アカディアリアルティトラストの適時開示・決算・その他

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): April 29, 2025

ACADIA REALTY TRUST

(Exact name of registrant as specified in its charter)


Maryland	1-12002	23-2715194
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

411 Theodore Fremd Avenue

Suite 300

Rye, New York 10580

(Address of principal executive offices) (Zip Code)

(914) 288-8100

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading symbol	Name of exchange on which registered
Common shares of beneficial interest, par value $0.001 per share	AKR	The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On April 29, 2025, Acadia Realty Trust (the “Company”) issued a press release announcing its consolidated financial results for the quarter ended March 31, 2025. A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1 and incorporated herein by reference.

On the same day, the Company made available supplemental reporting information regarding the financial results, operations and portfolio of the Company as of and for the quarter ended March 31, 2025. A copy of the supplemental reporting information is attached to this Current Report on Form 8-K as Exhibit 99.2 and incorporated herein by reference.

The information included in this Item 2.02, including the information included in Exhibits 99.1 and 99.2 attached hereto, is intended to be “furnished” pursuant to Item 2.02, and is not deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference into any filing under the Securities Act of 1933, as amended (“Securities Act”) or the Exchange Act, or otherwise subject to the liabilities of Sections 11 and 12 (a)(2) of the Securities Act.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits




Exhibit Number	Description
99.1	Press release dated April 29, 2025
99.2	Supplemental Reporting Information as of and for the quarter ended March 31, 2025
104	Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101.)

SIGNATURES

Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	ACADIA REALTY TRUST
Dated:	(Registrant)

	By:	/s/ John Gottfried
	Name:	John Gottfried
April 29, 2025	Title:	Executive Vice President and Chief Financial Officer

EX-99.1 2 akr-ex99_1.htm EX-99.1 EX-99.1

Exhibit 99.1

Acadia Realty Trust

(914) 288-8100

ACADIA REALTY TRUST REPORTS FIRST QUARTER OPERATING RESULTS

•

First Quarter 2025 GAAP Net Earnings of $0.01 per share and FFO Before Special Items of $0.34 per share

•

Increased Full Year 2025 NAREIT FFO and FFO Before Special Items Guidance and updated GAAP Net Earnings

•

GAAP and Cash Spreads on New Leases of 71% and 59% Driven by the Street Portfolio

•

Completed $373 Million of Accretive Core and Investment Management Transactions year-to-date (of which $197 million were previously announced)

•

Increased SNO pipeline to $8.9 million (approximately 6% of ABR) from $7.7 million

•

Core Same Property NOI Growth of 4.1% driven by the Street Portfolio (Growth of 6.8%) and Reaffirmed 5-6% Full Year Guidance

RYE, NY (April 29, 2025) - Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”) today reported operating results for the quarter ended March 31, 2025. All per share amounts are on a fully-diluted basis, where applicable. Acadia owns and operates a high-quality real estate portfolio of street and open-air retail properties in the nation's most dynamic retail corridors ("Core" or "Core Portfolio"), along with an investment management platform that targets opportunistic and value-add investments through its institutional co-investment vehicles ("Investment Management").

     Kenneth F. Bernstein, President and CEO of Acadia, commented:

    

     “We began the year with continued momentum from the most impactful growth drivers of our business. Our street portfolio continues to be the key contributor to our internal growth, delivering 6.8% same-property NOI growth for the quarter. In addition to a stable leasing environment, we continue to deploy capital in a disciplined manner, completing approximately $375 million year-to-date in accretive acquisitions for our Core and Investment Management Platforms. These acquisitions increased our scale in our key high growth corridors of New York City (SoHo, Williamsburg) and M Street in Georgetown and this scale has proven successful in our ability to grow rents. Despite macro uncertainty, we believe that our strong internal growth and the strength of our balance sheet position us well for continued earnings growth, enabling us to exceed our expectations for the quarter and raise our full-year guidance."

    

1

FINANCIAL RESULTS

A complete reconciliation, in dollars and per share amounts, of (i) net income attributable to Acadia to Funds From Operations ("FFO") (as defined by NAREIT and Before Special Items) attributable to common shareholders and common OP Unit holders and (ii) operating income to NOI is included in the financial tables of this release. The amounts discussed below are net of noncontrolling interests and all per share amounts are on a fully-diluted basis.


	Financial Results
	2025	2024
	1Q	1Q

Net earnings per share attributable to Acadia	$0.01	$0.03
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share)	0.24	0.24
Loss on disposition on real estate properties (net of noncontrolling interest share)	—	0.01
Impairment charges (net of noncontrolling interest share)	0.01	—
Loss on change in control	0.08	—
NAREIT Funds From Operations per share attributable to Common Shareholders and Common OP Unit holders	$0.34	$0.28
Net unrealized holding (gain) loss 1	(0.01)	0.01
Funds From Operations Before Special Items and Realized Gains and Promotes per share attributable to Common Shareholders and Common OP Unit holders	$0.34 2	$0.29
Realized gains and promotes1	—	0.04
Funds From Operations Before Special Items per share attributable to Common Shareholders and Common OP Unit holders	$0.34	$0.33

________

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 had no realized investment gains for the quarter ended March 31, 2025, and had realized investment gains of $4.0 million for the quarter ended March 31, 2024. Refer to the "Notes to Financial Highlights" on page 14 of this document. Additionally, and as previously discussed, the Company recognized approximately $8.0 million, or $0.06 per share, related to the termination of its lease with Whole Foods at City Center for the quarter ended March 31, 2025.

Total does not foot due to rounding.

2

     Net Income
•Net income for the quarter ended March 31, 2025, was $1.3 million, or $0.01 per share. This includes a non-cash charge of $9.6 million, or $0.08 per share, due to the change in control accounting related to the Company's increased ownership and control of the Georgetown Renaissance Portfolio.
•This compares with net income of $3.0 million, or $0.03 per share, for the quarter ended March 31, 2024.
 
NAREIT FFO
•NAREIT Funds From Operations ("NAREIT FFO") for the quarter ended March 31, 2025 was $44.6 million, or $0.34 per share.
•This compares with NAREIT FFO of $31.0 million, or $0.28 per share, for the quarter ended March 31, 2024.
 
FFO Before Special Items
•Funds From Operations ("FFO") Before Special Items for the quarter ended March 31, 2025 was $43.4 million, or $0.34 per share. The Company did not have any realized investment gains from the sale of Albertson's stock during the quarter ended March 31, 2025 and reaffirmed its expectations of $16.0-$19.0 million of realized gains and promotes for its full year 2025 guidance.
•This compares with FFO Before Special Items of $37.0 million, or $0.33 per share, for the quarter ended March 31, 2024, which includes $4.0 million, or $0.04 per share, of realized investment gains from the sale of Albertsons' stock and $0.03 per share from a payment related to a terminated disposition.
During the quarter ended March, 31, 2025, as previously announced, the lease with Whole Foods at City Center in San Francisco was terminated. As previously discussed, the Company received payments of approximately $6.0 million and $2.0 million ($8.0 million or $0.06 per share in the aggregate) that it has recognized as rental and termination income, respectively, which are included in Net Income, NAREIT FFO and FFO Before Special Items. Within its pro-rata supplemental financial information, the aggregate payments of approximately $8.0 million are included in ‘Other Income’ and are excluded from Same Property NOI.
 

    

3

CORE PORTFOLIO PERFORMANCE

     Same-Property NOI
•Same-Property Net Operating Income ("NOI") growth, excluding redevelopments, increased 4.1% for the first quarter, driven by growth of 6.8% from the street portfolio. 
•The Company reaffirmed its full year 2025 guidance of 5-6%.
Leasing and Occupancy Update
•As of March 31, 2025, Core Portfolio leased and occupied percentages declined by 30 and 140 basis points, respectively, to 95.5% leased and 91.7% occupied compared to 95.8% leased and 93.1% occupied as of December 31, 2024. The occupancy decline was primarily the result of an anticipated expiration of a locally operated anchor in a suburban shopping center. This space has been profitably re-leased with rent commencement expected in the third quarter of 2025.
•Core Signed Not Open ("SNO") pipeline (excluding redevelopments) increased to approximately $8.9 million of annualized base rent (“ABR”) at March 31, 2025, which represented approximately 6% of in-place rents.
•For the quarter ended March 31, 2025, conforming GAAP and cash leasing spreads on new leases were 71% and 59%, respectively, primarily driven by street leases in its Georgetown Renaissance Portfolio.
oFollowing its increased ownership and control of the Georgetown Portfolio in January 2025, the Company generated cash spreads of 74% on two new leases executed on M Street with an apparel retailer and a well-known technology company.
•Within its Core Redevelopment Portfolio, the Company signed a new lease with T&T Supermarket, a subsidiary of Loblaw Companies Limited, at City Center in San Francisco, California. This lease replaced the lease that was terminated with Whole Foods.  T&T Supermarket is Canada’s largest Asian grocery store chain. T&T intends to operate a full-service unique shopping experience with a vast selection of authentic Asian products that aims to create a destination for bringing the community together with food. The lease with T&T is subject to customary conditions and approvals, and is currently anticipated to commence in the second half of 2026.

    

4

ACQUISITION ACTIVITY

During the quarter ended March 31, 2025 and year-to-date 2025, the Company completed approximately $373 million of acquisitions (of which $197 million were previously announced), which is comprised of $305 million of Core acquisitions and $68 million of an Investment Management acquisition.

Amounts below are exclusive of transaction costs.

Core Portfolio Acquisitions – First Quarter of 2025 and 2025 To-Date

Completed: Approximately $305 million Street Retail Investments (of which $197 million were previously announced)

•

Williamsburg, Brooklyn, New York. In April 2025, the Company completed the acquisition of 95, 97 and 107 North 6th Street in Williamsburg, Brooklyn, a collection of three retail storefronts for $61 million. This acquisition increased its ownership on North 6th Street to 7 storefronts, providing the scale necessary to curate and create value on what has emerged as a must have market/street for retailers.

•

Flatiron/Union Square, Manhattan, New York. In April 2025, the Company completed the acquisition of 85 5th Avenue for $47 million located on a key corner in the vibrant Flatiron/Union Square neighborhood of Manhattan. The property is fully leased to a high credit tenant.

As previously announced, the Company completed $197 million from the following acquisitions:

•

SoHo, Manhattan, New York. During the first quarter, the Company completed the acquisition of approximately $80 million of street retail assets in SoHo, Manhattan, New York. These acquisitions expanded the Company's existing SoHo Collection to 15 properties and 20 retail stores in one of Manhattan's premier retail corridors.

106 Spring Street, Manhattan, New York. In January 2025 the Company completed the acquisition of 106 Spring Street for $55 million, which is located on the corner of Spring and Mercer Streets. It is leased to the athleisure brand, Vuori.

73 Wooster Street, Manhattan, New York. In January 2025 the Company completed the acquisition of 73 Wooster Street for approximately $25 million, which is located between Spring and Broome Streets. This acquisition provides an opportunity for accretive mark-to-market re-leasing.

•

Georgetown Renaissance Portfolio, Washington, D.C. In January 2025 the Company acquired an additional 48% interest (increasing its existing 20% interest to approximately 68%) in a portfolio of properties which are primarily located in Georgetown, Washington D.C. The 48% interest was acquired for a purchase price of approximately $117 million, based upon a gross portfolio value of approximately $245 million. The Company increased its control over leasing decisions and will manage the day-to-day operations alongside its joint venture partner, EastBanc. The portfolio consists of 36 retail stores located along M Street in Georgetown, which has established itself as one of the nation's top retail destinations. As discussed above, upon increasing its ownership and control, the Company recognized a non-cash accounting adjustment of approximately $9.6 million to remeasure its previously held equity interest.

5

Investment Management Acquisitions – First Quarter of 2025

Completed: Approximately $68 million

•

Pinewood Square, Lake Worth, Florida. During the first quarter of 2025, the Company, through its Investment Management Platform, completed the acquisition of Pinewood Square, an open-air shopping center in Lake Worth, FL for $68 million. This 204,000 square foot center includes T.J. Maxx/HomeGoods and Ross, along with value add and redevelopment opportunities. 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 with an institutional partner.

