Acadia Realty Trust (AKR) 8-K/A Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review

Exhibit 99.1

The following unaudited tables illustrate the adjustments to the financial tables previously reported in the Company's first quarter 2021 and 2020, second quarter 2021 and 2020, third quarter 2021 and 2020, and fourth quarter 2020 earnings releases. Restated amounts from the fourth quarter 2020 have been presented in the Company's fourth quarter 2021 earnings release or supplemental report, as revised in the amended Current Report on From 8-K filed with the SEC on March 1, 2022 (amounts in thousands, except per share data):

	Three Months Ended March 31, 2020
Statement of Operations ($ in thousands)	As Previously Reported			Adjustments				As Restated
Revenues
Rental income	$	70,457		$	676		(a,b)	$	71,133
Other		963			(1	)	(a)		962
Total revenues		71,420			675				72,095
Operating expenses
Depreciation and amortization		33,377			(729	)	(a)		32,648
General and administrative		9,070			(9	)	(a)		9,061
Real estate taxes		10,447			(252	)	(a)		10,195
Property operating		13,320			(283	)	(a)		13,037
Impairment charges		51,549			—				51,549
Total operating expenses		117,763			(1,273	)			116,490
Gain on disposition of properties		—			—				—
Operating loss		(46,343	)		1,948				(44,395	)
Equity in earnings of unconsolidated affiliates		1,255			(368	)	(a)		887
Interest and other income		2,929			—				2,929
Realized and unrealized holding gains on investments and other		(530	)		—				(530	)
Interest expense		(18,302	)		702		(a,b)		(17,600	)
Income from continuing operations before income taxes		(60,991	)		2,282				(58,709	)
Income tax benefit		952			2		(a)		954
Net loss		(60,039	)		2,284				(57,755	)
Net loss attributable to noncontrolling interests		51,625			(2,275	)	(a,b)		49,350
Net income attributable to Acadia	$	(8,414	)	$	9			$	(8,405	)
Less: net income attributable to participating securities		—			—				—
Net income attributable to Common Shareholders -    basic and diluted earnings per share	$	(8,414	)	$	9			$	(8,405	)
Weighted average shares for basic loss per share		86,972			—				86,972
Net loss per share - basic	$	(0.10	)	$	—			$	(0.10	)

	Three Months Ended June 30, 2020										Six Months Ended June 30, 2020
Statements of Operations ($ in thousands)	As Previously Reported			Adjustments				As Restated			As Previously Reported			Adjustments				As Restated
Revenues
Rental income	$	62,639		$	(3,218	)	(a)	$	59,421		$	133,096		$	(2,542	)	(a)	$	130,554
Other		1,134			(11	)	(a)		1,123			2,097			(12	)	(a)		2,085
Total revenues		63,773			(3,229	)			60,544			135,193			(2,554	)			132,639
Operating expenses
Depreciation and amortization		33,793			(416	)	(a)		33,377			67,170			(1,145	)	(a)		66,025
General and administrative		8,720			(38	)	(a)		8,682			17,790			(47	)	(a)		17,743
Real estate taxes		10,697			(252	)	(a)		10,445			21,144			(504	)	(a)		20,640
Property operating		16,806			(245	)	(a)		16,561			30,126			(528	)	(a)		29,598
Impairment charges		—			—				—			51,549			—				51,549
Total operating expenses		70,016			(951	)			69,065			187,779			(2,224	)			185,555
Gain on disposition of properties		485			—				485			485			—				485
Operating loss		(5,758	)		(2,278	)			(8,036	)		(52,101	)		(330	)			(52,431	)
Equity in losses of unconsolidated affiliates		(786	)		(394	)	(a)		(1,180	)		469			(762	)	(a)		(293	)
Interest and other income		2,095			—				2,095			5,024			—				5,024
Realized and unrealized holding gains on investments and other		87,811			—				87,811			87,281			—				87,281

1

Exhibit 99.1

Interest expense		(18,319	)		571		(a,b)		(17,748	)		(36,621	)		1,273		(a,b)		(35,348	)
Income from continuing operations before income taxes		65,043			(2,101	)			62,942			4,052			181				4,233
Income tax provision		(137	)		—		(a)		(137	)		815			2		(a)		817
Net income		64,906			(2,101	)			62,805			4,867			183				5,050
Net loss attributable to noncontrolling interests		(45,496	)		2,017		(a,b)		(43,479	)		6,129			(258	)	(a,b)		5,871
Net income attributable to Acadia	$	19,410		$	(84	)		$	19,326		$	10,996		$	(75	)		$	10,921
Less: net income attributable to participating securities		(244	)		—				(244	)		(233	)		—				(233	)
Net income attributable to Common Shareholders -    basic and diluted earnings per share	$	19,166		$	(84	)		$	19,082		$	10,763		$	(75	)		$	10,688
Weighted average shares for basic and diluted earnings per share		86,180			—				86,180			86,576			—				86,576
Net earnings per share - basic and diluted	$	0.22		$	—			$	0.22		$	0.12		$	—			$	0.12

