Acadia Realty Trust (AKR): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la inversión inmobiliaria, Acadia Realty Trust (AKR) se destaca como una potencia estratégica, transformando las inversiones de propiedades comerciales en un modelo de negocio meticulosamente diseñado. Al aprovechar un enfoque sofisticado que combina oportunidades de mercado urbano y suburbano, AKR crea valor a través de la gestión innovadora de la propiedad, las asociaciones estratégicas y una cartera diversa que ofrece flujos de ingresos estables y una posible apreciación de capital a largo plazo. Su lienzo comercial único revela un complejo ecosistema de inversión inmobiliaria que va mucho más allá de la administración de propiedades tradicionales, ofreciendo a los inversores e inquilinos un enfoque integrado y de pensamiento a la visión de bienes raíces comerciales.

Acadia Realty Trust (AKR) - Modelo de negocios: asociaciones clave

Asociaciones estratégicas con inquilinos minoristas nacionales y regionales

A partir de 2024, Acadia Realty Trust mantiene asociaciones con los siguientes inquilinos minoristas clave:

Inquilino minorista	Detalles de la asociación	Tipo de propiedad
Farmacia CVS	Contratos de arrendamiento a largo plazo	Centros minoristas
TJ Maxx	Ocupación de múltiples ubicaciones	Centros comerciales
Mercado de alimentos integrales	Arreglos del inquilino de anclaje	Propiedades de uso mixto

Arreglos de empresas conjuntas con grupos de inversión inmobiliaria

La cartera de empresas conjuntas de Acadia Realty Trust incluye:

• Activos totales de empresa conjunta valorados en $ 1.2 mil millones
• 7 Asociaciones activas de inversión inmobiliaria
• Enfoque geográfico en las regiones del noreste y del Atlántico medio

Colaboración con empresas de desarrollo y gestión de propiedades

Desarrollo clave y colaboraciones de gestión:

Empresa asociada	Alcance de colaboración	Tipo de proyecto
CBRE	Servicios de administración de propiedades	Propiedades minoristas y de uso mixto
Jll	Consultoría de desarrollo	Proyectos de reurbanización urbana

Relaciones con instituciones financieras para financiamiento de capital

Las asociaciones financieras actuales incluyen:

• JPMorgan Chase: Facilidad de crédito de $ 500 millones
• Bank of America: Línea de crédito giratorio de $ 350 millones
• Wells Fargo: préstamo a plazo de $ 250 millones

Asociaciones con consultores de sostenibilidad y construcción ecológica

Detalles de la asociación de sostenibilidad:

Consultor	Área de enfoque	Proyectos actuales
USGBC	Certificación LEED	6 proyectos de construcción ecológicos en curso
Grupo de consultoría de sostenibilidad	Eficiencia energética	Optimización de energía en toda la cartera

Acadia Realty Trust (AKR) - Modelo de negocio: actividades clave

Adquirir y administrar propiedades de bienes raíces comerciales

A partir del cuarto trimestre de 2023, Acadia Realty Trust manejó una cartera de propiedades totales de 4.4 millones de pies cuadrados. La cartera consistió en 75 propiedades en los Estados Unidos, con una capitalización de mercado de aproximadamente $ 2.1 mil millones.

Tipo de propiedad	Número de propiedades	Hoques cuadrados totales
Propiedades minoristas	62	3.6 millones de pies cuadrados
Propiedades de uso mixto	13	0.8 millones de pies cuadrados

Arrendamiento minorista y espacios de uso mixto a inquilinos de alta calidad

En 2023, Acadia Realty Trust mantuvo una tasa de ocupación del 93.5% en su cartera. La lista de inquilinos de la compañía incluyó:

• Centros con manchas de comestibles
• Cadenas minoristas nacionales
• Minoristas especializados regionales

Optimización de cartera y desarrollo de propiedades estratégicas

Asignación de inversión para 2023 centrada en:

Categoría de inversión	Inversión total	Porcentaje de cartera
Centros con manchas de comestibles	$ 750 millones	35.7%
Minorista especializado	$ 450 millones	21.4%

Gestión de activos y estrategias de mejora del valor

Acadia Realty Trust implementó estrategias de mejora del valor que dan como resultado:

• Crecimiento de ingresos operativos netos (NOI) del 4.2%
• Fondos de Operaciones (FFO) de $ 127.3 millones en 2023

Inversión y asignación de capital en mercados inmobiliarios específicos

Distribución geográfica de inversiones inmobiliarias en 2023:

Región	Número de propiedades	Inversión total
Nordeste	35	$ 980 millones
Atlántico medio	22	$ 620 millones
Sudeste	18	$ 500 millones

Acadia Realty Trust (AKR) - Modelo de negocio: recursos clave

Cartera diversa de propiedades minoristas y de uso mixto

A partir del cuarto trimestre de 2023, Acadia Realty Trust posee 79 propiedades por un total de 12.8 millones de pies cuadrados de área gruesa porjes. La composición de la propiedad incluye:

Tipo de propiedad	Número de propiedades	Hoques cuadrados totales
Comercio minorista anclado	48	7.2 millones de pies cuadrados
Centros urbanos de uso mixto	16	3.5 millones de pies cuadrados
Minorista especializado	15	2.1 millones de pies cuadrados

Capacidades de capital financiero y de inversión sólidos

Métricas financieras al 31 de diciembre de 2023:

• Capitalización de mercado total: $ 2.1 mil millones
• Activos totales: $ 3.8 mil millones
• Relación de deuda / capital: 0.65
• Facilidad de crédito disponible: $ 350 millones

Equipo experimentado de gestión de bienes raíces e inversión

Composición del equipo de gestión:

Posición de liderazgo	Años de experiencia
CEO	Más de 25 años
director de Finanzas	Más de 18 años
Director de inversiones	Más de 22 años

Evaluación de propiedades avanzadas y análisis de inversiones

Capacidades de análisis de inversiones:

• Modelo de evaluación de riesgos de propiedad
• Detección de inversión de aprendizaje automático
• Seguimiento de rendimiento del mercado en tiempo real
• Pronóstico de ocupación predictiva

Red robusta de relaciones de la industria y ideas del mercado

Métricas de redes de la industria:

Categoría de relación	Número de conexiones
Inversores institucionales	87
Inquilinos minoristas nacionales	132
Socios de inversión inmobiliaria	45

Acadia Realty Trust (AKR) - Modelo de negocio: propuestas de valor

Inversiones de propiedad minorista de alta calidad y ubicados estratégicamente

A partir del cuarto trimestre de 2023, Acadia Realty Trust posee una cartera de propiedades totales valorada en $ 3.7 mil millones, con 81 propiedades que abarcan 6.3 millones de pies cuadrados de espacio comercial.

Categoría de propiedad	Número de propiedades	Hoques cuadrados totales
Centros con manchas de comestibles	45	3.2 millones de pies cuadrados
Minorista urbano/suburbano	36	3.1 millones de pies cuadrados

Flujos de ingresos estables y predecibles de inquilinos premium

Tasa de ocupación a partir del cuarto trimestre 2023: 94.5%

• Los 10 principales inquilinos representan el 35.6% de los ingresos por alquiler totales
• Término de arrendamiento promedio: 7.2 años
• Calificación crediticia promedio de inquilino promedio ponderado: BBB+

Potencial para la apreciación del capital a largo plazo

Retorno total histórico (promedio de 10 años): 8.7%

Año	Retorno total
2021	12.3%
2022	7.9%
2023	9.2%

Cartera de inversiones inmobiliarias diversificadas

Distribución geográfica de propiedades:

• Noreste: 62%
• Atlántico medio: 23%
• Otras regiones: 15%

Centrarse en las oportunidades de mercado urbano y suburbano

Desglose del segmento de mercado:

Tipo de mercado	Porcentaje de cartera
Centros urbanos	42%
Mercados suburbanos	58%

Acadia Realty Trust (AKR) - Modelo de negocio: relaciones con los clientes

Contratos de arrendamiento a largo plazo con inquilinos minoristas nacionales

A partir del cuarto trimestre de 2023, Acadia Realty Trust mantiene 102 propiedades totales con un plazo de arrendamiento promedio de 7,2 años. La cartera incluye 36 centros comerciales anclados en comestibles y 66 propiedades minoristas urbanas.

Tipo de inquilino	Número de inquilinos	Duración promedio de arrendamiento
Inquilinos minoristas nacionales	78	8.1 años
Inquilinos minoristas regionales	24	5.3 años

Servicios de administración de propiedades personalizados

Acadia ofrece administración de propiedades dedicadas con un equipo de 45 administradores de propiedades profesionales que cubren múltiples mercados geográficos.

