EX-99.2


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	131,011			Balance at 12/31/2024	119,658	4,709	124,367
Common Operating Partnership ("OP") Units	5,206			Vesting RS and LTIPs	10	598	608
Combined Common Shares and OP Units 2	136,217			OP Conversions	113	(113)	—
				Issuance of Shares	11,172	—	11,172
Share Price at June 30, 2025	$18.57			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	$2,529,550			Vesting RS and LTIPs	27	36	63
Preferred OP Units 3	4,755			OP Conversions	24	(24)	—
Total Equity Capitalization	2,534,305	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
Consolidated debt 4	1,814,472
Adjustment to reflect pro-rata share of debt	(438,735)
Total Debt Capitalization	1,375,737	35%	34%

Total Market Capitalization 2	$3,910,042	100%	100%

Reflects debt net of $53,091 pro-rata share of Core Portfolio and Investment Management cash.

Does not include the Common Shares sold under the Forward Equity Offerings.

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.

Reflects consolidated debt excluding $10,335 of unamortized premium and unamortized loan costs.

     Forward Equity Offerings

     (in thousands)



Forward Equity Offerings	Shares		Anticipated Net Proceeds 1

Beginning balance 2		2,445	$	55,771
Shares sold		—		—
Shares settled		—		—
Settlement adjustments		—		(235	)
Ending balance 3		2,445	$	55,536

Amounts received upon settlement are subject to customary adjustments in accordance with the forward sales contracts.

Beginning balance reflects the last quarterly report issued on April 29, 2025.

Ending balance reflects the fair value of the shares outstanding as of June 30, 2025. No shares were sold subsequent to June 30, 2025.

     Consolidated Statements of Operations

     (in thousands)



	June 30, 2025 1
	Quarter			Year to Date
Revenues
Rental income 8	$	98,297		$	200,937
Other		2,295			4,049
Total revenues		100,592			204,986
Expenses
Depreciation and amortization		39,269			78,709
General and administrative		11,532			23,129
Real estate taxes		13,317			26,620
Property operating		17,524			35,804
Impairment charges		18,190			24,640
Total expenses		99,832			188,902
Operating income		760			16,084
Equity in losses of unconsolidated affiliates		(4,191	)		(5,904	)
Interest income		6,358			12,454
Realized and unrealized holding (losses) gains on investments and other		(54	)		1,567
Interest expense		(23,604	)		(46,851	)
Loss on change in control		—			(9,622	)
Loss from continuing operations before income taxes		(20,731	)		(32,272	)
Income tax provision		(211	)		(327	)
Net loss		(20,942	)		(32,599	)
Net loss attributable to redeemable noncontrolling interests		1,724			3,393
Net loss attributable to noncontrolling interests		21,181			32,777
Net income attributable to Acadia shareholders	$	1,963		$	3,571


	June 30, 2025 1
	Quarter		Year to Date
Reconciliation of Revenues to Consolidated GAAP Revenues
Total Revenues	$	96,550	$	189,189
Straight-line rent income		156		527
Above/below-market rent income		2,290		4,488
Asset and property management fees		859		1,580
Development, construction, leasing and legal fees		737		833
Other income 8		—		8,369
Consolidated Total GAAP Revenues	$	100,592	$	204,986



Reconciliation of Operating Expenses to Consolidated GAAP Property Operating Expenses
Property operating - CAM and Other	$	12,926	$	27,525
Other property operating (Non-CAM)		3,476		6,139
Asset and property management expense		274		607
Other		848		1,533
Consolidated Total GAAP Operating Expenses	$	17,524	$	35,804


Consolidated Statements of Operations - Detail
(in thousands)



	June 30, 2025 1
CORE PORTFOLIO AND INVESTMENT MANAGEMENT INCOME	Quarter			Year to Date
REVENUES
Minimum rents	$	75,863		$	148,243
Percentage rents		575			1,478
Expense reimbursements - CAM		9,749			18,837
Expense reimbursements - Taxes		9,678			19,027
Other property income		685			1,604
Total Revenues		96,550			189,189

EXPENSES
Property operating - CAM		12,926			27,525
Other property operating (Non-CAM)		3,476			6,139
Real estate taxes		13,317			26,620
Asset and property management expense		274			615
Total Expenses		29,993			60,899

NET OPERATING INCOME - PROPERTIES		66,557			128,290

OTHER INCOME (EXPENSE)
Interest income		6,358			12,454
Straight-line rent income		156			527
Above/below-market rent income		2,290			4,488
Interest expense 2		(21,241	)		(42,068	)
Amortization of finance costs		(2,043	)		(4,137	)
Above/below-market interest expense		193			379
Finance lease interest expense		(513	)		(1,025	)
Other (expense) income 8		(256	)		7,903
Accelerated amortization due to early lease termination		—			(678	)
Impairment charges		(18,190	)		(24,640	)
CORE PORTFOLIO AND INVESTMENT MANAGEMENT INCOME		33,311			81,493

FEE AND OTHER INCOME 3
Asset and property management fees		859			1,580
Development, construction, leasing and legal fees		737			841
Total Investment Management Fee Income		1,596			2,421

Other transactional income (expense)		(152	)		—
Total Investment Management Fee Income, Net Promote and Other Transactional Income		1,444			2,421

Realized gains on marketable securities, net		5,406			5,406
Less: previously recognized unrealized gains on marketable securities sold		(5,406	)		(5,406	)
Unrealized gains (losses) on marketable securities		(494	)		1,178
Income tax provision		(211	)		(327	)
Total Fee and Other Income		739			3,272

General and Administrative		(11,532	)		(23,129	)

Depreciation and amortization		(39,186	)		(78,536	)
Non-real estate depreciation and amortization		(83	)		(173	)
Loss on change in control		—			(9,622	)
Gain (loss) before equity in earnings and noncontrolling interests		(16,751	)		(26,695	)

Equity in losses of unconsolidated affiliates		(4,191	)		(5,904	)
Noncontrolling interests (including redeemable noncontrolling interests)		22,905			36,170

NET INCOME ATTRIBUTABLE TO ACADIA SHAREHOLDERS	$	1,963		$	3,571


Statements of Operations – Pro-Rata Adjustments7
(in thousands)



	Quarter Ended June 30, 2025						Year to Date June 30, 2025
CORE PORTFOLIO AND INVESTMENT MANAGEMENT INCOME	Noncontrolling Interest in Consolidated Subsidiaries 4			Company’s Interest in Unconsolidated Subsidiaries 5			Noncontrolling Interest in Consolidated Subsidiaries 4			Company’s Interest in Unconsolidated Subsidiaries 5
REVENUES
Minimum rents	$	(29,957	)	$	11,342		$	(59,588	)	$	23,545
Percentage rents		(134	)		52			(329	)		260
Expense reimbursements - CAM		(4,582	)		1,608			(9,024	)		3,422
Expense reimbursements - Taxes		(3,820	)		1,780			(7,493	)		3,720
Other property income		(288	)		87			(658	)		170
Total Revenues		(38,781	)		14,869			(77,092	)		31,117

EXPENSES
Property operating - CAM		(5,837	)		1,972			(12,615	)		4,444
Other property operating (Non-CAM)		(862	)		154			(1,578	)		474
Real estate taxes		(5,150	)		2,889			(10,183	)		5,898
Asset and property management expense		(452	)		393			(961	)		957
Total Expenses		(12,301	)		5,408			(25,337	)		11,773

NET OPERATING INCOME - PROPERTIES		(26,480	)		9,461			(51,755	)		19,344

OTHER INCOME (EXPENSE)
Interest income		(132	)		37			(236	)		69
Straight-line rent income		(191	)		63			(436	)		278
Above/below-market rent (expense) income		(710	)		643			(1,377	)		1,531
Interest expense 2		13,605			(4,855	)		26,609			(9,771	)
Amortization of finance costs		859			(318	)		1,789			(642	)
Above/below-market interest expense		(60	)		—			(118	)		—
Finance lease interest expense		348			(103	)		694			(205	)
Other (expense) income 8		458			3			406			205
Impairment charges		14,005			—			18,872			—
CORE PORTFOLIO AND INVESTMENT MANAGEMENT INCOME		1,702			4,931			(5,552	)		10,809

FEE AND OTHER INCOME 3
Asset and property management fees		2,635			65			5,256			198
Development, construction, leasing and legal fees		1,369			177			3,276			246
Total Investment Management Fee Income		4,004			242			8,532			444

Other transactional income (expense)		—			—			—			—
Total Investment Management Fee Income, Net Promote and Other Transactional Income		4,004			242			8,532			444

Realized gains on marketable securities, net		—			—			—			—
Less: previously recognized unrealized gains on marketable securities sold		—			—			—			—
Unrealized gains on marketable securities		—			—			—			—
Income tax provision		98			(5	)		149			(36	)
Total Fee and Other Income		4,102			237			8,681			408

General and Administrative		847			(432	)		1,625			(679	)

Depreciation and amortization		15,511			(7,990	)		30,769			(15,505	)
Non-real estate depreciation and amortization		—			—			—			—
Loss (gain) on disposition of properties		851			(937	)		851			(937	)
Gain (loss) before equity in earnings and noncontrolling interests		23,013			(4,191	)		36,374			(5,904	)

Equity in losses of unconsolidated affiliates		—			—			—			—
Noncontrolling interests (including redeemable noncontrolling interests) 6		(108	)		—			(204	)		—

NET INCOME (LOSS) ATTRIBUTABLE TO ACADIA SHAREHOLDERS	$	22,905		$	(4,191	)	$	36,170		$	(5,904	)

     Balance Sheet

     (in thousands)


ASSETS	Consolidated Balance Sheet			Line Item Details:
Real estate
Buildings and improvements	$	3,398,124		Components of Real estate under development:
Tenant improvements		326,565		Core	$	120,184
Land		1,127,913		Fund III		33,012
Construction in progress		29,477		Total	$	153,196
Right-of-use assets - finance leases		61,366
		4,943,445
Less: Accumulated depreciation and amortization		(980,639	)
Operating real estate, net		3,962,806
Real estate under development		153,196		Summary of other assets, net:
Net investments in real estate		4,116,002		Deferred charges, net	$	40,915
Notes receivable, net ($1,704 of allowance for credit losses)		154,682		Accrued interest receivable		9,048
Investments in and advances to unconsolidated affiliates		172,418		Due from seller		2,010
Lease intangibles, net		131,572		Prepaid expenses		14,364
Other assets, net		88,026		Other receivables		6,155
Right-of-use assets - operating leases, net		25,609		Income taxes receivable		1,280
Cash and cash equivalents		42,780		Corporate assets, net		500
Restricted cash		25,029		Deposits		1,149
Marketable securities		10,908		Derivative financial instruments		12,605
Straight-line rents receivable, net		42,858		Total	$	88,026
Rents receivable, net		18,241
Assets of properties held for sale		47,444
Total assets	$	4,875,569

