AKR

RYE, N.Y., August 05, 2026--(BUSINESS WIRE)--Acadia Realty Trust (NYSE:AKR) ("Acadia" or the "Company") today announced that its Board of Trustees has authorized a cash dividend of $0.20 per common share for the quarter ended September 30, 2026. The quarterly dividend is payable on October 15, 2026 to holders of record as of September 30, 2026. About Acadia Realty Trust Acadia Realty Trust is an equity real estate investment trust focused on delivering long-term, profitable growth. Acadia owns and operates a high-quality real estate portfolio of street and open-air retail properties in the nation's most dynamic retail corridors ("REIT Portfolio"), along with an investment management platform that targets opportunistic and value-add investments through its institutional co-investment vehicles ("Investment Management"). For further information, please visit www.acadiarealty.com. The Company uses, and intends to use, the Investors page of its website, which can be found at https://www.acadiarealty.com/investors, as a means of disclosing material nonpublic information and of complying with its disclosure obligations under Regulation FD, including, without limitation, through the posting of investor presentations and certain portfolio updates. Additionally, the Company also uses its LinkedIn profile to communicate with its investors and the public. Accordingly, investors are encouraged to monitor the Investors page of the Company's website and its LinkedIn profile, in addition to following the Company’s press releases, SEC filings, public conference calls, presentations and webcasts. Safe Harbor Statement Certain statements in this press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and we are including this statement for the purposes of complying with those safe harbor provisions, in each case, to the extent applicable. Forward-looking statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations are generally identifiable by the use of words, such as "may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend" or "project," or the negative thereof, or other variations thereon or comparable terminology. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the Company's actual results and financial performance to be materially different from future results and financial performance expressed or implied by such forward-looking statements, including, but not limited to: (i) macroeconomic conditions, including due to geopolitical instability (such as ongoing armed conflicts and heightened regional tensions in the Middle East), contemplated tariff increases and other trade restrictions, which may lead to a disruption of or lack of access to the capital markets, disruptions and instability in the banking and financial services industries and rising inflation; (ii) the Company’s success in implementing its business strategy and its ability to identify, underwrite, finance, consummate and integrate diversifying acquisitions and investments; (including the potential acquisitions discussed in this press release); (iii) changes in general economic conditions or economic conditions in the markets in which the Company may, from time to time, compete, including the impact of recently announced tariffs on our tenants and their customers, and their effect on the Company’s and our tenants' revenues, earnings and funding sources and those of our tenants; (iv) increases in the Company’s borrowing costs as a result of rising inflation, changes in interest rates and other factors; (v) the Company’s ability to pay down, refinance, restructure or extend its indebtedness as it becomes due; (vi) the Company’s investments in joint ventures and unconsolidated entities, including its lack of sole decision-making authority and its reliance on its joint venture partners’ financial condition; (vii) the Company’s ability to obtain the financial results expected from its development and redevelopment projects; (viii) the ability and willingness of the Company's tenants to renew their leases with the Company upon expiration, the Company’s ability to re-lease its properties on the same or better terms in the event of nonrenewal or in the event the Company exercises its right to replace an existing tenant, and obligations the Company may incur in connection with the replacement of an existing tenant; (ix) the Company’s potential liability for environmental matters; (x) damage to the Company’s properties from catastrophic weather and other natural events, and the physical effects of climate change; (xi) the economic, political and social impact of, and uncertainty surrounding, any future public health crisis which may adversely affect us and our tenants’ business, financial condition, results of operations and liquidity; (xii) uninsured losses; (xiii) the Company’s ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax and other considerations; (xiv) information technology ("IT") security breaches, including increased cybersecurity risks relating to the use of remote technology and artificial intelligence ("AI"); (xiv) the Company’s ability to pay dividends at current levels and the board’s discretion in authorizing future dividends; (xv) risks associated with our use of AI tools, which could result in reputational harm, and legal or regulatory liability; (xvi) the loss of key executives; and (xvii) the accuracy of the Company’s methodologies and estimates regarding corporate responsibility metrics, goals and targets, tenant willingness and ability to collaborate towards reporting such metrics and meeting such goals and targets, and the impact of governmental regulation on our corporate responsibility efforts. The factors described above are not exhaustive and additional factors could adversely affect the Company’s future results and financial performance, including the risk factors discussed under the section captioned "Risk Factors" in the Company’s most recent Annual Report on Form 10-K and other periodic or current reports the Company files with the SEC. Any forward-looking statements in this press release speak only as of the date hereof. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any changes in the Company’s expectations with regard thereto or changes in the events, conditions or circumstances on which such forward-looking statements are based. View source version on businesswire.com: https://www.businesswire.com/news/home/20260805839521/en/ Contacts Acadia Realty Trust(914) 288-8100

Interested in Acadia Realty Trust? Here are five stocks we like better. Acadia reported strong second-quarter results, with FFO of $0.31 per share, 11% year-over-year earnings growth and 8.7% same-property NOI growth. Management raised full-year earnings guidance while maintaining its 5%–9% same-property growth range. Leasing activity reached a company record, with $8.9 million in new annual base rent and 91% rent spreads, driven primarily by street and urban retail. Acadia’s signed-but-not-open pipeline climbed nearly 60% to $16.5 million, while its high-growth street portfolio remains about 25% below market rents. Acadia completed more than $228 million of REIT acquisitions year to date and plans to expand its street retail portfolio toward $1 billion by year-end. The company reported nearly $1 billion of liquidity, limited near-term debt maturities and said it does not expect to raise additional equity under its current plan. Acadia Realty Trust (NYSE:AKR) reported second-quarter funds from operations of $0.31 per share and raised its full-year earnings guidance, citing continued strength in its street retail portfolio, record leasing activity and acquisitions designed to expand its presence in key urban shopping corridors. President and Chief Executive Officer Ken Bernstein said the company delivered 11% year-over-year earnings growth and same-property net operating income growth of 8.7% in the quarter, ahead of its projections. He said leasing spreads exceeded 90%, compared with single-digit spreads a year earlier. → This Tiny AI Supplier Could Be More Important Than the Chipmakers “Our results tell a different story” than broader economic headlines, Bernstein said, pointing to resilient consumers, retailers’ increasing focus on U.S. expansion and demand for locations that support direct-to-consumer strategies. A.J. Levine, executive vice president of leasing and development, said Acadia signed approximately $8.9 million of new annual base rent during the second quarter, the highest quarterly leasing volume in the company’s history. About 80% of the new annual base rent came from street and urban markets. → Refiner Stocks Are Near Record Highs—Can Iran-Driven Margins Keep Them There? Levine said the company had more than $10 million of additional annual base rent under active negotiation. Vacancy rates across several markets, including Madison Avenue, SoHo’s Greene Street, Williamsburg’s North 6th Street, Chicago’s Armitage Avenue and Gold Coast, and Los Angeles’ Melrose Place, were at historical lows, he said. The company reported rent spreads of 91% for the quarter. Levine cited examples including a 75% spread on a re-leased Armitage Avenue space in Chicago, a 34% spread on a new lease with a European luxury retailer on Greene Street in SoHo, and a 48% spread on a Melrose Place re-tenanting. → Innovative ETF Strategies That Are Paying Off This Summer Levine said tenants on several Acadia corridors, including Aritzia, Alo Yoga, Violet Grey, DÔEN, Tecovas and Zimmermann locations, recorded average year-over-year sales growth above 25%. The blended occupancy-cost ratio for those tenants was below 9.5%, he said. Acadia emphasized that its street retail leases generally provide for 3% annual contractual rent increases and fair-market-value resets, which management said allow it to capture market-rent growth more frequently than traditional suburban retail leases. Levine said the average payback period on the quarter’s new conforming street leases was slightly above nine months, including commissions and capital expenditures, compared with a typical five-to-seven-year payback period for a new suburban box lease. Executive Vice President and Chief Investment Officer Reginald Livingston said Acadia had completed more than $228 million of REIT acquisitions year to date, including $149 million during the second quarter. The company is targeting $400 million to $500 million of street retail acquisitions annually and expects to exceed that pace in 2026, he said. Recent acquisitions included 4 and 28 Newbury Street in Boston, anchored by Chanel and Cartier; 8800 Melrose Avenue in West Hollywood, leased to French retailer Jacquemus; and another storefront in the Flatiron-Union Square area, where Acadia now owns five storefronts. Livingston said the company focuses less on initial cap rates than on the potential to increase income through lease resets, re-tenanting, redevelopment and corridor-level curation. Acadia is seeking to stabilize acquisitions at yields above 6%, he said, often 100 to 200 basis points above where an asset might trade at the time of purchase. Since the third quarter of 2024, Acadia has invested about $700 million in street retail acquisitions within its REIT portfolio. Bernstein said the company aims to reach $1 billion by year-end, nearly doubling its street retail portfolio. Management said those investments have generated approximately 3% FFO accretion per share so far. Separately, Acadia has sold or recapitalized more than $500 million of investment-management platform assets year to date and expects more than $200 million of additional dispositions by year-end. Livingston said those transactions produced a nearly 2x equity multiple and mid-teens internal rates of return this year. Chief Financial Officer John Gottfried said street retail contributed nearly 16% same-property NOI growth during the quarter, equating to nearly $0.02 of incremental FFO compared with the prior-year period. M Street in Georgetown and Armitage Avenue each generated more than 20% same-property growth, he said. Same-property growth was 7.3% through the first six months of 2026. While Acadia maintained its 5% to 9% full-year same-property growth range, Gottfried said the company’s internal forecast was trending above the midpoint. The company’s signed-but-not-open leasing pipeline rose nearly 60% in the quarter to a record $16.5 million, or about 7% of pro rata annual base rent. Acadia expects about half of that pipeline to commence in 2026, with much of it weighted toward the fourth quarter, while the remaining leases are expected to open through 2027. Gottfried said the pipeline represents roughly $0.08 of incremental FFO, net of about $0.03 being capitalized within development and redevelopment projects. Acadia expects to realize about $0.01 in the second half of 2026, $0.03 to $0.05 in 2027, and the remaining benefit in 2028. Management estimates its high-growth street portfolio remains about 25% below market rents, representing $20 million to $25 million of potential incremental annual revenue. Acadia identified SoHo, Henderson Avenue in Dallas, Armitage Avenue and North 6th Street as major sources of that embedded opportunity. During the second quarter, Acadia raised approximately $200 million of equity to fund its acquisition pipeline and its Henderson development project. Gottfried said the company has the equity needed to achieve its current external-growth goals and does not expect to raise additional equity under its current plan. The company reported nearly $1 billion of liquidity and virtually no debt maturities over the next several years. Gottfried said Acadia continues to expect an 8% to 10% yield on cost for the Henderson development project. Management said the balance sheet and available liquidity provide capacity to continue pursuing street retail acquisitions while funding redevelopment and investment-management activities. Acadia Realty Trust (NYSE: AKR) is a Maryland real estate investment trust (REIT) that focuses on the acquisition, development, ownership and operation of grocery-anchored and necessity-based shopping centers. The company targets retail properties that serve densely populated urban and suburban markets and typically feature essential tenants such as supermarkets, drugstores, fitness centers and other service-oriented retailers. As a self-managed REIT, Acadia oversees leasing, property management, financing and construction activities through its in-house platform. Acadia's portfolio is diversified across property types and lease structures, with an emphasis on sites that benefit from long-term consumer traffic and resilient tenancy. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Acadia Realty Trust Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

