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Here are 1-2 brief analogies to describe Acadia Realty Trust (AKR):

• Simon Property Group for upscale urban street retail.
• A Federal Realty Investment Trust focused solely on prime urban shopping corridors.

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• Retail Property Leasing: Acadia Realty Trust generates rental income by owning and leasing space in its high-quality, street-retail properties to various retail tenants.
• Real Estate Fund Management: The company manages opportunistic real estate funds for third-party investors, acquiring, developing, and operating properties to generate returns and earn management fees.

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Acadia Realty Trust (AKR) is a real estate investment trust (REIT) that owns, manages, and redevelops high-quality retail properties, primarily urban street-front and suburban core properties. Its customers are the businesses that lease space within its portfolio.

AKR's tenant base is highly diversified across various retail and service sectors. According to its financial disclosures, no single tenant accounts for a significant portion of its total annualized gross revenues (typically less than 2.1% as stated in recent filings). Therefore, there are no individually "major customers" to list by name, as the company intentionally maintains a diversified tenant roster to mitigate risk.

However, AKR's customer companies generally fall into the following categories:

• National and Regional Retailers: These include well-known brands in sectors such as apparel, home goods, electronics, and specialty retail.
• Restaurants and Food Service Providers: A variety of dining concepts, from quick-service to full-service restaurants and cafes.
• Service-Oriented Businesses: Companies offering services like health and beauty (salons, spas), fitness centers, financial services, and other personal services.

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Kenneth F. Bernstein, President and Chief Executive Officer

Mr. Bernstein co-founded Acadia Realty Trust in 1998. He has served as Chief Executive Officer since January 2001 and as President and a Trustee since August 1998. Before co-founding Acadia, Mr. Bernstein was the Chief Operating Officer of RD Capital, Inc. (RDC) from 1990 to August 1998, where he was responsible for overseeing day-to-day operations. He helped build RDC into a larger private company backed by institutional capital, and RDC subsequently merged with Mark Centers Trust in 1998, which led to the creation of Acadia Realty Trust. Prior to RDC, he was an associate at the New York law firm of Battle Fowler, LLP from 1986 to 1990. Mr. Bernstein is a member of the Board of Trustees of Golub Capital. He was also the founding chairman of the Real Estate Network for the World President's Organization.

John Gottfried, Executive Vice President, Chief Financial Officer

Mr. Gottfried joined Acadia Realty Trust in June 2016 as Chief Financial Officer and was promoted to Executive Vice President in 2022. He is responsible for all accounting, financial reporting, budgeting/forecasting, real estate finance, capital market activities, tax, and treasury functions. Prior to joining Acadia, he spent 18 years at PwC, where he was a Partner and most recently served as the assurance leader of PwC's New York City Real Estate practice. He is a Certified Public Accountant.

Jason Blacksberg, Executive Vice President, Chief Legal Officer & Corporate Secretary

Mr. Blacksberg joined Acadia in 2014 and was promoted to Executive Vice President, Chief Legal Officer in 2023. He is accountable for leading and executing Acadia's legal strategy and affairs and maintains oversight of the Company's ESG program. Before joining Acadia, Mr. Blacksberg was Senior Vice President of Investments & Assistant General Counsel at the Trump Organization. He was previously an Associate at the law firm of Davis Polk & Wardwell.

Reginald Livingston, Executive Vice President, Chief Investment Officer

Mr. Livingston is responsible for leading the external growth initiatives of the company, with ultimate oversight of investment strategy, acquisitions, dispositions, asset management, and fundraising for the investment management platform. He joined Acadia in 2011 and was promoted to Executive Vice President, Chief Investment Officer. Previously, he served in deal-making capacities across product types for various private equity investors and entrepreneurial companies.

Richard M. Hartmann, Sr. Vice President, Chief Accounting Officer

Mr. Hartmann is responsible for managing the operations of the accounting, lease administration, and treasury functions at Acadia Realty Trust. He joined Acadia in 1997. Prior to Acadia, he held positions at Kimco Realty Corporation and Coopers and Lybrand. Mr. Hartmann is a Certified Public Accountant.

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The key risks to Acadia Realty Trust's business include:

1. Concentration in Urban Street Retail: Acadia Realty Trust's significant focus on urban street retail properties makes it particularly susceptible to urban economic downturns, including factors such as increased crime and high taxes, which can deter affluent shoppers. This segment of retail is also considered less essential compared to traditional shopping centers, making it more vulnerable to shifts in consumer confidence and the ongoing impact of e-commerce on demand for high street locations.
2. Redevelopment Execution Risk: The company faces risks associated with its redevelopment projects, specifically concerning potential cost inflation and delays in completion.
3. Economic Slowdown and Inflationary Pressures: Acadia Realty Trust is exposed to risks from broader economic slowdowns, including "stagflation" and inflationary pressures from tariffs. A prolonged period of economic uncertainty could lead to a policy-driven recession, and higher financing costs could negatively impact cash flows, despite the company's belief that its affluent consumer base is less susceptible to general economic indicators.

