NYSE : AKR
Acadia Realty Trust — Financial statements
Real Estate · REIT - Retail · United States
Last price 19.03 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 2.74B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 390.95M | 402.14M | 349.53M | 333.04M | 317.81M | 285.90M |
| Other Revenue | 24.23M | 1.30M | 26.31M | -1.04M | -23.43M | 12.62M |
| Total Revenue | 415.19M | 403.44M | 375.84M | 332.00M | 294.38M | 298.52M |
| Property Expenses | 122.04M | 123.52M | 112.05M | 108.48M | 101.93M | 98.87M |
| Selling, General & Administrative | 49.62M | 45.66M | 40.56M | 41.47M | 44.07M | 40.12M |
| Depreciation & Amortization | 154.06M | 157.46M | 138.91M | 135.98M | 135.92M | 123.44M |
| Total Operating Expenses | 325.72M | 326.64M | 291.52M | 285.93M | 281.91M | 262.44M |
| Operating Income | 89.47M | 76.80M | 84.32M | 46.07M | 12.47M | 36.08M |
| Interest Expense | -90.66M | -95.31M | -92.56M | -93.25M | -80.21M | -68.05M |
| Interest & Investment Income | 22.61M | 23.72M | 25.09M | 19.99M | 14.64M | 9.06M |
| Other Non-Operating Income | 197.00K | 221.00K | -690.00K | 28.78M | 3.92M | |
| EBT Excluding Unusual Items | 21.62M | 5.43M | 16.16M | 1.59M | -49.18M | -22.90M |
| Gain (Loss) on Sale of Investments | -2.90M | -709.00K | -5.30M | 645.00K | -39.91M | 48.43M |
| Gain (Loss) on Sale of Assets | 148.63M | -7.11M | -834.00K | 57.16M | 10.52M | |
| Asset Writedown | -12.57M | -37.21M | -1.68M | -3.69M | -33.31M | -9.93M |
| Pretax Income | 154.78M | -39.60M | 8.35M | -1.45M | -65.24M | 26.12M |
| Income Tax Expense | 251.00K | 412.00K | 212.00K | 301.00K | 12.00K | 93.00K |
| Earnings From Continuing Operations | 154.53M | -40.01M | 8.14M | -1.75M | -65.25M | 26.03M |
| Minority Interest in Earnings | -99.69M | 56.91M | 13.51M | 21.62M | 29.81M | -2.48M |
| Net Income | 54.84M | 16.90M | 21.65M | 19.87M | -35.45M | 23.55M |
| Preferred Dividends & Other Adjustments | 10.32M | 4.67M | 1.19M | 978.00K | 805.00K | 624.00K |
| Net Income to Common | 44.52M | 12.22M | 20.46M | 18.89M | -36.25M | 22.92M |
| Basic Shares Outstanding | 131.76M | 128.62M | 108.23M | 95.28M | 94.58M | 87.65M |
| Diluted Shares Outstanding | 131.89M | 128.66M | 108.26M | 95.28M | 94.64M | 87.65M |
| EPS (Basic) | 0.34 | 0.10 | 0.19 | 0.20 | -0.38 | 0.26 |
| EPS (Diluted) | 0.34 | 0.10 | 0.19 | 0.20 | -0.40 | 0.26 |
| Dividend Per Share | 0.80 | 0.80 | 0.74 | 0.72 | 0.72 | 0.60 |
| Operating Margin | 21.55% | 19.04% | 22.44% | 13.88% | 4.24% | 12.09% |
| Profit Margin | 10.72% | 3.03% | 5.44% | 5.69% | -12.31% | 7.68% |
| EBITDA | 242.55M | 234.26M | 223.23M | 182.06M | 148.39M | 159.52M |
| EBITDA Margin | 58.42% | 58.06% | 59.39% | 54.84% | 50.41% | 53.44% |
| D&A For Ebitda | 153.08M | 157.46M | 138.91M | 135.98M | 135.92M | 123.44M |
| EBIT | 89.47M | 76.80M | 84.32M | 46.07M | 12.47M | 36.08M |