Key Highlights for the three months ended June 30, 2026 (and subsequent to the quarter as indicated) include: Second quarter GAAP net earnings of $0.05 per share (compared to $0.01 in second quarter 2025) and FFO As Adjusted of $0.31 per share (compared to $0.28 in second quarter 2025) Second quarter REIT Portfolio same-property NOI increased 8.7%, driven by street retail which increased 15.6% Delivered REIT Portfolio cash leasing spreads on new leases of 91% driven by street retail Grew its SNO Pipeline in excess of 50% to $16.5 million (from $10.5 million at March 31, 2026) on record new leasing volume of approximately $8.9 million, of which approximately $6.5 million was from new street and urban leases Completed approximately $652 million of accretive year-to-date total acquisitions, including $228 million in the REIT Portfolio, of which $149 million was completed during the second quarter to date, and $424 million in Investment Management Fully funded, on a forward basis, its REIT Portfolio acquisition pipeline and its Henderson development project with a common equity issuance of approximately $200 million during the second quarter Profitably disposed and recapitalized approximately $211 million and $504 million, respectively, year-to-date through the Investment Management platform, with approximately $107 million of dispositions completed during the second quarter Raised full-year 2026 guidance: GAAP net earnings to $0.40-$0.41 per share (from $0.37-$0.39) and FFO As Adjusted to $1.24-$1.26 per share (from $1.22-$1.26) RYE, N.Y., July 28, 2026--(BUSINESS WIRE)--Acadia Realty Trust (NYSE: AKR) ("Acadia" or the "Company") today reported operating results for the quarter ended June 30, 2026. All per share amounts are on a fully-diluted basis, where applicable. Acadia owns and operates a high-quality real estate portfolio of street and open-air retail properties in the nation's most dynamic retail corridors ("REIT Portfolio"), along with an investment management platform that targets opportunistic and value-add investments through its institutional co-investment vehicles ("Investment Management"). Kenneth F. Bernstein, President and CEO of Acadia, commented: Financial Results A complete reconciliation, in dollars and per share amounts, of (i) net earnings attributable to Acadia to Funds From Operations ("FFO") (as defined by the National Association of Real Estate Investment Trusts "NAREIT") and FFO As Adjusted attributable to common shareholders and Common OP Unit holders and (ii) operating income to net operating income ("NOI") and definitions of non-GAAP metrics are included in the financial tables of this release. The amounts discussed below are net of noncontrolling interests (except for the Common OP Unit holders) and all per share amounts are on a fully-diluted basis. Net Income Net income per share for the three months ended June 30, 2026 was $0.05. This compares with net income per share for the three months ended June 30, 2025 of $0.01. The increase was primarily due to a gain on sale of properties in 2026. NAREIT FFO NAREIT Funds From Operations ("NAREIT FFO") for the quarter ended June 30, 2026 was $43.1 million, or $0.30 per share, as compared to $38.1 million, or $0.27 per share, for the quarter ended June 30, 2025. FFO As Adjusted FFO As Adjusted for the quarter ended June 30, 2026 was $44.7 million, or $0.31 per share, as compared to $38.7 million, or $0.28 per share, for the quarter ended June 30, 2025. REIT Portfolio Same-Property NOI Same-Property NOI grew 8.7% for the second quarter, primarily driven by 15.6% growth from the street retail portfolio. These amounts exclude developments and redevelopments. REIT Portfolio Occupancy and Leasing Update As of June 30, 2026, economic occupancy and leased occupancy increased 30 and 40 basis points to 94.4% and 95.7%, respectively, compared to 94.1% and 95.3% as of March 31, 2026. For the quarter ended June 30, 2026, conforming cash leasing spreads on new leases were 91%, and 78% inclusive of renewal leases. Signed Not Opened Update The following summarizes the activity, at the Company’s pro-rata share, of ABR of its signed not opened pipeline during the second quarter (amounts in millions): Transactional Activity During the quarter ended June 30, 2026, the Company completed approximately $120 million of accretive street retail acquisitions within its REIT Portfolio, with an additional $29 million of street retail acquisitions completed subsequent to quarter end for an aggregate of $149 million. These transactions bring year-to-date acquisition volume to $652 million, including $79 million and $424 million (approximately $85 million at the Company’s share) of REIT Portfolio and Investment Management acquisitions completed in the first quarter. All REIT Portfolio acquisitions are on streets where the Company is building or further expanding its existing scale, with a robust pipeline of potential acquisitions on those same streets. REIT Portfolio Acquisitions Boston, Massachusetts. In April 2026, the Company acquired 4-6 Newbury Street and 28 Newbury Street for an aggregate purchase price of $110 million, expanding its presence on Newbury Street, Boston’s premier luxury shopping corridor. The properties are leased to two of the world’s most iconic luxury brands and provide a near-term opportunity to capture significant rental growth as a key retail lease approaches expiration. West Hollywood, Los Angeles, California. In July 2026, the Company acquired 8800-8804 Melrose Avenue for a purchase price of $29 million, sourced in collaboration with Osiris Ventures. Located in the heart of West Hollywood’s ascendant luxury retail corridor, in close proximity to the Company’s Melrose Place portfolio, the property directly complements and expands the Company’s scale within its West Hollywood corridor. The property is leased to Jacquemus, the acclaimed French luxury fashion house. Additionally, the site includes a parking lot that can accommodate additional retail GLA, offering embedded upside that would more than double the building’s square footage. Manhattan, New York (Flatiron/Union Square). In June 2026, the Company acquired 129 Fifth Avenue, located in the Flatiron District of Manhattan for a purchase price of $10 million, further increasing its scale in a key corridor. Investment Management Platform Dispositions During the second quarter, the Company, through its Investment Management platform, completed the disposition of three properties for $107 million, of which the Company’s share was approximately $21 million. Details of the dispositions are discussed below. Year-to-date, the Company has disposed of a total of approximately $715 million, including recapitalizations of $504 million, of which the Company’s share was $142 million. These fund dispositions and the Fund V recapitalization (completed in the first quarter) generated a weighted average gross equity multiple of approximately 1.9x. Vernon, Connecticut (Fund V). During June 2026, the Company completed the disposition of Tri-City Plaza for $62.5 million, of which the Company’s share was approximately $11.3 million. Canton, Michigan (Fund V). During June 2026, the Company completed the disposition of New Towne Center for $23.5 million, of which the Company’s share was $4.7 million. Warwick, Rhode Island (Fund IV). During April 2026, the Company completed the disposition of 650 Bald Hill Road for $20.5 million, of which the Company’s share was approximately $4.3 million. Balance Sheet Equity Activity: During the second quarter, raised approximately $200 million from the sale of its common shares through an underwritten public offering in connection with forward sale agreements. Additionally, during the second quarter, the Company settled approximately 3.8 million shares of previously issued forward equity contracts for cash proceeds of approximately $72.1 million. The Company currently has unsettled forward equity contracts to sell 17.8 million shares for aggregate net proceeds of approximately $369 million to accretively fund its REIT Portfolio acquisition pipeline and its Henderson Avenue development project in Dallas, TX. Extension and Expansion of $1.425 Billion Corporate Credit Facility In April 2026, the Company amended and upsized its corporate credit facility as previously disclosed by $250 million to $1.425 billion, and extended maturity dates. The credit facility has an accordion feature that allows the Company to increase the capacity to $2.0 billion. The facility was oversubscribed and priced at improved spreads relative to the prior facility. Pro-Rata REIT Portfolio and Investment Management Debt-to-EBITDA (as adjusted): Net Debt-to-EBITDA, as adjusted, inclusive of pro-rata share of Investment Management platform debt and unsettled forward equity contracts as discussed above, was 5.1x at June 30, 2026. Refer to the second quarter 2026 Supplemental Information package for reconciliations and details on financial ratios. No Significant REIT Portfolio Debt Maturities until 2029: The Company has REIT Portfolio debt maturing (as extended) of 2.4 %, 2.5%, and 7.1% in 2026, 2027, and 2028, respectively. Guidance The Company increased its full year Net Earnings, NAREIT FFO and FFO As Adjusted guidance. The following updated guidance is based upon Acadia’s current view of market conditions and assumptions for the year ended December 31, 2026. Totals may not foot due to rounding. Transaction and other expenses include those costs that the Company believes are not reflective of ongoing core operating results, including investment transaction costs, debt extinguishment costs and employee retirement costs. Refer to the "Notes to Financial Highlights" on page 12 of this release for definitions of non-GAAP measures Management will conduct a conference call on Wednesday, July 29, 2026 at 11:00 AM ET to review the Company’s earnings and operating results. Participant registration and webcast information is listed below. The Company uses, and intends to use, the Investors page of its website, which can be found at https://www.acadiarealty.com/investors, as a means of disclosing material nonpublic information and of complying with its disclosure obligations under Regulation FD, including, without limitation, through the posting of investor presentations and certain portfolio updates. Additionally, the Company also uses its LinkedIn profile to communicate with its investors and the public. Accordingly, investors are encouraged to monitor the Investors page of the Company's website and its LinkedIn profile, in addition to following the Company’s press releases, SEC filings, public conference calls, presentations and webcasts. About Acadia Realty Trust Acadia Realty Trust is an equity real estate investment trust focused on delivering long-term, profitable growth. Acadia owns and operates a high-quality real estate portfolio of street and open-air retail properties in the nation's most dynamic retail corridors ("REIT Portfolio"), along with an investment management platform that targets opportunistic and value-add investments through its institutional co-investment vehicles ("Investment Management"). For further information, please visit www.acadiarealty.com. Safe Harbor Statement Certain statements in this press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and we are including this statement for the purposes of complying with those safe harbor provisions, in each case, to the extent applicable. Forward-looking statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations (including with regards to its acquisition pipeline and development activities) are generally identifiable by the use of words, such as "may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend" or "project," or the negative thereof, or other variations thereon or comparable terminology. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the Company's actual results and financial performance to be materially different from future results and financial performance expressed or implied by such forward-looking statements, including, but not limited to: (i) macroeconomic conditions, including due to geopolitical instability (such as ongoing armed conflicts and heightened regional tensions in the Middle East), contemplated tariff increases and other trade restrictions, which may lead to a disruption of or lack of access to the capital markets, disruptions and instability in the banking and financial services industries and rising inflation; (ii) the Company’s success in implementing its business strategy and its ability to identify, underwrite, finance, consummate and integrate diversifying acquisitions and investments; (including the potential acquisitions discussed in this press release); (iii) changes in general economic conditions or economic conditions in the markets in which the Company may, from time to time, compete, including the impact of recently announced tariffs on our tenants and their customers, and their effect on the Company’s and our tenants' revenues, earnings and funding sources and those of our tenants; (iv) increases in the Company’s borrowing costs as a result of rising inflation, changes in interest rates and other factors; (v) the Company’s ability to pay down, refinance, restructure or extend its indebtedness as it becomes due; (vi) the Company’s investments in joint ventures and unconsolidated entities, including its lack of sole decision-making authority and its reliance on its joint venture partners’ financial condition; (vii) the Company’s ability to obtain the financial results expected from its development and redevelopment projects; (viii) the ability and willingness of the Company's tenants to renew their leases with the Company upon expiration, the Company’s ability to re-lease its properties on the same or better terms in the event of nonrenewal or in the event the Company exercises its right to replace an existing tenant, and obligations the Company may incur in connection with the replacement of an existing tenant; (ix) the Company’s potential liability for environmental matters; (x) damage to the Company’s properties from catastrophic weather and other natural events, and the physical effects of climate change; (xi) the economic, political and social impact of, and uncertainty surrounding, any future public health crisis which may adversely affect us and our tenants’ business, financial condition, results of operations and liquidity; (xii) uninsured losses; (xiii) the Company’s ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax and other considerations; (xiv) information technology ("IT") security breaches, including increased cybersecurity risks relating to the use of remote technology and artificial intelligence ("AI"); (xv) risks associated with our use of AI tools, which could result in reputational harm, and legal or regulatory liability; (xvi) the loss of key executives; and (xvii) the accuracy of the Company’s methodologies and estimates regarding corporate responsibility metrics, goals and targets, tenant willingness and ability to collaborate towards reporting such metrics and meeting such goals and targets, and the impact of governmental regulation on our corporate responsibility efforts. The factors described above are not exhaustive and additional factors could adversely affect the Company’s future results and financial performance, including the risk factors discussed under the section captioned "Risk Factors" in the Company’s most recent Annual Report on Form 10-K and other periodic or current reports the Company files with the SEC. Any forward-looking statements in this press release speak only as of the date hereof. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any changes in the Company’s expectations with regard thereto or changes in the events, conditions or circumstances on which such forward-looking statements are based. Acadia Realty Trust and Subsidiaries Notes to Financial Highlights: For additional information and analysis concerning the Company’s balance sheet and results of operations, reference is made to the Company’s quarterly supplemental disclosures for the relevant periods furnished on the Company's Current Report on Form 8-K, which is available on the SEC's website at www.sec.gov and on the Company’s website at www.acadiarealty.com. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common shares of the Company were exercised or converted into common shares. The effect of the conversion of units of limited partnership interest ("OP Units") in Acadia Realty Limited Partnership, the operating partnership of the Company (the "Operating Partnership"), is not reflected in the above table; OP Units are exchangeable into common shares on a one-for-one basis. The income allocable to such OP units is allocated on the same basis and reflected as noncontrolling interests in the consolidated financial statements. As such, the assumed conversion of these OP Units would have no net impact on the determination of diluted earnings per share. The Company considers funds from operations ("FFO") as defined by the National Association of Real Estate Investment Trusts ("NAREIT") and net property operating income ("NOI") to be appropriate supplemental disclosures of operating performance for an equity REIT due to their widespread acceptance and use within the REIT and analyst communities. In addition, the Company believes that given the atypical nature of certain unusual items (as further described below), "FFO As Adjusted" is also an appropriate supplemental disclosure of operating performance. FFO, FFO As Adjusted and NOI are presented to assist investors in analyzing the performance of the Company. The Company believes they are helpful as they exclude various items included in net income (loss) that are not indicative of operating performance, such as (i) gains (losses) from sales of real estate properties; (ii) depreciation and amortization, (iii) impairment of depreciable real estate assets related to the Company’s main business and land held for the development of property, and (iv) items that management believes are not reflective of ongoing core operating results, including non-comparable revenues, expenses, gains, and losses. While these adjustments may be subject to fluctuations from period to period, with both positive and negative short-term impacts, management believes that the removal of the impacts of these items enhances our understanding of the operating performance of our properties. The Company’s method of calculating FFO, FFO As Adjusted and NOI may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. Neither FFO nor FFO As Adjusted represent cash generated from operations as defined by generally accepted accounting principles ("GAAP"), nor are indicative of cash available to fund all cash needs, including distributions. Such measures should not be considered as an alternative to net income (loss) for the purpose of evaluating the Company’s performance or to cash flows as a measure of liquidity. The pro-rata share of NOI is based upon the Operating Partnership’s stated ownership percentages in each venture’s operating agreement and does not include the Operating Partnership's share of NOI from unconsolidated partnerships and joint ventures within Investment Management. View source version on businesswire.com: https://www.businesswire.com/news/home/20260728263651/en/ Contacts Acadia Realty Trust(914) 288-8100

RYE, N.Y., July 02, 2026--(BUSINESS WIRE)--Acadia Realty Trust (NYSE:AKR) ("Acadia" or the "Company") will release its second quarter 2026 earnings after market close on Tuesday, July 28, 2026. Management will conduct a conference call on Wednesday, July 29, 2026, at 11:00 AM ET to review the Company’s earnings and operating results. Participant registration and webcast information is listed below. Live Conference Call: About Acadia Realty Trust Acadia Realty Trust is an equity real estate investment trust focused on delivering long-term, profitable growth. Acadia owns and operates a high-quality core real estate portfolio of street and open-air retail properties in the nation's most dynamic retail corridors ("REIT Portfolio"), along with an investment management platform that targets opportunistic and value-add investments through its institutional co-investment vehicles ("Investment Management"). For further information, please visit www.acadiarealty.com. Safe Harbor Statement Certain statements in this press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and we are including this statement for the purposes of complying with those safe harbor provisions, in each case, to the extent applicable. Forward-looking statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations (including with regards to acquisition pipeline) are generally identifiable by the use of words, such as "may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend" or "project," or the negative thereof, or other variations thereon or comparable terminology. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the Company's actual results and financial performance to be materially different from future results and financial performance expressed or implied by such forward-looking statements, including, but not limited to: (i) macroeconomic conditions, including due to geopolitical instability (such as ongoing armed conflicts and heightened regional tensions in the Middle East), contemplated tariff increases and other trade restrictions, which may lead to a disruption of or lack of access to the capital markets, disruptions and instability in the banking and financial services industries and rising inflation; (ii) the Company’s success in implementing its business strategy and its ability to identify, underwrite, finance, consummate and integrate diversifying acquisitions and investments; (including the potential acquisitions discussed in this press release); (iii) changes in general economic conditions or economic conditions in the markets in which the Company may, from time to time, compete, including the impact of recently announced tariffs on our tenants and their customers, and their effect on the Company’s and our tenants' revenues, earnings and funding sources and those of our tenants; (iv) increases in the Company’s borrowing costs as a result of rising inflation, changes in interest rates and other factors; (v) the Company’s ability to pay down, refinance, restructure or extend its indebtedness as it becomes due; (vi) the Company’s investments in joint ventures and unconsolidated entities, including its lack of sole decision-making authority and its reliance on its joint venture partners’ financial condition; (vii) the Company’s ability to obtain the financial results expected from its development and redevelopment projects; (viii) the ability and willingness of the Company's tenants to renew their leases with the Company upon expiration, the Company’s ability to re-lease its properties on the same or better terms in the event of nonrenewal or in the event the Company exercises its right to replace an existing tenant, and obligations the Company may incur in connection with the replacement of an existing tenant; (ix) the Company’s potential liability for environmental matters; (x) damage to the Company’s properties from catastrophic weather and other natural events, and the physical effects of climate change; (xi) the economic, political and social impact of, and uncertainty surrounding, any future public health crisis which may adversely affect us and our tenants’ business, financial condition, results of operations and liquidity; (xii) uninsured losses; (xiii) the Company’s ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax and other considerations; (xiv) information technology ("IT") security breaches, including increased cybersecurity risks relating to the use of remote technology and artificial intelligence ("AI"); (xv) risks associated with our use of AI tools, which could result in reputational harm, and legal or regulatory liability; (xvi) the loss of key executives; and (xvii) the accuracy of the Company’s methodologies and estimates regarding corporate responsibility metrics, goals and targets, tenant willingness and ability to collaborate towards reporting such metrics and meeting such goals and targets, and the impact of governmental regulation on our corporate responsibility efforts. The factors described above are not exhaustive and additional factors could adversely affect the Company’s future results and financial performance, including the risk factors discussed under the section captioned "Risk Factors" in the Company’s most recent Annual Report on Form 10-K and other periodic or current reports the Company files with the SEC. Any forward-looking statements in this press release speak only as of the date hereof. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any changes in the Company’s expectations with regard thereto or changes in the events, conditions or circumstances on which such forward-looking statements are based. View source version on businesswire.com: https://www.businesswire.com/news/home/20260702897716/en/ Contacts Acadia Realty Trust(914) 288-8100

