Acadia Realty Trust : Q1 PDF (b3a3c7)

Published: 2026-04-28 17:14:28 ET AKR

Published on 04/28/2026 at 05:14 pm EDT

2026

Acadia Realty Trust (914) 288-8100

Acadia Realty Trust Reports First Quarter 2026 Operating Results

Key Highlights for the first quarter ended March 31, 2026 include:

First quarter GAAP net earnings of $0.22 per share (compared to $0.01 in first quarter 2025) and FFO As Adjusted of $0.30 per share, up 11% from the prior-year quarter

First quarter REIT Portfolio same-property NOI increased 5.9% and reaffirmed 5-9% annual guidance

Delivered REIT Portfolio GAAP and cash leasing spreads on new leases of 50% and 31%, respectively

Increased SNO Pipeline to $10.5 million (from $8.9 million at December 31, 2025)

Increased REIT Portfolio economic occupancy by 20 basis points to 94.1% during the first quarter driven by the street and urban portfolio, which increased 140 basis points from the fourth quarter to 91.7% as of March 31, 2026

Completed approximately $503 million of accretive acquisitions comprised of REIT Portfolio (street retail of $79 million) and Investment Management ($424 million)

Completed recapitalizations of approximately $504 million of assets in the Investment Management platform

Raised full-year 2026 guidance: Earnings per share to $0.37-$0.39 (from $0.24-$0.26) and FFO As Adjusted to $1.22-$1.26 (from $1.21-$1.25)

Subsequent Events

Signed an approximately 26,000 square foot lease with Sprouts Farmers Market at 555 9th Street in San Francisco, joining the previously signed Club Studio (expected to open late 2026), reflecting the market's accelerating retail recovery

Completed a $109 million accretive portfolio acquisition on Newbury Street in Boston

Increased its borrowing capacity, extended duration and improved pricing on a $1.425 billion credit facility (replacing its $1.175 billion facility)

RYE, NY (April 28, 2026) - Acadia Realty Trust (NYSE: AKR) ("Acadia" or the "Company") today reported operating results for the quarter ended March 31, 2026. 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 ("REIT 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:

"Our first quarter results reflect continued execution across Acadia's differentiated dual-platform strategy. Our street portfolio continues to benefit from strong tenant demand, enabling us to deliver same-property NOI growth of 5.9% for the quarter. Complementing this internal growth, we completed over $600 million of accretive REIT and Investment Management acquisitions in 2026. This includes our inaugural investment on Worth Avenue in Palm Beach, and our continued deployment of capital through our Investment Management platform. With strong internal growth, a well-positioned balance sheet, and an active acquisition pipeline, we remain well positioned to deliver sustained NOI and earnings growth over a multi-year horizon."

Financial Results

A complete reconciliation, in dollars and per share amounts, of (i) net earnings attributable to Acadia to Funds From Operations ("FFO") (as defined by the National Association of Real Estate Investment Trusts ("NAREIT") and As Adjusted) attributable to common shareholders and Common OP Unit holders and (ii) operating income to net operating income ("NOI") and definitions of non-GAAP metrics are included in the financial tables of this release. The amounts discussed below are net of noncontrolling interests (except for the Common OP Unit holders) and all per share amounts are on a fully-diluted basis.

Net Income

Net income per share for the three months ended March 31, 2026 was $0.22. This compares with net income per share for the three months ended March 31, 2025 of $0.01. The increase for the quarter ended March 31, 2026, as compared to the quarter ended March 31, 2025, was primarily a result of gains on sale of $0.22 per share in 2026, and the loss on change in control related to the Company's additional investment in its Georgetown Renaissance portfolio of $0.08 per share in 2025.

Offsetting these items, during the three months ended March 31, 2026, the Company incurred charges of approximately $5 million, or $0.04 per share, to net income and NAREIT FFO, primarily comprised of retirement-driven, non-cash acceleration of unvested stock-based compensation awards (approximately $4.1 million included in general and administrative expenses), an unrealized loss on an investment (approximately $600,000) and non-capitalizable transaction costs (approximately $300,000, included in general and administrative expenses).

NAREIT FFO

NAREIT Funds From Operations ("NAREIT FFO") for the quarter ended March 31, 2026 was $36.9 million, or $0.26 per share, as compared to $44.6 million, or $0.34 per share, for the quarter ended March 31, 2025.

FFO As Adjusted

FFO As Adjusted for the quarter ended March 31, 2026 was $41.8 million, or $0.30 per share, as compared to $35.1 million, or $0.27 per share, for the quarter ended March 31, 2025.

REIT Portfolio Same-Property NOI

Same-Property NOI grew 5.9%, for the first quarter, primarily driven by 7.0% growth from the street and urban retail portfolio. These amounts exclude developments and redevelopments.

REIT Portfolio Occupancy and Leasing Update

As of March 31, 2026, economic occupancy and leased occupancy increased 20 and 60 basis points to 94.1% and 95.3%, respectively, compared to 93.9% and 94.7% as of December 31,

2025.

For the quarter ended March 31, 2026, conforming GAAP and cash leasing spreads on new leases were 50% and 31%, respectively, and 23% and 11%, inclusive of renewal leases.

Signed Not Opened Update

The following summarizes the activity, at the Company's pro-rata share, of ABR of its signed not opened pipeline during the first quarter (amounts in millions):

Balance at December 31,

Commencing

Balance at

2025

ABR

New Leases

March 31, 2026

REIT Portfolio (Same-property)

$ 4.4

$ (1.5)

$ 1.6

$ 4.5

REIT Portfolio

(Redevelopment/Prestabilized)

3.5

(0.2)

1.9

5.2

Investment Management

1.0

(0.5)

0.3

0.8

Total

$ 8.9

$ (2.2)

$ 3.8

$ 10.5

Transactional Activity

During the quarter ended March 31, 2026, the Company completed approximately $503 million in accretive acquisitions comprised of REIT Portfolio ($79 million) and Investment Management ($424 million). Subsequent to quarter end, the Company completed an additional $109 million street retail portfolio acquisition in its REIT Portfolio. Details of the acquisitions are discussed below.

In addition, the Company completed recapitalizations of approximately $504 million in its Investment Management platform.

REIT Portfolio

Manhattan, New York. As previously disclosed, in January 2026, the Company acquired 1045 and 1165 Madison Avenue in Manhattan for an aggregate purchase price of $21 million. These assets further expand the Company's ownership on upper Madison Avenue and align with its strategy of expanding its portfolio on must-have street retail corridors.

Palm Beach, Florida. In March 2026, the Company acquired 225 Worth Avenue for a purchase price of $43 million. Worth Avenue in Palm Beach is an exclusive retail corridor serving one of the wealthiest and fastest-growing markets in the country. The Company's inaugural investment in this market provides it with a compelling near-term opportunity to drive rental growth, as well as a platform to pursue additional acquisitions and grow our presence on this irreplaceable street.

Boston, Massachusetts. In April 2026, the Company, in conjunction with Osiris Ventures, acquired 4-6 Newbury Street and 28 Newbury Street for an aggregate purchase price of $109 million, expanding its presence on Newbury Street, Boston's premier luxury shopping corridor. The properties are leased to two of the world's most iconic luxury brands and provide a near-term opportunity to capture significant rental growth as a key retail lease approaches expiration.

