Investor Presentation July 2025 1 Disclaimer This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, without limitation, statements concerning our business and growth strategies, investment, financing and leasing activities, including estimated development costs, and trends in our business, including trends in the market for s ...

Group 1 - Realty Income is a well-known retail real estate investment trust (REIT) primarily focused on retail locations but is exploring different industries as it grows [1] - The company aims to provide high-quality and reliable dividend growth ideas to build growing income for investors [1] - Realty Income emphasizes investments that are leaders within their industry to ensure stability and long-term wealth creation [1] Group 2 - The service offered by Realty Income includes ideas for writing options to further enhance investors' income [1]

Business Overview - Acadia Realty Trust (AKR) operates with a dual platform strategy, focusing on a Core Portfolio and an Investment Management platform [6] - The Core Portfolio represents approximately 85% of AKR's Net Asset Value (NAV), amounting to around $3.5 billion in Assets Under Management (AUM) [9] - The Investment Management platform accounts for 15% of AKR's NAV, with approximately $2.5 billion in AUM [11] Portfolio Composition and Growth - Approximately 60% of the Core Portfolio is concentrated in key high-growth street retail corridors [18] - The company projects Core Internal Net Operating Income (NOI) growth of $30-$40 million, inclusive of 2024 and year-to-date 2025 acquisitions [20] - Recent street acquisitions of approximately $438 million are projected to grow in excess of 7% annually [20] Financial Performance and Guidance - The company's 2025 Funds From Operations (FFO) guidance midpoint is $1.36, representing a 5.5% growth [25] - The company's 2024 FFO was $1.28, reflecting 4.9% growth over the company's 2023 FFO of $1.22 [25] Strategic Acquisitions - The company completed approximately $816 million in acquisitions during 3Q24 and year-to-date 2025 [80] - Core acquisitions accounted for $439 million, while Investment Management acquisitions totaled $377 million [81] Balance Sheet - The company raised approximately $800 million in common equity in 2024 and year-to-date 2025 [63] - The company reduced pro-rata Debt/EBITDA for the Core and Investment Management platform to 5.7x [63]

Financial Data and Key Metrics Changes - The reported NAREIT FFO per share for Q1 2025 was $1.70, representing almost 4% growth on a per share basis [23] - Revenues increased by 6% year over year, while comparable POI grew by 2.8%, exceeding previous forecasts [23][29] - Comparable base rents rose by 3%, and total revenues were up 4% year over year [24] Business Line Data and Key Metrics Changes - The comparable portfolio ended the quarter at 95.9% leased, a 160 basis point increase from the previous year [16] - Executed 91 retail leases totaling 430,000 square feet, with a modest rent rollover of 6% for the quarter [16][17] - Office leasing showed positive momentum with 118,000 square feet of total leases signed, indicating strong demand [24] Market Data and Key Metrics Changes - Year-over-year foot traffic increased by 6% in the Washington DC MSA and 11% in Boston properties [9] - Consumer behavior remained resilient despite economic uncertainties, with no significant negative impacts observed [9][10] Company Strategy and Development Direction - The company aims to grow through acquisitions and development of retail real estate while also considering stock buybacks when advantageous [14][28] - A focus on tenant diversity and high household income areas is central to the company's strategy to mitigate risks associated with economic fluctuations [10][12] Management's Comments on Operating Environment and Future Outlook - Management noted that the economic environment remains unpredictable, but they have not seen negative impacts on leasing or consumer behavior [9][10] - The company is optimistic about occupancy growth in the second half of 2025, driven by a strong pipeline of leasing activity [29] Other Important Information - The company refinanced a $600 million term loan, extending its maturity and improving liquidity to approximately $1.5 billion [25][26] - A $300 million common share repurchase program was authorized in response to market volatility [28] Q&A Session Summary Question: Clarification on the mix of deals executed in the quarter - Management indicated that the 2% rate on new lease rates was primarily due to timing, with some deals executed after the quarter ended [32][33] Question: Factors driving acceleration of same-store NOI growth - The primary driver for achieving the 3% to 4% guidance range will be continued gains in occupancy throughout the year [37] Question: Insights on concessions and tenant improvements - Elevated tenant improvements were driven by a specific deal with Lifetime Fitness, which was considered a strong addition to the portfolio [40][42] Question: Performance in the DC area - Management noted that while winter was soft, spring brought increased traffic and expected sales growth, emphasizing the resilience of the DC market [50][52] Question: Acquisition pipeline and transaction market changes - The transaction market remains strong, with ongoing deal flow, although some sellers are becoming more cautious due to economic uncertainties [66][68] Question: Impact of consumer downturn on portfolio segments - Management stated that the health of operators and occupancy ratios are more critical than specific segments when assessing potential impacts from economic downturns [86][88]