BALANCE SHEET

•

Equity Activity: On February 14, 2025, the Company entered into a new $500 million at-the-market issuance agreement (replacing its prior $400 million agreement) and raised net proceeds, on a forward basis, of approximately $55.8 million (2.4 million shares) at a net average price of $22.81 per share during the first quarter. To date, the Company has not settled any of these shares. As previously discussed, the Company raised net proceeds of $276.8 million in the fourth quarter of 2024 and January 2025 ($6.2 million was raised in January 2025), from the issuance of 11.2 million shares under its prior at-the-market issuance program on a forward basis at an average price of $24.77 per share. The Company physically settled these forward contracts during the first quarter of 2025 and used the proceeds to pay down its revolving credit facility and fund acquisitions.

In summary, during the first quarter, the Company raised aggregate net proceeds of approximately $62.0 million (2.7 million shares), of which $55.8 million (2.4 million shares) remain unsettled.

•

Debt-to-EBITDA Metrics: Pro-rata Net Debt-to-EBITDA, inclusive of its pro-rata share of its Investment Management Platform was 5.7x at March 31, 2025 as compared to 6.6x at March 31, 2024. Refer to the first quarter 2025 Supplemental Information package for reconciliations and details on financial ratios.

•

No Significant Core Debt Maturities until 2028: 0.2%, 11.4%, and 5.5% of Core debt maturing in 2025, 2026, and 2027, respectively.

6

GUIDANCE

The Company updated its annual 2025 guidance as follows:

•

Net earnings per diluted share of $0.12 to $0.16 from $0.22 to $0.27

•

NAREIT FFO per diluted share of $1.22 to $1.26 from $1.19 to $1.24

•

FFO Before Special items per diluted share to $1.32 to $1.39 from $1.30 to $1.39

It is the Company's policy not to include the estimated financial impact of the acquisition and disposition of assets within its guidance until such transactions are consummated.


	2025 Guidance
	Revised	Prior 1

Net earnings per share attributable to Acadia	$0.12-$0.16	$0.22-$0.27
Impact of transactional activity
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share)	1.00	0.96
Impairment charges (net of noncontrolling interest share)	0.01	—
Loss on change in control	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-$1.26	$1.19-$1.24
Net unrealized holding gain 2	(0.01)	—
Funds From Operations Before Special Items and Realized Gains per share attributable to Common Shareholders and Common OP Unit holders	$1.21-$1.25	$1.19-$1.24
Realized gains and promotes 3	0.11-0.14	0.11-0.15
Funds From Operations Before Special Items per share attributable to Common Shareholders and Common OP Unit holders	$1.32-$1.39	$1.30-$1.39

________

The prior guidance range represents the amounts published on February 11, 2025 in connection with the Company's fourth quarter 2024 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 quarter ended March 31, 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 did not realize any gains for the three months ended March 31, 2025. The Company reaffirms its prior guidance of $16-$19 million of realized gains and promotes. The per share difference between the revised and prior guidance relates to the increased number of shares.

7

CONFERENCE CALL

Management will conduct a conference call on Wednesday, April 30, 2025 at 12:00 PM ET to review the Company’s earnings and operating results. Participant registration and webcast information is listed below.


Live Conference Call:
Date:	Wednesday, April 30, 2025
Time:	12:00 PM ET
Participant call:	First Quarter 2025 Dial-In
Participant webcast:	First Quarter 2025 Webcast
Webcast Listen-only and Replay:	www.acadiarealty.com/investors under Investors, Presentations & Events

The Company uses, and intends to use, the Investors page of its website, which can be found at https://www.acadiarealty.com/investors, as a means of disclosing material nonpublic information and of complying with its disclosure obligations under Regulation FD, including, without limitation, through the posting of investor presentations and certain portfolio updates. Additionally, the Company also uses its LinkedIn profile to communicate with its investors and the public. Accordingly, investors are encouraged to monitor the Investors page of the Company's website and its LinkedIn profile, in addition to following the Company’s press releases, SEC filings, public conference calls, presentations and webcasts.

About Acadia Realty Trust

Acadia Realty Trust is an equity real estate investment trust focused on delivering long-term, profitable growth. Acadia 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.

Safe Harbor Statement

Certain statements in this press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations are generally identifiable by the use of words, such as “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend” or “project,” or the negative thereof, or other variations thereon or comparable terminology. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the Company's actual results and financial performance to be materially different from future results and financial performance expressed or implied by such forward-looking statements, including, but not limited to: (i) macroeconomic conditions, including due to geopolitical instability and global trade disruptions, which may lead to a disruption of or lack of access to the capital markets and other sources of funding, and rising inflation; (ii) the Company’s

8

success in implementing its business strategy and its ability to identify, underwrite, finance, consummate and integrate diversifying acquisitions and investments; (including the potential acquisitions discussed in this press release); (iii) changes in general economic conditions or economic conditions in the markets in which the Company may, from time to time, compete, including the impact of recently announced tariffs on our tenants and their customers, and their effect on the Company’s and our tenants' revenues, earnings and funding sources; (iv) increases in the Company’s borrowing costs as a result of rising inflation, changes in interest rates and other factors; (v) the Company’s ability to pay down, refinance, restructure or extend its indebtedness as it becomes due; (vi) the Company’s investments in joint ventures and unconsolidated entities, including its lack of sole decision-making authority and its reliance on its joint venture partners’ financial condition; (vii) the Company’s ability to obtain the financial results expected from its development and redevelopment projects; (viii) the ability and willingness of the Company's tenants to renew their leases with the Company upon expiration, the Company’s ability to re-lease its properties on the same or better terms in the event of nonrenewal or in the event the Company exercises its right to replace an existing tenant, and obligations the Company may incur in connection with the replacement of an existing tenant; (ix) the Company’s potential liability for environmental matters; (x) damage to the Company’s properties from catastrophic weather and other natural events, and the physical effects of climate change; (xi) the economic, political and social impact of, and uncertainty surrounding, any public health crisis; (xii) uninsured losses; (xiii) the Company’s ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax and other considerations; (xiv) information technology security breaches, including increased cybersecurity risks relating to the use of remote technology; (xv) the loss of key executives; and (xvi) the accuracy of the Company’s methodologies and estimates regarding corporate responsibility metrics, goals and targets, tenant willingness and ability to collaborate towards reporting such metrics and meeting such goals and targets, and the impact of governmental regulation on our corporate responsibility efforts.

The factors described above are not exhaustive and additional factors could adversely affect the Company’s future results and financial performance, including the risk factors discussed under the section captioned “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and other periodic or current reports the Company files with the SEC. Any forward-looking statements in this press release speak only as of the date hereof. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any changes in the Company’s expectations with regard thereto or changes in the events, conditions or circumstances on which such forward-looking statements are based.

9

ACADIA REALTY TRUST AND SUBSIDIARIES

Condensed Consolidated Statements of Operations (1)

(Unaudited, Dollars and Common Shares and Units in thousands, except per share amounts)


	Three Months Ended March 31,
	2025			2024
Revenues
Rental	$	102,640		$	86,037
Other		1,754			5,319
Total revenues		104,394			91,356

Expenses
Depreciation and amortization		39,440			34,940
General and administrative		11,597			9,768
Real estate taxes		13,303			12,346
Property operating		18,280			19,096
Impairment charges		6,450			—
Total expenses		89,070			76,150

Loss on disposition of properties		—			(1,198	)
Operating income		15,324			14,008
Equity in losses of unconsolidated affiliates		(1,713	)		(312	)
Interest income		6,096			5,238
Realized and unrealized holding gains (losses) on investments and other		1,621			(2,051	)
Interest expense		(23,247	)		(23,709	)
Loss on change in control		(9,622	)		—
Loss from continuing operations before income taxes		(11,541	)		(6,826	)
Income tax provision		(116	)		(31	)
Net loss		(11,657	)		(6,857	)
Net loss attributable to redeemable noncontrolling interests		1,669			2,554
Net loss attributable to noncontrolling interests		11,596			7,572
Net income attributable to Acadia shareholders	$	1,608		$	3,269

Less: earnings attributable to unvested participating securities		(339	)		(288	)
Net income attributable to Common Shareholders - basic earnings per share	$	1,269		$	2,981
Income from continuing operations net of income attributable to participating securities for diluted earnings per share	$	1,269		$	2,981

Weighted average shares for basic earnings per share		121,329			102,128
Weighted average shares for diluted earnings per share		121,329			102,128

Net earnings per share - basic (2)	$	0.01		$	0.03
Net earnings per share - diluted (2)	$	0.01		$	0.03

10

ACADIA REALTY TRUST AND SUBSIDIARIES

Reconciliation of Consolidated Net Income to Funds from Operations (1,3)

(Unaudited, Dollars and Common Shares and Units in thousands, except per share amounts)


	Three Months Ended March 31,
	2025			2024

Net income attributable to Acadia	$	1,608		$	3,269

Depreciation of real estate and amortization of leasing costs (net of noncontrolling interests' share)		31,607			27,087
Impairment charges (net of noncontrolling interests' share)		1,583			—
Loss on disposition of properties (net of noncontrolling interests' share)		—			275
Loss on change in control		9,622			—
Income attributable to Common OP Unit holders		96			203
Distributions - Preferred OP Units		67			123
Funds from operations attributable to Common Shareholders and Common OP Unit holders - Diluted	$	44,583		$	30,957

Transaction costs		526			—
Unrealized holding (gain) loss (net of noncontrolling interest share)		(1,672	)		2,015
Realized gain		—			3,994
FFO before Special Items attributable to Common Shareholder and Common OP Unit holders 1	$	43,437		$	36,966

Funds From Operations per Share - Diluted
Basic weighted-average shares outstanding, GAAP earnings		121,329			102,128
Weighted-average OP Units outstanding		7,778			7,717
Assumed conversion of Preferred OP Units to Common Shares		256			464
Assumed conversion of LTIP units and restricted share units to Common Shares		—			742
Weighted average number of Common Shares and Common OP Units		129,363			111,051

Diluted Funds from operations, per Common Share and Common OP Unit	$	0.34		$	0.28

Diluted Funds from operations before Special Items, per Common Share and Common OP Unit	$	0.34		$	0.33

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ACADIA REALTY TRUST AND SUBSIDIARIES

Reconciliation of Consolidated Operating Income to Net Property Operating Income (“NOI”) (1)

(Unaudited, Dollars in thousands)


	Three Months Ended March 31,
	2025			2024

Consolidated operating income	$	15,324		$	14,008
Add back:
General and administrative		11,597			9,768
Depreciation and amortization		39,440			34,940
Impairment charges		6,450			—
Loss on disposition of properties		—			1,198
Less:
Above/below-market rent, straight-line rent and other adjustments		(2,704	)		(4,608	)
Termination income		(8,366	)		—
Consolidated NOI		61,741			55,306

Redeemable noncontrolling interest in consolidated NOI		(1,888	)		(204	)
Noncontrolling interest in consolidated NOI		(17,655	)		(17,768	)
Less: Operating Partnership's interest in Investment Management NOI included above		(6,747	)		(5,341	)
Add: Operating Partnership's share of unconsolidated joint ventures NOI (5)		1,279			3,961
Core Portfolio NOI	$	36,730		$	35,954

Reconciliation of Same-Property NOI

(Unaudited, Dollars in thousands)


	Three Months Ended March 31,
	2025			2024
Core Portfolio NOI	$	36,730		$	35,954
Less properties excluded from Same-Property NOI		(2,889	)		(3,451	)
Same-Property NOI	$	33,841		$	32,503

Percent change from prior year period		4.1	%

Components of Same-Property NOI:
Same-Property Revenues	$	47,636		$	46,445
Same-Property Operating Expenses		(13,795	)		(13,942	)
Same-Property NOI	$	33,841		$	32,503

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ACADIA REALTY TRUST AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (1)

(Unaudited, Dollars in thousands, except shares)