Strategic Add-on Acquisitions (Washington D.C. and Armitage Avenue Chicago): In the first quarter, the Company added approximately $14 million of new acquisitions to further increase its scale in two of its key corridors.

Investment Management Platform Acquisition

Queens, New York. As previously disclosed, in January 2026, the Company, through its Investment Management platform, formed a joint venture with TPG Real Estate to acquire the Shops at Skyview for a gross purchase price of approximately $424 million of which the Company has a 20% ownership interest. The Shops at Skyview is a 555,000 retail center in Flushing, Queens, attracting 12 million visitors a year and anchored by three grocers along with an attractive mix of essential goods, value-oriented brands, and experiential concepts.

Investment Management Platform Recapitalizations

Fund V and Avenue at West Cobb Recapitalization. As previously disclosed, in February 2026, the Company and TPG Real Estate completed a $435 million portfolio transaction involving six Fund V assets (Hickory Ridge, Palm Coast Landing, Hiram Pavilion, Canton Marketplace, Elk Grove Commons, and Midstate Mall) along with the Avenue West Cobb (acquired in the third quarter of 2025). In connection with this transaction, the Company recognized a gain on sale of approximately $112 million, or $22 million ($0.15 per share) at its share.

TPG acquired an 80% interest across the portfolio, with Acadia retaining a 20% ownership in the previously held Fund V assets, along with a 20% interest in West Cobb.

Lake Worth, Florida. During March 2026, the Company completed the recapitalization of Pinewood Square, a 204,000 square foot retail center in Lake Worth, Florida, which was acquired in the first quarter of 2025. The Company sold an 80% interest to the Private Real Estate Group of Cohen & Steers, reflecting a total asset valuation of approximately $68 million. The Company recognized a gain on sale of $4.1 million ($0.03 per share) in connection with this transaction.

In connection with each of these recapitalizations, the Company will continue to manage the respective properties, earning asset management, property management, and leasing fees, as well as a potential promote upon ultimate disposition.

Dispositions

Virginia Beach, Virginia. As previously disclosed, during January 2026, the Company, through its Fund V platform, completed the disposition of Landstown Commons for $102 million, of which the Company's share was $21 million. In connection with this transaction, the Company recognized a gain on sale of $26 million, or $5.1 million ($0.04 per share) at its share.

San Francisco, California. During March 2026, the Company, through its Fund IV platform, completed the disposition of 1964 Union Street for $2.6 million, of which the Company's share was approximately $0.5 million.

Warwick, Rhode Island. During April 2026, the Company, through its Fund IV platform, completed the disposition of 650 Bald Hill Road for $20.5 million, of which the Company's share was approximately $4.3 million.

Balance Sheet

Equity Activity:

The Company did not issue any equity during the first quarter of 2026. Additionally, during the first quarter, the Company settled approximately 2.4 million shares of previously issued forward equity contracts for cash proceeds of approximately $56 million. The Company currently has unsettled forward equity contracts to sell 12.3 million shares for aggregate net proceeds of approximately $239 million to accretively fund its acquisition pipeline and the Henderson Avenue redevelopment project in Dallas, TX.

Extension and Expansion of $1.425 Billion Corporate Credit Facility

In April 2026, the Company amended and upsized its corporate credit facility by $250 million to

$1.425 billion, and extended maturity dates. The credit facility has an accordion feature that allows the Company to increase the capacity to $2.0 billion. The facility was oversubscribed and priced at improved spreads relative to the prior facility. Proceeds from the $250 million upsize were used to repay outstanding amounts on its revolving credit facility and other secured indebtedness.

Pro-Rata REIT Portfolio and Investment Management Debt-to-EBITDA (as adjusted):

Net Debt-to-EBITDA, as adjusted, inclusive of pro-rata share of Investment Management platform debt and unsettled forward equity contracts that were issued prior to March 31, 2026 as discussed above, was 5.5x at March 31, 2026. Refer to the first quarter 2026 Supplemental Information package for reconciliations and details on financial ratios.

No Significant REIT Portfolio Debt Maturities until 2029:

The Company has REIT portfolio debt maturing of 2.5%, 2.6%, and 7.5% in 2026, 2027, and 2028, respectively.

Guidance

The Company is increasing its previously issued guidance for Earnings per Share from $0.24-0.26 to

$0.37-$0.39 and FFO As Adjusted from $1.21-$1.25 per share to $1.22-$1.26 per share.

The following updated guidance is based upon Acadia's current view of market conditions and assumptions for the year ended December 31, 2026.

2026 Guidance 1

Gain on disposition on real estate properties (net of noncontrolling interest share other than Common OP Units)

Adjustment of redeemable noncontrolling interest to estimated redemption value Noncontrolling interest in Operating Partnership

0.95-0.97 0.95-0.97

(0.22) (0.04)

0.04 -

0.03 0.03

Adjustments to FFO:

Transaction and other expenses 2

0.05

0.03

Totals may not foot due to rounding.

Transaction and other expenses include those costs that the Company believes are not reflective of ongoing core operating results, including investment transaction costs, debt extinguishment costs and employee retirement costs.

Refer to the "Notes to Financial Highlights" on page 14 of this release for definitions of non-GAAP measures

Management will conduct a conference call on Wednesday, April 29, 2026 at 11:00 AM ET to review the Company's earnings and operating results. Participant registration and webcast information is listed below.

Live Conference Call:

Date:

Wednesday, April 29, 2026

Time:

11:00 AM ET

Participant call:

First Quarter 2026 Dial-In

Participant webcast:

First Quarter 2026 Webcast

Webcast Listen-only and

Replay:

https://www.acadiarealty.com/investors under Events & Presentations

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 of street and open-air retail properties in the nation's most dynamic retail corridors ("REIT Portfolio"), 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 https://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"). We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and we are including this statement for the purposes of complying with those safe harbor provisions, in each case, to the extent applicable. Forward-looking statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations (including with regards to acquisition pipeline) 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 (such as ongoing armed conflicts and heightened regional tensions in the Middle East), contemplated tariff increases and other trade restrictions, which may lead to a disruption of or lack of access to the capital markets, disruptions and instability in the banking and financial services industries and rising inflation; (ii) the Company's 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 and those of our tenants; (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 future public health crisis which may adversely affect us and our tenants' business, financial condition, results of operations and liquidity; (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 ("IT") security breaches, including increased cybersecurity risks relating to the use of remote technology and artificial intelligence ("AI"); (xv) risks associated with our use of AI tools, which could result in reputational harm, and legal or regulatory liability; (xvi) the loss of key executives; and (xvii) 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.

