0000899629false00008996292025-07-292025-07-29

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): July 29, 2025

ACADIA REALTY TRUST

(Exact name of registrant as specified in its charter)

 

Maryland

 

1-12002

 

23-2715194

(State or other jurisdiction of incorporation)

 

(Commission File Number)

 

(I.R.S. Employer Identification No.)

 

411 Theodore Fremd Avenue

Suite 300

Rye, New York 10580

(Address of principal executive offices) (Zip Code)

(914) 288-8100

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading symbol

Name of exchange on which registered

Common shares of beneficial interest, par value $0.001 per share

AKR

The New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

 

 

Item 2.02. Results of Operations and Financial Condition.

On July 29, 2025, Acadia Realty Trust (the “Company”) issued a press release announcing its consolidated financial results for the quarter and year-to-date period ended June 30, 2025. A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1 and incorporated herein by reference.

 

On the same day, the Company made available supplemental reporting information regarding the financial results, operations and portfolio of the Company as of and for the quarter and year-to-date period ended June 30, 2025. A copy of the supplemental reporting information is attached to this Current Report on Form 8-K as Exhibit 99.2 and incorporated herein by reference.

 

The information included in this Item 2.02, including the information included in Exhibits 99.1 and 99.2 attached hereto, is intended to be “furnished” pursuant to Item 2.02, and is not deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference into any filing under the Securities Act of 1933, as amended (“Securities Act”) or the Exchange Act, or otherwise subject to the liabilities of Sections 11 and 12 (a)(2) of the Securities Act.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

 

 

 

 

Exhibit

Number

 Description

99.1

Press release dated July 29, 2025

99.2

Supplemental Reporting Information as of and for the quarter and year-to-date period ended June 30, 2025

104

Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101.)

 

 

 

 

SIGNATURES

Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

ACADIA REALTY TRUST

Dated:

 

(Registrant)

 

 

 

 

 

 

 

By:

 

/s/ John Gottfried

 

 

Name:

 

John Gottfried

July 29, 2025

 

Title:

 

Executive Vice President and Chief Financial Officer

 

 

 

 

Exhibit 99.1

 

 

 

Acadia Realty Trust

(914) 288-8100

Acadia Realty Trust Reports Second Quarter Operating Results

•
Reported Second Quarter 2025 GAAP Net Earnings of $0.01 per share, consistent with $0.01 per share for the Second Quarter 2024 and Increased NAREIT FFO and FFO before special items to $0.27 per share and $0.32 per share, respectively, as compared to $0.25 per share and $0.31 per share for the Second Quarter 2024, respectively
•
Reaffirmed Core Same Property NOI Growth Full-Year Guidance of 5-6%; achieved growth of 4.2% for the Second Quarter
•
Increased Core Portfolio Occupancy Percentage by 50 basis points to 92.2% and maintained Total Signed Not Yet Opened Pipeline at approximately 7% of pro-rata minimum rent
•
Executed a 35,000 square foot lease at 555 9th Street with LA Fitness (Club Studio) in San Francisco, California
•
Completed $157 Million of accretive Core Street Retail acquisitions during the Second Quarter

 

RYE, NY (July 29, 2025) - Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”) today reported operating results for the quarter ended June 30, 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 (“Core” or “Core 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:

 

“We delivered another strong quarter as we are continuing to see positive momentum from our differentiated Street Retail portfolio. Our same-property NOI is on track to grow 5-6% this year. In addition, we invested $157 million in accretive Street Retail assets, expanding our scale in our NYC corridors of Williamsburg and Flatiron/Union Square. And lastly, during the quarter, we have further enhanced our liquidity, reduced borrowing costs, and extended duration of our debt maturities. We have a strong and liquid balance sheet, an irreplaceable Street Retail Portfolio and an Investment Management Business that is built to capitalize in all cycles.”

 

 

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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 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 Units holders) and all per share amounts are on a fully-diluted basis.

 

 

 

Financial Results

 

 

2025–2Q

 

2024–2Q

Net earnings per share attributable to Acadia

 

$0.01

 

$0.01

Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share other than Common OP Units)

 

0.23

 

0.23

Loss on disposition on real estate properties (net of noncontrolling interest share other than Common OP Units)

 

—

 

0.01

Impairment charges (net of noncontrolling interest share other than Common OP Units)

 

0.03

 

—

NAREIT Funds From Operations per share attributable to Common Shareholders and Common OP Unit holders

 

$0.27

 

$0.25

Net unrealized holding (gain) loss 1

 

0.01

 

0.03

Funds From Operations Before Special Items and Realized Gains and Promotes per share attributable to Common Shareholders and Common OP Unit holders

 

$0.28

 

$0.28

Realized gains and promotes 1

 

0.04

 

0.03

Funds From Operations Before Special Items per share attributable to Common Shareholders and Common OP Unit holders

 

$0.32

 

$0.31

 

1.
It is the Company's policy to exclude unrealized gains and losses from FFO Before Special items and to include realized gains related to the Company's investment in Albertsons. The Company had realized investment gains of $5.4 million for the quarter ended June 30, 2025, and had realized investment gains of $3.6 million for the quarter ended June 30, 2024. Refer to the “Notes to Financial Highlights” on page 14 of this document.

Net Income

•
Net income for the quarter ended June 30, 2025, was $1.6 million, or $0.01 per share. This includes a non-cash impairment charge of approximately $4.2 million (net of noncontrolling interest share), or $0.03 per share, related to two properties within its Investment Management Platform, one of which is anticipated to be sold during the second half of 2025 and another that is being marketed for sale.

 

•
This compares with net income of $1.2 million, or $0.01 per share, for the quarter ended June 30, 2024.

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2

 

 

 

 

NAREIT FFO

•
NAREIT Funds From Operations (“NAREIT FFO”) for the quarter ended June 30, 2025 was $38.1 million, or $0.27 per share, representing an increase of 8% as compared to $0.25 per share for the quarter ended June 30, 2024.

FFO Before Special Items

•
Funds From Operations (“FFO”) Before Special Items for the quarter ended June 30, 2025 was $44.1 million, or $0.32 per share, as compared to $0.31 per share for the quarter ended June 30, 2024. The Company had $5.4 million of realized investment gains, or $0.04 per share, from the sale of Albertsons stock during the quarter ended June 30, 2025.

Same-Property NOI

•
Reaffirmed Core Same Property NOI Growth Full-Year Guidance of 5-6%, excluding redevelopments. Achieved Same Property NOI Growth of 4.2% for the Second Quarter, driven by increased occupancy.

Leasing and Occupancy Update

•
Driven by the execution of approximately $4 million of pro-rata ABR from new leases, maintained its Total Signed Not Yet Opened Pipeline at $15 million at June 30, 2025 (inclusive of Core Operating, Core Redevelopments and its pro-rata share of Investment Management), which represented approximately 7% of pro-rata minimum rent. Approximately $4.5 million of pro-rata ABR commenced in the latter part of the second quarter.

 

•
Core Portfolio Occupancy percentage increased 50 basis points to 92.2% compared to 91.7% as of March 31, 2025. As of June 30, 2025, Core Portfolio Leased percentage declined by 80 basis points to 94.7% from 95.5% as of March 31, 2025, primarily due to the anticipated suburban bankruptcies of Joanne Fabrics (one location) and Party City (one location), which aggregated approximately 30 basis points of ABR at our share.

 

•
For the quarter ended June 30, 2025, conforming GAAP and cash leasing spreads on new and renewal leases were 2.9% and (5.6%), respectively, reflecting the impact of the previously announced lease at 152-154 Spring Street in SoHo, Manhattan. The expiring lease, which is the last of that vintage, was executed in 2015 (prior peak) and was replaced in the second quarter with Watchfinder & Co.(a Richemont brand). Subsequent to June 30, 2025, the Company has executed several new and renewal leases in SoHo, Manhattan, including strategic recaptures, resulting in double digit GAAP and Cash leasing spreads.

 

•
The Company signed a new lease with LA Fitness Club Studio for approximately 35,000 square feet at its redevelopment project at 555 9th in San Francisco, California. Parent company of LA Fitness, City

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Sports Clubs, Esporta and Club Studio, Fitness International LLC’s Club Studio concept is a premium, boutique-style fitness experience that combines various fitness studios, luxury amenities, and wellness services under one roof. The lease is subject to customary conditions and approvals and is currently anticipated to commence in late 2026. This follows the previously announced lease with T&T Supermarket at its redevelopment project at City Center, and we believe provides further evidence of an ongoing recovery in San Francisco.

Acquisition Activity

During the quarter ended June 30, 2025, the Company completed approximately $157 million of acquisitions as further described below.

Core Portfolio Acquisitions

•
Williamsburg, Brooklyn, New York. In June 2025, the Company completed the acquisition of 70 and 93 North 6th Street in Williamsburg, Brooklyn, a collection of three retail storefronts for $50 million. This followed the previously announced April 2025 acquisition of 95, 97 and 107 North 6th Street in Williamsburg, Brooklyn, a collection of three retail storefronts for $60 million. Together, these fully leased acquisitions include an exciting lineup of retailers including On Running, Lululemon, Abercrombie & Fitch, and others.

 

Within a span of eight months, inclusive of these acquisitions, the Company has accretively acquired 10 prime retail storefronts on North 6th Street in Williamsburg, Brooklyn, establishing itself as the dominant landlord in this must-have corridor. This accumulation of scale enables the Company to effectively execute its strategy of curation to create incremental growth and value.

 

•
Flatiron/Union Square, Manhattan, New York. In April 2025, as previously announced, the Company completed the acquisition of 85 5th Avenue for $47 million located on a key corner in the vibrant Flatiron/Union Square neighborhood of Manhattan. The property is fully leased to a high credit tenant.

Investment Management Dispositions

•
Eden Square, Bear, Delaware. In June 2025, the Company, through its Fund IV platform, completed the disposition of a 229,000 square foot shopping center in Delaware for $28 million, of which the Company’s share was $5.8 million.

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Balance Sheet

Financing:

 

During the second quarter, the Company entered into a new five-year $250 million delayed draw term loan (of which $175 million was drawn at closing) at an initial rate of 120 basis points over SOFR equating to an all-in rate of approximately 4.6%, inclusive of interest rate swaps that were executed. The proceeds were used to repay amounts outstanding on its revolving credit facility and a secured obligation.

 

As of June 30, in addition to the $75 million available under the new $250 million delayed draw term loan discussed above, the Company has $471.5 million of additional capacity under its revolving credit facility.

 

The Company did not raise any additional common share equity during the quarter. At June 30, 2025, the Company has unsettled forward equity contracts to sell 2.4 million shares remaining for aggregate net proceeds of approximately $55 million.

 

Debt-to-EBITDA Metrics:

•
Net Debt-to-EBITDA, inclusive of its pro-rata share of its Investment Management Platform and the unsettled forward equity discussed above, was 5.5x at June 30, 2025 as compared to 6.3x at June 30, 2024. Refer to the second quarter 2025 Supplemental Information package for reconciliations and details on financial ratios.

 

No Significant Core Debt Maturities until 2028:

Core debt maturing of 0.1%, 3.1%, and 2.9% in 2025, 2026, and 2027, respectively.

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Guidance

The Company has maintained its NAREIT FFO and FFO Before Special items per diluted share revised 2025 annual guidance and has updated its annual 2025 Net earnings per diluted share as follows:

 

 

2025 Guidance

 

 

 

Revised

 

Prior 1

 

 

 

 

 

 

 

Net earnings per share attributable to Acadia

 

$0.09-$0.13

 

$0.12-$0.16

 

Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share other than Common OP Units)

 

1.00

 

1.00

 

Impairment charges (net of noncontrolling interest share other than Common OP Units)

 

0.04

 

0.01

 

Loss on change in control

 

0.08

 

0.08

 

Noncontrolling interest in Operating Partnership

 

0.01

 

0.01

 

NAREIT Funds from operations per share attributable to Common Shareholders and Common OP Unit holders

 

$1.22-$1.26

 

$1.22-$1.26

 

Net unrealized holding gain 2

 

(0.01)

 

(0.01)

 

Funds From Operations Before Special Items and Realized Gains per share attributable to Common Shareholders and Common OP Unit holders

 

$1.21-$1.25

 

$1.21-$1.25

 

Realized gains and promotes 3

 

0.11-0.14

 

0.11-0.14

 

Funds From Operations Before Special Items per share attributable to Common Shareholders and Common OP Unit holders

 

$1.32-$1.39

 

$1.32-$1.39

 

 

 

 

 

 

 
1.
As disclosed in the Company’s April 29, 2025 earnings release.
2.
This represents the actual unrealized mark-to-market holdings gain related to the Company's investment in Albertsons, which was recognized in NAREIT FFO for the six months ended June 30, 2025. The Company has not reflected any forward-looking estimates involving future unrealized holding gains or losses (i.e., changes in share price) on Albertsons in its 2025 guidance assumptions.
3.
It is the Company's policy to exclude unrealized gains and losses from FFO Before Special items and to include realized gains related to the Company's investment in Albertsons. The Company realized gains of $0.04 per share for the six months ended June 30, 2025. The Company reaffirms its prior guidance of $16-$19 million of realized gains and promotes.

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Conference Call

Management will conduct a conference call on Wednesday, July 30, 2025 at 12:00 PM ET to review the Company’s earnings and operating results. Participant registration and webcast information is listed below.

 

Live Conference Call:

 

Date:

Wednesday, July 30, 2025

Time:

12:00 PM ET

Participant call:

Second Quarter 2025 Dial-In

Participant webcast:

Second Quarter 2025 Webcast

Webcast Listen-only and Replay:

www.acadiarealty.com/investors under Events & Presentations

 

 

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 (“Core” or “Core Portfolio”) of street and open-air retail properties in the nation's most dynamic retail corridors, 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.

 

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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 security breaches, including increased cybersecurity risks relating to the use of remote technology; (xv) the loss of key executives; and (xvi) 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

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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.

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Acadia Realty Trust and Subsidiaries

Condensed Consolidated Statements of Operations (1)

(Unaudited, Dollars and Common Shares and Units in thousands, except per share amounts)

 

 

 

Three Months Ended
 June 30,

 

 

Six Months Ended
June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

$

98,297

 

 

$

85,626

 

 

$

200,937

 

 

$

171,663

 

Other

 

 

2,295

 

 

 

1,628

 

 

 

4,049

 

 

 

6,947

 

Total revenues

 

 

100,592

 

 

 

87,254

 

 

 

204,986

 

 

 

178,610

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

39,269

 

 

 

34,281

 

 

 

78,709

 

 

 

69,221

 

General and administrative

 

 

11,532

 

 

 

10,179

 

 

 

23,129

 

 

 

19,947

 

Real estate taxes

 

 

13,317

 

 

 

9,981

 

 

 

26,620

 

 

 

22,327

 

Property operating

 

 

17,524

 

 

 

15,781

 

 

 

35,804

 

 

 

34,877

 

Impairment charges

 

 

18,190

 

 

 

—

 

 

 

24,640

 

 

 

—

 

Total expenses

 

 

99,832

 

 

 

70,222

 

 

 

188,902

 

 

 

146,372

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain (loss) on disposition of properties

 

 

—

 

 

 

757

 

 

 

—

 

 

 

(441

)

Operating income

 

 

760

 

 

 

17,789

 

 

 

16,084

 

 

 

31,797

 

Equity in (losses) earnings of unconsolidated affiliates

 

 

(4,191

)

 

 

4,480

 

 

 

(5,904

)

 

 

4,168

 

Interest income

 

 

6,358

 

 

 

5,413

 

 

 

12,454

 

 

 

10,651

 

Realized and unrealized holding (losses) gains on investments and other

 

 

(54

)

 

 

(2,364

)

 

 

1,567

 

 

 

(4,415

)

Interest expense

 

 

(23,604

)

 

 

(23,581

)

 

 

(46,851

)

 

 

(47,290

)

Loss on change in control

 

 

—

 

 

 

—

 

 

 

(9,622

)

 

 

—

 

(Loss) income from continuing operations before income taxes

 

 

(20,731

)

 

 

1,737

 

 

 

(32,272

)

 

 

(5,089

)

Income tax provision

 

 

(211

)

 

 

(155

)

 

 

(327

)

 

 

(186

)

Net (loss) income

 

 

(20,942

)

 

 

1,582

 

 

 

(32,599

)

 

 

(5,275

)

Net loss attributable to redeemable noncontrolling interests

 

 

1,724

 

 

 

2,292

 

 

 

3,393

 

 

 

4,846

 

Net loss (income) attributable to noncontrolling interests

 

 

21,181

 

 

 

(2,431

)

 

 

32,777

 

 

 

5,141

 

Net income attributable to Acadia shareholders

 

$

1,963

 

 

$

1,443

 

 

$

3,571

 

 

$

4,712

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: earnings attributable to unvested participating securities

 

 

(338

)

 

 

(290

)

 

 

(677

)

 

 

(577

)

Income from continuing operations net of income attributable to participating securities for diluted earnings per share

 

$

1,625

 

 

$

1,153

 

 

$

2,894

 

 

$

4,135

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares for basic earnings per share

 

 

130,981

 

 

 

103,592

 

 

 

126,182

 

 

 

102,860

 

Weighted average shares for diluted earnings per share

 

 

130,981

 

 

 

103,592

 

 

 

126,182

 

 

 

102,860

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings per share - basic (2)

 

$

0.01

 

 

$

0.01

 

 

$

0.02

 

 

$

0.04

 

Net earnings per share - diluted (2)

 

$

0.01

 

 

$

0.01

 

 

$

0.02

 

 

$

0.04

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Acadia Realty Trust and Subsidiaries

Reconciliation of Consolidated Net Income to Funds from Operations (1,3)

(Unaudited, Dollars and Common Shares and Units in thousands, except per share amounts)

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Acadia

 

$

1,963

 

 

$

1,443

 

 

$

3,571

 

 

$

4,712

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation of real estate and amortization of leasing costs (net of
   noncontrolling interests' share other than Common OP Units)

 

 

31,665

 

 

 

26,291

 

 

 

63,272

 

 

 

53,378

 

Impairment charges (net of noncontrolling interests' share other than Common OP Units)

 

 

4,185

 

 

 

—

 

 

 

5,768

 

 

 

—

 

Loss on disposition of properties (net of noncontrolling interests' share other than Common OP Units)

 

 

86

 

 

 

568

 

 

 

86

 

 

 

843

 

Loss on change in control

 

 

—

 

 

 

—

 

 

 

9,622

 

 

 

—

 

Income attributable to Common OP Unit holders

 

 

108

 

 

 

103

 

 

 

204

 

 

 

306

 

Distributions - Preferred OP Units

 

 

67

 

 

 

84

 

 

 

134

 

 

 

207

 

Funds from operations attributable to Common Shareholders and Common OP Unit holders - Diluted

 

$

38,074

 

 

$

28,489

 

 

$

82,657

 

 

$

59,446

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transaction costs

 

 

152

 

 

 

—

 

 

 

678

 

 

 

—

 

Unrealized holding (gain) loss

 

 

494

 

 

 

2,308

 

 

 

(1,178

)

 

 

4,323

 

Realized gain

 

 

5,406

 

 

 

3,586

 

 

 

5,406

 

 

 

7,580

 

FFO before Special Items attributable to Common Shareholder and Common OP Unit holders 1

 

$

44,126

 

 

$

34,383

 

 

$

87,563

 

 

$

71,349

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funds From Operations per Share - Diluted

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted-average shares outstanding, GAAP earnings

 

 

130,981

 

 

 

103,592

 

 

 

126,182

 

 

 

102,860

 

Weighted-average OP Units outstanding

 

 

7,672

 

 

 

7,228

 

 

 

7,828

 

 

 

7,525

 

Assumed conversion of Preferred OP Units to Common Shares

 

 

256

 

 

 

319

 

 

 

256

 

 

 

25

 

Assumed conversion of LTIP units and restricted share units to
   Common Shares

 

 

—

 

 

 

698

 

 

 

—

 

 

 

686

 

Weighted average number of Common Shares and Common OP Units

 

 

138,909

 

 

 

111,837

 

 

 

134,266

 

 

 

111,096

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted Funds from operations, per Common Share and Common OP Unit

 

$

0.27

 

 

$

0.25

 

 

$

0.62

 

 

$

0.54

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted Funds from operations before Special Items, per Common Share and Common OP Unit

 

$

0.32

 

 

$

0.31

 

 

$

0.65

 

 

$

0.64

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

img225797853_0.jpg

 

 

11

 

 

 

 

Acadia Realty Trust and Subsidiaries

Reconciliation of Consolidated Operating Income to Net Property Operating Income (“NOI”) (1)

(Unaudited, Dollars in thousands)

 

 

 

Three Months Ended
 June 30,

 

 

Six Months Ended
June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated operating income

 

$

760

 

 

$

17,789

 

 

$

16,084

 

 

$

31,797

 

Add back:

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

 

11,532

 

 

 

10,179

 

 

 

23,129

 

 

 

19,947

 

Depreciation and amortization

 

 

39,269

 

 

 

34,281

 

 

 

78,709

 

 

 

69,221

 

Impairment charges

 

 

18,190

 

 

 

—

 

 

 

24,640

 

 

 

—

 

(Gain) loss on disposition of properties

 

 

—

 

 

 

(757

)

 

 

—

 

 

 

441

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Above/below-market rent, straight-line rent and other adjustments

 

 

(3,194

)

 

 

(2,869

)

 

 

(5,906

)

 

 

(7,477

)

Termination income

 

 

—

 

 

 

—

 

 

 

(8,366

)

 

 

—

 

Consolidated NOI

 

 

66,557

 

 

 

58,623

 

 

 

128,290

 

 

 

113,929

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Redeemable noncontrolling interest in consolidated NOI

 

 

(1,376

)

 

 

(1,381

)

 

 

(3,264

)

 

 

(2,422

)

Noncontrolling interest in consolidated NOI

 

 

(19,489

)

 

 

(18,322

)

 

 

(37,144

)

 

 

(35,253

)

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Operating Partnership's interest in Investment Management NOI included above

 

 

(7,936

)

 

 

(6,132

)

 

 

(14,683

)

 

 

(11,473

)

Add back:

 

 

 

 

 

 

 

 

 

 

 

 

Operating Partnership's share of unconsolidated joint ventures NOI (5)

 

 

873

 

 

 

2,251

 

 

 

2,160

 

 

 

6,212

 

Core Portfolio NOI

 

$

38,629

 

 

$

35,039

 

 

$

75,359

 

 

$

70,993

 

Reconciliation of Same-Property NOI

(Unaudited, Dollars in thousands)

 

 

 

Three Months Ended
 June 30,

 

 

Six Months Ended
June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Core Portfolio NOI

 

$

38,629

 

 

$

35,039

 

 

$

75,359

 

 

$

70,993

 

Less properties excluded from Same-Property NOI

 

 

(4,152

)

 

 

(1,941

)

 

 

(7,041

)

 

 

(5,392

)

Same-Property NOI

 

$

34,477

 

 

$

33,098

 

 

$

68,318

 

 

$

65,601

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Percent change from prior year period

 

 

4.2

%

 

 

 

 

 

4.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Components of Same-Property NOI:

 

 

 

 

 

 

 

 

 

 

 

 

Same-Property Revenues

 

$

48,109

 

 

$

46,626

 

 

$

95,745

 

 

$

93,071

 

Same-Property Operating Expenses

 

 

(13,632

)

 

 

(13,528

)

 

 

(27,427

)

 

 

(27,470

)

Same-Property NOI

 

$

34,477

 

 

$

33,098

 

 

$

68,318

 

 

$

65,601

 

 

img225797853_0.jpg

 

 

12

 

 

 

 

Acadia Realty Trust and Subsidiaries

Condensed Consolidated Balance Sheets (1)

(Unaudited, Dollars in thousands, except shares)

As of:

 

 

 

 

 

 

 

 

June 30, 2025

 

 

December 31, 2024

 

Assets

 

 

 

 

 

 

Investments in real estate, at cost

 

 

 

 

 

 

Buildings and improvements

 

$

3,398,124

 

 

$

3,174,250

 

Tenant improvements

 

 

326,565

 

 

 

304,645

 

Land

 

 

1,127,913

 

 

 

906,031

 

Construction in progress

 

 

29,477

 

 

 

23,704

 

Right-of-use assets - finance leases

 

 

61,366

 

 

 

61,366

 

Total

 

 

4,943,445

 

 

 

4,469,996

 

Less: Accumulated depreciation and amortization

 

 

(980,639

)

 