	As of
	March 31, 2025			December 31, 2024
ASSETS
Investments in real estate, at cost
Buildings and improvements	$	3,359,373		$	3,174,250
Tenant improvements		311,562			304,645
Land		1,088,389			906,031
Construction in progress		28,807			23,704
Right-of-use assets - finance leases		61,366			61,366
Total		4,849,497			4,469,996
Less: Accumulated depreciation and amortization		(954,293	)		(926,022	)
Operating real estate, net		3,895,204			3,543,974
Real estate under development		142,110			129,619
Net investments in real estate		4,037,314			3,673,593
Notes receivable, net ($2,127 and $2,004 of allowance for credit losses as of March 31, 2025 and December 31, 2024, respectively)		125,701			126,584
Investments in and advances to unconsolidated affiliates		177,969			209,232
Other assets, net		236,985			223,767
Right-of-use assets - operating leases, net		26,655			25,531
Cash and cash equivalents		31,984			16,806
Restricted cash		24,320			22,897
Marketable securities		16,539			14,771
Rents receivable, net		58,209			58,022
Total assets	$	4,735,676		$	4,371,203

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Liabilities:
Mortgage and other notes payable, net	$	1,055,832		$	953,700
Unsecured notes payable, net		569,951			569,566
Unsecured line of credit		—			14,000
Accounts payable and other liabilities		247,704			232,726
Lease liabilities - operating leases		28,933			27,920
Dividends and distributions payable		27,735			24,505
Distributions in excess of income from, and investments in, unconsolidated affiliates		16,878			16,514
Total liabilities		1,947,033			1,838,931
Commitments and contingencies
Redeemable noncontrolling interests		25,897			30,583

Equity:
Acadia Shareholders' Equity
Common shares, $0.001 par value per share, authorized 200,000,000 shares, issued and outstanding 130,955,940 and 119,657,594 shares as of March 31, 2025 and December 31, 2024, respectively		131			120
Additional paid-in capital		2,704,731			2,436,285
Accumulated other comprehensive income		27,064			38,650
Distributions in excess of accumulated earnings		(433,966	)		(409,383	)
Total Acadia shareholders’ equity		2,297,960			2,065,672
Noncontrolling interests		464,786			436,017
Total equity		2,762,746			2,501,689
Total liabilities, redeemable noncontrolling interests, and equity	$	4,735,676		$	4,371,203

13

ACADIA REALTY TRUST AND SUBSIDIARIES

Notes to Financial Highlights:

(1)

For additional information and analysis concerning the Company’s balance sheet and results of operations, reference is made to the Company’s quarterly supplemental disclosures for the relevant periods furnished on the Company's Current Report on Form 8-K, which is available on the SEC's website at www.sec.gov and on the Company’s website at www.acadiarealty.com.

(2)

Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common shares of the Company were exercised or converted into common shares. The effect of the conversion of units of limited partnership interest (“OP Units”) in Acadia Realty Limited Partnership, the operating partnership of the Company (the “Operating Partnership”), is not reflected in the above table; OP Units are exchangeable into common shares on a one-for-one basis. The income allocable to such OP units is allocated on the same basis and reflected as noncontrolling interests in the consolidated financial statements. As such, the assumed conversion of these OP Units would have no net impact on the determination of diluted earnings per share.

(3)

The Company considers funds from operations (“FFO”) as defined by the National Association of Real Estate Investment Trusts (“NAREIT”) and net property operating income (“NOI”) to be appropriate supplemental disclosures of operating performance for an equity REIT due to their widespread acceptance and use within the REIT and analyst communities. In addition, the Company believes that given the atypical nature of certain unusual items (as further described below), “FFO Before Special Items” is also an appropriate supplemental disclosure of operating performance. FFO, FFO Before Special Items and NOI are presented to assist investors in analyzing the performance of the Company. The Company believes they are helpful as they exclude various items included in net income (loss) that are not indicative of operating performance, such as (i) gains (losses) from sales of real estate properties; (ii) depreciation and amortization and (iii) impairment of depreciable real estate properties. In addition, NOI excludes interest expense and FFO Before Special Items excludes certain unusual items (as further described below). The Company’s method of calculating FFO, FFO Before Special Items and NOI may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. Neither FFO nor FFO Before Special Items represent cash generated from operations as defined by generally accepted accounting principles (“GAAP”), or are indicative of cash available to fund all cash needs, including distributions. Such measures should not be considered as an alternative to net income (loss) for the purpose of evaluating the Company’s performance or to cash flows as a measure of liquidity.

Consistent with the NAREIT definition, the Company defines FFO as net income (computed in accordance with GAAP) excluding:

gains (losses) from sales of real estate properties;

ii.

depreciation and amortization;

iii.

impairment of real estate properties;

iv.

gains and losses from change in control; and

after adjustments for unconsolidated partnerships and joint ventures.

Also consistent with NAREIT’s definition of FFO, the Company has elected to include: the impact of the unrealized holding gains (losses) incidental to its main business, including those related to its RCP investments such as Albertsons in FFO.

FFO Before Special Items begins with the NAREIT definition of FFO and adjusts FFO (or as an adjustment to the numerator within its earnings per share calculations) to take into account FFO without regard to certain unusual items including:

charges, income and gains that management believes are not comparable and indicative of the results of the Company’s operating real estate portfolio;

ii.

the impact of the unrealized holding gains (losses) incidental to its main business, including those related to its Retailer Controlled Property Venture ("RCP") investments such as Albertsons; and

iii.

any realized income or gains from the Company’s investment in Albertsons.

14

(4)

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

(5)

The pro-rata share of NOI is based upon the Operating Partnership’s stated ownership percentages in each venture or Investment Management’s operating agreement and does not include the Operating Partnership's share of NOI from unconsolidated partnerships and joint ventures within Investment Management.

15

EX-99.2 3 akr-ex99_2.htm EX-99.2 EX-99.2

Exhibit 99.2

EALTY TRUST—Q220SUPPLEMENTAL REPFORMATIO


Table of Contents			Supplemental Report – March 31, 2025


Section I – First 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")	11
EBITDA	12
Same Property Net Operating Income	13
Fee Income Detail	14
Structured Financing	15
Other Information
Transactional Activity	16
2025 Guidance	17
Net Asset Valuation Information	18
Selected Financial Ratios	19
Debt Analysis
Summary	20
Detail	21
Maturities	23
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	42

Visit www.acadiarealty.com for additional investor and portfolio information.


Supplemental Report – March 31, 2025		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	Floris van Dijkum (646) 757-2621	Michael W. Mueller, CFA (212) 622-6689
	projasschmidt@greenstreet.com	fvandijkum@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


	3	Table of Contents

     
     Market Capitalization

     Supplemental Report – March 31, 2025  

     (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	130,956			Balance at 12/31/2024	119,658	4,709	124,367
Common Operating Partnership ("OP") Units	5,194			Vesting RS and LTIPs	10	598	608
Combined Common Shares and OP Units 2	136,150			OP Conversions	113	(113)	—
				Issuance of Shares	11,172	—	11,172
Share Price at March 31, 2025	$20.95			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	$2,852,343
Preferred OP Units 3	5,364
Total Equity Capitalization	2,857,707	70%	71%

Debt Capitalization
Consolidated debt 4	1,634,273
Adjustment to reflect pro-rata share of debt	(432,036)
Total Debt Capitalization	1,202,237	30%	29%

Total Market Capitalization 2	$4,059,944	100%	100%

Reflects debt net of $41,697 pro-rata share of Core Portfolio and Investment Management cash.

Does not include the Common Shares sold under the Forward Equity Offerings (refer to page 5).

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 $8,490 of unamortized premium and unamortized loan costs.


	4	Table of Contents

     
     Forward Equity Offerings

     Supplemental Report – March 31, 2025  

     (in thousands)



Forward Equity Offerings	Shares			Anticipated Net Proceeds 1

Beginning balance 2		11,172		$	276,768
Shares sold		2,445			55,771
Shares settled		(11,172	)		(277,868	)
Settlement adjustments		—			1,100
Ending balance 3		2,445		$	55,771

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 February 14, 2025 and includes 262 shares sold in January 2025 for anticipated net proceeds of $6,253.

No shares were sold subsequent to March 31, 2025.


	5	Table of Contents

     
     Consolidated Statements of Operations

     Supplemental Report – March 31, 2025

     (in thousands)



	March 31, 2025 1
	Quarter
Revenues
Rental income 8	$	102,640
Other		1,754
Total revenues		104,394
Expenses
Depreciation and amortization		39,440
General and administrative		11,597
Real estate taxes		13,303
Property operating		18,280
Impairment charges		6,450
Total expenses		89,070
Operating income		15,324
Equity in losses of unconsolidated affiliates		(1,713	)
Interest income		6,096
Realized and unrealized holding gains on investments and other		1,621
Interest expense		(23,247	)
Loss on change in control		(9,622	)
Loss from continuing operations before income taxes		(11,541	)
Income tax provision		(116	)
Net loss		(11,657	)
Net loss attributable to redeemable noncontrolling interests		1,669
Net loss attributable to noncontrolling interests		11,596
Net income attributable to Acadia shareholders	$	1,608


	March 31, 2025 1
	Quarter
Reconciliation of Revenues to Consolidated GAAP Revenues
Total Revenues	$	92,639
Straight-line rent income		371
Above/below-market rent income		2,198
Asset and property management fees		721
Development, construction, leasing and legal fees		96
Other income 8		8,369
Consolidated Total GAAP Revenues	$	104,394



Reconciliation of Operating Expenses to Consolidated GAAP Property Operating Expenses
Property operating - CAM and Other	$	14,599
Other property operating (Non-CAM)		2,663
Asset and property management expense		333
Other		685
Consolidated Total GAAP Operating Expenses	$	18,280


	6	Table of Contents

     
     Consolidated Statements of Operations - Detail

     Supplemental Report – March 31, 2025

     (in thousands)



	March 31, 2025 1
CORE PORTFOLIO AND INVESTMENT MANAGEMENT INCOME	Quarter
REVENUES
Minimum rents	$	72,380
Percentage rents		903
Expense reimbursements - CAM		9,088
Expense reimbursements - Taxes		9,349
Other property income		919
Total Revenues		92,639

EXPENSES
Property operating - CAM		14,599
Other property operating (Non-CAM)		2,663
Real estate taxes		13,303
Asset and property management expense		333
Total Expenses		30,898

NET OPERATING INCOME - PROPERTIES		61,741

OTHER INCOME (EXPENSE)
Interest income		6,096
Straight-line rent income		371
Above/below-market rent income		2,198
Interest expense 2		(20,827	)
Amortization of finance costs		(2,094	)
Above/below-market interest expense		186
Finance lease interest expense		(512	)
Other (expense) income 8		8,159
Impairment charges		(6,450	)
CORE PORTFOLIO AND INVESTMENT MANAGEMENT INCOME		48,868

FEE AND OTHER INCOME 3
Asset and property management fees		721
Development, construction, leasing and legal fees		96
Total Investment Management Fee Income		817

Other transactional income (expense)		(526	)
Total Investment Management Fee Income, Net Promote and Other Transactional Income		291

Realized gains on marketable securities, net		—
Less: previously recognized unrealized gains on marketable securities sold		—
Unrealized gains on marketable securities		1,672
Income tax provision		(116	)
Total Fee and Other Income		1,847

General and Administrative		(11,597	)

Depreciation and amortization		(39,350	)
Non-real estate depreciation and amortization		(90	)
Loss on change of control		(9,622	)
Gain (loss) before equity in earnings and noncontrolling interests		(9,944	)

Equity in losses of unconsolidated affiliates		(1,713	)
Noncontrolling interests (including redeemable noncontrolling interests)		13,265

NET INCOME ATTRIBUTABLE TO ACADIA SHAREHOLDERS	$	1,608


	7	Table of Contents

     
     Statements of Operations – Pro-Rata Adjustments7

     Supplemental Report – March 31, 2025

     (in thousands)



	Quarter Ended March 31, 2025
CORE PORTFOLIO AND INVESTMENT MANAGEMENT INCOME	Noncontrolling Interest in Consolidated Subsidiaries 4			Company’s Interest in Unconsolidated Subsidiaries 5
REVENUES
Minimum rents	$	(29,631	)	$	12,203
Percentage rents		(195	)		208
Expense reimbursements - CAM		(4,442	)		1,814
Expense reimbursements - Taxes		(3,673	)		1,940
Other property income		(370	)		83
Total Revenues		(38,311	)		16,248

EXPENSES
Property operating - CAM		(6,778	)		2,472
Other property operating (Non-CAM)		(716	)		320
Real estate taxes		(5,033	)		3,009
Asset and property management expense		(509	)		564
Total Expenses		(13,036	)		6,365