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,

2026

2025

Revenues

Rental

$ 98,568

$ 102,640

Other

4,424

1,754

Total revenues

102,992

104,394

Expenses

Depreciation and amortization

40,155

39,440

General and administrative

15,303

11,597

Real estate taxes

12,922

13,303

Property operating

18,249

18,280

Impairment charges

6,450

Total expenses

86,629

89,070

Gain on disposition of properties

142,148

Operating income

158,511

15,324

Equity in losses of unconsolidated affiliates

(1,508)

(1,713)

Interest income

4,788

6,096

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

(616)

1,621

Interest expense

(22,052)

(23,247)

Loss on change in control

(9,622)

Income (loss) from continuing operations before income taxes

139,123

(11,541)

Income tax provision

(12)

(116)

Net income (loss)

139,111

(11,657)

Net loss attributable to redeemable noncontrolling interests

698

1,669

Net (income) loss attributable to noncontrolling interests

(109,332)

11,596

Net income attributable to Acadia shareholders

$ 30,477

$ 1,608

Less: earnings attributable to unvested participating securities

(333)

(339)

Less: adjustment of redeemable noncontrolling interests to estimated

redemption value

(1,793)

Income from continuing operations net of income attributable to participating

securities for diluted earnings per share

$ 28,351

$ 1,269

Weighted average shares for basic earnings per share

131,247

121,329

Weighted average shares for diluted earnings per share

131,332

121,329

Net earnings per share - basic (2)

$ 0.22

$ 0.01

Net earnings per share - diluted (2)

$ 0.22

$ 0.01

Acadia Realty Trust and Subsidiaries

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

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

Three Months Ended March 31,

2026

2025

Net income attributable to Acadia

$ 30,477

$ 1,608

Depreciation of real estate and amortization of leasing costs (net of

noncontrolling interests' share other than Common OP Units)

35,851

31,607

Impairment charges (net of noncontrolling interests' share other than Common

OP Units)

1,583

Gain on disposition of properties (net of noncontrolling interests' share other

than Common OP Units)

(30,954)

Loss on change in control

9,622

Income attributable to Common OP Unit holders

1,496

Distributions - Preferred OP Units

Funds from operations attributable to Common Shareholders and Common

OP Unit holders - Diluted

$ 36,875

$ 44,583

Transaction and other expenses

4,358

526

Unrealized holding loss (gain) (net of noncontrolling interest share)

616

(1,672)

Tenant lease settlement

(8,309)

FFO As Adjusted attributable to Common Shareholder and Common OP Unit

holders 1

$ 41,849

$ 35,128

Funds From Operations per Share - Diluted

Basic weighted-average shares outstanding, GAAP earnings

131,332

121,329

Weighted-average OP Units outstanding

8,376

7,778

Assumed conversion of Preferred OP Units to Common Shares

256

Weighted average number of Common Shares and Common OP Units

139,733

129,363

Diluted Funds From Operations, per Common Share and Common OP Unit

$ 0.26

$ 0.34

Diluted Funds From Operations As Adjusted, per Common Share and Common

OP Unit

$ 0.30

$ 0.27

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,

2026

2025

Consolidated operating income

$ 158,511

$ 15,324

Add back:

General and administrative

15,303

11,597

Depreciation and amortization

40,155

39,440

Impairment charges

6,450

Gain on disposition of properties

(142,148)

Less:

Above/below-market rent, straight-line rent and other adjustments

(6,985)

(2,704)

Termination income

(8,366)

Consolidated NOI

64,836

61,741

Redeemable noncontrolling interest in consolidated NOI

(1,840)

(1,888)

Noncontrolling interest in consolidated NOI

(14,997)

(17,655)

Less:

Operating Partnership's interest in Investment Management NOI included above

(7,542)

(6,747)

Add back:

Operating Partnership's share of unconsolidated joint ventures NOI (4)

1,358

1,279

REIT Portfolio NOI

$ 41,815

$ 36,730

Reconciliation of Same-Property NOI

(Unaudited, Dollars in thousands)

Three Months Ended March 31,

2026

2025

REIT Portfolio NOI

$ 41,815

$ 36,730

Less properties excluded from Same-Property NOI

(2,973)

(52)

Same-Property NOI

$ 38,842

$ 36,678

Percent change from prior year period

5.9%

Components of Same-Property NOI:

Same-Property Revenues

$ 54,709

$ 51,442

Same-Property Operating Expenses

(15,867)

(14,764)

Same-Property NOI

$ 38,842

$ 36,678

Acadia Realty Trust and Subsidiaries

Condensed Consolidated Balance Sheets (1)

(Unaudited, Dollars in thousands, except shares)

As of:

March 31, 2026

December 31, 2025

Assets

Investments in real estate, at cost

Buildings and improvements

$ 3,057,952

$ 3,421,366

Tenant improvements

321,489

339,414

Land

1,100,492

1,147,236

Construction in progress

26,266

32,969

Right-of-use assets - finance leases

61,366

Total

4,567,565

5,002,351

Less: Accumulated depreciation and amortization

(979,837)

(1,018,597)

Operating real estate, net

3,587,728

3,983,754

Real estate under development

178,050

167,051

Net investments in real estate

3,765,778

4,150,805

Notes receivable, net ($2,176 and $1,638 of allowance for credit losses as of March 31,

2026 and December 31, 2025, respectively)

154,430

154,892

Investments in and advances to unconsolidated affiliates

275,770

161,955

Other assets, net

190,101

223,980

Right-of-use assets - operating leases, net

22,596

23,594

Cash and cash equivalents

31,415

38,818

Restricted cash

17,374

18,081

Rents receivable, net

56,259

65,027

Assets of property held for sale

18,932

Total assets

$ 4,532,655

$ 4,837,152

Liabilities:

Mortgage and other notes payable, net

$ 624,764

$ 893,944

Unsecured notes payable, net

880,012

879,462

Unsecured line of credit

91,500

89,500

Accounts payable and other liabilities

222,654

273,479

Lease liabilities - operating leases

24,918

25,972

Dividends and distributions payable

28,421

28,526

Distributions in excess of income from, and investments in, unconsolidated affiliates

16,241

16,838

Liabilities of property held for sale

161

Total liabilities

1,888,671

2,207,721

Commitments and contingencies

Redeemable noncontrolling interests

8,457

9,113

Equity:

Acadia Shareholders' Equity

Common shares, $0.001 par value per share, authorized 200,000,000 shares, issued and outstanding 133,513,864 and 131,036,560 shares as of March 31, 2026 and

December 31, 2025, respectively

134

131

Additional paid-in capital

2,755,574

2,710,651

Accumulated other comprehensive income

20,057

15,585

Distributions in excess of accumulated earnings

(498,735)

(500,720)

Total Acadia shareholders' equity

2,277,030

2,225,647

Noncontrolling interests

358,497

394,671

Total equity

2,635,527

2,620,318

Total liabilities, redeemable noncontrolling interests, and equity

$ 4,532,655

$ 4,837,152

Acadia Realty Trust and Subsidiaries

Notes to Financial Highlights:

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.

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.

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 As Adjusted" is also an appropriate supplemental disclosure of operating performance. FFO, FFO As Adjusted 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, (iii) impairment of depreciable real estate assets related to the Company's main business and land held for the development of property, and (iv) items that management believes are not reflective of ongoing core operating results, including non-comparable revenues, expenses, gains, and losses. While these adjustments may be subject to fluctuations from period to period, with both positive and negative short-term impacts, management believes that the removal of the impacts of these items enhances our understanding of the operating performance of our properties. The Company believes that introducing a new supplemental measure beginning with fiscal year 2026 is useful for evaluating operating performance and comparing historical financial periods. The Company's method of calculating FFO, FFO As Adjusted 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 As Adjusted represent cash generated from operations as defined by generally accepted accounting principles ("GAAP"), nor 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;

depreciation and amortization;

impairment of real estate assets related to the Company's main business and land held for the development of property for its operating portfolio;

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 investments in Albertsons in FFO.

FFO As Adjusted (new metric starting in 2026) 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.