 

(926,022

)

Operating real estate, net

 

 

3,962,806

 

 

 

3,543,974

 

Real estate under development

 

 

153,196

 

 

 

129,619

 

Net investments in real estate

 

 

4,116,002

 

 

 

3,673,593

 

Notes receivable, net ($1,704 and $2,004 of allowance for credit losses as of June 30, 2025 and December 31, 2024, respectively)

 

 

154,682

 

 

 

126,584

 

Investments in and advances to unconsolidated affiliates

 

 

172,418

 

 

 

209,232

 

Other assets, net

 

 

219,598

 

 

 

223,767

 

Right-of-use assets - operating leases, net

 

 

25,609

 

 

 

25,531

 

Cash and cash equivalents

 

 

42,780

 

 

 

16,806

 

Restricted cash

 

 

25,029

 

 

 

22,897

 

Marketable securities

 

 

10,908

 

 

 

14,771

 

Rents receivable, net

 

 

61,099

 

 

 

58,022

 

Assets of properties held for sale

 

 

47,444

 

 

 

—

 

Total assets

 

$

4,875,569

 

 

$

4,371,203

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Mortgage and other notes payable, net

 

$

1,007,588

 

 

$

953,700

 

Unsecured notes payable, net

 

 

743,049

 

 

 

569,566

 

Unsecured line of credit

 

 

53,500

 

 

 

14,000

 

Accounts payable and other liabilities

 

 

270,985

 

 

 

232,726

 

Lease liabilities - operating leases

 

 

27,980

 

 

 

27,920

 

Dividends and distributions payable

 

 

27,748

 

 

 

24,505

 

Distributions in excess of income from, and investments in, unconsolidated affiliates

 

 

17,223

 

 

 

16,514

 

Liabilities of properties held for sale

 

 

163

 

 

 

—

 

Total liabilities

 

 

2,148,236

 

 

 

1,838,931

 

Commitments and contingencies

 

 

 

 

 

 

Redeemable noncontrolling interests

 

 

21,174

 

 

 

30,583

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

Acadia Shareholders' Equity

 

 

 

 

 

 

Common shares, $0.001 par value per share, authorized 200,000,000 shares, issued and outstanding 131,010,546 and 119,657,594 shares as of June 30, 2025 and December 31, 2024, respectively

 

 

131

 

 

 

120

 

Additional paid-in capital

 

 

2,707,218

 

 

 

2,436,285

 

Accumulated other comprehensive income

 

 

19,982

 

 

 

38,650

 

Distributions in excess of accumulated earnings

 

 

(458,205

)

 

 

(409,383

)

Total Acadia shareholders’ equity

 

 

2,269,126

 

 

 

2,065,672

 

Noncontrolling interests

 

 

437,033

 

 

 

436,017

 

Total equity

 

 

2,706,159

 

 

 

2,501,689

 

Total liabilities, redeemable noncontrolling interests, and equity

 

$

4,875,569

 

 

$

4,371,203

 

 

img225797853_0.jpg

 

 

13

 

 

 

 

Acadia Realty Trust and Subsidiaries

Notes to Financial Highlights:

(1)
For additional information and analysis concerning the Company’s balance sheet and results of operations, reference is made to the Company’s quarterly supplemental disclosures for the relevant periods furnished on the Company's Current Report on Form 8-K, which is available on the SEC's website at www.sec.gov and on the Company’s website at www.acadiarealty.com.
(2)
Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common shares of the Company were exercised or converted into common shares. The effect of the conversion of units of limited partnership interest (“OP Units”) in Acadia Realty Limited Partnership, the operating partnership of the Company (the “Operating Partnership”), is not reflected in the above table; OP Units are exchangeable into common shares on a one-for-one basis. The income allocable to such OP units is allocated on the same basis and reflected as noncontrolling interests in the consolidated financial statements. As such, the assumed conversion of these OP Units would have no net impact on the determination of diluted earnings per share.
(3)
The Company considers funds from operations (“FFO”) as defined by the National Association of Real Estate Investment Trusts (“NAREIT”) and net property operating income (“NOI”) to be appropriate supplemental disclosures of operating performance for an equity REIT due to their widespread acceptance and use within the REIT and analyst communities. In addition, the Company believes that given the atypical nature of certain unusual items (as further described below), “FFO Before Special Items” is also an appropriate supplemental disclosure of operating performance. FFO, FFO Before Special Items and NOI are presented to assist investors in analyzing the performance of the Company. The Company believes they are helpful as they exclude various items included in net income (loss) that are not indicative of operating performance, such as (i) gains (losses) from sales of real estate properties; (ii) depreciation and amortization and (iii) impairment of depreciable real estate properties. In addition, NOI excludes interest expense and FFO Before Special Items excludes certain unusual items (as further described below). The Company’s method of calculating FFO, FFO Before Special Items and NOI may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. Neither FFO nor FFO Before Special Items represent cash generated from operations as defined by generally accepted accounting principles (“GAAP”), or are indicative of cash available to fund all cash needs, including distributions. Such measures should not be considered as an alternative to net income (loss) for the purpose of evaluating the Company’s performance or to cash flows as a measure of liquidity.
a.
Consistent with the NAREIT definition, the Company defines FFO as net income (computed in accordance with GAAP) excluding:
i.
gains (losses) from sales of real estate properties;
ii.
depreciation and amortization;
iii.
impairment of real estate properties;
iv.
gains and losses from change in control; and
v.
after adjustments for unconsolidated partnerships and joint ventures.
b.
Also consistent with NAREIT’s definition of FFO, the Company has elected to include: the impact of the unrealized holding gains (losses) incidental to its main business, including those related to its RCP investments such as Albertsons in FFO.
c.
FFO Before Special Items begins with the NAREIT definition of FFO and adjusts FFO (or as an adjustment to the numerator within its earnings per share calculations) to take into account FFO without regard to certain unusual items including:
i.
charges, income and gains that management believes are not comparable and indicative of the results of the Company’s operating real estate portfolio;

img225797853_0.jpg

 

 

14

 

 

 

 

ii.
the impact of the unrealized holding gains (losses) incidental to its main business, including those related to its Retailer Controlled Property Venture ("RCP") investments such as Albertsons; and
iii.
any realized income or gains from the Company’s investment in Albertsons.
(4)
The Company defines Special Items to include (i) unrealized holding losses or gains (net of noncontrolling interest share) on investments and (ii) other costs that do not occur in the ordinary course of our underwriting and investing business.
(5)
The pro-rata share of NOI is based upon the Operating Partnership’s stated ownership percentages in each venture or Investment Management’s operating agreement and does not include the Operating Partnership's share of NOI from unconsolidated partnerships and joint ventures within Investment Management.

img225797853_0.jpg

 

 

15

 

 

 

Exhibit 99.2

 

 

img226721374_0.jpg

 

 

 

 

 

 

 

Table of Contents

 

 

 

 

Section I – Second Quarter 2025 Earnings Press Release

 

Section II – Financial Information

 

Company Information

3

Market Capitalization

4

Forward Equity Offerings

5

Operating Statements

 

Consolidated Statements of Operations

6

Statements of Operations - Pro-rata Adjustments

8

Consolidated Balance Sheet

9

Balance Sheet - Pro-rata Adjustments

10

Funds from Operations (“FFO”), FFO Before Special Items, Adjusted Funds from Operations (“AFFO”)

12

EBITDA

13

Same Property Net Operating Income

14

Fee Income Detail

15

Structured Financing

15

Other Information

 

Transactional Activity

16

2025 Guidance

17

Net Asset Valuation Information

18

Selected Financial Ratios

19

Debt Analysis

 

Summary

0

Detail

21

Maturities

0

Interest Rate Summary

25

Section III – Core Portfolio Information

 

Core Properties

26

Core Top Tenants

30

Core Lease Expirations

31

Core New and Renewal Rent Spreads

32

Core Capital Expenditures

33

Section IV – Investment Management Information

 

Fund Overview

34

Investment Management Properties

35

Investment Management Lease Expirations

39

Development and Redevelopment Activity

41

Section V – Other Information

 

Important Notes

43

 

Visit www.acadiarealty.com for additional investor and portfolio information.

 

 

 

 

 

 

 

 

Company Information

 

Acadia Realty Trust is an equity real estate investment trust that owns and operates a high-quality core real estate portfolio (“Core” or “Core Portfolio”) of street and open-air retail properties in the nation's most dynamic retail corridors, 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.

Contact Information

Corporate Headquarters

Investor Relations

New York Stock Exchange

411 Theodore Fremd Avenue

(914) 288-8100

Symbol AKR

Suite 300

investorrelations@acadiarealty.com

Rye, NY 10580

 

 

Analyst Coverage

Bank of America / Merrill Lynch

Citigroup - Global Markets

KeyBanc Capital Markets, Inc.

Samir Khanal

(646) 855-1497

Craig Mailman

(212) 816-4471

Todd Thomas

(917) 368-2286

samir.khanal@bofa.com

craig.mailman@citi.com

tthomas@key.com

Green Street Advisors

Compass Point Research & Trading

J.P. Morgan Securities, Inc.

Paulina Rojas Schmidt

(949) 640-8780

Kenneth Billingsley

(202) 534-1393

Michael W. Mueller, CFA

(212) 622-6689

projasschmidt@greenstreet.com

kbillingsley@compasspointllc.com

michael.w.mueller@jpmorgan.com

 

 

 

 

 

 

 

Jefferies

Truist

Linda Tsai

(212) 778-8011

Ki Bin Kim, CFA

(212) 303-4124

 

ltsai@jefferies.com

kibin.kim@truist.com

 

 

 

img226721374_1.jpg

 

Supplemental Report June 30, 2025 – 3

 

 

 

Market Capitalization

 

(Including pro-rata share of Investment Management debt, in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

Changes in Total Outstanding Common

 

Weighted Average

 

 

Total Market

 

 

 

Capitalization

 

Shares and OP Units

 

Diluted EPS

 

Diluted FFO

 

 

Capitalization
($)

 

%

 

Based on Net
Debt 1

 

 

 

Common
Shares 2

 

Common OP Units

 

Total

 

Quarter

 

YTD

 

Quarter

 

YTD

Equity Capitalization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Shares

 

131,011

 

 

 

 

 

Balance at 12/31/2024

 

119,658

 

4,709

 

124,367

 

 

 

 

 

 

 

 

Common Operating Partnership ("OP") Units

 

5,206

 

 

 

 

 

Vesting RS and LTIPs

 

10

 

598

 

608

 

 

 

 

 

 

 

 

Combined Common Shares and OP Units 2

 

136,217

 

 

 

 

 

OP Conversions

 

113

 

(113)

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of Shares

 

11,172

 

—

 

11,172

 

 

 

 

 

 

 

 

Share Price at June 30, 2025

 

$18.57

 

 

 

 

 

Other

 

3

 

—

 

3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at 3/31/2025

 

130,956

 

5,194

 

136,150

 

121,329

 

121,329

 

129,363

 

129,363

Equity Capitalization - Common Shares and OP Units

 

$2,529,550

 

 

 

 

 

Vesting RS and LTIPs

 

27

 

36

 

63

 

 

 

 

 

 

 

 

Preferred OP Units 3

 

4,755

 

 

 

 

 

OP Conversions

 

24

 

(24)

 

—

 

 

 

 

 

 

 

 

Total Equity Capitalization

 

2,534,305

 

65%

 

66%

 

Other

 

4

 

—

 

4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at 6/30/2025

 

131,011

 

5,206

 

136,217

 

130,981

 

126,182

 

138,909

 

134,266

Debt Capitalization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated debt 4

 

1,814,472

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustment to reflect pro-rata share of debt

 

(438,735)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Debt Capitalization

 

1,375,737

 

35%

 

34%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Market Capitalization 2

 

$3,910,042

 

100%

 

100%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.
Reflects debt net of $53,091 pro-rata share of Core Portfolio and Investment Management cash.
2.
Does not include the Common Shares sold under the Forward Equity Offerings.
3.
Represents 188 Series A and 66,519 Series C Preferred OP Units convertible into 25,067 and 230,967 Common OP Units, respectively, multiplied by the Common Share price at quarter end.
4.
Reflects consolidated debt excluding $10,335 of unamortized premium and unamortized loan costs.

 

 

 

 

img226721374_1.jpg

 

Supplemental Report June 30, 2025 – 4

 

 

Forward Equity Offerings

 

(in thousands)

 

 

 

 

 

 

 

 

 

Forward Equity Offerings

 

Shares

 

 

Anticipated Net Proceeds 1

 

 

 

 

 

 

 

 

 

 

Beginning balance 2

 

 

2,445

 

 

$

55,771

 

 

Shares sold

 

 

—

 

 

 

—

 

 

Shares settled

 

 

—

 

 

 

—

 

 

Settlement adjustments

 

 

—

 

 

 

(235

)

 

Ending balance 3

 

 

2,445

 

 

$

55,536

 

 

 

 

 

 

 

 

 

 
1.
Amounts received upon settlement are subject to customary adjustments in accordance with the forward sales contracts.
2.
Beginning balance reflects the last quarterly report issued on April 29, 2025.
3.
Ending balance reflects the fair value of the shares outstanding as of June 30, 2025. No shares were sold subsequent to June 30, 2025.

img226721374_1.jpg

 

Supplemental Report June 30, 2025 – 5

 

 

 

Consolidated Statements of Operations

 

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2025 1

 

 

 

 

Quarter

 

 

Year to Date

 

 

Revenues

 

 

 

 

 

 

 

Rental income 8

 

$

98,297

 

 

$

200,937

 

 

Other

 

 

2,295

 

 

 

4,049

 

 

Total revenues

 

 

100,592

 

 

 

204,986

 

 

Expenses

 

 

 

 

 

 

 

Depreciation and amortization

 

 

39,269

 

 

 

78,709

 

 

General and administrative

 

 

11,532

 

 

 

23,129

 

 

Real estate taxes

 

 

13,317

 

 

 

26,620

 

 

Property operating

 

 

17,524

 

 

 

35,804

 

 

Impairment charges

 

 

18,190

 

 

 

24,640

 

 

Total expenses

 

 

99,832

 

 

 

188,902

 

 

Operating income

 

 

760

 

 

 

16,084

 

 

Equity in losses of unconsolidated affiliates

 

 

(4,191

)

 

 

(5,904

)

 

Interest income

 

 

6,358

 

 

 

12,454

 

 

Realized and unrealized holding (losses) gains on investments and other

 

 

(54

)

 

 

1,567

 

 

Interest expense

 

 

(23,604

)

 

 

(46,851

)

 

Loss on change in control

 

 

—

 

 

 

(9,622

)

 

Loss from continuing operations before income taxes

 

 

(20,731

)

 

 

(32,272

)

 

Income tax provision

 

 

(211

)

 

 

(327

)

 

Net loss

 

 

(20,942

)

 

 

(32,599

)

 

Net loss attributable to redeemable noncontrolling interests

 

 

1,724

 

 

 

3,393

 

 

Net loss attributable to noncontrolling interests

 

 

21,181

 

 

 

32,777

 

 

Net income attributable to Acadia shareholders

 

$

1,963

 

 

$

3,571

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2025 1

 

 

 

 

Quarter

 

 

Year to Date

 

 

Reconciliation of Revenues to Consolidated GAAP Revenues

 

 

 

 

 

 

 

Total Revenues

 

$

96,550

 

 

$

189,189

 

 

Straight-line rent income

 

 

156

 

 

 

527

 

 

Above/below-market rent income

 

 

2,290

 

 

 

4,488

 

 

Asset and property management fees

 

 

859

 

 

 

1,580

 

 

Development, construction, leasing and legal fees

 

 

737

 

 

 

833

 

 

Other income 8

 

 

—

 

 

 

8,369

 

 

Consolidated Total GAAP Revenues

 

$

100,592

 

 

$

204,986

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Operating Expenses to Consolidated GAAP Property Operating Expenses

 

 

 

 

 

 

 

Property operating - CAM and Other

 

$

12,926

 

 

$

27,525

 

 

Other property operating (Non-CAM)

 

 

3,476

 

 

 

6,139

 

 

Asset and property management expense

 

 

274

 

 

 

607

 

 

Other

 

 

848

 

 

 

1,533

 

 

Consolidated Total GAAP Operating Expenses

 

$

17,524

 

 

$

35,804

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

img226721374_1.jpg

 

Supplemental Report June 30, 2025 – 6

 

 

 

Consolidated Statements of Operations - Detail

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

June 30, 2025 1

 

CORE PORTFOLIO AND INVESTMENT MANAGEMENT INCOME

 

Quarter

 

 

Year to Date

 

REVENUES

 

 

 

 

 

 

Minimum rents

 

$

75,863

 

 

$

148,243

 

Percentage rents

 

 

575

 

 

 

1,478

 

Expense reimbursements - CAM

 

 

9,749

 

 

 

18,837

 

Expense reimbursements - Taxes

 

 

9,678

 

 

 

19,027

 

Other property income

 

 

685

 

 

 

1,604

 

Total Revenues

 

 

96,550

 

 

 

189,189

 

 

 

 

 

 

 

 

EXPENSES

 

 

 

 

 

 

Property operating - CAM

 

 

12,926

 

 

 

27,525

 

Other property operating (Non-CAM)

 

 

3,476

 

 

 

6,139

 

Real estate taxes

 

 

13,317

 

 

 

26,620

 

Asset and property management expense

 

 

274

 

 

 

615

 

Total Expenses

 

 

29,993

 

 

 

60,899

 

 

 

 

 

 

 

 

NET OPERATING INCOME - PROPERTIES

 

 

66,557

 

 

 

128,290

 

 

 

 

 

 

 

 

OTHER INCOME (EXPENSE)

 

 

 

 

 

 

Interest income

 

 

6,358

 

 

 

12,454

 

Straight-line rent income

 

 

156

 

 

 

527

 

Above/below-market rent income

 

 

2,290

 

 

 

4,488

 

Interest expense 2

 

 

(21,241

)

 

 

(42,068

)

Amortization of finance costs

 

 

(2,043

)

 

 

(4,137

)

Above/below-market interest expense

 

 

193

 

 

 

379

 

Finance lease interest expense

 

 

(513

)

 

 

(1,025

)

Other (expense) income 8

 

 

(256

)

 

 

7,903

 

Accelerated amortization due to early lease termination

 

 

—

 

 

 

(678

)

Impairment charges

 

 

(18,190

)

 

 

(24,640

)

CORE PORTFOLIO AND INVESTMENT MANAGEMENT INCOME

 

 

33,311

 

 

 

81,493

 

 

 

 

 

 

 

 

FEE AND OTHER INCOME 3

 

 

 

 

 

 

Asset and property management fees

 

 

859

 

 

 

1,580

 

Development, construction, leasing and legal fees

 

 

737

 

 

 

841

 

Total Investment Management Fee Income

 

 

1,596

 

 

 

2,421

 

 

 

 

 

 

 

 

Other transactional income (expense)

 

 

(152

)

 

 

—

 

Total Investment Management Fee Income, Net Promote and Other Transactional Income

 

 

1,444

 

 

 

2,421

 

 

 

 

 

 

 

 

Realized gains on marketable securities, net

 

 

5,406

 

 

 

5,406

 

Less: previously recognized unrealized gains on marketable securities sold

 

 

(5,406

)

 

 

(5,406

)

Unrealized gains (losses) on marketable securities

 

 

(494

)

 

 

1,178

 

Income tax provision

 

 

(211

)

 

 

(327

)

Total Fee and Other Income

 

 

739

 

 

 

3,272

 

 

 

 

 

 

 

 

General and Administrative

 

 

(11,532

)

 

 

(23,129

)

 

 

 

 

 

 

 

Depreciation and amortization

 

 

(39,186

)

 

 

(78,536

)

Non-real estate depreciation and amortization

 

 

(83

)

 

 

(173

)

Loss on change in control

 

 

—

 

 

 

(9,622

)

Gain (loss) before equity in earnings and noncontrolling interests

 

 

(16,751

)

 

 

(26,695

)

 

 

 

 

 

 

 

Equity in losses of unconsolidated affiliates

 

 

(4,191

)

 

 

(5,904

)

Noncontrolling interests (including redeemable noncontrolling interests)

 

 

22,905

 

 

 

36,170

 

 

 

 

 

 

 

 

NET INCOME ATTRIBUTABLE TO ACADIA SHAREHOLDERS

 

$

1,963

 

 

$

3,571

 

 

 

 

 

 

 

 

 

img226721374_1.jpg

 

Supplemental Report June 30, 2025 – 7

 

 

 

 

Statements of Operations – Pro-Rata Adjustments7

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended June 30, 2025

 

 

Year to Date June 30, 2025

 

CORE PORTFOLIO AND INVESTMENT MANAGEMENT INCOME

 

Noncontrolling
Interest in
Consolidated
Subsidiaries 4

 

 

Company’s
Interest in
Unconsolidated
Subsidiaries 5

 

 

Noncontrolling
Interest in
Consolidated
Subsidiaries 4

 

 

Company’s
Interest in
Unconsolidated
Subsidiaries 5

 

REVENUES

 

 

 

 

 

 

 

 

 

 

 

 

Minimum rents

 

$

(29,957

)

 

$

11,342

 

 

$

(59,588

)

 

$

23,545

 

Percentage rents

 

 

(134

)

 

 

52

 

 

 

(329

)

 

 

260

 

Expense reimbursements - CAM

 

 

(4,582

)

 

 

1,608

 

 

 

(9,024

)

 

 

3,422

 

Expense reimbursements - Taxes

 

 

(3,820

)

 

 

1,780

 

 

 

(7,493

)

 

 

3,720

 

Other property income

 

 

(288

)

 

 

87

 

 

 

(658

)

 

 

170

 

Total Revenues

 

 

(38,781

)

 

 

14,869

 

 

 

(77,092

)

 

 

31,117

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

Property operating - CAM

 

 

(5,837

)

 

 

1,972

 

 

 

(12,615

)

 

 

4,444

 

Other property operating (Non-CAM)

 

 

(862

)

 

 

154

 

 

 

(1,578

)

 

 

474

 

Real estate taxes

 

 

(5,150

)

 

 

2,889

 

 

 

(10,183

)

 

 

5,898

 

Asset and property management expense

 

 

(452

)

 

 

393

 

 

 

(961

)

 

 

957

 

Total Expenses

 

 

(12,301

)

 

 

5,408

 

 

 

(25,337

)

 

 

11,773

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET OPERATING INCOME - PROPERTIES

 

 

(26,480

)

 

 

9,461

 

 

 

(51,755

)

 

 

19,344

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER INCOME (EXPENSE)

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

(132

)

 

 

37

 

 

 

(236

)

 

 

69

 

Straight-line rent income

 

 

(191

)

 

 

63

 

 

 

(436

)

 

 

278

 

Above/below-market rent (expense) income

 

 

(710

)

 

 

643

 

 

 

(1,377

)

 

 

1,531

 

Interest expense 2

 

 

13,605

 

 

 

(4,855

)

 

 

26,609

 

 

 

(9,771

)

Amortization of finance costs

 

 

859

 

 

 

(318

)

 

 

1,789

 

 

 

(642

)

Above/below-market interest expense

 

 

(60

)

 

 

—

 

 

 

(118

)

 

 

—

 

Finance lease interest expense

 

 

348

 

 

 

(103

)

 

 

694

 

 

 

(205

)

Other (expense) income 8

 

 

458

 

 

 

3

 

 

 

406

 

 

 

205

 

Impairment charges

 

 

14,005

 

 

 

—

 

 

 

18,872

 

 

 

—

 

CORE PORTFOLIO AND INVESTMENT MANAGEMENT INCOME

 

 

1,702

 

 

 

4,931

 

 

 

(5,552

)

 

 

10,809

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FEE AND OTHER INCOME 3

 

 

 

 

 

 

 

 

 

 

 

 

Asset and property management fees

 

 

2,635

 

 

 

65

 

 

 

5,256

 

 

 

198

 

Development, construction, leasing and legal fees

 

 

1,369

 

 

 

177

 

 

 

3,276

 

 

 

246

 

Total Investment Management Fee Income

 

 

4,004

 

 

 

242

 

 

 

8,532

 

 

 

444

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other transactional income (expense)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total Investment Management Fee Income, Net Promote and Other Transactional Income

 

 

4,004

 

 

 

242

 

 

 

8,532

 

 

 

444

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized gains on marketable securities, net

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Less: previously recognized unrealized gains on marketable securities sold

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Unrealized gains on marketable securities

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Income tax provision

 

 

98

 

 

