EX-99.2 3 akr-ex99_2.htm EX-99.2

Exhibit 99.2

EALTY TRUST—Q220SUPPLEMENTAL REPFORMATIO

Table of Contents |  |  | Supplemental Report – December 31, 2024

Section I – Fourth Quarter 2024 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") | 11
EBITDA | 12
Same Property Net Operating Income | 13
Fee Income Detail | 14
Structured Financing | 15
Other Information |
Transactional Activity | 16
2025 Guidance | 17
Net Asset Valuation Information | 19
Selected Financial Ratios | 20
Debt Analysis |
Summary | 21
Detail | 22
Maturities | 24
Interest Rate Summary | 26
Section III – Core Portfolio Information |
Core Properties | 27
Core Top Tenants | 30
Core Lease Expirations | 31
Core New and Renewal Rent Spreads | 32
Core Capital Expenditures | 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 | 42

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

Supplemental Report – December 31, 2024 |  | Company In formation
Acadia Realty Trust is an equity real estate investment trust that owns and operates a high-quality core real estate portfolio ("Core" or "Core Portfolio") of street and open-air retail properties in the nation's most dynamic retail corridors, 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.
|  | Jeff Spector (646) 855-1363 |  | Craig Mailman (212) 816-4471 |  | Todd Thomas (917) 368-2286
|  | jeff.spector@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 |  | Floris van Dijkum (646) 757-2621 |  | Michael W. Mueller, CFA (212) 622-6689
|  | projasschmidt@greenstreet.com |  | fvandijkum@compasspointllc.com |  | michael.w.mueller@jpmorgan.com
|  | Jefferies |  | Truist
|  | Linda Tsai (212) 778-8011 |  | Ki Bin Kim, CFA (212) 303-4124 |  |
|  | ltsai@jefferies.com |  | kibin.kim@truist.com |  |

| 3 | Table of Contents

| Market Capi talization
Supplemental Report – December 31, 2024 | (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 |  | 119,658 |  |  |  |  |  | Balance at 12/31/2023 |  | 95,362 |  | 5,345 |  | 100,707 |  |  |  |  |  |  |  |
Common Operating Partnership ("OP") Units |  | 4,709 |  |  |  |  |  | Vesting RS and LTIPs |  | 9 |  | 417 |  | 426 |  |  |  |  |  |  |  |
Combined Common Shares and OP Units 2 |  | 124,367 |  |  |  |  |  | OP Conversions |  | 795 |  | (795) |  | — |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | Issuance of Shares |  | 6,987 |  | — |  | 6,987 |  |  |  |  |  |  |  |
Share Price at December 31, 2024 |  | $24.16 |  |  |  |  |  | Other |  | 3 |  | — |  | 3 |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | Balance at 3/31/2024 |  | 103,156 |  | 4,967 |  | 108,123 |  | 102,128 |  | 102,128 |  | 111,051 |  | 111,051
Equity Capitalization - Common Shares and OP Units |  | $3,004,707 |  |  |  |  |  | Vesting RS and LTIPs |  | 44 |  | 32 |  | 76 |  |  |  |  |  |  |  |
Preferred OP Units 3 |  | 6,186 |  |  |  |  |  | OP Conversions |  | 400 |  | (255) |  | 145 |  |  |  |  |  |  |  |
Total Equity Capitalization |  | 3,010,893 |  | 72% |  | 72% |  | Issuance of Shares |  | 1,652 |  | — |  | 1,652 |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | Other |  | 15 |  | — |  | 15 |  |  |  |  |  |  |  |
Debt Capitalization |  |  |  |  |  |  |  | Balance at 6/30/2024 |  | 105,267 |  | 4,744 |  | 110,011 |  | 103,592 |  | 102,860 |  | 111,837 |  | 111,096
Consolidated debt 4 |  | 1,547,947 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Adjustment to reflect pro-rata share of debt |  | (369,730) |  |  |  |  |  | OP Conversions |  | 96 |  | (32) |  | 64 |  |  |  |  |  |  |  |
Total Debt Capitalization |  | 1,178,217 |  | 28% |  | 28% |  | Issuance of Shares |  | 8,533 |  | — |  | 8,533 |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | Other |  | 6 |  | — |  | 6 |  |  |  |  |  |  |  |
Total Market Capitalization 2 |  | $4,189,110 |  | 100% |  | 100% |  | Balance at 9/30/2024 |  | 113,902 |  | 4,712 |  | 118,614 |  | 108,351 |  | 104,704 |  | 117,004 |  | 113,264
|  |  |  |  |  |  |  | OP Conversions |  | 3 |  | (3) |  | — |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | Issuance of Shares |  | 5,750 |  | — |  | 5,750 |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | Other |  | 3 |  | — |  | 3 |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | Balance at 12/31/2024 |  | 119,658 |  | 4,709 |  | 124,367 |  | 118,750 |  | 108,258 |  | 126,255 |  | 116,078

1.
Reflects debt net of $33,866 Core Portfolio and pro-rata share of Investment Management cash.
2.
Does not include the Common Shares sold under the Forward Equity Offerings (refer to page 5).
3.
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.
4.
Reflects consolidated debt excluding $10,681 of unamortized premium and unamortized loan costs.

| 4 | Table of Contents

| Forward Equity Offerings
Supplemental Report – December 31, 2024 | (in thousands)

Forward Equity Offerings |  | Shares |  |  | Anticipated Net Proceeds Remaining 1 |  |
Beginning balance, October 1, 2024 |  |  | 5,750 |  |  | $ | 131,800 |  |
Shares sold during the fourth quarter and 2025 to-date 2 |  |  | 11,172 |  |  |  | 276,768 |  |
Shares settled during the fourth quarter and 2025 to-date |  |  | (5,750 | ) |  |  | (131,800 | ) |
Ending balance, December 31, 2024 and 2025 to-date |  |  | 11,172 |  |  | $ | 276,768 |  |

1.
Amounts received upon settlement are subject to customary adjustments in accordance with the forward sales contracts.
2.
Includes shares sold of 262,211 in January 2025 for anticipated net proceeds of $6.3 million.

| 5 | Table of Contents

| Consolidated S tatements of Operations
Supplemental Report – December 31, 2024 | (in thousands)

|  | December 31, 2024 1 |  |
|  | Quarter |  |  | Year Ended |  |
Revenues |  |  |  |  |  |  |
Rental income |  | $ | 91,579 |  |  | $ | 349,530 |  |
Other |  |  | 1,755 |  |  |  | 10,159 |  |
Total revenues |  |  | 93,334 |  |  |  | 359,689 |  |
Expenses |  |  |  |  |  |  |
Depreciation and amortization |  |  | 35,189 |  |  |  | 138,910 |  |
General and administrative |  |  | 10,397 |  |  |  | 40,559 |  |
Real estate taxes |  |  | 12,535 |  |  |  | 46,049 |  |
Property operating |  |  | 16,772 |  |  |  | 66,000 |  |
Impairment charges |  |  | 1,678 |  |  |  | 1,678 |  |
Total expenses |  |  | 76,571 |  |  |  | 293,196 |  |
(Loss) gain on disposition of properties |  |  | (393 | ) |  |  | (834 | ) |
Operating income |  |  | 16,370 |  |  |  | 65,659 |  |
Equity in (losses) earnings of unconsolidated affiliates |  |  | (774 | ) |  |  | 15,178 |  |
Interest income |  |  | 6,575 |  |  |  | 25,085 |  |
Realized and unrealized holding (losses) gains on investments and other |  |  | 904 |  |  |  | (5,014 | ) |
Interest expense |  |  | (21,904 | ) |  |  | (92,557 | ) |
Income from continuing operations before income taxes |  |  | 1,171 |  |  |  | 8,351 |  |
Income tax provision |  |  | (11 | ) |  |  | (212 | ) |
Net income |  |  | 1,160 |  |  |  | 8,139 |  |
Net loss attributable to redeemable noncontrolling interests |  |  | 1,397 |  |  |  | 7,915 |  |
Net loss attributable to noncontrolling interests |  |  | 5,967 |  |  |  | 5,596 |  |
Net income attributable to Acadia Shareholders |  | $ | 8,524 |  |  | $ | 21,650 |  |

|  | December 31, 2024 1 |  |
|  | Quarter |  |  | Year Ended |  |
Reconciliation of Revenues to Consolidated GAAP Revenues |  |  |  |  |  |  |
Total Revenues |  | $ | 87,650 |  |  | $ | 340,900 |  |
Straight-line rent income |  |  | 2,705 |  |  |  | 6,114 |  |
Above/below-market rent income |  |  | 1,800 |  |  |  | 5,951 |  |
Asset and property management fees |  |  | 283 |  |  |  | 874 |  |
Development, construction, leasing and legal fees |  |  | 741 |  |  |  | 1,095 |  |
Other income |  |  | 155 |  |  |  | 4,755 |  |
Consolidated Total GAAP Revenues |  | $ | 93,334 |  |  | $ | 359,689 |  |
Reconciliation of Operating Expenses to Consolidated GAAP Property Operating Expenses |  |  |  |  |  |  |
Property operating - CAM and Other |  | $ | 13,973 |  |  | $ | 53,398 |  |
Other property operating (Non-CAM) |  |  | 2,651 |  |  |  | 12,007 |  |
Asset and property management expense |  |  | 148 |  |  |  | 595 |  |
Consolidated Total GAAP Operating Expenses |  | $ | 16,772 |  |  | $ | 66,000 |  |

| 6 | Table of Contents

| Consolidated Statem ents of Operations - Detail
Supplemental Report – December 31, 2024 | (in thousands)

|  | December 31, 2024 1 |
CORE PORTFOLIO AND INVESTMENT MANAGEMENT INCOME |  | Quarter |  |  | Year Ended |
REVENUES |  |  |  |  |  |
Minimum rents |  | $ | 69,392 |  |  | $ | 268,460 |
Percentage rents |  |  | 514 |  |  |  | 2,027 |
Expense reimbursements - CAM |  |  | 8,334 |  |  |  | 34,118 |
Expense reimbursements - Taxes |  |  | 8,848 |  |  |  | 32,920 |
Other property income |  |  | 562 |  |  |  | 3,375 |
Total Revenues |  |  | 87,650 |  |  |  | 340,900 |
EXPENSES |  |  |  |  |  |
Property operating - CAM |  |  | 13,049 |  |  |  | 52,344 |
Other property operating (Non-CAM) |  |  | 2,651 |  |  |  | 12,007 |
Real estate taxes |  |  | 12,535 |  |  |  | 46,049 |
Asset and property management expense |  |  | 148 |  |  |  | 595 |
Total Expenses |  |  | 28,383 |  |  |  | 110,995 |
NET OPERATING INCOME - PROPERTIES |  |  | 59,267 |  |  |  | 229,905 |
OTHER INCOME (EXPENSE) |  |  |  |  |  |
Interest income |  |  | 6,575 |  |  |  | 25,085 |
Straight-line rent income |  |  | 2,705 |  |  |  | 6,114 |
Above/below-market rent income |  |  | 1,800 |  |  |  | 5,951 |
Interest expense 2 |  |  | (19,233 | ) |  |  | (82,474 | )
Amortization of finance costs |  |  | (2,153 | ) |  |  | (8,049 | )
Above/below-market interest expense |  |  | 5 |  |  |  | 27 |
Finance lease interest expense |  |  | (523 | ) |  |  | (2,061 | )
Other (expense) income |  |  | (814 | ) |  |  | 3,270 |
Impairment charges |  |  | (1,678 | ) |  |  | (1,678 | )
CORE PORTFOLIO AND INVESTMENT MANAGEMENT INCOME |  |  | 45,951 |  |  |  | 176,090 |
FEE AND OTHER INCOME 3 |  |  |  |  |  |
Asset and property management fees |  |  | 283 |  |  |  | 907 |
Development, construction, leasing and legal fees |  |  | 741 |  |  |  | 1,095 |
Total Investment Management Fee Income |  |  | 1,024 |  |  |  | 2,002 |
Net promote and other transactional income |  |  | — |  |  |  | — |
Total Investment Management Fee Income, Net Promote and Other Transactional Income |  |  | 1,024 |  |  |  | 2,002 |
Realized gains on marketable securities, net |  |  | 3,685 |  |  |  | 14,188 |
Less: previously recognized unrealized gains on marketable securities sold |  |  | (3,685 | ) |  |  | (14,188 | )
Unrealized gains (losses) on marketable securities |  |  | 949 |  |  |  | (4,616 | )
Income tax provision |  |  | (11 | ) |  |  | (212 | )
Total Fee and Other Income (Loss) |  |  | 1,962 |  |  |  | (2,826 | )
General and Administrative |  |  | (10,397 | ) |  |  | (40,559 | )
Depreciation and amortization |  |  | (35,097 | ) |  |  | (138,547 | )
Non-real estate depreciation and amortization |  |  | (92 | ) |  |  | (363 | )
(Loss) gain on disposition of properties |  |  | (393 | ) |  |  | (834 | )
Gain (loss) before equity in earnings and noncontrolling interests |  |  | 1,934 |  |  |  | (7,039 | )
Equity in (losses) earnings of unconsolidated affiliates |  |  | (774 | ) |  |  | 15,178 |
Noncontrolling interests (including redeemable noncontrolling interests) |  |  | 7,364 |  |  |  | 13,511 |
NET INCOME ATTRIBUTABLE TO ACADIA SHAREHOLDERS |  | $ | 8,524 |  |  | $ | 21,650 |

| 7 | Table of Contents

| Statements of Operations – P ro-Rata Adjustments 7
Supplemental Report – December 31, 2024 | (in thousands)

|  | Quarter Ended December 31, 2024 |  |  | Year Ended December 31, 2024 |
CORE 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 |  | $ | (28,076 | ) |  | $ | 12,430 |  |  | $ | (115,524 | ) |  | $ | 53,641 |
Percentage rents |  |  | (145 | ) |  |  | 93 |  |  |  | (586 | ) |  |  | 371 |
Expense reimbursements - CAM |  |  | (4,390 | ) |  |  | 1,874 |  |  |  | (17,711 | ) |  |  | 7,557 |
Expense reimbursements - Taxes |  |  | (3,731 | ) |  |  | 1,955 |  |  |  | (14,115 | ) |  |  | 7,925 |
Other property income |  |  | (293 | ) |  |  | 76 |  |  |  | (1,371 | ) |  |  | 524 |
Total Revenues |  |  | (36,635 | ) |  |  | 16,428 |  |  |  | (149,307 | ) |  |  | 70,018 |
EXPENSES |  |  |  |  |  |  |  |  |  |  |  |
Property operating - CAM |  |  | (6,303 | ) |  |  | 2,304 |  |  |  | (25,020 | ) |  |  | 8,650 |
Other property operating (Non-CAM) |  |  | (561 | ) |  |  | 138 |  |  |  | (3,075 | ) |  |  | 898 |
Real estate taxes |  |  | (4,834 | ) |  |  | 3,008 |  |  |  | (18,269 | ) |  |  | 12,220 |
Asset and property management expense |  |  | (397 | ) |  |  | 519 |  |  |  | (1,786 | ) |  |  | 2,330 |
Total Expenses |  |  | (12,095 | ) |  |  | 5,969 |  |  |  | (48,150 | ) |  |  | 24,098 |
NET OPERATING INCOME - PROPERTIES |  |  | (24,540 | ) |  |  | 10,459 |  |  |  | (101,157 | ) |  |  | 45,920 |
OTHER INCOME (EXPENSE) |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  | (146 | ) |  |  | 46 |  |  |  | (475 | ) |  |  | 102 |
Straight-line rent income |  |  | (536 | ) |  |  | 471 |  |  |  | (3,844 | ) |  |  | 2,979 |
Above/below-market rent (expense) income |  |  | (736 | ) |  |  | 638 |  |  |  | (2,881 | ) |  |  | 2,219 |
Interest expense |  |  | 12,545 |  |  |  | (4,536 | ) |  |  | 49,426 |  |  |  | (18,719 | )
Amortization of finance costs |  |  | 939 |  |  |  | (288 | ) |  |  | 3,868 |  |  |  | (1,302 | )
Above/below-market interest expense |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 135 |
Finance lease interest expense |  |  | 345 |  |  |  | (102 | ) |  |  | 1,369 |  |  |  | (403 | )
Other (expense) income |  |  | (119 | ) |  |  | (1 | ) |  |  | (1,089 | ) |  |  | 28 |
Impairment charges |  |  | 928 |  |  |  | — |  |  |  | 928 |  |  |  | — |
CORE PORTFOLIO AND INVESTMENT MANAGEMENT INCOME |  |  | (11,320 | ) |  |  | 6,687 |  |  |  | (53,855 | ) |  |  | 30,959 |
FEE AND OTHER INCOME 3 |  |  |  |  |  |  |  |  |  |  |  |
Asset and property management fees |  |  | 2,613 |  |  |  | 152 |  |  |  | 11,485 |  |  |  | 598 |
Development, construction, leasing and legal fees |  |  | 1,027 |  |  |  | 97 |  |  |  | 5,737 |  |  |  | 387 |
Total Investment Management Fee Income |  |  | 3,640 |  |  |  | 249 |  |  |  | 17,222 |  |  |  | 985 |
Net promote and other transactional income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total Investment Management Fee Income, Net Promote and Other Transactional Income |  |  | 3,640 |  |  |  | 249 |  |  |  | 17,222 |  |  |  | 985 |
Income tax provision |  |  | (18 | ) |  |  | (2 | ) |  |  | 38 |  |  |  | (14 | )
Total Fee and Other Income (Loss) |  |  | 3,622 |  |  |  | 247 |  |  |  | 17,260 |  |  |  | 971 |
General and Administrative |  |  | 725 |  |  |  | (438 | ) |  |  | 2,730 |  |  |  | (1,326 | )
Depreciation and amortization |  |  | 14,693 |  |  |  | (7,261 | ) |  |  | 62,186 |  |  |  | (31,089 | )
Loss (gain) on disposition of properties |  |  | 7 |  |  |  | (9 | ) |  |  | (13,743 | ) |  |  | 15,663 |
Gain (loss) before equity in earnings and noncontrolling interests |  |  | 7,727 |  |  |  | (774 | ) |  |  | 14,578 |  |  |  | 15,178 |
Equity in (losses) earnings of unconsolidated affiliates |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Noncontrolling interests 6 |  |  | (363 | ) |  |  | — |  |  |  | (1,067 | ) |  |  | — |
NET INCOME (LOSS) ATTRIBUTABLE TO ACADIA SHAREHOLDERS |  | $ | 7,364 |  |  | $ | (774 | ) |  | $ | 13,511 |  |  | $ | 15,178 |

| 8 | Table of Contents

| Balance Sheet
Supplemental Report – December 31, 2024 | (in thousands)

ASSETS |  | Consolidated Balance Sheet |  |  | Line Item Details: |
Real estate |  |  |  |  |  |  |  |
Buildings and improvements |  | $ | 3,174,250 |  |  | Components of Real estate under development: |
Tenant improvements |  |  | 304,645 |  |  | Core |  | $ | 98,255 |
Land |  |  | 906,031 |  |  | Fund III |  |  | 31,364 |
Construction in progress |  |  | 23,704 |  |  | Total |  | $ | 129,619 |
Right-of-use assets - finance leases |  |  | 61,366 |  |  |  |  |  |
|  |  | 4,469,996 |  |  |  |  |  |
Less: Accumulated depreciation and amortization |  |  | (926,022 | ) |  |  |  |  |
Operating real estate, net |  |  | 3,543,974 |  |  |  |  |  |
Real estate under development |  |  | 129,619 |  |  | Summary of other assets, net: |
Net investments in real estate |  |  | 3,673,593 |  |  | Deferred charges, net |  | $ | 39,189 |
Notes receivable, net ($2,004 of allowance for credit losses) |  |  | 126,584 |  |  | Accrued interest receivable |  |  | 32,154 |
Investments in and advances to unconsolidated affiliates |  |  | 209,232 |  |  | Due from seller |  |  | 2,343 |
Lease intangibles, net |  |  | 86,853 |  |  | Prepaid expenses |  |  | 15,448 |
Other assets, net |  |  | 136,914 |  |  | Other receivables |  |  | 2,523 |
Right-of-use assets - operating leases, net |  |  | 25,531 |  |  | Income taxes receivable |  |  | 1,475 |
Cash and cash equivalents |  |  | 16,806 |  |  | Corporate assets, net |  |  | 563 |
Restricted cash |  |  | 22,897 |  |  | Deposits |  |  | 12,074 |
Marketable securities |  |  | 14,771 |  |  | Derivative financial instruments |  |  | 31,145 |
Straight-line rents receivable, net |  |  | 40,760 |  |  | Total |  | $ | 136,914 |
Rents receivable, net |  |  | 17,262 |  |  |  |  |  |
Total assets |  | $ | 4,371,203 |  |  |  |  |  |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY |  |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |
Mortgage and other notes payable, net |  |  | 953,700 |  |  | Summary of accounts payable and other liabilities: |
Unsecured notes payable, net |  |  | 569,566 |  |  | Lease liability - finance leases, net |  | $ | 31,374 |
Unsecured line of credit |  |  | 14,000 |  |  | Accounts payable and accrued expenses |  |  | 68,354 |
Accounts payable and other liabilities |  |  | 155,192 |  |  | Deferred income |  |  | 39,351 |
Lease liabilities - operating leases |  |  | 27,920 |  |  | Tenant security deposits, escrow and other |  |  | 14,515 |
Dividends and distributions payable |  |  | 24,505 |  |  | Derivative financial instruments |  |  | 1,598 |
Lease intangibles, net |  |  | 77,534 |  |  | Total |  | $ | 155,192 |
Distributions in excess of income from, and investments in, unconsolidated affiliates |  |  | 16,514 |  |  |  |  |  |
Total liabilities |  |  | 1,838,931 |  |  |  |  |  |
Commitments and contingencies |  |  |  |  |  |  |  |
Redeemable noncontrolling interests |  |  | 30,583 |  |  |  |  |  |
Shareholders' Equity |  |  |  |  |  |  |  |
Common shares |  |  | 120 |  |  |  |  |  |
Additional paid-in capital |  |  | 2,436,285 |  |  |  |  |  |
Accumulated other comprehensive income |  |  | 38,650 |  |  |  |  |  |
Distributions in excess of accumulated earnings |  |  | (409,383 | ) |  |  |  |  |
Total Acadia shareholders’ equity |  |  | 2,065,672 |  |  |  |  |  |
Noncontrolling interests |  |  | 436,017 |  |  |  |  |  |
Total equity |  |  | 2,501,689 |  |  |  |  |  |
Total liabilities, redeemable noncontrolling interests, and equity |  | $ | 4,371,203 |  |  |  |  |  |

| 9 | Table of Contents

| Balance Sheet – Pro-rata Adjustments 7
Supplemental Report – December 31, 2024 | (in thousands)

