Acadia Realty Trust (AKR): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique de l'investissement immobilier, Acadia Realty Trust (AKR) se distingue comme une puissance stratégique, transformant les investissements immobiliers commerciaux en un modèle commercial méticuleusement conçu. En tirant parti d'une approche sophistiquée qui mélange les opportunités de marché urbain et suburbain, l'AKR crée de la valeur grâce à une gestion immobilière innovante, des partenariats stratégiques et un portefeuille diversifié qui offre des flux de revenus stables et une appréciation potentielle du capital à long terme. Leur toile commerciale unique révèle un écosystème complexe d'investissement immobilier qui va bien au-delà de la gestion immobilière traditionnelle, offrant aux investisseurs et aux locataires une approche intégrée et avant-gardiste de l'immobilier commercial.

Acadia Realty Trust (AKR) - Modèle commercial: partenariats clés

Partenariats stratégiques avec des locataires de détail nationaux et régionaux

En 2024, Acadia Realty Trust conserve des partenariats avec les principaux locataires de détail suivants:

Locataire au détail	Détails du partenariat	Type de propriété
Pharmacie CVS	Accords de location à long terme	Centres de détail
TJ Maxx	Occupation multi-emplacements	Centres commerciaux
Marché des aliments entiers	Dispositions à l'ancrage	Propriétés à usage mixte

Dispositions de coentreprise avec des groupes d'investissement immobilier

Le portefeuille de coentreprise d'Acadia Realty Trust comprend:

• Les actifs totaux de coentreprise d'une valeur de 1,2 milliard de dollars
• 7 Partenariats d'investissement immobilier actif
• Focus géographique sur les régions du nord-est et du milieu de l'Atlantique

Collaboration avec les sociétés de développement et de gestion immobilières

Collaborations clés du développement et de la gestion:

Entreprise partenaire	Portée de collaboration	Type de projet
CBRE	Services de gestion immobilière	Propriétés de vente au détail et à usage mixte
Jll	Conseil en développement	Projets de réaménagement urbain

Relations avec les institutions financières pour le financement en capital

Les partenariats financiers actuels comprennent:

• JPMorgan Chase: facilité de crédit de 500 millions de dollars
• Bank of America: Ligne de crédit renouvelable de 350 millions de dollars
• Wells Fargo: prêt à terme de 250 millions de dollars

Partenariats avec des consultants en durabilité et en construction verte

Détails du partenariat sur le développement durable:

Consultant	Domaine de mise au point	Projets en cours
USGBC	Certification LEED	6 projets de construction verts en cours
Groupe de conseil en durabilité	Efficacité énergétique	Optimisation d'énergie à l'échelle du portefeuille

Acadia Realty Trust (AKR) - Modèle commercial: activités clés

Acquérir et gérer des propriétés immobilières commerciales

Au quatrième trimestre 2023, Acadia Realty Trust a géré un portefeuille de biens total de 4,4 millions de pieds carrés. Le portefeuille comprenait 75 propriétés aux États-Unis, avec une capitalisation boursière d'environ 2,1 milliards de dollars.

Type de propriété	Nombre de propriétés	Total en pieds carrés
Propriétés de vente au détail	62	3,6 millions de pieds carrés
Propriétés à usage mixte	13	0,8 million de pieds carrés

Louer des espaces de vente au détail et à usage mixte à des locataires de haute qualité

En 2023, Acadia Realty Trust a maintenu un taux d'occupation de 93,5% dans son portefeuille. La liste des locataires de l'entreprise comprenait:

• Centres ancrés d'épicerie
• Chaînes de vente au détail nationales
• Détaillants spécialisés régionaux

Optimisation du portefeuille et développement de propriété stratégique

L'allocation des investissements pour 2023 s'est concentrée sur:

Catégorie d'investissement	Investissement total	Pourcentage de portefeuille
Centres ancrés d'épicerie	750 millions de dollars	35.7%
Spécialité de vente au détail	450 millions de dollars	21.4%

Stratégies de gestion des actifs et d'amélioration de la valeur

Acadia Realty Trust a mis en œuvre des stratégies d'amélioration de la valeur résultant en:

• Croissance nette sur le résultat opérationnel (NOI) de 4,2%
• Fonds d'opérations (FFO) de 127,3 millions de dollars en 2023

Investissement et allocation des capitaux sur les marchés immobiliers ciblés

Distribution géographique des investissements immobiliers en 2023:

Région	Nombre de propriétés	Investissement total
Nord-est	35	980 millions de dollars
Moyen-atlantique	22	620 millions de dollars
Au sud-est	18	500 millions de dollars

Acadia Realty Trust (AKR) - Modèle commercial: Ressources clés

Portfolio diversifié de propriétés de vente au détail et à usage mixte

Depuis le quatrième trimestre 2023, Acadia Realty Trust possède 79 propriétés totalisant 12,8 millions de pieds carrés de superficie de location brute. La composition de la propriété comprend:

Type de propriété	Nombre de propriétés	Total en pieds carrés
Retail ancré d'épicerie	48	7,2 millions de pieds carrés
Centres urbains à usage mixte	16	3,5 millions de pieds carrés
Spécialité de vente au détail	15	2,1 millions de pieds carrés

Capacités financières et investissements solides

Mesures financières au 31 décembre 2023:

• Capitalisation boursière totale: 2,1 milliards de dollars
• Actif total: 3,8 milliards de dollars
• Ratio dette / fonds propres: 0,65
• Créabilité de crédit disponible: 350 millions de dollars

Équipe de gestion immobilière expérimentée et d'investissement

Composition de l'équipe de gestion:

Poste de direction	Années d'expérience
PDG	25 ans et plus
Directeur financier	18 ans et plus
Chef des investissements	22 ans et plus

Évaluation des propriétés avancées et analyse d'investissement

Capacités d'analyse des investissements:

• Modèle d'évaluation des risques propriétaire
• Dépistage d'investissement d'apprentissage automatique
• Suivi des performances du marché en temps réel
• Prévisions d'occupation prédictive

Réseau robuste de relations de l'industrie et d'informations sur le marché

Métriques du réseau de l'industrie:

Catégorie de relation	Nombre de connexions
Investisseurs institutionnels	87
Locataires nationaux de vente au détail	132
Partenaires d'investissement immobilier	45

Acadia Realty Trust (AKR) - Modèle d'entreprise: propositions de valeur

Investissements immobiliers au détail de haute qualité et stratégiquement situés

Au quatrième trimestre 2023, Acadia Realty Trust possède un portefeuille immobilier total d'une valeur de 3,7 milliards de dollars, avec 81 propriétés couvrant 6,3 millions de pieds carrés d'espace de vente au détail.

Catégorie de propriété	Nombre de propriétés	Total en pieds carrés
Centres ancrés d'épicerie	45	3,2 millions de pieds carrés
Retail urbain / suburbain	36	3,1 millions de pieds carrés

Sompte de revenu stable et prévisible des locataires premium

Taux d'occupation au quatrième trimestre 2023: 94,5%

• Les 10 meilleurs locataires représentent 35,6% du total des revenus de location
• Terme de location moyenne: 7,2 ans
• Note de crédit moyen des locataires pondérés: BBB +

Potentiel d'appréciation du capital à long terme

Rendement total historique (moyenne à 10 ans): 8,7%

Année	Rendement total
2021	12.3%
2022	7.9%
2023	9.2%

Portefeuille d'investissement immobilier diversifié

Distribution géographique des propriétés:

• Nord-Est: 62%
• Mid-Atlantic: 23%
• Autres régions: 15%

Concentrez-vous sur les opportunités de marché urbain et suburbain

Répartition des segments de marché:

Type de marché	Pourcentage de portefeuille
Centres urbains	42%
Marchés suburbains	58%

Acadia Realty Trust (AKR) - Modèle d'entreprise: relations clients

Accords de location à long terme avec des locataires nationaux de vente au détail

Au quatrième trimestre 2023, Acadia Realty Trust conserve 102 propriétés totales avec une durée de location moyenne de 7,2 ans. Le portefeuille comprend 36 centres commerciaux ancrés et 66 propriétés de vente au détail urbaine.

