Acadia Realty Trust

Acadia Realty Trust is a Maryland-formed equity REIT that owns, acquires, develops, and manages retail real estate in high-barrier-to-entry, supply-constrained U.S. metropolitan markets. The business is organized around a core portfolio of street and open-air retail properties in dense, high-traffic corridors and an Investment Management platform that manages institutional co-investment vehicles. All assets are held and operated through Acadia Realty Limited Partnership under an UPREIT structure, enabling property contributions in exchange for OP Units. Cash flows are primarily driven by contractual rents, re-leasing spreads and occupancy, with additional fee and performance-related income from managing opportunity funds and ventures.

50,4 %

4,1 %

+14,2 %

— Acadia Realty Trust
%
REIT Portfolio (Core street & open-air retail)80% Rental income from owned street retail and open-air retail assets in supply-constrained U.S. markets.
Investment Management fees12% Management services and, in certain cases, incentive fees earned from managing institutional opportunity funds and co-investments.
Development/redevelopment and other property-level income8% Value creation from redevelopment, leasing-up, and other property-related income streams tied to repositioning assets.

Acadia’s direct customers are retail tenants leasing space in its street and open-air properties, ranging from anchor...

  • Retail tenants (in-line shops)primary

    Lease smaller-format space in street and open-air assets to access dense foot traffic and affluent trade areas.

  • Retail tenants (anchor tenants)primary

    Lease larger spaces that can materially affect property performance through traffic generation and co-tenancy dynamics.

  • Institutional capital partners (Opportunity Funds II–V)secondary

    Commit capital to Acadia-managed funds and pay management fees; returns may also generate incentive fees where applicable.

  • Co-investment and venture partnersemerging

    Participate alongside Acadia in unconsolidated ventures and recapitalization-oriented investments to access specific deals.

Acadia’s assets are located primarily in the United States, with a stated focus on high-barrier-to-entry, densely...

  • •United States focus in high-barrier, supply-constrained metro markets
  • •Greater New York metro is 44.8% of REIT Portfolio annual base rents
  • •Chicago metro is 18.4% of REIT Portfolio annual base rents
  • •Investment Management base rents: Southeast 34.8%, New York 31.8%
  • •Investment Management base rents: Northeast 17.1%
  • •Concentration raises exposure to local demand, tourism and retail cycles

Acadia runs a dual-platform strategy: a core REIT Portfolio of street and open-air retail assets and an Investment...

01
Maximize internal growth in the Core/REIT Portfolioshort-term

Leasing spreads, occupancy and tenant mix drive recurring rent growth in supply-constrained corridors.

02
Accretive acquisitions and selective development/redevelopmentmedium-term

Adds scale in targeted corridors and creates value through repositioning and leasing-up.

03
Operate dual platforms and realize value from Investment Management portfoliosmedium-term

Management fees and potential incentive fees diversify earnings while existing funds focus on operating and realizing current holdings.

04
Maintain financial flexibility and access to capitallong-term

Retail real estate is capital intensive and refinancing conditions can change quickly with interest rates and credit spreads.

Acadia’s results are sensitive to tenant health and leasing conditions because rental income depends on occupancy, rent...

high

Anchor tenant vacancy and co-tenancy impacts

Anchor departures can reduce traffic and trigger rent reductions/terminations for other tenants.

Scope
Retail properties with anchor tenants and co-tenancy provisions
Materiality
high
high

Tenant bankruptcies and retail demand downturn

Major or widespread tenant distress can reduce rent collections, increase vacancy, and lower property values.

Materiality
high
high

Geographic concentration in key metro regions

Local oversupply or demand shocks in concentrated markets can disproportionately affect rents and occupancy.

Scope
REIT Portfolio ABR: New York 44.8%, Chicago 18.4%
Materiality
high
medium

Cybersecurity and AI-related threats

Incidents could cause reputational damage, litigation, and insurance shortfalls; AI can expand attack vectors and data risks.

Materiality
medium
medium

Real estate illiquidity and REIT disposition constraints

Illiquid assets and REIT tax rules can delay portfolio changes when market conditions shift.

Materiality
medium
Impairment of properties and real estate investments
Non-cash charges can create volatility in GAAP net income and asset values
Equity method and unconsolidated ventures accounting
Timing and magnitude of recognized income/losses can differ from cash distributions

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: 11/08/2026