Futu Holdings FUTU reported first-quarter 2026 net income of HK$6.00 ($0.77) per American Depositary Share, down 60.7% year over year. Total revenues rose 24.7% year over year to $746.9 million but missed the Zacks Consensus Estimate of $773 million by 3.33%.The quarter reflected a split between strong operating momentum and a sizable regulatory-related charge. Brokerage commission and handling charge income increased 14.3% year over year to $336.9 million, driven by higher trading volume, partly offset by a decline in blended commission rate. Management flagged a softer sequential trend in brokerage commissions, as trading activity skewed toward higher-priced U.S. stocks and options. Futu Holdings Limited Sponsored ADR price-consensus-eps-surprise-chart | Futu Holdings Limited Sponsored ADR Quote Interest income grew 28% year over year to $338 million, supported by margin financing, bank deposits and the securities borrowing and lending business. Other income rose 79.8% year over year to $72 million, reflecting strength in currency exchange income alongside IPO financing and fund distribution service income. Funded accounts increased 34.3% year over year to 3,590,325, while total trading volume climbed 29.1% to a record HK$4.15 trillion. Futu added 225,000 net new funded accounts during the quarter, lifting the total to 3,590,325. Brokerage accounts increased 26.8% year over year to 6,284,404, while total users rose 14.9% to 30.2 million, underscoring continued platform scale. Client asset metrics held up well despite market volatility. Total client assets increased 47.2% year over year to HK$1.22 trillion, and daily average client assets were HK$1.27 trillion, up 60.8% from the year-ago period. Total trading volume reached HK$4.15 trillion, including HK$3.00 trillion in U.S. stocks and HK$1.01 trillion in Hong Kong stocks. Meanwhile, margin financing and securities lending balance rose 44.9% year over year to HK$72.9 billion, driven primarily by stronger risk appetite. This pushed the margin financing and securities lending balance up 8% sequentially at quarter end. Total costs were US$95.6 million, largely stable year over year. Gross profit rose 29.4% year over year to US$651.3 million. In the first quarter of 2026, gross margin expanded to 87.2% from 84% from the prior year quarter. Interest expenses declined 11.6% year over year to US$52.9 million, primarily due to lower expenses associated with the securities borrowing and lending business, while processing and servicing costs increased 25.0% to US$21.7 million, mainly reflecting higher cloud service fees. Total operating expenses increased 25.1% year over year to US$201.1 million. Research and development expenses rose 24.1% year over year to US$61.1 million, reflecting higher R&D headcount to support strategic initiatives and new markets. Selling and marketing expenses increased 21.3% year over year to US$71.0 million, due to higher customer acquisition costs alongside growth in new funded accounts. General and administrative expenses climbed 30.3% year over year to US$69.0 million, primarily due to higher G&A personnel to support business development. Income from operations increased 31.5% year over year to US$450.3 million. Operating margin improved to 60.3% from 57.2% in the first quarter of 2025, supported by strong top-line growth and operating leverage. Net income decreased 61.2% year over year to US$106.0 million. Net income margin fell to 14.2% from 45.6% in the year-ago quarter. Non-GAAP adjusted net income, which excludes share-based compensation expenses, declined 58.5% year over year to US$117.3 million. The company reflected an aggregate proposed CSRC penalty of approximately RMB1.85 billion in its first-quarter financial statements as an adjusted subsequent event under U.S. GAAP. As of March 31, 2026, cash and cash equivalents were HK$16.49 billion (US$2.1 billion) compared with HK$10.47 billion as of Dec. 31, 2025. Cash held on behalf of clients was HK$114.78 billion (US$14.64 billion), while loans and advances (current) increased to HK$73.69 billion (US$9.39 billion), reflecting a larger balance supporting platform activity. Borrowings rose modestly to HK$15.71 billion (US$2 billion) as of March 31, 2026, from HK$12.14 billion as of Dec. 31, 2025, reflecting continued financing activity to support platform operations and margin lending growth. FUTU currently has a Zacks Rank #5 (Strong Sell).Some better-ranked stocks in the broader Zacks Finance sector are Ameris Bancorp ABCB, Acadia Realty Trust AKR and ProAssurance PRA.Ameris Bancorp, Acadia Realty Trust and ProAssurance each carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.The Zacks Consensus Estimate for Ameris Bancorp’s 2026 EPS is pegged at $6.70, up 11.85% year over year.The Zacks Consensus Estimate for Acadia Realty Trust’s 2026 EPS is pegged at $1.24, down 6.06% year over year.The Zacks Consensus Estimate for ProAssurance’s 2026 EPS is pegged at $1.25, down 22.84% year over year. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report ProAssurance Corporation (PRA) : Free Stock Analysis Report Acadia Realty Trust (AKR) : Free Stock Analysis Report Ameris Bancorp (ABCB) : Free Stock Analysis Report Futu Holdings Limited Sponsored ADR (FUTU) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

RYE, N.Y., May 12, 2026--(BUSINESS WIRE)--Acadia Realty Trust (NYSE:AKR) ("Acadia" or the "Company") today announced that its Board of Trustees has authorized a cash dividend of $0.20 per common share for the quarter ended June 30, 2026. The quarterly dividend is payable on July 15, 2026 to holders of record as of June 30, 2026. About Acadia Realty Trust Acadia Realty Trust is an equity real estate investment trust focused on delivering long-term, profitable growth. Acadia owns and operates a high-quality core real estate portfolio of street and open-air retail properties in the nation's most dynamic retail corridors ("REIT Portfolio"), along with an investment management platform that targets opportunistic and value-add investments through its institutional co-investment vehicles ("Investment Management"). For further information, please visit www.acadiarealty.com. Safe Harbor Statement Certain statements in this press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and we are including this statement for the purposes of complying with those safe harbor provisions, in each case, to the extent applicable. Forward-looking statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations (including with regards to acquisition pipeline) are generally identifiable by the use of words, such as "may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend" or "project," or the negative thereof, or other variations thereon or comparable terminology. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the Company's actual results and financial performance to be materially different from future results and financial performance expressed or implied by such forward-looking statements, including, but not limited to: (i) macroeconomic conditions, including due to geopolitical instability (such as ongoing armed conflicts and heightened regional tensions in the Middle East), contemplated tariff increases and other trade restrictions, which may lead to a disruption of or lack of access to the capital markets, disruptions and instability in the banking and financial services industries and rising inflation; (ii) the Company’s success in implementing its business strategy and its ability to identify, underwrite, finance, consummate and integrate diversifying acquisitions and investments; (including the potential acquisitions discussed in this press release); (iii) changes in general economic conditions or economic conditions in the markets in which the Company may, from time to time, compete, including the impact of recently announced tariffs on our tenants and their customers, and their effect on the Company’s and our tenants' revenues, earnings and funding sources and those of our tenants; (iv) increases in the Company’s borrowing costs as a result of rising inflation, changes in interest rates and other factors; (v) the Company’s ability to pay down, refinance, restructure or extend its indebtedness as it becomes due; (vi) the Company’s investments in joint ventures and unconsolidated entities, including its lack of sole decision-making authority and its reliance on its joint venture partners’ financial condition; (vii) the Company’s ability to obtain the financial results expected from its development and redevelopment projects; (viii) the ability and willingness of the Company's tenants to renew their leases with the Company upon expiration, the Company’s ability to re-lease its properties on the same or better terms in the event of nonrenewal or in the event the Company exercises its right to replace an existing tenant, and obligations the Company may incur in connection with the replacement of an existing tenant; (ix) the Company’s potential liability for environmental matters; (x) damage to the Company’s properties from catastrophic weather and other natural events, and the physical effects of climate change; (xi) the economic, political and social impact of, and uncertainty surrounding, any future public health crisis which may adversely affect us and our tenants’ business, financial condition, results of operations and liquidity; (xii) uninsured losses; (xiii) the Company’s ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax and other considerations; (xiv) information technology ("IT") security breaches, including increased cybersecurity risks relating to the use of remote technology and artificial intelligence ("AI"); (xv) risks associated with our use of AI tools, which could result in reputational harm, and legal or regulatory liability; (xvi) the loss of key executives; and (xvii) the accuracy of the Company’s methodologies and estimates regarding corporate responsibility metrics, goals and targets, tenant willingness and ability to collaborate towards reporting such metrics and meeting such goals and targets, and the impact of governmental regulation on our corporate responsibility efforts. The factors described above are not exhaustive and additional factors could adversely affect the Company’s future results and financial performance, including the risk factors discussed under the section captioned "Risk Factors" in the Company’s most recent Annual Report on Form 10-K and other periodic or current reports the Company files with the SEC. Any forward-looking statements in this press release speak only as of the date hereof. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any changes in the Company’s expectations with regard thereto or changes in the events, conditions or circumstances on which such forward-looking statements are based. View source version on businesswire.com: https://www.businesswire.com/news/home/20260512543584/en/ Contacts Acadia Realty Trust (914) 288-8100

Acadia reported roughly 11% y/y earnings growth driven by nearly 6% same-store growth, raised full-year FFO guidance to $1.22–$1.26 (about 9% growth at the midpoint), and completed over $2.5 billion of transactional activity while securing a new $1.4 billion corporate credit facility. Street retail remains the core driver: leasing momentum accelerated (Q1 signed $3.5M with $11.5M in advanced negotiations), REIT occupancy rose to 94% and the street/urban portfolio to 91.7% (+570 bps y/y), and certain mark-to-market deals could produce a weighted average rent spread just over 40%. Management has been active on acquisitions and recapitalizations—closing over $1 billion of deals including 225 Worth (Palm Beach) and 428 Newbury (Boston) and a $440M JV with TPG—to expand luxury corridors, recycle capital, and target high single-digit cash yields within about two years. Interested in Acadia Realty Trust? Here are five stocks we like better. Acadia Realty Trust (NYSE:AKR) executives said the company delivered a “strong quarter” to start 2026, pointing to continued momentum in its street retail portfolio, accelerating leasing activity, and a busy slate of acquisitions and recapitalizations despite a more uncertain macro backdrop. During the company’s first-quarter 2026 earnings call on April 29, President and CEO Ken Bernstein said Acadia posted 11% year-over-year earnings growth, driven in part by nearly 6% same-store growth. Bernstein also highlighted more than $2.5 billion of transactional activity, including $600 million of new investments, over $500 million of recapitalizations in the investment management platform, and a new $1.4 billion corporate borrowing facility. → Palantir Is Down 30%: Noise? Or a Signal to Accumulate? Bernstein attributed the company’s performance to what he described as five key factors supporting street retail: shrinking supply, rising retailer demand for physical stores, resilient tenant performance—particularly among higher-income shoppers—lighter relative capital expenditures to re-tenant street locations, and stronger annual income growth due to contractual increases and more frequent mark-to-market opportunities. He said those tailwinds are supporting internal growth “hitting the bottom line” in both earnings and net asset value. While acknowledging increased competition for open-air retail assets, Bernstein said street retail remains “a less crowded field than in other formats with fewer capable buyers,” in part because it requires localized market knowledge, tenant understanding, and familiarity with local laws. → Homebuilder Earnings: D.R. Horton Sticks Out as Pulte & NVR Sales Tank In prepared remarks focused on internal growth, management said leasing remained strong across the REIT and the investment management platform. The company reported $3.5 million (its share) of signed leases in the first quarter and said leases in “advanced negotiation” rose to $11.5 million, up nearly $2.5 million from the prior quarter. Executives also pointed to rising market rents on key “high-growth streets,” where Acadia is negotiating new leases, fair-market renewals, and “pry loose” mark-to-markets in areas including SoHo, Upper Madison Avenue, M Street, Armitage Avenue, and Melrose Place. Management said that if certain deals are completed, they could result in a weighted