Liabilities:
Mortgage and other notes payable, net	$	1,007,588
Unsecured notes payable, net		743,049
Unsecured line of credit		53,500
Accounts payable and other liabilities		172,009		Summary of accounts payable and other liabilities:
Lease liabilities - operating leases		27,980		Lease liability - finance leases, net	$	31,751
Dividends and distributions payable		27,748		Accounts payable and accrued expenses		81,903
Lease intangibles, net		98,976		Deferred income		30,370
Distributions in excess of income from, and investments in, unconsolidated affiliates		17,223		Tenant security deposits, escrow and other		25,149
Liabilities of properties held for sale		163		Derivative financial instruments		2,836
Total liabilities		2,148,236		Total	$	172,009
Commitments and contingencies
Redeemable noncontrolling interests		21,174
Equity:
Acadia Shareholders' Equity
Common shares		131
Additional paid-in capital		2,707,218
Accumulated other comprehensive income		19,982
Distributions in excess of accumulated earnings		(458,205	)
Total Acadia shareholders’ equity		2,269,126
Noncontrolling interests		437,033
Total equity		2,706,159
Total liabilities, redeemable noncontrolling interests, and equity	$	4,875,569

     Balance Sheet – Pro-rata Adjustments7

     (in thousands)


ASSETS	Noncontrolling Interest in Consolidated Subsidiaries 4			Company’s Interest in Unconsolidated Subsidiaries 5
Real estate
Buildings and improvements	$	(823,287	)	$	241,292
Tenant improvements		(67,522	)		16,426
Land		(210,582	)		59,683
Construction in progress		(6,457	)		5,157
Right-of-use assets - finance leases		(22,571	)		21,961
		(1,130,419	)		344,519
Less: Accumulated depreciation and amortization		182,717			(65,545	)
Operating real estate, net		(947,702	)		278,974
Real estate under development		(24,911	)		2,217
Net investments in real estate		(972,613	)		281,191
Notes receivable, net		84,148			—
Investments in and advances to unconsolidated affiliates		(51,350	)		(116,262	)
Lease intangibles, net		(32,504	)		9,604
Other assets, net		38,981			5,689
Right-of-use assets - operating leases, net		(1,392	)		—
Cash and cash equivalents		(17,106	)		6,011
Restricted cash		(8,449	)		4,825
Marketable securities		—			—
Straight-line rents receivable, net		(11,350	)		5,138
Rents receivable, net		(5,719	)		1,109
Assets of properties held for sale		(35,801	)		—
Total assets	$	(1,013,155	)	$	197,305

Liabilities:
Mortgage and other notes payable, net	$	(602,658	)	$	172,957
Unsecured notes payable, net		—			—
Unsecured line of credit		—			—
Accounts payable and other liabilities		(52,674	)		30,385
Lease liabilities - operating leases		(1,463	)		4
Dividends and distributions payable		-			-
Lease intangibles, net		(29,126	)		11,184
Distributions in excess of income from, and investments in, unconsolidated affiliates		—			(17,225	)
Liabilities of properties held for sale		(123	)		—
Total liabilities		(686,044	)		197,305
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		(327,111	)		—
Total equity		(327,111	)		—
Total liabilities, redeemable noncontrolling interests, and equity	$	(1,013,155	)	$	197,305

     Notes to Financial Statements

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.

Net of consolidated capitalized interest of $3.1 million and $5.4 million, or $2.5 million and $4.2 million at the Company’s pro rata share, for the three and six months ended June 30, 2025, respectively.

Refer to Fee Income Detail page in the Supplemental Report.

Noncontrolling interests represent limited partners’ interests in consolidated partnerships’ activities and includes redeemable noncontrolling interests.

Represents the Company’s pro-rata share of unconsolidated investments (which consists of unconsolidated Core properties but also includes Investment Management assets that are held off-balance sheet), of which each are included on a single line presentation in the Company’s consolidated financial statements in accordance with GAAP.

This represents the (loss) income allocable to Operating Partnership Units of $0.1 million and $0.2 million for the three and six months ended June 30, 2025, respectively.

The Company currently has controlling ownership interests in both (a) Investment Management (represented by Funds II, III, IV & V) and (b) non-wholly owned Core assets. All properties which the Company is deemed to control are consolidated within the Company's financial statements.

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, which is included in Other (expense) income for the six months ended June 30, 2025.

      
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			June 30, 2025			June 30, 2024			June 30, 2024
Funds from operations ("FFO"):
Net Income (Loss) attributable to Acadia	$	1,608		$	1,963		$	3,571		$	1,443		$	4,712
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share other than Common OP Units)		31,607			31,665			63,272			26,291			53,378
Loss on disposition on real estate properties (net of noncontrolling interest share other than Common OP Units)		—			86			86			568			843
Impairment charges (net of noncontrolling interest share other than Common OP Units)		1,583			4,185			5,768			—			—
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			338			187			513
FFO to Common Shareholders and Common OP Unit holders - Diluted	$	44,583		$	38,074		$	82,657		$	28,489		$	59,446

Add back: acquisition costs		526			152			678			—			—
Unrealized holding (gain) loss		(1,672	)		494			(1,178	)		2,308			4,323
Realized gain		—			5,406			5,406			3,586			7,580
FFO before Special Items attributable to Common Shareholder and Common OP Unit holders 1	$	43,437		$	44,126		$	87,563		$	34,383		$	71,349


Adjusted Funds from operations ("AFFO"):
FFO	$	44,583		$	38,074		$	82,657		$	28,489		$	59,446
Unrealized holding (gain) loss		(1,672	)		494			(1,178	)		2,308			4,323
Realized gain		—			5,406			5,406			3,586			7,580
Straight-line rent, net		(341	)		(28	)		(369	)		(977	)		(1,173	)
Above/below-market rent		(2,419	)		(2,223	)		(4,642	)		(1,316	)		(2,491	)
Amortization of finance costs		1,488			1,502			2,990			1,540			2,636
Above/below-market interest		(128	)		(133	)		(261	)		(109	)		(152	)
Non-real estate depreciation		90			83			173			91			182
Stock-based compensation		2,400			2,888			5,288			2,406			6,344
Leasing commissions		(1,343	)		(2,456	)		(3,799	)		(1,362	)		(1,922	)
Tenant improvements		(4,881	)		(10,014	)		(14,895	)		(907	)		(2,119	)
Maintenance capital expenditures		(1,021	)		(1,752	)		(2,773	)		(2,143	)		(3,783	)
AFFO to Common Shareholders and Common OP Unit holders	$	36,756		$	31,841		$	68,597		$	31,606		$	68,871

Total weighted-average diluted shares and OP Units		129,363			138,909			134,266			111,837			111,096

Diluted FFO per Common share and OP Unit:
FFO	$	0.34		$	0.27		$	0.62		$	0.25		$	0.54

FFO before Special Items	$	0.34		$	0.32		$	0.65		$	0.31		$	0.64

The Company defines Special Items to include (i) unrealized holding losses or gains on investments and (ii) other costs that do not occur in the ordinary course of the Company's underwriting and investing business.

     EBITDA

     (in thousands)


	Quarter Ended						Year to Date
	June 30,						June 30,
	2025			2024			2025			2024

Net income (loss) attributable to Acadia shareholders	$	1,963		$	1,443		$	3,571		$	4,712

Adjustments: 1
Depreciation and amortization		31,748			26,382			63,445			53,560
Interest expense		12,491			13,498			25,230			27,339
Amortization of finance costs		1,502			1,540			2,990			2,636
Above/below-market interest		(133	)		(109	)		(261	)		(152	)
Loss on disposition of properties		86			568			86			843
Unrealized holding (gain) loss on investment in Albertsons and other		494			2,308			(1,178	)		4,323
Realized gain		5,406			3,586			5,406			7,580
Provision for income taxes		118			87			214			141
Impairment charges		4,185			—			5,768			—
Loss on change in control		—			—			9,622			—
Noncontrolling interest - OP		108			103			204			306
EBITDA	$	57,968		$	49,406		$	115,097		$	101,288

Less: Realized gain		(5,406	)		(3,586	)		(5,406	)		(7,580	)
EBITDA excluding realized gains	$	52,562		$	45,820		$	109,691		$	93,708

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


Core Portfolio – Same Property Performance 1
(in thousands)


	Quarter Ended June 30,									Year to Date June 30,				Change
	2025			2024			Change Favorable/ (Unfavorable)			2025		2024		Favorable/ (Unfavorable)

Summary
Minimum rents	$	37,669		$	36,642			2.8	%	$	74,460	$	73,240		1.7	%
Expense reimbursements		9,757			9,126			6.9	%		19,496		18,225		7.0	%
Other property income		683			858			(20.4	)%		1,789		1,606		11.4	%

Total Revenue		48,109			46,626			3.2	%		95,745		93,071		2.9	%

Expenses
Property operating - CAM & Real estate taxes		12,156			11,929			(1.9	)%		24,578		24,495		0.3	%
Other property operating (Non-CAM)		1,476			1,599			7.7	%		2,849		2,975		(4.2	)%

Total Expenses		13,632			13,528			(0.8	)%		27,427		27,470		(0.2	)%

Same Property NOI - Core properties	$	34,477		$	33,098			4.2	%	$	68,318	$	65,601		4.1	%

Reconciliation of Same Property NOI to Core NOI
NOI of Properties excluded from Same Property NOI		4,152			1,941						7,041		5,392
Core NOI	$	38,629		$	35,039					$	75,359	$	70,993


Other same property information
Physical Occupancy at the end of the period		92.1	%		92.0	%
Leased Occupancy at the end of the period		94.7	%		95.0	%

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


Fee Income Detail 1
(in thousands)


	Fund II		Fund III		Fund IV		Fund V		Other 2		Total
Year to Date June 30, 2025
Asset and property management fees	$	184	$	48	$	1,002	$	4,306	$	1,494	$	7,034
Transactional fees		123		159		416		2,854		811		4,363
Total fees	$	307	$	207	$	1,418	$	7,160	$	2,305	$	11,397

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

Fees are shown at the Company's pro-rata share and can be derived from the Consolidated Statements of Operations - Detail and Statements of Operations - Pro-Rata Adjustments. The components of the total fee income to the Company are derived by the fees included on the Consolidated Statements of Operations and the Company's share of fees from the Noncontrolling Interests in Consolidated Subsidiaries and the Company' share of fee income from Unconsolidated Subsidiaries.

Other includes fees generated from non-wholly owned joint ventures (within both Core and Investment Management) as well as third-party managed assets.

(1)

     Structured Financing Portfolio

     (in thousands)


	March 31, 2025						Quarter Ended June 30, 2025
	Principal		Accrued		Ending				Repayments/		Current			Accrued			Ending		Stated Interest			Effective Interest			Maturity
Investment	Balance		Interest		Balance		Issuances		Conversions		Principal			Interest			Balance		Rate			Rate			Dates 1,3
First mortgage notes 1,2	$	59,801	$	3,809	$	63,610	$	—	$	—	$	59,801		$	3,809		$	63,610		5.99	%		6.39	%	Sept 2025

Other notes 2		153,034		57,181		210,215		28,630		—		181,664			35,482	4		217,146		10.99	%		11.10	%	July 2025 - Dec 2027

Total Core notes receivable	$	212,835	$	60,990	$	273,825	$	28,630	$	—	$	241,465		$	39,291		$	280,756		9.75	%		9.94	%




Reconciliation of Notes Receivable to the Pro-Rata Balance Sheet:

Total Notes Receivable per above											$	241,465
Allowance for credit loss 5												(2,635	)
Total pro-rata Notes Receivable											$	238,830

One Core note which matured on April 20, 2020 in the amount of $17.8 million with accrued interest of $3.8 million was in default at June 30, 2025.

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.

Certain first mortgage notes have extension options subject to customary conditions.

The decrease in the accrued interest balance includes a $25.3 million repayment during the period. Refer to Footnote 2 in the Company’s 10-Q for the period ended June 30, 2025.

