Three Months Ended September 30,

Nine Months Ended September 30,

(dollars in thousands, except per share data)

2024

2023

2024

2023

Numerator:

Net income (loss) attributable to Acadia shareholders

$

8,414

$

(1,426

)

$

13,126

$

21,210

Less: earnings attributable to unvested participating securities

(306

)

(244

)

(883

)

(734

)

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

$

8,108

$

(1,670

)

$

12,243

$

20,476

Denominator:

Weighted average shares for basic earnings per share

108,351,254

95,319,958

104,703,763

95,256,703

Effect of dilutive securities:

Series A Preferred OP Units

—

—

—

—

Employee unvested restricted shares

—

—

—

—

Weighted average shares for diluted earnings per share

108,351,254

95,319,958

104,703,763

95,256,703

Basic earnings (loss) per Common Share from continuing operations attributable to Acadia shareholders

$

0.07

$

(0.02

)

$

0.12

$

0.21

Diluted earnings (loss) per Common Share from continuing operations attributable to Acadia shareholders

$

0.07

$

(0.02

)

$

0.12

$

0.21

Anti-Dilutive Shares Excluded from Denominator:

Series A Preferred OP Units

188

188

188

188

Series A Preferred OP Units - Common share equivalent

25,067

25,067

25,067

25,067

Series C Preferred OP Units

66,519

126,384

66,519

126,384

Series C Preferred OP Units - Common share equivalent

230,967

438,831

230,967

438,831

Restricted shares

81,175

90,006

81,175

90,006