ASSETS |  | Noncontrolling Interest in Consolidated Subsidiaries 4 |  |  | Company’s Interest in Unconsolidated Subsidiaries 5 |
Real estate |  |  |  |  |  |
Buildings and improvements |  | $ | (202,684 | ) |  | $ | 80,864 |
Tenant improvements |  |  | (812,838 | ) |  |  | 297,732 |
Land |  |  | (62,650 | ) |  |  | 19,835 |
Construction in progress |  |  | (6,486 | ) |  |  | 2,254 |
Right-of-use assets - finance leases |  |  | (22,571 | ) |  |  | 22,057 |
|  |  | (1,107,229 | ) |  |  | 422,742 |
Less: Accumulated depreciation and amortization |  |  | 168,676 |  |  |  | (81,796 | )
Operating real estate, net |  |  | (938,553 | ) |  |  | 340,946 |
Real estate under development |  |  | (23,667 | ) |  |  | 2,216 |
Net investments in real estate |  |  | (962,220 | ) |  |  | 343,162 |
Notes receivable, net ($2,004 of allowance for credit losses) |  |  | 65,902 |  |  |  | — |
Investments in and advances to unconsolidated affiliates |  |  | (33,752 | ) |  |  | (145,779 | )
Lease intangibles, net |  |  | (32,278 | ) |  |  | 11,479 |
Other assets, net |  |  | 5,133 |  |  |  | 6,252 |
Right-of-use assets - operating leases, net |  |  | (1,571 | ) |  |  | — |
Cash and cash equivalents |  |  | (10,844 | ) |  |  | 6,324 |
Restricted cash |  |  | (7,645 | ) |  |  | 6,727 |
Marketable securities |  |  | — |  |  |  | — |
Straight-line rents receivable, net |  |  | (11,178 | ) |  |  | 6,602 |
Rents receivable, net |  |  | (5,835 | ) |  |  | 2,109 |
Total assets |  | $ | (994,288 | ) |  | $ | 236,876 |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY |  |  |  |  |  |
Mortgage and other notes payable, net |  | $ | (568,222 | ) |  | $ | 210,644 |
Unsecured notes payable, net |  |  | — |  |  |  | — |
Unsecured line of credit |  |  | — |  |  |  | — |
Accounts payable and other liabilities |  |  | (27,722 | ) |  |  | 22,361 |
Lease intangibles, net |  |  | (29,249 | ) |  |  | 12,204 |
Lease liabilities - operating leases |  |  | (1,650 | ) |  |  | 4 |
Dividends and distributions payable |  |  | — |  |  |  | — |
Lease liability - finance leases |  |  | (21,169 | ) |  |  | 8,179 |
Distributions in excess of income from, and investments in, unconsolidated affiliates |  |  | — |  |  |  | (16,516 | )
Total liabilities |  |  | (648,012 | ) |  |  | 236,876 |
Shareholders' Equity |  |  |  |  |  |
Common shares |  |  | — |  |  |  | — |
Additional paid-in capital |  |  | — |  |  |  | — |
Accumulated other comprehensive income |  |  | — |  |  |  | — |
Distributions in excess of accumulated earnings |  |  | — |  |  |  | — |
Total Acadia shareholders’ equity |  |  | — |  |  |  | — |
Noncontrolling interests (including redeemable noncontrolling interests) |  |  | (346,276 | ) |  |  | — |
Total equity |  |  | (346,276 | ) |  |  | — |
Total liabilities, redeemable noncontrolling interests, and equity |  | $ | (994,288 | ) |  | $ | 236,876 |

1.
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.
2.
Net of consolidated capitalized interest of $2.1 million and $7.3 million for the three months and year ended December 31, 2024, respectively.
3.
Refer to Fee Income Detail page in the Supplemental Report.
4.
Noncontrolling interests represent limited partners’ interests in consolidated partnerships’ activities and includes redeemable noncontrolling interests.
5.
Represents the Company’s pro-rata share of unconsolidated investments (which consists of unconsolidated Core properties but also includes Investment Management assets that are held off-balance sheet), of which each are included on a single line presentation in the Company’s consolidated financial statements in accordance with GAAP.
6.
This represents the (loss) income allocable to Operating Partnership Units of $0.4 million and $1.1 million, respectively, for the three months and year ended December 31, 2024.
7.
The Company currently has controlling ownership interests in both (a) Investment Management (represented by Funds II, III, IV & V) and (b) non-wholly owned Core assets. All properties which the Company is deemed to control are consolidated within the Company's financial statements.

| 10 | Table of Contents

| Funds from Opera tions (“FFO”), FFO Before Special Items, Adjusted Funds from Operations (“AFFO”)
Supplemental Report – December 31, 2024 | (in thousands, except per share amounts)

|  | Quarter Ended |  |  | Year Ended |  |  | Quarter Ended |  |  | Year Ended |
|  | March 31, 2024 |  |  | June 30, 2024 |  |  | September 30, 2024 |  |  | December 31, 2024 |  |  | December 31, 2024 |  |  | December 31, 2023 |  |  | December 31, 2023 |
Funds from operations ("FFO"): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Income (Loss) attributable to Acadia |  | $ | 3,269 |  |  | $ | 1,443 |  |  | $ | 8,414 |  |  | $ | 8,524 |  |  | $ | 21,650 |  |  | $ | (1,337 | ) |  | $ | 19,873 |
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share) |  |  | 27,087 |  |  |  | 26,291 |  |  |  | 26,407 |  |  |  | 27,665 |  |  |  | 107,450 |  |  |  | 27,689 |  |  |  | 109,732 |
Loss (gain) on disposition on real estate properties (net of noncontrolling interest share) |  |  | 275 |  |  |  | 568 |  |  |  | (2,324 | ) |  |  | 395 |  |  |  | (1,086 | ) |  |  | — |  |  |  | — |
Impairment charges (net of noncontrolling interest share) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 750 |  |  |  | 750 |  |  |  | — |  |  |  | 852 |
Income attributable to noncontrolling interests' share in Operating Partnership |  |  | 326 |  |  |  | 187 |  |  |  | 465 |  |  |  | 430 |  |  |  | 1,408 |  |  |  | 92 |  |  |  | 1,774 |
FFO to Common Shareholders and Common OP Unit holders - Diluted |  | $ | 30,957 |  |  | $ | 28,489 |  |  | $ | 32,962 |  |  | $ | 37,764 |  |  | $ | 130,172 |  |  | $ | 26,444 |  |  | $ | 132,231 |
Unrealized holding loss (gain) (net of noncontrolling interest share) |  |  | 2,015 |  |  |  | 2,308 |  |  |  | 1,242 |  |  |  | (949 | ) |  |  | 4,616 |  |  |  | (352 | ) |  |  | (3,762 | )
Realized gain |  |  | 3,994 |  |  |  | 3,586 |  |  |  | 2,923 |  |  |  | 3,685 |  |  |  | 14,188 |  |  |  | 2,265 |  |  |  | 4,636 |
FFO before Special Items attributable to Common Shareholder and Common OP Unit holders 1 |  | $ | 36,966 |  |  | $ | 34,383 |  |  | $ | 37,127 |  |  | $ | 40,500 |  |  | $ | 148,976 |  |  | $ | 28,357 |  |  | $ | 133,105 |
Less: Non-cash and non-recurring gain from BBBY lease termination |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (7,758 | )
Funds From Operations Before Special Items attributable to Common Shareholders and Common OP Unit holders, excluding BBBY gain 2 |  | $ | 36,966 |  |  | $ | 34,383 |  |  | $ | 37,127 |  |  | $ | 40,500 |  |  | $ | 148,976 |  |  | $ | 28,357 |  |  | $ | 125,347 |
Adjusted Funds from operations ("AFFO"): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FFO |  | $ | 30,957 |  |  | $ | 28,489 |  |  | $ | 32,962 |  |  | $ | 37,764 |  |  | $ | 130,172 |  |  | $ | 26,444 |  |  | $ | 132,231 |
Unrealized holding loss (gain) (net of noncontrolling interest share) |  |  | 2,015 |  |  |  | 2,308 |  |  |  | 1,242 |  |  |  | (949 | ) |  |  | 4,616 |  |  |  | (352 | ) |  |  | (3,762 | )
Realized gain |  |  | 3,994 |  |  |  | 3,586 |  |  |  | 2,923 |  |  |  | 3,685 |  |  |  | 14,188 |  |  |  | 2,265 |  |  |  | 4,636 |
Straight-line rent, net |  |  | (196 | ) |  |  | (977 | ) |  |  | (1,436 | ) |  |  | (2,640 | ) |  |  | (5,249 | ) |  |  | (611 | ) |  |  | (1,690 | )
Above/below-market rent |  |  | (1,175 | ) |  |  | (1,316 | ) |  |  | (1,096 | ) |  |  | (1,702 | ) |  |  | (5,289 | ) |  |  | (1,583 | ) |  |  | (14,904 | )
Amortization of finance costs |  |  | 1,096 |  |  |  | 1,540 |  |  |  | 1,345 |  |  |  | 1,502 |  |  |  | 5,483 |  |  |  | 1,226 |  |  |  | 4,477 |
Above/below-market interest |  |  | (43 | ) |  |  | (109 | ) |  |  | (5 | ) |  |  | (5 | ) |  |  | (162 | ) |  |  | (56 | ) |  |  | (209 | )
Non-real estate depreciation |  |  | 91 |  |  |  | 91 |  |  |  | 89 |  |  |  | 92 |  |  |  | 363 |  |  |  | 91 |  |  |  | 363 |
Stock-based compensation |  |  | 3,938 |  |  |  | 2,406 |  |  |  | 2,388 |  |  |  | 2,400 |  |  |  | 11,132 |  |  |  | 2,261 |  |  |  | 10,581 |
Leasing commissions |  |  | (560 | ) |  |  | (1,362 | ) |  |  | (544 | ) |  |  | (1,908 | ) |  |  | (4,374 | ) |  |  | (2,208 | ) |  |  | (5,941 | )
Tenant improvements |  |  | (1,212 | ) |  |  | (907 | ) |  |  | (2,701 | ) |  |  | (3,676 | ) |  |  | (8,496 | ) |  |  | (1,708 | ) |  |  | (10,594 | )
Maintenance capital expenditures |  |  | (1,640 | ) |  |  | (2,143 | ) |  |  | (2,037 | ) |  |  | (2,053 | ) |  |  | (7,873 | ) |  |  | (1,434 | ) |  |  | (8,618 | )
AFFO to Common Shareholders and Common OP Unit holders |  | $ | 37,265 |  |  | $ | 31,606 |  |  | $ | 33,130 |  |  | $ | 32,510 |  |  | $ | 134,511 |  |  | $ | 24,335 |  |  | $ | 106,570 |
Total weighted-average diluted shares and OP Units |  |  | 111,051 |  |  |  | 111,837 |  |  |  | 117,004 |  |  |  | 126,255 |  |  |  | 116,078 |  |  |  | 102,963 |  |  |  | 102,928 |
Diluted FFO per Common share and OP Unit: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FFO |  | $ | 0.28 |  |  | $ | 0.25 |  |  | $ | 0.28 |  |  | $ | 0.30 |  |  | $ | 1.12 |  |  | $ | 0.26 |  |  | $ | 1.28 |
FFO before Special Items |  | $ | 0.33 |  |  | $ | 0.31 |  |  | $ | 0.32 |  |  | $ | 0.32 |  |  | $ | 1.28 |  |  | $ | 0.28 |  |  | $ | 1.29 |
FFO before Special Items, excluding non-cash and non-recurring BBBY gain 2 |  | $ | 0.33 |  |  | $ | 0.31 |  |  | $ | 0.32 |  |  | $ | 0.32 |  |  | $ | 1.28 |  |  | $ | 0.28 |  |  | $ | 1.22 |

1.
The Company defines Special Items to include (i) unrealized holding losses or gains (net of noncontrolling interest share) on investments and (ii) other costs that do not occur in the ordinary course of the Company's underwriting and investing business.
2.
Results for the year ended December 31, 2023 included a non-cash gain of $7.8 million from the termination of the Bed Bath and Beyond below-market lease at 555 9th Street in San Francisco, California.

| 11 | Table of Contents

| EBI TDA
Supplemental Report – December 31, 2024 | (in thousands)

|  | Quarter Ended |  |  | Year Ended |  |
|  | December 31, |  |  | December 31, |  |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |  |
EBITDA: |  |  |  |  |  |  |  |  |  |  |  |  |
Net Income (Loss) Attributable to Acadia |  | $ | 8,524 |  |  | $ | (1,337 | ) |  | $ | 21,650 |  |  | $ | 19,873 |  |
Adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 27,757 |  |  |  | 27,780 |  |  |  | 107,813 |  |  |  | 110,095 |  |
Interest expense |  |  | 11,224 |  |  |  | 16,040 |  |  |  | 51,767 |  |  |  | 64,111 |  |
Amortization of finance costs |  |  | 1,502 |  |  |  | 1,226 |  |  |  | 5,483 |  |  |  | 4,477 |  |
Above/below-market interest |  |  | (5 | ) |  |  | (56 | ) |  |  | (162 | ) |  |  | (209 | ) |
(Gain) loss on disposition of properties |  |  | 395 |  |  |  | — |  |  |  | (1,086 | ) |  |  | — |  |
Unrealized holding loss (gain) on investment in Albertsons and other |  |  | (949 | ) |  |  | (352 | ) |  |  | 4,616 |  |  |  | (3,762 | ) |
Realized gain |  |  | 3,685 |  |  |  | 2,265 |  |  |  | 14,188 |  |  |  | 4,636 |  |
Provision for income taxes |  |  | 31 |  |  |  | 53 |  |  |  | 188 |  |  |  | 215 |  |
Impairment charges |  |  | 750 |  |  |  | — |  |  |  | 750 |  |  |  | 852 |  |
Noncontrolling interest - OP |  |  | 363 |  |  |  | (31 | ) |  |  | 1,067 |  |  |  | 1,282 |  |
EBITDA |  | $ | 53,277 |  |  | $ | 45,588 |  |  | $ | 206,274 |  |  | $ | 201,570 |  |
Less: Realized gain |  |  | (3,685 | ) |  |  | (2,265 | ) |  |  | (14,188 | ) |  |  | (4,636 | ) |
Core EBITDA excluding realized gains |  | $ | 49,592 |  |  | $ | 43,323 |  |  | $ | 192,086 |  |  | $ | 196,934 |  |

| 12 | Table of Contents

| Core Portfolio – Same P roperty Performance 1
Supplemental Report – December 31, 2024 | (in thousands)

|  | Quarter Ended December 31, |  |  | Change |  |  | Year Ended December 31, |  |  | Change |
|  | 2024 |  |  | 2023 |  |  | Favorable/ (Unfavorable) |  |  | 2024 |  |  | 2023 |  |  | Favorable/ (Unfavorable) |
Summary |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Minimum rents |  | $ | 36,851 |  |  | $ | 34,572 |  |  |  | 6.6 | % |  | $ | 144,403 |  |  | $ | 137,066 |  |  |  | 5.4 | %
Expense reimbursements |  |  | 8,802 |  |  |  | 9,714 |  |  |  | (9.4 | )% |  |  | 35,689 |  |  |  | 35,055 |  |  |  | 1.8 | %
Other property income |  |  | 613 |  |  |  | 672 |  |  |  | (8.8 | )% |  |  | 3,065 |  |  |  | 3,123 |  |  |  | (1.9 | )%
Total Revenue |  |  | 46,266 |  |  |  | 44,958 |  |  |  | 2.9 | % |  |  | 183,157 |  |  |  | 175,244 |  |  |  | 4.5 | %
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property operating - CAM & Real estate taxes |  |  | 12,083 |  |  |  | 12,340 |  |  |  | 2.1 | % |  |  | 48,185 |  |  |  | 46,867 |  |  |  | (2.8 | )%
Other property operating (Non-CAM) |  |  | 1,532 |  |  |  | 1,724 |  |  |  | 11.1 | % |  |  | 6,379 |  |  |  | 6,754 |  |  |  | 5.6 | %
Total Expenses |  |  | 13,615 |  |  |  | 14,064 |  |  |  | 3.2 | % |  |  | 54,564 |  |  |  | 53,621 |  |  |  | (1.8 | )%
Same Property NOI - Core properties |  | $ | 32,651 |  |  | $ | 30,894 |  |  |  | 5.7 | % |  | $ | 128,593 |  |  | $ | 121,623 |  |  |  | 5.7 | %
Reconciliation of Same Property NOI to Core NOI |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
NOI of Properties excluded from Same Property NOI |  |  | 3,340 |  |  |  | 3,378 |  |  |  |  |  |  | 11,680 |  |  |  | 18,392 |  |  |  |
Core NOI |  | $ | 35,991 |  |  | $ | 34,272 |  |  |  |  |  | $ | 140,273 |  |  | $ | 140,015 |  |  |  |
Other same property information |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Physical Occupancy at the end of the period |  |  | 93.1 | % |  |  | 93.1 | % |  |  |  |  |  |  |  |  |  |  |  |
Leased Occupancy at the end of the period |  |  | 95.8 | % |  |  | 95.1 | % |  |  |  |  |  |  |  |  |  |  |  |

1.
The above amounts include the pro-rata share of the Company's Core consolidated and unconsolidated investments.

| 13 | Table of Contents

| Fee Income Detail 1
Supplemental Report – December 31, 2024 | (in thousands)

|  | Fund II |  |  | Fund III |  |  | Fund IV |  |  | Fund V |  |  | Other 2 |  |  | Total |
Year to Date December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset and property management fees |  | $ | 340 |  |  | $ | 87 |  |  | $ | 2,705 |  |  | $ | 9,049 |  |  | $ | 809 |  |  | $ | 12,990 |
Transactional fees |  |  | 440 |  |  |  | 270 |  |  |  | 958 |  |  |  | 4,575 |  |  |  | 976 |  |  |  | 7,219 |
Total fees |  | $ | 780 |  |  | $ | 357 |  |  | $ | 3,663 |  |  | $ | 13,624 |  |  | $ | 1,785 |  |  | $ | 20,209 |
Quarter Ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset and property management fees |  | $ | 95 |  |  | $ | 18 |  |  | $ | 515 |  |  | $ | 2,154 |  |  | $ | 266 |  |  | $ | 3,048 |
Transactional fees |  |  | 33 |  |  |  | 26 |  |  |  | 105 |  |  |  | 975 |  |  |  | 726 |  |  |  | 1,865 |
Total fees |  | $ | 128 |  |  | $ | 44 |  |  | $ | 620 |  |  | $ | 3,129 |  |  | $ | 992 |  |  | $ | 4,913 |
Quarter Ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset and property management fees |  | $ | 90 |  |  | $ | 22 |  |  | $ | 616 |  |  | $ | 2,991 |  |  | $ | 188 |  |  | $ | 3,907 |
Transactional fees |  |  | 203 |  |  |  | 195 |  |  |  | 280 |  |  |  | 902 |  |  |  | 47 |  |  |  | 1,627 |
Total fees |  | $ | 293 |  |  | $ | 217 |  |  | $ | 896 |  |  | $ | 3,893 |  |  | $ | 235 |  |  | $ | 5,534 |
Quarter Ended June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset and property management fees |  | $ | 80 |  |  | $ | 26 |  |  | $ | 709 |  |  | $ | 2,000 |  |  | $ | 199 |  |  | $ | 3,014 |
Transactional fees |  |  | 85 |  |  |  | 34 |  |  |  | 290 |  |  |  | 1,251 |  |  |  | 150 |  |  |  | 1,810 |
Total fees |  | $ | 165 |  |  | $ | 60 |  |  | $ | 999 |  |  | $ | 3,251 |  |  | $ | 349 |  |  | $ | 4,824 |
Quarter Ended March 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset and property management fees |  | $ | 75 |  |  | $ | 21 |  |  | $ | 865 |  |  | $ | 1,904 |  |  | $ | 156 |  |  | $ | 3,021 |
Transactional fees |  |  | 119 |  |  |  | 15 |  |  |  | 283 |  |  |  | 1,447 |  |  |  | 53 |  |  |  | 1,917 |
Total fees |  | $ | 194 |  |  | $ | 36 |  |  | $ | 1,148 |  |  | $ | 3,351 |  |  | $ | 209 |  |  | $ | 4,938 |

