ACADIA REALTY TRUST

Listed Company

AKRCIK 0000899629NYSELarge AcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

$410.76M

Net Income

$16.90M

Total Assets

$4.84B

Equity

$2.23B

Shares Out

133.52M

Op. Cash Flow

$166.98M

Business

ACADIA REALTY TRUST is a fully integrated REIT focused on the ownership, acquisition, development and management of high-quality retail properties in high-barrier-to-entry, supply-constrained, densely populated U.S. metropolitan areas. It offers street retail, urban and suburban shopping center investments, property development and redevelopment, leasing, property and construction management, asset and investment management, and structured finance services. Its operations are organized between a Core Portfolio of long-term retail assets, an Investment Management platform with opportunistic/value-add funds and co-investment ventures, and a Structured Finance program. It operates primarily across densely populated U.S. metropolitan trade areas and delivers services through direct ownership, joint ventures, funds, and institutional co-investment partnerships.

Summary from filing dated 2025-02-14

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	411	360	339	—	—
Depreciation and amortization	157	139	136	136	123
General and administrative	46	41	41	44	40
Real estate taxes	52	46	47	45	45
Property operating	71	66	62	57	54
Impairment charges	37	2	4	33	10
Total expenses	364	293	290	315	272
Gain (loss) on disposition of properties	3	−834,000	0	57	11
Operating income	49	66	49	68	31
Equity in (losses) earnings of unconsolidated affiliates	−8	15	−8	−33	5
Interest income	24	25	20	15	9
Realized and unrealized holding (losses) gains on investments and other	−96,000	−5	30	—	—
Interest expense	−95	−93	−93	−80	−68
Loss on change in control	−10	0	0	—	—
(Loss) income from continuing operations before income taxes	−40	8	−1	−65	26
Income tax provision	−412,000	−212,000	−301,000	−12,000	−93,000
Net (loss) income	−40	8	−2	−65	26
Net loss attributable to redeemable noncontrolling interests	6	8	8	6	0
Net loss attributable to noncontrolling interests	51	6	13	24	−2
Net income attributable to Acadia shareholders	17	22	20	—	—
Basic earnings per share	0.1	0.19	0.2	−0.38	0.26
Diluted earnings per share	0.1	0.19	0.2	−0.4	0.26
Weighted average shares for basic earnings per share	129	108	95	95	88
Weighted average shares for diluted earnings per share	129	108	95	95	88

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Operating real estate, net	3,984	3,544	3,517	3,343	3,219
Real estate under development	167	130	95	185	204
Net investments in real estate	4,151	3,674	3,612	3,528	3,423
Notes receivable, net ($1,629 and $2,004 of allowance for credit losses as of December 31, 2025 and December 31, 2024, respectively)	155	127	125	124	154
Investments in and advances to unconsolidated affiliates	162	209	197	291	322
Other assets, net	224	224	208	230	187
Right-of-use assets - operating leases, net	24	26	29	37	41
Cash and cash equivalents	39	17	17	17	18
Restricted cash	18	23	8	15	10
Marketable securities	0	15	33	—	—
Rents receivable, net	65	58	50	50	44
Assets of properties held for sale	0	0	11	11	64
Total assets	4,837	4,371	4,291	4,303	4,262
Mortgage and other notes payable, net	894	954	930	929	1,140
Unsecured notes payable, net	879	570	727	696	559
Unsecured line of credit	90	14	213	168	113
Accounts payable and other liabilities	273	233	229	196	236
Lease liabilities - operating leases	26	28	32	35	39
Dividends and distributions payable	29	25	19	18	14
Distributions in excess of income from, and investments in, unconsolidated affiliates	17	17	8	11	10
Total liabilities	2,208	1,839	2,158	2,054	2,112
Commitments and contingencies (Note 9)	—	—	—	—	—
Redeemable noncontrolling interests (Note 10)	9	31	50	68	0
Common shares, $0.001 par value per share, authorized 200,000,000 shares, issued and outstanding 131,036,560 and 119,657,594 shares as of December 31, 2025 and December 31, 2024, respectively	131,000	120,000	95,000	95,000	89,000
Additional paid-in capital	2,711	2,436	1,954	1,945	1,754
Accumulated other comprehensive income	16	39	32	47	−36
Distributions in excess of accumulated earnings	−501	−409	−349	−300	−197
Total Acadia shareholders equity	2,226	2,066	1,637	1,692	1,522
Noncontrolling interests	395	436	446	489	628
Total equity	2,620	2,502	2,083	2,181	2,150
Total liabilities, redeemable noncontrolling interests, and equity	4,837	4,371	4,291	4,303	4,262