Allowance for credit loss includes the $0.9 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.

     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

CORE:
106 Spring Street	New York, NY	January 2025	$	55,137		100.00	%	$	—	$	55,137
73 Wooster Street	New York, NY	January 2025		25,459		100.00	%		—		25,459
Renaissance Portfolio	Georgetown, Washington D.C.	January 2025		245,700		48.00	%		—		117,936
95, 97 and 107 North 6th Street 3	Williamsburg Brooklyn, NY	April 2025		59,668		100.00	%		—		59,668
85 5th Avenue 3	New York, NY	April 2025		47,014		100.00	%		—		47,014
70 and 93 North 6th Street	Williamsburg Brooklyn, NY	June 2025		50,323		100.00	%		—		50,323
				483,301					—		355,537

INVESTMENT MANAGEMENT:
OTHER CO-INVESTMENT VEHICLES:
Pinewood Square 4	Lake Worth, FL	March 2025		68,207		100.00	%		—		68,207
TOTAL ACQUISITIONS			$	551,508				$	—	$	423,744

DISPOSITIONS

INVESTMENT MANAGEMENT:
FUND IV:
Eden Square	Bear, DE	June 2025		28,040		90.00	%		25,236		5,835
TOTAL DISPOSITIONS			$	28,040				$	25,236	$	5,835


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		100.00	%	$	—	$	18,277
850 Third Avenue	Mezzanine Loan	April 2025		28,465		100.00	%		—		28,465
			$	46,742				$	—	$	46,742

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.

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.

97 North 6th Street and 85 5th Avenue were acquired with executed leases in place, which have not yet commenced. It is anticipated that the leases will commence late in the second half of 2025. Prior to rent commencement, the Company will capitalize interest on qualifying assets. Accordingly, these properties were classified as pre-stabilized (refer to the Development and Redevelopment Activity page), and the expected ABR of approximately $4.2 million has been excluded from our SNO pipeline.

The Company intends to bring in a strategic institutional investor to complete the capitalization of this property. No assurances can be given that the Company will successfully identify and close on such a transaction.

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.


2025 Revised Guidance

The Company has maintained its NAREIT FFO and FFO Before Special items per diluted share revised 2025 annual guidance and has updated its annual 2025 Net earnings per diluted share as follows:


	2025 Guidance
	Revised	Prior1

Net earnings per share attributable to Common Shareholders	$0.09 to $0.13	$0.12 to $0.16
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interests' share other than Common OP Units)	1.00	1.00
Impairment charges (net of noncontrolling interest share other than Common OP Units)	0.04	0.01
Loss on change in control	0.08	0.08
Noncontrolling interest in Operating Partnership	0.01	0.01
NAREIT Funds from operations per share attributable to Common Shareholders and Common OP Unit holders	$1.22 to $1.26	$1.22 to $1.26
Net unrealized holding loss 2	(0.01)	(0.01)
Funds from Operations Before Special Items and Realized Gains per share attributable to Common Shareholders and Common OP Unit holders	$1.21 to $1.25	$1.21 to $1.25
Realized gains and promotes 3	0.11 to 0.14	0.11 to 0.14
Funds from Operations Before Special Items per share attributable to Common Shareholders and Common OP Unit holders	$1.32 to $1.39	$1.32 to $1.39

As disclosed in the Company’s April 29, 2025 earnings release.

This represents the actual unrealized mark-to-market holdings gain related to the Company's investment in Albertsons, which was recognized in NAREIT FFO for the six months ended June 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.

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 recognized $0.04 of realized gains for the three months ended June 30, 2025. The Company reaffirms its prior guidance of $16-$19 million of realized gains and promotes.

     Net Asset Valuation Information

     (in thousands)


	CORE			FUND II 3			FUND III			FUND IV			FUND V			Other Co-Investment Vehicles 5		Total Investment Management

Acadia Ownership Percentage	N/A				61.67	%		24.54	%		23.12	%		20.10	%	5% to 20%

Current Quarter NOI
At Pro-Rata 1
Net Operating Income 2	$	38,629		N/A3			$	127		$	732		$	5,171		$	2,191	$	8,221
Less:
Net operating loss (income) from properties sold or assets held for sale		—		N/A3				(127	)		(187	)		—			—		(314	)
Net operating (income) loss from pre-stabilized assets, development and redevelopment projects 4		(2,899	)	N/A 3				—			—			—			—		—
Net Operating Income of stabilized assets	$	35,730		N/A 3			$	—		$	545		$	5,171		$	2,191	$	7,907

Costs to Date (Pro-Rata)
Assets held for sale	$	—		N/A 3			$	11,643		$	—		$	—		$	—	$	11,643
Pre-stabilized assets 4		477,553		N/A 3				—			31,097			—			—		31,097
Development and redevelopment projects 6		473,300		N/A 3				8,100			27,800			—			—		35,900
Total Costs to Date	$	950,853		N/A 3			$	19,743		$	58,897		$	—		$	—	$	78,640

Debt (Pro-Rata)	$	1,081,290		$	79,888		$	8,098		$	28,352		$	147,759		$	30,350	$	294,447

This Net Asset Valuation Information page shows Acadia’s pro-rata portion of the Core and Investment Management Net Operating Income.

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.

Fund II has been substantially liquidated except for its investment in City Point. Amounts omitted as only remaining asset is City Point.

Pre-stabilized assets consist of the following projects for Core: Route 6 Mall, Mad River, 664 N. Michigan Avenue, 651-671 West Diversey, 2323-2409 Henderson Avenue, City Center, 97 North 6th Street, and 85 5th Avenue; Fund II: City Point; Fund IV: 210 Bowery, 801 Madison, 27 E 61st Street and 1035 Third Avenue.

Other Co-investment vehicles currently include the Company’s ownership interest in Shops at Grand Avenue, Walk at Highwoods Preserve, the LINQ Promenade and Pinewood Square (wholly-owned as of June 30, 2025).

Refer to Development and Redevelopment Activity page for projects.

     Selected Financial Ratios

     (in thousands, except per share amounts)



	Quarter Ended June 30,						Year to Date June 30,							Quarter Ended June 30,
COVERAGE RATIOS 1	2025			2024			2025			2024			LEVERAGE RATIOS	2025			2024
Fixed-Charge Coverage Ratios													Debt/Market Capitalization Ratios

EBITDA1 divided by:	$	57,968		$	49,406		$	115,097		$	85,016		Debt + Preferred Equity (Preferred OP Units)	$	1,380,492		$	1,307,245
Interest expense		12,491			13,498			25,230			18,578		Total Market Capitalization		3,910,042			3,278,642
Principal Amortization		935			3,443			2,448			5,519		Debt + Preferred Equity/
Preferred Dividends2		67			84			134			207		Total Market Capitalization		35	%		40	%
Fixed-Charge Coverage Ratio - Core Portfolio and Investment Management		4.3	x		2.9	x		4.1	x		3.5	x
													Net debt + Preferred Equity 4	$	1,271,865		$	1,263,821
Payout Ratios													Total Market Capitalization		3,910,042			3,278,642
													Net Debt + Preferred Equity/
Dividends declared (per share/OP Unit)	$	0.20		$	0.18		$	0.40		$	0.36		Total Market Capitalization		33	%		39	%

Dividends (Shares) & Distributions (OP Units) declared	$	27,649		$	20,176		$	55,285		$	40,197
FFO 3		38,074			28,489			82,657			59,446
FFO Payout Ratio		73	%		71	%		67	%		68	%	Debt/EBITDA Ratios

AFFO 3		31,841			31,606			68,597			68,871		Net debt 4		1,267,110			1,258,096
AFFO Payout Ratio		87	%		64	%		81	%		58	%	EBITDA		231,033			200,100
													EBITDA excluding Realized Gains		225,627			185,348
FFO Before Special Items		44,126			34,383			87,563			71,349		Net Debt/EBITDA - Core and Investment Management		5.5	x		6.3	x
FFO Before Special Items Payout Ratio		63	%		59	%		63	%		56	%	Net Debt/EBITDA excluding Realized Gains - Core and Investment Management		5.6	x		6.8	x


	EBITDA
	Year to Date		Year to Date
Reconciliation of EBITDA to Annualized EBITDA	June 30, 2025		December 31, 2024

Year to Date EBITDA as reported	$	115,097	$	206,274
Add: Projected EBITDA 5		115,936		—
Annualized EBITDA		231,033		206,274

Year to Date Realized gain as reported		5,406		14,188
Year to Date EBITDA excluding realized gains	$	225,627	$	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.

See EBITDA page in this Supplemental Report for a reconciliation of EBITDA to Net Income attributable to Acadia.

Represents preferred distributions on Preferred Operating Partnership Units.

See Funds from Operations (“FFO”), Adjusted Funds from Operations (“AFFO”) for a reconciliation of AFFO to Net Income attributable to Acadia.

Net debt is calculated by deducting the current Core 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 from the physical settlement of forward sales agreements, assuming such settlement were to occur.

Annualized EBITDA does not include the annualized impact of acquisitions completed in the quarter or anticipated realized gains and promote.

     Portfolio Debt –  Summary

     (in thousands)


	Acadia Pro-Rata Share of Debt 2
	Core Portfolio				Investment Management				Total																Reconciliation to Consolidated Debt as Reported
Debt Type	Principal Balance		WA Years to Maturity 6		Principal Balance		WA Years to Maturity 6		Principal Balance			WA Years to Maturity 6		Swap Notional			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	$	271,675		3.4	$	21,904		2.6	$	293,579			3.4	$	977,040		$	1,270,619					92	%	$	226,944	$	(135,016	)	$	1,362,547
Variable-Rate Debt 5		809,615		3.3		272,543		1.1		1,082,158			2.8		(977,040	)		105,118					8	%		378,159		(31,352	)		451,925

Total	$	1,081,290		3.3	$	294,447		1.2	$	1,375,737			2.9	$	—		$	1,375,737		4.7	%		100	%	$	605,103	$	(166,368	)		1,814,472

Unamortized premium										1,002																					1,378
Net unamortized loan costs										(10,836	)																				(11,713	)
Contingent loan obligation										8,533																					—
Total									$	1,374,436																				$	1,804,137

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.

Represents the Company's pro-rata share of debt based on its percent ownership.

Represents the noncontrolling interest pro-rata share of consolidated partnership debt based on its percent ownership.

Represents the Company's pro-rata share of unconsolidated partnership debt based on its percent ownership.

Variable rate debt includes certain borrowings that are subject to interest rate cap agreements.

Based on debt maturity date without regard to available extension options.