1.
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' share of fee income from Unconsolidated Subsidiaries.
2.
Other includes fees generated from non-wholly owned joint ventures (within both Core and Investment Management) as well as third-party managed assets.
(1)

| 14 | Table of Contents

| Structured Financing Portfolio
Supplemental Report – December 31, 2024 | (in thousands)

|  | September 30, 2024 |  |  | Quarter Ended December 31, 2024 |  |  | Stated |  |  | Effective |  |  |
|  | Principal |  |  | Accrued |  |  | Ending |  |  |  |  |  | Repayments/ |  |  | Current |  |  | Accrued |  |  | Ending |  |  | Interest |  |  | 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 2025
Other notes 2,4 |  |  | 135,351 |  |  |  | 46,837 |  |  |  | 182,188 |  |  |  | 167 |  |  |  | — |  |  |  | 135,518 |  |  |  | 52,160 |  |  |  | 187,678 |  |  |  | 11.63 | % |  |  | 11.73 | % |  | Sept 2024 - Dec 2027
Total Core notes receivable |  | $ | 195,152 |  |  | $ | 50,646 |  |  | $ | 245,798 |  |  | $ | 167 |  |  | $ | — |  |  | $ | 195,319 |  |  | $ | 55,969 |  |  | $ | 251,288 |  |  |  | 9.90 | % |  |  | 10.09 | % |  |
__________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reconciliation of Notes Receivable to the Pro-Rata Balance Sheet: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Notes Receivable per above |  |  | $ | 195,319 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for credit loss |  |  |  | (2,833 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total pro-rata Notes Receivable |  |  | $ | 192,486 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

1.
One Core 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 December 31, 2024.
2.
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.
3.
Certain first mortgage notes have extension options subject to customary conditions.
4.
Includes one Core Portfolio note with a principal balance of $54.0 million that matured on January 9, 2025 and was extended to February 25, 2025 as the parties are finalizing a longer term extension.

| 15 | Table of Contents

| Transactional Activity
Supplemental Report – December 31, 2024 | (in thousands)

PROPERTY ACQUISITIONS AND DISPOSITIONS |
Property Name |  | Location |  | Date of Transaction |  | Transaction Amount 1 |  |  | Ownership % 2 |  |  | Investment Management Share |  |  | Acadia Share |
ACQUISITIONS 3 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Core: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bleecker Street Portfolio (4 assets) |  | New York, NY |  | September 2024 |  | $ | 20,347 |  |  |  | 100.00 | % |  | $ | — |  |  | $ | 20,347 |
N. Henderson Avenue Expansion Parcels |  | Dallas, TX |  | September 2024 November 2024 |  |  | 14,289 |  |  |  | 100.00 | % |  |  | — |  |  |  | 14,289 |
123-129 North 6th Street |  | Brooklyn, NY |  | October 2024 |  |  | 35,343 |  |  |  | 100.00 | % |  |  | — |  |  |  | 35,343 |
109 North 6th Street |  | Brooklyn, NY |  | October 2024 |  |  | 19,040 |  |  |  | 100.00 | % |  |  | — |  |  |  | 19,040 |
92-94 Greene Street |  | New York, NY |  | October 2024 |  |  | 43,594 |  |  |  | 100.00 | % |  |  | — |  |  |  | 43,594 |
106 Spring Street 5 |  | New York, NY |  | January 2025 |  |  | 55,000 |  |  |  | 100.00 | % |  |  | — |  |  |  | 55,000 |
73 Wooster Street 5 |  | New York, NY |  | January 2025 |  |  | 25,000 |  |  |  | 100.00 | % |  |  | — |  |  |  | 25,000 |
Renaissance Portfolio 5, 6 |  | Georgetown, Washington D.C. |  | January 2025 |  |  | 117,120 |  |  |  | 48.00 | % |  |  | — |  |  |  | 117,120 |
Investment Management: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other Co-Investment Vehicles: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Shops at Grand Avenue 3 |  | Queens, NY |  | May 2024 |  |  | 48,509 |  |  |  | 5.00 | % |  |  | 2,425 |  |  |  | 2,425 |
Walk at Highwoods Preserve 4 |  | Tampa, FL |  | July 2024 |  |  | 31,766 |  |  |  | 20.00 | % |  |  | 6,353 |  |  |  | 6,353 |
LINQ Promenade |  | Las Vegas, NV |  | December 2024 |  |  | 277,469 |  |  |  | 15.00 | % |  |  | 41,620 |  |  |  | 41,620 |
TOTAL ACQUISITIONS |  |  |  |  |  | $ | 687,477 |  |  |  |  |  | $ | 50,398 |  |  | $ | 380,131 |
DISPOSITIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Core: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Shops at Grand Avenue 3 |  | Queens, NY |  | May 2024 |  | $ | 48,250 |  |  |  | 100.00 | % |  | $ | 48,250 |  |  | $ | 48,250 |
Walk at Highwoods Preserve 4 |  | Tampa, FL |  | October 2024 |  |  | 31,366 |  |  |  | 100.00 | % |  |  | 31,366 |  |  |  | 31,366 |
Investment Management: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fund IV: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2207 & 2208-2216 Fillmore |  | San Francisco, CA |  | April 2024 |  |  | 14,060 |  |  |  | 90.00 | % |  |  | 12,654 |  |  |  | 2,926 |
Paramus Plaza |  | Paramus, NJ |  | June 2024 |  |  | 36,800 |  |  |  | 50.00 | % |  |  | 18,400 |  |  |  | 4,254 |
Fund V: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Canton Marketplace |  | Canton, GA |  | June 2024 |  |  | 2,200 |  |  |  | 100.00 | % |  |  | 2,200 |  |  |  | 442 |
Frederick Crossing |  | Frederick, MD |  | September 2024 |  |  | 47,200 |  |  |  | 90.00 | % |  |  | 42,480 |  |  |  | 8,538 |
TOTAL DISPOSITIONS |  |  |  |  |  | $ | 179,876 |  |  |  |  |  | $ | 155,350 |  |  | $ | 95,776 |
STRUCTURED FINANCING ACTIVITY |
Note Description |  | Transaction Type |  | Date of Transaction |  | Transaction Amount |  |  | Ownership % 1 |  |  | Investment Management Share |  |  | Acadia Share |
Core: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Georgetown Renaissance Portfolio |  | Partner Loan |  | May 2024 |  | $ | 7,631 |  |  |  | 100.00 | % |  | $ | — |  |  | $ | 7,631 |

1.
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.
2.
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.
3.
This was a single transaction in which the Company sold a 95% interest in Shops at Grand Avenue. The difference between the $48,509 acquisition amount and the $48,250 disposition amount is due to acquisition costs, which are included in the acquisition amount. Refer to footnote 2.
4.
In October 2024, the Company completed the capitalization of this investment with the sale of an 80% interest to an affiliate of Cohen & Steers Capital Management, Inc.
5.
Acquisitions that closed after December 31, 2024 do not reflect certain acquisitions costs that may be subsequently capitalized.
6.
Reflects the Company’s additional 48% ownership interest in the Georgetown Renaissance Portfolio effective January 2025.

| 16 | Table of Contents

| 202 5 Guidance
Supplemental Report – December 31, 2024 | (in millions, except per share amounts)

|  | 2025 Guidance Forecast |  |  |  |
|  | Low |  | High |  | 2024 Actual
(in $ millions, except per share amounts) |  | $ Millions |  | $/Share |  | $ Millions |  | $/Share |  | $ Millions |  | $/Share
Net earnings per share attributable to Acadia shareholders |  |  | $26.2 |  | $0.22 |  | $32.1 |  | $0.27 |  | $21.7 |  | $0.19
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interests' share) |  |  |  |  | 0.96 |  |  |  | 0.96 |  |  |  | 0.92
Gain on disposition of properties (net of noncontrolling interests' share) |  |  |  |  | — |  |  |  | — |  |  |  | (0.01)
Impairment charges (net of noncontrolling interest share) |  |  |  |  | — |  |  |  | — |  |  |  | 0.01
Noncontrolling interest in Operating Partnership |  |  |  |  | 0.01 |  |  |  | 0.01 |  |  |  | 0.01
NAREIT Funds from operations per share attributable to Common Shareholders and Common OP Unit holders |  |  |  |  | $1.19 |  |  |  | $1.24 |  |  |  | $1.12
Net unrealized holding loss 1,2 |  |  |  |  | — |  |  |  | — |  |  |  | 0.04
Funds From Operations Before Special Items and Realized Gains per share attributable to Common Shareholders and Common OP Unit holders |  |  |  |  | $1.19 |  |  |  | $1.24 |  |  |  | $1.16
Realized gains and promotes 2 |  |  |  |  | 0.11 |  |  |  | 0.15 |  |  |  | 0.12
Funds From Operations Before Special Items per share attributable to Common Shareholders and Common OP Unit holders |  |  |  |  | $1.30 |  |  |  | $1.39 |  |  |  | $1.28

| 17 | Table of Contents

| 2025 Guidance
Supplemental Report – December 31, 2024 | (in millions, except per share amounts)

|  | 2025 Guidance Forecast |  |  |  |
|  | Low |  | High |  | 2024 Actual
(in $ millions, except per share amounts) |  | $ Millions |  | $/Share |  | $ Millions |  | $/Share |  | $ Millions |  | $/Share
FFO Comprises: |  |  |  |  |  |  |  |  |  |  |
Core property NOI |  |  | $160 |  |  |  | $162 |  |  |  | $140 |  |
Investment Management property NOI |  |  | 38 |  |  |  | 39 |  |  |  | 34 |  |
Total NOI |  |  | 198 |  |  |  | 201 |  |  |  | 174 |  |
Core and Investment Management straight-line and above/below market rents |  |  | 12 |  |  |  | 14 |  |  |  | 11 |  |
Interest income (Structured Finance Portfolio) 3 |  |  | 26 |  |  |  | 27 |  |  |  | 25 |  |
Fund fee and other income |  |  | 20 |  |  |  | 22 |  |  |  | 20 |  |
Termination/other income 4 |  |  | 2 |  |  |  | 2 |  |  |  | 2 |  |
Realized gains and promotes 2 |  |  | 16 |  |  |  | 19 |  |  |  | 14 |  |
General and administrative |  |  | (42) |  |  |  | (44) |  |  |  | (39) |  |
Total interest expense and other, net 5 |  |  | (65) |  |  |  | (63) |  |  |  | (58) |  |
Funds from Operations before Special Items per share attributable to Common Shareholders and Common OP Unit holders |  |  | $167.0 |  | $1.30 |  | $178.0 |  | $1.39 |  | $149.0 |  | $1.28
Realized gains and promotes 2 |  |  | (15) |  |  |  | (19) |  |  |  | (14) |  |
Funds from Operations before Special Items and Realized Gains per share attributable to Common Shareholders and Common OP Unit holders |  |  | $152.0 |  | $1.19 |  | $159.0 |  | $1.24 |  | $134.8 |  | $1.16
Net unrealized holding loss 1 |  |  | — |  | — |  | — |  | — |  | (5) |  | (0.04)
NAREIT Funds from operations per share attributable to Common Shareholders and Common OP Unit holders |  |  | $152.0 |  | $1.19 |  | $159.0 |  | $1.24 |  | $130.2 |  | $1.12
Additional Guidance Assumptions 6 |  |  |  |  |  |  |  |  |  |  |  |  |
Fully diluted common shares - weighted average 7 |  |  | 119.0 |  |  |  | 119.0 |  |  |  | 108.3 |  |
Fully diluted common shares and OP Units - weighted average |  |  | 128.0 |  |  |  | 128.0 |  |  |  | 116.1 |  |
Same property net operating income growth |  |  | 5.0% |  |  |  | 6.0% |  |  |  | 5.7% |  |

1.
This represents the unrealized mark-to-market holding gains (losses) related to the Company’s investment in Albertsons, which was recognized in NAREIT FFO for the year ended December 31, 2024. 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.
2.
It is the Company’s policy to exclude unrealized gains and losses from FFO Before Special Items and to include and provide guidance for any anticipated realized gains related to the Company’s investment in Albertsons within FFO Before Special Items.
3.
2025 guidance (both high and low) for interest income assumes that the City Point partner loan remains outstanding throughout the full year, consistent with 2024.
4.
Included within our 2025 guidance is Core NOI and Termination/other income of approximately $6.0 million and $2.0 million, respectively, which is anticipated to be recognized in the first quarter of 2025 related to its lease with Whole Foods at City Center in San Francisco, CA. Included in Termination/other income in 2024 represents $2.0 million associated with a termination fee from a property sale.
5.
Includes interest expense, interest rate swaps, amortization of finance costs, amortization of above and below market interest, debt modifications and capital lease interest, net of capitalized interest.
6.
Consistent with prior years, 2025 guidance does not reflect any accretion or dilution from acquisitions or dispositions that may occur throughout the year. Guidance will be updated, as appropriate, as such transactions occur.
7.
2025 guidance and shares outstanding excludes the impact of the settlement of 11.1 million shares reported on page 5, Forward Equity Offerings.

| 18 | Table of Contents

19

9

| Net Asset Valuat ion Information
Supplemental Report – December 31, 2024 | (in thousands)

|  | CORE |  |  | FUND II 3 |  |  | FUND III |  |  | FUND IV |  |  | FUND V |  |  | Other Co-Investment Vehicles 5 |  |  | Total Investment Management |  |
Acadia Ownership Percentage |  | N/A |  |  |  | 61.67 | % |  |  | 24.54 | % |  |  | 23.12 | % |  |  | 20.10 | % |  |  |  |  |  |  |
Current Quarter NOI |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
At Pro-Rata 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Operating Income 2 |  | $ | 35,991 |  |  | N/A 3 |  |  | $ | 118 |  |  | $ | 833 |  |  | $ | 4,812 |  |  | $ | 532 |  |  | $ | 6,295 |  |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net operating loss (income) from properties sold or assets held for sale |  |  | — |  |  | N/A 3 |  |  |  | — |  |  |  | (7 | ) |  |  | 93 |  |  |  | — |  |  |  | 85 |  |
Net operating (income) loss from pre-stabilized assets, development and redevelopment projects 4 |  |  | (2,631 | ) |  | N/A 3 |  |  |  | (118 | ) |  |  | (210 | ) |  |  | — |  |  |  | — |  |  |  | (328 | ) |
Net Operating Income of stabilized assets |  | $ | 33,360 |  |  | N/A 3 |  |  | $ | — |  |  | $ | 616 |  |  | $ | 4,905 |  |  | $ | 532 |  |  | $ | 6,053 |  |
Costs to Date (Pro-Rata) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets held for sale |  | $ | — |  |  | N/A 3 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |
Pre-stabilized assets 4 |  |  | 153,196 |  |  | N/A 3 |  |  |  | 14,343 |  |  |  | 30,999 |  |  |  | — |  |  |  | — |  |  |  | 45,342 |  |
Development and redevelopment projects 6 |  |  | 662,100 |  |  | N/A 3 |  |  |  | 7,700 |  |  |  | 27,800 |  |  |  | — |  |  |  | — |  |  |  | 35,500 |  |
Total Costs to Date |  | $ | 815,296 |  |  | N/A 3 |  |  | $ | 22,043 |  |  | $ | 58,799 |  |  | $ | — |  |  | $ | — |  |  | $ | 80,842 |  |
Debt (Pro-Rata) |  | $ | 878,923 |  |  | $ | 79,886 |  |  | $ | 8,098 |  |  | $ | 33,300 |  |  | $ | 147,660 |  |  | $ | 30,350 |  |  | $ | 299,294 |  |

1.
This Net Asset Valuation Information page shows Acadia’s pro-rata portion of the Core and Investment Management Net Operating Income.
2.
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.
3.
Fund II has been substantially liquidated except for its investment in City Point. Amounts omitted as only remaining asset is City Point.
4.
Pre-stabilized assets consist of the following projects for Core: Route 6 Mall, Mad River, 664 N. Michigan Avenue and 651-671 West Diversey; Fund II: City Point; Fund III: 640 Broadway; Fund IV: 210 Bowery, 801 Madison, 27 E 61st Street and 1035 Third Avenue.
5.
Other Co-investment vehicles currently include the Company’s ownership interest in Shops at Grand Avenue, Walk at Highwoods Preserve and the LINQ Promenade.
6.
Refer to Development and Redevelopment Activity page for projects.

| 19 | Table of Contents

20

| Selected Fina ncial Ratios
Supplemental Report – December 31, 2024 | (in thousands, except per share amounts)

|  | Quarter Ended December 31, |  |  | Year Ended December 31, |  |  |  |  | Quarter Ended December 31, |
COVERAGE RATIOS 1 |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |  |  | LEVERAGE RATIOS |  | 2024 |  |  | 2023 |
Fixed-Charge Coverage Ratios |  |  |  |  |  |  |  |  |  |  |  |  |  | Debt/Market Capitalization Ratios |  |  |  |  |  |
EBITDA 2 divided by: |  | $ | 53,277 |  |  | $ | 45,588 |  |  | $ | 206,274 |  |  | $ | 201,570 |  |  | Debt + Preferred Equity (Preferred OP Units) |  | $ | 1,184,403 |  |  | $ | 1,452,214 |
Interest expense |  |  | 11,224 |  |  |  | 16,040 |  |  |  | 51,767 |  |  |  | 64,111 |  |  | Total Market Capitalization |  |  | 4,189,110 |  |  |  | 3,163,226 |
Principal Amortization |  |  | 1,783 |  |  |  | 1,214 |  |  |  | 10,705 |  |  |  | 4,857 |  |  | Debt + Preferred Equity/ |  |  |  |  |  |
Preferred Dividends 3 |  |  | 67 |  |  |  | 123 |  |  |  | 341 |  |  |  | 492 |  |  | Total Market Capitalization |  |  | 28 | % |  |  | 46 | %
Fixed-Charge Coverage Ratio - Core Portfolio and Investment Management |  |  | 4.1 | x |  |  | 2.6 | x |  |  | 3.3 | x |  |  | 2.9 | x |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Net debt 4 |  | $ | 1,150,537 |  |  | $ | 1,433,551 |
Payout Ratios |  |  |  |  |  |  |  |  |  |  |  |  |  | Total Market Capitalization |  |  | 4,189,110 |  |  |  | 3,163,226 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Net Debt + Preferred Equity/ |  |  |  |  |  |
Dividends declared (per share/OP Unit) |  | $ | 0.19 |  |  | $ | 0.18 |  |  | $ | 0.74 |  |  | $ | 0.72 |  |  | Total Market Capitalization |  |  | 27 | % |  |  | 45 | %
Dividends (Shares) & Distributions (OP Units) declared |  | $ | 24,420 |  |  | $ | 18,495 |  |  | $ | 87,364 |  |  | $ | 73,964 |  |  |  |  |  |  |  |  |
FFO 3 |  |  | 37,764 |  |  |  | 26,444 |  |  |  | 130,172 |  |  |  | 132,231 |  |  |  |  |  |  |  |  |
FFO Payout Ratio |  |  | 65 | % |  |  | 70 | % |  |  | 67 | % |  |  | 56 | % |  | Debt/EBITDA Ratios |  |  |  |  |  |
AFFO 3 |  |  | 32,510 |  |  |  | 24,335 |  |  |  | 134,511 |  |  |  | 106,570 |  |  | Net debt 4 |  |  | 1,144,351 |  |  |  | 1,425,669 |
AFFO Payout Ratio |  |  | 75 | % |  |  | 76 | % |  |  | 65 | % |  |  | 69 | % |  | EBITDA |  |  | 206,274 |  |  |  | 201,570 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | EBITDA excluding Realized Gains |  |  | 192,086 |  |  |  | 212,151 |
FFO Before Special Items |  |  | 40,500 |  |  |  | 28,357 |  |  |  | 148,976 |  |  |  | 133,105 |  |  | Net Debt/EBITDA - Core and Investment Management |  |  | 5.5 | x |  |  | 7.1 | x
FFO Before Special Items Payout Ratio |  |  | 60 | % |  |  | 65 | % |  |  | 59 | % |  |  | 56 | % |  | Net Debt/EBITDA excluding Realized Gains - Core and Investment Management |  |  | 6.0 | x |  |  | 6.7 | x

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.

