Acadia Realty Trust (AKR) investor relations material

Executive summary

• Delivered 11% year-over-year earnings growth, driven by strong internal and external growth initiatives, especially in street retail, and record leasing activity with rent spreads exceeding 90%.

• Owns and manages 231 retail properties, focusing on high-barrier, supply-constrained U.S. metros, with a street retail portfolio validated by tenant demand and DTC migration.

• Achieved scale in key corridors, enhancing NOI by about 10% and targeting $1 billion in street retail acquisitions by year-end.

• Portfolio occupancy remained strong at 92.2% overall, with the REIT Portfolio at 94.4%.

• As of June 30, 2026, controlled 96% of its operating partnership and had 137.3 million common shares outstanding.

Financial highlights

• Q2 2026 FFO As Adjusted was $0.31 per share, up from $0.28 in Q2 2025, and NAREIT FFO was $43.1 million, up from $38.1 million.

• Net income for Q2 2026 was $22.8 million, or $0.05 per share, compared to a net loss of $20.9 million in Q2 2025.

• Same-property NOI for Q2 2026 increased 8.7% year-over-year, led by 15.6% growth in street retail.

• Record leasing spreads of 91% in Q2, with new lease volume at $8.9 million.

• Economic occupancy and leased occupancy rose to 94.4% and 95.7%, respectively, as of June 30, 2026.

Outlook and guidance

• Raised full-year 2026 FFO As Adjusted guidance to $1.24–$1.26 per share, reflecting 10% year-over-year growth at the midpoint.

• Full-year GAAP net earnings guidance increased to $0.40–$0.41 per share.

• Expect consistent double-digit leasing spreads and 3% contractual rent growth in street retail.

• S&O pipeline at all-time high of $16.5 million, representing about $0.08 of incremental FFO over the next few years.

• Management highlighted ongoing macroeconomic risks but noted contractual rent escalations and expense recovery provisions help mitigate inflation impacts.