		Principal Balance at		Acadia's Pro-rata Share					Interest		Extension
Property		June 30, 2025		Percent			Amount		Rate	Maturity Date	Options

CORE PORTFOLIO

Fixed-Rate Debt

840 N. Michigan Avenue 2		$	30,000		94.35	%	$	28,305	N/A	12/10/26	None
239 Greenwich Avenue			26,000		75.00	%		19,500	4.00%	07/10/27	1x60 mos.
$20M Senior Note, Series A			20,000		100.00	%		20,000	5.86%	08/21/27	None
Georgetown Portfolio (2008 Investment)			13,698		50.00	%		6,849	4.72%	12/10/27	None
555 9th Street			57,500		100.00	%		57,500	3.99%	01/01/28	1x24 mos.
State & Washington			20,331		100.00	%		20,331	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			9,707		100.00	%		9,707	4.01%	11/05/29	None
151 N. State Street			11,635		100.00	%		11,635	4.03%	12/01/29	None
Concord & Milwaukee			2,154		100.00	%		2,154	4.40%	06/01/30	None
Gotham Plaza			28,000		49.00	%		13,720	5.90%	10/05/34	None
California & Armitage			1,974		100.00	%		1,974	5.89%	04/15/35	None
Sub-Total Fixed-Rate Debt			300,999					271,675

Variable-Rate Debt

Georgetown Portfolio (2016 Investment)			102,000		68.00	%		69,365	SOFR+1.55%	11/06/26	2x12 mos.
Crossroads Shopping Center			75,000		49.00	%		36,750	SOFR+1.95%	11/04/29	2x12 mos.
Revolving Credit Facility 3			53,500		100.00	%		53,500	SOFR+1.25%	04/15/28	2x6 mos.
Term Loan			400,000		100.00	%		400,000	SOFR+1.40%	04/15/28	2x6 mos.
$75 Million Term Loan			75,000		100.00	%		75,000	SOFR+1.75%	07/29/29	None
$250 Million Term Loan 4			175,000		100.00	%		175,000	SOFR+1.20%	05/29/30	None
Sub-Total Variable-Rate Debt			880,500					809,615
Total Debt - Core Portfolio		$	1,181,499				$	1,081,290

INVESTMENT MANAGEMENT

Fixed-Rate Debt

650 Bald Hill Road	Fund IV	$	14,782		20.81	%	$	3,077	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			107,821					21,904

Variable-Rate Debt 1

City Point	Fund II		137,484		58.10	%		79,888	SOFR+2.61%	08/01/25	1x12 mos.
Cypress Creek	Fund V		32,200		20.10	%		6,472	SOFR+2.80%	09/01/25	2x12 mos.
640 Broadway	Fund III		33,000		24.54	%		8,098	SOFR+3.75%	10/01/25	3x12 mos.
1964 Union	Fund IV		1,317		20.81	%		274	SOFR+2.25%	10/01/25	None
Tri-City Plaza	Fund V		35,297		18.09	%		6,385	SOFR+2.00%	10/18/25	None
Lincoln Commons	Fund V		35,301		20.10	%		7,095	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		24,604		18.09	%		4,451	SOFR+2.51%	01/01/26	None
Hiram Pavilion	Fund V		26,777		20.10	%		5,382	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
Midstate Mall	Fund V		50,200		20.10	%		10,090	SOFR+2.50%	04/28/26	1x12 mos.
New Towne Center	Fund V		15,882		20.10	%		3,192	SOFR+2.20%	05/01/26	None
Fairlane Green	Fund V		31,329		20.10	%		6,297	SOFR+2.30%	06/05/26	None
Trussville Promenade	Fund V		27,928		20.10	%		5,613	SOFR+2.30%	06/15/26	None
Hickory Ridge	Fund V		26,278		20.10	%		5,282	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		36,188		18.09	%		6,546	SOFR+2.90%	03/21/27	None
La Frontera	Fund V		55,500		18.09	%		10,040	SOFR+2.61%	06/10/27	None
Landstown Commons	Fund V		58,376		20.10	%		11,734	SOFR+2.20%	10/24/27	2x12 mos.
Riverdale FC	Fund V		38,104		17.97	%		6,849	SOFR+2.46%	11/01/27	None


		Principal Balance at		Acadia's Pro-rata Share					Interest		Extension
Property		June 30, 2025		Percent			Amount		Rate	Maturity Date	Options
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		26,085		20.10	%		5,243	SOFR+2.15%	02/01/28	None
Mohawk Commons	Fund V		39,472		18.09	%		7,141	SOFR+2.00%	03/01/28	None
The Walk at Highwoods Preserve	IMP		20,500		20.00	%		4,100	SOFR+2.50%	10/25/28	1x12 mos.

Sub-Total Variable-Rate Debt			1,143,936					272,543
Total Debt - Investment Management			1,251,757					294,447
Total Debt - Core Portfolio and Investment Management		$	2,433,256				$	1,375,737

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.

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.

The interest rate on the unsecured revolving credit facility excludes a 20-basis point facility fee.

The Company has the ability to draw an additional $75 million under this facility.

     Future Debt Maturities 1

     (in thousands)


Core Portfolio	Contractual Debt Maturities						Acadia's Pro-Rata Share								Weighted Average2
	Scheduled						Scheduled		Fixed		Variable				Fixed-	Variable-
Year	Amortization		Maturities		Total		Amortization		Maturities		Maturities		Total		Rate Debt	Rate Debt

2025 (Remainder)	$	1,373	$	—	$	1,373	$	1,200	$	—	$	—	$	1,200	N/A	N/A
2026		5,419		132,000		137,419		5,041		28,305		69,365		102,711	—	1.55%
2027		5,267		57,537		62,804		4,954		45,053		—		50,007	4.91%	N/A
2028		1,901		523,861		525,762		1,867		70,359		453,500		525,726	4.10%	1.38%
2029		1,887		246,338		248,225		1,539		97,088		111,383		210,010	5.54%	1.82%
Thereafter		1,296		204,620		205,916		1,296		15,340		175,000		191,636	5.72%	1.20%
Total	$	17,143	$	1,164,356	$	1,181,499	$	15,897	$	256,145	$	809,248	$	1,081,290


Investment Management	Contractual Debt Maturities						Acadia's Pro-Rata Share								Weighted Average2
	Scheduled						Scheduled		Fixed		Variable				Fixed-	Variable-
Year	Amortization		Maturities		Total		Amortization		Maturities		Maturities		Total		Rate Debt	Rate Debt

2025 (Remainder)	$	3,779	$	320,177	$	323,956	$	735	$	—	$	118,764	$	119,499	N/A	2.76%
2026		5,331		275,931		281,262		1,027		2,992		53,175		57,194	3.75%	2.37%
2027		6,439		465,780		472,219		1,198		—		82,142		83,340	N/A	2.23%
2028		508		173,812		174,320		97		18,391		15,926		34,414	5.97%	2.17%
2029		—		—		—		—		—		—		—	N/A	N/A
Thereafter		—		—		—		—		—		—		—	N/A	N/A
Total	$	16,057	$	1,235,700	$	1,251,757	$	3,057	$	21,383	$	270,007	$	294,447

Does not include any applicable extension options or subsequent refinancing.

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.

     Future Debt Maturities – As Extended 1

     (in thousands)


Core Portfolio	Extended Debt Maturities 1						Acadia's Pro-Rata Share								Weighted Average2
	Scheduled						Scheduled		Fixed		Variable				Fixed-	Variable-
Year	Amortization		Maturities		Total		Amortization		Maturities		Maturities		Total		Rate Debt	Rate Debt

2025 (Remainder)	$	1,373	$	—	$	1,373	$	1,200	$	—	$	—	$	1,200	N/A	N/A
2026		5,419		30,000		35,419		5,041		28,305		—		33,346	—	N/A
2027		5,267		32,401		37,668		4,954		26,201		—		31,155	5.57%	N/A
2028		1,901		119,862		121,763		1,867		17,862		69,365		89,094	4.40%	1.55%
2029		1,887		625,587		627,474		1,539		97,088		528,500		627,127	5.54%	1.43%
Thereafter		1,296		356,506		357,802		1,296		86,692		211,380		299,368	4.32%	1.33%
Total	$	17,143	$	1,164,356	$	1,181,499	$	15,897	$	256,148	$	809,245	$	1,081,290


Investment Management	Extended Debt Maturities 1						Acadia's Pro-Rata Share								Weighted Average2
	Scheduled						Scheduled		Fixed		Variable				Fixed-	Variable-
Year	Amortization		Maturities		Total		Amortization		Maturities		Maturities		Total		Rate Debt	Rate Debt

2025 (Remainder)	$	3,779	$	82,436	$	86,215	$	735	$	—	$	17,262	$	17,997	N/A	2.82%
2026		5,331		311,681		317,012		1,027		2,992		112,612		116,631	3.75%	2.54%
2027		6,439		293,990		300,429		1,198		—		56,537		57,735	N/A	2.63%
2028		508		195,954		196,462		97		12,718		28,165		40,980	5.98%	2.52%
2029		—		351,639		351,639		—		5,673		55,431		61,104	5.95%	2.11%
Thereafter		—		—		—		—		—		—		—	N/A	N/A
Total	$	16,057	$	1,235,700	$	1,251,757	$	3,057	$	21,383	$	270,007	$	294,447

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

     Swap Interest Rate Summary 1

     (in thousands)


Maturity	Acadia's Pro-rata Notional Amount		Weighted Average Fixed SOFR 2
July 2025	$	12,856	4.3%
October 2025		6,385	4.2%
March 2026		5,382	4.5%
April 2026		11,020	2.9%
May 2026		3,193	3.5%
June 2026		6,296	1.2%
October 2026		5,282	3.7%
November 2026		90,021	4.0%
December 2026		6,010	4.3%
June 2027		5,020	3.4%
July 2027		125,000	2.1%
December 2027		118,289	2.7%
February 2028		5,243	3.4%
March 2028		57,141	2.8%
April 2028		75,000	3.3%
June 2028		50,000	2.9%
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		79,052	3.5%
April 2030		50,000	3.1%
July 2030		125,000	2.7%
Total	$	977,040	2.8%

Includes the Company's pro-rata share of consolidated and unconsolidated interest rate swaps to hedge against interest variability on Core and Investment Management debt.

Represents strike (fixed) rate on the swap that the Company pays in exchange for receiving SOFR.


		Year	Acadia's	Gross Leasable Area (GLA)				In Place Occupancy				Leased Occupancy	Annualized Base Rent	ABR
Property	Key Tenants	Acquired	Interest	Street	Anchors	Shops	Total	Street	Anchors	Shops	Total	Total	(ABR)	PSF