Type de locataire	Nombre de locataires	Durée de location moyenne
Locataires nationaux de vente au détail	78	8,1 ans
Locataires de détail régionaux	24	5,3 ans

Services de gestion immobilière personnalisés

Acadia fournit une gestion immobilière dédiée à une équipe de 45 gestionnaires immobiliers professionnels couvrant plusieurs marchés géographiques.

• Programmes d'amélioration des locataires personnalisés
• Gestion de compte dédiée pour chaque locataire majeur
• Services de support immobilier 24/7

Communication régulière et engagement des locataires

Les mesures de communication pour 2023 incluent:

Canal de communication	Fréquence	Taux d'engagement
Réunions de locataires trimestriels	4x par an	92% de fréquentation
Plateformes de communication numérique	Mensuel	Taux d'interaction 87%

Maintenance réactive et assistance immobilière

Mesures de réponse de maintenance pour 2023:

• Temps de résolution de la demande de maintenance moyenne: 3,2 heures
• Temps de réponse d'urgence: 45 minutes
• Investissement annuel sur la maintenance: 6,3 millions de dollars

Représentations transparentes et relations avec les investisseurs

Statistiques de communication des investisseurs pour 2023:

Métrique de rapport	Fréquence	Score de transparence
Rapports de bénéfices trimestriels	4x par an	95/100
Conférence téléphonique des investisseurs	4x par an	93/100

Acadia Realty Trust (AKR) - Modèle commercial: canaux

Équipes de location directe et de gestion immobilière

Depuis le quatrième trimestre 2023, Acadia Realty Trust gère un portefeuille de 79 propriétés à travers les États-Unis.

Type de canal	Nombre de personnel	Couverture géographique
Équipe de location directe	24 professionnels	Régions du nord-est et du milieu de l'Atlantique
Équipe de gestion immobilière	42 professionnels	16 États

Plateforme de relations avec le site Web et les investisseurs

Le site Web des relations avec les investisseurs d'Acadia Realty Trust fournit des informations complètes et financières.

• Site Web Visiteurs uniques par mois: 42 500
• Téléchargements de présentation des investisseurs en ligne: 3 750 trimestriels
• Vues du rapport annuel numérique: 5 200

Conférences d'investissement immobilier et événements de réseautage

Type d'événement	Participation annuelle	Plates-formes de réseautage clés
Conférence Nareit	2 présentations	Engagement des investisseurs institutionnels
Forums immobiliers régionaux	4-6 événements	Interactions directes des investisseurs

Rapports financiers et communications trimestrielles sur les investisseurs

Les résultats trimestriels appellent la participation et les divulgations financières détaillées.

• Géré trimestriel appelle les participants: 175-225 Investisseurs institutionnels
• Durée moyenne de la webdiffusion des gains: 45-55 minutes
• Couverture des analystes: 8 cabinets de recherche financière

Plate-forme de marketing numérique et de vitrine immobilière

Canal numérique	Engagement mensuel	Mesures de performance clés
Page d'entreprise LinkedIn	12 500 abonnés	Engagement de poste moyen: 3,2%
Plateformes d'inscription de propriétés	87 Listes de propriétés actives	Vues de propriété mensuelles: 6 800

Acadia Realty Trust (AKR) - Modèle d'entreprise: segments de clientèle

Locataires de la chaîne de vente au détail nationale

Au quatrième trimestre 2023, le portefeuille d'Acadia Realty Trust comprend des locataires de détail nationaux avec la composition suivante:

Catégorie des locataires	Pourcentage de portefeuille	Nombre de locataires
Vente au détail de luxe	22.5%	37
Commandité au détail	18.3%	52
Spécialité de vente au détail	15.7%	44

Commerces de détail régionaux et locaux

Le mélange de locataires régionaux de l'Acadia comprend:

• Magasins spécialisés locaux: 12,4% du portefeuille
• Chaînes de restaurants régionaux: 8,6% du portefeuille
• Fournisseurs de services régionaux: 6,2% du portefeuille

Investisseurs immobiliers institutionnels

Répartition des investisseurs institutionnels pour Acadia Realty Trust:

Type d'investisseur	Pourcentage de propriété	Investissement total ($ m)
Fonds de pension	24.3%	387,5 M $
Compagnies d'assurance	17.6%	280,2 millions de dollars
Dotation	9.7%	154,3 M $

