Acadia Realty Trust Reports Fourth Quarter and Full Year 2025 Operating Results

Key Highlights for the fourth quarter and year ended December 31, 2025 include:

• Fourth quarter and year ended December 31, 2025 GAAP net earnings of $0.04 and $0.10 per share and FFO Before Special Items of $0.34 and $1.32 per share, respectively
• Fourth quarter and year ended December 31, 2025 REIT Portfolio same-property NOI increased 6.3% and 5.7%, respectively, primarily driven by the street and urban portfolio
• Fourth quarter REIT Portfolio GAAP and cash leasing spreads on new leases of 60% and 27%, respectively, primarily driven by street retail leasing
• Increased REIT Portfolio occupancy by 30 basis points to 93.9% during the fourth quarter driven by street and urban retail, which increased 80 basis points for the fourth quarter and 370 basis points for the year to 90.3% as of December 31, 2025
• Completed approximately $487 million of accretive REIT Portfolio ($356 million of street retail) and Investment Management ($131 million) acquisitions during the year ended December 31, 2025

Subsequent Events

• Completed approximately $445 million of REIT Portfolio and Investment Management acquisitions year-to-date 2026, and additionally have a robust pipeline for several potential REIT Portfolio street retail investments in advanced stages of negotiation
• Provided 2026 FFO As Adjusted (new metric) expectations of $1.21 - $1.25 and REIT Portfolio same-property NOI growth of 5-9%

Acadia Realty Trust (NYSE:AKR) ("Acadia" or the "Company") today reported operating results for the quarter and year ended December 31, 2025. All per share amounts are on a fully-diluted basis, where applicable. Acadia owns and operates a high-quality real estate portfolio of street and open-air retail properties in the nation's most dynamic retail corridors ("REIT Portfolio"), along with an investment management platform that targets opportunistic and value-add investments through its institutional co-investment vehicles ("Investment Management").

Kenneth F. Bernstein, President and CEO of Acadia, commented:

Financial Results

A complete reconciliation, in dollars and per share amounts, of (i) net earnings attributable to Acadia to Funds From Operations ("FFO") (as defined by the National Association of Real Estate Investment Trusts ("NAREIT") and Before Special Items) attributable to common shareholders and Common OP Unit holders and (ii) operating income to net operating income ("NOI") is included in the financial tables of this release. The amounts discussed below are net of noncontrolling interests (except for the Common OP Unit holders) and all per share amounts are on a fully-diluted basis.

Net Income

• Net income per share for the three months and year ended December 31, 2025 was $0.04 and $0.10, respectively. This compares with net income per share for the three months and year ended December 31, 2024 of $0.07 and $0.19, respectively. The decrease for the year ended December 31, 2025, as compared to the year ended December 31, 2024, was primarily a result of the loss on change in control related to the Company's additional investment in its Georgetown Renaissance portfolio.

• The Company realized a net one-time benefit to net income, NAREIT FFO and FFO Before Special Items of approximately $.01 per share during the fourth quarter of 2025 relating to real estate tax savings and refunds, primarily from its Chicago portfolio. These savings occurred within its REIT Redevelopment/Prestabilized portfolio and thus were excluded from its reported fourth quarter and year ending December 31, 2025 Same-Property NOI.

NAREIT FFO

• NAREIT Funds From Operations ("NAREIT FFO") for the quarter ended December 31, 2025 was $41.7 million, or $0.30 per share, as compared to $37.8 million, or $0.30 per share, for the quarter ended December 31, 2024.

FFO Before Special Items

• FFO Before Special Items for the quarter ended December 31, 2025 was $47.2 million, or $0.34 per share, as compared to $40.5 million, or $0.32 per share, for the quarter ended December 31, 2024. The Company had $4.7 million of realized investment gains on marketable securities and net promotes, or $0.03 per share, during the quarter ended December 31, 2025.

REIT Portfolio Same-Property NOI

• Same-Property NOI grew 6.3%, for the fourth quarter, primarily driven by 7.5% growth from the street and urban retail portfolio. Full year same-property NOI grew 5.7%, coming in at the upper end of the Company's guidance. These amounts exclude developments and redevelopments.

REIT Portfolio Occupancy and Leasing Update

• As of December 31, 2025, economic occupancy and leased occupancy increased 30 and 20 basis points to 93.9% and 94.7%, respectively, compared to 93.6% and 94.5% as of September 30, 2025.

• For the quarter ended December 31, 2025, conforming GAAP and cash leasing spreads on new leases were 60% and 27%, respectively, driven by leasing in its street retail corridors, and 27% and 12%, inclusive of renewal leases.

