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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.

1. 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.
2. 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.
3. 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:

1. 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.
2. 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.
3. 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.
4. 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.
5. 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.