Acadia Realty Trust (AKR)
Market Price (8/19/2026): $21.05 | Market Cap: $2.8 BilSector: Real Estate | Industry: Retail REITs
Acadia Realty Trust (AKR)
Market Price (8/19/2026): $21.05Market Cap: $2.8 BilSector: Real EstateIndustry: Retail REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.7%, Dividend Yield is 3.7%, FCF Yield is 5.9% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 41%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 41% Low stock price volatilityVol 12M is 22% Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, Sustainable & Green Buildings, and Smart Buildings & Proptech. Themes include Experiential Retail, Show more. | Weak multi-year price returns2Y Excs Rtn is -35%, 3Y Excs Rtn is -21% Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 12.58, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 13% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 59% Weak revenue growthRev Chg QQuarterly Revenue Change % is -5.1% Key risksAKR key risks include [1] high susceptibility to urban economic downturns due to its significant concentration in urban street retail and [2] potential cost inflation and delays associated with its redevelopment projects. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.7%, Dividend Yield is 3.7%, FCF Yield is 5.9% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 41%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 41% |
| Low stock price volatilityVol 12M is 22% |
| Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, Sustainable & Green Buildings, and Smart Buildings & Proptech. Themes include Experiential Retail, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -35%, 3Y Excs Rtn is -21% |
| Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 12.58, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 13% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 59% |
| Weak revenue growthRev Chg QQuarterly Revenue Change % is -5.1% |
| Key risksAKR key risks include [1] high susceptibility to urban economic downturns due to its significant concentration in urban street retail and [2] potential cost inflation and delays associated with its redevelopment projects. |
Qualitative Assessment
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Acadia Realty Trust (AKR) stock has remained largely at the same level since 4/30/2026 because of the following key factors:
1. Mixed Reaction to Fiscal Q2 2026 Earnings.
Despite Acadia Realty Trust reporting strong Funds From Operations (FFO) of $0.31 per share for fiscal Q2 2026, exceeding expectations, the stock experienced a decline of 1.12% in the session following the July 28, 2026, earnings release. This muted reaction was likely influenced by a reported miss on some consensus EPS estimates, with actual EPS at $0.05 against an estimated $0.30, and lingering investor skepticism regarding revenue, which, despite beating estimates at $95.42 million, was down 5.1% year-over-year.
2. Share Dilution from Follow-on Equity Offering.
Acadia Realty Trust completed a follow-on equity offering of 9,000,000 common shares at $21.80 per share, raising $196.2 million. This offering, which occurred around June 2026, typically leads to share dilution and can exert downward pressure on the stock price as the market absorbs the new supply of shares.
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Acadia Realty Trust (AKR) stock has remained largely at the same level since 4/30/2026 because of the following key factors:
1. Mixed Reaction to Fiscal Q2 2026 Earnings.
Despite Acadia Realty Trust reporting strong Funds From Operations (FFO) of $0.31 per share for fiscal Q2 2026, exceeding expectations, the stock experienced a decline of 1.12% in the session following the July 28, 2026, earnings release. This muted reaction was likely influenced by a reported miss on some consensus EPS estimates, with actual EPS at $0.05 against an estimated $0.30, and lingering investor skepticism regarding revenue, which, despite beating estimates at $95.42 million, was down 5.1% year-over-year.
2. Share Dilution from Follow-on Equity Offering.
Acadia Realty Trust completed a follow-on equity offering of 9,000,000 common shares at $21.80 per share, raising $196.2 million. This offering, which occurred around June 2026, typically leads to share dilution and can exert downward pressure on the stock price as the market absorbs the new supply of shares.
3. Persistent Overvaluation Concerns.
Throughout the period, various analyses indicated that Acadia Realty Trust's stock was considered overvalued. For instance, on August 7, 2026, GuruFocus estimated the stock to be 14.3% overvalued with a current price of $20.71 against a GF Value™ of $18.12. Similar sentiment was expressed on July 28, 2026, with the stock deemed 26.9% overvalued, suggesting that the market price already reflected optimistic expectations and left limited room for further appreciation.
4. Subdued Outlook for Commercial Real Estate (CRE) Markets.
Broader macroeconomic concerns, such as a "subdued outlook for CRE markets as two more rate rises tipped this year," as reported on June 17, 2026, likely contributed to a cautious sentiment among investors regarding the real estate investment trust (REIT) sector. This general market apprehension could have tempered positive company-specific news and contributed to the stock's decline.
