Overview

* Acadia Realty ( AKR ) Q3 revenue beats analyst expectations, driven by street retail portfolio growth

* Company completed $63 mln acquisition, total YTD acquisition volume at $487 mln

* Reduced net debt-to-EBITDA ratio to 5.0x, raised $212 mln equity for projects

Outlook

* Acadia maintains 2025 FFO Before Special Items guidance at $1.32-$1.34 per share

* Acadia revises 2025 net earnings guidance to $0.12-$0.14 per share

* Company expects 2025 acquisition volume to meet or exceed 2024 levels

Result Drivers

* STREET RETAIL GROWTH - Same-property NOI increased 8.2%, driven by 13% growth in street retail portfolio

* LEASING SPREADS - Achieved GAAP and cash leasing spreads of 29% and 12% on new and renewal leases, respectively

* OCCUPANCY INCREASE - Increased REIT Portfolio occupancy by 140 basis points to 93.6%, driven by street retail leasing

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Beat $101 mln $91.70

Revenue mln (3

Analysts

)

Q3 EPS $0.03

Q3 Net -$10.95

Income mln

Q3 Basic $0.03

EPS

Q3 FFO $0.28

Per

Share

Q3 $12.68

Operatin mln

g Income

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the commercial reits peer group is "buy"

* Wall Street's median 12-month price target for Acadia Realty Trust ( AKR ) is $23.00, about 13.7% above its October 27 closing price of $19.84

* The stock recently traded at 58 times the next 12-month earnings vs. a P/E of 53 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)