza	1998	100.0 %	—	123,144	112,782	235,926	—%	78.9%	87.1%	82.8 %	82.8%	2,953,274	15.12	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%	4,409,759	18.77	HomeGoods, TJ Maxx, Dick's Sporting Goods, Burlington

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%	3,422,242	33.54	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%	1,278,441	21.83	Target, TJ Maxx

Total Suburban Properties			—	2,722,457	1,015,810	3,738,267	—%	97.0 %	89.7 %	95.0 %	95.7 %	$65,642,926	$19.91

Acadia Share Total Suburban Properties			—	2,619,066	960,225	3,579,291	—%	97.1%	89.7%	95.1%	95.6%	$60,777,957	$19.29

Total REIT Properties			1,134,185	2,813,840	1,221,231	5,169,256	89.1%	97.1%	89.4%	93.5%	94.5%	$178,048,633	$38.88

Acadia Share Total REIT Properties			1,045,800	2,710,449	1,152,421	4,908,671	88.8%	97.2%	89.5%	93.6%	94.5%	$165,946,985	$38.23

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

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

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 foot 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.


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 %	4.6%
J. Crew Group 3	6	34,902	5,656,274	0.6 %	3.2%
Lululemon	4	25,539	5,389,159	0.4 %	3.0%
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 %	1.7%
Walgreens	4	68,393	2,887,312	1.1 %	1.6%
PetSmart, Inc.	4	76,257	2,794,473	1.3 %	1.6%
Trader Joe's	3	40,862	2,628,360	0.7 %	1.5%
Fast Retailing 5	2	32,013	2,559,401	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	1,640,837	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 %	0.8%
The Home Depot, Inc.	2	187,914	1,345,020	3.1 %	0.7%
Michaels Stores, Inc.	2	45,285	1,283,810	0.7 %	0.7%
Veronica Beard	2	4,136	1,199,567	0.1 %	0.7%
TOTAL	61	1,727,358	$54,652,688	28.9%	30.5%

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), Lowe's (Brandywine), Kohl's (28 Jericho), Bang & Olufsen (121 Spring), Vera Wang (991 Madison), and Nordstrom Rack (State and Washington).

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)

     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	1	1,977	0.2%	$46.98	0.1%	—	—	—%	$—	—%
2025 (Remainder)	5	13,489	1.5%	142.56	2.0%	—	—	—%	—	—%
2026	28	86,305	9.3%	136.28	12.3%	11	424,984	17.9%	10.78	12.2%
2027	27	81,924	8.8%	104.53	8.9%	4	140,838	5.9%	20.24	7.6%
2028	22	247,491	26.6%	61.57	15.9%	10	477,731	20.1%	12.31	15.7%
2029	26	77,049	8.3%	112.04	9.0%	14	505,783	21.3%	15.40	20.8%
2030	24	107,429	11.6%	101.82	11.4%	5	177,026	7.4%	24.70	11.7%
2031	6	38,026	4.1%	85.89	3.4%	2	50,566	2.1%	16.97	2.3%
2032	15	65,577	7.1%	166.21	11.4%	1	12,250	0.5%	21.96	0.7%
2033	26	90,021	9.7%	126.50	11.9%	1	28,881	1.2%	14.50	1.1%
2034	8	20,758	2.2%	107.00	2.3%	1	21,804	0.9%	11.25	0.7%
Thereafter	20	98,728	10.6%	111.88	11.5%	11	539,852	22.7%	18.81	27.1%
Total 2	208	928,773	100.0%	$103.33	100.0%	60	2,379,716	100.0%	$15.73	100.0%

Anchor GLA Owned by Tenants		—					254,916
Total Vacant 2		117,027					75,818
Total Square Feet 2		1,045,800					2,710,449

