Acadia Realty Trust Reports First Quarter 2026 Operating Results
AKR
Key Highlights for the first quarter ended March 31, 2026 include: First quarter GAAP net earnings of $0.22 per share (compared to $0.01 in first quarter 2025) and FFO As Adjusted of $0.30 per share, up 11% from the prior-year quarter First quarter REIT Portfolio same-property NOI increased 5.9% and reaffirmed 5-9% annual guidance Delivered REIT Portfolio GAAP and cash leasing spreads on new leases of 50% and 31%, respectively Increased SNO Pipeline to $10.5 million (from $8.9 million at December 31, 2025) Increased REIT Portfolio economic occupancy by 20 basis points to 94.1% during the first quarter driven by the street and urban portfolio, which increased 140 basis points from the fourth quarter to 91.7% as of March 31, 2026 Completed approximately $503 million of accretive acquisitions comprised of REIT Portfolio (street retail of $79 million) and Investment Management ($424 million) Completed recapitalizations of approximately $504 million of assets in the Investment Management platform Raised full-year 2026 guidance: Earnings per share to $0.37-$0.39 (from $0.24-$0.26) and FFO As Adjusted to $1.22-$1.26 (from $1.21-$1.25) Subsequent Events Signed an approximately 26,000 square foot lease with Sprouts Farmers Market at 555 9th Street in San Francisco, joining the previously signed Club Studio (expected to open late 2026), reflecting the market’s accelerating retail recovery Completed a $109 million accretive portfolio acquisition on Newbury Street in Boston Increased its borrowing capacity, extended duration and improved pricing on a $1.425 billion credit facility (replacing its $1.175 billion facility)
Published on 04/28/2026 at 04:16 pm EDT
Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”) today reported operating results for the quarter ended March 31, 2026. All per share amounts are on a fully-diluted basis, where applicable. Acadia owns and operates a high-quality real estate portfolio of street and open-air retail properties in the nation's most dynamic retail corridors (“REIT Portfolio”), along with an investment management platform that targets opportunistic and value-add investments through its institutional co-investment vehicles (“Investment Management”).
Kenneth F. Bernstein, President and CEO of Acadia, commented:
“Our first quarter results reflect continued execution across Acadia's differentiated dual-platform strategy. Our street portfolio continues to benefit from strong tenant demand, enabling us to deliver same-property NOI growth of 5.9% for the quarter. Complementing this internal growth, we completed over $600 million of accretive REIT and Investment Management acquisitions in 2026. This includes our inaugural investment on Worth Avenue in Palm Beach, and our continued deployment of capital through our Investment Management platform. With strong internal growth, a well-positioned balance sheet, and an active acquisition pipeline, we remain well positioned to deliver sustained NOI and earnings growth over a multi-year horizon.”
Financial Results
A complete reconciliation, in dollars and per share amounts, of (i) net earnings attributable to Acadia to Funds From Operations (“FFO”) (as defined by the National Association of Real Estate Investment Trusts (“NAREIT”) and As Adjusted) attributable to common shareholders and Common OP Unit holders and (ii) operating income to net operating income (“NOI”) and definitions of non-GAAP metrics are included in the financial tables of this release. The amounts discussed below are net of noncontrolling interests (except for the Common OP Unit holders) and all per share amounts are on a fully-diluted basis.
Net Income
NAREIT FFO
FFO As Adjusted
REIT Portfolio Same-Property NOI
REIT Portfolio Occupancy and Leasing Update
Signed Not Opened Update
The following summarizes the activity, at the Company’s pro-rata share, of ABR of its signed not opened pipeline during the first quarter (amounts in millions):
Balance at
December 31,
2025
Commencing
ABR
New Leases
Balance at
March 31,
2026
REIT Portfolio (Same-property)
$
4.4
$
(1.5
)
$
1.6
$
4.5
REIT Portfolio (Redevelopment/Prestabilized)
3.5
(0.2
)
1.9
5.2
Investment Management
1.0
(0.5
)
0.3
0.8
Total
$
8.9
$
(2.2
)
$
3.8
$
10.5
Transactional Activity
During the quarter ended March 31, 2026, the Company completed approximately $503 million in accretive acquisitions comprised of REIT Portfolio ($79 million) and Investment Management ($424 million). Subsequent to quarter end, the Company completed an additional $109 million street retail portfolio acquisition in its REIT Portfolio. Details of the acquisitions are discussed below.
In addition, the Company completed recapitalizations of approximately $504 million in its Investment Management platform.
