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Dec 31, 2025
Acadia Q4 2025 Earnings Report
Acadia Realty Trust reported its operating results for the fourth quarter and full year ended December 31, 2025.
Key Takeaways
Acadia Realty Trust delivered strong fourth quarter results, with GAAP net earnings of $0.04 per share and FFO Before Special Items of $0.34 per share. The REIT Portfolio saw a significant same-property NOI increase of 6.3%, primarily driven by street and urban retail, and achieved a 93.9% occupancy rate. The company also completed substantial accretive acquisitions during the year.
Fourth quarter GAAP net earnings were $0.04 per share, with FFO Before Special Items at $0.34 per share.
REIT Portfolio same-property NOI increased by 6.3% in the fourth quarter, largely due to strong performance in the street and urban portfolio.
Occupancy for the REIT Portfolio rose by 30 basis points to 93.9% in the fourth quarter, with street and urban retail occupancy reaching 90.3%.
The company completed approximately $487 million in accretive acquisitions for its REIT Portfolio and Investment Management during 2025.
Forward Guidance
Acadia Realty Trust provided initial guidance for 2026, expecting FFO As Adjusted between $1.21 and $1.25 per share and REIT Portfolio same-property NOI growth of 5-9%.
Positive Outlook
- Expected FFO As Adjusted (new metric) of $1.21 - $1.25 per share for 2026.
- Anticipated REIT Portfolio same-property NOI growth of 5-9% for 2026, excluding properties in redevelopment.
- Projected Investment Management fees ranging from $23-$26 million.
- Expected Structured Finance (interest) income ranging from $16-$18 million.
- No significant REIT Portfolio debt maturities until 2029, with only 2.6% maturing in 2026 and 2027, and 7.5% in 2028.
Challenges Ahead
- Guidance does not factor in potential acquisitions or dispositions beyond those already completed.
- NAREIT FFO guidance does not include any promotes or realized gains.
- Interest expense, net, ranging from $68-$70 million, does not reflect potential reductions from settling forward equity contracts.
Historical Earnings Impact
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