average spread “just over 40%,” noting that street leases generally have 3% contractual growth and that spreads should be viewed in the context of multi-year rent compounding. → Did Qualcomm Just Put Apple in Check? When asked about how leasing could affect guidance, CFO John Gottfried said leasing needed to reach the midpoint of guidance “has already happened,” and additional signed and opened deals could be additive. Management said it is typically conservative with fair market value assumptions and characterized those as “typically upside.” Management said it is “building conviction” around markets that are earlier in their recovery cycle, specifically San Francisco and North Michigan Avenue in Chicago. For San Francisco, the company said that since the start of 2025 it signed about 90,000 square feet of new leases at two assets, including LA Fitness’ Club Studio and T&T Supermarkets. Following the end of the first quarter, the company said it signed an additional 25,000 square feet with Sprouts Farmers Market at 555 Ninth Street, joining Trader Joe’s and Club Studio. Management emphasized that Sprouts, T&T, and Club Studio will each represent their “first store in San Francisco.” With about 70,000 square feet remaining to lease, the company said it is gaining confidence it can continue unlocking embedded value at the two centers. On North Michigan Avenue, management said foot traffic has returned to pre-2019 levels and tenant demand has increased since the start of 2026. The company cited recent openings and signings from brands including Mango, Aritzia, Uniqlo, and American Eagle, as well as a 60,000-square-foot Candy Hall of Fame at 830 North Michigan Avenue. Even with improving activity, management said rents on the corridor remain about 50% below prior peak levels. Responding to an analyst question about Chicago, management pushed back on the idea that the market is broadly weak, arguing the issue on North Michigan Avenue has been “difficult spaces” such as multi-level retail and the challenge of backfilling former flagship locations. Bernstein also referenced “three underperforming malls on the street” as a headwind, adding that as those are addressed, momentum could improve. Chief Investment Officer Reggie Livingston said the company has been “incredibly busy” year-to-date, closing over $1 billion in acquisitions and recapitalizations through the first quarter and into April. He said Acadia gained a foothold on two luxury retail corridors with REIT acquisitions not previously announced: 225 Worth (Worth Avenue, Palm Beach): Acquired for $43 million at quarter-end. Livingston said the asset includes Gucci, J.McLaughlin, and G4 and offers “meaningful mark-to-market opportunity.” 428 Newbury (Newbury Street, Boston): Acquired after quarter-end for $109 million. Livingston said the assets are anchored by Chanel and Cartier and have “meaningful value creation opportunity.” Livingston said the company’s intent in new markets is not limited to single assets, but to build “scale” over time—targeting the ability to amass “100, 200 plus” in a market where feasible—so Acadia can become a preferred counterparty for sellers and tenants. Gottfried added that from a modeling perspective, the company assumes acquired leases may be below market and said Acadia aims to reach “sixes cash” yields in roughly two years, while tolerating up to three or four years for the right deal. On the investment management side, Livingston said the quarter was defined by recapitalizations, including a joint venture with TPG Real Estate covering Avenue at West Cobb and six Fund V assets in a $440 million transaction. He also cited a $68 million recapitalization of Pinewood Square in Palm Beach County with private funds managed by Cohen & Steers, noting it was the second recapitalization with that investor. Livingston said these transactions validate the platform and “free up capital” to redeploy. Gottfried said first-quarter results showed internal growth accelerating and external growth goals being achieved on both accretion and volume. He said the company raised full-year 2026 earnings guidance to $1.22 to $1.26 of FFO, representing 9% growth at the midpoint over the $1.14 of FFO reported in 2025. He described a breakdown of the projected year-over-year increase as follows: Internal NOI growth (including redevelopments): $0.07 to $0.09 of FFO External growth: $0.04 to $0.05 of FFO Investment management growth: $0.01 to $0.02 of FFO Offset: approximately $0.04 of dilution embedded from an anticipated City Point loan conversion in the second quarter, which Gottfried said should become accretive as the asset stabilizes The company said its REIT economic occupancy increased to 94% at quarter-end. Gottfried emphasized that the street and urban portfolio—the company’s “most valuable space”—rose 140 basis points sequentially and 570 basis points year over year, with that portfolio 91.7% occupied as of March 31. Acadia ended the quarter with $10.5 million, or about 5% of annual base rent, in its “signed not open” (SNO) pipeline, which management said increased about 18% during the quarter even after nearly 25% of the pipeline commenced in the first quarter. Gottfried said the company expects approximately 80% of SNO to commence during 2026, with the remainder in the first half of 2027, and noted that more than $4 million of anticipated commencements are projected for the fourth quarter, tied primarily to the expected openings of T&T Supermarket and LA Fitness’ Club Studio at San Francisco redevelopment projects. For same-store performance, management said it remains on track for the midpoint of its guidance at 7% and provided a quarterly outlook, while cautioning that small changes can swing results. Gottfried said the current model shows same-store growth of 6% to 8% in the second quarter, 7% to 9% in the third quarter, and 5% to 7% in the fourth quarter, with the street and urban portfolio expected to outperform suburban by 400 to 500 basis points. On financing, Gottfried said Acadia completed a refinancing of its unsecured corporate credit facility, entering into a $1.4 billion agreement that tightened pricing, extended maturities, and increased borrowing capacity by $250 million. He said the facility was “significantly oversubscribed,” and the company added two new banks to its group of lenders. Gottfried also said the company completed more than $600 million of REIT and investment management deals so far in 2026 without issuing equity and cited revolver capacity, unsettled forward equity, and anticipated proceeds from structured finance and investment management as sources of capital to fund the acquisition pipeline. Looking ahead, Bernstein said the company’s street retail thesis “is working” and that Acadia believes it has a clear line of sight to multi-year growth supported by internal leasing and external investment opportunities. Acadia Realty Trust (NYSE: AKR) is a Maryland real estate investment trust (REIT) that focuses on the acquisition, development, ownership and operation of grocery-anchored and necessity-based shopping centers. The company targets retail properties that serve densely populated urban and suburban markets and typically feature essential tenants such as supermarkets, drugstores, fitness centers and other service-oriented retailers. As a self-managed REIT, Acadia oversees leasing, property management, financing and construction activities through its in-house platform. Acadia's portfolio is diversified across property types and lease structures, with an emphasis on sites that benefit from long-term consumer traffic and resilient tenancy. The article "Acadia Realty Trust Q1 Earnings Call Highlights" was originally published by MarketBeat.

Image source: The Motley Fool. Wednesday, April 29, 2026 at 11:00 a.m. ET President and Chief Executive Officer — Kenneth F. Bernstein Executive Vice President and Chief Financial Officer — John Gottfried Executive Vice President, Head of Leasing — Alexander J. Levine Executive Vice President, Chief Investment Officer — Reginald Livingston Lease Administration and Due Diligence Analyst — Lynelle Ray Need a quote from a Motley Fool analyst? Email [email protected] Lynelle Ray: Good morning, and thank you for joining us for the first quarter 2026 Acadia Realty Trust earnings conference call. My name is Lynelle Ray, and I am a lease administration and due diligence analyst. Before we begin, please be aware that statements made during the call that are not historical may be deemed forward-looking statements within the meaning of the Securities Exchange Act of 1934, and actual results may differ materially from those indicated by such forward-looking statements due to a variety of risks and uncertainties, including those disclosed in the company's most recent Form 10-Ks and other periodic filings with the SEC. Forward-looking statements speak only as of the date of this call, 04/29/2026, and the company undertakes no duty to update them. During this call, management may refer to certain non-GAAP financial measures including funds from operations and net operating income. Please see Acadia Realty Trust’s earnings press release posted on its website for reconciliations of these non-GAAP financial measures with the most directly comparable GAAP financial measures. Once the call becomes open for questions, we ask that you limit your first round to two questions per caller to give everyone the opportunity to participate. You may ask further questions by reinserting yourself into the queue, and we will answer as time permits. Now it is my pleasure to turn the call over to Kenneth F. Bernstein, President and Chief Executive Officer, who will begin today's management remarks. Kenneth F. Bernstein: Thank you, Lynelle. Great job. Welcome, everyone. As you can see in our press release, we had another strong quarter in what is shaping up to be a very solid year, both with respect to our internal as well as our external growth initiatives. And while geopolitical events have certainly added unwanted uncertainty to the global economy, thankfully, due to the tailwinds for open-air retail in general, and then even more so for street retail, we are seeing continued strong results driven by strong tenant demand, strong tenant performance, and attractive investment opportunities. As the team will discuss in more detail, we delivered 11% year-over-year earnings growth driven by nearly 6% same-store growth. And even with heightened uncertainty in the capital markets, we completed over $2.5 billion of transactional activity, comprised of $600 million of new investments, $500 million of recapitalizations within our investment management platform, and a new $1.4 billion corporate borrowing facility. Now, since I have discussed in detail the key drivers of the tailwinds in open-air retail on our previous calls, I will limit my explanation a bit. But in short, our continued strong performance is being driven most significantly by our street retail portfolio and more specifically by five key factors. First, limited supply that continues to shrink. Second, and probably more importantly, increasing demand due to the ongoing focus by retailers on having their own physical locations rather than being so heavily reliant on either wholesale or digital channels. Third, strong tenant performance due to a resilient consumer, especially the upper-end shoppers at our street locations. Fourth, lighter relative CapEx in our re-tenanting of street locations. And finally, stronger annual income growth in our street locations, due to both higher contractual growth and then more frequent mark-to-market opportunities. These continued tailwinds are enabling us to deliver solid internal top-line growth and have that growth hit the bottom line, both in terms of earnings growth as well as net asset value growth. Alexander J. Levine will discuss our progress last quarter and why we are poised to continue to deliver superior growth for the foreseeable future. And then supplementing this internal growth, and ensuring that we can continue to deliver this steady growth well into the future, are our external growth initiatives. Reginald Livingston will discuss our acquisition activity over the last quarter where we continue to deliver on our goals, both with respect to our on-balance sheet acquisitions of street retail and our execution through our investment management platform. But let me give a few observations. As we have seen more investor interest in retail over the past year, competition has increased for most formats of open-air retail. But so has the volume of deals coming to market. So even with increased competition, we expect to be able to meet our acquisition goals. And while we welcome the company, it has been a bit more difficult to simply buy existing yield to make our targeted returns. So, as it relates to street retail investment opportunities, while competitive, it is still a less crowded field than in other formats, with fewer capable buyers. We are still seeing enough attractive investments that are accretive day one both to earnings and net asset value. And we are most focused on investments where there are near-term value creation opportunities where we can use our skill set and relationships to unlock that value. We are still finding deals that get us to a 6% plus yield in the near term, but require a few more moving pieces. And since our team has never been hesitant to use its value-add skills and relationships, this shift is welcomed. The same is true for our investment management