 

(5

)

 

 

149

 

 

 

(36

)

Total Fee and Other Income

 

 

4,102

 

 

 

237

 

 

 

8,681

 

 

 

408

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and Administrative

 

 

847

 

 

 

(432

)

 

 

1,625

 

 

 

(679

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

15,511

 

 

 

(7,990

)

 

 

30,769

 

 

 

(15,505

)

Non-real estate depreciation and amortization

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Loss (gain) on disposition of properties

 

 

851

 

 

 

(937

)

 

 

851

 

 

 

(937

)

Gain (loss) before equity in earnings and noncontrolling interests

 

 

23,013

 

 

 

(4,191

)

 

 

36,374

 

 

 

(5,904

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in losses of unconsolidated affiliates

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Noncontrolling interests (including redeemable noncontrolling interests) 6

 

 

(108

)

 

 

—

 

 

 

(204

)

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME (LOSS) ATTRIBUTABLE TO ACADIA SHAREHOLDERS

 

$

22,905

 

 

$

(4,191

)

 

$

36,170

 

 

$

(5,904

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

img226721374_1.jpg

 

Supplemental Report June 30, 2025 – 8

 

 

 

 

Balance Sheet

 

 

(in thousands)

 

 

ASSETS

 

Consolidated
Balance
Sheet

 

 

Line Item Details:

 

Real estate

 

 

 

 

 

 

 

 

Buildings and improvements

 

$

3,398,124

 

 

 Components of Real estate under development:

 

Tenant improvements

 

 

326,565

 

 

 Core

 

$

120,184

 

Land

 

 

1,127,913

 

 

 Fund III

 

 

33,012

 

Construction in progress

 

 

29,477

 

 

 Total

 

$

153,196

 

Right-of-use assets - finance leases

 

 

61,366

 

 

 

 

 

 

 

 

 

4,943,445

 

 

 

 

 

 

Less: Accumulated depreciation and amortization

 

 

(980,639

)

 

 

 

 

 

Operating real estate, net

 

 

3,962,806

 

 

 

 

 

 

Real estate under development

 

 

153,196

 

 

 Summary of other assets, net:

 

Net investments in real estate

 

 

4,116,002

 

 

 Deferred charges, net

 

$

40,915

 

Notes receivable, net ($1,704 of allowance for credit losses)

 

 

154,682

 

 

 Accrued interest receivable

 

 

9,048

 

Investments in and advances to unconsolidated affiliates

 

 

172,418

 

 

 Due from seller

 

 

2,010

 

Lease intangibles, net

 

 

131,572

 

 

 Prepaid expenses

 

 

14,364

 

Other assets, net

 

 

88,026

 

 

 Other receivables

 

 

6,155

 

Right-of-use assets - operating leases, net

 

 

25,609

 

 

 Income taxes receivable

 

 

1,280

 

Cash and cash equivalents

 

 

42,780

 

 

 Corporate assets, net

 

 

500

 

Restricted cash

 

 

25,029

 

 

 Deposits

 

 

1,149

 

Marketable securities

 

 

10,908

 

 

 Derivative financial instruments

 

 

12,605

 

Straight-line rents receivable, net

 

 

42,858

 

 

 Total

 

$

88,026

 

Rents receivable, net

 

 

18,241

 

 

 

 

 

 

Assets of properties held for sale

 

 

47,444

 

 

 

 

 

 

Total assets

 

$

4,875,569

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Mortgage and other notes payable, net

 

$

1,007,588

 

 

 

 

 

 

Unsecured notes payable, net

 

 

743,049

 

 

 

 

 

 

Unsecured line of credit

 

 

53,500

 

 

 

 

 

 

Accounts payable and other liabilities

 

 

172,009

 

 

 Summary of accounts payable and other liabilities:

 

Lease liabilities - operating leases

 

 

27,980

 

 

 Lease liability - finance leases, net

 

$

31,751

 

Dividends and distributions payable

 

 

27,748

 

 

 Accounts payable and accrued expenses

 

 

81,903

 

Lease intangibles, net

 

 

98,976

 

 

 Deferred income

 

 

30,370

 

Distributions in excess of income from, and investments in, unconsolidated affiliates

 

 

17,223

 

 

 Tenant security deposits, escrow and other

 

 

25,149

 

Liabilities of properties held for sale

 

 

163

 

 

 Derivative financial instruments

 

 

2,836

 

Total liabilities

 

 

2,148,236

 

 

 Total

 

$

172,009

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Redeemable noncontrolling interests

 

 

21,174

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Acadia Shareholders' Equity

 

 

 

 

 

 

 

 

Common shares

 

 

131

 

 

 

 

 

 

Additional paid-in capital

 

 

2,707,218

 

 

 

 

 

 

Accumulated other comprehensive income

 

 

19,982

 

 

 

 

 

 

Distributions in excess of accumulated earnings

 

 

(458,205

)

 

 

 

 

 

Total Acadia shareholders’ equity

 

 

2,269,126

 

 

 

 

 

 

Noncontrolling interests

 

 

437,033

 

 

 

 

 

 

Total equity

 

 

2,706,159

 

 

 

 

 

 

Total liabilities, redeemable noncontrolling interests, and equity

 

$

4,875,569

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

img226721374_1.jpg

 

Supplemental Report June 30, 2025 – 9

 

 

 

 

Balance Sheet – Pro-rata Adjustments7

 

(in thousands)

 

 

 

ASSETS

 

Noncontrolling
Interest in
Consolidated
Subsidiaries 4

 

 

Company’s
Interest in
Unconsolidated
Subsidiaries 5

 

Real estate

 

 

 

 

 

 

Buildings and improvements

 

$

(823,287

)

 

$

241,292

 

Tenant improvements

 

 

(67,522

)

 

 

16,426

 

Land

 

 

(210,582

)

 

 

59,683

 

Construction in progress

 

 

(6,457

)

 

 

5,157

 

Right-of-use assets - finance leases

 

 

(22,571

)

 

 

21,961

 

 

 

 

(1,130,419

)

 

 

344,519

 

Less: Accumulated depreciation and amortization

 

 

182,717

 

 

 

(65,545

)

Operating real estate, net

 

 

(947,702

)

 

 

278,974

 

Real estate under development

 

 

(24,911

)

 

 

2,217

 

Net investments in real estate

 

 

(972,613

)

 

 

281,191

 

Notes receivable, net

 

 

84,148

 

 

 

—

 

Investments in and advances to unconsolidated affiliates

 

 

(51,350

)

 

 

(116,262

)

Lease intangibles, net

 

 

(32,504

)

 

 

9,604

 

Other assets, net

 

 

38,981

 

 

 

5,689

 

Right-of-use assets - operating leases, net

 

 

(1,392

)

 

 

—

 

Cash and cash equivalents

 

 

(17,106

)

 

 

6,011

 

Restricted cash

 

 

(8,449

)

 

 

4,825

 

Marketable securities

 

 

—

 

 

 

—

 

Straight-line rents receivable, net

 

 

(11,350

)

 

 

5,138

 

Rents receivable, net

 

 

(5,719

)

 

 

1,109

 

Assets of properties held for sale

 

 

(35,801

)

 

 

—

 

Total assets

 

$

(1,013,155

)

 

$

197,305

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 Mortgage and other notes payable, net

 

$

(602,658

)

 

$

172,957

 

 Unsecured notes payable, net

 

 

—

 

 

 

—

 

 Unsecured line of credit

 

 

—

 

 

 

—

 

 Accounts payable and other liabilities

 

 

(52,674

)

 

 

30,385

 

 Lease liabilities - operating leases

 

 

(1,463

)

 

 

4

 

 Dividends and distributions payable

 

 

-

 

 

 

-

 

 Lease intangibles, net

 

 

(29,126

)

 

 

11,184

 

 Distributions in excess of income from, and investments in, unconsolidated affiliates

 

 

—

 

 

 

(17,225

)

 Liabilities of properties held for sale

 

 

(123

)

 

 

—

 

 Total liabilities

 

 

(686,044

)

 

 

197,305

 

 Acadia Shareholders' Equity

 

 

 

 

 

 

 Common shares

 

 

—

 

 

 

—

 

 Additional paid-in capital

 

 

—

 

 

 

—

 

 Accumulated other comprehensive income

 

 

—

 

 

 

—

 

 Distributions in excess of accumulated earnings

 

 

—

 

 

 

—

 

 Total Acadia shareholders’ equity

 

 

—

 

 

 

—

 

 Noncontrolling interests

 

 

(327,111

)

 

 

—

 

 Total equity

 

 

(327,111

)

 

 

—

 

 Total liabilities, redeemable noncontrolling interests, and equity

 

$

(1,013,155

)

 

$

197,305

 

 

img226721374_1.jpg

 

Supplemental Report June 30, 2025 – 10

 

 

Notes to Financial Statements

 

 

 

 

1.
Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management are necessary for a fair presentation of operating results for the interim periods.
2.
Net of consolidated capitalized interest of $3.1 million and $5.4 million, or $2.5 million and $4.2 million at the Company’s pro rata share, for the three and six months ended June 30, 2025, respectively.
3.
Refer to Fee Income Detail page in the Supplemental Report.
4.
Noncontrolling interests represent limited partners’ interests in consolidated partnerships’ activities and includes redeemable noncontrolling interests.
5.
Represents the Company’s pro-rata share of unconsolidated investments (which consists of unconsolidated Core properties but also includes Investment Management assets that are held off-balance sheet), of which each are included on a single line presentation in the Company’s consolidated financial statements in accordance with GAAP.
6.
This represents the (loss) income allocable to Operating Partnership Units of $0.1 million and $0.2 million for the three and six months ended June 30, 2025, respectively.
7.
The Company currently has controlling ownership interests in both (a) Investment Management (represented by Funds II, III, IV & V) and (b) non-wholly owned Core assets. All properties which the Company is deemed to control are consolidated within the Company's financial statements.
8.
The Company recognized approximately $8.4 million of income related to its terminated lease with Whole Foods at City Center in San Francisco, CA during the first quarter, which is included in Other (expense) income for the six months ended June 30, 2025.

 

img226721374_1.jpg

 

Supplemental Report June 30, 2025 – 11

 

 

 

 

Funds from Operations (“FFO”), FFO Before Special Items,

Adjusted Funds from Operations (“AFFO”)

(in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

 

Year to Date

 

 

Quarter Ended

 

 

Year to Date

 

 

 

March 31,
2025

 

 

June 30,
2025

 

 

June 30,
2025

 

 

June 30,
2024

 

 

June 30,
2024

 

Funds from operations ("FFO"):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss) attributable to Acadia

 

$

1,608

 

 

$

1,963

 

 

$

3,571

 

 

$

1,443

 

 

$

4,712

 

Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share other than Common OP Units)

 

 

31,607

 

 

 

31,665

 

 

 

63,272

 

 

 

26,291

 

 

 

53,378

 

Loss on disposition on real estate properties (net of noncontrolling interest share other than Common OP Units)

 

 

—

 

 

 

86

 

 

 

86

 

 

 

568

 

 

 

843

 

Impairment charges (net of noncontrolling interest share other than Common OP Units)

 

 

1,583

 

 

 

4,185

 

 

 

5,768

 

 

 

—

 

 

 

—

 

Loss on change in control (net of noncontrolling interest share other than Common OP Units)

 

 

9,622

 

 

 

—

 

 

 

9,622

 

 

 

—

 

 

 

—

 

Income attributable to noncontrolling interests' share in Operating Partnership

 

 

163

 

 

 

175

 

 

 

338

 

 

 

187

 

 

 

513

 

FFO to Common Shareholders and Common OP Unit holders - Diluted

 

$

44,583

 

 

$

38,074

 

 

$

82,657

 

 

$

28,489

 

 

$

59,446

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add back: acquisition costs

 

 

526

 

 

 

152

 

 

 

678

 

 

 

—

 

 

 

—

 

Unrealized holding (gain) loss

 

 

(1,672

)

 

 

494

 

 

 

(1,178

)

 

 

2,308

 

 

 

4,323

 

Realized gain

 

 

—

 

 

 

5,406

 

 

 

5,406

 

 

 

3,586

 

 

 

7,580

 

FFO before Special Items attributable to Common Shareholder and Common OP Unit holders 1

 

$

43,437

 

 

$

44,126

 

 

$

87,563

 

 

$

34,383

 

 

$

71,349

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Funds from operations ("AFFO"):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FFO

 

$

44,583

 

 

$

38,074

 

 

$

82,657

 

 

$

28,489

 

 

$

59,446

 

Unrealized holding (gain) loss

 

 

(1,672

)

 

 

494

 

 

 

(1,178

)

 

 

2,308

 

 

 

4,323

 

Realized gain

 

 

—

 

 

 

5,406

 

 

 

5,406

 

 

 

3,586

 

 

 

7,580

 

Straight-line rent, net

 

 

(341

)

 

 

(28

)

 

 

(369

)

 

 

(977

)

 

 

(1,173

)

Above/below-market rent

 

 

(2,419

)

 

 

(2,223

)

 

 

(4,642

)

 

 

(1,316

)

 

 

(2,491

)

Amortization of finance costs

 

 

1,488

 

 

 

1,502

 

 

 

2,990

 

 

 

1,540

 

 

 

2,636

 

Above/below-market interest

 

 

(128

)

 

 

(133

)

 

 

(261

)

 

 

(109

)

 

 

(152

)

Non-real estate depreciation

 

 

90

 

 

 

83

 

 

 

173

 

 

 

91

 

 

 

182

 

Stock-based compensation

 

 

2,400

 

 

 

2,888

 

 

 

5,288

 

 

 

2,406

 

 

 

6,344

 

Leasing commissions

 

 

(1,343

)

 

 

(2,456

)

 

 

(3,799

)

 

 

(1,362

)

 

 

(1,922

)

Tenant improvements

 

 

(4,881

)

 

 

(10,014

)

 

 

(14,895

)

 

 

(907

)

 

 

(2,119

)

Maintenance capital expenditures

 

 

(1,021

)

 

 

(1,752

)

 

 

(2,773

)

 

 

(2,143

)

 

 

(3,783

)

AFFO to Common Shareholders and Common OP Unit holders

 

$

36,756

 

 

$

31,841

 

 

$

68,597

 

 

$

31,606

 

 

$

68,871

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total weighted-average diluted shares and OP Units

 

 

129,363

 

 

 

138,909

 

 

 

134,266

 

 

 

111,837

 

 

 

111,096

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted FFO per Common share and OP Unit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FFO

 

$

0.34

 

 

$

0.27

 

 

$

0.62

 

 

$

0.25

 

 

$

0.54

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FFO before Special Items

 

$

0.34

 

 

$

0.32

 

 

$

0.65

 

 

$

0.31

 

 

$

0.64

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
1.
The Company defines Special Items to include (i) unrealized holding losses or gains on investments and (ii) other costs that do not occur in the ordinary course of the Company's underwriting and investing business.

img226721374_1.jpg

 

Supplemental Report June 30, 2025 – 12

 

 

 

 

EBITDA

 

 

(in thousands)

 

 

 

Quarter Ended

 

 

Year to Date

 

 

 

June 30,

 

 

June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to Acadia shareholders

 

$

1,963

 

 

$

1,443

 

 

$

3,571

 

 

$

4,712

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments: 1

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

31,748

 

 

 

26,382

 

 

 

63,445

 

 

 

53,560

 

 

Interest expense

 

 

12,491

 

 

 

13,498

 

 

 

25,230

 

 

 

27,339

 

 

Amortization of finance costs

 

 

1,502

 

 

 

1,540

 

 

 

2,990

 

 

 

2,636

 

 

Above/below-market interest

 

 

(133

)

 

 

(109

)

 

 

(261

)

 

 

(152

)

 

Loss on disposition of properties

 

 

86

 

 

 

568

 

 

 

86

 

 

 

843

 

 

Unrealized holding (gain) loss on investment in Albertsons and other

 

 

494

 

 

 

2,308

 

 

 

(1,178

)

 

 

4,323

 

 

Realized gain

 

 

5,406

 

 

 

3,586

 

 

 

5,406

 

 

 

7,580

 

 

Provision for income taxes

 

 

118

 

 

 

87

 

 

 

214

 

 

 

141

 

 

Impairment charges

 

 

4,185

 

 

 

—

 

 

 

5,768

 

 

 

—

 

 

Loss on change in control

 

 

—

 

 

 

—

 

 

 

9,622

 

 

 

—

 

 

Noncontrolling interest - OP

 

 

108

 

 

 

103

 

 

 

204

 

 

 

306

 

 

EBITDA

 

$

57,968

 

 

$

49,406

 

 

$

115,097

 

 

$

101,288

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: Realized gain

 

 

(5,406

)

 

 

(3,586

)

 

 

(5,406

)

 

 

(7,580

)

 

EBITDA excluding realized gains

 

$

52,562

 

 

$

45,820

 

 

$

109,691

 

 

$

93,708

 

 

 

1.
These amounts represent the Company’s pro-rata share of consolidated and unconsolidated investments.

img226721374_1.jpg

 

Supplemental Report June 30, 2025 – 13

 

 

 

 

Core Portfolio – Same Property Performance 1

(in thousands)

 

 

 

Quarter Ended June 30,

 

 

 

 

 

Year to Date June 30,

 

 

Change

 

 

 

2025

 

 

2024

 

 

Change Favorable/
(Unfavorable)

 

 

2025

 

 

2024

 

 

Favorable/
(Unfavorable)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Summary

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Minimum rents

 

$

37,669

 

 

$

36,642

 

 

 

2.8

%

 

$

74,460

 

 

$

73,240

 

 

 

1.7

%

Expense reimbursements

 

 

9,757

 

 

 

9,126

 

 

 

6.9

%

 

 

19,496

 

 

 

18,225

 

 

 

7.0

%

Other property income

 

 

683

 

 

 

858

 

 

 

(20.4

)%

 

 

1,789

 

 

 

1,606

 

 

 

11.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Revenue

 

 

48,109

 

 

 

46,626

 

 

 

3.2

%

 

 

95,745

 

 

 

93,071

 

 

 

2.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property operating - CAM & Real estate taxes

 

 

12,156

 

 

 

11,929

 

 

 

(1.9

)%

 

 

24,578

 

 

 

24,495

 

 

 

0.3

%

Other property operating (Non-CAM)

 

 

1,476

 

 

 

1,599

 

 

 

7.7

%

 

 

2,849

 

 

 

2,975

 

 

 

(4.2

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Expenses

 

 

13,632

 

 

 

13,528

 

 

 

(0.8

)%

 

 

27,427

 

 

 

27,470

 

 

 

(0.2

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Property NOI - Core properties

 

$

34,477

 

 

$

33,098

 

 

 

4.2

%

 

$

68,318

 

 

$

65,601

 

 

 

4.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Same Property NOI to Core NOI

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOI of Properties excluded from Same Property NOI

 

 

4,152

 

 

 

1,941

 

 

 

 

 

 

7,041

 

 

 

5,392

 

 

 

 

Core NOI

 

$

38,629

 

 

$

35,039

 

 

 

 

 

$

75,359

 

 

$

70,993

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other same property information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Physical Occupancy at the end of the period

 

 

92.1

%

 

 

92.0

%

 

 

 

 

 

 

 

 

 

 

 

 

Leased Occupancy at the end of the period

 

 

94.7

%

 

 

95.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

1.
The above amounts include the pro-rata share of the Company's Core consolidated and unconsolidated investments.

img226721374_1.jpg

 

Supplemental Report June 30, 2025 – 14

 

 

 

 

Fee Income Detail 1

 

(in thousands)

 

 

 

 

Fund II

 

 

Fund III

 

 

Fund IV

 

 

Fund V

 

 

Other 2

 

 

Total

 

Year to Date June 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset and property management fees

 

$

184

 

 

$

48

 

 

$

1,002

 

 

$

4,306

 

 

$

1,494

 

 

$

7,034

 

Transactional fees

 

 

123

 

 

 

159

 

 

 

416

 

 

 

2,854

 

 

 

811

 

 

 

4,363

 

Total fees

 

$

307

 

 

$

207

 

 

$

1,418

 

 

$

7,160

 

 

$

2,305

 

 

$

11,397

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended June 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset and property management fees

 

$

91

 

 

$

26

 

 

$

498

 

 

$

2,156

 

 

$

788

 

 

$

3,559

 

Transactional fees

 

 

96

 

 

 

123

 

 

 

266

 

 

 

1,083

 

 

 

723

 

 

 

2,291

 

Total fees

 

$

187

 

 

$

149

 

 

$

764

 

 

$

3,239

 

 

$

1,511

 

 

$

5,850

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended March 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset and property management fees

 

$

93

 

 

$

22

 

 

$

504

 

 

$

2,150

 

 

$

706

 

 

$

3,475

 

Transactional fees

 

 

27

 

 

 

36

 

 

 

150

 

 

 

1,771

 

 

 

88

 

 

 

2,072

 

Total fees

 

$

120

 

 

$

58

 

 

$

654

 

 

$

3,921

 

 

$

794

 

 

$

5,547

 

 

1.
Fees are shown at the Company's pro-rata share and can be derived from the Consolidated Statements of Operations - Detail and Statements of Operations - Pro-Rata Adjustments. The components of the total fee income to the Company are derived by the fees included on the Consolidated Statements of Operations and the Company's share of fees from the Noncontrolling Interests in Consolidated Subsidiaries and the Company' share of fee income from Unconsolidated Subsidiaries.
2.
Other includes fees generated from non-wholly owned joint ventures (within both Core and Investment Management) as well as third-party managed assets.
(1)

img226721374_1.jpg

 

Supplemental Report June 30, 2025 – 15

 

 

 

Structured Financing Portfolio

 

 

(in thousands)

 

 

 

March 31, 2025

 

 

Quarter Ended June 30, 2025

 

 

 

 

 

 

 

 

 

 

Principal

 

 

Accrued

 

 

Ending

 

 

 

 

 

Repayments/

 

 

Current

 

 

Accrued

 

 

Ending

 

 

Stated Interest

 

 

Effective Interest

 

 

Maturity

Investment

 

Balance

 

 

Interest

 

 

Balance

 

 

Issuances

 

 

Conversions

 

 

Principal

 

 

Interest

 

 

Balance

 

 

Rate

 

 

Rate

 

 

Dates 1,3

First mortgage notes 1,2

 

$

59,801

 

 

$

3,809

 

 

$

63,610

 

 

$

—

 

 

$

—

 

 

$

59,801

 

 

$

3,809

 

 

$

63,610

 

 

 

5.99

%

 

 

6.39

%

 

Sept 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other notes 2

 

 

153,034

 

 

 

57,181

 

 

 

210,215

 

 

 

28,630

 

 

 

—

 

 

 

181,664

 

 

 

35,482

 

 4

 

217,146

 

 

 

10.99

%

 

 

11.10

%

 

July 2025 - Dec 2027

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Core notes receivable

 

$

212,835

 

 

$

60,990

 

 

$

273,825

 

 

$

28,630

 

 

$

—

 

 

$

241,465

 

 

$

39,291

 

 

$

280,756

 

 

 

9.75

%

 

 

9.94

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Notes Receivable to the Pro-Rata Balance Sheet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Notes Receivable per above

 

 

$

241,465

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for credit loss 5

 

 

 

(2,635

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total pro-rata Notes Receivable

 

 

$

238,830

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.
One Core note which matured on April 20, 2020 in the amount of $17.8 million with accrued interest of $3.8 million was in default at June 30, 2025.
2.
Certain of the first mortgage notes and other notes enable the borrower to prepay or convert its obligations prior to the stated maturity date without penalty.
3.
Certain first mortgage notes have extension options subject to customary conditions.
4.
The decrease in the accrued interest balance includes a $25.3 million repayment during the period. Refer to Footnote 2 in the Company’s 10-Q for the period ended June 30, 2025.
5.
Allowance for credit loss includes the $0.9 million allowance for credit loss related to the City Point Loan which is classified as redeemable noncontrolling interests in the Company’s consolidated financial statements in accordance with GAAP.

 

 

 

 

 

 

 

 

 

img226721374_1.jpg

 

Supplemental Report June 30, 2025 – 15

 

 

 

 

Transactional Activity

 

 

(in thousands)

 

 

Property Acquisitions and Dispositions

 

Property Name

 

Location

 

Date of
Transaction

 

Transaction
Amount 1

 

 

Ownership % 2

 

 

Investment Management Share

 

 

Acadia Share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ACQUISITIONS 3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CORE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

106 Spring Street

 

New York, NY

 

January 2025

 

$

55,137

 

 

 

100.00

%

 

$

—

 

 

$

55,137

 

73 Wooster Street

 

New York, NY

 

January 2025

 

 

25,459

 

 

 

100.00

%

 

 

—

 

 

 

25,459

 

Renaissance Portfolio

 

Georgetown, Washington D.C.

