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

Exhibit 99.2

Section I – Third Quarter 2025 Earnings Press Release |
Section II – Financial Information |
Company Information | 3
Market Capitalization | 4
Forward Equity Offerings | 5
Operating Statements |
Consolidated Statements of Operations | 6
Statements of Operations - Pro-rata Adjustments | 8
Consolidated Balance Sheet | 9
Balance Sheet - Pro-rata Adjustments | 10
Funds from Operations (“FFO”), FFO Before Special Items, Adjusted Funds from Operations (“AFFO”) | 12
EBITDA | 13
Same Property Net Operating Income | 14
Fee Income Detail | 15
Structured Financing | 16
Other Information |
Transactional Activity | 17
2025 Guidance | 19
Net Asset Valuation Information | 20
Selected Financial Ratios | 21
Debt Analysis |
Summary | 22
Detail | 23
Maturities | 25
Interest Rate Summary | 27
Section III – REIT Portfolio Information |
REIT Properties | 28
REIT Top Tenants | 33
REIT Lease Expirations | 34
REIT New and Renewal Rent Spreads | 35
REIT Capital Expenditures | 36
Section IV – Investment Management Information |
Fund Overview | 37
Investment Management Properties | 38
Investment Management Lease Expirations | 43
Development and Redevelopment Activity | 45
Section V – Other Information |
Important Notes | 47

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

Company Information |  |
Acadia Realty Trust is an equity real estate investment trust focused on delivering long-term, profitable growth. Acadia owns and operates a high-quality core real estate portfolio of street and open-air retail properties in the nation's most dynamic retail corridors (“REIT Portfolio”), along with an investment management platform that targets opportunistic and value-add investments through its institutional co-investment vehicles (“Investment Management”). For further information, please visit www.acadiarealty.com.
Contact Information |  |  |  |
|  | Corporate Headquarters |  | Investor Relations |  | New York Stock Exchange
|  | 411 Theodore Fremd Avenue |  | (914) 288-8100 |  | Symbol AKR
|  | Suite 300 |  | investorrelations@acadiarealty.com |  |
|  | Rye, NY 10580 |  |  |  |
Analyst Coverage |  |  |  |
|  | Bank of America / Merrill Lynch |  | Citigroup - Global Markets |  | KeyBanc Capital Markets, Inc.
|  | Samir Khanal (646) 855-1497 |  | Craig Mailman (212) 816-4471 |  | Todd Thomas (917) 368-2286
|  | samir.khanal@bofa.com |  | craig.mailman@citi.com |  | tthomas@key.com
|  | Green Street Advisors |  | Compass Point Research & Trading |  | J.P. Morgan Securities, Inc.
|  | Paulina Rojas Schmidt (949) 640-8780 |  | Kenneth Billingsley (202) 534-1393 |  | Michael W. Mueller, CFA (212) 622-6689
|  | projasschmidt@greenstreet.com |  | kbillingsley@compasspointllc.com |  | michael.w.mueller@jpmorgan.com
|  | Jefferies |  | Truist |  | Ladenburg Thalmann
|  | Linda Tsai (212) 778-8011 |  | Anthony Hau (212) 303-4176 |  | Floris van Dijkum (212) 409-2075
|  | ltsai@jefferies.com |  | anthony.hau@truist.com |  | fvandijkum@ladenburg.com

| Supplemental Report September 30, 2025 – 3

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

|  |  |  |  |  |  |  | Changes in Total Outstanding Common |  | Weighted Average
|  | Total Market |  |  |  | Capitalization |  | Shares and OP Units |  | Diluted EPS |  | Diluted FFO
|  | Capitalization ($) |  | % |  | Based on Net Debt 1 |  |  |  | Common Shares 2 |  | Common OP Units |  | Total |  | Quarter |  | YTD |  | Quarter |  | YTD
Equity Capitalization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Shares |  | 131,031 |  |  |  |  |  | Balance at 12/31/2024 |  | 119,658 |  | 4,709 |  | 124,367 |  |  |  |  |  |  |  |
Common Operating Partnership ("OP") Units |  | 5,189 |  |  |  |  |  | Vesting RS and LTIPs |  | 10 |  | 598 |  | 608 |  |  |  |  |  |  |  |
Combined Common Shares and OP Units 2 |  | 136,220 |  |  |  |  |  | OP Conversions |  | 113 |  | (113) |  | — |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | Issuance of Shares |  | 11,172 |  | — |  | 11,172 |  |  |  |  |  |  |  |
Share Price at September 30, 2025 |  | $20.15 |  |  |  |  |  | Other |  | 3 |  | — |  | 3 |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | Balance at 3/31/2025 |  | 130,956 |  | 5,194 |  | 136,150 |  | 121,329 |  | 121,329 |  | 129,363 |  | 129,363
Equity Capitalization - Common Shares and OP Units |  | $2,744,833 |  |  |  |  |  | Vesting RS and LTIPs |  | 27 |  | 36 |  | 63 |  |  |  |  |  |  |  |
Preferred OP Units 3 |  | 5,159 |  |  |  |  |  | OP Conversions |  | 24 |  | (24) |  | — |  |  |  |  |  |  |  |
Total Equity Capitalization |  | 2,749,992 |  | 65% |  | 66% |  | Other |  | 4 |  | — |  | 4 |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | Balance at 6/30/2025 |  | 131,011 |  | 5,206 |  | 136,217 |  | 130,981 |  | 126,182 |  | 138,909 |  | 134,266
Debt Capitalization |  |  |  |  |  |  |  | Vesting RS and LTIPs |  | — |  | — |  | — |  |  |  |  |  |  |  |
Consolidated debt 4 |  | 1,873,079 |  |  |  |  |  | OP Conversions |  | 17 |  | (17) |  | — |  |  |  |  |  |  |  |
Adjustment to reflect pro-rata share of debt |  | (394,775) |  |  |  |  |  | Other |  | 3 |  | — |  | 3 |  |  |  |  |  |  |  |
Total Debt Capitalization |  | 1,478,304 |  | 35% |  | 34% |  | Balance at 9/30/2025 |  | 131,031 |  | 5,189 |  | 136,220 |  | 131,022 |  | 127,819 |  | 138,950 |  | 135,754
Total Market Capitalization 2 |  | $4,228,296 |  | 100% |  | 100% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

1.
Reflects debt net of $53,664 pro-rata share of REIT Portfolio and Investment Management cash.
2.
Does not include the Common Shares sold under the Forward Equity Offerings.
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 $11,071 of unamortized premium and unamortized loan costs.

| Supplemental Report September 30, 2025 – 4

Forward Equity Offerings |
(in thousands) |

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

1.
Amounts received upon settlement are subject to customary adjustments in accordance with the forward sales contracts, which are reflected in Forward Settlement adjustments above.
2.
Beginning balance reflects the last quarterly report issued on July 29, 2025.
3.
Ending balance reflects the fair value of the shares outstanding as of September 30, 2025.

| Supplemental Report September 30, 2025 – 5

Consolidated Statements of Operations |
(in thousands) |

|  | September 30, 2025 1 |  |
|  | Quarter |  |  | Year to Date |  |
Revenues |  |  |  |  |  |  |
Rental income 8 |  | $ | 98,714 |  |  | $ | 299,651 |  |
Other |  |  | 2,292 |  |  |  | 6,341 |  |
Total revenues |  |  | 101,006 |  |  |  | 305,992 |  |
Expenses |  |  |  |  |  |  |
Depreciation and amortization |  |  | 38,884 |  |  |  | 117,593 |  |
General and administrative |  |  | 10,924 |  |  |  | 34,053 |  |
Real estate taxes |  |  | 11,832 |  |  |  | 38,452 |  |
Property operating |  |  | 16,627 |  |  |  | 52,431 |  |
Impairment charges |  |  | 12,570 |  |  |  | 37,210 |  |
Total expenses |  |  | 90,837 |  |  |  | 279,739 |  |
Gain on disposition of properties |  |  | 2,515 |  |  |  | 2,515 |  |
Operating income |  |  | 12,684 |  |  |  | 28,768 |  |
Equity in losses of unconsolidated affiliates |  |  | (3,694 | ) |  |  | (9,598 | ) |
Interest income |  |  | 6,121 |  |  |  | 18,575 |  |
Realized and unrealized holding losses on investments and other |  |  | (1,760 | ) |  |  | (193 | ) |
Interest expense |  |  | (24,304 | ) |  |  | (71,155 | ) |
Loss on change in control |  |  | — |  |  |  | (9,622 | ) |
Loss from continuing operations before income taxes |  |  | (10,953 | ) |  |  | (43,225 | ) |
Income tax provision |  |  | (2 | ) |  |  | (329 | ) |
Net loss |  |  | (10,955 | ) |  |  | (43,554 | ) |
Net loss attributable to redeemable noncontrolling interests |  |  | 1,567 |  |  |  | 4,960 |  |
Net loss attributable to noncontrolling interests |  |  | 15,006 |  |  |  | 47,783 |  |
Net income attributable to Acadia shareholders |  | $ | 5,618 |  |  | $ | 9,189 |  |

|  | September 30, 2025 1 |  |
|  | Quarter |  |  | Year to Date |  |
Reconciliation of Revenues to Consolidated GAAP Revenues |  |  |  |  |  |  |
Total Revenues |  | $ | 95,955 |  |  | $ | 285,144 |  |
Straight-line rent income |  |  | 1,436 |  |  |  | 1,963 |  |
Above/below-market rent income |  |  | 2,146 |  |  |  | 6,634 |  |
Asset and property management fees |  |  | 709 |  |  |  | 2,289 |  |
Development, construction, leasing and legal fees |  |  | 530 |  |  |  | 1,371 |  |
Other income 8 |  |  | 230 |  |  |  | 8,591 |  |
Consolidated Total GAAP Revenues |  | $ | 101,006 |  |  | $ | 305,992 |  |
Reconciliation of Operating Expenses to Consolidated GAAP Property Operating Expenses |  |  |  |  |  |  |
Property operating - CAM and Other |  | $ | 13,254 |  |  | $ | 40,779 |  |
Other property operating (Non-CAM) |  |  | 3,076 |  |  |  | 9,215 |  |
Asset and property management expense |  |  | 257 |  |  |  | 872 |  |
Other |  |  | 40 |  |  |  | 1,565 |  |
Consolidated Total GAAP Operating Expenses |  | $ | 16,627 |  |  | $ | 52,431 |  |

| Supplemental Report September 30, 2025 – 6

Consolidated Statements of Operations - Detail |
(in thousands) |

|  | September 30, 2025 1 |
REIT PORTFOLIO AND INVESTMENT MANAGEMENT INCOME |  | Quarter |  |  | Year to Date |
REVENUES |  |  |  |  |  |
Minimum rents |  | $ | 76,481 |  |  | $ | 224,724 |
Percentage rents |  |  | 509 |  |  |  | 1,987 |
Expense reimbursements - CAM |  |  | 9,960 |  |  |  | 28,797 |
Expense reimbursements - Taxes |  |  | 8,197 |  |  |  | 27,224 |
Other property income |  |  | 808 |  |  |  | 2,412 |
Total Revenues |  |  | 95,955 |  |  |  | 285,144 |
EXPENSES |  |  |  |  |  |
Property operating - CAM |  |  | 13,254 |  |  |  | 40,779 |
Other property operating (Non-CAM) |  |  | 3,076 |  |  |  | 9,215 |
Real estate taxes |  |  | 11,832 |  |  |  | 38,452 |
Asset and property management expense |  |  | 257 |  |  |  | 872 |
Total Expenses |  |  | 28,419 |  |  |  | 89,318 |
NET OPERATING INCOME - PROPERTIES |  |  | 67,536 |  |  |  | 195,826 |
OTHER INCOME (EXPENSE) |  |  |  |  |  |
Interest income |  |  | 6,121 |  |  |  | 18,575 |
Straight-line rent income |  |  | 1,436 |  |  |  | 1,963 |
Above/below-market rent income |  |  | 2,146 |  |  |  | 6,634 |
Interest expense 2 |  |  | (21,551 | ) |  |  | (63,619 | )
Amortization of finance costs |  |  | (2,463 | ) |  |  | (6,600 | )
Above/below-market interest expense |  |  | 226 |  |  |  | 605 |
Finance lease interest expense |  |  | (516 | ) |  |  | (1,541 | )
Other income 8 |  |  | 768 |  |  |  | 8,671 |
Impairment charges |  |  | (12,570 | ) |  |  | (37,210 | )
REIT PORTFOLIO AND INVESTMENT MANAGEMENT INCOME |  |  | 41,133 |  |  |  | 123,304 |
FEE AND OTHER INCOME 3 |  |  |  |  |  |
Asset and property management fees |  |  | 709 |  |  |  | 2,289 |
Development, construction, leasing and legal fees |  |  | 530 |  |  |  | 1,371 |
Total Investment Management Fee Income |  |  | 1,239 |  |  |  | 3,660 |
Other transactional expense |  |  | (55 | ) |  |  | (733 | )
Total Investment Management Fee Income and Other Transactional Income |  |  | 1,184 |  |  |  | 2,927 |
Realized gains on marketable securities and promote, net |  |  | 5,076 |  |  |  | 10,482 |
Less: previously recognized unrealized gains on marketable securities sold |  |  | (4,355 | ) |  |  | (9,761 | )
Unrealized losses on marketable securities |  |  | (2,281 | ) |  |  | (1,103 | )
Income tax provision |  |  | (2 | ) |  |  | (329 | )
Total Fee and Other Income |  |  | (378 | ) |  |  | 2,216 |
General and Administrative |  |  | (11,647 | ) |  |  | (34,776 | )
Depreciation and amortization |  |  | (38,791 | ) |  |  | (117,327 | )
Non-real estate depreciation and amortization |  |  | (93 | ) |  |  | (266 | )
Loss on change in control |  |  | — |  |  |  | (9,622 | )
Gain on disposition of properties |  |  | 2,515 |  |  |  | 2,515 |
Gain (loss) before equity in earnings and noncontrolling interests |  |  | (7,261 | ) |  |  | (33,956 | )
Equity in losses of unconsolidated affiliates |  |  | (3,694 | ) |  |  | (9,598 | )
Noncontrolling interests (including redeemable noncontrolling interests) |  |  | 16,573 |  |  |  | 52,743 |
NET INCOME ATTRIBUTABLE TO ACADIA SHAREHOLDERS |  | $ | 5,618 |  |  | $ | 9,189 |

| Supplemental Report September 30, 2025 – 7

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

|  | Quarter Ended September 30, 2025 |  |  | Year to Date September 30, 2025 |
REIT PORTFOLIO AND INVESTMENT MANAGEMENT INCOME |  | Noncontrolling Interest in Consolidated Subsidiaries 4 |  |  | Company’s Interest in Unconsolidated Subsidiaries 5 |  |  | Noncontrolling Interest in Consolidated Subsidiaries 4 |  |  | Company’s Interest in Unconsolidated Subsidiaries 5 |
REVENUES |  |  |  |  |  |  |  |  |  |  |  |
Minimum rents |  | $ | (29,225 | ) |  | $ | 11,290 |  |  | $ | (88,813 | ) |  | $ | 34,835 |
Percentage rents |  |  | (105 | ) |  |  | 90 |  |  |  | (434 | ) |  |  | 350 |
Expense reimbursements - CAM |  |  | (5,329 | ) |  |  | 2,074 |  |  |  | (14,353 | ) |  |  | 5,496 |
Expense reimbursements - Taxes |  |  | (3,311 | ) |  |  | 1,655 |  |  |  | (10,804 | ) |  |  | 5,375 |
Other property income |  |  | (384 | ) |  |  | 128 |  |  |  | (1,042 | ) |  |  | 298 |
Total Revenues |  |  | (38,354 | ) |  |  | 15,237 |  |  |  | (115,446 | ) |  |  | 46,354 |
EXPENSES |  |  |  |  |  |  |  |  |  |  |  |
Property operating - CAM |  |  | (5,695 | ) |  |  | 1,851 |  |  |  | (18,310 | ) |  |  | 6,295 |
Other property operating (Non-CAM) |  |  | (904 | ) |  |  | 241 |  |  |  | (2,482 | ) |  |  | 715 |
Real estate taxes |  |  | (4,176 | ) |  |  | 2,596 |  |  |  | (14,359 | ) |  |  | 8,494 |
Asset and property management expense |  |  | (445 | ) |  |  | 463 |  |  |  | (1,406 | ) |  |  | 1,420 |
Total Expenses |  |  | (11,220 | ) |  |  | 5,151 |  |  |  | (36,557 | ) |  |  | 16,924 |
NET OPERATING INCOME - PROPERTIES |  |  | (27,134 | ) |  |  | 10,086 |  |  |  | (78,889 | ) |  |  | 29,430 |
OTHER INCOME (EXPENSE) |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  | (144 | ) |  |  | 34 |  |  |  | (380 | ) |  |  | 103 |
Straight-line rent income |  |  | (696 | ) |  |  | 445 |  |  |  | (1,132 | ) |  |  | 723 |
Above/below-market rent (expense) income |  |  | (810 | ) |  |  | 533 |  |  |  | (2,187 | ) |  |  | 2,064 |
Interest expense 2 |  |  | 12,701 |  |  |  | (4,111 | ) |  |  | 39,310 |  |  |  | (13,882 | )
Amortization of finance costs |  |  | 875 |  |  |  | (291 | ) |  |  | 2,664 |  |  |  | (933 | )
Above/below-market interest expense |  |  | (71 | ) |  |  | — |  |  |  | (189 | ) |  |  | — |
Finance lease interest expense |  |  | 328 |  |  |  | (104 | ) |  |  | 1,022 |  |  |  | (309 | )
Other (expense) income 8 |  |  | (96 | ) |  |  | — |  |  |  | 310 |  |  |  | 205 |
Impairment charges |  |  | 11,898 |  |  |  | (3,132 | ) |  |  | 30,770 |  |  |  | (3,132 | )
REIT PORTFOLIO AND INVESTMENT MANAGEMENT INCOME |  |  | (3,149 | ) |  |  | 3,460 |  |  |  | (8,701 | ) |  |  | 14,269 |
FEE AND OTHER INCOME 3 |  |  |  |  |  |  |  |  |  |  |  |
Asset and property management fees |  |  | 2,588 |  |  |  | 86 |  |  |  | 7,844 |  |  |  | 284 |
Promote income from funds, net |  |  | 495 |  |  |  | — |  |  |  | 495 |  |  |  | — |
Development, construction, leasing and legal fees |  |  | 1,869 |  |  |  | 41 |  |  |  | 5,145 |  |  |  | 287 |
Total Investment Management Fee Income |  |  | 4,952 |  |  |  | 127 |  |  |  | 13,484 |  |  |  | 571 |
Other transactional expense |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total Investment Management Fee Income and Other Transactional Income |  |  | 4,952 |  |  |  | 127 |  |  |  | 13,484 |  |  |  | 571 |
Realized gains on marketable securities and promote, net |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Less: previously recognized unrealized gains on marketable securities sold |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Unrealized gains on marketable securities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Income tax provision |  |  | 1 |  |  |  | (3 | ) |  |  | 150 |  |  |  | (39 | )
Total Fee and Other Income |  |  | 4,953 |  |  |  | 124 |  |  |  | 13,634 |  |  |  | 532 |
General and Administrative |  |  | 593 |  |  |  | (288 | ) |  |  | 2,218 |  |  |  | (967 | )
Depreciation and amortization |  |  | 14,239 |  |  |  | (6,990 | ) |  |  | 45,008 |  |  |  | (22,495 | )
Loss (gain) on disposition of properties |  |  | 185 |  |  |  | — |  |  |  | 1,036 |  |  |  | (937 | )
Gain (loss) before equity in earnings and noncontrolling interests |  |  | 16,821 |  |  |  | (3,694 | ) |  |  | 53,195 |  |  |  | (9,598 | )
Equity in losses of unconsolidated affiliates |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Noncontrolling interests (including redeemable noncontrolling interests) 6 |  |  | (248 | ) |  |  | — |  |  |  | (452 | ) |  |  | — |
NET INCOME (LOSS) ATTRIBUTABLE TO ACADIA SHAREHOLDERS |  | $ | 16,573 |  |  | $ | (3,694 | ) |  | $ | 52,743 |  |  | $ | (9,598 | )

