Cash conversion efficiency remains inconsistent, highlighted by an FFO to Net Income ratio of 33.01 in 2025Q2, which suggests that GAAP metrics are fundamentally disconnected from actual cash-generating capacity.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 172.45M | 166.98M | 140.45M | 155.76M | 133.21M | 104.98M | 103.95M | 127.18M | 96.08M | 119.83M | 111.76M | 113.6M | 82.52M | 65.23M | 59.67M | 66.33M | 44.38M | 47.46M | 65.89M | 105.17M | 39.63M | 23.96M | 23.82M | 19.08M | 24.92M | 31.04M | 32.57M | 25.89M | 12.2M | 13.24M | 14.06M |
| Operating CF Growth % | 111.27% | 18.89% | -9.83% | 16.93% | 26.89% | 1% | -18.27% | 32.37% | -19.83% | 7.22% | -1.62% | 37.66% | 26.5% | 9.32% | -10.04% | 49.47% | -6.5% | -27.96% | -37.35% | 165.39% | 65.4% | 0.57% | 24.85% | -23.42% | -19.72% | -4.71% | 25.83% | 112.13% | -7.81% | -5.83% | -3.73% |
| Operating CF / Revenue % | 42.13% | 40.65% | 39.05% | 45.99% | 40.83% | 35.89% | 41.43% | 43.92% | 36.64% | 47.88% | 58.84% | 52.29% | 42.31% | 38.76% | 44.39% | 44.17% | 29.2% | 32.21% | 46.82% | 103.54% | 38.59% | 28.76% | 32.7% | 27.48% | 35.93% | 36.32% | 33.66% | 27.92% | 20.42% | 29.75% | 32.09% |
| Net Income | 154.42M | -39.19M | 8.14M | -1.75M | -65.25M | 26.03M | -9.21M | 21.2M | -15.7M | 64.31M | 134.59M | 149.97M | 152.15M | 44.64M | 89.94M | 53.72M | 50.67M | 12.71M | 27.55M | 27.27M | 39.01M | 20.63M | 19.59M | 7.85M | 10.56M | 9.8M | 19.91M | 7.2M | -13.9M | -1.56M | -724K |
| Depreciation & Amortization | 158.17M | 157.46M | 138.91M | 135.98M | 135.92M | 123.44M | 147.23M | 125.44M | 117.55M | 104.93M | 70.01M | 60.75M | 49.65M | 43.07M | 38.77M | 33.68M | 40.55M | 42.25M | 41.04M | 28.43M | 27.18M | 16.85M | 16.08M | 17.91M | 14.8M | 19.48M | 20.46M | 19.89M | 15.79M | 13.2M | 12.48M |
| Stock-Based Compensation | 15.38M | 11.62M | 12.79M | 12.75M | 11.12M | 12.43M | 0 | 10.96M | 12.95M | 11.15M | 13.7M | 7.44M | 6.74M | 7.67M | 4.02M | 4.3M | 4.1M | 3.97M | 3.43M | 3.29M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -115.18M | 55.79M | 18.54M | 7.14M | 61.88M | -7.53M | -3.22M | -30.3M | -5.76M | -10.2M | -4.89M | -3.08M | -1.14M | -1.69M | 1.93M | 5.2M | 6.87M | 6.77M | 12.91M | 13.89M | -23.6M | -5M | -8.51M | 3.2M | 1.62M | 1.7M | -6.86M | 13.94M | 11.07M | 1.25M | 2.46M |
| Working Capital Changes | 3.32M | -18.7M | -37.93M | 1.63M | -10.45M | 4.75M | -30.85M | 4.91M | -14.08M | -1.81M | 12.51M | 7.49M | -8.85M | -16.85M | -8.63M | 7.16M | -17.41M | -7.68M | -11.1M | 35.58M | -2.96M | -8.52M | -3.33M | -9.88M | -2.07M | 61K | -933K | -15.14M | -767K | 353K | -168K |
| Cash from Investing | 113.16M | -450.46M | -170.66M | -208.54M | -124.17M | -198.54M | -48.75M | -397.06M | -136.62M | 10.08M | -610.97M | -354.5M | -268.52M | -87.88M | -136.75M | -153.16M | -60.74M | -123.38M | -301.63M | -208.87M | -58.89M | -59.48M | -14.73M | -19.4M | 24.65M | 21.41M | 8.25M | -19.93M | -24.82M | -10.47M | -20.02M |
| Acquisitions (Net) | 12.37M | 0 | -9.16M | -9.25M | -73.33M | 2.89M | 52.17M | -45.28M | 23.75M | 17.7M | -20.23M | -12.28M | -82.6M | 54.59M | -138.59M | -50.48M | -18.33M | -898K | -7.92M | 0 | 0 | 3.93M | 932K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Purchase of Investments | 0 | 0 | -215.18M | -181.71M | -4.53M | -234.58M | -131.27M | -563.83M | -248.98M | -327.71M | -877.11M | -581.46M | 0 | 0 | 0 | 62.94M | 0 | 0 | 0 | -39.71M | -45.7M | -12.71M | -16.42M | 0 | 0 | 0 | 0 | 0 | -861K | 0 | 0 |
