ACADIA REALTY TRUST (AKR) Company Report

Acadia Realty Trust reported strong Q3 2025 performance with 8.2% same-store NOI growth, driven by 13% growth in its street retail portfolio, and is on track to achieve the upper end of its 5%-6% full-year projection.
The company projects accelerating total NOI and same-store growth for 2026, targeting 8%-12% total same-store growth (inclusive of redevelopments) and 5%-9% excluding redevelopments, with the street and urban portfolio expected to exceed 10% growth. This is estimated to add $12 million-$14 million in incremental NOI, or approximately $0.09 per share of FFO.
Year-to-date acquisition volumes exceeded $480 million by Q3 2025, with plans to double this to nearly $1 billion by year-end, expecting attractive yields and a five-year CAGR over 5%.
Acadia Realty Trust maintains a strong balance sheet with debt to EBITDA at five times and over $800 million in available liquidity, having raised approximately $212 million of equity in Q3 2025. For 2026, the company will introduce "FFO as adjusted" to exclude investment management gains and other non-comparable items, aiming for greater clarity in reporting core operating results.

Oct 29, 2025, 4:00 PM

Acadia Realty Trust Reports Strong Q3 2025 Performance and Robust Acquisition Pipeline

AKR

Earnings

Guidance Update

New Projects/Investments

Acadia Realty Trust reported strong Q3 2025 results, with street retail same-store NOI growth of 13% and overall same-store NOI growth of 8.2%. Quarterly FFO sequentially increased by $0.01 to $0.29 (after adjusting for investment management gains).
The company has a robust acquisition pipeline, with year-to-date volumes over $480 million expected to double to nearly $1 billion by year-end. These acquisitions are projected to yield a GAAP yield in the mid-sixes and a five-year CAGR over 5%.
For 2026, AKR projects total same-store NOI growth between 8% and 12%, aiming for a 10% REIT portfolio NOI growth target. The balance sheet remains strong with debt to EBITDA at five times and over $800 million in available liquidity.
Starting in 2026, AKR will refine its FFO reporting to "FFO as adjusted," which will exclude investment management gains and other non-comparable items to provide clearer visibility into core operating results.

Oct 29, 2025, 4:00 PM

Acadia Realty Trust Reports Third Quarter 2025 Operating Results

AKR

Earnings

Guidance Update

New Projects/Investments

Acadia Realty Trust reported Q3 2025 GAAP net earnings of $0.03 per share and FFO Before Special Items of $0.33 per share.
The REIT Portfolio's same-property Net Operating Income (NOI) increased by 8.2%, driven by 13% growth in its street retail portfolio, and occupancy rose by 140 basis points to 93.6% as of September 30, 2025.
The company reduced its pro-rata Net Debt-to-EBITDA ratio to 5.0x and raised approximately $212 million of equity during the third quarter and fourth quarter-to-date.
Acadia completed a $63 million Investment Management Platform acquisition in Q3 2025, bringing the year-to-date acquisition volume to $487 million.
The 2025 annual guidance was updated, with revised Net earnings per share of $0.12-$0.14 and NAREIT FFO per share of $1.20-$1.22, while FFO Before Special Items and Realized Gains guidance was maintained.

Oct 28, 2025, 8:30 PM

Acadia Realty Trust Reports Third Quarter 2025 Operating Results

AKR

Earnings

Guidance Update

New Projects/Investments

Acadia Realty Trust reported GAAP net earnings of $0.03 per share and FFO Before Special Items of $0.33 per share for the third quarter ended September 30, 2025.
The REIT Portfolio's same-property Net Operating Income (NOI) increased 8.2%, primarily driven by 13% growth from the street retail portfolio.
REIT Portfolio occupancy improved by 140 basis points to 93.6% as of September 30, 2025.
The company completed a $63 million acquisition during the third quarter, bringing the total acquisition volume year-to-date to $487 million, and expects 2025 acquisition volume to equal or exceed 2024 levels.
Acadia reduced its pro-rata Net Debt-to-EBITDA ratio to 5.0x as of September 30, 2025, and raised approximately $212 million of equity during the third quarter and fourth quarter-to-date.

Oct 28, 2025, 8:15 PM

Acadia Realty Trust Reports Strong Q4 2024 Performance and Initiates 2025 Guidance

AKR

Earnings

Guidance Update

New Projects/Investments

Acadia Realty Trust reported Q4 2024 earnings of $0.32 per share, marking a 15% year-over-year increase, and achieved 5.7% same-store NOI growth for the full year.
The company initiated its 2025 FFO guidance at $1.35 per share at the midpoint, representing a projected 5.5% growth over 2024, which does not factor in any accretion from future external acquisitions.
In 2024, Acadia Realty Trust completed over $600 million in acquisitions, split evenly between core and investment management businesses, with attractive going-in GAAP yields in the mid-sixes and a five-year CAGR exceeding 7%.
The balance sheet was significantly strengthened, with debt to GAV reduced to under 30% and the debt to EBITDA ratio lowered to 5.5x, with no meaningful core maturities until 2028.
Strong leasing activity in 2024 resulted in over $13.5 million of new annual rent signed with overall spreads of approximately 35%. The signed not-yet-opened pipeline stood at $7.7 million as of December 31st, anticipated to contribute approximately $4 million in incremental ABR in 2025.