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

2026

Table of Contents

Section I - First Quarter 2026 Earnings Press Release Section II - Financial & Operating Highlights

Company Information 3

Highlights 4

Market Capitalization 5

Equity 6

Funds from Operations ("FFO"), Funds From Operations As Adjusted, Adjusted Funds from Operations ("AFFO") 7

EBITDA 8

Same Property Net Operating Income 9

New and Renewal Rent Spreads 10

Transactional Activity 11

2026 Guidance 13

Section III - Financial Statements and Data

Consolidated Statements of Operations 14

Statements of Operations - Pro-rata Adjustments 16

Consolidated Balance Sheet 17

Balance Sheet - Pro-rata Adjustments 18

Fee Income Detail 20

Structured Financing 21

Net Asset Valuation Information 22

Development and Redevelopment Activity 23

Section IV - Capital Structure and Debt Analysis

Debt Summary 25

Debt Detail 26

Debt Maturities 28

Interest Rate Summary 30

Section V - REIT Portfolio and Leasing Information

REIT Properties 31

REIT Top Tenants 35

REIT Lease Expirations 36

Section VI - Investment Management Platform

Fund Overview 37

Investment Management Properties 38

Investment Management Lease Expirations 42

Section VII - Other Information

Important Notes 44

Visit https://www.acadiarealty.com for additional investor and portfolio information.

‌Company Information

Contact Information

Corporate Headquarters

Investor Relations

New York Stock Exchange

411 Theodore Fremd Avenue

(914) 288-8100

Symbol AKR

Suite 300

[email protected]

Rye, NY 10580

Analyst Coverage

Bank of America / Merrill Lynch Green Street Advisors KeyBanc Capital Markets, Inc.

Samir Khanal (646) 855-1497

Paulina Rojas Schmidt (949) 640-8780

Todd Thomas (917) 368-2286

[email protected] [email protected] [email protected]

Citigroup - Global Markets J.P. Morgan Securities, Inc. Ladenburg Thalmann

Craig Mailman

(212) 816-4471

Michael W. Mueller, CFA

(212) 622-6689

Floris van Dijkum

(212) 409-2075

[email protected] [email protected] [email protected]

Compass Point Research & Trading Jefferies Truist

Kenneth Billingsley

(202) 534-1393

Linda Tsai

(212) 778-8011

Anthony Hau

(212) 303-4176

[email protected] [email protected] [email protected]

Highlights

(in thousands, except per share amounts and ratios)

‌For the three months ended March 31,

Summary Financial Results

2026

2025

REIT NOI at pro-rata share (pg 22)

$41,815

$36,730

Investment Management NOI at pro-rata share (pg 22)

$13,243

$9,618

Total NOI at pro-rata share

$55,058

$46,348

Adjusted EBITDA (pg 8) 1

$58,611

$57,129

FFO As Adjusted per diluted Common Share and

Common OP Unit (pg 7)

$0.30

$0.27

NAREIT FFO per diluted Common Share and OP Unit (pg

7) 1

$0.26

$0.34

Dividends declared per Common Share and Common OP Unit (pg 7)

$0.20

Three months ended,

Summary Operating and Financial Ratios March 31, 2026 Dec 31, 2025 Sept 30, 2025 June 30 2025 March 31, 2025

REIT Portfolio Same-property NOI % (pg 9)

5.9%

5.7% 5.4%

4.1%

Net Debt to Adjusted EBITDA (including IM debt) (pg 5)

5.5x

4.9x 5.0x

5.5x

5.7x

Fixed charge coverage ratio (annualized) (pg 8)

3.5x

4.0x 4.2x

4.3x

4.0x

As of

Outstanding Common Stock

March 31, 2026

Dec 31, 2025 Sept 30, 2025

June 30 2025

March 31, 2025

Diluted Weighted Average Common shares and units outstanding (pg 6)

139,733

139,031 138,950

138,909

129,363

Unsettled forward equity (pg 6)

12,294

14,739 12,760

2,445

Three months ended,

Transactional Activity 2

March 31, 2026

Dec 31, 2025 Sept 30, 2025

June 30 2025

March 31, 2025

REIT acquisitions (pg 11)

$78,697

$20,750

$904

$49,505

$433,796

IM acquisitions (pg 11)

$424,140

$424,400

$62,701

$68,207

Aggregate purchase price of acquisitions (REIT and IM)

(pg 11)

$502,837

$445,150

$63,605

$49,505

$502,003

Recapitalizations (pg 11)

$504,115

Aggregate sale price of dispositions (REIT and IM) (pg 11)

$496,963

$201,540

$99,540

As of

Summary portfolio statistics (pro-rata)

March 31, 2026

Dec 31, 2025

Sept 30, 2025

June 30 2025

March 31, 2025

Percent leased - REIT Street and Urban (pg 32)

93.1%

91.5%

91.6%

90.8%

Percent leased - REIT Suburban (pg 32)

96.1%

96.0%

95.6%

96.2%

97.2%

Percent leased - REIT Total (pg 32)

95.3%

94.7%

94.5%

94.7%

95.5%

Economic Occupancy - REIT Street and Urban (pg 32)

91.7%

90.3%

89.5%

86.7%

86.0%

Economic Occupancy - REIT Suburban (pg 32)

95.1%

95.2%

95.1%

94.3%

93.7%

Economic Occupancy - REIT Total (pg 32)

94.1%

93.9%

93.6%

92.2%

91.7%

ABR PSF - REIT Total (pg 32)

$40.01

$39.30

$38.23

$37.78

$36.88

Current

Prior

2026 Guidance

(as of 4/28/2026)

(as of 2/10/2026)

Projected 2026 FFO As Adjusted per diluted share

$1.22 - $1.26

$1.21 - $1.25

Annual Projected Same-property NOI

5% - 9%

Includes approximately $8.4 million of income recognized in connection with a terminated lease in the first quarter of 2025.

Amounts reflect gross transaction value and are presented before giving effect to the Company's pro rata ownership interest.

‌Market Capitalization, Liquidity & Debt Ratios

(Including pro-rata share of Investment Management debt, in thousands, except per share amounts)

Total Market Capitalization

Capitalization Based on Net

($)

Debt

Equity Capitalization

Common Shares

133,514

Common Operating Partnership ("OP") Units

6,411

Combined Common Shares and OP Units 1

139,925

Share Price at March 31, 2026

$ 19.12

Equity Capitalization - Common Shares and OP Units

$ 2,675,359

Preferred OP Units 2

479

Total Equity Capitalization

2,675,838

64%

Debt Capitalization

Consolidated Secured Debt

624,764

Consolidated Revolving Credit

91,500

Consolidated Unsecured Notes Payable

880,012

Consolidated Principal Debt

1,596,276

Less: Net unamortized premium

(700)

Add: Deferred financing fees

8,684

Consolidated Debt

1,604,260

Adjustment to reflect pro-rata share of debt

(38,860)

Total Pro-Rata Debt Capitalization

1,565,400

36%

Total Market Capitalization

$ 4,241,238

100%

Pro-Rata Liquidity

Cash, cash equivalents and restricted cash

$ 43,340

Unsettled ATM forward equity contracts

239,225

Net debt

$ 1,282,835

Pro-Rata EBITDA Annualized (page 8)

$ 260,424

Pro-Rata Adjusted EBITDA Annualized (page 8)

$ 234,444

Ratios3:

Debt + Preferred Equity (Preferred OP Units) Total Market Capitalization

37%

Net Debt + Preferred Equity Total Market Capitalization

30%

Net Debt/Adjusted EBITDA

5.5x

Does not include the unsettled Common Shares sold under the Forward Equity Offerings.

