Acadia Realty Trust
(914) 288-8100
Acadia Realty Trust Reports Third Quarter Operating Results
•Third quarter 2025 GAAP net earnings of $0.03 per share and FFO Before Special Items of $0.33 per share
•REIT Portfolio same-property NOI increased 8.2% driven by street retail portfolio growth of 13%
•REIT Portfolio GAAP and cash leasing spreads on new and renewal leases of 29% and 12%, respectively
•Increased REIT Portfolio occupancy by 140 basis points to 93.6% as of September 30, 2025, driven by street retail leasing, while maintaining a strong SNO Pipeline at 5% of ABR ($11.9 million)
•Completed a $63 Million Investment Management Platform acquisition during the third quarter, bringing our total acquisition volume year-to-date to $487 million. Based on the current pipeline, we expect 2025 acquisition volume to equal or exceed 2024 levels.
•Reduced pro-rata Net Debt-to-EBITDA ratio to 5.0x and raised approximately $212 million of equity during the third quarter and fourth quarter-to-date on a forward basis to accretively fund the Henderson redevelopment project and acquisition pipeline
RYE, NY (October 28, 2025) - Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”) today reported operating results for the quarter ended September 30, 2025. All per share amounts are on a fully-diluted basis, where applicable. Acadia owns and operates a high-quality real estate portfolio of street and open-air retail properties in the nation's most dynamic retail corridors (“REIT Portfolio”), along with an investment management platform that targets opportunistic and value-add investments through its institutional co-investment vehicles (“Investment Management”).
Kenneth F. Bernstein, President and CEO of Acadia, commented:
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“We are pleased with the continued and accelerating momentum across our differentiated portfolio, particularly the 13% same-property NOI growth from our street retail assets. This performance underscores the strength of leasing demand and the ongoing rebound in street retail rents across our key corridors, which is showing no signs of slowing down. With our street retail portfolio poised to continue contributing double-digit NOI growth, complimented by a highly differentiated Investment Management Platform, and dry powder to fund our growing acquisition pipeline, we believe we are well positioned for growth heading into 2026 and beyond.” |
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1 |
Financial Results
A complete reconciliation, in dollars and per share amounts, of (i) net earnings attributable to Acadia to Funds From Operations (“FFO”) (as defined by the National Association of Real Estate Investment Trusts (“NAREIT”) and Before Special Items) attributable to common shareholders and Common OP Unit holders and (ii) operating income to net operating income (“NOI”) is included in the financial tables of this release. The amounts discussed below are net of noncontrolling interests (except for the Common OP Units holders) and all per share amounts are on a fully-diluted basis.
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Financial Results |
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2025–3Q |
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2024–3Q |
Net earnings per share attributable to Acadia |
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$0.03 |
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$0.07 |
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share other than Common OP Units) |
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0.23 |
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0.23 |
Gain on disposition on real estate properties (net of noncontrolling interest share other than Common OP Units) |
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(0.02) |
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(0.02) |
Impairment charges (net of noncontrolling interest share other than Common OP Units) |
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0.03 |
|
— |
Adjustment of redeemable noncontrolling interest to estimated redemption value |
|
0.01 |
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— |
NAREIT Funds From Operations per share attributable to Common Shareholders and Common OP Unit holders 1 |
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$0.28 |
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$0.28 |
Net unrealized holding loss 2 |
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0.02 |
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0.02 |
Funds From Operations Before Special Items and Realized Gains and Promotes per share attributable to Common Shareholders and Common OP Unit holders |
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$0.30 |
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$0.30 |
Realized gains on marketable securities 2 |
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0.03 |
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0.02 |
Funds From Operations Before Special Items per share attributable to Common Shareholders and Common OP Unit holders |
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$0.33 |
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$0.32 |
1.NAREIT FFO includes $1.0 million ($0.01 per share) of promote income from the disposition of a Fund III asset during the quarter ended September 30, 2025.
2.It is the Company's policy to exclude unrealized gains and losses from FFO Before Special Items and to include realized gains related to the Company's investment in Albertsons. The Company had realized investment gains of $4.4 million and $2.9 million for the quarters ended September 30, 2025 and 2024, respectively. Refer to the “Notes to Financial Highlights” on page 14 of this release.
Net Income
•Net income for the quarter ended September 30, 2025 was $4.4 million, or $0.03 per share. This includes a non-cash impairment charge of approximately $3.8 million (net of noncontrolling interest share), or $0.03 per share, related to two properties within the Investment Management Platform.
•This compares with net income of $8.1 million, or $0.07 per share, for the quarter ended September 30, 2024.
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2 |
NAREIT FFO
•NAREIT Funds From Operations (“NAREIT FFO”) for the quarter ended September 30, 2025 was $38.6 million, or $0.28 per share, as compared to $33.0 million, or $0.28 per share for the quarter ended September 30, 2024.
FFO Before Special Items
•FFO Before Special Items for the quarter ended September 30, 2025 was $45.3 million, or $0.33 per share, as compared to $37.1 million, or $0.32 per share, for the quarter ended September 30, 2024.
Realized Gains on Marketable Securities and Net Promotes
•The Company had $5.4 million of realized investment gains on marketable securities and net promotes, or $0.04 per share, comprised of $4.4 million ($0.03 per share) from the sale of Albertsons stock and $1.0 million ($0.01 per share) from the disposition of a Fund III asset during the quarter ended September 30, 2025.
REIT Portfolio Same-Property NOI
•Same-Property NOI growth, excluding developments and redevelopments, increased 8.2% for the third quarter, driven by 13% growth from the street retail portfolio. The current quarter benefited by approximately 100 bps from real estate tax savings, primarily within the street retail portfolio.
REIT Portfolio Leasing and Occupancy Update
•As of September 30, 2025, sequentially increased occupancy percentage by 140 basis points to 93.6% compared to 92.2% as of June 30, 2025, driven by the $6.7 million of pro-rata ABR that commenced during the third quarter and maintained leased occupancy at 94.5%. Additionally, street and urban retail occupancy increased 280 basis points to 89.5% compared to 86.7% as of June 30, 2025.
•For the quarter ended September 30, 2025, conforming GAAP and cash leasing spreads on new and renewal leases were 29% and 12%, respectively. New leasing spreads were primarily driven by leases executed across street corridors, including New York, NY (SoHo and Williamsburg), and Georgetown, Washington, DC. Notable renewals on Henderson Avenue, Dallas, TX and West Village, New York, NY generated conforming GAAP and cash leasing renewal spreads of 67% and 51% respectively.
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3 |
Transactional Activity
During the quarter ended September 30, 2025, the Company completed an approximately $63 million acquisition, as further described below, bringing total acquisition volume year-to-date to $487 million.
Investment Management Platform Acquisition
•Marietta, Georgia. In September 2025, the Company completed the acquisition of The Avenue at West Cobb for approximately $63 million. This 254,000 square foot property is currently 77.3% leased and provides the opportunity for significant leasing upside. The Company intends to bring in a strategic institutional investor to complete the capitalization of this property. No assurances can be given that the Company will successfully identify and close on such a transaction with an institutional partner.
REIT Portfolio and Investment Management Platform Acquisition Pipeline
•Based on the current pipeline, we expect our 2025 acquisition volume to equal or exceed 2024 levels. The pending transactions are subject to final agreement between the parties, customary closing conditions and market uncertainty. Thus, no assurances can be given that the Company will successfully close on any transactions on the anticipated timeline or at all.
REIT Portfolio Suburban Disposition
•Dayton, Ohio. In August 2025, the Company, completed the disposition of a 156,000 square foot mixed-use property in Dayton, OH for approximately $15 million at a gain of $2.8 million.
Investment Management Dispositions
•Manhattan, New York. In September 2025, the Company, through its Fund III platform, completed the disposition of 640 Broadway, a mixed-use retail and residential asset for approximately $50 million, of which the Company’s share was $12 million.
•Manhattan, New York. In October 2025, the Company, through its Fund IV platform, completed the disposition of the retail component of 1035 Third Avenue for $22 million, of which the Company’s share was $5 million.
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4 |
Balance Sheet
Equity Activity:
During the third quarter and fourth quarter to-date, the Company raised approximately $212 million of equity, on a one-year forward basis, under its ATM program at an average issuance price, prior to fees, of $19.88 per share to accretively fund its acquisition pipeline and the Henderson redevelopment project in Dallas, TX.
The Company has unsettled forward equity contracts, inclusive of the amounts above, to sell 13.2 million shares for aggregate net proceeds of approximately $267 million.
Pro-Rata REIT Portfolio and Investment Management Debt-to-EBITDA:
•Net Debt-to-EBITDA, inclusive of pro-rata share of Investment Management Platform debt and unsettled forward equity contracts that were issued prior to September 30, 2025 as discussed above, was 5.0x at September 30, 2025 as compared to 5.5x at June 30, 2025. Refer to the third quarter 2025 Supplemental Information package for reconciliations and details on financial ratios.
No Significant REIT Portfolio Debt Maturities until 2028:
REIT portfolio debt maturing of 0.1%, 2.9%, and 2.7% in 2025, 2026, and 2027, respectively.
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5 |
Guidance
The Company has maintained its FFO Before Special Items and Realized Gains guidance per share (at the midpoint) and updated its 2025 Net earnings and NAREIT FFO per diluted share annual guidance, primarily to reflect the decline in the share price of Albertson’s stock, as follows:
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2025 Guidance |
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Revised 1 |
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Prior 2 |
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Net earnings per share attributable to Acadia |
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$0.12-$0.14 |
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$0.09-$0.13 |
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Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share other than Common OP Units) |
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0.93 |
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1.00 |
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Gain on disposition on real estate properties (net of noncontrolling interest share other than Common OP Units) |
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(0.02) |
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— |
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Impairment charges (net of noncontrolling interest share other than Common OP Units) |
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0.07 |
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0.04 |
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Loss on change in control |
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0.07 |
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0.08 |
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Adjustment of redeemable noncontrolling interest to estimated redemption value |
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0.02 |
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— |
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Noncontrolling interest in Operating Partnership |
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0.01 |
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0.01 |
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NAREIT Funds from operations per share attributable to Common Shareholders and Common OP Unit holders |
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$1.20-$1.22 |
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$1.22-$1.26 |
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Net unrealized holding loss (gain) 3 |
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0.01 |
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(0.01) |
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Transaction costs |
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0.01 |
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— |
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Funds From Operations Before Special Items and Realized Gains per share attributable to Common Shareholders and Common OP Unit holders |
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$1.22-$1.24 |
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$1.21-$1.25 |
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Realized gains on marketable securities 4 |
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0.10 |
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0.11-0.14 |
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Funds From Operations Before Special Items per share attributable to Common Shareholders and Common OP Unit holders |
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$1.32-$1.34 |
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$1.32-$1.39 |
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1.Totals may not foot due to rounding
2.As disclosed in the Company’s July 29, 2025 earnings release. Certain per share differences between the revised and prior guidance relate to the increased number of shares.
3.This represents the actual unrealized mark-to-market holdings loss related to the Company's investment in Albertsons, which was recognized in NAREIT FFO for the nine months ended September 30, 2025. The Company has not reflected any forward-looking estimates involving future unrealized holding gains or losses (i.e., changes in share price) on Albertsons in its 2025 guidance assumptions.
4.It is the Company's policy to exclude unrealized gains and losses from FFO Before Special Items and to include realized gains related to the Company's investment in Albertsons. The Company realized gains of $0.03 per share for the three months ended September 30, 2025. The Company has revised its prior guidance of $16-$19 million of realized gains and promotes to $14-$15 million.
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6 |
Conference Call
Management will conduct a conference call on Wednesday, October 29, 2025 at 12:00 PM ET to review the Company’s earnings and operating results. Participant registration and webcast information is listed below.
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Live Conference Call: |
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Date: |
Wednesday, October 29, 2025 |
Time: |
12:00 PM ET |
Participant call: |
Third Quarter 2025 Dial-In |
Participant webcast: |
Third Quarter 2025 Webcast |
Webcast Listen-only and Replay: |
www.acadiarealty.com/investors under Events & Presentations |
The Company uses, and intends to use, the Investors page of its website, which can be found at https://www.acadiarealty.com/investors, as a means of disclosing material nonpublic information and of complying with its disclosure obligations under Regulation FD, including, without limitation, through the posting of investor presentations and certain portfolio updates. Additionally, the Company also uses its LinkedIn profile to communicate with its investors and the public. Accordingly, investors are encouraged to monitor the Investors page of the Company's website and its LinkedIn profile, in addition to following the Company’s press releases, SEC filings, public conference calls, presentations and webcasts.
About Acadia Realty Trust
Acadia Realty Trust is an equity real estate investment trust focused on delivering long-term, profitable growth. Acadia owns and operates a high-quality core real estate portfolio (“REIT Portfolio”) of street and open-air retail properties in the nation's most dynamic retail corridors, along with an investment management platform that targets opportunistic and value-add investments through its institutional co-investment vehicles (“Investment Management”). For further information, please visit www.acadiarealty.com.
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7 |
Safe Harbor Statement
Certain statements in this press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations are generally identifiable by the use of words, such as “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend” or “project,” or the negative thereof, or other variations thereon or comparable terminology. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the Company's actual results and financial performance to be materially different from future results and financial performance expressed or implied by such forward-looking statements, including, but not limited to: (i) macroeconomic conditions, including due to geopolitical instability and global trade disruptions, which may lead to a disruption of or lack of access to the capital markets and other sources of funding, and rising inflation; (ii) the Company’s success in implementing its business strategy and its ability to identify, underwrite, finance, consummate and integrate diversifying acquisitions and investments; (including the potential acquisitions discussed in this press release); (iii) changes in general economic conditions or economic conditions in the markets in which the Company may, from time to time, compete, including the impact of recently announced tariffs on our tenants and their customers, and their effect on the Company’s and our tenants' revenues, earnings and funding sources; (iv) increases in the Company’s borrowing costs as a result of rising inflation, changes in interest rates and other factors; (v) the Company’s ability to pay down, refinance, restructure or extend its indebtedness as it becomes due; (vi) the Company’s investments in joint ventures and unconsolidated entities, including its lack of sole decision-making authority and its reliance on its joint venture partners’ financial condition; (vii) the Company’s ability to obtain the financial results expected from its development and redevelopment projects; (viii) the ability and willingness of the Company's tenants to renew their leases with the Company upon expiration, the Company’s ability to re-lease its properties on the same or better terms in the event of nonrenewal or in the event the Company exercises its right to replace an existing tenant, and obligations the Company may incur in connection with the replacement of an existing tenant; (ix) the Company’s potential liability for environmental matters; (x) damage to the Company’s properties from catastrophic weather and other natural events, and the physical effects of climate change; (xi) the economic, political and social impact of, and uncertainty surrounding, any public health crisis; (xii) uninsured losses; (xiii) the Company’s ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax and other considerations; (xiv) information technology security breaches, including increased cybersecurity risks relating to the use of remote technology; (xv) the loss of key executives; and (xvi) the accuracy of the Company’s methodologies and estimates regarding corporate responsibility metrics, goals and targets, tenant willingness and ability to collaborate towards reporting such metrics and meeting such goals and targets, and the impact of governmental regulation on our corporate responsibility efforts.
The factors described above are not exhaustive and additional factors could adversely affect the Company’s future results and financial performance, including the risk factors discussed under the section captioned “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and other periodic or current reports the Company files with the SEC. Any forward-looking statements in this press release speak
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8 |
only as of the date hereof. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any changes in the Company’s expectations with regard thereto or changes in the events, conditions or circumstances on which such forward-looking statements are based.
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9 |
Acadia Realty Trust and Subsidiaries
Condensed Consolidated Statements of Operations (1)
(Unaudited, Dollars and Common Shares and Units in thousands, except per share amounts)
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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Revenues |
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Rental |
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$ |
98,714 |
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$ |
86,288 |
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$ |
299,651 |
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$ |
257,951 |
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Other |
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2,292 |
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1,457 |
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6,341 |
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8,404 |
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Total revenues |
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101,006 |
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87,745 |
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305,992 |
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266,355 |
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Expenses |
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Depreciation and amortization |
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38,884 |
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34,500 |
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117,593 |
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103,721 |
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General and administrative |
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10,924 |
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10,215 |
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34,053 |
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30,162 |
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Real estate taxes |
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11,832 |
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11,187 |
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38,452 |
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33,514 |
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Property operating |
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16,627 |
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14,351 |
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52,431 |
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49,228 |
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Impairment charges |
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12,570 |
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|
— |
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37,210 |
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|
— |
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Total expenses |
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90,837 |
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70,253 |
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279,739 |
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216,625 |
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Gain (loss) on disposition of properties |
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|
2,515 |
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|
|
— |
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|
|
2,515 |
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(441 |
) |
Operating income |
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12,684 |
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17,492 |
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28,768 |
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49,289 |
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Equity in (losses) earnings of unconsolidated affiliates |
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(3,694 |
) |
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11,784 |
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|
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(9,598 |
) |
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15,952 |
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Interest income |
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6,121 |
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7,859 |
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18,575 |
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18,510 |
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Realized and unrealized holding losses on investments and other |
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(1,760 |
) |
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(1,503 |
) |
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(193 |
) |
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(5,918 |
) |
Interest expense |
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(24,304 |
) |
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(23,363 |
) |
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(71,155 |
) |
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(70,653 |
) |
Loss on change in control |
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— |
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— |
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(9,622 |
) |
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— |
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(Loss) income from continuing operations before income taxes |
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(10,953 |
) |
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12,269 |
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(43,225 |
) |
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7,180 |
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Income tax provision |
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(2 |
) |
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(15 |
) |
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(329 |
) |
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(201 |
) |
Net (loss) income |
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(10,955 |
) |
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|
12,254 |
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(43,554 |
) |
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6,979 |
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Net loss attributable to redeemable noncontrolling interests |
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1,567 |
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|
1,672 |
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4,960 |
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|
6,518 |
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Net loss (income) attributable to noncontrolling interests |
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15,006 |
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(5,512 |
) |
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47,783 |
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(371 |
) |
Net income attributable to Acadia shareholders |
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$ |
5,618 |
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$ |
8,414 |
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$ |
9,189 |
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$ |
13,126 |
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Less: earnings attributable to unvested participating securities |
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(340 |
) |
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|
(306 |
) |
|
|
(1,017 |
) |
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|
(883 |
) |
Less: adjustment of redeemable noncontrolling interests to estimated redemption value |
|
|
(888 |
) |
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|
— |
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|
|
(888 |
) |
|
|
— |
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Income from continuing operations net of income attributable to participating securities for diluted earnings per share |
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$ |
4,390 |
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$ |
8,108 |
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$ |
7,284 |
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|
$ |
12,243 |
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|
|
|
|
|
|
|
|
|
|
|
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Weighted average shares for basic earnings per share |
|
|
131,020 |
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|
|
108,351 |
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|
|
127,812 |
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|
|
104,704 |
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Weighted average shares for diluted earnings per share |
|
|
131,022 |
|
|
|
108,351 |
|
|
|
127,819 |
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|
|
104,704 |
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|
|
|
|
|
|
|
|
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Net earnings per share - basic (2) |
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$ |
0.03 |
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$ |
0.07 |
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$ |
0.06 |
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$ |
0.12 |
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Net earnings per share - diluted (2) |
|
$ |
0.03 |
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|
$ |
0.07 |
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|
$ |
0.06 |
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|
$ |
0.12 |
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10 |
Acadia Realty Trust and Subsidiaries
Reconciliation of Consolidated Net Income to Funds from Operations (1,3)
(Unaudited, Dollars and Common Shares and Units in thousands, except per share amounts)
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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|
2025 |
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2024 |
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|
2025 |
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|
2024 |
|
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|
|
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|
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|
|
|
|
|
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Net income attributable to Acadia |
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$ |
5,618 |
|
|
$ |
8,414 |
|
|
$ |
9,189 |
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|
$ |
13,126 |
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|
|
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|
|
|
|
|
|
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Depreciation of real estate and amortization of leasing costs (net of
noncontrolling interests' share other than Common OP Units) |
|
|
31,542 |
|
|
|
26,407 |
|
|
|
94,814 |
|
|
|
79,785 |
|
Impairment charges (net of noncontrolling interests' share other than Common OP Units) |
|
|
3,804 |
|
|
|
— |
|
|
|
9,572 |
|
|
|
— |
|
Gain on disposition of properties (net of noncontrolling interests' share other than Common OP Units) |
|
|
(2,700 |
) |
|
|
(2,324 |
) |
|
|
(2,614 |
) |
|
|
(1,481 |
) |
Loss on change in control |
|
|
— |
|
|
|
— |
|
|
|
9,622 |
|
|
|
— |
|
Income attributable to Common OP Unit holders |
|
|
248 |
|
|
|
398 |
|
|
|
452 |
|
|
|
704 |
|
Distributions - Preferred OP Units |
|
|
67 |
|
|
|
67 |
|
|
|
201 |
|
|
|
274 |
|
Funds from operations attributable to Common Shareholders and Common OP Unit holders - Diluted |
|
$ |
38,579 |
|
|
$ |
32,962 |
|
|
$ |
121,236 |
|
|
$ |
92,408 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction costs |
|
|
55 |
|
|
|
— |
|
|
|
733 |
|
|
|
— |
|
Unrealized holding loss |
|
|
2,281 |
|
|
|
1,242 |
|
|
|
1,103 |
|
|
|
5,565 |
|
Realized gain |
|
|
4,355 |
|
|
|
2,923 |
|
|
|
9,761 |
|
|
|
10,503 |
|
FFO Before Special Items attributable to Common Shareholder and Common OP Unit holders 1 |
|
$ |
45,270 |
|
|
$ |
37,127 |
|
|
$ |
132,833 |
|
|
$ |
108,476 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funds From Operations per Share - Diluted |
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted-average shares outstanding, GAAP earnings |
|
|
131,020 |
|
|
|
108,351 |
|
|
|
127,812 |
|
|
|
104,704 |
|
Weighted-average OP Units outstanding |
|
|
7,674 |
|
|
|
7,223 |
|
|
|
7,685 |
|
|
|
7,340 |
|
Assumed conversion of Preferred OP Units to Common Shares |
|
|
256 |
|
|
|
256 |
|
|
|
256 |
|
|
|
256 |
|
Assumed conversion of LTIP units and restricted share units to
Common Shares |
|
|
— |
|
|
|
1,174 |
|
|
|
— |
|
|
|
964 |
|
Weighted average number of Common Shares and Common OP Units |
|
|
138,950 |
|
|
|
117,004 |
|
|
|
135,753 |
|
|
|
113,264 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Funds from operations, per Common Share and Common OP Unit |
|
$ |
0.28 |
|
|
$ |
0.28 |
|
|
$ |
0.89 |
|
|
$ |
0.82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Funds from operations Before Special Items, per Common Share and Common OP Unit |
|
$ |
0.33 |
|
|
$ |
0.32 |
|
|
$ |
0.98 |
|
|
$ |
0.96 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11 |
Acadia Realty Trust and Subsidiaries
Reconciliation of Consolidated Operating Income to Net Property Operating Income (“NOI”) (1)
(Unaudited, Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated operating income |
|
$ |
12,684 |
|
|
$ |
17,492 |
|
|
$ |
28,768 |
|
|
$ |
49,289 |
|
Add back: |
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative |
|
|
10,924 |
|
|
|
10,215 |
|
|
|
34,053 |
|
|
|
30,162 |
|
Depreciation and amortization |
|
|
38,884 |
|
|
|
34,500 |
|
|
|
117,593 |
|
|
|
103,721 |
|
Impairment charges |
|
|
12,570 |
|
|
|
— |
|
|
|
37,210 |
|
|
|
— |
|
(Gain) loss on disposition of properties |
|
|
(2,515 |
) |
|
|
— |
|
|
|
(2,515 |
) |
|
|
441 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
Above/below-market rent, straight-line rent and other adjustments |
|
|
(5,011 |
) |
|
|
(5,498 |
) |
|
|
(10,917 |
) |
|
|
(12,975 |
) |
Termination income |
|
|
— |
|
|
|
— |
|
|
|
(8,366 |
) |
|
|
— |
|
Consolidated NOI |
|
|
67,536 |
|
|
|
56,709 |
|
|
|
195,826 |
|
|
|
170,638 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redeemable noncontrolling interest in consolidated NOI |
|
|
(1,734 |
) |
|
|
(1,711 |
) |
|
|
(4,998 |
) |
|
|
(4,133 |
) |
Noncontrolling interest in consolidated NOI |
|
|
(19,604 |
) |
|
|
(17,060 |
) |
|
|
(56,748 |
) |
|
|
(52,314 |
) |
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
Operating Partnership's interest in Investment Management NOI included above |
|
|
(8,027 |
) |
|
|
(6,940 |
) |
|
|
(22,710 |
) |
|
|
(18,413 |
) |
Add back: |
|
|
|
|
|
|
|
|
|
|
|
|
Operating Partnership's share of unconsolidated joint ventures NOI (5) |
|
|
1,045 |
|
|
|
2,291 |
|
|
|
3,205 |
|
|
|
8,504 |
|
REIT Portfolio NOI |
|
$ |
39,216 |
|
|
$ |
33,289 |
|
|
$ |
114,575 |
|
|
$ |
104,282 |
|
Reconciliation of Same-Property NOI
(Unaudited, Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
REIT Portfolio NOI |
|
$ |
39,216 |
|
|
$ |
33,289 |
|
|
$ |
114,575 |
|
|
$ |
104,282 |
|
Less properties excluded from Same-Property NOI |
|
|
(4,336 |
) |
|
|
(1,042 |
) |
|
|
(11,431 |
) |
|
|
(6,434 |
) |
Same-Property NOI |
|
$ |
34,880 |
|
|
$ |
32,247 |
|
|
$ |
103,144 |
|
|
$ |
97,848 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percent change from prior year period |
|
|
8.2 |
% |
|
|
|
|
|
5.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Components of Same-Property NOI: |
|
|
|
|
|
|
|
|
|
|
|
|
Same-Property Revenues |
|
$ |
47,271 |
|
|
$ |
45,732 |
|
|
$ |
143,016 |
|
|
$ |
138,803 |
|
Same-Property Operating Expenses |
|
|
(12,391 |
) |
|
|
(13,485 |
) |
|
|
(39,872 |
) |
|
|
(40,955 |
) |
Same-Property NOI |
|
$ |
34,880 |
|
|
$ |
32,247 |
|
|
$ |
103,144 |
|
|
$ |
97,848 |
|
|
|
|
12 |
Acadia Realty Trust and Subsidiaries
Condensed Consolidated Balance Sheets (1)
(Unaudited, Dollars in thousands, except shares)
|
|
|
|
|
|
|
|
|
As of: |
|
|
|
|
|
|
|
|
September 30, 2025 |
|
|
December 31, 2024 |
|
Assets |
|
|
|
|
|
|
Investments in real estate, at cost |
|
|
|
|
|
|
Buildings and improvements |
|
$ |
3,411,249 |
|
|
$ |
3,174,250 |
|
Tenant improvements |
|
|
332,990 |
|
|
|
304,645 |
|
Land |
|
|
1,147,235 |
|
|
|
906,031 |
|
Construction in progress |
|
|
30,944 |
|
|
|
23,704 |
|
Right-of-use assets - finance leases |
|
|
61,366 |
|
|
|
61,366 |
|
Total |
|
|
4,983,784 |
|
|
|
4,469,996 |
|
Less: Accumulated depreciation and amortization |
|
|
(989,377 |
) |
|
|
(926,022 |
) |
Operating real estate, net |
|
|
3,994,407 |
|
|
|
3,543,974 |
|
Real estate under development |
|
|
142,468 |
|
|
|
129,619 |
|
Net investments in real estate |
|
|
4,136,875 |
|
|
|
3,673,593 |
|
Notes receivable, net ($1,692 and $2,004 of allowance for credit losses as of September 30, 2025 and December 31, 2024, respectively) |
|
|
154,765 |
|
|
|
126,584 |
|
Investments in and advances to unconsolidated affiliates |
|
|
164,403 |
|
|
|
209,232 |
|
Other assets, net |
|
|
230,327 |
|
|
|
223,767 |
|
Right-of-use assets - operating leases, net |
|
|
24,552 |
|
|
|
25,531 |
|
Cash and cash equivalents |
|
|
49,388 |
|
|
|
16,806 |
|
Restricted cash |
|
|
25,647 |
|
|
|
22,897 |
|
Marketable securities |
|
|
4,502 |
|
|
|
14,771 |
|
Rents receivable, net |
|
|
63,710 |
|
|
|
58,022 |
|
Assets of property held for sale |
|
|
21,023 |
|
|
|
— |
|
Total assets |
|
$ |
4,875,192 |
|
|
$ |
4,371,203 |
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
Mortgage and other notes payable, net |
|
$ |
978,915 |
|
|
$ |
953,700 |
|
Unsecured notes payable, net |
|
|
818,093 |
|
|
|
569,566 |
|
Unsecured line of credit |
|
|
65,000 |
|
|
|
14,000 |
|
Accounts payable and other liabilities |
|
|
276,233 |
|
|
|
232,726 |
|
Lease liabilities - operating leases |
|
|
26,969 |
|
|
|
27,920 |
|
Dividends and distributions payable |
|
|
27,749 |
|
|
|
24,505 |
|
Distributions in excess of income from, and investments in, unconsolidated affiliates |
|
|
17,119 |
|
|
|
16,514 |
|
Total liabilities |
|
|
2,210,078 |
|
|
|
1,838,931 |
|
Commitments and contingencies |
|
|
|
|
|
|
Redeemable noncontrolling interests |
|
|
9,114 |
|
|
|
30,583 |
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
Acadia Shareholders' Equity |
|
|
|
|
|
|
Common shares, $0.001 par value per share, authorized 200,000,000 shares, issued and outstanding 131,031,455 and 119,657,594 shares as of September 30, 2025 and December 31, 2024, respectively |
|
|
131 |
|
|
|
120 |
|
Additional paid-in capital |
|
|
2,708,691 |
|
|
|
2,436,285 |
|
Accumulated other comprehensive income |
|
|
17,001 |
|
|
|
38,650 |
|
Distributions in excess of accumulated earnings |
|
|
(479,803 |
) |
|
|
(409,383 |
) |
Total Acadia shareholders’ equity |
|
|
2,246,020 |
|
|
|
2,065,672 |
|
Noncontrolling interests |
|
|
409,980 |
|
|
|
436,017 |
|
Total equity |
|
|
2,656,000 |
|
|
|
2,501,689 |
|
Total liabilities, redeemable noncontrolling interests, and equity |
|
$ |
4,875,192 |
|
|
$ |
4,371,203 |
|
|
|
|
13 |
Acadia Realty Trust and Subsidiaries
Notes to Financial Highlights:
(1)For additional information and analysis concerning the Company’s balance sheet and results of operations, reference is made to the Company’s quarterly supplemental disclosures for the relevant periods furnished on the Company's Current Report on Form 8-K, which is available on the SEC's website at www.sec.gov and on the Company’s website at www.acadiarealty.com.
