# Acadia Realty Trust (AKR) Q2 2025 Financial Results Summary
*RYE, NY (July 29, 2025)* – Acadia Realty Trust (NYSE: AKR) reported its operating results for the quarter ending June 30, 2025. Below is a summary of the key financial metrics and operating highlights.
### Financial Overview
– **Net Earnings**:
– **Q2 2025**: $0.01 per share (unchanged from Q2 2024)
– **Q2 2024**: $0.01 per share
– **NAREIT Funds From Operations (FFO)**:
– **Q2 2025**: $38.1 million, $0.27 per share, an **8% increase** from $0.25 per share in Q2 2024.
– **Funds From Operations Before Special Items**:
– **Q2 2025**: $44.1 million, $0.32 per share, compared to $0.31 per share in Q2 2024.
– **GAAP Metrics**:
– GAAP Net Income: $1.6 million, or $0.01 per share (up from $1.2 million or $0.01 per share in Q2 2024).
### Rental Revenue and Expenses
– **Total Revenues**:
– **Q2 2025**: $100.6 million (compared to $87.3 million in Q2 2024).
– **Total Expenses**:
– **Q2 2025**: $99.8 million (up from $70.2 million in Q2 2024).
### Same Property NOI Growth
– **Same-Property NOI Growth**:
– Achieved a growth of **4.2%** in Q2 2025.
– Maintained full-year guidance for Core Same Property NOI growth at **5-6%**.
### Leasing Update
– **Core Portfolio Occupancy**:
– Increased by **50 basis points** to **92.2%** compared to **91.7%** as of March 31, 2025.
– **Total Signed Not Yet Opened Pipeline**: Approximately **$15 million** at June 30, 2025, representing about **7%** of pro-rata minimum rent.
– **New Leasing Activities**:
– Executed a **35,000 square foot lease** with LA Fitness at 555 9th Street in San Francisco.
– Approximately **$4 million** of pro-rata Annual Base Rent (ABR) from new leases.
### Acquisition Activities
– **Acquisitions**: Completed approximately **$157 million** in acquisitions during Q2 2025, including:
– Three retail storefronts for **$50 million** in Williamsburg, Brooklyn.
– Additional storefront acquisitions totaling **$60 million** in Williamsburg.
– A property for **$47 million** in Manhattan’s Flatiron/Union Square.
### Financial Position
– **Liquidity**: The company enhanced its liquidity with a new **$250 million delayed draw term loan**, of which **$175 million** was drawn at closing.
– **Debt Metrics**:
– Net Debt-to-EBITDA ratio decreased to **5.5x** at June 30, 2025 (down from **6.3x** a year earlier).
– **Core Debt Maturities**: Minimal maturing core debt until **2028**.
### Dividend and Share Repurchase
– **Dividends**: Declared dividends of **$27.7 million** for the quarter, versus **$24.5 million** in Q2 2024.
– **Share Repurchase**: No share repurchase activities were reported during the quarter.
### Outlook
– **2025 Guidance**: The company reaffirmed its NAREIT FFO and FFO Before Special Items per diluted share guidance for 2025 and updated its earnings per diluted share guidance to a range of **$0.09-$0.13**.
### Conclusion
Acadia’s second quarter results reflect stability in net earnings and notable growth in its FFO metrics alongside continued focus on expanding its retail portfolio through strategic acquisitions and leasing activities. The company maintains a robust balance sheet and reiterated its positive outlook for the remainder of 2025.
