Acadia Realty Trust (AKR) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.04	$0.07	+75.0%	—	$95.4M	—
Q1 26	$0.05	$0.03	-40.0%	—	$103M	—
Q2 25	$0.09	$0.06	-33.3%	—	—	—
Q1 25	$0.07	$0.01	-85.7%	—	—	—
Q4 24	$0.1	$0.1	0.0%	—	—	—
Q3 24	$0.07	$0.06	-14.3%	—	—	—
Q2 24	$0.04	$0.07	+75.0%	—	—	—
Q1 24	$0.04	$0.05	+25.0%	—	—	—
Q4 23	$0.01	-$0.02	-300.0%	—	—	—
Q3 23	-$0.01	-$0.02	-100.0%	—	—	—
Q2 23	—	$0.01	—	—	$89.9M	—
Q1 23	$0.12	$0.14	+16.7%	—	$81.8M	—
Q4 22	$0.02	$0.04	+100.0%	—	$80.6M	—
Q3 22	$0.01	-$0.61	-6200.0%	—	$79.9M	—
Q2 22	$0.05	-$0.13	-360.0%	—	$84.3M	—
Q1 22	$0.03	$0.18	+500.0%	—	$81.5M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.1	—	—	$410.8M	—
FY24	—	$0.19	—	—	$359.7M	—
FY23	—	$0.2	—	—	$338.7M	—
FY22	—	-$0.38	—	—	$326.3M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$189.9M	$248.6M	$259.7M	$289.6M	$250.9M	$292.5M	$326.3M	$338.7M	$359.7M	$410.8M
YoY change	-4.58%	+30.9%	+4.48%	+11.5%	-13.4%	+16.6%	+11.6%	+3.8%	+6.2%	+14.2%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	189.9M	248.6M	259.7M	289.6M	250.9M	292.5M	326.3M	338.7M	359.7M	410.8M
Cost of revenue	49.9M	75.9M	80.2M	88.2M	98M	98.9M	101.9M	108.5M	112M	123.5M
Gross profit	140.1M	172.6M	179.4M	201.4M	152.9M	193.6M	224.4M	230.2M	247.6M	287.2M
Gross margin	73.7%	69.5%	69.1%	69.5%	60.9%	66.2%	68.8%	68%	68.8%	69.9%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	40.6M	33.8M	34.3M	34.3M	35.8M	40.1M	44.1M	41.5M	40.6M	45.7M
Operating expenses	48.2M	35.9M	35.2M	34.3M	35.8M	40.1M	44.1M	41.5M	40.6M	45.7M
Operating income	21.9M	31.8M	27.5M	44.5M	-30.1M	30.1M	44.4M	52.8M	68.2M	84.1M
Operating margin	11.5%	12.8%	10.6%	15.4%	-12%	10.3%	13.6%	15.6%	19%	20.5%
Non-operating income, net	39.4M	63.4M	14.4M	41.4M	25.4M	55M	-44.1M	19.1M	7.7M	-52.1M
Pretax income	52.5M	65.3M	-14.8M	24.7M	-65.4M	26.1M	-65.2M	-1.4M	8.4M	-39.6M
Income tax	-105K	1M	934K	1.5M	269K	93K	12K	301K	212K	412K
Net income	134.6M	64.3M	-15.7M	23.2M	-65.7M	26M	-65.3M	-1.7M	8.1M	-40M
Net margin	70.9%	25.9%	-6.05%	8.02%	-26.2%	8.9%	-20%	-0.52%	2.26%	-9.74%
EBITDA	157.2M	179.5M	167.6M	180.9M	123M	167.9M	162M	201.1M	247.3M	257.6M
EPS	0.94	0.73	0.38	0.62	-0.1	0.26	-0.38	0.2	0.19	0.1
Diluted EPS	0.94	0.73	0.38	0.62	-0.1	0.26	-0.4	0.2	0.19	0.1

