10q10k10q10k.net

What changed in ACADIA REALTY TRUST's 10-K — 2024 vs 2025

vs

Paragraph-level year-over-year comparison of ACADIA REALTY TRUST's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+237 added−244 removedSource: 10-K (2026-02-13) vs 10-K (2025-02-14)

Top changes in ACADIA REALTY TRUST's 2025 10-K

237 paragraphs added · 244 removed · 177 edited across 9 sections

Item 1. Business

Business — how the company describes what it does

14 edited+2 added−6 removed53 unchanged
Biggest changeThe economic performance and value of our other retail operations investments, which we do not control, are subject to risks associated with owning and operating retail businesses, as outlined in our other risk factors provided herein. A decline in the value of our other investments may require us to recognize an other-than-temporary impairment (“OTTI”) against such assets.
Biggest changeThe economic performance and value of our other retail operations investments, which we do not control, are subject to risks associated with owning and operating retail businesses, as outlined in our other risk factors provided herein.
Any future impairment could have a material adverse effect on our operating results in the period in which the charge is taken. If a third-party vendor fails to provide agreed upon services, we may suffer losses. We are dependent and rely on third party vendors, including Cloud providers, for redundancy of our network, system data, security, and data integrity.
Any future impairment could have a material adverse effect on our operating results in the period in which the charge is taken. 16 If a third-party vendor fails to provide agreed upon services, we may suffer losses. We are dependent and rely on third party vendors, including Cloud providers, for redundancy of our network, system data, security, and data integrity.
We cannot be sure that we will be able to implement our strategy because we may have difficulty finding new properties, obtaining necessary entitlements, negotiating with new or existing tenants or securing acceptable financing. Acquisitions of additional properties entail the risk that investments will fail to perform in accordance with expectations, including operating and leasing expectations.
We cannot be sure that we will be able to implement our strategy because we may have difficulty finding new properties, obtaining necessary entitlements, negotiating with new or existing tenants or securing acceptable financing. 17 Acquisitions of additional properties entail the risk that investments will fail to perform in accordance with expectations, including operating and leasing expectations.
Our real estate assets may be subject to impairment charges. 15 We periodically assess whether there are any indicators that the value of our real estate assets and other investments may be impaired. A property’s value is considered to be impaired only if the estimated aggregate future undiscounted property cash flows are less than the carrying value of the property.
Our real estate assets may be subject to impairment charges. We periodically assess whether there are any indicators that the value of our real estate assets and other investments may be impaired. A property’s value is considered to be impaired only if the estimated aggregate future undiscounted property cash flows are less than the carrying value of the property.
At times, we may also be required to use unionized construction workers or to pay the prevailing wage in a jurisdiction to unionized workers, which could increase a project’s costs and the risk of a strike, thereby affecting construction timelines. 14 Additionally, the time frames required for development, construction and lease-up of these properties may prevent us from realizing a significant cash return for several years.
At times, we may also be required to use unionized construction workers or to pay the prevailing wage in a jurisdiction to unionized workers, which could increase a project’s costs and the risk of a strike, thereby affecting construction timelines. 15 Additionally, the time frames required for development, construction and lease-up of these properties may prevent us from realizing a significant cash return for several years.
Any loss of these types could adversely affect our financial condition, cash flows and results of operations. 18 We may from time to time be subject to litigation that could negatively impact our financial condition, cash flows, results of operations and the trading price of our Common Shares.
Any loss of these types could adversely affect our financial condition, cash flows and results of operations. 19 We may from time to time be subject to litigation that could negatively impact our financial condition, cash flows, results of operations and the trading price of our Common Shares.
PIK instruments generally represent a higher credit risk than the traditional coupon-only loans. 17 RISKS RELATED TO LITIGATION, EN VIRONMENTAL MATTERS AND GOVERNMENTAL REGULATION We are exposed to possible liability relating to environmental matters.
PIK instruments generally represent a higher credit risk than the traditional coupon-only loans. 18 RISKS RELATED TO LITIGATION, EN VIRONMENTAL MATTERS AND GOVERNMENTAL REGULATION We are exposed to possible liability relating to environmental matters.
There can be no assurance that our joint ventures will continue to operate profitably and thus provide additional Promote income in the future. These factors could limit the return that we receive from such investments or cause our cash flows to be lower than our estimates.
There can be no assurance that our joint ventures will continue to operate profitably and thus provide additional Promote (as defined below) income in the future. These factors could limit the return that we receive from such investments or cause our cash flows to be lower than our estimates.
Our inability to raise capital or to carry out our growth strategy could adversely affect our financial condition, cash flows and results of operations. Our earnings growth strategy is based on the acquisition and development of additional properties, including acquisitions of Core properties through our Operating Partnership and our high return investment programs through Investment Management.
Our inability to raise capital or to carry out our growth strategy could adversely affect our financial condition, cash flows and results of operations. Our earnings growth strategy is based on the acquisition and development of additional properties, including acquisitions of REIT Portfolio properties through our Operating Partnership and our high return investment programs through Investment Management.
In addition, a partner or co-venturer may not have access to sufficient capital to satisfy its funding obligations to the joint venture. We may not be able to recover our investments in marketable securities or other investments, which may result in significant losses to us.
In addition, a partner or co-venturer may not have access to sufficient capital to satisfy its funding obligations to the joint venture. We may not be able to recover our investments in other retail operations investments, which may result in significant losses to us.