platform. The ability to achieve opportunistic returns by simply buying stable assets, as we successfully did during our Fund V investment period a few years ago, is becoming increasingly difficult; thus our recent investments over the past year have been much more value-add focused and we expect that focus to continue. And as it relates to our investment management activity, we can actually team up with the increasing pool of institutional capital and harness that increased interest. So we do not have to just beat them; we can join them as well. And to be clear, with respect to both our REIT and investment management acquisitions, our goal continues to be to make sure our investments are accretive to earnings and to net asset value day one, and to achieve a penny of FFO for every $200 million of assets acquired. Reggie will walk through how our most recent activity is meeting our goals both in terms of volume and accretion, and then equally importantly, how we are planting seeds for continued superior growth down the road. Then finally, John Gottfried will walk through our balance sheet metrics and how we are positioned to continue to drive both internal and external growth with plenty of dry powder and diverse sources of capital. So to conclude, our street retail investment thesis is working. The internal and external opportunities we see provide clear line of sight into providing solid multi-year top-line growth and then having that growth drop to the bottom line. Then with ample balance sheet capacity, we are in a position to capitalize on the exciting opportunities that we have in front of us. I would like to thank the team for their continued hard work. And with that, I will hand the call over to AJ. Alexander J. Levine: Thanks, Ken. Good morning, everyone. So I would like to start out with an update on internal growth with a focus on trends and performance on our high-growth streets. Then I will touch on some of our slower-to-recover markets with significant upside, namely San Francisco and North Michigan Avenue, and I will finish with an update on Henderson Avenue in Dallas. Overall, another strong quarter of leasing across the board—street, suburban—both within the REIT portfolio as well as our investment management platform. Total volume of signed leases in Q1 was an additional $3.5 million at our share. We have grown our pipeline of new leases in advanced negotiation to $11.5 million, which is a net increase of nearly $2.5 million above the previous quarter. As we sign leases, we are quickly reloading the pipeline and then some. As Ken articulated, because of the historically strong supply-demand dynamic and the resilient high-income consumer that shops our streets, all signs indicate that we will be able to deliver similar results through the remainder of this year and beyond. In addition to an accelerating leasing velocity, we are also seeing a steady rise in market rents on our high-growth streets. We are currently negotiating new leases, fair market renewals, and pry-lease mark-to-markets along several of our streets, including SoHo, Upper Madison Avenue, M Street, Armitage Avenue, and Melrose Place. These are all markets that have experienced several years of double-digit rent growth and, if we are successful in signing these new deals, it will result in a weighted average spread of just over 40%. Now remember, street leases have 3% contractual growth. So a 40% spread after five years of 3% growth means that rents have grown closer to 60% over that time period. This is what we mean when we say that not all spreads are created equal. Now, incremental to the sector-leading growth that we are seeing on our streets, we are also continuing to build conviction around historically strong markets that are in the earlier stages of recovery, like San Francisco and North Michigan Avenue in Chicago. At our last update, we reported that since the start of 2025, we had signed about 90 thousand square feet of new leases across our two assets with LA Fitness Club Studio and T&T Supermarkets. Since our last update, and following the end of the first quarter, we have added another 25 thousand square feet by signing Sprouts Farmers Market, who will be joining Trader Joe’s and Club Studio at 555 9th Street. And like T&T and Club Studio, this will be their first store in San Francisco. What has become clear is that tenants are strengthening their conviction around the recovery of San Francisco. And with another 70 thousand square feet of space remaining to lease, in addition to some accretive pry-lease opportunities, we are gaining increased confidence that we can continue to unlock the meaningful remaining embedded value within our two San Francisco centers. Now right behind San Francisco is North Michigan Avenue, which continues to see steady improvement and has certainly moved beyond the green shoots phase of recovery. We still have a ways to go, but foot traffic has returned to pre-2019 levels, and since the start of this year, there has been a noticeable increase in tenant demand. Over the last year, we have seen new store openings and new lease signings from top brands like Mango, Aritzia, Uniqlo, and American Eagle, and most recently, the 60 thousand square foot Candy Hall of Fame at 830 North Michigan Avenue. Even so, rents are still 50% below where they were at prior peak. North Michigan Avenue is an iconic, irreplaceable street, and we are confident that the recovery will continue to accelerate, and when it does, we will be well positioned to capture that upside. And finally, I will end with an update on Henderson Avenue in Dallas. As a reminder, the vision on Henderson is to create a vibrant, walkable street curated with a mix of today’s most sought-after retailers and supplemented with dynamic and recognizable F&B—mixing the best of what has worked on streets like Armitage Avenue in Chicago, Bleecker Street in New York, Melrose Place in LA, and M Street in DC. In short, Dallas’ first and only true street retail shopping experience. The street is already off to a great start, with tenants like Tecovas and Warby Parker producing sales that could already justify rents doubling. And with 80% of our retail on the street now spoken for, our new leases are doing just that. I cannot reveal the names of all of the brands that have committed, but to give you a flavor, the project will consist of a healthy mix of nationally recognized tenants like Rag & Bone, who is relocating from Highland Park Village, along with a collection of younger brands that have had success on some of our other high-growth streets like Gizio, Cami, and Margaux. And we are saving around 10% of our space for brands that are more local and authentic to Texas. Add in some fun, high-volume F&B like Prince Street Pizza, Papa Bagels, and Salt N’ Stir ice cream, and you have the makings of a well-curated, walkable street. So in summation, the key takeaway is that, despite consistently high levels of leasing activity over the past several quarters, we continue to see meaningful runway ahead, both in terms of mark-to-market opportunity and ongoing lease-up of our high-growth streets, as well as tapping into markets that have more recently begun to show the signs of a strong recovery. As always, I would like to thank the team for their hard work. And with that, I will turn things over to Reggie. Reginald Livingston: Thanks, AJ, and good morning, everyone. I will cover two things: our transaction activity for Q1 and through April, and then I will share some perspective on what we are seeing in the market. On the transaction front, we have been incredibly busy year to date. We have closed over $1 billion in acquisitions and recapitalizations, gained footholds on two of the country’s premier luxury retail corridors, all while achieving our accretion and growth thresholds and building a pipeline that should maintain a high level of activity for the balance of the year. So let us walk through some details. Starting with the acquisitions not previously announced. At the end of the quarter, within our REIT portfolio, we made our inaugural investment on Worth Avenue in Palm Beach, with the acquisition of 225 Worth for $43 million. This street is one of the most irreplaceable luxury retail corridors in the country, and it has all the ingredients for continued rent growth, including strong performing tenancy, a high-end customer base, and limited supply. The asset contains Gucci, Jay McLaughlin, and G4, and possesses a meaningful mark-to-market opportunity that we will harvest in the near future. Our conviction on Worth goes beyond this single asset. We have an active pipeline in that corridor, and our strategy there mirrors what we have executed in other markets: acquire a foundational position, build scale, and activate the benefits of concentration to drive returns over time. Subsequent to quarter-end, also in our REIT portfolio, we closed on 4 and 28 Newbury for $109 million. These assets are anchored by Chanel and Cartier, two of the most sought-after luxury tenants in the world. These buildings are between Arlington and Berkeley Streets on Newbury—one of the best concentrations of luxury retail on the East Coast. And most importantly, this asset has a meaningful value-creation opportunity that we expect to harvest soon. The same scale thesis applies here: understand the Newbury Street market and have relationships to create a path to building a greater presence on the corridor. For both Palm Beach and Boston, it is important to note they adhere to our metrics—being accretive to NAV, hitting our FFO accretion target of a penny per $200 million, with CAGR in excess of 5%. On the investment management side, Q1 was defined by executing on recapitalizations. We formed a joint venture with TPG Real Estate that encompassed the recap of Avenue at West Cobb and six Fund V assets, a $440 million transaction. The scale of this recap is a meaningful validation of our platform, our assets, and our relationships. We also completed the recap of Pinewood Square in Palm Beach County with private funds managed by Cohen & Steers, a $68 million transaction. This is our second recap with Cohen & Steers, a highly regarded investor; their involvement reflects both the quality of the asset and the credibility of our business plan. These transactions, in part, demonstrate our incubated recap model at work, and in total, free up capital that we can accretively redeploy. Turning to what we are seeing in the market. The retail investment landscape remains active, even as the macro backdrop has grown more complex. Supply remains constrained, new development is sparse, and institutional capital flows into quality retail continue to grow. None of the current macro noise has changed those underlying dynamics. What that environment rewards, though, is exactly what we have built. Recall, in the street retail world, the majority of our acquisitions are off-market, and that sourcing advantage does not diminish in periods of volatility; if anything, it improves as motivated sellers gravitate towards certainty of execution. And this rewards us disproportionately because there are just fewer players in the street retail segment. And our pipeline reflects that reality. We have a number of opportunities in advanced stages of negotiation, and we will continue to underwrite to the same disciplined thresholds that have defined our recent activity. On the investment management side, while the institutional appetite remains elevated, so does the number of owners looking to monetize. Owners without the capital, patience, or expertise to unlock value in their assets are looking for an exit, and that is creating a compelling opportunity for a platform like ours that has all three. Our pipeline on this side is as active as it has been. So to close, as I said, we have been busy: find the right assets, on the right corridors, with the right growth profile, while continuing to accretively build the investment management business. We expect this activity to continue as we are on track to deliver transaction volume for the balance of the year consistent with our past activity. Thank you to the team for their hard work this quarter. And with that, I will turn it over to John. John Gottfried: Thanks, Reggie, and good morning. Our first quarter results are clear: our internal growth is accelerating, and we are achieving our external growth goals on both accretion and volume. And these accomplishments are driving our bottom-line earnings. Our year-over-year earnings are up 11%, and with the acquisitions completed to date, we raised our full-year 2026 earnings guidance. I will start my remarks by laying out the building blocks for the remainder of the year, followed by an update on 2027, and then closing with the balance sheet. For those of you that know our approach towards earnings expectations, we set robust targets for ourselves, and thus it makes it unlikely we will raise our guidance, particularly so early in the year. However, given the strength in our operations and the accretive acquisitions we have completed to date, we raised both the high and low of our guidance to $1.22 to $1.26, representing 9% growth at the midpoint over the $1.14 of FFO we reported in 2025. And with the simplified reporting that we rolled out last year, you can clearly see what is driving that growth. Based on our latest model, here is how that $0.10 of projected year-over-year growth breaks down. We expect that our internal NOI growth, inclusive of redevelopments, should contribute about $0.07 