 

January 2025

 

 

245,700

 

 

 

48.00

%

 

 

—

 

 

 

117,936

 

95, 97 and 107 North 6th Street 3

 

Williamsburg Brooklyn, NY

 

April 2025

 

 

59,668

 

 

 

100.00

%

 

 

—

 

 

 

59,668

 

85 5th Avenue 3

 

New York, NY

 

April 2025

 

 

47,014

 

 

 

100.00

%

 

 

—

 

 

 

47,014

 

70 and 93 North 6th Street

 

Williamsburg Brooklyn, NY

 

June 2025

 

 

50,323

 

 

 

100.00

%

 

 

—

 

 

 

50,323

 

 

 

 

 

 

 

 

483,301

 

 

 

 

 

 

—

 

 

 

355,537

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INVESTMENT MANAGEMENT:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER CO-INVESTMENT VEHICLES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pinewood Square 4

 

Lake Worth, FL

 

March 2025

 

 

68,207

 

 

 

100.00

%

 

 

—

 

 

 

68,207

 

TOTAL ACQUISITIONS

 

 

 

 

 

$

551,508

 

 

 

 

 

$

—

 

 

$

423,744

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DISPOSITIONS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INVESTMENT MANAGEMENT:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FUND IV:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Eden Square

 

Bear, DE

 

June 2025

 

 

28,040

 

 

 

90.00

%

 

 

25,236

 

 

 

5,835

 

TOTAL DISPOSITIONS

 

 

 

 

 

$

28,040

 

 

 

 

 

$

25,236

 

 

$

5,835

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Structured Financing Activity

 

Note Description

 

Transaction Type

 

Date of
Transaction

 

Transaction
Amount

 

 

Ownership % 2

 

 

Investment Management Share

 

 

Acadia Share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Georgetown Renaissance - NCI Holder 5

 

Other Loan

 

January 2025

 

$

18,277

 

 

 

100.00

%

 

$

—

 

 

$

18,277

 

850 Third Avenue

 

Mezzanine Loan

 

April 2025

 

 

28,465

 

 

 

100.00

%

 

 

—

 

 

 

28,465

 

 

 

 

 

 

 

$

46,742

 

 

 

 

 

$

—

 

 

$

46,742

 

 

 

1.
Transaction amounts include capitalized costs, where applicable. Refer to Note 2 in the Company’s latest Form 10-Q or 10-K for further discussion of any such transactions.
2.
Ownership percentages for those properties in Funds II, III, IV, and V within our Investment Management platform represent the respective Investment Management’s ownership, not the Company’s proportionate share.
3.
97 North 6th Street and 85 5th Avenue were acquired with executed leases in place, which have not yet commenced. It is anticipated that the leases will commence late in the second half of 2025. Prior to rent commencement, the Company will capitalize interest on qualifying assets. Accordingly, these properties were classified as pre-stabilized (refer to the Development and Redevelopment Activity page), and the expected ABR of approximately $2.0 million has been excluded from our SNO pipeline.
4.
The Company intends to bring in a strategic institutional investor to complete the capitalization of this property. No assurances can be given that the Company will successfully identify and close on such a transaction.
5.
The Company paid down approximately $57.1 million of an assumed mortgage within the Renaissance Portfolio. This amount represents its noncontrolling interest holders’ 32% share of such payment.

 

 

img226721374_1.jpg

 

Supplemental Report June 30, 2025 – 16

 

 

2025 Revised Guidance

 

 

 

The Company has maintained its NAREIT FFO and FFO Before Special items per diluted share revised 2025 annual guidance and has updated its annual 2025 Net earnings per diluted share as follows:

 

 

 

2025 Guidance

 

 

 

Revised

 

Prior1

 

 

 

 

 

 

 

Net earnings per share attributable to Common Shareholders

 

$0.09 to $0.13

 

$0.12 to $0.16

 

Depreciation of real estate and amortization of leasing costs (net of noncontrolling interests' share other than Common OP Units)

 

1.00

 

1.00

 

Impairment charges (net of noncontrolling interest share other than Common OP Units)

 

0.04

 

0.01

 

Loss on change in control

 

0.08

 

0.08

 

Noncontrolling interest in Operating Partnership

 

0.01

 

0.01

 

NAREIT Funds from operations per share attributable to Common Shareholders and Common OP Unit holders

 

$1.22 to $1.26

 

$1.22 to $1.26

 

Net unrealized holding loss 2

 

(0.01)

 

(0.01)

 

Funds from Operations Before Special Items and Realized Gains per share attributable to Common Shareholders and Common OP Unit holders

 

$1.21 to $1.25

 

$1.21 to $1.25

 

Realized gains and promotes 3

 

0.11 to 0.14

 

0.11 to 0.14

 

Funds from Operations Before Special Items per share attributable to Common Shareholders and Common OP Unit holders

 

$1.32 to $1.39

 

$1.32 to $1.39

 

 

1.
As disclosed in the Company’s April 29, 2025 earnings release.
2.
This represents the actual unrealized mark-to-market holdings gain related to the Company's investment in Albertsons, which was recognized in NAREIT FFO for the six months ended June 30, 2025. The Company has not reflected any forward-looking estimates involving future unrealized holding gains or losses (i.e., changes in share price) on Albertsons in its 2025 guidance assumptions.
3.
It is the Company's policy to exclude unrealized gains and losses from FFO Before Special items and to include realized gains related to the Company's investment in Albertsons. The Company recognized $0.04 of realized gains for the three months ended June 30, 2025. The Company reaffirms its prior guidance of $16-$19 million of realized gains and promotes.

 

img226721374_1.jpg

 

Supplemental Report June 30, 2025 – 17

 

18

 

9

Net Asset Valuation Information

 

 

(in thousands)

 

 

 

CORE

 

 

FUND II 3

 

 

FUND III

 

 

FUND IV

 

 

FUND V

 

 

Other Co-Investment Vehicles 5

 

 

Total Investment Management

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acadia Ownership Percentage

 

N/A

 

 

 

61.67

%

 

 

24.54

%

 

 

23.12

%

 

 

20.10

%

 

5% to 20%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Quarter NOI

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At Pro-Rata 1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Operating Income 2

 

$

38,629

 

 

N/A3

 

 

$

127

 

 

$

732

 

 

$

5,171

 

 

$

2,191

 

 

$

8,221

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net operating loss (income) from properties sold or assets held for sale

 

 

—

 

 

N/A3

 

 

 

(127

)

 

 

(187

)

 

 

—

 

 

 

—

 

 

 

(314

)

 

Net operating (income) loss from pre-stabilized assets, development and redevelopment projects 4

 

 

(2,899

)

 

N/A 3

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

Net Operating Income of stabilized assets

 

$

35,730

 

 

N/A 3

 

 

$

—

 

 

$

545

 

 

$

5,171

 

 

$

2,191

 

 

$

7,907

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs to Date (Pro-Rata)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets held for sale

 

$

—

 

 

N/A 3

 

 

$

11,643

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

11,643

 

 

Pre-stabilized assets 4

 

 

477,553

 

 

N/A 3

 

 

 

—

 

 

 

31,097

 

 

 

—

 

 

 

—

 

 

 

31,097

 

 

Development and redevelopment projects 6

 

 

473,300

 

 

N/A 3

 

 

 

8,100

 

 

 

27,800

 

 

 

—

 

 

 

—

 

 

 

35,900

 

 

Total Costs to Date

 

$

950,853

 

 

N/A 3

 

 

$

19,743

 

 

$

58,897

 

 

$

—

 

 

$

—

 

 

$

78,640

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt (Pro-Rata)

 

$

1,081,290

 

 

$

79,888

 

 

$

8,098

 

 

$

28,352

 

 

$

147,759

 

 

$

30,350

 

 

$

294,447

 

 

 

1.
This Net Asset Valuation Information page shows Acadia’s pro-rata portion of the Core and Investment Management Net Operating Income.
2.
Does not include a full quarter of NOI for any assets purchased during the current quarter. See Transactional Activity page in this Supplemental Report for descriptions of those acquisitions.
3.
Fund II has been substantially liquidated except for its investment in City Point. Amounts omitted as only remaining asset is City Point.
4.
Pre-stabilized assets consist of the following projects for Core: Route 6 Mall, Mad River, 664 N. Michigan Avenue, 651-671 West Diversey, 2323-2409 Henderson Avenue, City Center, 97 North 6th Street, and 85 5th Avenue; Fund II: City Point; Fund IV: 210 Bowery, 801 Madison, 27 E 61st Street and 1035 Third Avenue.
5.
Other Co-investment vehicles currently include the Company’s ownership interest in Shops at Grand Avenue, Walk at Highwoods Preserve, the LINQ Promenade and Pinewood Square (wholly-owned as of June 30, 2025).
6.
Refer to Development and Redevelopment Activity page for projects.

 

 

 

img226721374_1.jpg

 

Supplemental Report June 30, 2025 – 18

 

19

 

 

Selected Financial Ratios

 

 

(in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended June 30,

 

 

Year to Date June 30,

 

 

 

 

Quarter Ended June 30,

 

COVERAGE RATIOS 1

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

LEVERAGE RATIOS

 

2025

 

 

2024

 

Fixed-Charge Coverage Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt/Market Capitalization Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA1 divided by:

 

$

57,968

 

 

$

49,406

 

 

$

115,097

 

 

$

85,016

 

 

Debt + Preferred Equity (Preferred OP Units)

 

$

1,380,492

 

 

$

1,307,245

 

Interest expense

 

 

12,491

 

 

 

13,498

 

 

 

25,230

 

 

 

18,578

 

 

Total Market Capitalization

 

 

3,910,042

 

 

 

3,278,642

 

Principal Amortization

 

 

935

 

 

 

3,443

 

 

 

2,448

 

 

 

5,519

 

 

Debt + Preferred Equity/

 

 

 

 

 

 

Preferred Dividends2

 

 

67

 

 

 

84

 

 

 

134

 

 

 

207

 

 

  Total Market Capitalization

 

 

35

%

 

 

40

%

Fixed-Charge Coverage Ratio - Core Portfolio and Investment Management

 

 

4.3

x

 

 

2.9

x

 

 

4.1

x

 

 

3.5

x

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net debt + Preferred Equity 4

 

$

1,271,865

 

 

$

1,263,821

 

Payout Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Market Capitalization

 

 

3,910,042

 

 

 

3,278,642

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Debt + Preferred Equity/

 

 

 

 

 

 

Dividends declared (per share/OP Unit)

 

$

0.20

 

 

$

0.18

 

 

$

0.40

 

 

$

0.36

 

 

  Total Market Capitalization

 

 

33

%

 

 

39

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends (Shares) & Distributions (OP Units) declared

 

$

27,649

 

 

$

20,176

 

 

$

55,285

 

 

$

40,197

 

 

 

 

 

 

 

 

 

FFO 3

 

 

38,074

 

 

 

28,489

 

 

 

82,657

 

 

 

59,446

 

 

 

 

 

 

 

 

 

FFO Payout Ratio

 

 

73

%

 

 

71

%

 

 

67

%

 

 

68

%

 

Debt/EBITDA Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AFFO 3

 

 

31,841

 

 

 

31,606

 

 

 

68,597

 

 

 

68,871

 

 

Net debt 4

 

 

1,267,110

 

 

 

1,258,096

 

AFFO Payout Ratio

 

 

87

%

 

 

64

%

 

 

81

%

 

 

58

%

 

EBITDA

 

 

231,033

 

 

 

200,100

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA excluding Realized Gains

 

 

225,627

 

 

 

185,348

 

FFO Before Special Items

 

 

44,126

 

 

 

34,383

 

 

 

87,563

 

 

 

71,349

 

 

Net Debt/EBITDA - Core and Investment Management

 

 

5.5

x

 

 

6.3

x

FFO Before Special Items Payout Ratio

 

 

63

%

 

 

59

%

 

 

63

%

 

 

56

%

 

Net Debt/EBITDA excluding Realized Gains - Core and Investment Management

 

 

5.6

x

 

 

6.8

x

 

 

 

 

EBITDA

 

 

 

Year to Date

 

 

Year to Date

 

Reconciliation of EBITDA to Annualized EBITDA

 

June 30, 2025

 

 

December 31, 2024

 

 

 

 

 

 

 

 

Year to Date EBITDA as reported

 

$

115,097

 

 

$

206,274

 

Add: Projected EBITDA 5

 

 

115,936

 

 

 

—

 

Annualized EBITDA

 

 

231,033

 

 

 

206,274

 

 

 

 

 

 

 

 

Year to Date Realized gain as reported

 

 

5,406

 

 

 

14,188

 

Year to Date EBITDA excluding realized gains

 

$

225,627

 

 

$

192,086

 

 

Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim periods. The coverage ratios include the Company's pro-rata share of FFO, AFFO, EBITDA, interest expense and principal amortization related to both the Company's consolidated and unconsolidated investments in joint ventures.

1.
See EBITDA page in this Supplemental Report for a reconciliation of EBITDA to Net Income attributable to Acadia.
2.
Represents preferred distributions on Preferred Operating Partnership Units.
3.
See Funds from Operations (“FFO”), Adjusted Funds from Operations (“AFFO”) for a reconciliation of AFFO to Net Income attributable to Acadia.
4.
Net debt is calculated by deducting the current Core Portfolio, along with the pro-rata share of Investment Management’s cash and restricted cash balances as of period-end. It also includes the estimated proceeds from the physical settlement of forward sales agreements, assuming such settlement were to occur.
5.
Annualized EBITDA does not include the annualized impact of acquisitions completed in the quarter or anticipated realized gains and promote.

 

img226721374_1.jpg

 

Supplemental Report June 30, 2025 – 19

 

20

 

Portfolio Debt – Summary

 

 

(in thousands)

 

 

 

Acadia Pro-Rata Share of Debt 2

 

 

 

 

 

 

Core Portfolio

 

 

Investment Management

 

 

Total

 

 

Reconciliation to Consolidated Debt as Reported

 

Debt Type

 

Principal
Balance

 

 

WA Years
to
Maturity 6

 

 

Principal
Balance

 

 

WA Years
to
Maturity 6

 

 

Principal
Balance

 

 

WA Years
to
Maturity 6

 

 

Swap
Notional

 

 

Adjusted
Debt Total

 

 

Interest
Rate

 

 

%

 

 

Add:
Noncontrolling
Interest Share
of Debt 3

 

 

Less: Pro-rata
Share of
Unconsolidated
Debt 4

 

 

Acadia
Consolidated
Debt as
Reported

 

Fixed-Rate Debt 1

 

$

271,675

 

 

 

3.4

 

 

$

21,904

 

 

 

2.6

 

 

$

293,579

 

 

 

3.4

 

 

$

977,040

 

 

$

1,270,619

 

 

 

 

 

 

92

%

 

$

226,944

 

 

$

(135,016

)

 

$

1,362,547

 

Variable-Rate Debt 5

 

 

809,615

 

 

 

3.3

 

 

 

272,543

 

 

 

1.1

 

 

 

1,082,158

 

 

 

2.8

 

 

 

(977,040

)

 

 

105,118

 

 

 

 

 

 

8

 %

 

 

378,159

 

 

 

(31,352

)

 

 

451,925

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

1,081,290

 

 

 

3.3

 

 

$

294,447

 

 

 

1.2

 

 

$

1,375,737

 

 

 

2.9

 

 

$

—

 

 

$

1,375,737

 

 

 

4.7

%

 

 

100

%

 

$

605,103

 

 

$

(166,368

)

 

 

1,814,472

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unamortized premium

 

 

 

 

 

 

 

 

 

 

 

 

1,002

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,378

 

Net unamortized loan costs

 

 

 

 

 

 

 

 

 

 

 

 

(10,836

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(11,713

)

Contingent loan obligation

 

 

 

 

 

 

 

 

 

 

 

 

8,533

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

—

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,374,436

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,804,137

 

 

1.
Fixed-rate debt includes notional principal fixed through swap transactions. The interest rate includes the impact of swaps; refer to the Swap Interest Rate Summary page.
2.
Represents the Company's pro-rata share of debt based on its percent ownership.
3.
Represents the noncontrolling interest pro-rata share of consolidated partnership debt based on its percent ownership.
4.
Represents the Company's pro-rata share of unconsolidated partnership debt based on its percent ownership.
5.
Variable rate debt includes certain borrowings that are subject to interest rate cap agreements.
6.
Based on debt maturity date without regard to available extension options.

img226721374_1.jpg

 

Supplemental Report June 30, 2025 – 20

 

Portfolio Debt – Detail

 

 

(in thousands)

 

 

 

 

 

 

 

Principal Balance at

 

 

Acadia's Pro-rata Share

 

 

Interest

 

 

 

Extension

Property

 

 

 

June 30, 2025

 

 

Percent

 

 

Amount

 

 

Rate

 

Maturity Date

 

Options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CORE PORTFOLIO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed-Rate Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

840 N. Michigan Avenue 2

 

 

 

$

30,000

 

 

 

94.35

%

 

$

28,305

 

 

N/A

 

12/10/26

 

None

239 Greenwich Avenue

 

 

 

 

26,000

 

 

 

75.00

%

 

 

19,500

 

 

4.00%

 

07/10/27

 

1x60 mos.

$20M Senior Note, Series A

 

 

 

 

20,000

 

 

 

100.00

%

 

 

20,000

 

 

5.86%

 

08/21/27

 

None

Georgetown Portfolio (2008 Investment)

 

 

 

 

13,698

 

 

 

50.00

%

 

 

6,849

 

 

4.72%

 

12/10/27

 

None

555 9th Street

 

 

 

 

57,500

 

 

 

100.00

%

 

 

57,500

 

 

3.99%

 

01/01/28

 

1x24 mos.

State & Washington

 

 

 

 

20,331

 

 

 

100.00

%

 

 

20,331

 

 

4.40%

 

09/05/28

 

None

$80M Senior Note, Series B

 

 

 

 

80,000

 

 

 

100.00

%

 

 

80,000

 

 

5.94%

 

08/21/29

 

None

North & Kingsbury

 

 

 

 

9,707

 

 

 

100.00

%

 

 

9,707

 

 

4.01%

 

11/05/29

 

None

151 N. State Street

 

 

 

 

11,635

 

 

 

100.00

%

 

 

11,635

 

 

4.03%

 

12/01/29

 

None

Concord & Milwaukee

 

 

 

 

2,154

 

 

 

100.00

%

 

 

2,154

 

 

4.40%

 

06/01/30

 

None

Gotham Plaza

 

 

 

 

28,000

 

 

 

49.00

%

 

 

13,720

 

 

5.90%

 

10/05/34

 

None

California & Armitage

 

 

 

 

1,974

 

 

 

100.00

%

 

 

1,974

 

 

5.89%

 

04/15/35

 

None

Sub-Total Fixed-Rate Debt

 

 

 

 

300,999

 

 

 

 

 

 

271,675

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Variable-Rate Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Georgetown Portfolio (2016 Investment)

 

 

 

 

102,000

 

 

 

68.00

%

 

 

69,365

 

 

SOFR+1.55%

 

11/06/26

 

2x12 mos.

Crossroads Shopping Center

 

 

 

 

75,000

 

 

 

49.00

%

 

 

36,750

 

 

SOFR+1.95%

 

11/04/29

 

2x12 mos.

Revolving Credit Facility 3

 

 

 

 

53,500

 

 

 

100.00

%

 

 

53,500

 

 

SOFR+1.25%

 

04/15/28

 

2x6 mos.

Term Loan

 

 

 

 

400,000

 

 

 

100.00

%

 

 

400,000

 

 

SOFR+1.40%

 

04/15/28

 

2x6 mos.

$75 Million Term Loan

 

 

 

 

75,000

 

 

 

100.00

%

 

 

75,000

 

 

SOFR+1.75%

 

07/29/29

 

None

$250 Million Term Loan 4

 

 

 

 

175,000

 

 

 

100.00

%

 

 

175,000

 

 

SOFR+1.20%

 

05/29/30

 

None

Sub-Total Variable-Rate Debt

 

 

 

 

880,500

 

 

 

 

 

 

809,615

 

 

 

 

 

 

 

Total Debt - Core Portfolio

 

 

 

$

1,181,499

 

 

 

 

 

$

1,081,290

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INVESTMENT MANAGEMENT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed-Rate Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

650 Bald Hill Road

 

Fund IV

 

$

14,782

 

 

 

20.81

%

 

$

3,077

 

 

3.75%

 

06/01/26

 

None

Shoppes at South Hills

 

Fund V

 

 

32,640

 

 

 

18.09

%

 

 

5,904

 

 

5.95%

 

03/01/28

 

1x12 mos.

Broughton Street Portfolio

 

Fund IV

 

 

25,939

 

 

 

23.12

%

 

 

5,997

 

 

5.62%

 

06/01/28

 

None

Canton Marketplace

 

Fund V

 

 

34,460

 

 

 

20.10

%

 

 

6,926

 

 

6.29%

 

06/01/28

 

None

Sub-Total Fixed-Rate Debt

 

 

 

 

107,821

 

 

 

 

 

 

21,904

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Variable-Rate Debt 1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

City Point

 

Fund II

 

 

137,484

 

 

 

58.10

%

 

 

79,888

 

 

SOFR+2.61%

 

08/01/25

 

1x12 mos.

Cypress Creek

 

Fund V

 

 

32,200

 

 

 

20.10

%

 

 

6,472

 

 

SOFR+2.80%

 

09/01/25

 

2x12 mos.

640 Broadway

 

Fund III

 

 

33,000

 

 

 

24.54

%

 

 

8,098

 

 

SOFR+3.75%

 

10/01/25

 

3x12 mos.

1964 Union

 

Fund IV

 

 

1,317

 

 

 

20.81

%

 

 

274

 

 

SOFR+2.25%

 

10/01/25

 

None

Tri-City Plaza

 

Fund V

 

 

35,297

 

 

 

18.09

%

 

 

6,385

 

 

SOFR+2.00%

 

10/18/25

 

None

Lincoln Commons

 

Fund V

 

 

35,301

 

 

 

20.10

%

 

 

7,095

 

 

SOFR+3.10%

 

11/25/25

 

1x24 mos.

717 N Michigan Avenue

 

Fund IV

 

 

46,000

 

 

 

23.12

%

 

 

10,635

 

 

SOFR+3.33%

 

12/09/25

 

None

Frederick County Square

 

Fund V

 

 

24,604

 

 

 

18.09

%

 

 

4,451

 

 

SOFR+2.51%

 

01/01/26

 

None

Hiram Pavilion

 

Fund V

 

 

26,777

 

 

 

20.10

%

 

 

5,382

 

 

SOFR+2.30%

 

03/05/26

 

1x12 mos.

Acadia Strategic Opportunity Fund IV Term Loan

 

Fund IV

 

 

36,200

 

 

 

23.12

%

 

 

8,369

 

 

SOFR+2.15%

 

03/31/26

 

None

Midstate Mall

 

Fund V

 

 

50,200

 

 

 

20.10

%

 

 

10,090

 

 

SOFR+2.50%

 

04/28/26

 

1x12 mos.

New Towne Center

 

Fund V

 

 

15,882

 

 

 

20.10

%

 

 

3,192

 

 

SOFR+2.20%

 

05/01/26

 

None

Fairlane Green

 

Fund V

 

 

31,329

 

 

 

20.10

%

 

 

6,297

 

 

SOFR+2.30%

 

06/05/26

 

None

Trussville Promenade

 

Fund V

 

 

27,928

 

 

 

20.10

%

 

 

5,613

 

 

SOFR+2.30%

 

06/15/26

 

None

Hickory Ridge

 

Fund V

 

 

26,278

 

 

 

20.10

%

 

 

5,282

 

 

SOFR+2.30%

 

10/05/26

 

1x12 mos.

Monroe Marketplace

 

Fund V

 

 

25,300

 

 

 

20.10

%

 

 

5,085

 

 

SOFR+2.76%

 

11/12/26

 

None

Maple Tree Place

 

Fund V

 

 

45,721

 

 

 

20.10

%

 

 

9,190

 

 

SOFR+2.85%

 

02/14/27

 

2x12 mos.

