Revenue growth has shown significant volatility, peaking at 15.3% in 2025Q2 before contracting to -1.3% in 2026Q1, while NOI margins experienced a severe disruption to -7.2% in 2025Q4.
| 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 |
|---|
| Revenue | 409.36M | 410.76M | 359.69M | 338.69M | 326.29M | 292.5M | 250.91M | 289.58M | 262.21M | 250.26M | 189.94M | 217.26M | 195.01M | 168.29M | 134.43M | 150.16M | 151.96M | 147.34M | 140.74M | 101.57M | 102.69M | 83.32M | 72.86M | 69.44M | 69.35M | 85.46M | 96.76M | 92.71M | 59.77M | 44.5M | 43.8M |
| Revenue Growth % | 9.83% | 14.2% | 6.2% | 3.8% | 11.55% | 16.58% | -13.36% | 10.44% | 4.78% | 31.76% | -12.58% | 11.41% | 15.88% | 25.19% | -10.48% | -1.18% | 3.13% | 4.69% | 38.56% | -1.09% | 23.25% | 14.36% | 4.91% | 0.14% | -18.85% | -11.68% | 4.37% | 55.11% | 34.32% | 1.6% | 0.91% |
| Property Operating Expenses | 202.83M | 203.24M | 112.05M | 108.48M | 101.93M | 98.87M | 98.03M | 88.23M | 81.92M | 77.61M | 49.87M | 53.81M | 51.67M | 46.55M | 44.7M | 29.37M | 49.16M | 46.64M | 37.1M | 25.56M | 10.65M | 23.58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Operating Income (NOI) | 206.52M | 207.51M | 247.64M | 230.22M | 224.36M | 193.62M | 152.88M | 201.35M | 180.29M | 172.65M | 140.06M | 163.46M | 143.34M | 121.73M | 89.72M | 120.79M | 102.8M | 100.7M | 103.64M | 76.01M | 92.05M | 59.74M | 72.86M | 69.44M | 69.35M | 85.46M | 96.76M | 92.71M | 59.77M | 44.5M | 43.8M |
| NOI Margin % | 50.45% | 50.52% | 68.85% | 67.97% | 68.76% | 66.2% | 60.93% | 69.53% | 68.76% | 68.99% | 73.74% | 75.23% | 73.5% | 72.34% | 66.75% | 80.44% | 67.65% | 68.35% | 73.64% | 74.84% | 89.63% | 71.7% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Operating Expenses | 115.9M | 158.09M | 181.98M | 181.14M | 156.13M | 162.97M | 267.94M | 128.28M | 152.75M | 140.87M | 118.18M | 95.79M | 77.08M | 65.85M | 54.87M | 74.76M | 60.34M | 63.45M | 96.61M | 76.12M | 72.74M | 55.72M | 50.05M | 52.61M | 45.97M | 72.53M | 60.18M | 58.37M | 30.36M | 30.82M | 31.27M |
| G&A Expenses | 49.37M | 45.66M | 40.56M | 41.47M | 44.07M | 40.13M | 35.8M | 34.3M | 34.34M | 33.76M | 40.65M | 30.37M | 27.43M | 25.55M | 21.53M | 23.09M | 20.22M | 22.01M | 24.55M | 23.06M | 19.78M | 15.38M | 10.47M | 10.73M | 10.17M | 5.56M | 5.06M | 6.34M | 4.41M | 2.35M | 2.81M |
| EBITDA | 350.79M | 206.88M | 204.57M | 185.06M | 204.15M | 154.09M | 32.17M | 195.66M | 259.68M | 248.26M | 189.94M | 123.41M | 115.91M | 96.18M | 67.79M | 79.72M | 83.02M | 74.47M | 79.1M | 53.87M | 57.13M | 45.22M | 38.88M | 34.74M | 38.18M | 32.41M | 57.03M | 54.23M | 29.04M | 26.88M | 25.01M |
| EBITDA Margin % | 85.69% | 50.37% | 56.87% | 54.64% | 62.57% | 52.68% | 12.82% | 67.56% | 99.03% | 99.2% | 100% | 56.8% | 59.44% | 57.15% | 50.43% | 53.09% | 54.63% | 50.54% | 56.2% | 53.04% | 55.63% | 54.27% | 53.37% | 50.03% | 55.06% | 37.93% | 58.95% | 58.49% | 48.58% | 60.4% | 57.11% |
| Depreciation & Amortization | 158.17M | 157.46M | 138.91M | 135.98M | 135.92M | 123.44M | 147.23M | 122.58M | 232.14M | 230.94M | 168.05M | 60.75M | 49.65M | 40.3M | 32.93M | 33.68M | 40.55M | 37.22M | 34.96M | 28.43M | 27.18M | 17.62M | 16.08M | 17.91M | 14.8M | 19.48M | 20.46M | 19.89M | 15.79M | 13.2M | 12.48M |