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	157	139	136	136	123
(Gain) loss on disposition of properties and other investments	−3	834,000	0	−59	−11
Net unrealized holding losses (gains) on investments	317,000	4	−2	38	−52
Stock compensation expense	12	13	13	11	12
Straight-line rents	−4	−3	−1	−9	−7
Distributions of operating income from unconsolidated affiliates	4	23	4	24	4
Amortization of financing costs	8	8	6	6	4
Non-cash lease expense	4	4	4	3	4
Adjustments to allowance for credit loss	0	0	−1	−102,000	−3
Acceleration of below market lease	0	0	−8	0	—
Loss on change in control	10	0	0	—	—
Other, net	−8	−5	−6	−8	−5
Rents receivable	−6	−7	3	2	7
Other liabilities	−10	−5	15	−3	8
Accounts payable and accrued expenses	−6	−3	2	−2	572,000
Prepaid expenses and other assets	7	−20	−15	−3	−7
Lease liabilities - operating leases	−4	−4	−4	−3	−4
Net cash provided by operating activities	167	140	156	133	105
Acquisitions of properties	−407	−162	−127	−243	−162
Proceeds from the disposition of properties and other investments, net	83	89	0	225	64
Investments in unconsolidated affiliates	−9	−34	−54	−155	−15
Development, construction and property improvement costs	−125	−80	−70	−51	−41
Refund (payment) for properties under purchase contract	7	−12	1	—	—
Deposits for properties under sales contract	0	0	2	2	0
Increase in cash upon change of control	7	0	0	4	0
Return of capital from unconsolidated affiliates	14	25	44	78	18
Payment of deferred leasing costs	−14	−9	−9	−8	−5
Proceeds from sale of marketable securities	14	14	5	0	0
Proceeds from repayment of note receivable	807,000	6	0	30	0
Issuance of note receivable	−20	−8	−1	0	−58
Net cash used in investing activities	−450	−171	−209	−124	−199
Proceeds from unsecured notes payable and line of credit	929	435	284	—	—
Principal payments on unsecured debt	−557	−790	−210	−657	−207
Proceeds from issuances of Common Shares	278	460	0	119	64
Capital contributions from noncontrolling interests	19	51	60	109	30
Principal payments on mortgages payable	−265	−70	−112	−448	−99
Proceeds received from mortgages payable	62	92	133	204	57
Distributions to noncontrolling interests	−47	−42	−36	−85	−30
Dividends paid to Common Shareholders	−101	−76	−69	−65	−39
Payment of deferred financing and other costs	−6	−12	−4	−9	−7
Acquisition of noncontrolling interest	−10	0	0	−24	0
Payments of finance lease obligations	−1	−2	−100,000	—	—
Net cash provided by financing activities	301	45	46	−4	91
Increase (decrease) in cash and restricted cash	17	14	−7	5	−2
Cash paid during the period for interest, net of capitalized interest of $10,593 and $7,175 and $7,206 respectively	109	119	120	65	45
Cash paid for income taxes, net of refunds	414,000	212,000	301,000	11,000	147,000
Dividends/Distributions declared and payable	28	24	18	18	14
Assumption of accounts payable and accrued expenses through acquisition of real estate	6	3	645,000	4	1
Disposition of 146 Geary Street upon deed-in-lieu of foreclosure	0	0	19	0	0
Extinguishment of the obligations under the mortgage loan for 146 Geary Street upon deed-in-lieu of foreclosure	0	0	−19	0	0
Issuance of note receivable used as capital contributions from redeemable noncontrolling interests	0	0	796,000	66	0
Conversion of Common and Preferred OP Units to Common Shares	2	21	0	0	—
Accrued interest on note receivable recorded to redeemable noncontrolling interest	11	12	9	4	0
Recognition of non-refundable deposit upon expiration of sale agreement	0	3	0	0	—
Distributions to noncontrolling interests of marketable securities	0	0	49	0	0
Property contributed to an unconsolidated affiliate	0	2	0	0	—
Accrued development, construction and property improvement costs included in Accounts payable and other liabilities	16	7	1	—	—
Note receivable and accrued interest exchanged for redeemable noncontrolling interest	48	0	0	—	—
Reclassification of investment in unconsolidated affiliate to marketable securities	0	0	33	0	0
Operating real estate	202	0	0	—	—
Mortgage and other notes payable	156	0	0	—	—
Investments in and advances to unconsolidated affiliates	−29	0	0	—	—
Rents receivable and other assets	654,000	0	0	—	—
Accounts payable and other liabilities	5	0	0	—	—
Noncontrolling interests	30	0	0	—	—

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