to $0.09 of FFO. External growth is projected to add $0.04 to $0.05, driven by the full-year impact of 2025 deals and those closed year to date in 2026. And a continued expansion and scaling of our investment management program should add another $0.01 to $0.02. And as we have previously discussed, partially offsetting our projected growth is approximately $0.04 that is embedded in our guidance from the anticipated conversion of the CityPoint loan in the second quarter. Again, while dilutive in the near term, it will ultimately be accretive as the asset stabilizes. And the earnings growth that we expect to deliver in 2026 provides us with a roadmap for what we aim to achieve in 2027 and beyond. Before moving to same-store NOI, I want to give a few updates on our earnings model and anticipated quarterly FFO cadence for the balance of 2026. We anticipate our quarterly run rate will be in the $0.30 to $0.32 range for the balance of the year, which, consistent with our past practice, does not factor in additional acquisition accretion, notwithstanding the active pipeline our acquisition team is underwriting. Secondly, and as I will discuss shortly, rent commencements from our signed-not-open portfolio are weighted to the back half of the year, positioning us for strong embedded growth heading into 2027. Now I want to give an update on occupancy, internal growth, and same-property NOI. At quarter-end, our REIT economic occupancy increased to 94%. But as we have said repeatedly, not all occupancy is created equal. Our street and urban portfolio—our most valuable space—sequentially increased 140 basis points and 570 basis points from Q1 of last year. And we still have several hundred basis points of embedded upside with the portfolio 91.7% occupied as of March 31. As outlined in our release, we ended the quarter with $10.5 million, or approximately 5% of RABR, in our signed-not-open pipeline. We grew our pipeline by approximately 18% during the quarter—and that is even after nearly 25% of our pipeline commenced in Q1. And as AJ discussed, our leasing pipeline remains robust, and we anticipate that our SNO should continue to build over the next couple of quarters. I will now spend a moment to highlight a few key items on our $10.5 million pipeline for those updating models. We anticipate that approximately 80% of our SNO, representing $7.9 million of ABR, will commence during 2026, with the remaining balance targeted for 2027. I want to highlight that over $4 million of this $7 to $9 million is projected to commence in the fourth quarter of this year, primarily from the anticipated openings of T&T Supermarket and LA Fitness’s Club Studio at our San Francisco redevelopment projects. And when incorporating the timing of commencement, we expect approximately $2 to $3 million of incremental ABR to be recognized in 2026, with the vast majority of that being in our same-store pool, which leaves us with $7 to $8 million of embedded incremental ABR growth heading into 2027. And lastly, on earnings flow-through, with nearly half of our SNO coming from our REIT redevelopment portfolio, we are capitalizing certain costs—primarily interest and real estate taxes—so not all of that incremental ABR flows to the bottom line. Of the $5.3 million of ABR in our SNO redevelopment pool, we expect to capitalize between $3 to $4 million of cost on a full-year run-rate basis. Moving on to an update on our 2026 same-store expectations. We remain on track to land at the midpoint of our guidance, or 7%. I will likely regret providing this level of granularity, given it only takes a few hundred thousand dollars to move us 100 basis points in either direction, but based on our current model, we see same-store growth trending 6% to 8% in Q2, 7% to 9% in Q3, and 5% to 7% in Q4, with our street and urban portfolio anticipated to outperform suburban by 400 to 500 basis points. And now moving on to our balance sheet. So far in 2026—and it is still early—we have acquired over $600 million of REIT and investment management deals, and we did so without issuing any equity. And with the available capacity on our revolver, unsettled forward equity, anticipated proceeds from our structured finance and investment management businesses, we have all the accretive capital we need to fund our acquisition pipeline. As highlighted in our release, we completed the refinancing of our unsecured corporate credit facility, entering into a $1.4 billion agreement. As part of this refinancing, we tightened pricing, extended maturities, and increased our total borrowing capacity by $250 million to support our growth. The new facility was significantly oversubscribed, and we strategically added two new banks to our incredible and long-standing lineup of capital partners. Following the completion of this facility, we have very manageable maturities and swap expirations over the next couple of years, which means our top-line earnings will largely drop to the bottom line. So in summary, we had an incredibly busy and productive start to the year. Our multi-year expectations of strong internal growth are intact, and we have a balance sheet that has ample capacity to support our expansion goals. And with that, I will turn the call over to questions. Operator: We will now open the call for questions. Our first question comes from Craig Mailman with Citi. Craig Mailman: Hey, guys. So, John, that was helpful going through the guidance detail there. Just kind of curious, between AJ and Reggie, I know there is not a lot incrementally for acquisitions. Maybe just to start there—Reggie, I think you said that activity for the balance of the year could be similar to what we have seen recently. In terms of magnitude on gross, and then maybe pro rata share, can you goalpost what you are looking at—what could conceivably close this year—and maybe what the earnings impact of that could be? Reginald Livingston: Sure. I will focus on what I think could close this year. Taking a step back, run-rate retail on the REIT portfolio side has been about $400 million or so over the last year plus. We have done about $200 million of that so far this year. So I think we could pencil in doing basically the same volume that we did last year from a REIT portfolio side. On the investment management side, where we have averaged about $250 million plus per year over the last two and a half to three years, I think we can do that as well. That is, by definition, a little lumpier because we are focused more on value-add opportunities, but that is how we think about it from a goalpost standpoint for volume. John Gottfried: And then on the earnings side—so, Craig, the one thing that we pointed out is that our target, which is unchanged, is a penny of accretion per $200 million. That is both REIT and investment management. So on $200 million of REIT acquisitions, our target is day-one earnings accretion of a penny per $200 million. And that same math, even though our pro rata share is much less of the equity on investment management, when you factor in the fees, $200 million of investment management is also a penny. So, in terms of earnings impact, you would just prorate that throughout the year. Those targets are unchanged. Craig Mailman: Okay, that is helpful. And, John, you are breaking up a little bit. Just a heads up. And then, similarly, on the leasing side, AJ, you said you guys are working on a fair bit of fair market value adjustments and some other deals. How much of those are already embedded in guidance versus could be incremental upside as we head into 2026 into early 2027? John Gottfried: Craig, are you referring to what is in the pipeline that would convert to show up in rents? Craig Mailman: Yeah, like what is actually considered in some of the metrics you guys talked about versus what could be additive that you do not want to put in there yet because the predictability is not great. John Gottfried: Got it. Any leasing that we need to happen has already happened to hit the midpoint of our guidance, both on same-store and earnings. So whatever AJ gets signed that is in his pipeline—and we get them open and operating—that would be additive, which in the street is possible. Alexander J. Levine: Yeah. We are typically fairly conservative with FMV assumptions, and it is typically upside for us. Operator: Our next question comes from Andrew Reale with Bank of America. Andrew Reale: Good morning. Thanks for taking my questions. Maybe if you could talk about your new corridors—Palm Beach and prime Newbury. First, what is the timeline for realizing the mark-to-market opportunities there that Reggie mentioned? And then are there any additional assets in the pipeline in either of those markets today? How scalable do you think those markets could ultimately be? Reginald Livingston: Sure. I will start with the second one, Andrew. For us to identify a market, it is never just about one deal. We think, how can we amass $100 to $200 million plus over time, so that we can enjoy the benefits of that scale—being the first call for sellers and the first call for tenants, etc. So we have an active pipeline that we feel pretty good about. We are always going to stay disciplined in our underwriting, but we think those markets can scale. Before we even talk about scaling, though, we ask: do those markets have the same rent growth drivers and demand that we have in SoHo, in Georgetown, and our other corridors? We think these corridors do. There is tight supply, tenant demand is very high, and the sales volumes are there not only to justify the rent run-up from previous years but to continue rent growth in the future. So we feel good about the opportunities that make sense there and that we will be able to scale. John Gottfried: And just to add on to that—from a modeling perspective—two thoughts. In these instances, the in-place lease would typically be below market, so when we think about that in the initial bookkeeping, we are conservative as to where we think the market is on day one. A rough rule of thumb we think about is, ideally, we want to get to the 6%s cash that Reggie referred to. Our target is two years, but we will tolerate up to three or four years for the right deal where we have conviction. That frames the timeline and how we establish the gap yield from the below-market impact. Andrew Reale: Okay, that is helpful. Thanks. And then, John, I think it was last quarter you said pry-lease could potentially be the most impactful variable within the 5% to 9% same-store range, with the real benefit maybe accruing in 2027 or 2028. If you were to maximize the pry-lease opportunity in the 7%— John Gottfried: Andrew, we gave a wide range, and I will start with our historical practice. We have not updated same-store guidance once we have given it, which is why we are not doing it this quarter. I would say assume we are targeting the 7%, and the pry-lease upside is very real and actionable, but it is not going to deviate us from the 7% target. Kenneth F. Bernstein: Good luck getting John to count his chickens before they hatch. Andrew Reale: Fair enough. Thank you. Operator: Our next question comes from Floris van Dijkum with Ladenburg Thalmann. Floris van Dijkum: Thanks. Good morning, guys. A question that does not seem to get a lot of attention these days—your Henderson Avenue developments. It is about $200 million. Should investors expect something like a 9% or 10% return on that, as you have indicated? And is the remaining forward ATM going to be used to fund that? Maybe also talk a little bit about the timing of that development, what kind of rents you are getting, and how much of that is pre-leased. John Gottfried: Let me start with the yields and timing, and then I will turn it over to AJ on the leasing specifics. We have put out there—and we are on, if not ahead of, target—that we think the development is going to stabilize to an 8% to 10% yield. Very consistent with what you shared. Another point is that the 8% to 10% is on the incremental dollars we are spending. That is not factoring in that we have a whole other portfolio of assets on the street that, as AJ will share, is proving to be very below market; we are not factoring in the lift from the balance of the portfolio that the development is going to add to. In terms of timeline, we will be through our part of construction in the back half of this year, begin delivering space, stabilizing in 2027, and up and running in 2028. AJ will cover where we are in leasing. Alexander J. Levine: I would say the interest and excitement on Henderson has been far beyond what we even initially imagined. Remember, existing sales on the street are already in excess of the sales we are seeing in markets like Armitage Avenue, and rents on Henderson are half of what we have currently on Armitage. There is already justification for rents doubling on the street, and some of the more recent leases that we are signing are actually doing just that. Rag & Bone, obviously having a lot of success over at Highland Park Village, is shifting to merchandising more in line with what they prefer from a co-tenancy standpoint. Some of the younger brands like Margaux and Gizio are committing as well. I am anxious to give you more names—we have shared what we can at this point—but we are off to a great start. Floris van Dijkum: Great. And as a follow-up, I wanted to touch base on Chicago. I know you talked about the momentum. I think TPG has bought into your JV, if I am not mistaken, at 717. What is the appetite to take advantage of some of the opportunistic investment