• Programas de mejora de inquilinos personalizados
• Gestión de cuentas dedicada para cada inquilino importante
• Servicios de soporte de propiedad 24/7

Comunicación regular y compromiso de los inquilinos

Las métricas de comunicación para 2023 incluyen:

Canal de comunicación	Frecuencia	Tasa de compromiso
Reuniones de inquilinos trimestrales	4x por año	92% de asistencia
Plataformas de comunicación digital	Mensual	Tasa de interacción del 87%

Mantenimiento receptivo y soporte de propiedades

Métricas de respuesta de mantenimiento para 2023:

• Tiempo de resolución de solicitud de mantenimiento promedio: 3.2 horas
• Tiempo de respuesta de emergencia: 45 minutos
• Inversión de mantenimiento anual: $ 6.3 millones

Informes transparentes y relaciones con los inversores

Estadísticas de comunicación de inversores para 2023:

Métrica de informes	Frecuencia	Puntaje de transparencia
Informes de ganancias trimestrales	4x por año	95/100
Llamadas a la conferencia de inversores	4x por año	93/100

Acadia Realty Trust (AKR) - Modelo de negocio: canales

Equipos directos de arrendamiento y administración de propiedades

A partir del cuarto trimestre de 2023, Acadia Realty Trust administra una cartera de 79 propiedades en los Estados Unidos.

Tipo de canal	Número de personal	Cobertura geográfica
Equipo de arrendamiento directo	24 profesionales	Noreste de regiones del Atlántico Medio
Equipo de administración de propiedades	42 profesionales	16 estados

Sitio web corporativo y plataforma de relaciones con los inversores

El sitio web de Relaciones con Inversores de Acadia Realty Trust proporciona propiedades e información financiera integral.

• Sitio web Visitantes únicos por mes: 42,500
• Descargas de presentación del inversor en línea: 3.750 trimestralmente
• Vistas de informes anuales digitales: 5.200

Conferencias de inversión inmobiliaria y eventos de redes

Tipo de evento	Participación anual	Plataformas de redes clave
Conferencia nareit	2 presentaciones	Compromiso de los inversores institucionales
Foros de bienes raíces regionales	4-6 eventos	Interacciones directas de los inversores

Informes financieros y comunicaciones trimestrales de inversores

Participación de llamadas de ganancias trimestrales y divulgaciones financieras detalladas.

• Asistentes de llamadas de ganancias trimestrales: 175-225 inversores institucionales
• Ganancias webcast Duración promedio: 45-55 minutos
• Cobertura del analista: 8 empresas de investigación financiera

Plataformas de exhibición de marketing digital y propiedades

Canal digital	Compromiso mensual	Métricas clave de rendimiento
Página corporativa de LinkedIn	12,500 seguidores	Compromiso posterior posterior: 3.2%
Plataformas de listado de propiedades	87 listados de propiedades activas	Vistas mensuales de propiedades: 6.800

Acadia Realty Trust (AKR) - Modelo de negocio: segmentos de clientes

Inquilinos nacionales de cadena minorista

A partir del cuarto trimestre de 2023, la cartera de Acadia Realty Trust incluye inquilinos minoristas nacionales con la siguiente composición:

Categoría de inquilino	Porcentaje de cartera	Número de inquilinos
Minorista de lujo	22.5%	37
Minorista de conveniencia	18.3%	52
Minorista especializado	15.7%	44

Empresas minoristas regionales y locales

La mezcla de inquilinos regionales de Acadia incluye:

• Tiendas especializadas locales: 12.4% de la cartera
• Cadenas de restaurantes regionales: 8.6% de la cartera
• Proveedores de servicios regionales: 6.2% de la cartera

Inversores inmobiliarios institucionales

Desglose de inversores institucionales para Acadia Realty Trust:

Tipo de inversor	Porcentaje de propiedad	Inversión total ($ M)
Fondos de pensiones	24.3%	$ 387.5M
Compañías de seguros	17.6%	$ 280.2M
Dotación	9.7%	$ 154.3M

Fondos de capital y inversión privados

Inversor de capital privado profile:

• Inversión total de capital privado: $ 612.7M
• Número de socios de capital privado: 14
• Tamaño promedio de la inversión: $ 43.8M

Inversores individuales de alto nivel de red

Detalles del segmento de inversores individuales:

• Capital de inversores individual total: $ 215.6M
• Inversión individual promedio: $ 3.2M
• Número de inversores de alto patrimonio: 67

Acadia Realty Trust (AKR) - Modelo de negocio: Estructura de costos

Gastos de adquisición y desarrollo de propiedades

Para el año fiscal 2023, Acadia Realty Trust reportó costos totales de adquisición de propiedades de $ 98.4 millones. Los gastos de desarrollo y reurbanización fueron de aproximadamente $ 67.2 millones.