| Supplemental Report September 30, 2025 – 8

Balance Sheet |
(in thousands) |

ASSETS |  | Consolidated Balance Sheet September 30, 2025 |  |  | Line Item Details: |
Real estate |  |  |  |  |  |  |  |
Buildings and improvements |  | $ | 3,411,249 |  |  | Components of Real estate under development: |
Tenant improvements |  |  | 332,990 |  |  | REIT |  | $ | 142,468 |
Land |  |  | 1,147,235 |  |  |  |  |  |
Construction in progress |  |  | 30,944 |  |  |  |  |  |
Right-of-use assets - finance leases |  |  | 61,366 |  |  |  |  |  |
|  |  | 4,983,784 |  |  |  |  |  |
Less: Accumulated depreciation and amortization |  |  | (989,377 | ) |  |  |  |  |
Operating real estate, net |  |  | 3,994,407 |  |  |  |  |  |
Real estate under development |  |  | 142,468 |  |  | Summary of other assets, net: |
Net investments in real estate |  |  | 4,136,875 |  |  | Deferred charges, net |  | $ | 41,905 |
Notes receivable, net ($1,692 of allowance for credit losses) |  |  | 154,765 |  |  | Accrued interest receivable |  |  | 9,068 |
Investments in and advances to unconsolidated affiliates |  |  | 164,403 |  |  | Due from seller |  |  | 1,768 |
Lease intangibles, net |  |  | 138,176 |  |  | Prepaid expenses |  |  | 19,682 |
Other assets, net |  |  | 92,151 |  |  | Other receivables |  |  | 6,584 |
Right-of-use assets - operating leases, net |  |  | 24,552 |  |  | Income taxes receivable |  |  | 1,250 |
Cash and cash equivalents |  |  | 49,388 |  |  | Corporate assets, net |  |  | 488 |
Restricted cash |  |  | 25,647 |  |  | Deposits |  |  | 742 |
Marketable securities |  |  | 4,502 |  |  | Derivative financial instruments |  |  | 10,664 |
Straight-line rents receivable, net |  |  | 46,021 |  |  | Total |  | $ | 92,151 |
Rents receivable, net |  |  | 17,689 |  |  |  |  |  |
Assets of property held for sale |  |  | 21,023 |  |  |  |  |  |
Total assets |  | $ | 4,875,192 |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |
Mortgage and other notes payable, net |  | $ | 978,915 |  |  |  |  |  |
Unsecured notes payable, net |  |  | 818,093 |  |  |  |  |  |
Unsecured line of credit |  |  | 65,000 |  |  |  |  |  |
Accounts payable and other liabilities |  |  | 177,134 |  |  | Summary of accounts payable and other liabilities: |
Lease liabilities - operating leases |  |  | 26,969 |  |  | Lease liability - finance leases, net |  | $ | 31,931 |
Dividends and distributions payable |  |  | 27,749 |  |  | Accounts payable and accrued expenses |  |  | 87,124 |
Lease intangibles, net |  |  | 99,099 |  |  | Deferred income |  |  | 32,317 |
Distributions in excess of income from, and investments in, unconsolidated affiliates |  |  | 17,119 |  |  | Tenant security deposits, escrow and other |  |  | 22,431 |
Total liabilities |  |  | 2,210,078 |  |  | Derivative financial instruments |  |  | 3,331 |
Commitments and contingencies |  |  |  |  | Total |  | $ | 177,134 |
Redeemable noncontrolling interests |  |  | 9,114 |  |  |  |  |  |
Equity: |  |  |  |  |  |  |  |
Acadia Shareholders' Equity |  |  |  |  |  |  |  |
Common shares |  |  | 131 |  |  |  |  |  |
Additional paid-in capital |  |  | 2,708,691 |  |  |  |  |  |
Accumulated other comprehensive income |  |  | 17,001 |  |  |  |  |  |
Distributions in excess of accumulated earnings |  |  | (479,803 | ) |  |  |  |  |
Total Acadia shareholders’ equity |  |  | 2,246,020 |  |  |  |  |  |
Noncontrolling interests |  |  | 409,980 |  |  |  |  |  |
Total equity |  |  | 2,656,000 |  |  |  |  |  |
Total liabilities, redeemable noncontrolling interests, and equity |  | $ | 4,875,192 |  |  |  |  |  |

| Supplemental Report September 30, 2025 – 9

Balance Sheet – Pro-rata Adjustments 7
(in thousands) |

ASSETS |  | Noncontrolling Interest in Consolidated Subsidiaries 4 |  |  | Company’s Interest in Unconsolidated Subsidiaries 5 |
Real estate |  |  |  |  |  |
Buildings and improvements |  | $ | (701,729 | ) |  | $ | 243,261 |
Tenant improvements |  |  | (55,081 | ) |  |  | 17,345 |
Land |  |  | (222,096 | ) |  |  | 59,601 |
Construction in progress |  |  | (5,697 | ) |  |  | 2,032 |
Right-of-use assets - finance leases |  |  | (21,584 | ) |  |  | 21,913 |
|  |  | (1,006,187 | ) |  |  | 344,152 |
Less: Accumulated depreciation and amortization |  |  | 151,703 |  |  |  | (67,530 | )
Operating real estate, net |  |  | (854,484 | ) |  |  | 276,622 |
Real estate under development |  |  | 121 |  |  |  | 2,217 |
Net investments in real estate |  |  | (854,363 | ) |  |  | 278,839 |
Notes receivable, net |  |  | 52,590 |  |  |  | — |
Investments in and advances to unconsolidated affiliates |  |  | (26,083 | ) |  |  | (115,152 | )
Lease intangibles, net |  |  | (29,950 | ) |  |  | 8,755 |
Other assets, net |  |  | 4,350 |  |  |  | 6,055 |
Right-of-use assets - operating leases, net |  |  | (1,300 | ) |  |  | — |
Cash and cash equivalents |  |  | (24,622 | ) |  |  | 5,458 |
Restricted cash |  |  | (7,806 | ) |  |  | 5,599 |
Marketable securities |  |  | — |  |  |  | — |
Straight-line rents receivable, net |  |  | (9,609 | ) |  |  | 5,141 |
Rents receivable, net |  |  | (4,989 | ) |  |  | 1,309 |
Assets of property held for sale |  |  | (16,162 | ) |  |  | — |
Total assets |  | $ | (917,944 | ) |  | $ | 196,004 |
Liabilities: |  |  |  |  |  |
Mortgage and other notes payable, net |  | $ | (558,129 | ) |  | $ | 171,520 |
Unsecured notes payable, net |  |  | — |  |  |  | — |
Unsecured line of credit |  |  | — |  |  |  | — |
Accounts payable and other liabilities |  |  | (49,062 | ) |  |  | 30,686 |
Lease liabilities - operating leases |  |  | (1,369 | ) |  |  | 4 |
Dividends and distributions payable |  |  | — |  |  |  | — |
Lease intangibles, net |  |  | (28,371 | ) |  |  | 10,913 |
Distributions in excess of income from, and investments in, unconsolidated affiliates |  |  | — |  |  |  | (17,119 | )
Liabilities of properties held for sale |  |  | — |  |  |  | — |
Total liabilities |  |  | (636,931 | ) |  |  | 196,004 |
Acadia Shareholders' Equity |  |  |  |  |  |
Common shares |  |  | — |  |  |  | — |
Additional paid-in capital |  |  | — |  |  |  | — |
Accumulated other comprehensive income |  |  | — |  |  |  | — |
Distributions in excess of accumulated earnings |  |  | — |  |  |  | — |
Total Acadia shareholders’ equity |  |  | — |  |  |  | — |
Noncontrolling interests |  |  | (281,013 | ) |  |  | — |
Total equity |  |  | (281,013 | ) |  |  | — |
Total liabilities, redeemable noncontrolling interests, and equity |  | $ | (917,944 | ) |  | $ | 196,004 |

| Supplemental Report September 30, 2025 – 10

Notes to Financial Statements

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 $2.7 million and $8.0 million, or $2.3 million and $6.4 million at the Company’s pro rata share, for the three and nine months ended September 30, 2025, respectively.
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 REIT properties but also includes Investment Management assets that are held off-balance sheet), each of which are included on a single line presentation in the Company’s consolidated financial statements in accordance with GAAP.
6.
This represents the income allocable to Operating Partnership Units of $0.2 million and $0.5 million for the three and nine months ended September 30, 2025, respectively.
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 REIT assets. All properties which the Company is deemed to control are consolidated within the Company's financial statements.
8.
The Company recognized approximately $8.4 million of income related to its terminated lease with Whole Foods at City Center in San Francisco, CA during the first quarter of 2025, which is included in Other (expense) income for the nine months ended September 30, 2025.

| Supplemental Report September 30, 2025 – 11

Funds from Operations (“FFO”), FFO Before Special Items, Adjusted Funds from Operations (“AFFO”)
(in thousands, except per share amounts) |

|  | Quarter Ended |  |  | Year to Date |  |  | Quarter Ended |  |  | Year to Date |
|  | March 31, 2025 |  |  | June 30, 2025 |  |  | September 30, 2025 |  |  | September 30, 2025 |  |  | September 30, 2024 |  |  | September 30, 2024 |
Funds from operations ("FFO"): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Income attributable to Acadia |  | $ | 1,608 |  |  | $ | 1,963 |  |  | $ | 5,618 |  |  | $ | 9,189 |  |  | $ | 8,414 |  |  | $ | 13,126 |
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share other than Common OP Units) |  |  | 31,607 |  |  |  | 31,665 |  |  |  | 31,542 |  |  |  | 94,814 |  |  |  | 26,407 |  |  |  | 79,785 |
Loss (gain) on disposition on real estate properties (net of noncontrolling interest share other than Common OP Units) |  |  | — |  |  |  | 86 |  |  |  | (2,700 | ) |  |  | (2,614 | ) |  |  | (2,324 | ) |  |  | (1,481 | )
Impairment charges (net of noncontrolling interest share other than Common OP Units) |  |  | 1,583 |  |  |  | 4,185 |  |  |  | 3,804 |  |  |  | 9,572 |  |  |  | — |  |  |  | — |
Loss on change in control (net of noncontrolling interest share other than Common OP Units) |  |  | 9,622 |  |  |  | — |  |  |  | — |  |  |  | 9,622 |  |  |  | — |  |  |  | — |
Income attributable to noncontrolling interests' share in Operating Partnership |  |  | 163 |  |  |  | 175 |  |  |  | 315 |  |  |  | 653 |  |  |  | 465 |  |  |  | 978 |
FFO to Common Shareholders and Common OP Unit holders - Diluted |  | $ | 44,583 |  |  | $ | 38,074 |  |  | $ | 38,579 |  |  | $ | 121,236 |  |  | $ | 32,962 |  |  | $ | 92,408 |
Add back: acquisition costs |  |  | 526 |  |  |  | 152 |  |  |  | 55 |  |  |  | 733 |  |  |  | — |  |  |  | — |
Unrealized holding (gain) loss |  |  | (1,672 | ) |  |  | 494 |  |  |  | 2,281 |  |  |  | 1,103 |  |  |  | 1,242 |  |  |  | 5,565 |
Realized gain on marketable securities, net |  |  | — |  |  |  | 5,406 |  |  |  | 4,355 |  |  |  | 9,761 |  |  |  | 2,923 |  |  |  | 10,503 |
FFO Before Special Items attributable to Common Shareholder and Common OP Unit holders 1 |  | $ | 43,437 |  |  | $ | 44,126 |  |  | $ | 45,270 |  |  | $ | 132,833 |  |  | $ | 37,127 |  |  | $ | 108,476 |
Adjusted Funds from operations ("AFFO"): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FFO |  | $ | 44,583 |  |  | $ | 38,074 |  |  | $ | 38,579 |  |  | $ | 121,236 |  |  | $ | 32,962 |  |  | $ | 92,408 |
Unrealized holding (gain) loss |  |  | (1,672 | ) |  |  | 494 |  |  |  | 2,281 |  |  |  | 1,103 |  |  |  | 1,242 |  |  |  | 5,565 |
Realized gain on marketable securities, net |  |  | — |  |  |  | 5,406 |  |  |  | 4,355 |  |  |  | 9,761 |  |  |  | 2,923 |  |  |  | 10,503 |
Straight-line rent, net |  |  | (341 | ) |  |  | (28 | ) |  |  | (1,185 | ) |  |  | (1,554 | ) |  |  | (1,436 | ) |  |  | (2,609 | )
Above/below-market rent |  |  | (2,419 | ) |  |  | (2,223 | ) |  |  | (1,869 | ) |  |  | (6,511 | ) |  |  | (1,096 | ) |  |  | (3,587 | )
Amortization of finance costs |  |  | 1,488 |  |  |  | 1,502 |  |  |  | 1,879 |  |  |  | 4,869 |  |  |  | 1,345 |  |  |  | 3,981 |
Above/below-market interest |  |  | (128 | ) |  |  | (133 | ) |  |  | (155 | ) |  |  | (416 | ) |  |  | (5 | ) |  |  | (157 | )
Non-real estate depreciation |  |  | 90 |  |  |  | 83 |  |  |  | 93 |  |  |  | 266 |  |  |  | 89 |  |  |  | 271 |
Stock-based compensation |  |  | 2,400 |  |  |  | 2,888 |  |  |  | 2,904 |  |  |  | 8,192 |  |  |  | 2,388 |  |  |  | 8,732 |
Leasing commissions |  |  | (1,343 | ) |  |  | (2,456 | ) |  |  | (2,569 | ) |  |  | (6,368 | ) |  |  | (544 | ) |  |  | (2,466 | )
Tenant improvements |  |  | (4,881 | ) |  |  | (10,014 | ) |  |  | (7,318 | ) |  |  | (22,213 | ) |  |  | (2,701 | ) |  |  | (4,820 | )
Maintenance capital expenditures |  |  | (1,021 | ) |  |  | (1,752 | ) |  |  | (1,785 | ) |  |  | (4,558 | ) |  |  | (2,037 | ) |  |  | (5,820 | )
AFFO to Common Shareholders and Common OP Unit holders |  | $ | 36,756 |  |  | $ | 31,841 |  |  | $ | 35,210 |  |  | $ | 103,807 |  |  | $ | 33,130 |  |  | $ | 102,001 |
Total weighted-average diluted shares and OP Units |  |  | 129,363 |  |  |  | 138,909 |  |  |  | 138,950 |  |  |  | 135,754 |  |  |  | 117,004 |  |  |  | 113,264 |
Diluted FFO per Common share and OP Unit: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FFO |  | $ | 0.34 |  |  | $ | 0.27 |  |  | $ | 0.28 |  |  | $ | 0.89 |  |  | $ | 0.28 |  |  | $ | 0.82 |
FFO Before Special Items |  | $ | 0.34 |  |  | $ | 0.32 |  |  | $ | 0.33 |  |  | $ | 0.98 |  |  | $ | 0.32 |  |  | $ | 0.96 |

1.
The Company defines FFO Before Special Items as FFO adjusted for certain unusual items including (i) charges, income and gains that management believes are not comparable and indicative of the results of the Company’s operating real estate portfolio; (ii) the impact of the unrealized holding gains (losses) incidental to its main business, including those related to its investment in Albertsons and (iii) any realized income or gains from the Company’s investment in Albertsons.

| Supplemental Report September 30, 2025 – 12

EBITDA |
(in thousands) |

|  | Quarter Ended |  |  | Year to Date |  |
|  | September 30, |  |  | September 30, |  |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |  |
Net income (loss) attributable to Acadia shareholders |  | $ | 5,618 |  |  | $ | 8,414 |  |  | $ | 9,189 |  |  | $ | 13,126 |  |
Adjustments: 1 |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 31,635 |  |  |  | 26,496 |  |  |  | 95,080 |  |  |  | 80,056 |  |
Interest expense |  |  | 12,961 |  |  |  | 13,204 |  |  |  | 38,191 |  |  |  | 40,543 |  |
Amortization of finance costs |  |  | 1,879 |  |  |  | 1,345 |  |  |  | 4,869 |  |  |  | 3,981 |  |
Above/below-market interest |  |  | (155 | ) |  |  | (5 | ) |  |  | (416 | ) |  |  | (157 | ) |
Gain on disposition of properties |  |  | (2,700 | ) |  |  | (2,324 | ) |  |  | (2,614 | ) |  |  | (1,481 | ) |
Unrealized holding loss on investment in Albertsons and other |  |  | 2,281 |  |  |  | 1,242 |  |  |  | 1,103 |  |  |  | 5,565 |  |
Realized gain |  |  | 4,355 |  |  |  | 2,923 |  |  |  | 9,761 |  |  |  | 10,503 |  |
Provision for income taxes |  |  | 4 |  |  |  | 16 |  |  |  | 218 |  |  |  | 157 |  |
Impairment charges |  |  | 3,804 |  |  |  | — |  |  |  | 9,572 |  |  |  | — |  |
Loss on change in control |  |  | — |  |  |  | — |  |  |  | 9,622 |  |  |  | — |  |
Noncontrolling interest - OP |  |  | 248 |  |  |  | 398 |  |  |  | 452 |  |  |  | 704 |  |
EBITDA |  | $ | 59,930 |  |  | $ | 51,709 |  |  | $ | 175,027 |  |  | $ | 152,997 |  |
Less: Realized gain |  |  | (4,355 | ) |  |  | (2,923 | ) |  |  | (9,761 | ) |  |  | (10,503 | ) |
EBITDA excluding realized gains |  | $ | 55,575 |  |  | $ | 48,786 |  |  | $ | 165,266 |  |  | $ | 142,494 |  |