Wood Ridge Plaza

 

Fund V

 

 

36,188

 

 

 

18.09

%

 

 

6,546

 

 

SOFR+2.90%

 

03/21/27

 

None

La Frontera

 

Fund V

 

 

55,500

 

 

 

18.09

%

 

 

10,040

 

 

SOFR+2.61%

 

06/10/27

 

None

Landstown Commons

 

Fund V

 

 

58,376

 

 

 

20.10

%

 

 

11,734

 

 

SOFR+2.20%

 

10/24/27

 

2x12 mos.

Riverdale FC

 

Fund V

 

 

38,104

 

 

 

17.97

%

 

 

6,849

 

 

SOFR+2.46%

 

11/01/27

 

None

img226721374_1.jpg

 

Supplemental Report June 30, 2025 – 21

 

Portfolio Debt – Detail

 

 

(in thousands)

 

 

 

 

 

 

Principal Balance at

 

 

Acadia's Pro-rata Share

 

 

Interest

 

 

 

Extension

Property

 

 

 

June 30, 2025

 

 

Percent

 

 

Amount

 

 

Rate

 

Maturity Date

 

Options

LINQ Promenade

 

IMP

 

 

175,000

 

 

 

15.00

%

 

 

26,250

 

 

SOFR+1.75%

 

12/12/27

 

1x24 mos.

Santa Fe Plaza

 

Fund V

 

 

22,893

 

 

 

20.10

%

 

 

4,601

 

 

SOFR+2.10%

 

12/20/27

 

2x12 mos.

Elk Grove Commons

 

Fund V

 

 

41,000

 

 

 

20.10

%

 

 

8,241

 

 

SOFR+2.00%

 

12/20/27

 

1x12 mos.

Palm Coast Landing

 

Fund V

 

 

26,085

 

 

 

20.10

%

 

 

5,243

 

 

SOFR+2.15%

 

02/01/28

 

None

Mohawk Commons

 

Fund V

 

 

39,472

 

 

 

18.09

%

 

 

7,141

 

 

SOFR+2.00%

 

03/01/28

 

None

The Walk at Highwoods Preserve

 

IMP

 

 

20,500

 

 

 

20.00

%

 

 

4,100

 

 

SOFR+2.50%

 

10/25/28

 

1x12 mos.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sub-Total Variable-Rate Debt

 

 

 

 

1,143,936

 

 

 

 

 

 

272,543

 

 

 

 

 

 

 

Total Debt - Investment Management

 

 

 

 

1,251,757

 

 

 

 

 

 

294,447

 

 

 

 

 

 

 

Total Debt - Core Portfolio and Investment Management

 

 

 

$

2,433,256

 

 

 

 

 

$

1,375,737

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.
The Company has hedged a portion of its variable-rate debt with multiple variable to fixed-rate swap agreements which have various maturities (see Swap Interest Rate Summary of this Supplemental report which highlights the notional and fixed base rate). The indicated maturity for each loan reflects the contractual maturity date of the loan without regard to the expiration of the related swap agreements.
2.
The Company makes cash payments at a stated interest rate of 6.5% on the outstanding principal balance. Following the modification of the loan in December 2023, the effective interest rate for GAAP purposes is zero.
3.
The interest rate on the unsecured revolving credit facility excludes a 20-basis point facility fee.
4.
The Company has the ability to draw an additional $75 million under this facility.

 

img226721374_1.jpg

 

Supplemental Report June 30, 2025 – 22

 

 

 

 

 

Future Debt Maturities 1

 

 

(in thousands)

 

 

Core Portfolio

 

Contractual Debt Maturities

 

 

Acadia's Pro-Rata Share

 

 

Weighted Average2

 

 

Scheduled

 

 

 

 

 

 

 

 

Scheduled

 

 

Fixed

 

 

Variable

 

 

 

 

 

Fixed-

 

Variable-

Year

 

Amortization

 

 

Maturities

 

 

Total

 

 

Amortization

 

 

Maturities

 

 

Maturities

 

 

Total

 

 

Rate Debt

 

Rate Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2025 (Remainder)

 

$

1,373

 

 

$

—

 

 

$

1,373

 

 

$

1,200

 

 

$

—

 

 

$

—

 

 

$

1,200

 

 

N/A

 

N/A

2026

 

 

5,419

 

 

 

132,000

 

 

 

137,419

 

 

 

5,041

 

 

 

28,305

 

 

 

69,365

 

 

 

102,711

 

 

—

 

1.55%

2027

 

 

5,267

 

 

 

57,537

 

 

 

62,804

 

 

 

4,954

 

 

 

45,053

 

 

 

—

 

 

 

50,007

 

 

4.91%

 

N/A

2028

 

 

1,901

 

 

 

523,861

 

 

 

525,762

 

 

 

1,867

 

 

 

70,359

 

 

 

453,500

 

 

 

525,726

 

 

4.10%

 

1.38%

2029

 

 

1,887

 

 

 

246,338

 

 

 

248,225

 

 

 

1,539

 

 

 

97,088

 

 

 

111,383

 

 

 

210,010

 

 

5.54%

 

1.82%

Thereafter

 

 

1,296

 

 

 

204,620

 

 

 

205,916

 

 

 

1,296

 

 

 

15,340

 

 

 

175,000

 

 

 

191,636

 

 

5.72%

 

1.20%

Total

 

$

17,143

 

 

$

1,164,356

 

 

$

1,181,499

 

 

$

15,897

 

 

$

256,145

 

 

$

809,248

 

 

$

1,081,290

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment Management

 

Contractual Debt Maturities

 

 

Acadia's Pro-Rata Share

 

 

Weighted Average2

 

 

Scheduled

 

 

 

 

 

 

 

 

Scheduled

 

 

Fixed

 

 

Variable

 

 

 

 

 

Fixed-

 

Variable-

Year

 

Amortization

 

 

Maturities

 

 

Total

 

 

Amortization

 

 

Maturities

 

 

Maturities

 

 

Total

 

 

Rate Debt

 

Rate Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2025 (Remainder)

 

$

3,779

 

 

$

320,177

 

 

$

323,956

 

 

$

735

 

 

$

—

 

 

$

118,764

 

 

$

119,499

 

 

N/A

 

2.76%

2026

 

 

5,331

 

 

 

275,931

 

 

 

281,262

 

 

 

1,027

 

 

 

2,992

 

 

 

53,175

 

 

 

57,194

 

 

3.75%

 

2.37%

2027

 

 

6,439

 

 

 

465,780

 

 

 

472,219

 

 

 

1,198

 

 

 

—

 

 

 

82,142

 

 

 

83,340

 

 

N/A

 

2.23%

2028

 

 

508

 

 

 

173,812

 

 

 

174,320

 

 

 

97

 

 

 

18,391

 

 

 

15,926

 

 

 

34,414

 

 

5.97%

 

2.17%

2029

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

N/A

 

N/A

Thereafter

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

N/A

 

N/A

Total

 

$

16,057

 

 

$

1,235,700

 

 

$

1,251,757

 

 

$

3,057

 

 

$

21,383

 

 

$

270,007

 

 

$

294,447

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
1.
Does not include any applicable extension options or subsequent refinancing.
2.
The amounts in the table reflect the all-in fixed rate for maturing debt with a fixed rate, and the spread above the applicable index (typically SOFR) on variable rate debt. The rate does not reflect the all-in rate for variable rate obligations. Refer to Swap Interest Rate Summary page for interest rate protection agreements that fix our variable rate debt.

 

 

img226721374_1.jpg

 

Supplemental Report June 30, 2025 – 23

 

 

 

 

 

Future Debt Maturities – As Extended 1

 

 

(in thousands)

 

Core Portfolio

 

Extended Debt Maturities 1

 

 

Acadia's Pro-Rata Share

 

 

Weighted Average2

 

 

Scheduled

 

 

 

 

 

 

 

 

Scheduled

 

 

Fixed

 

 

Variable

 

 

 

 

 

Fixed-

 

Variable-

Year

 

Amortization

 

 

Maturities

 

 

Total

 

 

Amortization

 

 

Maturities

 

 

Maturities

 

 

Total

 

 

Rate Debt

 

Rate Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2025 (Remainder)

 

$

1,373

 

 

$

—

 

 

$

1,373

 

 

$

1,200

 

 

$

—

 

 

$

—

 

 

$

1,200

 

 

N/A

 

N/A

2026

 

 

5,419

 

 

 

30,000

 

 

 

35,419

 

 

 

5,041

 

 

 

28,305

 

 

 

—

 

 

 

33,346

 

 

—

 

N/A

2027

 

 

5,267

 

 

 

32,401

 

 

 

37,668

 

 

 

4,954

 

 

 

26,201

 

 

 

—

 

 

 

31,155

 

 

5.57%

 

N/A

2028

 

 

1,901

 

 

 

119,862

 

 

 

121,763

 

 

 

1,867

 

 

 

17,862

 

 

 

69,365

 

 

 

89,094

 

 

4.40%

 

1.55%

2029

 

 

1,887

 

 

 

625,587

 

 

 

627,474

 

 

 

1,539

 

 

 

97,088

 

 

 

528,500

 

 

 

627,127

 

 

5.54%

 

1.43%

Thereafter

 

 

1,296

 

 

 

356,506

 

 

 

357,802

 

 

 

1,296

 

 

 

86,692

 

 

 

211,380

 

 

 

299,368

 

 

4.32%

 

1.33%

Total

 

$

17,143

 

 

$

1,164,356

 

 

$

1,181,499

 

 

$

15,897

 

 

$

256,148

 

 

$

809,245

 

 

$

1,081,290

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment Management

 

Extended Debt Maturities 1

 

 

Acadia's Pro-Rata Share

 

 

Weighted Average2

 

 

Scheduled

 

 

 

 

 

 

 

 

Scheduled

 

 

Fixed

 

 

Variable

 

 

 

 

 

Fixed-

 

Variable-

Year

 

Amortization

 

 

Maturities

 

 

Total

 

 

Amortization

 

 

Maturities

 

 

Maturities

 

 

Total

 

 

Rate Debt

 

Rate Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2025 (Remainder)

 

$

3,779

 

 

$

82,436

 

 

$

86,215

 

 

$

735

 

 

$

—

 

 

$

17,262

 

 

$

17,997

 

 

N/A

 

2.82%

2026

 

 

5,331

 

 

 

311,681

 

 

 

317,012

 

 

 

1,027

 

 

 

2,992

 

 

 

112,612

 

 

 

116,631

 

 

3.75%

 

2.54%

2027

 

 

6,439

 

 

 

293,990

 

 

 

300,429

 

 

 

1,198

 

 

 

—

 

 

 

56,537

 

 

 

57,735

 

 

N/A

 

2.63%

2028

 

 

508

 

 

 

195,954

 

 

 

196,462

 

 

 

97

 

 

 

12,718

 

 

 

28,165

 

 

 

40,980

 

 

5.98%

 

2.52%

2029

 

 

—

 

 

 

351,639

 

 

 

351,639

 

 

 

—

 

 

 

5,673

 

 

 

55,431

 

 

 

61,104

 

 

5.95%

 

2.11%

Thereafter

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

N/A

 

N/A

Total

 

$

16,057

 

 

$

1,235,700

 

 

$

1,251,757

 

 

$

3,057

 

 

$

21,383

 

 

$

270,007

 

 

$

294,447

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
1.
Includes the effect of all available extension options (subject to customary conditions), excludes any subsequent refinancing.
2.
The amounts in the table reflect the all-in fixed rate for maturing debt with a fixed rate, and the spread above the applicable index (typically SOFR) on variable rate debt. The rate does not reflect the all-in rate for variable rate obligations. Refer to Swap Interest Rate Summary page for interest rate protection agreements that fix our variable rate debt.

 

.

img226721374_1.jpg

 

Supplemental Report June 30, 2025 – 24

 

 

Swap Interest Rate Summary 1

 

 

(in thousands)

 

 

Maturity

 

Acadia's Pro-rata
Notional Amount

 

 

Weighted Average
Fixed SOFR 2

July 2025

 

$

12,856

 

 

4.3%

October 2025

 

 

6,385

 

 

4.2%

March 2026

 

 

5,382

 

 

4.5%

April 2026

 

 

11,020

 

 

2.9%

May 2026

 

 

3,193

 

 

3.5%

June 2026

 

 

6,296

 

 

1.2%

October 2026

 

 

5,282

 

 

3.7%

November 2026

 

 

90,021

 

 

4.0%

December 2026

 

 

6,010

 

 

4.3%

June 2027

 

 

5,020

 

 

3.4%

July 2027

 

 

125,000

 

 

2.1%

December 2027

 

 

118,289

 

 

2.7%

February 2028

 

 

5,243

 

 

3.4%

March 2028

 

 

57,141

 

 

2.8%

April 2028

 

 

75,000

 

 

3.3%

June 2028

 

 

50,000

 

 

2.9%

February 2029

 

 

50,000

 

 

1.4%

June 2029

 

 

25,000

 

 

0.5%

July 2029

 

 

25,000

 

 

0.1%

October 2029

 

 

4,100

 

 

3.7%

November 2029

 

 

36,750

 

 

3.8%

December 2029

 

 

79,052

 

 

3.5%

April 2030

 

 

50,000

 

 

3.1%

July 2030

 

 

125,000

 

 

2.7%

Total

 

$

977,040

 

 

2.8%

 

1.
Includes the Company's pro-rata share of consolidated and unconsolidated interest rate swaps to hedge against interest variability on Core and Investment Management debt.
2.
Represents strike (fixed) rate on the swap that the Company pays in exchange for receiving SOFR.

 

img226721374_1.jpg

 

Supplemental Report June 30, 2025 – 25

 

Core Portfolio Retail Properties – Detail 1

 

 

 

 

 

 

 

 

 

Year

 

Acadia's

 

Gross Leasable Area (GLA)

 

In Place Occupancy

 

Leased
Occupancy

 

Annualized
Base Rent

 

ABR

Property

Key Tenants

 

Acquired

 

Interest

 

Street

 

Anchors

 

Shops

 

Total

 

Street

 

Anchors

 

Shops

 

Total

 

Total

 

(ABR)

 

PSF

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

STREET AND URBAN RETAIL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chicago Metro

 

 

 

 

 

 

 

 

 

 

 

 

`

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rush and Walton Streets
   Collection (6 properties)

Lululemon, Reformation,
Veronica Beard, St. Laurent, Brandy Melville

 

2011
2012

 

100.0%

 

40,590

 

—

 

—

 

40,590

 

68.2%

 

—%

 

—%

 

68.2%

 

93.0%

 

$6,780,912

 

$245.06

Clark Street and W. Diversey
   Collection (4 properties)

Starbucks, TJ Maxx,
J Crew Factory, Trader Joe's

 

2011
2012

 

100.0%

 

53,099

 

—

 

—

 

53,099

 

79.9%

 

—%

 

—%

 

79.9%

 

89.0%

 

1,908,428

 

45.00

Halsted and Armitage
   Collection (13 properties)

Serena and Lily, Faherty,
Jenny Kayne, Warby Parker, Kiehl's, Solidcore,
Rails

 

2011
2012
2019
2020

 

100.0%

 

53,220

 

—

 

—

 

53,220

 

91.7%

 

—%

 

—%

 

91.7%

 

100.0%

 

2,622,804

 

53.73

North Lincoln Park Chicago
   Collection (6 properties)

Guitar Center, Carhartt

 

2011
2014

 

100.0%

 

22,125

 

—

 

27,796

 

49,921

 

13.6 %

 

—%

 

77.6%

 

49.2%

 

49.2%

 

905,781

 

36.88

State and Washington

Nordstrom Rack, Uniqlo

 

2016

 

100.0%

 

65,401

 

—

 

—

 

65,401

 

100.0%

 

—%

 

—%

 

100.0%

 

100.0%

 

2,768,673

 

42.33

151 N. State Street

Walgreens

 

2016

 

100.0%

 

27,385

 

—

 

—

 

27,385

 

100.0%

 

—%

 

—%

 

100.0%

 

100.0%

 

1,573,000

 

57.44

North and Kingsbury

Old Navy, Backcountry

 

2016

 

100.0%

 

41,791

 

—

 

—

 

41,791

 

100.0%

 

—%

 

—%

 

100.0%

 

100.0%

 

1,981,292

 

47.41

Concord and Milwaukee

  —

 

2016

 

100.0%

 

13,147

 

—

 

—

 

13,147

 

88.6%

 

—%

 

—%

 

88.6%

 

88.6%

 

432,125

 

37.11

California and Armitage

  —

 

2016

 

100.0%

 

—

 

—

 

18,275

 

18,275

 

—%

 

—%

 

72.7%

 

72.7%

 

84.8%

 

706,210

 

53.12

Roosevelt Galleria

Petco, Vitamin Shoppe,
Dollar Tree

 

2015

 

100.0%

 

—

 

—

 

37,995

 

37,995

 

—%

 

—%

 

89.7%

 

89.7%

 

89.7%

 

823,131

 

24.15

Sullivan Center

Target

 

2016

 

100.0%

 

176,181

 

—

 

—

 

176,181

 

82.2%

 

—%

 

—%

 

82.2%

 

83.8%

 

5,435,325

 

37.55

 

 

 

 

 

 

 

492,939

 

—

 

84,066

 

577,005

 

83.8%

 

—%

 

82.0%

 

83.5%

 

87.7%

 

$25,937,682

 

$53.84

New York Metro

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Soho Collection/West Village
   (19 properties)

Reiss, Vuori, Zimmermann,
Madewell, John Varvatos
Watches of Switzerland,
Stone Island, Frame, Theory,
Bang & Olufsen, Marine Layer

 

2011
2014
2019
2020
2022
2024
2025

 

100.0%

 

69,643

 

—

 

—

 

69,643

 

94.1%

 

—%

 

—%

 

94.1%

 

96.3%

 

$21,058,971

 

$321.34

5-7 East 17th Street

  —

 

2008

 

100.0%

 

8,658

 

—

 

—

 

8,658

 

47.1%

 

—%

 

—%

 

47.1%

 

100.0%

 

600,000

 

147.09

200 West 54th Street

  —

 

2007

 

100.0%

 

5,932

 

—

 

—

 

5,932

 

90.7%

 

—%

 

—%

 

90.7%

 

90.7%

 

1,509,127

 

280.51

4401 White Plains Road

Walgreens

 

2011

 

100.0%

 

—

 

12,964

 

—

 

12,964

 

—%

 

100.0%

 

—%

 

100.0%

 

100.0%

 

625,000

 

48.21

Bartow Avenue

Wingstop

 

2005

 

100.0%

 

—

 

—

 

14,824

 

14,824

 

—%

 

—%

 

100.0%

 

100.0%

 

100.0%

 

504,192

 

34.01

img226721374_1.jpg

 

Supplemental Report June 30, 2025 – 26

 

Core Portfolio Retail Properties – Detail 1

 

 

 

 

 

 

 

 

Year

 

Acadia's

 

Gross Leasable Area (GLA)

 

In Place Occupancy

 

Leased
Occupancy

 

Annualized
Base Rent

 

ABR

Property

Key Tenants

 

Acquired

 

Interest

 

Street

 

Anchors

 

Shops

 

Total

 

Street

 

Anchors

 

Shops

 

Total

 

Total

 

(ABR)

 

PSF

Greenwich/Westport Collection (4 properties)

Veronica Beard, The RealReal,
Blue Mercury, Splendid, Swarvoski, Watches of Switzerland

 

1998
2012
2014

 

89.5%

 

39,593

 

—

 

—

 

39,593

 

100.0%

 

—%

 

—%

 

100.0%

 

100.0%

 

4,515,709

 

114.05

2914 Third Avenue

Planet Fitness

 

2006

 

100.0%

 

—

 

21,650

 

18,953

 

40,603

 

—%

 

100.0%

 

100.0%

 

100.0%

 

100.0%

 

1,131,422

 

27.87

868 Broadway

Dr. Martens

 

2013

 

100.0%

 

2,031

 

—

 

—

 

2,031

 

100.0%

 

—%

 

—%

 

100.0%

 

100.0%

 

881,322

 

433.94

313-315 Bowery 2

John Varvatos

 

2013

 

100.0%

 

6,600

 

—

 

—

 

6,600

 

100.0%

 

—%

 

—%

 

100.0%

 

100.0%

 

527,076

 

79.86

120 West Broadway

Citizens Bank, Citi Bank

 

2013

 

100.0%

 

13,838

 

—

 

—

 

13,838

 

100.0%

 

—%

 

—%

 

100.0%

 

100.0%

 

2,499,171

 

180.60

2520 Flatbush Avenue

Bob's Discount Furniture, Capital One

 

2014

 

100.0%

 

—

 

—

 

29,114

 

29,114

 

—%

 

—%

 

100.0%

 

100.0%

 

100.0%

 

1,297,818

 

44.58

Williamsburg Bedford Avenue Collection 3

Sephora, SweetGreen, Levain Bakery, Lululemon, Madewell, Alo Yoga

 

2022

 

100.0%

 

50,842

 

—

 

—

 

50,842

 

88.2%

 

—%

 

—

 

88.2%

 

92.9%

 

4,947,790

 

110.36

Williamsburg North 6th Collection 3
(6 properties)

Lululemon, Madewell, On Running, Abercrombie and Fitch, Birkenstock, Patagonia

 

2024
2025

 

100.0%

 

47,365

 

—

 

—

 

47,365

 

100.0%

 

—%

 

—

 

100.0%

 

100.0%

 

7,032,801

 

148.48

991 Madison Avenue

Vera Wang, Gabriela Hearst

 

2016

 

100.0%

 

7,512

 

—

 

—

 

7,512

 

100.0%

 

—%

 

—%

 

100.0%

 

100.0%

 

3,679,704

 

489.84

Gotham Plaza

Bank of America,
Footlocker, Apple Bank

 

2016

 

49.0 %

 

—

 

—

 

25,931

 

25,931

 

—%

 

—%

 

76.4%

 

76.4%

 

83.9%

 

1,662,236

 

83.86

 

 

 

 

 

 

 

252,014

 

34,614

 

88,822

 

375,450

 

93.9%

 

100.0 %

 

93.1 %

 

94.3%

 

97.1%

 

52,472,338

 

$148.19

Los Angeles Metro

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8833 Beverly Blvd

Luxury Living

 

2022

 

97.0 %

 

9,757

 

—

 

—

 

9,757

 

100.0%

 

—%

 

—%

 

100.0%

 

100.0%

 

$1,350,377

 

$138.40

Melrose Place Collection

The Row, Chloe,
Oscar de la Renta

 

2019

 

100.0 %

 

14,000

 

—

 

—

 

14,000

 

100.0%

 

—%

 

—%

 

100.0%

 

100.0%

 

3,165,526

 

226.11

 

 

 

 

 

 

 

23,757

 

—

 

—

 

23,757

 

100.0%

 

—%

 

—%

 

100.0%

 

100.0%

 

$4,515,903

 

$190.09

District of Columbia Metro

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1739-53 & 1801-03
   Connecticut Avenue

  —

 

2012

 

100.0 %

 

20,669

 

—

 

—

 

20,669

 

21.9%

 

—%

 

—%

 

21.9%

 

21.9%

 

$309,692

 

$68.56

14th Street Collection (3 properties)

Verizon, Long and Foster, VSV Wine Bar, Tile Bar

 

2021

 

100.0 %

 

19,077

 

—

 

—

 

19,077

 

76.4%

 

—%

 

—%

 

76.4%

 

76.4%

 

1,396,848

 

95.83

Rhode Island Place
   Shopping Center

Ross Dress for Less

 

2012

 

100.0 %

 

—

 

25,134

 

32,533

 

57,667

 

—%

 

100.0%

 

88.5%

 

93.5%

 

93.5%

 

1,957,308

 

36.30

M Street and Wisconsin Corridor
   (27 Properties) 4

Lululemon, Duxiana, Reformation, Glossier,
Alo Yoga, Aritzia, Skims

 

2011
2016
2019

 

68.0 %

 

262,412

 

—

 

—

 

262,412

 

83.1%

 

—%

 

—%

 

83.1%

 

94.2%

 

16,893,189

 

77.43

 

 

 

 

 

 

 

302,158

 

25,134

 

32,533

 

359,825

 

78.5%

 

100.0%

 

88.5%

 

80.9%

 

89.0%

 

$20,557,036

 

$70.60

img226721374_1.jpg

 

Supplemental Report June 30, 2025 – 27

 

Core Portfolio Retail Properties – Detail 1

 

 

 

 

 

 

 

 

Year

 

Acadia's

 

Gross Leasable Area (GLA)

 

In Place Occupancy

 

Leased
Occupancy

 

Annualized
Base Rent

 

