Three Months Ended June 30,

Six Months Ended June 30,

(dollars in thousands, except per share data)

2026

2025

2026

2025

Numerator:

Net income attributable to Acadia shareholders

$

11,038

$

1,963

$

41,515

$

3,571

Less: adjustment of redeemable non-controlling interest to estimated redemption value (Note 10)

(3,868

)

—

(5,661

)

—

Less: net income attributable to participating securities

(332

)

(338

)

(665

)

(677

)

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

$

6,838

$

1,625

$

35,189

$

2,894

Denominator:

Weighted average shares for basic earnings per share

133,626,890

130,981,401

132,443,666

126,181,730

Effect of dilutive securities:

Series A Preferred OP Units

—

—

—

—

Employee unvested restricted shares

—

—

—

—

Assumed settlement of forward sales agreements (Note 10)

198,047

—

198,047

—

Denominator for diluted earnings per share

133,824,937

130,981,401

132,641,713

126,181,730

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

$

0.05

$

0.01

$

0.27

$

0.02

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

$

0.05

$

0.01

$

0.27

$

0.02

Anti-Dilutive Shares Excluded from Denominator:

Series A Preferred OP Units

—

188

—

188

Series A Preferred OP Units - Common share equivalent

—

25,067

—

25,067

Series C Preferred OP Units

—

66,519

—

66,519

Series C Preferred OP Units - Common share equivalent

—

230,967

—

230,967

Restricted shares

—

79,358

—

79,358

Shares outstanding under the forward sales agreement (Note 10)

9,000,000

2,445,106

9,000,000

2,445,106