Three Months Ended September 30,

Nine Months Ended September 30,

(dollars in thousands, except per share data)

2026

2025

2026

2025

Numerator:

Net (loss) income attributable to Acadia shareholders

$

(3,594

)

$

5,618

$

37,921

$

9,189

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

—

(888

)

(5,661

)

(888

)

Less: net income attributable to participating securities

(332

)

(340

)

(996

)

(1,017

)

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

$

(3,926

)

$

4,390

$

31,264

$

7,284

Denominator:

Weighted average shares for basic earnings per share

137,648,134

131,019,918

134,197,552

127,812,182

Effect of dilutive securities:

Employee unvested restricted shares

—

2,312

—

6,531

Assumed settlement of forward sales agreements (Note 10)

—

—

281,876

—

Denominator for diluted earnings per share

137,648,134

131,022,230

134,479,428

127,818,713

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

$

(0.03

)

$

0.03

$

0.23

$

0.06

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

$

(0.03

)

$

0.03

$

0.23

$

0.06

Anti-Dilutive Shares Excluded from Denominator:

Series A Preferred OP Units

188

188

188

188

Series A Preferred OP Units - Common share equivalent

25,067

25,067

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

—

77,046

—

72,827

Shares outstanding under the forward sales agreement (Note 10)

16,968,879

12,759,835

9,242,996

12,759,835