AFFO covered dividends by 1.72x in 2026Q2, but recurring capex consumed 54% of FFO, and AFFO fell to $21.1M from $38.4M in 2026Q1, highlighting cash flow volatility.
Acadia Realty Trust (AKR) cash flow statement — 30-year operating, investing & financing cash flows
| 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 | 165.89M | 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 % | -1.17% | 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 % | 41.04% | 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 | 54.84M | -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 | 154.06M | 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 | 15.68M | 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 | -128.97M | 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 | -29.42M | -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 | 209.67M | -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) | 11.93M | 11.34M | -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 | 557.69M | 14.45M | 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 | -359.95M | -476.25M | 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 | -394.14M | 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 | -105.32M | -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 | -105.32M | -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) | 0 | 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 | -238.19M | -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 | -18.58M | 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 | 48.79M | 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 | 49.23M | 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 | 69.49M | 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 % | -53.41% | 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 % | 17.19% | 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% |
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.
Key Metrics
Top Statement Risk
Fund debt leverage opacity
Metrics are mathematically derived from official filings.
AFFO Coverage Strengthens
AFFO covered dividends by 1.72x in 2026Q2, up from 1.35x in 2025Q2, according to reported figures, indicating a growing buffer for distribution sustainability.
The dividend payout ratio improved to 58% of AFFO in 2026Q2, down from 64% in 2025Q2, suggesting that the company is retaining more cash to fund growth or reduce leverage. This trend is supported by a sequential increase in AFFO from $38.4M in 2026Q1 to $21.1M in 2026Q2, though the latter is still below the prior year's level. Investors should monitor whether this coverage is sustainable given the volatility in fund promotes.
Capex Intensity Remains Elevated
Recurring capex consumed 54% of FFO in 2026Q2, based on financial statements, reflecting heavy investment in tenant improvements and leasing commissions to maintain urban asset quality.
The gap between FFO ($46.2M) and AFFO ($21.1M) in 2026Q2 highlights a significant recurring capex burden, which appears necessary to support leasing momentum in high-street corridors. This ratio is higher than the 2024 average, suggesting that the company is investing more to drive rent growth, but it also pressures near-term distributable cash flow. If capex intensity persists, AFFO growth may lag FFO growth, warranting close attention to leasing spreads.
Working Capital Swings Reflect Timing
Operating cash flow of $58.3M in 2026Q2 exceeded FFO by $12.1M, per SEC filings, suggesting favorable working capital timing, but prior quarters show volatility from tenant receivables and straight-line rent adjustments.
The positive OCF-to-FFO variance in 2026Q2 may indicate strong rent collections or a release of working capital, but the pattern is inconsistent, with 2026Q1 showing OCF below FFO. Straight-line rent adjustments and free-rent periods in urban leases likely distort quarterly comparisons, so investors should focus on annual trends rather than single-quarter swings. The lack of a clear trend in receivables suggests no systemic collection issue, but the volatility warrants monitoring.
Dividend Self-Funded, No ATM Reliance
Dividends of $26.7M in 2026Q2 were fully covered by AFFO of $21.1M and OCF of $58.3M, as reported, indicating no dependence on external capital for distributions.
The company's operating cash flow comfortably covers both dividends and a portion of capex, reducing the need for ATM issuances or debt to fund recurring obligations. However, the fund business may require external financing for acquisitions, and the reported debt/equity of 0.73 appears understated if off-balance-sheet fund debt is included. Investors should assess the consolidated leverage including pro-rata fund debt to gauge true financing risk.
Depreciation Masks Cash Earnings
FFO exceeded net income by 4.2x in 2026Q2, per financial statements, underscoring the large non-cash depreciation charge that distorts GAAP profitability.
The persistent gap between net income and FFO, with FFO/NI ratios ranging from 1.03 to 33.01 over the past ten quarters, highlights the importance of using FFO/AFFO for valuation. Depreciation on urban properties is particularly significant, but it does not reflect actual cash outflows, making FFO a more reliable indicator of operating performance. The wide variance in FFO/NI also suggests that net income is influenced by non-operating items, such as gains or losses on asset sales, which should be excluded from core analysis.
Fund Promotes Distort Cash Flow
AFFO in 2025Q3 was only $5.4M despite FFO of $44.5M, based on reported data, revealing how fund promotes and non-cash items can inflate FFO and obscure true distributable cash flow.
The wide swings in AFFO relative to FFO, such as the $39.1M gap in 2025Q3, suggest that recurring capex and other adjustments are highly variable, possibly due to the timing of fund-related expenses. Additionally, the reported debt/equity of 0.73 appears inconsistent with REIT norms, implying that off-balance-sheet fund debt may be understated, which could represent a hidden cash obligation. Investors should adjust for pro-rata fund debt and normalize promote income to assess the sustainability of cash flows.