Categoría de gastos	Cantidad ($ millones)
Costos de adquisición de propiedades	98.4
Desarrollo y reurbanización	67.2

Costos operativos y de mantenimiento

Los gastos operativos anuales para la cartera de propiedades totalizaron $ 42.6 millones en 2023. Los costos de mantenimiento y reparación fueron de $ 23.1 millones.

• Gastos de administración de propiedades: $ 18.5 millones
• Servicios públicos y costos de energía: $ 12.3 millones
• Seguros y impuestos a la propiedad: $ 16.8 millones

Gestión y gastos generales administrativos

La sobrecarga administrativa para Acadia Realty Trust fue de $ 24.7 millones en 2023, que incluye:

Gasto administrativo	Cantidad ($ millones)
Compensación ejecutiva	8.3
Salarios de los empleados	12.4
Servicios profesionales	4.0

Gastos de intereses y servicio de la deuda

Los gastos de intereses totales para 2023 fueron de $ 86.5 millones. Los costos de servicio de la deuda incluyen:

• Intereses de la deuda a largo plazo: $ 76.2 millones
• Interés de la facilidad de crédito: $ 10.3 millones

Gastos de marketing y relaciones con los inversores

Los costos de marketing y relaciones con los inversores para 2023 ascendieron a $ 3.9 millones.

Categoría de gastos de marketing	Cantidad ($ miles)
Comunicaciones de los inversores	1,200
Marketing digital	1,500
Gastos de la conferencia de inversores	1,200

Acadia Realty Trust (AKR) - Modelo de negocios: flujos de ingresos

Ingresos de alquiler de arrendamientos de propiedades comerciales

Para el año fiscal 2023, Acadia Realty Trust reportó ingresos por alquiler totales de $ 237.4 millones. La cartera consta de 79 propiedades con un área total de aproximadamente 3,4 millones de pies cuadrados.

Tipo de propiedad	Ingresos de alquiler ($ M)	Tasa de ocupación (%)
Comercio minorista anclado	142.6	94.3
Minorista urbano	94.8	92.7

Apreciación de la propiedad y ganancias de capital

En 2023, Acadia Realty Trust informó ganancias netas de las ventas de propiedades por un total de $ 48.3 millones, con una tasa de capitalización promedio ponderada del 6.5%.

Gestión de activos y tarifas de asesoramiento

Las tarifas de gestión de activos para 2023 ascendieron a $ 12.7 millones, derivadas de la gestión de inversiones inmobiliarias de terceros.

Ingresos de inversión de empresas conjuntas

Los ingresos de las inversiones de empresas conjuntas en 2023 fueron de $ 26.5 millones, lo que representa el 11.2% de los flujos de ingresos totales.

Tipo de empresa conjunta	Ingresos de inversión ($ M)
Propiedades minoristas	18.3
Desarrollos de uso mixto	8.2

Potencios de la venta de propiedades

Los ingresos de la venta de propiedades proyectados para 2024 se estiman en $ 75.6 millones, dirigiendo propiedades con un valor estratégico más bajo.

• Volumen de venta proyectado: $ 75.6 millones
• Precio de venta promedio estimado por propiedad: $ 12.6 millones
• Número esperado de propiedades que se venderán: 6

Acadia Realty Trust (AKR) - Canvas Business Model: Value Propositions

You're looking at the core differentiators that Acadia Realty Trust is banking on to drive returns, focusing on where they own property and how efficiently they manage it.

• Exposure to high-growth, affluent urban retail markets
• Strong internal growth with 8.2% Q3 2025 same-store NOI growth
• Opportunistic, value-add investment strategy via funds
• Lower capital expenditures (CapEx) compared to suburban peers

The REIT Portfolio is intentionally concentrated in what Acadia Realty Trust calls mission critical, high-growth, high-barrier-to-entry markets. Street retail, which includes locations like SoHo in NYC and Melrose Place in LA, makes up over 60% of the Core Portfolio value as of the February 2025 10-K filing. This focus is showing up in tenant sales performance; for instance, sales growth in Q3 2025 reached 15% in SoHo, 30% on Bleecker Street, and over 40% on the Gold Coast of Chicago. By the end of September 2025, overall REIT Portfolio occupancy stood at 93.6%, with street and urban retail occupancy hitting 89.5%.