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	—	—	—	—	—	—	—	—	101M	104.8M	103M	95.4M
Cost of revenue	—	—	—	—	—	—	—	—	28.5M	32.6M	31.2M	29.8M
Gross profit	—	—	—	—	—	—	—	—	72.5M	72.1M	71.8M	65.6M
Gross margin	—	—	—	—	—	—	—	—	71.8%	68.9%	69.7%	68.8%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	10.9M	11.6M	15.3M	11.8M
Operating expenses	—	—	—	—	—	—	—	—	10.9M	11.6M	15.3M	11.8M
Operating income	—	—	—	—	—	—	—	—	22.7M	20.7M	16.4M	18.7M
Operating margin	—	—	—	—	—	—	—	—	22.5%	19.7%	15.9%	19.6%
Non-operating income, net	—	—	—	—	—	—	—	—	-15.5M	2M	140M	17.9M
Pretax income	—	—	—	—	—	—	—	—	-11M	3.6M	139.1M	23M
Income tax	—	—	—	—	—	—	—	—	2K	83K	12K	154K
Net income	—	—	—	—	—	—	—	—	-11M	3.5M	139.1M	22.8M
Net margin	—	—	—	—	—	—	—	—	-10.8%	3.38%	135.1%	23.9%
EBITDA	44.3M	49.4M	55.1M	61.2M	71.6M	59.4M	65.6M	60.4M	64M	67.5M	59.8M	74.4M
EPS	-0.02	-0.02	0.03	0.01	0.07	0.07	0.01	0.01	0.03	0.04	0.22	0.05
Diluted EPS	-0.02	-0.02	0.03	0.01	0.07	0.07	0.01	0.01	0.03	0.04	0.22	0.05

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	2.3B	2B	2.2B	1.2B	1.9B	1.4B	1.6B	—	—	2.8B
Enterprise value	—	3.7B	3.6B	4B	3B	3.8B	3.2B	3.5B	—	—	4.6B
Shares outstanding	76.6M	83.3M	82.7M	84.9M	86.4M	87.7M	94.6M	95.3M	108.2M	128.6M	128.6M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	35.5	—	94.7	—	73.5	—	—	—	—	55
P/S	—	9.17	7.57	7.6	4.89	6.54	4.16	4.78	—	—	6.76
P/B	—	1.03	0.94	1.01	0.6	0.89	0.6	0.76	—	—	1.13
EV/EBITDA	—	20.6	21.3	22.3	24.5	22.4	19.6	17.4	—	—	19.1
EV/Sales	—	14.9	13.7	13.9	12	12.8	9.73	10.3	—	—	11.1
Earnings yield	—	2.82%	—	1.06%	—	1.36%	—	—	—	—	1.82%
FCF yield	—	5.03%	4.89%	4.2%	8.47%	5.49%	9.82%	9.62%	—	—	6.69%
PEG	—	—	—	—	—	—	—	—	—	—	0.14

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	73.7%	69.5%	69.1%	69.5%	60.9%	66.2%	68.8%	68%	68.8%	69.9%	68.8%
Operating margin	11.5%	12.8%	10.6%	15.4%	-12%	10.3%	13.6%	15.6%	19%	20.5%	29.9%
Net margin	70.9%	25.9%	-6.05%	8.02%	-26.2%	8.9%	-20%	-0.52%	2.26%	-9.74%	13.2%
ROE	6.18%	2.9%	-0.75%	1.06%	-3.21%	1.21%	-2.9%	-0.08%	0.32%	-1.52%	5.72%
ROA	3.37%	1.62%	-0.4%	0.54%	-1.59%	0.61%	-1.52%	-0.04%	0.19%	-0.83%	1.18%
ROIC	0.6%	0.86%	0.75%	1.04%	-0.79%	0.75%	1.09%	1.31%	1.59%	1.86%	1.8%
Return on tangible assets	3.57%	1.74%	-0.42%	0.57%	-1.67%	0.64%	-1.59%	-0.04%	0.19%	-0.87%	3.5%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	3.56	2.13	1.86	1.19	0.9	1.45	0.89	0.87	1.87	1.24	1.25
Quick ratio	3.56	2.13	1.86	1.19	0.9	1.45	0.89	0.87	1.87	1.24	1.57
Debt / equity	0.72	0.67	0.78	0.84	0.88	0.86	0.82	0.91	0.66	0.73	0.63
Debt / assets	0.39	0.38	0.41	0.43	0.44	0.44	0.43	0.45	0.38	0.4	0.37
Net debt / EBITDA	9.46	7.91	9.55	10.1	14.5	11	11.2	9.37	6.64	7.31	6.25
Interest coverage	2.52	2.11	0.79	1.36	0.06	1.38	0.19	0.98	1.09	0.58	2.71
Effective tax rate	0%	1.54%	0%	5.93%	0%	0.36%	0%	0%	2.54%	0%	0.16%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	2.48	2.98	3.14	3.41	2.9	3.34	3.45	3.55	3.32	3.19	3.15
EPS (basic)	0.94	0.73	0.38	0.62	-0.1	0.26	-0.38	0.2	0.19	0.1	0.1
EPS (diluted)	0.94	0.73	0.38	0.62	-0.1	0.26	-0.4	0.2	0.19	0.1	0.35
Book value per share	28.4	26.6	25.2	25.8	23.7	24.5	23.8	22.4	23.4	20.4	17
FCF per share	1.43	1.38	1.16	1.09	1.2	1.2	1.41	1.63	1.3	1.3	1.24
Cash per share	0.94	0.9	0.26	0.19	0.22	0.2	0.18	0.53	0.29	0.3	0.37
Capex per share	1.96	0	0	0.46	0	0	—	—	—	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	79.2%	0%	0%	13.5%	0%	0%	—	—	—	—	—
Capex / operating cash flow	63.4%	0%	0%	28.8%	0%	0%	—	—	—	—	—
Payout ratio	67.9%	154.8%	-566.2%	404.2%	-76.4%	151.7%	-99%	-3.9K%	937.7%	-253.3%	228.6%
Dividend yield	—	4.37%	4.52%	4.27%	4.09%	2.06%	4.76%	4.24%	—	—	4.15%