Represents 188 Series A Preferred OP Units convertible into 25,067 Common OP Units multiplied by the Common Share price at quarter end.

Ratios consider our pro-rata share of debt and net debt is net of cash, cash equivalents and restricted cash and unsettled forward equity.

‌Equity

(in thousands)

Changes in Total Outstanding Common Weighted Average

Shares and OP Units Diluted EPS Diluted FFO

Common Shares

Common OP Units

Total

Quarter

YTD

Quarter

YTD

Balance at 12/31/2025

131,037

5,421

136,458

Vesting RS and LTIPs

1,008

1,020

OP Conversions

(18)

Common Shares Issued

Upon Forward Settlement

2,445

Other

Balance at 3/31/2026

133,514

6,411

139,925

131,332

139,733

Forward Equity Offerings Shares Net Proceeds 1

Beginning balance 12/31/2025

14,739

295,461

Shares sold

Shares settled

(2,445)

(55,888)

Current-value settlement adjustments 1

(348)

Ending balance as of 3/31/2026 2

12,294

$ 239,225

Amounts received upon settlement are subject to customary adjustments in accordance with the forward sales contracts, which are reflected in settlement adjustments above.

Ending balance reflects the fair value of the shares unsettled as of March 31, 2026.

Funds from Operations ("FFO"), FFO As Adjusted, Adjusted Funds from Operations ("AFFO")

(in thousands, except per share amounts)

Funds from operations ("FFO"):

Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share other than Common OP Units)

‌Gain on disposition on real estate properties (net of noncontrolling interest share other than Common OP Units)

Impairment charges (net of noncontrolling interest share other than Common OP Units)

Loss on change in control (net of noncontrolling interest share other than Common OP Units)

Quarter Ended March 31,

2026

Quarter Ended March 31,

2025

35,851 31,607

(30,954) -

- 1,583

- 9,622

Income attributable to noncontrolling interests' share in Operating Partnership

1,501 163

Transaction and other expenses 1

Unrealized holding loss (gain) (net of noncontrolling interest share) Tenant lease settlement

4,358 526

616 (1,672)

- (8,309)

Adjusted Funds from operations ("AFFO"):

FFO

Unrealized holding loss (gain) (net of noncontrolling interest share) Straight-line rent, net

Above/below-market rent Amortization of finance costs Above/below-market interest Non-real estate depreciation Stock-based compensation Leasing commissions

Tenant improvements Maintenance capital expenditures

$36,875 $44,583

616 (1,672)

37 (341)

(2,562) (2,419)

1,618 1,488

(155) (128)

93 90

6,189 2,400

(1,447) (1,343)

(2,694) (4,881)

(1,735) (1,021)

Dividends Declared (per Common Share/OP Units) Dividends (Shares) & Distributions (OP Units Declared) FFO Payout Ratio

FFO As Adjusted Payout Ratio AFFO Payout Ratio

$0.20 $0.20

$28,320 $27,636

77% 62%

68% 79%

77% 75%

Transaction and other expenses include those costs that the Company believes are not reflective of ongoing core operating results including investment transaction costs, debt extinguishment costs and employee retirement costs.

EBITDA

(in thousands)

Quarter Ended March 31,

2026 2025

Depreciation and amortization Interest expense Above/below-market interest Provision for income taxes Amortization of finance costs Noncontrolling interest - OP

35,944 31,697

15,169 12,739

(155) (128)

42 96

1,618 1,488

1,496 96

Gain on disposition of properties

Unrealized holding loss (gain) on investments Transaction and other expenses 2 Impairment charges

Loss on change in control

(30,954) -

616 (1,672)

4,358 -

- 1,583

- 9,622

Fixed-Charge Coverage Ratios

Adjusted EBITDA1 divided by:

$ 58,611 $ 57,129

Interest expense Principal Amortization Preferred Dividends3

Total Fixed Charges

15,169 12,739

1,499 1,513

5 67

16,673 14,319

EBITDA

Reconciliation of EBITDA to Annualized EBITDA

Year to Date March 31, 2026

Year ended December 31, 2025

Year to Date EBITDA as reported Add: Annualized EBITDA Annualized EBITDA

84,591

‌236,728

175,833

260,424

236,728

Year to Date Adjusted EBITDA as reported Add: Annualized EBITDA

$ 234,444

Annualized Adjusted EBITDA

$ 236,728

236,728

58,611

175,833

234,444

Year to Date Realized gain and Promote as reported Annualized Adjusted EBITDA excluding realized gains

14,454

$ 222,274

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

Represents preferred distributions on Preferred Operating Partnership Units

‌Same Property Performance - REIT Portfolio1

(in thousands)

Quarter Ended March 31, 2026 2025

% Change

Summary

Minimum rents

42,371

40,002

5.9%

Expense reimbursements

11,247

10,181

10.5%

Other property income

1,091

1,259

(13.3)%

Total Revenue

54,709

51,442

6.4%

Expenses

Property operating - CAM & Real estate taxes

14,406

13,398

7.5 %

Other property operating (Non-CAM)

1,461

1,366

7.0%

Total Expenses

15,867

14,764

7.5 %

Same Property NOI - REIT properties

$ 38,842

$ 36,678

5.9%

Reconciliation of Same Property NOI to REIT Portfolio NOI

NOI of Properties excluded from Same Property NOI

2,973

REIT Portfolio NOI

$ 41,815

$ 36,730

Other same property information

Economic Occupancy at the end of the period

94.0%

91.8%

Leased Occupancy at the end of the period

95.1%

95.7%

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

‌New and Renewal Rent Spreads - REIT Portfolio1

GAAP 2

Quarter Ended March 31, 2026

Cash 3

New Leases

Number of new leases executed

GLA

20,214

New base rent

$37.51

$34.00

Previous base rent

$25.02

$26.04

Average cost per square foot

$173.55

Weighted Average Lease Term (years)

15.0

Percentage growth in base rent

49.9 %

30.6 %

Renewal Leases

Number of renewal leases executed

GLA

162,160

New base rent

$49.90

$47.34

Expiring base rent

$41.28

$43.03

Average cost per square foot

$3.70

Weighted Average Lease Term (years)

4.9

Percentage growth in base rent

20.9 %

10.0 %

Total New and Renewal Leases

Number of new and renewal leases executed

GLA commencing

182,374

New base rent

$48.52

$45.86

Expiring base rent

$39.48

$41.15

Average cost per square foot

$22.53

Weighted Average Lease Term (years)

6.0

Percentage growth in base rent

22.9 %

11.4 %

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. The previous (or expiring) rent reflects the amount at the time of lease expiration, while the new rent represents the amount payable at lease commencement.