STREET AND URBAN RETAIL
Chicago Metro							`
Rush and Walton Streets Collection (6 properties)	Lululemon, Reformation, Veronica Beard, St. Laurent, Brandy Melville	2011 2012	100.0%	40,590	—	—	40,590	68.2%	—%	—%	68.2%	93.0%	$6,780,912	$245.06
Clark Street and W. Diversey Collection (4 properties)	Starbucks, TJ Maxx, J Crew Factory, Trader Joe's	2011 2012	100.0%	53,099	—	—	53,099	79.9%	—%	—%	79.9%	89.0%	1,908,428	45.00
Halsted and Armitage Collection (13 properties)	Serena and Lily, Faherty, Jenny Kayne, Warby Parker, Kiehl's, Solidcore, Rails	2011 2012 2019 2020	100.0%	53,220	—	—	53,220	91.7%	—%	—%	91.7%	100.0%	2,622,804	53.73
North Lincoln Park Chicago Collection (6 properties)	Guitar Center, Carhartt	2011 2014	100.0%	22,125	—	27,796	49,921	13.6 %	—%	77.6%	49.2%	49.2%	905,781	36.88
State and Washington	Nordstrom Rack, Uniqlo	2016	100.0%	65,401	—	—	65,401	100.0%	—%	—%	100.0%	100.0%	2,768,673	42.33
151 N. State Street	Walgreens	2016	100.0%	27,385	—	—	27,385	100.0%	—%	—%	100.0%	100.0%	1,573,000	57.44
North and Kingsbury	Old Navy, Backcountry	2016	100.0%	41,791	—	—	41,791	100.0%	—%	—%	100.0%	100.0%	1,981,292	47.41
Concord and Milwaukee	—	2016	100.0%	13,147	—	—	13,147	88.6%	—%	—%	88.6%	88.6%	432,125	37.11
California and Armitage	—	2016	100.0%	—	—	18,275	18,275	—%	—%	72.7%	72.7%	84.8%	706,210	53.12
Roosevelt Galleria	Petco, Vitamin Shoppe, Dollar Tree	2015	100.0%	—	—	37,995	37,995	—%	—%	89.7%	89.7%	89.7%	823,131	24.15
Sullivan Center	Target	2016	100.0%	176,181	—	—	176,181	82.2%	—%	—%	82.2%	83.8%	5,435,325	37.55
				492,939	—	84,066	577,005	83.8%	—%	82.0%	83.5%	87.7%	$25,937,682	$53.84
New York Metro
Soho Collection/West Village (19 properties)	Reiss, Vuori, Zimmermann, Madewell, John Varvatos Watches of Switzerland, Stone Island, Frame, Theory, Bang & Olufsen, Marine Layer	2011 2014 2019 2020 2022 2024 2025	100.0%	69,643	—	—	69,643	94.1%	—%	—%	94.1%	96.3%	$21,058,971	$321.34
5-7 East 17th Street	—	2008	100.0%	8,658	—	—	8,658	47.1%	—%	—%	47.1%	100.0%	600,000	147.09
200 West 54th Street	—	2007	100.0%	5,932	—	—	5,932	90.7%	—%	—%	90.7%	90.7%	1,509,127	280.51
4401 White Plains Road	Walgreens	2011	100.0%	—	12,964	—	12,964	—%	100.0%	—%	100.0%	100.0%	625,000	48.21
Bartow Avenue	Wingstop	2005	100.0%	—	—	14,824	14,824	—%	—%	100.0%	100.0%	100.0%	504,192	34.01


		Year	Acadia's	Gross Leasable Area (GLA)				In Place Occupancy				Leased Occupancy	Annualized Base Rent	ABR
Property	Key Tenants	Acquired	Interest	Street	Anchors	Shops	Total	Street	Anchors	Shops	Total	Total	(ABR)	PSF
Greenwich/Westport Collection (4 properties)	Veronica Beard, The RealReal, Blue Mercury, Splendid, Swarvoski, Watches of Switzerland	1998 2012 2014	89.5%	39,593	—	—	39,593	100.0%	—%	—%	100.0%	100.0%	4,515,709	114.05
2914 Third Avenue	Planet Fitness	2006	100.0%	—	21,650	18,953	40,603	—%	100.0%	100.0%	100.0%	100.0%	1,131,422	27.87
868 Broadway	Dr. Martens	2013	100.0%	2,031	—	—	2,031	100.0%	—%	—%	100.0%	100.0%	881,322	433.94
313-315 Bowery 2	John Varvatos	2013	100.0%	6,600	—	—	6,600	100.0%	—%	—%	100.0%	100.0%	527,076	79.86
120 West Broadway	Citizens Bank, Citi Bank	2013	100.0%	13,838	—	—	13,838	100.0%	—%	—%	100.0%	100.0%	2,499,171	180.60
2520 Flatbush Avenue	Bob's Discount Furniture, Capital One	2014	100.0%	—	—	29,114	29,114	—%	—%	100.0%	100.0%	100.0%	1,297,818	44.58
Williamsburg Bedford Avenue Collection 3	Sephora, SweetGreen, Levain Bakery, Lululemon, Madewell, Alo Yoga	2022	100.0%	50,842	—	—	50,842	88.2%	—%	—	88.2%	92.9%	4,947,790	110.36
Williamsburg North 6th Collection 3 (6 properties)	Lululemon, Madewell, On Running, Abercrombie and Fitch, Birkenstock, Patagonia	2024 2025	100.0%	47,365	—	—	47,365	100.0%	—%	—	100.0%	100.0%	7,032,801	148.48
991 Madison Avenue	Vera Wang, Gabriela Hearst	2016	100.0%	7,512	—	—	7,512	100.0%	—%	—%	100.0%	100.0%	3,679,704	489.84
Gotham Plaza	Bank of America, Footlocker, Apple Bank	2016	49.0 %	—	—	25,931	25,931	—%	—%	76.4%	76.4%	83.9%	1,662,236	83.86
				252,014	34,614	88,822	375,450	93.9%	100.0 %	93.1 %	94.3%	97.1%	52,472,338	$148.19
Los Angeles Metro
8833 Beverly Blvd	Luxury Living	2022	97.0 %	9,757	—	—	9,757	100.0%	—%	—%	100.0%	100.0%	$1,350,377	$138.40
Melrose Place Collection	The Row, Chloe, Oscar de la Renta	2019	100.0 %	14,000	—	—	14,000	100.0%	—%	—%	100.0%	100.0%	3,165,526	226.11
				23,757	—	—	23,757	100.0%	—%	—%	100.0%	100.0%	$4,515,903	$190.09
District of Columbia Metro
1739-53 & 1801-03 Connecticut Avenue	—	2012	100.0 %	20,669	—	—	20,669	21.9%	—%	—%	21.9%	21.9%	$309,692	$68.56
14th Street Collection (3 properties)	Verizon, Long and Foster, VSV Wine Bar, Tile Bar	2021	100.0 %	19,077	—	—	19,077	76.4%	—%	—%	76.4%	76.4%	1,396,848	95.83
Rhode Island Place Shopping Center	Ross Dress for Less	2012	100.0 %	—	25,134	32,533	57,667	—%	100.0%	88.5%	93.5%	93.5%	1,957,308	36.30
M Street and Wisconsin Corridor (27 Properties) 4	Lululemon, Duxiana, Reformation, Glossier, Alo Yoga, Aritzia, Skims	2011 2016 2019	68.0 %	262,412	—	—	262,412	83.1%	—%	—%	83.1%	94.2%	16,893,189	77.43
				302,158	25,134	32,533	359,825	78.5%	100.0%	88.5%	80.9%	89.0%	$20,557,036	$70.60


		Year	Acadia's	Gross Leasable Area (GLA)				In Place Occupancy				Leased Occupancy	Annualized Base Rent	ABR
Property	Key Tenants	Acquired	Interest	Street	Anchors	Shops	Total	Street	Anchors	Shops	Total	Total	(ABR)	PSF
Boston Metro
165 Newbury Street	Starbucks	2016	100.0 %	1,050	—	—	1,050	100.0%	—%	—%	100.0%	100.0%	$321,953	$306.62
				1,050	—	—	1,050	100.0%	—%	—%	100.0%	100.0%	$321,953	$306.62

Dallas Metro
Henderson Avenue Portfolio (14 properties)	Sprouts Market, Warby Parker, Tecovas	2022 2024	100.0 %	53,099	31,635	—	84,734	83.6%	100.0%	—%	89.7%	89.7%	$3,035,999	$39.93

Total Street and Urban Retail				1,125,017	91,383	205,421	1,421,821	85.0%	100.0%	87.8%	86.4%	90.9%	$106,840,912	$87.01

Acadia Share Total Street and Urban Retail				1,036,632	91,383	192,196	1,320,212	85.2%	100.0%	88.6%	86.7%	90.8%	$100,235,738	$87.59

SUBURBAN PROPERTIES
New Jersey
Elmwood Park Shopping Center	Walgreens, Lidl, Chase Bank, City MD, Five Below	1998	100.0 %	—	43,531	100,457	143,988	—%	100.0%	95.5%	96.9%	96.9%	$3,727,216	$26.72
Marketplace of Absecon	Walgreens, Dollar Tree, Aldi	1998	100.0 %	—	46,724	57,832	104,556	—%	75.8%	80.4%	78.3%	78.3%	1,453,097	17.74

New York
Village Commons Shopping Center	Citibank, Ace Hardware	1998	100.0 %	—	—	87,128	87,128	—%	—%	87.6%	87.6%	88.8%	2,702,151	35.39
Branch Plaza	LA Fitness, The Fresh Market	1998	100.0 %	—	76,264	47,081	123,345	—%	100.0%	86.8%	94.9%	96.1%	3,318,304	28.33
Amboy Center	Stop & Shop (Ahold)	2005	100.0 %	—	37,266	26,106	63,372	—%	100.0%	80.8%	92.1%	92.1%	2,074,410	35.54
Crossroads Shopping Center	HomeGoods, PetSmart, BJ's Wholesale Club, O'Reilly Auto Parts	1998	49.0 %	—	202,727	108,990	311,717	—%	93.9%	89.7%	92.4%	94.2%	9,530,903	33.09
New Loudon Center	Price Chopper, Marshalls	1993	100.0 %	—	241,746	16,643	258,389	—%	95.0%	100.0%	95.3%	95.3%	2,330,402	9.47
28 Jericho Turnpike	Kohl's	2012	100.0 %	—	96,363	—	96,363	—%	100.0%	—%	100.0%	100.0%	1,996,500	20.72

Connecticut
Town Line Plaza 5	Wal-Mart, Stop & Shop (Ahold)	1998	100.0 %	—	163,159	43,187	206,346	—%	100.0%	88.4%	97.6%	98.5%	1,607,631	15.45

Massachusetts
Methuen Shopping Center	Wal-Mart, Market Basket	1998	100.0 %	—	120,004	10,017	130,021	—%	100.0%	56.3%	96.6%	96.6%	1,390,578	11.07
Crescent Plaza	Home Depot, Shaw's	1993	100.0 %	—	156,985	61,017	218,002	—%	100.0%	93.4%	98.2%	99.3%	2,138,927	10.00
201 Needham Street	Michael's	2014	100.0 %	—	20,409	—	20,409	—%	100.0%	—%	100.0%	100.0%	711,662	34.87
163 Highland Avenue	Staples, Petco	2015	100.0 %	—	40,505	—	40,505	—%	100.0%	—%	100.0%	100.0%	1,555,412	38.40

Vermont


		Year	Acadia's	Gross Leasable Area (GLA)				In Place Occupancy				Leased Occupancy	Annualized Base Rent	ABR
Property	Key Tenants	Acquired	Interest	Street	Anchors	Shops	Total	Street	Anchors	Shops	Total	Total	(ABR)	PSF
The Gateway Shopping Center	Shaw's (Albertsons), Starbucks	1999	100.0 %	—	73,184	29,670	102,854	—%	100.0%	88.6%	96.7%	96.7%	2,303,692	23.16

Illinois
Hobson West Plaza	Garden Fresh Markets	1998	100.0 %	—	51,692	47,270	98,962	—%	100.0%	76.0%	88.5 %	88.5%	1,197,535	13.67

Indiana
Merrillville Plaza	Dollar Tree, TJ Maxx, DD's Discount (Ross)	1998	100.0 %	—	123,144	112,782	235,926	—%	38.2%	88.1%	62.0 %	83.3%	2,412,960	16.49

Michigan
Bloomfield Town Square	HomeGoods, TJ Maxx, Dick's Sporting Goods, Burlington	1998	100.0 %	—	153,332	81,619	234,951	—%	100.0%	96.3%	98.7 %	100.0%	4,305,051	18.56

Delaware
Town Center and Other (1 property)	Lowes, Dick's Sporting Goods, Target	2003	100.0 %	—	678,585	21,891	700,476	—%	100.0%	86.3%	99.6 %	99.6%	12,440,800	17.84
Market Square Shopping Center	Trader Joe's, TJ Maxx	2003	100.0 %	—	42,850	59,197	102,047	—%	100.0%	100.0%	100.0%	100.0%	3,422,242	33.54
Naamans Road	Jared Jewelers, American Red Cross	2006	100.0 %	—	—	19,865	19,865	—%	—%	63.8%	63.8 %	100.0%	711,939	56.14

Pennsylvania
Plaza 422	Home Depot	1993	100.0 %	—	139,968	16,311	156,279	—%	100.0%	100.0%	100.0%	100.0%	956,954	6.12
Chestnut Hill	—	2006	100.0 %	—	—	36,492	36,492	—%	—%	100.0%	100.0%	100.0%	993,248	27.22
Abington Towne Center 6	Target, TJ Maxx	1998	100.0 %	—	184,616	32,255	216,871	—%	100.0%	100.0%	100.0%	100.0%	1,363,586	23.01

Total Suburban Properties				—	2,693,054	1,015,810	3,708,864	—%	95.8 %	89.8 %	94.2 %	96.1 %	$64,645,199	$19.96

Acadia Share Total Suburban Properties				—	2,589,663	960,225	3,549,888	—%	95.9%	89.8%	94.3%	96.2%	$59,784,438	$19.34

Total Core Properties				1,125,017	2,784,437	1,221,231	5,130,685	85.0%	96.0%	89.4%	92.0%	94.7%	$171,486,111	$38.40

Acadia Share Total Core Properties				1,036,632	2,681,046	1,152,421	4,870,100	85.2%	96.1%	89.6%	92.2%	94.7%	$160,020,177	$37.78

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 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.