| D&A / Revenue % | 38.64% | 38.33% | 38.62% | 40.15% | 41.66% | 42.2% | 58.68% | 42.33% | 88.53% | 92.28% | 88.48% | 27.96% | 25.46% | 23.95% | 24.5% | 22.43% | 26.69% | 25.26% | 24.84% | 27.99% | 26.47% | 21.15% | 22.07% | 25.79% | 21.35% | 22.79% | 21.15% | 21.45% | 26.43% | 29.67% | 28.5% |
| Operating Income | 192.61M | 49.43M | 65.66M | 49.08M | 68.23M | 30.66M | -115.06M | 73.08M | 27.54M | 17.32M | 21.89M | 62.66M | 66.26M | 55.88M | 34.86M | 46.03M | 42.46M | 37.25M | 44.13M | 25.45M | 29.95M | 27.6M | 22.8M | 16.83M | 23.38M | 12.93M | 36.58M | 34.34M | 13.24M | 13.68M | 12.53M |
| Operating Margin % | 47.05% | 12.03% | 18.25% | 14.49% | 20.91% | 10.48% | -45.86% | 25.24% | 10.5% | 6.92% | 11.52% | 28.84% | 33.98% | 33.2% | 25.93% | 30.66% | 27.94% | 25.28% | 31.36% | 25.05% | 29.17% | 33.12% | 31.3% | 24.24% | 33.71% | 15.13% | 37.8% | 37.04% | 22.15% | 30.73% | 28.61% |
| Interest Expense | 2M | 95.31M | 92.56M | 93.25M | 80.21M | 68.05M | 69.67M | 69.21M | 69.98M | 58.98M | 34.65M | 37.16M | 39.43M | 39.47M | 28.77M | 37.11M | 34.47M | 32.15M | 26.89M | 22.77M | 0 | 0 | 10.45M | 11.23M | 11.02M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 0.58x | 1.09x | 0.98x | 0.19x | 1.38x | 0.06x | 1.36x | 0.79x | 2.11x | 2.52x | 2.69x | 4.51x | 1.67x | 1.21x | 1.24x | 2.45x | 1.21x | 2.27x | 1.12x | - | - | 4.57x | 3.81x | 7.25x | - | - | - | - | - | - |
| Non-Operating Income | -9.9M | -6.29M | -35.25M | -42.73M | 53.26M | -63.52M | -119.28M | -20.83M | -27.67M | -81.81M | -65.28M | -37.33M | -111.58M | -10.12M | 0 | 0 | -41.97M | -1.76M | -22.19M | 0 | 0 | -3.22M | -24.93M | -25.97M | -56.53M | -65.04M | -44.95M | -65.67M | -15.9M | 0 | -17.87M |
| Pretax Income | 111.06M | -39.6M | 8.35M | -1.45M | -65.24M | 26.12M | -65.45M | 24.7M | -19.9M | 16.43M | 52.52M | 151.76M | 151.55M | 26.52M | 9.99M | 12.02M | 53.18M | 6.86M | 23.26M | 18.35M | 15.29M | 23.71M | 19.59M | 7.85M | 19.4M | 0 | 0 | 0 | -2.92M | 0 | 12.55M |
| Pretax Margin % | 27.13% | -9.64% | 2.32% | -0.43% | -19.99% | 8.93% | -26.08% | 8.53% | -7.59% | 6.56% | 27.65% | 69.85% | 77.71% | 15.76% | 7.43% | 8.01% | 34.99% | 4.65% | 16.53% | 18.07% | 14.89% | 28.45% | 26.88% | 11.31% | 27.97% | 0% | 0% | 0% | -4.89% | 0% | 28.66% |
| Income Tax | 284K | 412K | 212K | 301K | 12K | 93K | 269K | 1.47M | 934K | 1M | -105K | 1.79M | 629K | 19K | -568K | 474K | 2.89M | 1.54M | 3.36M | 2.06M | -508K | 2.14M | 3.22M | 8.98M | 12.81M | 3.13M | 16.67M | 27.14M | 43.31M | 15.81M | 14.17M |
| Effective Tax Rate % | 0.26% | -1.04% | 2.54% | -20.79% | -0.02% | 0.36% | -0.41% | 5.93% | -4.69% | 6.11% | -0.2% | 1.18% | 0.42% | 0.07% | -5.69% | 3.94% | 5.43% | 22.47% | 14.45% | 11.22% | -3.32% | 9.03% | 16.44% | 114.35% | 66.06% | - | - | - | -1480.58% | - | 112.89% |
| Net Income | 154.42M | 13.58M | 21.65M | 19.87M | -35.45M | 23.55M | -8.98M | 53.72M | 31.44M | 61.47M | 72.78M | 65.71M | 71.06M | 40.12M | 39.71M | 51.55M | 30.06M | 31.13M | 27.55M | 27.27M | 39.01M | 20.63M | 19.59M | 7.85M | 19.4M | 9.8M | 19.91M | 7.2M | -13.9M | -1.56M | -724K |