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Stock Movement Drivers
Fundamental Drivers
The -1.7% change in AKR stock from 4/30/2026 to 8/18/2026 was primarily driven by a -16.5% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 8182026 | Change |
|---|---|---|---|
| Stock Price ($) | 21.42 | 21.05 | -1.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 409 | 404 | -1.3% |
| Net Income Margin (%) | 11.2% | 13.6% | 21.4% |
| P/E Multiple | 61.4 | 51.3 | -16.5% |
| Shares Outstanding (Mil) | 131 | 134 | -1.8% |
| Cumulative Contribution | -1.7% |
Market Drivers
4/30/2026 to 8/18/2026| Return | Correlation | |
|---|---|---|
| AKR | -1.7% | |
| Market (SPY) | 6.8% | -8.8% |
| Sector (XLRE) | 0.5% | 54.5% |
Fundamental Drivers
The 7.3% change in AKR stock from 1/31/2026 to 8/18/2026 was primarily driven by a 205.9% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 8182026 | Change |
|---|---|---|---|
| Stock Price ($) | 19.61 | 21.05 | 7.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 399 | 404 | 1.2% |
| Net Income Margin (%) | 4.4% | 13.6% | 205.9% |
| P/E Multiple | 145.1 | 51.3 | -64.6% |
| Shares Outstanding (Mil) | 131 | 134 | -2.0% |
| Cumulative Contribution | 7.3% |
Market Drivers
1/31/2026 to 8/18/2026| Return | Correlation | |
|---|---|---|
| AKR | 7.3% | |
| Market (SPY) | 11.2% | 13.4% |
| Sector (XLRE) | 8.4% | 56.8% |
Fundamental Drivers
The 17.0% change in AKR stock from 7/31/2025 to 8/18/2026 was primarily driven by a 155.4% change in the company's Net Income Margin (%).| (LTM values as of) | 7312025 | 8182026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.99 | 21.05 | 17.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 386 | 404 | 4.7% |
| Net Income Margin (%) | 5.3% | 13.6% | 155.4% |
| P/E Multiple | 114.9 | 51.3 | -55.4% |
| Shares Outstanding (Mil) | 131 | 134 | -2.0% |
| Cumulative Contribution | 17.0% |
Market Drivers
7/31/2025 to 8/18/2026| Return | Correlation | |
|---|---|---|
| AKR | 17.0% | |
| Market (SPY) | 22.4% | 15.4% |
| Sector (XLRE) | 10.5% | 56.6% |
Fundamental Drivers
The 51.2% change in AKR stock from 7/31/2023 to 8/18/2026 was primarily driven by a 71.5% change in the company's P/S Multiple.| (LTM values as of) | 7312023 | 8182026 | Change |
|---|---|---|---|
| Stock Price ($) | 13.93 | 21.05 | 51.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 327 | 404 | 23.7% |
| P/S Multiple | 4.1 | 7.0 | 71.5% |
| Shares Outstanding (Mil) | 95 | 134 | -28.8% |
| Cumulative Contribution | 51.2% |
Market Drivers
7/31/2023 to 8/18/2026| Return | Correlation | |
|---|---|---|
| AKR | 51.2% | |
| Market (SPY) | 73.6% | 43.9% |
| Sector (XLRE) | 28.3% | 69.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| AKR Return | 58% | -31% | 24% | 48% | -12% | 3% | 83% |
| Peers Return | 62% | -14% | 15% | 16% | -5% | 17% | 107% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| AKR Win Rate | 67% | 42% | 42% | 75% | 58% | 50% | |
| Peers Win Rate | 75% | 38% | 55% | 62% | 43% | 68% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| AKR Max Drawdown | -14% | -43% | -20% | -9% | -29% | -12% | |
| Peers Max Drawdown | -13% | -31% | -20% | -12% | -21% | -9% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: FRT, REG, KIM, KRG, UE. See AKR Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/18/2026 (YTD)
How Low Can It Go
| Event | AKR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.0% | -18.8% |
| % Gain to Breakeven | 33.3% | 23.1% |
| Time to Breakeven | 415 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -12.0% | -9.5% |
| % Gain to Breakeven | 13.6% | 10.5% |
| Time to Breakeven | 7 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -15.7% | -6.7% |
| % Gain to Breakeven | 18.6% | 7.1% |
| Time to Breakeven | 47 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -41.4% | -24.5% |
| % Gain to Breakeven | 70.7% | 32.4% |
| Time to Breakeven | 648 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -57.4% | -33.7% |
| % Gain to Breakeven | 135.0% | 50.9% |
| Time to Breakeven | 1580 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -14.2% | -19.2% |
| % Gain to Breakeven | 16.6% | 23.8% |
| Time to Breakeven | 32 days | 105 days |
In The Past
Acadia Realty Trust's stock fell -25.0% during the 2025 US Tariff Shock. Such a loss loss requires a 33.3% gain to breakeven.