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.

The Company’s stated legal ownership is 49.99%. However, given the preferences embedded in its interests, the Company did not attribute any value to the 50.01% non-controlling interest holders.

Excludes 94,000 square feet of office GLA.

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.

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.


Core 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		6.8	%		4.9	%
J. Crew Group 3		5		21,788		4,860,982		0.4	%		2.8	%
Lululemon		3		16,289		4,013,459		0.3	%		2.3	%
Dick's Sporting Goods, Inc		3		169,782		3,385,770		2.8	%		2.0	%
TJX Companies 4		9		252,043		3,105,924		4.2	%		1.8	%
Walgreens		4		68,393		2,887,312		1.1	%		1.7	%
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	%		1.5	%
ALO Yoga		2		22,566		2,505,663		0.4	%		1.5	%
Albertsons Companies, Inc. 6		2		123,409		2,061,142		2.0	%		1.2	%
Bob's Discount Furniture		2		68,793		2,027,670		1.1	%		1.2	%
Watches of Switzerland 7		2		13,863		1,809,177		0.2	%		1.1	%
Royal Ahold 8		2		103,125		1,711,582		1.7	%		1.0	%
Patagonia		2		15,526		1,640,837		0.3	%		1.0	%
Ulta Salon Cosmetics & Fragrance		3		31,497		1,550,756		0.5	%		0.9	%
Citibank		4		16,160		1,354,382		0.3	%		0.8	%
The Home Depot, Inc.		2		187,914		1,345,020		3.1	%		0.8	%
Gap, Inc. 9		2		37,895		1,329,165		0.6	%		0.8	%
Michaels Stores, Inc.		2		45,285		1,283,810		0.7	%		0.7	%
TOTAL		61		1,752,355	$	53,177,893		29.0	%		31.1	%

In accordance with the Company's policy of not disclosing the terms of individual leases, this list does not include tenants that operate at only one Acadia Core location. The following tenants with single locations that would otherwise be included in our top 20 tenants are: Vuori (106 Spring), Lowe's (Brandywine), Kohl's (28 Jericho), Bang & Olufsen (121 Spring), Nordstrom Rack (State and Washington), and Vera Wang (991 Madison).

Totals may not foot due to rounding.

Madewell (4 locations), J.Crew Factory (1 location)

TJ Maxx (6 locations), HomeGoods (2 locations), Marshalls (1 location)

Uniqlo (1 location), Theory (1 location)

Shaw’s (2 locations)

Grand Seiko (1 location), Betteridge Jewelers (1 location)

Stop and Shop (2 locations)

Old Navy (2 locations)

     Core 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)		8		22,977		2.6	%		156.82		4.0	%		3		109,904		4.7	%		23.58		7.0	%
2026		28		86,305		9.8	%		135.25		12.8	%		10		424,984		18.3	%		10.78		12.5	%
2027		26		77,690		8.8	%		105.57		9.0	%		4		140,838		6.1	%		20.24		7.8	%
2028		21		235,677		26.7	%		63.20		16.4	%		10		477,731		20.6	%		12.22		15.9	%
2029		26		77,049		8.7	%		111.51		9.4	%		13		440,142		19.0	%		14.92		17.9	%
2030		20		102,376		11.6	%		94.10		10.6	%		4		152,977		6.6	%		22.29		9.3	%
2031		6		38,026		4.3	%		81.20		3.4	%		2		50,566		2.2	%		16.97		2.3	%
2032		15		65,577		7.4	%		164.36		11.8	%		1		12,250		0.5	%		21.96		0.7	%
2033		26		92,635		10.5	%		125.17		12.7	%		1		28,881		1.2	%		14.50		1.1	%
2034		8		16,179		1.8	%		107.94		1.9	%		1		21,804		0.9	%		11.25		0.7	%
Thereafter		14		66,271		7.5	%		107.94		7.9	%		9		460,317		19.8	%		19.87		24.9	%
Total 2		199		882,739		100.0	%	$	103.15		100.0	%		58		2,320,394		100.0	%	$	15.85		100.0	%

Anchor GLA Owned by Tenants				—												254,916
Total Vacant 2				153,893												105,736
Total Square Feet 2				1,036,632												2,681,046

	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)		23		80,953		7.8	%		28.98		7.3	%		34		213,834		5.0	%		39.94		5.3	%
2026		35		122,123		11.8	%		26.66		10.1	%		73		633,412		15.0	%		30.80		12.2	%
2027		36		136,781		13.2	%		34.23		14.5	%		66		355,309		8.4	%		44.28		9.8	%
2028		37		148,401		14.4	%		35.16		16.2	%		68		861,809		20.3	%		30.11		16.2	%
2029		32		131,388		12.7	%		27.12		11.1	%		71		648,579		15.3	%		28.87		11.7	%
2030		14		37,352		3.6	%		38.10		4.4	%		38		292,705		6.9	%		49.42		9.0	%
2031		15		81,283		7.9	%		25.82		6.5	%		23		169,875		4.0	%		35.58		3.8	%
2032		24		94,920		9.2	%		33.26		9.8	%		40		172,747		4.1	%		82.23		8.9	%
2033		21		85,791		8.3	%		32.41		8.6	%		48		207,307		4.9	%		71.37		9.2	%
2034		9		30,191		2.9	%		29.25		2.7	%		18		68,174		1.6	%		42.17		1.8	%
Thereafter		23		83,250		8.1	%		33.46		8.7	%		46		609,838		14.4	%		31.30		11.9	%
Total 2		269		1,032,433		100.0	%	$	31.18		100.0	%		526		4,235,566		100.0	%	$	37.78		100.0	%

Anchor GLA Owned by Tenants				—												254,916
Total Vacant 2				119,988												379,618
Total Square Feet 2				1,152,421												4,870,100

Leases currently under month to month or in process of renewal.

Totals may not foot due to rounding.

     Core Portfolio – New and Renewal Rent Spreads 1


	Quarter Ended												Year to Date
	March 31, 2025						June 30, 2025						June 30, 2025
	GAAP 2			Cash 3			GAAP 2			Cash 3			GAAP 2			Cash 3
New Leases
Number of new leases executed		3			3			3			3			6			6
GLA		18,769			18,769			6,039			6,039			24,808			24,808
New base rent	$	78.60		$	73.83		$	176.24		$	163.70		$	102.37		$	95.71
Previous base rent	$	46.02		$	46.41		$	250.42		$	285.02		$	95.78		$	104.49
Average cost per square foot	$	18.80		$	18.80		$	131.75		$	131.75		$	46.29		$	46.29
Weighted Average Lease Term (years)		4.8			4.8			7.5			7.5			5.5			5.5
Percentage growth in base rent		70.8	%		59.1	%		(29.6	)%		(42.6	)%		6.9	%		(8.4	)%

Renewal Leases
Number of renewal leases executed		13			13			22			22			35			35
GLA		96,232			96,232			162,226			162,226			258,458			258,458
New base rent	$	30.93		$	29.83		$	63.21		$	60.99		$	51.19		$	49.39
Expiring base rent	$	24.70		$	27.77		$	58.50		$	60.46		$	45.92		$	48.29
Average cost per square foot	$	—		$	—		$	10.86		$	10.86		$	6.82		$	6.82
Weighted Average Lease Term (years)		6.6			6.6			10.8			10.8			9.3			9.3
Percentage growth in base rent		25.2	%		7.4	%		8.1	%		0.9	%		11.5	%		2.3	%

Total New and Renewal Leases
Number of new and renewal leases executed		16			16			25			25			41			41
GLA commencing		115,001			115,001			168,265			168,265			283,266			283,266
New base rent	$	38.71		$	37.01		$	67.27		$	64.68		$	55.67		$	53.45
Expiring base rent	$	28.18		$	30.82		$	65.39		$	68.51		$	50.29		$	53.21
Average cost per square foot	$	3.07		$	3.07		$	15.20		$	15.20		$	10.28		$	10.28
Weighted Average Lease Term (years)		6.3			6.3			10.7			10.7			8.9			8.9
Percentage growth in base rent		37.4	%		20.1	%		2.9	%		(5.6	)%		10.7	%		0.4	%

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.

Rents are calculated on a straight-line (“GAAP”) basis and do not incorporate above- or below-market lease adjustments.

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)

     Core Portfolio – Capital Expenditures



	Quarter Ended				Year to Date
	March 31, 2025		June 30, 2025		June 30, 2025		December 31, 2024
Leasing Commissions	$	1,343	$	2,456	$	3,799	$	4,374
Tenant Improvements		4,881		10,014		14,895		8,496
Maintenance Capital Expenditures		1,021		1,752		2,773		7,873
Total Capital Expenditures	$	7,245	$	14,222	$	21,467	$	20,743

     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			61.7	% 2			24.5	%			23.1	%			20.1	%			31.6	%
Acadia's Promoted Share 1			69.4	%			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 2	$		559.4	Million	$		448.6	Million	$		506.0	Million	$		478.8	Million	$		1,992.8	Million
Cumulative Net Distributions 3	$		172.9	Million	$		603.5	Million	$		221.4	Million	$		162.8	Million	$		1,160.6	Million
Net Distributions/Contributions			30.9	%			134.5	%			43.8	%			34.0	%			58.2	%
Unfunded Commitment 4	$		0.0	Million	$		1.4	Million	$		24.0	Million	$		41.2	Million	$		66.6	Million
Investment Period Closes		Closed				Closed				Closed				Closed
Currently in a Promote Position? (Yes/No)		No				No				No				No

II. FEES & PRIORITY DISTRIBUTIONS EARNED BY ACADIA

Type:		Applicable to				Description
Asset Management		Fund II & III				0%
Asset Management 5		Fund IV				0.75% of Implied Capital
Asset Management 5		Fund V				1.25% of Implied Capital
Property Management		All funds				4.0% of gross property revenues
Leasing		All funds				Market-rate leasing commissions
Construction/Project Management		All funds				Market-rate fees
Development		Fund III, IV & V				3.0% of total project costs

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.