	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	—	—	—%	$—	—%	1	1,977	0.0%	$46.98	0.1%
2025 (Remainder)	13	44,807	4.3%	34.70	4.8%	18	58,295	1.3%	59.65	2.1%
2026	35	122,123	11.8%	27.13	10.2%	74	633,412	14.6%	31.04	11.8%
2027	36	136,781	13.3%	34.30	14.4%	67	359,543	8.3%	44.80	9.7%
2028	37	152,694	14.8%	34.42	16.1%	69	877,916	20.2%	30.04	15.9%
2029	31	128,883	12.5%	27.06	10.7%	71	711,714	16.4%	27.97	12.0%
2030	19	45,306	4.4%	39.13	5.4%	48	329,762	7.6%	51.80	10.3%
2031	15	81,283	7.9%	25.84	6.5%	23	169,875	3.9%	36.64	3.8%
2032	24	94,920	9.2%	33.37	9.7%	40	172,747	4.0%	82.99	8.6%
2033	21	85,791	8.3%	32.56	8.6%	48	204,693	4.7%	71.33	8.8%
2034	8	29,113	2.8%	28.23	2.5%	17	71,675	1.7%	45.88	2.0%
Thereafter	30	110,136	10.7%	32.65	11.0%	61	748,716	17.3%	33.12	14.9%
Total 2	269	1,031,836	100.0%	$31.55	100.0%	537	4,340,325	100.0%	$38.23	100.0%

Anchor GLA Owned by Tenants		—					254,916
Total Vacant 2		120,585					313,430
Total Square Feet 2		1,152,421					4,908,671

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

Totals may not foot due to rounding.

     REIT Portfolio – New and Renewal Rent Spreads 1


	Quarter Ended						Year to Date
	March 31, 2025		June 30, 2025		September 30, 2025		September 30, 2025
	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	14	14
GLA	18,769	18,769	6,039	6,039	22,343	22,343	47,150	47,150
New base rent	$78.60	$73.83	$176.24	$163.70	$142.06	$131.80	$121.18	$112.81
Previous base rent	$46.02	$46.41	$250.42	$285.02	$110.34	$116.99	$102.68	$110.42
Average cost per square foot	$18.80	$18.80	$131.75	$131.75	$125.72	$125.72	$83.93	$83.93
Weighted Average Lease Term (years)	4.8	4.8	7.5	7.5	7.5	7.5	6.4	6.4
Percentage growth in base rent	70.8 %	59.1 %	(29.6)%	(42.6)%	28.8 %	12.7 %	18.0 %	2.2 %

Renewal Leases
Number of renewal leases executed	13	13	22	22	20	20	55	55
GLA	96,232	96,232	162,226	162,226	216,286	216,286	474,745	474,745
New base rent	$30.93	$29.83	$63.21	$60.99	$43.14	$40.10	$47.52	$45.16
Expiring base rent	$24.70	$27.77	$58.50	$60.46	$33.47	$35.83	$40.25	$42.61
Average cost per square foot	$—	$—	$10.86	$10.86	$31.01	$31.01	$21.46	$21.46
Weighted Average Lease Term (years)	6.6	6.6	10.8	10.8	8.2	8.2	8.8	8.8
Percentage growth in base rent	25.2 %	7.4 %	8.1%	0.9%	28.9 %	11.9 %	18.1 %	6.0 %

Total New and Renewal Leases
Number of new and renewal leases executed	16	16	25	25	28	28	69	69
GLA commencing	115,001	115,001	168,265	168,265	238,629	238,629	521,895	521,895
New base rent	$38.71	$37.01	$67.28	$64.68	$52.40	$48.69	$54.17	$51.27
Expiring base rent	$28.18	$30.82	$65.39	$68.52	$40.67	$43.43	$45.89	$48.74
Average cost per square foot	$3.07	$3.07	$15.20	$15.20	$39.88	$39.88	$27.10	$27.10
Weighted Average Lease Term (years)	6.3	6.3	10.7	10.7	8.2	8.2	8.6	8.6
Percentage growth in base rent	37.4 %	20.1%	2.9%	(5.6)%	28.8 %	12.1 %	18.1 %	5.2 %

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)

