Acadia Realty Trust (AKR) Q4 2025 earnings summary

Executive summary

• Achieved strong Q4 and full-year results, driven by internal and external growth, with momentum expected to continue into 2026.

• Four consecutive years of same-property NOI growth above 5%, with 2025 at 5.7% and Q4 at 6.3%, led by street and urban retail.

• Reported GAAP net earnings of $0.04 per share for Q4 2025 and $0.10 per share for the full year; FFO Before Special Items was $0.34 per share for Q4 and $1.32 for the year.

• Strategic focus on street retail, leveraging scale in key corridors and expanding into new high-growth markets.

• Investment management platform executed over $800 million in JV acquisitions in 24 months, supporting a barbell capital deployment strategy.

Financial highlights

• Q4 same-property NOI growth of 6.3%; full-year 2025 at 5.7%, at the upper end of guidance.

• Q4 FFO per share was $0.34, including $0.03 from Albertsons gains and $0.01 from one-time tax savings; adjusted run rate is $0.30, up from $0.29 in Q3.

• Q4 2025 revenues were $104.8 million, up from $93.3 million in Q4 2024; full-year revenues reached $410.8 million, up from $359.7 million in 2024.

• Economic occupancy increased to 93.9%, with street and urban occupancy up 80 bps sequentially and 370 bps year-over-year.

• NAREIT FFO for Q4 2025 was $41.7 million ($0.30 per share), and FFO Before Special Items was $47.2 million ($0.34 per share).

Outlook and guidance

• 2026 FFO as adjusted projected at $1.21–$1.25 per share; REIT Portfolio same-property NOI growth expected at 5–9%.

• Investment Management fees projected at $23–$26 million; structured finance income at $16–$18 million.

• Total pro-rata NOI, including redevelopments and investment management, expected to rise 15% to ~$230 million.

• Interest expense expected at $68–$70 million, not reflecting potential reductions from forward equity settlements.

• Guidance does not include unannounced acquisitions or dispositions; upside potential from external growth and pri-loose strategies.