| Net Margin % | 37.72% | 3.31% | 6.02% | 5.87% | -10.86% | 8.05% | -3.58% | 18.55% | 11.99% | 24.56% | 38.32% | 30.24% | 36.44% | 23.84% | 29.54% | 34.33% | 19.78% | 21.13% | 19.57% | 26.85% | 37.99% | 24.76% | 26.88% | 11.31% | 27.97% | 11.47% | 20.57% | 7.76% | -23.25% | -3.51% | -1.65% |
| Net Income Growth % | 672.54% | -37.27% | 8.94% | 156.07% | -250.52% | 362.34% | -116.71% | 70.86% | -48.85% | -15.54% | 10.76% | -7.54% | 77.15% | 1.03% | -22.98% | 71.52% | -3.46% | 13.01% | 1.02% | -30.1% | 89.14% | 5.32% | 149.4% | -59.52% | 97.91% | -50.76% | 176.68% | 151.77% | -788.62% | -116.02% | -119.05% |
| Funds From Operations (FFO) | 312.6M | 171.04M | 160.56M | 155.86M | 100.47M | 146.99M | 138.25M | 176.3M | 263.58M | 292.41M | 240.83M | 126.46M | 120.71M | 80.41M | 72.64M | 85.24M | 70.61M | 68.35M | 62.51M | 55.7M | 66.19M | 38.25M | 35.66M | 25.76M | 34.2M | 29.28M | 40.37M | 27.08M | 1.9M | 11.64M | 11.76M |
| FFO Margin % | 76.36% | 41.64% | 44.64% | 46.02% | 30.79% | 50.25% | 55.1% | 60.88% | 100.52% | 116.84% | 126.79% | 58.21% | 61.9% | 47.78% | 54.04% | 56.76% | 46.47% | 46.39% | 44.42% | 54.84% | 64.46% | 45.91% | 48.95% | 37.1% | 49.32% | 34.26% | 41.72% | 29.21% | 3.17% | 26.15% | 26.85% |
| FFO Growth % | 364.73% | 6.53% | 3.02% | 55.12% | -31.65% | 6.32% | -21.58% | -33.11% | -9.86% | 21.42% | 90.44% | 4.76% | 50.11% | 10.71% | -14.78% | 20.72% | 3.31% | 9.34% | 12.23% | -15.85% | 73.05% | 7.25% | 38.43% | -24.68% | 16.81% | -27.47% | 49.05% | 1327.62% | -83.7% | -1.04% | -24.62% |
| FFO per Share | 2.38 | 1.30 | 1.48 | 1.64 | 1.06 | 1.68 | 1.60 | 2.09 | 3.19 | 3.49 | 3.14 | 1.84 | 2.03 | 1.46 | 1.57 | 2.08 | 1.75 | 1.79 | 1.82 | 1.63 | 2.00 | 1.19 | 1.18 | 0.95 | 1.34 | 1.05 | 1.52 | 1.05 | 0.16 | 1.34 | 1.30 |
| FFO Payout Ratio % | 25.14% | 59.25% | 47.54% | 43.99% | 64.28% | 26.86% | 36.3% | 53.26% | 33.72% | 34.04% | 37.93% | 68.29% | 44.08% | 54.86% | 44.25% | 34.06% | 40.94% | 44.13% | 55.53% | 46.75% | 35.99% | 57.18% | 61.77% | 57.82% | 45.29% | 57.52% | 43.05% | 34.11% | 0% | 82.3% | 78.48% |
| EPS (Diluted) | 1.18 | 0.10 | 0.19 | 0.20 | -0.40 | 0.26 | -0.11 | 0.25 | 0.38 | 0.73 | 0.94 | 0.94 | 1.18 | 0.72 | 0.85 | 1.25 | 0.73 | 0.82 | 0.80 | 0.80 | 1.18 | 0.64 | 0.65 | 0.29 | 0.76 | 0.35 | 0.75 | 0.28 | -1.18 | -0.18 | -0.08 |
| EPS Growth % | 592.75% | -50% | -5% | 150% | -253.85% | 336.36% | -144% | -34.21% | -47.95% | -22.34% | 0% | -20.34% | 63.89% | -15.29% | -32% | 71.23% | -10.98% | 2.5% | 0% | -32.2% | 84.38% | -1.54% | 124.14% | -61.84% | 117.14% | -53.33% | 167.86% | 123.73% | -555.56% | -125% | -118.18% |
| EPS (Basic) | - | 0.10 | 0.19 | 0.20 | -0.38 | 0.26 | -0.11 | 0.25 | 0.38 | 0.73 | 0.94 | 0.94 | 1.18 | 0.72 | 0.85 | 1.25 | 0.73 | 0.82 | 0.81 | 0.81 | 1.20 | 0.65 | 0.67 | 0.30 | 0.77 | 0.35 | 0.75 | 0.28 | -1.18 | -0.18 | -0.08 |
| Diluted Shares Outstanding | 131.07M | 131.07M | 108.26M | 95.28M | 94.64M | 87.65M | 86.44M | 84.44M | 82.73M | 83.69M | 76.58M | 68.87M | 59.4M | 54.92M | 46.34M | 40.99M | 40.41M | 38.24M | 34.27M | 34.09M | 33.06M | 32.23M | 30.13M | 27.08M | 25.52M | 28.01M | 26.54M | 25.7M | 11.76M | 8.69M | 9.05M |
Urban retail concentration volatility
As reported in financial statements, Acadia’s FFO per share reached $1.37 in 2026Q1, a significant deviation from the historical quarterly range of $0.34 to $0.40, suggesting that non-recurring items or fund-level promote income are heavily influencing the headline earnings trajectory rather than core rental operations.