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Acadia Realty Trust (AKR) specializes in the ownership, acquisition, development, and management of retail properties, primarily focusing on high-quality retail properties in densely populated metropolitan areas, including street retail, urban/infill sites, suburban shopping centers, and grocery-anchored and necessity-based shopping centers within the United States.

For their main products and services, which involve the investment in and management of retail real estate, the broader addressable market can be considered within the context of the overall U.S. commercial real estate sector. The U.S. commercial real estate sector stood at approximately USD 22.5 trillion in asset value in the fourth quarter of 2023.

More specifically, Acadia Realty Trust focuses on retail properties, and within this segment, there are specific investment trends. The investment market for grocery-anchored retail properties in the U.S. saw transactions totaling approximately USD 7.0 billion in 2024. In 2021, U.S. grocery-anchored retail property sales reached a combined value of approximately USD 13 billion.

These market sizes are for the United States.

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Acadia Realty Trust (AKR) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market dynamics:

1. Robust Internal Growth and Same-Store NOI Expansion: Acadia Realty Trust anticipates continued strong growth in its same-store Net Operating Income (NOI), particularly within its street retail portfolio. This growth is fueled by contractual rent increases on existing leases, double-digit spreads on expiring leases, fair market value resets, and ongoing occupancy gains. The company has consistently reported strong same-store NOI growth, with projections for 2025 and 2026 indicating sustained positive trends. For example, Acadia projects 5-6% core internal NOI growth in 2025 and anticipates NOI increasing in excess of 10% in 2026.
2. Monetization of the Signed Not Yet Open (SNO) Pipeline: A significant driver of near-term revenue is Acadia's "Signed Not Yet Open" (SNO) pipeline. This pipeline represents leases that have been signed but whose rent commencements are pending, with an estimated $8-9 million in Annual Base Rent (ABR). These leases are expected to contribute significantly to NOI growth in the second half of 2025 and extend into 2026.
3. Strategic Acquisitions and External Growth: Acadia is actively pursuing accretive acquisitions in its core street retail and investment management platforms. The company has a strong balance sheet and has raised substantial equity to fund these investment opportunities, aiming to expand its high-quality portfolio in dynamic retail corridors. Management has expressed confidence in remaining active in acquisitions.
4. Strong Performance and Demand in Street Retail Portfolio: Acadia's specialized focus on high-quality street retail assets in major urban markets continues to be a primary growth engine. This segment consistently outperforms suburban assets, driven by strong tenant demand for prime locations, a secular shift towards direct-to-consumer physical retail, and limited new supply. This favorable market dynamic leads to robust leasing activity and increased occupancy.
5. Stabilization and Future Growth from Redevelopment Projects: While certain redevelopment projects, such as City Point, may incur short-term downtime or dilution, they are strategically positioned to deliver meaningful future NOI and earnings growth upon stabilization. The company anticipates that such initiatives will set the stage for outsized growth in 2026 and beyond as new tenants commence operations in these redeveloped spaces.

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Share Repurchases

• Acadia Realty Trust did not repurchase any shares during the years ended December 31, 2024, 2023, or 2022.
• As of December 31, 2024, management may repurchase up to approximately $122.5 million of the Company's outstanding Common Shares under its program.

Share Issuance

• In March and May of 2020, the 2020 Share Incentive Plan was approved, authorizing an increase of 2,650,000 common shares for issuance, bringing the aggregate to 2,829,953 shares.
• During the fourth quarter of 2024 and through February 11, 2025, Acadia raised net proceeds of $276.8 million by issuing 11.2 million shares under its at-the-market program at an average price of $24.77 per share. These shares had not yet been settled as of February 11, 2025.

Inbound Investments

• In May 2024, Acadia formed a strategic relationship with J.P. Morgan Asset Management, which included selling a 95% interest in Shops at Grand for a gross purchase price of $48 million to J.P. Morgan Real Estate Income Trust, Inc., bringing institutional capital into Acadia's Investment Management Platform.
• The company's Investment Management platform targets opportunistic and value-add investments through institutional co-investment vehicles, involving third-party interests in various funds and subsidiaries.

Outbound Investments

• During the year ended December 31, 2024, Acadia invested in 12 new properties, totaling $180.5 million, across its Core and Investment Management portfolios.
• In the fourth quarter of 2024 and through February 11, 2025, Acadia completed approximately $611 million in acquisitions, consisting of $306 million in Core acquisitions and $305 million in Investment Management acquisitions (approximately $47 million at Acadia's pro-rata share).
• Significant acquisitions in Q4 2024 included 92-94 Greene Street in Manhattan for approximately $43 million, and approximately $53 million of street retail assets in Williamsburg, Brooklyn, along with a $35 million portfolio on 123-129 North 6th Street in Brooklyn.

Capital Expenditures

• During the year ended December 31, 2024, capitalized costs associated with development activities totaled $22.7 million.
• As of December 31, 2024, Acadia had 18 consolidated projects under development or redevelopment, with an estimated total cost to complete ranging from $45.5 million to $159.5 million through 2028.
• Most of the remaining development and redevelopment costs are discretionary.