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Asset Allocation
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| Event | AKR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.0% | -18.8% |
| % Gain to Breakeven | 33.3% | 23.1% |
| Time to Breakeven | 415 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -41.4% | -24.5% |
| % Gain to Breakeven | 70.7% | 32.4% |
| Time to Breakeven | 648 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -57.4% | -33.7% |
| % Gain to Breakeven | 135.0% | 50.9% |
| Time to Breakeven | 1580 days | 140 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -66.1% | -53.4% |
| % Gain to Breakeven | 194.7% | 114.4% |
| Time to Breakeven | 1115 days | 1085 days |
In The Past
Acadia Realty Trust's stock fell -25.0% during the 2025 US Tariff Shock. Such a loss loss requires a 33.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Acadia Realty Trust (AKR)
Acadia Realty Trust (AKR) is an equity real estate investment trust (REIT) primarily focused on generating long-term, profitable growth through its real estate holdings and investment activities. The company employs a disciplined, location-driven strategy to build a high-quality real estate portfolio, emphasizing properties in desirable and dynamic markets.
Acadia operates through two distinct platforms: its Core Portfolio and its Fund platform. The Core Portfolio involves acquiring, owning, and managing best-in-class retail and mixed-use properties, with a significant concentration in the nation's most active and high-traffic corridors. The primary customers for this segment are the retailers and businesses that lease space within these properties. Concurrently, through its Fund platform, Acadia makes profitable opportunistic and value-add real estate investments utilizing a series of discretionary, institutional funds. In this capacity, Acadia serves institutional investors who commit capital to these funds, seeking returns from strategic real estate investments.
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Here are 1-3 brief analogies for Acadia Realty Trust (AKR):
- Acadia Realty Trust is like a Federal Realty Investment Trust (FRT) that also manages real estate investment funds for opportunistic projects.
- Acadia Realty Trust is like a Simon Property Group (SPG) that specializes in prime urban and suburban street-front retail and mixed-use properties instead of large malls, and also invests through real estate funds.
- Acadia Realty Trust is similar to a smaller, publicly-traded version of Blackstone Real Estate (BX) that combines direct ownership of prime retail properties with managing opportunistic real estate funds for institutional investors.
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- Core Portfolio Management: Acadia Realty Trust owns, develops, and manages a portfolio of high-quality retail real estate properties, primarily generating rental income.
- Real Estate Fund Management: Acadia Realty Trust manages a series of institutional funds that acquire and develop opportunistic and value-add real estate properties for investment returns.
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Acadia Realty Trust (AKR) is an equity real estate investment trust (REIT) that owns, operates, and develops income-generating retail and mixed-use properties. As such, its major customers are the businesses that lease space in its properties, primarily retailers, restaurants, and service providers.
Based on Acadia Realty Trust's focus on "best-in-class core real estate portfolio with meaningful concentrations of assets in the nation's most dynamic corridors," its major customers are typically well-known national and international retail and service brands. While the exact tenant mix can vary by property and over time, prominent examples of the types of major public companies that lease space from REITs like AKR include:
- Lululemon Athletica Inc. (NYSE: LULU)
- Starbucks Corporation (NASDAQ: SBUX)
- CVS Health Corporation (NYSE: CVS)
- JPMorgan Chase & Co. (NYSE: JPM)
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Kenneth F. Bernstein President and Chief Executive Officer
Mr. Bernstein co-founded Acadia Realty Trust in 1998, serving as President since its inception and as Chief Executive Officer since 2001. Before co-founding Acadia, he was Chief Operating Officer of RD Capital, a private company backed by institutional capital, which subsequently merged with Mark Centers Trust to form Acadia Realty Trust. He also founded The Real Estate Network LLC. Mr. Bernstein has held significant leadership roles in the real estate industry, including serving as Chairman of the International Council of Shopping Centers (ICSC) for the 2017-2018 term and as a member of the boards of the National Association of Real Estate Investment Trusts (NAREIT), the Urban Land Institute (ULI), and The Real Estate Roundtable.