68-4

Transactional Activity

‌(in thousands)

Property Acquisitions and Dispositions

Property Name

Location

Date of Transaction

Transaction Amount 1

Ownership % 2

Investment Management Share

Acadia Share

ACQUISITIONS 3

REIT Portfolio:

1045 and 1165 Madison Avenue

New York, NY

January 2026

$21,313

100%

$21,313

Rhode Island Place (Strategic Add-on)

Washington D.C

March 2026

9,464

100%

9,464

846 W. Armitage Avenue (Strategic Add-

on)

Chicago, IL

March 2026

4,440

100%

4,440

225 Worth Avenue

Palm Beach, FL

March 2026

43,480

100%

43,480

4-6 and 28 Newbury Street3

Boston, MA

April 2026

108,850

100%

108,850

Subtotal REIT Portfolio:

187,547

Investment Management:

Other Co-Investment Vehicles:

Shops at Skyview4

Queens, NY

January 2026

424,140

20%

84,828

TOTAL ACQUISITIONS

$611,687

$272,375

RECAPITALIZATIONS

Investment Management:

Other Co-Investment Vehicles:

Atlantic Portfolio 4

Various

February 2026

$373,203

20%

$74,641

Avenue at West Cobb4

Marietta, GA

February 2026

62,706

20%

12,541

Pinewood Square4

Lake Worth, FL

March 2026

68,206

20%

13,641

Subtotal Investment Management:

$504,115

$100,823

TOTAL RECAPITALIZATIONS

DISPOSITIONS

Investment Management: 2

FUND IV:

1964 Union Street

San Francisco, CA

March 2026

$2,600

90%

$2,340

$541

650 Bald Hill Road

Warwick, RI

April 2026

20,500

90%

18,450

4,266

23,100

20,790

4,807

Fund V:

Landstown Commons

Virginia Beach, VA

January 2026

102,000

100%

102,000

20,502

Atlantic Portfolio 4

Various

February 2026

$371,863

100%

371,863

74,744

473,863

95,246

TOTAL DISPOSITIONS

$496,963

$494,653

$100,053

Structured Financing

Activity

Note Description

Transaction Type

Date of Transaction

Transaction Amount

Acadia Share

Shops at Skyview5

Preferred Equity

January 2026

$41,700

$33,360

Atlantic Portfolio (TPG Recapitalization)6

Preferred Equity

February 2026

27,500

22,000

$69,200

$55,360

Notes to Transactional Activity

(in thousands)

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, 2026 do not reflect certain acquisitions costs that may be subsequently capitalized.

The difference between the acquisition amounts and the disposition amounts are due to acquisition costs, which are included in the acquisition amount only.

The Company provided a $41.7 million preferred equity investment to the venture, of which it also holds a 20% ownership interest. The transaction amount presented reflects the Company's preferred equity investment net of the portion attributable to its ownership interest.

The Company provided a $27.5 million preferred equity investment to the venture, of which it also holds a 20% ownership interest. The transaction amount presented reflects the Company's preferred equity investment net of the portion attributable to its ownership interest.

‌ 2026 Guidance

The Company is increasing its previously issued guidance for Earnings per Share from $0.24-0.26 to $0.37-$0.39 and FFO As Adjusted from $1.21-$1.25 per share to $1.22-$1.26 per share.

The following updated guidance is based upon Acadia's current view of market conditions and assumptions for the year ended December 31, 2026.

2026 Gui

dance 1

Revised

Prior

Net earnings per share attributable to Acadia

$0.37-$0.39

$0.24-$0.26

Depreciation of real estate and amortization of leasing costs (net of noncontrolling

interest share other than Common OP Units)

0.95-0.97

Gain on disposition on real estate properties (net of noncontrolling interest share other

than Common OP Units)

(0.22)

(0.04)

Adjustment of redeemable noncontrolling interest to estimated redemption value

0.04

Noncontrolling interest in Operating Partnership

0.03

NAREIT Funds from operations per share attributable to Common Shareholders and Common OP Unit holders

$1.17-$1.21

$1.18-$1.22

Adjustments to FFO:

Transaction and other expenses 2

0.05

0.03

Funds From Operations As Adjusted per share attributable to Common Shareholders and Common OP Unit holders 3

$1.22-$1.26

$1.21-$1.25

Totals may not foot due to rounding.

Refer to the Important Notes for the definition of FFO As Adjusted.

Consolidated Statements of Operations

(in thousands)

March 31, 2026 1

Quarter

Revenues

Rental income

‌$ 98,568

Other

4,424

Total revenues

102,992

Expenses

Depreciation and amortization

40,155

General and administrative

15,303

Real estate taxes

12,922

Property operating

18,249

Total expenses

86,629

Gain on disposition of properties

142,148

Operating income

158,511

Equity in losses of unconsolidated affiliates

(1,508)

Interest income

4,788

Unrealized holding losses on investments and other

(616)

Interest expense

(22,052)

Income from continuing operations before income taxes

139,123

Income tax provision

(12)

Net income

139,111

Net loss attributable to redeemable noncontrolling interests

698

Net income attributable to noncontrolling interests

(109,332)

Net income attributable to Acadia shareholders

$ 30,477

March 31, 2026 1

Quarter

Reconciliation of Revenues to Consolidated GAAP Revenues

Total Revenues

$ 95,954

Straight-line rent income

166

Above/below-market rent income

3,362

Asset and property management fees

1,311

Investment management fees

2,216

Other income adjustments

(17)

Consolidated Total GAAP Revenues

$ 102,992

Reconciliation of Property Operating Expenses to Consolidated GAAP Property Operating Expenses

Property operating - CAM and Other

$ 14,670

Asset and property management expense

3,526

Other

Consolidated Total GAAP Property Operating Expenses

$ 18,249

‌Consolidated Statements of Operations - Detail

(in thousands)

REIT PORTFOLIO AND INVESTMENT MANAGEMENT INCOME

March 31, 2026 1

Quarter

REVENUES

Minimum rents

$ 74,284

Expense reimbursements - CAM

10,132

Expense reimbursements - Taxes

9,743

Percentage rent and other property income

1,795

Total Revenues

95,954

EXPENSES

Property operating - CAM

14,670

Real estate taxes

12,922

Asset and property management expense

3,526

Total Expenses

31,118

NET OPERATING INCOME - PROPERTIES

64,836

OTHER INCOME (EXPENSE)

Interest income

4,788

Straight-line rent income

166

Above/below-market rent income

3,362

Interest expense 2

(22,052)

Other income

203

REIT PORTFOLIO AND INVESTMENT MANAGEMENT INCOME

51,303

FEE AND OTHER INCOME 3

Asset and property management fees

1,311

Investment management fees

2,216

Total Investment Management Fee Income

3,527

Transactional and other expenses

(273)

Total Investment Management Fee Income and Other Transactional Expenses

3,254

Unrealized losses on investments and other

(616)

Income tax provision

(12)

Total Fee and Other Income

2,626

Administrative and Other Expenses

(15,303)

Depreciation and amortization

(40,062)

Non-real estate depreciation and amortization

(93)

Gain on disposition of properties

142,148

Gain (loss) before equity in earnings and noncontrolling interests

140,619

Equity in losses of unconsolidated affiliates

(1,508)

Noncontrolling interests (including redeemable noncontrolling interests)

(108,634)

NET INCOME ATTRIBUTABLE TO ACADIA SHAREHOLDERS

$ 30,477

‌Statements of Operations - Pro-Rata Adjustments 7

(in thousands)

Quarter Ended March 31, 2026 Noncontrolling Company's

Interest in Interest in

Consolidated Unconsolidated

REIT PORTFOLIO AND INVESTMENT MANAGEMENT INCOME Subsidiaries 4 Subsidiaries 5

REVENUES

Minimum rents

$ (23,947 )

