Three Months Ended March 31,

(dollars in thousands, except per share data)

2025

2024

Numerator:

Net income attributable to Acadia shareholders

$

1,608

$

3,269

Less: net income attributable to participating securities

(339

)

(288

)

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

$

1,269

$

2,981

Denominator:

Weighted average shares for basic earnings per share

121,328,731

102,127,715

Effect of dilutive securities:

Series A Preferred OP Units

—

—

Employee unvested restricted shares

—

—

Assumed settlement of forward sales agreements (Note 10)

—

—

Denominator for diluted earnings per share

121,328,731

102,127,715

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

$

0.01

$

0.03

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

$

0.01

$

0.03

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

66,519

126,384

Series C Preferred OP Units - Common share equivalent

230,967

438,831

Restricted shares

88,266

103,065