1.
See EBITDA page in this Supplemental Report for a reconciliation of EBITDA to Net Income attributable to Acadia.
2.
Represents preferred distributions on Preferred Operating Partnership Units.
3.
See Funds from Operations (“FFO”), Adjusted Funds from Operations (“AFFO”) for a reconciliation of AFFO to Net Income attributable to Acadia.
4.
Reflects debt net of the current Core Portfolio and pro-rata share of the Investment Management cash and restricted cash balance at end of period.

| 20 | Table of Contents

21

| Portfolio De bt – Summary
Supplemental Report – December 31, 2024 | (in thousands)

|  | Acadia Pro-Rata Share of Debt 2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Core 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 (7) |  |  | 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 |  | $ | 271,961 |  |  |  | 3.9 |  |  | $ | 21,879 |  |  |  | 3.1 |  |  | $ | 293,840 |  |  |  | 3.9 |  |  |  | 884,377 |  |  |  | 1,178,217 |  |  |  |  |  |  | 100 | % |  | $ | 21,580 |  |  | $ | (57,205 | ) |  | $ | 1,142,592 |
Variable-Rate Debt 5 |  |  | 606,962 |  |  |  | 3.5 |  |  |  | 277,415 |  |  |  | 1.4 |  |  |  | 884,377 |  |  |  | 2.9 |  |  |  | (884,377 | ) |  |  | — |  |  |  |  |  |  | — | % |  |  | 550,139 |  |  |  | (144,784 | ) |  |  | 405,355 |
Total |  | $ | 878,923 |  |  |  | 3.6 |  |  | $ | 299,294 |  |  |  | 1.5 |  |  | $ | 1,178,217 |  |  |  | 3.1 |  |  | $ | — |  |  | $ | 1,178,217 |  |  |  | 4.9 | % |  |  | 100 | % |  | $ | 571,719 |  |  | $ | (201,989 | ) |  |  | 1,547,947 |
Unamortized premium |  |  |  |  |  |  |  |  |  |  |  |  | 212 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 212 |
Net unamortized loan costs |  |  |  |  |  |  |  |  |  |  |  |  | (9,732 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (10,893 | )
Contingent loan obligation |  |  |  |  |  |  |  |  |  |  |  |  | 10,991 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,179,688 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,537,266 |

1.
Fixed-rate debt includes notional principal fixed through swap transactions.
2.
Represents the Company's pro-rata share of debt based on its percent ownership.
3.
Represents the noncontrolling interest pro-rata share of consolidated partnership debt based on its percent ownership.
4.
Represents the Company's pro-rata share of unconsolidated partnership debt based on its percent ownership.
5.
Variable rate debt includes certain borrowings that are subject to interest rate cap agreements.
6.
Based on debt maturity date without regard to available extension options.
7.
Acadia’s pro-rata notional amount of swaps varies from the Swap Interest Rate Summary page due to probable forecasted issuances of debt associated with its acquisition pipeline.

| 21 | Table of Contents

| Portfolio Debt – Detail
Supplemental Report – December 31, 2024 | (in thousands)

|  |  |  | Principal Balance at |  |  | Acadia's Pro-rata Share |  |  | Interest |  |  |  | Extension
Property |  |  |  | December 31, 2024 |  |  | Percent |  |  | Amount |  |  | Rate |  | Maturity Date |  | Options
CORE PORTFOLIO |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-Rate Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
840 N. Michigan Avenue 2 |  |  |  | $ | 30,000 |  |  |  | 91.85 | % |  | $ | 27,555 |  |  | N/A |  | 12/10/26 |  | None
239 Greenwich Avenue |  |  |  |  | 26,000 |  |  |  | 75.00 | % |  |  | 19,500 |  |  | 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) |  |  |  |  | 13,949 |  |  |  | 50.00 | % |  |  | 6,975 |  |  | 4.72% |  | 12/10/27 |  | None
555 9th Street |  |  |  |  | 57,500 |  |  |  | 100.00 | % |  |  | 57,500 |  |  | 3.99% |  | 01/01/28 |  | 1x24 mos.
State & Washington |  |  |  |  | 20,690 |  |  |  | 100.00 | % |  |  | 20,690 |  |  | 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 |  |  |  |  | 9,953 |  |  |  | 100.00 | % |  |  | 9,953 |  |  | 4.01% |  | 11/05/29 |  | None
151 N. State Street |  |  |  |  | 11,830 |  |  |  | 100.00 | % |  |  | 11,830 |  |  | 4.03% |  | 12/01/29 |  | None
Concord & Milwaukee |  |  |  |  | 2,204 |  |  |  | 100.00 | % |  |  | 2,204 |  |  | 4.40% |  | 06/01/30 |  | None
Gotham Plaza |  |  |  |  | 28,000 |  |  |  | 49.00 | % |  |  | 13,720 |  |  | 5.90% |  | 10/05/34 |  | None
California & Armitage |  |  |  |  | 2,034 |  |  |  | 100.00 | % |  |  | 2,034 |  |  | 5.89% |  | 04/15/35 |  | None
Sub-Total Fixed-Rate Debt |  |  |  |  | 302,160 |  |  |  |  |  |  | 271,961 |  |  |  |  |  |  |
Variable-Rate Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Georgetown Portfolio (2016 Investment) |  |  |  |  | 152,000 |  |  |  | 20.00 | % |  |  | 30,400 |  |  | SOFR+2.65% |  | 11/06/26 |  | 2x12 mos.
3104 M Street 3 |  |  |  |  | 4,058 |  |  |  | 20.00 | % |  |  | 812 |  |  | PRIME |  | 01/01/27 |  | 2x12 mos.
Sullivan Center |  |  |  |  | 50,000 |  |  |  | 100.00 | % |  |  | 50,000 |  |  | SOFR+1.60% |  | 11/16/28 |  | None
Crossroads Shopping Center |  |  |  |  | 75,000 |  |  |  | 49.00 | % |  |  | 36,750 |  |  | SOFR+1.95% |  | 11/04/29 |  | 2x12 mos.
Revolving Credit Facility 4 |  |  |  |  | 14,000 |  |  |  | 100.00 | % |  |  | 14,000 |  |  | SOFR+1.35% |  | 04/15/28 |  | 2x6 mos.
Term Loan |  |  |  |  | 400,000 |  |  |  | 100.00 | % |  |  | 400,000 |  |  | SOFR+1.50% |  | 04/15/28 |  | 2x6 mos.
$75 Million Term Loan |  |  |  |  | 75,000 |  |  |  | 100.00 | % |  |  | 75,000 |  |  | SOFR+1.75% |  | 07/29/29 |  | None
Sub-Total Variable-Rate Debt |  |  |  |  | 770,058 |  |  |  |  |  |  | 606,962 |  |  |  |  |  |  |
Total Debt - Core Portfolio |  |  |  | $ | 1,072,218 |  |  |  |  |  | $ | 878,923 |  |  |  |  |  |  |
INVESTMENT MANAGEMENT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-Rate Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
650 Bald Hill Road |  | Fund IV |  |  | 14,996 |  |  |  | 20.81 | % |  |  | 3,120 |  |  | 3.75% |  | 06/01/26 |  | None
Shoppes at South Hills |  | Fund V |  |  | 32,256 |  |  |  | 18.09 | % |  |  | 5,835 |  |  | 5.95% |  | 03/01/28 |  | 1x12 mos.
Broughton Street Portfolio |  | Fund IV |  |  | 25,939 |  |  |  | 23.12 | % |  |  | 5,998 |  |  | 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 |  |  |  |  | 107,650 |  |  |  |  |  |  | 21,879 |  |  |  |  |  |  |
Variable-Rate Debt 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Palm Coast Landing |  | Fund V |  |  | 25,301 |  |  |  | 20.10 | % |  |  | 5,086 |  |  | SOFR+1.86% |  | 01/30/25 |  | None
Eden Square |  | Fund IV |  |  | 23,556 |  |  |  | 20.81 | % |  |  | 4,901 |  |  | SOFR+2.35% |  | 03/01/25 |  | 2x3 mos.
Acadia Strategic Opportunity Fund IV Term Loan |  | Fund IV |  |  | 36,200 |  |  |  | 23.12 | % |  |  | 8,369 |  |  | SOFR+2.56% |  | 03/31/25 |  | None
Midstate |  | Fund V |  |  | 50,200 |  |  |  | 20.10 | % |  |  | 10,090 |  |  | SOFR+2.50% |  | 04/28/25 |  | 2x12 mos.
New Towne Center |  | Fund V |  |  | 16,037 |  |  |  | 20.10 | % |  |  | 3,223 |  |  | SOFR+2.20% |  | 05/01/25 |  | 1x12 mos.
Fairlane Green |  | Fund V |  |  | 31,639 |  |  |  | 20.10 | % |  |  | 6,360 |  |  | SOFR+2.30% |  | 06/05/25 |  | 1x12 mos.
Trussville Promenade |  | Fund V |  |  | 28,109 |  |  |  | 20.10 | % |  |  | 5,650 |  |  | SOFR+2.30% |  | 06/15/25 |  | 1x12 mos.
City Point |  | Fund II |  |  | 137,485 |  |  |  | 58.10 | % |  |  | 79,886 |  |  | SOFR+2.61% |  | 08/01/25 |  | 1x12 mos.
Cypress Creek |  | Fund V |  |  | 32,200 |  |  |  | 20.10 | % |  |  | 6,472 |  |  | SOFR+2.80% |  | 09/01/25 |  | 2x12 mos.
640 Broadway |  | Fund III |  |  | 33,000 |  |  |  | 24.54 | % |  |  | 8,098 |  |  | SOFR+3.75% |  | 10/01/25 |  | 3x12 mos.
1964 Union |  | Fund IV |  |  | 1,332 |  |  |  | 20.81 | % |  |  | 277 |  |  | SOFR+2.25% |  | 10/01/25 |  | None
Tri-City Plaza |  | Fund V |  |  | 35,554 |  |  |  | 18.09 | % |  |  | 6,432 |  |  | SOFR+2.00% |  | 10/18/25 |  | None
Lincoln Commons |  | Fund V |  |  | 35,595 |  |  |  | 20.10 | % |  |  | 7,155 |  |  | 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 |  |  | 24,871 |  |  |  | 18.09 | % |  |  | 4,499 |  |  | SOFR+2.51% |  | 01/01/26 |  | None
Hiram Pavilion |  | Fund V |  |  | 27,088 |  |  |  | 20.10 | % |  |  | 5,445 |  |  | SOFR+2.30% |  | 03/05/26 |  | 1x12 mos.
Hickory Ridge |  | Fund V |  |  | 26,708 |  |  |  | 20.10 | % |  |  | 5,368 |  |  | 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 |  |  | 43,400 |  |  |  | 20.10 | % |  |  | 8,723 |  |  | SOFR+2.85% |  | 02/14/27 |  | 2x12 mos.
Wood Ridge Plaza |  | Fund V |  |  | 36,097 |  |  |  | 18.09 | % |  |  | 6,530 |  |  | SOFR+2.90% |  | 03/21/27 |  | None
La Frontera |  | Fund V |  |  | 55,500 |  |  |  | 18.09 | % |  |  | 10,040 |  |  | SOFR+2.61% |  | 06/10/27 |  | None
Landstown Commons |  | Fund V |  |  | 58,849 |  |  |  | 20.10 | % |  |  | 11,829 |  |  | SOFR+2.20% |  | 10/24/27 |  | 2x12 mos.
Family Center at Riverdale |  | Fund V |  |  | 38,372 |  |  |  | 17.97 | % |  |  | 6,897 |  |  | SOFR+2.46% |  | 11/01/27 |  | None
LINQ Promenade |  | IMP |  |  | 175,000 |  |  |  | 15.00 | % |  |  | 26,250 |  |  | SOFR+1.75% |  | 12/12/27 |  | 1x24 mos.
Plaza Santa Fe |  | Fund V |  |  | 22,893 |  |  |  | 20.10 | % |  |  | 4,601 |  |  | SOFR+2.10% |  | 12/20/27 |  | 2x12 mos.

| 22 | Table of Contents

| Portfolio Debt – Detail
Supplemental Report – December 31, 2024 | (in thousands)

|  |  |  | Principal Balance at |  |  | Acadia's Pro-rata Share |  |  | Interest |  |  |  | Extension
Property |  |  |  | December 31, 2024 |  |  | Percent |  |  | Amount |  |  | Rate |  | Maturity Date |  | Options
Elk Grove Commons |  | Fund V |  |  | 41,000 |  |  |  | 20.10 | % |  |  | 8,241 |  |  | SOFR+2.00% |  | 12/20/27 |  | 1x12 mos.
Mohawk Commons |  | Fund V |  |  | 39,650 |  |  |  | 18.09 | % |  |  | 7,173 |  |  | SOFR+2.00% |  | 03/01/28 |  | None
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 |  |  |  |  | 1,167,435 |  |  |  |  |  |  | 277,415 |  |  |  |  |  |  |
Total Debt - Investment Management |  |  |  |  | 1,275,085 |  |  |  |  |  |  | 299,294 |  |  |  |  |  |  |
Total Debt - Core Portfolio and Investment Management |  |  |  | $ | 2,347,303 |  |  |  |  |  | $ | 1,178,217 |  |  |  |  |  |  |

1.
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.
2.
The Company makes cash payments at a stated interest rate of 6.5% on the outstanding principal balance. However, following the modification of the loan, the effective interest rate for GAAP purposes is zero.
3.
Bears interest at the greater of 7.00% or the Prime Rate.
4.
The interest rate on the unsecured revolving credit facility excludes a 20-basis point facility fee.

| 23 | Table of Contents

| Future Debt Maturities 1
Supplemental Report – December 31, 2024 | (in thousands)

Core Portfolio |  | Contractual Debt Maturities |  |  | Acadia's Pro-Rata Share |  |  | Weighted Average 2
|  | Scheduled |  |  |  |  |  |  |  |  | Scheduled |  |  | Fixed |  |  | Variable |  |  |  |  |  | Fixed- |  | Variable-
Year |  | Amortization |  |  | Maturities |  |  | Total |  |  | Amortization |  |  | Maturities |  |  | Maturities |  |  | Total |  |  | Rate Debt |  | Rate Debt
2025 |  | $ | 2,676 |  |  | $ | — |  |  | $ | 2,676 |  |  | $ | 2,266 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,266 |  |  | N/A |  | N/A
2026 |  |  | 5,559 |  |  |  | 182,000 |  |  |  | 187,559 |  |  |  | 5,069 |  |  |  | 27,555 |  |  |  | 30,400 |  |  |  | 63,024 |  |  | — |  | 2.65%
2027 |  |  | 5,265 |  |  |  | 61,316 |  |  |  | 66,581 |  |  |  | 4,952 |  |  |  | 45,053 |  |  |  | 756 |  |  |  | 50,761 |  |  | 4.91% |  | —
2028 |  |  | 1,900 |  |  |  | 534,362 |  |  |  | 536,262 |  |  |  | 1,866 |  |  |  | 70,361 |  |  |  | 464,000 |  |  |  | 536,227 |  |  | 4.10% |  | 1.51%
2029 |  |  | 1,886 |  |  |  | 246,338 |  |  |  | 248,224 |  |  |  | 1,538 |  |  |  | 97,088 |  |  |  | 111,383 |  |  |  | 210,009 |  |  | 5.53% |  | 1.88%
Thereafter |  |  | 1,296 |  |  |  | 29,620 |  |  |  | 30,916 |  |  |  | 1,296 |  |  |  | 15,340 |  |  |  | — |  |  |  | 16,636 |  |  | 5.71% |  | N/A
Total |  | $ | 18,582 |  |  | $ | 1,053,636 |  |  | $ | 1,072,218 |  |  | $ | 16,987 |  |  | $ | 255,397 |  |  | $ | 606,539 |  |  | $ | 878,923 |  |  |  |  |
Investment Management |  | Contractual Debt Maturities |  |  | Acadia's Pro-Rata Share |  |  | Weighted Average 2
|  | Scheduled |  |  |  |  |  |  |  |  | Scheduled |  |  | Fixed |  |  | Variable |  |  |  |  |  | Fixed- |  | Variable-
Year |  | Amortization |  |  | Maturities |  |  | Total |  |  | Amortization |  |  | Maturities |  |  | Maturities |  |  | Total |  |  | Rate Debt |  | Rate Debt
2025 |  | $ | 6,490 |  |  | $ | 530,557 |  |  | $ | 537,047 |  |  | $ | 1,259 |  |  | $ | — |  |  | $ | 162,310 |  |  | $ | 163,569 |  |  | N/A |  | 2.65%
2026 |  |  | 4,466 |  |  |  | 115,657 |  |  |  | 120,123 |  |  |  | 852 |  |  |  | 2,992 |  |  |  | 19,866 |  |  |  | 23,710 |  |  | 3.75% |  | 2.46%
2027 |  |  | 3,484 |  |  |  | 465,768 |  |  |  | 469,252 |  |  |  | 656 |  |  |  | — |  |  |  | 82,093 |  |  |  | 82,749 |  |  | N/A |  | 2.22%
2028 |  |  | 486 |  |  |  | 148,177 |  |  |  | 148,663 |  |  |  | 93 |  |  |  | 18,302 |  |  |  | 10,871 |  |  |  | 29,266 |  |  | 5.97% |  | 2.18%
2029 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  | N/A |  | N/A
Thereafter |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  | N/A |  | N/A
Total |  | $ | 14,926 |  |  | $ | 1,260,159 |  |  | $ | 1,275,085 |  |  | $ | 2,860 |  |  | $ | 21,294 |  |  | $ | 275,140 |  |  | $ | 299,294 |  |  |  |  |

1.
Does not include any applicable extension options or subsequent refinancing.
2.
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.

| 24 | Table of Contents

| Future Debt Maturities – As Extended 1
Supplemental Report – December 31, 2024 | (in thousands)

Core Portfolio |  | Extended Debt Maturities 1 |  |  | Acadia's Pro-Rata Share |  |  | Weighted Average 2
|  | Scheduled |  |  |  |  |  |  |  |  | Scheduled |  |  | Fixed |  |  | Variable |  |  |  |  |  | Fixed- |  | Variable-
Year |  | Amortization |  |  | Maturities |  |  | Total |  |  | Amortization |  |  | Maturities |  |  | Maturities |  |  | Total |  |  | Rate Debt |  | Rate Debt
2025 |  | $ | 2,676 |  |  | $ | — |  |  | $ | 2,676 |  |  | $ | 2,266 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,266 |  |  | N/A |  | N/A
2026 |  |  | 5,559 |  |  |  | 30,000 |  |  |  | 35,559 |  |  |  | 5,069 |  |  |  | 27,555 |  |  |  | — |  |  |  | 32,624 |  |  | — |  | N/A
2027 |  |  | 5,265 |  |  |  | 32,402 |  |  |  | 37,667 |  |  |  | 4,952 |  |  |  | 26,201 |  |  |  | — |  |  |  | 31,153 |  |  | 5.57% |  | N/A
2028 |  |  | 1,900 |  |  |  | 219,862 |  |  |  | 221,762 |  |  |  | 1,866 |  |  |  | 17,862 |  |  |  | 80,400 |  |  |  | 100,128 |  |  | 4.40% |  | 2.00%
2029 |  |  | 1,886 |  |  |  | 589,866 |  |  |  | 591,752 |  |  |  | 1,538 |  |  |  | 97,088 |  |  |  | 489,756 |  |  |  | 588,382 |  |  | 5.53% |  | 1.55%
Thereafter |  |  | 1,296 |  |  |  | 181,506 |  |  |  | 182,802 |  |  |  | 1,296 |  |  |  | 86,692 |  |  |  | 36,382 |  |  |  | 124,370 |  |  | 4.32% |  | 1.95%
Total |  | $ | 18,582 |  |  | $ | 1,053,636 |  |  | $ | 1,072,218 |  |  | $ | 16,987 |  |  | $ | 255,398 |  |  | $ | 606,538 |  |  | $ | 878,923 |  |  |  |  |
Investment Management |  | Extended Debt Maturities 1 |  |  | Acadia's Pro-Rata Share |  |  | Weighted Average 2
|  | Scheduled |  |  |  |  |  |  |  |  | Scheduled |  |  | Fixed |  |  | Variable |  |  |  |  |  | Fixed- |  | Variable-
Year |  | Amortization |  |  | Maturities |  |  | Total |  |  | Amortization |  |  | Maturities |  |  | Maturities |  |  | Total |  |  | Rate Debt |  | Rate Debt
2025 |  | $ | 6,490 |  |  | $ | 167,372 |  |  | $ | 173,862 |  |  | $ | 1,259 |  |  | $ | — |  |  | $ | 35,594 |  |  | $ | 36,853 |  |  | N/A |  | 2.56%
2026 |  |  | 4,466 |  |  |  | 276,851 |  |  |  | 281,317 |  |  |  | 852 |  |  |  | 2,992 |  |  |  | 104,517 |  |  |  | 108,361 |  |  | 3.75% |  | 2.57%
2027 |  |  | 3,484 |  |  |  | 296,300 |  |  |  | 299,784 |  |  |  | 656 |  |  |  | — |  |  |  | 56,954 |  |  |  | 57,610 |  |  | N/A |  | 2.63%
2028 |  |  | 486 |  |  |  | 170,806 |  |  |  | 171,292 |  |  |  | 93 |  |  |  | 12,718 |  |  |  | 23,110 |  |  |  | 35,921 |  |  | 5.98% |  | 2.60%
2029 |  |  | — |  |  |  | 348,830 |  |  |  | 348,830 |  |  |  | — |  |  |  | 5,585 |  |  |  | 54,964 |  |  |  | 60,549 |  |  | 5.95% |  | 2.09%
Thereafter |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  | N/A |  | N/A
Total |  | $ | 14,926 |  |  | $ | 1,260,159 |  |  | $ | 1,275,085 |  |  | $ | 2,860 |  |  | $ | 21,295 |  |  | $ | 275,139 |  |  | $ | 299,294 |  |  |  |  |

1.
Includes the effect of all available extension options (subject to customary conditions), excludes any subsequent refinancing.
2.
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.

