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Stronger Q1 lifts Acadia Realty Trust (NYSE: AKR) 2026 outlook

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(High)
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8-K

Rhea-AI Filing Summary

Acadia Realty Trust reported much stronger first-quarter 2026 results, with net income rising sharply and operating metrics improving. GAAP net earnings were $0.22 per share, up from $0.01 a year earlier, helped by sizable gains on property sales and despite higher non‑cash compensation charges.

FFO As Adjusted grew to $0.30 per share from $0.27, while same‑property NOI increased 5.9%, driven by 7.0% growth in the street and urban portfolio. Economic occupancy reached 94.1% and leased occupancy 95.3%. The company completed about $503 million of accretive acquisitions and $504 million of recapitalizations, and settled 2.4 million forward equity shares for $56 million.

Management raised full‑year 2026 guidance, lifting earnings per share to $0.37–$0.39 and FFO As Adjusted to $1.22–$1.26 per share. Acadia also upsized its corporate credit facility to $1.425 billion with improved pricing and reported Net Debt‑to‑Adjusted EBITDA of 5.5x, with no significant REIT portfolio debt maturities until 2029.

Positive

  • Stronger earnings and cash flow: Q1 2026 net income rose to $30.5 million ($0.22 per share) from $1.6 million ($0.01 per share), and FFO As Adjusted increased to $41.8 million ($0.30 per share) from $35.1 million ($0.27 per share).
  • Raised 2026 outlook: Full-year earnings per share guidance increased to $0.37–$0.39 and FFO As Adjusted guidance to $1.22–$1.26 per share, reflecting management’s improved expectations.
  • Healthy same-property and leasing metrics: REIT Portfolio same-property NOI grew 5.9%, economic occupancy reached 94.1%, and new lease GAAP and cash spreads were 50% and 31%, respectively.
  • Strategic capital recycling and acquisitions: About $503 million of accretive acquisitions and $504 million of recapitalizations were completed, generating gains on sale while maintaining fee streams and co-invest interests.
  • Enhanced liquidity and term structure: The corporate credit facility was upsized to $1.425 billion with improved pricing and Net Debt‑to‑Adjusted EBITDA, including Investment Management debt and unsettled forward equity, was 5.5x with no significant REIT portfolio debt maturities until 2029.

Negative

  • None.

Insights

Q1 2026 shows solid cash-flow growth, active capital recycling and a modestly more leveraged balance sheet.

Acadia Realty Trust delivered Q1 2026 FFO As Adjusted of $0.30 per share, up from $0.27, with same‑property NOI up 5.9%. Street and urban assets led performance, while leasing spreads on new deals reached 50% GAAP and 31% cash, signaling strong re‑leasing economics.

The company executed roughly $503M of acquisitions and $504M of recapitalizations, crystallizing gains while retaining fee‑earning interests. It also completed a $109M Newbury Street acquisition after quarter‑end and expanded its SNO pipeline to $10.5M of ABR at pro‑rata share.

Leverage, including Investment Management debt and unsettled forward equity, stood at Net Debt‑to‑Adjusted EBITDA of 5.5x at March 31, 2026, with a fixed‑charge coverage ratio of 3.5x. The upsized $1.425B credit facility, extendable to $2.0B via accordion, provides sizeable liquidity and pushes out maturities, while updated 2026 EPS and FFO As Adjusted guidance both move higher.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q1 2026 net income attributable to shareholders $30.5M Three months ended March 31, 2026
Q1 2026 diluted EPS $0.22 per share Versus $0.01 per share in Q1 2025
FFO As Adjusted per diluted share $0.30 Q1 2026 vs $0.27 in Q1 2025
Same-property NOI growth 5.9% REIT Portfolio, Q1 2026 vs prior-year quarter
Accretive acquisitions completed $503M Quarter ended March 31, 2026, REIT and Investment Management
Recapitalizations completed $504M Investment Management platform during Q1 2026
Corporate credit facility size $1.425B Amended and upsized in April 2026, accordion to $2.0B
Net Debt-to-Adjusted EBITDA 5.5x Including Investment Management debt and unsettled forward equity, March 31, 2026
FFO As Adjusted financial
"FFO As Adjusted for the quarter ended March 31, 2026 was $41.8 million, or $0.30 per share"
Funds From Operations (FFO) as adjusted is a non-GAAP measure that shows the cash-generating power of a property-owning business after removing accounting items that don’t reflect ongoing operations, such as property depreciation, one-time gains or losses, and other unusual items. Think of it like a homeowner’s monthly rent income after excluding one-off repairs and accounting quirks; investors use it to judge recurring cash flow and dividend sustainability, and to compare operating performance across periods or peers.
same-property NOI financial
"Same-Property NOI grew 5.9%, for the first quarter, primarily driven by 7.0% growth from the street and urban retail portfolio"
Same-property NOI is the change in net operating income from a real estate portfolio’s properties that were owned and operating in both the current and prior comparison periods, excluding income from recently bought, sold or newly developed properties. It matters to investors because it shows how the existing core assets are performing on their own—like comparing sales from the same stores before and after management actions—so you can judge organic cash-flow trends and management effectiveness without distortion from acquisitions or disposals.
Net Debt-to-EBITDA financial
"Net Debt-to-EBITDA, as adjusted, inclusive of pro-rata share of Investment Management platform debt and unsettled forward equity contracts, was 5.5x at March 31, 2026"
Net debt-to-EBITDA is a financial ratio that compares a company's total debt, minus its cash reserves, to its earnings before interest, taxes, depreciation, and amortization (EBITDA). It shows how many years it would take for the company to pay off its net debt if all its earnings were used for that purpose. Investors use this ratio to assess whether a company has manageable debt levels and its ability to meet its financial obligations.
forward equity contracts financial
"the Company settled approximately 2.4 million shares of previously issued forward equity contracts for cash proceeds of approximately $56 million"
accordion feature financial
"The credit facility has an accordion feature that allows the Company to increase the capacity to $2.0 billion"
An accordion feature is a clause in a loan or financing agreement that allows a company to expand the size of a credit line or the amount of securities available under the same contract without drafting a completely new deal. Like a suitcase that can be extended to hold more items, it gives a company quick flexibility to raise extra money, which can help fund growth but may increase debt or dilute existing shareholders—so investors watch it for changes in risk and ownership.
Total revenues $102.99M -$1.40M vs Q1 2025
Net income attributable to Acadia shareholders $30.48M up from $1.61M in Q1 2025
Diluted EPS $0.22 up from $0.01 in Q1 2025
NAREIT FFO per diluted share $0.26 down from $0.34 in Q1 2025
FFO As Adjusted per diluted share $0.30 up from $0.27 in Q1 2025
REIT Portfolio same-property NOI growth 5.9% vs prior-year quarter
2026 EPS guidance $0.37–$0.39 raised from $0.24–$0.26
2026 FFO As Adjusted guidance $1.22–$1.26 raised from $1.21–$1.25
Guidance

For 2026, Acadia projects net earnings per share of $0.37–$0.39 and NAREIT FFO per share of $1.17–$1.21, with FFO As Adjusted of $1.22–$1.26 and annual same-property NOI growth of 5%–9%.

Understanding 8-K Material Events →
false000089962900008996292026-04-282026-04-28

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): April 28, 2026

ACADIA REALTY TRUST

(Exact name of registrant as specified in its charter)

 

Maryland

 

1-12002

 

23-2715194

(State or other jurisdiction of incorporation)

 

(Commission File Number)

 

(I.R.S. Employer Identification No.)

 

411 Theodore Fremd Avenue

Suite 300

Rye, New York 10580

(Address of principal executive offices) (Zip Code)

(914) 288-8100

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading symbol

Name of exchange on which registered

Common shares of beneficial interest, par value $0.001 per share

AKR

The New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

 

 

Item 2.02. Results of Operations and Financial Condition.

On April 28, 2026, Acadia Realty Trust (the “Company”) issued a press release announcing its consolidated financial results for the quarter ended March 31, 2026. A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1 and incorporated herein by reference.

 

On the same day, the Company made available supplemental reporting information regarding the financial results, operations and portfolio of the Company as of and for the quarter ended March 31, 2026. A copy of the supplemental reporting information is attached to this Current Report on Form 8-K as Exhibit 99.2 and incorporated herein by reference.

 

The information included in this Item 2.02, including the information included in Exhibits 99.1 and 99.2 attached hereto, is intended to be “furnished” pursuant to Item 2.02, and is not deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference into any filing under the Securities Act of 1933, as amended (“Securities Act”) or the Exchange Act, or otherwise subject to the liabilities of Sections 11 and 12 (a)(2) of the Securities Act.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

 

 

 

 

Exhibit

Number

 Description

99.1

Press release dated April 28, 2026

99.2

Supplemental Reporting Information as of and for the quarter ended March 31, 2026

104

Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101.)

 

 

 

 

SIGNATURES

Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

ACADIA REALTY TRUST

Dated:

 

(Registrant)

 

 

 

 

 

 

 

By:

 

/s/ John Gottfried

 

 

Name:

 

John Gottfried

April 28, 2026

 

Title:

 

Executive Vice President and Chief Financial Officer

 

 

 

 

Exhibit 99.1

 

img225797853_0.jpg

 

Acadia Realty Trust

(914) 288-8100

Acadia Realty Trust Reports First Quarter 2026 Operating Results

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)

 

 

 

 

1

 

 

 

 

RYE, NY (April 28, 2026) - 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

•
Net income per share for the three months ended March 31, 2026 was $0.22. This compares with net income per share for the three months ended March 31, 2025 of $0.01. The increase for the quarter ended March 31, 2026, as compared to the quarter ended March 31, 2025, was primarily a result of gains on sale of $0.22 per share in 2026, and the loss on change in control related to the Company’s additional investment in its Georgetown Renaissance portfolio of $0.08 per share in 2025.

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2

 

 

 

 

•
Offsetting these items, during the three months ended March 31, 2026, the Company incurred charges of approximately $5 million, or $0.04 per share, to net income and NAREIT FFO, primarily comprised of retirement-driven, non-cash acceleration of unvested stock-based compensation awards (approximately $4.1 million included in general and administrative expenses), an unrealized loss on an investment (approximately $600,000) and non-capitalizable transaction costs (approximately $300,000, included in general and administrative expenses).

NAREIT FFO

•
NAREIT Funds From Operations (“NAREIT FFO”) for the quarter ended March 31, 2026 was $36.9 million, or $0.26 per share, as compared to $44.6 million, or $0.34 per share, for the quarter ended March 31, 2025.

FFO As Adjusted

•
FFO As Adjusted for the quarter ended March 31, 2026 was $41.8 million, or $0.30 per share, as compared to $35.1 million, or $0.27 per share, for the quarter ended March 31, 2025.

REIT Portfolio Same-Property NOI

•
Same-Property NOI grew 5.9%, for the first quarter, primarily driven by 7.0% growth from the street and urban retail portfolio. These amounts exclude developments and redevelopments.

REIT Portfolio Occupancy and Leasing Update

•
As of March 31, 2026, economic occupancy and leased occupancy increased 20 and 60 basis points to 94.1% and 95.3%, respectively, compared to 93.9% and 94.7% as of December 31, 2025.
•
For the quarter ended March 31, 2026, conforming GAAP and cash leasing spreads on new leases were 50% and 31%, respectively, and 23% and 11%, inclusive of renewal leases.

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

 

 

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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

•
Manhattan, New York. As previously disclosed, in January 2026, the Company acquired 1045 and 1165 Madison Avenue in Manhattan for an aggregate purchase price of $21 million. These assets further expand the Company’s ownership on upper Madison Avenue and align with its strategy of expanding its portfolio on must-have street retail corridors.
•
Palm Beach, Florida. In March 2026, the Company acquired 225 Worth Avenue for a purchase price of $43 million. Worth Avenue in Palm Beach is an exclusive retail corridor serving one of the wealthiest and fastest-growing markets in the country. The Company's inaugural investment in this market provides it with a compelling near-term opportunity to drive rental growth, as well as a platform to pursue additional acquisitions and grow our presence on this irreplaceable street.
•
Boston, Massachusetts. In April 2026, the Company, in conjunction with Osiris Ventures, acquired 4-6 Newbury Street and 28 Newbury Street for an aggregate purchase price of $109 million, expanding its presence on Newbury Street, Boston's premier luxury shopping corridor. The properties are leased to two of the world's most iconic luxury brands and provide a near-term opportunity to capture significant rental growth as a key retail lease approaches expiration.
•
Strategic Add-on Acquisitions (Washington D.C. and Armitage Avenue Chicago): In the first quarter, the Company added approximately $14 million of new acquisitions to further increase its scale in two of its key corridors.

Investment Management Platform Acquisition

•
Queens, New York. As previously disclosed, in January 2026, the Company, through its Investment Management platform, formed a joint venture with TPG Real Estate to acquire the Shops at Skyview for a gross purchase price of approximately $424 million of which the Company has a 20% ownership interest. The Shops at Skyview is a 555,000 retail center in Flushing, Queens, attracting 12 million visitors a year and anchored by three grocers along with an attractive mix of essential goods, value-oriented brands, and experiential concepts.

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Investment Management Platform Recapitalizations

•
Fund V and Avenue at West Cobb Recapitalization. As previously disclosed, in February 2026, the Company and TPG Real Estate completed a $435 million portfolio transaction involving six Fund V assets (Hickory Ridge, Palm Coast Landing, Hiram Pavilion, Canton Marketplace, Elk Grove Commons, and Midstate Mall) along with the Avenue West Cobb (acquired in the third quarter of 2025). In connection with this transaction, the Company recognized a gain on sale of approximately $112 million, or $22 million ($0.15 per share) at its share.

 

TPG acquired an 80% interest across the portfolio, with Acadia retaining a 20% ownership in the previously held Fund V assets, along with a 20% interest in West Cobb.

•
Lake Worth, Florida. During March 2026, the Company completed the recapitalization of Pinewood Square, a 204,000 square foot retail center in Lake Worth, Florida, which was acquired in the first quarter of 2025. The Company sold an 80% interest to the Private Real Estate Group of Cohen & Steers, reflecting a total asset valuation of approximately $68 million. The Company recognized a gain on sale of $4.1 million ($0.03 per share) in connection with this transaction.

In connection with each of these recapitalizations, the Company will continue to manage the respective properties, earning asset management, property management, and leasing fees, as well as a potential promote upon ultimate disposition.

Dispositions

•
Virginia Beach, Virginia. As previously disclosed, during January 2026, the Company, through its Fund V platform, completed the disposition of Landstown Commons for $102 million, of which the Company’s share was $21 million. In connection with this transaction, the Company recognized a gain on sale of $26 million, or $5.1 million ($0.04 per share) at its share.
•
San Francisco, California. During March 2026, the Company, through its Fund IV platform, completed the disposition of 1964 Union Street for $2.6 million, of which the Company’s share was approximately $0.5 million.
•
Warwick, Rhode Island. During April 2026, the Company, through its Fund IV platform, completed the disposition of 650 Bald Hill Road for $20.5 million, of which the Company’s share was approximately $4.3 million.

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5

 

 

 

 

Balance Sheet

Equity Activity:

•
The Company did not issue any equity during the first quarter of 2026. Additionally, during the first quarter, the Company settled approximately 2.4 million shares of previously issued forward equity contracts for cash proceeds of approximately $56 million. The Company currently has unsettled forward equity contracts to sell 12.3 million shares for aggregate net proceeds of approximately $239 million to accretively fund its acquisition pipeline and the Henderson Avenue redevelopment project in Dallas, TX.

Extension and Expansion of $1.425 Billion Corporate Credit Facility

•
In April 2026, the Company amended and upsized its corporate credit facility by $250 million to $1.425 billion, and extended maturity dates. The credit facility has an accordion feature that allows the Company to increase the capacity to $2.0 billion. The facility was oversubscribed and priced at improved spreads relative to the prior facility. Proceeds from the $250 million upsize were used to repay outstanding amounts on its revolving credit facility and other secured indebtedness.

Pro-Rata REIT Portfolio and Investment Management Debt-to-EBITDA (as adjusted):

•
Net Debt-to-EBITDA, as adjusted, inclusive of pro-rata share of Investment Management platform debt and unsettled forward equity contracts that were issued prior to March 31, 2026 as discussed above, was 5.5x at March 31, 2026. Refer to the first quarter 2026 Supplemental Information package for reconciliations and details on financial ratios.

No Significant REIT Portfolio Debt Maturities until 2029:

•
The Company has REIT portfolio debt maturing of 2.5%, 2.6%, and 7.5% in 2026, 2027, and 2028, respectively.

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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 Guidance 1

 

 

 

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 expenses 2

 

0.05

 

0.03

 

Funds From Operations As Adjusted per share attributable to Common Shareholders and Common OP Unit holders 3

 

$1.22-$1.26

 

$1.21-$1.25

 

 

 

 

 

 

 

 

1.
Totals may not foot due to rounding.
2.
Transaction and other expenses include those costs that the Company believes are not reflective of ongoing core operating results, including investment transaction costs, debt extinguishment costs and employee retirement costs.
3.
Refer to the “Notes to Financial Highlights” on page 14 of this release for definitions of non-GAAP measures

 

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

 

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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

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8

 

 

 

 

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.

img225797853_1.jpg

 

 

9

 

 

 

 

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

 

 

 

 

 

 

 

 

 

img225797853_1.jpg

 

 

10

 

 

 

 

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 holders 1

 

$

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

 

 

 

 

 

 

 

 

 

img225797853_1.jpg

 

 

11

 

 

 

 

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

 

 

img225797853_1.jpg

 

 

12

 

 

 

 

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

 

 

img225797853_1.jpg

 

 

13

 

 

 

 

Acadia Realty Trust and Subsidiaries

Notes to Financial Highlights:

(1)
For additional information and analysis concerning the Company’s balance sheet and results of operations, reference is made to the Company’s quarterly supplemental disclosures for the relevant periods furnished on the Company's Current Report on Form 8-K, which is available on the SEC's website at www.sec.gov and on the Company’s website at www.acadiarealty.com.
(2)
Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common shares of the Company were exercised or converted into common shares. The effect of the conversion of units of limited partnership interest (“OP Units”) in Acadia Realty Limited Partnership, the operating partnership of the Company (the “Operating Partnership”), is not reflected in the above table; OP Units are exchangeable into common shares on a one-for-one basis. The income allocable to such OP units is allocated on the same basis and reflected as noncontrolling interests in the consolidated financial statements. As such, the assumed conversion of these OP Units would have no net impact on the determination of diluted earnings per share.
(3)
The Company considers funds from operations (“FFO”) as defined by the National Association of Real Estate Investment Trusts (“NAREIT”) and net property operating income (“NOI”) to be appropriate supplemental disclosures of operating performance for an equity REIT due to their widespread acceptance and use within the REIT and analyst communities. In addition, the Company believes that given the atypical nature of certain unusual items (as further described below), “FFO As Adjusted” is also an appropriate supplemental disclosure of operating performance. FFO, FFO As Adjusted and NOI are presented to assist investors in analyzing the performance of the Company. The Company believes they are helpful as they exclude various items included in net income (loss) that are not indicative of operating performance, such as (i) gains (losses) from sales of real estate properties; (ii) depreciation and amortization, (iii) impairment of depreciable real estate assets related to the Company’s main business and land held for the development of property, and (iv) items that management believes are not reflective of ongoing core operating results, including non-comparable revenues, expenses, gains, and losses. While these adjustments may be subject to fluctuations from period to period, with both positive and negative short-term impacts, management believes that the removal of the impacts of these items enhances our understanding of the operating performance of our properties. The Company believes that introducing a new supplemental measure beginning with fiscal year 2026 is useful for evaluating operating performance and comparing historical financial periods. The Company’s method of calculating FFO, FFO As Adjusted and NOI may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. Neither FFO nor FFO As Adjusted represent cash generated from operations as defined by generally accepted accounting principles (“GAAP”), nor are indicative of cash available to fund all cash needs, including distributions. Such measures should not be considered as an alternative to net income (loss) for the purpose of evaluating the Company’s performance or to cash flows as a measure of liquidity.
a.
Consistent with the NAREIT definition, the Company defines FFO As net income (computed in accordance with GAAP) excluding:
i.
gains (losses) from sales of real estate properties;
ii.
depreciation and amortization;
iii.
impairment of real estate assets related to the Company’s main business and land held for the development of property for its operating portfolio;
iv.
gains and losses from change in control; and
v.
after adjustments for unconsolidated partnerships and joint ventures.

img225797853_1.jpg

 

 

14

 

 

 

 

b.
Also consistent with NAREIT’s definition of FFO, the Company has elected to include: the impact of the unrealized holding gains (losses) incidental to its main business, including those related to its investments in Albertsons in FFO.
c.
FFO As Adjusted (new metric starting in 2026) begins with the NAREIT definition of FFO and adjusts FFO (or as an adjustment to the numerator within its earnings per share calculations) to take into account FFO without regard to certain unusual items including charges, income and gains that management believes are not comparable and indicative of the results of the Company’s operating real estate portfolio.
(4)
The pro-rata share of NOI is based upon the Operating Partnership’s stated ownership percentages in each venture’s operating agreement and does not include the Operating Partnership's share of NOI from unconsolidated partnerships and joint ventures within Investment Management.

img225797853_1.jpg

 

 

15

 

 

 

Exhibit 99.2

 

img226721374_0.jpg

 

 

 

 

 

 

 

Table of Contents

 

 

 

 

Section I – First Quarter 2026 Earnings Press Release

 

Section II – Financial & Operating Highlights

 

Company Information

3

Highlights

4

Market Capitalization

5

Equity

6

Funds from Operations (“FFO”), Funds From Operations As Adjusted, Adjusted Funds from Operations (“AFFO”)

7

EBITDA

8

Same Property Net Operating Income

9

New and Renewal Rent Spreads

10

Transactional Activity

11

2026 Guidance

13

Section III – Financial Statements and Data

 

Consolidated Statements of Operations

14

Statements of Operations - Pro-rata Adjustments

16

Consolidated Balance Sheet

17

Balance Sheet - Pro-rata Adjustments

18

Fee Income Detail

20

Structured Financing

21

Net Asset Valuation Information

22

Development and Redevelopment Activity

23

Section IV – Capital Structure and Debt Analysis

 

Debt Summary

25

Debt Detail

26

Debt Maturities

28

Interest Rate Summary

30

Section V – REIT Portfolio and Leasing Information

 

REIT Properties

31

REIT Top Tenants

35

REIT Lease Expirations

36

Section VI – Investment Management Platform

 

Fund Overview

37

Investment Management Properties

38

Investment Management Lease Expirations

42

Section VII – Other Information

 

Important Notes

44

 

Visit www.acadiarealty.com for additional investor and portfolio information.