(2)Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common shares of the Company were exercised or converted into common shares. The effect of the conversion of units of limited partnership interest (“OP Units”) in Acadia Realty Limited Partnership, the operating partnership of the Company (the “Operating Partnership”), is not reflected in the above table; OP Units are exchangeable into common shares on a one-for-one basis. The income allocable to such OP units is allocated on the same basis and reflected as noncontrolling interests in the consolidated financial statements. As such, the assumed conversion of these OP Units would have no net impact on the determination of diluted earnings per share.
(3)The Company considers funds from operations (“FFO”) as defined by the National Association of Real Estate Investment Trusts (“NAREIT”) and net property operating income (“NOI”) to be appropriate supplemental disclosures of operating performance for an equity REIT due to their widespread acceptance and use within the REIT and analyst communities. In addition, the Company believes that given the atypical nature of certain unusual items (as further described below), “FFO Before Special Items” is also an appropriate supplemental disclosure of operating performance. FFO, FFO Before Special Items and NOI are presented to assist investors in analyzing the performance of the Company. The Company believes they are helpful as they exclude various items included in net income (loss) that are not indicative of operating performance, such as (i) gains (losses) from sales of real estate properties; (ii) depreciation and amortization and (iii) impairment of depreciable real estate assets related to the Company’s main business and land held for the development of property. In addition, NOI excludes interest expense and FFO Before Special Items excludes certain unusual items (as further described below). The Company’s method of calculating FFO, FFO Before Special Items and NOI may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. Neither FFO nor FFO Before Special Items represent cash generated from operations as defined by generally accepted accounting principles (“GAAP”), or are indicative of cash available to fund all cash needs, including distributions. Such measures should not be considered as an alternative to net income (loss) for the purpose of evaluating the Company’s performance or to cash flows as a measure of liquidity.
a.Consistent with the NAREIT definition, the Company defines FFO as net income (computed in accordance with GAAP) excluding:
i.gains (losses) from sales of real estate properties;
ii.depreciation and amortization;
iii.impairment of real estate assets related to the Company’s main business and land held for the development of property for its operating portfolio;
iv.gains and losses from change in control; and
v.after adjustments for unconsolidated partnerships and joint ventures.
b.Also consistent with NAREIT’s definition of FFO, the Company has elected to include: the impact of the unrealized holding gains (losses) incidental to its main business, including those related to its RCP investments such as Albertsons in FFO.
c.FFO Before Special Items begins with the NAREIT definition of FFO and adjusts FFO (or as an adjustment to the numerator within its earnings per share calculations) to take into account FFO without regard to certain unusual items including:
|
|
|
14 |
i.charges, income and gains that management believes are not comparable and indicative of the results of the Company’s operating real estate portfolio;
ii.the impact of the unrealized holding gains (losses) incidental to its main business, including those related to its investment in Albertsons; and
iii.any realized income or gains from the Company’s investment in Albertsons.
(4)The Company defines Special Items to include (i) unrealized holding losses or gains (net of noncontrolling interest share) on investments and (ii) other costs that do not occur in the ordinary course of our underwriting and investing business.
(5)The pro-rata share of NOI is based upon the Operating Partnership’s stated ownership percentages in each venture or Investment Management’s operating agreement and does not include the Operating Partnership's share of NOI from unconsolidated partnerships and joint ventures within Investment Management.
|
|
|
15 |
Visit www.acadiarealty.com for additional investor and portfolio information.
|
|
|
|
|
|
|
Company Information |
|
|
|
|
|
|
|
|
|
Acadia Realty Trust is an equity real estate investment trust focused on delivering long-term, profitable growth. Acadia owns and operates a high-quality core real estate portfolio of street and open-air retail properties in the nation's most dynamic retail corridors (“REIT Portfolio”), along with an investment management platform that targets opportunistic and value-add investments through its institutional co-investment vehicles (“Investment Management”). For further information, please visit www.acadiarealty.com. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contact Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Headquarters |
|
Investor Relations |
|
New York Stock Exchange |
|
|
411 Theodore Fremd Avenue |
|
(914) 288-8100 |
|
Symbol AKR |
|
|
Suite 300 |
|
[email protected] |
|
|
|
|
Rye, NY 10580 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Analyst Coverage |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank of America / Merrill Lynch |
|
Citigroup - Global Markets |
|
KeyBanc Capital Markets, Inc. |
|
|
Samir Khanal (646) 855-1497 |
|
Craig Mailman (212) 816-4471 |
|
Todd Thomas (917) 368-2286 |
|
|
[email protected] |
|
[email protected] |
|
[email protected] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Green Street Advisors |
|
Compass Point Research & Trading |
|
J.P. Morgan Securities, Inc. |
|
|
Paulina Rojas Schmidt (949) 640-8780 |
|
Kenneth Billingsley (202) 534-1393 |
|
Michael W. Mueller, CFA (212) 622-6689 |
|
|
[email protected] |
|
[email protected] |
|
[email protected] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jefferies |
|
Truist |
|
Ladenburg Thalmann |
|
|
Linda Tsai (212) 778-8011 |
|
Anthony Hau (212) 303-4176 |
|
Floris van Dijkum (212) 409-2075 |
|
|
[email protected] |
|
[email protected] |
|
[email protected] |
|
|
|
|
|
|
|
|
|
|
Supplemental Report September 30, 2025 – 3 |
|
|
Market Capitalization |
|
(Including pro-rata share of Investment Management debt, in thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in Total Outstanding Common |
|
Weighted Average |
|
|
Total Market |
|
|
|
Capitalization |
|
Shares and OP Units |
|
Diluted EPS |
|
Diluted FFO |
|
|
Capitalization
($) |
|
% |
|
Based on Net
Debt 1 |
|
|
|
Common
Shares 2 |
|
Common OP Units |
|
Total |
|
Quarter |
|
YTD |
|
Quarter |
|
YTD |
Equity Capitalization |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Shares |
|
131,031 |
|
|
|
|
|
Balance at 12/31/2024 |
|
119,658 |
|
4,709 |
|
124,367 |
|
|
|
|
|
|
|
|
Common Operating Partnership ("OP") Units |
|
5,189 |
|
|
|
|
|
Vesting RS and LTIPs |
|
10 |
|
598 |
|
608 |
|
|
|
|
|
|
|
|
Combined Common Shares and OP Units 2 |
|
136,220 |
|
|
|
|
|
OP Conversions |
|
113 |
|
(113) |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of Shares |
|
11,172 |
|
— |
|
11,172 |
|
|
|
|
|
|
|
|
Share Price at September 30, 2025 |
|
$20.15 |
|
|
|
|
|
Other |
|
3 |
|
— |
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 3/31/2025 |
|
130,956 |
|
5,194 |
|
136,150 |
|
121,329 |
|
121,329 |
|
129,363 |
|
129,363 |
Equity Capitalization - Common Shares and OP Units |
|
$2,744,833 |
|
|
|
|
|
Vesting RS and LTIPs |
|
27 |
|
36 |
|
63 |
|
|
|
|
|
|
|
|
Preferred OP Units 3 |
|
5,159 |
|
|
|
|
|
OP Conversions |
|
24 |
|
(24) |
|
— |
|
|
|
|
|
|
|
|
Total Equity Capitalization |
|
2,749,992 |
|
65% |
|
66% |
|
Other |
|
4 |
|
— |
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 6/30/2025 |
|
131,011 |
|
5,206 |
|
136,217 |
|
130,981 |
|
126,182 |
|
138,909 |
|
134,266 |
Debt Capitalization |
|
|
|
|
|
|
|
Vesting RS and LTIPs |
|
— |
|
— |
|
— |
|
|
|
|
|
|
|
|
Consolidated debt 4 |
|
1,873,079 |
|
|
|
|
|
OP Conversions |
|
17 |
|
(17) |
|
— |
|
|
|
|
|
|
|
|
Adjustment to reflect pro-rata share of debt |
|
(394,775) |
|
|
|
|
|
Other |
|
3 |
|
— |
|
3 |
|
|
|
|
|
|
|
|
Total Debt Capitalization |
|
1,478,304 |
|
35% |
|
34% |
|
Balance at 9/30/2025 |
|
131,031 |
|
5,189 |
|
136,220 |
|
131,022 |
|
127,819 |
|
138,950 |
|
135,754 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Market Capitalization 2 |
|
$4,228,296 |
|
100% |
|
100% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.Reflects debt net of $53,664 pro-rata share of REIT Portfolio and Investment Management cash.
3.Represents 188 Series A and 66,519 Series C Preferred OP Units convertible into 25,067 and 230,967 Common OP Units, respectively, multiplied by the Common Share price at quarter end.
4.Reflects consolidated debt excluding $11,071 of unamortized premium and unamortized loan costs.
|
|
|
Supplemental Report September 30, 2025 – 4 |
|
|
Forward Equity Offerings |
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward Equity Offerings |
|
Shares |
|
|
Anticipated Net Proceeds 1 |
|
|
|
|
|
|
|
|
|
|
Beginning balance June 30, 2025 2 |
|
|
2,445 |
|
|
$ |
55,536 |
|
|
Shares sold |
|
|
10,315 |
|
|
|
202,845 |
|
|
Shares settled |
|
|
— |
|
|
|
— |
|
|
Forward settlement adjustments |
|
|
— |
|
|
|
(1,271 |
) |
|
Ending balance as of September 30, 2025 3 |
|
|
12,760 |
|
|
|
257,110 |
|
|
Shares sold in October 2025 |
|
|
479 |
|
|
|
9,613 |
|
|
Ending balance |
|
|
13,239 |
|
|
$ |
266,723 |
|
|
|
|
|
|
|
|
|
|
1.Amounts received upon settlement are subject to customary adjustments in accordance with the forward sales contracts, which are reflected in Forward Settlement adjustments above.
2.Beginning balance reflects the last quarterly report issued on July 29, 2025.
3.Ending balance reflects the fair value of the shares outstanding as of September 30, 2025.
|
|
|
Supplemental Report September 30, 2025 – 5 |
|
|
Consolidated Statements of Operations |
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2025 1 |
|
|
|
|
Quarter |
|
|
Year to Date |
|
|
Revenues |
|
|
|
|
|
|
|
Rental income 8 |
|
$ |
98,714 |
|
|
$ |
299,651 |
|
|
Other |
|
|
2,292 |
|
|
|
6,341 |
|
|
Total revenues |
|
|
101,006 |
|
|
|
305,992 |
|
|
Expenses |
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
38,884 |
|
|
|
117,593 |
|
|
General and administrative |
|
|
10,924 |
|
|
|
34,053 |
|
|
Real estate taxes |
|
|
11,832 |
|
|
|
38,452 |
|
|
Property operating |
|
|
16,627 |
|
|
|
52,431 |
|
|
Impairment charges |
|
|
12,570 |
|
|
|
37,210 |
|
|
Total expenses |
|
|
90,837 |
|
|
|
279,739 |
|
|
|
|
|
|
|
|
|
|
Gain on disposition of properties |
|
|
2,515 |
|
|
|
2,515 |
|
|
Operating income |
|
|
12,684 |
|
|
|
28,768 |
|
|
Equity in losses of unconsolidated affiliates |
|
|
(3,694 |
) |
|
|
(9,598 |
) |
|
Interest income |
|
|
6,121 |
|
|
|
18,575 |
|
|
Realized and unrealized holding losses on investments and other |
|
|
(1,760 |
) |
|
|
(193 |
) |
|
Interest expense |
|
|
(24,304 |
) |
|
|
(71,155 |
) |
|
Loss on change in control |
|
|
— |
|
|
|
(9,622 |
) |
|
Loss from continuing operations before income taxes |
|
|
(10,953 |
) |
|
|
(43,225 |
) |
|
Income tax provision |
|
|
(2 |
) |
|
|
(329 |
) |
|
Net loss |
|
|
(10,955 |
) |
|
|
(43,554 |
) |
|
Net loss attributable to redeemable noncontrolling interests |
|
|
1,567 |
|
|
|
4,960 |
|
|
Net loss attributable to noncontrolling interests |
|
|
15,006 |
|
|
|
47,783 |
|
|
Net income attributable to Acadia shareholders |
|
$ |
5,618 |
|
|
$ |
9,189 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2025 1 |
|
|
|
|
Quarter |
|
|
Year to Date |
|
|
Reconciliation of Revenues to Consolidated GAAP Revenues |
|
|
|
|
|
|
|
Total Revenues |
|
$ |
95,955 |
|
|
$ |
285,144 |
|
|
Straight-line rent income |
|
|
1,436 |
|
|
|
1,963 |
|
|
Above/below-market rent income |
|
|
2,146 |
|
|
|
6,634 |
|
|
Asset and property management fees |
|
|
709 |
|
|
|
2,289 |
|
|
Development, construction, leasing and legal fees |
|
|
530 |
|
|
|
1,371 |
|
|
Other income 8 |
|
|
230 |
|
|
|
8,591 |
|
|
Consolidated Total GAAP Revenues |
|
$ |
101,006 |
|
|
$ |
305,992 |
|
|
|
|
|
|
|
|
|
|
Reconciliation of Operating Expenses to Consolidated GAAP Property Operating Expenses |
|
|
|
|
|
|
|
Property operating - CAM and Other |
|
$ |
13,254 |
|
|
$ |
40,779 |
|
|
Other property operating (Non-CAM) |
|
|
3,076 |
|
|
|
9,215 |
|
|
Asset and property management expense |
|
|
257 |
|
|
|
872 |
|
|
Other |
|
|
40 |
|
|
|
1,565 |
|
|
Consolidated Total GAAP Operating Expenses |
|
$ |
16,627 |
|
|
$ |
52,431 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Report September 30, 2025 – 6 |
|
|
Consolidated Statements of Operations - Detail |
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2025 1 |
|
REIT PORTFOLIO AND INVESTMENT MANAGEMENT INCOME |
|
Quarter |
|
|
Year to Date |
|
REVENUES |
|
|
|
|
|
|
Minimum rents |
|
$ |
76,481 |
|
|
$ |
224,724 |
|
Percentage rents |
|
|
509 |
|
|
|
1,987 |
|
Expense reimbursements - CAM |
|
|
9,960 |
|
|
|
28,797 |
|
Expense reimbursements - Taxes |
|
|
8,197 |
|
|
|
27,224 |
|
Other property income |
|
|
808 |
|
|
|
2,412 |
|
Total Revenues |
|
|
95,955 |
|
|
|
285,144 |
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
Property operating - CAM |
|
|
13,254 |
|
|
|
40,779 |
|
Other property operating (Non-CAM) |
|
|
3,076 |
|
|
|
9,215 |
|
Real estate taxes |
|
|
11,832 |
|
|
|
38,452 |
|
Asset and property management expense |
|
|
257 |
|
|
|
872 |
|
Total Expenses |
|
|
28,419 |
|
|
|
89,318 |
|
|
|
|
|
|
|
|
NET OPERATING INCOME - PROPERTIES |
|
|
67,536 |
|
|
|
195,826 |
|
|
|
|
|
|
|
|
OTHER INCOME (EXPENSE) |
|
|
|
|
|
|
Interest income |
|
|
6,121 |
|
|
|
18,575 |
|
Straight-line rent income |
|
|
1,436 |
|
|
|
1,963 |
|
Above/below-market rent income |
|
|
2,146 |
|
|
|
6,634 |
|
Interest expense 2 |
|
|
(21,551 |
) |
|
|
(63,619 |
) |
Amortization of finance costs |
|
|
(2,463 |
) |
|
|
(6,600 |
) |
Above/below-market interest expense |
|
|
226 |
|
|
|
605 |
|
Finance lease interest expense |
|
|
(516 |
) |
|
|
(1,541 |
) |
Other income 8 |
|
|
768 |
|
|
|
8,671 |
|
Impairment charges |
|
|
(12,570 |
) |
|
|
(37,210 |
) |
REIT PORTFOLIO AND INVESTMENT MANAGEMENT INCOME |
|
|
41,133 |
|
|
|
123,304 |
|
|
|
|
|
|
|
|
FEE AND OTHER INCOME 3 |
|
|
|
|
|
|
Asset and property management fees |
|
|
709 |
|
|
|
2,289 |
|
Development, construction, leasing and legal fees |
|
|
530 |
|
|
|
1,371 |
|
Total Investment Management Fee Income |
|
|
1,239 |
|
|
|
3,660 |
|
|
|
|
|
|
|
|
Other transactional expense |
|
|
(55 |
) |
|
|
(733 |
) |
Total Investment Management Fee Income and Other Transactional Income |
|
|
1,184 |
|
|
|
2,927 |
|
|
|
|
|
|
|
|
Realized gains on marketable securities and promote, net |
|
|
5,076 |
|
|
|
10,482 |
|
Less: previously recognized unrealized gains on marketable securities sold |
|
|
(4,355 |
) |
|
|
(9,761 |
) |
Unrealized losses on marketable securities |
|
|
(2,281 |
) |
|
|
(1,103 |
) |
Income tax provision |
|
|
(2 |
) |
|
|
(329 |
) |
Total Fee and Other Income |
|
|
(378 |
) |
|
|
2,216 |
|
|
|
|
|
|
|
|
General and Administrative |
|
|
(11,647 |
) |
|
|
(34,776 |
) |
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
(38,791 |
) |
|
|
(117,327 |
) |
Non-real estate depreciation and amortization |
|
|
(93 |
) |
|
|
(266 |
) |
Loss on change in control |
|
|
— |
|
|
|
(9,622 |
) |
Gain on disposition of properties |
|
|
2,515 |
|
|
|
2,515 |
|
Gain (loss) before equity in earnings and noncontrolling interests |
|
|
(7,261 |
) |
|
|
(33,956 |
) |
|
|
|
|
|
|
|
Equity in losses of unconsolidated affiliates |
|
|
(3,694 |
) |
|
|
(9,598 |
) |
Noncontrolling interests (including redeemable noncontrolling interests) |
|
|
16,573 |
|
|
|
52,743 |
|
|
|
|
|
|
|
|
NET INCOME ATTRIBUTABLE TO ACADIA SHAREHOLDERS |
|
$ |
5,618 |
|
|
$ |
9,189 |
|
|
|
|
|
|
|
|
|
|
|
Supplemental Report September 30, 2025 – 7 |
|
|
Statements of Operations – Pro-Rata Adjustments 7 |
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended September 30, 2025 |
|
|
Year to Date September 30, 2025 |
|
REIT PORTFOLIO AND INVESTMENT MANAGEMENT INCOME |
|
Noncontrolling
Interest in
Consolidated
Subsidiaries 4 |
|
|
Company’s
Interest in
Unconsolidated
Subsidiaries 5 |
|
|
Noncontrolling
Interest in
Consolidated
Subsidiaries 4 |
|
|
Company’s
Interest in
Unconsolidated
Subsidiaries 5 |
|
REVENUES |
|
|
|
|
|
|
|
|
|
|
|
|
Minimum rents |
|
$ |
(29,225 |
) |
|
$ |
11,290 |
|
|
$ |
(88,813 |
) |
|
$ |
34,835 |
|
Percentage rents |
|
|
(105 |
) |
|
|
90 |
|
|
|
(434 |
) |
|
|
350 |
|
Expense reimbursements - CAM |
|
|
(5,329 |
) |
|
|
2,074 |
|
|
|
(14,353 |
) |
|
|
5,496 |
|
Expense reimbursements - Taxes |
|
|
(3,311 |
) |
|
|
1,655 |
|
|
|
(10,804 |
) |
|
|
5,375 |
|
Other property income |
|
|
(384 |
) |
|
|
128 |
|
|
|
(1,042 |
) |
|
|
298 |
|
Total Revenues |
|
|
(38,354 |
) |
|
|
15,237 |
|
|
|
(115,446 |
) |
|
|
46,354 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
Property operating - CAM |
|
|
(5,695 |
) |
|
|
1,851 |
|
|
|
(18,310 |
) |
|
|
6,295 |
|
Other property operating (Non-CAM) |
|
|
(904 |
) |
|
|
241 |
|
|
|
(2,482 |
) |
|
|
715 |
|
Real estate taxes |
|
|
(4,176 |
) |
|
|
2,596 |
|
|
|
(14,359 |
) |
|
|
8,494 |
|
Asset and property management expense |
|
|
(445 |
) |
|
|
463 |
|
|
|
(1,406 |
) |
|
|
1,420 |
|
Total Expenses |
|
|
(11,220 |
) |
|
|
5,151 |
|
|
|
(36,557 |
) |
|
|
16,924 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET OPERATING INCOME - PROPERTIES |
|
|
(27,134 |
) |
|
|
10,086 |
|
|
|
(78,889 |
) |
|
|
29,430 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME (EXPENSE) |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
(144 |
) |
|
|
34 |
|
|
|
(380 |
) |
|
|
103 |
|
Straight-line rent income |
|
|
(696 |
) |
|
|
445 |
|
|
|
(1,132 |
) |
|
|
723 |
|
Above/below-market rent (expense) income |
|
|
(810 |
) |
|
|
533 |
|
|
|
(2,187 |
) |
|
|
2,064 |
|
Interest expense 2 |
|
|
12,701 |
|
|
|
(4,111 |
) |
|
|
39,310 |
|
|
|
(13,882 |
) |
Amortization of finance costs |
|
|
875 |
|
|
|
(291 |
) |
|
|
2,664 |
|
|
|
(933 |
) |
Above/below-market interest expense |
|
|
(71 |
) |
|
|
— |
|
|
|
(189 |
) |
|
|
— |
|
Finance lease interest expense |
|
|
328 |
|
|
|
(104 |
) |
|
|
1,022 |
|
|
|
(309 |
) |
Other (expense) income 8 |
|
|
(96 |
) |
|
|
— |
|
|
|
310 |
|
|
|
205 |
|
Impairment charges |
|
|
11,898 |
|
|
|
(3,132 |
) |
|
|
30,770 |
|
|
|
(3,132 |
) |
REIT PORTFOLIO AND INVESTMENT MANAGEMENT INCOME |
|
|
(3,149 |
) |
|
|
3,460 |
|
|
|
(8,701 |
) |
|
|
14,269 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FEE AND OTHER INCOME 3 |
|
|
|
|
|
|
|
|
|
|
|
|
Asset and property management fees |
|
|
2,588 |
|
|
|
86 |
|
|
|
7,844 |
|
|
|
284 |
|
Promote income from funds, net |
|
|
495 |
|
|
|
— |
|
|
|
495 |
|
|
|
— |
|
Development, construction, leasing and legal fees |