1.
These amounts represent the Company’s pro-rata share of consolidated and unconsolidated investments.

| Supplemental Report September 30, 2025 – 13

REIT Portfolio – Same Property Performance 1
(in thousands) |

|  | Quarter Ended September 30, |  |  |  |  |  | Year to Date September 30, |  |  |  |
|  | 2025 |  |  | 2024 |  |  | % Change |  |  | 2025 |  |  | 2024 |  |  | % Change |
Summary |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Minimum rents |  | $ | 38,340 |  |  | $ | 36,021 |  |  |  | 6.4 | % |  | $ | 112,800 |  |  | $ | 109,261 |  |  |  | 3.2 | %
Expense reimbursements |  |  | 8,367 |  |  |  | 9,180 |  |  |  | (8.9 | )% |  |  | 27,863 |  |  |  | 27,405 |  |  |  | 1.7 | %
Other property income |  |  | 564 |  |  |  | 531 |  |  |  | 6.2 | % |  |  | 2,353 |  |  |  | 2,137 |  |  |  | 10.1 | %
Total Revenue |  |  | 47,271 |  |  |  | 45,732 |  |  |  | 3.4 | % |  |  | 143,016 |  |  |  | 138,803 |  |  |  | 3.0 | %
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property operating - CAM & Real estate taxes |  |  | 10,639 |  |  |  | 11,916 |  |  |  | (10.7 | )% |  |  | 35,217 |  |  |  | 36,411 |  |  |  | (3.3 | )%
Other property operating (Non-CAM) |  |  | 1,752 |  |  |  | 1,569 |  |  |  | 11.7 | % |  |  | 4,655 |  |  |  | 4,544 |  |  |  | 2.4 | %
Total Expenses |  |  | 12,391 |  |  |  | 13,485 |  |  |  | (8.1 | )% |  |  | 39,872 |  |  |  | 40,955 |  |  |  | (2.6 | )%
Same Property NOI - REIT properties |  | $ | 34,880 |  |  | $ | 32,247 |  |  |  | 8.2 | % |  | $ | 103,144 |  |  | $ | 97,848 |  |  |  | 5.4 | %
Reconciliation of Same Property NOI to REIT Portfolio NOI |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
NOI of Properties excluded from Same Property NOI |  |  | 4,336 |  |  |  | 1,042 |  |  |  |  |  |  | 11,431 |  |  |  | 6,434 |  |  |  |
REIT Portfolio NOI |  | $ | 39,216 |  |  | $ | 33,289 |  |  |  |  |  | $ | 114,575 |  |  | $ | 104,282 |  |  |  |
Other same property information |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Physical Occupancy at the end of the period |  |  | 93.5 | % |  |  | 91.9 | % |  |  |  |  |  |  |  |  |  |  |  |
Leased Occupancy at the end of the period |  |  | 94.4 | % |  |  | 95.0 | % |  |  |  |  |  |  |  |  |  |  |  |

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

| Supplemental Report September 30, 2025 – 14

Fee Income Detail 1 |
(in thousands) |

|  | Fund II |  |  | Fund III |  |  | Fund IV |  |  | Fund V |  |  | Other 2 |  |  | Total |
Year to Date September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset and property management fees |  | $ | 268 |  |  | $ | 72 |  |  | $ | 1,445 |  |  | $ | 6,439 |  |  | $ | 2,193 |  |  | $ | 10,417 |
Transactional fees |  |  | 352 |  |  |  | 290 |  |  |  | 743 |  |  |  | 4,086 |  |  |  | 1,332 |  |  |  | 6,803 |
Total fees |  | $ | 620 |  |  | $ | 362 |  |  | $ | 2,188 |  |  | $ | 10,525 |  |  | $ | 3,525 |  |  | $ | 17,220 |
Quarter Ended September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset and property management fees |  | $ | 84 |  |  | $ | 24 |  |  | $ | 443 |  |  | $ | 2,133 |  |  | $ | 699 |  |  | $ | 3,383 |
Transactional fees |  |  | 229 |  |  |  | 131 |  |  |  | 327 |  |  |  | 1,232 |  |  |  | 521 |  |  |  | 2,440 |
Total fees |  | $ | 313 |  |  | $ | 155 |  |  | $ | 770 |  |  | $ | 3,365 |  |  | $ | 1,220 |  |  | $ | 5,823 |
Quarter Ended June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset and property management fees |  | $ | 91 |  |  | $ | 26 |  |  | $ | 498 |  |  | $ | 2,156 |  |  | $ | 788 |  |  | $ | 3,559 |
Transactional fees |  |  | 96 |  |  |  | 123 |  |  |  | 266 |  |  |  | 1,083 |  |  |  | 723 |  |  |  | 2,291 |
Total fees |  | $ | 187 |  |  | $ | 149 |  |  | $ | 764 |  |  | $ | 3,239 |  |  | $ | 1,511 |  |  | $ | 5,850 |
Quarter Ended March 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset and property management fees |  | $ | 93 |  |  | $ | 22 |  |  | $ | 504 |  |  | $ | 2,150 |  |  | $ | 706 |  |  | $ | 3,475 |
Transactional fees |  |  | 27 |  |  |  | 36 |  |  |  | 150 |  |  |  | 1,771 |  |  |  | 88 |  |  |  | 2,072 |
Total fees |  | $ | 120 |  |  | $ | 58 |  |  | $ | 654 |  |  | $ | 3,921 |  |  | $ | 794 |  |  | $ | 5,547 |

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

| Supplemental Report September 30, 2025 – 15

Structured Financing Portfolio |
(in thousands) |

|  | June 30, 2025 |  |  | Quarter Ended September 30, 2025 |  |  |  |  |  |  |  |  |
|  | Principal |  |  | Accrued |  |  | Ending |  |  |  |  |  | Repayments/ |  |  | Current |  |  | Accrued |  |  | Ending |  |  | Stated Interest |  |  | Effective Interest |  |  | Maturity
Investment |  | Balance |  |  | Interest |  |  | Balance |  |  | Issuances |  |  | Conversions 6 |  |  | Principal |  |  | Interest |  |  | Balance |  |  | Rate |  |  | Rate |  |  | Dates 1,3
First mortgage notes 1,2 |  | $ | 59,801 |  |  | $ | 3,809 |  |  | $ | 63,610 |  |  | $ | — |  |  | $ | — |  |  | $ | 59,801 |  |  | $ | 3,809 |  |  | $ | 63,610 |  |  |  | 5.99 | % |  |  | 6.39 | % |  | Sept 2026
Other notes 2 |  |  | 181,664 |  |  |  | 35,482 |  |  |  | 217,146 |  |  |  | 71 |  |  |  | (31,991 | ) |  |  | 149,744 |  |  |  | 22,083 |  | 4 |  | 171,827 |  |  |  | 10.41 | % |  |  | 10.48 | % |  | Dec 2025 - Dec 2027
Total notes receivable |  | $ | 241,465 |  |  | $ | 39,291 |  |  | $ | 280,756 |  |  | $ | 71 |  |  | $ | (31,991 | ) |  | $ | 209,545 |  |  | $ | 25,892 |  |  | $ | 235,437 |  |  |  | 9.15 | % |  |  | 9.32 | % |  |
Reconciliation of Notes Receivable to the Pro-Rata Balance Sheet: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Notes Receivable per above |  |  | $ | 209,545 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for credit loss 5 |  |  |  | (2,190 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total pro-rata Notes Receivable |  |  | $ | 207,355 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

1.
One note which matured on April 20, 2020 in the amount of $17.8 million with accrued interest of $3.8 million was in default at September 30, 2025.
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.
The decrease in the accrued interest balance includes a $16.1 million repayment during the period related to the City Point Loan conversion. Refer to Footnote 10 in the Company’s 10-Q for the period ended September 30, 2025.
5.
Allowance for credit loss includes the $0.5 million allowance for credit loss related to the City Point Loan which is classified as redeemable noncontrolling interests in the Company’s consolidated financial statements in accordance with GAAP.
6.
During the third quarter, a portion of the City Point Loan was converted, which was comprised of $31.9 million and $15.1 million of principal and interest, respectively. Refer to Footnote 6 on Transactional Page and Footnote 3 in the Company’s 10-Q for the period ended September 30, 2025.

| Supplemental Report September 30, 2025 – 16

Transactional Activity |
(in thousands) |

Property Acquisitions and Dispositions |
Property Name |  | Location |  | Date of Transaction |  | Transaction Amount 1 |  |  | Ownership % 2 |  |  | Investment Management Share |  |  | Acadia Share |
ACQUISITIONS 3 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
REIT Portfolio: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
106 Spring Street |  | New York, NY |  | January 2025 |  | $ | 55,137 |  |  |  | 100 | % |  | $ | — |  |  | $ | 55,137 |
73 Wooster Street |  | New York, NY |  | January 2025 |  |  | 25,459 |  |  |  | 100 | % |  |  | — |  |  |  | 25,459 |
Renaissance Portfolio |  | Georgetown, Washington D.C. |  | January 2025 |  |  | 245,700 |  |  |  | 48 | % |  |  | — |  |  |  | 117,936 |
95, 97 and 107 North 6th Street 3 |  | Williamsburg Brooklyn, NY |  | April 2025 |  |  | 59,668 |  |  |  | 100 | % |  |  | — |  |  |  | 59,668 |
85 5th Avenue 3 |  | New York, NY |  | April 2025 |  |  | 47,014 |  |  |  | 100 | % |  |  | — |  |  |  | 47,014 |
70 and 93 North 6th Street |  | Williamsburg Brooklyn, NY |  | June 2025 |  |  | 50,323 |  |  |  | 100 | % |  |  | — |  |  |  | 50,323 |
2117 N. Henderson Avenue |  | Dallas, TX |  | July 2025 |  |  | 904 |  |  |  | 100 | % |  |  | — |  |  |  | 904 |
Subtotal REIT Portfolio: |  |  |  |  |  |  | 484,205 |  |  |  |  |  |  | — |  |  |  | 356,441 |
Investment Management: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other Co-Investment Vehicles: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pinewood Square 4 |  | Lake Worth, FL |  | March 2025 |  |  | 68,207 |  |  |  | 100 | % |  |  | — |  |  |  | 68,207 |
The Avenue at West Cobb 4 |  | Marietta, GA |  | September 2025 |  |  | 62,701 |  |  |  | 100 | % |  |  | — |  |  |  | 62,701 |
Subtotal Investment Management: |  |  |  |  |  |  | 130,908 |  |  |  |  |  |  | — |  |  |  | 130,908 |
TOTAL ACQUISITIONS |  |  |  |  |  | $ | 615,113 |  |  |  |  |  | $ | — |  |  | $ | 487,349 |
DISPOSITIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
REIT Portfolio: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mad River Station |  | Dayton, OH |  | August 2025 |  | $ | 15,020 |  |  |  | 100 | % |  | $ | — |  |  | $ | 15,020 |
Investment Management: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fund III: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
640 Broadway |  | New York, NY |  | September 2025 |  |  | 49,500 |  |  |  | 100 | % |  |  | 49,500 |  |  |  | 12,147 |
FUND IV: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Eden Square |  | Bear, DE |  | June 2025 |  |  | 28,040 |  |  |  | 90 | % |  |  | 25,236 |  |  |  | 5,835 |
1035 Third Avenue |  | New York, NY |  | October 2025 |  |  | 22,000 |  |  |  | 100 | % |  |  | 22,000 |  |  |  | 5,086 |
Subtotal Investment Management: |  |  |  |  |  |  | 99,540 |  |  |  |  |  |  | 96,736 |  |  |  | 23,068 |
TOTAL DISPOSITIONS |  |  |  |  |  | $ | 114,560 |  |  |  |  |  | $ | 96,736 |  |  | $ | 38,088 |
Structured Financing Activity |
Note Description |  | Transaction Type |  | Date of Transaction |  | Transaction Amount |  |  | Ownership % 2 |  |  | Investment Management Share |  |  | Acadia Share |
Georgetown Renaissance - NCI Holder 5 |  | Other Loan |  | January 2025 |  | $ | 18,277 |  |  |  | 100 | % |  | $ | — |  |  | $ | 18,277 |
850 Third Avenue |  | Mezzanine Loan |  | April 2025 |  |  | 28,465 |  |  |  | 100 | % |  |  | — |  |  |  | 28,465 |
City Point Loan 6 |  | Conversion |  | September 2025 |  |  | 56,018 |  |  |  | 100 | % |  |  | — |  |  |  | 56,018 |
|  |  |  |  |  | $ | 102,760 |  |  |  |  |  | $ | — |  |  | $ | 102,760 |

| Supplemental Report September 30, 2025 – 17

Transactional Activity |
(in thousands) |

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.
97 North 6th Street and 85 5th Avenue were acquired with executed leases in place, that had not yet commenced. The 97 North 6th Street lease commenced in the third quarter of 2025. It is anticipated that the 85 5th Avenue lease will commence in the fourth quarter of 2025. Prior to rent commencement, the Company will capitalize interest on qualifying assets. Accordingly, 85 5th Avenue remains classified as pre-stabilized (refer to the Development and Redevelopment Activity page), and the expected ABR of approximately $2.8 million has been excluded from our SNO pipeline.
4.
The Company intends to bring in strategic institutional investor(s) to complete the capitalization of these properties. No assurances can be given that the Company will successfully identify and close on such a transaction.
5.
The Company paid down approximately $57.1 million of an assumed mortgage within the Renaissance Portfolio. This amount represents its noncontrolling interest holders’ 32% share of such payment.
6.
In the third quarter of 2025, a Fund II partner exercised its put right, and the Company acquired the partner’s 18.33% interest for total consideration of approximately $56.0 million (which comprised the assumption of the redeeming partner’s portion of the City Point Loan and accrued interest balance of $48.0 million and a cash payment of $8.0 million), increasing its ownership in Fund II from 61.67% to 80%. Refer to Note 10 in the Company’s 10-Q for the period ended September 30, 2025.

| Supplemental Report September 30, 2025 – 18

2025 Revised Guidance |

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

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

1.
Totals may not foot due to rounding.
2.
As disclosed in the Company’s July 29, 2025 earnings release and supplemental report. Certain per share differences between the revised and prior guidance relate to the increased number of shares.
3.
This represents the actual unrealized mark-to-market holdings loss related to the Company's investment in Albertsons, which was recognized in NAREIT FFO for the nine months ended September 30, 2025. The Company has not reflected any forward-looking estimates involving future unrealized holding gains or losses (i.e., changes in share price) on Albertsons in its 2025 guidance assumptions.
4.
It is the Company's policy to exclude unrealized gains and losses from FFO Before Special Items and to include realized gains related to the Company's investment in Albertsons. The Company realized gains of $0.03 per share for the three months ended September 30, 2025. The Company has revised its prior guidance of $16-$19 million of realized gains and promotes to $14-$15 million.

| Supplemental Report September 30, 2025 – 19

9

Net Asset Valuation Information |
(in thousands) |

|  | REIT |  |  | FUND II 3 |  |  | FUND III |  |  | FUND IV |  |  | FUND V |  |  | Other Co-Investment Vehicles 5 |  |
Acadia Ownership Percentage |  | N/A |  |  |  | 80.00 | % |  |  | 24.54 | % |  |  | 23.12 | % |  |  | 20.10 | % |  | 5% to 20% |  |
Current Quarter NOI |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
At Pro-Rata 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Operating Income 2 |  | $ | 39,216 |  |  | N/A 3 |  |  | $ | 119 |  |  | $ | 493 |  |  | $ | 5,554 |  |  | $ | 2,214 |  |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net operating income from properties sold or assets held for sale |  |  | — |  |  | N/A 3 |  |  |  | (119 | ) |  |  | (127 | ) |  |  | — |  |  |  | — |  |
Net operating income from pre-stabilized assets, development and redevelopment projects 4 |  |  | (1,416 | ) |  | N/A 3 |  |  |  | — |  |  |  | (62 | ) |  |  | — |  |  |  | — |  |
Net Operating Income of stabilized assets |  | $ | 37,800 |  |  | N/A 3 |  |  | $ | — |  |  | $ | 304 |  |  | $ | 5,554 |  |  | $ | 2,214 |  |
Costs to Date (Pro-Rata) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets held for sale |  | $ | — |  |  | N/A 3 |  |  | $ | — |  |  | $ | 13,701 |  |  | $ | — |  |  | $ | — |  |
Pre-stabilized assets 4 |  |  | 433,899 |  |  | N/A 3 |  |  |  | — |  |  |  | 30,632 |  |  |  | — |  |  |  | — |  |
Development and redevelopment projects 6 |  |  | 493,400 |  |  | N/A 3 |  |  |  | 8,600 |  |  |  | 27,800 |  |  |  | — |  |  |  | — |  |
Total Costs to Date |  | $ | 927,299 |  |  | N/A 3 |  |  | $ | 8,600 |  |  | $ | 72,133 |  |  | $ | — |  |  | $ | — |  |
Debt (Pro-Rata) |  | $ | 1,167,208 |  |  | $ | 103,642 |  |  | $ | — |  |  | $ | 28,328 |  |  | $ | 148,776 |  |  | $ | 30,350 |  |

1.
This Net Asset Valuation Information page shows Acadia’s pro-rata portion of the REIT 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 REIT: Route 6 Mall, 664 N. Michigan Avenue, 651-671 West Diversey, 2323-2409 Henderson Avenue, City Center and 85 5th Avenue; Fund II: City Point; Fund IV: 210 Bowery, 801 Madison, and 27 E 61st Street.
5.
As of September 30, 2025, 1035 Third Avenue was classified as held for sale and was subsequently sold in October 2025. Refer to Footnote 2 in the Company’s 10-Q.
6.
Other Co-investment vehicles currently include the Company’s ownership interest in Shops at Grand Avenue, Walk at Highwoods Preserve, the LINQ Promenade, Pinewood Square (wholly-owned as of September 30, 2025), and The Avenue at West Cobb (wholly-owned as of September 30, 2025).
7.
Refer to Development and Redevelopment Activity page for projects.

| Supplemental Report September 30, 2025 – 20

Selected Financial Ratios |
(in thousands, except per share amounts) |

|  | Quarter Ended September 30, |  | Year to Date September 30, |  |  |  | Quarter Ended September 30,
COVERAGE RATIOS 1 |  | 2025 |  | 2024 |  | 2025 |  | 2024 |  | LEVERAGE RATIOS |  | 2025 |  | 2024
Fixed-Charge Coverage Ratios |  |  |  |  |  |  |  |  |  | Debt/Market Capitalization Ratios |  |  |  |
EBITDA 1 divided by: |  | $59,930 |  | $51,709 |  | $175,027 |  | $152,997 |  | Debt + Preferred Equity (Preferred OP Units) |  | $1,483,463 |  | $1,190,418
Interest expense |  | 12,961 |  | 13,204 |  | 38,191 |  | 40,543 |  | Total Market Capitalization |  | 4,228,296 |  | 3,975,475
Principal Amortization |  | 1,216 |  | 2,647 |  | 2,729 |  | 8,922 |  | Debt + Preferred Equity/ |  |  |  |
Preferred Dividends 2 |  | 67 |  | 67 |  | 201 |  | 274 |  | Total Market Capitalization |  | 35% |  | 30%
Fixed-Charge Coverage Ratio - REIT Portfolio and Investment Management |  | 4.2x |  | 3.2x |  | 4.3x |  | 3.1x |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  | Net debt + Preferred Equity 4 |  | $1,172,689 |  | $1,159,647
Payout Ratios |  |  |  |  |  |  |  |  |  | Total Market Capitalization |  | 4,228,296 |  | 3,975,475
|  |  |  |  |  |  |  |  |  | Net Debt + Preferred Equity/ |  |  |  |
Dividends declared (per share/OP Unit) |  | $0.20 |  | $0.19 |  | $0.60 |  | $0.55 |  | Total Market Capitalization |  | 28% |  | 29%
Dividends (Shares) & Distributions (OP Units) declared |  | $27,652 |  | $22,747 |  | $82,937 |  | $62,944 |  |  |  |  |  |
FFO 3 |  | 38,579 |  | 32,962 |  | 121,236 |  | 92,408 |  |  |  |  |  |
FFO Payout Ratio |  | 72% |  | 69% |  | 68% |  | 68% |  | Debt/EBITDA Ratios |  |  |  |
AFFO 3 |  | 35,210 |  | 33,130 |  | 103,807 |  | 102,001 |  | Net debt 4 |  | $1,167,530 |  | $1,153,635
AFFO Payout Ratio |  | 79% |  | 69% |  | 80% |  | 62% |  | EBITDA |  | 234,957 |  | 204,706
|  |  |  |  |  |  |  |  |  | EBITDA excluding Realized Gains |  | 223,980 |  | 191,280
FFO Before Special Items |  | 45,270 |  | 37,127 |  | 132,833 |  | 108,476 |  | Net Debt/EBITDA - REIT and Investment Management |  | 5.0x |  | 5.6x
FFO Before Special Items Payout Ratio |  | 61% |  | 61% |  | 62% |  | 58% |  | Net Debt/EBITDA excluding Realized Gains - REIT and Investment Management |  | 5.2x |  | 6.0x

|  | EBITDA |
|  | Year to Date |  |  | Year to Date |
Reconciliation of EBITDA to Annualized EBITDA |  | September 30, 2025 |  |  | December 31, 2024 |
Year to Date EBITDA as reported |  | $ | 175,027 |  |  | $ | 206,274 |
Add: Projected EBITDA 5 |  |  | 59,930 |  |  |  | — |
Annualized EBITDA |  |  | 234,957 |  |  |  | 206,274 |
Year to Date Realized gain and Promote as reported |  |  | 10,977 |  |  |  | 14,188 |
Year to Date EBITDA excluding realized gains |  | $ | 223,980 |  |  | $ | 192,086 |