.

| 25 | Table of Contents

| Swap Interest Rate Summary 1
Supplemental Report – December 31, 2024 | (in thousands)

Maturity |  | Acadia's Pro-rata Notional Amount |  |  | Weighted Average Fixed SOFR (2)
January 2025 |  | $ | 2,604 |  |  | 1.6%
March 2025 |  |  | 25,000 |  |  | 2.1%
April 2025 |  |  | 8,522 |  |  | 2.6%
June 2025 |  |  | 12,024 |  |  | 4.4%
October 2025 |  |  | 6,432 |  |  | 4.2%
March 2026 |  |  | 5,445 |  |  | 4.5%
April 2026 |  |  | 11,020 |  |  | 2.9%
May 2026 |  |  | 3,224 |  |  | 3.5%
October 2026 |  |  | 5,369 |  |  | 3.7%
November 2026 |  |  | 34,552 |  |  | 4.5%
December 2026 |  |  | 6,040 |  |  | 4.3%
June 2027 |  |  | 5,020 |  |  | 3.4%
July 2027 |  |  | 125,000 |  |  | 2.4%
December 2027 |  |  | 118,291 |  |  | 2.7%
March 2028 |  |  | 57,173 |  |  | 2.8%
April 2028 |  |  | 50,000 |  |  | 3.3%
November 2028 |  |  | 50,000 |  |  | 2.9%
February 2029 |  |  | 50,000 |  |  | 2.5%
June 2029 |  |  | 25,000 |  |  | 2.0%
July 2029 |  |  | 75,000 |  |  | 2.8%
October 2029 |  |  | 4,100 |  |  | 3.7%
November 2029 |  |  | 36,750 |  |  | 3.8%
December 2029 |  |  | 79,052 |  |  | 3.5%
July 2030 |  |  | 125,000 |  |  | 2.8%
As of December 31, 2024 |  | $ | 920,618 |  |  | 2.9%

1.
Includes the Company's pro-rata share of consolidated and unconsolidated interest rate swaps to hedge against interest variability on Core and Investment Management debt.
2.
Represents strike (fixed) rate on the swap that the Company pays in exchange for receiving SOFR.

| 26 | Table of Contents

| Core Portfolio Retail Properties – Detail 1
Supplemental Report – December 31, 2024 |

|  |  | Year |  | Acadia's |  | Gross Leasable Area (GLA) |  | In Place Occupancy |  | Leased Occupancy |  | Annualized Base Rent |  | ABR
Property | Key Tenants |  | Acquired |  | Interest |  | Street |  | Anchors |  | Shops |  | Total |  | Street |  | Anchors |  | Shops |  | Total |  | Total |  | (ABR) |  | PSF
STREET AND URBAN RETAIL |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Chicago Metro |  |  |  |  |  |  |  |  |  |  |  |  | ` |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rush and Walton Streets Collection (6 properties) | Lululemon, Reformation, Veronica Beard, St. Laurent, Brandy Melville |  | 2011 2012 |  | 100.0% |  | 40,590 |  | — |  | — |  | 40,590 |  | 68.2% |  | —% |  | —% |  | 68.2% |  | 93.0% |  | $6,559,920 |  | $237.08
Clark Street and W. Diversey Collection (4 properties) | Starbucks, TJ Maxx, J Crew Factory, Trader Joe's |  | 2011 2012 |  | 100.0% |  | 53,099 |  | — |  | — |  | 53,099 |  | 79.9% |  | —% |  | —% |  | 79.9% |  | 79.9% |  | 1,889,078 |  | 44.54
Halsted and Armitage Collection (13 properties) | Serena and Lily, Faherty, Allbirds, Warby Parker, Marine Layer, Kiehl's |  | 2011 2012 2019 2020 |  | 100.0% |  | 53,220 |  | — |  | — |  | 53,220 |  | 85.8% |  | —% |  | —% |  | 85.8% |  | 100.0% |  | 2,312,080 |  | 50.66
North Lincoln Park Chicago Collection (6 properties) | Guitar Center, Carhartt |  | 2011 2014 |  | 100.0% |  | 22,125 |  | — |  | 27,796 |  | 49,921 |  | 13.6 % |  | —% |  | 77.6% |  | 49.2% |  | 49.2% |  | 888,099 |  | 36.16
State and Washington | Nordstrom Rack, Uniqlo |  | 2016 |  | 100.0% |  | 65,401 |  | — |  | — |  | 65,401 |  | 100.0% |  | —% |  | —% |  | 100.0% |  | 100.0% |  | 2,768,673 |  | 42.33
151 N. State Street | Walgreens |  | 2016 |  | 100.0% |  | 27,385 |  | — |  | — |  | 27,385 |  | 100.0% |  | —% |  | —% |  | 100.0% |  | 100.0% |  | 1,573,000 |  | 57.44
North and Kingsbury | Old Navy, Backcountry |  | 2016 |  | 100.0% |  | 41,791 |  | — |  | — |  | 41,791 |  | 100.0% |  | —% |  | —% |  | 100.0% |  | 100.0% |  | 1,949,790 |  | 46.66
Concord and Milwaukee | — |  | 2016 |  | 100.0% |  | 13,147 |  | — |  | — |  | 13,147 |  | 100.0% |  | —% |  | —% |  | 100.0% |  | 100.0% |  | 480,419 |  | 36.54
California and Armitage | — |  | 2016 |  | 100.0% |  | — |  | — |  | 18,275 |  | 18,275 |  | —% |  | —% |  | 78.8% |  | 78.8% |  | 78.8% |  | 744,239 |  | 51.71
Roosevelt Galleria | Petco, Vitamin Shoppe, Dollar Tree |  | 2015 |  | 100.0% |  | — |  | — |  | 37,995 |  | 37,995 |  | —% |  | —% |  | 89.7% |  | 89.7% |  | 89.7% |  | 823,131 |  | 24.15
Sullivan Center | Target |  | 2016 |  | 100.0% |  | 176,181 |  | — |  | — |  | 176,181 |  | 78.9% |  | —% |  | —% |  | 78.9% |  | 82.2% |  | 5,209,877 |  | 37.49
|  |  |  |  |  |  | 492,939 |  | — |  | 84,066 |  | 577,005 |  | 82.2% |  | —% |  | 83.3% |  | 82.4% |  | 86.5% |  | $25,198,306 |  | $53.00
New York Metro |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Soho Collection/West Village (17 properties) | Zimmermann, Club Monaco, Madewell, Watches of Switzerland, Stone Island, Frame, Theory, Bang & Olufsen, Marine Layer |  | 2011 2014 2019 2020 2022 2024 |  | 100.0% |  | 54,811 |  | — |  | — |  | 54,811 |  | 94.3% |  | —% |  | —% |  | 94.3% |  | 100.0% |  | $17,606,187 |  | $340.54
5-7 East 17th Street | — |  | 2008 |  | 100.0% |  | 8,658 |  | — |  | — |  | 8,658 |  | 47.1% |  | —% |  | —% |  | 47.1% |  | 100.0% |  | 742,500 |  | $182.03
200 West 54th Street | — |  | 2007 |  | 100.0% |  | 5,932 |  | — |  | — |  | 5,932 |  | 90.7% |  | —% |  | —% |  | 90.7% |  | 90.7% |  | 1,493,949 |  | 277.69
61 Main Street | Splendid |  | 2014 |  | 100.0% |  | 3,470 |  | — |  | — |  | 3,470 |  | 46.1% |  | —% |  | —% |  | 46.1% |  | 100.0% |  | 153,072 |  | 95.67
181 Main Street | TD Bank |  | 2012 |  | 100.0% |  | 11,514 |  | — |  | — |  | 11,514 |  | 100.0% |  | —% |  | —% |  | 100.0% |  | 100.0% |  | 1,091,009 |  | 94.75
4401 White Plains Road | Walgreens |  | 2011 |  | 100.0% |  | — |  | 12,964 |  | — |  | 12,964 |  | —% |  | 100.0% |  | —% |  | 100.0% |  | 100.0% |  | 625,000 |  | 48.21
Bartow Avenue | Wingstop |  | 2005 |  | 100.0% |  | — |  | — |  | 14,824 |  | 14,824 |  | —% |  | —% |  | 100.0% |  | 100.0% |  | 100.0% |  | 502,709 |  | 33.91
239 Greenwich Avenue | Watches of Switzerland |  | 1998 |  | 75.0% |  | 16,621 |  | — |  | — |  | 16,621 |  | 100.0% |  | —% |  | —% |  | 100.0% |  | 100.0% |  | 1,902,510 |  | 114.46
252-256 Greenwich Avenue | Veronica Beard, The RealReal, Blue Mercury |  | 2014 |  | 100.0% |  | 7,986 |  | — |  | — |  | 7,986 |  | 100.0% |  | —% |  | —% |  | 100.0% |  | 100.0% |  | 1,066,548 |  | 133.55
2914 Third Avenue | Planet Fitness |  | 2006 |  | 100.0% |  | — |  | 21,650 |  | 18,953 |  | 40,603 |  | —% |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0% |  | 1,114,907 |  | 27.46
868 Broadway | Dr. Martens |  | 2013 |  | 100.0% |  | 2,031 |  | — |  | — |  | 2,031 |  | 100.0% |  | —% |  | —% |  | 100.0% |  | 100.0% |  | 881,322 |  | 433.94
313-315 Bowery 2 | John Varvatos |  | 2013 |  | 100.0% |  | 6,600 |  | — |  | — |  | 6,600 |  | 100.0% |  | —% |  | —% |  | 100.0% |  | 100.0% |  | 527,076 |  | 79.86
120 West Broadway | Citizens Bank, Citi Bank |  | 2013 |  | 100.0% |  | 13,838 |  | — |  | — |  | 13,838 |  | 100.0% |  | —% |  | —% |  | 100.0% |  | 100.0% |  | 2,309,127 |  | 166.87
2520 Flatbush Avenue | Bob's Disc. Furniture, Capital One |  | 2014 |  | 100.0% |  | — |  | — |  | 29,114 |  | 29,114 |  | —% |  | —% |  | 100.0% |  | 100.0% |  | 100.0% |  | 1,291,368 |  | 44.36
Williamsburg Collection 3 (3 properties) | Sephora, SweetGreen, Levain Bakery, 'Lululemon, Madewell |  | 2022 2024 |  | 100.0% |  | 64,644 |  | — |  | — |  | 64,644 |  | 96.3% |  | —% |  | — |  | 96.3% |  | 96.3% |  | 7,344,559 |  | 118.01

| 27 | Table of Contents

| Core Portfolio Retail Properties – Detail 1
Supplemental Report – December 31, 2024 |

991 Madison Avenue | Vera Wang, Gabriela Hearst |  | 2016 |  | 100.0% |  | 7,512 |  | — |  | — |  | 7,512 |  | 100.0% |  | —% |  | —% |  | 100.0% |  | 100.0% |  | 3,679,704 |  | 489.84
Gotham Plaza | Bank of America, Footlocker, Apple Bank |  | 2016 |  | 49.0 % |  | — |  | — |  | 25,931 |  | 25,931 |  | —% |  | —% |  | 76.4% |  | 76.4% |  | 83.9% |  | 1,643,919 |  | 82.94
|  |  |  |  |  |  | 203,617 |  | 34,614 |  | 88,822 |  | 327,053 |  | 93.9% |  | 100.0 % |  | 93.1 % |  | 94.3% |  | 97.8% |  | $43,975,467 |  | $142.58
Los Angeles Metro |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
8833 Beverly Blvd | Luxury Living |  | 2022 |  | 97.0 % |  | 9,757 |  | — |  | — |  | 9,757 |  | 100.0% |  | —% |  | —% |  | 100.0% |  | 100.0% |  | $1,350,377 |  | $138.40
Melrose Place Collection | The Row, Chloe, Oscar de la Renta |  | 2019 |  | 100.0 % |  | 14,000 |  | — |  | — |  | 14,000 |  | 100.0% |  | —% |  | —% |  | 100.0% |  | 100.0% |  | 3,143,926 |  | 224.57
|  |  |  |  |  |  | 23,757 |  | — |  | — |  | 23,757 |  | 100.0% |  | —% |  | —% |  | 100.0% |  | 100.0% |  | $4,494,303 |  | $189.18
District of Columbia Metro |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1739-53 & 1801-03 Connecticut Avenue | — |  | 2012 |  | 100.0 % |  | 20,669 |  | — |  | — |  | 20,669 |  | 21.9% |  | —% |  | —% |  | 21.9% |  | 21.9% |  | $297,104 |  | $65.77
14th Street Collection (3 properties) | Verizon |  | 2021 |  | 100.0 % |  | 19,077 |  | — |  | — |  | 19,077 |  | 63.5% |  | —% |  | —% |  | 63.5% |  | 100.0% |  | 1,032,106 |  | 85.14
Rhode Island Place Shopping Center | Ross Dress for Less |  | 2012 |  | 100.0 % |  | — |  | 25,134 |  | 32,533 |  | 57,667 |  | —% |  | 100.0% |  | 88.5% |  | 93.5% |  | 93.5% |  | 1,919,422 |  | 35.60
M Street and Wisconsin Corridor (27 Properties) 4 | Lululemon, Duxiana, Rag and Bone, Reformation, Glossier, Alo Yoga, Aritzia, Tesla |  | 2011 2016 2019 |  | 26.7 % |  | 262,399 |  | — |  | — |  | 262,399 |  | 94.1% |  | —% |  | —% |  | 94.1% |  | 95.3% |  | 18,739,549 |  | 75.89
|  |  |  |  |  |  | 302,145 |  | 25,134 |  | 32,533 |  | 359,812 |  | 87.2% |  | 100.0 % |  | 88.5 % |  | 88.2% |  | 91.1% |  | $21,988,180 |  | $69.26
Boston Metro |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
165 Newbury Street | Starbucks |  | 2016 |  | 100.0 % |  | 1,050 |  | — |  | — |  | 1,050 |  | 100.0% |  | —% |  | —% |  | 100.0% |  | 100.0% |  | $312,576 |  | $297.69
|  |  |  |  |  |  | 1,050 |  | — |  | — |  | 1,050 |  | 100.0% |  | —% |  | —% |  | 100.0% |  | 100.0% |  | $312,576 |  | $297.69
Dallas Metro |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Henderson Avenue Portfolio (14 properties) | Sprouts Market, Warby Parker, Tecovas |  | 2022 |  | 100.0 % |  | 89,916 |  | 31,635 |  | — |  | 121,551 |  | 84.2% |  | 100.0% |  | —% |  | 88.3% |  | 93.3% |  | $4,508,540 |  | $42.00
Total Street and Urban Retail |  |  |  |  |  | 1,113,424 |  | 91,383 |  | 205,421 |  | 1,410,228 |  | 86.3% |  | 100.0% |  | 88.4% |  | 87.5% |  | 91.1% |  | $100,477,372 |  | $81.46
Acadia Share Total Street and Urban Retail |  |  |  |  |  | 916,714 |  | 91,383 |  | 192,196 |  | 1,200,293 |  | 84.7% |  | 100.0% |  | 89.2% |  | 86.6% |  | 90.5% |  | $86,255,518 |  | $83.01
SUBURBAN PROPERTIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New Jersey |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Elmwood Park Shopping Center | Walgreens, Lidl, Chase Bank, City MD |  | 1998 |  | 100.0 % |  | — |  | 43,531 |  | 100,457 |  | 143,988 |  | —% |  | 100.0% |  | 85.2% |  | 89.7% |  | 96.9% |  | 3,424,439 |  | 26.53
Marketplace of Absecon | Walgreens, Dollar Tree, Aldi |  | 1998 |  | 100.0 % |  | — |  | 46,724 |  | 57,832 |  | 104,556 |  | —% |  | 28.3% |  | 80.4% |  | 57.1% |  | 78.3% |  | 1,001,110 |  | 16.78
New York |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Village Commons Shopping Center | Citibank, Ace Hardware |  | 1998 |  | 100.0 % |  | — |  | — |  | 87,128 |  | 87,128 |  | —% |  | —% |  | 87.6% |  | 87.6% |  | 88.8% |  | 2,668,772 |  | 34.95
Branch Plaza | LA Fitness, The Fresh Market |  | 1998 |  | 100.0 % |  | — |  | 76,264 |  | 47,081 |  | 123,345 |  | —% |  | 100.0% |  | 86.8% |  | 94.9% |  | 94.9% |  | 3,313,672 |  | 28.29
Amboy Center | Stop & Shop (Ahold) |  | 2005 |  | 100.0 % |  | — |  | 37,266 |  | 26,106 |  | 63,372 |  | —% |  | 100.0% |  | 80.8% |  | 92.1% |  | 92.1% |  | 2,067,733 |  | 35.42
Crossroads Shopping Center | HomeGoods, PetSmart, BJ's Wholesale Club |  | 1998 |  | 49.0 % |  | — |  | 202,727 |  | 105,475 |  | 308,202 |  | —% |  | 100.0% |  | 80.2% |  | 93.2% |  | 98.1% |  | 9,230,225 |  | 32.12
New Loudon Center | Price Chopper, Marshalls |  | 1993 |  | 100.0 % |  | — |  | 241,746 |  | 16,643 |  | 258,389 |  | —% |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0% |  | 2,506,021 |  | 9.70
28 Jericho Turnpike | Kohl's |  | 2012 |  | 100.0 % |  | — |  | 96,363 |  | — |  | 96,363 |  | —% |  | 100.0% |  | —% |  | 100.0% |  | 100.0% |  | 1,996,500 |  | 20.72
Connecticut |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Town Line Plaza 5 | Wal-Mart, Stop & Shop (Ahold) |  | 1998 |  | 100.0 % |  | — |  | 163,159 |  | 43,187 |  | 206,346 |  | —% |  | 100.0% |  | 79.1% |  | 95.6% |  | 98.5% |  | 1,539,302 |  | 15.39

| 28 | Table of Contents

| Core Portfolio Retail Properties – Detail 1
Supplemental Report – December 31, 2024 |

Massachusetts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Methuen Shopping Center | Wal-Mart, Market Basket |  | 1998 |  | 100.0 % |  | — |  | 120,004 |  | 10,017 |  | 130,021 |  | —% |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0% |  | 1,467,751 |  | 11.29
Crescent Plaza | Home Depot, Shaw's |  | 1993 |  | 100.0 % |  | — |  | 156,985 |  | 61,017 |  | 218,002 |  | —% |  | 100.0% |  | 93.4% |  | 98.2% |  | 99.3% |  | 2,133,737 |  | 9.97
201 Needham Street | Michael's |  | 2014 |  | 100.0 % |  | — |  | 20,409 |  | — |  | 20,409 |  | —% |  | 100.0% |  | —% |  | 100.0% |  | 100.0% |  | 711,662 |  | 34.87
163 Highland Avenue | Staples, Petco |  | 2015 |  | 100.0 % |  | — |  | 40,505 |  | — |  | 40,505 |  | —% |  | 100.0% |  | —% |  | 100.0% |  | 100.0% |  | 1,490,575 |  | 36.80
Vermont |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
The Gateway Shopping Center | Shaw's (Supervalu), Starbucks |  | 1999 |  | 100.0 % |  | — |  | 73,184 |  | 29,670 |  | 102,854 |  | —% |  | 100.0% |  | 88.6% |  | 96.7% |  | 96.7% |  | 2,298,259 |  | 23.10
Illinois |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hobson West Plaza | Garden Fresh Markets |  | 1998 |  | 100.0 % |  | — |  | 51,692 |  | 47,270 |  | 98,962 |  | —% |  | 100.0% |  | 84.9% |  | 92.8 % |  | 92.8% |  | 1,365,585 |  | 14.87
Indiana |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Merrillville Plaza | Dollar Tree, TJ Maxx, DD's Discount (Ross) |  | 1998 |  | 100.0 % |  | — |  | 123,144 |  | 112,782 |  | 235,926 |  | —% |  | 100.0% |  | 88.1% |  | 94.3 % |  | 94.3% |  | 3,210,836 |  | 14.43
Michigan |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bloomfield Town Square | HomeGoods, TJ Maxx, Dick's Sporting Goods, Burlington |  | 1998 |  | 100.0 % |  | — |  | 153,332 |  | 81,619 |  | 234,951 |  | —% |  | 100.0% |  | 93.9% |  | 97.9 % |  | 98.7% |  | 4,240,815 |  | 18.44
Delaware |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Town Center and Other (1 property) | Lowes, Dick's Sporting Goods, Target |  | 2003 |  | 100.0 % |  | — |  | 678,430 |  | 21,891 |  | 700,321 |  | —% |  | 97.2% |  | 86.3% |  | 96.9 % |  | 99.6% |  | 12,112,222 |  | 17.85
Market Square Shopping Center | Trader Joe's, TJ Maxx |  | 2003 |  | 100.0 % |  | — |  | 42,850 |  | 59,197 |  | 102,047 |  | —% |  | 100.0% |  | 96.8% |  | 98.1% |  | 100.0% |  | 3,321,484 |  | 33.17
Naamans Road | Jared Jewelers, American Red Cross |  | 2006 |  | 100.0 % |  | — |  | — |  | 19,865 |  | 19,865 |  | —% |  | —% |  | 63.8% |  | 63.8 % |  | 100.0% |  | 711,939 |  | 56.14
Pennsylvania |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Plaza 422 | Home Depot |  | 1993 |  | 100.0 % |  | — |  | 139,968 |  | 16,311 |  | 156,279 |  | —% |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0% |  | 956,954 |  | 6.12
Chestnut Hill | — |  | 2006 |  | 100.0 % |  | — |  | — |  | 36,492 |  | 36,492 |  | —% |  | —% |  | 100.0% |  | 100.0% |  | 100.0% |  | 993,248 |  | 27.22
Abington Towne Center 6 | Target, TJ Maxx |  | 1998 |  | 100.0 % |  | — |  | 184,616 |  | 32,255 |  | 216,871 |  | —% |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0% |  | 1,359,630 |  | 22.95
Total Suburban Properties |  |  |  |  |  | — |  | 2,692,899 |  | 1,012,295 |  | 3,705,194 |  | —% |  | 98.1 % |  | 87.8 % |  | 95.3 % |  | 97.6 % |  | $64,122,472 |  | $19.58
Acadia Share Total Suburban Properties |  |  |  |  |  | — |  | 2,589,508 |  | 958,503 |  | 3,548,011 |  | —% |  | 98.0% |  | 88.3% |  | 95.4% |  | 97.6% |  | $59,415,057 |  | $18.99
Total Core Properties |  |  |  |  |  | 1,113,424 |  | 2,784,282 |  | 1,217,716 |  | 5,115,422 |  | 86.3% |  | 98.1% |  | 87.9% |  | 93.1% |  | 95.8% |  | $164,599,844 |  | $36.51
Acadia Share Total Core Properties |  |  |  |  |  | 916,714 |  | 2,680,891 |  | 1,150,699 |  | 4,748,304 |  | 84.7% |  | 98.0% |  | 88.4% |  | 93.1% |  | 95.8% |  | $145,670,575 |  | $34.96