|
|
1,869 |
|
|
|
41 |
|
|
|
5,145 |
|
|
|
287 |
|
Total Investment Management Fee Income |
|
|
4,952 |
|
|
|
127 |
|
|
|
13,484 |
|
|
|
571 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other transactional expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total Investment Management Fee Income and Other Transactional Income |
|
|
4,952 |
|
|
|
127 |
|
|
|
13,484 |
|
|
|
571 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized gains on marketable securities and promote, net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Less: previously recognized unrealized gains on marketable securities sold |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Unrealized gains on marketable securities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Income tax provision |
|
|
1 |
|
|
|
(3 |
) |
|
|
150 |
|
|
|
(39 |
) |
Total Fee and Other Income |
|
|
4,953 |
|
|
|
124 |
|
|
|
13,634 |
|
|
|
532 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and Administrative |
|
|
593 |
|
|
|
(288 |
) |
|
|
2,218 |
|
|
|
(967 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
14,239 |
|
|
|
(6,990 |
) |
|
|
45,008 |
|
|
|
(22,495 |
) |
Loss (gain) on disposition of properties |
|
|
185 |
|
|
|
— |
|
|
|
1,036 |
|
|
|
(937 |
) |
Gain (loss) before equity in earnings and noncontrolling interests |
|
|
16,821 |
|
|
|
(3,694 |
) |
|
|
53,195 |
|
|
|
(9,598 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in losses of unconsolidated affiliates |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Noncontrolling interests (including redeemable noncontrolling interests) 6 |
|
|
(248 |
) |
|
|
— |
|
|
|
(452 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS) ATTRIBUTABLE TO ACADIA SHAREHOLDERS |
|
$ |
16,573 |
|
|
$ |
(3,694 |
) |
|
$ |
52,743 |
|
|
$ |
(9,598 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Report September 30, 2025 – 8 |
|
|
Balance Sheet |
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
Consolidated
Balance Sheet
September 30, 2025 |
|
|
Line Item Details: |
|
Real estate |
|
|
|
|
|
|
|
|
Buildings and improvements |
|
$ |
3,411,249 |
|
|
Components of Real estate under development: |
|
Tenant improvements |
|
|
332,990 |
|
|
REIT |
|
$ |
142,468 |
|
Land |
|
|
1,147,235 |
|
|
|
|
|
|
Construction in progress |
|
|
30,944 |
|
|
|
|
|
|
Right-of-use assets - finance leases |
|
|
61,366 |
|
|
|
|
|
|
|
|
|
4,983,784 |
|
|
|
|
|
|
Less: Accumulated depreciation and amortization |
|
|
(989,377 |
) |
|
|
|
|
|
Operating real estate, net |
|
|
3,994,407 |
|
|
|
|
|
|
Real estate under development |
|
|
142,468 |
|
|
Summary of other assets, net: |
|
Net investments in real estate |
|
|
4,136,875 |
|
|
Deferred charges, net |
|
$ |
41,905 |
|
Notes receivable, net ($1,692 of allowance for credit losses) |
|
|
154,765 |
|
|
Accrued interest receivable |
|
|
9,068 |
|
Investments in and advances to unconsolidated affiliates |
|
|
164,403 |
|
|
Due from seller |
|
|
1,768 |
|
Lease intangibles, net |
|
|
138,176 |
|
|
Prepaid expenses |
|
|
19,682 |
|
Other assets, net |
|
|
92,151 |
|
|
Other receivables |
|
|
6,584 |
|
Right-of-use assets - operating leases, net |
|
|
24,552 |
|
|
Income taxes receivable |
|
|
1,250 |
|
Cash and cash equivalents |
|
|
49,388 |
|
|
Corporate assets, net |
|
|
488 |
|
Restricted cash |
|
|
25,647 |
|
|
Deposits |
|
|
742 |
|
Marketable securities |
|
|
4,502 |
|
|
Derivative financial instruments |
|
|
10,664 |
|
Straight-line rents receivable, net |
|
|
46,021 |
|
|
Total |
|
$ |
92,151 |
|
Rents receivable, net |
|
|
17,689 |
|
|
|
|
|
|
Assets of property held for sale |
|
|
21,023 |
|
|
|
|
|
|
Total assets |
|
$ |
4,875,192 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
Mortgage and other notes payable, net |
|
$ |
978,915 |
|
|
|
|
|
|
Unsecured notes payable, net |
|
|
818,093 |
|
|
|
|
|
|
Unsecured line of credit |
|
|
65,000 |
|
|
|
|
|
|
Accounts payable and other liabilities |
|
|
177,134 |
|
|
Summary of accounts payable and other liabilities: |
|
Lease liabilities - operating leases |
|
|
26,969 |
|
|
Lease liability - finance leases, net |
|
$ |
31,931 |
|
Dividends and distributions payable |
|
|
27,749 |
|
|
Accounts payable and accrued expenses |
|
|
87,124 |
|
Lease intangibles, net |
|
|
99,099 |
|
|
Deferred income |
|
|
32,317 |
|
Distributions in excess of income from, and investments in, unconsolidated affiliates |
|
|
17,119 |
|
|
Tenant security deposits, escrow and other |
|
|
22,431 |
|
Total liabilities |
|
|
2,210,078 |
|
|
Derivative financial instruments |
|
|
3,331 |
|
Commitments and contingencies |
|
|
|
|
Total |
|
$ |
177,134 |
|
Redeemable noncontrolling interests |
|
|
9,114 |
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
|
|
Acadia Shareholders' Equity |
|
|
|
|
|
|
|
|
Common shares |
|
|
131 |
|
|
|
|
|
|
Additional paid-in capital |
|
|
2,708,691 |
|
|
|
|
|
|
Accumulated other comprehensive income |
|
|
17,001 |
|
|
|
|
|
|
Distributions in excess of accumulated earnings |
|
|
(479,803 |
) |
|
|
|
|
|
Total Acadia shareholders’ equity |
|
|
2,246,020 |
|
|
|
|
|
|
Noncontrolling interests |
|
|
409,980 |
|
|
|
|
|
|
Total equity |
|
|
2,656,000 |
|
|
|
|
|
|
Total liabilities, redeemable noncontrolling interests, and equity |
|
$ |
4,875,192 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Report September 30, 2025 – 9 |
|
|
Balance Sheet – Pro-rata Adjustments 7 |
(in thousands) |
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
Noncontrolling
Interest in
Consolidated
Subsidiaries 4 |
|
|
Company’s
Interest in
Unconsolidated
Subsidiaries 5 |
|
Real estate |
|
|
|
|
|
|
Buildings and improvements |
|
$ |
(701,729 |
) |
|
$ |
243,261 |
|
Tenant improvements |
|
|
(55,081 |
) |
|
|
17,345 |
|
Land |
|
|
(222,096 |
) |
|
|
59,601 |
|
Construction in progress |
|
|
(5,697 |
) |
|
|
2,032 |
|
Right-of-use assets - finance leases |
|
|
(21,584 |
) |
|
|
21,913 |
|
|
|
|
(1,006,187 |
) |
|
|
344,152 |
|
Less: Accumulated depreciation and amortization |
|
|
151,703 |
|
|
|
(67,530 |
) |
Operating real estate, net |
|
|
(854,484 |
) |
|
|
276,622 |
|
Real estate under development |
|
|
121 |
|
|
|
2,217 |
|
Net investments in real estate |
|
|
(854,363 |
) |
|
|
278,839 |
|
Notes receivable, net |
|
|
52,590 |
|
|
|
— |
|
Investments in and advances to unconsolidated affiliates |
|
|
(26,083 |
) |
|
|
(115,152 |
) |
Lease intangibles, net |
|
|
(29,950 |
) |
|
|
8,755 |
|
Other assets, net |
|
|
4,350 |
|
|
|
6,055 |
|
Right-of-use assets - operating leases, net |
|
|
(1,300 |
) |
|
|
— |
|
Cash and cash equivalents |
|
|
(24,622 |
) |
|
|
5,458 |
|
Restricted cash |
|
|
(7,806 |
) |
|
|
5,599 |
|
Marketable securities |
|
|
— |
|
|
|
— |
|
Straight-line rents receivable, net |
|
|
(9,609 |
) |
|
|
5,141 |
|
Rents receivable, net |
|
|
(4,989 |
) |
|
|
1,309 |
|
Assets of property held for sale |
|
|
(16,162 |
) |
|
|
— |
|
Total assets |
|
$ |
(917,944 |
) |
|
$ |
196,004 |
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
Mortgage and other notes payable, net |
|
$ |
(558,129 |
) |
|
$ |
171,520 |
|
Unsecured notes payable, net |
|
|
— |
|
|
|
— |
|
Unsecured line of credit |
|
|
— |
|
|
|
— |
|
Accounts payable and other liabilities |
|
|
(49,062 |
) |
|
|
30,686 |
|
Lease liabilities - operating leases |
|
|
(1,369 |
) |
|
|
4 |
|
Dividends and distributions payable |
|
|
— |
|
|
|
— |
|
Lease intangibles, net |
|
|
(28,371 |
) |
|
|
10,913 |
|
Distributions in excess of income from, and investments in, unconsolidated affiliates |
|
|
— |
|
|
|
(17,119 |
) |
Liabilities of properties held for sale |
|
|
— |
|
|
|
— |
|
Total liabilities |
|
|
(636,931 |
) |
|
|
196,004 |
|
Acadia Shareholders' Equity |
|
|
|
|
|
|
Common shares |
|
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
|
— |
|
|
|
— |
|
Accumulated other comprehensive income |
|
|
— |
|
|
|
— |
|
Distributions in excess of accumulated earnings |
|
|
— |
|
|
|
— |
|
Total Acadia shareholders’ equity |
|
|
— |
|
|
|
— |
|
Noncontrolling interests |
|
|
(281,013 |
) |
|
|
— |
|
Total equity |
|
|
(281,013 |
) |
|
|
— |
|
Total liabilities, redeemable noncontrolling interests, and equity |
|
$ |
(917,944 |
) |
|
$ |
196,004 |
|
|
|
|
Supplemental Report September 30, 2025 – 10 |
|
|
Notes to Financial Statements |
|
|
1.Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management are necessary for a fair presentation of operating results for the interim periods.
2.Net of consolidated capitalized interest of $2.7 million and $8.0 million, or $2.3 million and $6.4 million at the Company’s pro rata share, for the three and nine months ended September 30, 2025, respectively.
4.Noncontrolling interests represent limited partners’ interests in consolidated partnerships’ activities and includes redeemable noncontrolling interests.
5.Represents the Company’s pro-rata share of unconsolidated investments (which consists of unconsolidated REIT properties but also includes Investment Management assets that are held off-balance sheet), each of which are included on a single line presentation in the Company’s consolidated financial statements in accordance with GAAP.
6.This represents the income allocable to Operating Partnership Units of $0.2 million and $0.5 million for the three and nine months ended September 30, 2025, respectively.
7.The Company currently has controlling ownership interests in both (a) Investment Management (represented by Funds II, III, IV & V) and (b) non-wholly owned REIT assets. All properties which the Company is deemed to control are consolidated within the Company's financial statements.
8.The Company recognized approximately $8.4 million of income related to its terminated lease with Whole Foods at City Center in San Francisco, CA during the first quarter of 2025, which is included in Other (expense) income for the nine months ended September 30, 2025.
|
|
|
Supplemental Report September 30, 2025 – 11 |
|
|
Funds from Operations (“FFO”), FFO Before Special Items, Adjusted Funds from Operations (“AFFO”) |
(in thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
Year to Date |
|
|
Quarter Ended |
|
|
Year to Date |
|
|
|
March 31,
2025 |
|
|
June 30,
2025 |
|
|
September 30,
2025 |
|
|
September 30,
2025 |
|
|
September 30,
2024 |
|
|
September 30,
2024 |
|
Funds from operations ("FFO"): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income attributable to Acadia |
|
$ |
1,608 |
|
|
$ |
1,963 |
|
|
$ |
5,618 |
|
|
$ |
9,189 |
|
|
$ |
8,414 |
|
|
$ |
13,126 |
|
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share other than Common OP Units) |
|
|
31,607 |
|
|
|
31,665 |
|
|
|
31,542 |
|
|
|
94,814 |
|
|
|
26,407 |
|
|
|
79,785 |
|
Loss (gain) on disposition on real estate properties (net of noncontrolling interest share other than Common OP Units) |
|
|
— |
|
|
|
86 |
|
|
|
(2,700 |
) |
|
|
(2,614 |
) |
|
|
(2,324 |
) |
|
|
(1,481 |
) |
Impairment charges (net of noncontrolling interest share other than Common OP Units) |
|
|
1,583 |
|
|
|
4,185 |
|
|
|
3,804 |
|
|
|
9,572 |
|
|
|
— |
|
|
|
— |
|
Loss on change in control (net of noncontrolling interest share other than Common OP Units) |
|
|
9,622 |
|
|
|
— |
|
|
|
— |
|
|
|
9,622 |
|
|
|
— |
|
|
|
— |
|
Income attributable to noncontrolling interests' share in Operating Partnership |
|
|
163 |
|
|
|
175 |
|
|
|
315 |
|
|
|
653 |
|
|
|
465 |
|
|
|
978 |
|
FFO to Common Shareholders and Common OP Unit holders - Diluted |
|
$ |
44,583 |
|
|
$ |
38,074 |
|
|
$ |
38,579 |
|
|
$ |
121,236 |
|
|
$ |
32,962 |
|
|
$ |
92,408 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add back: acquisition costs |
|
|
526 |
|
|
|
152 |
|
|
|
55 |
|
|
|
733 |
|
|
|
— |
|
|
|
— |
|
Unrealized holding (gain) loss |
|
|
(1,672 |
) |
|
|
494 |
|
|
|
2,281 |
|
|
|
1,103 |
|
|
|
1,242 |
|
|
|
5,565 |
|
Realized gain on marketable securities, net |
|
|
— |
|
|
|
5,406 |
|
|
|
4,355 |
|
|
|
9,761 |
|
|
|
2,923 |
|
|
|
10,503 |
|
FFO Before Special Items attributable to Common Shareholder and Common OP Unit holders 1 |
|
$ |
43,437 |
|
|
$ |
44,126 |
|
|
$ |
45,270 |
|
|
$ |
132,833 |
|
|
$ |
37,127 |
|
|
$ |
108,476 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Funds from operations ("AFFO"): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO |
|
$ |
44,583 |
|
|
$ |
38,074 |
|
|
$ |
38,579 |
|
|
$ |
121,236 |
|
|
$ |
32,962 |
|
|
$ |
92,408 |
|
Unrealized holding (gain) loss |
|
|
(1,672 |
) |
|
|
494 |
|
|
|
2,281 |
|
|
|
1,103 |
|
|
|
1,242 |
|
|
|
5,565 |
|
Realized gain on marketable securities, net |
|
|
— |
|
|
|
5,406 |
|
|
|
4,355 |
|
|
|
9,761 |
|
|
|
2,923 |
|
|
|
10,503 |
|
Straight-line rent, net |
|
|
(341 |
) |
|
|
(28 |
) |
|
|
(1,185 |
) |
|
|
(1,554 |
) |
|
|
(1,436 |
) |
|
|
(2,609 |
) |
Above/below-market rent |
|
|
(2,419 |
) |
|
|
(2,223 |
) |
|
|
(1,869 |
) |
|
|
(6,511 |
) |
|
|
(1,096 |
) |
|
|
(3,587 |
) |
Amortization of finance costs |
|
|
1,488 |
|
|
|
1,502 |
|
|
|
1,879 |
|
|
|
4,869 |
|
|
|
1,345 |
|
|
|
3,981 |
|
Above/below-market interest |
|
|
(128 |
) |
|
|
(133 |
) |
|
|
(155 |
) |
|
|
(416 |
) |
|
|
(5 |
) |
|
|
(157 |
) |
Non-real estate depreciation |
|
|
90 |
|
|
|
83 |
|
|
|
93 |
|
|
|
266 |
|
|
|
89 |
|
|
|
271 |
|
Stock-based compensation |
|
|
2,400 |
|
|
|
2,888 |
|
|
|
2,904 |
|
|
|
8,192 |
|
|
|
2,388 |
|
|
|
8,732 |
|
Leasing commissions |
|
|
(1,343 |
) |
|
|
(2,456 |
) |
|
|
(2,569 |
) |
|
|
(6,368 |
) |
|
|
(544 |
) |
|
|
(2,466 |
) |
Tenant improvements |
|
|
(4,881 |
) |
|
|
(10,014 |
) |
|
|
(7,318 |
) |
|
|
(22,213 |
) |
|
|
(2,701 |
) |
|
|
(4,820 |
) |
Maintenance capital expenditures |
|
|
(1,021 |
) |
|
|
(1,752 |
) |
|
|
(1,785 |
) |
|
|
(4,558 |
) |
|
|
(2,037 |
) |
|
|
(5,820 |
) |
AFFO to Common Shareholders and Common OP Unit holders |
|
$ |
36,756 |
|
|
$ |
31,841 |
|
|
$ |
35,210 |
|
|
$ |
103,807 |
|
|
$ |
33,130 |
|
|
$ |
102,001 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total weighted-average diluted shares and OP Units |
|
|
129,363 |
|
|
|
138,909 |
|
|
|
138,950 |
|
|
|
135,754 |
|
|
|
117,004 |
|
|
|
113,264 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted FFO per Common share and OP Unit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO |
|
$ |
0.34 |
|
|
$ |
0.27 |
|
|
$ |
0.28 |
|
|
$ |
0.89 |
|
|
$ |
0.28 |
|
|
$ |
0.82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO Before Special Items |
|
$ |
0.34 |
|
|
$ |
0.32 |
|
|
$ |
0.33 |
|
|
$ |
0.98 |
|
|
$ |
0.32 |
|
|
$ |
0.96 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.The Company defines FFO Before Special Items as FFO adjusted for certain unusual items including (i) charges, income and gains that management believes are not comparable and indicative of the results of the Company’s operating real estate portfolio; (ii) the impact of the unrealized holding gains (losses) incidental to its main business, including those related to its investment in Albertsons and (iii) any realized income or gains from the Company’s investment in Albertsons.
|
|
|
Supplemental Report September 30, 2025 – 12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
Year to Date |
|
|
|
|
September 30, |
|
|
September 30, |
|
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to Acadia shareholders |
|
$ |
5,618 |
|
|
$ |
8,414 |
|
|
$ |
9,189 |
|
|
$ |
13,126 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments: 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
31,635 |
|
|
|
26,496 |
|
|
|
95,080 |
|
|
|
80,056 |
|
|
Interest expense |
|
|
12,961 |
|
|
|
13,204 |
|
|
|
38,191 |
|
|
|
40,543 |
|
|
Amortization of finance costs |
|
|
1,879 |
|
|
|
1,345 |
|
|
|
4,869 |
|
|
|
3,981 |
|
|
Above/below-market interest |
|
|
(155 |
) |
|
|
(5 |
) |
|
|
(416 |
) |
|
|
(157 |
) |
|
Gain on disposition of properties |
|
|
(2,700 |
) |
|
|
(2,324 |
) |
|
|
(2,614 |
) |
|
|
(1,481 |
) |
|
Unrealized holding loss on investment in Albertsons and other |
|
|
2,281 |
|
|
|
1,242 |
|
|
|
1,103 |
|
|
|
5,565 |
|
|
Realized gain |
|
|
4,355 |
|
|
|
2,923 |
|
|
|
9,761 |
|
|
|
10,503 |
|
|
Provision for income taxes |
|
|
4 |
|
|
|
16 |
|
|
|
218 |
|
|
|
157 |
|
|
Impairment charges |
|
|
3,804 |
|
|
|
— |
|
|
|
9,572 |
|
|
|
— |
|
|
Loss on change in control |
|
|
— |
|
|
|
— |
|
|
|
9,622 |
|
|
|
— |
|
|
Noncontrolling interest - OP |
|
|
248 |
|
|
|
398 |
|
|
|
452 |
|
|
|
704 |
|
|
EBITDA |
|
$ |
59,930 |
|
|
$ |
51,709 |
|
|
$ |
175,027 |
|
|
$ |
152,997 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Realized gain |
|
|
(4,355 |
) |
|
|
(2,923 |
) |
|
|
(9,761 |
) |
|
|
(10,503 |
) |
|
EBITDA excluding realized gains |
|
$ |
55,575 |
|
|
$ |
48,786 |
|
|
$ |
165,266 |
|
|
$ |
142,494 |
|
|
1.These amounts represent the Company’s pro-rata share of consolidated and unconsolidated investments.
|
|
|
Supplemental Report September 30, 2025 – 13 |
|
|
REIT Portfolio – Same Property Performance 1 |
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended September 30, |
|
|
|
|
|
Year to Date September 30, |
|
|
|
|
|
|
2025 |
|
|
2024 |
|
|
% Change |
|
|
2025 |
|
|
2024 |
|
|
% Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minimum rents |
|
$ |
38,340 |
|
|
$ |
36,021 |
|
|
|
6.4 |
% |
|
$ |
112,800 |
|
|
$ |
109,261 |
|
|
|
3.2 |
% |
Expense reimbursements |
|
|
8,367 |
|
|
|
9,180 |
|
|
|
(8.9 |
)% |
|
|
27,863 |
|
|
|
27,405 |
|
|
|
1.7 |
% |
Other property income |
|
|
564 |
|
|
|
531 |
|
|
|
6.2 |
% |
|
|
2,353 |
|
|
|
2,137 |
|
|
|
10.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenue |
|
|
47,271 |
|
|
|
45,732 |
|
|
|
3.4 |
% |
|
|
143,016 |
|
|
|
138,803 |
|
|
|
3.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property operating - CAM & Real estate taxes |
|
|
10,639 |
|
|
|
11,916 |
|
|
|
(10.7 |
)% |
|
|
35,217 |
|
|
|
36,411 |
|
|
|
(3.3 |
)% |
Other property operating (Non-CAM) |
|
|
1,752 |
|
|
|
1,569 |
|
|
|
11.7 |
% |
|
|
4,655 |
|
|
|
4,544 |
|
|
|
2.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Expenses |
|
|
12,391 |
|
|
|
13,485 |
|
|
|
(8.1 |
)% |
|
|
39,872 |
|
|
|
40,955 |
|
|
|
(2.6 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Property NOI - REIT properties |
|
$ |
34,880 |
|
|
$ |
32,247 |
|
|
|
8.2 |
% |
|
$ |
103,144 |
|
|
$ |
97,848 |
|
|
|
5.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Same Property NOI to REIT Portfolio NOI |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOI of Properties excluded from Same Property NOI |
|
|
4,336 |
|
|
|
1,042 |
|
|
|
|
|
|
11,431 |
|
|
|
6,434 |
|
|
|
|
REIT Portfolio NOI |
|
$ |
39,216 |
|
|
$ |
33,289 |
|
|
|
|
|
$ |
114,575 |
|
|
$ |
104,282 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other same property information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Physical Occupancy at the end of the period |
|
|
93.5 |
% |
|
|
91.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Leased Occupancy at the end of the period |
|
|
94.4 |
% |
|
|
95.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
1.The above amounts include the pro-rata share of the Company's REIT Portfolio consolidated and unconsolidated investments.