John Gottfried Executive Vice President, Chief Financial Officer
Mr. Gottfried assumed the role of Chief Financial Officer for Acadia Realty Trust on June 27, 2016. Prior to joining Acadia, he accumulated over 20 years of experience in public accounting, with a dedicated focus on the real estate industry. He previously led PricewaterhouseCoopers LLP's (PwC) New York Metro real estate assurance practice, where he was responsible for auditing several of the firm's largest REITs and real estate companies.
Christopher Conlon Executive Vice President, Chief Operating Officer
Christopher Conlon serves as Executive Vice President, Chief Operating Officer for Acadia Realty Trust. Prior to this role, he was Executive Vice President - Fund Management & Acquisitions, overseeing the company's fund business including investment, capital raising, and portfolio management. He joined Acadia Realty Trust in 1999.
Jason Blacksberg Executive Vice President, Chief Legal Officer and Corporate Secretary
Jason Blacksberg is the Executive Vice President, Chief Legal Officer and Corporate Secretary at Acadia Realty Trust. He previously held the title of Senior Vice President, General Counsel. Mr. Blacksberg joined Acadia in 2005.
AJ Levine Executive Vice President, Leasing and Development
AJ Levine was promoted to Executive Vice President, Leasing and Development in February 2026. In this expanded role, he leads leasing and development initiatives and now oversees the company's property management and marketing teams. Mr. Levine joined Acadia in 2019 and previously served as Senior Vice President, Leasing and Development since 2021.
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The key risks to Acadia Realty Trust (AKR) are primarily centered around its exposure to the retail real estate market, its debt structure, and the execution of its acquisition strategy.
- Reliance on the Retail Market and E-commerce Pressure: Acadia Realty Trust is heavily dependent on the performance of its retail tenants. If these tenants face difficulties, particularly key ones, it could negatively impact Acadia's financial condition and its ability to distribute earnings to shareholders. The ongoing growth of online shopping (e-commerce) presents a continuous competitive challenge to physical retail tenants, which could affect future lease agreements and rental income.
- Debt and Interest Rate Risk: Acadia Realty Trust maintains a significant amount of debt. An increase in interest rates would lead to higher borrowing costs, making it more challenging for the company to manage its finances and potentially hindering its ability to refinance existing debt.
- Acquisition Strategy and Execution Risk: The company's growth strategy involves an aggressive acquisition program. While this demonstrates confidence, it introduces risks related to the execution of these acquisitions, including the potential for overpaying for properties or developing an over-concentration in specific markets. Notably, Acadia has acknowledged the need to rebalance its exposure in certain areas, such as Chicago. Significant impairment charges have also impacted the company's net income in recent years, highlighting the financial implications of its investment decisions.
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The clear emerging threat for Acadia Realty Trust is the accelerating shift towards flexible retail models and short-term leasing solutions by brands. This trend allows retailers, including direct-to-consumer (DTC) brands and established players, to minimize long-term commitments, rapidly test markets, create experiential pop-ups, and adapt quickly to consumer trends without the burden of traditional multi-year leases. This challenges Acadia Realty Trust's core business model of deriving stable, long-term income from its "best-in-class core real estate portfolio" through traditional long-term leases, potentially leading to increased tenant turnover, shorter lease durations, and pressure on rental rates if not adequately addressed by adapting their property offerings and leasing strategies.
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Acadia Realty Trust's addressable markets for its main products and services are in the United States.
- For its Core Portfolio, focused on owning and operating retail real estate, the addressable market is the U.S. Retail Real Estate Market, which was valued at approximately $2.9 trillion as of the fourth quarter of 2023.
- For its Fund operating platform, which makes opportunistic and value-add investments across various property types, the broader addressable market is the U.S. Commercial Real Estate Market, valued at approximately $22.5 trillion as of the fourth quarter of 2023.
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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:
- Strong Leasing Momentum and Rent Spreads in Street Retail: Acadia Realty Trust has consistently reported robust leasing activity and significant rent increases on new and renewed leases. The company observed average mark-to-market spreads exceeding 50% on new and renewed leases within its street retail portfolio in Q4 2025. This trend is supported by strong tenant sales performance, which is seen as a leading indicator for continued rent growth. Additionally, there is an approximate 3% contractual rent growth embedded in existing leases.