REIT Portfolio
Investment Management Platform Acquisition
Investment Management Platform Recapitalizations
Dispositions
Balance Sheet
Equity Activity:
Extension and Expansion of $1.425 Billion Corporate Credit Facility
Pro-Rata REIT Portfolio and Investment Management Debt-to-EBITDA (as adjusted):
No Significant REIT Portfolio Debt Maturities until 2029:
Guidance
The Company is increasing its previously issued guidance for Earnings per Share from $0.24-0.26 to $0.37-$0.39 and FFO As Adjusted from $1.21-$1.25 per share to $1.22-$1.26 per share.
The following updated guidance is based upon Acadia’s current view of market conditions and assumptions for the year ended December 31, 2026.
2026 Guidance1
Revised
Prior
Net earnings per share attributable to Acadia
$0.37-$0.39
$0.24-$0.26
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share other than Common OP Units)
0.95-0.97
0.95-0.97
Gain on disposition on real estate properties (net of noncontrolling interest share other than Common OP Units)
(0.22)
(0.04)
Adjustment of redeemable noncontrolling interest to estimated redemption value
0.04
—
Noncontrolling interest in Operating Partnership
0.03
0.03
NAREIT Funds from operations per share attributable to Common Shareholders and Common OP Unit holders
$1.17-$1.21
$1.18-$1.22
Adjustments to FFO:
Transaction and other expenses2
0.05
0.03
Funds From Operations As Adjusted per share attributable to Common Shareholders and Common OP Unit holders3
$1.22-$1.26
$1.21-$1.25
Management will conduct a conference call on Wednesday, April 29, 2026 at 11:00 AM ET to review the Company’s earnings and operating results. Participant registration and webcast information is listed below.
Live Conference Call:
Date:
Wednesday, April 29, 2026
Time:
11:00 AM ET
Participant call:
First Quarter 2026 Dial-In
Participant webcast:
First Quarter 2026 Webcast
Webcast Listen-only and Replay:
www.acadiarealty.com/investors under Events & Presentations
The Company uses, and intends to use, the Investors page of its website, which can be found at https://www.acadiarealty.com/investors, as a means of disclosing material nonpublic information and of complying with its disclosure obligations under Regulation FD, including, without limitation, through the posting of investor presentations and certain portfolio updates. Additionally, the Company also uses its LinkedIn profile to communicate with its investors and the public. Accordingly, investors are encouraged to monitor the Investors page of the Company's website and its LinkedIn profile, in addition to following the Company’s press releases, SEC filings, public conference calls, presentations and webcasts.
About Acadia Realty Trust
Acadia Realty Trust is an equity real estate investment trust focused on delivering long-term, profitable growth. Acadia owns and operates a high-quality core real estate portfolio of street and open-air retail properties in the nation's most dynamic retail corridors (“REIT Portfolio”), along with an investment management platform that targets opportunistic and value-add investments through its institutional co-investment vehicles (“Investment Management”). For further information, please visit www.acadiarealty.com.
Safe Harbor Statement
Certain statements in this press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and we are including this statement for the purposes of complying with those safe harbor provisions, in each case, to the extent applicable. Forward-looking statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations (including with regards to acquisition pipeline) are generally identifiable by the use of words, such as “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend” or “project,” or the negative thereof, or other variations thereon or comparable terminology. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the Company's actual results and financial performance to be materially different from future results and financial performance expressed or implied by such forward-looking statements, including, but not limited to: (i) macroeconomic conditions, including due to geopolitical instability (such as ongoing armed conflicts and heightened regional tensions in the Middle East), contemplated tariff increases and other trade restrictions, which may lead to a disruption of or lack of access to the capital markets, disruptions and instability in the banking and financial services industries and rising inflation; (ii) the Company’s success in implementing its business strategy and its ability to identify, underwrite, finance, consummate and integrate diversifying acquisitions and investments; (including the potential acquisitions discussed in this press release); (iii) changes in general economic conditions or economic conditions in the markets in which the Company may, from time to time, compete, including the impact of recently announced tariffs on our tenants and their customers, and their effect on the Company’s and our tenants' revenues, earnings and funding sources and those of our tenants; (iv) increases in the Company’s borrowing costs as a result of rising inflation, changes in interest rates and other factors; (v) the Company’s ability to pay down, refinance, restructure or extend its indebtedness as it becomes due; (vi) the Company’s investments in joint ventures and unconsolidated entities, including its lack of sole decision-making authority and its reliance on its joint venture partners’ financial condition; (vii) the Company’s ability to obtain the financial results expected from its development and redevelopment projects; (viii) the ability and willingness of the Company's tenants to renew their leases with the Company upon expiration, the Company’s ability to re-lease its properties on the same or better terms in the event of nonrenewal or in the event the Company exercises its right to replace an existing tenant, and obligations the Company may incur in connection with the replacement of an existing tenant; (ix) the Company’s potential liability for environmental matters; (x) damage to the Company’s properties from catastrophic weather and other natural events, and the physical effects of climate change; (xi) the economic, political and social impact of, and uncertainty surrounding, any future public health crisis which may adversely affect us and our tenants’ business, financial condition, results of operations and liquidity; (xii) uninsured losses; (xiii) the Company’s ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax and other considerations; (xiv) information technology (“IT”) security breaches, including increased cybersecurity risks relating to the use of remote technology and artificial intelligence (“AI”); (xv) risks associated with our use of AI tools, which could result in reputational harm, and legal or regulatory liability; (xvi) the loss of key executives; and (xvii) the accuracy of the Company’s methodologies and estimates regarding corporate responsibility metrics, goals and targets, tenant willingness and ability to collaborate towards reporting such metrics and meeting such goals and targets, and the impact of governmental regulation on our corporate responsibility efforts.