NET OPERATING INCOME - PROPERTIES		(25,275	)		9,883

OTHER INCOME (EXPENSE)
Interest income		(104	)		32
Straight-line rent income		(245	)		215
Above/below-market rent (expense) income		(667	)		888
Interest expense 2		13,004			(4,916	)
Amortization of finance costs		930			(324	)
Above/below-market interest expense		(58	)		—
Finance lease interest expense		346			(102	)
Other (expense) income 8		(52	)		202
Impairment charges		4,867			—
CORE PORTFOLIO AND INVESTMENT MANAGEMENT INCOME		(7,254	)		5,878

FEE AND OTHER INCOME 3
Asset and property management fees		2,621			133
Development, construction, leasing and legal fees		1,907			69
Total Investment Management Fee Income		4,528			202

Other transactional income (expense)		—			—
Total Investment Management Fee Income, Net Promote and Other Transactional Income		4,528			202

Realized gains on marketable securities, net		—			—
Less: previously recognized unrealized gains on marketable securities sold		—			—
Unrealized gains on marketable securities		—			—
Income tax provision		51			(31	)
Total Fee and Other Income		4,579			171

General and Administrative		778			(247	)

Depreciation and amortization		15,258			(7,515	)
Non-real estate depreciation and amortization		—			—
Loss on change of control		—			—
Gain (loss) before equity in earnings and noncontrolling interests		13,361			(1,713	)

Equity in losses of unconsolidated affiliates		—			—
Noncontrolling interests (including redeemable noncontrolling interests) 6		(96	)		—

NET INCOME (LOSS) ATTRIBUTABLE TO ACADIA SHAREHOLDERS	$	13,265		$	(1,713	)


	8	Table of Contents

     
     Balance Sheet

     Supplemental Report – March 31, 2025

     (in thousands)


ASSETS	Consolidated Balance Sheet			Line Item Details:
Real estate
Buildings and improvements	$	3,359,373		Components of Real estate under development:
Tenant improvements		311,562		Core	$	109,915
Land		1,088,389		Fund III		32,195
Construction in progress		28,807		Total	$	142,110
Right-of-use assets - finance leases		61,366
		4,849,497
Less: Accumulated depreciation and amortization		(954,293	)
Operating real estate, net		3,895,204
Real estate under development		142,110		Summary of other assets, net:
Net investments in real estate		4,037,314		Deferred charges, net	$	39,589
Notes receivable, net ($2,127 of allowance for credit losses)		125,701		Accrued interest receivable		33,866
Investments in and advances to unconsolidated affiliates		177,969		Due from seller		2,259
Lease intangibles, net		123,307		Prepaid expenses		12,808
Other assets, net		113,678		Other receivables		2,885
Right-of-use assets - operating leases, net		26,655		Income taxes receivable		1,672
Cash and cash equivalents		31,984		Corporate assets, net		499
Restricted cash		24,320		Deposits		610
Marketable securities		16,539		Derivative financial instruments		19,490
Straight-line rents receivable, net		40,885		Total	$	113,678
Rents receivable, net		17,324
Total assets	$	4,735,676

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Liabilities:
Mortgage and other notes payable, net	$	1,055,832		Summary of accounts payable and other liabilities:
Unsecured notes payable, net		569,951		Lease liability - finance leases, net	$	31,619
Unsecured line of credit		—		Accounts payable and accrued expenses		69,774
Accounts payable and other liabilities		149,348		Deferred income		30,191
Lease liabilities - operating leases		28,933		Tenant security deposits, escrow and other		15,905
Dividends and distributions payable		27,735		Derivative financial instruments		1,859
Lease intangibles, net		98,356		Total	$	149,348
Distributions in excess of income from, and investments in, unconsolidated affiliates		16,878
Total liabilities		1,947,033
Commitments and contingencies
Redeemable noncontrolling interests		25,897
Shareholders' Equity
Common shares		131
Additional paid-in capital		2,704,731
Accumulated other comprehensive income		27,064
Distributions in excess of accumulated earnings		(433,966	)
Total Acadia shareholders’ equity		2,297,960
Noncontrolling interests		464,786
Total equity		2,762,746
Total liabilities, redeemable noncontrolling interests, and equity	$	4,735,676


	9	Table of Contents

     
     Balance Sheet – Pro-rata Adjustments7

     Supplemental Report – March 31, 2025

     (in thousands)


ASSETS	Noncontrolling Interest in Consolidated Subsidiaries 4			Company’s Interest in Unconsolidated Subsidiaries 5
Real estate
Buildings and improvements	$	(852,059	)	$	244,423
Tenant improvements		(65,317	)		18,808
Land		(232,732	)		61,244
Construction in progress		(6,767	)		3,262
Right-of-use assets - finance leases		(22,571	)		22,009
		(1,179,446	)		349,746
Less: Accumulated depreciation and amortization		176,520			(65,799	)
Operating real estate, net		(1,002,926	)		283,947
Real estate under development		(24,295	)		2,217
Net investments in real estate		(1,027,221	)		286,164
Notes receivable, net		84,148			—
Investments in and advances to unconsolidated affiliates		(30,405	)		(117,705	)
Lease intangibles, net		(35,804	)		10,606
Other assets, net		13,079			6,131
Right-of-use assets - operating leases, net		(1,482	)		—
Cash and cash equivalents		(17,926	)		5,595
Restricted cash		(8,082	)		5,806
Marketable securities		—			—
Straight-line rents receivable, net		(11,396	)		5,457
Rents receivable, net		(5,465	)		1,139
Total assets	$	(1,040,554	)	$	203,193

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgage and other notes payable, net	$	(600,825	)	$	179,172
Unsecured notes payable, net		—			—
Unsecured line of credit		—			—
Accounts payable and other liabilities		(29,745	)		21,073
Lease intangibles, net		(29,827	)		11,593
Lease liabilities - operating leases		(1,557	)		4
Dividends and distributions payable		—			—
Lease liability - finance leases		(21,278	)		8,231
Distributions in excess of income from, and investments in, unconsolidated affiliates		—			(16,880	)
Total liabilities		(683,232	)		203,193
Shareholders' Equity
Common shares		—			—
Additional paid-in capital		—			—
Accumulated other comprehensive income		—			—
Distributions in excess of accumulated earnings		—			—
Total Acadia shareholders’ equity		—			—
Noncontrolling interests (including redeemable noncontrolling interests)		(357,322	)		—
Total equity		(357,322	)		—
Total liabilities, redeemable noncontrolling interests, and equity	$	(1,040,554	)	$	203,193

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 $2.3 million, or $1.7 million at the Company’s pro rata share, for the three months ended March 31, 2025.

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 for the three months ended March 31, 2025.

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.

Includes approximately $8.4 million of income related to its terminated lease with Whole Foods at City Center in San Francisco, CA for the three months ended March 31, 2025.


	10	Table of Contents

     
     Funds from Operations (“FFO”), FFO Before Special Items, 
Adjusted Funds from Operations (“AFFO”)

     Supplemental Report – March 31, 2025

     (in thousands, except per share amounts)



	Quarter Ended			Quarter Ended
	March 31, 2025			March 31, 2024
Funds from operations ("FFO"):
Net Income (Loss) attributable to Acadia	$	1,608		$	3,269
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share)		31,607			27,087
Loss on disposition on real estate properties (net of noncontrolling interest share)		—			275
Impairment charges (net of noncontrolling interest share)		1,583			—
Loss on change in control (net of noncontrolling interest share)		9,622			—
Income attributable to noncontrolling interests' share in Operating Partnership		163			326
FFO to Common Shareholders and Common OP Unit holders - Diluted	$	44,583		$	30,957

Add back: acquisition costs		526			—
Unrealized holding (gain) loss (net of noncontrolling interest share)		(1,672	)		2,015
Realized gain		—			3,994
FFO before Special Items attributable to Common Shareholder and Common OP Unit holders 1	$	43,437		$	36,966


Adjusted Funds from operations ("AFFO"):
FFO	$	44,583		$	30,957
Unrealized holding (gain) loss (net of noncontrolling interest share)		(1,672	)		2,015
Realized gain		—			3,994
Straight-line rent, net		(341	)		(196	)
Above/below-market rent		(2,419	)		(1,175	)
Amortization of finance costs		1,488			1,096
Above/below-market interest		(128	)		(43	)
Non-real estate depreciation		90			91
Stock-based compensation		2,400			3,938
Leasing commissions		(1,343	)		(560	)
Tenant improvements		(4,881	)		(1,212	)
Maintenance capital expenditures		(1,021	)		(1,640	)
AFFO to Common Shareholders and Common OP Unit holders	$	36,756		$	37,265

Total weighted-average diluted shares and OP Units		129,363			111,051

Diluted FFO per Common share and OP Unit:
FFO	$	0.34		$	0.28

FFO before Special Items	$	0.34		$	0.33


	11	Table of Contents

     
     EBITDA

     Supplemental Report – March 31, 2025

     (in thousands)


	Quarter Ended
	March 31,
	2025			2024
EBITDA:

Net income (loss) attributable to Acadia shareholders	$	1,608		$	3,269

Adjustments: 1
Depreciation and amortization		31,697			27,178
Interest expense		12,739			13,841
Amortization of finance costs		1,488			1,096
Above/below-market interest		(128	)		(43	)
Loss on disposition of properties		—			275
Unrealized holding (gain) loss on investment in Albertsons and other		(1,672	)		2,015
Realized gain		—			3,994
Provision for income taxes		96			54
Impairment charges		1,583			—
Loss on change in control		9,622			—
Noncontrolling interest - OP		96			203
EBITDA	$	57,129		$	51,882

Less: Realized gain		—			(3,994	)
EBITDA excluding realized gains	$	57,129		$	47,888

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


	12	Table of Contents

     
     Core Portfolio – Same Property Performance 1

     Supplemental Report – March 31, 2025

     (in thousands)


	Quarter Ended March 31,						Change
	2025			2024			Favorable/ (Unfavorable)

Summary
Minimum rents	$	36,791		$	36,598			0.5	%
Expense reimbursements		9,739			9,099			7.0	%
Other property income		1,106			748			47.9	%

Total Revenue		47,636			46,445			2.6	%

Expenses
Property operating - CAM & Real estate taxes		12,422			12,566			1.1	%
Other property operating (Non-CAM)		1,373			1,376			0.2	%

Total Expenses		13,795			13,942			1.1	%

Same Property NOI - Core properties	$	33,841		$	32,503			4.1	%

Reconciliation of Same Property NOI to Core NOI
NOI of Properties excluded from Same Property NOI		2,889			3,451
Core NOI	$	36,730		$	35,954


Other same property information
Physical Occupancy at the end of the period		91.6	%		92.0	%
Leased Occupancy at the end of the period		95.5	%		94.7	%

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


	13	Table of Contents

     
     Fee Income Detail 1

     Supplemental Report – March 31, 2025

     (in thousands)


	Fund II		Fund III		Fund IV		Fund V		Other 2		Total
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)


	14	Table of Contents

      
     Structured Financing Portfolio

     Supplemental Report – March 31, 2025

     (in thousands)


	December 31, 2024						Quarter Ended March 31, 2025													Stated			Effective
	Principal		Accrued		Ending					Repayments/			Current			Accrued		Ending		Interest			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 2,4		135,518		52,160		187,678		18,324	5		(808	)		153,034			57,181		210,215		11.36	%		11.44	%	July 2025 - Dec 2027

Total Core notes receivable	$	195,319	$	55,969	$	251,288	$	18,324		$	(808	)	$	212,835		$	60,990	$	273,825		9.85	%		10.02	%

__________


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

Total Notes Receivable per above													$	212,835
Allowance for credit loss 6														(2,986	)
Total pro-rata Notes Receivable													$	209,849

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 March 31, 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.

Includes one Core Portfolio note with an initial principal balance of $54.5 million that was extended to February 9, 2027. Refer to Footnote 3 in the Company’s 10-Q for the period ended March 31, 2025.

Represents the noncontrolling interest portion of a loan funded by the Company to the venture for a principal paydown of a third-party financing at the Renaissance Portfolio. Refer to Footnote 2 in the Company’s 10-Q for the period ended March 31, 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.