- Increased Occupancy and Monetization of Signed Not Yet Open (SNO) Pipeline: The company is focused on increasing economic occupancy, particularly in its street and urban portfolios, which rose to approximately 90% by Q4 2025, still below prior peaks of over 95%. A substantial "Signed Not Yet Open" (SNO) pipeline, valued at approximately $8.9 million in annualized base rent (ABR) at year-end 2025, is projected to contribute significantly to NOI in 2026 and 2027 as these leases commence.
- Accretive Acquisitions and Expansion of the Core Portfolio: Acadia has actively pursued and completed accretive acquisitions, with nearly $1 billion in core and investment management acquisitions either completed or in advanced stages of negotiation by Q3 2024, and over $1.3 billion in acquisitions over the prior 24 months through Q4 2025. The strategy involves expanding its high-quality street retail portfolio, with plans to potentially double its size accretively.
- Growth from the Investment Management Platform: Beyond its core portfolio, Acadia operates an investment management platform that targets opportunistic and value-add investments through institutional funds. This segment is expected to contribute to revenue growth, with projected Investment Management fees of $23–$26 million in 2026.
- Strategic Expansion into Dynamic Urban Markets: Acadia Realty Trust maintains a disciplined, location-driven investment strategy, focusing on building its core real estate portfolio in the nation's most dynamic corridors. The company is actively present in markets like New York (including SoHo and Williamsburg) and is exploring expansion into new high-growth urban markets, aiming for assets that can achieve a 5% compound annual growth rate (CAGR) over the next five years.
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Share Repurchases
- Acadia Realty Trust did not repurchase any shares from October 1, 2025, to December 31, 2025.
- The company completed a share buyback plan announced in February 2018, repurchasing 3,513,300 shares for $77.42 million.
Share Issuance
- In the fourth quarter of 2025, Acadia Realty Trust raised approximately $39 million of equity through its ATM program.
- The company has unsettled forward equity contracts to sell 14.7 million shares for aggregate net proceeds of approximately $295 million, intended to fund its acquisition pipeline and redevelopment projects.
Inbound Investments
- In February 2026, Acadia Realty Trust completed a $440 million Investment Management portfolio transaction with TPG Real Estate, forming new joint ventures where TPG acquired an 80% interest in certain assets.
- Through its Investment Management platform, the company has completed over $1.2 billion of assets in partnership with TPG Real Estate within the past 14 months, indicating a growing and scalable relationship.
Capital Expenditures
- Acadia Realty Trust completed approximately $487 million in acquisitions during 2025, with $356 million in street retail and $131 million in Investment Management acquisitions.
- Year-to-date in 2026, the company completed approximately $445 million of REIT Portfolio and Investment Management acquisitions.
- The company has invested approximately $700 million in street acquisitions and planned investments, primarily focusing on high-growth street retail.
Peer Outperformance in Retail REITs
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| AKR | Acadia Realty Trust | 6.8% | 51.3x | 15.9% | 62.1% | 27.0% | — |