The factors described above are not exhaustive and additional factors could adversely affect the Company’s future results and financial performance, including the risk factors discussed under the section captioned “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and other periodic or current reports the Company files with the SEC. Any forward-looking statements in this press release speak only as of the date hereof. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any changes in the Company’s expectations with regard thereto or changes in the events, conditions or circumstances on which such forward-looking statements are based.
Acadia Realty Trust and Subsidiaries
Condensed Consolidated Statements of Operations(1)
(Unaudited, Dollars and Common Shares and Units in thousands, except per share amounts)
Three Months Ended
March 31,
2026
2025
Revenues
Rental
$
98,568
$
102,640
Other
4,424
1,754
Total revenues
102,992
104,394
Expenses
Depreciation and amortization
40,155
39,440
General and administrative
15,303
11,597
Real estate taxes
12,922
13,303
Property operating
18,249
18,280
Impairment charges
—
6,450
Total expenses
86,629
89,070
Gain on disposition of properties
142,148
—
Operating income
158,511
15,324
Equity in losses of unconsolidated affiliates
(1,508
)
(1,713
)
Interest income
4,788
6,096
Realized and unrealized holding (losses) gains on investments and other
(616
)
1,621
Interest expense
(22,052
)
(23,247
)
Loss on change in control
—
(9,622
)
Income (loss) from continuing operations before income taxes
139,123
(11,541
)
Income tax provision
(12
)
(116
)
Net income (loss)
139,111
(11,657
)
Net loss attributable to redeemable noncontrolling interests
698
1,669
Net (income) loss attributable to noncontrolling interests
(109,332
)
11,596
Net income attributable to Acadia shareholders
$
30,477
$
1,608
Less: earnings attributable to unvested participating securities
(333
)
(339
)
Less: adjustment of redeemable noncontrolling interests to estimated redemption value
(1,793
)
—
Income from continuing operations net of income attributable to participating securities for diluted earnings per share
$
28,351
$
1,269
Weighted average shares for basic earnings per share
131,247
121,329
Weighted average shares for diluted earnings per share
131,332
121,329
Net earnings per share - basic (2)
$
0.22
$
0.01
Net earnings per share - diluted (2)
$
0.22
$
0.01
Acadia Realty Trust and Subsidiaries
Reconciliation of Consolidated Net Income to Funds from Operations and Funds from Operations As Adjusted (1,3)
(Unaudited, Dollars and Common Shares and Units in thousands, except per share amounts)
Three Months Ended
March 31,
2026
2025
Net income attributable to Acadia
$
30,477
$
1,608
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interests' share other than Common OP Units)
35,851
31,607
Impairment charges (net of noncontrolling interests' share other than Common OP Units)
—
1,583
Gain on disposition of properties (net of noncontrolling interests' share other than Common OP Units)
(30,954
)
—
Loss on change in control
—
9,622
Income attributable to Common OP Unit holders
1,496
96
Distributions - Preferred OP Units
5
67
Funds from operations attributable to Common Shareholders and Common OP Unit holders - Diluted
$
36,875
$
44,583
Transaction and other expenses
4,358
526
Unrealized holding loss (gain) (net of noncontrolling interest share)
616
(1,672
)
Tenant lease settlement
—
(8,309
)
FFO As Adjusted attributable to Common Shareholder and Common OP Unit holders1
$
41,849
$
35,128
Funds From Operations per Share - Diluted
Basic weighted-average shares outstanding, GAAP earnings
131,332
121,329
Weighted-average OP Units outstanding
8,376
7,778
Assumed conversion of Preferred OP Units to Common Shares
25
256
Weighted average number of Common Shares and Common OP Units
139,733
129,363
Diluted Funds From Operations, per Common Share and Common OP Unit
$
0.26
$
0.34