|
|
|
Supplemental Report September 30, 2025 – 14 |
|
|
Fee Income Detail 1 |
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund II |
|
|
Fund III |
|
|
Fund IV |
|
|
Fund V |
|
|
Other 2 |
|
|
Total |
|
Year to Date September 30, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset and property management fees |
|
$ |
268 |
|
|
$ |
72 |
|
|
$ |
1,445 |
|
|
$ |
6,439 |
|
|
$ |
2,193 |
|
|
$ |
10,417 |
|
Transactional fees |
|
|
352 |
|
|
|
290 |
|
|
|
743 |
|
|
|
4,086 |
|
|
|
1,332 |
|
|
|
6,803 |
|
Total fees |
|
$ |
620 |
|
|
$ |
362 |
|
|
$ |
2,188 |
|
|
$ |
10,525 |
|
|
$ |
3,525 |
|
|
$ |
17,220 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended September 30, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset and property management fees |
|
$ |
84 |
|
|
$ |
24 |
|
|
$ |
443 |
|
|
$ |
2,133 |
|
|
$ |
699 |
|
|
$ |
3,383 |
|
Transactional fees |
|
|
229 |
|
|
|
131 |
|
|
|
327 |
|
|
|
1,232 |
|
|
|
521 |
|
|
|
2,440 |
|
Total fees |
|
$ |
313 |
|
|
$ |
155 |
|
|
$ |
770 |
|
|
$ |
3,365 |
|
|
$ |
1,220 |
|
|
$ |
5,823 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended June 30, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset and property management fees |
|
$ |
91 |
|
|
$ |
26 |
|
|
$ |
498 |
|
|
$ |
2,156 |
|
|
$ |
788 |
|
|
$ |
3,559 |
|
Transactional fees |
|
|
96 |
|
|
|
123 |
|
|
|
266 |
|
|
|
1,083 |
|
|
|
723 |
|
|
|
2,291 |
|
Total fees |
|
$ |
187 |
|
|
$ |
149 |
|
|
$ |
764 |
|
|
$ |
3,239 |
|
|
$ |
1,511 |
|
|
$ |
5,850 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended March 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset and property management fees |
|
$ |
93 |
|
|
$ |
22 |
|
|
$ |
504 |
|
|
$ |
2,150 |
|
|
$ |
706 |
|
|
$ |
3,475 |
|
Transactional fees |
|
|
27 |
|
|
|
36 |
|
|
|
150 |
|
|
|
1,771 |
|
|
|
88 |
|
|
|
2,072 |
|
Total fees |
|
$ |
120 |
|
|
$ |
58 |
|
|
$ |
654 |
|
|
$ |
3,921 |
|
|
$ |
794 |
|
|
$ |
5,547 |
|
1.Fees are shown at the Company's pro-rata share and can be derived from the Consolidated Statements of Operations - Detail and Statements of Operations - Pro-Rata Adjustments. The components of the total fee income to the Company are derived by the fees included on the Consolidated Statements of Operations and the Company's share of fees from the Noncontrolling Interests in Consolidated Subsidiaries and the Company's share of fee income from Unconsolidated Subsidiaries. 2.Other includes fees generated from non-wholly owned joint ventures (within both the REIT Portfolio and Investment Management) as well as third-party managed assets.
|
|
|
Supplemental Report September 30, 2025 – 15 |
|
|
Structured Financing Portfolio |
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2025 |
|
|
Quarter Ended September 30, 2025 |
|
|
|
|
|
|
|
|
|
|
|
Principal |
|
|
Accrued |
|
|
Ending |
|
|
|
|
|
Repayments/ |
|
|
Current |
|
|
Accrued |
|
|
Ending |
|
|
Stated Interest |
|
|
Effective Interest |
|
|
Maturity |
Investment |
|
Balance |
|
|
Interest |
|
|
Balance |
|
|
Issuances |
|
|
Conversions 6 |
|
|
Principal |
|
|
Interest |
|
|
Balance |
|
|
Rate |
|
|
Rate |
|
|
Dates 1,3 |
First mortgage notes 1,2 |
|
$ |
59,801 |
|
|
$ |
3,809 |
|
|
$ |
63,610 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
59,801 |
|
|
$ |
3,809 |
|
|
$ |
63,610 |
|
|
|
5.99 |
% |
|
|
6.39 |
% |
|
Sept 2026 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other notes 2 |
|
|
181,664 |
|
|
|
35,482 |
|
|
|
217,146 |
|
|
|
71 |
|
|
|
(31,991 |
) |
|
|
149,744 |
|
|
|
22,083 |
|
4 |
|
171,827 |
|
|
|
10.41 |
% |
|
|
10.48 |
% |
|
Dec 2025 - Dec 2027 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total notes receivable |
|
$ |
241,465 |
|
|
$ |
39,291 |
|
|
$ |
280,756 |
|
|
$ |
71 |
|
|
$ |
(31,991 |
) |
|
$ |
209,545 |
|
|
$ |
25,892 |
|
|
$ |
235,437 |
|
|
|
9.15 |
% |
|
|
9.32 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Notes Receivable to the Pro-Rata Balance Sheet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Notes Receivable per above |
|
|
$ |
209,545 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit loss 5 |
|
|
|
(2,190 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total pro-rata Notes Receivable |
|
|
$ |
207,355 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.One note which matured on April 20, 2020 in the amount of $17.8 million with accrued interest of $3.8 million was in default at September 30, 2025.
2.Certain of the first mortgage notes and other notes enable the borrower to prepay or convert its obligations prior to the stated maturity date without penalty.
3.Certain first mortgage notes have extension options subject to customary conditions.
4.The decrease in the accrued interest balance includes a $16.1 million repayment during the period related to the City Point Loan conversion. Refer to Footnote 10 in the Company’s 10-Q for the period ended September 30, 2025.
5.Allowance for credit loss includes the $0.5 million allowance for credit loss related to the City Point Loan which is classified as redeemable noncontrolling interests in the Company’s consolidated financial statements in accordance with GAAP.
6.During the third quarter, a portion of the City Point Loan was converted, which was comprised of $31.9 million and $15.1 million of principal and interest, respectively. Refer to Footnote 6 on Transactional Page and Footnote 3 in the Company’s 10-Q for the period ended September 30, 2025.
|
|
|
Supplemental Report September 30, 2025 – 16 |
|
|
Transactional Activity |
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property Acquisitions and Dispositions |
|
Property Name |
|
Location |
|
Date of
Transaction |
|
Transaction
Amount 1 |
|
|
Ownership % 2 |
|
|
Investment Management Share |
|
|
Acadia Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACQUISITIONS 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REIT Portfolio: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
106 Spring Street |
|
New York, NY |
|
January 2025 |
|
$ |
55,137 |
|
|
|
100 |
% |
|
$ |
— |
|
|
$ |
55,137 |
|
73 Wooster Street |
|
New York, NY |
|
January 2025 |
|
|
25,459 |
|
|
|
100 |
% |
|
|
— |
|
|
|
25,459 |
|
Renaissance Portfolio |
|
Georgetown, Washington D.C. |
|
January 2025 |
|
|
245,700 |
|
|
|
48 |
% |
|
|
— |
|
|
|
117,936 |
|
95, 97 and 107 North 6th Street 3 |
|
Williamsburg Brooklyn, NY |
|
April 2025 |
|
|
59,668 |
|
|
|
100 |
% |
|
|
— |
|
|
|
59,668 |
|
85 5th Avenue 3 |
|
New York, NY |
|
April 2025 |
|
|
47,014 |
|
|
|
100 |
% |
|
|
— |
|
|
|
47,014 |
|
70 and 93 North 6th Street |
|
Williamsburg Brooklyn, NY |
|
June 2025 |
|
|
50,323 |
|
|
|
100 |
% |
|
|
— |
|
|
|
50,323 |
|
2117 N. Henderson Avenue |
|
Dallas, TX |
|
July 2025 |
|
|
904 |
|
|
|
100 |
% |
|
|
— |
|
|
|
904 |
|
Subtotal REIT Portfolio: |
|
|
|
|
|
|
484,205 |
|
|
|
|
|
|
— |
|
|
|
356,441 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Management: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Co-Investment Vehicles: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pinewood Square 4 |
|
Lake Worth, FL |
|
March 2025 |
|
|
68,207 |
|
|
|
100 |
% |
|
|
— |
|
|
|
68,207 |
|
The Avenue at West Cobb 4 |
|
Marietta, GA |
|
September 2025 |
|
|
62,701 |
|
|
|
100 |
% |
|
|
— |
|
|
|
62,701 |
|
Subtotal Investment Management: |
|
|
|
|
|
|
130,908 |
|
|
|
|
|
|
— |
|
|
|
130,908 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ACQUISITIONS |
|
|
|
|
|
$ |
615,113 |
|
|
|
|
|
$ |
— |
|
|
$ |
487,349 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DISPOSITIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REIT Portfolio: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mad River Station |
|
Dayton, OH |
|
August 2025 |
|
$ |
15,020 |
|
|
|
100 |
% |
|
$ |
— |
|
|
$ |
15,020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Management: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund III: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
640 Broadway |
|
New York, NY |
|
September 2025 |
|
|
49,500 |
|
|
|
100 |
% |
|
|
49,500 |
|
|
|
12,147 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FUND IV: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eden Square |
|
Bear, DE |
|
June 2025 |
|
|
28,040 |
|
|
|
90 |
% |
|
|
25,236 |
|
|
|
5,835 |
|
1035 Third Avenue |
|
New York, NY |
|
October 2025 |
|
|
22,000 |
|
|
|
100 |
% |
|
|
22,000 |
|
|
|
5,086 |
|
Subtotal Investment Management: |
|
|
|
|
|
|
99,540 |
|
|
|
|
|
|
96,736 |
|
|
|
23,068 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL DISPOSITIONS |
|
|
|
|
|
$ |
114,560 |
|
|
|
|
|
$ |
96,736 |
|
|
$ |
38,088 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Structured Financing Activity |
|
Note Description |
|
Transaction Type |
|
Date of
Transaction |
|
Transaction
Amount |
|
|
Ownership % 2 |
|
|
Investment Management Share |
|
|
Acadia Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Georgetown Renaissance - NCI Holder 5 |
|
Other Loan |
|
January 2025 |
|
$ |
18,277 |
|
|
|
100 |
% |
|
$ |
— |
|
|
$ |
18,277 |
|
850 Third Avenue |
|
Mezzanine Loan |
|
April 2025 |
|
|
28,465 |
|
|
|
100 |
% |
|
|
— |
|
|
|
28,465 |
|
City Point Loan 6 |
|
Conversion |
|
September 2025 |
|
|
56,018 |
|
|
|
100 |
% |
|
|
— |
|
|
|
56,018 |
|
|
|
|
|
|
|
$ |
102,760 |
|
|
|
|
|
$ |
— |
|
|
$ |
102,760 |
|
|
|
|
Supplemental Report September 30, 2025 – 17 |
|
|
Transactional Activity |
|
(in thousands) |
|
1.Transaction amounts include capitalized costs, where applicable. Refer to Note 2 in the Company’s latest Form 10-Q or 10-K for further discussion of any such transactions.
2.Ownership percentages for those properties in Funds II, III, IV, and V within our Investment Management platform represent the respective Investment Management’s ownership, not the Company’s proportionate share.
3.97 North 6th Street and 85 5th Avenue were acquired with executed leases in place, that had not yet commenced. The 97 North 6th Street lease commenced in the third quarter of 2025. It is anticipated that the 85 5th Avenue lease will commence in the fourth quarter of 2025. Prior to rent commencement, the Company will capitalize interest on qualifying assets. Accordingly, 85 5th Avenue remains classified as pre-stabilized (refer to the Development and Redevelopment Activity page), and the expected ABR of approximately $2.8 million has been excluded from our SNO pipeline. 4.The Company intends to bring in strategic institutional investor(s) to complete the capitalization of these properties. No assurances can be given that the Company will successfully identify and close on such a transaction.
5.The Company paid down approximately $57.1 million of an assumed mortgage within the Renaissance Portfolio. This amount represents its noncontrolling interest holders’ 32% share of such payment.
6.In the third quarter of 2025, a Fund II partner exercised its put right, and the Company acquired the partner’s 18.33% interest for total consideration of approximately $56.0 million (which comprised the assumption of the redeeming partner’s portion of the City Point Loan and accrued interest balance of $48.0 million and a cash payment of $8.0 million), increasing its ownership in Fund II from 61.67% to 80%. Refer to Note 10 in the Company’s 10-Q for the period ended September 30, 2025.
|
|
|
Supplemental Report September 30, 2025 – 18 |
The Company has maintained its Funds From Operations Before Special Items and Realized Gains guidance per share (at the midpoint) and updated its 2025 Net earnings and NAREIT FFO per diluted share annual guidance, primarily to reflect the decline in the share price of Albertson’s stock, as follows:
|
|
|
|
|
|
|
2025 Guidance |
|
|
Revised 1 |
|
Prior 2 |
Net earnings per share attributable to Common Shareholders |
|
$0.12-$0.14 |
|
$0.09 to $0.13 |
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share other than Common OP Units) |
|
0.93 |
|
1.00 |
Gain on disposition on real estate properties (net of noncontrolling interest share other than Common OP Units) |
|
(0.02) |
|
— |
Impairment charges (net of noncontrolling interest share other than Common OP Units) |
|
0.07 |
|
0.04 |
Loss on change in control |
|
0.07 |
|
0.08 |
Adjustment of redeemable noncontrolling interest to estimated redemption value |
|
0.02 |
|
— |
Noncontrolling interest in Operating Partnership |
|
0.01 |
|
0.01 |
NAREIT Funds from operations per share attributable to Common Shareholders and Common OP Unit holders |
|
$1.20-$1.22 |
|
$1.22-$1.26 |
Net unrealized holding loss (gain) 3 |
|
0.01 |
|
(0.01) |
Transaction costs |
|
0.01 |
|
— |
Funds from Operations Before Special Items and Realized Gains per share attributable to Common Shareholders and Common OP Unit holders |
|
$1.22-$1.24 |
|
$1.21-$1.25 |
Realized gains on marketable securities 4 |
|
0.10 |
|
0.11-0.14 |
Funds from Operations Before Special Items per share attributable to Common Shareholders and Common OP Unit holders |
|
$1.32-$1.34 |
|
$1.32-$1.39 |
1.Totals may not foot due to rounding.
2.As disclosed in the Company’s July 29, 2025 earnings release and supplemental report. Certain per share differences between the revised and prior guidance relate to the increased number of shares.
3.This represents the actual unrealized mark-to-market holdings loss related to the Company's investment in Albertsons, which was recognized in NAREIT FFO for the nine months ended September 30, 2025. The Company has not reflected any forward-looking estimates involving future unrealized holding gains or losses (i.e., changes in share price) on Albertsons in its 2025 guidance assumptions.
4.It is the Company's policy to exclude unrealized gains and losses from FFO Before Special Items and to include realized gains related to the Company's investment in Albertsons. The Company realized gains of $0.03 per share for the three months ended September 30, 2025. The Company has revised its prior guidance of $16-$19 million of realized gains and promotes to $14-$15 million.
|
|
|
Supplemental Report September 30, 2025 – 19 |
9
|
|
Net Asset Valuation Information |
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REIT |
|
|
FUND II 3 |
|
|
FUND III |
|
|
FUND IV |
|
|
FUND V |
|
|
Other Co-Investment Vehicles 5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acadia Ownership Percentage |
|
N/A |
|
|
|
80.00 |
% |
|
|
24.54 |
% |
|
|
23.12 |
% |
|
|
20.10 |
% |
|
5% to 20% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Quarter NOI |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At Pro-Rata 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Operating Income 2 |
|
$ |
39,216 |
|
|
N/A3 |
|
|
$ |
119 |
|
|
$ |
493 |
|
|
$ |
5,554 |
|
|
$ |
2,214 |
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating income from properties sold or assets held for sale |
|
|
— |
|
|
N/A3 |
|
|
|
(119 |
) |
|
|
(127 |
) |
|
|
— |
|
|
|
— |
|
|
Net operating income from pre-stabilized assets, development and redevelopment projects 4 |
|
|
(1,416 |
) |
|
N/A 3 |
|
|
|
— |
|
|
|
(62 |
) |
|
|
— |
|
|
|
— |
|
|
Net Operating Income of stabilized assets |
|
$ |
37,800 |
|
|
N/A 3 |
|
|
$ |
— |
|
|
$ |
304 |
|
|
$ |
5,554 |
|
|
$ |
2,214 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs to Date (Pro-Rata) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets held for sale |
|
$ |
— |
|
|
N/A 3 |
|
|
$ |
— |
|
|
$ |
13,701 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Pre-stabilized assets 4 |
|
|
433,899 |
|
|
N/A 3 |
|
|
|
— |
|
|
|
30,632 |
|
|
|
— |
|
|
|
— |
|
|
Development and redevelopment projects 6 |
|
|
493,400 |
|
|
N/A 3 |
|
|
|
8,600 |
|
|
|
27,800 |
|
|
|
— |
|
|
|
— |
|
|
Total Costs to Date |
|
$ |
927,299 |
|
|
N/A 3 |
|
|
$ |
8,600 |
|
|
$ |
72,133 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt (Pro-Rata) |
|
$ |
1,167,208 |
|
|
$ |
103,642 |
|
|
$ |
— |
|
|
$ |
28,328 |
|
|
$ |
148,776 |
|
|
$ |
30,350 |
|
|
1.This Net Asset Valuation Information page shows Acadia’s pro-rata portion of the REIT and Investment Management Net Operating Income.
2.Does not include a full quarter of NOI for any assets purchased during the current quarter. See Transactional Activity page in this Supplemental Report for descriptions of those acquisitions. 3.Fund II has been substantially liquidated except for its investment in City Point. Amounts omitted as only remaining asset is City Point.
4.Pre-stabilized assets consist of the following projects for REIT: Route 6 Mall, 664 N. Michigan Avenue, 651-671 West Diversey, 2323-2409 Henderson Avenue, City Center and 85 5th Avenue; Fund II: City Point; Fund IV: 210 Bowery, 801 Madison, and 27 E 61st Street.
5.As of September 30, 2025, 1035 Third Avenue was classified as held for sale and was subsequently sold in October 2025. Refer to Footnote 2 in the Company’s 10-Q.
6.Other Co-investment vehicles currently include the Company’s ownership interest in Shops at Grand Avenue, Walk at Highwoods Preserve, the LINQ Promenade, Pinewood Square (wholly-owned as of September 30, 2025), and The Avenue at West Cobb (wholly-owned as of September 30, 2025).
|
|
|
Supplemental Report September 30, 2025 – 20 |
|
|
Selected Financial Ratios |
|
(in thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended September 30, |
|
Year to Date September 30, |
|
|
|
Quarter Ended September 30, |
COVERAGE RATIOS 1 |
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
LEVERAGE RATIOS |
|
2025 |
|
2024 |
Fixed-Charge Coverage Ratios |
|
|
|
|
|
|
|
|
|
Debt/Market Capitalization Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA1 divided by: |
|
$59,930 |
|
$51,709 |
|
$175,027 |
|
$152,997 |
|
Debt + Preferred Equity (Preferred OP Units) |
|
$1,483,463 |
|
$1,190,418 |
Interest expense |
|
12,961 |
|
13,204 |
|
38,191 |
|
40,543 |
|
Total Market Capitalization |
|
4,228,296 |
|
3,975,475 |
Principal Amortization |
|
1,216 |
|
2,647 |
|
2,729 |
|
8,922 |
|
Debt + Preferred Equity/ |
|
|
|
|
Preferred Dividends2 |
|
67 |
|
67 |
|
201 |
|
274 |
|
Total Market Capitalization |
|
35% |
|
30% |
Fixed-Charge Coverage Ratio - REIT Portfolio and Investment Management |
|
4.2x |
|
3.2x |
|
4.3x |
|
3.1x |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net debt + Preferred Equity 4 |
|
$1,172,689 |
|
$1,159,647 |
Payout Ratios |
|
|
|
|
|
|
|
|
|
Total Market Capitalization |
|
4,228,296 |
|
3,975,475 |
|
|
|
|
|
|
|
|
|
|
Net Debt + Preferred Equity/ |
|
|
|
|
Dividends declared (per share/OP Unit) |
|
$0.20 |
|
$0.19 |
|
$0.60 |
|
$0.55 |
|
Total Market Capitalization |
|
28% |
|
29% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends (Shares) & Distributions (OP Units) declared |
|
$27,652 |
|
$22,747 |
|
$82,937 |
|
$62,944 |
|
|
|
|
|
|
FFO 3 |
|
38,579 |
|
32,962 |
|
121,236 |
|
92,408 |
|
|
|
|
|
|
FFO Payout Ratio |
|
72% |
|
69% |
|
68% |
|
68% |
|
Debt/EBITDA Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AFFO 3 |
|
35,210 |
|
33,130 |
|
103,807 |
|
102,001 |
|
Net debt 4 |
|
$1,167,530 |
|
$1,153,635 |
AFFO Payout Ratio |
|
79% |
|
69% |
|
80% |
|
62% |
|
EBITDA |
|
234,957 |
|
204,706 |
|
|
|
|
|
|
|
|
|
|
EBITDA excluding Realized Gains |
|
223,980 |
|
191,280 |
FFO Before Special Items |
|
45,270 |
|
37,127 |
|
132,833 |
|
108,476 |
|
Net Debt/EBITDA - REIT and Investment Management |
|
5.0x |
|
5.6x |
FFO Before Special Items Payout Ratio |
|
61% |
|
61% |
|
62% |
|
58% |
|
Net Debt/EBITDA excluding Realized Gains - REIT and Investment Management |
|
5.2x |
|
6.0x |
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
|
|
Year to Date |
|
|
Year to Date |
|
Reconciliation of EBITDA to Annualized EBITDA |
|
September 30, 2025 |
|
|
December 31, 2024 |
|
|
|
|
|
|
|
|
Year to Date EBITDA as reported |
|
$ |
175,027 |
|
|
$ |
206,274 |
|
Add: Projected EBITDA 5 |
|
|
59,930 |
|
|
|
— |
|
Annualized EBITDA |
|
|
234,957 |
|
|
|
206,274 |
|
|
|
|
|
|
|
|
Year to Date Realized gain and Promote as reported |
|
|
10,977 |
|
|
|
14,188 |
|
Year to Date EBITDA excluding realized gains |
|
$ |
223,980 |
|
|
$ |
192,086 |
|
Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim periods. The coverage ratios include the Company's pro-rata share of FFO, AFFO, EBITDA, interest expense and principal amortization related to both the Company's consolidated and unconsolidated investments in joint ventures.
1.See EBITDA page in this Supplemental Report for a reconciliation of EBITDA to Net Income attributable to Acadia. 2.Represents preferred distributions on Preferred Operating Partnership Units.
4.Net debt is calculated by deducting the current REIT Portfolio, along with the pro-rata share of Investment Management’s cash and restricted cash balances as of period-end. It also includes the estimated proceeds of $257.1 million as of September 30, 2025 from the physical settlement of forward sales agreements, assuming such settlement were to occur.
5.Annualized EBITDA does not include the annualized impact of acquisitions completed in the quarter or anticipated realized gains and promote.
|
|
|
Supplemental Report September 30, 2025 – 21 |
|
|
Portfolio Debt – Summary |
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acadia Pro-Rata Share of Debt 2 |
|
|
|
REIT Portfolio |
|
Investment Management |
|
Total |
Reconciliation to Consolidated Debt as Reported |
Debt Type |
|
Principal
Balance |
|
WA Years
to
Maturity 6 |
|
Principal
Balance |
|
WA Years
to
Maturity 6 |
|
Principal
Balance |
|
WA Years
to
Maturity 6 |
|
Swap
Notional |
|
Adjusted
Debt Total |
|
Interest
Rate |
|
Add:
Noncontrolling
Interest Share
of Debt 3 |
|
Less: Pro-rata
Share of
Unconsolidated
Debt 4 |
|
Acadia
Consolidated
Debt as
Reported |
Fixed-Rate Debt 1 |
|
$271,092 |
|
3.2 |
|
$21,881 |
|
2.3 |
|
$292,973 |
|
3.1 |
|
$1,039,698 |
|
$1,332,671 |
|
|
|
$290,158 |
|
$(132,276) |
|
$1,490,553 |
Variable-Rate Debt 5 |
|
896,116 |
|
3.3 |
|
289,215 |
|
1.9 |
|
1,185,331 |
|
2.9 |
|
(1,039,698) |
|
145,633 |
|
|
|
270,781 |
|
(33,888) |
|
382,526 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$1,167,208 |
|
3.3 |
|
$311,096 |
|
2.0 |
|
$1,478,304 |
|
3.0 |
|
$— |
|
$1,478,304 |
|
4.5% |
|
$560,939 |
|
$(166,164) |
|
1,873,079 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unamortized premium |
|
|
|
|
|
|
|
846 |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,151 |
Net unamortized loan costs |
|
|
|
|
|
|
|
(11,101) |
|
|
|
|
|
|
|
|
|
|
|
|
|
(12,222) |
Contingent loan obligation |
|
|
|
|
|
|
|
7,163 |
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
Total |
|
|
|
|
|
|
|
|
|
$1,475,212 |
|
|
|
|
|
|
|
|
|
|
|
|
|
$1,862,008 |
1.Fixed-rate debt includes notional principal fixed through swap transactions. The interest rate includes the impact of swaps; refer to the Swap Interest Rate Summary page. 2.Represents the Company's pro-rata share of debt based on its percent ownership.
3.Represents the noncontrolling interest pro-rata share of consolidated partnership debt based on its percent ownership.
4.Represents the Company's pro-rata share of unconsolidated partnership debt based on its percent ownership.
5.Variable rate debt includes certain borrowings that are subject to interest rate cap agreements.