 

 

 

 

 

 

 

 

Company Information

 

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.

Contact Information

Corporate Headquarters

Investor Relations

New York Stock Exchange

411 Theodore Fremd Avenue

(914) 288-8100

Symbol AKR

Suite 300

investorrelations@acadiarealty.com

Rye, NY 10580

 

 

Analyst Coverage

Bank of America / Merrill Lynch

Green Street Advisors

KeyBanc Capital Markets, Inc.

Samir Khanal

(646) 855-1497

Paulina Rojas Schmidt
(949) 640-8780

Todd Thomas

(917) 368-2286

samir.khanal@bofa.com

projasschmidt@greenstreet.com

tthomas@key.com

Citigroup - Global Markets

J.P. Morgan Securities, Inc.

Ladenburg Thalmann

Craig Mailman

(212) 816-4471

Michael W. Mueller, CFA

(212) 622-6689

Floris van Dijkum

(212) 409-2075

craig.mailman@citi.com

michael.w.mueller@jpmorgan.com

fvandijkum@ladenburg.com

 

 

 

 

 

 

 

Compass Point Research & Trading

Jefferies

 

Truist

Kenneth Billingsley

(202) 534-1393

Linda Tsai

(212) 778-8011

Anthony Hau

(212) 303-4176

kbillingsley@compasspointllc.com

ltsai@jefferies.com

anthony.hau@truist.com

 

 

img226721374_1.jpg

 

Supplemental Report March 31, 2026 – 3

 

Highlights

 

(in thousands, except per share amounts and ratios)

 

 

 

 

 

 

For the three months ended March 31,

 

 

Summary Financial Results

 

2026

 

2025

 

 

 

 

 

 

REIT NOI at pro-rata share (pg 22)

 

$41,815

 

$36,730

 

 

 

 

 

 

Investment Management NOI at pro-rata share (pg 22)

 

$13,243

 

$9,618

 

 

 

 

 

 

Total NOI at pro-rata share

 

$55,058

 

$46,348

 

 

 

 

 

 

Adjusted EBITDA (pg 8) 1

 

$58,611

 

$57,129

 

 

 

 

 

 

FFO As Adjusted per diluted Common Share and Common OP Unit (pg 7)

 

$0.30

 

$0.27

 

 

 

 

 

 

NAREIT FFO per diluted Common Share and OP Unit (pg 7) 1

 

$0.26

 

$0.34

 

 

 

 

 

 

Dividends declared per Common Share and Common OP Unit (pg 7)

 

$0.20

 

$0.20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended,

Summary Operating and Financial Ratios

 

March 31, 2026

 

Dec 31, 2025

 

Sept 30, 2025

 

June 30 2025

 

March 31, 2025

REIT Portfolio Same-property NOI % (pg 9)

 

5.9%

 

5.7%

 

5.4%

 

4.1%

 

4.1%

Net Debt to Adjusted EBITDA (including IM debt) (pg 5)

 

5.5x

 

4.9x

 

5.0x

 

5.5x

 

5.7x

Fixed charge coverage ratio (annualized) (pg 8)

 

3.5x

 

4.0x

 

4.2x

 

4.3x

 

4.0x

 

 

 

 

 

 

 

 

 

 

 

 

 

As of

Outstanding Common Stock

 

March 31, 2026

 

Dec 31, 2025

 

Sept 30, 2025

 

June 30 2025

 

March 31, 2025

Diluted Weighted Average Common shares and units outstanding (pg 6)

 

139,733

 

139,031

 

138,950

 

138,909

 

129,363

Unsettled forward equity (pg 6)

 

12,294

 

14,739

 

12,760

 

2,445

 

2,445

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended,

Transactional Activity 2

 

March 31, 2026

 

Dec 31, 2025

 

Sept 30, 2025

 

June 30 2025

 

March 31, 2025

REIT acquisitions (pg 11)

 

$78,697

 

$20,750

 

$904

 

$49,505

 

$433,796

IM acquisitions (pg 11)

 

$424,140

 

$424,400

 

$62,701

 

—

 

$68,207

Aggregate purchase price of acquisitions (REIT and IM) (pg 11)

 

$502,837

 

$445,150

 

$63,605

 

$49,505

 

$502,003

Recapitalizations (pg 11)

 

$504,115

 

 

 

 

 

 

 

 

Aggregate sale price of dispositions (REIT and IM) (pg 11)

 

$496,963

 

$201,540

 

$99,540

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

As of

Summary portfolio statistics (pro-rata)

 

March 31, 2026

 

Dec 31, 2025

 

Sept 30, 2025

 

June 30 2025

 

March 31, 2025

Percent leased - REIT Street and Urban (pg 32)

 

93.1%

 

91.5%

 

91.6%

 

90.8%

 

90.8%

Percent leased - REIT Suburban (pg 32)

 

96.1%

 

96.0%

 

95.6%

 

96.2%

 

97.2%

Percent leased - REIT Total (pg 32)

 

95.3%

 

94.7%

 

94.5%

 

94.7%

 

95.5%

Economic Occupancy - REIT Street and Urban (pg 32)

 

91.7%

 

90.3%

 

89.5%

 

86.7%

 

86.0%

Economic Occupancy - REIT Suburban (pg 32)

 

95.1%

 

95.2%

 

95.1%

 

94.3%

 

93.7%

Economic Occupancy - REIT Total (pg 32)

 

94.1%

 

93.9%

 

93.6%

 

92.2%

 

91.7%

ABR PSF - REIT Total (pg 32)

 

$40.01

 

$39.30

 

$38.23

 

$37.78

 

$36.88

 

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

Prior

 

 

 

 

 

 

2026 Guidance

 

(as of 4/28/2026)

 

(as of 2/10/2026)

 

 

 

 

 

 

Projected 2026 FFO As Adjusted per diluted share

 

$1.22 - $1.26

 

$1.21 - $1.25

 

 

 

 

 

 

Annual Projected Same-property NOI

 

5% - 9%

 

5% - 9%

 

 

 

 

 

 

_____________________________

1.
Includes approximately $8.4 million of income recognized in connection with a terminated lease in the first quarter of 2025.
2.
Amounts reflect gross transaction value and are presented before giving effect to the Company’s pro rata ownership interest.

img226721374_1.jpg

 

Supplemental Report March 31, 2026 – 4

 

 

 

Market Capitalization, Liquidity & Debt Ratios

 

(Including pro-rata share of Investment Management debt, in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

Total Market

 

 

Capitalization

 

 

Capitalization
($)

 

 

Based on Net
Debt

Equity Capitalization

 

 

 

 

 

Common Shares

 

 

133,514

 

 

 

Common Operating Partnership ("OP") Units

 

 

6,411

 

 

 

Combined Common Shares and OP Units 1

 

 

139,925

 

 

 

 

 

 

 

 

 

Share Price at March 31, 2026

 

$

19.12

 

 

 

 

 

 

 

 

 

Equity Capitalization - Common Shares and OP Units

 

$

2,675,359

 

 

 

Preferred OP Units 2

 

 

479

 

 

 

Total Equity Capitalization

 

 

2,675,838

 

 

64%

 

 

 

 

 

 

Debt Capitalization

 

 

 

 

 

Consolidated Secured Debt

 

 

624,764

 

 

 

Consolidated Revolving Credit

 

 

91,500

 

 

 

Consolidated Unsecured Notes Payable

 

 

880,012

 

 

 

Consolidated Principal Debt

 

 

1,596,276

 

 

 

Less: Net unamortized premium

 

 

(700

)

 

 

Add: Deferred financing fees

 

 

8,684

 

 

 

Consolidated Debt

 

 

1,604,260

 

 

 

Adjustment to reflect pro-rata share of debt

 

 

(38,860

)

 

 

Total Pro-Rata Debt Capitalization

 

 

1,565,400

 

 

36%

 

 

 

 

 

 

Total Market Capitalization

 

$

4,241,238

 

 

100%

 

 

 

 

 

 

Pro-Rata Liquidity

 

 

 

 

 

Cash, cash equivalents and restricted cash

 

$

43,340

 

 

 

Unsettled ATM forward equity contracts

 

 

239,225

 

 

 

Net debt

 

$

1,282,835

 

 

 

 

 

 

 

 

 

Pro-Rata EBITDA Annualized (page 8)

 

$

260,424

 

 

 

Pro-Rata Adjusted EBITDA Annualized (page 8)

 

$

234,444

 

 

 

 

 

 

 

 

 

Ratios3:

 

 

 

 

 

Debt + Preferred Equity (Preferred OP Units) Total Market Capitalization

 

 

37

%

 

 

Net Debt + Preferred Equity Total Market Capitalization

 

 

30

%

 

 

Net Debt/Adjusted EBITDA

 

 

5.5

x

 

 

 

_____________________________

1.
Does not include the unsettled Common Shares sold under the Forward Equity Offerings.
2.
Represents 188 Series A Preferred OP Units convertible into 25,067 Common OP Units multiplied by the Common Share price at quarter end.
3.
Ratios consider our pro-rata share of debt and net debt is net of cash, cash equivalents and restricted cash and unsettled forward equity.

 

 

 

img226721374_1.jpg

 

Supplemental Report March 31, 2026 – 5

 

 

Equity

 

(in thousands)

 

 

 

Changes in Total Outstanding Common

 

 

Weighted Average

 

Shares and OP Units

 

 

Diluted EPS

 

 

Diluted FFO

 

 

 

Common
Shares

 

 

Common OP Units

 

 

Total

 

 

Quarter

 

 

YTD

 

 

Quarter

 

 

YTD

 

Balance at 12/31/2025

 

 

131,037

 

 

 

5,421

 

 

 

136,458

 

 

 

 

 

 

 

 

 

 

 

 

 

Vesting RS and LTIPs

 

 

12

 

 

 

1,008

 

 

 

1,020

 

 

 

 

 

 

 

 

 

 

 

 

 

OP Conversions

 

 

18

 

 

 

(18

)

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Shares Issued Upon Forward Settlement

 

 

2,445

 

 

 

—

 

 

 

2,445

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

2

 

 

 

—

 

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at 3/31/2026

 

 

133,514

 

 

 

6,411

 

 

 

139,925

 

 

 

131,332

 

 

 

131,332

 

 

 

139,733

 

 

 

139,733

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forward Equity Offerings

 

Shares

 

 

Net Proceeds 1

 

 

 

 

 

 

 

 

 

 

Beginning balance 12/31/2025

 

 

14,739

 

 

$

295,461

 

 

Shares sold

 

 

—

 

 

 

—

 

 

Shares settled

 

 

(2,445

)

 

 

(55,888

)

 

Current-value settlement adjustments 1

 

 

—

 

 

 

(348

)

 

Ending balance as of 3/31/2026 2

 

 

12,294

 

 

$

239,225

 

 

 

 

 

 

 

 

 

 

_____________________________

1.
Amounts received upon settlement are subject to customary adjustments in accordance with the forward sales contracts, which are reflected in settlement adjustments above.
2.
Ending balance reflects the fair value of the shares unsettled as of March 31, 2026.

 

img226721374_1.jpg

 

Supplemental Report March 31, 2026 – 6

 

Funds from Operations (“FFO”), FFO As Adjusted,
Adjusted Funds from Operations (“AFFO”)

 

(in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

Quarter Ended

 

 

 

March 31,
2026

 

March 31,
2025

 

Funds from operations ("FFO"):

 

 

 

 

 

Net Income attributable to Acadia

 

$30,477

 

$1,608

 

Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share other than Common OP Units)

 

35,851

 

31,607

 

Gain on disposition on real estate properties (net of noncontrolling interest share other than Common OP Units)

 

(30,954)

 

—

 

Impairment charges (net of noncontrolling interest share other than Common OP Units)

 

—

 

1,583

 

Loss on change in control (net of noncontrolling interest share other than Common OP Units)

 

—

 

9,622

 

Income attributable to noncontrolling interests' share in Operating Partnership

 

1,501

 

163

 

FFO to Common Shareholders and Common OP Unit holders - Diluted

 

$36,875

 

$44,583

 

 

 

 

 

 

Transaction and other expenses 1

 

4,358

 

526

 

Unrealized holding loss (gain) (net of noncontrolling interest share)

 

616

 

(1,672)

 

Tenant lease settlement

 

—

 

(8,309)

 

FFO As Adjusted to Common Shareholder and Common OP Unit holders

 

$41,849

 

$35,128

 

 

 

 

 

 

 

Adjusted Funds from operations ("AFFO"):

 

 

 

 

 

FFO

 

$36,875

 

$44,583

 

Unrealized holding loss (gain) (net of noncontrolling interest share)

 

616

 

(1,672)

 

Straight-line rent, net

 

37

 

(341)

 

Above/below-market rent

 

(2,562)

 

(2,419)

 

Amortization of finance costs

 

1,618

 

1,488

 

Above/below-market interest

 

(155)

 

(128)

 

Non-real estate depreciation

 

93

 

90

 

Stock-based compensation

 

6,189

 

2,400

 

Leasing commissions

 

(1,447)

 

(1,343)

 

Tenant improvements

 

(2,694)

 

(4,881)

 

Maintenance capital expenditures

 

(1,735)

 

(1,021)

 

AFFO to Common Shareholders and Common OP Unit holders

 

$36,835

 

$36,756

 

 

 

 

 

 

FFO per Diluted Common Share and Common OP Unit

 

$0.26

 

$0.34

 

FFO As Adjusted per Diluted Common Share and Common OP Unit

 

$0.30

 

$0.27

 

 

 

 

 

 

 

Total weighted-average diluted shares and OP Units

 

139,733

 

129,363

 

 

 

 

 

 

Additional Disclosures:

 

 

 

 

 

Dividends Declared (per Common Share/OP Units)

 

$0.20

 

$0.20

 

Dividends (Shares) & Distributions (OP Units Declared)

 

$28,320

 

$27,636

 

FFO Payout Ratio

 

77%

 

62%

 

FFO As Adjusted Payout Ratio

 

68%

 

79%

 

AFFO Payout Ratio

 

77%

 

75%

 

_____________________________

1.
Transaction and other expenses include those costs that the Company believes are not reflective of ongoing core operating results including investment transaction costs, debt extinguishment costs and employee retirement costs.

 

img226721374_1.jpg

 

Supplemental Report March 31, 2026 – 7

 

 

 

EBITDA

 

 

(in thousands)

 

 

 

Quarter Ended

 

 

 

March 31,

 

 

 

2026

 

 

2025

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to Acadia shareholders

 

$

30,477

 

 

$

1,608

 

 

 

 

 

 

 

 

 

Adjustments: 1

 

 

 

 

 

 

 

Depreciation and amortization

 

 

35,944

 

 

 

31,697

 

 

Interest expense

 

 

15,169

 

 

 

12,739

 

 

Above/below-market interest

 

 

(155

)

 

 

(128

)

 

Provision for income taxes

 

 

42

 

 

 

96

 

 

Amortization of finance costs

 

 

1,618

 

 

 

1,488

 

 

Noncontrolling interest - OP

 

 

1,496

 

 

 

96

 

 

EBITDA

 

$

84,591

 

 

$

47,596

 

 

 

 

 

 

 

 

 

 

Gain on disposition of properties

 

 

(30,954

)

 

 

—

 

 

Unrealized holding loss (gain) on investments

 

 

616

 

 

 

(1,672

)

 

Transaction and other expenses 2

 

 

4,358

 

 

 

—

 

 

Impairment charges

 

 

—

 

 

 

1,583

 

 

Loss on change in control

 

 

—

 

 

 

9,622

 

 

Adjusted EBITDA

 

$

58,611

 

 

$

57,129

 

 

 

 

 

 

 

 

 

 

Fixed-Charge Coverage Ratios

 

 

 

 

 

 

 

Adjusted EBITDA1 divided by:

 

$

58,611

 

 

$

57,129

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

15,169

 

 

 

12,739

 

 

Principal Amortization

 

 

1,499

 

 

 

1,513

 

 

Preferred Dividends3

 

 

5

 

 

 

67

 

 

Total Fixed Charges

 

 

16,673

 

 

 

14,319

 

 

 

 

 

 

 

 

 

 

Fixed-Charge Coverage Ratio - REIT Portfolio and Investment Management

 

 

3.5

x

 

 

4.0

x

 

 

 

 

 

EBITDA

 

 

 

Year to Date

 

 

Year ended

 

Reconciliation of EBITDA to Annualized EBITDA

 

March 31, 2026

 

 

December 31, 2025

 

 

 

 

 

 

 

 

Year to Date EBITDA as reported

 

$

84,591

 

 

$

236,728

 

Add: Annualized EBITDA

 

 

175,833

 

 

 

—

 

Annualized EBITDA

 

 

260,424

 

 

 

236,728

 

 

 

 

 

 

 

 

Year to Date Adjusted EBITDA as reported

 

$

58,611

 

 

$

236,728

 

Add: Annualized EBITDA

 

 

175,833

 

 

 

—

 

Annualized Adjusted EBITDA

 

 

234,444

 

 

 

236,728

 

 

 

 

 

 

 

 

Year to Date Realized gain and Promote as reported

 

 

—

 

 

 

14,454

 

Annualized Adjusted EBITDA excluding realized gains

 

$

234,444

 

 

$

222,274

 

_____________________________

1.
These amounts represent the Company’s pro-rata share of consolidated and unconsolidated investments.
2.
Transaction and other expenses include those costs that the Company believes are not reflective of ongoing core operating results including investment transaction costs, debt extinguishment costs and employee retirement costs.
3.
Represents preferred distributions on Preferred Operating Partnership Units

img226721374_1.jpg

 

Supplemental Report March 31, 2026 – 8

 

 

 

Same Property Performance – REIT Portfolio1

(in thousands)

 

 

 

Quarter Ended March 31,

 

 

 

 

 

 

2026

 

 

2025

 

 

% Change

 

 

 

 

 

 

 

 

 

 

 

Summary

 

 

 

 

 

 

 

 

 

Minimum rents

 

$

42,371

 

 

$

40,002

 

 

 

5.9

%

Expense reimbursements

 

 

11,247

 

 

 

10,181

 

 

 

10.5

%

Other property income

 

 

1,091

 

 

 

1,259

 

 

 

(13.3

)%

 

 

 

 

 

 

 

 

 

 

Total Revenue

 

 

54,709

 

 

 

51,442

 

 

 

6.4

%

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

Property operating - CAM & Real estate taxes

 

 

14,406

 

 

 

13,398

 

 

 

7.5

 %

Other property operating (Non-CAM)

 

 

1,461

 

 

 

1,366

 

 

 

7.0

%

 

 

 

 

 

 

 

 

 

 

Total Expenses

 

 

15,867

 

 

 

14,764

 

 

 

7.5

 %

 

 

 

 

 

 

 

 

 

 

Same Property NOI - REIT properties

 

$

38,842

 

 

$

36,678

 

 

 

5.9

%

 

 

 

 

 

 

 

 

 

 

Reconciliation of Same Property NOI to REIT Portfolio NOI

 

 

 

 

 

 

 

 

 

NOI of Properties excluded from Same Property NOI

 

 

2,973

 

 

 

52

 

 

 

 

REIT Portfolio NOI

 

$

41,815

 

 

$

36,730

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other same property information

 

 

 

 

 

 

 

 

 