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.

All returns and distributions referenced are presented net of fees and promote.

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.

Implied Capital refers to the Fund Size less capital allocated to investments that have been sold or released.


		Year	Fund	Gross Leasable Area				In Place Occupancy				Leased	Annualized
Property	Key Tenants	Acquired	Ownership %	Street	Anchors	Shops	Total	Street	Anchors	Shops	Total	Occupancy	Base Rent (ABR)	ABR PSF

Fund II Portfolio Detail

NEW YORK
New York
City Point 2	Primark, Target, Sephora, Basis Schools, Alamo Drafthouse, Trader Joe's, Lululemon	2007	94.2%	—	330,448	205,966	536,414	—%	100.0%	44.4%	78.7%	86.5%	$20,058,572	$47.54

Total - Fund II				—	330,448	205,966	536,414	—%	100.0%	44.4%	78.7%	86.5%	$20,058,572	$47.54

Fund III Portfolio Detail

NEW YORK
New York
640 Broadway	─	2012	100.0%	4,547	—	—	4,547	93.4%	—%	—%	93.4%	93.4%	$1,158,550	$272.79
Total - Fund III				4,547	—	—	4,547	93.4%	—%	—%	93.4%	93.4%	$1,158,550	$272.79

Fund IV Portfolio Detail

NEW YORK
New York
801 Madison Avenue	─	2015	100.0%	2,522	—	—	2,522	100.0%	—%	—%	100.0%	100.0%	$300,000	$118.95
210 Bowery	─	2012	100.0%	2,538	—	—	2,538	—%	—%	—%	—%	—%	—	—
27 East 61st Street	─	2014	100.0%	4,177	—	—	4,177	—%	—%	—%	—%	—%	—	—
17 East 71st Street	The Row	2014	100.0%	8,432	—	—	8,432	100.0%	—%	—%	100.0%	100.0%	2,125,853	252.12
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	Santander Bank	2016	100.0%	15,711	—	—	15,711	9.1%	—%	—%	9.1%	9.1%	224,438	157.50

NORTHEAST
Rhode Island
650 Bald Hill Road	Dick's Sporting Goods, Burlington	2015	90.0%	—	55,000	105,448	160,448	—%	100.0%	77.7%	85.3%	85.3%	2,092,896	15.28


		Year	Fund	Gross Leasable Area				In Place Occupancy				Leased	Annualized
Property	Key Tenants	Acquired	Ownership %	Street	Anchors	Shops	Total	Street	Anchors	Shops	Total	Occupancy	Base Rent (ABR)	ABR PSF
SOUTHEAST
Georgia
Broughton Street Portfolio (13 properties)	H&M, Warby Parker, Kendra Scott, Starbucks, Lululemon	2014	100.0%	94,693	—	—	94,693	93.3%	—%	—%	93.3%	93.3%	3,461,323	39.19

WEST
California
Union and Fillmore Collection (1 property)	Bonobos	2015	90.0%	1,044	—	—	1,044	100.0%	—%	—%	100.0%	100.0%	82,500	79.02

Total - Fund IV				136,751	55,000	105,448	297,199	80.0%	100.0%	77.7%	82.9%	82.9%	$9,412,356	$38.21

Fund V Portfolio Detail

SOUTHWEST
New Mexico
Plaza Santa Fe	TJ Maxx, Best Buy, Ross Dress for Less	2017	100.0%	—	153,983	70,169	224,152	—%	100.0%	99.7%	99.9%	99.9%	$4,303,243	$19.22

Texas
Wood Ridge Plaza	Skechers, Diamonds Direct, Office Depot	2022	90.0%	—	—	217,273	217,273	—%	—%	85.1%	85.1%	85.1%	4,687,698	25.37
La Frontera Village	Kohl's, Hobby Lobby, Burlington, Marshalls	2022	90.0%	—	203,619	330,930	534,549	—%	100.0%	92.0%	95.0%	96.3%	7,834,402	15.42

MIDWEST
Michigan
New Towne Center	Kohl's, DSW	2017	100.0%	—	145,389	45,141	190,530	—%	75.7%	95.6%	80.4%	81.5%	1,920,347	12.53
Fairlane Green	TJ Maxx, Michaels, Burlington	2017	100.0%	—	109,952	160,235	270,187	—%	100.0%	97.1%	98.3%	98.3%	5,256,120	19.79

NORTHEAST
Maryland
Frederick County (1 property)	Lidl, Advance Auto, Starbucks	2019	90.0%	—	90,053	146,454	236,507	—%	56.6%	84.0%	73.6%	75.8%	3,425,545	19.68

Connecticut
Tri-City Plaza	TJ Maxx, HomeGoods, ShopRite	2019	90.0%	—	129,940	165,877	295,817	—%	100.0%	93.0%	96.1%	96.9%	4,357,330	15.33


		Year	Fund	Gross Leasable Area				In Place Occupancy				Leased	Annualized
Property	Key Tenants	Acquired	Ownership %	Street	Anchors	Shops	Total	Street	Anchors	Shops	Total	Occupancy	Base Rent (ABR)	ABR PSF
New Jersey
Midstate	ShopRite, Best Buy, Ross Dress for Less, PetSmart	2021	100.0%	—	270,423	122,466	392,889	—%	100.0%	83.0%	94.7%	95.3%	7,276,219	19.55

New York
Shoppes at South Hills	ShopRite, Ashley Furniture	2022	90.0%	—	416,804	96,104	512,908	—%	80.7%	58.2%	76.5%	76.5%	4,805,125	12.24
Mohawk Commons	Lowe's, Target	2023	90.0%	—	330,874	68,324	399,198	—%	100.0%	86.1%	97.6%	99.2%	5,604,599	14.38

Pennsylvania
Monroe Marketplace	Kohl's, Dick's Sporting Goods, Giant Food	2021	100.0%	—	263,376	108,276	371,652	—%	100.0%	98.5%	99.6%	99.6%	4,432,591	11.98

Rhode Island
Lincoln Commons	Stop & Shop (Ahold), Marshalls, HomeGoods	2019	100.0%	—	155,279	305,534	460,813	—%	100.0%	95.7%	97.1%	97.1%	6,126,463	13.69

Vermont
Maple Tree Place 4	Shaw's, Dick's Sporting Goods, Best Buy, Old Navy	2023	100.0%	—	246,738	150,040	396,778	—%	100.0%	87.5%	95.3%	96.8%	7,349,884	19.44

SOUTHEAST
Virginia
Landstown Commons	Best Buy, Burlington, Ross Dress for Less	2019	100.0%	—	87,883	295,376	383,259	—%	100.0%	94.6%	95.9%	98.2%	7,785,674	21.19

Florida
Palm Coast Landing	TJ Maxx, PetSmart, Ross Dress for Less	2019	100.0%	—	73,241	98,480	171,721	—%	100.0%	96.4%	97.9%	97.9%	3,603,945	21.43
Cypress Creek	Hobby Lobby, Total Wine, HomeGoods	2023	100.0%	—	167,978	71,678	239,656	—%	100.0%	95.1%	98.5%	100.0%	5,121,664	21.69

North Carolina
Hickory Ridge	Kohl's, Best Buy, Dick's Sporting Goods	2017	100.0%	—	266,584	113,981	380,565	—%	100.0%	87.0%	96.1%	96.8%	4,645,263	12.70


		Year	Fund	Gross Leasable Area				In Place Occupancy				Leased	Annualized
Property	Key Tenants	Acquired	Ownership %	Street	Anchors	Shops	Total	Street	Anchors	Shops	Total	Occupancy	Base Rent (ABR)	ABR PSF
Alabama
Trussville Promenade	Wal-Mart, Regal Cinemas	2018	100.0%	—	366,010	97,671	463,681	—%	92.4%	79.0%	89.6%	89.6%	3,945,040	9.50

Georgia
Canton Marketplace	Dick's Sporting Goods, TJ Maxx, Best Buy	2021	100.0%	—	132,569	215,397	347,966	—%	100.0%	96.2%	97.7%	98.6%	6,318,061	18.59
Hiram Pavilion	Kohl's, HomeGoods	2018	100.0%	—	210,139	153,252	363,391	—%	100.0%	96.7%	98.6%	100.0%	4,949,068	13.81

WEST
California
Elk Grove Commons	Kohl's, HomeGoods	2018	100.0%	—	132,489	109,589	242,078	—%	100.0%	100.0%	100.0%	100.0%	5,449,481	22.51

Utah
Family Center at Riverdale	Target, Home Goods, Best Buy, Sierra Trading (TJX)	2019	89.4%	—	231,895	140,513	372,408	—%	100.0%	92.3%	97.1%	97.9%	4,071,021	11.26

Total - Fund V				—	4,185,218	3,282,760	7,467,978	—%	95.6%	91.3%	93.7%	94.5%	$113,268,783	$16.18

Other Co-investment Vehicles Detail 5

NORTHEAST
New York
Shops at Grand Avenue	Stop & Shop (Ahold), Starbucks	2024	5.0%	—	52,336	47,501	99,837	—%	100.0%	78.3%	89.7%	89.7%	$3,285,171	$36.70
SOUTHEAST
Florida
Walk at Highwoods Preserve	HomeGoods, Michaels	2024	20.0%	—	80,894	56,862	137,756	—%	100.0%	88.2%	95.1%	95.1%	2,651,111	20.23
Pinewood Square	TJ Maxx, Ross Dress for Less, Five Below	2025	100.0%	—	113,359	90,643	204,002	—%	100.0%	98.5%	99.4%	99.4%	4,847,164	23.92


		Year	Fund	Gross Leasable Area				In Place Occupancy				Leased	Annualized
Property	Key Tenants	Acquired	Ownership %	Street	Anchors	Shops	Total	Street	Anchors	Shops	Total	Occupancy	Base Rent (ABR)	ABR PSF
WEST
Nevada
LINQ Promenade	Yard House, Brooklyn Bowl, I Love Sugar, Starbucks, Welcome to Las Vegas, In-N-Out Burger	2024	15.0%	—	—	182,926	182,926	—%	—%	96.2%	96.2%	99.6%	14,497,152	82.35
Total - Other Co-investment Vehicles				—	246,589	377,932	624,521	—	100.0%	93.3%	96.0%	96.9%	$25,280,598	$42.18

TOTAL INVESTMENT MANAGEMENT PROPERTIES				141,298	4,817,255	3,972,106	8,930,659	80.4%	96.2%	88.7%	92.6%	93.8%	$169,178,859	$20.46


Acadia Share of Total Investment Management Properties				32,709	1,148,321	909,668	2,090,698	80.4%	97.0%	85.7%	91.8%	93.6%	$43,842,108	$22.84

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 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.

In place occupancy excludes short-term percentage rent.

Property also includes 12,371 square feet of 2nd floor office space and a 29,760 square foot parking garage (13 spaces).

Property also includes 93,259 square feet of office space.

Ownership percentages for other co-investment vehicles are presented at our pro rata share.