	15	Table of Contents

     
     Transactional Activity

     Supplemental Report – March 31, 2025

     (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 (previously announced)	New York, NY	January 2025	$	55,137		100.00	%		—	$	55,137
73 Wooster Street (previously announced)	New York, NY	January 2025		25,459		100.00	%		—		25,459
Renaissance Portfolio (previously announced)	Georgetown, Washington D.C.	January 2025		245,700		48.00	%		—		117,936
95, 97 and 107 North 6th Street3	Brooklyn, NY	April 2025		60,500		100.00	%		—		60,500
85 Fifth Avenue3	New York, NY	April 2025		47,000		100.00	%		—		47,000
									—		306,032

Investment Management:
Other Co-Investment Vehicles:
Pinewood Square4	Lake Worth, FL	March 2025		68,207		100.00	%		—		68,207
TOTAL ACQUISITIONS			$	502,003				$	—	$	374,239



STRUCTURED FINANCING ACTIVITY

Note Description	Transaction Type	Date of Transaction	Transaction Amount		Ownership % 2			Investment Management Share		Acadia Share

Core:
Georgetown Renaissance - NCI Holder 5	Other Loan	January 2025	$	18,277		100.00	%	$	—	$	18,277
850 Third Avenue	Mezzanine Loan	April 2025		20,000		100.00	%		—		20,000
			$	38,277				$	—	$	38,277

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.

Acquisitions that closed after March 31, 2025 do not reflect certain acquisitions costs that may be subsequently capitalized.

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.

Refer to Footnote 5 on the Structured Financing Portfolio page. 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.


	16	Table of Contents

     
     2025 Revised Guidance

     Supplemental Report – March 31, 2025

      (in millions, except per share amounts)


	2025 Guidance
	Revised	Prior1

Net earnings per share attributable to Common Shareholders	$0.12 to $0.16	$0.22 to $0.27
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interests' share)	1.00	0.96
Impairment charges (net of noncontrolling interest share)	0.01		—
Loss on change in control	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	$1.19 to $1.24
Net unrealized holding loss2	(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	$1.19 to $1.24
Realized gains and promotes3	0.11 to 0.14	0.11 to 0.15
Funds from Operations Before Special Items per share attributable to Common Shareholders and Common OP Unit holders	$1.32 to $1.39	$1.30 to $1.39

________

The prior guidance range represents the amounts published on February 11, 2025 in connection with the Company's fourth quarter 2024 earnings release.

This represents the actual unrealized mark-to-market holdings gain related to the Company's investments, which was recognized in NAREIT FFO for the quarter ended March 31, 2025. The Company has not reflected any forward-looking estimates involving future unrealized holding gains or losses (i.e., changes in share price) on its investments 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 did not realize any gains for the three months ended March 31, 2025. The Company reaffirms its prior guidance of $16-$19 million of realized gains and promotes. The per share difference between the revised and prior guidance relates to the increased number of shares.


	17	Table of Contents

     
     Net Asset Valuation Information

     Supplemental Report – March 31, 2025

     (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	%

Current Quarter NOI
At Pro-Rata 1
Net Operating Income 2	$	36,730		N/A3			$	78		$	783		$	4,945		$	1,164	$	6,970
Less:
Net operating loss (income) from properties sold or assets held for sale		—		N/A3				45			—			—			—		45
Net operating (income) loss from pre-stabilized assets, development and redevelopment projects 4		(1,793	)	N/A 3				(123	)		(180	)		—			—		(303	)
Net Operating Income of stabilized assets	$	34,937		N/A 3			$	—		$	603		$	4,945		$	1,164	$	6,712

Costs to Date (Pro-Rata)
Assets held for sale	$	—		N/A 3			$	—		$	—		$	—		$	—	$	—
Pre-stabilized assets 4		397,417		N/A 3				14,343			31,051			—			—		45,394
Development and redevelopment projects 6		463,900		N/A 3				7,900			27,800			—			—		35,700
Total Costs to Date	$	861,317		N/A 3			$	22,243		$	58,851		$	—		$	—	$	81,094

Debt (Pro-Rata)	$	903,308		$	79,886		$	8,098		$	33,254		$	147,341		$	30,350	$	298,929

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, and City Center; Fund II: City Point; Fund III: 640 Broadway; 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.

Refer to Development and Redevelopment Activity page for projects.


	18	Table of Contents

     
     Selected Financial Ratios

     Supplemental Report – March 31, 2025

     (in thousands, except per share amounts)



	Quarter Ended March 31,							Quarter Ended March 31,
COVERAGE RATIOS 1	2025			2024			LEVERAGE RATIOS	2025			2024
Fixed-Charge Coverage Ratios							Debt/Market Capitalization Ratios

EBITDA2 divided by:	$	57,129		$	44,310		Debt + Preferred Equity (Preferred OP Units)	$	1,207,601		$	1,336,542
Interest expense		12,739			9,452		Total Market Capitalization		4,059,944			3,175,714
Principal Amortization		1,513			2,442		Debt + Preferred Equity/
Preferred Dividends3		67			123		Total Market Capitalization		30	%		42	%
Fixed-Charge Coverage Ratio - Core Portfolio and Investment Management		4.0	x		3.7	x
							Net debt 4	$	1,165,904		$	1,320,824
Payout Ratios							Total Market Capitalization		4,059,944			3,175,714
							Net Debt + Preferred Equity/
Dividends declared (per share/OP Unit)	$	0.20		$	0.18		Total Market Capitalization		29	%		42	%

Dividends (Shares) & Distributions (OP Units) declared	$	27,635		$	20,021
FFO 3		44,583			30,957
FFO Payout Ratio		62	%		65	%	Debt/EBITDA Ratios

AFFO 3		36,756			37,265		Net debt 4		1,160,540			1,312,933
AFFO Payout Ratio		75	%		54	%	EBITDA		203,589			199,983
							EBITDA excluding Realized Gains		203,589			184,007
FFO Before Special Items		43,437			36,966		Net Debt/EBITDA - Core and Investment Management		5.7	x		6.6	x
FFO Before Special Items Payout Ratio		64	%		54	%	Net Debt/EBITDA excluding Realized Gains - Core and Investment Management		5.7	x		7.1	x


	EBITDA
	Year Ended		Year Ended
Reconciliation of EBITDA to Annualized EBITDA	March 31, 2025		December 31, 2024

Year to Date EBITDA as reported	$	57,129	$	206,274
Add: Projected EBITDA 5		146,460		—
Annualized EBITDA		203,589		206,274

Year to Date Realized gain as reported		—		14,188
Year to Date EBITDA excluding realized gains	$	203,589	$	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.

Reflects debt net of the current Core Portfolio and pro-rata share of the Investment Management cash and restricted cash balance at end of period.

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


	19	Table of Contents

     
     Portfolio Debt –  Summary

     Supplemental Report – March 31, 2025

     (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	$	272,198		3.7	$	21,856		2.8	$	294,054			3.6		884,388			1,178,442					98	%	$	186,121	$	(135,114	)	$	1,229,449
Variable-Rate Debt 5		631,110		3.2		277,073		1.2		908,183			2.6		(884,388	)		23,795					2	%		417,261		(36,232	)		404,824

Total	$	903,308		3.3	$	298,929		1.3	$	1,202,237			2.8	$	—		$	1,202,237		5.0	%		100	%	$	603,382	$	(171,346	)		1,634,273

Unamortized premium										1,372																					1,922
Net unamortized loan costs										(9,394	)																				(10,412	)
Contingent loan obligation										9,915																					—
Total									$	1,204,130																				$	1,625,783

Fixed-rate debt includes notional principal fixed through swap transactions.

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.


	20	Table of Contents

     
     Portfolio Debt  –  Detail

     Supplemental Report – March 31, 2025

     (in thousands)


		Principal Balance at		Acadia's Pro-rata Share					Interest		Extension
Property		March 31, 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)			13,825		50.00	%		6,913	4.72%	12/10/27	None
555 9th Street			57,500		100.00	%		57,500	3.99%	01/01/28	1x24 mos.
State & Washington			20,512		100.00	%		20,511	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			9,831		100.00	%		9,831	4.01%	11/05/29	None
151 N. State Street			11,733		100.00	%		11,733	4.03%	12/01/29	None
Concord & Milwaukee			2,179		100.00	%		2,179	4.40%	06/01/30	None
Gotham Plaza			28,000		49.00	%		13,720	5.90%	10/05/34	None
California & Armitage			2,006		100.00	%		2,006	5.89%	04/15/35	None

Sub-Total Fixed-Rate Debt			301,586					272,198

Variable-Rate Debt

Georgetown Portfolio (2016 Investment)			102,000		68.00	%		69,360	SOFR+1.55%	11/06/26	2x12 mos.
Sullivan Center			50,000		100.00	%		50,000	SOFR+1.60%	11/16/28	None
Crossroads Shopping Center			75,000		49.00	%		36,750	SOFR+1.95%	11/04/29	2x12 mos.
Revolving Credit Facility 3			—		100.00	%		—	SOFR+1.35%	04/15/28	2x6 mos.
Term Loan			400,000		100.00	%		400,000	SOFR+1.50%	04/15/28	2x6 mos.
$75 Million Term Loan			75,000		100.00	%		75,000	SOFR+1.75%	07/29/29	None

Sub-Total Variable-Rate Debt			702,000					631,110

Total Debt - Core Portfolio		$	1,003,586				$	903,308

INVESTMENT MANAGEMENT

Fixed-Rate Debt

650 Bald Hill Road	Fund IV	$	14,888		20.81	%	$	3,098	3.75%	06/01/26	None
Shoppes at South Hills	Fund V		32,256		18.09	%		5,835	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			107,543					21,856

Variable-Rate Debt 1

Midstate	Fund V		50,200		20.10	%		10,090	SOFR+2.50%	04/28/25	2x12 mos.
New Towne Center	Fund V		15,961		20.10	%		3,208	SOFR+2.20%	05/01/25	1x12 mos.
Palm Coast Landing	Fund V		25,160		20.10	%		5,057	SOFR+2.15%	05/01/25	None
Acadia Strategic Opportunity Fund IV Term Loan	Fund IV		36,200		23.12	%		8,369	SOFR+2.56%	05/30/25	None
Eden Square	Fund IV		23,447		20.81	%		4,879	SOFR+2.35%	06/01/25	1x3 mos.
Fairlane Green	Fund V		31,484		20.10	%		6,328	SOFR+2.30%	06/05/25	1x12 mos.
Trussville Promenade	Fund V		28,019		20.10	%		5,632	SOFR+2.30%	06/15/25	1x12 mos.
City Point	Fund II		137,485		58.10	%		79,886	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		1,325		20.81	%		276	SOFR+2.25%	10/01/25	None
Tri-City Plaza	Fund V		35,426		18.09	%		6,409	SOFR+2.00%	10/18/25	None
Lincoln Commons	Fund V		35,448		20.10	%		7,125	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		24,724		18.09	%		4,473	SOFR+2.51%	01/01/26	None
Hiram Pavilion	Fund V		26,933		20.10	%		5,413	SOFR+2.30%	03/05/26	1x12 mos.
Hickory Ridge	Fund V		26,492		20.10	%		5,325	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		43,400		20.10	%		8,723	SOFR+2.85%	02/14/27	2x12 mos.
Wood Ridge Plaza	Fund V		36,063		18.09	%		6,524	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		58,613		20.10	%		11,782	SOFR+2.20%	10/24/27	2x12 mos.
Family Center at Riverdale	Fund V		38,274		17.97	%		6,879	SOFR+2.46%	11/01/27	None
LINQ Promenade	IMP		175,000		15.00	%		26,250	SOFR+1.75%	12/12/27	1x24 mos.
Plaza Santa Fe	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.
Mohawk Commons	Fund V		39,650		18.09	%		7,173	SOFR+2.00%	03/01/28	None


	21	Table of Contents

     
     Portfolio Debt  –  Detail

     Supplemental Report – March 31, 2025

     (in thousands)

      
     Principal Balance at

     Acadia's Pro-rata Share

     Interest

     Extension

     Property

     March 31, 2025

     Percent

     Amount

     Rate

     Maturity Date

     Options

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

1,165,697

277,073

Total Debt - Investment Management

1,273,240

298,929

Total Debt - Core Portfolio and Investment Management

2,276,826

1,202,237

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.