ABR

Property

Key Tenants

 

Acquired

 

Interest

 

Street

 

Anchors

 

Shops

 

Total

 

Street

 

Anchors

 

Shops

 

Total

 

Total

 

(ABR)

 

PSF

Boston Metro

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

165 Newbury Street

Starbucks

 

2016

 

100.0 %

 

1,050

 

—

 

—

 

1,050

 

100.0%

 

—%

 

—%

 

100.0%

 

100.0%

 

$321,953

 

$306.62

 

 

 

 

 

 

 

1,050

 

—

 

—

 

1,050

 

100.0%

 

—%

 

—%

 

100.0%

 

100.0%

 

$321,953

 

$306.62

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dallas Metro

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Henderson Avenue Portfolio
(14 properties)

Sprouts Market,
Warby Parker, Tecovas

 

2022
2024

 

100.0 %

 

53,099

 

31,635

 

—

 

84,734

 

83.6%

 

100.0%

 

—%

 

89.7%

 

89.7%

 

$3,035,999

 

$39.93

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Street and Urban Retail

 

 

 

 

 

1,125,017

 

91,383

 

205,421

 

1,421,821

 

85.0%

 

100.0%

 

87.8%

 

86.4%

 

90.9%

 

$106,840,912

 

$87.01

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acadia Share Total Street and Urban Retail

 

 

 

 

 

1,036,632

 

91,383

 

192,196

 

1,320,212

 

85.2%

 

100.0%

 

88.6%

 

86.7%

 

90.8%

 

$100,235,738

 

$87.59

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUBURBAN PROPERTIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New Jersey

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Elmwood Park Shopping Center

Walgreens, Lidl,
Chase Bank, City MD, Five Below

 

1998

 

100.0 %

 

—

 

43,531

 

100,457

 

143,988

 

—%

 

100.0%

 

95.5%

 

96.9%

 

96.9%

 

$3,727,216

 

$26.72

Marketplace of Absecon

Walgreens, Dollar Tree, Aldi

 

1998

 

100.0 %

 

—

 

46,724

 

57,832

 

104,556

 

—%

 

75.8%

 

80.4%

 

78.3%

 

78.3%

 

1,453,097

 

17.74

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New York

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Village Commons
Shopping Center

Citibank, Ace Hardware

 

1998

 

100.0 %

 

—

 

—

 

87,128

 

87,128

 

—%

 

—%

 

87.6%

 

87.6%

 

88.8%

 

2,702,151

 

35.39

Branch Plaza

LA Fitness,
The Fresh Market

 

1998

 

100.0 %

 

—

 

76,264

 

47,081

 

123,345

 

—%

 

100.0%

 

86.8%

 

94.9%

 

96.1%

 

3,318,304

 

28.33

Amboy Center

Stop & Shop (Ahold)

 

2005

 

100.0 %

 

—

 

37,266

 

26,106

 

63,372

 

—%

 

100.0%

 

80.8%

 

92.1%

 

92.1%

 

2,074,410

 

35.54

Crossroads Shopping Center

HomeGoods, PetSmart,
BJ's Wholesale Club, O'Reilly Auto Parts

 

1998

 

49.0 %

 

—

 

202,727

 

108,990

 

311,717

 

—%

 

93.9%

 

89.7%

 

92.4%

 

94.2%

 

9,530,903

 

33.09

New Loudon Center

Price Chopper, Marshalls

 

1993

 

100.0 %

 

—

 

241,746

 

16,643

 

258,389

 

—%

 

95.0%

 

100.0%

 

95.3%

 

95.3%

 

2,330,402

 

9.47

28 Jericho Turnpike

Kohl's

 

2012

 

100.0 %

 

—

 

96,363

 

—

 

96,363

 

—%

 

100.0%

 

—%

 

100.0%

 

100.0%

 

1,996,500

 

20.72

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Connecticut

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Town Line Plaza 5

Wal-Mart,
Stop & Shop (Ahold)

 

1998

 

100.0 %

 

—

 

163,159

 

43,187

 

206,346

 

—%

 

100.0%

 

88.4%

 

97.6%

 

98.5%

 

1,607,631

 

15.45

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Massachusetts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Methuen Shopping Center

Wal-Mart, Market Basket

 

1998

 

100.0 %

 

—

 

120,004

 

10,017

 

130,021

 

—%

 

100.0%

 

56.3%

 

96.6%

 

96.6%

 

1,390,578

 

11.07

Crescent Plaza

Home Depot, Shaw's

 

1993

 

100.0 %

 

—

 

156,985

 

61,017

 

218,002

 

—%

 

100.0%

 

93.4%

 

98.2%

 

99.3%

 

2,138,927

 

10.00

201 Needham Street

Michael's

 

2014

 

100.0 %

 

—

 

20,409

 

—

 

20,409

 

—%

 

100.0%

 

—%

 

100.0%

 

100.0%

 

711,662

 

34.87

163 Highland Avenue

Staples, Petco

 

2015

 

100.0 %

 

—

 

40,505

 

—

 

40,505

 

—%

 

100.0%

 

—%

 

100.0%

 

100.0%

 

1,555,412

 

38.40

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vermont

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

img226721374_1.jpg

 

Supplemental Report June 30, 2025 – 28

 

Core Portfolio Retail Properties – Detail 1

 

 

 

 

 

 

 

 

Year

 

Acadia's

 

Gross Leasable Area (GLA)

 

In Place Occupancy

 

Leased
Occupancy

 

Annualized
Base Rent

 

ABR

Property

Key Tenants

 

Acquired

 

Interest

 

Street

 

Anchors

 

Shops

 

Total

 

Street

 

Anchors

 

Shops

 

Total

 

Total

 

(ABR)

 

PSF

The Gateway Shopping Center

Shaw's (Albertsons),
Starbucks

 

1999

 

100.0 %

 

—

 

73,184

 

29,670

 

102,854

 

—%

 

100.0%

 

88.6%

 

96.7%

 

96.7%

 

2,303,692

 

23.16

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Illinois

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hobson West Plaza

Garden Fresh Markets

 

1998

 

100.0 %

 

—

 

51,692

 

47,270

 

98,962

 

—%

 

100.0%

 

76.0%

 

88.5 %

 

88.5%

 

1,197,535

 

13.67

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Indiana

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Merrillville Plaza

Dollar Tree, TJ Maxx,
DD's Discount (Ross)

 

1998

 

100.0 %

 

—

 

123,144

 

112,782

 

235,926

 

—%

 

38.2%

 

88.1%

 

62.0 %

 

83.3%

 

2,412,960

 

16.49

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Michigan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bloomfield Town Square

HomeGoods, TJ Maxx,
Dick's Sporting Goods, Burlington

 

1998

 

100.0 %

 

—

 

153,332

 

81,619

 

234,951

 

—%

 

100.0%

 

96.3%

 

98.7 %

 

100.0%

 

4,305,051

 

18.56

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Delaware

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Town Center and Other
(1 property)

Lowes, Dick's
Sporting Goods, Target

 

2003

 

100.0 %

 

—

 

678,585

 

21,891

 

700,476

 

—%

 

100.0%

 

86.3%

 

99.6 %

 

99.6%

 

12,440,800

 

17.84

Market Square Shopping Center

Trader Joe's, TJ Maxx

 

2003

 

100.0 %

 

—

 

42,850

 

59,197

 

102,047

 

—%

 

100.0%

 

100.0%

 

100.0%

 

100.0%

 

3,422,242

 

33.54

Naamans Road

Jared Jewelers, American Red Cross

 

2006

 

100.0 %

 

—

 

—

 

19,865

 

19,865

 

—%

 

—%

 

63.8%

 

63.8 %

 

100.0%

 

711,939

 

56.14

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pennsylvania

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plaza 422

Home Depot

 

1993

 

100.0 %

 

—

 

139,968

 

16,311

 

156,279

 

—%

 

100.0%

 

100.0%

 

100.0%

 

100.0%

 

956,954

 

6.12

Chestnut Hill

  —

 

2006

 

100.0 %

 

—

 

—

 

36,492

 

36,492

 

—%

 

—%

 

100.0%

 

100.0%

 

100.0%

 

993,248

 

27.22

Abington Towne Center 6

Target, TJ Maxx

 

1998

 

100.0 %

 

—

 

184,616

 

32,255

 

216,871

 

—%

 

100.0%

 

100.0%

 

100.0%

 

100.0%

 

1,363,586

 

23.01

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Suburban Properties

 

 

 

 

 

—

 

2,693,054

 

1,015,810

 

3,708,864

 

—%

 

95.8 %

 

89.8 %

 

94.2 %

 

96.1 %

 

$64,645,199

 

$19.96

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acadia Share Total Suburban Properties

 

 

 

 

 

—

 

2,589,663

 

960,225

 

3,549,888

 

—%

 

95.9%

 

89.8%

 

94.3%

 

96.2%

 

$59,784,438

 

$19.34

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Core Properties

 

 

 

 

 

1,125,017

 

2,784,437

 

1,221,231

 

5,130,685

 

85.0%

 

96.0%

 

89.4%

 

92.0%

 

94.7%

 

$171,486,111

 

$38.40

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acadia Share Total Core Properties

 

 

 

 

 

1,036,632

 

2,681,046

 

1,152,421

 

4,870,100

 

85.2%

 

96.1%

 

89.6%

 

92.2%

 

94.7%

 

$160,020,177

 

$37.78

 

 

1.
Excludes properties that are under development, redevelopment or pre-stabilized. For further detail, refer to the Development and Redevelopment Activity section of this Supplemental Report. The above in-place occupancy and rent figures reflects only spaces where leases have commenced. Leased occupancy includes both in-place leases and signed leases that have not yet commenced. ABR and ABR per square foot are based solely on in-place occupancy.
2.
Represents the annual base rent paid to Acadia pursuant to a master lessee and does not reflect the rent paid by the retail tenants at the property.
3.
The Company’s stated legal ownership is 49.99%. However, given the preferences embedded in its interests, the Company did not attribute any value to the 50.01% non-controlling interest holders.
4.
Excludes 94,000 square feet of office GLA.
5.
Anchor GLA includes a 97,300 square foot Wal-Mart store which is not owned by the Company. This square footage has been excluded from ABR per square foot calculations.
6.
Anchor GLA includes a 157,616 square foot Target store which is not owned by the Company. This square footage has been excluded from ABR per square footage calculations.

 

img226721374_1.jpg

 

Supplemental Report June 30, 2025 – 29

 

 

 

Core Portfolio – Top Tenants 1

 

(Pro-Rata Basis)

 

 

 

 

Number of

 

 

Combined

 

 

Percentage of Total 2

 

Tenant

 

Stores

 

 

GLA

 

 

ABR

 

 

GLA

 

 

ABR

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Target

 

 

3

 

 

 

408,895

 

 

$

8,323,009

 

 

 

6.8

 %

 

 

4.9

%

J. Crew Group 3

 

 

5

 

 

 

21,788

 

 

 

4,860,982

 

 

 

0.4

 %

 

 

2.8

%

Lululemon

 

 

3

 

 

 

16,289

 

 

 

4,013,459

 

 

 

0.3

 %

 

 

2.3

%

Dick's Sporting Goods, Inc

 

 

3

 

 

 

169,782

 

 

 

3,385,770

 

 

 

2.8

 %

 

 

2.0

%

TJX Companies 4

 

 

9

 

 

 

252,043

 

 

 

3,105,924

 

 

 

4.2

 %

 

 

1.8

%

Walgreens

 

 

4

 

 

 

68,393

 

 

 

2,887,312

 

 

 

1.1

 %

 

 

1.7

%

PetSmart, Inc.

 

 

4

 

 

 

76,257

 

 

 

2,794,473

 

 

 

1.3

 %

 

 

1.6

%

Trader Joe's

 

 

3

 

 

 

40,862

 

 

 

2,628,360

 

 

 

0.7

 %

 

 

1.5

%

Fast Retailing 5

 

 

2

 

 

 

32,013

 

 

 

2,559,401

 

 

 

0.5

 %

 

 

1.5

%

ALO Yoga

 

 

2

 

 

 

22,566

 

 

 

2,505,663

 

 

 

0.4

 %

 

 

1.5

%

Albertsons Companies, Inc. 6

 

 

2

 

 

 

123,409

 

 

 

2,061,142

 

 

 

2.0

 %

 

 

1.2

%

Bob's Discount Furniture

 

 

2

 

 

 

68,793

 

 

 

2,027,670

 

 

 

1.1

 %

 

 

1.2

%

Watches of Switzerland 7

 

 

2

 

 

 

13,863

 

 

 

1,809,177

 

 

 

0.2

 %

 

 

1.1

%

Royal Ahold 8

 

 

2

 

 

 

103,125

 

 

 

1,711,582

 

 

 

1.7

 %

 

 

1.0

%

Patagonia

 

 

2

 

 

 

15,526

 

 

 

1,640,837

 

 

 

0.3

 %

 

 

1.0

%

Ulta Salon Cosmetics & Fragrance

 

 

3

 

 

 

31,497

 

 

 

1,550,756

 

 

 

0.5

 %

 

 

0.9

%

Citibank

 

 

4

 

 

 

16,160

 

 

 

1,354,382

 

 

 

0.3

 %

 

 

0.8

%

The Home Depot, Inc.

 

 

2

 

 

 

187,914

 

 

 

1,345,020

 

 

 

3.1

 %

 

 

0.8

%

Gap, Inc. 9

 

 

2

 

 

 

37,895

 

 

 

1,329,165

 

 

 

0.6

 %

 

 

0.8

%

Michaels Stores, Inc.

 

 

2

 

 

 

45,285

 

 

 

1,283,810

 

 

 

0.7

 %

 

 

0.7

%

TOTAL

 

 

61

 

 

 

1,752,355

 

 

$

53,177,893

 

 

 

29.0

%

 

 

31.1

%

 

1.
In accordance with the Company's policy of not disclosing the terms of individual leases, this list does not include tenants that operate at only one Acadia Core location. The following tenants with single locations that would otherwise be included in our top 20 tenants are: Vuori (106 Spring), Lowe's (Brandywine), Kohl's (28 Jericho), Bang & Olufsen (121 Spring), Nordstrom Rack (State and Washington), and Vera Wang (991 Madison).
2.
Totals may not foot due to rounding.
3.
Madewell (4 locations), J.Crew Factory (1 location)
4.
TJ Maxx (6 locations), HomeGoods (2 locations), Marshalls (1 location)
5.
Uniqlo (1 location), Theory (1 location)
6.
Shaw’s (2 locations)
7.
Grand Seiko (1 location), Betteridge Jewelers (1 location)
8.
Stop and Shop (2 locations)
9.
Old Navy (2 locations)

 

img226721374_1.jpg

 

Supplemental Report June 30, 2025 – 30

 

 

 

Core Portfolio – Lease Expirations

 

 

(Pro-Rata Basis)

 

 

 

 

Street Tenants

 

 

Anchor Tenants

 

 

 

 

 

 

GLA

 

 

ABR

 

 

 

 

 

GLA

 

 

ABR

 

 

 

Leases

 

 

Expiring

 

 

Percent

 

 

 

 

 

Percent

 

 

Leases

 

 

Expiring

 

 

Percent

 

 

 

 

 

Percent

 

Year

 

Expiring

 

 

SF

 

 

of Total

 

 

PSF

 

 

of Total

 

 

Expiring

 

 

SF

 

 

of Total

 

 

PSF

 

 

of Total

 

M to M 1

 

 

1

 

 

 

1,977

 

 

 

0.2

%

 

$

46.98

 

 

 

0.1

%

 

 

—

 

 

 

—

 

 

 

—

%

 

$

—

 

 

 

—

%

2025 (Remainder)

 

 

8

 

 

 

22,977

 

 

 

2.6

%

 

 

156.82

 

 

 

4.0

%

 

 

3

 

 

 

109,904

 

 

 

4.7

%

 

 

23.58

 

 

 

7.0

%

2026

 

 

28

 

 

 

86,305

 

 

 

9.8

%

 

 

135.25

 

 

 

12.8

%

 

 

10

 

 

 

424,984

 

 

 

18.3

%

 

 

10.78

 

 

 

12.5

%

2027

 

 

26

 

 

 

77,690

 

 

 

8.8

%

 

 

105.57

 

 

 

9.0

%

 

 

4

 

 

 

140,838

 

 

 

6.1

%

 

 

20.24

 

 

 

7.8

%

2028

 

 

21

 

 

 

235,677

 

 

 

26.7

%

 

 

63.20

 

 

 

16.4

%

 

 

10

 

 

 

477,731

 

 

 

20.6

%

 

 

12.22

 

 

 

15.9

%

2029

 

 

26

 

 

 

77,049

 

 

 

8.7

%

 

 

111.51

 

 

 

9.4

%

 

 

13

 

 

 

440,142

 

 

 

19.0

%

 

 

14.92

 

 

 

17.9

%

2030

 

 

20

 

 

 

102,376

 

 

 

11.6

%

 

 

94.10

 

 

 

10.6

%

 

 

4

 

 

 

152,977

 

 

 

6.6

%

 

 

22.29

 

 

 

9.3

%

2031

 

 

6

 

 

 

38,026

 

 

 

4.3

%

 

 

81.20

 

 

 

3.4

%

 

 

2

 

 

 

50,566

 

 

 

2.2

%

 

 

16.97

 

 

 

2.3

%

2032

 

 

15

 

 

 

65,577

 

 

 

7.4

%

 

 

164.36

 

 

 

11.8

%

 

 

1

 

 

 

12,250

 

 

 

0.5

%

 

 

21.96

 

 

 

0.7

%

2033

 

 

26

 

 

 

92,635

 

 

 

10.5

%

 

 

125.17

 

 

 

12.7

%

 

 

1

 

 

 

28,881

 

 

 

1.2

%

 

 

14.50

 

 

 

1.1

%

2034

 

 

8

 

 

 

16,179

 

 

 

1.8

%

 

 

107.94

 

 

 

1.9

%

 

 

1

 

 

 

21,804

 

 

 

0.9

%

 

 

11.25

 

 

 

0.7

%

Thereafter

 

 

14

 

 

 

66,271

 

 

 

7.5

%

 

 

107.94

 

 

 

7.9

%

 

 

9

 

 

 

460,317

 

 

 

19.8

%

 

 

19.87

 

 

 

24.9

%

Total 2

 

 

199

 

 

 

882,739

 

 

 

100.0

%

 

$

103.15

 

 

 

100.0

%

 

 

58

 

 

 

2,320,394

 

 

 

100.0

%

 

$

15.85

 

 

 

100.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Anchor GLA Owned by Tenants

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

254,916

 

 

 

 

 

 

 

 

 

 

Total Vacant 2

 

 

 

153,893

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

105,736

 

 

 

 

 

 

 

 

 

 

Total Square Feet 2

 

 

 

1,036,632

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,681,046

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shop Tenants

 

 

Total Tenants

 

 

 

 

 

 

GLA

 

 

ABR

 

 

 

 

 

GLA

 

 

ABR

 

 

 

Leases

 

 

Expiring

 

 

Percent

 

 

 

 

 

Percent

 

 

Leases

 

 

Expiring

 

 

Percent

 

 

 

 

 

Percent

 

Year

 

Expiring

 

 

SF

 

 

of Total

 

 

PSF

 

 

of Total

 

 

Expiring

 

 

SF

 

 

of Total

 

 

PSF

 

 

of Total

 

M to M 1

 

 

—

 

 

 

—

 

 

 

—

%

 

$

—

 

 

 

—

%

 

 

1

 

 

 

1,977

 

 

 

0.0

%

 

$

46.98

 

 

 

0.1

%

2025 (Remainder)

 

 

23

 

 

 

80,953

 

 

 

7.8

%

 

 

28.98

 

 

 

7.3

%

 

 

34

 

 

 

213,834

 

 

 

5.0

%

 

 

39.94

 

 

 

5.3

%

2026

 

 

35

 

 

 

122,123

 

 

 

11.8

%

 

 

26.66

 

 

 

10.1

%

 

 

73

 

 

 

633,412

 

 

 

15.0

%

 

 

30.80

 

 

 

12.2

%

2027

 

 

36

 

 

 

136,781

 

 

 

13.2

%

 

 

34.23

 

 

 

14.5

%

 

 

66

 

 

 

355,309

 

 

 

8.4

%

 

 

44.28

 

 

 

9.8

%

2028

 

 

37

 

 

 

148,401

 

 

 

14.4

%

 

 

35.16

 

 

 

16.2

%

 

 

68

 

 

 

861,809

 

 

 

20.3

%

 

 

30.11

 

 

 

16.2

%

2029

 

 

32

 

 

 

131,388

 

 

 

12.7

%

 

 

27.12

 

 

 

11.1

%

 

 

71

 

 

 

648,579

 

 

 

15.3

%

 

 

28.87

 

 

 

11.7

%

2030

 

 

14

 

 

 

37,352

 

 

 

3.6

%

 

 

38.10

 

 

 

4.4

%

 

 

38

 

 

 

292,705

 

 

 

6.9

%

 

 

49.42

 

 

 

9.0

%

2031

 

 

15

 

 

 

81,283

 

 

 

7.9

%

 

 

25.82

 

 

 

6.5

%

 

 

23

 

 

 

169,875

 

 

 

4.0

%

 

 

35.58

 

 

 

3.8

%

2032

 

 

24

 

 

 

94,920

 

 

 

9.2

%

 

 

33.26

 

 

 

9.8

%

 

 

40

 

 

 

172,747

 

 

 

4.1

%

 

 

82.23

 

 

 

8.9

%

2033

 

 

21

 

 

 

85,791

 

 

 

8.3

%

 

 

32.41

 

 

 

8.6

%

 

 

48

 

 

 

207,307

 

 

 

4.9

%

 

 

71.37

 

 

 

9.2

%

2034

 

 

9

 

 

 

30,191

 

 

 

2.9

%

 

 

29.25

 

 

 

2.7

%

 

 

18

 

 

 

68,174

 

 

 

1.6

%

 

 

42.17

 

 

 

1.8

%

Thereafter

 

 

23

 

 

 

83,250

 

 

 

8.1

%

 

 

33.46

 

 

 

8.7

%

 

 

46

 

 

 

609,838

 

 

 

14.4

%

 

 

31.30

 

 

 

11.9

%

Total 2

 

 

269

 

 

 

1,032,433

 

 

 

100.0

%

 

$

31.18

 

 

 

100.0

%

 

 

526

 

 

 

4,235,566

 

 

 

100.0

%

 

$

37.78

 

 

 

100.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Anchor GLA Owned by Tenants

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

254,916

 

 

 

 

 

 

 

 

 

 

Total Vacant 2

 

 

 

119,988

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

379,618

 

 

 

 

 

 

 

 

 

 

Total Square Feet 2

 

 

 

1,152,421

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,870,100

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.
Leases currently under month to month or in process of renewal.
2.
Totals may not foot due to rounding.

img226721374_1.jpg

 

Supplemental Report June 30, 2025 – 31

 

 

 

Core Portfolio – New and Renewal Rent Spreads 1

 

 

 

 

 

 

Quarter Ended

 

 

Year to Date

 

 

 

March 31, 2025

 

 

June 30, 2025

 

 

June 30, 2025

 

 

 

GAAP 2

 

 

Cash 3

 

 

GAAP 2

 

 

Cash 3

 

 

GAAP 2

 

 

Cash 3

 

New Leases

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of new leases executed

 

 

3

 

 

 

3

 

 

 

3

 

 

 

3

 

 

 

6

 

 

 

6

 

GLA

 

 

18,769

 

 

 

18,769

 

 

 

6,039

 

 

 

6,039

 

 

 

24,808

 

 

 

24,808

 

New base rent

 

$

78.60

 

 

$

73.83

 

 

$

176.24

 

 

$

163.70

 

 

$

102.37

 

 

$

95.71

 

Previous base rent

 

$

46.02

 

 

$

46.41

 

 

$

250.42

 

 

$

285.02

 

 

$

95.78

 

 

$

104.49

 

Average cost per square foot

 

$

18.80

 

 

$

18.80

 

 

$

131.75

 

 

$

131.75

 

 

$

46.29

 

 

$

46.29

 

Weighted Average Lease Term (years)

 

 

4.8

 

 

 

4.8

 

 

 

7.5

 

 

 

7.5

 

 

 

5.5

 

 

 

5.5

 

Percentage growth in base rent

 

 

70.8

 %

 

 

59.1

 %

 

 

(29.6

)%

 

 

(42.6

)%

 

 

6.9

 %

 

 

