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