$ 13,148

Expense reimbursements - CAM

(4,171 )

2,284

Expense reimbursements - Taxes

(3,522 )

2,010

Percentage rent and other property income

(536)

648

Total Revenues

(32,176 )

18,090

EXPENSES

Property operating - CAM

(5,150 )

2,681

Real estate taxes

(4,121 )

2,820

Asset and property management expense

(1,290 )

752

Total Expenses

(10,561 )

6,253

NET OPERATING INCOME - PROPERTIES

(21,615 )

11,837

OTHER INCOME (EXPENSE)

Interest income

(179 )

Straight-line rent income

(241 )

Above/below-market rent (expense) income

(1,530 )

730

Interest expense 2

10,679

(5,557 )

Other (expense) income

(7 )

REIT PORTFOLIO AND INVESTMENT MANAGEMENT INCOME

(12,893 )

7,073

FEE AND OTHER INCOME 3

Asset and property management fees

2,279

Investment management fees

1,597

Total Investment Management Fee Income

3,876

170

Transactional and other expenses

Total Investment Management Fee Income and Other Transactional Expenses

3,876

170

Unrealized losses on investments and other

Income tax provision

(25 )

(5)

Total Fee and Other Income

3,851

165

Administrative and Other Expenses

604

(463)

Depreciation and amortization

12,494

(8,283 )

Non-real estate depreciation and amortization

Loss (gain) on disposition of properties

(111,194 )

Gain (loss) before equity in earnings and noncontrolling interests

(107,138 )

(1,508 )

Equity in losses of unconsolidated affiliates

Noncontrolling interests (including redeemable noncontrolling interests) 6

(1,496 )

NET INCOME (LOSS) ATTRIBUTABLE TO ACADIA SHAREHOLDERS

$ (108,634 )

$ (1,508 )

Balance Sheet

‌(in thousands)

ASSETS

Consolidated Balance Sheet

Line Item Details:

Real estate

Buildings and improvements

$ 3,057,952

Real estate under development (REIT): $ 178,050

Tenant improvements

321,489

Land

1,100,492

Summary of other assets, net:

Construction in progress

26,266

Deferred charges, net $ 40,517

Right-of-use assets - finance leases

61,366

Accrued interest receivable 9,028

4,567,565

Due from seller 1,654

Less: Accumulated depreciation and amortization

(979,837)

Prepaid expenses 13,020

Operating real estate, net

3,587,728

Other receivables 3,925

Real estate under development

178,050

Income taxes receivable 1,273

Net investments in real estate

3,765,778

Corporate assets, net 550

Notes receivable, net ($2,176 of allowance for credit losses)

154,430

Deposits 10,577

Investments in and advances to unconsolidated affiliates

275,770

Derivative financial instruments 12,905

Lease intangibles, net

96,652

Total $ 93,449

Other assets, net

93,449

Right-of-use assets - operating leases, net

22,596

Summary of accounts payable and other liabilities:

Cash and cash equivalents

31,415

Lease liability - finance leases, net $ 32,287

Restricted cash

17,374

Accounts payable and accrued expenses 68,407

Straight-line rents receivable, net

40,846

Deferred income 24,663

Rents receivable, net

15,413

Tenant security deposits, escrows, and 16,841

other

Assets of property held for sale

18,932

Derivative financial instruments 688

Total assets

$ 4,532,655

Total $ 142,886

Liabilities:

Mortgage and other notes payable, net

$ 624,764

Unsecured notes payable, net

880,012

Unsecured line of credit

91,500

Accounts payable and other liabilities

142,886

Lease liabilities - operating leases

24,918

Dividends and distributions payable

28,421

Lease intangibles, net

79,768

Distributions in excess of income from, and investments in,

unconsolidated affiliates

16,241

Liabilities of property held for sale

161

Total liabilities

1,888,671

Commitments and contingencies

Redeemable noncontrolling interests

8,457

Equity:

Acadia Shareholders' Equity

Common shares, $0.001 par value per share, authorized 200,000,000 shares, issued and outstanding 133,513,864 and 131,036,560 shares as of March 31, 2026 and December 31, 2025,

respectively

134

Additional paid-in capital

2,755,574

Accumulated other comprehensive income

20,057

Distributions in excess of accumulated earnings

(498,735)

Total Acadia shareholders' equity

2,277,030

Noncontrolling interests

358,497

Total equity

2,635,527

Total liabilities, redeemable noncontrolling interests, and equity

$ 4,532,655

‌Balance Sheet - Pro-rata Adjustments 7

(in thousands)

ASSETS

Noncontrolling Interest in Consolidated Subsidiaries 4

Company's Interest in Unconsolidated Subsidiaries 5

Real estate

Buildings and improvements

$ (440,879)

$ 318,265

Tenant improvements

(33,914)

14,632

Land

(162,498)

123,340

Construction in progress

(3,324)

1,907

Right-of-use assets - finance leases

(21,584)

21,817

(662,199)

479,961

Less: Accumulated depreciation and amortization

105,730

(62,959)

Operating real estate, net

(556,469)

417,002

Real estate under development

2,217

Net investments in real estate

(556,469)

419,219

Notes receivable, net

52,590

55,373

Investments in and advances to unconsolidated affiliates

(21,242)

(231,806)

Lease intangibles, net

(18,271)

49,714

Other assets, net

10,177

7,928

Right-of-use assets - operating leases, net

(1,127)

Cash and cash equivalents

(15,376)

9,278

Restricted cash

(2,956)

3,605

Straight-line rents receivable, net

(6,183)

4,554

Rents receivable, net

(4,612)

1,621

Assets of property held for sale

(27,953)

17,426

Total assets

$ (591,422)

$ 336,912

Liabilities:

Mortgage and other notes payable, net

$ (327,606)

$ 289,931

Unsecured notes payable, net

361

Unsecured line of credit

Accounts payable and other liabilities

(36,527)

34,454

Lease liabilities - operating leases

(1,175)

Dividends and distributions payable

Lease intangibles, net

(18,156)

28,764

Distributions in excess of income from, and investments in, unconsolidated affiliates

(16,241)

Liabilities of property held for sale

(161)

Total liabilities

(383,264)

336,912

Commitments and contingencies

Acadia Shareholders' Equity

Common shares, $0.001 par value per share, authorized 200,000,000 shares, issued and outstanding

133,513,864 and 131,036,560 shares as of March 31, 2026 and December 31, 2025, respectively

Additional paid-in capital

Accumulated other comprehensive income

Distributions in excess of accumulated earnings

Total Acadia shareholders' equity

Noncontrolling interests

(208,158)

Total equity

(208,158)

Total liabilities, redeemable noncontrolling interests, and equity

$ (591,422)

$ 336,912

Notes to Financial Statements

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 $2.2 million, or $2.1 million at the Company's pro-rata share, for the three months ended March 31, 2026.

Refer to Fee Income Detail page in the Supplemental Report.

Noncontrolling interests represent limited partners' interests in consolidated partnerships' activities and redeemable noncontrolling interests.

Represents the Company's pro-rata share of unconsolidated investments (which consists of unconsolidated REIT properties but also includes Investment Management assets that are held off-balance sheet), each of which are included on a single line presentation in the Company's consolidated financial statements in accordance with GAAP.

This represents the income allocable to Operating Partnership Units of $1.5 million for the three months ended March 31, 2026.