May 2025 First Quarter 2025 Investor Presentation Ashley Park | Atlanta, GA Highlights Q1 2025 Highlights | $80mm | Investment activity | | --- | --- | | $225 | Implied property value per square foot | | ~109,400 | Square feet of comparable leasing activity | | 37% | Comparable leasing spread | | 83% | ABR from Georgia, Texas, Florida & North Carolina | | ~191,000 | Portfolio 5-mile population | | 6.6x | Net Debt to Pro Forma Adjusted EBITDA | | 2.4% | Same-Property NOI quarter-over-quarter growth | $496M $ ...

Financial Data and Key Metrics Changes - The company invested over $375 million in the first quarter of 2025, marking the largest investment volume since Q3 2023 [6][11] - Core FFO per share was $1.04, a 3.1% increase year-over-year, while AFFO per share was $1.06, representing a 3% year-over-year increase [20][22] - The company raised the low end of its full-year AFFO per share guidance to a range of $4.27 to $4.30, indicating over 3.5% growth at the midpoint [9][20] Business Line Data and Key Metrics Changes - The company acquired 69 properties across three platforms during Q1, with a weighted average cap rate of 7.3% and a weighted average lease term of 13.4 years [11][12] - The acquisition activity focused on necessity-based retailers, with nearly 69% of base rent derived from investment-grade retailers [12][15] - The company commenced four new development projects with anticipated costs of approximately $24 million and continued construction on 14 projects with aggregate costs of about $80 million [12][13] Market Data and Key Metrics Changes - The company reported a decline in pharmacy and dollar store exposure by 20 and 30 basis points, respectively, indicating a proactive approach to managing tenant risk [15] - The portfolio comprised 2,422 properties across all 50 states, with an investment-grade exposure of 68.3% and occupancy at 99.2% [15][16] Company Strategy and Development Direction - The company has increased its investment guidance range for the year from $1.1 billion to $1.5 billion, reflecting a 47% increase over last year's investment volume [9][10] - The focus remains on recession-resistant retailers that have adapted to an omni-channel strategy, with confidence in the portfolio's resilience against economic downturns [8][9] - The company aims to maintain a robust balance sheet with $1.9 billion in liquidity and no material debt maturities until 2028, allowing for flexibility in capital markets [7][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's stability and growth potential despite a volatile macroeconomic environment [6][10] - The company anticipates continued opportunities in the retail sector, particularly among dominant grocers and necessity-based retailers, as economic conditions evolve [35][82] - Management highlighted the importance of maintaining a conservative approach to asset underwriting and portfolio construction during uncertain times [9][10] Other Important Information - The company raised $181 million of forward equity via its ATM program and established a $625 million commercial paper program to diversify its balance sheet [17][19] - The monthly cash dividend was increased to $0.0256 per common share for April, representing a 2.4% year-over-year increase [22][23] Q&A Session Summary Question: Why was the AFFO guidance not raised more despite the increase in investment guidance? - Management indicated that the only offset to the investment increase was the anticipated treasury stock method dilution of approximately $0.02 [26][27] Question: What is the current strategy regarding grocery exposure? - Management noted that the increase in grocery exposure was primarily due to a one-off opportunity and emphasized the focus on dominant grocers [34][35] Question: How is the company managing tenant exposure amid tariff concerns? - Management stated that there are no significant concerns regarding tariff impacts on the portfolio, as necessity-based retailers are expected to benefit [36][82] Question: What is the outlook for construction costs and yield requirements? - Management anticipates a 2% to 5% increase in construction costs due to tariffs but does not expect material changes in overall construction costs [90] Question: How does the commercial paper program affect investment strategies? - Management clarified that the commercial paper program provides cheaper short-term capital but does not impact the overall weighted average cost of capital [124]