Internal growth is accelerating. For the third quarter of 2025, the REIT Portfolio delivered same-property NOI growth of 8.2% year-over-year, with the street retail segment leading the way at 13% growth. Leasing momentum is strong, evidenced by GAAP leasing spreads of 29% and cash leasing spreads of 12% on new and renewal leases executed in Q3 2025. The signed, not yet open (SNO) pipeline was valued at $11.9 million in pro-rata Annual Base Rent as of September 30, 2025.

Acadia Realty Trust uses its Investment Management Platform to execute its opportunistic and value-add strategy, leveraging institutional capital relationships. This platform allows Acadia Realty Trust agility to target investments where they believe they can add value and realize strong returns, fitting their buy, fix, sell model. Year-to-date through Q3 2025, acquisition volume totaled $487 million, and management expects the full year 2025 volume to equal or exceed 2024 levels. The company projects approximately 1 cent of earnings accretion for every $200 million of gross investment made through this platform.

A key structural advantage is the lower capital intensity of street retail assets compared to other formats. Acadia Realty Trust has historically required less capital reinvestment to maintain and re-tenant its properties. Here's the quick math on that comparison over the last five years:

Metric	Acadia Realty Trust (AKR)	Suburban Peer Range
Lowest Capital Expenditures as Percentage of NOI (5-Year Average)	16%	19% to 29%

What this estimate hides is that the fungible nature of street retail drives this lower CapEx requirement, which is a defintely positive for cash flow generation relative to peers.

Acadia Realty Trust (AKR) - Canvas Business Model: Customer Relationships

You're looking at how Acadia Realty Trust (AKR) keeps its key partners-tenants and capital providers-locked in. Honestly, for a REIT focused on prime street retail, the relationship isn't just about collecting rent; it's about proving the location is a sales engine for them.

Long-term, direct relationships with key national retailers

Acadia Realty Trust focuses on deep ties within its high-quality street and urban retail assets. The proof is in the leasing performance, showing tenants are willing to commit at higher rates because the location drives sales for them. This isn't just about filling space; it's about curating a high-performing retail ecosystem.

The leasing activity in the third quarter of 2025 clearly shows this pull:

• Executed $3.7 million in annual base rent during the quarter.
• Total signed leases year-to-date reached $11.4 million.
• Achieved a 32% blended GAAP rent spread on new and renewal leases.
• Properties in high-growth corridors saw an even higher average rent spread of 36%.

When tenants see results, they pay more. For example, sales growth in key areas during the quarter ended September 30, 2025, included:

• 15% rise in SoHo.
• 30% increase on Bleecker Street.
• Over 40% growth on the Gold Coast of Chicago.

The company is actively managing its tenant mix, using a 'pry loose' strategy to replace under-market tenants, which is a direct, hands-on relationship management technique. This focus on street retail is central; approximately 60% of Acadia Realty Trust's gross asset value stems from these street retail assets.

Dedicated investor relations for institutional fund partners

For the capital side of the business, Acadia Realty Trust uses its Investment Management platform to maintain long-standing relationships with institutional investors. This platform allows Acadia to partner on opportunistic and value-add investments, aligning interests by holding significant ownership stakes.

Here's a look at how these relationships are structured and capitalized, based on recent activity and structure:

Relationship Component	Metric/Detail	Data Point (as of late 2025/recent reports)
Institutional Co-investment Structure	Ownership range in unconsolidated ventures	5% to 20%
Investment Management Platform Acquisition Volume (YTD Q3 2025)	Total acquisitions through the platform	$487 million
Recent Institutional Partnership Example (May 2024)	Partner Name	J.P. Morgan Asset Management (JPM)
Recent Institutional Partnership Example (May 2024)	Sale price of Shops at Grand interest to JPM	$48 million gross purchase price
Capital Raised (Q3/Q4-to-date 2025)	Equity raised to fund pipeline	Approximately $212 million

Acadia Realty Trust relies on these institutional partners for the majority of the capital in this platform segment. The company's CFO, John Gottfried, was scheduled to present at the Jefferies Real Estate Conference on November 18, 2025, which is a key touchpoint for investor engagement.

Proactive property management and leasing services

The property management is anything but passive; it's geared toward driving internal growth through occupancy gains and strong lease renewals. The goal is to keep the portfolio tight, especially in the core street assets.

The results from the third quarter ended September 30, 2025, reflect this proactive approach:

• REIT Portfolio occupancy increased 140 basis points sequentially to 93.6%.
• Street and urban retail occupancy specifically grew 280 basis points to 89.5%.
• Same-property Net Operating Income (NOI) for the REIT Portfolio increased 8.2%.
• The street retail portfolio drove this with 13% same-store NOI growth.