1.
Excludes properties under development, redevelopment and pre-stabilized, see Development and Redevelopment Activity page of this Supplemental Report. The above in place occupancy and rent amounts only include spaces where leases have commenced. Leased occupancy includes spaces for which leases have been signed and not yet commenced. ABR and ABR per square foot correlates to in place occupancy.
2.
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.
3.
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% non-controlling interest holders.
4.
Excludes 94,000 square feet of office GLA.
5.
Anchor GLA includes a 97,300 square foot Wal-Mart store which is not owned by the Company. This square footage has been excluded for calculating annualized base rent per square foot.
6.
Anchor GLA includes a 157,616 square foot Target store which is not owned by the Company. This square footage has been excluded for calculating annualized base rent per square foot.

| 29 | Table of Contents

| Core Portfolio – Top Tenants 1
Supplemental Report – December 31, 2024 | (Pro-Rata Basis)

|  | Number of |  |  | Combined |  |  | Percentage of Total 2 |
Tenant |  | Stores |  |  | GLA |  |  | ABR |  |  | GLA |  |  | ABR |
Target |  |  | 3 |  |  |  | 408,895 |  |  | $ | 8,323,009 |  |  |  | 7.0 | % |  |  | 5.2 | %
J.Crew Group 3 |  |  | 5 |  |  |  | 18,816 |  |  |  | 4,411,300 |  |  |  | 0.3 | % |  |  | 2.8 | %
TJX Companies 4 |  |  | 9 |  |  |  | 252,043 |  |  |  | 3,105,924 |  |  |  | 4.3 | % |  |  | 2.0 | %
Lululemon |  |  | 3 |  |  |  | 10,483 |  |  |  | 3,086,459 |  |  |  | 0.2 | % |  |  | 1.9 | %
Dick's Sporting Goods, Inc |  |  | 2 |  |  |  | 149,782 |  |  |  | 2,965,770 |  |  |  | 2.5 | % |  |  | 1.9 | %
Walgreens |  |  | 4 |  |  |  | 68,393 |  |  |  | 2,887,312 |  |  |  | 1.2 | % |  |  | 1.8 | %
PetSmart, Inc. |  |  | 4 |  |  |  | 76,257 |  |  |  | 2,794,473 |  |  |  | 1.3 | % |  |  | 1.8 | %
Trader Joe's |  |  | 3 |  |  |  | 40,862 |  |  |  | 2,532,593 |  |  |  | 0.7 | % |  |  | 1.6 | %
Fast Retailing 5 |  |  | 2 |  |  |  | 32,013 |  |  |  | 2,513,797 |  |  |  | 0.5 | % |  |  | 1.6 | %
ALO Yoga |  |  | 2 |  |  |  | 22,566 |  |  |  | 2,447,658 |  |  |  | 0.4 | % |  |  | 1.5 | %
Supervalu Inc. 6 |  |  | 2 |  |  |  | 123,409 |  |  |  | 2,061,142 |  |  |  | 2.1 | % |  |  | 1.3 | %
Bob's Discount Furniture |  |  | 2 |  |  |  | 68,793 |  |  |  | 2,027,670 |  |  |  | 1.2 | % |  |  | 1.3 | %
Tapestry 7 |  |  | 2 |  |  |  | 4,250 |  |  |  | 1,799,519 |  |  |  | 0.1 | % |  |  | 1.1 | %
Watches of Switzerland 8 |  |  | 2 |  |  |  | 13,863 |  |  |  | 1,756,483 |  |  |  | 0.2 | % |  |  | 1.1 | %
Royal Ahold 9 |  |  | 2 |  |  |  | 103,125 |  |  |  | 1,711,582 |  |  |  | 1.8 | % |  |  | 1.1 | %
Ulta Salon Cosmetic & Fragrance |  |  | 3 |  |  |  | 31,497 |  |  |  | 1,550,757 |  |  |  | 0.5 | % |  |  | 1.0 | %
The Home Depot |  |  | 2 |  |  |  | 187,914 |  |  |  | 1,345,020 |  |  |  | 3.1 | % |  |  | 0.8 | %
Citibank |  |  | 4 |  |  |  | 16,160 |  |  |  | 1,337,924 |  |  |  | 0.3 | % |  |  | 0.8 | %
Gap 10 |  |  | 2 |  |  |  | 37,895 |  |  |  | 1,329,165 |  |  |  | 0.6 | % |  |  | 0.8 | %
Michaels Stores, Inc. |  |  | 2 |  |  |  | 45,285 |  |  |  | 1,283,810 |  |  |  | 0.8 | % |  |  | 0.8 | %
TOTAL |  |  | 60 |  |  |  | 1,712,301 |  |  | $ | 51,271,367 |  |  |  | 29.1 | % |  |  | 32.2 | %

1.
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 Acadia Core location. The following tenants with single locations that would otherwise be included in our top 20 tenants are: Lowe's (Town Center), Kohl's (28 Jericho Turnpike), Bang & Olufsen (Soho), Nordstrom Rack (State and Washington) and Vera Wang (991 Madison).
2.
Totals may not foot due to rounding.
3.
Madewell (4 locations), J.Crew Factory (1 location)
4.
TJ Maxx (6 locations), HomeGoods (2 locations), Marshalls (1 location)
5.
Uniqlo (1 location), Theory (1 location)
6.
Shaw’s (2 locations)
7.
Kate Spade (2 locations)
8.
Grand Seiko (1 location), Betteridge Jewelers (1 location)
9.
Stop and Shop (2 locations)
10.
Old Navy (2 locations)

| 30 | Table of Contents

| Core Portfolio – L ease Expirations
Supplemental Report – December 31, 2024 | (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 |  |  |  | 0.3 | % |  | $ | 46.98 |  |  |  | 0.1 | % |  |  | — |  |  |  | — |  |  |  | — | % |  | $ | — |  |  |  | — | %
2025 |  |  | 31 |  |  |  | 129,659 |  |  |  | 16.7 | % |  |  | 103.56 |  |  |  | 17.4 | % |  |  | 9 |  |  |  | 376,598 |  |  |  | 15.9 | % |  |  | 19.14 |  |  |  | 19.5 | %
2026 |  |  | 30 |  |  |  | 77,191 |  |  |  | 9.9 | % |  |  | 143.93 |  |  |  | 14.4 | % |  |  | 10 |  |  |  | 424,984 |  |  |  | 17.9 | % |  |  | 10.78 |  |  |  | 12.4 | %
2027 |  |  | 23 |  |  |  | 42,732 |  |  |  | 5.5 | % |  |  | 141.62 |  |  |  | 7.8 | % |  |  | 5 |  |  |  | 155,675 |  |  |  | 6.6 | % |  |  | 21.38 |  |  |  | 9.0 | %
2028 |  |  | 21 |  |  |  | 196,047 |  |  |  | 25.3 | % |  |  | 65.56 |  |  |  | 16.7 | % |  |  | 11 |  |  |  | 483,822 |  |  |  | 20.4 | % |  |  | 12.43 |  |  |  | 16.2 | %
2029 |  |  | 28 |  |  |  | 64,091 |  |  |  | 8.3 | % |  |  | 101.52 |  |  |  | 8.4 | % |  |  | 13 |  |  |  | 440,142 |  |  |  | 18.5 | % |  |  | 14.92 |  |  |  | 17.7 | %
2030 |  |  | 11 |  |  |  | 65,703 |  |  |  | 8.5 | % |  |  | 76.44 |  |  |  | 6.5 | % |  |  | — |  |  |  | — |  |  |  | — | % |  |  | — |  |  |  | — | %
2031 |  |  | 7 |  |  |  | 38,428 |  |  |  | 5.0 | % |  |  | 85.40 |  |  |  | 4.3 | % |  |  | 2 |  |  |  | 50,566 |  |  |  | 2.1 | % |  |  | 16.97 |  |  |  | 2.3 | %
2032 |  |  | 16 |  |  |  | 54,851 |  |  |  | 7.1 | % |  |  | 118.30 |  |  |  | 8.4 | % |  |  | 2 |  |  |  | 62,382 |  |  |  | 2.6 | % |  |  | 12.65 |  |  |  | 2.1 | %
2033 |  |  | 23 |  |  |  | 53,959 |  |  |  | 7.0 | % |  |  | 141.47 |  |  |  | 9.9 | % |  |  | 1 |  |  |  | 28,881 |  |  |  | 1.2 | % |  |  | 14.50 |  |  |  | 1.1 | %
2034 |  |  | 7 |  |  |  | 15,664 |  |  |  | 2.0 | % |  |  | 116.67 |  |  |  | 2.4 | % |  |  | 1 |  |  |  | 21,804 |  |  |  | 0.9 | % |  |  | 11.25 |  |  |  | 0.7 | %
Thereafter |  |  | 6 |  |  |  | 35,977 |  |  |  | 4.6 | % |  |  | 78.50 |  |  |  | 3.7 | % |  |  | 6 |  |  |  | 328,711 |  |  |  | 13.8 | % |  |  | 21.37 |  |  |  | 19.0 | %
Total 2 |  |  | 204 |  |  |  | 776,277 |  |  |  | 100.0 | % |  | $ | 99.35 |  |  |  | 100.0 | % |  |  | 60 |  |  |  | 2,373,565 |  |  |  | 100.0 | % |  | $ | 15.60 |  |  |  | 100.0 | %
Anchor GLA Owned by Tenants |  |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 254,916 |  |  |  |  |  |  |  |  |  |
Total Vacant 2 |  |  |  | 140,437 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 52,410 |  |  |  |  |  |  |  |  |  |
Total Square Feet 2 |  |  |  | 916,714 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,680,891 |  |  |  |  |  |  |  |  |  |
|  | 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 |  |  | 38 |  |  |  | 130,150 |  |  |  | 12.8 | % |  |  | 27.41 |  |  |  | 11.3 | % |  |  | 78 |  |  |  | 636,407 |  |  |  | 15.3 | % |  |  | 38.03 |  |  |  | 16.6 | %
2026 |  |  | 34 |  |  |  | 120,143 |  |  |  | 11.8 | % |  |  | 26.53 |  |  |  | 10.1 | % |  |  | 74 |  |  |  | 622,317 |  |  |  | 14.9 | % |  |  | 30.34 |  |  |  | 13.0 | %
2027 |  |  | 36 |  |  |  | 136,781 |  |  |  | 13.4 | % |  |  | 33.92 |  |  |  | 14.7 | % |  |  | 64 |  |  |  | 335,187 |  |  |  | 8.0 | % |  |  | 41.83 |  |  |  | 9.6 | %
2028 |  |  | 35 |  |  |  | 143,791 |  |  |  | 14.1 | % |  |  | 35.25 |  |  |  | 16.1 | % |  |  | 67 |  |  |  | 823,660 |  |  |  | 19.8 | % |  |  | 29.06 |  |  |  | 16.4 | %
2029 |  |  | 32 |  |  |  | 131,388 |  |  |  | 12.9 | % |  |  | 26.88 |  |  |  | 11.2 | % |  |  | 73 |  |  |  | 635,621 |  |  |  | 15.3 | % |  |  | 26.12 |  |  |  | 11.4 | %
2030 |  |  | 9 |  |  |  | 22,285 |  |  |  | 2.2 | % |  |  | 40.95 |  |  |  | 2.9 | % |  |  | 20 |  |  |  | 87,988 |  |  |  | 2.1 | % |  |  | 67.45 |  |  |  | 4.1 | %
2031 |  |  | 15 |  |  |  | 81,283 |  |  |  | 8.0 | % |  |  | 25.80 |  |  |  | 6.7 | % |  |  | 24 |  |  |  | 170,277 |  |  |  | 4.1 | % |  |  | 36.63 |  |  |  | 4.3 | %
2032 |  |  | 24 |  |  |  | 94,920 |  |  |  | 9.3 | % |  |  | 33.09 |  |  |  | 10.0 | % |  |  | 42 |  |  |  | 212,153 |  |  |  | 5.1 | % |  |  | 49.11 |  |  |  | 7.2 | %
2033 |  |  | 21 |  |  |  | 85,791 |  |  |  | 8.4 | % |  |  | 32.23 |  |  |  | 8.8 | % |  |  | 45 |  |  |  | 168,631 |  |  |  | 4.0 | % |  |  | 64.15 |  |  |  | 7.4 | %
2034 |  |  | 10 |  |  |  | 31,966 |  |  |  | 3.1 | % |  |  | 29.84 |  |  |  | 3.0 | % |  |  | 18 |  |  |  | 69,434 |  |  |  | 1.7 | % |  |  | 43.59 |  |  |  | 2.1 | %
Thereafter |  |  | 11 |  |  |  | 38,893 |  |  |  | 3.8 | % |  |  | 42.58 |  |  |  | 5.3 | % |  |  | 23 |  |  |  | 403,581 |  |  |  | 9.7 | % |  |  | 28.51 |  |  |  | 7.9 | %
Total 2 |  |  | 265 |  |  |  | 1,017,391 |  |  |  | 100.0 | % |  | $ | 30.98 |  |  |  | 100.0 | % |  |  | 529 |  |  |  | 4,167,234 |  |  |  | 100.0 | % |  | $ | 34.96 |  |  |  | 100.0 | %
Anchor GLA Owned by Tenants |  |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 254,916 |  |  |  |  |  |  |  |  |  |
Total Vacant 2 |  |  |  | 133,308 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 326,155 |  |  |  |  |  |  |  |  |  |
Total Square Feet 2 |  |  |  | 1,150,699 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,748,304 |  |  |  |  |  |  |  |  |  |

1.
Leases currently under month to month or in process of renewal.
2.
Totals may not foot due to rounding.

| 31 | Table of Contents

| Core Portfolio – New and Renewal Rent Spreads 1
Supplemental Report – December 31, 2024 |

|  | Quarter Ended |  |  | Year Ended |
|  | March 31, 2024 |  |  | June 30, 2024 |  |  | September 30, 2024 |  |  | December 31, 2024 |  |  | December 31, 2024 |
|  | 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 |  |  | 2 |  |  |  | 2 |  |  |  | 4 |  |  |  | 4 |  |  |  | 5 |  |  |  | 5 |  |  |  | 3 |  |  |  | 3 |  |  |  | 14 |  |  |  | 14 |
GLA |  |  | 3,460 |  |  |  | 3,460 |  |  |  | 10,929 |  |  |  | 10,929 |  |  |  | 12,542 |  |  |  | 12,542 |  |  |  | 53,354 |  |  |  | 53,354 |  |  |  | 80,285 |  |  |  | 80,285 |
New base rent |  | $ | 40.04 |  |  | $ | 35.74 |  |  | $ | 90.18 |  |  | $ | 78.81 |  |  | $ | 80.82 |  |  | $ | 71.03 |  |  | $ | 19.40 |  |  | $ | 17.71 |  |  | $ | 39.52 |  |  | $ | 35.13 |
Previous base rent |  | $ | 29.91 |  |  | $ | 30.90 |  |  | $ | 49.69 |  |  | $ | 50.77 |  |  | $ | 46.84 |  |  | $ | 48.74 |  |  | $ | 13.33 |  |  | $ | 15.69 |  |  | $ | 24.23 |  |  | $ | 26.28 |
Average cost per square foot |  | $ | 49.36 |  |  | $ | 49.36 |  |  | $ | 88.18 |  |  | $ | 88.18 |  |  | $ | 104.35 |  |  | $ | 104.35 |  |  | $ | 34.32 |  |  | $ | 34.32 |  |  | $ | 53.24 |  |  | $ | 53.24 |
Weighted Average Lease Term (years) |  |  | 10.0 |  |  |  | 10.0 |  |  |  | 9.7 |  |  |  | 9.7 |  |  |  | 11.6 |  |  |  | 11.6 |  |  |  | 11.9 |  |  |  | 11.9 |  |  |  | 11.5 |  |  |  | 11.5 |
Percentage growth in base rent |  |  | 33.9 | % |  |  | 15.7 | % |  |  | 81.5 | % |  |  | 55.2 | % |  |  | 72.6 | % |  |  | 45.7 | % |  |  | 45.6 | % |  |  | 12.9 | % |  |  | 63.1 | % |  |  | 33.7 | %
Renewal Leases |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Number of renewal leases executed |  |  | 20 |  |  |  | 20 |  |  |  | 14 |  |  |  | 14 |  |  |  | 7 |  |  |  | 7 |  |  |  | 15 |  |  |  | 15 |  |  |  | 56 |  |  |  | 56 |
GLA |  |  | 184,391 |  |  |  | 184,391 |  |  |  | 67,887 |  |  |  | 67,887 |  |  |  | 173,205 |  |  |  | 173,205 |  |  |  | 120,895 |  |  |  | 120,895 |  |  |  | 546,378 |  |  |  | 546,378 |
New base rent |  | $ | 22.53 |  |  | $ | 22.24 |  |  | $ | 75.23 |  |  | $ | 72.13 |  |  | $ | 27.06 |  |  | $ | 26.16 |  |  | $ | 35.07 |  |  | $ | 34.57 |  |  | $ | 33.29 |  |  | $ | 32.41 |
Expiring base rent |  | $ | 20.47 |  |  | $ | 21.19 |  |  | $ | 64.95 |  |  | $ | 69.23 |  |  | $ | 25.55 |  |  | $ | 26.26 |  |  | $ | 31.38 |  |  | $ | 31.64 |  |  | $ | 30.02 |  |  | $ | 31.08 |
Average cost per square foot |  | $ | 0.45 |  |  | $ | 0.45 |  |  | $ | — |  |  | $ | — |  |  | $ | 0.58 |  |  | $ | 0.58 |  |  | $ | 1.24 |  |  | $ | 1.24 |  |  | $ | 0.61 |  |  | $ | 0.61 |
Weighted Average Lease Term (years) |  |  | 4.6 |  |  |  | 4.6 |  |  |  | 5.5 |  |  |  | 5.5 |  |  |  | 4.7 |  |  |  | 4.7 |  |  |  | 4.5 |  |  |  | 4.5 |  |  |  | 4.7 |  |  |  | 4.7 |
Percentage growth in base rent |  |  | 10.1 | % |  |  | 5.0 | % |  |  | 15.8 | % |  |  | 4.2 | % |  |  | 5.9 | % |  |  | (0.4 | )% |  |  | 11.8 | % |  |  | 9.2 | % |  |  | 10.9 | % |  |  | 4.3 | %
Total New and Renewal Leases |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Number of new and renewal leases executed |  |  | 22 |  |  |  | 22 |  |  |  | 18 |  |  |  | 18 |  |  |  | 12 |  |  |  | 12 |  |  |  | 18 |  |  |  | 18 |  |  |  | 70 |  |  |  | 70 |
GLA commencing |  |  | 187,851 |  |  |  | 187,851 |  |  |  | 78,816 |  |  |  | 78,816 |  |  |  | 185,747 |  |  |  | 185,747 |  |  |  | 174,249 |  |  |  | 174,249 |  |  |  | 626,663 |  |  |  | 626,663 |
New base rent |  | $ | 22.85 |  |  | $ | 22.49 |  |  | $ | 77.31 |  |  | $ | 73.06 |  |  | $ | 30.69 |  |  | $ | 29.19 |  |  | $ | 30.27 |  |  | $ | 29.41 |  |  | $ | 34.09 |  |  | $ | 32.76 |
Expiring base rent |  | $ | 20.64 |  |  | $ | 21.37 |  |  | $ | 62.83 |  |  | $ | 66.67 |  |  | $ | 26.99 |  |  | $ | 27.78 |  |  | $ | 25.85 |  |  | $ | 26.76 |  |  | $ | 29.28 |  |  | $ | 30.47 |
Average cost per square foot |  | $ | 1.35 |  |  | $ | 1.35 |  |  | $ | 12.23 |  |  | $ | 12.23 |  |  | $ | 7.58 |  |  | $ | 7.58 |  |  | $ | 11.37 |  |  | $ | 11.37 |  |  | $ | 7.35 |  |  | $ | 7.35 |
Weighted Average Lease Term (years) |  |  | 4.7 |  |  |  | 4.7 |  |  |  | 6.1 |  |  |  | 6.1 |  |  |  | 5.1 |  |  |  | 5.1 |  |  |  | 6.8 |  |  |  | 6.8 |  |  |  | 5.6 |  |  |  | 5.6 |
Percentage growth in base rent |  |  | 10.7 | % |  |  | 5.2 | % |  |  | 23.0 | % |  |  | 9.6 | % |  |  | 13.7 | % |  |  | 5.1 | % |  |  | 17.1 | % |  |  | 9.9 | % |  |  | 16.4 | % |  |  | 7.5 | %

