Three Months Ended June 30,

Six Months Ended June 30,

(dollars in thousands, except per share data)

2024

2023

2024

2023

Numerator:

Net income attributable to Acadia shareholders

$

1,443

$

9,276

$

4,712

$

22,636

Less: earnings attributable to unvested participating securities

(290

)

(247

)

(577

)

(490

)

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

$

1,153

$

9,029

$

4,135

$

22,146

Denominator:

Weighted average shares for basic earnings per share

103,592,238

95,259,924

102,859,977

95,224,901

Effect of dilutive securities:

Series A Preferred OP Units

—

—

—

—

Employee unvested restricted shares

—

—

—

—

Weighted average shares for diluted earnings per share

103,592,238

95,259,924

102,859,977

95,224,901

Basic earnings per Common Share from continuing operations attributable to Acadia

$

0.01

$

0.09

$

0.04

$

0.23

Diluted earnings per Common Share from continuing operations attributable to Acadia

$

0.01

$

0.09

$

0.04

$

0.23

Anti-Dilutive Shares Excluded from Denominator:

Series A Preferred OP Units

188

188

188

188

Series A Preferred OP Units - Common share equivalent

25,067

25,067

25,067

25,067

Series C Preferred OP Units

84,785

126,384

84,785

126,384

Series C Preferred OP Units - Common share equivalent

294,390

438,831

294,390

438,831

Restricted shares

82,410

96,143

82,410

96,143