Acadia Realty Trust Reports First Quarter Operating Results

• First Quarter 2025 GAAP Net Earnings of $0.01 per share and FFO Before Special Items of $0.34 per share
• Increased Full Year 2025 NAREIT FFO and FFO Before Special Items Guidance and updated GAAP Net Earnings
• GAAP and Cash Spreads on New Leases of 71% and 59% Driven by the Street Portfolio
• Completed $373 Million of Accretive Core and Investment Management Transactions year-to-date (of which $197 million were previously announced)
• Increased SNO pipeline to $8.9 million (approximately 6% of ABR) from $7.7 million
• Core Same Property NOI Growth of 4.1% driven by the Street Portfolio (Growth of 6.8%) and Reaffirmed 5-6% Full Year Guidance

Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”) today reported operating results for the quarter ended March 31, 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").

FINANCIAL RESULTS

A complete reconciliation, in dollars and per share amounts, of (i) net income 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 NOI is included in the financial tables of this release. The amounts discussed below are net of noncontrolling interests and all per share amounts are on a fully-diluted basis.

CORE PORTFOLIO PERFORMANCE

ACQUISITION ACTIVITY

During the quarter ended March 31, 2025 and year-to-date 2025, the Company completed approximately $373 million of acquisitions (of which $197 million were previously announced), which is comprised of $305 million of Core acquisitions and $68 million of an Investment Management acquisition.

Amounts below are exclusive of transaction costs.

Core Portfolio Acquisitions – First Quarter of 2025 and 2025 To-Date

Completed: Approximately $305 million Street Retail Investments (of which $197 million were previously announced)

• Williamsburg, Brooklyn, New York. In April 2025, the Company completed the acquisition of 95, 97 and 107 North 6^th Street in Williamsburg, Brooklyn, a collection of three retail storefronts for $61 million. This acquisition increased its ownership on North 6th Street to 7 storefronts, providing the scale necessary to curate and create value on what has emerged as a must have market/street for retailers.
• Flatiron/Union Square, Manhattan, New York. In April 2025, the Company completed the acquisition of 85 5^th 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.

As previously announced, the Company completed $197 million from the following acquisitions:

• SoHo, Manhattan, New York. During the first quarter, the Company completed the acquisition of approximately $80 million of street retail assets in SoHo, Manhattan, New York. These acquisitions expanded the Company's existing SoHo Collection to 15 properties and 20 retail stores in one of Manhattan's premier retail corridors.
  • 106 Spring Street, Manhattan, New York. In January 2025 the Company completed the acquisition of 106 Spring Street for $55 million, which is located on the corner of Spring and Mercer Streets. It is leased to the athleisure brand, Vuori.
  • 73 Wooster Street, Manhattan, New York. In January 2025 the Company completed the acquisition of 73 Wooster Street for approximately $25 million, which is located between Spring and Broome Streets. This acquisition provides an opportunity for accretive mark-to-market re-leasing.
• Georgetown Renaissance Portfolio, Washington, D.C. In January 2025 the Company acquired an additional 48% interest (increasing its existing 20% interest to approximately 68%) in a portfolio of properties which are primarily located in Georgetown, Washington D.C. The 48% interest was acquired for a purchase price of approximately $117 million, based upon a gross portfolio value of approximately $245 million. The Company increased its control over leasing decisions and will manage the day-to-day operations alongside its joint venture partner, EastBanc. The portfolio consists of 36 retail stores located along M Street in Georgetown, which has established itself as one of the nation's top retail destinations. As discussed above, upon increasing its ownership and control, the Company recognized a non-cash accounting adjustment of approximately $9.6 million to remeasure its previously held equity interest.

Investment Management Acquisitions – First Quarter of 2025

Completed: Approximately $68 million

• Pinewood Square, Lake Worth, Florida. During the first quarter of 2025, the Company, through its Investment Management Platform, completed the acquisition of Pinewood Square, an open-air shopping center in Lake Worth, FL for $68 million. This 204,000 square foot center includes T.J. Maxx/HomeGoods and Ross, along with value add and redevelopment opportunities. 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 with an institutional partner.

BALANCE SHEET

• Equity Activity: On February 14, 2025, the Company entered into a new $500 million at-the-market issuance agreement (replacing its prior $400 million agreement) and raised net proceeds, on a forward basis, of approximately $55.8 million (2.4 million shares) at a net average price of $22.81 per share during the first quarter. To date, the Company has not settled any of these shares. As previously discussed, the Company raised net proceeds of $276.8 million in the fourth quarter of 2024 and January 2025 ($6.2 million was raised in January 2025), from the issuance of 11.2 million shares under its prior at-the-market issuance program on a forward basis at an average price of $24.77 per share. The Company physically settled these forward contracts during the first quarter of 2025 and used the proceeds to pay down its revolving credit facility and fund acquisitions.
  
  
  
  In summary, during the first quarter, the Company raised aggregate net proceeds of approximately $62.0 million (2.7 million shares), of which $55.8 million (2.4 million shares) remain unsettled.

• Debt-to-EBITDA Metrics: Pro-rata Net Debt-to-EBITDA, inclusive of its pro-rata share of its Investment Management Platform was 5.7x at March 31, 2025 as compared to 6.6x at March 31, 2024. Refer to the first quarter 2025 Supplemental Information package for reconciliations and details on financial ratios.
• No Significant Core Debt Maturities until 2028: 0.2%, 11.4%, and 5.5% of Core debt maturing in 2025, 2026, and 2027, respectively.

GUIDANCE

The Company updated its annual 2025 guidance as follows:

• Net earnings per diluted share of $0.12 to $0.16 from $0.22 to $0.27
• NAREIT FFO per diluted share of $1.22 to $1.26 from $1.19 to $1.24
• FFO Before Special items per diluted share to $1.32 to $1.39 from $1.30 to $1.39

It is the Company's policy not to include the estimated financial impact of the acquisition and disposition of assets within its guidance until such transactions are consummated.

CONFERENCE CALL

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

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.

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 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.

ACADIA REALTY TRUST AND SUBSIDIARIES

Notes to Financial Highlights:

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