Economic Occupancy at the end of the period

 

 

94.0

%

 

 

91.8

%

 

 

 

Leased Occupancy at the end of the period

 

 

95.1

%

 

 

95.7

%

 

 

 

_____________________________

1.
The above amounts include the pro-rata share of the Company’s REIT Portfolio consolidated and unconsolidated investments.

img226721374_1.jpg

 

Supplemental Report March 31, 2026 – 9

 

 

 

New and Renewal Rent Spreads – REIT Portfolio1

 

 

 

 

 

 

Quarter Ended

 

 

 

March 31, 2026

 

 

 

GAAP 2

 

Cash 3

 

New Leases

 

 

 

 

 

Number of new leases executed

 

1

 

1

 

GLA

 

20,214

 

20,214

 

New base rent

 

$37.51

 

$34.00

 

Previous base rent

 

$25.02

 

$26.04

 

Average cost per square foot

 

$173.55

 

$173.55

 

Weighted Average Lease Term (years)

 

15.0

 

15.0

 

Percentage growth in base rent

 

49.9 %

 

30.6 %

 

 

 

 

 

 

 

Renewal Leases

 

 

 

 

 

Number of renewal leases executed

 

11

 

11

 

GLA

 

162,160

 

162,160

 

New base rent

 

$49.90

 

$47.34

 

Expiring base rent

 

$41.28

 

$43.03

 

Average cost per square foot

 

$3.70

 

$3.70

 

Weighted Average Lease Term (years)

 

4.9

 

4.9

 

Percentage growth in base rent

 

20.9 %

 

10.0 %

 

 

 

 

 

 

 

Total New and Renewal Leases

 

 

 

 

 

Number of new and renewal leases executed

 

12

 

12

 

GLA commencing

 

182,374

 

182,374

 

New base rent

 

$48.52

 

$45.86

 

Expiring base rent

 

$39.48

 

$41.15

 

Average cost per square foot

 

$22.53

 

$22.53

 

Weighted Average Lease Term (years)

 

6.0

 

6.0

 

Percentage growth in base rent

 

22.9 %

 

11.4 %

 

 

 

 

 

 

 

 

_____________________________

1.
Based on lease execution dates. Does not include leased square footage and costs related to first generation space and the Company's construction and/or redevelopment projects (see Development and Redevelopment Activity page of this Supplemental Report) in both new and renewal leases. Renewal leases include exercised options.
2.
Rents are calculated on a straight-line (GAAP) basis and do not incorporate above- or below-market lease adjustments.
3.
Rents have not been calculated on a straight-line basis. The previous (or expiring) rent reflects the amount at the time of lease expiration, while the new rent represents the amount payable at lease commencement.
(1)

img226721374_1.jpg

 

Supplemental Report March 31, 2026 – 10

 

 

68-4

Transactional Activity

 

 

(in thousands)

 

 

Property Acquisitions and Dispositions

Property Name

 

Location

 

Date of
Transaction

 

Transaction
Amount 1

 

Ownership % 2

 

Investment Management
Share

 

Acadia Share

 

 

 

 

 

 

 

 

 

 

 

 

 

ACQUISITIONS 3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REIT Portfolio:

 

 

 

 

 

 

 

 

 

 

 

 

1045 and 1165 Madison Avenue

 

New York, NY

 

January 2026

 

$21,313

 

100%

 

$—

 

$21,313

Rhode Island Place (Strategic Add-on)

 

Washington D.C

 

March 2026

 

9,464

 

100%

 

—

 

9,464

846 W. Armitage Avenue (Strategic Add-on)

 

Chicago, IL

 

March 2026

 

4,440

 

100%

 

—

 

4,440

225 Worth Avenue

 

Palm Beach, FL

 

March 2026

 

43,480

 

100%

 

—

 

43,480

4-6 and 28 Newbury Street3

 

Boston, MA

 

April 2026

 

108,850

 

100%

 

—

 

108,850

Subtotal REIT Portfolio:

 

 

 

 

 

187,547

 

 

 

—

 

187,547

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment Management:

 

 

 

 

 

 

 

 

 

 

 

 

Other Co-Investment Vehicles:

 

 

 

 

 

 

 

 

 

 

 

 

Shops at Skyview4

 

Queens, NY

 

January 2026

 

424,140

 

20%

 

—

 

84,828

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL ACQUISITIONS

 

 

 

 

 

$611,687

 

 

 

$—

 

$272,375

 

 

 

 

 

 

 

 

 

 

 

 

 

RECAPITALIZATIONS

 

 

 

 

 

 

 

 

 

 

 

 

Investment Management:

 

 

 

 

 

 

 

 

 

 

 

 

Other Co-Investment Vehicles:

 

 

 

 

 

 

 

 

 

 

 

 

Atlantic Portfolio 4

 

Various

 

February 2026

 

$373,203

 

20%

 

—

 

$74,641

Avenue at West Cobb4

 

Marietta, GA

 

February 2026

 

62,706

 

20%

 

—

 

12,541

Pinewood Square4

 

Lake Worth, FL

 

March 2026

 

68,206

 

20%

 

—

 

13,641

Subtotal Investment Management:

 

 

 

 

 

$504,115

 

 

 

—

 

$100,823

TOTAL RECAPITALIZATIONS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DISPOSITIONS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment Management: 2

 

 

 

 

 

 

 

 

 

 

 

 

FUND IV:

 

 

 

 

 

 

 

 

 

 

 

 

1964 Union Street

 

San Francisco, CA

 

March 2026

 

$2,600

 

90%

 

$2,340

 

$541

650 Bald Hill Road

 

Warwick, RI

 

April 2026

 

20,500

 

90%

 

18,450

 

4,266

 

 

 

 

 

 

23,100

 

 

 

20,790

 

4,807

Fund V:

 

 

 

 

 

 

 

 

 

 

 

 

Landstown Commons

 

Virginia Beach, VA

 

January 2026

 

102,000

 

100%

 

102,000

 

20,502

Atlantic Portfolio 4

 

Various

 

February 2026

 

$371,863

 

100%

 

371,863

 

74,744

 

 

 

 

 

 

473,863

 

 

 

473,863

 

95,246

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL DISPOSITIONS

 

 

 

 

 

$496,963

 

 

 

$494,653

 

$100,053

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Structured Financing Activity

 

 

 

 

Note Description

 

Transaction Type

 

Date of
Transaction

 

Transaction
Amount

 

Acadia
Share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shops at Skyview5

 

Preferred Equity

 

January 2026

 

$41,700

 

$33,360

 

 

 

 

Atlantic Portfolio (TPG Recapitalization)6

 

Preferred Equity

 

February 2026

 

27,500

 

22,000

 

 

 

 

 

 

 

 

 

 

$69,200

 

$55,360

 

 

 

 

 

_____________________________

img226721374_1.jpg

 

Supplemental Report March 31, 2026 – 11

 

 

Notes to Transactional Activity

 

 

(in thousands)

 

 

1.
Transaction amounts include capitalized costs, where applicable. Refer to Note 2 in the Company’s latest Form 10-Q or 10-K for further discussion of any such transactions.
2.
Ownership percentages for those properties in Funds II, III, IV, and V within our Investment Management platform represent the respective Investment Management’s ownership, not the Company’s proportionate share.
3.
Acquisitions that closed after March 31, 2026 do not reflect certain acquisitions costs that may be subsequently capitalized.
4.
The difference between the acquisition amounts and the disposition amounts are due to acquisition costs, which are included in the acquisition amount only.
5.
The Company provided a $41.7 million preferred equity investment to the venture, of which it also holds a 20% ownership interest. The transaction amount presented reflects the Company’s preferred equity investment net of the portion attributable to its ownership interest.
6.
The Company provided a $27.5 million preferred equity investment to the venture, of which it also holds a 20% ownership interest. The transaction amount presented reflects the Company’s preferred equity investment net of the portion attributable to its ownership interest.

 

 

img226721374_1.jpg

 

Supplemental Report March 31, 2026 – 12

 

 

2026 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 Guidance 1

 

 

 

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 expenses 2

 

0.05

 

0.03

 

Funds From Operations As Adjusted per share attributable to Common Shareholders and Common OP Unit holders 3

 

$1.22-$1.26

 

$1.21-$1.25

 

 

 

 

 

 

 

 

_____________________________

1.
Totals may not foot due to rounding.
2.
Transaction and other expenses include those costs that the Company believes are not reflective of ongoing core operating results, including investment transaction costs, debt extinguishment costs and employee retirement costs.
3.
Refer to the Important Notes for the definition of FFO As Adjusted.

 

img226721374_1.jpg

 

Supplemental Report March 31, 2026 – 13

 

 

 

Consolidated Statements of Operations

 

 

(in thousands)

 

 

 

 

March 31, 2026 1

 

 

 

Quarter

 

Revenues

 

 

 

Rental income

 

$

98,568

 

Other

 

 

4,424

 

Total revenues

 

 

102,992

 

Expenses

 

 

 

Depreciation and amortization

 

 

40,155

 

General and administrative

 

 

15,303

 

Real estate taxes

 

 

12,922

 

Property operating

 

 

18,249

 

Total expenses

 

 

86,629

 

 

 

 

 

Gain on disposition of properties

 

 

142,148

 

Operating income

 

 

158,511

 

Equity in losses of unconsolidated affiliates

 

 

(1,508

)

Interest income

 

 

4,788

 

Unrealized holding losses on investments and other

 

 

(616

)

Interest expense

 

 

(22,052

)

Income from continuing operations before income taxes

 

 

139,123

 

Income tax provision

 

 

(12

)

Net income

 

 

139,111

 

Net loss attributable to redeemable noncontrolling interests

 

 

698

 

Net income attributable to noncontrolling interests

 

 

(109,332

)

Net income attributable to Acadia shareholders

 

$

30,477

 

 

 

 

 

 

 

 

March 31, 2026 1

 

 

 

Quarter

 

Reconciliation of Revenues to Consolidated GAAP Revenues

 

 

 

Total Revenues

 

$

95,954

 

Straight-line rent income

 

 

166

 

Above/below-market rent income

 

 

3,362

 

Asset and property management fees

 

 

1,311

 

Investment management fees

 

 

2,216

 

Other income adjustments

 

 

(17

)

Consolidated Total GAAP Revenues

 

$

102,992

 

 

 

 

 

Reconciliation of Property Operating Expenses to Consolidated GAAP Property Operating Expenses

 

 

 

Property operating - CAM and Other

 

$

14,670

 

Asset and property management expense

 

 

3,526

 

Other

 

 

53

 

Consolidated Total GAAP Property Operating Expenses

 

$

18,249

 

 

 

 

 

 

 

 

 

 

img226721374_1.jpg

 

Supplemental Report March 31, 2026 – 14

 

 

 

Consolidated Statements of Operations - Detail

 

(in thousands)

 

 

 

 

 

 

 

 

March 31, 2026 1

 

REIT PORTFOLIO AND INVESTMENT MANAGEMENT INCOME

 

Quarter

 

REVENUES

 

 

 

Minimum rents

 

$

74,284

 

Expense reimbursements - CAM

 

 

10,132

 

Expense reimbursements - Taxes

 

 

9,743

 

Percentage rent and other property income

 

 

1,795

 

Total Revenues

 

 

95,954

 

 

 

 

 

EXPENSES

 

 

 

Property operating - CAM

 

 

14,670

 

Real estate taxes

 

 

12,922

 

Asset and property management expense

 

 

3,526

 

Total Expenses

 

 

31,118

 

 

 

 

 

NET OPERATING INCOME - PROPERTIES

 

 

64,836

 

 

 

 

 

OTHER INCOME (EXPENSE)

 

 

 

Interest income

 

 

4,788

 

Straight-line rent income

 

 

166

 

Above/below-market rent income

 

 

3,362

 

Interest expense 2

 

 

(22,052

)

Other income

 

 

203

 

REIT PORTFOLIO AND INVESTMENT MANAGEMENT INCOME

 

 

51,303

 

 

 

 

 

FEE AND OTHER INCOME 3

 

 

 

Asset and property management fees

 

 

1,311

 

Investment management fees

 

 

2,216

 

Total Investment Management Fee Income

 

 

3,527

 

 

 

 

 

Transactional and other expenses

 

 

(273

)

Total Investment Management Fee Income and Other Transactional Expenses

 

 

3,254

 

 

 

 

 

Unrealized losses on investments and other

 

 

(616

)

Income tax provision

 

 

(12

)

Total Fee and Other Income

 

 

2,626

 

 

 

 

 

Administrative and Other Expenses

 

 

(15,303

)

 

 

 

 

Depreciation and amortization

 

 

(40,062

)

Non-real estate depreciation and amortization

 

 

(93

)

Gain on disposition of properties

 

 

142,148

 

Gain (loss) before equity in earnings and noncontrolling interests

 

 

140,619

 

 

 

 

 

Equity in losses of unconsolidated affiliates

 

 

(1,508

)

Noncontrolling interests (including redeemable noncontrolling interests)

 

 

(108,634

)

 

 

 

 

NET INCOME ATTRIBUTABLE TO ACADIA SHAREHOLDERS

 

$

30,477

 

 

 

 

 

 

img226721374_1.jpg

 

Supplemental Report March 31, 2026 – 15

 

 

 

Statements of Operations – Pro-Rata Adjustments 7

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended March 31, 2026

 

REIT PORTFOLIO AND INVESTMENT MANAGEMENT INCOME

 

Noncontrolling
Interest in
Consolidated
Subsidiaries 4

 

 

Company’s
Interest in
Unconsolidated
Subsidiaries 5

 

REVENUES

 

 

 

 

 

 

Minimum rents

 

$

(23,947

)

 

$

13,148

 

Expense reimbursements - CAM

 

 

(4,171

)

 

 

2,284

 

Expense reimbursements - Taxes

 

 

(3,522

)

 

 

2,010

 

Percentage rent and other property income

 

 

(536

)

 

 

648

 

Total Revenues

 

 

(32,176

)

 

 

18,090

 

 

 

 

 

 

 

 

EXPENSES

 

 

 

 

 

 

Property operating - CAM

 

 

(5,150

)

 

 

2,681

 

Real estate taxes

 

 

(4,121

)

 

 

2,820

 

Asset and property management expense

 

 

(1,290

)

 

 

752

 

Total Expenses

 

 

(10,561

)

 

 

6,253

 

 

 

 

 

 

 

 

NET OPERATING INCOME - PROPERTIES

 

 

(21,615

)

 

 

11,837

 

 

 

 

 

 

 

 

OTHER INCOME (EXPENSE)

 

 

 

 

 

 

Interest income

 

 

(179

)

 

 

19

 

Straight-line rent income

 

 

(241

)

 

 

38

 

Above/below-market rent (expense) income

 

 

(1,530

)

 

 

730

 

Interest expense 2

 

 

10,679

 

 

 

(5,557

)

Other (expense) income

 

 

(7

)

 

 

6

 

REIT PORTFOLIO AND INVESTMENT MANAGEMENT INCOME

 

 

(12,893

)

 

 

7,073

 

 

 

 

 

 

 

 

FEE AND OTHER INCOME 3

 

 

 

 

 

 

Asset and property management fees

 

 

2,279

 

 

 

92

 

Investment management fees

 

 

1,597

 

 

 

78

 

Total Investment Management Fee Income

 

 

3,876

 

 

 

170

 

 

 

 

 

 

 

 

Transactional and other expenses

 

 

—

 

 

 

—

 

Total Investment Management Fee Income and Other Transactional Expenses

 

 

3,876

 

 

 

170

 

 

 

 

 

 

 

 

Unrealized losses on investments and other

 

 

—

 

 

 

—

 

Income tax provision

 

 

(25

)

 

 

(5

)

Total Fee and Other Income

 

 

3,851

 

 

 

165

 

 

 

 

 

 

 

 

Administrative and Other Expenses

 

 

604

 

 

 

(463

)

 

 

 

 

 

 

 

Depreciation and amortization

 

 

12,494

 

 

 

(8,283

)

Non-real estate depreciation and amortization

 

 

—

 

 

 

—

 

Loss (gain) on disposition of properties

 

 

(111,194

)

 

 

—

 

Gain (loss) before equity in earnings and noncontrolling interests

 

 

(107,138

)

 

 

(1,508

)

 

 

 

 

 

 

 

Equity in losses of unconsolidated affiliates

 

 

—

 

 

 

—

 

Noncontrolling interests (including redeemable noncontrolling interests) 6

 

 

(1,496

)

 

 

—

 

 

 

 

 

 

 

 

NET INCOME (LOSS) ATTRIBUTABLE TO ACADIA SHAREHOLDERS

 

$

(108,634

)

 

$

(1,508

)

 

 

 

 

 

 

 

 

 

img226721374_1.jpg

 

Supplemental Report March 31, 2026 – 16

 

 

 

Balance Sheet

 

 

(in thousands)

 

 

ASSETS

 

Consolidated
Balance Sheet

 

 

Line Item Details:

 

Real estate

 

 

 

 

 

 

 

 

Buildings and improvements

 

$

3,057,952

 

 

 Real estate under development (REIT):

 

$

178,050

 

Tenant improvements

 

 

321,489

 

 

 

 

 

 

Land

 

 

1,100,492

 

 

 Summary of other assets, net:

 

 

 

Construction in progress

 

 

26,266

 

 

 Deferred charges, net

 

$

40,517

 

Right-of-use assets - finance leases

 

 

61,366

 

 

 Accrued interest receivable

 

 

9,028

 

 

 

 

4,567,565

 

 

 Due from seller

 

 

1,654

 

Less: Accumulated depreciation and amortization

 

 

(979,837

)

 

 Prepaid expenses

 

 

13,020

 

Operating real estate, net

 

 

3,587,728

 

 

 Other receivables

 

 

3,925

 

Real estate under development

 

 

178,050

 

 

 Income taxes receivable

 

 

1,273

 

Net investments in real estate

 

 

3,765,778

 

 

 Corporate assets, net

 

 

550

 

Notes receivable, net ($2,176 of allowance for credit losses)

 

 

154,430

 

 

 Deposits

 

 

10,577

 

Investments in and advances to unconsolidated affiliates

 

 

275,770

 

 

 Derivative financial instruments

 

 

12,905

 

Lease intangibles, net

 

 

96,652

 

 

 Total

 

$

93,449

 

Other assets, net

 

 

93,449

 

 

 

 

 

 

Right-of-use assets - operating leases, net

 

 

22,596

 

 

 Summary of accounts payable and other liabilities:

 

Cash and cash equivalents

 

 

31,415

 

 

 Lease liability - finance leases, net

 

$

32,287

 

Restricted cash

 

 

17,374

 

 

 Accounts payable and accrued expenses

 

 

68,407

 

Straight-line rents receivable, net

 

 

40,846

 

 

 Deferred income

 

 

24,663

 

Rents receivable, net

 

 

15,413

 

 

 Tenant security deposits, escrows, and other

 

 

16,841

 

Assets of property held for sale

 

 

18,932

 

 

 Derivative financial instruments

 

 

688

 

Total assets

 

$

4,532,655

 

 

 Total

 

$

142,886

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Mortgage and other notes payable, net

 

$

624,764

 

 

 

 

 

 

Unsecured notes payable, net

 

 

880,012

 

 

 

 

 

 

Unsecured line of credit

 

 

91,500

 

 

 

 

 

 

Accounts payable and other liabilities

 

 

142,886

 

 

 

 

 

 

Lease liabilities - operating leases

 

 

24,918

 

 

 

 

 

 

Dividends and distributions payable

 

 

28,421

 

 

 

 

 

 

Lease intangibles, net

 

 

79,768

 

 

 

 

 

 

Distributions in excess of income from, and investments in, unconsolidated affiliates

 

 

16,241

 

 

 

 

 

 

Liabilities of property held for sale

 

 

161

 

 

 

 

 

 

Total liabilities

 

 

1,888,671

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Redeemable noncontrolling interests

 

 

8,457

 

 

 

 

 

 

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

 

 

 

 

 

 

Additional paid-in capital

 

 

2,755,574

 

 

 

 

 

 

Accumulated other comprehensive income

 

 

20,057

 

 

 

 

 

 

Distributions in excess of accumulated earnings

 

 

(498,735

)

 

 

 

 

 

Total Acadia shareholders’ equity

 

 

2,277,030

 

 

 

 

 

 

Noncontrolling interests

 

 

358,497

 

 

 

 

 

 

Total equity

 

 

2,635,527

 

 

 

 

 

 

Total liabilities, redeemable noncontrolling interests, and equity

 

$

4,532,655

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

img226721374_1.jpg

 

Supplemental Report March 31, 2026 – 17

 

 

 

Balance Sheet – Pro-rata Adjustments 7

 

(in thousands)

 

 

 

ASSETS

 

Noncontrolling
Interest in
Consolidated
Subsidiaries 4

 

 

Company’s
Interest in
Unconsolidated
Subsidiaries 5

 

Real estate

 

 

 

 

 

 

Buildings and improvements

 

$

(440,879

)

 

$

318,265

 