Interest expense on our variable-rate debt as of December 31, 2024 would increase by approximately $4.1 million annually for a 100-basis-point increase in interest rates. This exposure would increase if we sought additional variable-rate financing based on pricing and other commercial and financial terms.
Interest expense on our variable-rate debt as of December 31, 2025 would increase by approximately $3.7 million annually for a 100-basis-point increase in interest rates. This exposure would increase if we sought additional variable-rate financing based on pricing and other commercial and financial terms.
As of December 31, 2024, our outstanding indebtedness was $ 1,547.9 million, of which $405.4 million was variable-rate indebtedness. None of our Declaration of Trust, our Bylaws or any policy statement formally adopted by our Board limits either the total amount of indebtedness or the specified percentage of indebtedness that we may incur.
As of December 31, 2025, our outstanding indebtedness was $ 1,873.4 million, of which $370.6 million was variable-rate indebtedness. None of our Declaration of Trust, our Bylaws or any policy statement formally adopted by our Board limits either the total amount of indebtedness or the specified percentage of indebtedness that we may incur.
Accordingly, we could become more highly leveraged, resulting in increased debt service requirements and a higher risk of default on our debt obligations.
Accordingly, we could become more highly leveraged, resulting in increased debt service requirements and a higher risk of default on our debt obligations. This in turn could adversely affect our financial condition, cash flows and ability to make distributions to our shareholders.
This in turn could adversely affect our financial condition, cash flows and ability to make distributions to our shareholders. 16 Although approximately 73.8% of our outstanding debt has fixed or effectively fixed interest rates, we also borrow funds at variable interest rates.
Although approximately 80.2% of our outstanding debt has fixed or effectively fixed interest rates, we also borrow funds at variable interest rates.
Removed
Our investments in marketable securities are subject to specific risks relating to the particular issuer of the securities, including the financial condition and business outlook of the issuer, which may result in significant losses to us. Marketable securities are generally unsecured and may also be subordinated to other obligations of the issuer.
Added
Adverse operating results, changes in market conditions, or other factors affecting these businesses may reduce the value of our investments and limit our ability to recover our invested capital. A decline in the value of these investments may require us to record an impairment charge.
Removed
As a result, investments in marketable securities are subject to risks of substantial market price volatility, resulting from changes in prevailing interest rates and the possibility that earnings of the issuer may be insufficient to meet its debt service and distribution obligations.
Added
If the estimated fair value of an investment is less than its carrying value and the decline is determined to be other than temporary, we are required to recognize an impairment loss in earnings. Our fair value estimates involve significant judgment and assumptions based on market conditions that may not ultimately be realized.
Removed
These risks may adversely affect the value of outstanding marketable securities and the ability of the issuers to make distribution payments. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Note 8 for additional discussion regarding the shares held by the Company of Albertsons Companies, Inc. (“Albertsons”).
Removed
When the fair value of an investment is determined to be less than its amortized cost at the balance sheet date, we assess whether the decline is temporary or other-than-temporary.
Removed
If we intend to sell an impaired asset, or it is more likely than not that we will be required to sell the impaired asset before any anticipated recovery, then we must recognize an OTTI through charges to earnings equal to the entire difference between the asset’s amortized cost and its fair value at the balance sheet date.
Removed
When an OTTI is recognized through earnings, a new cost basis is established for the asset, and the new cost basis may not be adjusted through earnings for subsequent recoveries in fair value.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

25 edited+2 added−7 removed23 unchanged
Biggest changeMichigan 91.9 % 38.6 6.50 % Dec 2026 3104 M Street (c) 20.0 % 0.8 7.65 % Jan 2027 Wood Ridge Plaza 18.1 % 6.5 7.20 % Mar 2027 La Frontera 18.1 % 10.0 6.11 % Jun 2027 Riverdale FC 18.0 % 6.9 6.96 % Nov 2027 Georgetown Portfolio 50.0 % 7.0 4.72 % Dec 2027 LINQ Promenade (d) 15.0 % 26.3 6.15 % Dec 2027 Shoppes at South Hills (e) 18.1 % 5.8 5.95 % Mar 2028 Mohawk Commons 18.1 % 7.2 5.80 % Mar 2028 The Walk at Highwoods Preserve (e) 20.0 % 4.1 6.25 % Oct 2028 Crossroads Shopping Center (b) 49.0 % 36.8 5.78 % Nov 2029 Gotham Plaza 49.0 % 13.7 5.90 % Oct 2034 Total $ 213.0 a) Effective interest rates incorporate the effect of interest rate swaps and caps that were in effect at December 31, 2024, where applicable. b) The debt has two available three-month extension options. c) The debt has two available 12-month extension options. d) The debt has one available 24-month extension option. e) The debt has one available 12-month extension option. f) In January 2025, the Company increased its ownership in the Renaissance Portfolio to 68% ( Note 17 ).
Biggest changeMichigan 94.4 % 34.1 6.50 % Dec 2026 Wood Ridge Plaza 18.1 % 6.5 7.15 % Mar 2027 La Frontera 18.1 % 10.0 6.11 % Jun 2027 Riverdale FC 18.0 % 6.8 6.70 % Nov 2027 Georgetown Portfolio 50.0 % 6.7 4.72 % Dec 2027 LINQ Promenade (b) 15.0 % 26.3 5.48 % Dec 2027 Shoppes at South Hills (c) 18.1 % 5.9 5.95 % Mar 2028 Mohawk Commons 18.1 % 7.1 5.80 % Mar 2028 The Walk at Highwoods Preserve (c) 20.0 % 4.1 6.25 % Oct 2028 Crossroads Shopping Center (d) 49.0 % 36.8 5.78 % Nov 2029 Gotham Plaza 49.0 % 13.7 5.90 % Oct 2034 Total $ 171.7 (a) Effective interest rates incorporate the effect of interest rate swaps and caps that were in effect at December 31, 2025, where applicable.
