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Acadia Realty
(NYSE:AKR)
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Rating:64Neutral
Price Target:
$19.50
â–¼(-7.50% Downside)
Action:Reiterated
Date:10/20/26
AKR scores as moderately attractive overall, led by a very strong earnings-call outlook (raised FFO guidance, record leasing, and sizable embedded rent upside). This is tempered by uneven/less reliable recent financial quality signals (weaker TTM free cash flow conversion and unusual TTM/Balance Sheet step-changes) and clearly bearish technicals (price below key moving averages with negative MACD). Valuation is mixed, with a solid dividend yield offset by a high P/E.
Positive Factors
Strong leasing momentum
Record leasing volume and unusually strong rent spreads demonstrate sustained demand for Acadia’s targeted retail locations. Combined with same-property growth and contractual escalators, these trends support durable rent increases, stronger occupancy economics, and recurring FFO expansion over the next several quarters.
Negative Factors
Volatile free cash flow conversion
Recent free cash flow has not tracked reported earnings consistently, which reduces confidence in the pace at which profits become deployable cash. Continued volatility could constrain reinvestment, dividend flexibility, or acquisition funding and makes near-term earnings quality less dependable.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong leasing momentum
Record leasing volume and unusually strong rent spreads demonstrate sustained demand for Acadia’s targeted retail locations. Combined with same-property growth and contractual escalators, these trends support durable rent increases, stronger occupancy economics, and recurring FFO expansion over the next several quarters.
Read all positive factors
Acadia Realty (AKR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.63B
Dividend Yield4.24%
Average Volume (3M)1.27M
Price to Earnings (P/E)55.7
Beta (1Y)0.67
Revenue Growth4.69%
EPS Growth102.76%
CountryUS
Employees138
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)0.34
Shares Outstanding137,332,720
10 Day Avg. Volume1,221,156
30 Day Avg. Volume1,273,662
Financial Highlights & Ratios
PEG Ratio-4.32
Price to Book (P/B)1.21
Price to Sales (P/S)6.55
P/FCF Ratio16.12
Enterprise Value/Market Cap1.85
Enterprise Value/Revenue12.05
Enterprise Value/Gross Profit24.06
Enterprise Value/Ebitda12.19
Forecast
1Y Price Target
$23.80Price Target Upside12.90% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)0.45
Revenue Forecast (FY)$372.33M
Acadia Realty Business Overview & Revenue Model
Company Description
Acadia Realty Trust functions as an equity real estate investment trust, committed to achieving sustained, long-term profitability. It accomplishes this through a distinctive two-pronged operational framework—its Core Portfolio and its Fund platfo...
How the Company Makes Money
Acadia Realty Trust makes money primarily through (1) property-level revenue from its owned real estate and (2) fees and investment returns associated with its investment management platform. Property-level revenue is mainly generated by leasing s...
Acadia Realty Earnings Call Summary
Earnings Call Date:Jul 28, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 02, 2026
Earnings Call Sentiment Positive
The call conveyed strong operating momentum driven by street retail: record leasing, very large rent spreads (~91%), meaningful same‑property and FFO growth, a large S&O pipeline, disciplined accretive acquisitions, and a liquid balance sheet. Management identified clear embedded mark‑to‑market upside (~25% below-market on high growth streets) and expects multiyear earnings tailwinds from contractual escalators, FMV resets, and continued retenanting. Risks cited (competition for assets, temporary CapEx increases during lease‑up, localized vacancies such as a 96k sq ft redevelopment in Chicago, and short‑term dilution from IM dispositions) are real but limited relative to the positive operating and balance sheet developments discussed.Positive Updates
Record Leasing Volume
Signed approximately $8.9 million of new leases in Q2 — the highest quarterly leasing volume in company history; S&O (signed-not-open) pipeline increased ~60% in Q2 to an all-time high of $16.5 million (≈7% of pro rata ABR).
Negative Updates
Blended Portfolio Occupancy and Localized Vacancies
Reported blended portfolio list/occupancy at ~94.7%; street/urban portion is lower (roughly ~100 bps below blended figure). Notable localized drag: North Michigan Avenue redevelopment (≈96,000 sq ft) is a vacancy/drag in Chicago.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Leasing Volume
Signed approximately $8.9 million of new leases in Q2 — the highest quarterly leasing volume in company history; S&O (signed-not-open) pipeline increased ~60% in Q2 to an all-time high of $16.5 million (≈7% of pro rata ABR).