Tenant improvements

 

 

(33,914

)

 

 

14,632

 

Land

 

 

(162,498

)

 

 

123,340

 

Construction in progress

 

 

(3,324

)

 

 

1,907

 

Right-of-use assets - finance leases

 

 

(21,584

)

 

 

21,817

 

 

 

 

(662,199

)

 

 

479,961

 

Less: Accumulated depreciation and amortization

 

 

105,730

 

 

 

(62,959

)

Operating real estate, net

 

 

(556,469

)

 

 

417,002

 

Real estate under development

 

 

—

 

 

 

2,217

 

Net investments in real estate

 

 

(556,469

)

 

 

419,219

 

Notes receivable, net

 

 

52,590

 

 

 

55,373

 

Investments in and advances to unconsolidated affiliates

 

 

(21,242

)

 

 

(231,806

)

Lease intangibles, net

 

 

(18,271

)

 

 

49,714

 

Other assets, net

 

 

10,177

 

 

 

7,928

 

Right-of-use assets - operating leases, net

 

 

(1,127

)

 

 

—

 

Cash and cash equivalents

 

 

(15,376

)

 

 

9,278

 

Restricted cash

 

 

(2,956

)

 

 

3,605

 

Straight-line rents receivable, net

 

 

(6,183

)

 

 

4,554

 

Rents receivable, net

 

 

(4,612

)

 

 

1,621

 

Assets of property held for sale

 

 

(27,953

)

 

 

17,426

 

Total assets

 

$

(591,422

)

 

$

336,912

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 Mortgage and other notes payable, net

 

$

(327,606

)

 

$

289,931

 

 Unsecured notes payable, net

 

 

361

 

 

 

—

 

 Unsecured line of credit

 

 

—

 

 

 

—

 

 Accounts payable and other liabilities

 

 

(36,527

)

 

 

34,454

 

 Lease liabilities - operating leases

 

 

(1,175

)

 

 

4

 

 Dividends and distributions payable

 

 

—

 

 

 

—

 

 Lease intangibles, net

 

 

(18,156

)

 

 

28,764

 

 Distributions in excess of income from, and investments in, unconsolidated affiliates

 

 

—

 

 

 

(16,241

)

 Liabilities of property held for sale

 

 

(161

)

 

 

—

 

 Total liabilities

 

 

(383,264

)

 

 

336,912

 

 Commitments and contingencies

 

 

 

 

 

 

 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

 

 

—

 

 

 

—

 

 Additional paid-in capital

 

 

—

 

 

 

—

 

 Accumulated other comprehensive income

 

 

—

 

 

 

—

 

 Distributions in excess of accumulated earnings

 

 

—

 

 

 

—

 

 Total Acadia shareholders’ equity

 

 

—

 

 

 

—

 

 Noncontrolling interests

 

 

(208,158

)

 

 

—

 

 Total equity

 

 

(208,158

)

 

 

—

 

 Total liabilities, redeemable noncontrolling interests, and equity

 

$

(591,422

)

 

$

336,912

 

 

 

_____________________________

 

img226721374_1.jpg

 

Supplemental Report March 31, 2026 – 18

 

 

Notes to Financial Statements

 

 

 

 

1.
Results are unaudited, although they reflect all adjustments, which in the opinion of management are necessary for a fair presentation of operating results for the interim periods.
2.
Net of consolidated capitalized interest of $2.2 million, or $2.1 million at the Company’s pro-rata share, for the three months ended March 31, 2026.
3.
Refer to Fee Income Detail page in the Supplemental Report.
4.
Noncontrolling interests represent limited partners’ interests in consolidated partnerships’ activities and redeemable noncontrolling interests.
5.
Represents the Company’s pro-rata share of unconsolidated investments (which consists of unconsolidated REIT properties but also includes Investment Management assets that are held off-balance sheet), each of which are included on a single line presentation in the Company’s consolidated financial statements in accordance with GAAP.
6.
This represents the income allocable to Operating Partnership Units of $1.5 million for the three months ended March 31, 2026.
7.
The Company currently has controlling ownership interests in both (a) Investment Management (represented by Funds II, III, IV & V) and (b) non-wholly owned REIT assets. All properties which the Company is deemed to control are consolidated within the Company's financial statements.

 

img226721374_1.jpg

 

Supplemental Report March 31, 2026 – 19

 

 

 

Fee Income Detail 1

 

(in thousands)

 

 

 

 

Fund II

 

 

Fund III

 

 

Fund IV

 

 

Fund V

 

 

Other 2

 

 

Total

 

Quarter Ended March 31, 2026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset and property management fees

 

$

58

 

 

 

—

 

 

$

412

 

 

$

1,909

 

 

$

1,303

 

 

$

3,682

 

Leasing, Construction, and Development fees and other

 

 

12

 

 

 

94

 

 

 

163

 

 

 

1,415

 

 

 

2,207

 

 

 

3,891

 

Total fees

 

$

70

 

 

$

94

 

 

$

575

 

 

$

3,324

 

 

$

3,510

 

 

$

7,573

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

_____________________________

1.
Fees are shown at the Company's pro-rata share and can be derived from the Consolidated Statements of Operations - Detail and Statements of Operations - Pro-Rata Adjustments. The components of the total fee income to the Company are derived by the fees included on the Consolidated Statements of Operations and the Company's share of fees from the Noncontrolling Interests in Consolidated Subsidiaries and the Company's share of fee income from Unconsolidated Subsidiaries.
2.
“Other” includes fees generated from non-wholly owned joint ventures (within both the REIT Portfolio and Investment Management) as well as third-party managed assets.

img226721374_1.jpg

 

Supplemental Report March 31, 2026 – 20

 

 

 

Structured Financing Portfolio

 

 

(in thousands)

 

 

 

December 31, 2025

 

 

Quarter Ended March 31, 2026

 

 

 

 

 

 

 

 

 

 

Principal

 

 

Accrued

 

 

Ending

 

 

 

 

 

Repayments/

 

 

Current

 

 

Accrued

 

 

Ending

 

 

Stated Interest

 

 

Effective Interest

 

 

Maturity

Investment

 

Balance

 

 

Interest

 

 

Balance

 

 

Issuances

 

 

Conversions

 

 

Principal

 

 

Interest

 

 

Balance

 

 

Rate

 

 

Rate

 

 

Dates 1,3

First mortgage notes 1,2

 

$

59,801

 

 

$

3,809

 

 

$

63,610

 

 

$

—

 

 

$

—

 

 

$

59,801

 

 

$

3,809

 

 

$

63,610

 

 

 

5.99

%

 

 

6.52

%

 

Sept 2026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other notes 2

 

 

149,817

 

 

 

24,122

 

 

 

173,939

 

 

 

55,449

 

 

 

—

 

 

 

205,266

 

 

 

24,122

 

 

 

229,388

 

 

 

9.47

%

 

 

9.60

%

 

Nov 2026 - Feb 2029

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total notes receivable

 

$

209,618

 

 

$

27,931

 

 

$

237,549

 

 

$

55,449

 

 

$

—

 

 

$

265,067

 

 

$

27,931

 

 

$

292,998

 

 

 

8.68

%

 

 

8.91

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Notes Receivable to the Pro-Rata Balance Sheet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Notes Receivable per above

 

 

$

265,067

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for credit loss 4

 

 

 

(2,674

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total pro-rata Notes Receivable

 

 

$

262,393

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

_____________________________

1.
One note in the principal amount of $17.8 million was in default at March 31, 2026.
2.
Certain of the first mortgage notes and other notes enable the borrower to prepay or convert its obligations prior to the stated maturity date without penalty.
3.
Certain first mortgage notes have extension options subject to customary conditions.
4.
Allowance for credit loss includes the $0.5 million allowance for credit loss related to the City Point Loan which is classified as redeemable noncontrolling interests in the Company’s consolidated financial statements in accordance with GAAP.

img226721374_1.jpg

 

Supplemental Report March 31, 2026 – 21

 

 

9

Net Asset Valuation Information

 

 

(in thousands)

 

 

 

REIT

 

 

FUND II 3

 

 

FUND III

 

 

FUND IV

 

 

FUND V

 

 

Other Co-Investment Vehicles 5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acadia Ownership Percentage

 

N/A

 

 

 

80.00

%

 

 

24.54

%

 

 

23.12

%

 

 

20.10

%

 

5% to 20%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Quarter NOI

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At Pro-Rata 1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Operating Income (loss) 2

 

$

41,815

 

 

N/A3

 

 

$

(11

)

 

$

657

 

 

$

4,204

 

 

$

4,938

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net operating income from properties sold or assets held for sale

 

 

—

 

 

N/A3

 

 

 

2

 

 

 

(153

)

 

 

(1,038

)

 

 

—

 

 

Net operating (loss) income from pre-stabilized assets, development and redevelopment projects 4

 

 

(1,527

)

 

N/A 3

 

 

 

9

 

 

 

(242

)

 

 

—

 

 

 

—

 

 

Net Operating Income of stabilized assets

 

$

40,288

 

 

N/A 3

 

 

$

—

 

 

$

262

 

 

$

3,166

 

 

$

4,938

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs to Date (Pro-Rata)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets held for sale

 

$

—

 

 

N/A 3

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

Pre-stabilized assets 4

 

 

1,032,481

 

 

N/A 3

 

 

 

—

 

 

 

12,875

 

 

 

—

 

 

 

—

 

 

Development and redevelopment projects 6

 

 

524,400

 

 

N/A 3

 

 

 

8,300

 

 

 

27,800

 

 

 

—

 

 

 

—

 

 

Total Costs to Date

 

$

1,556,881

 

 

N/A 3

 

 

$

8,300

 

 

$

40,675

 

 

$

—

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt (Pro-Rata)

 

$

1,189,962

 

 

$

103,642

 

 

$

—

 

 

$

23,165

 

 

$

94,378

 

 

$

154,253

 

 

 

_____________________________

1.
This Net Asset Valuation Information page shows Acadia’s pro-rata portion of the REIT and Investment Management Net Operating Income.
2.
Does not include a full quarter of NOI for any assets purchased during the current quarter. See Transactional Activity page in this Supplemental Report for descriptions of those acquisitions.
3.
Fund II has been substantially liquidated except for its investment in City Point. Amounts omitted as only remaining asset is City Point.
4.
Pre-stabilized assets consist of the following projects for REIT: Route 6 Mall, 664 N. Michigan Avenue, 651-671 West Diversey, Henderson Avenue, City Center, and 1801-03 Connecticut Ave; Fund II: City Point; Fund IV: 210 Bowery, 801 Madison, and 27 E 61st Street.
5.
Other Co-investment vehicles currently include the Company’s ownership interest in Shops at Grand Avenue, Walk at Highwoods Preserve, LINQ Promenade, Shops at Skyview, Pinewood Square, Avenue at West Cobb, and Atlantic Portfolio.
6.
Refer to Development and Redevelopment Activity page for projects.

 

 

img226721374_1.jpg

 

Supplemental Report March 31, 2026 – 22

 

Development and Redevelopment Activity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acadia's Pro-rata Share (in millions)

 

Property

 

AKR Pro-rata share

 

Location

 

Estimated Stabilization

 

Est. Sq ft Upon Completion

 

 

Costs incurred from development / redevelopment

 

 

Total Costs to Date 2

 

 

Estimated Future Range

 

 

Estimated Total Range

 

REIT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Development:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Henderson Avenue Expansion 1

 

100.0%

 

Dallas, TX

 

2027/2028

 

 

176,000

 

 

$

106.7

 

 

$

106.7

 

 

$

82.3

 

 

$

101.2

 

 

$

189.0

 

 

$

207.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Redevelopment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

555 9th Street

 

100.0%

 

San Francisco, CA

 

TBD

 

 

149,000

 

 

 

22.0

 

 

 

163.7

 

 

 

3.0

 

 

 

13.0

 

 

 

166.7

 

 

 

176.7

 

840 N. Michigan Avenue

 

94.4%

 

Chicago, IL

 

TBD

 

 

87,000

 

 

 

0.2

 

 

 

156.6

 

 

TBD

 

 

TBD

 

 

TBD

 

 

TBD

 

Brandywine Holdings

 

100.0%

 

Wilmington, DE

 

2026

 

 

138,000

 

 

 

4.1

 

 

 

28.1

 

 

 

6.0

 

 

 

8.0

 

 

 

34.1

 

 

 

36.1

 

Westshore Expressway

 

100.0%

 

Staten Island, NY

 

TBD

 

 

55,000

 

 

 

—

 

 

 

18.6

 

 

TBD

 

 

TBD

 

 

TBD

 

 

TBD

 

Mark Plaza

 

100.0%

 

Edwardsville, PA

 

TBD

 

 

107,000

 

 

 

—

 

 

 

3.7

 

 

TBD

 

 

TBD

 

 

TBD

 

 

TBD

 

Bedford Green

 

100.0%

 

Bedford Hills, NY

 

TBD

 

 

91,000

 

 

 

0.4

 

 

 

51.1

 

 

TBD

 

 

TBD

 

 

TBD

 

 

TBD

 

Total REIT Redevelopment

 

 

 

 

 

 

 

 

 

 

$

26.7

 

 

$

421.8

 

 

$

9.0

 

 

$

21.0

 

 

$

200.8

 

 

$

212.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total REIT Development and Redevelopment

 

 

 

 

 

 

 

 

 

 

$

133.4

 

 

$

528.5

 

 

$

91.3

 

 

$

122.2

 

 

$

389.8

 

 

$

420.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INVESTMENT MANAGEMENT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Development:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FUND III

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Broad Hollow Commons

 

24.5%

 

Farmingdale, NY

 

2026/2027

 

TBD

 

 

$

5.3

 

 

$

8.3

 

 

TBD

 

 

TBD

 

 

TBD

 

 

TBD

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Redevelopment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FUND IV

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

717 N. Michigan Avenue

 

23.1%

 

Chicago, IL

 

TBD

 

TBD

 

 

 

0.9

 

 

 

27.8

 

 

TBD

 

 

TBD

 

 

TBD

 

 

TBD

 

Total Investment Management Development and Redevelopment

 

 

 

 

 

 

 

 

 

 

$

6.2

 

 

$

36.1

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total REIT and Investment Management Development and Redevelopment

 

 

 

 

 

 

 

 

 

 

$

139.6

 

 

$

564.6

 

 

$

91.3

 

 

$

122.2

 

 

$

389.8

 

 

$

420.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

_____________________________

1.
The Company intends to partner with Ignite-Rebees DevCo LLC, and expects to retain a controlling 95% interest.
2.
Total costs includes the original acquisition cost of the asset. The Company is not currently capitalizing interest or carrying costs for those assets included in “Redevelopment” assets and “Fund III development” above.

img226721374_1.jpg

 

Supplemental Report March 31, 2026 – 23

 

Development and Redevelopment Activity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property

 

AKR Pro-rata share

 

Location

 

Estimated Stabilization

 

Est. Sq ft Upon Completion

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-Stabilized:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

210 Bowery (Fund IV)

 

23.1%

 

New York, NY

 

2026

 

 

2,538

 

 

 

 

 

 

 

 

 

 

 

 

 

801 Madison (Fund IV)

 

23.1%

 

New York, NY

 

2026

 

 

2,522

 

 

 

 

 

 

 

 

 

 

 

 

 

27 E 61st Street (Fund IV)

 

23.1%

 

New York, NY

 

2026

 

 

4,177

 

 

 

 

 

 

 

 

 

 

 

 

 

1035 Third Avenue (Fund IV)

 

23.1%

 

New York, NY

 

2026

 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

Henderson Avenue (REIT)

 

100.0%

 

Dallas, TX

 

2026/2027

 

 

62,000

 

 

 

 

 

 

 

 

 

 

 

 

 

City Center (REIT)

 

100.0%

 

San Francisco, CA

 

2026/2027

 

 

241,000

 

 

 

 

 

 

 

 

 

 

 

 

 

Route 6 Mall (REIT)

 

100.0%

 

Honesdale, PA

 

2026

 

 

154,000

 

 

 

 

 

 

 

 

 

 

 

 

 

City Point (Fund II)

 

80.0%

 

Brooklyn, NY

 

2026/2027

 

 

536,198

 

 

 

 

 

 

 

 

 

 

 

 

 

651-671 West Diversey (REIT)

 

100.0%

 

Chicago, IL

 

2026/2027

 

 

40,000

 

 

 

 

 

 

 

 

 

 

 

 

 

1801-03 Connecticut Avenue (REIT)

 

100.0%

 

Washington, D.C.

 

2027

 

 

10,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

img226721374_1.jpg

 

Supplemental Report March 31, 2026 – 24

 

 

 

Portfolio Debt – Summary

 

 

(in thousands)

 

 

 

Acadia Pro-Rata Share of Debt 2

 

 

 

REIT Portfolio

 

Investment Management

 

Total

Reconciliation to Consolidated Debt as Reported

Debt Type

 

Principal
Balance

 

WA Years
to
Maturity 6

 

Principal
Balance

 

WA Years
to
Maturity 6

 

Principal
Balance

 

WA Years
to
Maturity 6

 

Swap
Notional

 

Adjusted
Debt Total

 

Interest
Rate

 

Add:
Noncontrolling
Interest Share
of Debt 3

 

Less: Pro-rata
Share of
Unconsolidated
Debt 4

 

Acadia
Consolidated
Debt as
Reported

Fixed-Rate Debt 1

 

$267,347

 

2.7

 

$21,223

 

1.2

 

$288,570

 

2.6

 

$1,069,071

 

$1,357,641

 

 

 

$123,762

 

$(175,933)

 

$1,305,470

Variable-Rate Debt 5

 

922,615

 

2.8

 

354,215

 

2.2

 

1,276,830

 

2.6

 

(1,069,071)

 

207,759

 

 

 

204,736

 

(113,705)

 

298,790

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$1,189,962

 

2.7

 

$375,438

 

2.1

 

$1,565,400

 

2.6

 

$—

 

$1,565,400

 

4.5%

 

$328,498

 

$(289,638)

 

1,604,260

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unamortized premium

 

 

 

 

 

 

 

535

 

 

 

 

 

 

 

 

 

 

 

 

 

700

Net unamortized loan costs

 

 

 

 

 

 

 

(11,567)

 

 

 

 

 

 

 

 

 

 

 

 

 

(8,684)

Contingent loan obligation

 

 

 

 

 

 

 

4,411

 

 

 

 

 

 

 

 

 

 

 

 

 

—

Total

 

 

 

 

 

 

 

 

 

$1,558,779

 

 

 

 

 

 

 

 

 

 

 

 

 

$1,596,276

_____________________________

1.
Fixed-rate debt includes notional principal fixed through swap transactions. The interest rate includes the impact of swaps; refer to the Swap Interest Rate Summary page.
2.
Represents the Company's pro-rata share of debt based on its percent ownership.
3.
Represents the noncontrolling interest pro-rata share of consolidated partnership debt based on its percent ownership.
4.
Represents the Company's pro-rata share of unconsolidated partnership debt based on its percent ownership.
5.
Variable-rate debt includes certain borrowings that are subject to interest rate cap agreements.
6.
Based on debt maturity date without regard to available extension options.

img226721374_1.jpg

 

Supplemental Report March 31, 2026 – 25

 

Portfolio Debt – Detail

 

 

(in thousands)

 

 

 

 

 

 

Principal Balance at

 

Acadia's Pro-rata Share

 

Interest

 

 

 

Extension

Property

 

 

 

March 31, 2026

 

Percent

 

Amount

 

Rate

 

Maturity Date

 

Options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REIT PORTFOLIO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed-Rate Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

840 N. Michigan Avenue 2

 

 

 

$30,000

 

94.35%

 

$28,305

 

N/A

 

12/10/26

 

None

239 Greenwich Avenue

 

 

 

25,705

 

75.00%

 

19,279

 

4.00%

 

07/10/27

 

1x60 mos.

$20M Senior Note, Series A

 

 

 

20,000

 

100.00%

 

20,000

 

5.86%

 

08/21/27

 

None

Georgetown Portfolio (2008 Investment)

 

 

 

13,311

 

50.00%

 

6,656

 

4.72%

 

12/10/27

 

None

555 9th Street

 

 

 

55,000

 

100.00%

 

55,000

 

3.99%

 

01/01/28

 

1x24 mos.

State & Washington

 

 

 

19,777

 

100.00%

 

19,777

 

4.40%

 

09/05/28

 

None

$80M Senior Note, Series B

 

 

 

80,000

 

100.00%

 

80,000

 

5.94%

 

08/21/29

 

None

North & Kingsbury

 

 

 

9,328

 

100.00%

 

9,328

 

4.01%

 

11/05/29

 

None

151 N. State Street

 

 

 

11,336

 

100.00%

 

11,336

 

4.03%

 

12/01/29

 

None

Concord & Milwaukee

 

 

 

2,077

 

100.00%

 

2,077

 

4.40%

 

06/01/30

 

None

Gotham Plaza

 

 

 

28,000

 

49.00%

 

13,720

 

5.90%

 

10/05/34

 

None

California & Armitage

 

 

 

1,869

 

100.00%

 

1,869

 

5.89%

 

04/15/35

 

None

Sub-Total Fixed-Rate Debt

 

 

 

296,403

 

 

 

267,347

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Variable-Rate Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Georgetown Portfolio (2016 Investment)

 

 

 

102,000

 

68.01%

 

69,365

 

SOFR+1.55%

 

11/06/26

 

2x12 mos.