To the extent an impairment has occurred, the loss will be measured as the excess of the carrying amount of the property over the fair value of the property. The Company is required to make subjective assessments as to whether there are impairments in the value of its real estate properties and other investments.
To the extent an impairment has occurred, the loss will be measured as the excess of the carrying amount of the property over the fair value of the property. 54 The Company is required to make subjective assessments as to whether there are impairments in the value of its real estate properties and other investments.
Through this program, we have been able to effectively “match-fund” the required capital for our Core Portfolio and Investment Management acquisitions through the issuance of Common Shares over extended periods employing a price averaging strategy. In addition, from time to time, we have issued and intend to continue to issue, equity in follow-on offerings separate from our ATM Program.
Through this program, we have been able to effectively “match-fund” the required capital for our REIT Portfolio and Investment Management acquisitions through the issuance of Common Shares over extended periods employing a price averaging strategy. In addition, from time to time, we have issued and intend to continue to issue, equity in follow-on offerings separate from the ATM Program.
We believe 55 the following critical accounting policies affect the significant judgments and estimates used by us in the preparation of our Consolidated Financial Statements.
We believe the following critical accounting policies affect the significant judgments and estimates used by us in the preparation of our consolidated financial statements.
Sources of Liquidity Our primary sources of capital for funding our short-term (less than 12 months) and long-term (12 months and longer) liquidity needs include (i) the issuance of both public equity and OP Units, (ii) the issuance of both secured and unsecured debt, (iii) unfunded capital commitments from noncontrolling interests within Investment Management, (iv) future sales of existing properties, (v) repayments of structured financing investments, (vi) liquidation of marketable securities, and (vii) cash on hand and future cash flow from operating activities.
Sources of Liquidity Our primary sources of capital for funding our short-term (less than 12 months) and long-term (12 months and longer) liquidity needs include (i) the issuance of both public equity and OP Units, (ii) the issuance of both secured and unsecured debt, (iii) unfunded capital commitments from noncontrolling interests within Investment Management, (iv) future sales of existing properties, (v) repayments of Structured Financing investments, and (vi) cash on hand and future cash flow from operating activities.
The assets and liabilities of the consolidated VIEs are described in Note 16 . Recently Issued Accounting Pronouncements Reference is made to Note 1 for information about recently issued and recently adopted accounting pronouncements.
The assets and liabilities of the consolidated VIEs are described in Note 16 . Recently Issued and Adopted Accounting Pronouncements Reference is made to Note 1 in the consolidated financial statements for information about recently issued and recently adopted accounting pronouncements. 55
Item 1A. Risk Factors. Share Repurchase Program We maintain a share repurchase program under which $122.5 million remains available as of December 31, 2024 ( Note 10 ). The Company did not repurchase any of its Common Shares under this program during the year ended December 31, 2024.
Item 1A. Risk Factors. Share Repurchase Program We maintain a share repurchase program under which $122.5 million remains available as of December 31, 2025 ( Note 10 ). We did not repurchase any shares under this program during the year ended December 31, 2025.
As such, our financial statements reflect our investment and our share of income and loss from, but not the individual assets and liabilities, of these joint ventures. See Note 4 for a discussion of our unconsolidated investments.
We account for these investments using the equity method of accounting. As such, our financial statements reflect our investment and our share of income and loss from, but not the individual assets and liabilities, of these joint ventures. See Note 4 for a discussion of our unconsolidated investments.
In addition, as of that date within our Core and Investment Management portfolios, we had 137 unleveraged consolidated properties with an aggregate carrying value of approximately $1.9 billion, although there can be no assurance that we would be able to obtain financing for these properties at favorable terms, if at all.
In addition, as of that date within our REIT Portfolio and Investment Management platform, we had 142 unencumbered consolidated properties with an aggregate carrying value of approximately $2.4 billion, although there can be no assurance that we would be able to obtain financing for these properties at favorable terms, if at all ( Note 7 ).
The Operating Partnership’s pro-rata share of unconsolidated non-recourse debt related to those investments is as follows (dollars in millions): Operating Partnership December 31, 2024 Investment Ownership Percentage Pro-rata Share of Mortgage Debt Effective Interest Rate (a) Maturity Date Eden Square (b) 20.8 % $ 4.9 6.90 % Mar 2025 Tri-City Plaza 18.1 % 6.4 6.16 % Oct 2025 Frederick County Square 18.1 % 4.5 5.36 % Jan 2026 650 Bald Hill Rd 20.8 % 3.1 3.75 % Jun 2026 Renaissance Portfolio (c, f) 20.0 % 30.4 7.15 % Nov 2026 840 N.
The Operating Partnership’s pro-rata share of unconsolidated non-recourse debt related to those investments is as follows (dollars in millions): Operating Partnership December 31, 2025 Investment Ownership Percentage Pro-rata Share of Mortgage Debt Effective Interest Rate (a) Maturity Date Frederick County Square 18.1 % $ 4.4 6.39 % Apr 2026 Tri-City Plaza 18.1 % 6.3 6.00 % Apr 2026 650 Bald Hill Rd 20.8 % 3.0 3.75 % Jun 2026 840 N.