2

Exhibit 99.1

	Three Months Ended September 30, 2020										Nine Months Ended September 30, 2020
Statements of Operations ($ in thousands)	As Previously Reported			Adjustments				As Restated			As Previously Reported			Adjustments				As Restated
Revenues
Rental income	$	50,300		$	(890	)	(a)	$	49,410		$	183,396		$	(3,432	)	(a)	$	179,964
Other		981			—				981			3,078			(12	)	(a)		3,066
Total revenues		51,281			(890	)			50,391			186,474			(3,444	)			183,030
Operating expenses
Depreciation and amortization		34,457			(697	)	(a)		33,760			101,627			(1,842	)	(a)		99,785
General and administrative		8,625			(210	)	(a)		8,415			26,415			(257	)	(a)		26,158
Real estate taxes		10,689			(261	)	(a)		10,428			31,833			(765	)	(a)		31,068
Property operating		11,559			(210	)	(a)		11,349			41,685			(738	)	(a)		40,947
Impairment charges		—			—				—			51,549			—				51,549
Total operating expenses		65,330			(1,378	)			63,952			253,109			(3,602	)			249,507
Gain on disposition of properties		24			—				24			509			—				509
Operating income		(14,025	)		488				(13,537	)		(66,126	)		158				(65,968	)
Equity in losses of unconsolidated affiliates		(624	)		(612	)	(a)		(1,236	)		(155	)		(1,374	)	(a)		(1,529	)
Interest and other income		2,132			—				2,132			7,156			—				7,156
Realized and unrealized holding gains on investments and other		(7,946	)		—				(7,946	)		79,335			—		(b)		79,335
Interest expense		(17,752	)		570		(a,b)		(17,182	)		(54,373	)		1,843		(a,b)		(52,530	)
Loss from continuing operations before income taxes		(38,215	)		446				(37,769	)		(34,163	)		627				(33,536	)
Income tax provision		(74	)		—				(74	)		741			2				743
Net loss		(38,289	)		446				(37,843	)		(33,422	)		629				(32,793	)
Net income attributable to noncontrolling interests		29,259			(451	)	(a)		28,808			35,388			(709	)	(a,b)		34,679
Net (loss) income attributable to Acadia	$	(9,030	)	$	(5	)		$	(9,035	)	$	1,966		$	(80	)		$	1,886
Less: net income attributable to participating securities		—			—				—			(233	)		—				(233	)
Net (loss) income attributable to Common Shareholders -    basic and diluted earnings per share	$	(9,030	)	$	(5	)		$	(9,035	)	$	1,733		$	(80	)		$	1,653
Weighted average shares for basic and diluted earnings per share		86,309			—				86,309			86,486			—				86,486
Net earnings (loss) per share - basic and diluted	$	(0.10	)	$	—			$	(0.10	)	$	0.02		$	—			$	0.02

3

Exhibit 99.1

	Three Months Ended December 31, 2020										Year Ended December 31, 2020
Statements of Operations ($ in thousands)	As Previously Reported			Adjustments				As Restated			As Previously Reported			Adjustments				As Restated
Revenues
Rental income	$	67,606		$	(1,138	)	(a)	$	66,468		$	251,002		$	(4,570	)	(a)	$	246,432
Other		1,404			6		(a)		1,410			4,482			(6	)	(a)		4,476
Total revenues		69,010			(1,132	)			67,878			255,484			(4,576	)			250,908
Operating expenses
Depreciation and amortization		48,166			(722	)	(a)		47,444			149,793			(2,564	)	(a,b)		147,229
General and administrative		9,640			—		(a)		9,640			36,055			(257	)	(a)		35,798
Real estate taxes		11,672			(263	)	(a)		11,409			43,505			(1,028	)	(a)		42,477
Property operating		14,910			(306	)	(a)		14,604			56,595			(1,044	)	(a)		55,551
Impairment charges		34,049			—				34,049			85,598			—				85,598
Total operating expenses		118,437			(1,291	)			117,146			371,546			(4,893	)			366,653
Gain on disposition of properties		174			—				174			683			—				683
Operating (loss) income		(49,253	)		159				(49,094	)		(115,379	)		317				(115,062	)
Equity in (losses) earnings of unconsolidated affiliates		(1,082	)		(446	)	(a)		(1,528	)		(1,237	)		(1,820	)	(a)		(3,057	)
Interest and other income		1,823			—				1,823			8,979			—				8,979
Realized and unrealized holding gains on investments and other		34,595			(568	)	(b)		34,027			113,930			(568	)	(b)		113,362
Interest expense		(17,687	)		546		(a,b)		(17,141	)		(72,060	)		2,389		(a,b)		(69,671	)
(Loss) income from continuing operations before income taxes		(31,604	)		(309	)			(31,913	)		(65,767	)		318				(65,449	)
Income tax (provision) benefit		(1,012	)		—				(1,012	)		(271	)		2		(a)		(269	)
Net (loss) income		(32,616	)		(309	)			(32,925	)		(66,038	)		320				(65,718	)
Net loss attributable to noncontrolling interests		21,891			172		(a,b)		22,063			57,279			(537	)	(a,b)		56,742
Net (loss) income attributable to Acadia	$	(10,725	)	$	(137	)		$	(10,862	)	$	(8,759	)	$	(217	)		$	(8,976	)
Less: net income attributable to participating securities		—			—				—			(233	)		—				(233	)
Net (loss) income attributable to Common Shareholders -    basic and diluted earnings per share	$	(10,725	)	$	(137	)		$	(10,862	)	$	(8,992	)	$	(217	)		$	(9,209	)
Weighted average shares for basic loss and basic and diluted earnings per share		86,311			—				86,311			86,442			—				86,442
Net loss per share - basic, Net earnings per share - basic and diluted	$	(0.12	)	$	(0.01	)		$	(0.13	)	$	(0.10	)	$	(0.01	)		$	(0.11	)

4

Exhibit 99.1

	Three Months Ended March 31, 2021
Statement of Operations ($ in thousands)	As Previously Reported			Adjustments					As Restated
Revenues
Rental income	$	67,205		$	(1,207	)	(a)		$	65,998
Other		2,189			—					2,189
Total revenues		69,394			(1,207	)				68,187
Operating expenses
Depreciation and amortization		31,390			(750	)	(a)			30,640
General and administrative		8,996			(4	)	(a)			8,992
Real estate taxes		11,462			(256	)	(a)			11,206
Property operating		13,477			(268	)	(a)			13,209
Total operating expenses		65,325			(1,278	)				64,047
Gain on disposition of properties		4,612			—					4,612
Operating income		8,681			71					8,752
Equity in earnings of unconsolidated affiliates		2,263			(381	)	(a)			1,882
Interest and other income		1,700			—					1,700
Realized and unrealized holding gains on investments and other		6,507			(1,382	)	(b)			5,125
Interest expense		(17,141	)		527		(a,b)	��		(16,614	)
Income from continuing operations before income taxes		2,010			(1,165	)				845
Income tax provision		(150	)		2		(a)			(148	)
Net income		1,860			(1,163	)				697
Net loss attributable to noncontrolling interests		3,302			818		(a,b)			4,120
Net income attributable to Acadia	$	5,162		$	(345	)			$	4,817
Less: net income attributable to participating securities		(156	)		—					(156	)
Net income attributable to Common Shareholders -    basic and diluted earnings per share	$	5,006		$	(345	)			$	4,661
Weighted average shares for basic and diluted earnings per share		86,346			—					86,346
Net earnings per share - basic and diluted	$	0.06		$	(0.01	)			$	0.05