     Investment Management Lease Expirations

     (Pro-Rata Basis)


	FUND II														FUND III
			GLA							ABR							GLA							ABR
	Leases		Expiring		Percent							Percent			Leases		Expiring		Percent							Percent
Year	Expiring		SF		of Total			Amount		PSF		of Total			Expiring		SF		of Total			Amount		PSF		of Total
M to M 1		—		—		—	%	$	—	$	—		—	%		—		—		—	%	$	—	$	—		—	%
2025 (Remainder)		1		2,353		1.0	%		175,815		74.73		1.5	%		—		—		—	%		—		—		—	%
2026		2		3,115		1.3	%		312,746		100.40		2.7	%		—		—		—	%		—		—		—	%
2027		3		15,292		6.2	%		1,246,815		81.53		10.7	%		1		306		29.4	%		77,741		254.05		27.3	%
2028		1		552		0.2	%		120,863		219.00		1.0	%		—		—		—	%		—		—		—	%
2029		1		580		0.2	%		91,368		157.59		0.8	%		1		177		17.0	%		43,413		245.36		15.3	%
2030		—		—		—	%		—		—		—	%		1		226		21.7	%		57,142		252.55		20.1	%
2031		—		—		—	%		—		—		—	%		—		—		—	%		—		—		—	%
2032		2		74,323		30.3	%		928,816		12.50		8.0	%		—		—		—	%		—		—		—	%
2033		3		18,877		7.7	%		897,049		47.52		7.7	%		—		—		—	%		—		—		—	%
2034		4		4,968		2.0	%		534,820		107.66		4.6	%		1		173		16.6	%		47,117		271.57		16.6	%
Thereafter		9		125,076		51.0	%		7,344,362		58.72		63.0	%		2		160		15.3	%		58,896		369.23		20.7	%
Total 2		26		245,134		100.0	%	$	11,652,654	$	47.54		100.0	%		6		1,042		100.0	%	$	284,308	$	272.79		100.0	%

				66,485	Total Vacant 2													74	Total Vacant 2
				311,620	Total Square Feet 2													1,116	Total Square Feet 2

	FUND IV														FUND V
			GLA							ABR							GLA							ABR
	Leases		Expiring		Percent							Percent			Leases		Expiring		Percent							Percent
Year	Expiring		SF		of Total			Amount		PSF		of Total			Expiring		SF		of Total			Amount		PSF		of Total
M to M 1		—		—		—	%	$	—	$	—		—	%		5		1,103		0.1	%	$	26,619	$	24.14		—	%
2025 (Remainder)		5		2,197		4.1	%		587,392		267.35		27.6	%		45		63,626		4.7	%		1,219,353		19.16		6.0	%
2026		2		731		1.4	%		63,021		86.26		3.0	%		95		121,314		8.9	%		2,348,019		19.35		11.0	%
2027		5		3,245		6.0	%		187,791		57.86		8.8	%		91		204,538		15.0	%		2,763,734		13.51		13.0	%
2028		5		3,631		6.8	%		104,668		28.83		4.9	%		89		173,870		12.8	%		3,274,343		18.83		15.0	%
2029		4		14,941		27.8	%		359,337		24.05		16.9	%		97		214,170		15.7	%		3,375,788		15.76		15.0	%
2030		2		664		1.2	%		42,474		63.94		2.0	%		60		180,465		13.3	%		2,551,492		14.14		12.0	%
2031		3		1,488		2.8	%		124,004		83.35		5.8	%		31		67,752		5.0	%		1,000,609		14.77		5.0	%
2032		4		19,666		36.6	%		402,555		20.47		18.9	%		34		74,981		5.5	%		1,210,684		16.15		5.0	%
2033		3		4,874		9.1	%		113,423		23.27		5.3	%		33		78,410		5.8	%		1,280,277		16.33		6.0	%
2034		3		1,199		2.2	%		52,355		43.66		2.5	%		41		90,042		6.6	%		1,523,624		16.92		7.0	%
Thereafter		2		1,125		2.1	%		88,821		78.93		4.2	%		34		89,866		6.6	%		1,488,545		16.56		5.0	%
Total 2		38		53,760		100.0	%	$	2,125,841	$	39.54		100.0	%		655		1,360,135		100.0	%	$	22,063,086	$	16.22		100.0	%

				11,218	Total Vacant 2													88,865	Total Vacant 2
				64,979	Total Square Feet 2													1,448,999	Total Square Feet 2

     Investment Management Lease Expirations (Continued)

     (Pro-Rata Basis)


	OTHER CO-INVESTMENT VEHICLES														TOTAL INVESTMENT MANAGEMENT
			GLA							ABR							GLA							ABR
	Leases		Expiring		Percent							Percent			Leases		Expiring		Percent							Percent
	Expiring		SF		of Total			Amount		PSF		of Total			Expiring		SF		of Total			Amount		PSF		of Total
M to M 1		—		—		—	%	$	—	$	—		—	%		5		1,103		0.1	%	$	26,619	$	24.14		0.1	%
2025 (Remainder)		9		8,954		3.4	%		401,449		44.83		5.2	%		60		77,130		4.0	%		2,384,009		30.91		5.4	%
2026		10		23,818		9.2	%		707,086		29.69		9.2	%		109		148,977		7.8	%		3,430,871		23.03		7.8	%
2027		21		37,628		14.5	%		1,139,189		30.27		14.8	%		121		261,010		13.6	%		5,415,270		20.75		12.4	%
2028		21		78,810		30.3	%		1,627,329		20.65		21.1	%		116		256,862		13.4	%		5,127,202		19.96		11.7	%
2029		23		36,151		13.9	%		2,034,782		56.28		26.4	%		126		266,019		13.9	%		5,904,687		22.20		13.5	%
2030		12		37,029		14.3	%		829,849		22.41		10.8	%		75		218,385		11.4	%		3,480,956		15.94		7.9	%
2031		2		2,038		0.8	%		139,298		68.34		1.8	%		36		71,278		3.7	%		1,263,911		17.73		2.9	%
2032		1		1,945		0.7	%		68,075		35.00		0.9	%		41		170,914		8.9	%		2,610,130		15.27		6.0	%
2033		6		25,118		9.7	%		539,194		21.47		7.0	%		45		127,278		6.6	%		2,829,943		22.23		6.5	%
2034		6		7,999		3.1	%		221,297		27.66		2.9	%		55		104,381		5.4	%		2,379,214		22.79		5.4	%
Thereafter		1		287		0.1	%		8,670		30.17		0.1	%		48		216,514		11.3	%		8,989,295		41.52		20.5	%
Total 2		112		259,778		100.0	%		7,716,218	$	29.70		100.0	%		837		1,919,850		100.0	%	$	43,842,108	$	22.84		100.0	%

				4,206	Total Vacant 2													170,848	Total Vacant 2
				263,984	Total Square Feet 2													2,090,698	Total Square Feet 2

Leases currently under month to month or in process of renewal.

Totals may not foot due to rounding.


						Acadia's Pro-rata Share (in millions)
Property	AKR Pro-rata share	Location	Estimated Stabilization	Est. Sq ft Upon Completion		Costs prior to development / redevelopment		Incurred costs since development / redevelopment		Total Costs to Date		Estimated Future Range				Estimated Total Range
CORE

Development:
Henderson Avenue Expansion 1	100.0%	Dallas, TX	2027/2028		176,000	$	23.1	$	39.7	$	62.8	$	5.7	$	105.7	$	68.5	$	168.5

Redevelopment:
555 9th Street	100.0%	San Francisco, CA	TBD		149,000		141.7		14.9		156.6		10.1		20.1		166.7		176.7
840 N. Michigan Avenue	94.4%	Chicago, IL	TBD		87,000		156.4		0.2		156.6	TBD		TBD		TBD		TBD
Brandywine Holdings	100.0%	Wilmington, DE	2026		138,000		24.0		0.3		24.3		9.8		11.8		34.1		36.1
Westshore Expressway	100.0%	Staten Island, NY	TBD		55,000		18.6		—		18.6	TBD		TBD		TBD		TBD
Mark Plaza	100.0%	Edwardsville, PA	TBD		107,000		3.7		—		3.7	TBD		TBD		TBD		TBD
Bedford Green	100.0%	Bedford Hills, NY	TBD		91,000		50.7		—		50.7	TBD		TBD		TBD		TBD
Total Core Redevelopment						$	395.1	$	15.4	$	410.5	$	19.9	$	31.9	$	200.8	$	212.8

Total Core Development and Redevelopment						$	418.2	$	55.1	$	473.3	$	25.6	$	137.6	$	269.3	$	381.3

INVESTMENT MANAGEMENT

Development:
FUND III
Broad Hollow Commons	24.5%	Farmingdale, NY	2026/2027	TBD		$	3.0	$	5.1	$	8.1	TBD		TBD		TBD		TBD

Redevelopment:
FUND IV
717 N. Michigan Avenue	23.1%	Chicago, IL	TBD	TBD			26.9		0.9		27.8	TBD		TBD		TBD		TBD
Total Investment Management Development and Redevelopment						$	29.9	$	6.0	$	35.9	$	—	$	—	$	—	$	—

Total Core and Investment Management Development and Redevelopment						$	448.1	$	61.1	$	509.2	$	25.6	$	137.6	$	269.3	$	381.3


Pre-Stabilized:
City Point (Fund II)	61.7%	Brooklyn, NY	2025/2026	536,198
210 Bowery (Fund IV)	23.1%	New York, NY	2025	2,538
801 Madison (Fund IV)	23.1%	New York, NY	2025	2,522
27 E 61st Street (Fund IV)	23.1%	New York, NY	2025	4,177
1035 Third Avenue (Fund IV)	23.1%	New York, NY	2025	7,634
651-671 West Diversey (Core)	100.0%	Chicago, IL	2026/2027	40,000
Route 6 Mall (Core)	100.0%	Honesdale, PA	2026	154,000
Mad River (Core)	100.0%	Dayton, OH	2027	126,000
664 N. Michigan Avenue (Core)	100.0%	Chicago, IL	2026	17,000
2323-2409 Henderson Avenue (Core)	100.0%	Dallas, TX	2026	38,500
City Center (Core)	100.0%	San Francisco, CA	2026	241,000
85 5th Avenue (Core)	100.0%	New York, NY	2025	13,000
97 North 6th Street (Core)	100.0%	Brooklyn, NY	2025	9,250

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


Company Information

Acadia Realty Trust is an equity real estate investment trust that owns and operates a high-quality core real estate portfolio (“Core” or “Core Portfolio”) of street and open-air retail properties in the nation's most dynamic retail corridors, along with an investment management platform that targets opportunistic and value-add investments through its institutional co-investment vehicles (“Investment Management”). For further information, please visit www.acadiarealty.com.


Contact Information

	Corporate Headquarters	Investor Relations	New York Stock Exchange
	411 Theodore Fremd Avenue	(914) 288-8100	Symbol AKR
	Suite 300	investorrelations@acadiarealty.com
	Rye, NY 10580


Analyst Coverage

	Bank of America / Merrill Lynch	Citigroup - Global Markets	KeyBanc Capital Markets, Inc.
	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
	Linda Tsai (212) 778-8011	Ki Bin Kim, CFA (212) 303-4124
	ltsai@jefferies.com	kibin.kim@truist.com


Section I – Second 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	15
Other Information
Transactional Activity	16
2025 Guidance	17
Net Asset Valuation Information	18
Selected Financial Ratios	19
Debt Analysis
Summary	0
Detail	21
Maturities	0
Interest Rate Summary	25
Section III – Core Portfolio Information
Core Properties	26
Core Top Tenants	30
Core Lease Expirations	31
Core New and Renewal Rent Spreads	32
Core Capital Expenditures	33
Section IV – Investment Management Information
Fund Overview	34
Investment Management Properties	35
Investment Management Lease Expirations	39
Development and Redevelopment Activity	41
Section V – Other Information
Important Notes	43


Table of Contents