Issuances of Common Shares We have an ATM Program ( Note 10 ) that provides us with an efficient and low-cost vehicle for raising capital through public equity issuances on an as-we-go basis to fund our capital needs.
Our historical cash flow uses are reflected in our Consolidated Statements of Cash Flows and are discussed in further detail below. Issuances of Common Shares Our ATM Program ( Note 10 ) provides us with an efficient and low-cost vehicle for raising capital through public equity issuances on an as-we-go basis to fund our capital needs.
During 2024 and 2023, the Company recognized impairment charges on properties of $1.7 million and $3.7 million, respectively. See Note 8 for a discussion of impairments recognized during the periods presented.
During 2025 and 2024, the Company recognized impairment charges on properties of $37.2 million and $1.7 million, respectively, of which our pro-rata share was $8.9 million and $0.8 million, respectively. See Note 8 for a discussion of impairments recognized during the periods presented.
During the year ended December 31, 2024, we completed 11 asset acquisitions, and the purchase price of each was allocated based on the relative fair values of the assets acquired and liabilities assumed ( Note 2 ). 56 Investments in and Advances to Unconsolidated Affiliates – Consolidation We account for our investments in and advances to unconsolidated affiliates under the equity method of accounting in cases where we exercise significant influence over, but do not control, these entities and are not considered to be the primary beneficiary.
Investments in and Advances to Unconsolidated Affiliates – Consolidation We account for our investments in and advances to unconsolidated affiliates under the equity method of accounting in cases where we exercise significant influence over, but do not control, these entities and are not considered to be the primary beneficiary.
Our cash on hand in our consolidated subsidiaries at December 31, 2024 totaled $16.8 million. Our remaining sources of liquidity are described further below.
Our cash on hand in our consolidated subsidiaries at December 31, 2025 totaled $38.8 million. Our remaining sources of liquidity are described further below. Depending upon the availability and cost of external capital, we believe our sources of capital are sufficient to meet our liquidity needs.
Net proceeds raised through our ATM Program and follow-on offerings are primarily used for acquisitions, both for our Core Portfolio and our pro-rata share of Investment Management acquisitions, and for general corporate purposes.
Net proceeds raised through the ATM Program and follow-on offerings are primarily used for acquisitions, both for our REIT Portfolio and our pro-rata share of Investment Management acquisitions, and for general corporate purposes. During the year ended December 31, 2025, we physically settled 11,172,699 forward shares under the ATM Program in exchange for aggregate net proceeds of $277.9 million.
At December 31, 2024, unfunded capital commitments from noncontrolling interests within our Funds II, III, IV and V were zero, $1.4 million, $18.5 million, and $40.9 million, respectively.
Investment Management Capital During the year ended December 31, 2025, Funds III and V called for capital contributions of $23.6 million, of which our aggregate share was $4.8 million. At December 31, 2025, unfunded capital commitments from noncontrolling interests within our Funds II, III, IV and V were zero, $0.6 million, $18.5 million, and $22.9 million, respectively.
HISTORICAL CASH FLOW Year Ended December 31, 2024 Compared to Year Ended December 31, 2023 The following table compares the historical cash flow for the year ended December 31, 2024 with the cash flow for the year ended December 31, 2023 (in millions, totals may not add due to rounding): Year Ended December 31, 2024 2023 Variance Net cash provided by operating activities $ 140.4 $ 155.8 $ (15.4 ) Net cash used in investing activities (170.7 ) (208.5 ) 37.8 Net cash provided by financing activities 44.6 45.9 (1.3 ) Increase (decrease) in cash and cash equivalents and restricted cash $ 14.4 $ (6.9 ) $ 21.3 Operating Activities Net cash provided by operating activities primarily consists of cash inflows from dividend income and rental revenue, and cash outflows for property operating expenses, general and administrative expenses, and interest and debt expense.
HISTORICAL CASH FLOW Year Ended December 31, 2025 Compared to Year Ended December 31, 2024 The following table compares the historical cash flow for the year ended December 31, 2025 with the cash flow for the year ended December 31, 2024 (in millions, totals may not add due to rounding): Year Ended December 31, 2025 2024 Variance Net cash provided by operating activities $ 167.0 $ 140.4 $ 26.6 Net cash used in investing activities (450.5 ) (170.7 ) (279.8 ) Net cash provided by financing activities 300.7 44.6 256.1 Increase in cash and cash equivalents and restricted cash $ 17.2 $ 14.4 $ 2.8 Operating Activities Net cash provided by operating activities primarily reflects the Company’s operating results, adjusted for non-cash items and changes in working capital.
CRITICAL ACCOUNTING ESTIMATES Management’s discussion and analysis of financial condition and results of operations is based upon our Consolidated Financial Statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America, referred to as “GAAP”.
(b) The debt has one available 24-month extension option. (c) The debt has one available 12-month extension option. (d) The debt has two available 12-month extension options. CRITICAL ACCOUNTING ESTIMATES Management’s Discussion and Analysis of Financial Condition and Results of Operations in this Report is based upon our consolidated financial statements, which have been prepared in accordance with GAAP.
These decreases were offset by $459.9 million more cash provided by the sale of Common Shares. We have the following investments made through joint ventures (that may include, among others, tenancy-in common and other similar investments) for the purpose of investing in operating properties. We account for these investments using the equity method of accounting.