	Three Months Ended June 30, 2021										Six Months Ended June 30, 2021
Statements of Operations ($ in thousands)	As Previously Reported			Adjustments				As Restated			As Previously Reported			Adjustments				As Restated
Revenues
Rental income	$	73,666		$	(1,597	)	(a)	$	72,069		$	140,871		$	(2,804	)	(a)	$	138,067
Other		994			(6	)	(a)		988			3,183			(6	)	(a)		3,177
Total revenues		74,660			(1,603	)			73,057			144,054			(2,810	)			141,244
Operating expenses
Depreciation and amortization		31,345			(805	)	(a)		30,540			62,735			(1,555	)	(a)		61,180
General and administrative		10,671			(18	)	(a)		10,653			19,667			(22	)	(a)		19,645
Real estate taxes		12,504			(290	)	(a)		12,214			23,966			(546	)	(a)		23,420
Property operating		12,890			(254	)	(a)		12,636			26,367			(522	)	(a)		25,845
Total operating expenses		67,410			(1,367	)			66,043			132,735			(2,645	)			130,090
Gain on disposition of properties		5,909			—				5,909			10,521			—				10,521
Operating income		13,159			(236	)			12,923			21,840			(165	)			21,675
Equity in earnings of unconsolidated affiliates		1,106			(207	)	(a)		899			3,369			(588	)	(a)		2,781
Interest and other income		2,054			—				2,054			3,754			—				3,754
Realized and unrealized holding gains on investments and other		2,711			(869	)	(b)		1,842			9,218			(2,251	)	(b)		6,967
Interest expense		(17,605	)		531		(a,b)		(17,074	)		(34,746	)		1,058		(a,b)		(33,688	)
Income from continuing operations before income taxes		1,425			(781	)			644			3,435			(1,946	)			1,489

5

Exhibit 99.1

Income tax provision		(194	)		2		(a)		(192	)		(344	)		4		(a)		(340	)
Net income		1,231			(779	)			452			3,091			(1,942	)			1,149
Net loss attributable to noncontrolling interests		2,687			572		(a,b)		3,259			5,989			1,390		(a,b)		7,379
Net income attributable to Acadia	$	3,918		$	(207	)		$	3,711		$	9,080		$	(552	)		$	8,528
Less: net income attributable to participating securities		(156	)		—				(156	)		(312	)		—				(312	)
Net income attributable to Common Shareholders -    basic and diluted earnings per share	$	3,762		$	(207	)		$	3,555		$	8,768		$	(552	)		$	8,216
Weighted average shares for basic and diluted earnings per share		86,824			—				86,824			86,575			—				86,575
Net earnings per share - basic and diluted	$	0.04		$	—			$	0.04		$	0.10		$	(0.01	)		$	0.09

6

Exhibit 99.1

	Three Months Ended September 30, 2021										Nine Months Ended September 30, 2021
Statements of Operations ($ in thousands)	As Previously Reported			Adjustments				As Restated			As Previously Reported			Adjustments				As Restated
Revenues
Rental income	$	71,852		$	(1,550	)	(a)	$	70,302		$	212,723		$	(4,354	)	(a)	$	208,369
Other		1,594			—				1,594			4,777			(6	)	(a)		4,771
Total revenues		73,446			(1,550	)			71,896			217,500			(4,360	)			213,140
Operating expenses
Depreciation and amortization		30,866			(802	)	(a)		30,064			93,601			(2,357	)	(a)		91,244
General and administrative		9,978			(68	)	(a)		9,910			29,645			(90	)	(a)		29,555
Real estate taxes		11,320			(292	)	(a)		11,028			35,286			(838	)	(a)		34,448
Property operating		12,698			(255	)	(a)		12,443			39,065			(777	)	(a)		38,288
Impairment charges		9,925			—				9,925			9,925			—				9,925
Total operating expenses		74,787			(1,417	)			73,370			207,522			(4,062	)			203,460
Gain on disposition of properties		—			—				—			10,521			—				10,521
Operating (loss) income		(1,341	)		(133	)			(1,474	)		20,499			(298	)			20,201
Equity in earnings of unconsolidated affiliates		644			(272	)	(a)		372			4,013			(860	)	(a)		3,153
Interest and other income		2,354			—				2,354			6,108			—				6,108
Realized and unrealized holding gains on investments and other		47,293			(800	)	(b)		46,493			56,511			(3,051	)	(b)		53,460
Interest expense		(17,334	)		720		(a,b)		(16,614	)		(52,080	)		1,778		(a,b)		(50,302	)
Income from continuing operations before income taxes		31,616			(485	)			31,131			35,051			(2,431	)			32,620
Income tax provision		(59	)		—				(59	)		(403	)		4				(399	)
Net income		31,557			(485	)			31,072			34,648			(2,427	)			32,221
Net income attributable to noncontrolling interests		(19,488	)		423		(a,b)		(19,065	)		(13,499	)		1,813		(a,b)		(11,686	)
Net income attributable to Acadia	$	12,069		$	(62	)		$	12,007		$	21,149		$	(614	)		$	20,535
Less: net income attributable to participating securities		(156	)		—				(156	)		(468	)		—				(468	)
Net income attributable to Common Shareholders -    basic and diluted earnings per share	$	11,913		$	(62	)		$	11,851		$	20,681		$	(614	)		$	20,067
Weighted average shares for basic and diluted earnings per share		88,481			—				88,481			87,217			—				87,217
Net earnings per share - basic and diluted	$	0.13		$	—			$	0.13		$	0.24		$	(0.01	)		$	0.23

a)

Relates to the correction to adjust the earnings (losses) of two consolidated Fund investments that are less-than-wholly-owned investments through the Company's opportunity funds (the "Fund Investments") to "equity in earnings of unconsolidated affiliates", which had no impact on net income (loss) for the periods presented.