Signed Not Yet Opened Update

The following summarizes the activity, at the Company's pro-rata share, of ABR of its signed not opened pipeline during the fourth quarter (amounts in millions):

As highlighted above, of the $5.0 million of pro‑rata ABR that commenced in the fourth quarter, approximately $3.1 million, primarily driven by the December 2025 opening of Mango at 664 North Michigan in Chicago, Illinois, originated from REIT Portfolio Redevelopment/Prestabilized assets. Because these assets were not included in REIT Portfolio occupancy as of September 30, 2025, the $3.1 million of ABR that commenced in the fourth quarter did not significantly contribute to the reported occupancy at December 31, 2025. Likewise, this amount was excluded from the Same‑Property NOI pool for both the fourth quarter and the full year of 2025.

Transactional Activity

Subsequent to December 31, 2025, the Company completed approximately $445 million in accretive REIT Portfolio and Investment Management acquisitions as further described below.

REIT Portfolio

• Manhattan, New York. In January 2026, the Company acquired 1045 and 1165 Madison Avenue in Manhattan for an aggregate purchase price of $20.8 million. These assets further expand the Company's ownership on Madison Avenue and align with its strategy of expanding its portfolio on must-have street retail corridors.

• REIT Portfolio Pipeline. The Company is in advanced stages of negotiations relating to potential investments to acquire street retail assets. These transactions are subject to final agreement between the parties, customary closing conditions and market uncertainty. Thus, no assurances can be given that the Company will successfully close on any of these transactions on the anticipated timeline or at all.

Investment Management Platform Acquisition

• Queens, New York. In January 2026, the Company, through its Investment Management platform, formed a joint venture with TPG Real Estate to acquire the Shops at Skyview for a gross purchase price of approximately $425 million (the Company retained a 20% ownership interest in the joint venture and provided a preferred equity investment of $41.7 million). The Company will manage the day-to-day operations entitling it to earn asset management, property management, and leasing fees, along with the opportunity to earn a promote upon the ultimate disposition of the asset. The Shops at Skyview is a 555,000 retail center in Flushing, Queens, attracting 12 million visitors a year and anchored by three grocers along with an attractive mix of essential goods, value-oriented brands, and experiential concepts.

Investment Management Dispositions

• Manhattan, New York. As previously disclosed, in October 2025, the Company, through its Fund IV platform, completed the disposition of the retail component of 1035 Third Avenue for $22 million, of which the Company's share was $5 million.

• Virginia Beach, Virginia. During January 2026, the Company, through its Fund V platform, completed the disposition of Landstown Commons for $102 million, of which the Company's share was $21 million. This property, acquired in August 2019, generated an approximate 17% IRR and a 1.8x equity multiple.

Balance Sheet

Equity Activity:

• During the fourth quarter of 2025, the Company raised approximately $39 million of equity (of which approximately $9 million was previously disclosed), on a one-year forward basis, under its ATM program at an average issuance price, prior to fees, of $20.07 per share.

• The Company has unsettled forward equity contracts, inclusive of the amounts above, to sell 14.7 million shares for aggregate net proceeds of approximately $295 million to accretively fund its acquisition pipeline and the Henderson Avenue redevelopment project in Dallas, TX.

Pro-Rata REIT Portfolio and Investment Management Debt-to-EBITDA (as adjusted):

• Net Debt-to-EBITDA, as adjusted, inclusive of its pro-rata share of Investment Management platform debt and unsettled forward equity contracts that were issued prior to December 31, 2025 as discussed above, was 4.9x at December 31, 2025 as compared to 5.0x at September 30, 2025. Refer to the fourth quarter 2025 Supplemental Information package for reconciliations and details on financial ratios.

No Significant REIT Portfolio Debt Maturities until 2029:

• The Company has REIT portfolio debt maturing of 2.6%, 2.6%, and 7.5% in 2026, 2027, and 2028, respectively.

Guidance

As previously disclosed, beginning in 2026, the Company will report a new supplemental measure, FFO As Adjusted. FFO As Adjusted will be calculated by adjusting NAREIT FFO to exclude gains and promotes from its Investment Management business along with other items, including non-comparable revenues, expenses, gains, and losses, that the Company believes are not reflective of ongoing core operating results.

The following initial guidance is based upon Acadia's current view of market conditions and assumptions for the year ended December 31, 2026.

The Company's full year outlook is based on the following assumptions:

• REIT Portfolio Same-Property NOI growth, excluding properties in redevelopment, of 5-9%
• Investment Management fees ranging from $23-$26 million
• Structured Finance (interest) income ranging from $16-$18 million
• Pro-rata REIT Portfolio and Investment Management non-cash GAAP items (above/below market and straight-line rental income) ranging from $12-$15 million
• Recurring G&A expenses ranging from $44-$46 million
• Interest expense, net, ranging from $68-$70 million, which does not reflect the potential reduction in interest expense that would result from settling the forward equity contracts
• Guidance does not factor in potential acquisitions or dispositions, other than those that have already been completed
• NAREIT FFO guidance does not factor in any promotes or realized gains. Such amounts, if any, will be included in NAREIT FFO (but excluded from FFO As Adjusted) in the period in which the transaction occurs.