Yield

4.15%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.20

ex-dividend Jun 30, 2026

Payout ratio

229%

of earnings

Dividend growth

2 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jun 30, 2026	$0.20
Mar 31, 2026	$0.20
Dec 31, 2025	$0.20

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	—	—	—	—	—	—	—	—	$101M	$104.8M	$103M	$95.4M
YoY change	—	—	—	—	—	—	—	—	—	—	—	—

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	71.8M	74.8M	21.3M	15.8M	18.7M	17.7M	17.2M	50.8M	31.6M	38.8M
Receivables	43.8M	51.7M	62.2M	59.1M	43.1M	43.6M	49.5M	49.5M	58M	65M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	481.3M	370.5M	259.7M	244.1M	214.6M	336.5M	259.2M	291M	305.1M	318.3M
Property, plant & equipment	—	—	—	60M	76.3M	40.7M	37.3M	29.3M	25.5M	23.6M
Goodwill & intangibles	229.2M	255.1M	231.9M	233.6M	200.9M	217.8M	204.7M	201.2M	173.7M	256.5M
Total assets	4B	4B	4B	4.3B	4.1B	4.3B	4.3B	4.3B	4.4B	4.8B
Accounts payable	48.3M	61.4M	65.2M	68.8M	52.4M	56.6M	59.9M	61.4M	68.4M	88.1M
Short-term debt	—	41.5M	—	60.8M	138.4M	112.9M	168.3M	213.3M	14M	89.5M
Total current liabilities	135.2M	173.9M	139.5M	205.8M	238.3M	232.3M	291.6M	335.6M	162.7M	257.1M
Long-term debt	1.6B	1.5B	1.6B	1.8B	1.7B	1.7B	1.7B	1.7B	1.7B	1.8B
Total liabilities	1.8B	1.7B	1.9B	2.1B	2.1B	2.1B	2.1B	2.2B	1.8B	2.2B
Shareholders' equity	2.2B	2.2B	2.1B	2.2B	2.1B	2.1B	2.2B	2.1B	2.5B	2.6B
Total debt	1.6B	1.5B	1.6B	1.8B	1.8B	1.9B	1.8B	1.9B	1.7B	1.9B
Net debt	1.5B	1.4B	1.6B	1.8B	1.8B	1.8B	1.8B	1.9B	1.7B	1.9B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	54.5M	50.8M	46.1M	53.6M	63.7M	31.6M	48.5M	53.7M	53.9M	38.8M	31.4M	33M
Receivables	50.4M	49.5M	51.5M	54M	55.6M	58M	58.2M	61.1M	63.7M	65M	56.3M	55.4M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	295.1M	291M	282.5M	307.6M	366M	305.1M	310.9M	375.9M	358.1M	318.3M	317.9M	295.9M
Property, plant & equipment	30.2M	29.3M	28.3M	27.7M	26.8M	25.5M	26.7M	25.6M	24.6M	23.6M	22.6M	21.6M
Goodwill & intangibles	180.1M	201.2M	187.4M	172.9M	167.6M	173.7M	246.6M	263.1M	276.4M	256.5M	193.3M	199.9M
Total assets	4.3B	4.3B	4.3B	4.3B	4.3B	4.4B	4.7B	4.9B	4.9B	4.8B	4.5B	4.6B
Accounts payable	67.7M	61.4M	58.2M	62.2M	59.4M	68.4M	69.8M	81.9M	87.1M	88.1M	68.4M	72.9M
Short-term debt	192.3M	213.3M	114.7M	96.4M	56M	14M	—	53.5M	65M	89.5M	91.5M	43.3M
Total current liabilities	321.6M	335.6M	236.9M	222.3M	189M	162.7M	144.6M	210.9M	229.3M	257.1M	229.4M	188.1M
Long-term debt	1.7B	1.7B	1.7B	1.7B	1.7B	1.7B	1.7B	1.8B	1.9B	1.8B	1.6B	1.7B
