Earnings Per Common Share

6 Months Ended

Jun. 30, 2025

14. Earnings Per Common Share

Basic earnings per Common Share is computed by dividing net income attributable to Common Shareholders by the weighted-average Common Shares outstanding during the period (Note 10).

During the periods presented, the Company had unvested LTIP Units that entitle holders to non-forfeitable dividend equivalent rights. As such, these unvested LTIP Units are considered participating securities and are included in the computation of basic earnings per Common Share using the two-class method.

Diluted earnings per Common Share reflects the potential dilution from the assumed conversion or exercise of securities including the effects of Restricted Share Units issued under the Company’s Amended and Restated 2020 Plan (Note 13), and the shares issuable upon settlement of any outstanding forward sale agreements (Note 10). The shares related to forward sale agreements are included in the diluted earnings per share calculation using the treasury stock method for the period they are outstanding prior to settlement. Under this method, the number of incremental shares included in the diluted share count is equal to the excess, if any, of: (i) the number of Common Shares that would be issued upon full physical settlement of the forward sale agreements, over (ii) the number of Common Shares that could be repurchased using the proceeds receivable upon settlement, based on the average market price during the period and the adjusted forward sales price immediately prior to settlement. The impact of these shares is excluded from the diluted earnings per share calculation when the effect would be anti-dilutive.

The effect of the conversion of Common OP Units is excluded from the computation of both basic and diluted earnings per share. These units are exchangeable for Common Shares on a one-for-one basis, and the income attributable to such units is allocated on this same basis. This income is reflected as noncontrolling interests in the Company’s Condensed Consolidated Financial Statements. As a result, the assumed conversion of Common OP Units would have no net impact on the determination of diluted earnings per share and is therefore excluded.


	Three Months Ended June 30,						Six Months Ended June 30,
(dollars in thousands, except per share data)	2025			2024			2025			2024
Numerator:
Net income attributable to Acadia shareholders	$	1,963		$	1,443		$	3,571		$	4,712
Less: net income attributable to participating securities		(338	)		(290	)		(677	)		(577	)
Income from continuing operations net of income attributable to participating securities for basic earnings per share	$	1,625		$	1,153		$	2,894		$	4,135

Denominator:
Weighted average shares for basic earnings per share		130,981,401			103,592,238			126,181,730			102,859,977
Effect of dilutive securities:
Series A Preferred OP Units		—			—			—			—
Employee unvested restricted shares		—			—			—			—
Assumed settlement of forward sales agreements (Note 10)		—			—			—			—
Denominator for diluted earnings per share		130,981,401			103,592,238			126,181,730			102,859,977

Basic earnings per Common Share from continuing operations attributable to Acadia shareholders	$	0.01		$	0.01		$	0.02		$	0.04
Diluted earnings per Common Share from continuing operations attributable to Acadia shareholders	$	0.01		$	0.01		$	0.02		$	0.04

Anti-Dilutive Shares Excluded from Denominator:
Series A Preferred OP Units		188			188			188			188
Series A Preferred OP Units - Common share equivalent		25,067			25,067			25,067			25,067

Series C Preferred OP Units		66,519			84,785			66,519			84,785
Series C Preferred OP Units - Common share equivalent		230,967			294,390			230,967			294,390
Restricted shares		79,358			82,410			79,358			82,410