	22	Table of Contents

     
     Future Debt Maturities 1

     Supplemental Report – March 31, 2025

     (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	$	1,960	$	—	$	1,960	$	1,724	$	—	$	—	$	1,724	N/A	N/A
2026		5,419		132,000		137,419		5,041		28,305		69,360		102,706	—	1.55%
2027		5,266		57,538		62,804		4,953		45,053		—		50,006	4.91%	N/A
2028		1,900		520,363		522,263		1,866		70,361		450,000		522,227	4.10%	1.51%
2029		1,887		246,338		248,225		1,539		97,088		111,383		210,010	5.53%	1.88%
Thereafter		1,295		29,620		30,915		1,295		15,340		—		16,635	5.72%	N/A
Total	$	17,727	$	985,859	$	1,003,586	$	16,418	$	256,147	$	630,743	$	903,308


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	$	4,806	$	530,310	$	535,116	$	930	$	—	$	162,259	$	163,189	N/A	2.66%
2026		4,466		115,618		120,084		852		2,992		19,858		23,702	3.75%	2.46%
2027		6,120		463,257		469,377		1,133		—		81,639		82,772	N/A	2.23%
2028		486		148,177		148,663		93		18,302		10,871		29,266	5.97%	2.18%
2029		—		—		—		—		—		—		—	N/A	N/A
Thereafter		—		—		—		—		—		—		—	N/A	N/A
Total	$	15,878	$	1,257,362	$	1,273,240	$	3,008	$	21,294	$	274,627	$	298,929

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.


	23	Table of Contents

     
     Future Debt Maturities – As Extended 1

     Supplemental Report – March 31, 2025

     (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	$	1,960	$	—	$	1,960	$	1,724	$	—	$	—	$	1,724	N/A	N/A
2026		5,419		30,000		35,419		5,041		28,305		—		33,346	—	N/A
2027		5,266		32,402		37,668		4,953		26,201		—		31,154	5.57%	N/A
2028		1,900		169,862		171,762		1,866		17,862		119,360		139,088	4.40%	1.57%
2029		1,887		572,089		573,976		1,539		97,088		475,000		573,627	5.53%	1.56%
Thereafter		1,295		181,506		182,801		1,295		86,692		36,382		124,369	4.32%	1.95%
Total	$	17,727	$	985,859	$	1,003,586	$	16,418	$	256,148	$	630,742	$	903,308


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	$	4,806	$	167,124	$	171,930	$	930	$	—	$	35,543	$	36,473	N/A	2.60%
2026		4,466		276,813		281,279		852		2,992		104,508		108,352	3.75%	2.57%
2027		6,120		293,786		299,906		1,133		—		56,501		57,634	N/A	2.63%
2028		486		170,806		171,292		93		12,718		23,110		35,921	5.98%	2.60%
2029		—		348,831		348,831		—		5,585		54,964		60,549	5.95%	2.10%
Thereafter		—		—		—		—		—		—		—	N/A	N/A
Total	$	15,878	$	1,257,360	$	1,273,238	$	3,008	$	21,295	$	274,626	$	298,929

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


	24	Table of Contents

     
     Swap Interest Rate Summary 1

     Supplemental Report – March 31, 2025

     (in thousands)


Maturity	Acadia's Pro-rata Notional Amount		Weighted Average Fixed SOFR (2)
April 2025	$	8,522	2.6%
June 2025		11,973	4.4%
July 2025		2,596	4.3%
October 2025		6,409	4.2%
March 2026		5,413	4.5%
April 2026		11,020	2.9%
May 2026		3,208	3.5%
October 2026		5,325	3.7%
November 2026		73,512	4.5%
December 2026		6,024	4.3%
June 2027		5,020	3.4%
July 2027		125,000	2.4%
December 2027		118,291	2.7%
March 2028		57,173	2.8%
April 2028		50,000	3.3%
November 2028		50,000	2.9%
February 2029		50,000	2.5%
June 2029		25,000	2.0%
July 2029		25,000	2.6%
October 2029		4,100	3.7%
November 2029		36,750	3.8%
December 2029		79,052	3.5%
July 2030		125,000	2.8%

Total	$	884,388	3.0%

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.


	25	Table of Contents

     
     Core Portfolio Retail Properties – Detail 1

     Supplemental Report – March 31, 2025


		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%	$6,756,497	$244.18
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, Marine Layer, Kiehl's, Solidcore, Rails	2011 2012 2019 2020	100.0%	53,220	—	—	53,220	92.8%	—%	—%	92.8%	100.0%	2,541,177	51.45
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%	900,933	36.68
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%	1,957,873	46.85
Concord and Milwaukee	—	2016	100.0%	13,147	—	—	13,147	100.0%	—%	—%	100.0%	100.0%	485,773	36.95
California and Armitage	—	2016	100.0%	—	—	18,275	18,275	—%	—%	72.7%	72.7%	84.8%	704,794	53.01
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	84.2%	—%	82.0%	83.9%	88.0%	$25,855,604	$53.44
New York Metro
Soho Collection/West Village (19 properties)	Reiss, Vuori, Zimmermann, Madewell, Adidas Y3 Watches of Switzerland, Stone Island, Frame, Theory, Bang & Olufsen, Marine Layer	2011 2014 2019 2020 2022 2024 2025	100.0%	69,643	—	—	69,643	93.3%	—%	—%	93.3%	97.8%	$21,590,206	$332.19
5-7 East 17th Street	—	2008	100.0%	8,658	—	—	8,658	47.1%	—%	—%	47.1%	100.0%	540,000	132.39
200 West 54th Street	—	2007	100.0%	5,932	—	—	5,932	90.7%	—%	—%	90.7%	90.7%	1,493,949	277.69
61 Main Street	Splendid	2014	100.0%	3,472	—	—	3,472	46.1%	—%	—%	46.1%	100.0%	153,072	95.67
181 Main Street	TD Bank	2012	100.0%	11,514	—	—	11,514	100.0%	—%	—%	100.0%	100.0%	1,091,009	94.75
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%	502,709	33.91
239 Greenwich Avenue	Watches of Switzerland	1998	75.0%	16,621	—	—	16,621	100.0%	—%	—%	100.0%	100.0%	1,902,510	114.46
252-256 Greenwich Avenue	Veronica Beard, The RealReal, Blue Mercury	2014	100.0%	7,986	—	—	7,986	100.0%	—%	—%	100.0%	100.0%	1,066,548	133.55
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%	2,331,171	168.46
2520 Flatbush Avenue	Bob's Discount Furniture, Capital One	2014	100.0%	—	—	29,114	29,114	—%	—%	100.0%	100.0%	100.0%	1,291,368	44.36


	26	Table of Contents

     
     Core Portfolio Retail Properties – Detail 1

     Supplemental Report – March 31, 2025


		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
Williamsburg Collection 3 (3 properties)	Sephora, SweetGreen, Levain Bakery, Lululemon, Madewell, Alo Yoga	2022 2024	100.0%	64,644	—	—	64,644	90.7%	—%	—	90.7%	90.7%	7,227,695	123.27
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%	1,643,919	82.94
				218,451	34,614	88,822	341,887	91.9%	100.0 %	93.1 %	93.0%	96.4%	$47,678,680	$149.88
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%	3,143,926	224.57
				23,757	—	—	23,757	100.0%	—%	—%	100.0%	100.0%	$4,494,303	$189.18
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	2021	100.0 %	19,077	—	—	19,077	63.5%	—%	—%	63.5%	100.0%	1,042,744	86.01
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%	1,945,705	36.09
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	82.5%	—%	—%	82.5%	93.6%	16,760,095	77.42
				302,158	25,134	32,533	359,825	77.2%	100.0%	88.5%	79.8%	89.8%	$20,058,236	$69.88
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	81.7%	100.0%	—%	88.6%	89.7%	$2,892,141	$38.54

Total Street and Urban Retail				1,091,454	91,383	205,421	1,388,258	84.0%	100.0%	87.8%	85.6%	90.9%	$101,300,916	$85.21

Acadia Share Total Street and Urban Retail				1,003,069	91,383	192,196	1,286,649	84.2%	100.0%	88.6%	86.0%	90.8%	$94,829,960	$85.70

SUBURBAN PROPERTIES
New Jersey
Elmwood Park Shopping Center	Walgreens, Lidl, Chase Bank, City MD	1998	100.0 %	—	43,531	100,457	143,988	—%	100.0%	85.2%	89.7%	96.9%	$3,443,176	$26.67
Marketplace of Absecon	Walgreens, Dollar Tree, Aldi	1998	100.0 %	—	46,724	57,832	104,556	—%	28.3%	80.4%	57.1%	78.3%	1,008,697	16.90

New York
Village Commons Shopping Center	Citibank, Ace Hardware	1998	100.0 %	—	—	87,128	87,128	—%	—%	87.6%	87.6%	88.8%	2,680,851	35.11
Branch Plaza	LA Fitness, The Fresh Market	1998	100.0 %	—	76,264	47,081	123,345	—%	100.0%	86.8%	94.9%	94.9%	3,317,064	28.32
Amboy Center	Stop & Shop (Ahold)	2005	100.0 %	—	37,266	26,106	63,372	—%	100.0%	80.8%	92.1%	92.1%	2,070,441	35.47
Crossroads Shopping Center	HomeGoods, PetSmart, BJ's Wholesale Club, O'Reilly Auto Parts	1998	49.0 %	—	202,727	105,475	308,202	—%	100.0%	92.7%	97.5%	99.3%	9,848,948	32.78


	27	Table of Contents

     
     Core Portfolio Retail Properties – Detail 1

     Supplemental Report – March 31, 2025


		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
New Loudon Center	Price Chopper, Marshalls	1993	100.0 %	—	241,746	16,643	258,389	—%	95.0%	100.0%	95.3%	95.3%	2,286,277	9.29
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%	74.5%	94.7%	97.6%	1,496,556	15.27

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%	2,133,737	9.97
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
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%	2,301,066	23.13

Illinois
Hobson West Plaza	Garden Fresh Markets	1998	100.0 %	—	51,692	47,270	98,962	—%	100.0%	84.9%	92.8 %	92.8%	1,374,356	14.97

Indiana
Merrillville Plaza	Dollar Tree, TJ Maxx, DD's Discount (Ross)	1998	100.0 %	—	123,144	112,782	235,926	—%	59.3%	88.1%	73.1 %	94.3%	2,721,789	15.79

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%	4,301,451	18.55

Delaware
Town Center and Other (1 property)	Lowes, Dick's Sporting Goods, Target	2003	100.0 %	—	678,585	21,891	700,476	—%	97.2%	86.3%	96.9 %	99.6%	12,112,222	17.85
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%	1,362,110	22.99

Total Suburban Properties				—	2,693,054	1,012,295	3,705,349	—%	95.7 %	88.9 %	93.9 %	97.3 %	$64,197,275	$19.92

Acadia Share Total Suburban Properties				—	2,589,663	958,503	3,548,166	—%	95.6%	88.7%	93.7%	97.2%	$59,174,311	$19.28

Total Core Properties				1,091,454	2,784,437	1,217,716	5,093,607	84.0%	95.9%	88.7%	91.6%	95.5%	$165,498,191	$37.51

Acadia Share Total Core Properties				1,003,069	2,681,046	1,150,699	4,834,815	84.2%	95.7%	88.7%	91.7%	95.5%	$154,004,272	$36.88


	28	Table of Contents

     
     Core Portfolio Retail Properties – Detail 1

     Supplemental Report – March 31, 2025

Excludes properties under development, redevelopment and pre-stabilized, see Development and Redevelopment Activity page of this Supplemental Report. The above in place occupancy and rent amounts only include spaces where leases have commenced. Leased occupancy includes spaces for which leases have been signed and not yet commenced. ABR and ABR per square foot correlates to 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 for calculating annualized base rent per square foot.

Anchor GLA includes a 157,616 square foot Target store which is not owned by the Company. This square footage has been excluded for calculating annualized base rent per square foot.


