Acadia Realty Trust
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Acadia Realty Trust (AKR) investor relations material

Acadia Realty Trust Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary11 Feb, 2026

Executive summary

  • Achieved strong Q4 and full-year results, with momentum expected to continue into 2026, driven by internal and external growth initiatives.

  • Four consecutive years of same-property NOI growth above 5%, with 2025 at 5.7% and Q4 at 6.3%, led by street and urban portfolio performance.

  • Reported GAAP net earnings of $0.04 per share for Q4 2025 and $0.10 per share for the full year; FFO Before Special Items was $0.34 per share for Q4 and $1.32 for the year.

  • Completed nearly $1 billion in accretive acquisitions in 2025 and early 2026, increasing street retail exposure and scaling the investment management platform.

  • Strategic focus on street retail, leveraging scale in key corridors and expanding into new high-growth markets.

Financial highlights

  • Q4 same-property NOI growth of 6.3%; full-year 2025 at 5.7%, at the upper end of guidance.

  • Q4 FFO per share was $0.34, including $0.03 from Albertsons gains; adjusted run rate is $0.30, up from $0.29 in Q3.

  • Q4 2025 revenues were $104.8 million, up from $93.3 million in Q4 2024; full-year revenues reached $410.8 million, up from $359.7 million in 2024.

  • Economic occupancy increased to 93.9%, with street and urban occupancy up 80 bps sequentially and 370 bps year-over-year.

  • NAREIT FFO for Q4 2025 was $41.7 million ($0.30 per share), and FFO Before Special Items was $47.2 million ($0.34 per share).

Outlook and guidance

  • 2026 FFO as adjusted projected at $1.21–$1.25 per share.

  • Same-property NOI growth guidance of 5%–9%, with street retail expected to outperform suburban by 400 bps.

  • Investment Management fees projected at $23–$26 million; structured finance income at $16–$18 million.

  • Total pro-rata NOI, including redevelopments and investment management, expected to rise 15% to ~$230 million.

  • Interest expense expected at $68–$70 million, not reflecting potential reductions from forward equity settlements.

Explain FFO As Adjusted's valuation impact
Investment Management platform's future contribution
Redevelopment ABR's future NOI contribution
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Frequently asked questions

Acadia Realty Trust is a real estate investment trust (REIT) that specializes in the ownership, management, and redevelopment of retail properties. Its portfolio consists of urban street retail and suburban shopping centers in high-barrier markets across the United States. The company also engages in opportunistic real estate investments through structured financing and partnerships. The company is headquartered in Rye, New York, and its shares are listed on the NYSE.

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