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

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.
Net debt is calculated by deducting the current REIT Portfolio, along with the pro-rata share of Investment Management’s cash and restricted cash balances as of period-end. It also includes the estimated proceeds of $257.1 million as of September 30, 2025 from the physical settlement of forward sales agreements, assuming such settlement were to occur.
5.
Annualized EBITDA does not include the annualized impact of acquisitions completed in the quarter or anticipated realized gains and promote.

| Supplemental Report September 30, 2025 – 21

P ortfolio Debt – Summary |
(in thousands) |

|  | Acadia Pro-Rata Share of Debt 2 |
|  | REIT Portfolio |  | Investment Management |  | Total | Reconciliation to Consolidated Debt as Reported
Debt Type |  | Principal Balance |  | WA Years to Maturity 6 |  | Principal Balance |  | WA Years to Maturity 6 |  | Principal Balance |  | WA Years to Maturity 6 |  | Swap Notional |  | Adjusted Debt Total |  | Interest Rate |  | Add: Noncontrolling Interest Share of Debt 3 |  | Less: Pro-rata Share of Unconsolidated Debt 4 |  | Acadia Consolidated Debt as Reported
Fixed-Rate Debt 1 |  | $271,092 |  | 3.2 |  | $21,881 |  | 2.3 |  | $292,973 |  | 3.1 |  | $1,039,698 |  | $1,332,671 |  |  |  | $290,158 |  | $(132,276) |  | $1,490,553
Variable-Rate Debt 5 |  | 896,116 |  | 3.3 |  | 289,215 |  | 1.9 |  | 1,185,331 |  | 2.9 |  | (1,039,698) |  | 145,633 |  |  |  | 270,781 |  | (33,888) |  | 382,526
Total |  | $1,167,208 |  | 3.3 |  | $311,096 |  | 2.0 |  | $1,478,304 |  | 3.0 |  | $— |  | $1,478,304 |  | 4.5% |  | $560,939 |  | $(166,164) |  | 1,873,079
Unamortized premium |  |  |  |  |  |  |  | 846 |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,151
Net unamortized loan costs |  |  |  |  |  |  |  | (11,101) |  |  |  |  |  |  |  |  |  |  |  |  |  | (12,222)
Contingent loan obligation |  |  |  |  |  |  |  | 7,163 |  |  |  |  |  |  |  |  |  |  |  |  |  | —
Total |  |  |  |  |  |  |  |  |  | $1,475,212 |  |  |  |  |  |  |  |  |  |  |  |  |  | $1,862,008

1.
Fixed-rate debt includes notional principal fixed through swap transactions. The interest rate includes the impact of swaps; refer to the Swap Interest Rate Summary page.
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.

| Supplemental Report September 30, 2025 – 22

Portfolio Debt – Detail |
(in thousands) |

|  |  |  | Principal Balance at |  | Acadia's Pro-rata Share |  | Interest |  |  |  | Extension
Property |  |  |  | September 30, 2025 |  | Percent |  | Amount |  | Rate |  | Maturity Date |  | Options
REIT PORTFOLIO |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-Rate Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |
840 N. Michigan Avenue 2 |  |  |  | $30,000 |  | 94.35% |  | $28,305 |  | N/A |  | 12/10/26 |  | None
239 Greenwich Avenue |  |  |  | 25,931 |  | 75.00% |  | 19,448 |  | 4.00% |  | 07/10/27 |  | 1x60 mos.
$20M Senior Note, Series A |  |  |  | 20,000 |  | 100.00% |  | 20,000 |  | 5.86% |  | 08/21/27 |  | None
Georgetown Portfolio (2008 Investment) |  |  |  | 13,571 |  | 50.00% |  | 6,785 |  | 4.72% |  | 12/10/27 |  | None
555 9th Street |  |  |  | 57,500 |  | 100.00% |  | 57,500 |  | 3.99% |  | 01/01/28 |  | 1x24 mos.
State & Washington |  |  |  | 20,148 |  | 100.00% |  | 20,148 |  | 4.40% |  | 09/05/28 |  | None
$80M Senior Note, Series B |  |  |  | 80,000 |  | 100.00% |  | 80,000 |  | 5.94% |  | 08/21/29 |  | None
North & Kingsbury |  |  |  | 9,582 |  | 100.00% |  | 9,582 |  | 4.01% |  | 11/05/29 |  | None
151 N. State Street |  |  |  | 11,536 |  | 100.00% |  | 11,536 |  | 4.03% |  | 12/01/29 |  | None
Concord & Milwaukee |  |  |  | 2,128 |  | 100.00% |  | 2,128 |  | 4.40% |  | 06/01/30 |  | None
Gotham Plaza |  |  |  | 28,000 |  | 49.00% |  | 13,720 |  | 5.90% |  | 10/05/34 |  | None
California & Armitage |  |  |  | 1,940 |  | 100.00% |  | 1,940 |  | 5.89% |  | 04/15/35 |  | None
Sub-Total Fixed-Rate Debt |  |  |  | 300,336 |  |  |  | 271,092 |  |  |  |  |  |
Variable-Rate Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |
Georgetown Portfolio (2016 Investment) |  |  |  | 102,000 |  | 68.00% |  | 69,366 |  | SOFR+1.55% |  | 11/06/26 |  | 2x12 mos.
Revolving Credit Facility 3 |  |  |  | 65,000 |  | 100.00% |  | 65,000 |  | SOFR+1.25% |  | 04/15/28 |  | 2x6 mos.
Term Loan |  |  |  | 400,000 |  | 100.00% |  | 400,000 |  | SOFR+1.40% |  | 04/15/28 |  | 2x6 mos.
Crossroads Shopping Center |  |  |  | 75,000 |  | 49.00% |  | 36,750 |  | SOFR+1.95% |  | 11/04/29 |  | 2x12 mos.
$75 Million Term Loan |  |  |  | 75,000 |  | 100.00% |  | 75,000 |  | SOFR+1.20% |  | 05/29/30 |  | None
$250 Million Term Loan |  |  |  | 250,000 |  | 100.00% |  | 250,000 |  | SOFR+1.20% |  | 07/25/30 |  | None
Sub-Total Variable-Rate Debt |  |  |  | 967,000 |  |  |  | 896,116 |  |  |  |  |  |
Total Debt - REIT Portfolio |  |  |  | $1,267,336 |  |  |  | $1,167,208 |  |  |  |  |  |
INVESTMENT MANAGEMENT |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-Rate Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |
650 Bald Hill Road |  | Fund IV |  | $14,675 |  | 20.81% |  | $3,054 |  | 3.75% |  | 06/01/26 |  | None
Shoppes at South Hills |  | Fund V |  | 32,640 |  | 18.09% |  | 5,904 |  | 5.95% |  | 03/01/28 |  | 1x12 mos.
Broughton Street Portfolio |  | Fund IV |  | 25,939 |  | 23.12% |  | 5,997 |  | 5.62% |  | 06/01/28 |  | None
Canton Marketplace |  | Fund V |  | 34,460 |  | 20.10% |  | 6,926 |  | 6.29% |  | 06/01/28 |  | None
Sub-Total Fixed-Rate Debt |  |  |  | 107,713 |  |  |  | 21,881 |  |  |  |  |  |
Variable-Rate Debt 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |
1964 Union |  | Fund IV |  | 1,310 |  | 20.81% |  | 273 |  | SOFR+2.25% |  | 10/01/25 |  | None
Tri-City Plaza |  | Fund V |  | 35,169 |  | 18.09% |  | 6,362 |  | SOFR+2.00% |  | 10/18/25 |  | None
Lincoln Commons |  | Fund V |  | 35,154 |  | 20.10% |  | 7,066 |  | SOFR+3.10% |  | 11/25/25 |  | 1x24 mos.
717 N Michigan Avenue |  | Fund IV |  | 46,000 |  | 23.12% |  | 10,635 |  | SOFR+3.33% |  | 12/09/25 |  | None
Frederick County Square |  | Fund V |  | 24,495 |  | 18.09% |  | 4,431 |  | SOFR+2.51% |  | 01/01/26 |  | None
Hiram Pavilion |  | Fund V |  | 26,622 |  | 20.10% |  | 5,351 |  | SOFR+2.30% |  | 03/05/26 |  | 1x12 mos.
Acadia Strategic Opportunity Fund IV Term Loan |  | Fund IV |  | 36,200 |  | 23.12% |  | 8,369 |  | SOFR+2.15% |  | 03/31/26 |  | None
New Towne Center |  | Fund V |  | 15,801 |  | 20.10% |  | 3,176 |  | SOFR+2.20% |  | 05/01/26 |  | None
Fairlane Green |  | Fund V |  | 31,174 |  | 20.10% |  | 6,266 |  | SOFR+2.30% |  | 06/05/26 |  | None
Trussville Promenade |  | Fund V |  | 27,837 |  | 20.10% |  | 5,595 |  | SOFR+2.30% |  | 06/15/26 |  | None
Cypress Creek |  | Fund V |  | 32,200 |  | 20.10% |  | 6,472 |  | SOFR+2.80% |  | 09/01/26 |  | 1x12 mos.
Hickory Ridge |  | Fund V |  | 26,063 |  | 20.10% |  | 5,239 |  | SOFR+2.30% |  | 10/05/26 |  | 1x12 mos.
Monroe Marketplace |  | Fund V |  | 25,300 |  | 20.10% |  | 5,085 |  | SOFR+2.76% |  | 11/12/26 |  | None
Maple Tree Place |  | Fund V |  | 45,721 |  | 20.10% |  | 9,190 |  | SOFR+2.85% |  | 02/14/27 |  | 2x12 mos.
Wood Ridge Plaza |  | Fund V |  | 36,126 |  | 18.09% |  | 6,535 |  | SOFR+2.90% |  | 03/21/27 |  | None
La Frontera |  | Fund V |  | 55,500 |  | 18.09% |  | 10,040 |  | SOFR+2.61% |  | 06/10/27 |  | None
Midstate |  | Fund V |  | 57,000 |  | 20.10% |  | 11,457 |  | SOFR+1.75% |  | 08/04/27 |  | 2x12 mos.
Landstown Commons |  | Fund V |  | 58,139 |  | 20.10% |  | 11,686 |  | SOFR+2.20% |  | 10/24/27 |  | 2x12 mos.

| Supplemental Report September 30, 2025 – 23

Portfolio Debt – Detail |
(in thousands) |

|  |  |  | Principal Balance at |  | Acadia's Pro-rata Share |  | Interest |  |  |  | Extension
Property |  |  |  | September 30, 2025 |  | Percent |  | Amount |  | Rate |  | Maturity Date |  | Options
Riverdale FC |  | Fund V |  | 37,934 |  | 17.97% |  | 6,818 |  | SOFR+2.46% |  | 11/01/27 |  | None
LINQ Promenade |  | IMP |  | 175,000 |  | 15.00% |  | 26,250 |  | SOFR+1.75% |  | 12/12/27 |  | 1x24 mos.
Santa Fe Plaza |  | Fund V |  | 22,893 |  | 20.10% |  | 4,601 |  | SOFR+2.10% |  | 12/20/27 |  | 2x12 mos.
Elk Grove Commons |  | Fund V |  | 41,000 |  | 20.10% |  | 8,241 |  | SOFR+2.00% |  | 12/20/27 |  | 1x12 mos.
Palm Coast Landing |  | Fund V |  | 25,999 |  | 20.10% |  | 5,226 |  | SOFR+2.15% |  | 02/01/28 |  | None
Mohawk Commons |  | Fund V |  | 39,299 |  | 18.09% |  | 7,109 |  | SOFR+2.00% |  | 03/01/28 |  | None
City Point |  | Fund II |  | 137,500 |  | 75.38% |  | 103,642 |  | SOFR+1.90% |  | 08/01/28 |  | 1x12 mos.
The Walk at Highwoods Preserve |  | IMP |  | 20,500 |  | 20.00% |  | 4,100 |  | SOFR+2.50% |  | 10/25/28 |  | 1x12 mos.
Sub-Total Variable-Rate Debt |  |  |  | 1,115,936 |  |  |  | 289,215 |  |  |  |  |  |
Total Debt - Investment Management |  |  |  | 1,223,649 |  |  |  | 311,096 |  |  |  |  |  |
Total Debt - REIT Portfolio and Investment Management |  |  |  | $2,490,986 |  |  |  | $1,478,304 |  |  |  |  |  |

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. Following the modification of the loan in December 2023, the effective interest rate for GAAP purposes is zero.
3.
The interest rate on the unsecured revolving credit facility excludes a 20-basis point facility fee.

| Supplemental Report September 30, 2025 – 24

F uture Debt Maturitie s 1 |
(in thousands) |

REIT 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 (Remainder) |  | $712 |  | $— |  | $712 |  | $620 |  | $— |  | $— |  | $620 |  | N/A |  | N/A
2026 |  | 5,418 |  | 132,000 |  | 137,418 |  | 5,040 |  | 28,305 |  | 69,365 |  | 102,710 |  | — |  | 1.55%
2027 |  | 5,267 |  | 57,537 |  | 62,804 |  | 4,954 |  | 45,053 |  | — |  | 50,007 |  | 4.91% |  | N/A
2028 |  | 1,900 |  | 535,362 |  | 537,262 |  | 1,866 |  | 70,360 |  | 465,000 |  | 537,226 |  | 4.10% |  | 1.38%
2029 |  | 1,886 |  | 171,338 |  | 173,224 |  | 1,538 |  | 97,088 |  | 36,383 |  | 135,009 |  | 5.54% |  | 1.95%
Thereafter |  | 1,296 |  | 354,620 |  | 355,916 |  | 1,296 |  | 15,340 |  | 325,000 |  | 341,636 |  | 5.72% |  | 1.20%
Total |  | $16,479 |  | $1,250,857 |  | $1,267,336 |  | $15,314 |  | $256,146 |  | $895,748 |  | $1,167,208 |  |  |  |
Investment Management |  | Contractual Debt Maturities |  | Acadia's Pro-Rata Share |  | Weighted Average 2
|  | Scheduled |  |  |  |  |  | Scheduled |  | Fixed |  | Variable |  |  |  | Fixed- |  | Variable-
Year |  | Amortization |  | Maturities |  | Total |  | Amortization |  | Maturities |  | Maturities |  | Total |  | Rate Debt |  | Rate Debt
2025 (Remainder) |  | $1,837 |  | $117,492 |  | $119,329 |  | $358 |  | $— |  | $24,308 |  | $24,666 |  | N/A |  | 2.90%
2026 |  | 5,330 |  | 257,934 |  | 263,264 |  | 1,026 |  | 2,992 |  | 49,558 |  | 53,576 |  | 3.75% |  | 2.40%
2027 |  | 6,439 |  | 522,796 |  | 529,235 |  | 1,198 |  | — |  | 93,601 |  | 94,799 |  | N/A |  | 2.17%
2028 |  | 509 |  | 311,312 |  | 311,821 |  | 97 |  | 18,391 |  | 119,567 |  | 138,055 |  | 5.97% |  | 1.94%
2029 |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | N/A |  | N/A
Thereafter |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | N/A |  | N/A
Total |  | $14,115 |  | $1,209,534 |  | $1,223,649 |  | $2,679 |  | $21,383 |  | $287,034 |  | $311,096 |  |  |  |

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.

| Supplemental Report September 30, 2025 – 25

Future Debt Maturities – As Extended 1 |
(in thousands) |

REIT 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 (Remainder) |  | $712 |  | $— |  | $712 |  | $620 |  | $— |  | $— |  | $620 |  | N/A |  | N/A
2026 |  | 5,418 |  | 30,000 |  | 35,418 |  | 5,040 |  | 28,305 |  | — |  | 33,345 |  | — |  | N/A
2027 |  | 5,267 |  | 32,401 |  | 37,668 |  | 4,954 |  | 26,201 |  | — |  | 31,155 |  | 5.57% |  | N/A
2028 |  | 1,900 |  | 119,862 |  | 121,762 |  | 1,866 |  | 17,862 |  | 69,365 |  | 89,093 |  | 4.40% |  | 1.55%
2029 |  | 1,886 |  | 562,088 |  | 563,974 |  | 1,538 |  | 97,088 |  | 465,000 |  | 563,626 |  | 5.54% |  | 1.38%
Thereafter |  | 1,296 |  | 506,506 |  | 507,802 |  | 1,296 |  | 86,692 |  | 361,381 |  | 449,369 |  | 4.32% |  | 1.28%
Total |  | $16,479 |  | $1,250,857 |  | $1,267,336 |  | $15,314 |  | $256,148 |  | $895,746 |  | $1,167,208 |  |  |  |
Investment Management |  | Extended Debt Maturities 1 |  | Acadia's Pro-Rata Share |  | Weighted Average 2
|  | Scheduled |  |  |  |  |  | Scheduled |  | Fixed |  | Variable |  |  |  | Fixed- |  | Variable-
Year |  | Amortization |  | Maturities |  | Total |  | Amortization |  | Maturities |  | Maturities |  | Total |  | Rate Debt |  | Rate Debt
2025 (Remainder) |  | $1,837 |  | $82,436 |  | $84,273 |  | $358 |  | $— |  | $17,262 |  | $17,620 |  | N/A |  | 2.82%
2026 |  | 5,330 |  | 174,199 |  | 179,529 |  | 1,026 |  | 2,992 |  | 32,726 |  | 36,744 |  | 3.75% |  | 2.35%
2027 |  | 6,439 |  | 243,806 |  | 250,245 |  | 1,198 |  | — |  | 46,450 |  | 47,648 |  | N/A |  | 2.66%
2028 |  | 509 |  | 162,954 |  | 163,463 |  | 97 |  | 12,718 |  | 20,067 |  | 32,882 |  | 5.98% |  | 2.04%
2029 |  | — |  | 546,139 |  | 546,139 |  | — |  | 5,673 |  | 170,529 |  | 176,202 |  | 5.95% |  | 1.96%
Thereafter |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | N/A |  | N/A
Total |  | $14,115 |  | $1,209,534 |  | $1,223,649 |  | $2,679 |  | $21,383 |  | $287,034 |  | $311,096 |  |  |  |