(8.4

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Renewal Leases

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of renewal leases executed

 

 

13

 

 

 

13

 

 

 

22

 

 

 

22

 

 

 

35

 

 

 

35

 

GLA

 

 

96,232

 

 

 

96,232

 

 

 

162,226

 

 

 

162,226

 

 

 

258,458

 

 

 

258,458

 

New base rent

 

$

30.93

 

 

$

29.83

 

 

$

63.21

 

 

$

60.99

 

 

$

51.19

 

 

$

49.39

 

Expiring base rent

 

$

24.70

 

 

$

27.77

 

 

$

58.50

 

 

$

60.46

 

 

$

45.92

 

 

$

48.29

 

Average cost per square foot

 

$

—

 

 

$

—

 

 

$

10.86

 

 

$

10.86

 

 

$

6.82

 

 

$

6.82

 

Weighted Average Lease Term (years)

 

 

6.6

 

 

 

6.6

 

 

 

10.8

 

 

 

10.8

 

 

 

9.3

 

 

 

9.3

 

Percentage growth in base rent

 

 

25.2

 %

 

 

7.4

 %

 

 

8.1

 %

 

 

0.9

 %

 

 

11.5

 %

 

 

2.3

 %

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total New and Renewal Leases

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of new and renewal leases executed

 

 

16

 

 

 

16

 

 

 

25

 

 

 

25

 

 

 

41

 

 

 

41

 

GLA commencing

 

 

115,001

 

 

 

115,001

 

 

 

168,265

 

 

 

168,265

 

 

 

283,266

 

 

 

283,266

 

New base rent

 

$

38.71

 

 

$

37.01

 

 

$

67.27

 

 

$

64.68

 

 

$

55.67

 

 

$

53.45

 

Expiring base rent

 

$

28.18

 

 

$

30.82

 

 

$

65.39

 

 

$

68.51

 

 

$

50.29

 

 

$

53.21

 

Average cost per square foot

 

$

3.07

 

 

$

3.07

 

 

$

15.20

 

 

$

15.20

 

 

$

10.28

 

 

$

10.28

 

Weighted Average Lease Term (years)

 

 

6.3

 

 

 

6.3

 

 

 

10.7

 

 

 

10.7

 

 

 

8.9

 

 

 

8.9

 

Percentage growth in base rent

 

 

37.4

 %

 

 

20.1

%

 

 

2.9

 %

 

 

(5.6

)%

 

 

10.7

 %

 

 

0.4

 %

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.
Based on lease execution dates. Does not include leased square footage and costs related to first generation space and the Company's construction and/or redevelopment projects (see Development and Redevelopment Activity page of this Supplemental Report) in both new and renewal leases. Renewal leases include exercised options.
2.
Rents are calculated on a straight-line (“GAAP”) basis and do not incorporate above- or below-market lease adjustments.
3.
Rents have not been calculated on a straight-line basis. The previous (or expiring) rent reflects the amount at the time of lease expiration, while the new rent represents the amount payable at lease commencement.
(1)

img226721374_1.jpg

 

Supplemental Report June 30, 2025 – 32

 

 

 

Core Portfolio – Capital Expenditures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

 

 

Year to Date

 

 

 

March 31, 2025

 

 

June 30, 2025

 

 

 

June 30, 2025

 

 

December 31, 2024

 

Leasing Commissions

 

$

1,343

 

 

$

2,456

 

 

 

$

3,799

 

 

$

4,374

 

Tenant Improvements

 

 

4,881

 

 

 

10,014

 

 

 

 

14,895

 

 

 

8,496

 

Maintenance Capital Expenditures

 

 

1,021

 

 

 

1,752

 

 

 

 

2,773

 

 

 

7,873

 

Total Capital Expenditures

 

$

7,245

 

 

$

14,222

 

 

 

$

21,467

 

 

$

20,743

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

img226721374_1.jpg

 

Supplemental Report June 30, 2025 – 33

 

 

 

Fund Overview

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

I. KEY METRICS

 

 

Fund II

 

Fund III

 

Fund IV

 

Fund V

 

Total

General Information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vintage

 

 

 

Jun-2004

 

 

May-2007

 

 

May-2012

 

 

Aug-2016

 

 

 

Fund Size

 

 

$

 

472.0

 

 Million 2

 

$

 

502.5

 

 Million

 

$

 

540.6

 

 Million

 

$

 

520.0

 

 Million

 

$

 

2,035.1

 

 Million

Acadia's Commitment

 

 

$

 

291.2

 

 Million

 

$

 

123.3

 

 Million

 

$

 

125.0

 

 Million

 

$

 

104.5

 

 Million

 

$

 

644.0

 

 Million

Acadia's Pro-Rata Share

 

 

 

 

61.7

 

% 2

 

 

 

 

24.5

 

%

 

 

 

 

23.1

 

%

 

 

 

 

20.1

 

%

 

 

 

 

31.6

 

%

 

Acadia's Promoted Share 1

 

 

 

 

69.4

 

%

 

 

 

 

39.6

 

%

 

 

 

 

38.5

 

%

 

 

 

 

36.1

 

%

 

 

 

 

45.3

 

%

 

Preferred Return

 

 

 

 

8.0

 

%

 

 

 

 

6.0

 

%

 

 

 

 

6.0

 

%

 

 

 

 

6.0

 

%

 

 

 

6.4

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current-Quarter, Fund-Level Information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative Contributions 2

 

 

$

 

559.4

 

 Million

 

$

 

448.6

 

 Million

 

$

 

506.0

 

 Million

 

$

 

478.8

 

 Million

 

$

 

1,992.8

 

 Million

Cumulative Net Distributions 3

 

 

$

 

172.9

 

 Million

 

$

 

603.5

 

 Million

 

$

 

221.4

 

 Million

 

$

 

162.8

 

 Million

 

$

 

1,160.6

 

 Million

Net Distributions/Contributions

 

 

 

 

30.9

 

%

 

 

 

 

134.5

 

%

 

 

 

 

43.8

 

%

 

 

 

 

34.0

 

%

 

 

 

 

58.2

 

%

 

Unfunded Commitment 4

 

 

$

 

0.0

 

 Million

 

$

 

1.4

 

 Million

 

$

 

24.0

 

 Million

 

$

 

41.2

 

 Million

 

$

 

66.6

 

 Million

Investment Period Closes

 

 

 

Closed

 

 

 

 

 

Closed

 

 

 

 

 

Closed

 

 

 

 

 

Closed

 

 

 

 

 

 

 

 

 

Currently in a Promote Position? (Yes/No)

 

 

 

No

 

 

 

 

 

No

 

 

 

 

 

No

 

 

 

 

 

No

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

II. FEES & PRIORITY DISTRIBUTIONS EARNED BY ACADIA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Type:

 

 

 

Applicable to

 

 

Description

Asset Management

 

 

 

Fund II & III

 

 

0%

Asset Management 5

 

 

 

Fund IV

 

 

0.75% of Implied Capital

Asset Management 5

 

 

 

Fund V

 

 

1.25% of Implied Capital

Property Management

 

 

 

All funds

 

 

4.0% of gross property revenues

Leasing

 

 

 

All funds

 

 

Market-rate leasing commissions

Construction/Project Management

 

 

 

All funds

 

 

Market-rate fees

Development

 

 

 

Fund III, IV & V

 

 

3.0% of total project costs

 

1.
Acadia’s “Promoted Share” reflects Acadia's share of fund profits after all partners (including Acadia) have received a full return of their cumulative contributions plus their preferred return. Acadia's Promoted Share equals a 20% promote plus Acadia's pro-rata share of the remaining 80% of profits.
2.
The additional contributions to Fund II beyond its original Fund Size reflects prior-period distributions that were re-contributed in 2016, 2020, 2021 and 2022. These funds supported the on-going redevelopment of existing Fund II investments and included an incremental $172 million of capital contributed in connection with the City Point recapitalization. City Point is the sole remaining asset in Fund II.
3.
All returns and distributions referenced are presented net of fees and promote.
4.
Unfunded Commitments are reserved for completing leasing and development activities at existing fund investments. These amounts may not equal the difference between Fund Size and Cumulative Contributions due to factors such as recallable distributions, the end of the investment period, or accelerated asset sales that result in released commitments.
5.
Implied Capital refers to the Fund Size less capital allocated to investments that have been sold or released.

img226721374_1.jpg

 

 Supplemental Report June 30, 2025 – 34

 

Investment Management Retail Properties – Detail 1

 

 

 

 

 

 

 

 

 

 

Year

 

Fund

 

Gross Leasable Area

 

In Place Occupancy

 

Leased

 

Annualized

 

 

Property

 

Key Tenants

 

Acquired

 

Ownership %

 

Street

 

Anchors

 

Shops

 

Total

 

Street

 

Anchors

 

Shops

 

Total

 

Occupancy

 

Base Rent (ABR)

 

ABR PSF

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fund II Portfolio Detail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NEW YORK

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New York

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

City Point 2

 

Primark, Target, Sephora,
Basis Schools,
Alamo Drafthouse,
Trader Joe's, Lululemon

 

2007

 

94.2%

 

—

 

330,448

 

205,966

 

536,414

 

—%

 

100.0%

 

44.4%

 

78.7%

 

86.5%

 

$20,058,572

 

$47.54

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total - Fund II

 

 

 

 

 

 

 

—

 

330,448

 

205,966

 

536,414

 

—%

 

100.0%

 

44.4%

 

78.7%

 

86.5%

 

$20,058,572

 

$47.54

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fund III Portfolio Detail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NEW YORK

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New York

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

640 Broadway

 

─

 

2012

 

100.0%

 

4,547

 

—

 

—

 

4,547

 

93.4%

 

—%

 

—%

 

93.4%

 

93.4%

 

$1,158,550

 

$272.79

Total - Fund III

 

 

 

 

 

 

 

4,547

 

—

 

—

 

4,547

 

93.4%

 

—%

 

—%

 

93.4%

 

93.4%

 

$1,158,550

 

$272.79

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fund IV Portfolio Detail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NEW YORK

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New York

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

801 Madison Avenue

 

─

 

2015

 

100.0%

 

2,522

 

—

 

—

 

2,522

 

100.0%

 

—%

 

—%

 

100.0%

 

100.0%

 

$300,000

 

$118.95

210 Bowery

 

─

 

2012

 

100.0%

 

2,538

 

—

 

—

 

2,538

 

—%

 

—%

 

—%

 

—%

 

—%

 

—

 

—

27 East 61st Street

 

─

 

2014

 

100.0%

 

4,177

 

—

 

—

 

4,177

 

—%

 

—%

 

—%

 

—%

 

—%

 

—

 

—

17 East 71st Street

 

The Row

 

2014

 

100.0%

 

8,432

 

—

 

—

 

8,432

 

100.0%

 

—%

 

—%

 

100.0%

 

100.0%

 

2,125,853

 

252.12

1035 Third Avenue 3

 

─

 

2015

 

100.0%

 

7,634

 

—

 

—

 

7,634

 

100.0%

 

—%

 

—%

 

100.0%

 

100.0%

 

1,125,346

 

147.41

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BOSTON

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Massachusetts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restaurants at Fort Point

 

Santander Bank

 

2016

 

100.0%

 

15,711

 

—

 

—

 

15,711

 

9.1%

 

—%

 

—%

 

9.1%

 

9.1%

 

224,438

 

157.50

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NORTHEAST

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rhode Island

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

650 Bald Hill Road

 

Dick's Sporting Goods,
Burlington

 

2015

 

90.0%

 

—

 

55,000

 

105,448

 

160,448

 

—%

 

100.0%

 

77.7%

 

85.3%

 

85.3%

 

2,092,896

 

15.28

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

img226721374_1.jpg

 

Supplemental Report June 30, 2025 – 35

 

Investment Management Retail Properties – Detail 1

 

 

 

 

 

 

 

 

Year

 

Fund

 

Gross Leasable Area

 

In Place Occupancy

 

Leased

 

Annualized

 

 

Property

 

Key Tenants

 

Acquired

 

Ownership %

 

Street

 

Anchors

 

Shops

 

Total

 

Street

 

Anchors

 

Shops

 

Total

 

Occupancy

 

Base Rent (ABR)

 

ABR PSF

SOUTHEAST

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Georgia

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Broughton Street Portfolio
   (13 properties)

 

H&M, Warby Parker,
Kendra Scott, Starbucks, Lululemon

 

2014

 

100.0%

 

94,693

 

—

 

—

 

94,693

 

93.3%

 

—%

 

—%

 

93.3%

 

93.3%

 

3,461,323

 

39.19

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WEST

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

California

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Union and Fillmore
Collection (1 property)

 

 Bonobos

 

2015

 

90.0%

 

1,044

 

—

 

—

 

1,044

 

100.0%

 

—%

 

—%

 

100.0%

 

100.0%

 

82,500

 

79.02

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total - Fund IV

 

 

 

 

 

 

 

136,751

 

55,000

 

105,448

 

297,199

 

80.0%

 

100.0%

 

77.7%

 

82.9%

 

82.9%

 

$9,412,356

 

$38.21

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fund V Portfolio Detail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SOUTHWEST

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New Mexico

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plaza Santa Fe

 

TJ Maxx, Best Buy,
Ross Dress for Less

 

2017

 

100.0%

 

—

 

153,983

 

70,169

 

224,152

 

—%

 

100.0%

 

99.7%

 

99.9%

 

99.9%

 

$4,303,243

 

$19.22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Texas

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wood Ridge Plaza

 

Skechers, Diamonds Direct, Office Depot

 

2022

 

90.0%

 

—

 

—

 

217,273

 

217,273

 

—%

 

—%

 

85.1%

 

85.1%

 

85.1%

 

4,687,698

 

25.37

La Frontera Village

 

Kohl's, Hobby Lobby, Burlington, Marshalls

 

2022

 

90.0%

 

—

 

203,619

 

330,930

 

534,549

 

—%

 

100.0%

 

92.0%

 

95.0%

 

96.3%

 

7,834,402

 

15.42

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MIDWEST

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Michigan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New Towne Center

 

Kohl's, DSW

 

2017

 

100.0%

 

—

 

145,389

 

45,141

 

190,530

 

—%

 

75.7%

 

95.6%

 

80.4%

 

81.5%

 

1,920,347

 

12.53

Fairlane Green

 

TJ Maxx, Michaels, Burlington

 

2017

 

100.0%

 

—

 

109,952

 

160,235

 

270,187

 

—%

 

100.0%

 

97.1%

 

98.3%

 

98.3%

 

5,256,120

 

19.79

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NORTHEAST

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Maryland

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Frederick County (1 property)

 

Lidl, Advance Auto, Starbucks

 

2019

 

90.0%

 

—

 

90,053

 

146,454

 

236,507

 

—%

 

56.6%

 

84.0%

 

73.6%

 

75.8%

 

3,425,545

 

19.68

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Connecticut

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tri-City Plaza

 

TJ Maxx, HomeGoods, ShopRite

 

2019

 

90.0%

 

—

 

129,940

 

165,877

 

295,817

 

—%

 

100.0%

 

93.0%

 

96.1%

 

96.9%

 

4,357,330

 

15.33

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

img226721374_1.jpg

 

Supplemental Report June 30, 2025 – 36

 

Investment Management Retail Properties – Detail 1

 

 

 

 

 

 

 

 

Year

 

Fund

 

Gross Leasable Area

 

In Place Occupancy

 

Leased

 

Annualized

 

 

Property

 

Key Tenants

 

Acquired

 

Ownership %

 

Street

 

Anchors

 

Shops

 

Total

 

Street

 

Anchors

 

Shops

 

Total

 

Occupancy

 

Base Rent (ABR)

 

ABR PSF

New Jersey

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Midstate

 

ShopRite, Best Buy, Ross Dress for Less, PetSmart

 

2021

 

100.0%

 

—

 

270,423

 

122,466

 

392,889

 

—%

 

100.0%

 

83.0%

 

94.7%

 

95.3%

 

7,276,219

 

19.55

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New York

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shoppes at South Hills

 

ShopRite,
Ashley Furniture

 

2022

 

90.0%

 

—

 

416,804

 

96,104

 

512,908

 

—%

 

80.7%

 

58.2%

 

76.5%

 

76.5%

 

4,805,125

 

12.24

Mohawk Commons

 

Lowe's, Target

 

2023

 

90.0%

 

—

 

330,874

 

68,324

 

399,198

 

—%

 

100.0%

 

86.1%

 

97.6%

 

99.2%

 

5,604,599

 

14.38

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pennsylvania

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Monroe Marketplace

 

Kohl's, Dick's
Sporting Goods,
Giant Food

 

2021

 

100.0%

 

—

 

263,376

 

108,276

 

371,652

 

—%

 

100.0%

 

98.5%

 

99.6%

 

99.6%

 

4,432,591

 

11.98

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rhode Island

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lincoln Commons

 

Stop & Shop (Ahold), Marshalls,
HomeGoods

 

2019

 

100.0%

 

—

 

155,279

 

305,534

 

460,813

 

—%

 

100.0%

 

95.7%

 

97.1%

 

97.1%

 

6,126,463

 

13.69

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vermont

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Maple Tree Place 4

 

Shaw's, Dick's Sporting Goods, Best Buy, Old Navy

 

2023

 

100.0%

 

—

 

246,738

 

150,040

 

396,778

 

—%

 

100.0%

 

87.5%

 

95.3%

 

96.8%

 

7,349,884

 

19.44

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SOUTHEAST

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Virginia

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Landstown Commons

 

Best Buy, Burlington,
Ross Dress for Less

 

2019

 

100.0%

 

—

 

87,883

 

295,376

 

383,259

 

—%

 

100.0%

 

94.6%

 

95.9%

 

98.2%

 

7,785,674

 

21.19

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Florida

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Palm Coast Landing

 

TJ Maxx, PetSmart,
Ross Dress for Less

 

2019

 

100.0%

 

—

 

73,241

 

98,480

 

171,721

 

—%

 

100.0%

 

96.4%

 

97.9%

 

97.9%

 

3,603,945

 

21.43

Cypress Creek

 

Hobby Lobby, Total Wine, HomeGoods

 

2023

 

100.0%

 

—

 

167,978

 

71,678

 

239,656

 

—%

 

100.0%

 

95.1%

 

98.5%

 

100.0%

 

5,121,664

 

21.69

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North Carolina

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hickory Ridge

 

Kohl's, Best Buy, Dick's Sporting Goods

 

2017

 

100.0%

 

—

 

266,584

 

113,981

 

380,565

 

—%

 

100.0%

 

87.0%

 

96.1%

 

96.8%

 

4,645,263

 

12.70

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

img226721374_1.jpg

 

Supplemental Report June 30, 2025 – 37

 

Investment Management Retail Properties – Detail 1

 

 

 

 

 

 

 

 

Year

 

Fund

 

Gross Leasable Area

 

In Place Occupancy

 

Leased

 

Annualized

 

 

Property

 

Key Tenants

 

Acquired

 

Ownership %

 

Street

 

Anchors

 

Shops

 

Total

 

Street

 

Anchors

 

Shops

 

Total

 

Occupancy

 

Base Rent (ABR)

 

ABR PSF

Alabama

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trussville Promenade

 

Wal-Mart, Regal Cinemas

 

2018

 

100.0%

 

—

 

366,010

 

97,671

 

463,681

 

—%

 

92.4%

 

79.0%

 

89.6%

 

89.6%

 

3,945,040

 

9.50

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Georgia

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Canton Marketplace

 

Dick's Sporting Goods,
TJ Maxx,
Best Buy

 

2021

 

100.0%

 

—

 

132,569

 

215,397

 

347,966

 

—%

 

100.0%

 

96.2%

 

97.7%

 

98.6%

 

6,318,061

 

18.59

Hiram Pavilion

 

Kohl's, HomeGoods

 

2018

 

100.0%

 

—

 

210,139

 

153,252

 

363,391

 

—%

 

100.0%

 

96.7%

 

98.6%

 

100.0%

 

4,949,068

 

13.81

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WEST

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

California

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Elk Grove Commons

 

Kohl's, HomeGoods

 

2018

 

100.0%

 

—

 

132,489

 

109,589

 

242,078

 

—%

 

100.0%

 

100.0%

 

100.0%

 

100.0%

 

5,449,481

 

22.51

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Utah

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Family Center at Riverdale

 

Target, Home Goods,
Best Buy,
 Sierra Trading (TJX)

 

2019

 

89.4%

 

—

 

231,895

 

140,513

 

372,408

 

—%

 

100.0%

 

92.3%

 

97.1%

 

97.9%

 

4,071,021

 

11.26

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total - Fund V

 

 

 

 

 

 

 

—

 

4,185,218

 

3,282,760

 

7,467,978

 

—%

 

95.6%

 

91.3%

 

93.7%

 

94.5%

 

$113,268,783

 

$16.18

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Co-investment Vehicles Detail 5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NORTHEAST

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New York

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shops at Grand Avenue

 

Stop & Shop (Ahold), Starbucks

 

2024

 

5.0%

 

—

 

52,336

 

47,501

 

99,837

 

—%

 

100.0%

 

78.3%

 

89.7%

 

89.7%

 

$3,285,171

 

$36.70

SOUTHEAST

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Florida

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Walk at Highwoods Preserve

 

HomeGoods, Michaels

 

2024

 

20.0%

 

—

 

80,894

 

56,862

 

137,756

 

—%

 

100.0%

 

88.2%

 

95.1%

 

95.1%

 

2,651,111

 

20.23

Pinewood Square

 

TJ Maxx, Ross Dress for Less, Five Below

 

2025

 

100.0%

 

—

 

113,359

 

90,643

 

204,002

 

—%

 

100.0%

 

98.5%

 

99.4%

 

99.4%

 

4,847,164

 

23.92

img226721374_1.jpg

 

Supplemental Report June 30, 2025 – 38

 

Investment Management Retail Properties – Detail 1

 

 

 

 

 

 

 

 

Year

 

Fund

 

Gross Leasable Area

 

In Place Occupancy

 

Leased

 

Annualized

 

 

Property

 

Key Tenants

 

Acquired

 

Ownership %

 

Street

 

Anchors

 

Shops

 

Total

 

Street

 

Anchors

 

Shops

 

Total

 

Occupancy

 

Base Rent (ABR)

 

ABR PSF

WEST

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nevada

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LINQ Promenade

 

Yard House,
Brooklyn Bowl,
I Love Sugar, Starbucks,
Welcome to Las Vegas,
In-N-Out Burger

 

2024

 

15.0%

 

—

 

—

 

182,926

 

182,926

 

—%

 

—%

 

96.2%

 

96.2%

 

99.6%

 

14,497,152

 

82.35

Total - Other Co-investment Vehicles

 

 

 

 

 

 

 

—

 

246,589

 

377,932

 

624,521

 

—

 

100.0%

 

93.3%

 

96.0%

 

96.9%

 

$25,280,598

 

$42.18

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL INVESTMENT MANAGEMENT PROPERTIES

 

 

 

 

 

 

 

141,298

 

4,817,255

 

3,972,106

 

8,930,659

 

80.4%

 

96.2%

 

88.7%

 

92.6%

 

93.8%

 

$169,178,859

 

$20.46

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acadia Share of Total Investment Management Properties

 

32,709

 

1,148,321

 

909,668

 

2,090,698

 

80.4%

 

97.0%

 

85.7%

 

91.8%

 

93.6%

 

$43,842,108

 

$22.84

 

1.
Excludes properties currently under development. For details, refer to Development and Redevelopment Activity section of this Supplemental Report. The above in-place occupancy and rent figures reflect only those spaces where leases have commenced. Leased occupancy includes both in-place occupancy and signed leases that have not yet commenced. ABR and ABR per square foot are based on in-place occupancy.
2.
In place occupancy excludes short-term percentage rent.
3.
Property also includes 12,371 square feet of 2nd floor office space and a 29,760 square foot parking garage (13 spaces).
4.
Property also includes 93,259 square feet of office space.
5.
Ownership percentages for other co-investment vehicles are presented at our pro rata share.

img226721374_1.jpg

 

Supplemental Report June 30, 2025 – 39

 

 

 

 

Investment Management Lease Expirations

 

 

(Pro-Rata Basis)

 

 

 

 

FUND II

 

 

 

 

 

 

 

 

FUND III

 

 

 

 

 

 

 

 

 

 

 

 

GLA

 

 

 

 

 

ABR

 

 

 

 

 

GLA

 

 

 

 

 

ABR

 

 

 

Leases

 

 

Expiring

 

 

Percent

 

 

 

 

 

 

 