| IVT | InvenTrust Properties | 8.6% | 170.8x | 22.5% | 58.5% | 1639.6% | +1,613pp |
| SPG | Simon Property | 8.6% | 15.5x | 33.9% | 122.4% | 124.1% | +97pp |
| MAC | Macerich | 5.3% | -39.4x | 47.6% | 134.7% | 96.6% | +70pp |
| BRX | Brixmor Property | 4.4% | 21.0x | 17.1% | 56.9% | 64.8% | +38pp |
| PECO | Phillips Edison | 8.1% | 34.9x | 21.7% | 28.6% | 57.7% | +31pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care REITs | 14 | 21.7% | 62.0% | 62.7% | WELL 216% · DHC 152% · CTRE 135% |
| Retail REITs ← | 22 | 20.9% | 40.2% | 44.1% | IVT 1640% · SKT 193% · SPG 124% |
| Real Estate Development | 6 | 2.6% | 31.6% | 24.0% | AXR 74% · JOE 68% · FOR 46% |
| Other Specialized REITs | 11 | 5.6% | 19.1% | 22.5% | IRM 236% · EPR 83% · LAMR 81% |
| Hotel & Resort REITs | 16 | 40.8% | 36.8% | 16.9% | RHP 103% · HST 96% · DRH 71% |
| Industrial REITs | 11 | 22.1% | 26.2% | 7.0% | EGP 35% · FR 30% · PLD 21% |
| Diversified REITs | 12 | 16.0% | 30.0% | -8.9% | CTO 85% · EPRT 26% · WPC 25% |
| Single-Family Residential REITs | 3 | 3.9% | 5.7% | -11.0% | AMH -5% · ELS -11% · INVH -13% |
| Multi-Family Residential REITs | 13 | 0.5% | 5.7% | -14.8% | AIV 34% · ESS 7% · BRT 4% |
| Real Estate Services | 26 | -12.6% | -0.3% | -20.6% | MDRR 642% · CHCI 245% · CBRE 61% |
| Office REITs | 18 | 6.7% | 22.8% | -29.7% | CDP 61% · PSTL 61% · SLG 12% |
| Telecom Tower REITs | 3 | -13.7% | -13.0% | -45.5% | AMT -30% · SBAC -45% · CCI -52% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 25.33 |
| Mkt Cap | 7.7 |
| Rev LTM | 1,071 |
| Op Inc LTM | 325 |
| FCF LTM | 295 |
| FCF 3Y Avg | 295 |
| CFO LTM | 515 |
| CFO 3Y Avg | 506 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.0% |
| Rev Chg 3Y Avg | 7.2% |
| Rev Chg Q | 6.3% |
| QoQ Delta Rev Chg LTM | 1.5% |
| Op Inc Chg LTM | 6.2% |
| Op Inc Chg 3Y Avg | 9.4% |
| Op Mgn LTM | 32.0% |
| Op Mgn 3Y Avg | 29.9% |
| QoQ Delta Op Mgn LTM | 0.4% |
| CFO/Rev LTM | 48.4% |
| CFO/Rev 3Y Avg | 49.0% |
| FCF/Rev LTM | 42.0% |
| FCF/Rev 3Y Avg | 39.5% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 7.7 |
| P/S | 7.2 |
| P/Op Inc | 22.8 |
| P/EBIT | 16.9 |
| P/E | 26.1 |
| P/CFO | 14.9 |
| Total Yield | 8.2% |
| Dividend Yield | 4.2% |
| FCF Yield 3Y Avg | 6.3% |
| D/E | 0.5 |
| Net D/E | 0.5 |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Real estate investment trust (REIT) Portfolio | 242 | 200 | 204 | 203 | 181 |
| Investment Management | 169 | 159 | 135 | 124 | 111 |
| Structured Financing | 0 | 0 | 0 | 0 | 0 |
| Unallocated | 0 | 0 | 0 | 0 | 0 |
| Total | 411 | 360 | 339 | 326 | 292 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Real estate investment trust (REIT) Portfolio | 84 | 62 | 63 | 74 | 60 |
| Investment Management | 11 | 44 | 28 | 38 | 11 |
| Structured Financing | 0 | 0 | 0 | 0 | 0 |
| Unallocated | -46 | -41 | -41 | -44 | -40 |
| Total | 49 | 66 | 49 | 68 | 31 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Real estate investment trust (REIT) Portfolio | 35 | 24 | 25 | -8 | 29 |
| Structured Financing | 24 | 24 | 20 | 14 | 5 |
| Investment Management | 4 | 14 | 17 | 2 | 31 |
| Unallocated | -46 | -41 | -42 | -44 | -40 |
| Total | 17 | 22 | 20 | -35 | 24 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Real estate investment trust (REIT) Portfolio | 3,161 | 2,676 | 2,566 | 2,599 | 2,213 |
| Investment Management | 1,521 | 1,569 | 1,600 | 1,579 | 1,895 |
| Structured Financing | 155 | 127 | 125 | 124 | 154 |