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.

| Supplemental Report September 30, 2025 – 26

Swap Interest Rate Summary 1 |
(in thousands) |

Maturity |  | Acadia's Pro-rata Notional Amount |  | Weighted Average Fixed SOFR 2
October 2025 |  | $6,362 |  | 4.2%
March 2026 |  | 5,351 |  | 4.5%
April 2026 |  | 11,020 |  | 2.9%
May 2026 |  | 3,177 |  | 3.5%
June 2026 |  | 6,262 |  | 1.2%
October 2026 |  | 5,239 |  | 3.7%
November 2026 |  | 73,517 |  | 3.9%
December 2026 |  | 5,996 |  | 4.3%
June 2027 |  | 5,020 |  | 3.4%
July 2027 |  | 125,000 |  | 2.1%
August 2027 |  | 8,593 |  | 3.5%
December 2027 |  | 118,288 |  | 2.7%
February 2028 |  | 5,226 |  | 3.4%
March 2028 |  | 57,109 |  | 2.8%
April 2028 |  | 75,000 |  | 3.3%
June 2028 |  | 50,000 |  | 2.9%
July 2028 |  | 25,000 |  | 3.4%
August 2028 |  | 50,000 |  | 3.4%
February 2029 |  | 50,000 |  | 1.4%
June 2029 |  | 25,000 |  | 0.5%
July 2029 |  | 25,000 |  | 0.1%
October 2029 |  | 4,100 |  | 3.7%
November 2029 |  | 36,750 |  | 3.8%
December 2029 |  | 87,688 |  | 3.4%
April 2030 |  | 50,000 |  | 3.1%
July 2030 |  | 125,000 |  | 2.7%
Total |  | $1,039,698 |  | 2.8%

1.
Includes the Company's pro-rata share of consolidated and unconsolidated interest rate swaps to hedge against interest variability on REIT and Investment Management debt.
2.
Represents the effective strike (fixed) rate on the swap, inclusive of the amortization of deferred gains/losses on terminated swaps, that the Company pays in exchange for receiving SOFR.

| Supplemental Report September 30, 2025 – 27

Core Portfolio Retail Properties – Detail 1 |

|  | Year |  | Acadia's |  | Gross Leasable Area (GLA) |  | In Place Occupancy |  | Leased Occupancy |  | Annualized Base Rent |  | ABR |  |
Property |  | Acquired |  | Interest |  | Street |  | Anchors |  | Shops |  | Total |  | Street |  | Anchors |  | Shops |  | Total |  | Total |  | (ABR) |  | PSF |  | Key Tenants
STREET AND URBAN RETAIL |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Chicago Metro |  |  |  |  |  |  |  |  |  |  |  | ` |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rush and Walton Streets Collection (6 properties) |  | 2011 2012 |  | 100.0% |  | 40,590 |  | — |  | — |  | 40,590 |  | 93.0% |  | —% |  | —% |  | 93.0% |  | 93.0% |  | $8,348,326 |  | $221.18 |  | Kith, Lululemon, Reformation, Veronica Beard, St. Laurent, Brandy Melville
Clark Street and W. Diversey Collection (4 properties) |  | 2011 2012 |  | 100.0% |  | 53,099 |  | — |  | — |  | 53,099 |  | 89.0% |  | —% |  | —% |  | 89.0% |  | 89.0% |  | 2,260,635 |  | 47.81 |  | Starbucks, TJ Maxx, J Crew Factory, Trader Joe's, Sephora
Halsted and Armitage Collection (13 properties) |  | 2011 2012 2019 2020 |  | 100.0% |  | 53,220 |  | — |  | — |  | 53,220 |  | 91.7% |  | —% |  | —% |  | 91.7% |  | 100.0% |  | 2,695,831 |  | 55.22 |  | Serena and Lily, Faherty, Jenny Kayne, Warby Parker, Kiehl's, Solidcore, Rails
North Lincoln Park Chicago Collection (6 properties) |  | 2011 2014 |  | 100.0% |  | 22,125 |  | — |  | 27,796 |  | 49,921 |  | 13.6 % |  | —% |  | 77.6% |  | 49.2% |  | 55.5% |  | 909,741 |  | 37.04 |  | Guitar Center, Carhartt
State and Washington |  | 2016 |  | 100.0% |  | 65,401 |  | — |  | — |  | 65,401 |  | 100.0% |  | —% |  | —% |  | 100.0% |  | 100.0% |  | 2,768,673 |  | 42.33 |  | Nordstrom Rack, Uniqlo
151 N. State Street |  | 2016 |  | 100.0% |  | 27,385 |  | — |  | — |  | 27,385 |  | 100.0% |  | —% |  | —% |  | 100.0% |  | 100.0% |  | 1,573,000 |  | 57.44 |  | Walgreens
North and Kingsbury |  | 2016 |  | 100.0% |  | 41,791 |  | — |  | — |  | 41,791 |  | 100.0% |  | —% |  | —% |  | 100.0% |  | 100.0% |  | 2,015,292 |  | 48.22 |  | Old Navy, Backcountry
Concord and Milwaukee |  | 2016 |  | 100.0% |  | 13,147 |  | — |  | — |  | 13,147 |  | 88.6% |  | —% |  | —% |  | 88.6% |  | 100.0% |  | 432,125 |  | 37.11 |  | —
California and Armitage |  | 2016 |  | 100.0% |  | — |  | — |  | 18,275 |  | 18,275 |  | —% |  | —% |  | 72.7% |  | 72.7% |  | 90.8% |  | 710,858 |  | 53.47 |  | —
Roosevelt Galleria |  | 2015 |  | 100.0% |  | — |  | — |  | 37,995 |  | 37,995 |  | —% |  | —% |  | 89.7% |  | 89.7% |  | 89.7% |  | 823,131 |  | 24.15 |  | Petco, Vitamin Shoppe, Dollar Tree
Sullivan Center |  | 2016 |  | 100.0% |  | 176,181 |  | — |  | — |  | 176,181 |  | 83.8% |  | —% |  | —% |  | 83.8% |  | 83.8% |  | 5,594,913 |  | 37.90 |  | Target
|  |  |  |  |  | 492,939 |  | — |  | 84,066 |  | 577,005 |  | 87.4% |  | —% |  | 82.0% |  | 86.6% |  | 88.7% |  | $28,132,525 |  | $56.31 |  |
New York Metro |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Soho Collection/West Village (19 properties) |  | 2011 2014 2019 2020 2022 2024 2025 |  | 100.0% |  | 69,643 |  | — |  | — |  | 69,643 |  | 89.4% |  | —% |  | —% |  | 89.4% |  | 96.3% |  | $20,251,323 |  | $325.27 |  | Reiss, Vuori, Zimmermann, Madewell, John Varvatos Watches of Switzerland, Frame, Theory, Bang & Olufsen, Marine Layer
5-7 East 17th Street |  | 2008 |  | 100.0% |  | 8,658 |  | — |  | — |  | 8,658 |  | 100.0% |  | —% |  | —% |  | 100.0% |  | 100.0% |  | 1,071,637 |  | 123.77 |  | Narkara
200 West 54th Street |  | 2007 |  | 100.0% |  | 5,932 |  | — |  | — |  | 5,932 |  | 98.8% |  | —% |  | —% |  | 98.8% |  | 98.8% |  | 1,614,127 |  | 275.35 |  | —
4401 White Plains Road |  | 2011 |  | 100.0% |  | — |  | 12,964 |  | — |  | 12,964 |  | —% |  | 100.0% |  | —% |  | 100.0% |  | 100.0% |  | 625,000 |  | 48.21 |  | Walgreens
Bartow Avenue |  | 2005 |  | 100.0% |  | — |  | — |  | 14,824 |  | 14,824 |  | —% |  | —% |  | 100.0% |  | 100.0% |  | 100.0% |  | 506,641 |  | 34.18 |  | Wingstop

| Supplemental Report September 30, 2025 – 28

Core Portfolio Retail Properties – Detail 1 |

|  | Year |  | Acadia's |  | Gross Leasable Area (GLA) |  | In Place Occupancy |  | Leased Occupancy |  | Annualized Base Rent |  | ABR |  |
Property |  | Acquired |  | Interest |  | Street |  | Anchors |  | Shops |  | Total |  | Street |  | Anchors |  | Shops |  | Total |  | Total |  | (ABR) |  | PSF |  | Key Tenants
Greenwich/Westport Collection (4 properties) |  | 1998 2012 2014 |  | 89.5% |  | 39,593 |  | — |  | — |  | 39,593 |  | 100.0% |  | —% |  | —% |  | 100.0% |  | 100.0% |  | 4,540,277 |  | 114.67 |  | Veronica Beard, The RealReal, Blue Mercury, Splendid, Swarvoski, Watches of Switzerland
2914 Third Avenue |  | 2006 |  | 100.0% |  | — |  | 21,650 |  | 18,953 |  | 40,603 |  | —% |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0% |  | 1,131,422 |  | 27.87 |  | Planet Fitness
868 Broadway |  | 2013 |  | 100.0% |  | 2,031 |  | — |  | — |  | 2,031 |  | 100.0% |  | —% |  | —% |  | 100.0% |  | 100.0% |  | 881,322 |  | 433.94 |  | Dr. Martens
313-315 Bowery 2 |  | 2013 |  | 100.0% |  | 6,600 |  | — |  | — |  | 6,600 |  | 100.0% |  | —% |  | —% |  | 100.0% |  | 100.0% |  | 527,076 |  | 79.86 |  | John Varvatos
120 West Broadway |  | 2013 |  | 100.0% |  | 13,838 |  | — |  | — |  | 13,838 |  | 100.0% |  | —% |  | —% |  | 100.0% |  | 100.0% |  | 2,506,696 |  | 181.15 |  | Citizens Bank, Citi Bank
2520 Flatbush Avenue |  | 2014 |  | 100.0% |  | — |  | — |  | 29,114 |  | 29,114 |  | —% |  | 100% |  | 100.0% |  | 100.0% |  | 100.0% |  | 1,297,818 |  | 44.58 |  | Bob's Discount Furniture, Capital One
Williamsburg Bedford Avenue Collection 3 |  | 2022 |  | 100.0% |  | 50,842 |  | — |  | — |  | 50,842 |  | 88.2% |  | —% |  | — |  | 88.2% |  | 100.0% |  | 4,962,985 |  | 110.70 |  | Sephora, SweetGreen, Levain Bakery, Alo Yoga
Williamsburg North 6th Collection 3 (7 properties) |  | 2024 2025 |  | 100.0% |  | 56,615 |  | — |  | — |  | 56,615 |  | 100.0% |  | —% |  | — |  | 100.0% |  | 100.0% |  | 8,432,801 |  | 148.95 |  | Lululemon, Madewell, On Running, Abercrombie and Fitch, Birkenstock, Patagonia
991 Madison Avenue |  | 2016 |  | 100.0% |  | 7,512 |  | — |  | — |  | 7,512 |  | 100.0% |  | —% |  | —% |  | 100.0% |  | 100.0% |  | 3,780,849 |  | 503.31 |  | Vera Wang, Gabriela Hearst
Gotham Plaza |  | 2016 |  | 49.0 % |  | — |  | — |  | 25,931 |  | 25,931 |  | —% |  | —% |  | 75.4% |  | 75.4% |  | 75.4% |  | 1,672,236 |  | 85.48 |  | Bank of America, Footlocker, Apple Bank
|  |  |  |  |  | 261,264 |  | 34,614 |  | 88,822 |  | 384,700 |  | 94.8% |  | 100.0 % |  | 92.8 % |  | 94.8% |  | 97.7% |  | $53,802,209 |  | $147.46 |  |
Los Angeles Metro |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
8833 Beverly Blvd |  | 2022 |  | 97.0 % |  | 9,757 |  | — |  | — |  | 9,757 |  | 100.0% |  | —% |  | —% |  | 100.0% |  | 100.0% |  | $1,390,888 |  | $142.55 |  | Luxury Living
Melrose Place Collection |  | 2019 |  | 100.0 % |  | 14,000 |  | — |  | — |  | 14,000 |  | 100.0% |  | —% |  | —% |  | 100.0% |  | 100.0% |  | 3,222,128 |  | 230.15 |  | The Row, Chloe, Oscar de la Renta
|  |  |  |  |  | 23,757 |  | — |  | — |  | 23,757 |  | 100.0% |  | —% |  | —% |  | 100.0% |  | 100.0% |  | $4,613,016 |  | $194.18 |  |
District of Columbia Metro |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1739-53 & 1801-03 Connecticut Avenue |  | 2012 |  | 100.0 % |  | 20,669 |  | — |  | — |  | 20,669 |  | 21.9% |  | —% |  | —% |  | 21.9% |  | 21.9% |  | $311,541 |  | $68.97 |  | TD Bank
14th Street Collection (3 properties) |  | 2021 |  | 100.0 % |  | 19,077 |  | — |  | — |  | 19,077 |  | 76.4% |  | —% |  | —% |  | 76.4% |  | 76.4% |  | 1,396,848 |  | 95.83 |  | Verizon, Long and Foster, VSV Wine Bar, Tile Bar
Rhode Island Place Shopping Center |  | 2012 |  | 100.0 % |  | — |  | 25,134 |  | 32,533 |  | 57,667 |  | —% |  | 100.0% |  | 88.5% |  | 93.5% |  | 93.5% |  | 1,957,308 |  | 36.30 |  | Ross Dress for Less
M Street and Wisconsin Corridor (27 Properties) 4 |  | 2011 2016 2019 |  | 68.0 % |  | 262,412 |  | — |  | — |  | 262,412 |  | 92.9% |  | —% |  | —% |  | 92.9% |  | 94.9% |  | 18,810,639 |  | 77.14 |  | Lululemon, Duxiana, Reformation, Glossier, Alo Yoga, Aritzia, Skims, J Crew, Google
|  |  |  |  |  | 302,158 |  | 25,134 |  | 32,533 |  | 359,825 |  | 87.0% |  | 100.0% |  | 88.5% |  | 88.1% |  | 89.5% |  | $22,476,335 |  | $70.94 |  |
Boston Metro |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

| Supplemental Report September 30, 2025 – 29

Core Portfolio Retail Properties – Detail 1 |

|  | Year |  | Acadia's |  | Gross Leasable Area (GLA) |  | In Place Occupancy |  | Leased Occupancy |  | Annualized Base Rent |  | ABR |  |
Property |  | Acquired |  | Interest |  | Street |  | Anchors |  | Shops |  | Total |  | Street |  | Anchors |  | Shops |  | Total |  | Total |  | (ABR) |  | PSF |  | Key Tenants
165 Newbury Street |  | 2016 |  | 100.0 % |  | 1,050 |  | — |  | — |  | 1,050 |  | 100.0% |  | —% |  | —% |  | 100.0% |  | 100.0% |  | $321,953 |  | $306.62 |  | Starbucks
Dallas Metro |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Henderson Avenue Portfolio (14 properties) |  | 2022 2024 2025 |  | 100.0 % |  | 53,017 |  | 31,635 |  | — |  | 84,652 |  | 83.7% |  | 100.0% |  | —% |  | 89.8% |  | 89.8% |  | $3,059,669 |  | $40.24 |  | Sprouts Market, Warby Parker, Tecovas
Total Street and Urban Retail |  |  |  |  |  | 1,134,185 |  | 91,383 |  | 205,421 |  | 1,430,989 |  | 89.1% |  | 100.0% |  | 87.7% |  | 89.6% |  | 91.6% |  | $112,405,707 |  | $87.67 |  |
Acadia Share Total Street and Urban Retail |  |  |  |  |  | 1,045,800 |  | 91,383 |  | 192,196 |  | 1,329,380 |  | 88.8% |  | 100.0% |  | 88.6% |  | 89.5% |  | 91.6% |  | $105,169,028 |  | $88.35 |  |
SUBURBAN PROPERTIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New Jersey |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Elmwood Park Shopping Center |  | 1998 |  | 100.0 % |  | — |  | 43,531 |  | 100,457 |  | 143,988 |  | —% |  | 100.0% |  | 92.5% |  | 94.8% |  | 94.8% |  | $3,589,545 |  | $26.30 |  | Walgreens, Lidl, Chase Bank, City MD, Five Below
Marketplace of Absecon |  | 1998 |  | 100.0 % |  | — |  | 46,724 |  | 57,832 |  | 104,556 |  | —% |  | 75.8% |  | 80.4% |  | 78.3% |  | 78.3% |  | 1,605,630 |  | 19.61 |  | Walgreens, Dollar Tree, Aldi
New York |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Village Commons Shopping Center |  | 1998 |  | 100.0 % |  | — |  | — |  | 87,128 |  | 87,128 |  | —% |  | —% |  | 88.8% |  | 88.8% |  | 88.8% |  | 2,748,844 |  | 35.52 |  | Citibank, Ace Hardware
Branch Plaza |  | 1998 |  | 100.0 % |  | — |  | 76,264 |  | 47,081 |  | 123,345 |  | —% |  | 73.5% |  | 89.9% |  | 79.7% |  | 79.7% |  | 2,809,967 |  | 28.57 |  | LA Fitness
Amboy Center |  | 2005 |  | 100.0 % |  | — |  | 37,266 |  | 26,106 |  | 63,372 |  | —% |  | 100.0% |  | 80.8% |  | 92.1% |  | 92.1% |  | 2,127,536 |  | 36.45 |  | Stop & Shop (Ahold)
Crossroads Shopping Center |  | 1998 |  | 49.0 % |  | — |  | 202,727 |  | 108,990 |  | 311,717 |  | —% |  | 93.9% |  | 89.7% |  | 92.4% |  | 98.1% |  | 9,539,154 |  | 33.12 |  | HomeGoods, PetSmart, BJ's Wholesale Club, O'Reilly Auto Parts
New Loudon Center |  | 1993 |  | 100.0 % |  | — |  | 241,746 |  | 16,643 |  | 258,389 |  | —% |  | 95.0% |  | 100.0% |  | 95.3% |  | 95.3% |  | 2,330,402 |  | 9.47 |  | Price Chopper, Marshalls
28 Jericho Turnpike |  | 2012 |  | 100.0 % |  | — |  | 96,363 |  | — |  | 96,363 |  | —% |  | 100.0% |  | —% |  | 100.0% |  | 100.0% |  | 1,996,500 |  | 20.72 |  | Kohl's
Connecticut |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Town Line Plaza 5 |  | 1998 |  | 100.0 % |  | — |  | 163,159 |  | 43,187 |  | 206,346 |  | —% |  | 100.0% |  | 88.4% |  | 97.6% |  | 98.5% |  | 1,608,715 |  | 15.46 |  | Wal-Mart, Stop & Shop (Ahold)
Massachusetts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Methuen Shopping Center |  | 1998 |  | 100.0 % |  | — |  | 120,004 |  | 10,017 |  | 130,021 |  | —% |  | 100.0% |  | 56.3% |  | 96.6% |  | 96.6% |  | 1,390,578 |  | 11.07 |  | Wal-Mart, Market Basket
Crescent Plaza |  | 1993 |  | 100.0 % |  | — |  | 156,985 |  | 61,017 |  | 218,002 |  | —% |  | 100.0% |  | 97.5% |  | 99.3% |  | 99.3% |  | 2,258,581 |  | 10.43 |  | Home Depot, Shaw's
201 Needham Street |  | 2014 |  | 100.0 % |  | — |  | 20,409 |  | — |  | 20,409 |  | —% |  | 100.0% |  | —% |  | 100.0% |  | 100.0% |  | 711,662 |  | 34.87 |  | Michael's
163 Highland Avenue |  | 2015 |  | 100.0 % |  | — |  | 40,505 |  | — |  | 40,505 |  | —% |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0% |  | 1,675,657 |  | 41.37 |  | Staples, Petco
Vermont |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

