Acadia Realty Trust (AKR) Corporate presentation summary

Strategic overview and growth thesis

• Focus on street and urban retail in prime corridors, complemented by institutional capital for suburban and value-add investments.

• $6.5B total AUM across REIT and investment management platforms, with 225+ properties and 14M square feet.

• Street retail portfolio benefits from contractual rent escalators, FMV resets, and lower CapEx, driving 6% average same-property NOI growth over 10 quarters.

• Accretive acquisitions of ~$1.6B since 2024, adding scale and exceeding accretion targets.

• Strong balance sheet with pro-rata Net Debt/EBITDA of 5.1x and ~$1B liquidity, supporting growth pipeline.

Internal growth drivers

• Sector-leading contractual and market rent growth, with 8.7% same-property NOI growth in Q2 and 15.6% street retail growth.

• Multiple levers for internal growth: mark-to-market resets, lease-up, and recapturing below-market space.

• Redevelopment and development pipeline expected to contribute over 10% of projected 2026 FFO.

• Prime corridor control enables pricing power, higher leasing velocity, and excess rent growth.

• Embedded rent growth opportunity with portfolio-wide rents ~25% below market, offering $20M–$25M ABR upside.

Accretive acquisitions and market expansion

• ~$1.6B in acquisitions since 2024, split evenly between REIT and investment management, generating $0.08–$0.09 incremental annual FFO.

• Over 50% growth in street retail GAV since 2024, with 44 storefronts added across 12 markets.

• Focused expansion in high-growth corridors such as SoHo, Williamsburg, Georgetown, and West Village, with market rent CAGRs up to 25%.

• Post-acquisition leasing converts below-market rents into cash flow, creating meaningful NAV and yield spreads over market cap rates.

• Opportunistic acquisitions in new and existing markets, including Palm Beach, Newbury Street, and West Hollywood.