b)

Relates to immaterial previously unrecorded adjustments, which, in the aggregate, increased or (decreased) net income attributable to Common Shareholders by: $0.0 million or $0.00 per share for the three months ended March 31, 2020; ($0.1) million or $0.00 per share and ($0.1) million or $0.00 per share for the three and six months ended June 30, 2020; $0.0 million or $0.00 per share and ($0.1) million or $0.00 per share for the three and nine months ended September 30, 2020; ($0.1) million or ($0.01) per share, and ($0.2) million or ($0.01) per share, for the three months and year ended December 31, 2020, respectively; ($0.3) million or ($0.01) per share, for the three months ended March 31, 2021; ($0.2) million or $0.00 per share, and ($0.6) million or ($0.01) per share, for the three and six months ended June 30, 2021, respectively; and ($0.1) million or $0.00 per share, and ($0.6) million or ($0.01) per share, for the three and nine months ended September 30, 2021, respectively.

7

Exhibit 99.1

8

Exhibit 99.1

	Three Months Ended March 31, 2020
Funds from Operations ($ in thousands) (a)	As Previously Reported			Adjustments				As Restated
Net income attributable to Acadia	$	(8,414	)	$	9		(b)	$	(8,405	)
Depreciation of real estate and amortization of leasing costs (net of    noncontrolling interests' share)		24,088			(15	)	(b)		24,073
Impairment charges (net of noncontrolling interests' share)		12,400			—				12,400
Gain on disposition of properties (net of noncontrolling interests' share)		—			—				—
Income attributable to Common OP Unit holders		(462	)		—				(462	)
Distributions - Preferred OP Units		126			—				126
Funds from operations attributable to Common Shareholders and Common OP Unit holders	$	27,738		$	(6	)		$	27,732
Adjustments for Special Items:
Less: Unrealized holding gain and other (net of noncontrolling interest share)		—			—				—
Funds from operations before Special Items attributable to Common Shareholders and Common OP Unit holders	$	27,738		$	(6	)		$	27,732
Funds From Operations per Share - Diluted
Basic weighted-average shares outstanding, GAAP earnings		86,972			—				86,972
Weighted-average OP Units outstanding		5,189			—				5,189
Assumed conversion of Preferred OP Units to common shares		465			—				465
Assumed conversion of LTIP units and restricted share units to    common shares		159			—				159
Weighted average number of Common Shares and Common OP Units		92,785			—				92,785
Diluted Funds from operations, per Common Share and Common OP Unit	$	0.30		$	—			$	0.30
Diluted Funds from operations before Special Items, per Common Share and Common OP Unit	$	0.30		$	—			$	0.30

9

Exhibit 99.1

	Three Months Ended June 30, 2020										Six Months Ended June 30, 2020
Funds from Operations ($ in thousands) (a)	As Previously Reported			Adjustments				As Restated			As Previously Reported			Adjustments				As Restated
Net income attributable to Acadia	$	19,410		$	(84	)	(b)	$	19,326		$	10,996		$	(75	)	(b)	$	10,921
Depreciation of real estate and amortization of leasing costs (net of    noncontrolling interests' share)		24,390			78		(b)		24,468			48,478			63		(b)		48,541
Impairment charges (net of noncontrolling interests' share)		—			—				—			12,400			—				12,400
Gain on disposition of properties (net of noncontrolling interests' share)		(111	)		—				(111	)		(111	)		—				(111	)
Income attributable to Common OP Unit holders		1,136			—				1,136			674			—				674
Distributions - Preferred OP Units		123			—				123			249			—				249
Funds from operations attributable to Common Shareholders and Common OP Unit holders	$	44,948		$	(6	)		$	44,942		$	72,686		$	(12	)		$	72,674
Adjustments for Special Items:
Less: Unrealized holding gain and other (net of noncontrolling interest share)		(18,397	)		—				(18,397	)		(18,397	)		—				(18,397	)
Funds from operations before Special Items attributable to Common Shareholders and Common OP Unit holders	$	26,551		$	(6	)		$	26,545		$	54,289		$	(12	)		$	54,277
Funds From Operations per Share - Diluted
Basic weighted-average shares outstanding, GAAP earnings		86,180			—				86,180			86,576			—				86,576
Weighted-average OP Units outstanding		5,003			—				5,003			5,096			—				5,096
Assumed conversion of Preferred OP Units to common shares		465			—				465			465			—				465
Assumed conversion of LTIP units and restricted share units to    common shares		—			—				—			—			—				—
Weighted average number of Common Shares and Common OP Units		91,648			—				91,648			92,137			—				92,137
Diluted Funds from operations, per Common Share and Common OP Unit	$	0.49		$	—			$	0.49		$	0.79		$	—			$	0.79
Diluted Funds from operations before Special Items, per Common Share and Common OP Unit	$	0.29		$	—			$	0.29		$	0.59		$	—			$	0.59

10

Exhibit 99.1

	Three Months September 30, 2020										Nine Months Ended September 30, 2020
Funds from Operations ($ in thousands) (a)	As Previously Reported			Adjustments				As Restated			As Previously Reported			Adjustments				As Restated
Net income attributable to Acadia	$	(9,030	)	$	(5	)	(b)	$	(9,035	)	$	1,966		$	(80	)	(b)	$	1,886
Depreciation of real estate and amortization of leasing costs (net of    noncontrolling interests' share)		25,106			—				25,106			73,584			63				73,647
Impairment charges (net of noncontrolling interests' share)		—			—				—			12,400			—				12,400
Gain on disposition of properties (net of noncontrolling interests' share)		(6	)		—				(6	)		(117	)		—				(117	)
Income attributable to Common OP Unit holders		(475	)		—				(475	)		199			—				199
Distributions - Preferred OP Units		4			—				4			372			—				372
Funds from operations attributable to Common Shareholders and Common OP Unit holders	$	15,599		$	(5	)		$	15,594		$	88,404		$	(17	)		$	88,387
Adjustments for Special Items:
Less: Unrealized holding gain and other (net of noncontrolling interest share)		2,240			—				2,240			(16,157	)		—				(16,157	)
Funds from operations before Special Items attributable to Common Shareholders and Common OP Unit holders	$	17,839		$	(5	)		$	17,834		$	72,247		$	(17	)		$	72,230
Funds From Operations per Share - Diluted
Basic weighted-average shares outstanding, GAAP earnings		86,309			—				86,309			86,486			—				86,486
Weighted-average OP Units outstanding		4,890			—				4,890			5,027			—				5,027
Assumed conversion of Preferred OP Units to common shares		25			—				25			465			—				465
Assumed conversion of LTIP units and restricted share units to    common shares		—			—				—			—			—				—
Weighted average number of Common Shares and Common OP Units		91,224			—				91,224			91,978			—				91,978
Diluted Funds from operations, per Common Share and Common OP Unit	$	0.17		$	—			$	0.17		$	0.96		$	—			$	0.96
Diluted Funds from operations before Special Items, per Common Share and Common OP Unit	$	0.20		$	—			$	0.20		$	0.79		$	—			$	0.79