     REIT Portfolio – Capital Expenditures



	Quarter Ended			Year to Date
	March 31, 2025	June 30, 2025	September 30, 2025	September 30, 2025	December 31, 2024
Leasing Commissions	$1,343	$2,456	$2,569	$6,368	$4,374
Tenant Improvements	4,881	10,014	7,318	22,213	8,496
Maintenance Capital Expenditures	1,021	1,752	1,785	4,558	7,873
Total Capital Expenditures	$7,245	$14,222	$11,672	$33,139	$20,743

     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	$		485.8	Million	$		2,000.4	Million
Cumulative Net Distributions 4	$		172.9	Million	$		616.3	Million	$		221.4	Million	$		169.8	Million	$		1,180.4	Million
Net Distributions/Contributions			30.9	%			137.2	%			43.8	%			35.0	%			59.0	%
Unfunded Commitment 5	$		0.0	Million	$		0.8	Million	$		24.0	Million	$		34.2	Million	$		59.0	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-Q for the period ended September 30, 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.


	Year	Fund	Gross Leasable Area				In Place 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	206,176	536,624	—%	100.0%	44.5%	78.7%	86.5%	$20,260,167	$47.99	Primark, Target, Sephora, Basis Schools, Alamo Drafthouse, Trader Joe's, Lululemon

Total - Fund II			—	330,448	206,176	536,624	—%	100.0%	44.5%	78.7%	86.5%	$20,260,167	$47.99


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
1035 Third Avenue 3	2015	100.0%	7,634	—	—	7,634	100.0%	—%	—%	100.0%	100.0%	1,125,346	147.41	─

BOSTON
Massachusetts
Restaurants at Fort Point	2016	100.0%	15,711	—	—	15,711	9.1%	—%	—%	9.1%	9.1%	224,438	157.50	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 (13 properties)	2014	100.0%	94,693	—	—	94,693	93.3%	100.0%	—%	93.3%	93.3%	3,472,977	39.32	H&M, Warby Parker, Kendra Scott, Starbucks, Lululemon


	Year	Fund	Gross Leasable Area				In Place Occupancy				Leased	Annualized
Property	Acquired	Ownership %	Street	Anchors	Shops	Total	Street	Anchors	Shops	Total	Occupancy	Base Rent (ABR)	ABR PSF	Key Tenants
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			136,751	116,940	43,508	297,199	80.0%	100.0%	46.0%	82.9%	82.9%	$9,427,718	$38.27

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%	$4,303,243	$19.22	TJ Maxx, Best Buy, Ross Dress for Less

Texas
Wood Ridge Plaza	2022	90.0%	—	—	217,363	217,363	—%	—%	85.0%	85.0%	85.0%	4,698,048	25.42	Skechers, Diamonds Direct, Office Depot
La Frontera Village	2022	90.0%	—	310,762	223,679	534,441	—%	100.0%	87.6%	94.8%	99.5%	7,839,861	15.47	Kohl's, Hobby Lobby, Burlington, Marshalls

MIDWEST
Michigan
New Towne Center	2017	100.0%	—	126,425	64,105	190,530	—%	72.1%	96.9%	80.4%	81.5%	1,940,075	12.66	Kohl's, DSW
Fairlane Green	2017	100.0%	—	109,952	160,235	270,187	—%	100.0%	93.5%	96.2%	96.2%	5,133,584	19.76	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%	3,583,827	19.65	Lidl, Advance Auto, Starbucks

Connecticut
Tri-City Plaza	2019	90.0%	—	188,559	107,258	295,817	—%	100.0%	89.6%	96.2%	97.5%	4,517,330	15.87	TJ Maxx, HomeGoods, ShopRite

New Jersey
Midstate	2021	100.0%	—	270,423	122,466	392,889	—%	100.0%	83.0%	94.7%	95.3%	7,311,823	19.65	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%	4,840,459	12.26	ShopRite, Ashley Furniture
Mohawk Commons	2023	90.0%	—	265,140	134,058	399,198	—%	100.0%	95.2%	98.4%	100.0%	5,737,928	14.61	Lowe's, Target