These increases were offset by (i) $182.4 million lower proceeds from sale of Common Shares, (ii) $32.3 million lower contributions from noncontrolling interests, (iii) $25.0 million higher dividend payments, (iv) $9.9 million higher cash used to acquire noncontrolling interests and, (v) $4.7 million higher capital distributions to noncontrolling interests. 53 Unconsolidated Indebtedness We have the following investments made through joint ventures (that may include, among others, tenancy-in common and other similar investments) for the purpose of investing in operating properties.
These sources of cash were offset by (i) $47.6 million more cash used for the acquisition of real estate, (ii) $19.8 million less cash received from return of capital of unconsolidated affiliates, (iii) $10.7 million more cash used for development, construction and property improvement costs and (iv) $6.9 million more cash used to originate a note receivable. 54 Financing Activities Net cash used in financing activities is impacted by the timing and extent of issuances of debt and equity securities, distributions paid to common shareholders and unitholders of the Operating Partnership as well as principal and other payments associated with our outstanding indebtedness.
Financing Activities Net cash provided by financing activities is impacted by the timing and extent of issuances of debt and equity securities, distributions paid to common shareholders and unitholders of the Operating Partnership as well as principal and other payments associated with our outstanding indebtedness.
In addition, during the year ended December 31, 2024, we recognized dividend income of $0.5 million ( Note 8 ). Financing and Debt As of December 31, 2024, we had $511.0 million of additional capacity under existing Core Portfolio debt facilities.
As of December 31, 2025, we no longer held any shares of Albertsons ( Note 8 ). 52 Financing and Debt As of December 31, 2025, we had $435.5 million of capacity under existing REIT Portfolio debt facilities.
Our financing activities provided $1.3 million less cash during the year ended December 31, 2024 as compared to the year ended December 31, 2023, primarily from (i) $428.2 million more cash used to repay debt, (ii) $8.8 million less cash provided by contributions from noncontrolling interests, (iii) $8.5 million more cash used for payment of deferred financing fees, (iv) $7.8 million more used to pay dividends and (iii) $5.6 million more cash distributed to noncontrolling interests.
Net cash provided by financing activities increased by $256.1 million during the year ended December 31, 2025 as compared to the prior year period, primarily from (i) $502.6 million higher proceeds from debt issuances and (ii) $6.7 million lower financing costs.
During the year ended December 31, 2024, we sold 695,000 shares of Albertsons, generating net proceeds of $14.2 million. As of December 31, 2024, we held 0.8 million shares of Albertsons which had a fair value of $14.8 million ( Note 8 ).
Other Transactions During the year ended December 31, 2025, we recognized income of $8.4 million related to the termination of a lease at City Center in San Francisco ( Note 11 ). During the year ended December 31, 2025, we sold 752,112 shares of Albertsons, generating net proceeds of $14.5 million.
Our operating activities provided $15.4 million less cash for the year ended December 31, 2024 as compared to the year ended December 31, 2023, primarily due to the $28.2 million dividend received from our investment in Albertsons in 2023.
Net cash provided by operating activities increased by $26.6 million for the year ended December 31, 2025 as compared to the prior year period primarily due to cash received from the repayment of accrued interest on a note receivable and higher cash flow from operations in the REIT Portfolio.
If a lease terminates prior to its stated expiration, all unamortized amounts relating to that lease are written off.
If a lease terminates prior to its stated expiration, all unamortized amounts relating to that lease are written off. During the year ended December 31, 2025, we completed 11 asset acquisitions, and the purchase price of each was allocated based on the relative fair values of the assets acquired and liabilities assumed ( Note 2 ).
Removed
During the year ended December 31, 2024, we issued Common Shares through the following public offerings and our ATM Program: ($ in thousands, except share and per share data) Closing Date (b) Total Shares Sold Price Per Share, net (d) Initial Net Proceeds Forward Proceeds Settled (f) Remaining Net Proceeds Unsettled Total Settled Net Procee ds and Unsettled Anticipated Net Proceeds Remaining 2024 January 2024 Offering (a) 1/8/2024 6,900,000 $ 16.38 $ 113,002 N/A N/A $ 113,002 October 2024 Offering (a,e) 10/2/2024 5,750,000 22.89 — 131,617 — 131,617 ATM Program (b, c) Various 21,183,738 23.01 216,922 — 270,515 487,437 33,833,738 $ 21.64 $ 329,924 $ 131,617 $ 270,515 $ 732,056 (a) Amounts are inclusive of shares sold pursuant to the exercise in full of the underwriters’ option to purchase additional common stock, which includes (i) 900,000 shares with respect to the January 2024 Offering, and (ii) 750,000 shares with respect to the October 2024 Offering.
Added
At December 31, 2025, we had unsettled forward equity contracts to sell 14,738,837 shares for estimated aggregate net cash proceeds of $295.5 million. We also had $199.1 million of remaining availability for future share issuance under our current ATM program.
Removed
(b) All forward sale agreements require settlement within one-year of the various effective dates. (c) Includes 10,910,488 forward shares outstanding under its ATM Program. (d) Amounts are presented net of underwriting discounts and fees. (e) The Company did not receive any proceeds from the sale of shares at the time it entered into each of the respective forward sale agreements.