| EBIT Margin | 21.55% | 19.04% | 22.44% | 13.88% | 4.24% | 12.09% |
| Funds From Operations (FFO) | 160.24M | 162.88M | 130.17M | 132.23M | 104.50M | 117.14M |
| FFO Per Share | 1.14 | 1.19 | 1.12 | 1.28 | 1.02 | 1.26 |
| Adjusted Funds From Operations (AFFO) | 150.08M | 144.03M | 134.51M | 132.23M | 104.50M | 117.14M |
| AFFO Per Share | 1.08 | 1.05 | 1.16 | 1.04 | 1.03 | 1.26 |
| FFO Payout Ratio | 65.73% | 62.21% | 58.63% | 51.85% | 61.80% | 33.70% |
| Effective Tax Rate | 0.16% | 2.54% | 0.36% | |||
| Revenue as Reported | 404.19M | 410.76M | 359.69M | 338.69M | 326.29M | 292.50M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 3.70B | 4.01B | 3.57B | 3.55B | 3.38B | 3.26B |
| Cash & Equivalents | 32.96M | 38.82M | 16.81M | 17.48M | 17.16M | 17.75M |
| Accounts Receivable | 55.43M | 65.03M | 58.02M | 49.50M | 49.51M | 43.62M |
| Other Receivables | 14.38M | 18.34M | 38.49M | 31.10M | 25.05M | 28.62M |
| Investment In Debt and Equity Securities | 14.77M | 33.28M | ||||
| Other Intangible Assets | 99.95M | 128.24M | 86.85M | 100.59M | 102.37M | 108.92M |
| Restricted Cash | 16.27M | 18.08M | 22.90M | 7.81M | 15.06M | 9.81M |
| Other Current Assets | 216.59M | 190.15M | 157.14M | 121.64M | 213.16M | 286.60M |
| Trading Asset Securities | 18.41M | 9.74M | 31.14M | 28.99M | 54.90M | 7.00K |
| Deferred Long-Term Charges | 45.79M | 44.13M | 39.19M | 31.07M | 28.48M | 28.44M |
| Other Long-Term Assets | 263.60M | 161.96M | 209.23M | 197.24M | 291.16M | 322.33M |
| Total Assets | 4.62B | 4.84B | 4.37B | 4.29B | 4.30B | 4.26B |
| Current Portion of Long-Term Debt | 161.78M | 292.29M | 167.00K | |||
| Current Portion of Leases | 3.54M | 6.95M | ||||
| Long-Term Debt | 1.48B | 1.57B | 1.54B | 1.88B | 1.79B | 1.86B |
| Long-Term Leases | 52.81M | 51.13M | 59.29M | 64.32M | 42.29M | 45.37M |
| Accounts Payable | 72.94M | 88.14M | 68.35M | 61.42M | 59.92M | 56.58M |
| Other Current Liabilities | 46.10M | 45.36M | 41.02M | 26.50M | 28.90M | 24.40M |
| Long-Term Unearned Revenue | 25.75M | 34.10M | 39.35M | 34.39M | 34.50M | 38.37M |
| Other Long-Term Liabilities | 98.14M | 115.93M | 92.05M | 91.93M | 95.00M | 89.82M |
| Total Liabilities | 1.94B | 2.21B | 1.84B | 2.16B | 2.05B | 2.11B |
| Common Stock | 137.00K | 131.00K | 120.00K | 95.00K | 95.00K | 89.00K |
| Additional Paid-In Capital | 2.83B | 2.71B | 2.44B | 1.95B | 1.95B | 1.75B |
| Distributions in Excess of Earnings | -519.03M | -500.72M | -409.38M | -349.14M | -300.40M | -196.65M |
| Comprehensive Income & Other | 25.84M | 15.59M | 38.65M | 32.44M | 46.82M | -36.21M |
| Total Common Equity | 2.34B | 2.23B | 2.07B | 1.64B | 1.69B | 1.52B |
| Minority Interest | 344.20M | 403.78M | 466.60M | 496.64M | 557.03M | 628.32M |
| Shareholders' Equity | 2.68B | 2.63B | 2.53B | 2.13B | 2.25B | 2.15B |
