Acadia Realty Trust

As of December 31, 2025, our REIT Portfolio consisted of 151 operating properties totaling approximately 5.2 million square feet of gross leasable area (“GLA”) (or 4.9 million at our pro-rata share), excluding 25 properties in various stages of development and redevelopment. These properties are located in 12 states and the District of Columbia and primarily consist of street retail and suburban shopping centers located in densely populated markets. Property sizes range from approximately 1,000 to 800,000 square feet. As of December 31, 2025, the REIT Portfolio was 93.8% occupied and 94.8% leased (or 93.9% occupied and 94.7% leased at our pro-rata share), excluding properties under development or redevelopment.

Our Investment Management portfolio included 51 properties totaling approximately 9.2 million square feet in total of GLA (or 2.4 million square feet at our pro-rata share), excluding one property under development or redevelopment. In addition to shopping centers, this portfolio includes mixed-use properties, that generally incorporate retail components. These properties are located in 20 states and the District of Columbia and were 92.5% occupied and 94.1% leased (or 90.1% occupied and 92.2% leased at our pro-rata share), excluding properties under redevelopment.

Across both platforms, we had more than 1,400 retail leases as of December 31, 2025. A significant portion of rental revenues is derived from national retailers under long-term leases, which typically provide for the monthly payment of fixed minimum rent plus the tenants’ pro-rata share of the real estate taxes, insurance, utilities, and common area maintenance. A small number of leases also include percentage rent provisions, based on a tenant’s gross sales above a stipulated annual threshold, either in addition to or in place of minimum rents. For the year ended December 31, 2025, minimum rents and expense reimbursements accounted for predominantly all of our total revenues.

Seven REIT Portfolio properties and four Investment Management properties are subject to long-term ground leases, under which a third party owns the underlying land and leases it to us. We pay rent for land use and are responsible for all costs and expenses associated with the buildings and improvements at these locations.

No individual property or tenant contributed more than 10% of our total revenues for the years ended December 31, 2025, 2024 or 2023. See Note 7 for information on the property mortgage debt pertaining to our properties.

The following table sets forth more specific information with respect to each of our REIT Portfolio operating properties at December 31, 2025:

Property (a) · Key Tenants · YearAcquired · Acadia'sInterest · Gross LeasableArea (GLA) · EconomicOccupancy · LeasedOccupancy · Annualized Base Rent (ABR) · ABR/ PerSquare Foot

STREET AND URBAN RETAIL

Chicago Metro

Rush and Walton Streets Collection (7 properties) · Kith, Lululemon, Reformation, Veronica Beard, St. Laurent, Brandy Melville, Mango · 201120122013 · 100.0 · 57,577 · 95.1 · 95.1 · 11,048,326 · 201.87

Clark Street and W. Diversey Collection (4 properties) · Starbucks, TJ Maxx,J Crew Factory, Trader Joe's, Sephora · 20112012 · 100.0 · 53,099 · 89.0 · 89.0 · 2,261,842 · 47.84

Halsted and Armitage Collection (13 properties) · Serena and Lily, Faherty, Jenny Kayne, Warby Parker, Kiehl's, Solidcore, Rails, Levain Bakery, Huckberry · 2011 2012 2019 2020 · 100.0 · 53,220 · 100.0 · 100.0 · 3,249,311 · 61.05

North Lincoln Park Chicago Collection (6 properties) · Guitar Center, Carhartt · 20112014 · 100.0 · 49,921 · 55.5 · 55.5 · 1,057,532 · 38.20

State and Washington · Nordstrom Rack, Uniqlo · 2016 · 100.0 · 65,401 · 100.0 · 100.0 · 2,788,546 · 42.64

151 N. State Street · Walgreens · 2016 · 100.0 · 27,385 · 100.0 · 100.0 · 1,573,000 · 57.44

North and Kingsbury · Old Navy, Backcountry · 2016 · 100.0 · 41,791 · 100.0 · 100.0 · 2,015,292 · 48.22

Concord and Milwaukee · — · 2016 · 100.0 · 13,147 · 100.0 · 100.0 · 490,931 · 37.34

California and Armitage · — · 2016 · 100.0 · 18,275 · 90.8 · 90.8 · 806,791 · 48.63

Roosevelt Galleria · Petco, Vitamin Shoppe, Dollar Tree · 2015 · 100.0 · 37,995 · 89.7 · 89.7 · 825,979 · 24.24

Sullivan Center · Target · 2016 · 100.0 · 176,181 · 83.8 · 83.8 · 5,525,371 · 37.43

593,992 · 89.0 · 89.0 · 31,642,921 · 59.82

New York Metro

Soho Collection/West Village (19 properties) (b) · Reiss, Vuori, Zimmermann,Madewell, John VarvatosWatches of Switzerland, Frame, Theory, Bang & Olufsen, Marine Layer · 2011 2014 2019 2020 202220242025 · 100.0 · 69,643 · 89.4 · 96.3 · 20,503,770 · 329.32

Flatiron and Union Square Collection (3 properties) · Nespresso, Dr. Martens · 100.0 · 23,781 · 100.0 · 100.0 · 4,858,992 · 204.32