The sharp spike in FFO during 2026Q1 warrants caution, as it likely reflects the realization of performance-based promotes from the fund business rather than sustainable growth in the core portfolio. Investors should monitor whether this volatility persists, as it complicates the assessment of dividend safety and the underlying cash-generating capacity of the REIT.
Based on reported figures, the company experienced a severe NOI margin contraction to -7.2% in 2025Q4, which stands in stark contrast to the more typical 65-70% range observed in other periods, indicating potential operational disruptions or significant one-time property-level expenses within the urban portfolio.
The extreme fluctuation in NOI margins suggests that Acadia’s property-level profitability is highly sensitive to non-recurring events or accounting adjustments within its complex fund structure. This instability makes it difficult to gauge the true efficiency of property management and may imply that the core portfolio is subject to lumpy expense profiles.
According to recent SEC filings, the significant disparity between FFO and AFFO, such as the $1.5M AFFO reported in 2024Q3 compared to $42.9M in FFO, highlights the potential for capitalized costs and non-cash adjustments to mask the actual cash flow available for distribution to shareholders.
The wide gap between FFO and AFFO suggests that substantial capital is being reinvested into the portfolio, likely for tenant improvements or leasing commissions required to maintain occupancy in high-street corridors. This reliance on capital-intensive leasing strategies may indicate that the company faces ongoing pressure to incentivize tenants in a competitive urban retail environment.
As indicated by the quarterly data, revenue growth has shown a mixed trajectory, peaking at 15.3% in 2025Q2 before moderating to -1.3% in 2026Q1, which may reflect the cyclical nature of asset recycling and the timing of fund-related fee recognition within the broader retail platform.
The inconsistency in top-line growth suggests that Acadia’s revenue is not purely driven by organic rent escalations but is instead tethered to the transactional success of its fund business. This reliance on non-recurring revenue streams makes the company's growth profile less predictable than that of a traditional, stable-asset retail REIT.
Quick answers to the most common questions about buying AKR stock.
For fiscal year 2025, Acadia Realty Trust (AKR) reported total revenue of $410.8M. This represents a 837.9% increase compared to $43.8M in 1996.
Acadia Realty Trust (AKR) is profitable, generating $13.6M in net income for the fiscal year ending 2025 with a net profit margin of 3.3%.
Acadia Realty Trust (AKR) reported an operating income of $49.4M, resulting in an operating profit margin of 12.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Acadia Realty Trust (AKR) generated $207.5M in gross profit for the year, representing a gross profit margin of 50.5%. This demonstrates the company's core pricing power and production efficiency.