11

Exhibit 99.1

	Three Months Ended December 31, 2020										Year Ended December 31, 2020
Funds from Operations ($ in thousands) (a)	As Previously Reported			Adjustments				As Restated			As Previously Reported			Adjustments				As Restated
Net (loss) income attributable to Acadia	$	(10,725	)	$	(137	)	(b)	$	(10,862	)	$	(8,759	)	$	(217	)	(b)	$	(8,976	)
Depreciation of real estate and amortization of leasing costs (net of    noncontrolling interests' share)		32,574			—				32,574			106,158			62		(b)		106,220
Impairment charges (net of noncontrolling interests' share)		4,923			—				4,923			17,323			—				17,323
Gain on disposition of properties (net of noncontrolling interests' share)		(174	)		—				(174	)		(291	)		—				(291	)
(Loss) income attributable to Common OP Unit holders		(569	)		—				(569	)		(370	)		—				(370	)
Distributions - Preferred OP Units		123			—				123			495			—				495
Funds from operations attributable to Common Shareholders and Common OP Unit holders	$	26,152		$	(137	)		$	26,015		$	114,556		$	(155	)		$	114,401
Adjustments for Special Items:																��
Less: Unrealized holding gain and other (net of noncontrolling interest share)		(4,468	)		137		(b)		(4,331	)		(20,625	)		132		(b)		(20,493	)
Funds from operations before Special Items attributable to Common Shareholders and Common OP Unit holders	$	21,684		$	—			$	21,684		$	93,931		$	(23	)		$	93,908
Funds From Operations per Share - Diluted
Basic weighted-average shares outstanding, GAAP earnings		86,311			—				86,311			86,442			—				86,442
Weighted-average OP Units outstanding		4,890			—				4,890			4,992			—				4,992
Assumed conversion of Preferred OP Units to common shares		465			—				465			465			—				465
Weighted average number of Common Shares and Common OP Units		91,666			—				91,666			91,899			—				91,899
Diluted Funds from operations, per Common Share and Common OP Unit	$	0.29		$	(0.01	)		$	0.28		$	1.25		$	(0.01	)		$	1.24
Diluted Funds from operations before Special Items, per Common Share and Common OP Unit	$	0.24		$	—			$	0.24		$	1.02		$	—			$	1.02

12

Exhibit 99.1

	Three Months Ended March 31, 2021
Funds from Operations ($ in thousands) (a)	As Previously Reported			Adjustments				As Restated
Net income attributable to Acadia	$	5,162		$	(345	)	(b)	$	4,817
Depreciation of real estate and amortization of leasing costs (net of    noncontrolling interests' share)		23,807			—				23,807
Impairment charges (net of noncontrolling interests' share)		—			—				—
Gain on disposition of properties (net of noncontrolling interests' share)		(5,096	)		—				(5,096	)
Income attributable to Common OP Unit holders		347			—				347
Distributions - Preferred OP Units		123			—				123
Funds from operations attributable to Common Shareholders and Common OP Unit holders	$	24,343		$	(345	)		$	23,998
Adjustments for Special Items:
Less: Unrealized holding gain and other (net of noncontrolling interest share)		(1,738	)		339		(b)		(1,399	)
Funds from operations before Special Items attributable to Common Shareholders and Common OP Unit holders	$	22,605		$	(6	)		$	22,599
Funds From Operations per Share - Diluted
Basic weighted-average shares outstanding, GAAP earnings		86,323			—				86,323
Weighted-average OP Units outstanding		5,120			—				5,120
Assumed conversion of Preferred OP Units to common shares		465			—				465
Assumed conversion of LTIP units and restricted share units to    common shares		23			—				23
Weighted average number of Common Shares and Common OP Units		91,931			—				91,931
Diluted Funds from operations, per Common Share and Common OP Unit	$	0.26		$	—			$	0.26
Diluted Funds from operations before Special Items, per Common Share and Common OP Unit	$	0.25		$	—			$	0.25

13

Exhibit 99.1

	Three Months Ended June 30, 2021										Six Months Ended June 30, 2021
Funds from Operations ($ in thousands) (a)	As Previously Reported			Adjustments				As Restated			As Previously Reported			Adjustments				As Restated
Net income attributable to Acadia	$	3,918		$	(207	)	(b)	$	3,711		$	9,080		$	(552	)	(b)	$	8,528
Depreciation of real estate and amortization of leasing costs (net of    noncontrolling interests' share)		23,077			—				23,077			46,884			—				46,884
Impairment charges (net of noncontrolling interests' share)		—			—				—			—			—				—
Gain on disposition of properties (net of noncontrolling interests' share)		933			—				933			(4,163	)		—				(4,163	)
Income attributable to Common OP Unit holders		275			—				275			622			—				622
Distributions - Preferred OP Units		123			—				123			246			—				246
Funds from operations attributable to Common Shareholders and Common OP Unit holders	$	28,326		$	(207	)		$	28,119		$	52,669		$	(552	)		$	52,117
Adjustments for Special Items:
Less: Unrealized holding gain and other (net of noncontrolling interest share)		(688	)		201		(b)		(487	)		(2,426	)		540		(b)		(1,886	)
Funds from operations before Special Items attributable to Common Shareholders and Common OP Unit holders	$	27,638		$	(6	)		$	27,632		$	50,243		$	(12	)		$	50,231
Funds From Operations per Share - Diluted
Basic weighted-average shares outstanding, GAAP earnings		86,824			—				86,824			86,575			—				86,575
Weighted-average OP Units outstanding		5,135			—				5,135			5,127			—				5,127
Assumed conversion of Preferred OP Units to common shares		465			—				465			465			—				465
Assumed conversion of LTIP units and restricted share units to    common shares		203			—				203			87			—				87
Weighted average number of Common Shares and Common OP Units		92,627			—				92,627			92,254			—				92,254
Diluted Funds from operations, per Common Share and Common OP Unit	$	0.31		$	(0.01	)		$	0.30		$	0.57		$	(0.01	)		$	0.56
Diluted Funds from operations before Special Items, per Common Share and Common OP Unit	$	0.30		$	—			$	0.30		$	0.54		$	—			$	0.54

