Acadia Realty Trust (AKR) investor relations material

Executive summary

• Achieved 11% year-over-year earnings growth, with GAAP net income rising to $30.5 million for Q1 2026, driven by gains on property dispositions, recapitalizations, and robust street retail demand.

• Completed over $2.5 billion in transactional activity, including $600 million in new investments, $608.8 million in property dispositions, and a $1.4 billion corporate borrowing facility.

• Settled 2.4 million shares under the ATM program for $55.9 million in proceeds, supporting investment and debt reduction.

• Leasing activity remains strong, with $3.5 million in new signed leases and a pipeline of $11.5 million, up $2.5 million sequentially.

• High-growth street markets like SoHo, Upper Madison, and Armitage continue to see double-digit rent growth and strong mark-to-market opportunities.

Financial highlights

• Year-over-year earnings increased 11%, with full-year 2026 FFO guidance raised to $1.22–$1.26, representing 9% growth at the midpoint over 2025.

• Net income for Q1 2026 was $30.5 million, up from $1.6 million in Q1 2025.

• FFO As Adjusted increased to $41.8 million ($0.30/share) from $35.1 million ($0.27/share) year-over-year.

• Same-property NOI grew 5.9%, led by 7.0% growth in street and urban retail.

• Economic occupancy increased to 94%, with street and urban portfolio occupancy up 140–570 basis points year-over-year.

Outlook and guidance

• Raised 2026 FFO guidance to $1.22–$1.26 and EPS guidance to $0.37–$0.39, reflecting strong operational and acquisition performance.

• Quarterly FFO run rate projected at $0.30–$0.32 for the remainder of 2026, not including potential additional acquisition accretion.

• Same-store NOI growth expected at 7% for 2026, with street and urban portfolio outperforming suburban by 400–500 basis points.

• Embedded ABR growth of $7–$8 million heading into 2027.

• Management highlights ongoing macroeconomic risks, including inflation, interest rates, and geopolitical factors, but notes that contractual rent escalations and expense recovery provisions help mitigate inflationary impacts.