Revolving Credit Facility 3

 

 

 

91,500

 

100.00%

 

91,500

 

SOFR+1.25%

 

04/15/28

 

2x6 mos.

Term Loan A-1

 

 

 

400,000

 

100.00%

 

400,000

 

SOFR+1.40%

 

04/15/28

 

2x6 mos.

Crossroads Shopping Center

 

 

 

75,000

 

49.00%

 

36,750

 

SOFR+1.95%

 

11/04/29

 

2x12 mos.

Term Loan A-2

 

 

 

250,000

 

100.00%

 

250,000

 

SOFR+1.20%

 

05/29/30

 

None

$75 Million Term Loan

 

 

 

75,000

 

100.00%

 

75,000

 

SOFR+1.20%

 

07/25/30

 

None

Sub-Total Variable-Rate Debt

 

 

 

993,500

 

 

 

922,615

 

 

 

 

 

 

Total Debt - REIT Portfolio

 

 

 

$1,289,903

 

 

 

$1,189,962

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INVESTMENT MANAGEMENT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed-Rate Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tri-City Plaza

 

Fund V

 

$34,901

 

18.09%

 

$6,314

 

6.00%

 

04/18/26

 

None

650 Bald Hill Road

 

Fund IV

 

14,453

 

20.81%

 

3,007

 

3.75%

 

06/01/26

 

None

Shoppes at South Hills

 

Fund V

 

32,640

 

18.09%

 

5,905

 

5.95%

 

03/01/28

 

1x12 mos.

Broughton Street Portfolio

 

Fund IV

 

25,939

 

23.12%

 

5,997

 

5.62%

 

06/01/28

 

None

Sub-Total Fixed-Rate Debt

 

 

 

107,933

 

 

 

21,223

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Variable-Rate Debt 1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New Towne Center

 

Fund V

 

15,640

 

20.10%

 

3,144

 

SOFR+2.20%

 

05/01/26

 

None

Frederick County Square

 

Fund V

 

24,268

 

18.09%

 

4,390

 

SOFR+2.51%

 

05/01/26

 

None

Fairlane Green

 

Fund V

 

30,863

 

20.10%

 

6,204

 

SOFR+2.30%

 

06/05/26

 

None

Trussville Promenade

 

Fund V

 

27,656

 

20.10%

 

5,559

 

SOFR+2.30%

 

06/15/26

 

None

Cypress Creek

 

Fund V

 

32,200

 

20.10%

 

6,472

 

SOFR+2.80%

 

09/01/26

 

1x12 mos.

Monroe Marketplace

 

Fund V

 

25,300

 

20.10%

 

5,085

 

SOFR+2.76%

 

11/12/26

 

None

Maple Tree Place

 

Fund V

 

47,743

 

20.10%

 

9,596

 

SOFR+2.85%

 

02/14/27

 

2x12 mos.

Wood Ridge Plaza

 

Fund V

 

35,934

 

18.09%

 

6,500

 

SOFR+2.90%

 

03/21/27

 

None

La Frontera

 

Fund V

 

55,500

 

18.09%

 

10,040

 

SOFR+2.61%

 

06/10/27

 

None

Family Center at Riverdale

 

Fund V

 

37,594

 

17.97%

 

6,757

 

SOFR+2.46%

 

11/01/27

 

None

Lincoln Commons

 

Fund V

 

33,684

 

20.10%

 

6,770

 

SOFR+3.10%

 

11/25/27

 

None

LINQ Promenade

 

IMP

 

175,000

 

15.00%

 

26,250

 

SOFR+1.75%

 

12/12/27

 

1x24 mos.

Santa Fe Plaza

 

Fund V

 

22,893

 

20.10%

 

4,601

 

SOFR+2.10%

 

12/20/27

 

2x12 mos.

Mohawk Commons

 

Fund V

 

38,924

 

18.09%

 

7,041

 

SOFR+2.00%

 

03/01/28

 

None

City Point

 

Fund II

 

137,500

 

75.38%

 

103,642

 

SOFR+1.90%

 

08/01/28

 

1x12 mos.

The Walk at Highwoods Preserve

 

IMP

 

20,500

 

20.00%

 

4,100

 

SOFR+2.50%

 

10/25/28

 

1x12 mos.

Acadia Strategic Opportunity Fund IV Term Loan

 

Fund IV

 

61,250

 

23.12%

 

14,161

 

SOFR+1.20%

 

12/09/28

 

None

img226721374_1.jpg

 

Supplemental Report March 31, 2026 – 26

 

Portfolio Debt – Detail

 

 

(in thousands)

 

 

 

 

 

Principal Balance at

 

Acadia's Pro-rata Share

 

Interest

 

 

 

Extension

Property

 

 

 

March 31, 2026

 

Percent

 

Amount

 

Rate

 

Maturity Date

 

Options

Shops at Skyview

 

IMP

 

276,575

 

20.00%

 

55,315

 

SOFR+1.50%

 

01/09/29

 

2x12 mos.

Atlantic Portfolio

 

IMP

 

255,259

 

20.00%

 

51,052

 

SOFR+1.70%

 

02/25/29

 

2x12 mos.

Avenue at West Cobb

 

IMP

 

42,681

 

20.00%

 

8,536

 

SOFR+1.70%

 

02/25/29

 

2x12 mos.

Pinewood Square

 

IMP

 

45,000

 

20.00%

 

9,000

 

SOFR+1.72%

 

03/26/30

 

1x12 mos.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sub-Total Variable-Rate Debt

 

 

 

1,441,964

 

 

 

354,215

 

 

 

 

 

 

Total Debt - Investment Management

 

 

 

1,549,897

 

 

 

375,438

 

 

 

 

 

 

Total Debt - REIT Portfolio and Investment Management

 

 

 

$2,839,800

 

 

 

$1,565,400

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

_____________________________

1.
The Company has hedged a portion of its variable-rate debt with multiple variable to fixed-rate swap agreements which have various maturities (see Swap Interest Rate Summary of this Supplemental report which highlights the notional and fixed base rate). The indicated maturity for each loan reflects the contractual maturity date of the loan without regard to the expiration of the related swap agreements.
2.
The Company makes cash payments at a stated interest rate of 6.5% on the outstanding principal balance. Following the modification of the loan in December 2023, the effective interest rate for GAAP purposes is zero.
3.
The interest rate on the unsecured revolving credit facility excludes a 20-basis point facility fee.

 

img226721374_1.jpg

 

Supplemental Report March 31, 2026 – 27

 

 

Future Debt Maturities 1

 

 

(in thousands)

 

 

REIT Portfolio

 

Contractual Debt Maturities

 

Acadia's Pro-Rata Share

 

Weighted Average2

 

 

Scheduled

 

 

 

 

 

Scheduled

 

Fixed

 

Variable

 

 

 

Fixed-

 

Variable-

Year

 

Amortization

 

Maturities

 

Total

 

Amortization

 

Maturities

 

Maturities

 

Total

 

Rate Debt

 

Rate Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2026

 

$2,198

 

$132,000

 

$134,198

 

$1,914

 

$28,305

 

$69,365

 

$99,584

 

—

 

1.55%

2027

 

5,266

 

57,537

 

62,803

 

4,953

 

45,053

 

—

 

50,006

 

4.91%

 

N/A

2028

 

1,901

 

561,862

 

563,763

 

1,867

 

70,362

 

491,500

 

563,729

 

4.10%

 

1.37%

2029

 

1,886

 

171,337

 

173,223

 

1,538

 

97,086

 

36,383

 

135,007

 

5.55%

 

1.95%

2030

 

253

 

326,597

 

326,850

 

253

 

1,597

 

325,000

 

326,850

 

4.40%

 

1.20%

Thereafter

 

1,043

 

28,023

 

29,066

 

1,043

 

13,743

 

—

 

14,786

 

5.90%

 

N/A

Total

 

$12,547

 

$1,277,356

 

$1,289,903

 

$11,568

 

$256,146

 

$922,248

 

$1,189,962

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment Management

 

Contractual Debt Maturities

 

Acadia's Pro-Rata Share

 

Weighted Average2

 

 

Scheduled

 

 

 

 

 

Scheduled

 

Fixed

 

Variable

 

 

 

Fixed-

 

Variable-

Year

 

Amortization

 

Maturities

 

Total

 

Amortization

 

Maturities

 

Maturities

 

Total

 

Rate Debt

 

Rate Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2026

 

$2,636

 

$204,904

 

$207,540

 

$492

 

$9,298

 

$30,802

 

$40,592

 

5.27%

 

2.50%

2027

 

5,279

 

403,344

 

408,623

 

965

 

—

 

69,592

 

70,557

 

N/A

 

2.35%

2028

 

243

 

313,977

 

314,220

 

44

 

11,670

 

128,672

 

140,386

 

5.78%

 

1.85%

2029

 

—

 

574,514

 

574,514

 

—

 

—

 

114,903

 

114,903

 

N/A

 

1.60%

2030

 

—

 

45,000

 

45,000

 

—

 

—

 

9,000

 

9,000

 

N/A

 

1.72%

Thereafter

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

N/A

 

N/A

Total

 

$8,158

 

$1,541,739

 

$1,549,897

 

$1,501

 

$20,968

 

$352,969

 

$375,438

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

_____________________________

1.
Does not include any applicable extension options or subsequent refinancing.
2.
The amounts in the table reflect the all-in fixed rate for maturing debt with a fixed rate, and the spread above the applicable index (typically SOFR) on variable rate debt. The rate does not reflect the all-in rate for variable rate obligations. Refer to Swap Interest Rate Summary page for interest rate protection agreements that fix our variable rate debt.

 

 

img226721374_1.jpg

 

Supplemental Report March 31, 2026 – 28

 

 

Future Debt Maturities – As Extended 1

 

 

(in thousands)

 

REIT Portfolio

 

Extended Debt Maturities 1

 

Acadia's Pro-Rata Share

 

Weighted Average2

 

 

Scheduled

 

 

 

 

 

Scheduled

 

Fixed

 

Variable

 

 

 

Fixed-

 

Variable-

Year

 

Amortization

 

Maturities

 

Total

 

Amortization

 

Maturities

 

Maturities

 

Total

 

Rate Debt

 

Rate Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2026

 

$2,198

 

$30,000

 

$32,198

 

$1,914

 

$28,305

 

$—

 

$30,219

 

—

 

N/A

2027

 

5,266

 

32,401

 

37,667

 

4,953

 

26,201

 

—

 

31,154

 

5.58%

 

N/A

2028

 

1,901

 

119,862

 

121,763

 

1,867

 

17,862

 

69,365

 

89,094

 

4.40%

 

1.55%

2029

 

1,886

 

588,587

 

590,473

 

1,538

 

97,088

 

491,500

 

590,126

 

5.55%

 

1.37%

2030

 

253

 

379,097

 

379,350

 

253

 

54,097

 

325,000

 

379,350

 

4.00%

 

1.20%

Thereafter

 

1,043

 

127,409

 

128,452

 

1,043

 

32,593

 

36,383

 

70,019

 

4.85%

 

1.95%

Total

 

$12,547

 

$1,277,356

 

$1,289,903

 

$11,568

 

$256,146

 

$922,248

 

$1,189,962

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment Management

 

Extended Debt Maturities 1

 

Acadia's Pro-Rata Share

 

Weighted Average2

 

 

Scheduled

 

 

 

 

 

Scheduled

 

Fixed

 

Variable

 

 

 

Fixed-

 

Variable-

Year

 

Amortization

 

Maturities

 

Total

 

Amortization

 

Maturities

 

Maturities

 

Total

 

Rate Debt

 

Rate Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2026

 

$2,636

 

$172,704

 

$175,340

 

$492

 

$9,298

 

$24,330

 

$34,120

 

5.27%

 

2.42%

2027

 

5,279

 

189,908

 

195,187

 

965

 

—

 

35,615

 

36,580

 

N/A

 

2.76%

2028

 

243

 

124,618

 

124,861

 

44

 

5,997

 

20,932

 

26,973

 

5.62%

 

1.47%

2029

 

—

 

434,994

 

434,994

 

—

 

5,673

 

148,189

 

153,862

 

5.95%

 

1.96%

2030

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

N/A

 

N/A

Thereafter

 

—

 

619,515

 

619,515

 

—

 

—

 

123,903

 

123,903

 

N/A

 

1.61%

Total

 

$8,158

 

$1,541,739

 

$1,549,897

 

$1,501

 

$20,968

 

$352,969

 

$375,438

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

_____________________________

1.
Includes the effect of all available extension options (subject to customary conditions), excludes any subsequent refinancing.
2.
The amounts in the table reflect the all-in fixed rate for maturing debt with a fixed rate, and the spread above the applicable index (typically SOFR) on variable rate debt. The rate does not reflect the all-in rate for variable rate obligations. Refer to Swap Interest Rate Summary page for interest rate protection agreements that fix our variable rate debt.

 

img226721374_1.jpg

 

Supplemental Report March 31, 2026 – 29

 

 

Swap Interest Rate Summary 1

 

 

(in thousands)

 

 

Maturity

 

Acadia's Pro-rata
Notional Amount

 

Weighted Average
Fixed SOFR 2

April 2026

 

$11,020

 

2.9%

May 2026

 

3,144

 

3.5%

June 2026

 

6,191

 

1.2%

November 2026

 

73,517

 

3.9%

December 2026

 

5,964

 

4.3%

June 2027

 

5,020

 

3.4%

July 2027

 

125,000

 

2.1%

December 2027

 

110,050

 

2.6%

March 2028

 

57,039

 

3.2%

April 2028

 

75,000

 

3.3%

June 2028

 

50,000

 

2.9%

July 2028

 

25,000

 

3.4%

August 2028

 

50,000

 

3.4%

February 2029

 

50,000

 

1.4%

March 2029

 

59,588

 

3.3%

June 2029

 

25,000

 

0.5%

July 2029

 

25,000

 

0.1%

October 2029

 

4,100

 

4.6%

November 2029

 

36,750

 

3.8%

December 2029

 

87,688

 

3.4%

March 2030

 

9,000

 

3.8%

April 2030

 

50,000

 

3.1%

July 2030

 

125,000

 

2.7%

 

 

 

 

 

Total

 

$1,069,071

 

2.8%

 

_____________________________

1.
Includes the Company's pro-rata share of consolidated and unconsolidated interest rate swaps to hedge against interest variability on REIT and Investment Management debt.
2.
Represents the effective strike (fixed) rate on the swap, inclusive of the amortization of deferred gains/losses on terminated swaps, that the Company pays in exchange for receiving SOFR.

 

img226721374_1.jpg

 

Supplemental Report March 31, 2026 – 30

 

Core Portfolio Retail Properties – Detail 1

 

 

 

 

 

 

 

 

Year

 

Acadia's

 

Gross Leasable Area (GLA)

 

Economic Occupancy

 

Leased
Occupancy

 

Annualized
Base Rent

 

ABR

 

 

Property

 

Acquired

 

Interest

 

Street

 

Anchors

 

Shops

 

Total

 

Street

 

Anchors

 

Shops

 

Total

 

Total

 

(ABR)

 

PSF

 

Key Tenants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

STREET AND URBAN RETAIL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chicago Metro

 

 

 

 

 

 

 

 

 

 

 

`

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold Coast and North Michigan Ave Collection (7 properties)

 

2011
2012
2013

 

100.0%

 

57,577

 

—

 

—

 

57,577

 

95.1%

 

—%

 

—%

 

95.1%

 

95.1%

 

$11,234,469

 

$205.27

 

Kith, Lululemon, Reformation,
Veronica Beard, St. Laurent, Brandy Melville, Mango

Clark Street and W. Diversey
   Collection (4 properties)

 

2011
2012

 

100.0%

 

53,099

 

—

 

—

 

53,099

 

89.0%

 

—%

 

—%

 

89.0%

 

100.0%

 

2,268,513

 

47.98

 

Starbucks, TJ Maxx,
J Crew Factory, Trader Joe's, Sephora

Halsted and Armitage
   Collection (14 properties)

 

2011
2012
2019
2020
2026

 

100.0%

 

54,965

 

—

 

—

 

54,965

 

100.0%

 

—%

 

—%

 

100.0%

 

100.0%

 

3,428,491

 

62.38

 

Serena and Lily, Faherty,
Jenny Kayne, Warby Parker, Kiehl's, Solidcore,
Rails, Levain Bakery, Huckberry, Rothy's

North Lincoln Park Chicago
   Collection (6 properties)

 

2011
2014

 

100.0%

 

22,125

 

—

 

27,796

 

49,921

 

27.7 %

 

—%

 

77.6%

 

55.5%

 

100.0%

 

1,070,710

 

38.68

 

Guitar Center, Carhartt

State and Washington

 

2016

 

100.0%

 

65,401

 

—

 

—

 

65,401

 

100.0%

 

—%

 

—%

 

100.0%

 

100.0%

 

2,788,546

 

42.64

 

Nordstrom Rack, Uniqlo

151 N. State Street

 

2016

 

100.0%

 

27,385

 

—

 

—

 

27,385

 

100.0%

 

—%

 

—%

 

100.0%

 

100.0%

 

1,573,000

 

57.44

 

Walgreens

North and Kingsbury

 

2016

 

100.0%

 

41,791

 

—

 

—

 

41,791

 

100.0%

 

—%

 

—%

 

100.0%

 

100.0%

 

2,023,537

 

48.42

 

Old Navy, Backcountry

Concord and Milwaukee

 

2016

 

100.0%

 

13,147

 

—

 

—

 

13,147

 

100.0%

 

—%

 

—%

 

100.0%

 

100.0%

 

496,419

 

37.76

 

  —

California and Armitage

 

2016

 

100.0%

 

—

 

—

 

18,275

 

18,275

 

—%

 

—%

 

82.6%

 

82.6%

 

82.6%

 

768,999

 

50.96

 

  —

Roosevelt Galleria

 

2015

 

100.0%

 

—

 

—

 

37,995

 

37,995

 

—%

 

—%

 

89.7%

 

89.7%

 

89.7%

 

825,979

 

24.24

 

Petco, Vitamin Shoppe,
Dollar Tree

Sullivan Center

 

2016

 

100.0%

 

176,104

 

—

 

—

 

176,104

 

83.8%

 

—%

 

—%

 

83.8%

 

83.8%

 

5,542,997

 

37.55

 

Target

 

 

 

 

 

 

511,594

 

—

 

84,066

 

595,660

 

89.6%

 

—%

 

84.1%

 

88.8%

 

89.8%

 

$32,021,659

 

$60.51

 

 

New York Metro

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Soho and West Village Collection
   (19 properties)

 

2011
2014
2019
2020
2022
2024
2025

 

100.0%

 

69,643

 

—

 

—

 

69,643

 

88.0%

 

—%

 

—%

 

88.0%

 

93.0%

 

$20,979,385

 

$342.41

 

Reiss, Vuori, Zimmermann,
Madewell, John Varvatos
Watches of Switzerland, Frame, Theory,
Bang & Olufsen, Marine Layer, Faherty, Givenchy

Flatiron and Union Square Collection
   (3 properties)

 

2008
2013
2025

 

100.0%

 

23,781

 

—

 

—

 

23,781

 

100.0%

 

—%

 

—%

 

100.0%

 

100.0%

 

4,858,992

 

204.32

 

Nespresso, Dr. Martens

200 West 54th Street

 

2007

 

100.0%

 

5,932

 

—

 

—

 

5,932

 

98.8%

 

—%

 

—%

 

98.8%

 

98.8%

 

1,643,764

 

280.41

 

  —

4401 White Plains Road

 

2011

 

100.0%

 

—

 

12,964

 

—

 

12,964

 

—%

 

100.0%

 

—%

 

100.0%

 

100.0%

 

625,000

 

48.21

 

Walgreens

Bartow Avenue

 

2005

 

100.0%

 

—

 

—

 

14,824

 

14,824

 

—%

 

—%

 

100.0%

 

100.0%

 

100.0%

 

510,880

 

34.46

 

Wingstop

Greenwich and Westport Collection (4 properties)

 

1998
2012
2014

 

89.5%

 

39,593

 

—

 

—

 

39,593

 

100.0%

 

—%

 

—%

 

100.0%

 

100.0%

 

4,269,869

 

107.84

 

Veronica Beard, The RealReal,
Blue Mercury, Splendid, Swarovski, Watches of Switzerland

img226721374_1.jpg

 

Supplemental Report March 31, 2026 – 31

 

Core Portfolio Retail Properties – Detail 1

 

 

 

 

 

 

 

Year

 

Acadia's

 

Gross Leasable Area (GLA)

 

Economic Occupancy

 