14

Exhibit 99.1

	Three Months September 30, 2021										Nine Months Ended September 30, 2021
Funds from Operations ($ in thousands) (a)	As Previously Reported			Adjustments				As Restated			As Previously Reported			Adjustments				As Restated
Net income attributable to Acadia	$	12,069		$	(62	)	(b)	$	12,007		$	21,149		$	(614	)	(b)	$	20,535
Depreciation of real estate and amortization of leasing costs (net of    noncontrolling interests' share)		23,111			—				23,111			69,995			—				69,995
Impairment charges (net of noncontrolling interests' share)		2,294			—				2,294			2,294			—				2,294
Gain on disposition of properties (net of noncontrolling interests' share)		—			—				—			(4,163	)		—				(4,163	)
Income attributable to Common OP Unit holders		749			—				749			1,371			—				1,371
Distributions - Preferred OP Units		123			—				123			369			—				369
Funds from operations attributable to Common Shareholders and Common OP Unit holders	$	38,346		$	(62	)		$	38,284		$	91,015		$	(614	)		$	90,401
Adjustments for Special Items:
Less: Unrealized holding gain and other (net of noncontrolling interest share)		(13,384	)		186		(b)		(13,198	)		(15,810	)		726		(b)		(15,084	)
Funds from operations before Special Items attributable to Common Shareholders and Common OP Unit holders	$	24,962		$	124			$	25,086		$	75,205		$	112			$	75,317
Funds From Operations per Share - Diluted
Basic weighted-average shares outstanding, GAAP earnings		88,481			—				88,481			87,217			—				87,217
Weighted-average OP Units outstanding		5,121			—				5,121			5,125			—				5,125
Assumed conversion of Preferred OP Units to common shares		465			—				465			465			—				465
Assumed conversion of LTIP units and restricted share units to    common shares		16			—				16			—			—				—
Weighted average number of Common Shares and Common OP Units		94,083			—				94,083			92,807			—				92,807
Diluted Funds from operations, per Common Share and Common OP Unit	$	0.41		$	—			$	0.41		$	0.98		$	(0.01	)		$	0.97
Diluted Funds from operations before Special Items, per Common Share and Common OP Unit	$	0.27		$	—			$	0.27		$	0.81		$	—			$	0.81

a)

Relates to the correction to adjust the assets and liabilities of the Fund Investments to "investments in and advances to unconsolidated affiliates", which had no impact on FFO for the periods presented.

b)

Relates to immaterial previously unrecorded adjustments, which, in the aggregate, increased or (decreased) FFO by: $0.0 million or $0.00 per share, for the three months ended March 31, 2020; $0.0 million or $0.00 per share, and $0.0 million or $0.00 per share, for the three and six months ended June 30, 2020, respectively; and $0.0 million or $0.00 per share, and $0.0 million or $0.00 per share, for the three and nine months ended September 30, 2020, respectively; ($0.1) million or ($0.01) per share, and ($0.2) million or ($0.01) per share, for the three months and year ended December 31, 2020, respectively; ($0.3) million or $0.00 per share, for the three months ended March 31, 2021; ($0.2) million or ($0.01) per share, and ($0.6) million or ($0.01) per share, for the three and six months ended June 30, 2021, respectively; and ($0.1)

15

Exhibit 99.1

million or $0.00 per share, and ($0.6) million or ($0.01) per share, for the three and nine months ended September 30, 2021, respectively. The adjustments had an insignificant impact on FFO before special items for all of the periods presented.

16

Exhibit 99.1

	Three Months Ended March 31, 2020
Reconciliation of Consolidated Net Operating Loss    to Net Property Operating Income ($ in thousands)	As Previously Reported			Adjustments				As Restated
Consolidated operating income	$	(46,343	)	$	1,948		(a)	$	(44,395	)
Add back:
General and administrative		9,070			(9	)	(a)		9,061
Depreciation and amortization		33,377			(729	)	(a)		32,648
Impairment charges		51,549			—				51,549
Straight-line rent reserves		—			—				—
Less:
Above/below market rent, straight-line rent and other adjustments		(1,369	)		(1,983	)	(a)		(3,352	)
Gain on disposition of properties		—			—				—
Consolidated NOI		46,284			(773	)			45,511
Noncontrolling interest in consolidated NOI		(14,298	)		670		(a)		(13,628	)
Less: Operating Partnership's interest in Fund NOI included above		(3,595	)		103		(a)		(3,492	)
Add: Operating Partnership's share of unconsolidated    joint ventures NOI		6,346			—				6,346
NOI - Core Portfolio	$	34,737		$	—			$	34,737