1.
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.
2.
Rents are calculated on a straight-line ("GAAP") basis and do not incorporate above- or below-market lease adjustments.
3.
Rents have not been calculated on a straight-line basis. Previous/expiring rent is that as of time of expiration and includes any percentage rent paid as well. New rent is that which is paid at commencement.
(1)

| 32 | Table of Contents

| Core Portfolio – Ca pital Expenditures
Supplemental Report – December 31, 2024 |

|  | Quarter Ended |  |  | Year Ended |
|  | March 31, 2024 |  |  | June 30, 2024 |  |  | September 30, 2024 |  |  | December 31, 2024 |  |  | December 31, 2024 |  |  | December 31, 2023 |
Leasing Commissions |  | $ | 560 |  |  | $ | 1,362 |  |  | $ | 544 |  |  | $ | 1,908 |  |  | $ | 4,374 |  |  | $ | 5,941 |
Tenant Improvements |  |  | 1,212 |  |  |  | 907 |  |  |  | 2,701 |  |  |  | 3,676 |  |  |  | 8,496 |  |  |  | 10,594 |
Maintenance Capital Expenditures |  |  | 1,640 |  |  |  | 2,143 |  |  |  | 2,037 |  |  |  | 2,053 |  |  |  | 7,873 |  |  |  | 8,618 |
Total Capital Expenditures |  | $ | 3,412 |  |  | $ | 4,412 |  |  | $ | 5,282 |  |  | $ | 7,637 |  |  | $ | 20,743 |  |  | $ | 25,153 |

| 33 | Table of Contents

| Fund Overview
Supplemental Report – December 31, 2024 |

I. KEY METRICS |  | Fund I |  | Fund II |  | Fund III |  | Fund IV |  | Fund V |  | Total
General Information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Vintage |  |  | Sep-2001 |  |  | Jun-2004 |  |  | May-2007 |  |  | May-2012 |  |  | Aug-2016 |  |  |
Fund Size |  | $ |  | 90.0 |  | Million |  | $ |  | 472.0 |  | Million 2 |  | $ |  | 502.5 |  | Million |  | $ |  | 540.6 |  | Million |  | $ |  | 520.0 |  | Million |  | $ |  | 2,125.1 |  | Million
Acadia's Commitment |  | $ |  | 20.0 |  | Million |  | $ |  | 291.2 |  | Million |  | $ |  | 123.3 |  | Million |  | $ |  | 125.0 |  | Million |  | $ |  | 104.5 |  | Million |  | $ |  | 664.0 |  | Million
Acadia's Pro-Rata Share |  |  |  | 22.2 |  | % |  |  |  |  | 61.7 |  | % 2 |  |  |  |  | 24.5 |  | % |  |  |  |  | 23.1 |  | % |  |  |  |  | 20.1 |  | % |  |  |  |  | 31.2 |  | % |
Acadia's Promoted Share 1 |  |  |  | 37.8 |  | % |  |  |  |  | 69.4 |  | % |  |  |  |  | 39.6 |  | % |  |  |  |  | 38.5 |  | % |  |  |  |  | 36.1 |  | % |  |  |  |  | 45.0 |  | % |
Preferred Return |  |  |  | 9.0 |  | % |  |  |  |  | 8.0 |  | % |  |  |  |  | 6.0 |  | % |  |  |  |  | 6.0 |  | % |  |  |  |  | 6.0 |  | % |  |  |  | 6.4 |  | % |
Current-Quarter, Fund-Level Information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cumulative Contributions 2 |  | $ |  | 86.6 |  | Million |  | $ |  | 559.4 |  | Million |  | $ |  | 448.1 |  | Million |  | $ |  | 506.0 |  | Million |  | $ |  | 468.8 |  | Million |  | $ |  | 2,068.9 |  | Million
Cumulative Net Distributions 3 |  | $ |  | 195.4 |  | Million |  | $ |  | 172.9 |  | Million |  | $ |  | 603.5 |  | Million |  | $ |  | 221.4 |  | Million |  | $ |  | 150.8 |  | Million |  | $ |  | 1,344.0 |  | Million
Net Distributions/Contributions |  |  |  | 225.6 |  | % |  |  |  |  | 30.9 |  | % |  |  |  |  | 134.7 |  | % |  |  |  |  | 43.8 |  | % |  |  |  |  | 32.2 |  | % |  |  |  |  | 65.0 |  | % |
Unfunded Commitment 4 |  | $ |  | 0.0 |  | Million |  | $ |  | 0.0 |  | Million |  | $ |  | 1.9 |  | Million |  | $ |  | 24.0 |  | Million |  | $ |  | 51.2 |  | Million |  | $ |  | 77.1 |  | Million
Investment Period Closes |  |  | Closed |  |  |  |  |  | Closed |  |  |  |  |  | Closed |  |  |  |  |  | Closed |  |  |  |  |  | Closed |  |  |  |  |  |  |  |  |
Currently in a Promote Position? (Yes/No) |  |  | No |  |  |  |  |  | No |  |  |  |  |  | No |  |  |  |  |  | No |  |  |  |  |  | No |  |  |  |  |  |  |  |  |
II. FEES & PRIORITY DISTRIBUTIONS EARNED BY ACADIA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Type: |  |  | Applicable to |  |  | Description
Asset Management |  |  | Fund I, II & III |  |  | 0%
Asset Management 5 |  |  | Fund IV |  |  | 0.75% of Implied Capital
Asset Management 5 |  |  | 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

1.
Acadia's "Promoted Share" reflects Acadia's share of fund profits once all partners (including Acadia) have received a return of their cumulative contributions plus their cumulative preferred return. Acadia's Promoted Share equals a 20% promote plus Acadia's pro-rata share of the remaining 80%.
2.
With regard to Fund II, the additional contributions over original Fund Size reflects prior-period distributions that were re-contributed to the Fund during 2016, 2020, 2021 and 2022 to fund the on-going redevelopment of existing Fund II investments. The $472 million reflects an incremental $172 million of capital contributed in connection with the City Point recapitalization. Fund II contains one remaining investment, City Point. During the second quarter 2022, the Company increased its ownership in Fund II and Mervyns II from 28% to 40%. Additionally, during the third quarter 2022, the Company increased its ownership in Fund II from 40% to 61.7%. During the first quarter 2023, Mervyns II distributed the Albertsons shares to its investors upon expiration of the lock-up agreement.
3.
Net of fees and promote. Fund I has made its final distribution and was fully liquidated in 2018.
4.
Unfunded Commitments are set aside to complete leasing and development at existing fund investments. The Unfunded Commitment will not equal Fund Size less Cumulative Contributions in those instances where certain fund distributions have been marked as recallable or where the fund has released commitments due to, among other reasons, the closing of the fund's investment period or accelerated asset sales.
5.
Implied Capital is Fund Size less capital attributed to sold investments or released.

| 34 | Table of Contents

| Investment Management Retail Properties – Detail 1
Supplemental Report – December 31, 2024 |

|  |  |  | Year |  | Fund |  | Gross Leasable Area |  | In Place Occupancy |  | Leased |  | Annualized |  |
Property |  | Key Tenants |  | Acquired |  | Ownership % |  | Street |  | Anchors |  | Shops |  | Total |  | Street |  | Anchors |  | Shops |  | Total |  | Occupancy |  | Base Rent (ABR) |  | ABR PSF
Fund II Portfolio Detail |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
NEW YORK |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New York |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
City Point 2 |  | Primark, Target, Sephora, Basis Schools, Alamo Drafthouse, Trader Joe's, Bang Cookies |  | 2007 |  | 94.2% |  | — |  | 330,448 |  | 204,817 |  | 535,265 |  | —% |  | 100.0% |  | 44.7% |  | 78.8% |  | 86.0% |  | $19,930,465 |  | $47.23
Total - Fund II |  |  |  |  |  |  |  | — |  | 330,448 |  | 204,817 |  | 535,265 |  | —% |  | 100.0% |  | 44.7% |  | 78.8% |  | 86.0% |  | $19,930,465 |  | $47.23
Fund III Portfolio Detail |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
NEW YORK |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New York |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
640 Broadway |  | ─ |  | 2012 |  | 100.0% |  | 4,547 |  | — |  | — |  | 4,547 |  | 79.1% |  | —% |  | —% |  | 79.1% |  | 93.4% |  | $918,550 |  | $255.37
Total - Fund III |  |  |  |  |  |  |  | 4,547 |  | — |  | — |  | 4,547 |  | 79.1% |  | —% |  | —% |  | 79.1% |  | 93.4% |  | $918,550 |  | $255.37
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 |  | The Row |  | 2014 |  | 100.0% |  | 8,432 |  | — |  | — |  | 8,432 |  | 100.0% |  | —% |  | —% |  | 100.0% |  | 100.0% |  | 2,116,939 |  | 251.06
1035 Third Avenue 3 |  | ─ |  | 2015 |  | 100.0% |  | 7,634 |  | — |  | — |  | 7,634 |  | 92.1% |  | —% |  | —% |  | 92.1% |  | 92.1% |  | 1,131,623 |  | 160.99
BOSTON |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Massachusetts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Restaurants at Fort Point |  | Santander Bank |  | 2016 |  | 100.0% |  | 15,711 |  | — |  | — |  | 15,711 |  | 9.1% |  | —% |  | —% |  | 9.1% |  | 9.1% |  | 224,438 |  | 157.50
NORTHEAST |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rhode Island |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
650 Bald Hill Road |  | Dick's Sporting Goods, Burlington |  | 2015 |  | 90.0% |  | — |  | 55,000 |  | 105,448 |  | 160,448 |  | —% |  | 100.0% |  | 77.7% |  | 85.3% |  | 85.3% |  | 2,092,896 |  | 15.28
MID-ATLANTIC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Delaware |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Eden Square |  | Giant Food, LA Fitness |  | 2014 |  | 90.0% |  | — |  | 116,003 |  | 113,170 |  | 229,173 |  | —% |  | 100.0% |  | 91.4% |  | 95.8% |  | 97.9% |  | 3,549,965 |  | 16.17
SOUTHEAST |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Georgia |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Broughton Street Portfolio (13 properties) |  | H&M, Warby Parker, Kendra Scott, Starbucks |  | 2014 |  | 100.0% |  | 94,693 |  | — |  | — |  | 94,693 |  | 90.5% |  | —% |  | —% |  | 90.5% |  | 93.3% |  | 3,275,948 |  | 38.21
WEST |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
California |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Union and Fillmore Collection (1 property) |  | Bonobos |  | 2015 |  | 90.0% |  | 1,044 |  | — |  | — |  | 1,044 |  | 100.0% |  | —% |  | —% |  | 100.0% |  | 100.0% |  | 147,585 |  | 141.36
Total - Fund IV |  |  |  |  |  |  |  | 136,751 |  | 171,003 |  | 218,618 |  | 526,372 |  | 77.7% |  | 100.0% |  | 84.8% |  | 87.9% |  | 89.3% |  | $12,839,393 |  | $27.75

| 35 | Table of Contents

| Investment Management Retail Properties – Detail 1
Supplemental Report – December 31, 2024 |

|  |  |  | Year |  | Fund |  | Gross Leasable Area |  | In Place Occupancy |  | Leased |  | Annualized |  |
Property |  | Key Tenants |  | Acquired |  | Ownership % |  | Street |  | Anchors |  | Shops |  | Total |  | Street |  | Anchors |  | Shops |  | Total |  | Occupancy |  | Base Rent (ABR) |  | ABR PSF
Fund V Portfolio Detail |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
SOUTHWEST |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New Mexico |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Plaza Santa Fe |  | TJ Maxx, Best Buy, Ross Dress for Less |  | 2017 |  | 100.0% |  | — |  | 153,983 |  | 70,169 |  | 224,152 |  | —% |  | 100.0% |  | 86.2% |  | 95.7% |  | 99.9% |  | $4,115,611 |  | $19.19
Texas |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Wood Ridge Plaza |  | Kirkland's, Office Depot |  | 2022 |  | 90.0% |  | — |  | — |  | 217,617 |  | 217,617 |  | —% |  | —% |  | 90.0% |  | 90.0% |  | 91.9% |  | 4,771,885 |  | 24.37
La Frontera Village |  | Kohl's, Hobby Lobby, Burlington, Marshalls |  | 2022 |  | 90.0% |  | — |  | 203,619 |  | 330,930 |  | 534,549 |  | —% |  | 85.0% |  | 89.1% |  | 87.5% |  | 95.0% |  | 6,923,194 |  | 14.80
MIDWEST |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Michigan |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New Towne Center |  | Kohl's, Jo-Ann's, DSW |  | 2017 |  | 100.0% |  | — |  | 145,389 |  | 45,141 |  | 190,530 |  | —% |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0% |  | 2,416,131 |  | 12.68
Fairlane Green |  | TJ Maxx, Michaels, Burlington |  | 2017 |  | 100.0% |  | — |  | 109,952 |  | 160,235 |  | 270,187 |  | —% |  | 100.0% |  | 97.1% |  | 98.3% |  | 98.3% |  | 5,245,306 |  | 19.75
NORTHEAST |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Maryland |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Frederick County (1 property) |  | Lidl, Advance Auto, Starbucks |  | 2019 |  | 90.0% |  | — |  | 90,053 |  | 146,454 |  | 236,507 |  | —% |  | 100.0% |  | 82.5% |  | 89.1% |  | 92.3% |  | 3,917,315 |  | 18.58
Connecticut |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tri-City Plaza |  | TJ Maxx, HomeGoods, ShopRite |  | 2019 |  | 90.0% |  | — |  | 129,940 |  | 172,769 |  | 302,709 |  | —% |  | 100.0% |  | 84.0% |  | 90.9% |  | 94.7% |  | 4,047,174 |  | 14.71
New Jersey |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Midstate |  | ShopRite, Best Buy, DSW, PetSmart |  | 2021 |  | 100.0% |  | — |  | 270,423 |  | 122,466 |  | 392,889 |  | —% |  | 100.0% |  | 72.7% |  | 91.5% |  | 94.7% |  | 6,768,205 |  | 18.83
New York |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Shoppes at South Hills |  | ShopRite, At Home, Ashley Furniture |  | 2022 |  | 90.0% |  | — |  | 416,804 |  | 96,104 |  | 512,908 |  | —% |  | 80.7% |  | 58.2% |  | 76.5% |  | 76.5% |  | 4,483,090 |  | 11.42
Mohawk Commons |  | Lowe's, Target |  | 2023 |  | 90.0% |  | — |  | 330,874 |  | 70,299 |  | 401,173 |  | —% |  | 100.0% |  | 88.1% |  | 97.9% |  | 100.0% |  | 5,647,885 |  | 14.38
Pennsylvania |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Monroe Marketplace |  | Kohl's, Dick's Sporting Goods, Giant Food |  | 2021 |  | 100.0% |  | — |  | 263,376 |  | 108,276 |  | 371,652 |  | —% |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0% |  | 4,459,795 |  | 12.00
Rhode Island |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lincoln Commons |  | Stop and Shop, Marshalls, HomeGoods |  | 2019 |  | 100.0% |  | — |  | 155,279 |  | 305,534 |  | 460,813 |  | —% |  | 100.0% |  | 95.7% |  | 97.1% |  | 97.1% |  | 6,032,457 |  | 13.48
Vermont |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Maple Tree Place 4 |  | Shaw's, Dick's Sporting Goods, Best Buy, Old Navy |  | 2023 |  | 100.0% |  | — |  | 246,738 |  | 150,031 |  | 396,769 |  | —% |  | 100.0% |  | 55.1% |  | 83.0% |  | 95.3% |  | 6,535,336 |  | 19.84
SOUTHEAST |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Virginia |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Landstown Commons |  | Best Buy, Burlington, Ross Dress for Less |  | 2019 |  | 100.0% |  | — |  | 87,883 |  | 292,316 |  | 380,199 |  | —% |  | 100.0% |  | 95.3% |  | 96.4% |  | 97.1% |  | 7,651,902 |  | 20.89
Florida |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

| 36 | Table of Contents

| Investment Management Retail Properties – Detail 1
Supplemental Report – December 31, 2024 |

|  |  |  | Year |  | Fund |  | Gross Leasable Area |  | In Place Occupancy |  | Leased |  | Annualized |  |
Property |  | Key Tenants |  | Acquired |  | Ownership % |  | Street |  | Anchors |  | Shops |  | Total |  | Street |  | Anchors |  | Shops |  | Total |  | Occupancy |  | Base Rent (ABR) |  | ABR PSF
Palm Coast Landing |  | TJ Maxx, PetSmart, Ross Dress for Less |  | 2019 |  | 100.0% |  | — |  | 73,241 |  | 98,480 |  | 171,721 |  | —% |  | 100.0% |  | 93.4% |  | 96.2% |  | 97.9% |  | 3,520,424 |  | 21.30
Cypress Creek |  | Hobby Lobby, Total Wine, HomeGoods |  | 2023 |  | 100.0% |  | — |  | 167,978 |  | 71,678 |  | 239,656 |  | —% |  | 100.0% |  | 95.1% |  | 98.5% |  | 98.5% |  | 5,080,689 |  | 21.51
North Carolina |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hickory Ridge |  | Kohl's, Best Buy, Dick's Sporting Goods |  | 2017 |  | 100.0% |  | — |  | 266,584 |  | 113,981 |  | 380,565 |  | —% |  | 100.0% |  | 97.5% |  | 99.3% |  | 99.3% |  | 4,783,801 |  | 12.66
Alabama |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trussville Promenade |  | Wal-Mart, Regal Cinemas |  | 2018 |  | 100.0% |  | — |  | 366,010 |  | 97,671 |  | 463,681 |  | —% |  | 100.0% |  | 87.2% |  | 97.3% |  | 97.3% |  | 4,480,140 |  | 9.93
Georgia |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Canton Marketplace |  | Dick's Sporting Goods, TJ Maxx, Best Buy |  | 2021 |  | 100.0% |  | — |  | 132,569 |  | 215,397 |  | 347,966 |  | —% |  | 100.0% |  | 94.4% |  | 96.6% |  | 100.0% |  | 6,176,580 |  | 18.38
Hiram Pavilion |  | Kohl's, HomeGoods |  | 2018 |  | 100.0% |  | — |  | 210,139 |  | 153,252 |  | 363,391 |  | —% |  | 100.0% |  | 96.7% |  | 98.6% |  | 98.6% |  | 4,886,285 |  | 13.64
WEST |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
California |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Elk Grove Commons |  | Kohl's, HomeGoods |  | 2018 |  | 100.0% |  | — |  | 132,489 |  | 109,589 |  | 242,078 |  | —% |  | 100.0% |  | 97.3% |  | 98.8% |  | 100.0% |  | 5,196,093 |  | 21.73
Utah |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Family Center at Riverdale |  | Target, Home Goods, Best Buy, Sierra Trading (TJX) |  | 2019 |  | 89.4% |  | — |  | 231,895 |  | 140,513 |  | 372,408 |  | —% |  | 100.0% |  | 94.5% |  | 97.9% |  | 97.9% |  | 4,096,176 |  | 11.23
Total - Fund V |  |  |  |  |  |  |  | — |  | 4,185,218 |  | 3,288,902 |  | 7,474,120 |  | —% |  | 97.4% |  | 89.2% |  | 93.8% |  | 95.9% |  | $111,235,474 |  | $15.87
Other Co-investment Vehicles Detail 5 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
NORTHEAST |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New York |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Shops at Grand Avenue |  | Stop & Shop (Ahold), Starbucks |  | 2024 |  | 5.0% |  | — |  | 52,336 |  | 47,501 |  | 99,837 |  | —% |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0% |  | 3,567,567 |  | 35.73
SOUTHEAST |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Florida |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Walk at Highwoods Preserve |  | HomeGoods, Michaels |  | 2024 |  | 20.0% |  | — |  | 80,894 |  | 56,862 |  | 137,756 |  | —% |  | 100.0% |  | 88.2% |  | 95.1% |  | 95.1% |  | 2,633,949 |  | 20.10
WEST |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Nevada |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
LINQ Promenade |  | Yard House, Brooklyn Bowl, I Love Sugar, Starbucks, Welcome to Las Vegas |  | 2024 |  | 15.0% |  | — |  | — |  | 182,926 |  | 182,926 |  | —% |  | —% |  | 99.1% |  | 99.1% |  | 99.6% |  | 14,600,887 |  | 80.52
Total - Other Co-investment Vehicles |  |  |  |  |  |  |  | — |  | 133,230 |  | 287,289 |  | 420,519 |  | —% |  | 100.0% |  | 97.1% |  | 98.0% |  | 98.2% |  | $20,802,403 |  | $50.46
TOTAL INVESTMENT MANAGEMENT PROPERTIES |  |  |  |  |  |  |  | 141,298 |  | 4,819,899 |  | 3,999,626 |  | 8,960,823 |  | 77.7% |  | 97.7% |  | 87.3% |  | 92.7% |  | 95.1% |  | $165,726,286 |  | $19.95

| 37 | Table of Contents

| Investment Management Retail Properties – Detail 1
Supplemental Report – December 31, 2024 |

|  |  |  | Year |  | Fund |  | Gross Leasable Area |  | In Place Occupancy |  | Leased |  | Annualized |  |
Property |  | Key Tenants |  | Acquired |  | Ownership % |  | Street |  | Anchors |  | Shops |  | Total |  | Street |  | Anchors |  | Shops |  | Total |  | Occupancy |  | Base Rent (ABR) |  | ABR PSF
Acadia Share of Total Investment Management Properties |  | 32,709 |  | 1,059,100 |  | 842,955 |  | 1,934,764 |  | 77.7% |  | 98.1% |  | 83.1% |  | 91.2% |  | 94.1% |  | $39,205,971 |  | $22.21

1.
Excludes properties under development, see Development and Redevelopment Activity page of this Supplemental Report. The above in place occupancy and rent amounts only include spaces where leases have commenced. Leased occupancy includes spaces for which leases have been signed and not yet commenced. ABR and ABR per square foot correlates to in place occupancy.
2.
In place occupancy excludes short-term percentage rent.
3.
Property also includes 12,371 sf of 2nd floor office space and 29,760 sf parking garage (13 spaces).
4.
Property also includes 93,259 sf of office space.
5.
Other co-investment vehicles are presented at our pro rata share.