Diluted Funds From Operations As Adjusted, per Common Share and Common OP Unit
$
0.30
$
0.27
Acadia Realty Trust and Subsidiaries
Reconciliation of Consolidated Operating Income to Net Property Operating Income (“NOI”) (1)
(Unaudited, Dollars in thousands)
Three Months Ended
March 31,
2026
2025
Consolidated operating income
$
158,511
$
15,324
Add back:
General and administrative
15,303
11,597
Depreciation and amortization
40,155
39,440
Impairment charges
—
6,450
Gain on disposition of properties
(142,148
)
—
Less:
Above/below-market rent, straight-line rent and other adjustments
(6,985
)
(2,704
)
Termination income
—
(8,366
)
Consolidated NOI
64,836
61,741
Redeemable noncontrolling interest in consolidated NOI
(1,840
)
(1,888
)
Noncontrolling interest in consolidated NOI
(14,997
)
(17,655
)
Less:
Operating Partnership's interest in Investment Management NOI included above
(7,542
)
(6,747
)
Add back:
Operating Partnership's share of unconsolidated joint ventures NOI (4)
1,358
1,279
REIT Portfolio NOI
$
41,815
$
36,730
Reconciliation of Same-Property NOI
(Unaudited, Dollars in thousands)
Three Months Ended
March 31,
2026
2025
REIT Portfolio NOI
$
41,815
$
36,730
Less properties excluded from Same-Property NOI
(2,973
)
(52
)
Same-Property NOI
$
38,842
$
36,678
Percent change from prior year period
5.9
%
Components of Same-Property NOI:
Same-Property Revenues
$
54,709
$
51,442
Same-Property Operating Expenses
(15,867
)
(14,764
)
Same-Property NOI
$
38,842
$
36,678
Acadia Realty Trust and Subsidiaries
Condensed Consolidated Balance Sheets (1)
(Unaudited, Dollars in thousands, except shares)
As of:
March 31, 2026
December 31, 2025
Assets
Investments in real estate, at cost
Buildings and improvements
$
3,057,952
$
3,421,366
Tenant improvements
321,489
339,414
Land
1,100,492
1,147,236
Construction in progress
26,266
32,969
Right-of-use assets - finance leases
61,366
61,366
Total
4,567,565
5,002,351
Less: Accumulated depreciation and amortization
(979,837
)
(1,018,597
)
Operating real estate, net
3,587,728
3,983,754
Real estate under development
178,050
167,051
Net investments in real estate
3,765,778
4,150,805
Notes receivable, net ($2,176 and $1,638 of allowance for credit losses as of March 31, 2026 and December 31, 2025, respectively)
154,430
154,892
Investments in and advances to unconsolidated affiliates
275,770
161,955
Other assets, net
190,101
223,980
Right-of-use assets - operating leases, net
22,596
23,594
Cash and cash equivalents
31,415
38,818
Restricted cash
17,374
18,081
Rents receivable, net
56,259
65,027
Assets of property held for sale
18,932
—
Total assets
$
4,532,655
$
4,837,152
Liabilities:
Mortgage and other notes payable, net
$
624,764
$
893,944
Unsecured notes payable, net
880,012
879,462
Unsecured line of credit
91,500
89,500
Accounts payable and other liabilities
222,654
273,479
Lease liabilities - operating leases
24,918
25,972
Dividends and distributions payable
28,421
28,526
Distributions in excess of income from, and investments in, unconsolidated affiliates
16,241
16,838
Liabilities of property held for sale
161
—
Total liabilities
1,888,671
2,207,721
Commitments and contingencies
Redeemable noncontrolling interests
8,457
9,113
Equity:
Acadia Shareholders' Equity
Common shares, $0.001 par value per share, authorized 200,000,000 shares, issued and outstanding 133,513,864 and 131,036,560 shares as of March 31, 2026 and December 31, 2025, respectively
134
131
Additional paid-in capital
2,755,574
2,710,651
Accumulated other comprehensive income
20,057
15,585
Distributions in excess of accumulated earnings
(498,735
)
(500,720
)
Total Acadia shareholders’ equity
2,277,030
2,225,647
Noncontrolling interests
358,497
394,671
Total equity
2,635,527
2,620,318
Total liabilities, redeemable noncontrolling interests, and equity
$
4,532,655
$
4,837,152
Acadia Realty Trust and Subsidiaries
Notes to Financial Highlights:
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