	Year	Fund	Gross Leasable Area				In Place Occupancy				Leased	Annualized
Property	Acquired	Ownership %	Street	Anchors	Shops	Total	Street	Anchors	Shops	Total	Occupancy	Base Rent (ABR)	ABR PSF	Key Tenants
Pennsylvania
Monroe Marketplace	2021	100.0%	—	263,376	108,276	371,652	—%	100.0%	98.5%	99.6%	99.6%	4,427,621	11.96	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%	6,171,125	13.79	Stop & Shop (Ahold), Marshalls, HomeGoods

Vermont
Maple Tree Place 4	2023	100.0%	—	249,979	146,799	396,778	—%	100.0%	87.3%	95.3%	96.8%	7,383,068	19.53	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%	94.7%	96.3%	98.6%	7,943,220	21.53	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%	3,606,133	21.44	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%	4,646,879	12.70	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%	91.2%	3,954,731	9.52	Wal-Mart, Regal Cinemas

Georgia
Canton Marketplace	2021	100.0%	—	132,569	215,397	347,966	—%	100.0%	95.5%	97.2%	98.1%	6,273,177	18.54	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%	5,093,411	14.02	Kohl's, HomeGoods

WEST
California
Elk Grove Commons	2018	100.0%	—	114,015	128,063	242,078	—%	100.0%	100.0%	100.0%	100.0%	5,480,754	22.64	Kohl's, HomeGoods


	Year	Fund	Gross Leasable Area				In Place Occupancy				Leased	Annualized
Property	Acquired	Ownership %	Street	Anchors	Shops	Total	Street	Anchors	Shops	Total	Occupancy	Base Rent (ABR)	ABR PSF	Key Tenants
Utah
Family Center at Riverdale	2019	89.4%	—	270,287	102,121	372,408	—%	100.0%	92.5%	97.9%	97.9%	4,260,690	11.68	Target, Home Goods, Best Buy, Sierra Trading (TJX)

Total - Fund V			—	4,526,159	2,941,781	7,467,940	—%	96.0%	90.9%	94.0%	94.9%	$114,412,151	$16.30

Other Co-investment Vehicles Detail 5

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
SOUTHEAST
Florida
Walk at Highwoods Preserve	2024	20.0%	—	80,894	56,862	137,756	—%	100.0%	88.2%	95.1%	95.1%	2,660,006	20.30	HomeGoods, Michaels
Pinewood Square	2025	100.0%	—	113,359	90,558	203,917	—%	100.0%	96.8%	98.6%	98.6%	4,832,867	24.05	TJ Maxx, Ross Dress for Less, Five Below
Georgia
Avenue at West Cobb	2025	100.0%	—	115,326	139,120	254,446	—%	53.7%	96.8%	77.3%	77.3%	4,615,862	23.48	Barnes & Noble, Warby Parker, JCrew Factory, Jim N Nicks


	Year	Fund	Gross Leasable Area				In Place Occupancy				Leased	Annualized
Property	Acquired	Ownership %	Street	Anchors	Shops	Total	Street	Anchors	Shops	Total	Occupancy	Base Rent (ABR)	ABR PSF	Key Tenants
WEST
Nevada
LINQ Promenade	2024	15.0%	—	45,097	137,829	182,926	—%	100.0%	90.5%	92.8%	99.0%	13,659,999	80.46	Yard House, Brooklyn Bowl, I Love Sugar, Starbucks, Welcome to Las Vegas, In-N-Out Burger
Total - Other Co-investment Vehicles			—	407,012	471,870	878,882	—	86.9%	92.0%	89.7%	90.9%	$29,061,135	$36.88

TOTAL INVESTMENT MANAGEMENT PROPERTIES			136,751	5,380,559	3,663,335	9,180,645	80.0%	95.6%	87.9%	92.3%	93.7%	$173,161,171	$20.44


Acadia Share of Total Investment Management Properties			31,593	1,407,316	1,001,241	2,440,150	80.0%	93.8%	84.6%	89.8%	91.8%	$52,000,235	$23.72

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

In place occupancy excludes short-term percentage rent.

