Acadia Realty Trust (AKR) Income Statement

30Y historyFree accessUpdated daily

Revenue declined 5.1% to $95.4M in 2026Q2, yet NOI margin remained resilient at 68.8%, reflecting stable property-level profitability despite lumpy fund income.

Annual statement

AKR Income Statement

Acadia Realty Trust (AKR) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

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	404.19M	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 %	4.69%	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	201.76M	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)	202.42M	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 %	50.08%	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	134.01M	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	49.62M	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	222.47M	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 %	55.04%	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	154.06M	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 %	38.12%	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	68.41M	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 %	16.93%	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	4M	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	-177.03M	-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	154.78M	-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 %	38.29%	-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	251K	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 %	0.16%	-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	54.84M	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 %	13.57%	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 %	167.39%	-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)	208.91M	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 %	51.69%	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 %	96.65%	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	1.56	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 %	50.41%	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)	0.41	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 %	106.59%	-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	133.82M	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

Key Metrics

Growth RegimeMixed

ProfitabilityStable

Balance SheetAdequate

Cash FlowStable

Top Statement Risk

Fund debt leverage opacity

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q2)

Revenue Growth Stalls Amid Fund Volatility

Revenue declined 5.1% in 2026Q2 to $95.4M, following a 12.2% jump in 2025Q4, reflecting lumpy fund income. Core portfolio growth appears steady, but fund fee variability clouds the trend.

The 2026Q2 revenue drop contrasts with the 15%+ growth seen in mid-2025, suggesting that the fund business, which generates transactional promotes, is a major swing factor. Core rental income likely remains stable, but the overall top-line is increasingly dependent on the timing of fund dispositions. Investors should monitor the split between recurring fees and promote income to gauge the sustainability of revenue growth.

NOI Margin Resilience Despite Revenue Dip

NOI margin held at 68.8% in 2026Q2, down slightly from 69.7% in 2026Q1, but well above the 65.6% in 2024Q1. Property-level profitability appears stable, supported by strong urban asset performance.

The stability in NOI margin despite revenue contraction indicates that operating expenses are well controlled, and the core portfolio's rent collection remains robust. The 2025Q4 negative NOI margin was an anomaly, likely due to impairment or one-time charges, and should not be extrapolated. The consistent mid-to-high 60s margins suggest that Acadia's high-street retail assets are maintaining their pricing power.

FFO Per Share Volatility Masks Core Strength

FFO per share swung from $0.54 in 2026Q1 to $0.35 in 2026Q2, a 35% drop, while AFFO fell to $21.1M from $38.4M. The volatility likely stems from fund promotes and non-cash items, not core operations.

The 72.1% FFO growth in 2026Q1 was driven by a large promote, which is not recurring. Excluding such items, FFO per share appears to be in the $0.34-$0.37 range, indicating stable core earnings. The wide gap between FFO and AFFO in some quarters (e.g., 2025Q3) suggests significant recurring capex or straight-line rent adjustments, which investors should scrutinize to assess dividend coverage.

Depreciation Distorts Net Income, FFO Clarifies

Net income in 2026Q2 was $11.0M, but FFO was $46.2M, highlighting the large non-cash depreciation charge. The gap between FFO and AFFO ($21.1M) indicates recurring capex needs, which are critical for maintaining asset quality.

The substantial difference between net income and FFO underscores the importance of using FFO as the primary earnings metric for REITs. The AFFO figure, which deducts maintenance capex, is more conservative and suggests that cash available for distribution is lower than FFO implies. Investors should monitor the trend in AFFO to ensure dividends are well covered.

Same-Store NOI Growth Appears Positive

While same-store metrics are not directly disclosed, the stable NOI margins and management's commentary on 'accelerating operating fundamentals' suggest positive organic growth. Occupancy and rent spreads in urban corridors likely support this trend.

The consistent NOI margin improvement from 65.6% in 2024Q1 to 68.8% in 2026Q2 implies that same-store NOI is growing, driven by rent escalations and improved occupancy. Management's confidence in raising guidance despite an EPS miss suggests that core portfolio fundamentals are strengthening. However, the lack of explicit same-store data warrants caution, and investors should seek clarity in supplemental filings.

Fund Promotes and Leverage Cloud Earnings Quality

The reported Debt/Equity of 0.73 appears inconsistent with REIT norms, suggesting off-balance-sheet fund debt may be understated. Additionally, the lumpy promote income inflates FFO in some quarters, masking the true run-rate.

The low debt-to-equity ratio is suspicious for a REIT with a significant fund platform, as pro-rata debt from unconsolidated funds is not fully reflected on the balance sheet. This could mean that the actual leverage is higher than reported, increasing financial risk. Furthermore, the volatility in FFO due to promotes makes it difficult to assess the underlying earnings power. Investors should adjust for these items to get a clearer picture of the company's financial health.

AKR — Frequently Asked Questions

Quick answers to the most common questions about buying AKR stock.

What was Acadia Realty Trust's (AKR) revenue in 2025?

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.

Is Acadia Realty Trust (AKR) profitable?

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%.

What is Acadia Realty Trust's operating profit margin?

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.

What is Acadia Realty Trust's gross profit and gross margin?

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.