	Three Months Ended June 30, 2020										Six Months Ended June 30, 2020
Reconciliation of Consolidated Net Operating Loss    to Net Property Operating Income ($ in thousands)	As Previously Reported			Adjustments				As Restated			As Previously Reported			Adjustments				As Restated
Consolidated operating income	$	(5,758	)	$	(2,278	)	(a)	$	(8,036	)	$	(52,101	)	$	(330	)	(a)	$	(52,431	)
Add back:
General and administrative		8,720			(38	)	(a)		8,682			17,790			(47	)	(a)		17,743
Depreciation and amortization		33,793			(416	)	(a)		33,377			67,170			(1,145	)	(a)		66,025
Impairment charges		—			—				—			51,549			—				51,549
Straight-line rent reserves		—			—				—			—			—				—
Less:
Above/below market rent, straight-line rent and other adjustments		5,313			1,955		(a)		7,268			3,944			(28	)	(a)		3,916
Gain on disposition of properties		(485	)		—				(485	)		(485	)		—				(485	)
Consolidated NOI		41,583			(777	)			40,806			87,867			(1,550	)			86,317
Noncontrolling interest in consolidated NOI		(11,694	)		677		(a)		(11,017	)		(25,992	)		1,347		(a)		(24,645	)
Less: Operating Partnership's interest in Fund NOI included above		(2,826	)		100		(a)		(2,726	)		(6,421	)		203		(a)		(6,218	)
Add: Operating Partnership's share of unconsolidated    joint ventures NOI		2,874			—				2,874			9,220			—				9,220
NOI - Core Portfolio	$	29,937		$	—			$	29,937		$	64,674		$	—			$	64,674

17

Exhibit 99.1

	Three Months Ended September 30, 2020										Nine Months Ended September 30, 2020
Reconciliation of Consolidated Net Operating Loss    to Net Property Operating Income ($ in thousands)	As Previously Reported			Adjustments				As Restated			As Previously Reported			Adjustments				As Restated
Consolidated operating (loss) income	$	(14,025	)	$	488		(a)	$	(13,537	)	$	(66,126	)	$	158		(a)	$	(65,968	)
Add back:
General and administrative		8,625			(210	)	(a)		8,415			26,415			(257	)	(a)		26,158
Depreciation and amortization		34,457			(697	)	(a)		33,760			101,627			(1,842	)	(a)		99,785
Impairment charges		—			—				—			51,549			—				51,549
Straight-line rent reserves		13,185			(13,185	)	(c)		—			19,714			(19,714	)	(c)		—
Less:
Above/below market rent, straight-line rent and other adjustments		(3,671	)		13,136		(a,c)		9,465			(6,256	)		19,637		(a,c)		13,381
Gain on disposition of properties		(24	)		—				(24	)		(509	)		—				(509	)
Consolidated NOI		38,547			(468	)			38,079			126,414			(2,018	)			124,396
Noncontrolling interest in consolidated NOI		(10,335	)		407		(a)		(9,928	)		(36,327	)		1,754		(a)		(34,573	)
Less: Operating Partnership's interest in Fund NOI included above		(2,289	)		61		(a)		(2,228	)		(8,710	)		264		(a)		(8,446	)
Add: Operating Partnership's share of unconsolidated    joint ventures NOI		3,133			—				3,133			12,353			—				12,353
NOI - Core Portfolio	$	29,056		$	—			$	29,056		$	93,730		$	—			$	93,730

	Three Months Ended December 31, 2020										Year Ended December 31, 2020
Reconciliation of Consolidated Net Operating Loss    to Net Property Operating Income ($ in thousands)	As Previously Reported			Adjustments				As Restated			As Previously Reported			Adjustments				As Restated
Consolidated operating (loss) income	$	(49,253	)	$	159		(a)	$	(49,094	)	$	(115,379	)	$	317		(a)	$	(115,062	)
Add back:
General and administrative		9,640			—		(a)		9,640			36,055			(257	)	(a)		35,798
Depreciation and amortization		48,166			(722	)	(a)		47,444			149,793			(2,564	)	(a)		147,229
Impairment charges		34,049			—				34,049			85,598			—				85,598
Less:
Above/below market rent, straight-line rent and other adjustments		166			34		(a)		200			13,624			(43	)	(a)		13,581
Gain on disposition of properties		(174	)		—				(174	)		(683	)		—				(683	)
Consolidated NOI		42,594			(529	)			42,065			169,008			(2,547	)			166,461
Noncontrolling interest in consolidated NOI		(12,209	)		466		(a)		(11,743	)		(48,536	)		2,220		(a)		(46,316	)
Less: Operating Partnership's interest in Fund NOI included above		(3,135	)		63		(a)		(3,072	)		(11,845	)		327		(a)		(11,518	)
Add: Operating Partnership's share of unconsolidated    joint ventures NOI		3,306			—				3,306			15,659			—				15,659
NOI - Core Portfolio	$	30,556		$	—			$	30,556		$	124,286		$	—			$	124,286

18

Exhibit 99.1

	Three Months Ended March 31, 2021
Reconciliation of Consolidated Net Operating Loss    to Net Property Operating Income ($ in thousands)	As Previously Reported			Adjustments				As Restated
Consolidated operating income	$	8,681		$	71		(a)	$	8,752
Add back:
General and administrative		8,996			(4	)	(a)		8,992
Depreciation and amortization		31,390			(750	)	(a)		30,640
Impairment charges		—			—				—
Straight-line rent reserves		817			—				817
Less:
Above/below market rent, straight-line rent and other adjustments		(5,284	)		11		(a)		(5,273	)
Gain on disposition of properties		(4,612	)		—				(4,612	)
Consolidated NOI		39,988			(672	)			39,316
Noncontrolling interest in consolidated NOI		(10,861	)		589		(a)		(10,272	)
Less: Operating Partnership's interest in Fund NOI included above		(2,618	)		83		(a)		(2,535	)
Add: Operating Partnership's share of unconsolidated    joint ventures NOI		3,300			—				3,300
NOI - Core Portfolio	$	29,809		$	—			$	29,809