| Total Liabilities & Equity | 4.62B | 4.84B | 4.37B | 4.29B | 4.30B | 4.26B |
| Total Debt | 1.69B | 1.92B | 1.60B | 1.94B | 1.84B | 1.90B |
| Net Cash (Debt) | -1.64B | -1.88B | -1.55B | -1.90B | -1.76B | -1.88B |
| Net Cash Per Share | -12.45 | -14.58 | -14.32 | -19.91 | -18.63 | -21.50 |
| Filing Date Shares Outstanding | 137.33M | 131.04M | 119.68M | 102.58M | 96.27M | 93.60M |
| Total Common Shares Outstanding | 137.33M | 131.04M | 119.66M | 95.36M | 95.12M | 88.42M |
| Book Value Per Share | 17.02 | 16.98 | 17.26 | 17.17 | 17.79 | 17.21 |
| Tangible Book Value | 2.24B | 2.10B | 1.98B | 1.54B | 1.59B | 1.41B |
| Tangible Book Value Per Share | 16.29 | 16.01 | 16.54 | 16.11 | 16.71 | 15.98 |
| Land | 1.18B | 1.15B | 906.03M | 872.23M | 817.80M | 739.64M |
| Buildings | 3.09B | 3.42B | 3.17B | 3.13B | 2.99B | 2.89B |
| Construction In Progress | 30.56M | 32.97M | 23.70M | 23.25M | 21.03M | 11.13M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 54.84M | 16.90M | 21.65M | 19.87M | -35.45M | 23.55M |
| Depreciation & Amortization | 153.08M | 157.46M | 138.91M | 135.98M | 135.92M | 123.44M |
| Other Amortization | 8.49M | 8.36M | 8.05M | 6.48M | 5.64M | 4.40M |
| Gain (Loss) on Sale of Assets | -148.63M | 7.11M | 834.00K | -58.63M | -10.52M | |
| Gain (Loss) on Sale of Investments | 1.86M | 317.00K | 4.21M | -1.63M | 37.75M | -51.92M |
| Asset Writedown | 12.57M | 37.21M | 1.68M | -4.37M | 33.31M | 9.93M |
| Stock-Based Compensation | 15.68M | 11.62M | 12.79M | 12.75M | 11.12M | 12.43M |
| Income (Loss) on Equity Investments | 6.88M | 11.90M | 7.70M | 11.52M | 57.09M | -1.50M |
| Change in Accounts Receivable | 4.54M | -5.56M | -6.67M | 2.54M | 1.59M | 7.38M |
| Change in Accounts Payable | -8.10M | -6.11M | -2.92M | 2.04M | -2.14M | 572.00K |
| Change in Other Net Operating Assets | -25.86M | -7.02M | -28.34M | -2.96M | -9.90M | -3.21M |
| Other Operating Activities | 90.55M | -65.19M | -17.44M | -25.24M | -42.98M | -6.76M |
| Operating Cash Flow | 165.89M | 166.98M | 140.45M | 155.76M | 133.21M | 104.98M |
| Acquisition of Real Estate Assets | -393.23M | -531.82M | -253.28M | -196.09M | -294.41M | -202.52M |
| Sale of Real Estate Assets | 654.57M | 82.56M | 89.08M | 224.56M | 63.90M | |
| Net Sale / Acq. of Real Estate Assets | 261.34M | -449.26M | -164.21M | -196.09M | -69.85M | -138.62M |
| Cash Acquisition | -6.78M | 3.59M | ||||
| Investment in Marketable & Equity Securities | -34.37M | 19.02M | 5.14M | -4.61M | -81.45M | 2.89M |
| Other Investing Activities | -918.00K | -12.98M | -2.35M | 1.17M | 31.53M | -57.90M |
| Investing Cash Flow | 212.41M | -450.46M | -170.66M | -208.54M | -124.17M | -198.54M |
| Long-Term Debt Issued | 991.11M | 527.58M | 416.89M | 1.05B | 380.05M | |
| Long-Term Debt Repaid | -823.07M | -863.16M | -321.98M | -1.10B | -305.45M | |