	29	Table of Contents

     
     Core Portfolio – Top Tenants 1

     Supplemental Report – March 31, 2025

     (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	%		5.0	%
J. Crew Group 3		5		21,788		4,860,982		0.4	%		2.9	%
Lululemon		3		16,289		4,013,459		0.3	%		2.4	%
Dick's Sporting Goods, Inc		3		169,782		3,385,770		2.8	%		2.1	%
TJX Companies 4		9		252,043		3,105,924		4.2	%		1.9	%
Walgreens		4		68,393		2,887,312		1.1	%		1.7	%
PetSmart, Inc.		4		76,257		2,794,473		1.3	%		1.7	%
Trader Joe's		3		40,862		2,628,360		0.7	%		1.6	%
Fast Retailing 5		2		32,013		2,513,797		0.5	%		1.5	%
ALO Yoga		2		22,566		2,478,507		0.4	%		1.5	%
Albertsons Companies, Inc. 6		2		123,409		2,061,142		2.1	%		1.2	%
Bob's Discount Furniture		2		68,793		2,027,670		1.2	%		1.2	%
Watches of Switzerland 7		2		13,863		1,756,482		0.2	%		1.1	%
Royal Ahold 8		2		103,125		1,711,582		1.7	%		1.0	%
Ulta Salon Cosmetics & Fragrance		3		31,497		1,550,756		0.5	%		0.9	%
The Home Depot, Inc.		2		187,914		1,345,020		3.1	%		0.9	%
Citibank		4		16,160		1,337,924		0.3	%		0.8	%
Gap, Inc. 9		2		37,895		1,329,165		0.6	%		0.8	%
Michaels Stores, Inc.		2		45,285		1,283,810		0.8	%		0.8	%
Veronica Beard		2		4,136		1,164,628		0.1	%		0.8	%
TOTAL		61		1,740,965	$	52,559,772		29.2	%		31.8	%

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)


	30	Table of Contents

     
     Core Portfolio – Lease Expirations

     Supplemental Report – March 31, 2025

     (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		21		105,524		12.5	%		93.14		11.5	%		4		197,613		8.6	%		18.41		10.0	%
2026		27		84,585		10.0	%		135.58		13.4	%		10		424,984		18.4	%		10.78		12.6	%
2027		24		59,571		7.1	%		122.85		8.5	%		5		155,675		6.7	%		21.38		9.1	%
2028		20		197,528		23.4	%		65.98		15.2	%		11		483,822		20.9	%		12.43		16.5	%
2029		27		79,549		9.4	%		110.08		10.2	%		13		440,142		19.0	%		14.92		18.0	%
2030		14		90,245		10.7	%		94.82		10.0	%		5		178,985		7.7	%		20.79		10.2	%
2031		5		31,958		3.8	%		87.80		3.3	%		2		50,566		2.2	%		16.97		2.4	%
2032		15		57,505		6.8	%		168.34		11.3	%		1		12,250		0.5	%		21.96		0.7	%
2033		22		76,578		9.1	%		116.22		10.4	%		1		28,881		1.3	%		14.50		1.1	%
2034		7		16,179		1.9	%		104.24		2.0	%		1		21,804		0.9	%		11.25		0.7	%
Thereafter		8		43,627		5.2	%		81.41		4.1	%		5		316,503		13.7	%		21.50		18.7	%
Total 2		191		844,825		100.0	%	$	101.41		100.0	%		58		2,311,225		100.0	%	$	15.77		100.0	%

Anchor GLA Owned by Tenants				—												254,916
Total Vacant 2				158,244												114,905
Total Square Feet 2				1,003,069												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		32		104,853		10.3	%		28.63		9.4	%		57		407,990		9.8	%		40.37		10.7	%
2026		33		119,045		11.7	%		26.52		9.9	%		70		628,614		15.1	%		30.55		12.5	%
2027		36		136,781		13.4	%		34.20		14.7	%		65		352,027		8.4	%		43.53		10.0	%
2028		35		143,791		14.1	%		35.35		15.9	%		66		825,141		19.8	%		29.24		15.7	%
2029		32		131,388		12.9	%		26.97		11.1	%		72		651,078		15.6	%		28.98		12.3	%
2030		11		29,414		2.9	%		40.05		3.7	%		30		298,644		7.2	%		45.06		8.7	%
2031		15		81,283		8.0	%		25.80		6.6	%		22		163,807		3.9	%		35.17		3.7	%
2032		24		94,920		9.3	%		33.15		9.9	%		40		164,675		3.9	%		79.53		8.5	%
2033		21		85,791		8.4	%		32.37		8.7	%		44		191,250		4.6	%		63.24		7.9	%
2034		10		31,966		3.1	%		29.84		3.0	%		18		69,949		1.7	%		41.26		1.9	%
Thereafter		18		60,975		6.0	%		37.15		7.1	%		31		421,105		10.1	%		29.97		8.2	%
Total 2		267		1,020,206		100.0	%	$	31.25		100.0	%		516		4,176,257		100.0	%	$	36.88		100.0	%

Anchor GLA Owned by Tenants				—												254,916
Total Vacant 2				130,493												403,642
Total Square Feet 2				1,150,699												4,834,814

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

Totals may not foot due to rounding.


	31	Table of Contents

     
     Core Portfolio – New and Renewal Rent Spreads 1

     Supplemental Report – March 31, 2025


	Quarter Ended
	March 31, 2025
	GAAP 2			Cash 3
New Leases
Number of new leases executed		3			3
GLA		18,769			18,769
New base rent	$	78.60		$	73.83
Previous base rent	$	46.02		$	46.41
Average cost per square foot	$	18.80		$	18.80
Weighted Average Lease Term (years)		4.8			4.8
Percentage growth in base rent		70.8	%		59.1	%

Renewal Leases
Number of renewal leases executed		13			13
GLA		96,232			96,232
New base rent	$	30.93		$	29.83
Expiring base rent	$	24.70		$	27.77
Average cost per square foot	$	—		$	—
Weighted Average Lease Term (years)		6.6			6.6
Percentage growth in base rent		25.2	%		7.4	%

Total New and Renewal Leases
Number of new and renewal leases executed		16			16
GLA commencing		115,001			115,001
New base rent	$	38.71		$	37.01
Expiring base rent	$	28.18		$	30.81
Average cost per square foot	$	3.07		$	3.07
Weighted Average Lease Term (years)		6.3			6.3
Percentage growth in base rent		37.4	%		20.1	%

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. Previous/expiring rent is that as of time of expiration. New rent is that which is paid at commencement.

(1)


	32	Table of Contents

     
     Core Portfolio – Capital Expenditures

     Supplemental Report – March 31, 2025



	Quarter Ended				Year Ended
	March 31, 2025		March 31, 2024		December 31, 2024
Leasing Commissions	$	1,343	$	560	$	4,374
Tenant Improvements		4,881		1,212		8,496
Maintenance Capital Expenditures		1,021		1,640		7,873
Total Capital Expenditures	$	7,245	$	3,412	$	20,743


	33	Table of Contents

     
     Fund Overview

     Supplemental Report – March 31, 2025



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	$		448.1	Million	$		506.0	Million	$		478.8	Million	$		1,992.3	Million
Cumulative Net Distributions 3	$		172.9	Million	$		603.5	Million	$		221.4	Million	$		156.8	Million	$		1,154.6	Million
Net Distributions/Contributions			30.9	%			134.7	%			43.8	%			32.7	%			58.0	%
Unfunded Commitment 4	$		0.0	Million	$		1.9	Million	$		24.0	Million	$		41.2	Million	$		67.1	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 once all partners (including Acadia) have received a return of their cumulative contributions plus their cumulative preferred return. Acadia's Promoted Share equals a 20% promote plus Acadia's pro-rata share of the remaining 80%.

With regard to Fund II, the additional contributions over original Fund Size reflects prior-period distributions that were re-contributed to the Fund during 2016, 2020, 2021 and 2022 to fund the on-going redevelopment of existing Fund II investments along with an incremental $172 million of capital contributed in connection with the City Point recapitalization. Fund II contains one remaining investment, City Point.

Net of fees and promote.

Unfunded Commitments are set aside to complete leasing and development at existing fund investments. The Unfunded Commitment will not equal Fund Size less Cumulative Contributions in those instances where certain fund distributions have been marked as recallable or where the fund has released commitments due to, among other reasons, the closing of the fund's investment period or accelerated asset sales.

Implied Capital is Fund Size less capital attributed to sold investments or released.


	34	Table of Contents

     
     Investment Management Retail Properties – Detail 1

     Supplemental Report – March 31, 2025


		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	205,815	536,263	—%	100.0%	44.5%	78.7%	86.1%	$20,099,547	$47.63

Total - Fund II				—	330,448	205,815	536,263	—%	100.0%	44.5%	78.7%	86.1%	$20,099,547	$47.63

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	92.1%	—%	—%	92.1%	100.0%	1,000,846	142.39

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

MID-ATLANTIC
Delaware
Eden Square	Giant Food, LA Fitness	2014	90.0%	—	116,003	113,170	229,173	—%	100.0%	91.4%	95.8%	97.9%	3,553,385	16.19

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%	3,450,379	39.06

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	171,003	218,618	526,372	79.5%	100.0%	84.8%	88.4%	89.4%	$12,830,297	$27.58


	35	Table of Contents

     
     Investment Management Retail Properties – Detail 1

     Supplemental Report – March 31, 2025


		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 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%	$4,301,833	$19.21

Texas
Wood Ridge Plaza	Kirkland's, Office Depot	2022	90.0%	—	—	217,273	217,273	—%	—%	85.1%	85.1%	85.1%	4,591,609	24.85
La Frontera Village	Kohl's, Hobby Lobby, Burlington, Marshalls	2022	90.0%	—	203,619	330,930	534,549	—%	100.0%	92.0%	95.0%	95.0%	7,622,180	15.01

MIDWEST
Michigan
New Towne Center	Kohl's, DSW	2017	100.0%	—	145,389	45,141	190,530	—%	100.0%	95.6%	99.0%	99.0%	2,377,466	12.61
Fairlane Green	TJ Maxx, Michaels, Burlington	2017	100.0%	—	109,952	160,235	270,187	—%	100.0%	97.1%	98.3%	98.3%	5,248,920	19.77

NORTHEAST
Maryland
Frederick County (1 property)	Lidl, Advance Auto, Starbucks	2019	90.0%	—	90,053	146,454	236,507	—%	100.0%	84.0%	90.1%	92.3%	4,044,323	18.98

Connecticut
Tri-City Plaza	TJ Maxx, HomeGoods, ShopRite	2019	90.0%	—	129,940	172,769	302,709	—%	100.0%	87.2%	92.7%	95.3%	4,196,134	14.96

New Jersey
Midstate	ShopRite, Best Buy, DSW, PetSmart	2021	100.0%	—	270,423	122,466	392,889	—%	100.0%	76.7%	92.7%	95.3%	7,138,809	19.59

New York
Shoppes at South Hills	ShopRite, At Home, Ashley Furniture	2022	90.0%	—	416,804	96,104	512,908	—%	80.7%	58.2%	76.5%	76.5%	4,487,644	11.43
Mohawk Commons	Lowe's, Target	2023	90.0%	—	330,874	68,324	399,198	—%	100.0%	83.2%	97.1%	99.2%	5,549,500	14.31

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 and Shop, Marshalls, HomeGoods	2019	100.0%	—	155,279	305,534	460,813	—%	100.0%	95.7%	97.1%	97.1%	6,037,737	13.49

Vermont
Maple Tree Place 4	Shaw's, Dick's Sporting Goods, Best Buy, Old Navy	2023	100.0%	—	246,738	150,031	396,769	—%	100.0%	68.1%	87.9%	95.3%	6,818,086	19.54

SOUTHEAST
Virginia
Landstown Commons	Best Buy, Burlington, Ross Dress for Less	2019	100.0%	—	87,883	295,376	383,259	—%	100.0%	94.3%	95.6%	97.9%	7,705,747	21.03

Florida


	36	Table of Contents

     
     Investment Management Retail Properties – Detail 1

     Supplemental Report – March 31, 2025


		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
Palm Coast Landing	TJ Maxx, PetSmart, Ross Dress for Less	2019	100.0%	—	73,241	98,480	171,721	—%	100.0%	93.4%	96.2%	98.0%	3,523,794	21.32
Cypress Creek	Hobby Lobby, Total Wine, HomeGoods	2023	100.0%	—	167,978	71,678	239,656	—%	100.0%	95.1%	98.5%	98.5%	5,112,664	21.65

