Acadia Realty Trust Stock Earnings Reports

Acadia reported a strong Q3 2025 with an inflection in operating performance driven by street and urban retail. Same-store NOI rose 8.2% for the quarter, with the street retail portfolio delivering 13% growth. Management sees accelerating momentum into 2026: signed-not-open (SNO) pipeline and redevelopments are expected to drive further same-store and total NOI growth, and the company reiterated a multi-year objective to sustain >5% annual internal growth and targeted ~10% REIT portfolio NOI growth in 2026 (8%–12% inclusive of redevelopments). Leasing was active: $3.7M ABR signed in Q3 and $11.9M signed-not-open as of 9/30, with ~$6.7M rents commencing in Q3 that materially increased occupancy. Acquisitions and the investment management platform remain important external growth engines — year-to-date acquisitions are ~$480M with a pipeline that could double that by year-end, targeting mid-6% going-in GAAP yields and accretive returns. Balance sheet is flexible (pro rata debt/EBITDA ~5x; >$800M liquidity capacity) and management raised ~ $212M equity near $20/sh to fund pipeline and redevelopment (Henderson Ave). Company will simplify guidance/earnings presentation in 2026 by introducing “FFO as adjusted” that excludes investment management gains/promotes to better reflect REIT operating performance. Overall message: strong street-retail fundamentals, significant internal and external growth opportunities, and balance-sheet flexibility to execute while transitioning to a clearer operating FFO metric.