For the Three Months Ended June 30, 2026

REIT
Portfolio

Investment
Management

Structured
Financing

Unallocated

Total

Rental revenue

$

65,944

$

25,244

$

—

$

—

$

91,188

Other revenue

1,030

3,205

—

—

4,235

Depreciation and amortization expenses

(23,973

)

(11,189

)

—

—

(35,162

)

Property operating expenses

(9,956

)

(7,083

)

—

—

(17,039

)

Real estate taxes

(10,018

)

(2,717

)

—

—

(12,735

)

General and administrative expenses

—

—

—

(11,782

)

(11,782

)

Impairment charges

—

—

—

—

—

Gain (loss) on disposition of properties

(416

)

4,385

—

—

3,969

Operating income

22,611

11,845

—

(11,782

)

22,674

Interest income

—

—

6,557

—

6,557

Equity in (losses) earnings of unconsolidated affiliates

(80

)

14,009

—

—

13,929

Interest expense

(12,090

)

(8,053

)

—

—

(20,143

)

Realized and unrealized holding (losses) gains on investments and other

(33

)

—

—

—

(33

)

Income tax provision

—

—

—

(154

)

(154

)

Net income

10,408

17,801

6,557

(11,936

)

22,830

Net loss attributable to redeemable noncontrolling interests

—

981

—

—

981

Net income attributable to noncontrolling interests

(435

)

(12,338

)

—

—

(12,773

)

Net income attributable to Acadia shareholders

$

9,973

$

6,444

$

6,557

$

(11,936

)

$

11,038

For the Three Months Ended June 30, 2025

REIT
Portfolio

Investment
Management

Structured
Financing

Unallocated

Total

Rental revenue

$

57,699

$

40,598

$

—

$

—

$

98,297

Other revenue

604

1,691

—

—

2,295

Depreciation and amortization expenses

(22,446

)

(16,823

)

—

—

(39,269

)

Property operating expenses

(8,639

)

(8,885

)

—

—

(17,524

)

Real estate taxes

(8,780

)

(4,537

)

—

—

(13,317

)

General and administrative expenses

—

—

—

(11,532

)

(11,532

)

Impairment charges

—

(18,190

)

—

—

(18,190

)

Operating income (loss)

18,438

(6,146

)

—

(11,532

)

760

Interest income

—

—

6,358

—

6,358

Equity in losses of unconsolidated affiliates

(522

)

(3,669

)

—

—

(4,191

)

Interest expense

(9,555

)

(14,049

)

—

—

(23,604

)

Realized and unrealized holding (losses) gains on investments and other

(411

)

—

357

—

(54

)

Income tax provision

—

—

—

(211

)

(211

)

Net income (loss)

7,950

(23,864

)

6,715

(11,743

)

(20,942

)

Net loss attributable to redeemable noncontrolling interests

—

1,724

—

—

1,724

Net loss attributable to noncontrolling interests

136

21,045

—

—

21,181

Net income attributable to Acadia shareholders

$

8,086

$

(1,095

)

$

6,715

$

(11,743

)

$

1,963

As of or for the Six Months Ended June 30, 2026

REIT
Portfolio

Investment
Management

Structured
Financing

Unallocated

Total

Rental revenue

$

128,558

$

61,198

$

—

$

—

$

189,756

Other revenue

1,629

7,030

—

—

8,659

Depreciation and amortization expenses

(48,344

)

(26,973

)

—

—

(75,317

)

Property operating expenses

(20,255

)

(15,033

)

—

—

(35,288

)

Real estate taxes

(19,372

)

(6,285

)

—

—

(25,657

)

General and administrative expenses

—

—

(27,085

)

(27,085

)

Impairment charges

—

—

—

—

Gain on disposition of properties

(416

)

146,533

—

—

146,117

Operating income

41,800

166,470

—

(27,085

)

181,185

Interest income

—

—

11,345

—

11,345

Equity in (losses) earnings of unconsolidated affiliates

(30

)

12,451

—

—

12,421

Interest expense

(24,393

)

(17,802

)

—

—

(42,195

)

Realized and unrealized holding (losses) gains on investments and other

(649

)

—

—

—

(649

)

Income tax provision

—

—

—

(166

)

(166

)

Net income

16,728

161,119

11,345

(27,251

)

161,941

Net loss attributable to redeemable noncontrolling interests

—

1,679

—

—

1,679

Net income attributable to noncontrolling interests

(1,671

)

(120,434

)

—

—

(122,105

)

Net income attributable to Acadia shareholders

$

15,057

$

42,364

$

11,345

$

(27,251

)

$

41,515

Real estate at cost (a)

$

3,569,687

$

1,306,786

$

—

$

—

$

4,876,473

Total assets (a)

$

3,355,631

$

1,107,375

$

154,501

$

—

$

4,617,507

Cash paid for acquisition of real estate

$

196,302

$

—

$

—

$

—

$

196,302

Cash paid for development and property improvement costs

$

50,832

$

6,457

$

—

$

—

$

57,289

As of or for the Six Months Ended June 30, 2025

REIT
Portfolio

Investment
Management

Structured
Financing

Unallocated

Total

Rental revenue

$

121,473

$

79,464

$

—

$

—

$

200,937

Other revenue

1,287

2,762

—

—

4,049

Depreciation and amortization expenses

(46,129

)

(32,580

)

—

—

(78,709

)

Property operating expenses

(18,192

)

(17,612

)

—

—

(35,804

)

Real estate taxes

(17,738

)

(8,882

)

—

—

(26,620

)

General and administrative expenses

—

—

—

(23,129

)

(23,129

)

Impairment charges

—

(24,640

)

—

—

(24,640

)

Operating income (loss)

40,701

(1,488

)

—

(23,129

)

16,084

Interest income

—

—

12,454

—

12,454

Equity in earnings (losses) of unconsolidated affiliates

(209

)

(5,695

)

—

—

(5,904

)

Interest expense

(18,934

)

(27,917

)

—

—

(46,851

)

Loss on change in control

(9,622

)

—

—

—

(9,622

)

Realized and unrealized holding losses on investments and other

1,374

—

193

—

1,567

Income tax provision

—

—

—

(327

)

(327

)

Net income (loss)

13,310

(35,100

)

12,647

(23,456

)

(32,599

)

Net loss attributable to redeemable noncontrolling interests

—

3,393

—

—

3,393

Net loss attributable to noncontrolling interests

345

32,432

—

—

32,777

Net income attributable to Acadia shareholders

$

13,655

$

725

$

12,647

$

(23,456

)

$

3,571

Real estate at cost (a)

$

3,281,496

$

1,815,145

$

—

$

—

$

5,096,641

Total assets (a)

$

3,112,930

$

1,607,957

$

154,682

$

—

$

4,875,569

Cash paid for acquisition of real estate

$

276,852

$

67,795

$

—

$

—

$

344,647

Cash paid for development and property improvement costs

$

42,030

$

5,498

$

—

$

—

$

47,528