Here are the extracted tables from the press release you provided:
### Condensed Consolidated Statements of Operations (Unaudited, Dollars and Common Shares and Units in thousands, except per share amounts)
| Three Months Ended | Six Months Ended | |||
|---|---|---|---|---|
| June 30, 2025 | 2024 | 2025 | 2024 | |
| Revenues | ||||
| Rental | 98,297 | 85,626 | 200,937 | 171,663 |
| Other | 2,295 | 1,628 | 4,049 | 6,947 |
| Total revenues | 100,592 | 87,254 | 204,986 | 178,610 |
| Expenses | ||||
| Depreciation and amortization | 39,269 | 34,281 | 78,709 | 69,221 |
| General and administrative | 11,532 | 10,179 | 23,129 | 19,947 |
| Real estate taxes | 13,317 | 9,981 | 26,620 | 22,327 |
| Property operating | 17,524 | 15,781 | 35,804 | 34,877 |
| Impairment charges | 18,190 | — | 24,640 | — |
| Total expenses | 99,832 | 70,222 | 188,902 | 146,372 |
| Gain (loss) on disposition of properties | — | 757 | — | (441) |
| Operating income | 760 | 17,789 | 16,084 | 31,797 |
| Equity in (losses) earnings of unconsolidated affiliates | (4,191) | 4,480 | (5,904) | 4,168 |
| Interest income | 6,358 | 5,413 | 12,454 | 10,651 |
| Realized and unrealized holding (losses) gains on investments and other | (54) | (2,364) | 1,567 | (4,415) |
| Interest expense | (23,604) | (23,581) | (46,851) | (47,290) |
| Loss on change in control | — | — | (9,622) | — |
| (Loss) income from continuing operations before income taxes | (20,731) | 1,737 | (32,272) | (5,089) |
| Income tax provision | (211) | (155) | (327) | (186) |
| Net (loss) income | (20,942) | 1,582 | (32,599) | (5,275) |
| Net loss attributable to redeemable noncontrolling interests | 1,724 | 2,292 | 3,393 | 4,846 |
| Net loss (income) attributable to noncontrolling interests | 21,181 | (2,431) | 32,777 | 5,141 |
| Net income attributable to Acadia shareholders | 1,963 | 1,443 | 3,571 | 4,712 |
| Less: earnings attributable to unvested participating securities | (338) | (290) | (677) | (577) |
| Income from continuing operations net of income attributable to participating securities for diluted earnings per share | 1,625 | 1,153 | 2,894 | 4,135 |
| Weighted average shares for basic earnings per share | 130,981 | 103,592 | 126,182 | 102,860 |
| Weighted average shares for diluted earnings per share | 130,981 | 103,592 | 126,182 | 102,860 |
| Net earnings per share – basic (2) | 0.01 | 0.01 | 0.02 | 0.04 |
| Net earnings per share – diluted (2) | 0.01 | 0.01 | 0.02 | 0.04 |
—
### Condensed Consolidated Balance Sheets (Unaudited, Dollars in thousands, except shares)
| As of: | June 30, 2025 | December 31, 2024 |
|---|---|---|
| Assets | ||
| Investments in real estate, at cost | ||
| Buildings and improvements | 3,398,124 | 3,174,250 |
| Tenant improvements | 326,565 | 304,645 |
| Land | 1,127,913 | 906,031 |
| Construction in progress | 29,477 | 23,704 |
| Right-of-use assets – finance leases | 61,366 | 61,366 |
| Total | 4,943,445 | 4,469,996 |
| Less: Accumulated depreciation and amortization | (980,639) | (926,022) |
| Operating real estate, net | 3,962,806 | 3,543,974 |
| Real estate under development | 153,196 | 129,619 |
| Net investments in real estate | 4,116,002 | 3,673,593 |
| Notes receivable, net | 154,682 | 126,584 |
| Investments in and advances to unconsolidated affiliates | 172,418 | 209,232 |
| Other assets, net | 219,598 | 223,767 |
| Right-of-use assets – operating leases, net | 25,609 | 25,531 |
| Cash and cash equivalents | 42,780 | 16,806 |
| Restricted cash | 25,029 | 22,897 |
| Marketable securities | 10,908 | 14,771 |
| Rents receivable, net | 61,099 | 58,022 |
| Assets of properties held for sale | 47,444 | — |
| Total assets | $ 4,875,569 | $ 4,371,203 |
| Liabilities: | ||
| Mortgage and other notes payable, net | $ 1,007,588 | $ 953,700 |
| Unsecured notes payable, net | 743,049 | 569,566 |
| Unsecured line of credit | 53,500 | 14,000 |
| Accounts payable and other liabilities | 270,985 | 232,726 |
| Lease liabilities – operating leases | 27,980 | 27,920 |
| Dividends and distributions payable | 27,748 | 24,505 |
| Distributions in excess of income from, and investments in, unconsolidated affiliates | 17,223 | 16,514 |
| Liabilities of properties held for sale | 163 | — |
| Total liabilities | 2,148,236 | 1,838,931 |
| Commitments and contingencies | ||
| Redeemable noncontrolling interests | 21,174 | 30,583 |
| Equity: | ||
| Acadia Shareholders’ Equity | ||
| Common shares, $0.001 par value per share, authorized 200,000,000 shares, issued and outstanding 131,010,546 and 119,657,594 shares as of June 30, 2025 and December 31, 2024, respectively | 131 | 120 |
| Additional paid-in capital | 2,707,218 | 2,436,285 |
| Accumulated other comprehensive income | 19,982 | 38,650 |
| Distributions in excess of accumulated earnings | (458,205) | (409,383) |
| Total Acad |