Total liabilities	2.1B	2.2B	2B	2B	1.9B	1.8B	1.9B	2.1B	2.2B	2.2B	1.9B	1.9B
Shareholders' equity	2.2B	2.1B	2.3B	2.3B	2.4B	2.5B	2.8B	2.7B	2.7B	2.6B	2.6B	2.7B
Total debt	1.9B	1.9B	1.9B	1.8B	1.7B	1.7B	1.7B	1.9B	1.9B	1.9B	1.7B	1.7B
Net debt	1.9B	1.9B	1.8B	1.8B	1.7B	1.7B	1.7B	1.8B	1.9B	1.9B	1.6B	1.7B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	134.6M	64.3M	-15.7M	23.2M	-65.7M	26M	-65.3M	-1.7M	8.1M	-40M
Depreciation & amortization	70M	104.9M	117.5M	122.6M	147.2M	123.4M	135.9M	136M	138.9M	157.5M
Stock-based compensation	13.7M	11.2M	12.9M	10M	10.9M	12.4M	11.1M	12.8M	12.8M	11.6M
Change in working capital	23.6M	-4.1M	8.4M	-6.2M	-39.6M	11.6M	-4.9M	14.3M	-15.5M	-19.7M
Operating cash flow	237M	166.1M	108.8M	135.5M	48.2M	166M	69.7M	156.1M	151.3M	167M
Capital expenditure	150.4M	0	0	-39M	0	0	—	—	—	—
Investing cash flow	30.1M	53.9M	40.6M	-93.1M	-64.3M	-59.9M	-56.3M	-15M	-6.5M	-7.7M
Dividends paid	-91.3M	-99.5M	-88.9M	-93.9M	-50.2M	-39.5M	-64.6M	-68.6M	-76.3M	-101.3M
Share repurchases	—	0	-55.1M	0	-22.4M	—	—	—	—	—
Financing cash flow	488.4M	-127.8M	-10.3M	274M	-1.3M	91.3M	-4.4M	45.9M	44.6M	300.7M
Net change in cash	755.5M	92.3M	139.1M	316.4M	-17.3M	197.4M	9M	186.9M	189.5M	460M
Free cash flow	109.8M	114.7M	96.1M	92.4M	103.9M	105M	133.2M	155.8M	140.4M	167M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	-16.3M	-10.2M	-6.9M	1.6M	12.3M	1.2M	-11.7M	-20.9M	-11M	3.5M	139.1M	22.8M
Depreciation & amortization	33.7M	35M	34.9M	34.3M	34.5M	35.2M	39.4M	39.3M	38.9M	39.9M	40.2M	35.2M
Stock-based compensation	2.6M	2.6M	4.2M	3.1M	2.7M	2.7M	2.6M	3.1M	3M	3M	6.4M	3.4M
Change in working capital	-5.7M	16.5M	-7.1M	-3.8M	-1.6M	-2.9M	-11.3M	-2M	-4.3M	-2.1M	-8.7M	-993K
Operating cash flow	15.8M	44.7M	26.7M	37.3M	50.2M	37.4M	29.2M	18.9M	34.3M	42M	31.4M	58.3M
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	2.6M	-22.6M	8.9M	-9M	7.9M	-14.3M	4.2M	-17.8M	3.7M	2.2M	-66.1M	11.9M
Dividends paid	-17.2M	-17.2M	-17.2M	-18.6M	-18.9M	-21.6M	-22.7M	-26.2M	-26.2M	-26.2M	-26.2M	-26.7M
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	35.4M	76M	-20.5M	-27.7M	39.8M	53.1M	186.7M	145.4M	8.7M	-40.1M	-407.1M	41.6M
Net change in cash	53.8M	98.1M	15.1M	617K	97.9M	76.2M	220.1M	146.4M	46.7M	4.1M	-441.8M	111.7M
Free cash flow	25.7M	40.6M	26M	32M	44.6M	37.9M	25.9M	64.8M	34.3M	42M	31.4M	58.3M

Date	Ratio
Dec 9, 2014	10:1
Nov 22, 2013	156:1
May 13, 2013	16:17
Oct 10, 2012	2:1
Jul 5, 2010	25:1
May 16, 2005	20:1
Nov 12, 2002	5:1

Acadia Realty Trust Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history