Acadia Realty Trust (AKR)
NYSE:AKR
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Acadia Realty
(NYSE:AKR)
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Rating:62Neutral
Price Target:
$21.50
▲(14.54% Upside)
Action:DowngradedDate:02/14/26
The score is driven primarily by steady financial performance anchored by strong, consistently positive cash flows, and a positive earnings-call outlook with clear 2026 guidance and a visible leasing/redevelopment pipeline. These positives are tempered by thin/volatile net profitability and an expensive valuation on P/E, while technicals are neutral and do not provide a strong momentum tailwind.
Positive Factors
Cash Generation
Consistently positive and improving operating cash flow (≈$167M in 2025) and stepped-up free cash flow provide durable internal funding. This strengthens the REIT’s ability to finance redevelopments, close accretive acquisitions, sustain distributions, and absorb cyclical stress without urgent external capital.
Negative Factors
Low Return on Equity
ROE near 0.8% indicates the sizable asset and equity base is generating limited bottom-line returns. Over the medium term, persistently low ROE constrains shareholder value creation absent sustained NOI expansion, asset rotations or material margin improvement across the portfolio.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash Generation
Consistently positive and improving operating cash flow (≈$167M in 2025) and stepped-up free cash flow provide durable internal funding. This strengthens the REIT’s ability to finance redevelopments, close accretive acquisitions, sustain distributions, and absorb cyclical stress without urgent external capital.
Read all positive factors
Acadia Realty (AKR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.50B
Dividend Yield3.83%
Average Volume (3M)1.10M
Price to Earnings (P/E)198.2
Beta (1Y)0.69
Revenue Growth8.85%
EPS Growth27.38%
CountryUS
Employees129
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)0.08
Shares Outstanding131,039,380
10 Day Avg. Volume1,236,166
30 Day Avg. Volume1,103,219
Financial Highlights & Ratios
PEG Ratio-3.96
Price to Book (P/B)1.21
Price to Sales (P/S)6.55
P/FCF Ratio16.12
Enterprise Value/Market Cap1.73
Enterprise Value/Revenue10.57
Enterprise Value/Gross Profit20.92
Enterprise Value/Ebitda20.37
Forecast
1Y Price Target
$23.25Price Target Upside23.87% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.24
Revenue Forecast (FY)$412.28M
Acadia Realty Business Overview & Revenue Model
Company Description
Acadia Realty Trust is an equity real estate investment trust focused on delivering long-term, profitable growth via its dual Core Portfolio and Fund operating platforms and its disciplined, location-driven investment strategy. Acadia Realty T...
How the Company Makes Money
Acadia Realty generates revenue primarily through leasing its retail and mixed-use properties to tenants, which provide steady rental income. The company benefits from long-term leases with creditworthy tenants, ensuring consistent cash flow. Addi...
Acadia Realty Earnings Call Summary
Earnings Call Date:Feb 10, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 28, 2026
Earnings Call Sentiment Positive
The call presented a strong operational and financial narrative: solid same-property NOI growth, high leasing activity with outsized rent spreads on street assets, significant acquisition and redevelopment momentum, and a well-capitalized balance sheet with dry powder. Management highlighted clear 2026 guidance while emphasizing multiple drivers for multi-year growth (lease-up, mark-to-market, redevelopments, Henderson Avenue). Headwinds and risks cited include timing of rent commencements (each month ≈ $750k impact), conservative credit-loss assumptions, remaining occupancy below historic peaks, increased acquisition competition, and execution risk around accelerating mark-to-market opportunities. On balance, the positive operational results, robust pipeline, and balance-sheet flexibility substantially outweigh the execution and timing risks noted.Positive Updates
Strong Same-Property NOI and Earnings
Reported same-property NOI growth of 6.3% in Q4 and 5.7% for the full year 2025; GAAP EPS of $0.34 in Q4 (includes $0.03 Albertsons gain) and an adjusted run-rate of $0.30 for the quarter (excluding one-time items), up from a $0.29 comparable run-rate in Q3.
Negative Updates
Guidance Sensitivities — Timing of Rent Commencements
Management noted that ~4% of ABR is expected to commence in 2026 and each month of acceleration/delay in commencement equates to roughly $750,000 of impact, making timing risk a meaningful swing factor for 2026 results.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Same-Property NOI and Earnings
Reported same-property NOI growth of 6.3% in Q4 and 5.7% for the full year 2025; GAAP EPS of $0.34 in Q4 (includes $0.03 Albertsons gain) and an adjusted run-rate of $0.30 for the quarter (excluding one-time items), up from a $0.29 comparable run-rate in Q3.