6.Based on debt maturity date without regard to available extension options.
|
|
|
Supplemental Report September 30, 2025 – 22 |
|
|
Portfolio Debt – Detail |
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal Balance at |
|
Acadia's Pro-rata Share |
|
Interest |
|
|
|
Extension |
Property |
|
|
|
September 30, 2025 |
|
Percent |
|
Amount |
|
Rate |
|
Maturity Date |
|
Options |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REIT PORTFOLIO |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed-Rate Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
840 N. Michigan Avenue 2 |
|
|
|
$30,000 |
|
94.35% |
|
$28,305 |
|
N/A |
|
12/10/26 |
|
None |
239 Greenwich Avenue |
|
|
|
25,931 |
|
75.00% |
|
19,448 |
|
4.00% |
|
07/10/27 |
|
1x60 mos. |
$20M Senior Note, Series A |
|
|
|
20,000 |
|
100.00% |
|
20,000 |
|
5.86% |
|
08/21/27 |
|
None |
Georgetown Portfolio (2008 Investment) |
|
|
|
13,571 |
|
50.00% |
|
6,785 |
|
4.72% |
|
12/10/27 |
|
None |
555 9th Street |
|
|
|
57,500 |
|
100.00% |
|
57,500 |
|
3.99% |
|
01/01/28 |
|
1x24 mos. |
State & Washington |
|
|
|
20,148 |
|
100.00% |
|
20,148 |
|
4.40% |
|
09/05/28 |
|
None |
$80M Senior Note, Series B |
|
|
|
80,000 |
|
100.00% |
|
80,000 |
|
5.94% |
|
08/21/29 |
|
None |
North & Kingsbury |
|
|
|
9,582 |
|
100.00% |
|
9,582 |
|
4.01% |
|
11/05/29 |
|
None |
151 N. State Street |
|
|
|
11,536 |
|
100.00% |
|
11,536 |
|
4.03% |
|
12/01/29 |
|
None |
Concord & Milwaukee |
|
|
|
2,128 |
|
100.00% |
|
2,128 |
|
4.40% |
|
06/01/30 |
|
None |
Gotham Plaza |
|
|
|
28,000 |
|
49.00% |
|
13,720 |
|
5.90% |
|
10/05/34 |
|
None |
California & Armitage |
|
|
|
1,940 |
|
100.00% |
|
1,940 |
|
5.89% |
|
04/15/35 |
|
None |
Sub-Total Fixed-Rate Debt |
|
|
|
300,336 |
|
|
|
271,092 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Variable-Rate Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Georgetown Portfolio (2016 Investment) |
|
|
|
102,000 |
|
68.00% |
|
69,366 |
|
SOFR+1.55% |
|
11/06/26 |
|
2x12 mos. |
Revolving Credit Facility 3 |
|
|
|
65,000 |
|
100.00% |
|
65,000 |
|
SOFR+1.25% |
|
04/15/28 |
|
2x6 mos. |
Term Loan |
|
|
|
400,000 |
|
100.00% |
|
400,000 |
|
SOFR+1.40% |
|
04/15/28 |
|
2x6 mos. |
Crossroads Shopping Center |
|
|
|
75,000 |
|
49.00% |
|
36,750 |
|
SOFR+1.95% |
|
11/04/29 |
|
2x12 mos. |
$75 Million Term Loan |
|
|
|
75,000 |
|
100.00% |
|
75,000 |
|
SOFR+1.20% |
|
05/29/30 |
|
None |
$250 Million Term Loan |
|
|
|
250,000 |
|
100.00% |
|
250,000 |
|
SOFR+1.20% |
|
07/25/30 |
|
None |
Sub-Total Variable-Rate Debt |
|
|
|
967,000 |
|
|
|
896,116 |
|
|
|
|
|
|
Total Debt - REIT Portfolio |
|
|
|
$1,267,336 |
|
|
|
$1,167,208 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTMENT MANAGEMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed-Rate Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
650 Bald Hill Road |
|
Fund IV |
|
$14,675 |
|
20.81% |
|
$3,054 |
|
3.75% |
|
06/01/26 |
|
None |
Shoppes at South Hills |
|
Fund V |
|
32,640 |
|
18.09% |
|
5,904 |
|
5.95% |
|
03/01/28 |
|
1x12 mos. |
Broughton Street Portfolio |
|
Fund IV |
|
25,939 |
|
23.12% |
|
5,997 |
|
5.62% |
|
06/01/28 |
|
None |
Canton Marketplace |
|
Fund V |
|
34,460 |
|
20.10% |
|
6,926 |
|
6.29% |
|
06/01/28 |
|
None |
Sub-Total Fixed-Rate Debt |
|
|
|
107,713 |
|
|
|
21,881 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Variable-Rate Debt 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1964 Union |
|
Fund IV |
|
1,310 |
|
20.81% |
|
273 |
|
SOFR+2.25% |
|
10/01/25 |
|
None |
Tri-City Plaza |
|
Fund V |
|
35,169 |
|
18.09% |
|
6,362 |
|
SOFR+2.00% |
|
10/18/25 |
|
None |
Lincoln Commons |
|
Fund V |
|
35,154 |
|
20.10% |
|
7,066 |
|
SOFR+3.10% |
|
11/25/25 |
|
1x24 mos. |
717 N Michigan Avenue |
|
Fund IV |
|
46,000 |
|
23.12% |
|
10,635 |
|
SOFR+3.33% |
|
12/09/25 |
|
None |
Frederick County Square |
|
Fund V |
|
24,495 |
|
18.09% |
|
4,431 |
|
SOFR+2.51% |
|
01/01/26 |
|
None |
Hiram Pavilion |
|
Fund V |
|
26,622 |
|
20.10% |
|
5,351 |
|
SOFR+2.30% |
|
03/05/26 |
|
1x12 mos. |
Acadia Strategic Opportunity Fund IV Term Loan |
|
Fund IV |
|
36,200 |
|
23.12% |
|
8,369 |
|
SOFR+2.15% |
|
03/31/26 |
|
None |
New Towne Center |
|
Fund V |
|
15,801 |
|
20.10% |
|
3,176 |
|
SOFR+2.20% |
|
05/01/26 |
|
None |
Fairlane Green |
|
Fund V |
|
31,174 |
|
20.10% |
|
6,266 |
|
SOFR+2.30% |
|
06/05/26 |
|
None |
Trussville Promenade |
|
Fund V |
|
27,837 |
|
20.10% |
|
5,595 |
|
SOFR+2.30% |
|
06/15/26 |
|
None |
Cypress Creek |
|
Fund V |
|
32,200 |
|
20.10% |
|
6,472 |
|
SOFR+2.80% |
|
09/01/26 |
|
1x12 mos. |
Hickory Ridge |
|
Fund V |
|
26,063 |
|
20.10% |
|
5,239 |
|
SOFR+2.30% |
|
10/05/26 |
|
1x12 mos. |
Monroe Marketplace |
|
Fund V |
|
25,300 |
|
20.10% |
|
5,085 |
|
SOFR+2.76% |
|
11/12/26 |
|
None |
Maple Tree Place |
|
Fund V |
|
45,721 |
|
20.10% |
|
9,190 |
|
SOFR+2.85% |
|
02/14/27 |
|
2x12 mos. |
Wood Ridge Plaza |
|
Fund V |
|
36,126 |
|
18.09% |
|
6,535 |
|
SOFR+2.90% |
|
03/21/27 |
|
None |
La Frontera |
|
Fund V |
|
55,500 |
|
18.09% |
|
10,040 |
|
SOFR+2.61% |
|
06/10/27 |
|
None |
Midstate |
|
Fund V |
|
57,000 |
|
20.10% |
|
11,457 |
|
SOFR+1.75% |
|
08/04/27 |
|
2x12 mos. |
Landstown Commons |
|
Fund V |
|
58,139 |
|
20.10% |
|
11,686 |
|
SOFR+2.20% |
|
10/24/27 |
|
2x12 mos. |
|
|
|
Supplemental Report September 30, 2025 – 23 |
|
|
Portfolio Debt – Detail |
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal Balance at |
|
Acadia's Pro-rata Share |
|
Interest |
|
|
|
Extension |
Property |
|
|
|
September 30, 2025 |
|
Percent |
|
Amount |
|
Rate |
|
Maturity Date |
|
Options |
Riverdale FC |
|
Fund V |
|
37,934 |
|
17.97% |
|
6,818 |
|
SOFR+2.46% |
|
11/01/27 |
|
None |
LINQ Promenade |
|
IMP |
|
175,000 |
|
15.00% |
|
26,250 |
|
SOFR+1.75% |
|
12/12/27 |
|
1x24 mos. |
Santa Fe Plaza |
|
Fund V |
|
22,893 |
|
20.10% |
|
4,601 |
|
SOFR+2.10% |
|
12/20/27 |
|
2x12 mos. |
Elk Grove Commons |
|
Fund V |
|
41,000 |
|
20.10% |
|
8,241 |
|
SOFR+2.00% |
|
12/20/27 |
|
1x12 mos. |
Palm Coast Landing |
|
Fund V |
|
25,999 |
|
20.10% |
|
5,226 |
|
SOFR+2.15% |
|
02/01/28 |
|
None |
Mohawk Commons |
|
Fund V |
|
39,299 |
|
18.09% |
|
7,109 |
|
SOFR+2.00% |
|
03/01/28 |
|
None |
City Point |
|
Fund II |
|
137,500 |
|
75.38% |
|
103,642 |
|
SOFR+1.90% |
|
08/01/28 |
|
1x12 mos. |
The Walk at Highwoods Preserve |
|
IMP |
|
20,500 |
|
20.00% |
|
4,100 |
|
SOFR+2.50% |
|
10/25/28 |
|
1x12 mos. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sub-Total Variable-Rate Debt |
|
|
|
1,115,936 |
|
|
|
289,215 |
|
|
|
|
|
|
Total Debt - Investment Management |
|
|
|
1,223,649 |
|
|
|
311,096 |
|
|
|
|
|
|
Total Debt - REIT Portfolio and Investment Management |
|
|
|
$2,490,986 |
|
|
|
$1,478,304 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.The Company has hedged a portion of its variable-rate debt with multiple variable to fixed-rate swap agreements which have various maturities (see Swap Interest Rate Summary of this Supplemental report which highlights the notional and fixed base rate). The indicated maturity for each loan reflects the contractual maturity date of the loan without regard to the expiration of the related swap agreements. 2.The Company makes cash payments at a stated interest rate of 6.5% on the outstanding principal balance. Following the modification of the loan in December 2023, the effective interest rate for GAAP purposes is zero.
3.The interest rate on the unsecured revolving credit facility excludes a 20-basis point facility fee.
|
|
|
Supplemental Report September 30, 2025 – 24 |
|
|
Future Debt Maturities 1 |
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REIT Portfolio |
|
Contractual Debt Maturities |
|
Acadia's Pro-Rata Share |
|
Weighted Average2 |
|
|
Scheduled |
|
|
|
|
|
Scheduled |
|
Fixed |
|
Variable |
|
|
|
Fixed- |
|
Variable- |
Year |
|
Amortization |
|
Maturities |
|
Total |
|
Amortization |
|
Maturities |
|
Maturities |
|
Total |
|
Rate Debt |
|
Rate Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 (Remainder) |
|
$712 |
|
$— |
|
$712 |
|
$620 |
|
$— |
|
$— |
|
$620 |
|
N/A |
|
N/A |
2026 |
|
5,418 |
|
132,000 |
|
137,418 |
|
5,040 |
|
28,305 |
|
69,365 |
|
102,710 |
|
— |
|
1.55% |
2027 |
|
5,267 |
|
57,537 |
|
62,804 |
|
4,954 |
|
45,053 |
|
— |
|
50,007 |
|
4.91% |
|
N/A |
2028 |
|
1,900 |
|
535,362 |
|
537,262 |
|
1,866 |
|
70,360 |
|
465,000 |
|
537,226 |
|
4.10% |
|
1.38% |
2029 |
|
1,886 |
|
171,338 |
|
173,224 |
|
1,538 |
|
97,088 |
|
36,383 |
|
135,009 |
|
5.54% |
|
1.95% |
Thereafter |
|
1,296 |
|
354,620 |
|
355,916 |
|
1,296 |
|
15,340 |
|
325,000 |
|
341,636 |
|
5.72% |
|
1.20% |
Total |
|
$16,479 |
|
$1,250,857 |
|
$1,267,336 |
|
$15,314 |
|
$256,146 |
|
$895,748 |
|
$1,167,208 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Management |
|
Contractual Debt Maturities |
|
Acadia's Pro-Rata Share |
|
Weighted Average2 |
|
|
Scheduled |
|
|
|
|
|
Scheduled |
|
Fixed |
|
Variable |
|
|
|
Fixed- |
|
Variable- |
Year |
|
Amortization |
|
Maturities |
|
Total |
|
Amortization |
|
Maturities |
|
Maturities |
|
Total |
|
Rate Debt |
|
Rate Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 (Remainder) |
|
$1,837 |
|
$117,492 |
|
$119,329 |
|
$358 |
|
$— |
|
$24,308 |
|
$24,666 |
|
N/A |
|
2.90% |
2026 |
|
5,330 |
|
257,934 |
|
263,264 |
|
1,026 |
|
2,992 |
|
49,558 |
|
53,576 |
|
3.75% |
|
2.40% |
2027 |
|
6,439 |
|
522,796 |
|
529,235 |
|
1,198 |
|
— |
|
93,601 |
|
94,799 |
|
N/A |
|
2.17% |
2028 |
|
509 |
|
311,312 |
|
311,821 |
|
97 |
|
18,391 |
|
119,567 |
|
138,055 |
|
5.97% |
|
1.94% |
2029 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
N/A |
|
N/A |
Thereafter |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
N/A |
|
N/A |
Total |
|
$14,115 |
|
$1,209,534 |
|
$1,223,649 |
|
$2,679 |
|
$21,383 |
|
$287,034 |
|
$311,096 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.Does not include any applicable extension options or subsequent refinancing.
2.The amounts in the table reflect the all-in fixed rate for maturing debt with a fixed rate, and the spread above the applicable index (typically SOFR) on variable rate debt. The rate does not reflect the all-in rate for variable rate obligations. Refer to Swap Interest Rate Summary page for interest rate protection agreements that fix our variable rate debt.
|
|
|
Supplemental Report September 30, 2025 – 25 |
|
|
Future Debt Maturities – As Extended 1 |
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REIT Portfolio |
|
Extended Debt Maturities 1 |
|
Acadia's Pro-Rata Share |
|
Weighted Average2 |
|
|
Scheduled |
|
|
|
|
|
Scheduled |
|
Fixed |
|
Variable |
|
|
|
Fixed- |
|
Variable- |
Year |
|
Amortization |
|
Maturities |
|
Total |
|
Amortization |
|
Maturities |
|
Maturities |
|
Total |
|
Rate Debt |
|
Rate Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 (Remainder) |
|
$712 |
|
$— |
|
$712 |
|
$620 |
|
$— |
|
$— |
|
$620 |
|
N/A |
|
N/A |
2026 |
|
5,418 |
|
30,000 |
|
35,418 |
|
5,040 |
|
28,305 |
|
— |
|
33,345 |
|
— |
|
N/A |
2027 |
|
5,267 |
|
32,401 |
|
37,668 |
|
4,954 |
|
26,201 |
|
— |
|
31,155 |
|
5.57% |
|
N/A |
2028 |
|
1,900 |
|
119,862 |
|
121,762 |
|
1,866 |
|
17,862 |
|
69,365 |
|
89,093 |
|
4.40% |
|
1.55% |
2029 |
|
1,886 |
|
562,088 |
|
563,974 |
|
1,538 |
|
97,088 |
|
465,000 |
|
563,626 |
|
5.54% |
|
1.38% |
Thereafter |
|
1,296 |
|
506,506 |
|
507,802 |
|
1,296 |
|
86,692 |
|
361,381 |
|
449,369 |
|
4.32% |
|
1.28% |
Total |
|
$16,479 |
|
$1,250,857 |
|
$1,267,336 |
|
$15,314 |
|
$256,148 |
|
$895,746 |
|
$1,167,208 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Management |
|
Extended Debt Maturities 1 |
|
Acadia's Pro-Rata Share |
|
Weighted Average2 |
|
|
Scheduled |
|
|
|
|
|
Scheduled |
|
Fixed |
|
Variable |
|
|
|
Fixed- |
|
Variable- |
Year |
|
Amortization |
|
Maturities |
|
Total |
|
Amortization |
|
Maturities |
|
Maturities |
|
Total |
|
Rate Debt |
|
Rate Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 (Remainder) |
|
$1,837 |
|
$82,436 |
|
$84,273 |
|
$358 |
|
$— |
|
$17,262 |
|
$17,620 |
|
N/A |
|
2.82% |
2026 |
|
5,330 |
|
174,199 |
|
179,529 |
|
1,026 |
|
2,992 |
|
32,726 |
|
36,744 |
|
3.75% |
|
2.35% |
2027 |
|
6,439 |
|
243,806 |
|
250,245 |
|
1,198 |
|
— |
|
46,450 |
|
47,648 |
|
N/A |
|
2.66% |
2028 |
|
509 |
|
162,954 |
|
163,463 |
|
97 |
|
12,718 |
|
20,067 |
|
32,882 |
|
5.98% |
|
2.04% |
2029 |
|
— |
|
546,139 |
|
546,139 |
|
— |
|
5,673 |
|
170,529 |
|
176,202 |
|
5.95% |
|
1.96% |
Thereafter |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
N/A |
|
N/A |
Total |
|
$14,115 |
|
$1,209,534 |
|
$1,223,649 |
|
$2,679 |
|
$21,383 |
|
$287,034 |
|
$311,096 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.Includes the effect of all available extension options (subject to customary conditions), excludes any subsequent refinancing.
2.The amounts in the table reflect the all-in fixed rate for maturing debt with a fixed rate, and the spread above the applicable index (typically SOFR) on variable rate debt. The rate does not reflect the all-in rate for variable rate obligations. Refer to Swap Interest Rate Summary page for interest rate protection agreements that fix our variable rate debt.
|
|
|
Supplemental Report September 30, 2025 – 26 |
|
|
Swap Interest Rate Summary 1 |
|
(in thousands) |
|
|
|
|
|
|
Maturity |
|
Acadia's Pro-rata
Notional Amount |
|
Weighted Average
Fixed SOFR 2 |
October 2025 |
|
$6,362 |
|
4.2% |
March 2026 |
|
5,351 |
|
4.5% |
April 2026 |
|
11,020 |
|
2.9% |
May 2026 |
|
3,177 |
|
3.5% |
June 2026 |
|
6,262 |
|
1.2% |
October 2026 |
|
5,239 |
|
3.7% |
November 2026 |
|
73,517 |
|
3.9% |
December 2026 |
|
5,996 |
|
4.3% |
June 2027 |
|
5,020 |
|
3.4% |
July 2027 |
|
125,000 |
|
2.1% |
August 2027 |
|
8,593 |
|
3.5% |
December 2027 |
|
118,288 |
|
2.7% |
February 2028 |
|
5,226 |
|
3.4% |
March 2028 |
|
57,109 |
|
2.8% |
April 2028 |
|
75,000 |
|
3.3% |
June 2028 |
|
50,000 |
|
2.9% |
July 2028 |
|
25,000 |
|
3.4% |
August 2028 |
|
50,000 |
|
3.4% |
February 2029 |
|
50,000 |
|
1.4% |
June 2029 |
|
25,000 |
|
0.5% |
July 2029 |
|
25,000 |
|
0.1% |
October 2029 |
|
4,100 |
|
3.7% |
November 2029 |
|
36,750 |
|
3.8% |
December 2029 |
|
87,688 |
|
3.4% |
April 2030 |
|
50,000 |
|
3.1% |
July 2030 |
|
125,000 |
|
2.7% |
Total |
|
$1,039,698 |
|
2.8% |
1.Includes the Company's pro-rata share of consolidated and unconsolidated interest rate swaps to hedge against interest variability on REIT and Investment Management debt.
2.Represents the effective strike (fixed) rate on the swap, inclusive of the amortization of deferred gains/losses on terminated swaps, that the Company pays in exchange for receiving SOFR.