Management has clear targets based on this performance. They anticipate street and urban occupancy reaching around 90% by year-end 2025, with the overall core operating occupancy targeting 94% to 95%. Furthermore, the Signed Not Yet Open (SNO) Pipeline stood at $11.9 million of pro-rata Annual Base Rent as of September 30, 2025, which is a direct measure of future management activity translating into revenue.

If onboarding takes 14+ days, churn risk rises.

Acadia Realty Trust (AKR) - Canvas Business Model: Channels

You're looking at how Acadia Realty Trust (AKR) gets its properties leased and capital raised, which is all about direct contact and established platforms. Honestly, their channel strategy is built on a dual-platform approach, separating the core, directly managed assets from the opportunistic investment management side.

Direct in-house leasing team for Core Portfolio assets

The direct leasing team focuses on the Core Portfolio, which represents approximately 85% of AKR's Net Asset Value (NAV) as of the November 2025 Corporate Update. This team is clearly driving strong leasing metrics in their high-barrier-to-entry markets.

Here are some of the numbers showing their leasing channel effectiveness through the first three quarters of 2025:

Metric	Value / Date	Portfolio Segment
REIT Portfolio Occupancy	93.6% (as of September 30, 2025)	Core Portfolio
Street Retail Occupancy	89.5% (as of September 30, 2025)	Street Retail
REIT Portfolio Same-Property NOI Growth	8.2% (Q3 2025)	Core Portfolio
Street Retail Same-Property NOI Growth	13% (Q3 2025)	Core Portfolio
Blended GAAP Rent Spread (New/Renewal)	32% (as of November 2025)	Core Portfolio
GAAP Leasing Spread (New/Renewal)	29% (Q3 2025)	REIT Portfolio
Cash Leasing Spread (New/Renewal)	12% (Q3 2025)	REIT Portfolio
Total Signed Leases Year-to-Date	$11.4 million in Annual Base Rent (as of Q3 2025)	Core Portfolio

The team is seeing significant tenant performance, with sales growth reported at a 15% rise in SoHo, a 30% increase on Bleecker Street, and over 40% growth on the Gold Coast of Chicago.

Investment Management Platform for institutional capital deployment

This channel leverages institutional relationships for opportunistic and value-add investments. The platform is actively deploying capital across various funds.

Total acquisition volume year-to-date as of the third quarter of 2025 reached $487 million. Management expects 2025 acquisition volume to equal or exceed 2024 levels. The company raised approximately $212 million of equity during the third quarter and fourth quarter-to-date on a forward basis to fund this pipeline.

Here's a look at some of the capital deployment activity through the Investment Management (IM) platform and related transactions in 2025:

• IM Platform Acquisition: $68 million for Pinewood Square in Lake Worth, FL (Q1 2025).
• IM Platform Acquisition: $63 million for The Avenue at West Cobb (Q3 2025).
• IM Platform Disposition: $28 million for a shopping center in Delaware (Q2 2025).

The total Gross Assets Under Management (AUM) for the Investment Management Platform is noted at approximately $3.5 billion in the November 2025 update, though a general AUM figure for the entire company is cited as $6 billion.

Corporate website and SEC filings for investor communication

Acadia Realty Trust uses its digital presence to manage investor relations and comply with Regulation FD. You can find their latest disclosures on their dedicated investor portal.

• Corporate Website Address: www.acadiarealty.com/investors.
• Latest Quarterly Report: Form 10-Q filed on October 29, 2025.
• Latest Material Event Report: Form 8-K filed on October 28, 2025.
• The company also uses its LinkedIn profile to communicate with investors and the public.

The company's filings, including Form 10-K, 10-Q, and 8-K, are available on the Investors page as soon as reasonably practicable after electronic filing with the SEC.

Brokerage firms for property acquisitions and dispositions

While the in-house team handles Core leasing, acquisitions and dispositions, especially for the Investment Management platform, often involve external brokerage and advisory services to execute transactions. The activity shows a consistent flow of deals across both the REIT Portfolio and the Investment Management side.