FFO As Adjusted for the year ended December 31, 2025 and for each quarterly period within the year were as follows (amounts in thousands except per share):

Management will conduct a conference call on Wednesday, February 11, 2026 at 11:00 AM ET to review the Company's earnings and operating results. Participant registration and webcast information is listed below.

The Company uses, and intends to use, the Investors page of its website, which can be found at https://www.acadiarealty.com/investors, as a means of disclosing material nonpublic information and of complying with its disclosure obligations under Regulation FD, including, without limitation, through the posting of investor presentations and certain portfolio updates. Additionally, the Company also uses its LinkedIn profile to communicate with its investors and the public. Accordingly, investors are encouraged to monitor the Investors page of the Company's website and its LinkedIn profile, in addition to following the Company's press releases, SEC filings, public conference calls, presentations and webcasts.

About Acadia Realty Trust

Acadia Realty Trust is an equity real estate investment trust focused on delivering long-term, profitable growth. Acadia owns and operates a high-quality core real estate portfolio of street and open-air retail properties in the nation's most dynamic retail corridors ("REIT Portfolio"), along with an investment management platform that targets opportunistic and value-add investments through its institutional co-investment vehicles ("Investment Management"). For further information, please visit www.acadiarealty.com.

Safe Harbor Statement

Certain statements in this press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations are generally identifiable by the use of words, such as "may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend" or "project," or the negative thereof, or other variations thereon or comparable terminology. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the Company's actual results and financial performance to be materially different from future results and financial performance expressed or implied by such forward-looking statements, including, but not limited to: (i) macroeconomic conditions, including due to geopolitical instability and global trade disruptions, which may lead to a disruption of or lack of access to the capital markets and other sources of funding, and rising inflation; (ii) the Company's success in implementing its business strategy and its ability to identify, underwrite, finance, consummate and integrate diversifying acquisitions and investments; (including the potential acquisitions discussed in this press release); (iii) changes in general economic conditions or economic conditions in the markets in which the Company may, from time to time, compete, including the impact of recently announced tariffs on our tenants and their customers, and their effect on the Company's and our tenants' revenues, earnings and funding sources; (iv) increases in the Company's borrowing costs as a result of rising inflation, changes in interest rates and other factors; (v) the Company's ability to pay down, refinance, restructure or extend its indebtedness as it becomes due; (vi) the Company's investments in joint ventures and unconsolidated entities, including its lack of sole decision-making authority and its reliance on its joint venture partners' financial condition; (vii) the Company's ability to obtain the financial results expected from its development and redevelopment projects; (viii) the ability and willingness of the Company's tenants to renew their leases with the Company upon expiration, the Company's ability to re-lease its properties on the same or better terms in the event of nonrenewal or in the event the Company exercises its right to replace an existing tenant, and obligations the Company may incur in connection with the replacement of an existing tenant; (ix) the Company's potential liability for environmental matters; (x) damage to the Company's properties from catastrophic weather and other natural events, and the physical effects of climate change; (xi) the economic, political and social impact of, and uncertainty surrounding, any public health crisis; (xii) uninsured losses; (xiii) the Company's ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax and other considerations; (xiv) information technology ("IT") security breaches, including increased cybersecurity risks relating to the use of remote technology and artificial intelligence ("AI"); (xv) risks associated with our use of AI tools, which could result in reputational harm, and legal or regulatory liability; (xvi) the loss of key executives; and (xvii) the accuracy of the Company's methodologies and estimates regarding corporate responsibility metrics, goals and targets, tenant willingness and ability to collaborate towards reporting such metrics and meeting such goals and targets, and the impact of governmental regulation on our corporate responsibility efforts.

The factors described above are not exhaustive and additional factors could adversely affect the Company's future results and financial performance, including the risk factors discussed under the section captioned "Risk Factors" in the Company's most recent Annual Report on Form 10-K and other periodic or current reports the Company files with the SEC. Any forward-looking statements in this press release speak only as of the date hereof. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any changes in the Company's expectations with regard thereto or changes in the events, conditions or circumstances on which such forward-looking statements are based.

Acadia Realty Trust and Subsidiaries

Acadia Realty Trust and Subsidiaries

Acadia Realty Trust and Subsidiaries

Acadia Realty Trust and Subsidiaries

Acadia Realty Trust and Subsidiaries

Notes to Financial Highlights:

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Acadia Realty Trust

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