| Supplemental Report September 30, 2025 – 30

Core Portfolio Retail Properties – Detail 1 |

|  | Year |  | Acadia's |  | Gross Leasable Area (GLA) |  | In Place Occupancy |  | Leased Occupancy |  | Annualized Base Rent |  | ABR |  |
Property |  | Acquired |  | Interest |  | Street |  | Anchors |  | Shops |  | Total |  | Street |  | Anchors |  | Shops |  | Total |  | Total |  | (ABR) |  | PSF |  | Key Tenants
The Gateway Shopping Center |  | 1999 |  | 100.0 % |  | — |  | 73,184 |  | 29,670 |  | 102,854 |  | —% |  | 100.0% |  | 88.6% |  | 96.7% |  | 98.2% |  | 2,303,692 |  | 23.16 |  | Shaw's (Albertsons), Starbucks
Illinois |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hobson West Plaza |  | 1998 |  | 100.0 % |  | — |  | 51,692 |  | 47,270 |  | 98,962 |  | —% |  | 100.0% |  | 76.0% |  | 88.5 % |  | 89.8% |  | 1,203,049 |  | 13.73 |  | Garden Fresh Markets
Indiana |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Merrillville Plaza |  | 1998 |  | 100.0 % |  | — |  | 123,144 |  | 112,782 |  | 235,926 |  | —% |  | 78.9% |  | 87.1% |  | 82.8 % |  | 82.8% |  | 2,953,274 |  | 15.12 |  | Dollar Tree, TJ Maxx, DD's Discount (Ross)
Michigan |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bloomfield Town Square |  | 1998 |  | 100.0 % |  | — |  | 153,332 |  | 81,619 |  | 234,951 |  | —% |  | 100.0% |  | 100.0% |  | 100.0 % |  | 100.0% |  | 4,409,759 |  | 18.77 |  | HomeGoods, TJ Maxx, Dick's Sporting Goods, Burlington
Delaware |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Town Center and Other (1 property) |  | 2003 |  | 100.0 % |  | — |  | 707,988 |  | 21,891 |  | 729,879 |  | —% |  | 100.0% |  | 45.3% |  | 98.4 % |  | 98.4% |  | 12,802,040 |  | 17.83 |  | Lowes, Dick's Sporting Goods, Target, Crunch Fitness
Market Square Shopping Center |  | 2003 |  | 100.0 % |  | — |  | 42,850 |  | 59,197 |  | 102,047 |  | —% |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0% |  | 3,422,242 |  | 33.54 |  | Trader Joe's, TJ Maxx
Naamans Road |  | 2006 |  | 100.0 % |  | — |  | — |  | 19,865 |  | 19,865 |  | —% |  | —% |  | 100.0% |  | 100.0 % |  | 100.0% |  | 920,134 |  | 46.32 |  | Jared Jewelers, American Red Cross
Pennsylvania |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Plaza 422 |  | 1993 |  | 100.0 % |  | — |  | 139,968 |  | 16,311 |  | 156,279 |  | —% |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0% |  | 956,954 |  | 6.12 |  | Home Depot
Chestnut Hill |  | 2006 |  | 100.0 % |  | — |  | — |  | 36,492 |  | 36,492 |  | —% |  | —% |  | 100.0% |  | 100.0% |  | 100.0% |  | 1,000,572 |  | 27.42 |  | —
Abington Towne Center 6 |  | 1998 |  | 100.0 % |  | — |  | 184,616 |  | 32,255 |  | 216,871 |  | —% |  | 100.0% |  | 92.2% |  | 98.8% |  | 100.0% |  | 1,278,441 |  | 21.83 |  | Target, TJ Maxx
Total Suburban Properties |  |  |  |  |  | — |  | 2,722,457 |  | 1,015,810 |  | 3,738,267 |  | —% |  | 97.0 % |  | 89.7 % |  | 95.0 % |  | 95.7 % |  | $65,642,926 |  | $19.91 |  |
Acadia Share Total Suburban Properties |  |  |  |  |  | — |  | 2,619,066 |  | 960,225 |  | 3,579,291 |  | —% |  | 97.1% |  | 89.7% |  | 95.1% |  | 95.6% |  | $60,777,957 |  | $19.29 |  |
Total REIT Properties |  |  |  |  |  | 1,134,185 |  | 2,813,840 |  | 1,221,231 |  | 5,169,256 |  | 89.1% |  | 97.1% |  | 89.4% |  | 93.5% |  | 94.5% |  | $178,048,633 |  | $38.88 |  |
Acadia Share Total REIT Properties |  |  |  |  |  | 1,045,800 |  | 2,710,449 |  | 1,152,421 |  | 4,908,671 |  | 88.8% |  | 97.2% |  | 89.5% |  | 93.6% |  | 94.5% |  | $165,946,985 |  | $38.23 |  |

| Supplemental Report September 30, 2025 – 31

Core Portfolio Retail Properties – Detail 1 |

1.
Excludes properties that are under development, redevelopment or pre-stabilized. For further detail, refer to the Development and Redevelopment Activity section of this Supplemental Report. The above in-place occupancy and rent figures reflects only retail spaces where leases have commenced. Leased occupancy includes both in-place leases and signed leases that have not yet commenced. ABR and ABR per square foot are based solely on in-place occupancy.
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% noncontrolling 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 from ABR per square foot calculations.
6.
Anchor GLA includes a 157,616 square foot Target store which is not owned by the Company. This square footage has been excluded from ABR per square footage calculations.

| Supplemental Report September 30, 2025 – 32

REIT Portfolio – Top Tenants 1 |
(Pro-Rata Basis) |

|  | Number of |  | Combined |  | Percentage of Total 2
Tenant |  | Stores |  | GLA |  | ABR |  | GLA |  | ABR
Target |  | 3 |  | 408,895 |  | $8,323,009 |  | 6.9 % |  | 4.6%
J. Crew Group 3 |  | 6 |  | 34,902 |  | 5,656,274 |  | 0.6 % |  | 3.2%
Lululemon |  | 4 |  | 25,539 |  | 5,389,159 |  | 0.4 % |  | 3.0%
TJX Companies 4 |  | 9 |  | 252,043 |  | 3,105,924 |  | 4.2 % |  | 1.7%
Dick's Sporting Goods, Inc |  | 2 |  | 149,782 |  | 2,965,770 |  | 2.5 % |  | 1.7%
Walgreens |  | 4 |  | 68,393 |  | 2,887,312 |  | 1.1 % |  | 1.6%
PetSmart, Inc. |  | 4 |  | 76,257 |  | 2,794,473 |  | 1.3 % |  | 1.6%
Trader Joe's |  | 3 |  | 40,862 |  | 2,628,360 |  | 0.7 % |  | 1.5%
Fast Retailing 5 |  | 2 |  | 32,013 |  | 2,559,401 |  | 0.5 % |  | 1.4%
ALO Yoga |  | 2 |  | 22,566 |  | 2,505,663 |  | 0.4 % |  | 1.4%
Albertsons Companies, Inc. 6 |  | 2 |  | 123,409 |  | 2,061,142 |  | 2.1 % |  | 1.1%
Bob's Discount Furniture |  | 2 |  | 68,793 |  | 2,027,670 |  | 1.2 % |  | 1.1%
Watches of Switzerland 7 |  | 2 |  | 13,863 |  | 1,809,177 |  | 0.2 % |  | 1.0%
Royal Ahold 8 |  | 2 |  | 103,125 |  | 1,752,574 |  | 1.7 % |  | 1.0%
Patagonia |  | 2 |  | 15,526 |  | 1,640,837 |  | 0.3 % |  | 0.9%
Gap, Inc. 9 |  | 2 |  | 37,895 |  | 1,363,165 |  | 0.6 % |  | 0.8%
Citibank |  | 4 |  | 16,160 |  | 1,354,382 |  | 0.3 % |  | 0.8%
The Home Depot, Inc. |  | 2 |  | 187,914 |  | 1,345,020 |  | 3.1 % |  | 0.7%
Michaels Stores, Inc. |  | 2 |  | 45,285 |  | 1,283,810 |  | 0.7 % |  | 0.7%
Veronica Beard |  | 2 |  | 4,136 |  | 1,199,567 |  | 0.1 % |  | 0.7%
TOTAL |  | 61 |  | 1,727,358 |  | $54,652,688 |  | 28.9% |  | 30.5%

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 location. The following tenants with single locations that would otherwise be included in our top 20 tenants are: Vuori (106 Spring), Lowe's (Brandywine), Kohl's (28 Jericho), Bang & Olufsen (121 Spring), Vera Wang (991 Madison), and Nordstrom Rack (State and Washington).
2.
Totals may not foot due to rounding.
3.
Madewell (4 locations), J.Crew Factory (1 location), J. Crew (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.
Grand Seiko (1 location), Betteridge Jewelers (1 location)
8.
Stop and Shop (2 locations)
9.
Old Navy (2 locations)

| Supplemental Report September 30, 2025 – 33

REIT Portfolio – Lease Expirations |
(Pro-Rata Basis) |

|  | Street Tenants |  | Anchor Tenants
|  |  |  | GLA |  | ABR |  |  |  | GLA |  | ABR
|  | Leases |  | Expiring |  | Percent |  |  |  | Percent |  | Leases |  | Expiring |  | Percent |  |  |  | Percent
Year |  | Expiring |  | SF |  | of Total |  | PSF |  | of Total |  | Expiring |  | SF |  | of Total |  | PSF |  | of Total
M to M 1 |  | 1 |  | 1,977 |  | 0.2% |  | $46.98 |  | 0.1% |  | — |  | — |  | —% |  | $— |  | —%
2025 (Remainder) |  | 5 |  | 13,489 |  | 1.5% |  | 142.56 |  | 2.0% |  | — |  | — |  | —% |  | — |  | —%
2026 |  | 28 |  | 86,305 |  | 9.3% |  | 136.28 |  | 12.3% |  | 11 |  | 424,984 |  | 17.9% |  | 10.78 |  | 12.2%
2027 |  | 27 |  | 81,924 |  | 8.8% |  | 104.53 |  | 8.9% |  | 4 |  | 140,838 |  | 5.9% |  | 20.24 |  | 7.6%
2028 |  | 22 |  | 247,491 |  | 26.6% |  | 61.57 |  | 15.9% |  | 10 |  | 477,731 |  | 20.1% |  | 12.31 |  | 15.7%
2029 |  | 26 |  | 77,049 |  | 8.3% |  | 112.04 |  | 9.0% |  | 14 |  | 505,783 |  | 21.3% |  | 15.40 |  | 20.8%
2030 |  | 24 |  | 107,429 |  | 11.6% |  | 101.82 |  | 11.4% |  | 5 |  | 177,026 |  | 7.4% |  | 24.70 |  | 11.7%
2031 |  | 6 |  | 38,026 |  | 4.1% |  | 85.89 |  | 3.4% |  | 2 |  | 50,566 |  | 2.1% |  | 16.97 |  | 2.3%
2032 |  | 15 |  | 65,577 |  | 7.1% |  | 166.21 |  | 11.4% |  | 1 |  | 12,250 |  | 0.5% |  | 21.96 |  | 0.7%
2033 |  | 26 |  | 90,021 |  | 9.7% |  | 126.50 |  | 11.9% |  | 1 |  | 28,881 |  | 1.2% |  | 14.50 |  | 1.1%
2034 |  | 8 |  | 20,758 |  | 2.2% |  | 107.00 |  | 2.3% |  | 1 |  | 21,804 |  | 0.9% |  | 11.25 |  | 0.7%
Thereafter |  | 20 |  | 98,728 |  | 10.6% |  | 111.88 |  | 11.5% |  | 11 |  | 539,852 |  | 22.7% |  | 18.81 |  | 27.1%
Total 2 |  | 208 |  | 928,773 |  | 100.0% |  | $103.33 |  | 100.0% |  | 60 |  | 2,379,716 |  | 100.0% |  | $15.73 |  | 100.0%
Anchor GLA Owned by Tenants |  | — |  |  |  |  |  |  |  |  |  | 254,916 |  |  |  |  |  |
Total Vacant 2 |  | 117,027 |  |  |  |  |  |  |  |  |  | 75,818 |  |  |  |  |  |
Total Square Feet 2 |  | 1,045,800 |  |  |  |  |  |  |  |  |  | 2,710,449 |  |  |  |  |  |
|  | Shop Tenants |  | Total Tenants
|  |  |  | GLA |  | ABR |  |  |  | GLA |  | ABR
|  | Leases |  | Expiring |  | Percent |  |  |  | Percent |  | Leases |  | Expiring |  | Percent |  |  |  | Percent
Year |  | Expiring |  | SF |  | of Total |  | PSF |  | of Total |  | Expiring |  | SF |  | of Total |  | PSF |  | of Total
M to M 1 |  | — |  | — |  | —% |  | $— |  | —% |  | 1 |  | 1,977 |  | 0.0% |  | $46.98 |  | 0.1%
2025 (Remainder) |  | 13 |  | 44,807 |  | 4.3% |  | 34.70 |  | 4.8% |  | 18 |  | 58,295 |  | 1.3% |  | 59.65 |  | 2.1%
2026 |  | 35 |  | 122,123 |  | 11.8% |  | 27.13 |  | 10.2% |  | 74 |  | 633,412 |  | 14.6% |  | 31.04 |  | 11.8%
2027 |  | 36 |  | 136,781 |  | 13.3% |  | 34.30 |  | 14.4% |  | 67 |  | 359,543 |  | 8.3% |  | 44.80 |  | 9.7%
2028 |  | 37 |  | 152,694 |  | 14.8% |  | 34.42 |  | 16.1% |  | 69 |  | 877,916 |  | 20.2% |  | 30.04 |  | 15.9%
2029 |  | 31 |  | 128,883 |  | 12.5% |  | 27.06 |  | 10.7% |  | 71 |  | 711,714 |  | 16.4% |  | 27.97 |  | 12.0%
2030 |  | 19 |  | 45,306 |  | 4.4% |  | 39.13 |  | 5.4% |  | 48 |  | 329,762 |  | 7.6% |  | 51.80 |  | 10.3%
2031 |  | 15 |  | 81,283 |  | 7.9% |  | 25.84 |  | 6.5% |  | 23 |  | 169,875 |  | 3.9% |  | 36.64 |  | 3.8%
2032 |  | 24 |  | 94,920 |  | 9.2% |  | 33.37 |  | 9.7% |  | 40 |  | 172,747 |  | 4.0% |  | 82.99 |  | 8.6%
2033 |  | 21 |  | 85,791 |  | 8.3% |  | 32.56 |  | 8.6% |  | 48 |  | 204,693 |  | 4.7% |  | 71.33 |  | 8.8%
2034 |  | 8 |  | 29,113 |  | 2.8% |  | 28.23 |  | 2.5% |  | 17 |  | 71,675 |  | 1.7% |  | 45.88 |  | 2.0%
Thereafter |  | 30 |  | 110,136 |  | 10.7% |  | 32.65 |  | 11.0% |  | 61 |  | 748,716 |  | 17.3% |  | 33.12 |  | 14.9%
Total 2 |  | 269 |  | 1,031,836 |  | 100.0% |  | $31.55 |  | 100.0% |  | 537 |  | 4,340,325 |  | 100.0% |  | $38.23 |  | 100.0%
Anchor GLA Owned by Tenants |  | — |  |  |  |  |  |  |  |  |  | 254,916 |  |  |  |  |  |
Total Vacant 2 |  | 120,585 |  |  |  |  |  |  |  |  |  | 313,430 |  |  |  |  |  |
Total Square Feet 2 |  | 1,152,421 |  |  |  |  |  |  |  |  |  | 4,908,671 |  |  |  |  |  |

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

| Supplemental Report September 30, 2025 – 34

REIT Portfolio – New and Renewal Rent Spreads 1

|  | Quarter Ended |  | Year to Date
|  | March 31, 2025 |  | June 30, 2025 |  | September 30, 2025 |  | September 30, 2025
|  | GAAP 2 |  | Cash 3 |  | GAAP 2 |  | Cash 3 |  | GAAP 2 |  | Cash 3 |  | GAAP 2 |  | Cash 3
New Leases |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Number of new leases executed |  | 3 |  | 3 |  | 3 |  | 3 |  | 8 |  | 8 |  | 14 |  | 14
GLA |  | 18,769 |  | 18,769 |  | 6,039 |  | 6,039 |  | 22,343 |  | 22,343 |  | 47,150 |  | 47,150
New base rent |  | $78.60 |  | $73.83 |  | $176.24 |  | $163.70 |  | $142.06 |  | $131.80 |  | $121.18 |  | $112.81
Previous base rent |  | $46.02 |  | $46.41 |  | $250.42 |  | $285.02 |  | $110.34 |  | $116.99 |  | $102.68 |  | $110.42
Average cost per square foot |  | $18.80 |  | $18.80 |  | $131.75 |  | $131.75 |  | $125.72 |  | $125.72 |  | $83.93 |  | $83.93
Weighted Average Lease Term (years) |  | 4.8 |  | 4.8 |  | 7.5 |  | 7.5 |  | 7.5 |  | 7.5 |  | 6.4 |  | 6.4
Percentage growth in base rent |  | 70.8 % |  | 59.1 % |  | (29.6)% |  | (42.6)% |  | 28.8 % |  | 12.7 % |  | 18.0 % |  | 2.2 %
Renewal Leases |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Number of renewal leases executed |  | 13 |  | 13 |  | 22 |  | 22 |  | 20 |  | 20 |  | 55 |  | 55
GLA |  | 96,232 |  | 96,232 |  | 162,226 |  | 162,226 |  | 216,286 |  | 216,286 |  | 474,745 |  | 474,745
New base rent |  | $30.93 |  | $29.83 |  | $63.21 |  | $60.99 |  | $43.14 |  | $40.10 |  | $47.52 |  | $45.16
Expiring base rent |  | $24.70 |  | $27.77 |  | $58.50 |  | $60.46 |  | $33.47 |  | $35.83 |  | $40.25 |  | $42.61
Average cost per square foot |  | $— |  | $— |  | $10.86 |  | $10.86 |  | $31.01 |  | $31.01 |  | $21.46 |  | $21.46
Weighted Average Lease Term (years) |  | 6.6 |  | 6.6 |  | 10.8 |  | 10.8 |  | 8.2 |  | 8.2 |  | 8.8 |  | 8.8
Percentage growth in base rent |  | 25.2 % |  | 7.4 % |  | 8.1% |  | 0.9% |  | 28.9 % |  | 11.9 % |  | 18.1 % |  | 6.0 %
Total New and Renewal Leases |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Number of new and renewal leases executed |  | 16 |  | 16 |  | 25 |  | 25 |  | 28 |  | 28 |  | 69 |  | 69
GLA commencing |  | 115,001 |  | 115,001 |  | 168,265 |  | 168,265 |  | 238,629 |  | 238,629 |  | 521,895 |  | 521,895
New base rent |  | $38.71 |  | $37.01 |  | $67.28 |  | $64.68 |  | $52.40 |  | $48.69 |  | $54.17 |  | $51.27
Expiring base rent |  | $28.18 |  | $30.82 |  | $65.39 |  | $68.52 |  | $40.67 |  | $43.43 |  | $45.89 |  | $48.74
Average cost per square foot |  | $3.07 |  | $3.07 |  | $15.20 |  | $15.20 |  | $39.88 |  | $39.88 |  | $27.10 |  | $27.10
Weighted Average Lease Term (years) |  | 6.3 |  | 6.3 |  | 10.7 |  | 10.7 |  | 8.2 |  | 8.2 |  | 8.6 |  | 8.6
Percentage growth in base rent |  | 37.4 % |  | 20.1% |  | 2.9% |  | (5.6)% |  | 28.8 % |  | 12.1 % |  | 18.1 % |  | 5.2 %