|
|
|
Supplemental Report September 30, 2025 – 27 |
|
|
Core Portfolio Retail Properties – Detail 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year |
|
Acadia's |
|
Gross Leasable Area (GLA) |
|
In Place Occupancy |
|
Leased
Occupancy |
|
Annualized
Base Rent |
|
ABR |
|
|
Property |
|
Acquired |
|
Interest |
|
Street |
|
Anchors |
|
Shops |
|
Total |
|
Street |
|
Anchors |
|
Shops |
|
Total |
|
Total |
|
(ABR) |
|
PSF |
|
Key Tenants |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STREET AND URBAN RETAIL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chicago Metro |
|
|
|
|
|
|
|
|
|
|
|
` |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rush and Walton Streets
Collection (6 properties) |
|
2011
2012 |
|
100.0% |
|
40,590 |
|
— |
|
— |
|
40,590 |
|
93.0% |
|
—% |
|
—% |
|
93.0% |
|
93.0% |
|
$8,348,326 |
|
$221.18 |
|
Kith, Lululemon, Reformation,
Veronica Beard, St. Laurent, Brandy Melville |
Clark Street and W. Diversey
Collection (4 properties) |
|
2011
2012 |
|
100.0% |
|
53,099 |
|
— |
|
— |
|
53,099 |
|
89.0% |
|
—% |
|
—% |
|
89.0% |
|
89.0% |
|
2,260,635 |
|
47.81 |
|
Starbucks, TJ Maxx,
J Crew Factory, Trader Joe's, Sephora |
Halsted and Armitage
Collection (13 properties) |
|
2011
2012
2019
2020 |
|
100.0% |
|
53,220 |
|
— |
|
— |
|
53,220 |
|
91.7% |
|
—% |
|
—% |
|
91.7% |
|
100.0% |
|
2,695,831 |
|
55.22 |
|
Serena and Lily, Faherty,
Jenny Kayne, Warby Parker, Kiehl's, Solidcore,
Rails |
North Lincoln Park Chicago
Collection (6 properties) |
|
2011
2014 |
|
100.0% |
|
22,125 |
|
— |
|
27,796 |
|
49,921 |
|
13.6 % |
|
—% |
|
77.6% |
|
49.2% |
|
55.5% |
|
909,741 |
|
37.04 |
|
Guitar Center, Carhartt |
State and Washington |
|
2016 |
|
100.0% |
|
65,401 |
|
— |
|
— |
|
65,401 |
|
100.0% |
|
—% |
|
—% |
|
100.0% |
|
100.0% |
|
2,768,673 |
|
42.33 |
|
Nordstrom Rack, Uniqlo |
151 N. State Street |
|
2016 |
|
100.0% |
|
27,385 |
|
— |
|
— |
|
27,385 |
|
100.0% |
|
—% |
|
—% |
|
100.0% |
|
100.0% |
|
1,573,000 |
|
57.44 |
|
Walgreens |
North and Kingsbury |
|
2016 |
|
100.0% |
|
41,791 |
|
— |
|
— |
|
41,791 |
|
100.0% |
|
—% |
|
—% |
|
100.0% |
|
100.0% |
|
2,015,292 |
|
48.22 |
|
Old Navy, Backcountry |
Concord and Milwaukee |
|
2016 |
|
100.0% |
|
13,147 |
|
— |
|
— |
|
13,147 |
|
88.6% |
|
—% |
|
—% |
|
88.6% |
|
100.0% |
|
432,125 |
|
37.11 |
|
— |
California and Armitage |
|
2016 |
|
100.0% |
|
— |
|
— |
|
18,275 |
|
18,275 |
|
—% |
|
—% |
|
72.7% |
|
72.7% |
|
90.8% |
|
710,858 |
|
53.47 |
|
— |
Roosevelt Galleria |
|
2015 |
|
100.0% |
|
— |
|
— |
|
37,995 |
|
37,995 |
|
—% |
|
—% |
|
89.7% |
|
89.7% |
|
89.7% |
|
823,131 |
|
24.15 |
|
Petco, Vitamin Shoppe,
Dollar Tree |
Sullivan Center |
|
2016 |
|
100.0% |
|
176,181 |
|
— |
|
— |
|
176,181 |
|
83.8% |
|
—% |
|
—% |
|
83.8% |
|
83.8% |
|
5,594,913 |
|
37.90 |
|
Target |
|
|
|
|
|
|
492,939 |
|
— |
|
84,066 |
|
577,005 |
|
87.4% |
|
—% |
|
82.0% |
|
86.6% |
|
88.7% |
|
$28,132,525 |
|
$56.31 |
|
|
New York Metro |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Soho Collection/West Village
(19 properties) |
|
2011
2014
2019
2020
2022
2024
2025 |
|
100.0% |
|
69,643 |
|
— |
|
— |
|
69,643 |
|
89.4% |
|
—% |
|
—% |
|
89.4% |
|
96.3% |
|
$20,251,323 |
|
$325.27 |
|
Reiss, Vuori, Zimmermann,
Madewell, John Varvatos
Watches of Switzerland, Frame, Theory,
Bang & Olufsen, Marine Layer |
5-7 East 17th Street |
|
2008 |
|
100.0% |
|
8,658 |
|
— |
|
— |
|
8,658 |
|
100.0% |
|
—% |
|
—% |
|
100.0% |
|
100.0% |
|
1,071,637 |
|
123.77 |
|
Narkara |
200 West 54th Street |
|
2007 |
|
100.0% |
|
5,932 |
|
— |
|
— |
|
5,932 |
|
98.8% |
|
—% |
|
—% |
|
98.8% |
|
98.8% |
|
1,614,127 |
|
275.35 |
|
— |
4401 White Plains Road |
|
2011 |
|
100.0% |
|
— |
|
12,964 |
|
— |
|
12,964 |
|
—% |
|
100.0% |
|
—% |
|
100.0% |
|
100.0% |
|
625,000 |
|
48.21 |
|
Walgreens |
Bartow Avenue |
|
2005 |
|
100.0% |
|
— |
|
— |
|
14,824 |
|
14,824 |
|
—% |
|
—% |
|
100.0% |
|
100.0% |
|
100.0% |
|
506,641 |
|
34.18 |
|
Wingstop |
|
|
|
Supplemental Report September 30, 2025 – 28 |
|
|
Core Portfolio Retail Properties – Detail 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year |
|
Acadia's |
|
Gross Leasable Area (GLA) |
|
In Place Occupancy |
|
Leased
Occupancy |
|
Annualized
Base Rent |
|
ABR |
|
|
Property |
|
Acquired |
|
Interest |
|
Street |
|
Anchors |
|
Shops |
|
Total |
|
Street |
|
Anchors |
|
Shops |
|
Total |
|
Total |
|
(ABR) |
|
PSF |
|
Key Tenants |
Greenwich/Westport Collection (4 properties) |
|
1998
2012
2014 |
|
89.5% |
|
39,593 |
|
— |
|
— |
|
39,593 |
|
100.0% |
|
—% |
|
—% |
|
100.0% |
|
100.0% |
|
4,540,277 |
|
114.67 |
|
Veronica Beard, The RealReal,
Blue Mercury, Splendid, Swarvoski, Watches of Switzerland |
2914 Third Avenue |
|
2006 |
|
100.0% |
|
— |
|
21,650 |
|
18,953 |
|
40,603 |
|
—% |
|
100.0% |
|
100.0% |
|
100.0% |
|
100.0% |
|
1,131,422 |
|
27.87 |
|
Planet Fitness |
868 Broadway |
|
2013 |
|
100.0% |
|
2,031 |
|
— |
|
— |
|
2,031 |
|
100.0% |
|
—% |
|
—% |
|
100.0% |
|
100.0% |
|
881,322 |
|
433.94 |
|
Dr. Martens |
313-315 Bowery 2 |
|
2013 |
|
100.0% |
|
6,600 |
|
— |
|
— |
|
6,600 |
|
100.0% |
|
—% |
|
—% |
|
100.0% |
|
100.0% |
|
527,076 |
|
79.86 |
|
John Varvatos |
120 West Broadway |
|
2013 |
|
100.0% |
|
13,838 |
|
— |
|
— |
|
13,838 |
|
100.0% |
|
—% |
|
—% |
|
100.0% |
|
100.0% |
|
2,506,696 |
|
181.15 |
|
Citizens Bank, Citi Bank |
2520 Flatbush Avenue |
|
2014 |
|
100.0% |
|
— |
|
— |
|
29,114 |
|
29,114 |
|
—% |
|
100% |
|
100.0% |
|
100.0% |
|
100.0% |
|
1,297,818 |
|
44.58 |
|
Bob's Discount Furniture, Capital One |
Williamsburg Bedford Avenue Collection 3 |
|
2022 |
|
100.0% |
|
50,842 |
|
— |
|
— |
|
50,842 |
|
88.2% |
|
—% |
|
— |
|
88.2% |
|
100.0% |
|
4,962,985 |
|
110.70 |
|
Sephora, SweetGreen, Levain Bakery, Alo Yoga |
Williamsburg North 6th Collection 3
(7 properties) |
|
2024
2025 |
|
100.0% |
|
56,615 |
|
— |
|
— |
|
56,615 |
|
100.0% |
|
—% |
|
— |
|
100.0% |
|
100.0% |
|
8,432,801 |
|
148.95 |
|
Lululemon, Madewell, On Running, Abercrombie and Fitch, Birkenstock, Patagonia |
991 Madison Avenue |
|
2016 |
|
100.0% |
|
7,512 |
|
— |
|
— |
|
7,512 |
|
100.0% |
|
—% |
|
—% |
|
100.0% |
|
100.0% |
|
3,780,849 |
|
503.31 |
|
Vera Wang, Gabriela Hearst |
Gotham Plaza |
|
2016 |
|
49.0 % |
|
— |
|
— |
|
25,931 |
|
25,931 |
|
—% |
|
—% |
|
75.4% |
|
75.4% |
|
75.4% |
|
1,672,236 |
|
85.48 |
|
Bank of America,
Footlocker, Apple Bank |
|
|
|
|
|
|
261,264 |
|
34,614 |
|
88,822 |
|
384,700 |
|
94.8% |
|
100.0 % |
|
92.8 % |
|
94.8% |
|
97.7% |
|
$53,802,209 |
|
$147.46 |
|
|
Los Angeles Metro |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8833 Beverly Blvd |
|
2022 |
|
97.0 % |
|
9,757 |
|
— |
|
— |
|
9,757 |
|
100.0% |
|
—% |
|
—% |
|
100.0% |
|
100.0% |
|
$1,390,888 |
|
$142.55 |
|
Luxury Living |
Melrose Place Collection |
|
2019 |
|
100.0 % |
|
14,000 |
|
— |
|
— |
|
14,000 |
|
100.0% |
|
—% |
|
—% |
|
100.0% |
|
100.0% |
|
3,222,128 |
|
230.15 |
|
The Row, Chloe,
Oscar de la Renta |
|
|
|
|
|
|
23,757 |
|
— |
|
— |
|
23,757 |
|
100.0% |
|
—% |
|
—% |
|
100.0% |
|
100.0% |
|
$4,613,016 |
|
$194.18 |
|
|
District of Columbia Metro |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1739-53 & 1801-03
Connecticut Avenue |
|
2012 |
|
100.0 % |
|
20,669 |
|
— |
|
— |
|
20,669 |
|
21.9% |
|
—% |
|
—% |
|
21.9% |
|
21.9% |
|
$311,541 |
|
$68.97 |
|
TD Bank |
14th Street Collection (3 properties) |
|
2021 |
|
100.0 % |
|
19,077 |
|
— |
|
— |
|
19,077 |
|
76.4% |
|
—% |
|
—% |
|
76.4% |
|
76.4% |
|
1,396,848 |
|
95.83 |
|
Verizon, Long and Foster, VSV Wine Bar, Tile Bar |
Rhode Island Place
Shopping Center |
|
2012 |
|
100.0 % |
|
— |
|
25,134 |
|
32,533 |
|
57,667 |
|
—% |
|
100.0% |
|
88.5% |
|
93.5% |
|
93.5% |
|
1,957,308 |
|
36.30 |
|
Ross Dress for Less |
M Street and Wisconsin Corridor
(27 Properties) 4 |
|
2011
2016
2019 |
|
68.0 % |
|
262,412 |
|
— |
|
— |
|
262,412 |
|
92.9% |
|
—% |
|
—% |
|
92.9% |
|
94.9% |
|
18,810,639 |
|
77.14 |
|
Lululemon, Duxiana, Reformation, Glossier,
Alo Yoga, Aritzia, Skims, J Crew, Google |
|
|
|
|
|
|
302,158 |
|
25,134 |
|
32,533 |
|
359,825 |
|
87.0% |
|
100.0% |
|
88.5% |
|
88.1% |
|
89.5% |
|
$22,476,335 |
|
$70.94 |
|
|
Boston Metro |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Report September 30, 2025 – 29 |
|
|
Core Portfolio Retail Properties – Detail 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year |
|
Acadia's |
|
Gross Leasable Area (GLA) |
|
In Place Occupancy |
|
Leased
Occupancy |
|
Annualized
Base Rent |
|
ABR |
|
|
Property |
|
Acquired |
|
Interest |
|
Street |
|
Anchors |
|
Shops |
|
Total |
|
Street |
|
Anchors |
|
Shops |
|
Total |
|
Total |
|
(ABR) |
|
PSF |
|
Key Tenants |
165 Newbury Street |
|
2016 |
|
100.0 % |
|
1,050 |
|
— |
|
— |
|
1,050 |
|
100.0% |
|
—% |
|
—% |
|
100.0% |
|
100.0% |
|
$321,953 |
|
$306.62 |
|
Starbucks |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dallas Metro |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Henderson Avenue Portfolio
(14 properties) |
|
2022
2024
2025 |
|
100.0 % |
|
53,017 |
|
31,635 |
|
— |
|
84,652 |
|
83.7% |
|
100.0% |
|
—% |
|
89.8% |
|
89.8% |
|
$3,059,669 |
|
$40.24 |
|
Sprouts Market,
Warby Parker, Tecovas |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Street and Urban Retail |
|
|
|
|
|
1,134,185 |
|
91,383 |
|
205,421 |
|
1,430,989 |
|
89.1% |
|
100.0% |
|
87.7% |
|
89.6% |
|
91.6% |
|
$112,405,707 |
|
$87.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acadia Share Total Street and Urban Retail |
|
|
|
|
|
1,045,800 |
|
91,383 |
|
192,196 |
|
1,329,380 |
|
88.8% |
|
100.0% |
|
88.6% |
|
89.5% |
|
91.6% |
|
$105,169,028 |
|
$88.35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUBURBAN PROPERTIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Elmwood Park Shopping Center |
|
1998 |
|
100.0 % |
|
— |
|
43,531 |
|
100,457 |
|
143,988 |
|
—% |
|
100.0% |
|
92.5% |
|
94.8% |
|
94.8% |
|
$3,589,545 |
|
$26.30 |
|
Walgreens, Lidl,
Chase Bank, City MD, Five Below |
Marketplace of Absecon |
|
1998 |
|
100.0 % |
|
— |
|
46,724 |
|
57,832 |
|
104,556 |
|
—% |
|
75.8% |
|
80.4% |
|
78.3% |
|
78.3% |
|
1,605,630 |
|
19.61 |
|
Walgreens, Dollar Tree, Aldi |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Village Commons
Shopping Center |
|
1998 |
|
100.0 % |
|
— |
|
— |
|
87,128 |
|
87,128 |
|
—% |
|
—% |
|
88.8% |
|
88.8% |
|
88.8% |
|
2,748,844 |
|
35.52 |
|
Citibank, Ace Hardware |
Branch Plaza |
|
1998 |
|
100.0 % |
|
— |
|
76,264 |
|
47,081 |
|
123,345 |
|
—% |
|
73.5% |
|
89.9% |
|
79.7% |
|
79.7% |
|
2,809,967 |
|
28.57 |
|
LA Fitness |
Amboy Center |
|
2005 |
|
100.0 % |
|
— |
|
37,266 |
|
26,106 |
|
63,372 |
|
—% |
|
100.0% |
|
80.8% |
|
92.1% |
|
92.1% |
|
2,127,536 |
|
36.45 |
|
Stop & Shop (Ahold) |
Crossroads Shopping Center |
|
1998 |
|
49.0 % |
|
— |
|
202,727 |
|
108,990 |
|
311,717 |
|
—% |
|
93.9% |
|
89.7% |
|
92.4% |
|
98.1% |
|
9,539,154 |
|
33.12 |
|
HomeGoods, PetSmart,
BJ's Wholesale Club, O'Reilly Auto Parts |
New Loudon Center |
|
1993 |
|
100.0 % |
|
— |
|
241,746 |
|
16,643 |
|
258,389 |
|
—% |
|
95.0% |
|
100.0% |
|
95.3% |
|
95.3% |
|
2,330,402 |
|
9.47 |
|
Price Chopper, Marshalls |
28 Jericho Turnpike |
|
2012 |
|
100.0 % |
|
— |
|
96,363 |
|
— |
|
96,363 |
|
—% |
|
100.0% |
|
—% |
|
100.0% |
|
100.0% |
|
1,996,500 |
|
20.72 |
|
Kohl's |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Connecticut |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Town Line Plaza 5 |
|
1998 |
|
100.0 % |
|
— |
|
163,159 |
|
43,187 |
|
206,346 |
|
—% |
|
100.0% |
|
88.4% |
|
97.6% |
|
98.5% |
|
1,608,715 |
|
15.46 |
|
Wal-Mart,
Stop & Shop (Ahold) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Massachusetts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Methuen Shopping Center |
|
1998 |
|
100.0 % |
|
— |
|
120,004 |
|
10,017 |
|
130,021 |
|
—% |
|
100.0% |
|
56.3% |
|
96.6% |
|
96.6% |
|
1,390,578 |
|
11.07 |
|
Wal-Mart, Market Basket |
Crescent Plaza |
|
1993 |
|
100.0 % |
|
— |
|
156,985 |
|
61,017 |
|
218,002 |
|
—% |
|
100.0% |
|
97.5% |
|
99.3% |
|
99.3% |
|
2,258,581 |
|
10.43 |
|
Home Depot, Shaw's |
201 Needham Street |
|
2014 |
|
100.0 % |
|
— |
|
20,409 |
|
— |
|
20,409 |
|
—% |
|
100.0% |
|
—% |
|
100.0% |
|
100.0% |
|
711,662 |
|
34.87 |
|
Michael's |
163 Highland Avenue |
|
2015 |
|
100.0 % |
|
— |
|
40,505 |
|
— |
|
40,505 |
|
—% |
|
100.0% |
|
100.0% |
|
100.0% |
|
100.0% |
|
1,675,657 |
|
41.37 |
|
Staples, Petco |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vermont |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Report September 30, 2025 – 30 |
|
|
Core Portfolio Retail Properties – Detail 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year |
|
Acadia's |
|
Gross Leasable Area (GLA) |
|
In Place Occupancy |
|
Leased
Occupancy |
|
Annualized
Base Rent |
|
ABR |
|
|
Property |
|
Acquired |
|
Interest |
|
Street |
|
Anchors |
|
Shops |
|
Total |
|
Street |
|
Anchors |
|
Shops |
|
Total |
|
Total |
|
(ABR) |
|
PSF |
|
Key Tenants |
The Gateway Shopping Center |
|
1999 |
|
100.0 % |
|
— |
|
73,184 |
|
29,670 |
|
102,854 |
|
—% |
|
100.0% |
|
88.6% |
|
96.7% |
|
98.2% |
|
2,303,692 |
|
23.16 |
|
Shaw's (Albertsons),
Starbucks |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Illinois |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hobson West Plaza |
|
1998 |
|
100.0 % |
|
— |
|
51,692 |
|
47,270 |
|
98,962 |
|
—% |
|
100.0% |
|
76.0% |
|
88.5 % |
|
89.8% |
|
1,203,049 |
|
13.73 |
|
Garden Fresh Markets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Indiana |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merrillville Plaza |
|
1998 |
|
100.0 % |
|
— |
|
123,144 |
|
112,782 |
|
235,926 |
|
—% |
|
78.9% |
|
87.1% |
|
82.8 % |
|
82.8% |
|
2,953,274 |
|
15.12 |
|
Dollar Tree, TJ Maxx,
DD's Discount (Ross) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Michigan |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bloomfield Town Square |
|
1998 |
|
100.0 % |
|
— |
|
153,332 |
|
81,619 |
|
234,951 |
|
—% |
|
100.0% |
|
100.0% |
|
100.0 % |
|
100.0% |
|
4,409,759 |
|
18.77 |
|
HomeGoods, TJ Maxx,
Dick's Sporting Goods, Burlington |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Delaware |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Town Center and Other
(1 property) |
|
2003 |
|
100.0 % |
|
— |
|
707,988 |
|
21,891 |
|
729,879 |
|
—% |
|
100.0% |
|
45.3% |
|
98.4 % |
|
98.4% |
|
12,802,040 |
|
17.83 |
|
Lowes, Dick's
Sporting Goods, Target, Crunch Fitness |
Market Square Shopping Center |
|
2003 |
|
100.0 % |
|
— |
|
42,850 |
|
59,197 |
|
102,047 |
|
—% |
|
100.0% |
|
100.0% |
|
100.0% |
|
100.0% |
|
3,422,242 |
|
33.54 |
|
Trader Joe's, TJ Maxx |
Naamans Road |
|
2006 |
|
100.0 % |
|
— |
|
— |
|
19,865 |
|
19,865 |
|
—% |
|
—% |
|
100.0% |
|
100.0 % |
|
100.0% |
|
920,134 |
|
46.32 |
|
Jared Jewelers, American Red Cross |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Plaza 422 |
|
1993 |
|
100.0 % |
|
— |
|
139,968 |
|
16,311 |
|
156,279 |
|
—% |
|
100.0% |
|
100.0% |
|
100.0% |
|
100.0% |
|
956,954 |
|
6.12 |
|
Home Depot |
Chestnut Hill |
|
2006 |
|
100.0 % |
|
— |
|
— |
|
36,492 |
|
36,492 |
|
—% |
|
—% |
|
100.0% |
|
100.0% |
|
100.0% |
|
1,000,572 |
|
27.42 |
|
— |
Abington Towne Center 6 |
|
1998 |
|
100.0 % |
|
— |
|
184,616 |
|
32,255 |
|
216,871 |
|
—% |
|
100.0% |
|
92.2% |
|
98.8% |
|
100.0% |
|
1,278,441 |
|
21.83 |
|
Target, TJ Maxx |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Suburban Properties |
|
|
|
|
|
— |
|
2,722,457 |
|
1,015,810 |
|
3,738,267 |
|
—% |
|
97.0 % |
|
89.7 % |
|
95.0 % |
|
95.7 % |
|
$65,642,926 |
|
$19.91 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acadia Share Total Suburban Properties |
|
|
|
|
|
— |
|
2,619,066 |
|
960,225 |
|
3,579,291 |
|
—% |
|
97.1% |
|
89.7% |
|
95.1% |
|
95.6% |
|
$60,777,957 |
|
$19.29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total REIT Properties |
|
|
|
|
|
1,134,185 |
|
2,813,840 |
|
1,221,231 |
|
5,169,256 |
|
89.1% |
|
97.1% |
|
89.4% |
|
93.5% |
|
94.5% |
|
$178,048,633 |
|
$38.88 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acadia Share Total REIT Properties |
|
|
|
|
|
1,045,800 |
|
2,710,449 |
|
1,152,421 |
|
4,908,671 |
|
88.8% |
|
97.2% |
|
89.5% |
|
93.6% |
|
94.5% |
|
$165,946,985 |
|
$38.23 |
|
|
|
|
|
Supplemental Report September 30, 2025 – 31 |
|
|
Core Portfolio Retail Properties – Detail 1 |
|
|
|
1.Excludes properties that are under development, redevelopment or pre-stabilized. For further detail, refer to the Development and Redevelopment Activity section of this Supplemental Report. The above in-place occupancy and rent figures reflects only retail spaces where leases have commenced. Leased occupancy includes both in-place leases and signed leases that have not yet commenced. ABR and ABR per square foot are based solely on in-place occupancy. 2.Represents the annual base rent paid to Acadia pursuant to a master lessee and does not reflect the rent paid by the retail tenants at the property.
3.The Company’s stated legal ownership is 49.99%. However, given the preferences embedded in its interests, the Company did not attribute any value to the 50.01% noncontrolling interest holders.
4.Excludes 94,000 square feet of office GLA.
5.Anchor GLA includes a 97,300 square foot Wal-Mart store which is not owned by the Company. This square footage has been excluded from ABR per square foot calculations.
6.Anchor GLA includes a 157,616 square foot Target store which is not owned by the Company. This square footage has been excluded from ABR per square footage calculations.
|
|
|
Supplemental Report September 30, 2025 – 32 |
|
|
REIT Portfolio – Top Tenants 1 |
|
(Pro-Rata Basis) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of |
|
Combined |
|
Percentage of Total 2 |
Tenant |
|
Stores |
|
GLA |
|
ABR |
|
GLA |
|
ABR |
|
|
|
|
|
|
|
|
|
|
|
Target |
|
3 |
|
408,895 |
|
$8,323,009 |
|
6.9 % |
|
4.6% |
J. Crew Group 3 |
|
6 |
|
34,902 |
|
5,656,274 |
|
0.6 % |
|
3.2% |
Lululemon |
|
4 |
|
25,539 |
|
5,389,159 |
|
0.4 % |
|
3.0% |
TJX Companies 4 |
|
9 |
|
252,043 |
|
3,105,924 |
|
4.2 % |
|
1.7% |
Dick's Sporting Goods, Inc |
|
2 |
|
149,782 |
|
2,965,770 |
|
2.5 % |
|
1.7% |
Walgreens |
|
4 |
|
68,393 |
|
2,887,312 |
|
1.1 % |
|
1.6% |
PetSmart, Inc. |
|
4 |
|
76,257 |
|
2,794,473 |
|
1.3 % |
|
1.6% |
Trader Joe's |
|
3 |
|
40,862 |
|
2,628,360 |
|
0.7 % |
|
1.5% |
Fast Retailing 5 |
|
2 |
|
32,013 |
|
2,559,401 |
|
0.5 % |
|
1.4% |
ALO Yoga |
|
2 |
|
22,566 |
|
2,505,663 |
|
0.4 % |
|
1.4% |
Albertsons Companies, Inc. 6 |
|
2 |
|
123,409 |
|
2,061,142 |
|
2.1 % |
|
1.1% |
Bob's Discount Furniture |
|
2 |
|
68,793 |
|
2,027,670 |
|
1.2 % |
|
1.1% |
Watches of Switzerland 7 |
|
2 |
|
13,863 |
|
1,809,177 |
|
0.2 % |
|
1.0% |
Royal Ahold 8 |
|
2 |
|
103,125 |
|
1,752,574 |
|
1.7 % |
|
1.0% |
Patagonia |
|
2 |
|
15,526 |
|
1,640,837 |
|
0.3 % |
|
0.9% |
Gap, Inc. 9 |
|
2 |
|
37,895 |
|
1,363,165 |
|
0.6 % |
|
0.8% |
Citibank |
|
4 |
|
16,160 |
|
1,354,382 |
|
0.3 % |
|
0.8% |
The Home Depot, Inc. |
|
2 |
|
187,914 |
|
1,345,020 |
|
3.1 % |
|
0.7% |
Michaels Stores, Inc. |
|
2 |
|
45,285 |
|
1,283,810 |
|
0.7 % |
|
0.7% |
Veronica Beard |
|
2 |
|
4,136 |
|
1,199,567 |
|
0.1 % |
|
0.7% |
TOTAL |
|
61 |
|
1,727,358 |
|
$54,652,688 |
|
28.9% |
|
30.5% |
1.In accordance with the Company's policy of not disclosing the terms of individual leases, this list does not include tenants that operate at only one location. The following tenants with single locations that would otherwise be included in our top 20 tenants are: Vuori (106 Spring), Lowe's (Brandywine), Kohl's (28 Jericho), Bang & Olufsen (121 Spring), Vera Wang (991 Madison), and Nordstrom Rack (State and Washington).
2.Totals may not foot due to rounding.