North Carolina
Hickory Ridge	Kohl's, Best Buy, Dick's Sporting Goods	2017	100.0%	—	266,584	113,981	380,565	—%	100.0%	97.5%	99.3%	100.0%	4,843,023	12.82


Alabama
Trussville Promenade	Wal-Mart, Regal Cinemas	2018	100.0%	—	366,010	97,671	463,681	—%	92.4%	85.8%	91.0%	91.0%	4,069,650	9.65

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%	97.7%	6,277,563	18.47
Hiram Pavilion	Kohl's, HomeGoods	2018	100.0%	—	210,139	153,252	363,391	—%	100.0%	96.7%	98.6%	98.6%	4,930,908	13.76

WEST
California
Elk Grove Commons	Kohl's, HomeGoods	2018	100.0%	—	132,489	109,589	242,078	—%	100.0%	90.6%	95.8%	100.0%	5,197,254	22.42

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%	4,021,781	11.12

Total - Fund V				—	4,185,218	3,289,643	7,474,861	—%	97.4%	89.9%	94.1%	95.3%	$112,529,217	$16.00

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%	100.0%	100.0%	100.0%	$3,573,512	$35.79
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%	2,644,235	20.17
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%	4,835,082	23.86
WEST
Nevada
LINQ Promenade	Yard House, Brooklyn Bowl, I Love Sugar, Starbucks, Welcome to Las Vegas	2024	15.0%	—	—	182,926	182,926	—%	—%	96.2%	96.2%	96.2%	14,497,152	82.35
Total - Other Co-investment Vehicles				—	246,589	377,932	624,521	—	100.0%	96.1%	97.6%	97.6%	$25,549,981	$41.91

TOTAL INVESTMENT MANAGEMENT PROPERTIES				141,298	4,933,258	4,092,008	9,166,564	80.0%	97.8%	87.9%	93.1%	94.6%	$172,167,592	$20.17


	37	Table of Contents

     
     Investment Management Retail Properties – Detail 1

     Supplemental Report – March 31, 2025

      
     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

     Acadia Share of Total Investment Management Properties

     32,709

     1,172,459

     934,374

     2,139,541

     80.0%

     98.3%

     85.0%

     92.2%

     94.1%

     $44,431,828

     $22.53

Excludes properties under development, see Development and Redevelopment Activity page of this Supplemental Report. The above in place occupancy and rent amounts only include spaces where leases have commenced. Leased occupancy includes spaces for which leases have been signed and not yet commenced. ABR and ABR per square foot correlates to in place occupancy.

In place occupancy excludes short-term percentage rent.

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

Property also includes 93,259 sf of office space.

Other co-investment vehicles ownership percentages are presented at our pro rata share.


	38	Table of Contents

     
     Investment Management Lease Expirations

     Supplemental Report – March 31, 2025

     (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		—		—		—	%		—		—		—	%		—		—		—	%		—		—		—	%
2026		1		1,426		0.6	%		194,532		136.40		1.7	%		—		—		—	%		—		—		—	%
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		4		78,364		32.0	%		1,252,647		15.98		10.7	%		—		—		—	%		—		—		—	%
2033		3		18,877		7.7	%		897,049		47.52		7.7	%		—		—		—	%		—		—		—	%
2034		4		4,968		2.0	%		528,822		106.46		4.5	%		1		173		16.6	%		47,117		272.35		16.6	%
Thereafter		9		125,076		51.0	%		7,344,362		58.72		62.9	%		2		160		15.3	%		58,896		369.23		20.7	%
Total 2		26		245,134		100.0	%	$	11,676,458	$	47.63		100.0	%		6		1,042		100.0	%	$	284,308	$	272.92		100.0	%

				66,398	Total Vacant 2													74	Total Vacant 2
				311,532	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		2,086		0.2	%	$	49,148	$	23.56		—	%
2025		6		2,530		2.5	%		594,904		235.14		21.0	%		69		137,315		10.0	%		1,954,645		14.23		9.0	%
2026		7		13,032		13.1	%		204,708		15.71		7.2	%		92		124,549		9.1	%		2,347,916		18.85		11.0	%
2027		11		8,316		8.4	%		258,463		31.08		9.1	%		91		205,468		15.0	%		2,787,600		13.57		13.0	%
2028		6		4,629		4.7	%		125,329		27.07		4.4	%		89		160,903		11.8	%		3,150,010		19.58		14.0	%
2029		6		28,775		29.0	%		585,257		20.34		20.7	%		98		214,496		15.7	%		3,379,830		15.76		15.0	%
2030		2		664		0.7	%		42,474		63.94		1.5	%		47		126,149		9.2	%		2,038,347		16.16		9.0	%
2031		3		1,488		1.5	%		123,159		82.78		4.3	%		33		77,230		5.7	%		1,152,494		14.92		5.0	%
2032		6		22,238		22.4	%		447,772		20.14		15.8	%		33		71,670		5.2	%		1,151,096		16.06		5.0	%
2033		5		12,850		12.9	%		294,267		22.90		10.4	%		34		78,410		5.7	%		1,279,056		16.31		6.0	%
2034		2		3,782		3.8	%		97,545		25.80		3.4	%		42		94,579		6.9	%		1,588,420		16.79		7.0	%
Thereafter		3		986		1.0	%		60,037		60.90		2.1	%		22		73,875		5.4	%		1,041,408		14.10		6.0	%
Total 2		57		99,290		100.0	%	$	2,833,915	$	28.54		100.0	%		655		1,366,730		100.0	%	$	21,919,970	$	16.04		100.0	%

				13,375	Total Vacant 2													83,514	Total Vacant 2
				112,665	Total Square Feet 2													1,450,244	Total Square Feet 2


	39	Table of Contents

     
     Investment Management Lease Expirations

     Supplemental Report – March 31, 2025

     (Pro-Rata Basis)


	OTHER CO-INVESTMENT VEHICLES
			GLA							ABR
	Leases		Expiring		Percent							Percent
	Expiring		SF		of Total			Amount		PSF		of Total
M to M 1		—		—		—	%	$	—	$	—		—	%
2025		11		9,230		3.5	%		437,208		47.37		5.7	%
2026		11		24,334		9.3	%		719,894		29.58		9.3	%
2027		20		37,352		14.4	%		1,098,020		29.40		14.2	%
2028		21		78,810		30.3	%		1,627,105		20.65		21.1	%
2029		23		36,151		13.9	%		2,029,418		56.14		26.3	%
2030		12		37,029		14.2	%		828,998		22.39		10.7	%
2031		2		2,038		0.8	%		139,298		68.34		1.8	%
2032		1		1,945		0.7	%		68,075		—		0.9	%
2033		6		25,118		9.7	%		539,194		21.47		7.0	%
2034		6		7,999		3.1	%		221,297		27.66		2.9	%
Thereafter		1		287		0.1	%		8,670		30.17		0.1	%
Total 2		114		260,294		100.0	%	$	7,717,177	$	29.65		100.0	%

				3,690	Total Vacant 2
				263,984	Total Square Feet 2

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

Totals may not foot due to rounding.


	40	Table of Contents

     
     Development and Redevelopment Activity

     Supplemental Report – March 31, 2025


						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	$	30.7	$	53.8	$	14.7	$	114.7	$	68.5	$	168.5

Redevelopment:
555 9th Street	100.0%	San Francisco, CA	TBD		149,000		141.7		14.5		156.2		10.5		20.5		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	$	15.0	$	410.1	$	20.3	$	32.3	$	200.8	$	212.8

Total Core Development and Redevelopment						$	418.2	$	45.7	$	463.9	$	35.0	$	147.0	$	269.3	$	381.3

INVESTMENT MANAGEMENT

Development:
FUND III
Broad Hollow Commons	24.5%	Farmingdale, NY	2026/2027	TBD		$	3.0	$	4.9	$	7.9	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	$	5.8	$	35.7	$	—	$	—	$	—	$	—

Total Core and Investment Management Development and Redevelopment						$	448.1	$	51.5	$	499.6	$	35.0	$	147.0	$	269.3	$	381.3

Pre-Stabilized:
City Point (Fund II)	61.7%	Brooklyn, NY	2025/2026		536,198
640 Broadway (Fund III)	24.5%	New York, NY	2025		4,637
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

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


	41	Table of Contents

     
     Important Notes

     Supplemental Report – March 31, 2025

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain statements contained in this supplemental disclosure may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934 and as such may involve known and unknown risks, uncertainties and other factors which may cause the Company’s actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations are generally identifiable by use of the words “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend” or “project” or the negative thereof or other variations thereon or comparable terminology. Factors which could have a material adverse effect on the operations and future prospects of the Company include, but are not limited to those set forth under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K. These risks and uncertainties should be considered in evaluating any forward-looking statements contained or incorporated by reference herein.

USE OF FUNDS FROM OPERATIONS AS NON-GAAP FINANCIAL MEASURE

The Company considers funds from operations (“FFO”) as defined by the National Association of Real Estate Investment Trusts (“NAREIT”) to be an appropriate supplemental disclosure of operating performance for an equity REIT due to its widespread acceptance and use within the REIT and analyst communities. FFO is presented to assist investors in analyzing the performance of the Company. It is helpful as it excludes various items included in net income that are not indicative of the operating performance, such as gains (or losses) from sales of property and depreciation and amortization. Consistent with the NAREIT definition, the Company defines FFO as net income (computed in accordance with GAAP), excluding (i) gains (or losses) from sales of depreciated properties; (ii) depreciation and amortization; (iii) impairment of depreciable real estate properties; (iv) gains (losses) from change in control and (v) after adjustments for unconsolidated partnerships and joint ventures. Also consistent with NAREIT’s definition of FFO, the Company has elected to include the impact of the unrealized holding gains (losses) incidental to its main business, including those related to its RCP investments such as Albertsons in FFO.

The Company also provides another supplemental disclosure of operating performance, adjusted funds from operations (“AFFO”). The Company defines AFFO as FFO adjusted for straight line rent, non-real estate depreciation, stock-based compensation, amortization of finance costs and costs of management contracts, tenant improvements, leasing commissions and capital expenditures.

The Company may also provide from time to time another supplemental disclosure of operating performance, FFO Before Special Items. The Company defines FFO Before Special Items as FFO adjusted for certain unusual items including (i) charges, income and gains that management believes are not comparable and indicative of the results of the Company’s operating real estate portfolio; (ii) the impact of the unrealized holding gains (losses) incidental to its main business, including those related to its RCP investments such as Albertsons and (iii) any realized income or gains from the Company’s investment in Albertsons.

It should be noted that the Company’s methods of calculating FFO, AFFO or FFO Before Special Items may be different from methods used by other REITs and, accordingly, may not be comparable to such metrics used by other REITs. FFO, AFFO and FFO Before Special Items do not represent cash generated from operations as defined by generally accepted accounting principles (“GAAP”) and are not indicative of cash available to fund all cash needs, including distributions. None of these measures should be considered as an alternative to net income for the purpose of evaluating the Company’s performance or to cash flows as a measure of liquidity.

USE OF NON-GAAP FINANCIAL MEASURES

Non-GAAP financial measures such as EBITDA, NOI, same-property NOI and lease spreads are widely used financial measures in many industries, including the REIT industry, and are presented to assist investors and analysts in analyzing the performance of the Company. They are helpful as they exclude various items included in net income that are not indicative of operating performance, such as gains (or losses) from sales of property and depreciation and amortization and is used in computing various financial ratios as a measure of operational performance. The Company computes EBITDA as the sum of net income before extraordinary items plus interest expense, depreciation, income taxes and amortization, less any gains (losses including impairment charges) on the sale of income producing properties. The Company computes NOI by taking the difference between Property Revenues and Property Expenses as detailed in this reporting supplement. Same-property NOI includes properties in our Core Portfolio that we owned for both the current and prior periods presented, but excludes those properties which we acquired, sold or expected to sell, and redeveloped during these periods. The Company’s method of calculating EBITDA, NOI and same-property NOI may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. EBITDA, NOI and same-property NOI do not represent cash generated from operations as defined by GAAP and are not indicative of cash available to fund all cash needs, including distributions. They should not be considered as an alternative to net income for the purpose of evaluating the Company’s performance or to cash flows as a measure of liquidity.


	42	Table of Contents