| 38 | Table of Contents

| Investment Management Lease Expirations
Supplemental Report – December 31, 2024 | (Pro-Rata Basis)

|  | FUND II |  |  |  |  |  |  |  |  | FUND III |  |  |  |  |  |  |
|  |  |  |  | GLA |  |  |  |  |  | ABR |  |  |  |  |  | GLA |  |  |  |  |  | ABR |
|  | Leases |  |  | Expiring |  |  | Percent |  |  |  |  |  |  |  |  | Percent |  |  | Leases |  |  | Expiring |  |  | Percent |  |  |  |  |  |  |  |  | Percent |
Year |  | Expiring |  |  | SF |  |  | of Total |  |  | Amount |  |  | PSF |  |  | of Total |  |  | Expiring |  |  | SF |  |  | of Total |  |  | Amount |  |  | PSF |  |  | of Total |
M to M 1 |  |  | — |  |  |  | — |  |  |  | — | % |  | $ | — |  |  | $ | — |  |  |  | — | % |  |  | — |  |  |  | — |  |  |  | — | % |  | $ | — |  |  | $ | — |  |  |  | — | %
2025 |  |  | — |  |  |  | — |  |  |  | — | % |  |  | — |  |  |  | — |  |  |  | — | % |  |  | — |  |  |  | — |  |  |  | — | % |  |  | — |  |  |  | — |  |  |  | — | %
2026 |  |  | 1 |  |  |  | 1,426 |  |  |  | 0.6 | % |  |  | 164,531 |  |  |  | 115.36 |  |  |  | 1.4 | % |  |  | — |  |  |  | — |  |  |  | — | % |  |  | — |  |  |  | — |  |  |  | — | %
2027 |  |  | 3 |  |  |  | 15,292 |  |  |  | 6.2 | % |  |  | 1,241,238 |  |  |  | 81.17 |  |  |  | 10.7 | % |  |  | 1 |  |  |  | 306 |  |  |  | 34.7 | % |  |  | 77,741 |  |  |  | 254.05 |  |  |  | 34.5 | %
2028 |  |  | 1 |  |  |  | 552 |  |  |  | 0.2 | % |  |  | 107,618 |  |  |  | 195.00 |  |  |  | 0.9 | % |  |  | — |  |  |  | — |  |  |  | — | % |  |  | — |  |  |  | — |  |  |  | — | %
2029 |  |  | 1 |  |  |  | 580 |  |  |  | 0.2 | % |  |  | 91,368 |  |  |  | 157.59 |  |  |  | 0.8 | % |  |  | 1 |  |  |  | 177 |  |  |  | 20.1 | % |  |  | 43,413 |  |  |  | 245.36 |  |  |  | 19.3 | %
2030 |  |  | — |  |  |  | — |  |  |  | — | % |  |  | — |  |  |  | — |  |  |  | — | % |  |  | 1 |  |  |  | 226 |  |  |  | 25.6 | % |  |  | 57,142 |  |  |  | 252.55 |  |  |  | 25.4 | %
2031 |  |  | — |  |  |  | — |  |  |  | — | % |  |  | — |  |  |  | — |  |  |  | — | % |  |  | — |  |  |  | — |  |  |  | — | % |  |  | — |  |  |  | — |  |  |  | — | %
2032 |  |  | 4 |  |  |  | 78,364 |  |  |  | 32.0 | % |  |  | 1,252,647 |  |  |  | 15.98 |  |  |  | 10.8 | % |  |  | — |  |  |  | — |  |  |  | — | % |  |  | — |  |  |  | — |  |  |  | — | %
2033 |  |  | 3 |  |  |  | 18,877 |  |  |  | 7.7 | % |  |  | 897,049 |  |  |  | 47.52 |  |  |  | 7.7 | % |  |  | — |  |  |  | — |  |  |  | — | % |  |  | — |  |  |  | — |  |  |  | — | %
2034 |  |  | 4 |  |  |  | 4,968 |  |  |  | 2.0 | % |  |  | 516,158 |  |  |  | 103.91 |  |  |  | 4.5 | % |  |  | 1 |  |  |  | 173 |  |  |  | 19.6 | % |  |  | 47,117 |  |  |  | 272.35 |  |  |  | 20.9 | %
Thereafter |  |  | 9 |  |  |  | 125,076 |  |  |  | 51.0 | % |  |  | 7,307,624 |  |  |  | 58.43 |  |  |  | 63.1 | % |  |  | — |  |  |  | — |  |  |  | — | % |  |  | — |  |  |  | — |  |  |  | — | %
Total 2 |  |  | 26 |  |  |  | 245,134 |  |  |  | 100.0 | % |  | $ | 11,578,233 |  |  | $ | 47.23 |  |  |  | 100.0 | % |  |  | 4 |  |  |  | 882 |  |  |  | 100.0 | % |  | $ | 225,412 |  |  | $ | 255.51 |  |  |  | 100.0 | %
|  |  |  |  |  | 65,818 |  |  | Total Vacant 2 |  |  |  |  |  |  |  |  |  |  |  |  | 234 |  |  | Total Vacant 2 |  |  |  |  |  |  |
|  |  |  |  |  | 310,952 |  |  | Total Square Feet 2 |  |  |  |  |  |  |  |  |  |  |  |  | 1,116 |  |  | Total Square Feet 2 |  |  |  |  |  |  |
|  | FUND IV |  |  |  |  |  |  |  |  | FUND V |  |  |  |  |  |  |
|  |  |  |  | GLA |  |  |  |  |  | ABR |  |  |  |  |  | GLA |  |  |  |  |  | ABR |
|  | Leases |  |  | Expiring |  |  | Percent |  |  |  |  |  |  |  |  | Percent |  |  | Leases |  |  | Expiring |  |  | Percent |  |  |  |  |  |  |  |  | Percent |
Year |  | Expiring |  |  | SF |  |  | of Total |  |  | Amount |  |  | PSF |  |  | of Total |  |  | Expiring |  |  | SF |  |  | of Total |  |  | Amount |  |  | PSF |  |  | of Total |
M to M 1 |  |  | — |  |  |  | — |  |  |  | — | % |  | $ | — |  |  | $ | — |  |  |  | — | % |  |  | 2 |  |  |  | 661 |  |  |  | 0.0 | % |  | $ | 6,886 |  |  | $ | 10.42 |  |  |  | — | %
2025 |  |  | 7 |  |  |  | 2,344 |  |  |  | 2.4 | % |  |  | 527,199 |  |  |  | 224.92 |  |  |  | 18.6 | % |  |  | 98 |  |  |  | 242,265 |  |  |  | 17.8 | % |  |  | 3,386,935 |  |  |  | 13.98 |  |  |  | 16.0 | %
2026 |  |  | 7 |  |  |  | 13,032 |  |  |  | 13.2 | % |  |  | 203,316 |  |  |  | 15.60 |  |  |  | 7.2 | % |  |  | 91 |  |  |  | 118,709 |  |  |  | 8.7 | % |  |  | 2,329,910 |  |  |  | 19.63 |  |  |  | 11.0 | %
2027 |  |  | 11 |  |  |  | 8,316 |  |  |  | 8.4 | % |  |  | 268,480 |  |  |  | 32.28 |  |  |  | 9.5 | % |  |  | 92 |  |  |  | 205,930 |  |  |  | 15.1 | % |  |  | 2,796,478 |  |  |  | 13.58 |  |  |  | 13.0 | %
2028 |  |  | 6 |  |  |  | 4,629 |  |  |  | 4.7 | % |  |  | 125,329 |  |  |  | 27.07 |  |  |  | 4.4 | % |  |  | 86 |  |  |  | 159,898 |  |  |  | 11.7 | % |  |  | 3,093,395 |  |  |  | 19.35 |  |  |  | 14.0 | %
2029 |  |  | 6 |  |  |  | 28,775 |  |  |  | 29.2 | % |  |  | 584,442 |  |  |  | 20.31 |  |  |  | 20.6 | % |  |  | 98 |  |  |  | 218,823 |  |  |  | 16.1 | % |  |  | 3,387,985 |  |  |  | 15.48 |  |  |  | 16.0 | %
2030 |  |  | 1 |  |  |  | 346 |  |  |  | 0.4 | % |  |  | 16,278 |  |  |  | 47.00 |  |  |  | 0.6 | % |  |  | 32 |  |  |  | 60,706 |  |  |  | 4.5 | % |  |  | 1,019,879 |  |  |  | 16.80 |  |  |  | 5.0 | %
2031 |  |  | 3 |  |  |  | 1,488 |  |  |  | 1.5 | % |  |  | 123,159 |  |  |  | 82.78 |  |  |  | 4.3 | % |  |  | 33 |  |  |  | 77,034 |  |  |  | 5.7 | % |  |  | 1,142,004 |  |  |  | 14.82 |  |  |  | 5.0 | %
2032 |  |  | 7 |  |  |  | 22,742 |  |  |  | 23.0 | % |  |  | 565,286 |  |  |  | 24.86 |  |  |  | 19.9 | % |  |  | 32 |  |  |  | 65,640 |  |  |  | 4.8 | % |  |  | 1,088,530 |  |  |  | 16.58 |  |  |  | 5.0 | %
2033 |  |  | 5 |  |  |  | 12,850 |  |  |  | 13.0 | % |  |  | 294,267 |  |  |  | 22.90 |  |  |  | 10.4 | % |  |  | 32 |  |  |  | 61,006 |  |  |  | 4.5 | % |  |  | 1,158,476 |  |  |  | 18.99 |  |  |  | 5.0 | %
2034 |  |  | 1 |  |  |  | 3,782 |  |  |  | 3.8 | % |  |  | 97,545 |  |  |  | 25.80 |  |  |  | 3.4 | % |  |  | 42 |  |  |  | 90,199 |  |  |  | 6.6 | % |  |  | 1,531,867 |  |  |  | 16.98 |  |  |  | 7.0 | %
Thereafter |  |  | 3 |  |  |  | 387 |  |  |  | 0.4 | % |  |  | 29,291 |  |  |  | 75.67 |  |  |  | 1.0 | % |  |  | 12 |  |  |  | 61,134 |  |  |  | 4.5 | % |  |  | 730,089 |  |  |  | 11.94 |  |  |  | 3.0 | %
Total 2 |  |  | 57 |  |  |  | 98,691 |  |  |  | 100.0 | % |  | $ | 2,834,592 |  |  | $ | 28.72 |  |  |  | 100.0 | % |  |  | 650 |  |  |  | 1,362,005 |  |  |  | 100.0 | % |  | $ | 21,672,434 |  |  | $ | 15.91 |  |  |  | 100.0 | %
|  |  |  |  |  | 13,974 |  |  | Total Vacant 2 |  |  |  |  |  |  |  |  |  |  |  |  | 88,044 |  |  | Total Vacant 2 |  |  |  |  |  |  |
|  |  |  |  |  | 112,665 |  |  | Total Square Feet 2 |  |  |  |  |  |  |  |  |  |  |  |  | 1,450,049 |  |  | Total Square Feet 2 |  |  |  |  |  |  |

| 39 | Table of Contents

| Investment Management Lease Expirations
Supplemental Report – December 31, 2024 | (Pro-Rata Basis)

|  | OTHER CO-INVESTMENT VEHICLES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  | GLA |  |  |  |  |  | ABR |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Leases |  |  | Expiring |  |  | Percent |  |  |  |  |  |  |  |  | Percent |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Expiring |  |  | SF |  |  | of Total |  |  | Amount |  |  | PSF |  |  | of Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
M to M 1 |  |  | — |  |  |  | — |  |  |  | — | % |  | $ | — |  |  | $ | — |  |  |  | — | % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2025 |  |  | 7 |  |  |  | 1,749 |  |  |  | 3.0 | % |  |  | 215,768 |  |  |  | 123.39 |  |  |  | 7.5 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2026 |  |  | 6 |  |  |  | 3,045 |  |  |  | 5.2 | % |  |  | 215,306 |  |  |  | 70.71 |  |  |  | 7.4 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2027 |  |  | 12 |  |  |  | 13,704 |  |  |  | 23.5 | % |  |  | 395,951 |  |  |  | 28.89 |  |  |  | 13.7 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2028 |  |  | 12 |  |  |  | 4,362 |  |  |  | 7.5 | % |  |  | 288,635 |  |  |  | 66.17 |  |  |  | 10.0 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2029 |  |  | 15 |  |  |  | 18,161 |  |  |  | 31.1 | % |  |  | 1,057,149 |  |  |  | 58.21 |  |  |  | 36.5 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2030 |  |  | 6 |  |  |  | 2,611 |  |  |  | 4.5 | % |  |  | 170,752 |  |  |  | 65.40 |  |  |  | 5.9 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2031 |  |  | 2 |  |  |  | 2,038 |  |  |  | 3.5 | % |  |  | 139,298 |  |  |  | 68.34 |  |  |  | 4.8 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2032 |  |  | — |  |  |  | — |  |  |  | — | % |  |  | — |  |  |  | — |  |  |  | — | % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2033 |  |  | 5 |  |  |  | 11,348 |  |  |  | 19.4 | % |  |  | 332,644 |  |  |  | 29.31 |  |  |  | 11.5 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2034 |  |  | 5 |  |  |  | 1,099 |  |  |  | 1.9 | % |  |  | 71,297 |  |  |  | 64.86 |  |  |  | 2.5 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Thereafter |  |  | 1 |  |  |  | 287 |  |  |  | 0.5 | % |  |  | 8,500 |  |  |  | 29.58 |  |  |  | 0.3 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total 2 |  |  | 71 |  |  |  | 58,404 |  |  |  | 100.0 | % |  | $ | 2,895,300 |  |  | $ | 49.57 |  |  |  | 100.0 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  | 1,578 |  |  | Total Vacant 2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  | 59,982 |  |  | Total Square Feet 2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

1.
Leases currently under month to month or in process of renewal.
2.
Totals may not foot due to rounding.

| 40 | Table of Contents

| Development and Redevelopment Activity
Supplemental Report – December 31, 2024 |

|  |  |  |  |  |  |  |  |  |  | Acadia's Pro-rata Share
Property |  | AKR Pro-rata share |  | Location |  | Estimated Stabilization |  | Est. Sq ft Upon Completion |  |  | Costs prior to development / redevelopment |  |  | Incurred costs since development / redevelopment |  |  | Total Costs to Date |  |  | Estimated Future Range |  |  | Estimated Total Range |  |
CORE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Development: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Henderson Avenue Expansion(1) |  | 100.0% |  | Dallas, TX |  | 2027/2028 |  |  | 176,000 |  |  | $ | 23.9 |  |  | $ | 20.3 |  |  | $ | 44.2 |  |  | $ | 24.0 |  |  | $ | 124.0 |  |  | $ | 68.2 |  |  | $ | 168.2 |  |
Redevelopment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
City Center |  | 100.0% |  | San Francisco, CA |  | 2026 |  |  | 241,000 |  |  |  | 155.0 |  |  |  | 57.3 |  |  |  | 212.3 |  |  |  | 0.9 |  |  |  | 2.9 |  |  |  | 213.2 |  |  |  | 215.2 |  |
555 9th Street |  | 100.0% |  | San Francisco, CA |  | TBD |  |  | 149,000 |  |  |  | 141.7 |  |  |  | 14.3 |  |  |  | 156.0 |  |  |  | 10.7 |  |  |  | 20.7 |  |  |  | 166.7 |  |  |  | 176.7 |  |
840 N. Michigan Avenue |  | 91.9% |  | Chicago, IL |  | TBD |  |  | 87,000 |  |  |  | 152.3 |  |  |  | 0.1 |  |  |  | 152.4 |  |  | TBD |  |  | TBD |  |  | TBD |  |  | TBD |  |
Brandywine Holdings |  | 100.0% |  | Wilmington, DE |  | 2026 |  |  | 138,000 |  |  |  | 24.0 |  |  |  | 0.2 |  |  |  | 24.2 |  |  |  | 9.9 |  |  |  | 11.9 |  |  |  | 34.1 |  |  |  | 36.1 |  |
Westshore Expressway |  | 100.0% |  | Staten Island, NY |  | TBD |  |  | 55,000 |  |  |  | 18.6 |  |  |  | — |  |  |  | 18.6 |  |  | TBD |  |  | TBD |  |  | TBD |  |  | TBD |  |
Mark Plaza |  | 100.0% |  | Edwardsville, PA |  | TBD |  |  | 107,000 |  |  |  | 3.7 |  |  |  | — |  |  |  | 3.7 |  |  | TBD |  |  | TBD |  |  | TBD |  |  | TBD |  |
Bedford Green |  | 100.0% |  | Bedford Hills, NY |  | TBD |  |  | 91,000 |  |  |  | 50.7 |  |  |  | — |  |  |  | 50.7 |  |  | TBD |  |  | TBD |  |  | TBD |  |  | TBD |  |
Total Core Redevelopment |  |  |  |  |  |  |  |  |  |  | $ | 546.0 |  |  | $ | 71.9 |  |  | $ | 617.9 |  |  | $ | 21.5 |  |  | $ | 35.5 |  |  | $ | 414.0 |  |  | $ | 428.0 |  |
Total Core Development and Redevelopment |  |  |  |  |  |  |  |  |  |  | $ | 569.9 |  |  | $ | 92.2 |  |  | $ | 662.1 |  |  | $ | 45.5 |  |  | $ | 159.5 |  |  | $ | 482.2 |  |  | $ | 596.2 |  |
INVESTMENT MANAGEMENT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Development: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FUND III |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Broad Hollow Commons |  | 24.5% |  | Farmingdale, NY |  | 2026/2027 |  | TBD |  |  | $ | 3.0 |  |  | $ | 4.7 |  |  | $ | 7.7 |  |  | TBD |  |  | TBD |  |  | TBD |  |  | TBD |  |
Redevelopment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FUND IV |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
717 N. Michigan Avenue |  | 23.1% |  | Chicago, IL |  | TBD |  | TBD |  |  |  | 26.9 |  |  |  | 0.9 |  |  |  | 27.8 |  |  | TBD |  |  | TBD |  |  | TBD |  |  | TBD |  |
Total Investment Management Development and Redevelopment |  |  |  |  |  |  |  |  |  |  | $ | 29.9 |  |  | $ | 5.6 |  |  | $ | 35.5 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |
Total Core and Investment Management Development and Redevelopment |  |  |  |  |  |  |  |  |  |  | $ | 599.8 |  |  | $ | 97.8 |  |  | $ | 697.6 |  |  | $ | 45.5 |  |  | $ | 159.5 |  |  | $ | 482.2 |  |  | $ | 596.2 |  |
Pre-Stabilized: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
City Point (Fund II) |  | 61.7% |  | Brooklyn, NY |  | 2025/2026 |  |  | 536,198 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
640 Broadway (Fund III) |  | 24.5% |  | New York, NY |  | 2024/2025 |  |  | 4,637 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
210 Bowery (Fund IV) |  | 23.1% |  | New York, NY |  | 2024/2025 |  |  | 2,538 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
801 Madison (Fund IV) |  | 23.1% |  | New York, NY |  | 2024/2025 |  |  | 2,522 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
27 E 61st Street (Fund IV) |  | 23.1% |  | New York, NY |  | 2024/2025 |  |  | 4,177 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1035 Third Avenue (Fund IV) |  | 23.1% |  | New York, NY |  | 2024/2025 |  |  | 7,634 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
651-671 West Diversey (Core) |  | 100.0% |  | Chicago, IL |  | 2026/2027 |  |  | 40,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Route 6 Mall (Core) |  | 100.0% |  | Honesdale, PA |  | 2026 |  |  | 154,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mad River (Core) |  | 100.0% |  | Dayton, OH |  | 2027 |  |  | 126,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
664 N. Michigan Avenue (Core) |  | 100.0% |  | Chicago, IL |  | 2026 |  |  | 17,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

1.
The Company intends to partner with Ignite-Rebees DevCo LLC, and expects to retain a 95% interest.

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| Importan t Notes
Supplemental Report – December 31, 2024 |

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.

USE OF FUNDS FROM OPERATIONS AS NON-GAAP FINANCIAL MEASURE

The Company considers funds from operations (“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 depreciable real estate properties; (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 RCP investments such as Albertsons in FFO.

The Company also provides another supplemental disclosure of operating performance, adjusted funds from operations (“AFFO”). The Company defines AFFO as FFO adjusted for straight line rent, non-real estate depreciation, stock-based compensation, amortization of finance costs and costs of management contracts, tenant improvements, leasing commissions and capital expenditures.

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

It should be noted that the Company’s methods of calculating FFO, AFFO or FFO Before Special Items may be different from methods used by other REITs and, accordingly, may not be comparable to such metrics used by other REITs. FFO, AFFO and FFO Before Special Items do not represent cash generated from operations as defined by generally accepted accounting principles (“GAAP”) and are not indicative of cash available to fund all cash needs, including distributions. None of these measures should 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.

USE OF NON-GAAP FINANCIAL MEASURES

Non-GAAP financial measures such as EBITDA, NOI, same-property NOI and lease spreads are widely used financial measures in many industries, including the REIT industry, and are presented to assist investors and analysts in analyzing the performance of the Company. They are helpful as they exclude various items included in net income that are not indicative of operating performance, such as gains (or losses) from sales of property and depreciation and amortization and is used in computing various financial ratios as a measure of operational performance. The Company computes EBITDA as the sum of net income before extraordinary items plus interest expense, depreciation, income taxes and amortization, less any gains (losses including impairment charges) on the sale of income producing properties. The Company computes NOI by taking the difference between Property Revenues and Property Expenses as detailed in this reporting supplement. Same-property NOI includes properties in our Core Portfolio that we owned for both the current and prior periods presented, but excludes those properties which we acquired, sold or expected to sell, and redeveloped during these periods. The Company’s method of calculating EBITDA, NOI and same-property NOI may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. EBITDA, NOI and same-property NOI do not represent cash generated from operations as defined by GAAP and are not indicative of cash available to fund all cash needs, including distributions. They 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.

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