Acadia Realty Trust

AKR · NYSE · Real Estate · Financials, fiscal 2016 to 2025

AKR · Last close · November 6, 2026

$19.80

Acadia Realty Trust's revenue rose 14.2% to $411 million in fiscal 2025. Its operating margin was 12.0%, down from 18.2% a year earlier. It paid out $101 million in dividends and buybacks. The diluted share count rose 18.9%.

ACADIA REALTY TRUST Latest fiscal year ended December 31, 2025 10-K filed February 13, 2026 · 0001193125-26-051677 Updated November 5, 2026

Revenue

$411M

14.2%

Operating margin

12.0%

6.2 pts

Net income

$17M

22.0%

Free cash flow

—

Return on capital

0.9%

0.7 pts

Market cap

$2.7B

Nov 6 close

P/E

70.7x

On $0.28 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Acadia Realty Trust does

Acadia Realty Trust is a real estate investment trust, or REIT, that owns and runs shopping properties. Its own portfolio is mostly street retail and select urban properties, plus suburban centers in areas where little new space can be built. Its offices are in Rye, New York.

It makes money from rent paid by retail tenants. It also runs an investment management business that buys suburban shopping centers and urban retail properties through funds and joint ventures with institutional partners, so it earns fees and a share of profits from them as well as owning part of the assets. A smaller structured finance program invests in first mortgage loans and other notes backed by real estate.

Acadia also builds and redevelops properties. It raises money for purchases by selling shares, and it has authority to buy back its own shares. Its tenants are retailers, so its results follow how well they do.

Its biggest risks, as it describes them

Tenants, especially its largest ones, could leave, fail to renew or go bankrupt.
Online shopping could hurt its retail tenants and weaken demand for store space.
It depends on retail property, so a drop in demand for store space hits it harder than a mixed portfolio.
Its development and acquisition projects may cost more or earn less than planned.
Debt, interest rates and its ability to raise capital could limit its growth.

From Acadia Realty Trust's annual report on Form 10-K, filed February 13, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2016 to 2025, earnings per share fell 22.0% a year and net income 15.0% a year, as new shares raised the share count by 69% and diluted each share's earnings.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	18	17	18	17	39
Debt incl. finance leases	1,819	1,800	1,903	1,569	1,895
Net debt (negative means net cash)	1,801	1,783	1,885	1,552	1,856
Net debt to EBITDA	11.7x	8.7x	10.2x	7.6x	9.0x
Debt to equity	1.2x	1.1x	1.2x	0.8x	0.8x
Interest coverage	0.5x	0.8x	0.5x	0.7x	0.5x
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Acadia Realty Trust's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Acadia Realty Trust's projections

What Acadia Realty Trust says to expect

Full year 2026: same-property NOI growthSame-property NOI grew 10.2% for the third quarter of 2026 compared with the third quarter of 2025, primarily driven by 15.2% growth from the street retail portfolio. Same-property NOI growth for the nine months ended September 30, 2026 was 8.3% compared to the same period in 2025, and the Company anticipates full-year 2026 same-property NOI growth of 7.5% to 8.5%.

The company's own words, from its earnings release (Form 8-K, Exhibit 99), filed November 2, 2026. They are its expectations, not ours, and not a forecast or price target from The Filing Desk. Replaced when the next release is out.

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought Acadia Realty Trust shares on the open market, and 1 insider sold $553,000.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
May 6, 2026	Reginald LivingstonEVP and CIO	Sold	25,000	$22.12	$553,000	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	—	—	—
Rule of 40	—	—	—
Altman Z''	—	—	—
Accruals ratio	−3.2%	−2.7%	−3.3%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Pass	Fail
Current ratio rose	—	—	—
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	—	—	—
Revenue rose relative to assets	Pass	Pass	Pass
F-score	—	—	—

Companies that report no gross profit are scored on the other eight.

Compare

Put Acadia Realty Trust side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Acadia Realty Trust	FY25	14.2%	12.0%	—	0.9%	9.0x	—
Urban Edge Properties	FY25	6.1%	—	17.3%	—	—	—	Compare
InvenTrust Properties	FY25	9.2%	20.1%	37.1%	2.4%	4.2x	—	Compare
Saul Centers	FY25	7.8%	67.4%	—	16.4%	1.8x	—	Compare
Agree Realty	FY25	16.4%	47.4%	70.2%	—	—	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	190	249	260	290	251	292	326	339	360	411
Revenue growth	—	30.9%	4.5%	11.5%	−13.4%	16.6%	11.6%	3.8%	6.2%	14.2%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	22	66	33	73	−115	31	68	49	66	49
Net income	73	64	−16	23	−66	26	−65	20	22	17
Diluted EPS (US$)	0.94	0.73	0.38	0.63	−0.11	0.26	−0.40	0.20	0.19	0.10
Diluted shares (millions)	76	84	82	84	86	88	95	95	108	129
Cash flow
Cash from operations	110	115	96	131	104	105	133	156	140	167
Capital expenditure	149	108	—	—	—	—	—	—	—	—
Free cash flow	−40	7	—	—	—	—	—	—	—	—
Dividends paid	91	100	89	94	50	40	65	69	76	101
Share buybacks	0	0	55	0	0	0	0	0	0	0
Acquisitions	440	200	148	320	21	162	243	0	0	0
Stock-based compensation	14	11	13	10	11	12	11	13	13	12
Balance sheet at fiscal year end
Cash and short-term investments	72	75	20	14	19	18	17	18	17	39
Debt incl. finance leases	1,489	1,424	1,550	1,786	1,714	1,819	1,800	1,903	1,569	1,895
Total assets	3,996	3,960	3,959	4,252	4,131	4,262	4,303	4,291	4,371	4,837
Total liabilities	1,818	1,745	1,877	2,122	2,081	2,112	2,054	2,158	1,839	2,208
Shareholders' equity	1,589	1,567	1,460	1,542	1,441	1,522	1,692	1,637	2,066	2,226
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	11.5%	26.6%	12.6%	25.2%	−45.9%	10.5%	20.9%	14.5%	18.2%	12.0%
Net margin	38.3%	25.9%	−6.0%	8.0%	−26.2%	8.9%	−20.0%	5.9%	6.0%	4.1%
Free cash flow margin	−20.8%	2.6%	—	—	—	—	—	—	—	—
Rule of 40 (growth + FCF margin)	—	33.5%	—	—	—	—	—	—	—	—
Return on capital	0.7%	1.8%	0.7%	1.8%	−2.4%	0.8%	1.4%	1.0%	1.6%	0.9%
Return on equity	5.4%	4.1%	−1.0%	1.6%	−4.4%	1.8%	−4.1%	1.2%	1.2%	0.8%
Return on assets	2.1%	1.6%	−0.4%	0.6%	−1.6%	0.6%	−1.5%	0.5%	0.5%	0.4%
Net debt to EBITDA	15.4x	7.9x	10.2x	9.1x	52.7x	11.7x	8.7x	10.2x	7.6x	9.0x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Acadia Realty Trust's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Acadia Realty Trust.