opportunities that could be achievable in that market? And maybe talk about where the upside is—people often say Chicago is terrible. What has changed, and why is it not a bad place to be? John Gottfried: Let me start with a clarification. The recap with TPG was Fund V—nothing to do with Fund IV—so everything we own at 717 is in Fund IV and still held by Fund IV. There has been no transaction there. Alexander J. Levine: And I just want to correct one thing—Chicago is not terrible. It has never been a bad place to be, certainly in our neighborhoods, where we have had many years of success. The issue with North Michigan Avenue has never been fundamentals. Street footfalls are back in excess of 2019 volumes. Sales have seen very real growth over the last few years. It has really been a challenge of difficult spaces—multi-level retail and flagship locations that are historically more difficult to backfill—but those spaces are filling in. I mentioned names like Uniqlo, H&M coming back to the street, American Eagle, Aritzia—large-format spaces. As those fill in, we will continue to see increased activity. The challenge of having three underperforming malls on the street has not helped, so as those pieces start to get figured out, we will see more and more momentum. Operator: Our next question comes from Todd Thomas with KeyBanc Capital Markets. Todd Thomas: Thanks. Good morning. First, I wanted to ask whether there are any more markets or partners that you are evaluating today. Should we expect some additional inaugural investments in the quarters ahead as we contemplate additional investment activity? And then, Ken, a bigger picture question for you or Reggie. You talked about increased competition for open-air centers—you referenced that in the context of Fund V assets, for example—but you indicated you are still finding opportunities in the street and urban segment, which seems less crowded. Why do you think competition is lower and the acquisition environment is more favorable where there are strong IRR and risk-adjusted opportunities and good rent growth, with escalators? Kenneth F. Bernstein: I will tackle both, and Reggie should chime in. In terms of additional markets, we spend a fair amount of time—AJ and I especially—talking to our retailers about which markets are perhaps ones you might want to be in and which ones are going from “nice to have” to “need to have.” In the case of Palm Beach, it is transitioning from a seasonal market to, for a variety of reasons we all read about, a must-have market. In those instances, where we see fragmented ownership and our retailers say they would welcome institutional, high-quality ownership like Acadia, that is where we spend the majority of our time. In some markets, like Dallas, there was no place to buy, so there we are building and creating that street retail environment. But for Palm Beach, Worth Avenue clearly checks that box, as does Newbury in Boston. There are probably a half-dozen—perhaps a dozen—additional markets that fit that spectrum that we constantly spend time on. Then we ask: is there enough to acquire over a realistic period of time so that we can build adequate scale? Is there a spine? Are there barriers to entry on a given corridor so it does not just wander up and down, left and right? When it does—in the case of Worth Avenue and Newbury, and a half-dozen others—you should expect over time that we will focus on those. We do not have to add new markets to achieve our goals of being the premier owner-operator of street retail in the United States, but it would be nice to have a few more, and our retailers would welcome that. As to competition, street retail has a longer learning curve. It is pretty easy to underwrite some formats of open-air retail, and that is why you saw capital move first and foremost back to supermarket-anchored. You still need to underwrite thoughtfully and carefully your supermarket, but for the satellites—the dry cleaner, the coffee shop—you do not get into the same level of underwriting. So there are just lower barriers to entry. For street retail, you have to understand the market, the tenants, the local laws—it has taken us well over a decade to get to the point we are at right now. For a lot of institutional owners, gearing up is just too difficult. They would rather partner with us. So we like our positioning in street retail. That said, as Reggie has pointed out, the team has been very active in other formats of open-air retail. Thankfully, volume is coming back, so we will achieve our volume goals notwithstanding it being more competitive. We just have to work a little harder, and so far, so good. Todd Thomas: Okay, that is helpful. And then, John, just real quick—appreciate the update on CityPoint as it pertains to the guidance. What is the ABR upside opportunity there today? You are at a little over $21 million of ABR—where does that stabilize, and what is the current thinking around the stabilization timeframe? John Gottfried: In terms of stabilization, Todd, we have always thought of it in two distinct phases. The first phase—in the next 18 to 24 months—we should be able to add 10% to 20% to current ABR. That is our goal and leasing plan over the next year or two. Secondly, after that—again, the neighborhood is still filling in—once we prove out the concept and have some leases we have signed rolling, we think we add another 30% to 40% off of that once we get to that next level of stabilization after we get through the first phase. Alexander J. Levine: For sure. The last 18 months have been pivotal at CityPoint. Between Sephora and Swarovski, most recently Warby Parker and Van Leeuwen, it really is starting to get that Armitage and M Street feel. At this point, it is about finding the right retailers and completing the right merchandising mix. There is a lot of runway ahead. John Gottfried: The way we look at it to give us conviction is the sales being generated. We do not want to give individual tenant sales, but you can guess who they are. They are doing increasing volumes that are attracting the attention of retailers. That gives us conviction it is a matter of when, not if. Todd Thomas: Okay. That is helpful. Thank you. Operator: Our next question comes from Michael Mueller with JPMorgan. Michael Mueller: Yes, hi. First, you mentioned 8% to 10% returns for the Henderson expansion. What are some of the moving parts that pull you to 8% versus 10%? Is there that much variability in the rents being discussed? Kenneth F. Bernstein: Mike, some of it is cost, some is timing of openings and when we declare stabilization. When you are doing a full lease-up like this, 200 basis points of variability feels normal. Maybe it is a little wide so that we are being conservative, but it is not appropriate to say we are getting to 9% right now. Give us a little latitude. Hopefully, the tenant sales performance we have seen so far and the tenant enthusiasm continue. A lot of it is logistics—how long it takes to get the various tenants open. A few months’ delay could change those numbers 10 to 20 basis points one direction or another. Michael Mueller: Okay. And second question: you now have, what, three buildings on Newbury and one in Palm Beach. The goal is to scale that, but could you operate those buildings efficiently over the longer term if you could not find additional acquisitions, or do you need five or ten assets in a market to have it work over the long term? John Gottfried: We could absolutely operate them. Kenneth F. Bernstein: When we refer to benefits of scale, it is very different than G&A as a percentage of assets in a given corridor. While there are cost benefits, what we are seeing is different. When we control enough buildings on a given corridor—as we have on Armitage Avenue, on M Street, and as you will see on Greene Street in New York—we can pull other levers that enable us to get higher rents more efficiently, with less downtime. AJ and team are constantly shuffling tenants. Some tenants want to be larger; others are ready to leave. By having enough choices on a given corridor and being a trusted landlord, the benefits of scale we are referring to are not cost related—it is really the ability to drive rents and NOI over time. That requires more than just a couple of buildings on any corridor. For those benefits of scale, I look forward to Reggie and team adding to both of these corridors over time. Operator: Thank you. That concludes today’s question-and-answer session. I would like to turn the call back to Kenneth F. Bernstein for closing remarks. Kenneth F. Bernstein: Great. Thank you, everyone. We look forward to speaking with you next quarter. 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See the 10 stocks » *Stock Advisor returns as of April 29, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Acadia (AKR) Q1 2026 Earnings Call Transcript was originally published by The Motley Fool

This article first appeared on GuruFocus. Earnings Growth: 11% year-over-year increase. Same-Store Growth: Nearly 6% increase. Transactional Activity: Over $2.5 billion, including $600 million in new investments and $500 million in recapitalizations. New Corporate Borrowing Facility: $1.4 billion. Signed Leases Volume: $3.5 million in Q1. Pipeline of New Leases: $11.5 million, a net increase of $2.5 million from the previous quarter. Acquisitions and Recapitalizations: Over $1 billion closed in Q1 and through April. FFO Guidance for 2026: Raised to $1.22 to $1.26, representing 9% growth at the midpoint. Economic Occupancy: Increased to 94% at quarter end. Signed-Not-Open Pipeline: $10.5 million, approximately 5% of ABR. Same-Store NOI Growth Expectation for 2026: Midpoint of 7%. Unsecured Corporate Credit Facility: $1.4 billion agreement, increasing borrowing capacity by $250 million. Warning! GuruFocus has detected 6 Warning Signs with AKR. Is AKR fairly valued? Test your thesis with our free DCF calculator. Release Date: April 29, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Acadia Realty Trust (NYSE:AKR) reported an 11% year-over-year earnings growth driven by nearly 6% same-store growth. The company completed over $2.5 billion in transactional activity, including $600 million in new investments and a $1.4 billion corporate borrowing facility. Strong tenant demand and performance, particularly in street retail, are driving solid internal top-line growth. Acadia Realty Trust (NYSE:AKR) is seeing significant leasing activity with a pipeline of new leases in advanced negotiation totaling $11.5 million. The company has successfully entered new markets, such as Worth Avenue in Palm Beach and Newbury Street in Boston, with promising mark-to-market opportunities. Geopolitical events have added unwanted uncertainty to the global economy, impacting capital markets. Increased competition in the retail investment landscape makes it more challenging to achieve targeted returns. Some markets, like San Francisco and North Michigan Avenue, are slower to recover, although they show significant upside potential. The company faces challenges in prying loose mark-to-market opportunities, which may impact short-term earnings. There is a risk of variability in returns for projects like the Henderson Avenue development, with potential delays affecting stabilization timelines. Q: Can you provide details on the expected acquisition activity for the remainder of the year and its potential earnings impact? A: Reginald Livingston, Executive Vice President and Chief Investment Officer, stated that they expect to maintain the same volume of acquisitions as last year, with around $400 million on the REIT portfolio side and $250 million on the Investment Management side. John Gottfried, CFO, added that their target is a penny of accretion per $200 million of acquisitions, both for REIT and Investment Management. Q: How much of the fair market value adjustments in leasing are already included in the guidance, and what could be incremental? A: John Gottfried, CFO, explained that any necessary leasing to meet the midpoint of their guidance has already occurred. Any additional leasing activity would be considered upside, particularly in street retail, where they are typically conservative with fair market value assumptions. Q: What is the timeline for realizing mark-to-market opportunities in new corridors like Palm Beach and Newbury? A: Reginald Livingston, Executive Vice President and Chief Investment Officer, mentioned that they have an active pipeline in these markets and believe they can scale. The timeline for realizing mark-to-market opportunities depends on asset-specific factors, but they aim to achieve 6%-plus yields in the near term. Q: Can you provide an update on the Henderson Avenue development and expected returns? A: John Gottfried, CFO, stated that they expect the development to stabilize at an 8% to 10% return on incremental dollars spent. Alexander Levine, Executive Vice President, added that leasing interest has been strong, with some recent leases justifying rent doubling on the street. Q: What are the prospects for additional market entries, and why is street retail less competitive? A: Kenneth Bernstein, CEO, explained that they are considering additional markets where they can build scale and where there is strong tenant demand. Street retail is less competitive due to the need for a deep understanding of the market, tenants, and local laws, which creates higher barriers to entry. For the complete transcript of the earnings call, please refer to the full earnings call transcript.