3.Madewell (4 locations), J.Crew Factory (1 location), J. Crew (1 location)
4.TJ Maxx (6 locations), HomeGoods (2 locations), Marshalls (1 location)
5.Uniqlo (1 location), Theory (1 location)
7.Grand Seiko (1 location), Betteridge Jewelers (1 location)
8.Stop and Shop (2 locations)
|
|
|
Supplemental Report September 30, 2025 – 33 |
|
|
REIT Portfolio – Lease Expirations |
|
(Pro-Rata Basis) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Street Tenants |
|
Anchor Tenants |
|
|
|
|
GLA |
|
ABR |
|
|
|
GLA |
|
ABR |
|
|
Leases |
|
Expiring |
|
Percent |
|
|
|
Percent |
|
Leases |
|
Expiring |
|
Percent |
|
|
|
Percent |
Year |
|
Expiring |
|
SF |
|
of Total |
|
PSF |
|
of Total |
|
Expiring |
|
SF |
|
of Total |
|
PSF |
|
of Total |
M to M 1 |
|
1 |
|
1,977 |
|
0.2% |
|
$46.98 |
|
0.1% |
|
— |
|
— |
|
—% |
|
$— |
|
—% |
2025 (Remainder) |
|
5 |
|
13,489 |
|
1.5% |
|
142.56 |
|
2.0% |
|
— |
|
— |
|
—% |
|
— |
|
—% |
2026 |
|
28 |
|
86,305 |
|
9.3% |
|
136.28 |
|
12.3% |
|
11 |
|
424,984 |
|
17.9% |
|
10.78 |
|
12.2% |
2027 |
|
27 |
|
81,924 |
|
8.8% |
|
104.53 |
|
8.9% |
|
4 |
|
140,838 |
|
5.9% |
|
20.24 |
|
7.6% |
2028 |
|
22 |
|
247,491 |
|
26.6% |
|
61.57 |
|
15.9% |
|
10 |
|
477,731 |
|
20.1% |
|
12.31 |
|
15.7% |
2029 |
|
26 |
|
77,049 |
|
8.3% |
|
112.04 |
|
9.0% |
|
14 |
|
505,783 |
|
21.3% |
|
15.40 |
|
20.8% |
2030 |
|
24 |
|
107,429 |
|
11.6% |
|
101.82 |
|
11.4% |
|
5 |
|
177,026 |
|
7.4% |
|
24.70 |
|
11.7% |
2031 |
|
6 |
|
38,026 |
|
4.1% |
|
85.89 |
|
3.4% |
|
2 |
|
50,566 |
|
2.1% |
|
16.97 |
|
2.3% |
2032 |
|
15 |
|
65,577 |
|
7.1% |
|
166.21 |
|
11.4% |
|
1 |
|
12,250 |
|
0.5% |
|
21.96 |
|
0.7% |
2033 |
|
26 |
|
90,021 |
|
9.7% |
|
126.50 |
|
11.9% |
|
1 |
|
28,881 |
|
1.2% |
|
14.50 |
|
1.1% |
2034 |
|
8 |
|
20,758 |
|
2.2% |
|
107.00 |
|
2.3% |
|
1 |
|
21,804 |
|
0.9% |
|
11.25 |
|
0.7% |
Thereafter |
|
20 |
|
98,728 |
|
10.6% |
|
111.88 |
|
11.5% |
|
11 |
|
539,852 |
|
22.7% |
|
18.81 |
|
27.1% |
Total 2 |
|
208 |
|
928,773 |
|
100.0% |
|
$103.33 |
|
100.0% |
|
60 |
|
2,379,716 |
|
100.0% |
|
$15.73 |
|
100.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Anchor GLA Owned by Tenants |
|
— |
|
|
|
|
|
|
|
|
|
254,916 |
|
|
|
|
|
|
Total Vacant 2 |
|
117,027 |
|
|
|
|
|
|
|
|
|
75,818 |
|
|
|
|
|
|
Total Square Feet 2 |
|
1,045,800 |
|
|
|
|
|
|
|
|
|
2,710,449 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shop Tenants |
|
Total Tenants |
|
|
|
|
GLA |
|
ABR |
|
|
|
GLA |
|
ABR |
|
|
Leases |
|
Expiring |
|
Percent |
|
|
|
Percent |
|
Leases |
|
Expiring |
|
Percent |
|
|
|
Percent |
Year |
|
Expiring |
|
SF |
|
of Total |
|
PSF |
|
of Total |
|
Expiring |
|
SF |
|
of Total |
|
PSF |
|
of Total |
M to M 1 |
|
— |
|
— |
|
—% |
|
$— |
|
—% |
|
1 |
|
1,977 |
|
0.0% |
|
$46.98 |
|
0.1% |
2025 (Remainder) |
|
13 |
|
44,807 |
|
4.3% |
|
34.70 |
|
4.8% |
|
18 |
|
58,295 |
|
1.3% |
|
59.65 |
|
2.1% |
2026 |
|
35 |
|
122,123 |
|
11.8% |
|
27.13 |
|
10.2% |
|
74 |
|
633,412 |
|
14.6% |
|
31.04 |
|
11.8% |
2027 |
|
36 |
|
136,781 |
|
13.3% |
|
34.30 |
|
14.4% |
|
67 |
|
359,543 |
|
8.3% |
|
44.80 |
|
9.7% |
2028 |
|
37 |
|
152,694 |
|
14.8% |
|
34.42 |
|
16.1% |
|
69 |
|
877,916 |
|
20.2% |
|
30.04 |
|
15.9% |
2029 |
|
31 |
|
128,883 |
|
12.5% |
|
27.06 |
|
10.7% |
|
71 |
|
711,714 |
|
16.4% |
|
27.97 |
|
12.0% |
2030 |
|
19 |
|
45,306 |
|
4.4% |
|
39.13 |
|
5.4% |
|
48 |
|
329,762 |
|
7.6% |
|
51.80 |
|
10.3% |
2031 |
|
15 |
|
81,283 |
|
7.9% |
|
25.84 |
|
6.5% |
|
23 |
|
169,875 |
|
3.9% |
|
36.64 |
|
3.8% |
2032 |
|
24 |
|
94,920 |
|
9.2% |
|
33.37 |
|
9.7% |
|
40 |
|
172,747 |
|
4.0% |
|
82.99 |
|
8.6% |
2033 |
|
21 |
|
85,791 |
|
8.3% |
|
32.56 |
|
8.6% |
|
48 |
|
204,693 |
|
4.7% |
|
71.33 |
|
8.8% |
2034 |
|
8 |
|
29,113 |
|
2.8% |
|
28.23 |
|
2.5% |
|
17 |
|
71,675 |
|
1.7% |
|
45.88 |
|
2.0% |
Thereafter |
|
30 |
|
110,136 |
|
10.7% |
|
32.65 |
|
11.0% |
|
61 |
|
748,716 |
|
17.3% |
|
33.12 |
|
14.9% |
Total 2 |
|
269 |
|
1,031,836 |
|
100.0% |
|
$31.55 |
|
100.0% |
|
537 |
|
4,340,325 |
|
100.0% |
|
$38.23 |
|
100.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Anchor GLA Owned by Tenants |
|
— |
|
|
|
|
|
|
|
|
|
254,916 |
|
|
|
|
|
|
Total Vacant 2 |
|
120,585 |
|
|
|
|
|
|
|
|
|
313,430 |
|
|
|
|
|
|
Total Square Feet 2 |
|
1,152,421 |
|
|
|
|
|
|
|
|
|
4,908,671 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.Leases currently under month to month or in process of renewal.
2.Totals may not foot due to rounding.
|
|
|
Supplemental Report September 30, 2025 – 34 |
|
|
REIT Portfolio – New and Renewal Rent Spreads 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
Year to Date |
|
|
March 31, 2025 |
|
June 30, 2025 |
|
September 30, 2025 |
|
September 30, 2025 |
|
|
GAAP 2 |
|
Cash 3 |
|
GAAP 2 |
|
Cash 3 |
|
GAAP 2 |
|
Cash 3 |
|
GAAP 2 |
|
Cash 3 |
New Leases |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of new leases executed |
|
3 |
|
3 |
|
3 |
|
3 |
|
8 |
|
8 |
|
14 |
|
14 |
GLA |
|
18,769 |
|
18,769 |
|
6,039 |
|
6,039 |
|
22,343 |
|
22,343 |
|
47,150 |
|
47,150 |
New base rent |
|
$78.60 |
|
$73.83 |
|
$176.24 |
|
$163.70 |
|
$142.06 |
|
$131.80 |
|
$121.18 |
|
$112.81 |
Previous base rent |
|
$46.02 |
|
$46.41 |
|
$250.42 |
|
$285.02 |
|
$110.34 |
|
$116.99 |
|
$102.68 |
|
$110.42 |
Average cost per square foot |
|
$18.80 |
|
$18.80 |
|
$131.75 |
|
$131.75 |
|
$125.72 |
|
$125.72 |
|
$83.93 |
|
$83.93 |
Weighted Average Lease Term (years) |
|
4.8 |
|
4.8 |
|
7.5 |
|
7.5 |
|
7.5 |
|
7.5 |
|
6.4 |
|
6.4 |
Percentage growth in base rent |
|
70.8 % |
|
59.1 % |
|
(29.6)% |
|
(42.6)% |
|
28.8 % |
|
12.7 % |
|
18.0 % |
|
2.2 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Renewal Leases |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of renewal leases executed |
|
13 |
|
13 |
|
22 |
|
22 |
|
20 |
|
20 |
|
55 |
|
55 |
GLA |
|
96,232 |
|
96,232 |
|
162,226 |
|
162,226 |
|
216,286 |
|
216,286 |
|
474,745 |
|
474,745 |
New base rent |
|
$30.93 |
|
$29.83 |
|
$63.21 |
|
$60.99 |
|
$43.14 |
|
$40.10 |
|
$47.52 |
|
$45.16 |
Expiring base rent |
|
$24.70 |
|
$27.77 |
|
$58.50 |
|
$60.46 |
|
$33.47 |
|
$35.83 |
|
$40.25 |
|
$42.61 |
Average cost per square foot |
|
$— |
|
$— |
|
$10.86 |
|
$10.86 |
|
$31.01 |
|
$31.01 |
|
$21.46 |
|
$21.46 |
Weighted Average Lease Term (years) |
|
6.6 |
|
6.6 |
|
10.8 |
|
10.8 |
|
8.2 |
|
8.2 |
|
8.8 |
|
8.8 |
Percentage growth in base rent |
|
25.2 % |
|
7.4 % |
|
8.1% |
|
0.9% |
|
28.9 % |
|
11.9 % |
|
18.1 % |
|
6.0 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total New and Renewal Leases |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of new and renewal leases executed |
|
16 |
|
16 |
|
25 |
|
25 |
|
28 |
|
28 |
|
69 |
|
69 |
GLA commencing |
|
115,001 |
|
115,001 |
|
168,265 |
|
168,265 |
|
238,629 |
|
238,629 |
|
521,895 |
|
521,895 |
New base rent |
|
$38.71 |
|
$37.01 |
|
$67.28 |
|
$64.68 |
|
$52.40 |
|
$48.69 |
|
$54.17 |
|
$51.27 |
Expiring base rent |
|
$28.18 |
|
$30.82 |
|
$65.39 |
|
$68.52 |
|
$40.67 |
|
$43.43 |
|
$45.89 |
|
$48.74 |
Average cost per square foot |
|
$3.07 |
|
$3.07 |
|
$15.20 |
|
$15.20 |
|
$39.88 |
|
$39.88 |
|
$27.10 |
|
$27.10 |
Weighted Average Lease Term (years) |
|
6.3 |
|
6.3 |
|
10.7 |
|
10.7 |
|
8.2 |
|
8.2 |
|
8.6 |
|
8.6 |
Percentage growth in base rent |
|
37.4 % |
|
20.1% |
|
2.9% |
|
(5.6)% |
|
28.8 % |
|
12.1 % |
|
18.1 % |
|
5.2 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.Based on lease execution dates. Does not include leased square footage and costs related to first generation space and the Company's construction and/or redevelopment projects (see Development and Redevelopment Activity page of this Supplemental Report) in both new and renewal leases. Renewal leases include exercised options. 2.Rents are calculated on a straight-line (GAAP) basis and do not incorporate above- or below-market lease adjustments.
3.Rents have not been calculated on a straight-line basis. The previous (or expiring) rent reflects the amount at the time of lease expiration, while the new rent represents the amount payable at lease commencement.
|
|
|
Supplemental Report September 30, 2025 – 35 |
|
|
REIT Portfolio – Capital Expenditures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
Year to Date |
|
|
March 31, 2025 |
|
June 30, 2025 |
|
September 30, 2025 |
|
|
September 30, 2025 |
|
December 31, 2024 |
Leasing Commissions |
|
$1,343 |
|
$2,456 |
|
$2,569 |
|
|
$6,368 |
|
$4,374 |
Tenant Improvements |
|
4,881 |
|
10,014 |
|
7,318 |
|
|
22,213 |
|
8,496 |
Maintenance Capital Expenditures |
|
1,021 |
|
1,752 |
|
1,785 |
|
|
4,558 |
|
7,873 |
Total Capital Expenditures |
|
$7,245 |
|
$14,222 |
|
$11,672 |
|
|
$33,139 |
|
$20,743 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Report September 30, 2025 – 36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
I. KEY METRICS |
|
|
Fund II |
|
Fund III |
|
Fund IV |
|
Fund V |
|
Total |
General Information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vintage |
|
|
|
Jun-2004 |
|
|
May-2007 |
|
|
May-2012 |
|
|
Aug-2016 |
|
|
|
Fund Size |
|
|
$ |
|
472.0 |
|
Million 2 |
|
$ |
|
502.5 |
|
Million |
|
$ |
|
540.6 |
|
Million |
|
$ |
|
520.0 |
|
Million |
|
$ |
|
2,035.1 |
|
Million |
Acadia's Commitment |
|
|
$ |
|
291.2 |
|
Million |
|
$ |
|
123.3 |
|
Million |
|
$ |
|
125.0 |
|
Million |
|
$ |
|
104.5 |
|
Million |
|
$ |
|
644.0 |
|
Million |
Acadia's Pro-Rata Share |
|
|
|
|
80.0 |
|
% 3 |
|
|
|
|
24.5 |
|
% |
|
|
|
|
23.1 |
|
% |
|
|
|
|
20.1 |
|
% |
|
|
|
|
31.6 |
|
% |
|
Acadia's Promoted Share 1 |
|
|
|
|
84.0 |
|
% |
|
|
|
|
39.6 |
|
% |
|
|
|
|
38.5 |
|
% |
|
|
|
|
36.1 |
|
% |
|
|
|
|
45.3 |
|
% |
|
Preferred Return |
|
|
|
|
8.0 |
|
% |
|
|
|
|
6.0 |
|
% |
|
|
|
|
6.0 |
|
% |
|
|
|
|
6.0 |
|
% |
|
|
|
6.4 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current-Quarter, Fund-Level Information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative Contributions |
|
|
$ |
|
559.4 |
|
Million 2 |
|
$ |
|
449.2 |
|
Million |
|
$ |
|
506.0 |
|
Million |
|
$ |
|
485.8 |
|
Million |
|
$ |
|
2,000.4 |
|
Million |
Cumulative Net Distributions 4 |
|
|
$ |
|
172.9 |
|
Million |
|
$ |
|
616.3 |
|
Million |
|
$ |
|
221.4 |
|
Million |
|
$ |
|
169.8 |
|
Million |
|
$ |
|
1,180.4 |
|
Million |
Net Distributions/Contributions |
|
|
|
|
30.9 |
|
% |
|
|
|
|
137.2 |
|
% |
|
|
|
|
43.8 |
|
% |
|
|
|
|
35.0 |
|
% |
|
|
|
|
59.0 |
|
% |
|
Unfunded Commitment 5 |
|
|
$ |
|
0.0 |
|
Million |
|
$ |
|
0.8 |
|
Million |
|
$ |
|
24.0 |
|
Million |
|
$ |
|
34.2 |
|
Million |
|
$ |
|
59.0 |
|
Million |
Investment Period Closes |
|
|
|
Closed |
|
|
|
|
|
Closed |
|
|
|
|
|
Closed |
|
|
|
|
|
Closed |
|
|
|
|
|
|
|
|
|
Currently in a Promote Position? (Yes/No) |
|
|
|
No |
|
|
|
|
|
Yes |
|
|
|
|
|
No |
|
|
|
|
|
No |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. FEES & PRIORITY DISTRIBUTIONS EARNED BY ACADIA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Type: |
|
|
|
Applicable to |
|
|
Description |
Asset Management |
|
|
|
Fund II & III |
|
|
0% |
Asset Management 6 |
|
|
|
Fund IV |
|
|
0.75% of Implied Capital |
Asset Management 6 |
|
|
|
Fund V |
|
|
1.25% of Implied Capital |
Property Management |
|
|
|
All funds |
|
|
4.0% of gross property revenues |
Leasing |
|
|
|
All funds |
|
|
Market-rate leasing commissions |
Construction/Project Management |
|
|
|
All funds |
|
|
Market-rate fees |
Development |
|
|
|
Fund III, IV & V |
|
|
3.0% of total project costs |
1.Acadia’s “Promoted Share” reflects Acadia's share of fund profits after all partners (including Acadia) have received a full return of their cumulative contributions plus their preferred return. Acadia's Promoted Share equals a 20% promote plus Acadia's pro-rata share of the remaining 80% of profits.
2.The additional contributions to Fund II beyond its original Fund Size reflects prior-period distributions that were re-contributed in 2016, 2020, 2021 and 2022. These funds supported the on-going redevelopment of existing Fund II investments and included an incremental $172 million of capital contributed in connection with the City Point recapitalization. City Point is the sole remaining asset in Fund II.
3.In the third quarter of 2025, a Fund II partner exercised its put right, and the Company acquired the partner’s 18% interest for approximately $54.4 million, increasing its ownership in Fund II from 61.67% to 80%. Refer to Note 10 in the Company’s 10-Q for the period ended September 30, 2025.
4.All returns and distributions referenced are presented net of fees and promote.
5.Unfunded Commitments are reserved for completing leasing and development activities at existing fund investments. These amounts may not equal the difference between Fund Size and Cumulative Contributions due to factors such as recallable distributions, the end of the investment period, or accelerated asset sales that result in released commitments.
6.Implied Capital refers to the Fund Size less capital allocated to investments that have been sold or released.
|
|
|
Supplemental Report September 30, 2025 – 37 |
|
|
Investment Management Retail Properties – Detail 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year |
|
Fund |
|
Gross Leasable Area |
|
In Place Occupancy |
|
Leased |
|
Annualized |
|
|
|
|
Property |
|
|
Acquired |
|
Ownership % |
|
Street |
|
Anchors |
|
Shops |
|
Total |
|
Street |
|
Anchors |
|
Shops |
|
Total |
|
Occupancy |
|
Base Rent (ABR) |
|
ABR PSF |
|
Key Tenants |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund II Portfolio Detail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW YORK |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City Point 2 |
|
|
2007 |
|
94.2% |
|
— |
|
330,448 |
|
206,176 |
|
536,624 |
|
—% |
|
100.0% |
|
44.5% |
|
78.7% |
|
86.5% |
|
$20,260,167 |
|
$47.99 |
|
Primark, Target, Sephora,
Basis Schools,
Alamo Drafthouse,
Trader Joe's, Lululemon |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total - Fund II |
|
|
|
|
|
|
— |
|
330,448 |
|
206,176 |
|
536,624 |
|
—% |
|
100.0% |
|
44.5% |
|
78.7% |
|
86.5% |
|
$20,260,167 |
|
$47.99 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund IV Portfolio Detail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW YORK |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
801 Madison Avenue |
|
|
2015 |
|
100.0% |
|
2,522 |
|
— |
|
— |
|
2,522 |
|
100.0% |
|
—% |
|
—% |
|
100.0% |
|
100.0% |
|
$300,000 |
|
$118.95 |
|
─ |
210 Bowery |
|
|
2012 |
|
100.0% |
|
2,538 |
|
— |
|
— |
|
2,538 |
|
—% |
|
—% |
|
—% |
|
—% |
|
—% |
|
— |
|
— |
|
─ |
27 East 61st Street |
|
|
2014 |
|
100.0% |
|
4,177 |
|
— |
|
— |
|
4,177 |
|
—% |
|
—% |
|
—% |
|
—% |
|
—% |
|
— |
|
— |
|
─ |
17 East 71st Street |
|
|
2014 |
|
100.0% |
|
8,432 |
|
— |
|
— |
|
8,432 |
|
100.0% |
|
—% |
|
—% |
|
100.0% |
|
100.0% |
|
2,129,561 |
|
252.56 |
|
The Row |
1035 Third Avenue 3 |
|
|
2015 |
|
100.0% |
|
7,634 |
|
— |
|
— |
|
7,634 |
|
100.0% |
|
—% |
|
—% |
|
100.0% |
|
100.0% |
|
1,125,346 |
|
147.41 |
|
─ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BOSTON |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Massachusetts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurants at Fort Point |
|
|
2016 |
|
100.0% |
|
15,711 |
|
— |
|
— |
|
15,711 |
|
9.1% |
|
—% |
|
—% |
|
9.1% |
|
9.1% |
|
224,438 |
|
157.50 |
|
Santander Bank |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NORTHEAST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rhode Island |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
650 Bald Hill Road |
|
|
2015 |
|
90.0% |
|
— |
|
116,940 |
|
43,508 |
|
160,448 |
|
—% |
|
100.0% |
|
46.0% |
|
85.3% |
|
85.3% |
|
2,092,896 |
|
15.28 |
|
Dick's Sporting Goods,
Burlington |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOUTHEAST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Georgia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Broughton Street Portfolio
(13 properties) |
|
|
2014 |
|
100.0% |
|
94,693 |
|
— |
|
— |
|
94,693 |
|
93.3% |
|
100.0% |
|
—% |
|
93.3% |
|
93.3% |
|
3,472,977 |
|
39.32 |
|
H&M, Warby Parker,
Kendra Scott, Starbucks, Lululemon |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Report September 30, 2025 – 38 |
|
|
Investment Management Retail Properties – Detail 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year |
|
Fund |
|
Gross Leasable Area |
|
In Place Occupancy |
|
Leased |
|
Annualized |
|
|
|
|
Property |
|
|
Acquired |
|
Ownership % |
|
Street |
|
Anchors |
|
Shops |
|
Total |
|
Street |
|
Anchors |
|
Shops |
|
Total |
|
Occupancy |
|
Base Rent (ABR) |
|
ABR PSF |
|
Key Tenants |
WEST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
California |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Union and Fillmore
Collection (1 property) |
|
|
2015 |
|
90.0% |
|
1,044 |
|
— |
|
— |
|
1,044 |
|
100.0% |
|
—% |
|
—% |
|
100.0% |
|
100.0% |
|
82,500 |
|
79.02 |
|
Bonobos |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total - Fund IV |
|
|
|
|
|
|
136,751 |
|
116,940 |
|
43,508 |
|
297,199 |
|
80.0% |
|
100.0% |
|
46.0% |
|
82.9% |
|
82.9% |
|
$9,427,718 |
|
$38.27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund V Portfolio Detail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOUTHWEST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Mexico |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Plaza Santa Fe |
|
|
2017 |
|
100.0% |
|
— |
|
153,983 |
|
70,169 |
|
224,152 |
|
—% |
|
100.0% |
|
99.7% |
|
99.9% |
|
99.9% |
|
$4,303,243 |
|
$19.22 |
|
TJ Maxx, Best Buy,
Ross Dress for Less |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Texas |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wood Ridge Plaza |
|
|
2022 |
|
90.0% |
|
— |
|
— |
|
217,363 |
|
217,363 |
|
—% |
|
—% |
|
85.0% |
|
85.0% |
|
85.0% |
|
4,698,048 |
|
25.42 |
|
Skechers, Diamonds Direct, Office Depot |
La Frontera Village |
|
|
2022 |
|
90.0% |
|
— |
|
310,762 |
|
223,679 |
|
534,441 |
|
—% |
|
100.0% |
|
87.6% |
|
94.8% |
|
99.5% |
|
7,839,861 |
|
15.47 |
|
Kohl's, Hobby Lobby, Burlington, Marshalls |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MIDWEST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Michigan |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Towne Center |
|
|
2017 |
|
100.0% |
|
— |
|
126,425 |
|
64,105 |
|
190,530 |
|
—% |
|
72.1% |
|
96.9% |
|
80.4% |
|
81.5% |
|
1,940,075 |
|
12.66 |
|
Kohl's, DSW |
Fairlane Green |
|
|
2017 |
|
100.0% |
|
— |
|
109,952 |
|
160,235 |
|
270,187 |
|
—% |
|
100.0% |
|
93.5% |
|
96.2% |
|
96.2% |
|
5,133,584 |
|
19.76 |
|
TJ Maxx, Michaels, Burlington |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NORTHEAST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maryland |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Frederick County (1 property) |
|
|
2019 |
|
90.0% |
|
— |
|
132,794 |
|
103,713 |
|
236,507 |
|
—% |
|
70.6% |
|
85.5% |
|
77.1% |
|
79.6% |
|
3,583,827 |
|
19.65 |
|
Lidl, Advance Auto, Starbucks |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Connecticut |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tri-City Plaza |
|
|
2019 |
|
90.0% |
|
— |
|
188,559 |
|
107,258 |
|
295,817 |
|
—% |
|
100.0% |
|
89.6% |
|
96.2% |
|
97.5% |
|
4,517,330 |
|
15.87 |
|
TJ Maxx, HomeGoods, ShopRite |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Midstate |
|
|
2021 |
|
100.0% |
|
— |
|
270,423 |
|
122,466 |
|
392,889 |
|
—% |
|
100.0% |
|
83.0% |
|
94.7% |
|
95.3% |
|
7,311,823 |
|
19.65 |
|
ShopRite, Best Buy, Ross Dress for Less, PetSmart |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shoppes at South Hills |
|
|
2022 |
|
90.0% |
|
— |
|
416,804 |
|
96,104 |
|
512,908 |
|
—% |
|
80.7% |
|
60.5% |
|
77.0% |
|
77.0% |
|
4,840,459 |
|
12.26 |
|
ShopRite,
Ashley Furniture |
Mohawk Commons |
|
|
2023 |
|
90.0% |
|
— |
|
265,140 |
|
134,058 |
|
399,198 |
|
—% |
|
100.0% |
|
95.2% |
|
98.4% |
|
100.0% |
|
5,737,928 |
|
14.61 |
|
Lowe's, Target |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Report September 30, 2025 – 39 |
|
|
Investment Management Retail Properties – Detail 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year |
|
Fund |
|
Gross Leasable Area |
|
In Place Occupancy |
|
Leased |
|
Annualized |
|
|
|
|
Property |
|
|
Acquired |
|
Ownership % |
|
Street |
|
Anchors |
|
Shops |
|
Total |
|
Street |
|
Anchors |
|
Shops |
|
Total |
|
Occupancy |
|
Base Rent (ABR) |
|
ABR PSF |
|
Key Tenants |
Pennsylvania |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monroe Marketplace |
|
|
2021 |
|
100.0% |
|
— |
|
263,376 |
|
108,276 |
|
371,652 |
|
—% |
|
100.0% |
|
98.5% |
|
99.6% |
|
99.6% |
|
4,427,621 |
|
11.96 |
|
Kohl's, Dick's
Sporting Goods,
Giant Food |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rhode Island |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lincoln Commons |
|
|
2019 |
|
100.0% |
|
— |
|
344,533 |
|
116,280 |
|
460,813 |
|
—% |
|
100.0% |
|
88.6% |
|
97.1% |
|
97.1% |
|
6,171,125 |
|
13.79 |
|
Stop & Shop (Ahold), Marshalls,
HomeGoods |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vermont |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maple Tree Place 4 |
|
|
2023 |
|
100.0% |
|
— |
|
249,979 |
|
146,799 |
|
396,778 |
|
—% |
|
100.0% |
|
87.3% |
|
95.3% |
|
96.8% |
|
7,383,068 |
|
19.53 |
|
Shaw's, Dick's Sporting Goods, Best Buy, Old Navy |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOUTHEAST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Virginia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Landstown Commons |
|
|
2019 |
|
100.0% |
|
— |
|
112,068 |
|
271,168 |
|
383,236 |
|
—% |
|
100.0% |
|
94.7% |
|
96.3% |
|
98.6% |
|
7,943,220 |
|
21.53 |
|
Best Buy, Burlington,
Ross Dress for Less |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Florida |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Palm Coast Landing |
|
|
2019 |
|
100.0% |
|
— |
|
73,241 |
|
98,480 |
|
171,721 |
|
—% |
|
100.0% |
|
96.4% |
|
97.9% |
|
97.9% |
|
3,606,133 |
|
21.44 |
|
TJ Maxx, PetSmart,
Ross Dress for Less |
Cypress Creek |
|
|
2023 |
|
100.0% |
|
— |
|
139,522 |
|
100,137 |
|
239,659 |
|
—% |
|
100.0% |
|
100.0% |
|
100.0% |
|
100.0% |
|
5,265,164 |
|
21.97 |
|
Hobby Lobby, Total Wine, HomeGoods |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North Carolina |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hickory Ridge |
|
|
2017 |
|
100.0% |
|
— |
|
312,711 |
|
67,854 |
|
380,565 |
|
—% |
|
100.0% |
|
78.2% |
|
96.1% |
|
96.1% |
|
4,646,879 |
|
12.70 |
|
Kohl's, Best Buy, Dick's Sporting Goods |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alabama |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trussville Promenade |
|
|
2018 |
|
100.0% |
|
— |
|
346,902 |
|
116,779 |
|
463,681 |
|
—% |
|
92.0% |
|
82.5% |
|
89.6% |
|
91.2% |
|
3,954,731 |
|
9.52 |
|
Wal-Mart, Regal Cinemas |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Georgia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Canton Marketplace |
|
|
2021 |
|
100.0% |
|
— |
|
132,569 |
|
215,397 |
|
347,966 |
|
—% |
|
100.0% |
|
95.5% |
|
97.2% |
|
98.1% |
|
6,273,177 |
|
18.54 |
|
Dick's Sporting Goods,
TJ Maxx,
Best Buy |
Hiram Pavilion |
|
|
2018 |
|
100.0% |
|
— |
|
192,114 |
|
171,277 |
|
363,391 |
|
—% |
|
100.0% |
|
100.0% |
|
100.0% |
|
100.0% |
|
5,093,411 |
|
14.02 |
|
Kohl's, HomeGoods |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
California |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Elk Grove Commons |
|
|
2018 |
|
100.0% |
|
— |
|
114,015 |
|
128,063 |
|
242,078 |
|
—% |
|
100.0% |
|
100.0% |
|
100.0% |
|
100.0% |
|
5,480,754 |
|
22.64 |
|
Kohl's, HomeGoods |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Report September 30, 2025 – 40 |
|
|
Investment Management Retail Properties – Detail 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year |
|
Fund |
|
Gross Leasable Area |
|
In Place Occupancy |
|
Leased |
|
Annualized |
|
|
|
|
Property |
|
|
Acquired |
|
Ownership % |
|
Street |
|
Anchors |
|
Shops |
|
Total |
|
Street |
|
Anchors |
|
Shops |
|
Total |
|
Occupancy |
|
Base Rent (ABR) |
|
ABR PSF |
|
Key Tenants |
Utah |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Family Center at Riverdale |
|
|
2019 |
|
89.4% |
|
— |
|
270,287 |
|
102,121 |
|
372,408 |
|
—% |
|
100.0% |
|
92.5% |
|
97.9% |
|
97.9% |
|
4,260,690 |
|
11.68 |
|
Target, Home Goods,
Best Buy, Sierra Trading (TJX) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total - Fund V |
|
|
|
|
|
|
— |
|
4,526,159 |
|
2,941,781 |
|
7,467,940 |
|
—% |
|
96.0% |
|
90.9% |
|
94.0% |
|
94.9% |
|
$114,412,151 |
|
$16.30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Co-investment Vehicles Detail 5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NORTHEAST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shops at Grand Avenue |
|
|
2024 |
|
5.0% |
|
— |
|
52,336 |
|
47,501 |
|
99,837 |
|
—% |
|
100.0% |
|
78.3% |
|
89.7% |
|
89.7% |
|
$3,292,401 |
|
$36.78 |
|
Stop & Shop (Ahold), Starbucks |
SOUTHEAST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Florida |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Walk at Highwoods Preserve |
|
|
2024 |
|
20.0% |
|
— |
|
80,894 |
|
56,862 |
|
137,756 |
|
—% |
|
100.0% |
|
88.2% |
|
95.1% |
|
95.1% |
|
2,660,006 |
|
20.30 |
|
HomeGoods, Michaels |
Pinewood Square |
|
|
2025 |
|
100.0% |
|
— |
|
113,359 |
|
90,558 |
|
203,917 |
|
—% |
|
100.0% |
|
96.8% |
|
98.6% |
|
98.6% |
|
4,832,867 |
|
24.05 |
|
TJ Maxx, Ross Dress for Less, Five Below |
Georgia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Avenue at West Cobb |
|
|
2025 |
|
100.0% |
|
— |
|
115,326 |
|
139,120 |
|
254,446 |
|
—% |
|
53.7% |
|
96.8% |
|
77.3% |
|
77.3% |
|
4,615,862 |
|
23.48 |
|
Barnes & Noble, Warby Parker, JCrew Factory, Jim N Nicks |
|
|
|
Supplemental Report September 30, 2025 – 41 |
|
|
Investment Management Retail Properties – Detail 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year |
|
Fund |
|
Gross Leasable Area |
|
In Place Occupancy |
|
Leased |
|
Annualized |
|
|
|
|
Property |
|
|
Acquired |
|
Ownership % |
|
Street |
|
Anchors |
|
Shops |
|
Total |
|
Street |
|
Anchors |
|
Shops |
|
Total |
|
Occupancy |
|
Base Rent (ABR) |
|
ABR PSF |
|
Key Tenants |
WEST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nevada |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LINQ Promenade |
|
|
2024 |
|
15.0% |
|
— |
|
45,097 |
|
137,829 |
|
182,926 |
|
—% |
|
100.0% |
|
90.5% |
|
92.8% |
|
99.0% |
|
13,659,999 |
|
80.46 |
|
Yard House,
Brooklyn Bowl,
I Love Sugar, Starbucks,
Welcome to Las Vegas,
In-N-Out Burger |
Total - Other Co-investment Vehicles |
|
|
|
|
|
|
— |
|
407,012 |
|
471,870 |
|
878,882 |
|
— |
|
86.9% |
|
92.0% |
|
89.7% |
|
90.9% |
|
$29,061,135 |
|
$36.88 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENT MANAGEMENT PROPERTIES |
|
|
|
|
|
|
136,751 |
|
5,380,559 |
|
3,663,335 |
|
9,180,645 |
|
80.0% |
|
95.6% |
|
87.9% |
|
92.3% |
|
93.7% |
|
$173,161,171 |
|
$20.44 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acadia Share of Total Investment Management Properties |
|
31,593 |
|
1,407,316 |
|
1,001,241 |
|
2,440,150 |
|
80.0% |
|
93.8% |
|
84.6% |
|
89.8% |
|
91.8% |
|
$52,000,235 |
|
$23.72 |
|
|
1.Excludes properties currently under development. For details, refer to Development and Redevelopment Activity section of this Supplemental Report. The above in-place occupancy and rent figures reflect only those retail spaces where leases have commenced. Leased occupancy includes both in-place occupancy and signed leases that have not yet commenced. ABR and ABR per square foot are based on in-place occupancy. 2.In place occupancy excludes short-term percentage rent.