Added
Net cash used in investing activities increased by $279.8 million during the year ended December 31, 2025 as compared to the prior year period, primarily due to (i) $227.4 million higher cash outflows for real estate acquisitions, (ii) $44.7 million higher cash spending on development, construction and property improvements, (iii) $11.9 million higher cash outflows for the issuance of notes receivable, (iv) $6.5 million lower proceeds from property dispositions, and (v) $5.2 million lower collections on notes receivable repayments.
Removed
The Company determined that the ATM forward sales agreements meet the criteria for equity classification and, therefore, are exempt from derivative accounting. The Company recorded the ATM forward sales agreements at fair value at inception, which was determined to be zero. Subsequent changes to fair value are not required under equity classification.
Removed
(f) Amounts are presented net of underwriting discounts and fees and includes other offering costs. As of December 31, 2024, we had 10,910,488 forward shares outstanding under our ATM Program for anticipated net proceeds of $270.5 million after issuance costs.
Removed
In January 2025, we sold a total of 262,211 shares under the ATM Program for an aggregate net value of $6.2 million, all of which were sold subject to the ATM forward sales agreements. 53 Investment Management Capital During the year ended December 31, 2024, Funds IV and V called for capital contributions of $64.0 million, of which our aggregate share was $13.0 million.
Removed
Asset Sales and Other Transactions As previously discussed, during the year ended December 31, 2024, we sold one Core property, three consolidated Investment Management properties, and two unconsolidated Investment Management properties for aggregate proceeds of $174.0 million ( Note 2 , Note 4 ).
Removed
Our investing activities used $37.8 million less cash for the year ended December 31, 2024 as compared to the year ended December 31, 2023, primarily due to (i) $89.1 million more cash received from the disposition of properties in 2024, (ii) $19.7 million less cash used in our investments in and advances to unconsolidated affiliates, (iii) $9.7 million more cash received from the sale of marketable securities, and (iv) $6.0 million more received from the payment of a note receivable.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

3 edited+0 added−0 removed14 unchanged
Biggest changeOur Vice President of Information Technology and Director of Risk Management each have approximately 25 years of experience, and holds certifications in cybersecurity from accredited information technology certification providers. We have formal policies and procedures that address cybersecurity incident response and disaster recovery from interference with our critical applications.
Biggest changeOur Vice President of Information Technology has approximately 25 years of experience and holds certifications in cybersecurity from accredited information technology certification providers, while our Director of Risk Management has 22 years of experience in risk management. We have formal policies and procedures that address cybersecurity incident response and disaster recovery from interference with our critical applications.
Our Vice President of Information Technology regularly evaluate the Company’s cybersecurity risk profile and leads the development of strategies to mitigate risks and address cybersecurity issues that may arise, in consultation with members of our senior management and Risk Management teams.
Our Vice President of Information Technology regularly evaluates the Company’s cybersecurity risk profile and leads the development of strategies to mitigate risks and address cybersecurity issues that may arise, in consultation with members of our senior management and Risk Management teams.
For more information, please see Item 1A. Risk Factors - Increased IT security threats and more sophisticated computer crime could pose a risk to our systems, networks, and services. 30
For more information, please see Item 1A. Risk Factors - Increased IT security threats and more sophisticated computer crime could pose a risk to our systems, networks, and services. 31

Item 2. Properties

Properties — owned and leased real estate

32 edited+7 added−5 removed1 unchanged