| Sale of Investments | 563.1M | 97.01M | 14.3M | 4.64M | 224.56M | 81.62M | 36.75M | 212.86M | 118.47M | 342.99M | 273.65M | 235.16M | 0 | 0 | 0 | 56.52M | 42.01M | 0 | 0 | 0 | 19M | 1.87M | 3.93M | 0 | 0 | 33.71M | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -462.3M | -547.47M | 128.87M | 56.33M | -211.83M | -2.89M | 0 | 38.23M | -160.37M | -7.62M | -590.74M | -342.23M | -185.91M | -142.47M | 1.85M | -40.64M | -3.9M | 4.84M | -49.31M | 21.4M | 54.82M | -26.94M | 3.97M | -5.87M | 38.78M | -1.03M | 24.11M | 5.16M | -708K | 83K | -282K |
| Cash from Financing | -293.13M | 300.67M | 44.62M | 45.85M | -4.38M | 91.32M | -53.43M | 265.04M | -10.28M | -126.9M | 498.24M | 96.1M | 324.39M | 10.02M | 79.07M | 56.05M | 43.15M | 83.03M | 199.1M | 87.48M | 68.36M | 61.63M | -9.76M | -30.19M | -58.81M | -40.47M | -53.99M | 14.2M | 26.52M | -5.39M | 6.81M |
| Dividends Paid | -104.81M | -101.33M | -76.32M | -68.57M | -64.59M | -39.48M | -50.18M | -93.9M | -88.89M | -99.53M | -91.33M | -86.35M | -53.21M | -44.12M | -32.14M | -29.03M | -28.91M | -30.2M | -34.71M | -26.04M | -23.82M | -21.87M | -18.51M | -14.9M | -13.13M | -13.57M | -12.54M | -9.24M | 0 | -9.58M | -9.23M |
| Common Dividends | -78.6M | -101.33M | -76.32M | -68.57M | -64.59M | -39.48M | -50.18M | -93.9M | -88.89M | -99.53M | -91.33M | -86.35M | -53.21M | -44.12M | -32.14M | -29.03M | -28.91M | -30.16M | -34.71M | -26.04M | -23.82M | -21.87M | -22.03M | -14.9M | -15.49M | -16.84M | -17.38M | -9.24M | 0 | -9.58M | -9.23M |
| Debt Issuance (Net) | 1000K | 1000K | -1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | -1000K | 1000K | -1000K | 1000K | -1000K | 1000K | 1000K |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | -22.39M | 0 | -55.11M | 0 | 0 | 0 | 0 | 0 | -762K | -726K | -966K | -5.42M | -2.1M | -1.09M | -246K | 0 | 0 | 0 | -33.42M | -1.96M | -7.69M | -1.98M | 0 | 0 | 0 |
| Other Financing | -425.88M | -43.54M | -3.37M | 19.51M | 369K | -7.68M | -31.46M | 44.61M | 11.77M | -45.29M | 177.44M | -4.82M | -87.84M | -161.19M | 10.55M | 109.34M | 25.3M | 22.61M | 28.94M | 42.31M | 416K | -56.63M | -2.4M | -3.38M | -8.58M | -9.27M | -6.25M | -5.15M | -998K | -6.93M | -4.96M |
| Net Change in Cash | -7.51M | 17.2M | 14.41M | -6.93M | 4.66M | -2.24M | -215K | -4.84M | -50.82M | 3.02M | -971K | -144.8M | 138.39M | -12.62M | 2M | -30.78M | 26.78M | 7.12M | -36.65M | -16.23M | 49.1M | 26.11M | -660K | -30.5M | 11.22M | 11.97M | -13.17M | 20.16M | 13.9M | -2.63M | 844K |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | -1.98M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 20.46M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 56.9M | 39.7M | 25.29M | 32.22M | 27.56M | 29.8M | 30.01M | 34.85M | 85.67M | 71.81M | 72.78M | 217.58M | 79.19M | 91.81M | 89.81M | 120.59M | 93.81M | 86.69M | 123.34M | 139.57M | 90.47M | 13.5M | 14.16M | 45.17M | 33.95M | 22.17M | 35.34M | 15.18M | 1.29M | 3.91M | 3.07M |
| Cash at End | 48.79M | 56.9M | 39.7M | 25.29M | 32.22M | 27.56M | 29.8M | 30.01M | 34.85M | 74.82M | 71.81M | 72.78M | 217.58M | 79.19M | 91.81M | 89.81M | 120.59M | 93.81M | 86.69M | 123.34M | 139.57M | 39.61M | 13.5M | 14.66M | 45.17M | 34.14M | 22.17M | 35.34M | 15.18M | 1.29M | 3.91M |
| Free Cash Flow | 105.42M | 166.98M | 60.2M | 86.22M | 74.17M | 59.4M | 103.95M | 88.15M | 89.97M | 114.63M | 104.25M | 105.39M | 82.52M | 65.23M | 59.67M | -115.17M | -36.14M | -79.86M | -178.52M | -85.39M | -47.38M | -1.67M | 16.68M | 5.55M | 10.78M | 19.77M | 16.71M | 795K | -11.05M | 2.68M | -5.68M |