| Net Debt Issued (Repaid) | -164.47M | 168.04M | -335.58M | 94.91M | -50.30M | 74.60M |
| Issuance of Common Stock | 127.30M | 277.51M | 459.89M | 119.48M | 63.88M | |
| Common Dividends Paid | -105.32M | -101.33M | -76.32M | -68.57M | -64.59M | -39.48M |
| Other Financing Activities | -254.39M | -43.54M | -3.37M | 19.51M | -8.98M | -7.68M |
| Net Cash Flow | -18.58M | 17.20M | 14.41M | -6.93M | 4.66M | -2.24M |
| Levered Free Cash Flow | 187.72M | 176.04M | 109.55M | 217.56M | 184.07M | 106.71M |
| Unlevered Free Cash Flow | 235.89M | 227.24M | 159.35M | 269.36M | 228.56M | 144.84M |
| Cash Interest Paid | 103.05M | 108.68M | 118.73M | 119.55M | 65.11M | 44.66M |
| Cash Income Tax Paid | 247.00K | 414.00K | 212.00K | 301.00K | 11.00K | 147.00K |
| Change in Working Capital | -29.42M | -18.70M | -37.93M | 1.63M | -10.45M | 4.75M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 2.74B | 2.69B | 2.89B | 1.62B | 1.36B | 1.93B |
| Enterprise Value | 4.38B | 4.97B | 4.97B | 3.91B | 3.73B | 4.44B |
| Last Close Price | 19.03 | 19.92 | 22.52 | 15.25 | 12.26 | 17.82 |
| Price/FFO Ratio | 18.09 | 16.74 | 20.11 | 11.91 | 12.02 | 14.14 |
| Price/AFFO Ratio | 19.14 | 18.90 | 19.43 | 14.73 | 11.89 | 14.18 |
| PE Ratio | 56.32 | 220.20 | 141.29 | 85.73 | 84.23 | |
| PS Ratio | 6.59 | 6.67 | 7.69 | 4.88 | 4.63 | 6.47 |
| PB Ratio | 1.12 | 1.02 | 1.14 | 0.76 | 0.61 | 0.90 |
| P/OCF Ratio | 16.49 | 16.12 | 20.58 | 10.40 | 10.23 | 18.39 |
| EV/Sales Ratio | 10.54 | 12.33 | 13.21 | 11.76 | 12.66 | 14.87 |
| EV/EBITDA Ratio | 18.05 | 21.24 | 22.24 | 21.45 | 25.12 | 27.83 |
| EV/EBIT Ratio | 48.93 | 64.78 | 58.89 | 84.77 | 298.85 | 123.02 |
| Debt / Equity Ratio | 0.63 | 0.73 | 0.63 | 0.91 | 0.82 | 0.89 |
| Debt / EBITDA Ratio | 6.82 | 8.01 | 6.99 | 10.36 | 11.93 | 11.41 |
| Net Debt / Equity Ratio | 0.61 | 0.71 | 0.61 | 0.89 | 0.78 | 0.88 |
| Net Debt / EBITDA Ratio | 6.77 | 8.01 | 6.94 | 10.42 | 11.88 | 11.82 |
| Asset Turnover | 0.09 | 0.09 | 0.09 | 0.08 | 0.07 | 0.07 |
| Inventory Turnover | 0.70 | 0.83 | 1.00 | 0.78 | 0.53 | 0.44 |
| Quick Ratio | 0.43 | 0.30 | 1.32 | 1.45 | 1.65 | 1.11 |
| Current Ratio | 1.25 | 0.79 | 2.97 | 2.92 | 4.22 | 4.76 |
| Return on Equity (ROE) | 5.71% | -1.55% | 0.35% | -0.08% | -2.97% | 1.24% |
| Return on Assets (ROA) | 1.18% | 1.04% | 1.22% | 0.67% | 0.18% | 0.54% |
| Return on Invested Capital (ROIC) | 2.06% | 1.77% | 2.00% | 1.13% | 0.31% | 0.90% |
| Earnings Yield | 1.78% | 0.63% | 0.75% | 1.23% | -2.60% | 1.22% |
| Dividend Yield | 4.20% | 3.90% | 3.06% | 4.24% | 5.03% | 2.75% |
| Payout Ratio | 236.77% | 599.76% | 352.53% | 345.03% | 167.64% | |
| Buyback Yield / Dilution | -9.98% | -18.85% | -13.62% | -0.68% | -7.97% | -1.40% |
| Total Shareholder Return | -5.78% | -14.95% | -10.55% | 3.56% | -2.95% | 1.34% |