	Three Months Ended June 30, 2021										Six Months Ended June 30, 2021
Reconciliation of Consolidated Net Operating Loss    to Net Property Operating Income ($ in thousands)	As Previously Reported			Adjustments				As Restated			As Previously Reported			Adjustments				As Restated
Consolidated operating income	$	13,159		$	(236	)	(a)	$	12,923		$	21,840		$	(165	)	(a)	$	21,675
Add back:
General and administrative		10,671			(18	)	(a)		10,653			19,667			(22	)	(a)		19,645
Depreciation and amortization		31,345			(805	)	(a)		30,540			62,735			(1,555	)	(a)		61,180
Impairment charges		—			—				—			—			—				—
Straight-line rent reserves		(232	)		—				(232	)		585			—				585
Less:
Above/below market rent, straight-line rent and other adjustments		(4,249	)		5		(a)		(4,244	)		(9,533	)		16		(a)		(9,517	)
Gain on disposition of properties		(5,909	)		—				(5,909	)		(10,521	)		—				(10,521	)
Consolidated NOI		44,785			(1,054	)			43,731			84,773			(1,726	)			83,047
Noncontrolling interest in consolidated NOI		(12,373	)		922		(a)		(11,451	)		(23,234	)		1,511		(a)		(21,723	)
Less: Operating Partnership's interest in Fund NOI included above		(3,131	)		132		(a)		(2,999	)		(5,749	)		215		(a)		(5,534	)
Add: Operating Partnership's share of unconsolidated    joint ventures NOI		3,764			—				3,764			7,064			—				7,064
NOI - Core Portfolio	$	33,045		$	—			$	33,045		$	62,854		$	—			$	62,854

19

Exhibit 99.1

	Three Months Ended September 30, 2021										Nine Months Ended September 30, 2021
Reconciliation of Consolidated Net Operating Loss    to Net Property Operating Income ($ in thousands)	As Previously Reported			Adjustments				As Restated			As Previously Reported			Adjustments				As Restated
Consolidated operating (loss) income	$	(1,341	)	$	(133	)	(a)	$	(1,474	)	$	20,499		$	(298	)	(a)	$	20,201
Add back:
General and administrative		9,978			(68	)	(a)		9,910			29,645			(90	)	(a)		29,555
Depreciation and amortization		30,866			(802	)	(a)		30,064			93,601			(2,357	)	(a)		91,244
Impairment charges		9,925			—				9,925			9,925			—				9,925
Straight-line rent reserves		(258	)		—				(258	)		327			—				327
Less:
Above/below market rent, straight-line rent and other adjustments		(4,572	)		20		(a)		(4,552	)		(14,105	)		36		(a)		(14,069	)
Gain on disposition of properties		—			—				—			(10,521	)		—				(10,521	)
Consolidated NOI		44,598			(983	)			43,615			129,371			(2,709	)			126,662
Noncontrolling interest in consolidated NOI		(12,576	)		862		(a)		(11,714	)		(35,810	)		2,373		(a)		(33,437	)
Less: Operating Partnership's interest in Fund NOI included above		(3,104	)		121		(a)		(2,983	)		(8,853	)		336		(a)		(8,517	)
Add: Operating Partnership's share of unconsolidated    joint ventures NOI		2,961			—				2,961			10,025			—				10,025
NOI - Core Portfolio	$	31,879		$	—			$	31,879		$	94,733		$	—			$	94,733

a)

Relates to the correction to adjust the earnings of the Fund Investments to "equity in earnings of unconsolidated affiliates", which had no impact on NOI - Core Portfolio for any of the periods presented.

20

Exhibit 99.1

	December 31, 2020
Balance Sheet ($ in thousands)	As Previously Reported			Adjustments				As Restated
ASSETS
Investments in real estate, at cost
Land	$	776,275		$	(23,554	)	(a)	$	752,721
Buildings and improvements		2,848,781			(46,528	)	(a)		2,802,253
Tenant improvements		191,046			(12,128	)	(a)		178,918
Construction in progress		5,751			(604	)	(a)		5,147
Right-of-use assets - finance leases		25,086			—				25,086
		3,846,939			(82,814	)			3,764,125
Less: Accumulated depreciation and amortization		(586,800	)		13,436		(a)		(573,364	)
Operating real estate, net		3,260,139			(69,378	)			3,190,761
Real estate under development		247,349			(148	)	(a)		247,201
Net investments in real estate		3,507,488			(69,526	)			3,437,962
Notes receivable, net		101,450			(568	)	(b)		100,882
Investments in and advances to unconsolidated affiliates		249,807			23,022		(a,b)		272,829
Other assets, net		173,809			(3,528	)	(a)		170,281
Right-of-use assets - operating leases, net		76,268			—				76,268
Cash and cash equivalents		19,232			(533	)	(a)		18,699
Restricted cash		14,692			(3,596	)	(a)		11,096
Rents receivable		44,136			(1,084	)	(a)		43,052
Total assets	$	4,186,882		$	(55,813	)		$	4,131,069
LIABILITIES
Mortgage and other notes payable, net	$	1,125,356		$	23,230		(a,b,c)	$	1,148,586
Unsecured notes payable, net		500,083			(79,225	)	(c)		420,858
Unsecured line of credit		138,400			—				138,400
Accounts payable and other liabilities		269,911			(1,469	)	(a)		268,442
Lease liability - operating leases, net		88,816			—				88,816
Dividends and distributions payable		147			—				147
Distributions in excess of income from, and investments in, unconsolidated affiliates		15,616			—				15,616
Total liabilities		2,138,329			(57,464	)			2,080,865
Commitments and contingencies
EQUITY
Acadia Shareholders' Equity
Common shares, $0.001 par value, authorized 200,000,000 shares, issued and outstanding 86,268,303		86			—				86
Additional paid-in capital		1,683,165			—				1,683,165
Accumulated other comprehensive loss		(74,891	)		—				(74,891	)
Distributions in excess of accumulated earnings		(167,046	)		(275	)	(b)		(167,321	)
Total Acadia shareholders’ equity		1,441,314			(275	)			1,441,039
Noncontrolling interests		607,239			1,926		(a,b)		609,165
Total equity		2,048,553			1,651				2,050,204
Total liabilities and equity	$	4,186,882		$	(55,813	)		$	4,131,069

a)

Relates to the correction to adjust the assets and liabilities of two consolidated subsidiaries to "investments in and advances to unconsolidated affiliates", which had no impact on net income (loss) for the year ended December 31, 2020.

b)

Relates to immaterial previously unrecorded adjustments, which, in the aggregate (decreased) net income attributable to Common Shareholders by ($0.3) million through the year ended December 31, 2020.

c)

Unsecured notes payable, net of $79.2 million were reclassified to mortgage and other notes payable, net.

21