| FCF Growth % | -9.74% | 177.39% | -30.18% | 16.25% | 24.87% | -42.86% | 17.93% | -2.03% | -21.51% | 9.96% | -1.09% | 27.72% | 26.5% | 9.32% | 151.81% | -218.64% | 54.74% | 55.26% | -109.05% | -80.22% | -2737.25% | -110.01% | 200.56% | -48.53% | -45.44% | 18.3% | 2001.64% | 107.19% | -512.47% | 147.12% | -18.44% |
| FCF / Revenue % | 25.75% | 40.65% | 16.74% | 25.46% | 22.73% | 20.31% | 41.43% | 30.44% | 34.31% | 45.8% | 54.88% | 48.51% | 42.31% | 38.76% | 44.39% | -76.7% | -23.78% | -54.2% | -126.84% | -84.07% | -46.14% | -2% | 22.9% | 7.99% | 15.55% | 23.13% | 17.27% | 0.86% | -18.49% | 6.02% | -12.98% |
Urban retail concentration volatility
As reported in financial statements, the FFO to Net Income ratio reached an extreme 33.01 in 2025Q2, illustrating that GAAP metrics are fundamentally disconnected from the REIT's actual cash-generating capacity due to the heavy influence of non-cash depreciation and fund-level accounting adjustments.
The significant variance between GAAP operating cash flow and FFO suggests that investors should prioritize FFO as the primary performance indicator. The volatility in this conversion ratio implies that the company's reported earnings are highly sensitive to the timing of asset sales and non-cash charges inherent in the fund platform.
Based on reported figures, the dividend payout ratio relative to AFFO has fluctuated between 0.44 and 0.64 over the last two years, indicating that while the dividend appears covered, the margin of safety is subject to significant quarterly swings in recurring capital expenditures.
The inconsistent AFFO generation suggests that the company's ability to sustain dividend growth is tied to the successful execution of its fund-level strategies rather than just core rental income. Investors should monitor whether the retained AFFO buffer remains sufficient to cover maintenance capex during periods of lower fund activity.
According to recent SEC filings, the company's maintenance capital and tenant improvement spending reached a peak of $39.1M in 2025Q3, highlighting the substantial cash requirements needed to maintain the competitive positioning of its high-street urban retail assets.
The lumpy nature of these capital outlays suggests that the company faces periodic cash flow pressure when major lease renewals or property repositioning projects coincide. This intensity of capital reinvestment is a necessary cost of maintaining the urban portfolio's value but complicates the predictability of free cash flow.
As indicated by the quarterly data, the disparity between FFO and AFFO, such as the $1.5M AFFO reported in 2024Q3, suggests that capitalized maintenance costs and leasing commissions often obscure the true cash flow available for distribution to shareholders.
The data implies that the company's reported FFO may overstate the actual cash available for dividends by failing to fully account for the recurring costs of maintaining urban retail spaces. Analysts should be wary of relying on FFO alone, as the gap to AFFO reveals the significant cash drag from ongoing property-level reinvestment.
Quick answers to the most common questions about buying AKR stock.
Acadia Realty Trust (AKR) generated $167.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Acadia Realty Trust (AKR) generated $167.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Acadia Realty Trust (AKR) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Acadia Realty Trust (AKR) returned $101.3M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.