Read all positive updates
Company Guidance
Management raised 2026 FFO guidance and is now targeting roughly 10% year‑over‑year FFO growth at the midpoint after Q2 FFO of $0.31 and 7.3% same‑property growth through H1 (street portfolio ~16% same‑store, scaled corridors >20%); same‑property guidance remains a 5%–9% range but the company is trending above the midpoint. The signed‑not‑open pipeline jumped ~60% to $16.5M (~7% of pro‑rata ABR) and represents about $0.08 of incremental FFO (net of ~$0.03 capitalized) with ~$0.01 expected in H2‑2026, $0.03–$0.05 in 2027 and the balance in 2028; management estimates high‑growth streets are ~25% below market (~35% SoHo, ~60% Henderson, ~50% Armitage, ~25% N.6th) implying $20M–$25M of mark‑to‑market opportunity to capture over the next ~5 years. Capital targets and execution: $400M–$500M of annual street acquisitions (penny of FFO per $200M deployed, >$0.02 annual FFO accretion target), YTD closings >$228M (Q2 ~$149M), ~$700M invested since Q3‑24 with a $1B pipeline goal by year‑end, ~$200M equity raised in Q2, nearly $1B liquidity, and >$500M of IMP dispositions YTD at ~2x equity multiple; operating metrics included record leasing with 91% rent spreads this quarter, typical 3% contractual escalators, average payback for new street leases slightly above 9 months (vs. 5–7 years for suburban boxes), and street/urban occupancy up >500 bps.Acadia Realty Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
74
Positive
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 404.19M | 410.76M | 359.69M | 338.69M | 326.29M | 292.50M |
| Gross Profit | 202.42M | 207.51M | 247.64M | 230.22M | 224.36M | 193.62M |
| EBITDA | 399.50M | 213.17M | 239.82M | 227.79M | 150.89M | 217.61M |
| Net Income | 54.84M | 13.58M | 21.65M | 19.87M | -35.45M | 23.55M |
Balance Sheet | ||||||
| Total Assets | 4.62B | 4.84B | 4.37B | 4.29B | 4.30B | 4.26B |
| Cash, Cash Equivalents and Short-Term Investments | 32.96M | 38.82M | 31.58M | 50.77M | 17.16M | 17.75M |
| Total Debt | 1.78B | 1.92B | 1.60B | 1.93B | 1.84B | 1.93B |
| Total Liabilities | 1.94B | 2.21B | 1.84B | 2.16B | 2.05B | 2.11B |
| Stockholders Equity | 2.34B | 2.23B | 2.07B | 1.64B | 1.69B | 1.52B |
Cash Flow | ||||||
| Free Cash Flow | 69.49M | 166.98M | 60.20M | 86.22M | 74.17M | 59.40M |
| Operating Cash Flow | 165.89M | 166.98M | 140.45M | 155.76M | 133.21M | 104.98M |
| Investing Cash Flow | 209.67M | -450.46M | -170.66M | -208.54M | -124.17M | -198.54M |
| Financing Cash Flow | -394.14M | 300.67M | 44.62M | 45.85M | -4.38M | 91.32M |
Acadia Realty Technical Analysis
Neutral
21.08
Price Trends
19.34
Negative
20.34
Negative
20.29
Negative
Market Momentum
-0.15
Negative
51.94
Neutral
88.63
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AKR, the sentiment is Neutral. The current price of 21.08 is above the 20-day moving average (MA) of 18.47, above the 50-day MA of 19.34, and above the 200-day MA of 20.29, indicating a neutral trend. The MACD of -0.15 indicates Negative momentum. The RSI at 51.94 is Neutral, neither overbought nor oversold. The STOCH value of 88.63 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for AKR.
Acadia Realty Risk Analysis
Acadia Realty disclosed 1 risk factors in its most recent earnings report. Acadia Realty reported the most risks in the "Legal & Regulatory" 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 |
|---|---|---|---|---|---|---|---|
73 Outperform | $15.90B | 26.63 | 5.84% | 4.47% | 3.82% | 2.94% | |
72 Outperform | $8.81B | 20.06 | 14.11% | 4.28% | 5.13% | 28.20% | |
67 Neutral | $9.59B | 21.89 | 13.28% | 4.15% | 8.04% | 25.59% | |
66 Neutral | $4.95B | 15.27 | 11.27% | 5.28% | -5.84% | 395.39% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | $2.63B | 55.68 | 2.41% | 4.24% | 4.69% | 102.76% | |
62 Neutral | $2.57B | 35.73 | 5.27% | 4.26% | 7.38% | -35.85% |
* Real Estate Sector Average
AKR
Acadia Realty
18.86
0.49
2.68%
KIM
Kimco Realty
23.70
2.90
13.96%
KRG
Kite Realty Group
24.73
3.25
15.10%
FRT
Federal Realty
109.67
15.70
16.70%
BRX
Brixmor Property
28.71
2.88
11.13%
UE
Urban Edge Properties
19.25
-0.26
-1.35%
Acadia Realty Corporate Events
Business Operations and StrategyExecutive/Board Changes
Acadia Realty adds Tamara Fischer to board
Positive
Oct 19, 2026
On October 19, 2026, Acadia Realty Trust appointed Tamara Fischer to its Board of Trustees and to the Nominating and Corporate Governance Committee, with her term running until the 2027 annual meeting of shareholders. Fischer, a certified public a...
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.