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

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

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


	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	—	—	—%	$—	—%
2025 (Remainder)	1	758	0.2%	157.59	0.8%	2025 (Remainder)	2	583	1.1%	118.95	3.3%
2026	2	4,075	1.3%	100.40	2.7%	2026	2	731	1.4%	86.26	3.0%
2027	3	20,005	6.2%	84.87	11.0%	2027	5	3,245	6.0%	57.86	8.8%
2028	1	722	0.2%	219.00	1.0%	2028	7	4,563	8.5%	109.01	23.4%
2029	1	18,722	5.8%	35.14	4.3%	2029	4	14,941	27.8%	24.05	16.9%
2030	—	—	—%	—	—%	2030	2	664	1.2%	63.94	2.0%
2031	—	—	—%	—	—%	2031	3	1,488	2.8%	83.74	5.9%
2032	2	97,232	30.3%	12.50	7.9%	2032	4	19,666	36.6%	20.47	18.9%
2033	3	15,420	4.8%	59.03	5.9%	2033	3	4,874	9.1%	23.45	5.4%
2034	3	9,859	3.1%	137.72	8.8%	2034	4	1,199	2.2%	44.97	2.5%
Thereafter	10	154,061	48.0%	57.59	57.6%	Thereafter	2	1,807	3.4%	118.81	10.1%
Total 2	26	320,855	100.0%	$47.99	100.0%	Total 2	38	53,760	100.0%	$39.61	100.0%

		86,979	Total Vacant 2					11,218	Total Vacant 2
		407,834	Total Square Feet 2					64,979	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	5	1,103	0.1%	$24.14	—%	M to M 1	—	—	—%	$—	0.1%
2025 (Remainder)	28	23,964	1.8%	19.24	6.0%	2025 (Remainder)	5	1,800	0.4%	50.70	0.7%
2026	94	120,158	8.8%	19.33	11.0%	2026	19	56,939	12.5%	21.02	9.8%
2027	91	204,538	15.0%	13.52	13.0%	2027	22	51,851	11.4%	26.00	11.1%
2028	93	175,111	12.8%	18.95	15.0%	2028	30	112,241	24.7%	22.46	20.7%
2029	96	213,939	15.7%	15.77	15.0%	2029	30	64,523	14.2%	44.81	23.7%
2030	72	212,929	15.6%	15.24	12.0%	2030	18	52,706	11.6%	25.39	11.0%
2031	31	67,752	5.0%	14.78	5.0%	2031	5	33,863	7.5%	21.05	5.8%
2032	34	74,981	5.5%	16.16	5.0%	2032	2	8,966	2.0%	—	1.8%
2033	33	78,410	5.8%	16.33	6.0%	2033	8	34,978	7.7%	23.23	6.7%
2034	41	90,202	6.6%	16.90	7.0%	2034	8	12,220	2.7%	32.07	3.2%
Thereafter	42	100,161	7.3%	17.46	5.0%	Thereafter	8	23,667	5.2%	27.79	5.4%
Total 2	660	1,363,248	100.0%	$16.34	100.0%	Total 2	155	453,755	100.0%	$26.87	100.0%

		85,744	Total Vacant 2					64,590	Total Vacant 2
		1,448,992	Total Square Feet 2					518,345	Total Square Feet 2


	TOTAL INVESTMENT MANAGEMENT
		GLA		ABR
	Leases	Expiring	Percent		Percent
Year	Expiring	SF	of Total	PSF	of Total
M to M 1	5	1,103	0.1%	$40.46	0.1%
2025 (Remainder)	36	27,105	1.2%	27.35	1.4%
2026	117	181,903	8.3%	21.94	7.7%
2027	121	279,640	12.8%	21.45	11.5%
2028	131	292,637	13.4%	22.19	12.5%
2029	131	312,125	14.2%	23.33	14.0%
2030	92	266,300	12.2%	17.37	8.9%
2031	39	103,103	4.7%	17.84	3.5%
2032	42	200,845	9.2%	15.16	5.9%
2033	47	133,680	6.1%	23.32	6.0%
2034	56	113,481	5.2%	29.33	6.4%
Thereafter	62	279,697	12.8%	41.09	22.1%
Total 2	879	2,191,619	100.0%	$23.73	100.0%

		248,531	Total Vacant 2
		2,440,150	Total Square Feet 2

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

Totals may not foot due to rounding.