Leased
Occupancy

 

Annualized
Base Rent

 

ABR

 

 

Property

 

Acquired

 

Interest

 

Street

 

Anchors

 

Shops

 

Total

 

Street

 

Anchors

 

Shops

 

Total

 

Total

 

(ABR)

 

PSF

 

Key Tenants

2914 Third Avenue

 

2006

 

100.0%

 

—

 

21,650

 

18,953

 

40,603

 

—%

 

100.0%

 

100.0%

 

100.0%

 

100.0%

 

1,148,294

 

28.28

 

Planet Fitness

313-315 Bowery 2

 

2013

 

100.0%

 

6,600

 

—

 

—

 

6,600

 

100.0%

 

—%

 

—%

 

100.0%

 

100.0%

 

527,076

 

79.86

 

John Varvatos

120 West Broadway

 

2013

 

100.0%

 

13,838

 

—

 

—

 

13,838

 

100.0%

 

—%

 

—%

 

100.0%

 

100.0%

 

2,544,217

 

183.86

 

Citizens Bank, Citi Bank

2520 Flatbush Avenue

 

2014

 

100.0%

 

—

 

—

 

29,114

 

29,114

 

—%

 

100%

 

100.0%

 

100.0%

 

100.0%

 

1,297,818

 

44.58

 

Bob's Discount Furniture, Capital One

Williamsburg Bedford Avenue Collection 3

 

2022

 

100.0%

 

50,842

 

—

 

—

 

50,842

 

100.0%

 

—%

 

—

 

100.0%

 

100.0%

 

5,860,061

 

115.26

 

Sephora, SweetGreen, Levain Bakery, Alo Yoga

Williamsburg North 6th Collection 3
(7 properties)

 

2024
2025

 

100.0%

 

56,015

 

—

 

—

 

56,015

 

95.8%

 

—%

 

—

 

95.8%

 

100.0%

 

7,764,266

 

144.68

 

Lululemon, Madewell, On Running, Abercrombie and Fitch, Birkenstock, Patagonia

991 Madison Avenue

 

2016

 

100.0%

 

6,919

 

—

 

—

 

6,919

 

100.0%

 

—%

 

—%

 

100.0%

 

100.0%

 

3,790,095

 

547.78

 

Vera Wang, Gabriela Hearst

1045 Madison Avenue

 

2026

 

100.0%

 

3,475

 

—

 

—

 

3,475

 

100.0%

 

—%

 

—%

 

100.0%

 

100.0%

 

648,000

 

186.47

 

Le Labo (Estee Lauder)

1165 Madison Avenue

 

2026

 

100.0%

 

4,399

 

—

 

—

 

4,399

 

100.0%

 

—%

 

—%

 

100.0%

 

100.0%

 

1,364,025

 

310.08

 

Todd Snyder, Swarovski

Gotham Plaza

 

2016

 

49.0 %

 

—

 

—

 

25,931

 

25,931

 

—%

 

—%

 

75.4%

 

75.4%

 

75.4%

 

1,672,236

 

85.48

 

Bank of America,
Footlocker, Apple Bank

 

 

 

 

 

 

281,037

 

34,614

 

88,822

 

404,473

 

96.2%

 

100.0 %

 

92.8 %

 

95.8%

 

97.2%

 

$59,503,979

 

$153.63

 

 

Los Angeles Metro

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8833 Beverly Blvd

 

2022

 

97.0 %

 

9,757

 

—

 

—

 

9,757

 

100.0%

 

—%

 

—%

 

100.0%

 

100.0%

 

$1,390,888

 

$142.55

 

Luxury Living

Melrose Place Collection

 

2019

 

100.0 %

 

14,000

 

—

 

—

 

14,000

 

100.0%

 

—%

 

—%

 

100.0%

 

100.0%

 

3,241,818

 

231.56

 

The Row, Chloe,
Oscar de la Renta

 

 

 

 

 

 

23,757

 

—

 

—

 

23,757

 

100.0%

 

—%

 

—%

 

100.0%

 

100.0%

 

$4,632,706

 

$195.00

 

 

District of Columbia Metro

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1739-53 Connecticut Avenue

 

2012

 

100.0 %

 

11,617

 

—

 

—

 

11,617

 

38.9%

 

—%

 

—%

 

38.9%

 

38.9%

 

$318,967

 

$70.61

 

TD Bank

14th Street Collection (3 properties)

 

2021

 

100.0 %

 

19,077

 

—

 

—

 

19,077

 

76.4%

 

—%

 

—%

 

76.4%

 

76.4%

 

1,401,047

 

96.11

 

Verizon, Long and Foster, VSV Wine Bar, Tile Bar

Rhode Island Place
   Shopping Center

 

2012

 

100.0 %

 

—

 

25,134

 

88,704

 

113,838

 

—%

 

100.0%

 

95.8%

 

96.7%

 

100.0%

 

2,625,967

 

23.85

 

Ross Dress for Less, Giant (Ahold), TD Bank

M Street and Wisconsin Corridor
   (28 Properties) 4

 

2011
2016
2019

 

68.0 %

 

263,112

 

—

 

—

 

263,112

 

93.4%

 

—%

 

—%

 

93.4%

 

95.4%

 

19,284,612

 

78.44

 

Lululemon, Duxiana, Reformation, Swarovski,
Alo Yoga, Aritzia, Skims, J Crew, Google, Tesla

 

 

 

 

 

 

293,806

 

25,134

 

88,704

 

407,644

 

90.2%

 

100.0%

 

95.8%

 

92.0%

 

94.2%

 

$23,630,593

 

$63.01

 

 

Boston Metro

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

165 Newbury Street

 

2016

 

100.0 %

 

1,051

 

—

 

—

 

1,051

 

—

 

—%

 

—%

 

—

 

100.0%

 

$-

 

$-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dallas Metro

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Henderson Avenue Portfolio
(7 properties)

 

2022
2024
2025

 

100.0 %

 

27,887

 

31,635

 

—

 

59,522

 

68.7%

 

100.0%

 

—%

 

85.3%

 

85.3%

 

$1,630,734

 

$32.11

 

Sprouts Farmers Market,
Warby Parker, Tecovas

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

img226721374_1.jpg

 

Supplemental Report March 31, 2026 – 32

 

Core Portfolio Retail Properties – Detail 1

 

 

 

 

 

 

 

Year

 

Acadia's

 

Gross Leasable Area (GLA)

 

Economic Occupancy

 

Leased
Occupancy

 

Annualized
Base Rent

 

ABR

 

 

Property

 

Acquired

 

Interest

 

Street

 

Anchors

 

Shops

 

Total

 

Street

 

Anchors

 

Shops

 

Total

 

Total

 

(ABR)

 

PSF

 

Key Tenants

South Florida Metro

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

225 Worth Avenue

 

2026

 

100.0%

 

10,118

 

—

 

—

 

10,118

 

100.0%

 

—%

 

—%

 

100.0%

 

100.0%

 

$1,920,627

 

$189.82

 

Gucci, J McLaughlin, G/FORE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Street and Urban Retail

 

 

 

 

 

1,149,250

 

91,383

 

261,592

 

1,502,225

 

91.1%

 

100.0%

 

91.0%

 

91.6%

 

93.1%

 

$123,340,298

 

$89.63

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acadia Share Total Street and Urban Retail

 

 

 

 

 

1,060,641

 

91,383

 

248,367

 

1,400,392

 

90.9%

 

100.0%

 

91.9%

 

91.7%

 

93.1%

 

$115,935,874

 

$90.31

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUBURBAN PROPERTIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New Jersey

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Elmwood Park Shopping Center

 

1998

 

100.0 %

 

—

 

43,531

 

100,457

 

143,988

 

—%

 

100.0%

 

89.4%

 

92.6%

 

97.8%

 

$3,489,390

 

$26.17

 

Walgreens, Lidl,
Chase Bank, City MD, Five Below

Marketplace of Absecon

 

1998

 

100.0 %

 

—

 

24,504

 

79,133

 

103,637

 

—%

 

53.9%

 

86.8%

 

79.0%

 

79.0%

 

1,610,074

 

19.66

 

Walgreens, Dollar Tree, Aldi

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New York

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Village Commons
Shopping Center

 

1998

 

100.0 %

 

—

 

—

 

87,239

 

87,239

 

—%

 

—%

 

88.7%

 

88.7%

 

92.6%

 

2,782,704

 

35.96

 

Citibank, Ace Hardware

Branch Plaza

 

1998

 

100.0 %

 

—

 

76,264

 

47,081

 

123,345

 

—%

 

73.5%

 

89.9%

 

79.7%

 

96.1%

 

2,824,731

 

28.72

 

LA Fitness

Amboy Center

 

2005

 

100.0 %

 

—

 

37,266

 

26,106

 

63,372

 

—%

 

100.0%

 

80.8%

 

92.1%

 

92.1%

 

2,132,557

 

36.53

 

Stop & Shop (Ahold)

Crossroads Shopping Center

 

1998

 

49.0 %

 

—

 

202,727

 

108,801

 

311,528

 

—%

 

100.0%

 

92.9%

 

97.5%

 

97.5%

 

10,207,458

 

33.60

 

HomeGoods, PetSmart,
BJ's Wholesale Club, O'Reilly Auto Parts

New Loudon Center

 

1993

 

100.0 %

 

—

 

241,746

 

16,643

 

258,389

 

—%

 

95.0%

 

100.0%

 

95.3%

 

95.3%

 

2,378,407

 

9.66

 

Price Chopper, Marshalls

28 Jericho Turnpike

 

2012

 

100.0 %

 

—

 

96,363

 

—

 

96,363

 

—%

 

100.0%

 

—%

 

100.0%

 

100.0%

 

1,996,500

 

20.72

 

Kohl's

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Connecticut

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Town Line Plaza 5

 

1998

 

100.0 %

 

—

 

163,159

 

43,187

 

206,346

 

—%

 

100.0%

 

93.1%

 

98.5%

 

98.5%

 

1,676,450

 

15.81

 

Wal-Mart,
Stop & Shop (Ahold)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Massachusetts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Methuen Shopping Center

 

1998

 

100.0 %

 

—

 

120,004

 

10,017

 

130,021

 

—%

 

100.0%

 

56.3%

 

96.6%

 

96.6%

 

1,390,578

 

11.07

 

Wal-Mart, Market Basket

Crescent Plaza

 

1993

 

100.0 %

 

—

 

156,985

 

61,017

 

218,002

 

—%

 

100.0%

 

100.0%

 

100.0%

 

100.0%

 

2,289,321

 

10.50

 

Home Depot, Shaw's (Albertsons)

201 Needham Street

 

2014

 

100.0 %

 

—

 

20,409

 

—

 

20,409

 

—%

 

100.0%

 

—%

 

100.0%

 

100.0%

 

711,662

 

34.87

 

Michael's

163 Highland Avenue

 

2015

 

100.0 %

 

—

 

40,505

 

—

 

40,505

 

—%

 

100.0%

 

100.0%

 

100.0%

 

100.0%

 

1,675,657

 

41.37

 

Staples, Petco

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vermont

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Gateway Shopping Center

 

1999

 

100.0 %

 

—

 

73,184

 

29,670

 

102,854

 

—%

 

100.0%

 

88.6%

 

96.7%

 

98.2%

 

2,309,789

 

23.22

 

Shaw's (Albertsons),
Starbucks

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Illinois

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hobson West Plaza

 

1998

 

100.0 %

 

—

 

51,692

 

47,281

 

98,973

 

—%

 

100.0%

 

63.8%

 

82.7 %

 

84.0%

 

1,084,043

 

13.24

 

Garden Fresh Markets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

img226721374_1.jpg

 

Supplemental Report March 31, 2026 – 33

 

Core Portfolio Retail Properties – Detail 1

 

 

 

 

 

 

 

Year

 

Acadia's

 

Gross Leasable Area (GLA)

 

Economic Occupancy

 

Leased
Occupancy

 

Annualized
Base Rent

 

ABR

 

 

Property

 

Acquired

 

Interest

 

Street

 

Anchors

 

Shops

 

Total

 

Street

 

Anchors

 

Shops

 

Total

 

Total

 

(ABR)

 

PSF

 

Key Tenants

Indiana

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Merrillville Plaza

 

1998

 

100.0 %

 

—

 

123,144

 

112,782

 

235,926

 

—%

 

78.9%

 

87.1%

 

82.8 %

 

84.3%

 

2,966,193

 

15.18

 

Dollar Tree, TJ Maxx,
DD's Discount (Ross)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Michigan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bloomfield Town Square

 

1998

 

100.0 %

 

—

 

153,332

 

81,619

 

234,951

 

—%

 

100.0%

 

100.0%

 

100.0 %

 

100.0%

 

4,527,873

 

19.27

 

HomeGoods, TJ Maxx,
Dick's Sporting Goods, Burlington

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Delaware

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Town Center and Other
(1 property)

 

2003

 

100.0 %

 

—

 

707,988

 

21,891

 

729,879

 

—%

 

100.0%

 

45.3%

 

98.4 %

 

98.4%

 

12,873,687

 

17.93

 

Lowes, Dick's
Sporting Goods, Target, Crunch Fitness

Market Square Shopping Center

 

2003

 

100.0 %

 

—

 

42,850

 

59,197

 

102,047

 

—%

 

100.0%

 

100.0%

 

100.0%

 

100.0%

 

3,533,495

 

34.63

 

Trader Joe's, TJ Maxx

Naamans Road

 

2006

 

100.0 %

 

—

 

—

 

19,865

 

19,865

 

—%

 

—%

 

100.0%

 

100.0 %

 

100.0%

 

920,134

 

46.32

 

Jared Jewelers, American Red Cross

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pennsylvania

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plaza 422

 

1993

 

100.0 %

 

—

 

139,968

 

16,311

 

156,279

 

—%

 

100.0%

 

100.0%

 

100.0%

 

100.0%

 

971,975

 

6.22

 

Home Depot

Chestnut Hill

 

2006

 

100.0 %

 

—

 

—

 

36,492

 

36,492

 

—%

 

—%

 

79.2%

 

79.2%

 

79.2%

 

770,672

 

26.67

 

  —

Abington Towne Center 6

 

1998

 

100.0 %

 

—

 

184,616

 

32,255

 

216,871

 

—%

 

100.0%

 

100.0%

 

100.0%

 

100.0%

 

1,422,163

 

24.00

 

Target, TJ Maxx

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Suburban Properties

 

 

 

 

 

—

 

2,700,237

 

1,037,044

 

3,737,281

 

—%

 

97.4 %

 

89.3 %

 

95.2 %

 

96.2 %

 

$66,545,513

 

$20.15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acadia Share Total Suburban Properties

 

 

 

 

 

—

 

2,596,846

 

981,555

 

3,578,402

 

—%

 

97.3%

 

89.1%

 

95.1%

 

96.1%

 

$61,339,710

 

$19.49

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total REIT Properties

 

 

 

 

 

1,149,250

 

2,791,620

 

1,298,636

 

5,239,506

 

91.1%

 

97.5%

 

89.7%

 

94.2%

 

95.3%

 

$189,885,811

 

$40.59

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acadia Share Total REIT Properties

 

 

 

 

 

1,060,641

 

2,688,229

 

1,229,923

 

4,978,793

 

90.9%

 

97.4%

 

89.7%

 

94.1%

 

95.3%

 

$177,275,583

 

$40.01

 

 

 

 

_____________________________

1.
Excludes properties that are under development, redevelopment or pre-stabilized. For further detail, refer to the Development and Redevelopment Activity section of this Supplemental Report. The above economic occupancy and rent figures reflects only retail spaces where leases have commenced. Leased occupancy includes both economic leases and signed leases that have not yet commenced. ABR and ABR per square foot are based solely on economic occupancy.
2.
Represents the annual base rent paid to Acadia pursuant to a master lease and does not reflect the rent paid by the retail tenants at the property.
3.
The Company’s stated legal ownership is 49.99%. However, given the preferences embedded in its interests, the Company did not attribute any value to the 50.01% noncontrolling interest holders.
4.
Excludes 94,000 square feet of office GLA.
5.
Anchor GLA includes a 97,300 square foot Wal-Mart store which is not owned by the Company. This square footage has been excluded from ABR per square footage calculations.
6.
Anchor GLA includes a 157,616 square foot Target store which is not owned by the Company. This square footage has been excluded from ABR per square footage calculations.

 

img226721374_1.jpg

 

Supplemental Report March 31, 2026 – 34

 

 

 

REIT Portfolio – Top Tenants 1

 

(Pro-Rata Basis)

 

 

 

 

Number of

 

Combined

 

Percentage of Total 2

Tenant

 

Stores

 

GLA

 

ABR

 

GLA

 

ABR

 

 

 

 

 

 

 

 

 

 

 

Target

 

3

 

408,895

 

$8,344,905

 

6.7 %

 

4.5%

J. Crew Group 3

 

6

 

34,902

 

5,825,185

 

0.6 %

 

3.1%

Lululemon

 

3

 

22,589

 

4,631,384

 

0.4 %

 

2.5%

Dick's Sporting Goods, Inc 4

 

3

 

152,404

 

3,187,051

 

2.5 %

 

1.7%

TJX Companies 5

 

9

 

252,043

 

3,175,304

 

4.1 %

 

1.7%

PetSmart, Inc.

 

4

 

76,257

 

2,934,201

 

1.3 %

 

1.6%

Walgreens

 

4

 

68,393

 

2,887,312

 

1.1 %

 

1.5%

Trader Joe's

 

3

 

42,257

 

2,628,360

 

0.7 %

 

1.4%

Fast Retailing 6

 

2

 

32,013

 

2,579,274

 

0.5 %

 

1.4%

ALO Yoga

 

2

 

22,566

 

2,537,129

 

0.4 %

 

1.4%

Kering 7

 

2

 

9,644

 

2,361,012

 

0.2 %

 

1.3%

LVMH 8

 

5

 

12,669

 

2,167,152

 

0.2 %

 

1.2%

Royal Ahold 9

 

3

 

156,361

 

2,085,488

 

2.6 %

 

1.1%

Albertsons Companies, Inc. 10

 

2

 

123,409

 

2,061,142

 

2.0 %

 

1.1%

Bob's Discount Furniture

 

2

 

68,793

 

2,027,670

 

1.1 %

 

1.1%

Richemont 11

 

3

 

6,839

 

1,830,120

 

0.1 %

 

1.0%

Watches of Switzerland 12

 

2

 

13,863

 

1,809,177

 

0.2 %

 

1.0%

Patagonia

 

2

 

15,526

 

1,690,062

 

0.3 %

 

0.9%

Faherty

 

4

 

10,255

 

1,625,065

 

0.2 %

 

0.9%

Gap, Inc. 13

 

3

 

43,986

 

1,576,339

 

0.7 %

 

0.8%

TOTAL

 

67

 

1,573,664

 

$57,963,332

 

25.9%

 

31.2%

 

 

 

 

 

 

 

 

 

 

 

 

_____________________________

1.
In accordance with the Company's policy of not disclosing the terms of individual leases, this list does not include tenants that operate at only one location. The following tenants with single locations that would otherwise be included in our top 20 tenants are: Vuori (106 Spring Street), Nespresso (85 5th Avenue), Mango (664 N. Michigan Avenue), Lowe's (Town Center), Kohl's (28 Jericho Turnpike), Bang & Olufsen (121 Spring Street), and Vera Wang (991 Madison Avenue).
2.
Totals may not foot due to rounding.
3.
Madewell (4 locations), J.Crew Factory (1 location), J. Crew (1 location)
4.
Dick’s Sporting Goods (2 locations), Foot Locker (1 location)
5.
TJ Maxx (6 locations), HomeGoods (2 locations), Marshalls (1 location)
6.
Uniqlo (1 location), Theory (1 location)
7.
Yves Saint Laurent (1 location), Gucci (1 location)
8.
Sephora (2 locations), Lip Lab (2 locations), Givenchy (1 location)
9.
Stop and Shop (2 locations), Giant (1 location)
10.
Shaw’s (2 locations)
11.
Watchfinder (1 location), Chloe (1 location), G/FORE (1 location)
12.
Grand Seiko (1 location), Betteridge Jewelers (1 location)
13.
Old Navy (3 locations)

 

img226721374_1.jpg

 

Supplemental Report March 31, 2026 – 35

 

 

 

REIT Portfolio – Lease Expirations

 

 

(Pro-Rata Basis)

 

 

 

 

Street Tenants

 

Anchor Tenants

 

 

 

 

GLA

 

ABR

 

 

 

GLA

 

ABR

 

 

Leases

 

Expiring

 

Percent

 

 

 

Percent

 

Leases

 

Expiring

 

Percent

 

 

 

Percent

Year

 

Expiring

 

SF

 

of Total

 

PSF

 

of Total

 

Expiring

 

SF

 

of Total

 

PSF

 

of Total

M to M 1

 

1

 

4,054

 

0.4%

 

$84.66

 

0.3%

 

—

 

—

 

—%

 

$—

 

—%

2026

 