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. The previous (or expiring) rent reflects the amount at the time of lease expiration, while the new rent represents the amount payable at lease commencement.
(1)

| Supplemental Report September 30, 2025 – 35

REIT Portfolio – Capital Expenditures |

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

| Supplemental Report September 30, 2025 – 36

Fund Overview |

I. KEY METRICS |  |  | Fund II |  | Fund III |  | Fund IV |  | Fund V |  | Total
General Information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Vintage |  |  |  | Jun-2004 |  |  | May-2007 |  |  | May-2012 |  |  | Aug-2016 |  |  |
Fund Size |  |  | $ |  | 472.0 |  | Million 2 |  | $ |  | 502.5 |  | Million |  | $ |  | 540.6 |  | Million |  | $ |  | 520.0 |  | Million |  | $ |  | 2,035.1 |  | Million
Acadia's Commitment |  |  | $ |  | 291.2 |  | Million |  | $ |  | 123.3 |  | Million |  | $ |  | 125.0 |  | Million |  | $ |  | 104.5 |  | Million |  | $ |  | 644.0 |  | Million
Acadia's Pro-Rata Share |  |  |  |  | 80.0 |  | % 3 |  |  |  |  | 24.5 |  | % |  |  |  |  | 23.1 |  | % |  |  |  |  | 20.1 |  | % |  |  |  |  | 31.6 |  | % |
Acadia's Promoted Share 1 |  |  |  |  | 84.0 |  | % |  |  |  |  | 39.6 |  | % |  |  |  |  | 38.5 |  | % |  |  |  |  | 36.1 |  | % |  |  |  |  | 45.3 |  | % |
Preferred Return |  |  |  |  | 8.0 |  | % |  |  |  |  | 6.0 |  | % |  |  |  |  | 6.0 |  | % |  |  |  |  | 6.0 |  | % |  |  |  | 6.4 |  | % |
Current-Quarter, Fund-Level Information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cumulative Contributions |  |  | $ |  | 559.4 |  | Million 2 |  | $ |  | 449.2 |  | Million |  | $ |  | 506.0 |  | Million |  | $ |  | 485.8 |  | Million |  | $ |  | 2,000.4 |  | Million
Cumulative Net Distributions 4 |  |  | $ |  | 172.9 |  | Million |  | $ |  | 616.3 |  | Million |  | $ |  | 221.4 |  | Million |  | $ |  | 169.8 |  | Million |  | $ |  | 1,180.4 |  | Million
Net Distributions/Contributions |  |  |  |  | 30.9 |  | % |  |  |  |  | 137.2 |  | % |  |  |  |  | 43.8 |  | % |  |  |  |  | 35.0 |  | % |  |  |  |  | 59.0 |  | % |
Unfunded Commitment 5 |  |  | $ |  | 0.0 |  | Million |  | $ |  | 0.8 |  | Million |  | $ |  | 24.0 |  | Million |  | $ |  | 34.2 |  | Million |  | $ |  | 59.0 |  | Million
Investment Period Closes |  |  |  | Closed |  |  |  |  |  | Closed |  |  |  |  |  | Closed |  |  |  |  |  | Closed |  |  |  |  |  |  |  |  |
Currently in a Promote Position? (Yes/No) |  |  |  | No |  |  |  |  |  | Yes |  |  |  |  |  | No |  |  |  |  |  | No |  |  |  |  |  |  |  |  |
II. FEES & PRIORITY DISTRIBUTIONS EARNED BY ACADIA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Type: |  |  |  | Applicable to |  |  | Description
Asset Management |  |  |  | Fund II & III |  |  | 0%
Asset Management 6 |  |  |  | Fund IV |  |  | 0.75% of Implied Capital
Asset Management 6 |  |  |  | Fund V |  |  | 1.25% of Implied Capital
Property Management |  |  |  | All funds |  |  | 4.0% of gross property revenues
Leasing |  |  |  | All funds |  |  | Market-rate leasing commissions
Construction/Project Management |  |  |  | All funds |  |  | Market-rate fees
Development |  |  |  | Fund III, IV & V |  |  | 3.0% of total project costs

1.
Acadia’s “Promoted Share” reflects Acadia's share of fund profits after all partners (including Acadia) have received a full return of their cumulative contributions plus their preferred return. Acadia's Promoted Share equals a 20% promote plus Acadia's pro-rata share of the remaining 80% of profits.
2.
The additional contributions to Fund II beyond its original Fund Size reflects prior-period distributions that were re-contributed in 2016, 2020, 2021 and 2022. These funds supported the on-going redevelopment of existing Fund II investments and included an incremental $172 million of capital contributed in connection with the City Point recapitalization. City Point is the sole remaining asset in Fund II.
3.
In the third quarter of 2025, a Fund II partner exercised its put right, and the Company acquired the partner’s 18% interest for approximately $54.4 million, increasing its ownership in Fund II from 61.67% to 80%. Refer to Note 10 in the Company’s 10-Q for the period ended September 30, 2025.
4.
All returns and distributions referenced are presented net of fees and promote.
5.
Unfunded Commitments are reserved for completing leasing and development activities at existing fund investments. These amounts may not equal the difference between Fund Size and Cumulative Contributions due to factors such as recallable distributions, the end of the investment period, or accelerated asset sales that result in released commitments.
6.
Implied Capital refers to the Fund Size less capital allocated to investments that have been sold or released.

| Supplemental Report September 30, 2025 – 37

Investment Management Retail Properties – Detail 1

|  |  | Year |  | Fund |  | Gross Leasable Area |  | In Place Occupancy |  | Leased |  | Annualized |  |  |  |
Property |  |  | Acquired |  | Ownership % |  | Street |  | Anchors |  | Shops |  | Total |  | Street |  | Anchors |  | Shops |  | Total |  | Occupancy |  | Base Rent (ABR) |  | ABR PSF |  | Key Tenants
Fund II Portfolio Detail |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
NEW YORK |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New York |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
City Point 2 |  |  | 2007 |  | 94.2% |  | — |  | 330,448 |  | 206,176 |  | 536,624 |  | —% |  | 100.0% |  | 44.5% |  | 78.7% |  | 86.5% |  | $20,260,167 |  | $47.99 |  | Primark, Target, Sephora, Basis Schools, Alamo Drafthouse, Trader Joe's, Lululemon
Total - Fund II |  |  |  |  |  |  | — |  | 330,448 |  | 206,176 |  | 536,624 |  | —% |  | 100.0% |  | 44.5% |  | 78.7% |  | 86.5% |  | $20,260,167 |  | $47.99 |  |
Fund IV Portfolio Detail |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
NEW YORK |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New York |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
801 Madison Avenue |  |  | 2015 |  | 100.0% |  | 2,522 |  | — |  | — |  | 2,522 |  | 100.0% |  | —% |  | —% |  | 100.0% |  | 100.0% |  | $300,000 |  | $118.95 |  | ─
210 Bowery |  |  | 2012 |  | 100.0% |  | 2,538 |  | — |  | — |  | 2,538 |  | —% |  | —% |  | —% |  | —% |  | —% |  | — |  | — |  | ─
27 East 61st Street |  |  | 2014 |  | 100.0% |  | 4,177 |  | — |  | — |  | 4,177 |  | —% |  | —% |  | —% |  | —% |  | —% |  | — |  | — |  | ─
17 East 71st Street |  |  | 2014 |  | 100.0% |  | 8,432 |  | — |  | — |  | 8,432 |  | 100.0% |  | —% |  | —% |  | 100.0% |  | 100.0% |  | 2,129,561 |  | 252.56 |  | The Row
1035 Third Avenue 3 |  |  | 2015 |  | 100.0% |  | 7,634 |  | — |  | — |  | 7,634 |  | 100.0% |  | —% |  | —% |  | 100.0% |  | 100.0% |  | 1,125,346 |  | 147.41 |  | ─
BOSTON |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Massachusetts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Restaurants at Fort Point |  |  | 2016 |  | 100.0% |  | 15,711 |  | — |  | — |  | 15,711 |  | 9.1% |  | —% |  | —% |  | 9.1% |  | 9.1% |  | 224,438 |  | 157.50 |  | Santander Bank
NORTHEAST |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rhode Island |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
650 Bald Hill Road |  |  | 2015 |  | 90.0% |  | — |  | 116,940 |  | 43,508 |  | 160,448 |  | —% |  | 100.0% |  | 46.0% |  | 85.3% |  | 85.3% |  | 2,092,896 |  | 15.28 |  | Dick's Sporting Goods, Burlington
SOUTHEAST |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Georgia |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Broughton Street Portfolio (13 properties) |  |  | 2014 |  | 100.0% |  | 94,693 |  | — |  | — |  | 94,693 |  | 93.3% |  | 100.0% |  | —% |  | 93.3% |  | 93.3% |  | 3,472,977 |  | 39.32 |  | H&M, Warby Parker, Kendra Scott, Starbucks, Lululemon

| Supplemental Report September 30, 2025 – 38

Investment Management Retail Properties – Detail 1

|  |  | Year |  | Fund |  | Gross Leasable Area |  | In Place Occupancy |  | Leased |  | Annualized |  |  |  |
Property |  |  | Acquired |  | Ownership % |  | Street |  | Anchors |  | Shops |  | Total |  | Street |  | Anchors |  | Shops |  | Total |  | Occupancy |  | Base Rent (ABR) |  | ABR PSF |  | Key Tenants
WEST |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
California |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Union and Fillmore Collection (1 property) |  |  | 2015 |  | 90.0% |  | 1,044 |  | — |  | — |  | 1,044 |  | 100.0% |  | —% |  | —% |  | 100.0% |  | 100.0% |  | 82,500 |  | 79.02 |  | Bonobos
Total - Fund IV |  |  |  |  |  |  | 136,751 |  | 116,940 |  | 43,508 |  | 297,199 |  | 80.0% |  | 100.0% |  | 46.0% |  | 82.9% |  | 82.9% |  | $9,427,718 |  | $38.27 |  |
Fund V Portfolio Detail |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
SOUTHWEST |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New Mexico |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Plaza Santa Fe |  |  | 2017 |  | 100.0% |  | — |  | 153,983 |  | 70,169 |  | 224,152 |  | —% |  | 100.0% |  | 99.7% |  | 99.9% |  | 99.9% |  | $4,303,243 |  | $19.22 |  | TJ Maxx, Best Buy, Ross Dress for Less
Texas |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Wood Ridge Plaza |  |  | 2022 |  | 90.0% |  | — |  | — |  | 217,363 |  | 217,363 |  | —% |  | —% |  | 85.0% |  | 85.0% |  | 85.0% |  | 4,698,048 |  | 25.42 |  | Skechers, Diamonds Direct, Office Depot
La Frontera Village |  |  | 2022 |  | 90.0% |  | — |  | 310,762 |  | 223,679 |  | 534,441 |  | —% |  | 100.0% |  | 87.6% |  | 94.8% |  | 99.5% |  | 7,839,861 |  | 15.47 |  | Kohl's, Hobby Lobby, Burlington, Marshalls
MIDWEST |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Michigan |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New Towne Center |  |  | 2017 |  | 100.0% |  | — |  | 126,425 |  | 64,105 |  | 190,530 |  | —% |  | 72.1% |  | 96.9% |  | 80.4% |  | 81.5% |  | 1,940,075 |  | 12.66 |  | Kohl's, DSW
Fairlane Green |  |  | 2017 |  | 100.0% |  | — |  | 109,952 |  | 160,235 |  | 270,187 |  | —% |  | 100.0% |  | 93.5% |  | 96.2% |  | 96.2% |  | 5,133,584 |  | 19.76 |  | TJ Maxx, Michaels, Burlington
NORTHEAST |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Maryland |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Frederick County (1 property) |  |  | 2019 |  | 90.0% |  | — |  | 132,794 |  | 103,713 |  | 236,507 |  | —% |  | 70.6% |  | 85.5% |  | 77.1% |  | 79.6% |  | 3,583,827 |  | 19.65 |  | Lidl, Advance Auto, Starbucks
Connecticut |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tri-City Plaza |  |  | 2019 |  | 90.0% |  | — |  | 188,559 |  | 107,258 |  | 295,817 |  | —% |  | 100.0% |  | 89.6% |  | 96.2% |  | 97.5% |  | 4,517,330 |  | 15.87 |  | TJ Maxx, HomeGoods, ShopRite
New Jersey |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Midstate |  |  | 2021 |  | 100.0% |  | — |  | 270,423 |  | 122,466 |  | 392,889 |  | —% |  | 100.0% |  | 83.0% |  | 94.7% |  | 95.3% |  | 7,311,823 |  | 19.65 |  | ShopRite, Best Buy, Ross Dress for Less, PetSmart
New York |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Shoppes at South Hills |  |  | 2022 |  | 90.0% |  | — |  | 416,804 |  | 96,104 |  | 512,908 |  | —% |  | 80.7% |  | 60.5% |  | 77.0% |  | 77.0% |  | 4,840,459 |  | 12.26 |  | ShopRite, Ashley Furniture
Mohawk Commons |  |  | 2023 |  | 90.0% |  | — |  | 265,140 |  | 134,058 |  | 399,198 |  | —% |  | 100.0% |  | 95.2% |  | 98.4% |  | 100.0% |  | 5,737,928 |  | 14.61 |  | Lowe's, Target

| Supplemental Report September 30, 2025 – 39

Investment Management Retail Properties – Detail 1

|  |  | Year |  | Fund |  | Gross Leasable Area |  | In Place Occupancy |  | Leased |  | Annualized |  |  |  |
Property |  |  | Acquired |  | Ownership % |  | Street |  | Anchors |  | Shops |  | Total |  | Street |  | Anchors |  | Shops |  | Total |  | Occupancy |  | Base Rent (ABR) |  | ABR PSF |  | Key Tenants
Pennsylvania |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Monroe Marketplace |  |  | 2021 |  | 100.0% |  | — |  | 263,376 |  | 108,276 |  | 371,652 |  | —% |  | 100.0% |  | 98.5% |  | 99.6% |  | 99.6% |  | 4,427,621 |  | 11.96 |  | Kohl's, Dick's Sporting Goods, Giant Food
Rhode Island |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lincoln Commons |  |  | 2019 |  | 100.0% |  | — |  | 344,533 |  | 116,280 |  | 460,813 |  | —% |  | 100.0% |  | 88.6% |  | 97.1% |  | 97.1% |  | 6,171,125 |  | 13.79 |  | Stop & Shop (Ahold), Marshalls, HomeGoods
Vermont |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Maple Tree Place 4 |  |  | 2023 |  | 100.0% |  | — |  | 249,979 |  | 146,799 |  | 396,778 |  | —% |  | 100.0% |  | 87.3% |  | 95.3% |  | 96.8% |  | 7,383,068 |  | 19.53 |  | Shaw's, Dick's Sporting Goods, Best Buy, Old Navy
SOUTHEAST |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Virginia |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Landstown Commons |  |  | 2019 |  | 100.0% |  | — |  | 112,068 |  | 271,168 |  | 383,236 |  | —% |  | 100.0% |  | 94.7% |  | 96.3% |  | 98.6% |  | 7,943,220 |  | 21.53 |  | Best Buy, Burlington, Ross Dress for Less
Florida |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Palm Coast Landing |  |  | 2019 |  | 100.0% |  | — |  | 73,241 |  | 98,480 |  | 171,721 |  | —% |  | 100.0% |  | 96.4% |  | 97.9% |  | 97.9% |  | 3,606,133 |  | 21.44 |  | TJ Maxx, PetSmart, Ross Dress for Less
Cypress Creek |  |  | 2023 |  | 100.0% |  | — |  | 139,522 |  | 100,137 |  | 239,659 |  | —% |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0% |  | 5,265,164 |  | 21.97 |  | Hobby Lobby, Total Wine, HomeGoods
North Carolina |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hickory Ridge |  |  | 2017 |  | 100.0% |  | — |  | 312,711 |  | 67,854 |  | 380,565 |  | —% |  | 100.0% |  | 78.2% |  | 96.1% |  | 96.1% |  | 4,646,879 |  | 12.70 |  | Kohl's, Best Buy, Dick's Sporting Goods
Alabama |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trussville Promenade |  |  | 2018 |  | 100.0% |  | — |  | 346,902 |  | 116,779 |  | 463,681 |  | —% |  | 92.0% |  | 82.5% |  | 89.6% |  | 91.2% |  | 3,954,731 |  | 9.52 |  | Wal-Mart, Regal Cinemas
Georgia |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Canton Marketplace |  |  | 2021 |  | 100.0% |  | — |  | 132,569 |  | 215,397 |  | 347,966 |  | —% |  | 100.0% |  | 95.5% |  | 97.2% |  | 98.1% |  | 6,273,177 |  | 18.54 |  | Dick's Sporting Goods, TJ Maxx, Best Buy
Hiram Pavilion |  |  | 2018 |  | 100.0% |  | — |  | 192,114 |  | 171,277 |  | 363,391 |  | —% |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0% |  | 5,093,411 |  | 14.02 |  | Kohl's, HomeGoods
WEST |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
California |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Elk Grove Commons |  |  | 2018 |  | 100.0% |  | — |  | 114,015 |  | 128,063 |  | 242,078 |  | —% |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0% |  | 5,480,754 |  | 22.64 |  | Kohl's, HomeGoods

