Three Months Ended March 31,

(dollars in thousands, except per share data)

2024

2023

Numerator:

Net income attributable to Acadia shareholders

$

3,269

$

13,360

Less: earnings attributable to unvested participating securities

(288

)

(243

)

Income from continuing operations net of income attributable to participating securities for basic earnings per share

$

2,981

$

13,117

Denominator:

Weighted average shares for basic earnings per share

102,127,715

95,189,490

Effect of dilutive securities:

Series A Preferred OP Units

—

—

Employee unvested restricted shares

—

—

Weighted average shares for diluted earnings per share

102,127,715

95,189,490

Basic earnings per Common Share from continuing operations attributable to Acadia

$

0.03

$

0.14

Diluted earnings per Common Share from continuing operations attributable to Acadia

$

0.03

$

0.14

Anti-Dilutive Shares Excluded from Denominator:

Series A Preferred OP Units

188

188

Series A Preferred OP Units - Common share equivalent

25,067

25,067

Series C Preferred OP Units

126,384

126,384

Series C Preferred OP Units - Common share equivalent

438,831

438,831

Restricted shares

103,065

78,060