Here are the reported 2025 acquisition and disposition transactions, which typically involve brokerage channels:

Transaction Type	Amount (USD)	Date / Quarter	Platform
Core Acquisition (106 Spring Street)	$55,137 (in thousands)	January 2025 / Q1	REIT Portfolio
Core Acquisition (85 5th Avenue)	$47 million	Q2 2025	REIT Portfolio
Core Acquisitions (Total Q2)	$157 million	Q2 2025	Core Street Retail
IM Acquisition (Pinewood Square)	$68 million	Q1 2025	Investment Management
IM Acquisition (The Avenue at West Cobb)	$63 million	Q3 2025	Investment Management
IM Disposition (Delaware Center)	$28 million	Q2 2025	Investment Management
IM Disposition (640 Broadway)	$50 million	Q3 2025	Investment Management
IM Disposition (1035 Third Ave Retail)	$22 million	Q4-to-date	Investment Management

The company completed $373 million of accretive Core and Investment Management transactions year-to-date as of the end of Q1 2025.

Acadia Realty Trust (AKR) - Canvas Business Model: Customer Segments

You're looking at the core groups Acadia Realty Trust (AKR) targets with its dual-platform strategy, which pairs its owned REIT Portfolio with its Investment Management platform. This focus is heavily weighted toward high-quality, high-barrier urban locations.

National and regional retailers seeking flagship, mission-critical locations

This segment is the primary focus of the REIT Portfolio, which represents approximately 85% of Acadia Realty Trust's Gross Asset Value as of September 30, 2025. These retailers are seeking spaces in the nation's most dynamic retail corridors, where Acadia Realty Trust has built a best-in-class portfolio. The demand from this segment is translating directly into strong financial results for Acadia Realty Trust.

• REIT Portfolio leased occupancy reached 93.6% as of September 30, 2025.
• Street and urban retail occupancy specifically increased 280 basis points to 89.5% as of September 30, 2025.
• GAAP leasing spreads on new and renewal leases for the REIT Portfolio hit 29% in the third quarter of 2025.
• Cash leasing spreads for the same period were 12%.
• The Signed Not Yet Open (SNO) pipeline stood at $11.9 million in Annual Base Rent (ABR) as of September 30, 2025.

The strength of these locations is evidenced by tenant sales growth in key markets during the third quarter of 2025, showing that the consumer base is highly engaged. This segment is the engine driving Acadia Realty Trust's internal growth, with street retail same-store Net Operating Income (NOI) growth reported at 13% for Q3 2025.

Institutional investors and pension funds for co-investment vehicles

The Investment Management platform serves this group by targeting opportunistic and value-add investments, often recapitalizing assets acquired by the REIT Portfolio with institutional partners. Acadia Realty Trust is actively deploying capital with these partners; they completed approximately $487 million in acquisition volume year-to-date through the third quarter of 2025, with plans to double that figure by the end of 2025. This platform allows Acadia Realty Trust to act opportunistically while leveraging external capital relationships.

The external capital base is also significant in Acadia Realty Trust's public equity structure. As a group, institutional investors and hedge funds owned 97.65% of the company's stock as of the third quarter of 2025. Acadia Realty Trust is currently close to selecting a top-tier investor to recapitalize the Pinewood Square property, a Florida Power Center purchased in Q2 2025.

Affluent consumers who frequent urban street retail corridors

While not a direct payer of rent, this group represents the end-user whose spending power validates Acadia Realty Trust's location strategy. The company's focus on high-barrier urban markets like SoHo and Bleecker Street in New York City, and the Gold Coast in Chicago, directly targets these high-value consumers. The performance metrics from these specific areas confirm the strength of this customer base.

Here's a quick look at the reported sales growth from Q3 2025 in these key corridors:

Location	Sales Growth (Year-over-Year)	Portfolio Segment
SoHo, NYC	15%	Street Retail
Bleecker Street, NYC	30%	Street Retail
Gold Coast, Chicago	Over 40%	Street Retail

This robust consumer activity supports the high leasing spreads Acadia Realty Trust is achieving, as tenant sales outpace contractual rent growth. The company's strategy is built on the belief that the decisions retailers make to locate in these key streets transcend short-term economic uncertainty.

Acadia Realty Trust (AKR) - Canvas Business Model: Cost Structure

You're looking at the core costs Acadia Realty Trust (AKR) manages to keep its street retail engine running. It's a high-touch business, but the structure aims for efficiency, especially compared to some other property types.

The cost structure is fundamentally driven by owning and operating irreplaceable, high-quality street and open-air retail assets across dynamic corridors, alongside the overhead of the dual-platform model.

