For the Three Months Ended September 30, 2026

REIT
Portfolio

Investment
Management

Structured
Financing

Unallocated

Total

Rental revenue

$

65,232

$

25,163

$

—

$

—

$

90,395

Other revenue

1,281

3,307

—

—

4,588

Depreciation and amortization expenses

(24,673

)

(10,899

)

—

—

(35,572

)

Property operating expenses

(9,860

)

(6,745

)

—

—

(16,605

)

Real estate taxes

(7,196

)

(2,575

)

—

—

(9,771

)

General and administrative expenses

—

—

—

(11,912

)

(11,912

)

Impairment charges

(11,660

)

—

—

—

(11,660

)

Gain on disposition of properties

192

569

—

—

761

Operating income

13,316

8,820

—

(11,912

)

10,224

Interest income

—

—

4,546

—

4,546

Equity in earnings (losses) of unconsolidated affiliates

1,028

(1,495

)

—

—

(467

)

Interest expense

(13,030

)

(6,897

)

—

—

(19,927

)

Income tax benefit

—

—

—

1

1

Net income

1,314

428

4,546

(11,911

)

(5,623

)

Net loss attributable to redeemable noncontrolling interests

—

25

—

—

25

Net loss attributable to noncontrolling interests

170

1,834

—

—

2,004

Net income attributable to Acadia shareholders

$

1,484

$

2,287

$

4,546

$

(11,911

)

$

(3,594

)

For the Three Months Ended September 30, 2025

REIT
Portfolio

Investment
Management

Structured
Financing

Unallocated

Total

Rental revenue

$

57,162

$

41,552

$

—

$

—

$

98,714

Other revenue

876

1,416

—

—

2,292

Depreciation and amortization expenses

(22,663

)

(16,221

)

—

—

(38,884

)

Property operating expenses

(7,732

)

(8,895

)

—

—

(16,627

)

Real estate taxes

(7,469

)

(4,363

)

—

—

(11,832

)

General and administrative expenses

—

—

—

(10,924

)

(10,924

)

Impairment charges

—

(12,570

)

—

—

(12,570

)

Gain (loss) on disposition of properties

2,756

(241

)

—

—

2,515

Operating income

22,930

678

—

(10,924

)

12,684

Interest income

—

—

6,121

—

6,121

Equity in losses of unconsolidated affiliates

(135

)

(3,559

)

—

—

(3,694

)

Interest expense

(10,753

)

(13,551

)

—

—

(24,304

)

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

(2,205

)

—

445

—

(1,760

)

Income tax provision

—

—

—

(2

)

(2

)

Net income (loss)

9,837

(16,432

)

6,566

(10,926

)

(10,955

)

Net loss attributable to redeemable noncontrolling interests

—

1,567

—

—

1,567

Net (income) loss attributable to noncontrolling interests

(151

)

15,157

—

—

15,006

Net income attributable to Acadia shareholders

$

9,686

$

292

$

6,566

$

(10,926

)

$

5,618

As of or for the Nine Months Ended September 30, 2026

REIT
Portfolio

Investment
Management

Structured
Financing

Unallocated

Total

Rental revenue

$

193,790

$

86,361

$

—

$

—

$

280,151

Other revenue

2,910

10,337

—

—

13,247

Depreciation and amortization expenses

(73,017

)

(37,872

)

—

—

(110,889

)

Property operating expenses

(30,115

)

(21,778

)

—

—

(51,893

)

Real estate taxes

(26,568

)

(8,860

)

—

—

(35,428

)

General and administrative expenses

—

—

(38,997

)

(38,997

)

Impairment charges

(11,660

)

—

—

(11,660

)

(Loss) gain on disposition of properties

(224

)

147,102

—

—

146,878

Operating income

55,116

175,290

—

(38,997

)

191,409

Interest income

—

—

15,891

—

15,891

Equity in earnings of unconsolidated affiliates

998

10,956

—

—

11,954

Interest expense

(37,323

)

(24,799

)

—

—

(62,122

)

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

(649

)

—

—

—

(649

)

Income tax provision

—

—

—

(165

)

(165

)

Net income

18,142

161,447

15,891

(39,162

)

156,318

Net loss attributable to redeemable noncontrolling interests

—

1,704

—

—

1,704

Net income attributable to noncontrolling interests

(1,501

)

(118,600

)

—

—

(120,101

)

Net income attributable to Acadia shareholders

$

16,641

$

44,551

$

15,891

$

(39,162

)

$

37,921

Real estate at cost (a)

$

3,727,461

$

1,310,486

$

—

$

—

$

5,037,947

Total assets (a)

$

3,519,731

$

1,101,469

$

208,535

$

—

$

4,829,735

Cash paid for acquisition of real estate

$

341,161

$

—

$

—

$

—

$

341,161

Cash paid for development and property improvement costs

$

71,406

$

8,806

$

—

$

—

$

80,212

As of or for the Nine Months Ended September 30, 2025

REIT
Portfolio

Investment
Management

Structured
Financing

Unallocated

Total

Rental revenue

$

178,635

$

121,016

$

—

$

—

$

299,651

Other revenue

2,163

4,178

—

—

6,341

Depreciation and amortization expenses

(68,792

)

(48,801

)

—

—

(117,593

)

Property operating expenses

(25,924

)

(26,507

)

—

—

(52,431

)

Real estate taxes

(25,207

)

(13,245

)

—

—

(38,452

)

General and administrative expenses

—

—

—

(34,053

)

(34,053

)

Impairment charges

—

(37,210

)

—

—

(37,210

)

Gain (loss) on disposition of properties

2,756

(241

)

—

—

2,515

Operating income (loss)

63,631

(810

)

—

(34,053

)

28,768

Interest income

—

—

18,575

—

18,575

Equity in losses of unconsolidated affiliates

(344

)

(9,254

)

—

—

(9,598

)

Interest expense

(29,687

)

(41,468

)

—

—

(71,155

)

Loss on change in control

(9,622

)

—

—

—

(9,622

)

Realized and unrealized holding losses on investments and other

(831

)

—

638

—

(193

)

Income tax provision

—

—

—

(329

)

(329

)

Net income (loss)

23,147

(51,532

)

19,213

(34,382

)

(43,554

)

Net loss attributable to redeemable noncontrolling interests

—

4,960

—

—

4,960

Net loss attributable to noncontrolling interests

194

47,589

—

—

47,783

Net income attributable to Acadia shareholders

$

23,341

$

1,017

$

19,213

$

(34,382

)

$

9,189

Real estate at cost (a)

$

3,298,167

$

1,828,085

$

—

$

—

$

5,126,252

Total assets (a)

$

3,157,469

$

1,562,958

$

154,765

$

—

$

4,875,192

Cash paid for acquisition of real estate

$

276,852

$

130,055

$

—

$

—

$

406,907

Cash paid for development and property improvement costs

$

72,019

$

14,619

$

—

$

—

$

86,638