The Company currently has controlling ownership interests in both (a) Investment Management (represented by Funds II, III, IV & V) and (b) non-wholly owned REIT assets. All properties which the Company is deemed to control are consolidated within the Company's financial statements.

‌Fee Income Detail 1

(in thousands)

Fund II

Fund III

Fund IV Fund V

Other 2

Total

Quarter Ended March 31, 2026

Asset and property management fees

$ 58

$ 412 $ 1,909

$ 1,303

$ 3,682

Leasing, Construction, and

Development fees and other

163 1,415

2,207

3,891

Total fees

$ 70

$ 94

$ 575 $ 3,324

$ 3,510

$ 7,573

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's share of fee income from Unconsolidated Subsidiaries.

"Other" includes fees generated from non-wholly owned joint ventures (within both the REIT Portfolio and Investment Management) as well as third-party managed assets.

‌Structured Financing Portfolio

(in thousands)

Investment

December 31, 2025

Principal Accrued Ending Balance Interest Balance

Issuances

Quarter Ended March 31, 2026

Repayments/ Current Accrued

Conversions Principal Interest

Ending Balance

Stated Interest

Rate

Effective Interest

Rate

Maturity Dates 1,3

First mortgage notes 1,2

$ 59,801 $ 3,809 $ 63,610

$ -

$ 59,801

$ 3,809

$ 63,610

5.99 %

6.52 %

Sept 2026

Other notes 2

149,817 24,122 173,939

55,449

205,266

24,122

229,388

9.47 %

9.60%

Nov 2026 - Feb 2029

Total notes receivable

$ 209,618 $ 27,931 $ 237,549

$ 55,449

$ -

$ 265,067

$ 27,931

$ 292,998

8.68%

8.91 %

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

Total Notes Receivable per above $ 265,067

Allowance for credit loss 4 (2,674)

Total pro-rata Notes Receivable $ 262,393

One note in the principal amount of $17.8 million was in default at March 31, 2026.

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.

Allowance for credit loss includes the $0.5 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.

Supplemental Report March 31, 2026 - 21

Net Asset Valuation Information

(in thousands)

REIT

FUND II 3

FUND III

FUND IV

FUND V

Other Co-Investment Vehicles 5

Acadia Ownership Percentage N/A

80.00%

24.54%

23.12%

20.10%

5% to 20%

Current Quarter NOI

At Pro-Rata 1

Net Operating Income (loss) 2 $ 41,815

N/A3

$ (11)

$ 657

$ 4,204

$ 4,938

Less:

Net operating income from properties sold or assets

held for sale -

N/A3

(153)

(1,038)

Net operating (loss) income from pre-stabilized

assets, development and redevelopment projects 4 (1,527)

N/A 3

(242)

Net Operating Income of stabilized assets $ 40,288

N/A 3

$ -

$ 262

$ 3,166

$ 4,938

Costs to Date (Pro-Rata)

Assets held for sale $ -

N/A 3

$ -

Pre-stabilized assets 4 1,032,481

N/A 3

12,875

Development and redevelopment projects 6 524,400

N/A 3

8,300

27,800

Total Costs to Date $ 1,556,881

N/A 3

$ 8,300

$ 40,675

$ -

Debt (Pro-Rata) $ 1,189,962

$ 103,642

$ -

$ 23,165

$ 94,378

$ 154,253

This Net Asset Valuation Information page shows Acadia's pro-rata portion of the REIT 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 REIT: Route 6 Mall, 664 N. Michigan Avenue, 651-671 West Diversey, Henderson Avenue, City Center, and 1801-03 Connecticut Ave; Fund II: City Point; Fund IV: 210 Bowery, 801 Madison, and 27 E 61st Street.

Other Co-investment vehicles currently include the Company's ownership interest in Shops at Grand Avenue, Walk at Highwoods Preserve, LINQ Promenade, Shops at Skyview, Pinewood Square, Avenue at West Cobb, and Atlantic Portfolio.

Refer to Development and Redevelopment Activity page for projects.

Supplemental Report March 31, 2026 - 22

Development and Redevelopment Activity

‌Acadia's Pro-rata Share (in millions)

Costs incurred

Est. Sq ft from

AKR Pro- Estimated Upon development / Total Costs to Estimated Future Estimated Total Property rata share Location Stabilization Completion redevelopment Date 2 Range Range

REIT

Development:

Henderson Avenue Expansion 1

100.0%

Dallas, TX

2027/2028

176,000

$ 106.7

$ 82.3

$ 101.2

$ 189.0

$ 207.9

Redevelopment:

555 9th Street

100.0%

San Francisco, CA

TBD

149,000

22.0

163.7

3.0

13.0

166.7

176.7

840 N. Michigan Avenue

94.4%

Chicago, IL

TBD

87,000

0.2

156.6

TBD

Brandywine Holdings

100.0%

Wilmington, DE

2026

138,000

4.1

28.1

6.0

8.0

34.1

36.1

Westshore Expressway

100.0%

Staten Island, NY

TBD

55,000

18.6

TBD

Mark Plaza

100.0%

Edwardsville, PA

TBD

107,000

3.7

TBD

Bedford Green

100.0%

Bedford Hills, NY

TBD

91,000

0.4

51.1

TBD

Total REIT Redevelopment

$ 26.7

$ 421.8

$ 9.0

$ 21.0

$ 200.8

$ 212.8

Total REIT Development and Redevelopment

$ 133.4

$ 528.5

$ 91.3

$ 122.2

$ 389.8

$ 420.7

INVESTMENT MANAGEMENT

Development:

FUND III

Broad Hollow Commons

24.5%

Farmingdale, NY

2026/2027

TBD

$ 5.3

$ 8.3

TBD

Redevelopment:

FUND IV

717 N. Michigan Avenue

23.1%

Chicago, IL

TBD

0.9

27.8

TBD

Total Investment Management Development and Redevelopment

$ 6.2

$ 36.1

$ -

Total REIT and Investment Management Development and Redevelopment

$ 139.6

$ 564.6

$ 91.3

$ 122.2

$ 389.8

$ 420.7

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

Total costs includes the original acquisition cost of the asset. The Company is not currently capitalizing interest or carrying costs for those assets included in "Redevelopment" assets and "Fund III development" above.

Development and Redevelopment Activity

Property

AKR Pro-rata share

Location

Estimated Stabilization

Est. Sq ft Upon Completion

Pre-Stabilized:

210 Bowery (Fund IV)

23.1%

New York, NY

2026

2,538

801 Madison (Fund IV)

23.1%

New York, NY

2026

2,522

27 E 61st Street (Fund IV)

23.1%

New York, NY

2026

4,177

1035 Third Avenue (Fund IV)

23.1%

New York, NY

2026

N/A

Henderson Avenue (REIT)

100.0%

Dallas, TX

2026/2027

62,000

City Center (REIT)

100.0%

San Francisco, CA

2026/2027

241,000

Route 6 Mall (REIT)

100.0%

Honesdale, PA

2026

154,000

City Point (Fund II)

80.0%

Brooklyn, NY

2026/2027

536,198

651-671 West Diversey (REIT)

100.0%

Chicago, IL

2026/2027

40,000

1801-03 Connecticut Avenue (REIT)

100.0%

Washington, D.C.

2027

10,500

Disclaimer

Acadia Realty Trust published this content on April 28, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 28, 2026 at 21:09 UTC.