Read all positive updates
Company Guidance
Management guided 2026 FFO as adjusted of $1.21–$1.25 per share and same‑property NOI growth of 5%–9% (ex‑redevelopments), with Street expected to outperform Suburban by ~400 bps; they noted $1.4M ≈ $0.01 of FFO (roughly 100 bps of same‑property NOI ≈ a penny), assumed credit loss of ~115 bps against minimum rents (vs. ~50 bps average the last two years), and an $8.9M signed‑not‑open pipeline (~4% of in‑place rents) with ~ $4M ABR expected to hit NOI in 2026 and $4.9M in 2027; pro‑rata NOI (including redevelopments and IM) is expected to rise ~15% to roughly $230M (from ~$200M in 2025); redevelopment items include $3.5M of executed leases coming online late‑2026 and two San Francisco projects estimated to add $7–9M NOI (~3–5¢ FFO) beyond 2026, Henderson Avenue is expected to stabilize in 2027–28 with a high‑single‑digit yield on cost (≈3–5¢ FFO at stabilization), and the balance sheet is positioned for growth with pro‑rata debt/EBITDA ≈5x, WAC ~4.5%, no material 2026 maturities, five‑year unsecured funding available at similar pricing, and several $100M of dry powder.Acadia Realty Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
56
Neutral
Cash Flow
74
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 410.76M | 359.69M | 338.69M | 326.29M | 292.50M |
| Gross Profit | 207.51M | 247.64M | 230.22M | 224.36M | 193.62M |
| EBITDA | 213.17M | 239.82M | 227.79M | 150.89M | 217.61M |
| Net Income | 13.58M | 21.65M | 19.87M | -35.45M | 23.55M |
Balance Sheet | |||||
| Total Assets | 4.84B | 4.37B | 4.29B | 4.30B | 4.26B |
| Cash, Cash Equivalents and Short-Term Investments | 38.82M | 31.58M | 50.77M | 17.16M | 17.75M |
| Total Debt | 1.92B | 1.60B | 1.93B | 1.84B | 1.93B |
| Total Liabilities | 2.21B | 1.84B | 2.16B | 2.05B | 2.11B |
| Stockholders Equity | 2.23B | 2.07B | 1.64B | 1.69B | 1.52B |
Cash Flow | |||||
| Free Cash Flow | 166.98M | 60.20M | 86.22M | 74.17M | 59.40M |
| Operating Cash Flow | 166.98M | 140.45M | 155.76M | 133.21M | 104.98M |
| Investing Cash Flow | -450.46M | -170.66M | -208.54M | -124.17M | -198.54M |
| Financing Cash Flow | 300.67M | 44.62M | 45.85M | -4.38M | 91.32M |
Acadia Realty Technical Analysis
Negative
18.77
Price Trends
20.40
Negative
20.32
Negative
19.73
Negative
Market Momentum
-0.36
Positive
32.85
Neutral
3.14
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AKR, the sentiment is Negative. The current price of 18.77 is below the 20-day moving average (MA) of 20.34, below the 50-day MA of 20.40, and below the 200-day MA of 19.73, indicating a bearish trend. The MACD of -0.36 indicates Positive momentum. The RSI at 32.85 is Neutral, neither overbought nor oversold. The STOCH value of 3.14 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AKR.
Acadia Realty Risk Analysis
Acadia Realty disclosed 50 risk factors in its most recent earnings report. Acadia Realty reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Acadia Realty Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $2.37B | 19.65 | 6.65% | 3.26% | 9.40% | 1433.20% | |
75 Outperform | $2.60B | 21.07 | 7.40% | 6.10% | 8.28% | 1.49% | |
74 Outperform | $1.90B | 19.46 | 7.86% | 6.77% | 8.17% | 9.96% | |
70 Outperform | $2.70B | 61.18 | 2.07% | 3.13% | ― | ― | |
69 Neutral | $2.05B | 211.40 | 0.51% | 4.61% | 19.92% | ― | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
62 Neutral | $2.50B | 198.19 | 0.75% | 3.83% | 8.85% | 27.38% |
* Real Estate Sector Average
AKR
Acadia Realty
18.77
-1.75
-8.53%
GTY
Getty Realty
31.91
2.75
9.42%
FCPT
Four Corners Property
23.71
-4.20
-15.05%
IVT
InvenTrust Properties
30.44
1.80
6.28%
NTST
NETSTREIT
18.65
3.54
23.41%
CURB
Curbline Properties Corp.
25.60
2.10
8.92%
Acadia Realty Corporate Events
Business Operations and StrategyExecutive/Board Changes
Acadia Realty Announces Retirement of Senior Administrative Executive
Neutral
Feb 6, 2026
On February 3, 2026, Acadia Realty Trust announced that Senior Vice President and Chief Administrative Officer Joseph Napolitano plans to retire, with his departure effective on or about April 1, 2026, and emphasized that his decision did not stem...
Business Operations and StrategyExecutive/Board Changes
Acadia Realty Announces New Chief Accounting Officer Appointment
Positive
Dec 19, 2025
On December 19, 2025, Acadia Realty Trust announced that David Buell will join the company as Chief Accounting Officer effective January 5, 2026, succeeding long-time executive Richard Hartmann as the firm’s principal accounting officer. Bue...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.