Biggest changeFurniture, Capital One 2014 100.0 % 29,114 100.0 % 100.0 % 1,291,368 44.36 Williamsburg Collection (d) Sephora, SweetGreen, Levain Bakery, 'Lululemon, Madewell 2022 2024 100.0 % 64,644 96.3 % 96.3 % 7,344,559 118.01 991 Madison Avenue (e) Vera Wang, Gabriela Hearst 2016 100.0 % 7,512 100.0 % 100.0 % 3,679,704 489.84 Gotham Plaza (f) Bank of America, Footlocker, Apple Bank 2016 49.0 % 25,931 76.4 % 83.9 % 1,643,919 82.94 327,053 94.3 % 97.8 % $ 43,975,466 $ 142.58 Los Angeles Metro 8833 Beverly Blvd Luxury Living 2022 97.0 % 9,757 100.0 % 100.0 % $ 1,350,377 138.40 Melrose Place Collection The Row, Chloe, Oscar de la Renta 2023 100.0 % 14,000 100.0 % 100.0 % 3,143,926 224.57 2024 23,757 100.0 % 100.0 % $ 4,494,303 $ 189.18 32 Property (a) Key Tenants Year Acquired Acadia's Interest Gross Leasable Area (GLA) In Place Occupancy Leased Occupancy Annualized Base Rent (ABR) ABR/ Per Square Foot District of Columbia Metro 1739-53 & 1801-03 Connecticut Avenue — 2012 100.0 % 20,669 21.9 % 21.9 % $ 297,104 $ 65.77 14th Street Collection (3 properties) Verizon 2021 100.0 % 19,077 63.5 % 100.0 % 1,032,106 85.14 Rhode Island Place Shopping Center Ross Dress for Less 2012 100.0 % 57,667 93.5 % 93.5 % 1,919,422 35.60 M Street and Wisconsin Corridor (27 Properties) (f) (g) Lululemon, Duxiana, Rag and Bone, Reformation, Glossier, Alo Yoga, Aritzia, Tesla 2011 2016 2019 26.7 % 262,399 94.1 % 95.3 % 18,739,549 75.89 359,812 88.2 % 91.1 % $ 21,988,180 $ 69.26 Boston Metro 165 Newbury Street Starbucks 2016 100.0 % 1,050 100.0 % 100.0 % $ 312,576 $ 297.69 Dallas Metro Henderson Avenue Portfolio (14 properties) Sprouts Market, Warby Parker, Tecovas 2022 100.0 % 121,551 88.3 % 93.3 % $ 4,508,540 $ 42.00 Total Street and Urban Retail 1,410,228 87.5 % 91.1 % $ 100,477,372 $ 81.46 Acadia Share Total Street and Urban Retail 1,200,293 86.6 % 90.5 % $ 86,255,518 $ 83.01 SUBURBAN PROPERTIES New Jersey Elmwood Park Shopping Center Walgreens, Lidl, Chase Bank, City MD 1998 100.0 % 143,988 89.7 % 96.9 % $ 3,424,439 $ 26.53 Marketplace of Absecon Walgreens, Dollar Tree, Aldi 1998 100.0 % 104,556 57.1 % 78.3 % 1,001,110 16.78 New York Village Commons Shopping Center Citibank, Ace Hardware 1998 100.0 % 87,128 87.6 % 88.8 % 2,668,772 34.95 Branch Plaza (e) LA Fitness, The Fresh Market 1998 100.0 % 123,345 94.9 % 94.9 % 3,313,672 28.29 Amboy Center (e) Stop & Shop (Ahold) 2005 100.0 % 63,372 92.1 % 92.1 % 2,067,733 35.42 Crossroads Shopping Center (f) HomeGoods, PetSmart, BJ's Wholesale Club 1998 49.0 % 308,202 93.2 % 98.1 % 9,230,225 32.12 New Loudon Center Price Chopper, Marshalls 1993 100.0 % 258,389 100.0 % 100.0 % 2,506,021 9.70 28 Jericho Turnpike Kohl's 2012 100.0 % 96,363 100.0 % 100.0 % 1,996,500 20.72 Connecticut Town Line Plaza (h) Wal-Mart, Stop & Shop (Ahold) 1998 100.0 % 206,346 95.6 % 98.5 % 1,539,302 15.39 Massachusetts Methuen Shopping Center Wal-Mart, Market Basket 1998 100.0 % 130,021 100.0 % 100.0 % 1,467,751 11.29 Crescent Plaza Home Depot, Shaw's 1993 100.0 % 218,002 98.2 % 99.3 % 2,133,737 9.97 201 Needham Street Michael's 2014 100.0 % 20,409 100.0 % 100.0 % 711,662 34.87 163 Highland Avenue Staples, Petco 2015 100.0 % 40,505 100.0 % 100.0 % 1,490,575 36.80 Vermont The Gateway Shopping Center Shaw's (Supervalu), Starbucks 1999 100.0 % 102,854 96.7 % 96.7 % 2,298,259 23.10 Illinois - Hobson West Plaza Garden Fresh Markets 1998 100.0 % 98,962 92.8 % 92.8 % 1,365,585 14.87 Indiana Merrillville Plaza Dollar Tree, TJ Maxx, DD's Discount (Ross) 1998 100.0 % 235,926 94.3 % 94.3 % 3,210,836 14.43 Michigan - Bloomfield Town Square HomeGoods, TJ Maxx, Dick's Sporting Goods, Burlington 1998 100.0 % 234,951 97.9 % 98.7 % 4,240,815 18.44 Delaware Town Center and Other (1 property) Lowes, Dick's Sporting Goods, Target 2003 100.0 % 700,321 96.9 % 99.6 % 12,112,222 17.85 33 Property (a) Key Tenants Year Acquired Acadia's Interest Gross Leasable Area (GLA) In Place Occupancy Leased Occupancy Annualized Base Rent (ABR) ABR/ Per Square Foot Market Square Shopping Center Trader Joe's, TJ Maxx 2003 100.0 % 102,047 98.1 % 100.0 % 3,321,484 33.17 Naamans Road (e) Jared Jewelers, American Red Cross 2006 100.0 % 19,865 63.8 % 100.0 % 711,939 56.14 Pennsylvania Plaza 422 Home Depot 1993 100.0 % 156,279 100.0 % 100.0 % 956,954 6.12 Chestnut Hill — 2006 100.0 % 36,492 100.0 % 100.0 % 993,248 27.22 Abington Towne Center (i) Target, TJ Maxx 1998 100.0 % 216,871 100.0 % 100.0 % 1,359,630 22.95 Total Suburban Properties 3,705,194 95.3 % 97.6 % $ 64,122,472 $ 19.58 Acadia Share Total Suburban Properties 3,548,011 95.4 % 97.6 % $ 59,415,057 $ 18.99 Total Core Properties 5,115,422 93.1 % 95.8 % $ 164,599,844 $ 36.51 Acadia Share Total Core Properties 4,748,304 93.1 % 95.8 % $ 145,670,575 $ 34.96 (a) Excludes properties under various stages of development or redevelopment, see “Development and Redevelopment Activities” section below.
