Acadia Realty Trust (AKR) Q1 2025 earnings summary

Executive summary

• Internal and external growth remained strong in Q1 2025, with robust leasing, high tenant demand, and over $370 million in acquisitions year-to-date, expanding presence in key NYC, Georgetown, and Florida corridors.

• Affluent consumer base, mission-critical locations, and high-barrier, densely populated U.S. metros have insulated performance from broader economic uncertainty and inflationary pressures.

• Core Portfolio occupancy was 91.6% and Investment Management at 93.1% as of March 31, 2025, with leasing velocity and pipeline accelerating.

• Raised $62 million in equity during Q1 2025 and issued $277.9 million via ATM program, supporting acquisitions and balance sheet strength.

• No material changes to risk factors or legal proceedings in the quarter.

Financial highlights

• Q1 2025 earnings were $0.34 per share FFO before special items, with $0.06 from Whole Foods-related income, and GAAP net income of $0.01 per share.

• NAREIT FFO rose to $44.6 million ($0.34/share) from $31.0 million ($0.28/share) year-over-year.

• Same-store NOI grew 4.1% year-over-year, with Street Retail portfolio up 6.8%.

• Total revenues rose to $104.4 million for Q1 2025 from $91.4 million in Q1 2024.

• Signed-not-yet-open pipeline increased by over 15% to $9 million ABR at share as of March 31, 2025.

Outlook and guidance

• Full-year 2025 NAREIT FFO per diluted share guidance raised to $1.22–$1.26, with FFO before special items at $1.32–$1.39 per share.

• Targeting 5–6% full-year same-store NOI growth for 2025, with 5%+ core internal NOI growth expected in 2026.

• $8–$9 million of incremental ABR from signed-not-yet-open and redevelopment leases projected to drive 2026 growth.

• Expects $16–$19 million in realized gains and promotes for full-year 2025.

• No significant core debt maturities until 2028, supporting financial flexibility.