| Unallocated | 0 | 0 | 0 | 0 | 0 |
| Total | 4,837 | 4,371 | 4,291 | 4,303 | 4,262 |
Price Behavior
| Market Price | $21.05 | |
| Market Cap ($ Bil) | 2.8 | |
| First Trading Date | 05/27/1993 | |
| Distance from 52W High | -7.4% | |
| 50 Days | 200 Days | |
| DMA Price | $21.54 | $20.53 |
| DMA Trend | up | indeterminate |
| Distance from DMA | -2.3% | 2.5% |
| 3M | 1YR | |
| Volatility | 24.5% | 21.8% |
| Downside Capture | -5.30 | 11.44 |
| Upside Capture | -1.55 | 25.90 |
| Correlation (SPY) | -11.3% | 14.7% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.43 | -0.17 | -0.05 | 0.29 | 0.31 | 0.72 |
| Up Beta | -0.52 | -0.30 | -0.10 | 0.15 | 0.35 | 0.76 |
| Down Beta | -0.84 | 0.08 | 0.06 | 0.56 | 0.55 | 0.75 |
| Up Capture | 29% | -11% | 5% | 34% | 24% | 40% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 15 | 25 | 37 | 74 | 140 | 403 |
| Down Capture | -87% | -33% | -20% | 13% | 10% | 86% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 7 | 18 | 26 | 52 | 112 | 339 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AKR | |
|---|---|---|---|---|
| AKR | 15.2% | 21.8% | 0.56 | - |
| Sector ETF (XLRE) | 10.8% | 14.2% | 0.49 | 57.1% |
| Equity (SPY) | 20.4% | 12.8% | 1.17 | 14.2% |
| Gold (GLD) | 29.8% | 28.5% | 0.91 | 3.8% |
| Commodities (DBC) | 40.2% | 20.2% | 1.56 | -12.5% |
| Real Estate (VNQ) | 13.1% | 13.9% | 0.65 | 60.8% |
| Bitcoin (BTCUSD) | -45.4% | 42.7% | -1.30 | 3.9% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AKR | |
|---|---|---|---|---|
| AKR | 3.8% | 27.7% | 0.14 | - |
| Sector ETF (XLRE) | 2.6% | 19.2% | 0.04 | 71.3% |
| Equity (SPY) | 13.1% | 17.2% | 0.59 | 53.7% |
| Gold (GLD) | 19.8% | 18.6% | 0.87 | 8.6% |
| Commodities (DBC) | 9.8% | 19.6% | 0.39 | 14.2% |
| Real Estate (VNQ) | 2.4% | 18.9% | 0.02 | 75.6% |
| Bitcoin (BTCUSD) | 7.1% | 52.6% | 0.32 | 21.3% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AKR | |
|---|---|---|---|---|
| AKR | -1.6% | 34.4% | 0.04 | - |
| Sector ETF (XLRE) | 6.3% | 20.4% | 0.26 | 65.0% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 48.6% |
| Gold (GLD) | 12.1% | 16.2% | 0.61 | 3.0% |
| Commodities (DBC) | 7.8% | 18.1% | 0.35 | 21.0% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.20 | 71.0% |
| Bitcoin (BTCUSD) | 59.9% | 66.0% | 1.00 | 12.6% |
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Returns Analyses
Earnings Returns History
Updated 8/6/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/28/2026 | 2.2% | -2.2% | |
| 5/13/2026 | 0.1% | 1.3% | 4.4% |
| 2/10/2026 | -4.2% | -5.4% | -4.6% |
| 10/28/2025 | -0.2% | 3.4% | 7.2% |
| 4/29/2025 | -2.3% | -1.4% | -0.2% |
| 2/11/2025 | 1.4% | -0.9% | -11.6% |
| 10/28/2024 | 2.5% | 0.8% | 6.6% |
| 7/30/2024 | 1.6% | 0.5% | 5.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 15 | 12 |
| # Negative | 9 | 8 | 10 |
| Median Positive | 1.5% | 3.4% | 6.1% |
| Median Negative | -1.3% | -2.2% | -5.3% |
| Max Positive | 33.6% | 42.4% | 54.7% |
| Max Negative | -4.2% | -6.5% | -11.6% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/28/2026 | 2.2% | -2.2% | |
| 5/13/2026 | 0.1% | 1.3% | 4.4% |
| 2/10/2026 | -4.2% | -5.4% | -4.6% |
| 10/28/2025 | -0.2% | 3.4% | 7.2% |
| 4/29/2025 | -2.3% | -1.4% | -0.2% |
| 2/11/2025 | 1.4% | -0.9% | -11.6% |
| 10/28/2024 | 2.5% | 0.8% | 6.6% |
| 7/30/2024 | 1.6% | 0.5% | 5.1% |
| 4/29/2024 | -1.8% | -4.0% | -6.6% |
| 8/2/2023 | 0.3% | -1.0% | -6.8% |
| 5/5/2023 | -0.9% | -2.2% | 1.8% |
| 2/21/2023 | -0.5% | 0.2% | -11.1% |
| 1/5/2023 | 0.6% | 7.0% | 7.2% |