						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		Estimated Future Range				Estimated Total Range
REIT

Development:
Henderson Avenue Expansion 1	100.0%	Dallas, TX	2027/2028		176,000	$	56.3	$	80.3	$	108.7	$	127.6	$	189.0	$	207.9

Redevelopment:
555 9th Street	100.0%	San Francisco, CA	TBD		149,000		17.3		159.0		7.7		17.7		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		0.4		24.4		9.7		11.7		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		0.1		50.8	TBD		TBD		TBD		TBD
Total REIT Redevelopment						$	18.0	$	413.1	$	17.4	$	29.4	$	200.8	$	212.8

Total REIT Development and Redevelopment						$	74.3	$	493.4	$	126.1	$	157.0	$	389.8	$	420.7

INVESTMENT MANAGEMENT

Development:
FUND III
Broad Hollow Commons	24.5%	Farmingdale, NY	2026/2027	TBD		$	5.6	$	8.6	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						$	6.5	$	36.4	$	—	$	—	$	—	$	—

Total REIT and Investment Management Development and Redevelopment						$	80.8	$	529.8	$	126.1	$	157.0	$	389.8	$	420.7



Property	AKR Pro-rata share	Location	Estimated Stabilization	Est. Sq ft Upon Completion
Pre-Stabilized:
85 5th Avenue (REIT)	100.0%	New York, NY	2025		13,000
664 N. Michigan Avenue (REIT)	100.0%	Chicago, IL	2025		17,000
210 Bowery (Fund IV)	23.1%	New York, NY	2025		2,538
1035 Third Avenue (Fund IV)	23.1%	New York, NY	2025		7,634
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
2323-2409 Henderson Avenue (REIT)	100.0%	Dallas, TX	2026		38,500
City Center (REIT)	100.0%	San Francisco, CA	2026		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

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


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	Citigroup - Global Markets	KeyBanc Capital Markets, Inc.
	Samir Khanal (646) 855-1497	Craig Mailman (212) 816-4471	Todd Thomas (917) 368-2286
	samir.khanal@bofa.com	craig.mailman@citi.com	tthomas@key.com


	Green Street Advisors	Compass Point Research & Trading	J.P. Morgan Securities, Inc.
	Paulina Rojas Schmidt (949) 640-8780	Kenneth Billingsley (202) 534-1393	Michael W. Mueller, CFA (212) 622-6689
	projasschmidt@greenstreet.com	kbillingsley@compasspointllc.com	michael.w.mueller@jpmorgan.com


	Jefferies	Truist	Ladenburg Thalmann
	Linda Tsai (212) 778-8011	Anthony Hau (212) 303-4176	Floris van Dijkum (212) 409-2075
	ltsai@jefferies.com	anthony.hau@truist.com	fvandijkum@ladenburg.com


Section I – Third Quarter 2025 Earnings Press Release
Section II – Financial Information
Company Information	3
Market Capitalization	4
Forward Equity Offerings	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
Same Property Net Operating Income	14
Fee Income Detail	15
Structured Financing	16
Other Information
Transactional Activity	17
2025 Guidance	19
Net Asset Valuation Information	20
Selected Financial Ratios	21
Debt Analysis
Summary	22
Detail	23
Maturities	25
Interest Rate Summary	27
Section III – REIT Portfolio Information
REIT Properties	28
REIT Top Tenants	33
REIT Lease Expirations	34
REIT New and Renewal Rent Spreads	35
REIT Capital Expenditures	36
Section IV – Investment Management Information
Fund Overview	37
Investment Management Properties	38
Investment Management Lease Expirations	43
Development and Redevelopment Activity	45
Section V – Other Information
Important Notes	47


Table of Contents