Here are the key components of the cost structure, grounded in the latest figures from 2025 reporting:

• Property operating expenses (real estate taxes, utilities, maintenance): These are directly tied to the physical portfolio. For the first quarter of 2025, same-property expenses for the Core Portfolio were reported at $13.8 million.
• Interest expense on debt: Managing debt is crucial. Acadia Realty Trust has been actively managing this, bringing its pro-rata Net Debt-to-EBITDA ratio down to 5.0x as of September 30, 2025, from 5.5x at the end of Q2 2025.
• General and administrative expenses (G&A) for dual-platform operations: This covers the corporate overhead supporting both the REIT Portfolio and the Investment Management Platform. While a specific 2025 G&A dollar amount isn't isolated here, the dual structure necessitates this cost base.
• Relatively low recurring capital expenditures for street retail: The nature of street retail in prime locations generally requires less heavy CapEx than other retail formats. Over the past five years, Acadia Realty Trust has reported capital expenditures as a percentage of Net Operating Income (NOI) at just 16%, which is lower than the 19% to 29% range seen by some peers.

Here's a quick look at how some of these key financial metrics stood as of the third quarter of 2025:

Cost/Metric Component	Latest Reported Value (2025)	Reporting Period End Date
Pro-Rata Net Debt-to-EBITDA	5.0x	September 30, 2025
Core Portfolio Same-Property Expenses	$13.8 million	March 31, 2025
CapEx as % of NOI (5-Year Average)	16%	Prior 5 Years
Total Debt (Consolidated)	$1.9 billion	Approximate

The focus on street retail helps keep the recurring capital needs lower. This is a key differentiator in the cost side of the business model, helping to support the dividend, which was recently declared at $0.20 per share for the upcoming payment.

Acadia Realty Trust (AKR) - Canvas Business Model: Revenue Streams

You're looking at the core ways Acadia Realty Trust brings in money, which is pretty straightforward for a real estate investment trust (REIT) focused on high-quality street retail. The bulk of the cash flow comes from tenants paying rent, but there are other important pieces, like fees from managing outside money and profits from selling properties.

Rental income from Core Portfolio leases is definitely the main driver. This is the rent collected from the properties Acadia owns and operates directly, primarily in high-barrier, dynamic urban markets. You can see the strength of this stream in the leasing activity. For instance, in the third quarter of 2025, the street retail portfolio saw same-property Net Operating Income (NOI) growth of 13%. Plus, on new and renewal leases in that quarter, GAAP leasing spreads hit 29%, and cash leasing spreads were 12%. By September 30, 2025, the REIT Portfolio occupancy was up to 93.6%.

The overall health of the business, as measured by its key metric, is reflected in the guidance for Funds From Operations (FFO) Before Special Items. For the full year 2025, Acadia Realty Trust provided guidance for FFO Before Special Items in the range of $1.32 to $1.39 per share.

Here's a quick look at how the key forward-looking guidance points stack up for 2025:

Revenue Component Category	Metric/Component	2025 Guidance/Expectation
Core Portfolio Operations	Full-Year Same-Property NOI Growth (Reaffirmed)	5% to 6%
Core Portfolio Operations	Q3 2025 Street Retail Same-Property NOI Growth	13%
Core Portfolio Operations	Q3 2025 GAAP Leasing Spread (New/Renewal)	29%
Core Portfolio Operations	Q3 2025 Cash Leasing Spread (New/Renewal)	12%
Overall Profitability Metric	FFO Before Special Items Guidance (Per Share)	$1.32 to $1.39
Investment Sales/Management	Realized Gains and Promotes (Expected)	$16.0-$19.0 million

Fee income from Investment Management comes from services like property management, leasing oversight, and construction management for third-party capital partners. While the direct 2025 fee income number isn't explicitly stated in the guidance summaries, the activity level is high. For example, the company completed approximately $373 million of accretive Core and Investment Management transactions year-to-date in 2025. Also, looking back at 2024, Equity in earnings of unconsolidated affiliates for Investment Management increased by $20.8 million compared to the prior year.

Finally, you have the lumpy but potentially high-margin revenue from asset sales. The expectation for Realized gains and promotes from the sale of fund assets for the full year 2025 was set at $16.0-$19.0 million. To give you some context on how this is realized, in the third quarter of 2025 alone, Acadia Realty Trust reported $5.4 million in realized investment gains on marketable securities and net promotes, which included gains from the sale of Albertsons stock and the disposition of a Fund III asset.

The revenue streams are supported by strong operational metrics:

• REIT Portfolio occupancy as of September 30, 2025: 93.6%.
• SNO Pipeline (Signed Not Open) as of September 30, 2025: 5% of ABR (or $11.9 million).
• Core debt maturing in 2025: 0.1%.

Finance: review the Q4 2025 realized gains forecast against the original $16.0-$19.0 million expectation by next Tuesday.