27

 

70,624

 

7.3%

 

141.39

 

9.4%

 

6

 

287,784

 

12.2%

 

13.37

 

10.3%

2027

 

27

 

80,204

 

8.3%

 

104.85

 

7.9%

 

3

 

95,838

 

4.1%

 

17.81

 

4.6%

2028

 

22

 

248,171

 

25.7%

 

62.44

 

14.6%

 

10

 

477,731

 

20.2%

 

12.35

 

15.8%

2029

 

23

 

65,907

 

6.8%

 

123.77

 

7.7%

 

14

 

505,783

 

21.4%

 

15.50

 

20.9%

2030

 

26

 

111,042

 

11.5%

 

104.66

 

11.0%

 

5

 

177,026

 

7.5%

 

24.70

 

11.7%

2031

 

9

 

50,844

 

5.3%

 

103.69

 

5.0%

 

7

 

232,766

 

9.8%

 

12.58

 

7.8%

2032

 

16

 

67,287

 

7.0%

 

166.29

 

10.6%

 

1

 

12,250

 

0.5%

 

21.96

 

0.7%

2033

 

27

 

95,971

 

10.0%

 

132.73

 

12.0%

 

1

 

28,881

 

1.2%

 

14.50

 

1.1%

2034

 

12

 

38,363

 

4.0%

 

168.11

 

6.1%

 

1

 

21,804

 

0.9%

 

11.25

 

0.7%

2035

 

16

 

65,233

 

6.8%

 

129.23

 

8.0%

 

4

 

276,160

 

11.7%

 

16.02

 

11.8%

Thereafter

 

12

 

66,458

 

6.9%

 

118.53

 

7.4%

 

7

 

247,563

 

10.5%

 

22.23

 

14.7%

Total 2

 

218

 

964,157

 

100.0%

 

$109.91

 

100.0%

 

59

 

2,363,586

 

100.0%

 

$15.85

 

100.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Anchor GLA Owned by Tenants

 

—

 

 

 

 

 

 

 

 

 

254,916

 

 

 

 

 

 

Total Vacant 2

 

96,484

 

 

 

 

 

 

 

 

 

69,727

 

 

 

 

 

 

Total Square Feet 2

 

1,060,641

 

 

 

 

 

 

 

 

 

2,688,229

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shop Tenants

 

Total Tenants

 

 

 

 

GLA

 

ABR

 

 

 

GLA

 

ABR

 

 

Leases

 

Expiring

 

Percent

 

 

 

Percent

 

Leases

 

Expiring

 

Percent

 

 

 

Percent

Year

 

Expiring

 

SF

 

of Total

 

PSF

 

of Total

 

Expiring

 

SF

 

of Total

 

PSF

 

of Total

M to M 1

 

2

 

6,380

 

0.6%

 

$49.52

 

0.9%

 

3

 

10,434

 

0.2%

 

$63.17

 

0.4%

2026

 

26

 

83,756

 

7.6%

 

26.45

 

6.5%

 

59

 

442,164

 

10.0%

 

36.29

 

9.1%

2027

 

36

 

139,749

 

12.7%

 

33.94

 

14.0%

 

66

 

315,791

 

7.1%

 

47.06

 

8.4%

2028

 

37

 

147,534

 

13.4%

 

35.76

 

15.6%

 

69

 

873,436

 

19.7%

 

30.54

 

15.0%

2029

 

30

 

121,926

 

11.1%

 

27.37

 

9.9%

 

67

 

693,615

 

15.7%

 

27.88

 

10.9%

2030

 

29

 

82,443

 

7.5%

 

37.34

 

9.1%

 

60

 

370,512

 

8.4%

 

51.47

 

10.8%

2031

 

19

 

95,684

 

8.7%

 

29.62

 

8.4%

 

35

 

379,294

 

8.6%

 

29.10

 

6.2%

2032

 

26

 

98,214

 

8.9%

 

33.35

 

9.7%

 

43

 

177,751

 

4.0%

 

82.89

 

8.3%

2033

 

22

 

87,328

 

7.9%

 

32.56

 

8.4%

 

50

 

212,180

 

4.8%

 

75.41

 

9.0%

2034

 

8

 

29,113

 

2.6%

 

28.60

 

2.5%

 

21

 

89,280

 

2.0%

 

84.31

 

4.2%

2035

 

21

 

105,181

 

9.5%

 

24.52

 

7.6%

 

41

 

446,574

 

10.1%

 

34.56

 

8.7%

Thereafter

 

18

 

105,872

 

9.6%

 

23.80

 

7.4%

 

37

 

419,893

 

9.5%

 

37.86

 

9.0%

Total 2

 

274

 

1,103,180

 

100.0%

 

$30.69

 

100.0%

 

551

 

4,430,924

 

100.0%

 

$40.01

 

100.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Anchor GLA Owned by Tenants

 

—

 

 

 

 

 

 

 

 

 

254,916

 

 

 

 

 

 

Total Vacant 2

 

126,743

 

 

 

 

 

 

 

 

 

292,954

 

 

 

 

 

 

Total Square Feet 2

 

1,229,923

 

 

 

 

 

 

 

 

 

4,978,793

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

_____________________________

1.
Leases currently under month to month or in process of renewal.
2.
Totals may not foot due to rounding.

img226721374_1.jpg

 

Supplemental Report March 31, 2026 – 36

 

 

 

Fund Overview

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

I. KEY METRICS

 

 

Fund II

 

Fund III

 

Fund IV

 

Fund V

 

Total

General Information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vintage

 

 

 

Jun-2004

 

 

May-2007

 

 

May-2012

 

 

Aug-2016

 

 

 

Fund Size

 

 

$

 

472.0

 

 Million 2

 

$

 

502.5

 

 Million

 

$

 

540.6

 

 Million

 

$

 

520.0

 

 Million

 

$

 

2,035.1

 

 Million

Acadia's Commitment

 

 

$

 

291.2

 

 Million

 

$

 

123.3

 

 Million

 

$

 

125.0

 

 Million

 

$

 

104.5

 

 Million

 

$

 

644.0

 

 Million

Acadia's Pro-Rata Share

 

 

 

 

80.0

 

% 3

 

 

 

 

24.5

 

%

 

 

 

 

23.1

 

%

 

 

 

 

20.1

 

%

 

 

 

 

31.6

 

%

 

Acadia's Promoted Share 1

 

 

 

 

84.0

 

%

 

 

 

 

39.6

 

%

 

 

 

 

38.5

 

%

 

 

 

 

36.1

 

%

 

 

 

 

45.3

 

%

 

Preferred Return

 

 

 

 

8.0

 

%

 

 

 

 

6.0

 

%

 

 

 

 

6.0

 

%

 

 

 

 

6.0

 

%

 

 

 

6.4

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current-Quarter, Fund-Level Information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative Contributions

 

 

$

 

559.4

 

 Million 2

 

$

 

449.2

 

 Million

 

$

 

506.0

 

 Million

 

$

 

491.3

 

 Million

 

$

 

2,005.9

 

 Million

Cumulative Net Distributions 3

 

 

$

 

172.9

 

 Million

 

$

 

616.3

 

 Million

 

$

 

221.4

 

 Million

 

$

 

391.1

 

 Million

 

$

 

1,401.7

 

 Million

Net Distributions/Contributions

 

 

 

 

30.9

 

%

 

 

 

 

137.2

 

%

 

 

 

 

43.8

 

%

 

 

 

 

79.6

 

%

 

 

 

 

69.9

 

%

 

Unfunded Commitment 4

 

 

$

 

0.0

 

 Million

 

$

 

0.8

 

 Million

 

$

 

24.0

 

 Million

 

$

 

28.7

 

 Million

 

$

 

53.5

 

 Million

Investment Period Closes

 

 

 

Closed

 

 

 

 

 

Closed

 

 

 

 

 

Closed

 

 

 

 

 

Closed

 

 

 

 

 

 

 

 

 

Currently in a Promote Position? (Yes/No)

 

 

 

No

 

 

 

 

 

Yes

 

 

 

 

 

No

 

 

 

 

 

No

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

II. FEES & PRIORITY DISTRIBUTIONS EARNED BY ACADIA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Type:

 

 

 

Applicable to

 

 

Description

Asset Management

 

 

 

Fund II & III

 

 

0%

Asset Management 5

 

 

 

Fund IV

 

 

0.75% of Implied Capital

Asset Management 5

 

 

 

Fund V

 

 

1.25% of Implied Capital

Property Management

 

 

 

All funds

 

 

4.0% of gross property revenues

Leasing

 

 

 

All funds

 

 

Market-rate leasing commissions

Construction/Project Management

 

 

 

All funds

 

 

Market-rate fees

Development

 

 

 

Fund III, IV & V

 

 

3.0% of total project costs

 

_____________________________

1.
Acadia’s “Promoted Share” reflects Acadia's share of fund profits after all partners (including Acadia) have received a full return of their cumulative contributions plus their preferred return. Acadia's Promoted Share equals a 20% promote plus Acadia's pro-rata share of the remaining 80% of profits.
2.
The additional contributions to Fund II beyond its original Fund Size reflects prior-period distributions that were re-contributed in 2016, 2020, 2021 and 2022. These funds supported the on-going redevelopment of existing Fund II investments and included an incremental $172 million of capital contributed in connection with the City Point recapitalization. City Point is the sole remaining asset in Fund II.
3.
All returns and distributions referenced are presented net of fees and promote.
4.
Unfunded Commitments are reserved for completing leasing and development activities at existing fund investments. These amounts may not equal the difference between Fund Size and Cumulative Contributions due to factors such as recallable distributions, the end of the investment period, or accelerated asset sales that result in released commitments.
5.
Implied Capital refers to the Fund Size less capital allocated to investments that have been sold or released.

img226721374_1.jpg

 

 Supplemental Report March 31, 2026 – 37

 

Investment Management Retail Properties – Detail 1

 

 

 

 

 

 

 

 

 

Year

 

 

 

Gross Leasable Area

 

Economic Occupancy

 

Leased

 

Annualized

 

 

 

 

Property

 

 

Acquired

 

Ownership %

 

Street

 

Anchors

 

Shops

 

Total

 

Street

 

Anchors

 

Shops

 

Total

 

Occupancy

 

Base Rent (ABR)

 

ABR PSF

 

Key Tenants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fund II Portfolio Detail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NEW YORK

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New York

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

City Point 2

 

 

2007

 

94.2%

 

—

 

330,448

 

198,924

 

529,372

 

—%

 

100.0%

 

48.7%

 

80.7%

 

88.0%

 

$21,321,023

 

$49.89

 

Primark, Target, Sephora,
Basis Schools, Warby Parker, Just Salad
Alamo Drafthouse,
Trader Joe's, Lululemon

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total - Fund II

 

 

 

 

 

 

—

 

330,448

 

198,924

 

529,372

 

—%

 

100.0%

 

48.7%

 

80.7%

 

88.0%

 

$21,321,023

 

$49.89

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fund IV Portfolio Detail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NEW YORK

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New York

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

801 Madison Avenue

 

 

2015

 

100.0%

 

2,522

 

—

 

—

 

2,522

 

—%

 

—%

 

—%

 

—%

 

—%

 

$-

 

$-

 

─

210 Bowery

 

 

2012

 

100.0%

 

2,538

 

—

 

—

 

2,538

 

—%

 

—%

 

—%

 

—%

 

—%

 

—

 

—

 

─

27 East 61st Street

 

 

2014

 

100.0%

 

4,177

 

—

 

—

 

4,177

 

—%

 

—%

 

—%

 

—%

 

—%

 

—

 

—

 

─

17 East 71st Street

 

 

2014

 

100.0%

 

8,432

 

—

 

—

 

8,432

 

100.0%

 

—%

 

—%

 

100.0%

 

100.0%

 

2,138,742

 

253.65

 

The Row

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BOSTON

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Massachusetts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restaurants at Fort Point

 

 

2016

 

100.0%

 

15,711

 

—

 

—

 

15,711

 

9.1%

 

—%

 

—%

 

9.1%

 

9.1%

 

224,656

 

157.65

 

Santander Bank

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NORTHEAST

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rhode Island

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

650 Bald Hill Road

 

 

2015

 

90.0%

 

—

 

55,000

 

105,448

 

160,448

 

—%

 

100.0%

 

77.7%

 

85.3%

 

85.3%

 

2,092,896

 

15.28

 

Dick's Sporting Goods,
Burlington

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SOUTHEAST

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Georgia

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Broughton Street Portfolio
   (14 properties)

 

 

2014

 

100.0%

 

94,693

 

—

 

—

 

94,693

 

93.3%

 

100.0%

 

—%

 

93.3%

 

93.3%

 

3,529,698

 

39.96

 

H&M, Warby Parker,
Kendra Scott, Starbucks, Lululemon

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total - Fund IV

 

 

 

 

 

 

128,073

 

55,000

 

105,448

 

288,521

 

76.7%

 

100.0%

 

77.7%

 

81.5%

 

81.5%

 

$7,985,993

 

$33.96

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fund V Portfolio Detail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SOUTHWEST

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New Mexico

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plaza Santa Fe

 

 

2017

 

100.0%

 

—

 

153,983

 

69,957

 

223,940

 

—%

 

100.0%

 

100.0%

 

100.0%

 

100.0%

 

$4,343,255

 

$19.39

 

TJ Maxx, Best Buy,
Ross Dress for Less

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

img226721374_1.jpg

 

Supplemental Report March 31, 2026 – 38

 

Investment Management Retail Properties – Detail 1

 

 

 

 

 

 

 

Year

 

 

 

Gross Leasable Area

 

Economic Occupancy

 

Leased

 

Annualized

 

 

 

 

Property

 

 

Acquired

 

Ownership %

 

Street

 

Anchors

 

Shops

 

Total

 

Street

 

Anchors

 

Shops

 

Total

 

Occupancy

 

Base Rent (ABR)

 

ABR PSF

 

Key Tenants

Texas

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wood Ridge Plaza

 

 

2022

 

90.0%

 

—

 

—

 

217,249

 

217,249

 

—%

 

—%

 

84.3%

 

84.3%

 

91.7%

 

4,726,080

 

25.79

 

Skechers, Diamonds Direct, Office Depot

La Frontera Village

 

 

2022

 

90.0%

 

—

 

310,762

 

223,679

 

534,441

 

—%

 

100.0%

 

91.3%

 

96.3%

 

99.5%

 

8,234,263

 

15.99

 

Kohl's, Hobby Lobby, Burlington, Marshalls

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MIDWEST

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Michigan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New Towne Center

 

 

2017

 

100.0%

 

—

 

145,389

 

45,141

 

190,530

 

—%

 

75.7%

 

100.0%

 

81.5%

 

100.0%

 

2,008,675

 

12.94

 

Kohl's, DSW

Fairlane Green

 

 

2017

 

100.0%

 

—

 

109,952

 

160,235

 

270,187

 

—%

 

100.0%

 

88.7%

 

93.3%

 

95.4%

 

5,049,350

 

20.03

 

TJ Maxx, Michaels, Burlington

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NORTHEAST

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Maryland

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Frederick County (1 property)

 

 

2019

 

90.0%

 

—

 

90,053

 

146,454

 

236,507

 

—%

 

56.6%

 

93.7%

 

79.6%

 

96.1%

 

3,727,925

 

19.80

 

Lidl, Advance Auto, Starbucks

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Connecticut

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tri-City Plaza

 

 

2019

 

90.0%

 

—

 

129,940

 

165,877

 

295,817

 

—%

 

100.0%

 

93.3%

 

96.2%

 

96.9%

 

4,653,324

 

16.35

 

TJ Maxx, HomeGoods, ShopRite

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New York

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shoppes at South Hills

 

 

2022

 

90.0%

 

—

 

416,804

 

96,104

 

512,908

 

—%

 

80.7%

 

60.5%

 

77.0%

 

77.0%

 

4,550,156

 

11.53

 

ShopRite,
Ashley Furniture

Mohawk Commons

 

 

2023

 

90.0%

 

—

 

330,874

 

68,324

 

399,198

 

—%

 

100.0%

 

96.4%

 

99.4%

 

99.4%

 

5,839,574

 

14.72

 

Lowe's, Target

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pennsylvania

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Monroe Marketplace

 

 

2021

 

100.0%

 

—

 

263,376

 

108,276

 

371,652

 

—%

 

100.0%

 

98.5%

 

99.6%

 

99.6%

 

4,462,057

 

12.06

 

Kohl's, Dick's
Sporting Goods,
Giant Food

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rhode Island

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lincoln Commons

 

 

2019

 

100.0%

 

—

 

155,279

 

305,534

 

460,813

 

—%

 

61.4%

 

86.8%

 

78.2%

 

78.2%

 

5,558,352

 

15.42

 

Stop & Shop (Ahold), Marshalls,
HomeGoods

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vermont

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Maple Tree Place 3

 

 

2023

 

100.0%

 

—

 

246,738

 

150,057

 

396,795

 

—%

 

100.0%

 

91.4%

 

96.8%

 

96.8%

 

7,529,618

 

19.61

 

Shaw's, Dick's Sporting Goods, Best Buy, Old Navy

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SOUTHEAST

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Florida

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cypress Creek

 

 

2023

 

100.0%

 

—

 

167,978

 

71,681

 

239,659

 

—%

 

93.4%

 

92.8%

 

93.2%

 

94.1%

 

4,947,531

 

22.15

 

Hobby Lobby, Total Wine, HomeGoods

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alabama

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trussville Promenade

 

 

2018

 

100.0%

 

—

 

366,010

 

97,671

 

463,681

 

—%

 

92.4%

 

82.4%

 

90.3%

 

96.3%

 

4,060,420

 

9.70

 

Wal-Mart, Regal Cinemas

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

img226721374_1.jpg

 

Supplemental Report March 31, 2026 – 39

 

Investment Management Retail Properties – Detail 1

 

 

 

 

 

 

 

Year

 

 

 

Gross Leasable Area

 

Economic Occupancy

 

Leased

 

Annualized

 

 

 

 

Property

 

 

Acquired

 

Ownership %

 

Street

 

Anchors

 

Shops

 

Total

 

Street

 

Anchors

 

Shops

 

Total

 

Occupancy

 

Base Rent (ABR)

 

ABR PSF

 

Key Tenants

WEST

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Utah

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Family Center at Riverdale

 

 

2019

 

89.4%

 

—

 

231,895

 

140,513

 

372,408

 

—%

 

100.0%

 

95.3%

 

98.2%

 

98.2%

 

4,296,577

 

11.74

 

Target, Home Goods,
Best Buy, Sierra Trading (TJX)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total - Fund V

 

 

 

 

 

 

—

 

3,119,033

 

2,066,752

 

5,185,785

 

—%

 

91.9%

 

89.6%

 

90.9%

 

93.7%

 

$73,987,157

 

$15.69

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Co-investment Vehicles Detail 4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NORTHEAST

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New York

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shops at Grand Avenue

 

 

2024

 

5.0%

 

—

 

52,336

 

47,501

 

99,837

 

—%

 

100.0%

 

74.0%

 

87.6%

 

87.6%

 

$3,206,092

 

$36.64

 

Stop & Shop (Ahold), Starbucks

Shops at Skyview

 

 

2026

 

20.0%

 

—

 

383,565

 

143,733

 

527,298

 

—%

 

100.0%

 

88.1%

 

96.8%

 

96.8%

 

25,486,922

 

49.96

 

Target, BJ's Warehouse, Nike, Uniqlo, Burlington

New Jersey

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Midstate

 

 

2026

 

20.0%

 

—

 

270,423

 

122,466

 

392,889

 

—%

 

100.0%

 

85.1%

 

95.4%

 

96.4%

 

7,382,795

 

19.70

 

ShopRite, Best Buy, DSW, PetSmart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SOUTHEAST

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Florida

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Walk at Highwoods Preserve

 

 

2024

 

20.0%

 

—

 

80,894

 

56,862

 

137,756

 

—%

 

100.0%

 

86.1%

 

94.3%

 

94.3%

 

2,639,527

 

20.32

 

HomeGoods, Michaels

Pinewood Square

 

 

2025

 

20.0%

 

—

 

—

 

203,917

 

203,917

 

—%

 

-

 

96.5%

 

96.5%

 

96.5%

 

4,856,056

 

24.68

 

TJ Maxx, Ross Dress for Less, Five Below

Palm Coast Landing

 

 

2026

 

20.0%

 

—

 

73,241

 

98,480

 

171,721

 

—%

 

100.0%

 

96.4%

 

97.9%

 

97.9%

 

3,647,675

 

21.69

 

TJ Maxx, PetSmart,
Ross Dress for Less

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North Carolina

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hickory Ridge

 

 

2026

 

20.0%

 

—

 

266,584

 

113,981

 

380,565

 

—%

 

100.0%

 

87.0%

 

96.1%

 

96.1%

 

4,714,677

 

12.89

 

Kohl's, Best Buy, Dick's Sporting Goods

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Georgia

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Avenue at West Cobb

 

 

2025

 

20.0%

 