| Supplemental Report September 30, 2025 – 40

Investment Management Retail Properties – Detail 1

|  |  | Year |  | Fund |  | Gross Leasable Area |  | In Place Occupancy |  | Leased |  | Annualized |  |  |  |
Property |  |  | Acquired |  | Ownership % |  | Street |  | Anchors |  | Shops |  | Total |  | Street |  | Anchors |  | Shops |  | Total |  | Occupancy |  | Base Rent (ABR) |  | ABR PSF |  | Key Tenants
Utah |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Family Center at Riverdale |  |  | 2019 |  | 89.4% |  | — |  | 270,287 |  | 102,121 |  | 372,408 |  | —% |  | 100.0% |  | 92.5% |  | 97.9% |  | 97.9% |  | 4,260,690 |  | 11.68 |  | Target, Home Goods, Best Buy, Sierra Trading (TJX)
Total - Fund V |  |  |  |  |  |  | — |  | 4,526,159 |  | 2,941,781 |  | 7,467,940 |  | —% |  | 96.0% |  | 90.9% |  | 94.0% |  | 94.9% |  | $114,412,151 |  | $16.30 |  |
Other Co-investment Vehicles Detail 5 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
NORTHEAST |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New York |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Shops at Grand Avenue |  |  | 2024 |  | 5.0% |  | — |  | 52,336 |  | 47,501 |  | 99,837 |  | —% |  | 100.0% |  | 78.3% |  | 89.7% |  | 89.7% |  | $3,292,401 |  | $36.78 |  | Stop & Shop (Ahold), Starbucks
SOUTHEAST |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Florida |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Walk at Highwoods Preserve |  |  | 2024 |  | 20.0% |  | — |  | 80,894 |  | 56,862 |  | 137,756 |  | —% |  | 100.0% |  | 88.2% |  | 95.1% |  | 95.1% |  | 2,660,006 |  | 20.30 |  | HomeGoods, Michaels
Pinewood Square |  |  | 2025 |  | 100.0% |  | — |  | 113,359 |  | 90,558 |  | 203,917 |  | —% |  | 100.0% |  | 96.8% |  | 98.6% |  | 98.6% |  | 4,832,867 |  | 24.05 |  | TJ Maxx, Ross Dress for Less, Five Below
Georgia |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Avenue at West Cobb |  |  | 2025 |  | 100.0% |  | — |  | 115,326 |  | 139,120 |  | 254,446 |  | —% |  | 53.7% |  | 96.8% |  | 77.3% |  | 77.3% |  | 4,615,862 |  | 23.48 |  | Barnes & Noble, Warby Parker, JCrew Factory, Jim N Nicks

| Supplemental Report September 30, 2025 – 41

Investment Management Retail Properties – Detail 1

|  |  | Year |  | Fund |  | Gross Leasable Area |  | In Place Occupancy |  | Leased |  | Annualized |  |  |  |
Property |  |  | Acquired |  | Ownership % |  | Street |  | Anchors |  | Shops |  | Total |  | Street |  | Anchors |  | Shops |  | Total |  | Occupancy |  | Base Rent (ABR) |  | ABR PSF |  | Key Tenants
WEST |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Nevada |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
LINQ Promenade |  |  | 2024 |  | 15.0% |  | — |  | 45,097 |  | 137,829 |  | 182,926 |  | —% |  | 100.0% |  | 90.5% |  | 92.8% |  | 99.0% |  | 13,659,999 |  | 80.46 |  | Yard House, Brooklyn Bowl, I Love Sugar, Starbucks, Welcome to Las Vegas, In-N-Out Burger
Total - Other Co-investment Vehicles |  |  |  |  |  |  | — |  | 407,012 |  | 471,870 |  | 878,882 |  | — |  | 86.9% |  | 92.0% |  | 89.7% |  | 90.9% |  | $29,061,135 |  | $36.88 |  |
TOTAL INVESTMENT MANAGEMENT PROPERTIES |  |  |  |  |  |  | 136,751 |  | 5,380,559 |  | 3,663,335 |  | 9,180,645 |  | 80.0% |  | 95.6% |  | 87.9% |  | 92.3% |  | 93.7% |  | $173,161,171 |  | $20.44 |  |
Acadia Share of Total Investment Management Properties |  | 31,593 |  | 1,407,316 |  | 1,001,241 |  | 2,440,150 |  | 80.0% |  | 93.8% |  | 84.6% |  | 89.8% |  | 91.8% |  | $52,000,235 |  | $23.72 |  |

1.
Excludes properties currently under development. For details, refer to Development and Redevelopment Activity section of this Supplemental Report. The above in-place occupancy and rent figures reflect only those retail spaces where leases have commenced. Leased occupancy includes both in-place occupancy and signed leases that have not yet commenced. ABR and ABR per square foot are based on in-place occupancy.
2.
In place occupancy excludes short-term percentage rent.
3.
Property also includes 12,371 square feet of 2nd floor office space and a 29,760 square foot parking garage (13 spaces).
4.
Property also includes 93,259 square feet of office space.
5.
Ownership percentages for other co-investment vehicles are presented at our pro-rata share.

| Supplemental Report September 30, 2025 – 42

Investment Management Lease Expirations |
(Pro-Rata Basis) |

|  | FUND II |  |  |  |  |  |  | FUND IV |  |  |
|  |  |  | GLA |  | ABR |  |  |  |  |  | GLA |  | ABR
|  | Leases |  | Expiring |  | Percent |  |  |  | Percent |  |  |  | Leases |  | Expiring |  | Percent |  |  |  | Percent
Year |  | Expiring |  | SF |  | of Total |  | PSF |  | of Total |  | Year |  | Expiring |  | SF |  | of Total |  | PSF |  | of Total
M to M 1 |  | — |  | — |  | —% |  | $— |  | —% |  | M to M 1 |  | — |  | — |  | —% |  | $— |  | —%
2025 (Remainder) |  | 1 |  | 758 |  | 0.2% |  | 157.59 |  | 0.8% |  | 2025 (Remainder) |  | 2 |  | 583 |  | 1.1% |  | 118.95 |  | 3.3%
2026 |  | 2 |  | 4,075 |  | 1.3% |  | 100.40 |  | 2.7% |  | 2026 |  | 2 |  | 731 |  | 1.4% |  | 86.26 |  | 3.0%
2027 |  | 3 |  | 20,005 |  | 6.2% |  | 84.87 |  | 11.0% |  | 2027 |  | 5 |  | 3,245 |  | 6.0% |  | 57.86 |  | 8.8%
2028 |  | 1 |  | 722 |  | 0.2% |  | 219.00 |  | 1.0% |  | 2028 |  | 7 |  | 4,563 |  | 8.5% |  | 109.01 |  | 23.4%
2029 |  | 1 |  | 18,722 |  | 5.8% |  | 35.14 |  | 4.3% |  | 2029 |  | 4 |  | 14,941 |  | 27.8% |  | 24.05 |  | 16.9%
2030 |  | — |  | — |  | —% |  | — |  | —% |  | 2030 |  | 2 |  | 664 |  | 1.2% |  | 63.94 |  | 2.0%
2031 |  | — |  | — |  | —% |  | — |  | —% |  | 2031 |  | 3 |  | 1,488 |  | 2.8% |  | 83.74 |  | 5.9%
2032 |  | 2 |  | 97,232 |  | 30.3% |  | 12.50 |  | 7.9% |  | 2032 |  | 4 |  | 19,666 |  | 36.6% |  | 20.47 |  | 18.9%
2033 |  | 3 |  | 15,420 |  | 4.8% |  | 59.03 |  | 5.9% |  | 2033 |  | 3 |  | 4,874 |  | 9.1% |  | 23.45 |  | 5.4%
2034 |  | 3 |  | 9,859 |  | 3.1% |  | 137.72 |  | 8.8% |  | 2034 |  | 4 |  | 1,199 |  | 2.2% |  | 44.97 |  | 2.5%
Thereafter |  | 10 |  | 154,061 |  | 48.0% |  | 57.59 |  | 57.6% |  | Thereafter |  | 2 |  | 1,807 |  | 3.4% |  | 118.81 |  | 10.1%
Total 2 |  | 26 |  | 320,855 |  | 100.0% |  | $47.99 |  | 100.0% |  | Total 2 |  | 38 |  | 53,760 |  | 100.0% |  | $39.61 |  | 100.0%
|  |  |  | 86,979 |  | Total Vacant 2 |  |  |  |  |  |  |  |  | 11,218 |  | Total Vacant 2 |  |  |
|  |  |  | 407,834 |  | Total Square Feet 2 |  |  |  |  |  |  |  |  | 64,979 |  | Total Square Feet 2 |  |  |
|  | FUND V |  |  |  |  |  |  | OTHER CO-INVESTMENT VEHICLES |  |  |
|  |  |  | GLA |  | ABR |  |  |  |  |  | GLA |  | ABR
|  | Leases |  | Expiring |  | Percent |  |  |  | Percent |  |  |  | Leases |  | Expiring |  | Percent |  |  |  | Percent
Year |  | Expiring |  | SF |  | of Total |  | PSF |  | of Total |  |  |  | Expiring |  | SF |  | of Total |  | PSF |  | of Total
M to M 1 |  | 5 |  | 1,103 |  | 0.1% |  | $24.14 |  | —% |  | M to M 1 |  | — |  | — |  | —% |  | $— |  | 0.1%
2025 (Remainder) |  | 28 |  | 23,964 |  | 1.8% |  | 19.24 |  | 6.0% |  | 2025 (Remainder) |  | 5 |  | 1,800 |  | 0.4% |  | 50.70 |  | 0.7%
2026 |  | 94 |  | 120,158 |  | 8.8% |  | 19.33 |  | 11.0% |  | 2026 |  | 19 |  | 56,939 |  | 12.5% |  | 21.02 |  | 9.8%
2027 |  | 91 |  | 204,538 |  | 15.0% |  | 13.52 |  | 13.0% |  | 2027 |  | 22 |  | 51,851 |  | 11.4% |  | 26.00 |  | 11.1%
2028 |  | 93 |  | 175,111 |  | 12.8% |  | 18.95 |  | 15.0% |  | 2028 |  | 30 |  | 112,241 |  | 24.7% |  | 22.46 |  | 20.7%
2029 |  | 96 |  | 213,939 |  | 15.7% |  | 15.77 |  | 15.0% |  | 2029 |  | 30 |  | 64,523 |  | 14.2% |  | 44.81 |  | 23.7%
2030 |  | 72 |  | 212,929 |  | 15.6% |  | 15.24 |  | 12.0% |  | 2030 |  | 18 |  | 52,706 |  | 11.6% |  | 25.39 |  | 11.0%
2031 |  | 31 |  | 67,752 |  | 5.0% |  | 14.78 |  | 5.0% |  | 2031 |  | 5 |  | 33,863 |  | 7.5% |  | 21.05 |  | 5.8%
2032 |  | 34 |  | 74,981 |  | 5.5% |  | 16.16 |  | 5.0% |  | 2032 |  | 2 |  | 8,966 |  | 2.0% |  | — |  | 1.8%
2033 |  | 33 |  | 78,410 |  | 5.8% |  | 16.33 |  | 6.0% |  | 2033 |  | 8 |  | 34,978 |  | 7.7% |  | 23.23 |  | 6.7%
2034 |  | 41 |  | 90,202 |  | 6.6% |  | 16.90 |  | 7.0% |  | 2034 |  | 8 |  | 12,220 |  | 2.7% |  | 32.07 |  | 3.2%
Thereafter |  | 42 |  | 100,161 |  | 7.3% |  | 17.46 |  | 5.0% |  | Thereafter |  | 8 |  | 23,667 |  | 5.2% |  | 27.79 |  | 5.4%
Total 2 |  | 660 |  | 1,363,248 |  | 100.0% |  | $16.34 |  | 100.0% |  | Total 2 |  | 155 |  | 453,755 |  | 100.0% |  | $26.87 |  | 100.0%
|  |  |  | 85,744 |  | Total Vacant 2 |  |  |  |  |  |  |  |  | 64,590 |  | Total Vacant 2 |  |  |
|  |  |  | 1,448,992 |  | Total Square Feet 2 |  |  |  |  |  |  |  |  | 518,345 |  | Total Square Feet 2 |  |  |

| Supplemental Report September 30, 2025 – 43

Investment Management Lease Expirations |
(Pro-Rata Basis) |

|  | TOTAL INVESTMENT MANAGEMENT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | GLA |  | ABR |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Leases |  | Expiring |  | Percent |  |  |  | Percent |  |  |  |  |  |  |  |  |  |  |  |  |  |
Year |  | Expiring |  | SF |  | of Total |  | PSF |  | of Total |  |  |  |  |  |  |  |  |  |  |  |  |  |
M to M 1 |  | 5 |  | 1,103 |  | 0.1% |  | $40.46 |  | 0.1% |  |  |  |  |  |  |  |  |  |  |  |  |  |
2025 (Remainder) |  | 36 |  | 27,105 |  | 1.2% |  | 27.35 |  | 1.4% |  |  |  |  |  |  |  |  |  |  |  |  |  |
2026 |  | 117 |  | 181,903 |  | 8.3% |  | 21.94 |  | 7.7% |  |  |  |  |  |  |  |  |  |  |  |  |  |
2027 |  | 121 |  | 279,640 |  | 12.8% |  | 21.45 |  | 11.5% |  |  |  |  |  |  |  |  |  |  |  |  |  |
2028 |  | 131 |  | 292,637 |  | 13.4% |  | 22.19 |  | 12.5% |  |  |  |  |  |  |  |  |  |  |  |  |  |
2029 |  | 131 |  | 312,125 |  | 14.2% |  | 23.33 |  | 14.0% |  |  |  |  |  |  |  |  |  |  |  |  |  |
2030 |  | 92 |  | 266,300 |  | 12.2% |  | 17.37 |  | 8.9% |  |  |  |  |  |  |  |  |  |  |  |  |  |
2031 |  | 39 |  | 103,103 |  | 4.7% |  | 17.84 |  | 3.5% |  |  |  |  |  |  |  |  |  |  |  |  |  |
2032 |  | 42 |  | 200,845 |  | 9.2% |  | 15.16 |  | 5.9% |  |  |  |  |  |  |  |  |  |  |  |  |  |
2033 |  | 47 |  | 133,680 |  | 6.1% |  | 23.32 |  | 6.0% |  |  |  |  |  |  |  |  |  |  |  |  |  |
2034 |  | 56 |  | 113,481 |  | 5.2% |  | 29.33 |  | 6.4% |  |  |  |  |  |  |  |  |  |  |  |  |  |
Thereafter |  | 62 |  | 279,697 |  | 12.8% |  | 41.09 |  | 22.1% |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total 2 |  | 879 |  | 2,191,619 |  | 100.0% |  | $23.73 |  | 100.0% |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | 248,531 |  | Total Vacant 2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | 2,440,150 |  | Total Square Feet 2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

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

| Supplemental Report September 30, 2025 – 44

Development and Redevelopment Activity |

|  |  |  |  |  |  |  |  |  |  | Acadia's Pro-rata Share (in millions) |
Property |  | AKR Pro-rata share |  | Location |  | Estimated Stabilization |  | Est. Sq ft Upon Completion |  |  | Costs incurred from development / redevelopment |  |  | Total Costs to Date |  |  | Estimated Future Range |  |  | Estimated Total Range |
REIT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Development: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Henderson Avenue Expansion 1 |  | 100.0% |  | Dallas, TX |  | 2027/2028 |  |  | 176,000 |  |  | $ | 56.3 |  |  | $ | 80.3 |  |  | $ | 108.7 |  |  | $ | 127.6 |  |  | $ | 189.0 |  |  | $ | 207.9 |
Redevelopment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
555 9th Street |  | 100.0% |  | San Francisco, CA |  | TBD |  |  | 149,000 |  |  |  | 17.3 |  |  |  | 159.0 |  |  |  | 7.7 |  |  |  | 17.7 |  |  |  | 166.7 |  |  |  | 176.7 |
840 N. Michigan Avenue |  | 94.4% |  | Chicago, IL |  | TBD |  |  | 87,000 |  |  |  | 0.2 |  |  |  | 156.6 |  |  | TBD |  |  | TBD |  |  | TBD |  |  | TBD |
Brandywine Holdings |  | 100.0% |  | Wilmington, DE |  | 2026 |  |  | 138,000 |  |  |  | 0.4 |  |  |  | 24.4 |  |  |  | 9.7 |  |  |  | 11.7 |  |  |  | 34.1 |  |  |  | 36.1 |
Westshore Expressway |  | 100.0% |  | Staten Island, NY |  | TBD |  |  | 55,000 |  |  |  | — |  |  |  | 18.6 |  |  | TBD |  |  | TBD |  |  | TBD |  |  | TBD |
Mark Plaza |  | 100.0% |  | Edwardsville, PA |  | TBD |  |  | 107,000 |  |  |  | — |  |  |  | 3.7 |  |  | TBD |  |  | TBD |  |  | TBD |  |  | TBD |
Bedford Green |  | 100.0% |  | Bedford Hills, NY |  | TBD |  |  | 91,000 |  |  |  | 0.1 |  |  |  | 50.8 |  |  | TBD |  |  | TBD |  |  | TBD |  |  | TBD |
Total REIT Redevelopment |  |  |  |  |  |  |  |  |  |  | $ | 18.0 |  |  | $ | 413.1 |  |  | $ | 17.4 |  |  | $ | 29.4 |  |  | $ | 200.8 |  |  | $ | 212.8 |
Total REIT Development and Redevelopment |  |  |  |  |  |  |  |  |  |  | $ | 74.3 |  |  | $ | 493.4 |  |  | $ | 126.1 |  |  | $ | 157.0 |  |  | $ | 389.8 |  |  | $ | 420.7 |
INVESTMENT MANAGEMENT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Development: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FUND III |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Broad Hollow Commons |  | 24.5% |  | Farmingdale, NY |  | 2026/2027 |  | TBD |  |  | $ | 5.6 |  |  | $ | 8.6 |  |  | TBD |  |  | TBD |  |  | TBD |  |  | TBD |
Redevelopment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FUND IV |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
717 N. Michigan Avenue |  | 23.1% |  | Chicago, IL |  | TBD |  | TBD |  |  |  | 0.9 |  |  |  | 27.8 |  |  | TBD |  |  | TBD |  |  | TBD |  |  | TBD |
Total Investment Management Development and Redevelopment |  |  |  |  |  |  |  |  |  |  | $ | 6.5 |  |  | $ | 36.4 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Total REIT and Investment Management Development and Redevelopment |  |  |  |  |  |  |  |  |  |  | $ | 80.8 |  |  | $ | 529.8 |  |  | $ | 126.1 |  |  | $ | 157.0 |  |  | $ | 389.8 |  |  | $ | 420.7 |

| Supplemental Report September 30, 2025 – 45

Development and Redevelopment Activity |

Property |  | AKR Pro-rata share |  | Location |  | Estimated Stabilization |  | Est. Sq ft Upon Completion |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pre-Stabilized: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
85 5th Avenue (REIT) |  | 100.0% |  | New York, NY |  | 2025 |  |  | 13,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
664 N. Michigan Avenue (REIT) |  | 100.0% |  | Chicago, IL |  | 2025 |  |  | 17,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
210 Bowery (Fund IV) |  | 23.1% |  | New York, NY |  | 2025 |  |  | 2,538 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1035 Third Avenue (Fund IV) |  | 23.1% |  | New York, NY |  | 2025 |  |  | 7,634 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
801 Madison (Fund IV) |  | 23.1% |  | New York, NY |  | 2026 |  |  | 2,522 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
27 E 61st Street (Fund IV) |  | 23.1% |  | New York, NY |  | 2026 |  |  | 4,177 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2323-2409 Henderson Avenue (REIT) |  | 100.0% |  | Dallas, TX |  | 2026 |  |  | 38,500 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
City Center (REIT) |  | 100.0% |  | San Francisco, CA |  | 2026 |  |  | 241,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Route 6 Mall (REIT) |  | 100.0% |  | Honesdale, PA |  | 2026 |  |  | 154,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
City Point (Fund II) |  | 80.0% |  | Brooklyn, NY |  | 2026/2027 |  |  | 536,198 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
651-671 West Diversey (REIT) |  | 100.0% |  | Chicago, IL |  | 2026/2027 |  |  | 40,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

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

| Supplemental Report September 30, 2025 – 46

Important Notes |

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 real estate assets related to the Company’s main business and land held for the development of property for its operating portfolio; (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 investments in 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.

| Supplemental Report September 30, 2025 – 47

Important Notes |

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 REIT 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.

| Supplemental Report September 30, 2025 – 48