 

Percent

 

 

Leases

 

 

Expiring

 

 

Percent

 

 

 

 

 

 

 

 

Percent

 

Year

 

Expiring

 

 

SF

 

 

of Total

 

 

Amount

 

 

PSF

 

 

of Total

 

 

Expiring

 

 

SF

 

 

of Total

 

 

Amount

 

 

PSF

 

 

of Total

 

M to M 1

 

 

—

 

 

 

—

 

 

 

—

%

 

$

—

 

 

$

—

 

 

 

—

%

 

 

—

 

 

 

—

 

 

 

—

%

 

$

—

 

 

$

—

 

 

 

—

%

2025 (Remainder)

 

 

1

 

 

 

2,353

 

 

 

1.0

%

 

 

175,815

 

 

 

74.73

 

 

 

1.5

%

 

 

—

 

 

 

—

 

 

 

—

%

 

 

—

 

 

 

—

 

 

 

—

%

2026

 

 

2

 

 

 

3,115

 

 

 

1.3

%

 

 

312,746

 

 

 

100.40

 

 

 

2.7

%

 

 

—

 

 

 

—

 

 

 

—

%

 

 

—

 

 

 

—

 

 

 

—

%

2027

 

 

3

 

 

 

15,292

 

 

 

6.2

%

 

 

1,246,815

 

 

 

81.53

 

 

 

10.7

%

 

 

1

 

 

 

306

 

 

 

29.4

%

 

 

77,741

 

 

 

254.05

 

 

 

27.3

%

2028

 

 

1

 

 

 

552

 

 

 

0.2

%

 

 

120,863

 

 

 

219.00

 

 

 

1.0

%

 

 

—

 

 

 

—

 

 

 

—

%

 

 

—

 

 

 

—

 

 

 

—

%

2029

 

 

1

 

 

 

580

 

 

 

0.2

%

 

 

91,368

 

 

 

157.59

 

 

 

0.8

%

 

 

1

 

 

 

177

 

 

 

17.0

%

 

 

43,413

 

 

 

245.36

 

 

 

15.3

%

2030

 

 

—

 

 

 

—

 

 

 

—

%

 

 

—

 

 

 

—

 

 

 

—

%

 

 

1

 

 

 

226

 

 

 

21.7

%

 

 

57,142

 

 

 

252.55

 

 

 

20.1

%

2031

 

 

—

 

 

 

—

 

 

 

—

%

 

 

—

 

 

 

—

 

 

 

—

%

 

 

—

 

 

 

—

 

 

 

—

%

 

 

—

 

 

 

—

 

 

 

—

%

2032

 

 

2

 

 

 

74,323

 

 

 

30.3

%

 

 

928,816

 

 

 

12.50

 

 

 

8.0

%

 

 

—

 

 

 

—

 

 

 

—

%

 

 

—

 

 

 

—

 

 

 

—

%

2033

 

 

3

 

 

 

18,877

 

 

 

7.7

%

 

 

897,049

 

 

 

47.52

 

 

 

7.7

%

 

 

—

 

 

 

—

 

 

 

—

%

 

 

—

 

 

 

—

 

 

 

—

%

2034

 

 

4

 

 

 

4,968

 

 

 

2.0

%

 

 

534,820

 

 

 

107.66

 

 

 

4.6

%

 

 

1

 

 

 

173

 

 

 

16.6

%

 

 

47,117

 

 

 

271.57

 

 

 

16.6

%

Thereafter

 

 

9

 

 

 

125,076

 

 

 

51.0

%

 

 

7,344,362

 

 

 

58.72

 

 

 

63.0

%

 

 

2

 

 

 

160

 

 

 

15.3

%

 

 

58,896

 

 

 

369.23

 

 

 

20.7

%

Total 2

 

 

26

 

 

 

245,134

 

 

 

100.0

%

 

$

11,652,654

 

 

$

47.54

 

 

 

100.0

%

 

 

6

 

 

 

1,042

 

 

 

100.0

%

 

$

284,308

 

 

$

272.79

 

 

 

100.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

66,485

 

 

Total Vacant 2

 

 

 

 

 

 

 

 

 

 

 

 

74

 

 

Total Vacant 2

 

 

 

 

 

 

 

 

 

 

 

 

 

311,620

 

 

Total Square Feet 2

 

 

 

 

 

 

 

 

 

 

 

 

1,116

 

 

Total Square Feet 2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FUND IV

 

 

 

 

 

 

 

 

FUND V

 

 

 

 

 

 

 

 

 

 

 

 

GLA

 

 

 

 

 

ABR

 

 

 

 

 

GLA

 

 

 

 

 

ABR

 

 

 

Leases

 

 

Expiring

 

 

Percent

 

 

 

 

 

 

 

 

Percent

 

 

Leases

 

 

Expiring

 

 

Percent

 

 

 

 

 

 

 

 

Percent

 

Year

 

Expiring

 

 

SF

 

 

of Total

 

 

Amount

 

 

PSF

 

 

of Total

 

 

Expiring

 

 

SF

 

 

of Total

 

 

Amount

 

 

PSF

 

 

of Total

 

M to M 1

 

 

—

 

 

 

—

 

 

 

—

%

 

$

—

 

 

$

—

 

 

 

—

%

 

 

5

 

 

 

1,103

 

 

 

0.1

%

 

$

26,619

 

 

$

24.14

 

 

 

—

%

2025 (Remainder)

 

 

5

 

 

 

2,197

 

 

 

4.1

%

 

 

587,392

 

 

 

267.35

 

 

 

27.6

%

 

 

45

 

 

 

63,626

 

 

 

4.7

%

 

 

1,219,353

 

 

 

19.16

 

 

 

6.0

%

2026

 

 

2

 

 

 

731

 

 

 

1.4

%

 

 

63,021

 

 

 

86.26

 

 

 

3.0

%

 

 

95

 

 

 

121,314

 

 

 

8.9

%

 

 

2,348,019

 

 

 

19.35

 

 

 

11.0

%

2027

 

 

5

 

 

 

3,245

 

 

 

6.0

%

 

 

187,791

 

 

 

57.86

 

 

 

8.8

%

 

 

91

 

 

 

204,538

 

 

 

15.0

%

 

 

2,763,734

 

 

 

13.51

 

 

 

13.0

%

2028

 

 

5

 

 

 

3,631

 

 

 

6.8

%

 

 

104,668

 

 

 

28.83

 

 

 

4.9

%

 

 

89

 

 

 

173,870

 

 

 

12.8

%

 

 

3,274,343

 

 

 

18.83

 

 

 

15.0

%

2029

 

 

4

 

 

 

14,941

 

 

 

27.8

%

 

 

359,337

 

 

 

24.05

 

 

 

16.9

%

 

 

97

 

 

 

214,170

 

 

 

15.7

%

 

 

3,375,788

 

 

 

15.76

 

 

 

15.0

%

2030

 

 

2

 

 

 

664

 

 

 

1.2

%

 

 

42,474

 

 

 

63.94

 

 

 

2.0

%

 

 

60

 

 

 

180,465

 

 

 

13.3

%

 

 

2,551,492

 

 

 

14.14

 

 

 

12.0

%

2031

 

 

3

 

 

 

1,488

 

 

 

2.8

%

 

 

124,004

 

 

 

83.35

 

 

 

5.8

%

 

 

31

 

 

 

67,752

 

 

 

5.0

%

 

 

1,000,609

 

 

 

14.77

 

 

 

5.0

%

2032

 

 

4

 

 

 

19,666

 

 

 

36.6

%

 

 

402,555

 

 

 

20.47

 

 

 

18.9

%

 

 

34

 

 

 

74,981

 

 

 

5.5

%

 

 

1,210,684

 

 

 

16.15

 

 

 

5.0

%

2033

 

 

3

 

 

 

4,874

 

 

 

9.1

%

 

 

113,423

 

 

 

23.27

 

 

 

5.3

%

 

 

33

 

 

 

78,410

 

 

 

5.8

%

 

 

1,280,277

 

 

 

16.33

 

 

 

6.0

%

2034

 

 

3

 

 

 

1,199

 

 

 

2.2

%

 

 

52,355

 

 

 

43.66

 

 

 

2.5

%

 

 

41

 

 

 

90,042

 

 

 

6.6

%

 

 

1,523,624

 

 

 

16.92

 

 

 

7.0

%

Thereafter

 

 

2

 

 

 

1,125

 

 

 

2.1

%

 

 

88,821

 

 

 

78.93

 

 

 

4.2

%

 

 

34

 

 

 

89,866

 

 

 

6.6

%

 

 

1,488,545

 

 

 

16.56

 

 

 

5.0

%

Total 2

 

 

38

 

 

 

53,760

 

 

 

100.0

%

 

$

2,125,841

 

 

$

39.54

 

 

 

100.0

%

 

 

655

 

 

 

1,360,135

 

 

 

100.0

%

 

$

22,063,086

 

 

$

16.22

 

 

 

100.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,218

 

 

Total Vacant 2

 

 

 

 

 

 

 

 

 

 

 

 

88,865

 

 

Total Vacant 2

 

 

 

 

 

 

 

 

 

 

 

 

 

64,979

 

 

Total Square Feet 2

 

 

 

 

 

 

 

 

 

 

 

 

1,448,999

 

 

Total Square Feet 2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

img226721374_1.jpg

 

Supplemental Report June 30, 2025 – 39

 

 

 

Investment Management Lease Expirations (Continued)

 

(Pro-Rata Basis)

 

 

 

 

OTHER CO-INVESTMENT VEHICLES

 

 

 

 

 

 

 

 

TOTAL INVESTMENT MANAGEMENT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GLA

 

 

 

 

 

ABR

 

 

 

 

 

GLA

 

 

 

 

 

ABR

 

 

 

 

 

 

 

Leases

 

 

Expiring

 

 

Percent

 

 

 

 

 

 

 

 

Percent

 

 

Leases

 

 

Expiring

 

 

Percent

 

 

 

 

 

 

 

 

Percent

 

 

 

 

 

 

 

Expiring

 

 

SF

 

 

of Total

 

 

Amount

 

 

PSF

 

 

of Total

 

 

Expiring

 

 

SF

 

 

of Total

 

 

Amount

 

 

PSF

 

 

of Total

 

 

 

 

 

M to M 1

 

 

—

 

 

 

—

 

 

 

—

%

 

$

—

 

 

$

—

 

 

 

—

%

 

 

5

 

 

 

1,103

 

 

 

0.1

%

 

$

26,619

 

 

$

24.14

 

 

 

0.1

%

 

 

 

 

2025 (Remainder)

 

 

9

 

 

 

8,954

 

 

 

3.4

%

 

 

401,449

 

 

 

44.83

 

 

 

5.2

%

 

 

60

 

 

 

77,130

 

 

 

4.0

%

 

 

2,384,009

 

 

 

30.91

 

 

 

5.4

%

 

 

 

 

2026

 

 

10

 

 

 

23,818

 

 

 

9.2

%

 

 

707,086

 

 

 

29.69

 

 

 

9.2

%

 

 

109

 

 

 

148,977

 

 

 

7.8

%

 

 

3,430,871

 

 

 

23.03

 

 

 

7.8

%

 

 

 

 

2027

 

 

21

 

 

 

37,628

 

 

 

14.5

%

 

 

1,139,189

 

 

 

30.27

 

 

 

14.8

%

 

 

121

 

 

 

261,010

 

 

 

13.6

%

 

 

5,415,270

 

 

 

20.75

 

 

 

12.4

%

 

 

 

 

2028

 

 

21

 

 

 

78,810

 

 

 

30.3

%

 

 

1,627,329

 

 

 

20.65

 

 

 

21.1

%

 

 

116

 

 

 

256,862

 

 

 

13.4

%

 

 

5,127,202

 

 

 

19.96

 

 

 

11.7

%

 

 

 

 

2029

 

 

23

 

 

 

36,151

 

 

 

13.9

%

 

 

2,034,782

 

 

 

56.28

 

 

 

26.4

%

 

 

126

 

 

 

266,019

 

 

 

13.9

%

 

 

5,904,687

 

 

 

22.20

 

 

 

13.5

%

 

 

 

 

2030

 

 

12

 

 

 

37,029

 

 

 

14.3

%

 

 

829,849

 

 

 

22.41

 

 

 

10.8

%

 

 

75

 

 

 

218,385

 

 

 

11.4

%

 

 

3,480,956

 

 

 

15.94

 

 

 

7.9

%

 

 

 

 

2031

 

 

2

 

 

 

2,038

 

 

 

0.8

%

 

 

139,298

 

 

 

68.34

 

 

 

1.8

%

 

 

36

 

 

 

71,278

 

 

 

3.7

%

 

 

1,263,911

 

 

 

17.73

 

 

 

2.9

%

 

 

 

 

2032

 

 

1

 

 

 

1,945

 

 

 

0.7

%

 

 

68,075

 

 

 

35.00

 

 

 

0.9

%

 

 

41

 

 

 

170,914

 

 

 

8.9

%

 

 

2,610,130

 

 

 

15.27

 

 

 

6.0

%

 

 

 

 

2033

 

 

6

 

 

 

25,118

 

 

 

9.7

%

 

 

539,194

 

 

 

21.47

 

 

 

7.0

%

 

 

45

 

 

 

127,278

 

 

 

6.6

%

 

 

2,829,943

 

 

 

22.23

 

 

 

6.5

%

 

 

 

 

2034

 

 

6

 

 

 

7,999

 

 

 

3.1

%

 

 

221,297

 

 

 

27.66

 

 

 

2.9

%

 

 

55

 

 

 

104,381

 

 

 

5.4

%

 

 

2,379,214

 

 

 

22.79

 

 

 

5.4

%

 

 

 

 

Thereafter

 

 

1

 

 

 

287

 

 

 

0.1

%

 

 

8,670

 

 

 

30.17

 

 

 

0.1

%

 

 

48

 

 

 

216,514

 

 

 

11.3

%

 

 

8,989,295

 

 

 

41.52

 

 

 

20.5

%

 

 

 

 

Total 2

 

 

112

 

 

 

259,778

 

 

 

100.0

%

 

 

7,716,218

 

 

$

29.70

 

 

 

100.0

%

 

 

837

 

 

 

1,919,850

 

 

 

100.0

%

 

$

43,842,108

 

 

$

22.84

 

 

 

100.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,206

 

 

Total Vacant 2

 

 

 

 

 

 

 

 

 

 

 

 

170,848

 

 

Total Vacant 2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

263,984

 

 

Total Square Feet 2

 

 

 

 

 

 

 

 

 

 

 

 

2,090,698

 

 

Total Square Feet 2

 

 

 

 

 

 

 

 

 

 

 

 

1.
Leases currently under month to month or in process of renewal.
2.
Totals may not foot due to rounding.

 

img226721374_1.jpg

 

Supplemental Report June 30, 2025 – 40

 

Development and Redevelopment Activity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acadia's Pro-rata Share (in millions)

Property

 

AKR Pro-rata share

 

Location

 

Estimated Stabilization

 

Est. Sq ft Upon Completion

 

 

Costs prior to development / redevelopment

 

 

Incurred costs since development / redevelopment

 

 

Total Costs to Date

 

 

Estimated Future Range

 

 

Estimated Total Range

 

 

CORE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Development:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Henderson Avenue Expansion 1

 

100.0%

 

Dallas, TX

 

2027/2028

 

 

176,000

 

 

$

23.1

 

 

$

39.7

 

 

$

62.8

 

 

$

5.7

 

 

$

105.7

 

 

$

68.5

 

 

$

168.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Redevelopment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

555 9th Street

 

100.0%

 

San Francisco, CA

 

TBD

 

 

149,000

 

 

 

141.7

 

 

 

14.9

 

 

 

156.6

 

 

 

10.1

 

 

 

20.1

 

 

 

166.7

 

 

 

176.7

 

 

840 N. Michigan Avenue

 

94.4%

 

Chicago, IL

 

TBD

 

 

87,000

 

 

 

156.4

 

 

 

0.2

 

 

 

156.6

 

 

TBD

 

 

TBD

 

 

TBD

 

 

TBD

 

 

Brandywine Holdings

 

100.0%

 

Wilmington, DE

 

2026

 

 

138,000

 

 

 

24.0

 

 

 

0.3

 

 

 

24.3

 

 

 

9.8

 

 

 

11.8

 

 

 

34.1

 

 

 

36.1

 

 

Westshore Expressway

 

100.0%

 

Staten Island, NY

 

TBD

 

 

55,000

 

 

 

18.6

 

 

 

—

 

 

 

18.6

 

 

TBD

 

 

TBD

 

 

TBD

 

 

TBD

 

 

Mark Plaza

 

100.0%

 

Edwardsville, PA

 

TBD

 

 

107,000

 

 

 

3.7

 

 

 

—

 

 

 

3.7

 

 

TBD

 

 

TBD

 

 

TBD

 

 

TBD

 

 

Bedford Green

 

100.0%

 

Bedford Hills, NY

 

TBD

 

 

91,000

 

 

 

50.7

 

 

 

—

 

 

 

50.7

 

 

TBD

 

 

TBD

 

 

TBD

 

 

TBD

 

 

Total Core Redevelopment

 

 

 

 

 

 

 

 

 

 

$

395.1

 

 

$

15.4

 

 

$

410.5

 

 

$

19.9

 

 

$

31.9

 

 

$

200.8

 

 

$

212.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Core Development and Redevelopment

 

 

 

 

 

 

 

 

 

 

$

418.2

 

 

$

55.1

 

 

$

473.3

 

 

$

25.6

 

 

$

137.6

 

 

$

269.3

 

 

$

381.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INVESTMENT MANAGEMENT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Development:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FUND III

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Broad Hollow Commons

 

24.5%

 

Farmingdale, NY

 

2026/2027

 

TBD

 

 

$

3.0

 

 

$

5.1

 

 

$

8.1

 

 

TBD

 

 

TBD

 

 

TBD

 

 

TBD

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Redevelopment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FUND IV

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

717 N. Michigan Avenue

 

23.1%

 

Chicago, IL

 

TBD

 

TBD

 

 

 

26.9

 

 

 

0.9

 

 

 

27.8

 

 

TBD

 

 

TBD

 

 

TBD

 

 

TBD

 

 

Total Investment Management Development and Redevelopment

 

 

 

 

 

 

 

 

 

 

$

29.9

 

 

$

6.0

 

 

$

35.9

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Core and Investment Management Development and Redevelopment

 

 

 

 

 

 

 

 

 

 

$

448.1

 

 

$

61.1

 

 

$

509.2

 

 

$

25.6

 

 

$

137.6

 

 

$

269.3

 

 

$

381.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

img226721374_1.jpg

 

Supplemental Report June 30, 2025 – 41

 

Development and Redevelopment Activity

 

 

 

 

 

Pre-Stabilized:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

City Point (Fund II)

 

61.7%

 

Brooklyn, NY

 

2025/2026

 

 

536,198

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

210 Bowery (Fund IV)

 

23.1%

 

New York, NY

 

2025

 

 

2,538

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

801 Madison (Fund IV)

 

23.1%

 

New York, NY

 

2025

 

 

2,522

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

27 E 61st Street (Fund IV)

 

23.1%

 

New York, NY

 

2025

 

 

4,177

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1035 Third Avenue (Fund IV)

 

23.1%

 

New York, NY

 

2025

 

 

7,634

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

651-671 West Diversey (Core)

 

100.0%

 

Chicago, IL

 

2026/2027

 

 

40,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Route 6 Mall (Core)

 

100.0%

 

Honesdale, PA

 

2026

 

 

154,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mad River (Core)

 

100.0%

 

Dayton, OH

 

2027

 

 

126,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

664 N. Michigan Avenue (Core)

 

100.0%

 

Chicago, IL

 

2026

 

 

17,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2323-2409 Henderson Avenue (Core)

 

100.0%

 

Dallas, TX

 

2026

 

 

38,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

City Center (Core)

 

100.0%

 

San Francisco, CA

 

2026

 

 

241,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

85 5th Avenue (Core)

 

100.0%

 

New York, NY

 

2025

 

 

13,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

97 North 6th Street (Core)

 

100.0%

 

Brooklyn, NY

 

2025

 

 

9,250

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.
The Company intends to partner with Ignite-Rebees DevCo LLC, and expects to retain a controlling 95% interest.

img226721374_1.jpg

 

Supplemental Report June 30, 2025 – 42

 

Important Notes

 

 

 

 

 

 

 

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

Certain statements contained in this supplemental disclosure may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934 and as such may involve known and unknown risks, uncertainties and other factors which may cause the Company’s actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations are generally identifiable by use of the words “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend” or “project” or the negative thereof or other variations thereon or comparable terminology. Factors which could have a material adverse effect on the operations and future prospects of the Company include, but are not limited to those set forth under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K. These risks and uncertainties should be considered in evaluating any forward-looking statements contained or incorporated by reference herein.

 

USE OF FUNDS FROM OPERATIONS AS NON-GAAP FINANCIAL MEASURE

 

The Company considers funds from operations (“FFO”) as defined by the National Association of Real Estate Investment Trusts (“NAREIT”) to be an appropriate supplemental disclosure of operating performance for an equity REIT due to its widespread acceptance and use within the REIT and analyst communities. FFO is presented to assist investors in analyzing the performance of the Company. It is helpful as it excludes various items included in net income that are not indicative of the operating performance, such as gains (or losses) from sales of property and depreciation and amortization. Consistent with the NAREIT definition, the Company defines FFO as net income (computed in accordance with GAAP), excluding (i) gains (or losses) from sales of depreciated properties; (ii) depreciation and amortization; (iii) impairment of depreciable real estate properties; (iv) gains (losses) from change in control and (v) after adjustments for unconsolidated partnerships and joint ventures. Also consistent with NAREIT’s definition of FFO, the Company has elected to include the impact of the unrealized holding gains (losses) incidental to its main business, including those related to its RCP investments such as Albertsons in FFO.

 

The Company also provides another supplemental disclosure of operating performance, adjusted funds from operations (“AFFO”). The Company defines AFFO as FFO adjusted for straight line rent, non-real estate depreciation, stock-based compensation, amortization of finance costs and costs of management contracts, tenant improvements, leasing commissions and capital expenditures.

 

The Company may also provide from time to time another supplemental disclosure of operating performance, FFO Before Special Items. The Company defines FFO Before Special Items as FFO adjusted for certain unusual items including (i) charges, income and gains that management believes are not comparable and indicative of the results of the Company’s operating real estate portfolio; (ii) the impact of the unrealized holding gains (losses) incidental to its main business, including those related to its RCP investments such as Albertsons and (iii) any realized income or gains from the Company’s investment in Albertsons.

 

It should be noted that the Company’s methods of calculating FFO, AFFO or FFO Before Special Items may be different from methods used by other REITs and, accordingly, may not be comparable to such metrics used by other REITs. FFO, AFFO and FFO Before Special Items do not represent cash generated from operations as defined by generally accepted accounting principles (“GAAP”) and are not indicative of cash available to fund all cash needs, including distributions. None of these measures should be considered as an alternative to net income for the purpose of evaluating the Company’s performance or to cash flows as a measure of liquidity.

img226721374_1.jpg

 

Supplemental Report June 30, 2025 – 43

 

Important Notes

 

 

 

 

 

 

USE OF NON-GAAP FINANCIAL MEASURES

 

Non-GAAP financial measures such as EBITDA, NOI, same-property NOI and lease spreads are widely used financial measures in many industries, including the REIT industry, and are presented to assist investors and analysts in analyzing the performance of the Company. They are helpful as they exclude various items included in net income that are not indicative of operating performance, such as gains (or losses) from sales of property and depreciation and amortization and is used in computing various financial ratios as a measure of operational performance. The Company computes EBITDA as the sum of net income before extraordinary items plus interest expense, depreciation, income taxes and amortization, less any gains (losses including impairment charges) on the sale of income producing properties. The Company computes NOI by taking the difference between Property Revenues and Property Expenses as detailed in this reporting supplement. Same-property NOI includes properties in our Core Portfolio that we owned for both the current and prior periods presented, but excludes those properties which we acquired, sold or expected to sell, and redeveloped during these periods. The Company’s method of calculating EBITDA, NOI and same-property NOI may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. EBITDA, NOI and same-property NOI do not represent cash generated from operations as defined by GAAP and are not indicative of cash available to fund all cash needs, including distributions. They should not be considered as an alternative to net income for the purpose of evaluating the Company’s performance or to cash flows as a measure of liquidity.

 

img226721374_1.jpg

 

Supplemental Report June 30, 2025 – 44