| 11/4/2022 | 2.9% | 10.5% | 7.7% |
| 8/5/2022 | 2.3% | 9.9% | -1.9% |
| 5/5/2022 | -2.5% | -6.5% | -6.0% |
| 2/17/2022 | 0.3% | 1.5% | 5.4% |
| 10/27/2021 | -1.3% | 3.6% | -3.4% |
| 7/29/2021 | 0.8% | 0.8% | 1.0% |
| 4/30/2021 | 1.7% | 5.1% | 5.6% |
| 2/17/2021 | -0.3% | 8.1% | 11.6% |
| 11/6/2020 | 33.6% | 42.4% | 54.7% |
| 8/7/2020 | 1.5% | 2.7% | -4.2% |
| SUMMARY STATS | |||
| # Positive | 14 | 15 | 12 |
| # Negative | 9 | 8 | 10 |
| Median Positive | 1.5% | 3.4% | 6.1% |
| Median Negative | -1.3% | -2.2% | -5.3% |
| Max Positive | 33.6% | 42.4% | 54.7% |
| Max Negative | -4.2% | -6.5% | -11.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/29/2026 | 10-Q |
| 03/31/2026 | 04/29/2026 | 10-Q |
| 12/31/2025 | 02/13/2026 | 10-K |
| 09/30/2025 | 10/29/2025 | 10-Q |
| 06/30/2025 | 07/30/2025 | 10-Q |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 02/14/2025 | 10-K |
| 09/30/2024 | 10/28/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 04/30/2024 | 10-Q |
| 12/31/2023 | 02/16/2024 | 10-K |
| 09/30/2023 | 10/31/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/29/2026 | 10-Q |
| 03/31/2026 | 04/29/2026 | 10-Q |
| 12/31/2025 | 02/13/2026 | 10-K |
| 09/30/2025 | 10/29/2025 | 10-Q |
| 06/30/2025 | 07/30/2025 | 10-Q |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 02/14/2025 | 10-K |
| 09/30/2024 | 10/28/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 04/30/2024 | 10-Q |
| 12/31/2023 | 02/16/2024 | 10-K |
| 09/30/2023 | 10/31/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 03/01/2022 | 10-K |
| 09/30/2021 | 10/28/2021 | 10-Q |
| 06/30/2021 | 07/29/2021 | 10-Q |
| 03/31/2021 | 04/30/2021 | 10-Q |
| 12/31/2020 | 02/22/2021 | 10-K |
| 09/30/2020 | 11/06/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 02/21/2020 | 10-K |
| 09/30/2019 | 10/25/2019 | 10-Q |
Recent Forward Guidance
Updated 7/29/2026Latest: Q2 2026 Earnings Reported 7/28/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net earnings per share | 0.4 | 0.41 | 0.41 | 6.6% | Raised | Guidance: 0.38 for 2026 | |
| 2026 NAREIT FFO per share | 1.19 | 1.2 | 1.21 | 0.8% | Raised | Guidance: 1.19 for 2026 | |
| 2026 FFO As Adjusted per share | 1.24 | 1.25 | 1.26 | 0.8% | Raised | Guidance: 1.24 for 2026 | |
Prior: Q1 2026 Earnings Reported 5/13/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net earnings per share | 0.37 | 0.38 | 0.39 | ||||
| 2026 NAREIT FFO per share | 1.17 | 1.19 | 1.21 | ||||
| 2026 FFO As Adjusted per share | 1.22 | 1.24 | 1.26 | 0.8% | Raised | Guidance: 1.23 for 2026 | |
| 2026 Annual Projected Same-property NOI | 0.05 | 0.07 | 0.09 | 0.0% | Affirmed | Guidance: 0.07 for 2026 | |
Q4 2025 Earnings Reported 2/10/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 FFO As Adjusted per share | 1.21 | 1.23 | 1.25 | ||||
| 2026 REIT Portfolio Same-Property NOI growth | 5.0% | 7.0% | 9.0% | ||||
| 2026 Investment Management fees | 23.00 Mil | 24.50 Mil | 26.00 Mil | ||||
| 2026 Structured Finance income | 16.00 Mil | 17.00 Mil | 18.00 Mil | ||||
| 2026 Recurring G&A expenses | 44.00 Mil | 45.00 Mil | 46.00 Mil | ||||
Investor Activity (13F)
Updated Aug 19, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Industry Resources
| Real Estate Resources |
| The Real Deal |
| Commercial Observer |
| Inman |
| Retail REITs Resources |
| ICSC |
| Shopping Center Business |
| Chain Store Age - Real Estate |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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