3.Property also includes 12,371 square feet of 2nd floor office space and a 29,760 square foot parking garage (13 spaces).
4.Property also includes 93,259 square feet of office space.
5.Ownership percentages for other co-investment vehicles are presented at our pro-rata share.
|
|
|
Supplemental Report September 30, 2025 – 42 |
|
|
Investment Management Lease Expirations |
|
(Pro-Rata Basis) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FUND II |
|
|
|
|
|
|
FUND IV |
|
|
|
|
|
|
|
GLA |
|
ABR |
|
|
|
|
|
GLA |
|
ABR |
|
|
Leases |
|
Expiring |
|
Percent |
|
|
|
Percent |
|
|
|
Leases |
|
Expiring |
|
Percent |
|
|
|
Percent |
Year |
|
Expiring |
|
SF |
|
of Total |
|
PSF |
|
of Total |
|
Year |
|
Expiring |
|
SF |
|
of Total |
|
PSF |
|
of Total |
M to M 1 |
|
— |
|
— |
|
—% |
|
$— |
|
—% |
|
M to M 1 |
|
— |
|
— |
|
—% |
|
$— |
|
—% |
2025 (Remainder) |
|
1 |
|
758 |
|
0.2% |
|
157.59 |
|
0.8% |
|
2025 (Remainder) |
|
2 |
|
583 |
|
1.1% |
|
118.95 |
|
3.3% |
2026 |
|
2 |
|
4,075 |
|
1.3% |
|
100.40 |
|
2.7% |
|
2026 |
|
2 |
|
731 |
|
1.4% |
|
86.26 |
|
3.0% |
2027 |
|
3 |
|
20,005 |
|
6.2% |
|
84.87 |
|
11.0% |
|
2027 |
|
5 |
|
3,245 |
|
6.0% |
|
57.86 |
|
8.8% |
2028 |
|
1 |
|
722 |
|
0.2% |
|
219.00 |
|
1.0% |
|
2028 |
|
7 |
|
4,563 |
|
8.5% |
|
109.01 |
|
23.4% |
2029 |
|
1 |
|
18,722 |
|
5.8% |
|
35.14 |
|
4.3% |
|
2029 |
|
4 |
|
14,941 |
|
27.8% |
|
24.05 |
|
16.9% |
2030 |
|
— |
|
— |
|
—% |
|
— |
|
—% |
|
2030 |
|
2 |
|
664 |
|
1.2% |
|
63.94 |
|
2.0% |
2031 |
|
— |
|
— |
|
—% |
|
— |
|
—% |
|
2031 |
|
3 |
|
1,488 |
|
2.8% |
|
83.74 |
|
5.9% |
2032 |
|
2 |
|
97,232 |
|
30.3% |
|
12.50 |
|
7.9% |
|
2032 |
|
4 |
|
19,666 |
|
36.6% |
|
20.47 |
|
18.9% |
2033 |
|
3 |
|
15,420 |
|
4.8% |
|
59.03 |
|
5.9% |
|
2033 |
|
3 |
|
4,874 |
|
9.1% |
|
23.45 |
|
5.4% |
2034 |
|
3 |
|
9,859 |
|
3.1% |
|
137.72 |
|
8.8% |
|
2034 |
|
4 |
|
1,199 |
|
2.2% |
|
44.97 |
|
2.5% |
Thereafter |
|
10 |
|
154,061 |
|
48.0% |
|
57.59 |
|
57.6% |
|
Thereafter |
|
2 |
|
1,807 |
|
3.4% |
|
118.81 |
|
10.1% |
Total 2 |
|
26 |
|
320,855 |
|
100.0% |
|
$47.99 |
|
100.0% |
|
Total 2 |
|
38 |
|
53,760 |
|
100.0% |
|
$39.61 |
|
100.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
86,979 |
|
Total Vacant 2 |
|
|
|
|
|
|
|
|
11,218 |
|
Total Vacant 2 |
|
|
|
|
|
|
|
407,834 |
|
Total Square Feet 2 |
|
|
|
|
|
|
|
|
64,979 |
|
Total Square Feet 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FUND V |
|
|
|
|
|
|
OTHER CO-INVESTMENT VEHICLES |
|
|
|
|
|
|
|
GLA |
|
ABR |
|
|
|
|
|
GLA |
|
ABR |
|
|
Leases |
|
Expiring |
|
Percent |
|
|
|
Percent |
|
|
|
Leases |
|
Expiring |
|
Percent |
|
|
|
Percent |
Year |
|
Expiring |
|
SF |
|
of Total |
|
PSF |
|
of Total |
|
|
|
Expiring |
|
SF |
|
of Total |
|
PSF |
|
of Total |
M to M 1 |
|
5 |
|
1,103 |
|
0.1% |
|
$24.14 |
|
—% |
|
M to M 1 |
|
— |
|
— |
|
—% |
|
$— |
|
0.1% |
2025 (Remainder) |
|
28 |
|
23,964 |
|
1.8% |
|
19.24 |
|
6.0% |
|
2025 (Remainder) |
|
5 |
|
1,800 |
|
0.4% |
|
50.70 |
|
0.7% |
2026 |
|
94 |
|
120,158 |
|
8.8% |
|
19.33 |
|
11.0% |
|
2026 |
|
19 |
|
56,939 |
|
12.5% |
|
21.02 |
|
9.8% |
2027 |
|
91 |
|
204,538 |
|
15.0% |
|
13.52 |
|
13.0% |
|
2027 |
|
22 |
|
51,851 |
|
11.4% |
|
26.00 |
|
11.1% |
2028 |
|
93 |
|
175,111 |
|
12.8% |
|
18.95 |
|
15.0% |
|
2028 |
|
30 |
|
112,241 |
|
24.7% |
|
22.46 |
|
20.7% |
2029 |
|
96 |
|
213,939 |
|
15.7% |
|
15.77 |
|
15.0% |
|
2029 |
|
30 |
|
64,523 |
|
14.2% |
|
44.81 |
|
23.7% |
2030 |
|
72 |
|
212,929 |
|
15.6% |
|
15.24 |
|
12.0% |
|
2030 |
|
18 |
|
52,706 |
|
11.6% |
|
25.39 |
|
11.0% |
2031 |
|
31 |
|
67,752 |
|
5.0% |
|
14.78 |
|
5.0% |
|
2031 |
|
5 |
|
33,863 |
|
7.5% |
|
21.05 |
|
5.8% |
2032 |
|
34 |
|
74,981 |
|
5.5% |
|
16.16 |
|
5.0% |
|
2032 |
|
2 |
|
8,966 |
|
2.0% |
|
— |
|
1.8% |
2033 |
|
33 |
|
78,410 |
|
5.8% |
|
16.33 |
|
6.0% |
|
2033 |
|
8 |
|
34,978 |
|
7.7% |
|
23.23 |
|
6.7% |
2034 |
|
41 |
|
90,202 |
|
6.6% |
|
16.90 |
|
7.0% |
|
2034 |
|
8 |
|
12,220 |
|
2.7% |
|
32.07 |
|
3.2% |
Thereafter |
|
42 |
|
100,161 |
|
7.3% |
|
17.46 |
|
5.0% |
|
Thereafter |
|
8 |
|
23,667 |
|
5.2% |
|
27.79 |
|
5.4% |
Total 2 |
|
660 |
|
1,363,248 |
|
100.0% |
|
$16.34 |
|
100.0% |
|
Total 2 |
|
155 |
|
453,755 |
|
100.0% |
|
$26.87 |
|
100.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
85,744 |
|
Total Vacant 2 |
|
|
|
|
|
|
|
|
64,590 |
|
Total Vacant 2 |
|
|
|
|
|
|
|
1,448,992 |
|
Total Square Feet 2 |
|
|
|
|
|
|
|
|
518,345 |
|
Total Square Feet 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Report September 30, 2025 – 43 |
|
|
Investment Management Lease Expirations |
|
(Pro-Rata Basis) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENT MANAGEMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GLA |
|
ABR |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leases |
|
Expiring |
|
Percent |
|
|
|
Percent |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year |
|
Expiring |
|
SF |
|
of Total |
|
PSF |
|
of Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
M to M 1 |
|
5 |
|
1,103 |
|
0.1% |
|
$40.46 |
|
0.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 (Remainder) |
|
36 |
|
27,105 |
|
1.2% |
|
27.35 |
|
1.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2026 |
|
117 |
|
181,903 |
|
8.3% |
|
21.94 |
|
7.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2027 |
|
121 |
|
279,640 |
|
12.8% |
|
21.45 |
|
11.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2028 |
|
131 |
|
292,637 |
|
13.4% |
|
22.19 |
|
12.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2029 |
|
131 |
|
312,125 |
|
14.2% |
|
23.33 |
|
14.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2030 |
|
92 |
|
266,300 |
|
12.2% |
|
17.37 |
|
8.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2031 |
|
39 |
|
103,103 |
|
4.7% |
|
17.84 |
|
3.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2032 |
|
42 |
|
200,845 |
|
9.2% |
|
15.16 |
|
5.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2033 |
|
47 |
|
133,680 |
|
6.1% |
|
23.32 |
|
6.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2034 |
|
56 |
|
113,481 |
|
5.2% |
|
29.33 |
|
6.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thereafter |
|
62 |
|
279,697 |
|
12.8% |
|
41.09 |
|
22.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total 2 |
|
879 |
|
2,191,619 |
|
100.0% |
|
$23.73 |
|
100.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
248,531 |
|
Total Vacant 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,440,150 |
|
Total Square Feet 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.Leases currently under month to month or in process of renewal.
2.Totals may not foot due to rounding.
|
|
|
Supplemental Report September 30, 2025 – 44 |
|
|
Development and Redevelopment Activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acadia's Pro-rata Share (in millions) |
|
Property |
|
AKR Pro-rata share |
|
Location |
|
Estimated Stabilization |
|
Est. Sq ft Upon Completion |
|
|
Costs incurred from development / redevelopment |
|
|
Total Costs to Date |
|
|
Estimated Future Range |
|
|
Estimated Total Range |
|
REIT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Development: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Henderson Avenue Expansion 1 |
|
100.0% |
|
Dallas, TX |
|
2027/2028 |
|
|
176,000 |
|
|
$ |
56.3 |
|
|
$ |
80.3 |
|
|
$ |
108.7 |
|
|
$ |
127.6 |
|
|
$ |
189.0 |
|
|
$ |
207.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redevelopment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
555 9th Street |
|
100.0% |
|
San Francisco, CA |
|
TBD |
|
|
149,000 |
|
|
|
17.3 |
|
|
|
159.0 |
|
|
|
7.7 |
|
|
|
17.7 |
|
|
|
166.7 |
|
|
|
176.7 |
|
840 N. Michigan Avenue |
|
94.4% |
|
Chicago, IL |
|
TBD |
|
|
87,000 |
|
|
|
0.2 |
|
|
|
156.6 |
|
|
TBD |
|
|
TBD |
|
|
TBD |
|
|
TBD |
|
Brandywine Holdings |
|
100.0% |
|
Wilmington, DE |
|
2026 |
|
|
138,000 |
|
|
|
0.4 |
|
|
|
24.4 |
|
|
|
9.7 |
|
|
|
11.7 |
|
|
|
34.1 |
|
|
|
36.1 |
|
Westshore Expressway |
|
100.0% |
|
Staten Island, NY |
|
TBD |
|
|
55,000 |
|
|
|
— |
|
|
|
18.6 |
|
|
TBD |
|
|
TBD |
|
|
TBD |
|
|
TBD |
|
Mark Plaza |
|
100.0% |
|
Edwardsville, PA |
|
TBD |
|
|
107,000 |
|
|
|
— |
|
|
|
3.7 |
|
|
TBD |
|
|
TBD |
|
|
TBD |
|
|
TBD |
|
Bedford Green |
|
100.0% |
|
Bedford Hills, NY |
|
TBD |
|
|
91,000 |
|
|
|
0.1 |
|
|
|
50.8 |
|
|
TBD |
|
|
TBD |
|
|
TBD |
|
|
TBD |
|
Total REIT Redevelopment |
|
|
|
|
|
|
|
|
|
|
$ |
18.0 |
|
|
$ |
413.1 |
|
|
$ |
17.4 |
|
|
$ |
29.4 |
|
|
$ |
200.8 |
|
|
$ |
212.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total REIT Development and Redevelopment |
|
|
|
|
|
|
|
|
|
|
$ |
74.3 |
|
|
$ |
493.4 |
|
|
$ |
126.1 |
|
|
$ |
157.0 |
|
|
$ |
389.8 |
|
|
$ |
420.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTMENT MANAGEMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Development: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FUND III |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Broad Hollow Commons |
|
24.5% |
|
Farmingdale, NY |
|
2026/2027 |
|
TBD |
|
|
$ |
5.6 |
|
|
$ |
8.6 |
|
|
TBD |
|
|
TBD |
|
|
TBD |
|
|
TBD |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redevelopment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FUND IV |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
717 N. Michigan Avenue |
|
23.1% |
|
Chicago, IL |
|
TBD |
|
TBD |
|
|
|
0.9 |
|
|
|
27.8 |
|
|
TBD |
|
|
TBD |
|
|
TBD |
|
|
TBD |
|
Total Investment Management Development and Redevelopment |
|
|
|
|
|
|
|
|
|
|
$ |
6.5 |
|
|
$ |
36.4 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total REIT and Investment Management Development and Redevelopment |
|
|
|
|
|
|
|
|
|
|
$ |
80.8 |
|
|
$ |
529.8 |
|
|
$ |
126.1 |
|
|
$ |
157.0 |
|
|
$ |
389.8 |
|
|
$ |
420.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Report September 30, 2025 – 45 |
|
|
Development and Redevelopment Activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property |
|
AKR Pro-rata share |
|
Location |
|
Estimated Stabilization |
|
Est. Sq ft Upon Completion |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-Stabilized: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
85 5th Avenue (REIT) |
|
100.0% |
|
New York, NY |
|
2025 |
|
|
13,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
664 N. Michigan Avenue (REIT) |
|
100.0% |
|
Chicago, IL |
|
2025 |
|
|
17,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
210 Bowery (Fund IV) |
|
23.1% |
|
New York, NY |
|
2025 |
|
|
2,538 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1035 Third Avenue (Fund IV) |
|
23.1% |
|
New York, NY |
|
2025 |
|
|
7,634 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
801 Madison (Fund IV) |
|
23.1% |
|
New York, NY |
|
2026 |
|
|
2,522 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27 E 61st Street (Fund IV) |
|
23.1% |
|
New York, NY |
|
2026 |
|
|
4,177 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2323-2409 Henderson Avenue (REIT) |
|
100.0% |
|
Dallas, TX |
|
2026 |
|
|
38,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City Center (REIT) |
|
100.0% |
|
San Francisco, CA |
|
2026 |
|
|
241,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Route 6 Mall (REIT) |
|
100.0% |
|
Honesdale, PA |
|
2026 |
|
|
154,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City Point (Fund II) |
|
80.0% |
|
Brooklyn, NY |
|
2026/2027 |
|
|
536,198 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
651-671 West Diversey (REIT) |
|
100.0% |
|
Chicago, IL |
|
2026/2027 |
|
|
40,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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1.The Company intends to partner with Ignite-Rebees DevCo LLC, and expects to retain a controlling 95% interest.
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Supplemental Report September 30, 2025 – 46 |
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained in this supplemental disclosure may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934 and as such may involve known and unknown risks, uncertainties and other factors which may cause the Company’s actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations are generally identifiable by use of the words “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend” or “project” or the negative thereof or other variations thereon or comparable terminology. Factors which could have a material adverse effect on the operations and future prospects of the Company include, but are not limited to those set forth under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K. These risks and uncertainties should be considered in evaluating any forward-looking statements contained or incorporated by reference herein.
USE OF FUNDS FROM OPERATIONS AS NON-GAAP FINANCIAL MEASURE
The Company considers funds from operations (“FFO”) as defined by the National Association of Real Estate Investment Trusts (“NAREIT”) to be an appropriate supplemental disclosure of operating performance for an equity REIT due to its widespread acceptance and use within the REIT and analyst communities. FFO is presented to assist investors in analyzing the performance of the Company. It is helpful as it excludes various items included in net income that are not indicative of the operating performance, such as gains (or losses) from sales of property and depreciation and amortization. Consistent with the NAREIT definition, the Company defines FFO as net income (computed in accordance with GAAP), excluding (i) gains (or losses) from sales of depreciated properties; (ii) depreciation and amortization; (iii) impairment of real estate assets related to the Company’s main business and land held for the development of property for its operating portfolio; (iv) gains (losses) from change in control and (v) after adjustments for unconsolidated partnerships and joint ventures. Also consistent with NAREIT’s definition of FFO, the Company has elected to include the impact of the unrealized holding gains (losses) incidental to its main business, including those related to its RCP investments such as Albertsons in FFO.
The Company also provides another supplemental disclosure of operating performance, adjusted funds from operations (“AFFO”). The Company defines AFFO as FFO adjusted for straight line rent, non-real estate depreciation, stock-based compensation, amortization of finance costs and costs of management contracts, tenant improvements, leasing commissions and capital expenditures.
The Company may also provide from time to time another supplemental disclosure of operating performance, FFO Before Special Items. The Company defines FFO Before Special Items as FFO adjusted for certain unusual items including (i) charges, income and gains that management believes are not comparable and indicative of the results of the Company’s operating real estate portfolio; (ii) the impact of the unrealized holding gains (losses) incidental to its main business, including those related to its investments in Albertsons and (iii) any realized income or gains from the Company’s investment in Albertsons.
It should be noted that the Company’s methods of calculating FFO, AFFO or FFO Before Special Items may be different from methods used by other REITs and, accordingly, may not be comparable to such metrics used by other REITs. FFO, AFFO and FFO Before Special Items do not represent cash generated from operations as defined by generally accepted accounting principles (“GAAP”) and are not indicative of cash available to fund all cash needs, including distributions. None of these measures should be considered as an alternative to net income for the purpose of evaluating the Company’s performance or to cash flows as a measure of liquidity.
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Supplemental Report September 30, 2025 – 47 |
USE OF NON-GAAP FINANCIAL MEASURES
Non-GAAP financial measures such as EBITDA, NOI, same-property NOI and lease spreads are widely used financial measures in many industries, including the REIT industry, and are presented to assist investors and analysts in analyzing the performance of the Company. They are helpful as they exclude various items included in net income that are not indicative of operating performance, such as gains (or losses) from sales of property and depreciation and amortization and is used in computing various financial ratios as a measure of operational performance. The Company computes EBITDA as the sum of net income before extraordinary items plus interest expense, depreciation, income taxes and amortization, less any gains (losses including impairment charges) on the sale of income producing properties. The Company computes NOI by taking the difference between Property Revenues and Property Expenses as detailed in this reporting supplement. Same-property NOI includes properties in our REIT Portfolio that we owned for both the current and prior periods presented, but excludes those properties which we acquired, sold or expected to sell, and redeveloped during these periods. The Company’s method of calculating EBITDA, NOI and same-property NOI may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. EBITDA, NOI and same-property NOI do not represent cash generated from operations as defined by GAAP and are not indicative of cash available to fund all cash needs, including distributions. They should not be considered as an alternative to net income for the purpose of evaluating the Company’s performance or to cash flows as a measure of liquidity.
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Supplemental Report September 30, 2025 – 48 |