Fonds de capital-investissement et d'investissement

Investisseur en capital-investissement profile:

• Investissement total de capital-investissement: 612,7 M $
• Nombre de partenaires de capital-investissement: 14
• Taille moyenne de l'investissement: 43,8 M $

Investisseurs individuels à haute nette

Détails du segment des investisseurs individuels:

• Capital total des investisseurs individuels: 215,6 millions de dollars
• Investissement individuel moyen: 3,2 M $
• Nombre d'investisseurs à haute nette: 67

Acadia Realty Trust (AKR) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition et de développement des biens

Pour l'exercice 2023, Acadia Realty Trust a déclaré des coûts d'acquisition totale de propriétés de 98,4 millions de dollars. Les dépenses de développement et de réaménagement étaient d'environ 67,2 millions de dollars.

Catégorie de dépenses	Montant (millions de dollars)
Coûts d'acquisition de propriétés	98.4
Développement et réaménagement	67.2

Coûts opérationnels et d'entretien

Les dépenses opérationnelles annuelles du portefeuille immobilier ont totalisé 42,6 millions de dollars en 2023. Les coûts de maintenance et de réparation étaient de 23,1 millions de dollars.

• Dépenses de gestion immobilière: 18,5 millions de dollars
• Coût des services publics et énergétiques: 12,3 millions de dollars
• Assurance et taxes foncières: 16,8 millions de dollars

Gestion et frais généraux administratifs

Les frais généraux administratifs pour Acadia Realty Trust étaient de 24,7 millions de dollars en 2023, notamment:

Dépenses administratives	Montant (millions de dollars)
Rémunération des dirigeants	8.3
Salaires des employés	12.4
Services professionnels	4.0

Frais d'intérêt et service de la dette

Les frais d'intérêt total pour 2023 étaient de 86,5 millions de dollars. Les frais de service de la dette comprenaient:

• Intérêt de dette à long terme: 76,2 millions de dollars
• Intérêt de facilité de crédit: 10,3 millions de dollars

Dépenses de marketing et de relations avec les investisseurs

Les coûts de marketing et de relations avec les investisseurs pour 2023 s'élevaient à 3,9 millions de dollars.

Catégorie de dépenses de marketing	Montant (milliers de dollars)
Communications des investisseurs	1,200
Marketing numérique	1,500
Dépenses de la conférence des investisseurs	1,200

Acadia Realty Trust (AKR) - Modèle d'entreprise: Strots de revenus

Revenu locatif des baux de propriété commerciale

Pour l'exercice 2023, Acadia Realty Trust a déclaré un revenu locatif total de 237,4 millions de dollars. Le portefeuille se compose de 79 propriétés avec une superficie totale de location brute d'environ 3,4 millions de pieds carrés.

Type de propriété	Revenu locatif ($ m)	Taux d'occupation (%)
Retail ancré d'épicerie	142.6	94.3
Commerce de détail urbain	94.8	92.7

Appréciation des biens et gains en capital

En 2023, Acadia Realty Trust a déclaré des gains nets des ventes de biens totalisant 48,3 millions de dollars, avec un taux de capitalisation moyen pondéré de 6,5%.

Frais de gestion des actifs et de conseil

Les frais de gestion des actifs pour 2023 s'élevaient à 12,7 millions de dollars, dérivés de la gestion des investissements immobiliers tiers.

Revenu de placement de coentreprise

Les revenus des investissements en coentreprise en 2023 étaient de 26,5 millions de dollars, ce qui représente 11,2% du total des sources de revenus.

Type de coentreprise	Revenu de placement ($ m)
Propriétés de vente au détail	18.3
Développements à usage mixte	8.2

Produits potentiels de vente de biens

Le produit de la vente de propriétés projetés pour 2024 est estimé à 75,6 millions de dollars, ciblant les propriétés avec une valeur stratégique plus faible.

• Volume de vente projeté: 75,6 millions de dollars
• Prix ​​de vente moyen estimé par propriété: 12,6 millions de dollars
• Nombre attendu de propriétés à vendre: 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.