200 West 54th Street · — · 2007 · 100.0 · 5,932 · 98.8 · 98.8 · 1,640,164 · 279.80

4401 White Plains Road · Walgreens · 2011 · 100.0 · 12,964 · 100.0 · 100.0 · 625,000 · 48.21

Bartow Avenue · Wingstop · 2005 · 100.0 · 14,824 · 100.0 · 100.0 · 509,030 · 34.34

Greenwich and Westport Collection (4 properties) · Veronica Beard, The RealReal, Blue Mercury, Splendid, Swarvoski, Watches of Switzerland · 199820122014 · 89.5 · 39,593 · 100.0 · 100.0 · 4,544,869 · 114.79

• Developments and acquisitions may fail to perform as expected, which could adversely affect our results of operations.
• We may not be able to recover our investments in other retail operations investments, which may result in significant losses to us.
• Our real estate assets may be subject to impairment charges.
• If a third-party vendor fails to provide agreed upon services, we may suffer losses.
• Actual or perceived threats associated with epidemics, pandemics or other public health crises, have had and could continue to have a material adverse effect on our and our tenants’ businesses, financial condition, results of operations, cash flow, liquidity, and ability to access the capital markets and satisfy debt service obligations.
• RISKS RELATED TO OUR LIQUIDITY AND INDEBTEDNESS
• If we decided to employ higher leverage levels, we would be subject to increased debt service requirements and a higher risk of default on our debt obligations, which could adversely affect our financial conditions, cash flows and ability to make distributions to our shareholders. In addition, increases or changes in interest rates could cause our borrowing costs to rise and may limit our ability to refinance debt.
• Our inability to raise capital or to carry out our growth strategy could adversely affect our financial condition, cash flows and results of operations.
• Our structured financing portfolio is subject to specific risks relating to the structure and terms of the instruments and the underlying collateral.
• RISKS RELATED TO LITIGATION, ENVIRONMENTAL MATTERS AND GOVERNMENTAL REGULATION
• We are exposed to possible liability relating to environmental matters.
• Uninsured losses or a loss in excess of insured limits could adversely affect our financial condition, cash flows and results of operations.
• We may from time to time be subject to litigation that could negatively impact our financial condition, cash flows, results of operations and the trading price of our Common Shares.
• Compliance with the Americans with Disabilities Act and fire, safety and other regulations may require us to make unplanned expenditures that could adversely affect our financial condition, cash flows and results of operations.
• RISKS RELATED TO OUR MANAGEMENT AND STRUCTURE
• The loss of key management members could have an adverse effect on our business, financial condition, and results of operations.
• We have pursued and may in the future continue to pursue extensive growth opportunities, including investing in new markets, which may result in significant demands on our operational, administrative, and financial resources.
• Our Board may change our investment policy or objectives without shareholder approval.
• Concentration of ownership by certain investors may allow these investors to exert influence over the business and affairs of our Company.
• Restrictions on a potential change of control could prevent changes that would be beneficial to our shareholders.
• Certain provisions of Maryland law may limit the ability of a third party to acquire control of our Company.
• Our rights and shareholders’ rights to take action against trustees and officers are limited, which could limit recourse in the event of actions not in the best interests of shareholders.
• We operate through a partnership structure, which could have an adverse effect on our ability to manage our assets.
• Our joint venture investments carry additional risks not present in our direct investments.
• We are subject to risks and liabilities in connection with forming and attracting third-party investment in co-investment ventures, investing in new or existing co-investment ventures, and managing properties through co-investment ventures.
• RISKS RELATED TO OUR REIT STATUS
• There can be no assurance we have qualified or will remain qualified as a REIT for federal income tax purposes.
• Legislative or regulatory tax changes could have an adverse effect on our status as a REIT for Federal income tax purposes.
• We may be required to borrow funds or sell assets to satisfy the REIT distribution requirements.
• Dividends payable by REITs generally do not qualify for reduced tax rates.
• Complying with REIT requirements may cause us to forego otherwise attractive opportunities or liquidate otherwise attractive investments.
• We have limits on ownership of our shares of beneficial interest.
• Distribution requirements imposed by law limit our operating flexibility.
• GENERAL RISK FACTORS
• The economic environment may cause us to lose tenants and may impair our ability to borrow money to purchase properties, refinance existing debt or finance our current development projects.
• Political and economic uncertainty could have an adverse effect on our business.
• Inflation may adversely affect our financial condition, cash flows and results of operations.
• Competition may adversely affect our ability to purchase properties and to attract and retain tenants.
• Changes in market conditions could have an adverse effect on our share price and our ability to access the public equity markets.
• Outages, computer viruses and similar events could disrupt our operations.
• Increased IT security threats and more sophisticated computer crime could pose a risk to our systems, networks, and services.
• AI presents risks and challenges that can impact our business, results of operations, and reputation, including by posing security risks to our confidential information, proprietary information, and personal data.
• Use of social media may adversely impact our reputation and business.
• Climate change and natural disasters could adversely affect our properties and business.
• Future terrorist attacks or civil unrest could harm the demand for, and the value of, our properties.
• Increased scrutiny by and changing expectations from investors, tenants, employees, and other stakeholders regarding our corporate responsibility practices and reporting could cause us to incur additional costs and adversely impact our reputation, tenant and employee acquisition and retention, and access to capital.