ACADIA REALTY TRUST

B USINESS. GENERAL Acadia Realty Trust (the Trust , and collectively with its consolidated subsidiaries, the Company , Acadia , we , us or our ) is a fully-integrated, Maryland-formed equity REIT focused on the ownership, acquisition, development, and management of high-quality retail properties located primarily in high-barrier-to-entry, supply-constrained, densely populated metropolitan areas in the United States. Acadia owns and operates a core real estate portfolio of street and open-air retail properties in the nation’s most dynamic corridors ( REIT Portfolio ), along with an investment management platform that targets opportunistic and value-add investments through its institutional co-investment vehicles ( Investment Management ). All assets are held by, and operations conducted through, Acadia Realty Limited Partnership (the Operating Partnership ) and its affiliated entities. As of December 31, 2025, the Trust controlled approximately 96% of the Operating Partnership as the sole general partner, entitling us to share in any cash distributions and profits and losses proportionate to our interest. Limited partners primarily include entities or individuals that contributed property interests in exchange for common or preferred units of limited partnership interest ( Common OP Units or Preferred OP Units , and collectively, OP Units ), as well as employees awarded restricted Common OP Units as long-term incentive compensation ( LTIP Units ).