—

 

24,025

 

230,421

 

254,446

 

—%

 

100.0%

 

73.3%

 

75.8%

 

75.8%

 

4,741,005

 

24.59

 

Barnes & Noble, Warby Parker, JCrew Factory, Jim N Nicks

Canton Marketplace

 

 

2026

 

20.0%

 

—

 

132,569

 

215,397

 

347,966

 

—%

 

100.0%

 

94.9%

 

96.9%

 

96.9%

 

6,298,932

 

18.69

 

Dick's Sporting Goods, TJ Maxx, Best Buy

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hiram Pavilion

 

 

2026

 

20.0%

 

—

 

192,114

 

171,277

 

363,391

 

—%

 

100.0%

 

100.0%

 

100.0%

 

100.0%

 

5,133,688

 

14.13

 

Kohl's, HomeGoods

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

img226721374_1.jpg

 

Supplemental Report March 31, 2026 – 40

 

Investment Management Retail Properties – Detail 1

 

 

 

 

 

 

 

Year

 

 

 

Gross Leasable Area

 

Economic Occupancy

 

Leased

 

Annualized

 

 

 

 

Property

 

 

Acquired

 

Ownership %

 

Street

 

Anchors

 

Shops

 

Total

 

Street

 

Anchors

 

Shops

 

Total

 

Occupancy

 

Base Rent (ABR)

 

ABR PSF

 

Key Tenants

WEST

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nevada

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LINQ Promenade

 

 

2024

 

15.0%

 

—

 

—

 

181,498

 

181,498

 

—%

 

-

 

96.1%

 

96.1%

 

99.3%

 

14,278,818

 

81.86

 

Yard House,
Brooklyn Bowl,
I Love Sugar, Starbucks,
Welcome to Las Vegas,
In-N-Out Burger, Magicians Room

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

California

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Elk Grove Commons

 

 

2026

 

20.0%

 

—

 

114,015

 

128,063

 

242,078

 

—%

 

100.0%

 

97.3%

 

98.6%

 

100.0%

 

5,380,825

 

22.55

 

Kohl's, HomeGoods

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total - Other Co-investment Vehicles

 

 

 

 

 

 

—

 

1,589,766

 

1,713,596

 

3,303,362

 

—

 

100.0%

 

90.4%

 

95.0%

 

95.4%

 

$87,767,013

 

$27.96

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL INVESTMENT MANAGEMENT PROPERTIES

 

 

 

 

 

 

128,073

 

5,094,247

 

4,084,720

 

9,307,040

 

76.7%

 

95.0%

 

87.6%

 

91.5%

 

93.6%

 

$191,061,186

 

$22.43

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acadia Share of Total Investment Management Properties

 

29,610

 

1,168,985

 

893,627

 

2,092,222

 

76.7%

 

95.8%

 

82.8%

 

90.0%

 

92.8%

 

$48,502,748

 

$25.76

 

 

_____________________________

1.
Excludes properties currently under development. For details, refer to Development and Redevelopment Activity section of this Supplemental Report. The above economic occupancy and rent figures reflect only those retail spaces where leases have commenced. Leased occupancy includes both economic occupancy and signed leases that have not yet commenced. ABR and ABR per square foot are based on economic occupancy.
2.
Economic occupancy excludes short-term percentage rent.
3.
Property also includes 93,259 square feet of office space.
4.
Ownership percentages for Fund properties reflect each Fund’s respective ownership interest, while ownership percentages for other co‑investment vehicles reflect our pro‑rata share.

img226721374_1.jpg

 

Supplemental Report March 31, 2026 – 41

 

Investment Management Lease Expirations

 

 

(Pro-Rata Basis)

 

 

 

 

 

 

 

FUND II

 

 

 

 

 

 

FUND IV

 

 

 

 

 

 

 

GLA

 

ABR

 

 

 

 

 

GLA

 

ABR

 

 

Leases

 

Expiring

 

Percent

 

 

 

Percent

 

 

 

Leases

 

Expiring

 

Percent

 

 

 

Percent

Year

 

Expiring

 

SF

 

of Total

 

PSF

 

of Total

 

Year

 

Expiring

 

SF

 

of Total

 

PSF

 

of Total

M to M 1

 

—

 

—

 

—%

 

$—

 

—%

 

M to M 1

 

—

 

—

 

—%

 

$-

 

—%

2026

 

1

 

1,866

 

0.6%

 

136.40

 

1.6%

 

2026

 

1

 

282

 

0.6%

 

84.81

 

1.3%

2027

 

4

 

22,215

 

6.8%

 

83.39

 

11.4%

 

2027

 

5

 

3,477

 

6.8%

 

62.00

 

12.0%

2028

 

1

 

722

 

0.2%

 

219.00

 

1.0%

 

2028

 

7

 

4,563

 

8.9%

 

109.23

 

27.7%

2029

 

1

 

758

 

0.2%

 

161.53

 

0.8%

 

2029

 

4

 

14,941

 

29.2%

 

24.24

 

20.1%

2030

 

—

 

—

 

—%

 

—

 

—%

 

2030

 

2

 

664

 

1.3%

 

65.04

 

2.4%

2031

 

1

 

1,220

 

0.4%

 

128.50

 

1.0%

 

2031

 

2

 

931

 

1.8%

 

52.80

 

2.7%

2032

 

2

 

97,232

 

29.9%

 

12.50

 

7.5%

 

2032

 

4

 

19,666

 

38.4%

 

20.71

 

22.7%

2033

 

3

 

24,695

 

7.6%

 

50.47

 

7.7%

 

2033

 

3

 

4,874

 

9.5%

 

23.45

 

6.4%

2034

 

4

 

6,499

 

2.0%

 

110.84

 

4.4%

 

2034

 

2

 

1,199

 

2.3%

 

44.97

 

3.0%

2035

 

5

 

21,724

 

6.7%

 

79.08

 

10.6%

 

2035

 

1

 

599

 

1.2%

 

50.00

 

1.7%

Thereafter

 

8

 

147,871

 

45.5%

 

59.24

 

54.1%

 

Thereafter

 

—

 

—

 

—%

 

—

 

—%

Total 2

 

30

 

324,802

 

100.0%

 

$49.89

 

100.0%

 

Total 2

 

31

 

51,196

 

100.0%

 

$35.12

 

100.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

77,521

 

Total Vacant 2

 

 

 

 

 

 

 

 

11,801

 

Total Vacant 2

 

 

 

 

 

 

 

402,323

 

Total Square Feet 2

 

 

 

 

 

 

 

 

62,997

 

Total Square Feet 2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FUND V

 

 

 

 

 

 

OTHER CO-INVESTMENT VEHICLES

 

 

 

 

 

 

 

GLA

 

ABR

 

 

 

 

 

GLA

 

ABR

 

 

Leases

 

Expiring

 

Percent

 

 

 

Percent

 

 

 

Leases

 

Expiring

 

Percent

 

 

 

Percent

Year

 

Expiring

 

SF

 

of Total

 

PSF

 

of Total

 

 

 

Expiring

 

SF

 

of Total

 

PSF

 

of Total

M to M 1

 

4

 

1,310

 

0.1%

 

$27.42

 

0.3%

 

M to M 1

 

2

 

—

 

—%

 

$—

 

0.1%

2026

 

57

 

64,893

 

7.2%

 

20.69

 

9.5%

 

2026

 

29

 

19,545

 

3.2%

 

$29.54

 

3.5%

2027

 

62

 

150,841

 

16.7%

 

13.60

 

14.5%

 

2027

 

49

 

74,117

 

12.2%

 

$21.41

 

9.7%

2028

 

54

 

117,834

 

13.1%

 

15.62

 

13.0%

 

2028

 

66

 

85,068

 

14.0%

 

$25.51

 

13.3%

2029

 

55

 

129,848

 

14.4%

 

15.49

 

14.2%

 

2029

 

66

 

89,365

 

14.7%

 

$28.72

 

15.7%

2030

 

52

 

152,969

 

17.0%

 

14.36

 

15.5%

 

2030

 

53

 

122,211

 

20.2%

 

$29.66

 

22.2%

2031

 

29

 

52,311

 

5.8%

 

15.79

 

5.8%

 

2031

 

20

 

41,431

 

6.8%

 

$21.11

 

5.3%

2032

 

19

 

51,481

 

5.7%

 

15.13

 

5.5%

 

2032

 

15

 

23,586

 

3.9%

 

$18.65

 

2.7%

2033

 

19

 

39,751

 

4.4%

 

19.00

 

5.3%

 

2033

 

18

 

42,226

 

7.0%

 

$18.98

 

4.9%

2034

 

22

 

62,793

 

7.0%

 

14.66

 

6.5%

 

2034

 

29

 

36,954

 

6.1%

 

$33.46

 

7.6%

2035

 

21

 

44,802

 

5.0%

 

16.79

 

5.3%

 

2035

 

20

 

20,313

 

3.4%

 

$28.54

 

3.5%

Thereafter

 

17

 

31,898

 

3.5%

 

19.77

 

4.5%

 

Thereafter

 

10

 

51,184

 

8.4%

 

36.95

 

11.6%

Total 2

 

411

 

900,730

 

100.0%

 

$15.70

 

100.0%

 

Total 2

 

377

 

606,001

 

100.0%

 

$26.99

 

100.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

89,551

 

Total Vacant 2

 

 

 

 

 

 

 

 

30,620

 

Total Vacant 2

 

 

 

 

 

 

 

990,281

 

Total Square Feet 2

 

 

 

 

 

 

 

 

636,621

 

Total Square Feet 2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

img226721374_1.jpg

 

Supplemental Report March 31, 2026 – 42

 

Investment Management Lease Expirations

 

 

(Pro-Rata Basis)

 

 

 

 

 

 

TOTAL INVESTMENT MANAGEMENT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GLA

 

ABR

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Leases

 

Expiring

 

Percent

 

 

 

Percent

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year

 

Expiring

 

SF

 

of Total

 

PSF

 

of Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

M to M 1

 

6

 

1,310

 

0.1%

 

$34.29

 

0.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2026

 

88

 

86,586

 

4.6%

 

37.05

 

6.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2027

 

120

 

250,650

 

13.3%

 

25.10

 

13.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2028

 

128

 

208,187

 

11.1%

 

24.33

 

10.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2029

 

126

 

234,913

 

12.5%

 

26.06

 

12.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2030

 

107

 

275,844

 

14.7%

 

11.29

 

6.5%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2031

 

52

 

95,894

 

5.1%

 

15.35

 

3.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2032

 

40

 

191,965

 

10.2%

 

16.68

 

6.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2033

 

43

 

111,546

 

5.9%

 

30.05

 

7.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2034

 

57

 

107,445

 

5.7%

 

21.17

 

4.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2035

 

47

 

87,438

 

4.6%

 

28.59

 

5.2%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Thereafter

 

35

 

230,953

 

12.3%

 

48.85

 

23.5%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total 2

 

849

 

1,882,730

 

100.0%

 

$25.76

 

100.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

209,493

 

Total Vacant 2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,092,222

 

Total Square Feet 2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

_____________________________

1.
Leases currently under month to month or in process of renewal.
2.
Totals may not foot due to rounding.

 

img226721374_1.jpg

 

Supplemental Report March 31, 2026 – 43

 

Important Notes

 

 

 

 

 

 

 

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

Certain statements contained in this supplemental disclosure may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934 and as such may involve known and unknown risks, uncertainties and other factors which may cause the Company’s actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations are generally identifiable by use of the words “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend” or “project” or the negative thereof or other variations thereon or comparable terminology. Factors which could have a material adverse effect on the operations and future prospects of the Company include, but are not limited to those set forth under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K. These risks and uncertainties should be considered in evaluating any forward-looking statements contained or incorporated by reference herein.

 

NON-GAAP FINANCIAL MEASURES

 

The Company uses certain non-GAAP performance measures, in addition to the primary GAAP presentations, as management believes these measures improve the understanding of the Company’s operational results. We continually evaluate the usefulness, relevance, limitations, and calculation of our reported non-GAAP performance measures to determine how best to provide relevant information to the investing public, and thus such reported measures are subject to change. The Company’s non-GAAP performance measures have limitations as they do not include all items of income and expense that affect operations, and accordingly, should always be considered as supplemental financial results. Additionally, the Company’s computation of non-GAAP measures may not be comparable to similarly titled non-GAAP metrics reported by other real estate investment trusts (“REITs”) or real estate companies that define these metrics differently, and, as a result, it is important to understand the manner in which the Company defines and calculates each of its non-GAAP metrics. Quantitative reconciliations of the differences between the most directly comparable GAAP financial measures and the non-GAAP financial measures presented are provided within this Supplemental package.

 

The following non-GAAP measures are commonly used by the Company and its investors to understand and evaluate its operating results and performance:

 

Funds From Operations (“FFO”): The Company considers FFO as defined by the National Association of Real Estate Investment Trusts (“NAREIT”) to be an appropriate supplemental disclosure of operating performance for an equity REIT due to its widespread acceptance and use within the REIT and analyst communities. FFO is presented to assist investors in analyzing the performance of the Company. It is helpful as it excludes various items included in net income that are not indicative of the operating performance, such as gains (or losses) from sales of property and depreciation and amortization. Consistent with the NAREIT definition, the Company defines FFO as net income (computed in accordance with GAAP), excluding (i) gains (or losses) from sales of depreciated properties; (ii) depreciation and amortization; (iii) impairment of real estate assets related to the Company’s main business and land held for the development of property for its operating portfolio; (iv) gains (losses) from change in control and (v) after adjustments for unconsolidated partnerships and joint ventures. Also consistent with NAREIT’s definition of FFO, the Company has elected to include the impact of the unrealized holding gains (losses) incidental to its main business. FFO does not represent cash generated from operations as defined by GAAP and are not indicative of cash available to fund all cash needs, including distributions, and should not be considered as an alternative to net income for the purpose of evaluating the Company’s performance or to cash flows as a measure of liquidity.

 

Adjusted FFO (“AFFO”): The Company also provides another supplemental disclosure of operating performance, AFFO. The Company defines AFFO as FFO adjusted for (i) straight line rent, (ii) non-real estate depreciation, (iii) stock-based compensation, (iv) amortization of finance costs and costs of management contracts, (v) tenant improvements, (vi) leasing commissions and (vii) capital expenditures.

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Supplemental Report March 31, 2026 – 44

 

Important Notes

 

 

 

 

 

 

FFO As Adjusted: The Company believes that introducing a new supplemental measure beginning with FY 2026 is useful for evaluating operating performance and comparing historical financial periods. The Company defines FFO As Adjusted as FFO adjusted for items that management believes are not reflective of ongoing core operating results, including non-comparable revenues, expenses, gains, and losses (including impairment losses related to the Company’s investment in Fifth Wall). While these adjustments may be subject to fluctuations from period to period, with both positive and negative short-term impacts, management believes that the removal of the impacts of these items enhances our understanding of the operating performance of our properties. The Company’s method of calculating FFO As Adjusted may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

 

Net Operating Income (“NOI”): The Company uses NOI to make investment and capital allocation decisions and management believes NOI is useful to investors as a performance measure because, when compared across periods, NOI reflects the impact on operations from trends in occupancy rates, rental rates, operating costs, and acquisition and disposition activity on an unleveraged basis, providing perspective not immediately apparent from net income. The Company computes NOI by taking the difference between Property Revenues and Property Expenses as detailed in this reporting supplement. Management does not believe NOI is a meaningful measures for its Investment Management investments as Investment Management invests primarily in properties that typically require significant leasing and development and is primarily comprised of finite-life investment vehicles.

 

Same-Property: In the Company’s analysis of NOI, particularly to make comparisons of NOI between periods meaningful, it is important to provide information for properties that were in-service and owned by the Company throughout each period presented. The Company refers to properties acquired or placed in-service prior to the beginning of the earliest period presented and owned by the Company through the end of the latest period presented as “Same-Property.” “Same-Property” therefore exclude properties placed in-service, acquired, repositioned or in or held for development or redevelopment after the beginning of the earliest period presented or disposed of prior to the end of the latest period presented.

 

EBITDA: The Company defines EBITDA as net income (loss) attributable to Company shareholders, adjusted to exclude the impact of interest expense, income taxes, depreciation, and amortization. EBITDA is intended to represent a GAAP-based operating performance measure that isolates earnings before the effects of capital structure, tax position, and non-cash depreciation and amortization. Consistent with industry practice, the Company further adjusts GAAP net income to remove certain items that do not relate to, or are not indicative of, our core operating performance. These include above- or below-market lease amortization, gains or losses on the disposition of properties, unrealized holding gains or losses on investments, impairment charges, realized gains, and the impact of changes in control or other non-recurring items. These additional adjustments are applied after the determination of GAAP EBITDA and are included in the calculation of Adjusted EBITDA, a supplemental non-GAAP measure used in evaluating operational performance.

The Company also presents certain non-GAAP financial measures on a “Pro-Rata Share” basis. These amounts are calculated as the consolidated amount determined in accordance with GAAP, adjusted to include the Company’s proportionate share of amounts from its unconsolidated joint ventures (based on the Company’s ownership interest and, in some cases, after priority allocations), and to exclude the partners’ share of results from the Company’s consolidated joint ventures (based on the partners’ ownership percentages).

 

Management believes this presentation provides useful information to investors regarding the Company’s financial condition and operating results because the Company participates in several significant joint ventures. In certain cases, the Company exercises significant influence but does not control the joint venture, requiring GAAP to apply the equity method of accounting, which results in non-consolidation for financial reporting purposes. In other cases, GAAP requires consolidation even though the Company’s partner(s) hold a substantial ownership interest. Accordingly, management believes that presenting these measures on a Pro-Rata Share basis helps investors better understand the Company’s financial condition and operating performance after considering its true economic interest in these joint ventures. The Company cautions that ownership percentages used in these calculations may not fully reflect all legal and economic implications of holding an interest in a consolidated or unconsolidated joint venture, which arrangements often include varying provisions related to decision-making rights, distributions, transferability of interests, financing and guarantees, liquidations, and other matters. Accordingly, these measures should be considered supplemental and not a substitute for the Company’s GAAP financial information.

 

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Supplemental Report March 31, 2026 – 45

 

Important Notes

 

 

 

 

 

The Company also presents certain operating metrics, such as occupancy and leased percentages, on a Pro-Rata Share basis. These amounts combine the Company’s consolidated portfolio square footage with its share of square footage from unconsolidated joint ventures (based on ownership interest), net of partners’ share from consolidated ventures.

 

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Supplemental Report March 31, 2026 – 46

 

Source: View Original Filing on SEC EDGAR

FAQ

How did Acadia Realty Trust (AKR) perform financially in Q1 2026?

Acadia generated net income of $30.5 million, or $0.22 per diluted share, in Q1 2026, compared with $1.6 million, or $0.01 per share, a year earlier. FFO As Adjusted rose to $41.8 million, or $0.30 per share, from $35.1 million, or $0.27 per share.

What were Acadia Realty Trust’s key operating metrics for Q1 2026?

Same-property NOI in the REIT Portfolio increased 5.9% in Q1 2026, led by 7.0% growth in street and urban assets. Economic occupancy reached 94.1% and leased occupancy 95.3% as of March 31, 2026, reflecting steady leasing progress and improved utilization across the portfolio.

Did Acadia Realty Trust (AKR) change its 2026 earnings and FFO guidance?

Yes. Acadia raised 2026 earnings per share guidance to $0.37–$0.39 from $0.24–$0.26. It also increased FFO As Adjusted guidance to $1.22–$1.26 per share from $1.21–$1.25, incorporating updated assumptions on dispositions, transaction costs and operating performance for the year.

What acquisition and recapitalization activity did Acadia complete around Q1 2026?

During Q1 2026, Acadia closed about $503 million of accretive acquisitions, including Madison Avenue and Worth Avenue assets and the Shops at Skyview joint venture. It also completed roughly $504 million of recapitalizations in its Investment Management platform, recognizing substantial gains while retaining 20% ownership interests.

How strong is Acadia Realty Trust’s balance sheet and liquidity position?

At March 31, 2026, Acadia’s pro‑rata Net Debt‑to‑Adjusted EBITDA, including Investment Management debt and unsettled forward equity, was 5.5x. The company upsized its corporate credit facility to $1.425 billion, with an accordion to $2.0 billion, and reported a fixed‑charge coverage ratio of 3.5x.

What leasing spreads did Acadia Realty Trust achieve on recent leases?

For Q1 2026, conforming GAAP leasing spreads on new REIT Portfolio leases were 50%, with cash spreads of 31%. Including renewals, GAAP and cash spreads were 23% and 11%, respectively, indicating the company is generally re‑leasing space at meaningfully higher rental rates.

How large is Acadia Realty Trust’s signed-not-opened (SNO) pipeline?

At March 31, 2026, Acadia’s signed-not-opened pipeline totaled $10.5 million of annual base rent at its pro‑rata share, up from $8.9 million at December 31, 2025. This reflects new leasing commitments that should contribute incremental revenue as tenants commence operations.

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