Acadia Realty Trust Announces Q4 and Full-Year 2024 Financial Results
Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”) has announced its operating results for the quarter ending December 31, 2024. The company specializes in owning and managing high-quality real estate assets, particularly street and open-air retail properties in key retail corridors. Additionally, Acadia operates an investment management platform that focuses on opportunistic and value-add investments through institutional co-investment vehicles.
Financial Performance
A comprehensive reconciliation of Acadia’s net income and Funds From Operations (FFO) per share, including special items, is detailed in the Financial Results financial tables accompanying the report. The key financial highlights for the fourth quarter of 2024, compared to the same period in 2023, are as follows:
- Net earnings per share: $0.07 in Q4 2024, compared to a loss of ($0.02) per share in Q4 2023.
- Depreciation and amortization: $0.22 per share, down from $0.28 per share in Q4 2023.
- Impairment charges: $0.01 per share, whereas there were no such charges in Q4 2023.
- NAREIT Funds From Operations per share: $0.30 in Q4 2024, an increase from $0.26 per share in Q4 2023.
- Funds From Operations Before Special Items: $0.29 per share in Q4 2024, up from $0.26 per share in Q4 2023.
- Realized gains and promotes: $0.03 per share in Q4 2024, slightly up from $0.02 per share in Q4 2023.
- Total Funds From Operations Before Special Items per share: $0.32 in Q4 2024, compared to $0.28 per share in Q4 2023.
Acquisition Activity
During the fourth quarter of 2024 and the beginning of 2025, Acadia completed approximately $611 million in acquisitions. These acquisitions include $306 million in Core Portfolio investments and $305 million ($47 million at Acadia’s pro-rata share) in Investment Management Financial Results acquisitions. The company’s strategy remains focused on expanding its presence in high-traffic retail districts and leveraging its joint venture partnerships to enhance value.
Core Portfolio Acquisitions
Georgetown, Washington, D.C.
In January 2025, Acadia increased its ownership stake in a prime retail portfolio in Georgetown, Washington, D.C. The company acquired an additional 48% interest, bringing its total stake to approximately 68%. The acquisition was valued at approximately $117 million, based on a gross portfolio value of $245 million. This portfolio, managed in collaboration with joint venture partner EastBanc, includes 36 retail properties along M Street, one Financial Results of the nation’s premier shopping destinations.
SoHo, Manhattan, New York
Acadia continues to expand its footprint in SoHo, Manhattan. During Q4 2024 and early 2025, the company completed acquisitions totaling $123 million, increasing its SoHo Collection to 15 properties Financial Results encompassing 20 retail stores. The properties are strategically located in one of New York City’s most vibrant retail corridors.
- 92-94 Greene Street: Acquired for $43 million in October 2024, this property presents an opportunity for re-leasing at higher market rates. With this acquisition, Acadia now owns nine buildings along Greene Street.
- 106 Spring Street: Purchased for $55 million in January 2025, this corner property at Spring and Mercer Streets is leased to athleisure brand Vuori.
- 73 Wooster Street: Acquired for $25 million in January 2025, this property, leased to luxury retailers Reiss and Moschino, presents further opportunities for value enhancement through leasing.
Williamsburg, Brooklyn, New York
Acadia has continued its expansion into Williamsburg, Brooklyn, acquiring retail assets valued at $53 million during Q4 2024. The acquisitions include:
- 123-129 North 6th Street: Purchased for $35 million Financial Results in October 2024, this portfolio offers below-market rents, strong re-leasing potential, and the opportunity to expand retail space on newly acquired vacant land with frontage on Berry Street.
- 109 North 6th Street: Acquired for $18 million in October 2024, this adjacent property is leased to fashion retailer Madewell, strengthening Acadia’s presence in Williamsburg’s bustling shopping district.
Henderson Avenue, Dallas, Texas
Acadia is actively expanding its holdings along Henderson Avenue in Dallas, Texas. During Q4 2024, the company acquired three additional parcels for Financial Results an aggregate purchase price of $13 million. These properties complement Acadia’s existing portfolio in the area and create opportunities for further expansion and leasing activity.
In collaboration with its partner, Ignite-Rebees, Acadia commenced construction on the Henderson Avenue Corridor Expansion project in October 2024. This Financial Results initiative aims to transform Henderson Avenue into a premier, walkable retail destination. These new acquisitions further solidify Acadia’s control over this emerging shopping corridor, complementing its initial investment of $85 million in the area in 2022.