Biggest changeMartens 100.0 % 23,781 100.0 % 100.0 % 4,858,992 204.32 200 West 54th Street — 2007 100.0 % 5,932 98.8 % 98.8 % 1,640,164 279.80 4401 White Plains Road Walgreens 2011 100.0 % 12,964 100.0 % 100.0 % 625,000 48.21 Bartow Avenue Wingstop 2005 100.0 % 14,824 100.0 % 100.0 % 509,030 34.34 Greenwich and Westport Collection (4 properties) Veronica Beard, The RealReal, Blue Mercury, Splendid, Swarvoski, Watches of Switzerland 1998 2012 2014 89.5 % 39,593 100.0 % 100.0 % 4,544,869 114.79 2914 Third Avenue Planet Fitness 2006 100.0 % 40,603 100.0 % 100.0 % 1,131,422 27.87 313-315 Bowery (b) John Varvatos 2013 100.0 % 6,600 100.0 % 100.0 % 527,076 79.86 120 West Broadway Citizens Bank, Citi Bank 2013 100.0 % 13,838 100.0 % 100.0 % 2,506,696 181.15 2520 Flatbush Avenue Bob's Discount Furniture, Capital One 2014 100.0 % 29,114 100.0 % 100.0 % 1,297,818 44.58 Williamsburg Beford Collection (c) Sephora, SweetGreen, Levain Bakery, Alo Yoga 2022 100.0 % 50,842 92.9 % 100.0 % 5,284,345 111.87 Williamsburg North 6th Collection (c) Lululemon, Madewell, On Running, Abercrombie and Fitch, Birkenstock, Patagonia 2024 2025 100.0 % 56,815 94.5 % 98.6 % 7,635,565 142.28 991 Madison Avenue Vera Wang, Gabriela Hearst 2016 100.0 % 7,512 100.0 % 100.0 % 3,790,095 504.54 Gotham Plaza Bank of America, Footlocker, Apple Bank 2016 49.0 % 25,931 75.4 % 75.4 % 1,672,235 85.48 397,992 94.8 % 97.5 % $ 56,527,078 $ 149.77 Los Angeles Metro 8833 Beverly Blvd Luxury Living 2022 97.0 % 9,757 100.0 % 100.0 % $ 1,390,888 142.55 Melrose Place Collection The Row, Chloe 2019 100.0 % 14,000 100.0 % 100.0 % 3,241,818 231.56 23,757 100.00 % 100.00 % $ 4,632,706 $ 195.00 District of Columbia Metro 1739-53 & 1801-03 Connecticut Avenue TD Bank 2012 100.0 % 20,669 21.9 % 21.9 % $ 311,541 $ 68.97 14th Street Collection (3 properties) Verizon, Long and Foster, VSV Wine Bar, Tile Bar 2021 100.0 % 19,077 76.4 % 76.4 % 1,396,848 95.83 Rhode Island Place Shopping Center Ross Dress for Less 2012 100.0 % 57,667 93.5 % 93.5 % 1,957,308 36.30 M Street and Wisconsin Corridor (28 Properties) (d) Lululemon, Duxiana, Reformation, Glossier, Alo Yoga, Aritzia, Skims, J Crew, Google 2011 2016 2019 68.0 % 262,412 93.7 % 94.9 % 19,085,423 77.63 359,825 88.6 % 89.5 % $ 22,751,120 $ 71.35 Boston Metro 165 Newbury Street Starbucks 2016 100.0 % 1,050 100.0 % 100.0 % $ 321,954 $ 306.62 Dallas Metro Henderson Avenue Portfolio (12 properties) Sprouts Market, Warby Parker, Tecovas 2022 2024 2025 100.0 % 84,652 83.7 % 85.9 % $ 2,642,593 37.30 33 Property (a) Key Tenants Year Acquired Acadia's Interest Gross Leasable Area (GLA) Economic Occupancy Leased Occupancy Annualized Base Rent (ABR) ABR/ Per Square Foot Total Street and Urban Retail 1,461,268 90.4 % 91.5 % $ 118,518,371 $ 89.73 Acadia Share Total Street and Urban Retail 1993 1,359,659 90.3 % 91.5 % $ 111,177,689 $ 90.51 SUBURBAN PROPERTIES New Jersey Elmwood Park Shopping Center Walgreens, Lidl, Chase Bank, City MD, Five Below 1998 100.0 % 143,988 94.8 % 100.0 % $ 3,592,469 $ 26.32 Marketplace of Absecon Walgreens, Dollar Tree, Aldi 1998 100.0 % 103,637 79.0 % 79.0 % 1,610,074 19.66 New York Village Commons Shopping Center Citibank, Ace Hardware 1998 100.0 % 87,239 88.7 % 92.6 % 2,763,571 35.71 Branch Plaza LA Fitness 1998 100.0 % 123,345 78.6 % 78.6 % 2,762,924 28.51 Amboy Center Stop & Shop (Ahold) 2005 100.0 % 63,372 92.1 % 92.1 % 2,129,760 36.49 Crossroads Shopping Center HomeGoods, PetSmart, BJ's Wholesale Club, O'Reilly Auto Parts 1998 49.0 % 311,528 93.5 % 97.5 % 9,769,104 33.53 New Loudon Center Price Chopper, Marshalls 1993 100.0 % 258,389 95.3 % 95.3 % 2,332,480 9.47 28 Jericho Turnpike Kohl's 2012 100.0 % 96,363 100.0 % 100.0 % 1,996,500 20.72 Connecticut Town Line Plaza (e) Wal-Mart, Stop & Shop (Ahold) 1998 100.0 % 206,346 98.5 % 98.5 % 1,657,996 15.63 Massachusetts Methuen Shopping Center Wal-Mart, Market Basket 1998 100.0 % 130,021 96.6 % 96.6 % 1,390,578 11.07 Crescent Plaza Home Depot, Shaw's 1993 100.0 % 218,002 99.3 % 100.0 % 2,258,581 10.43 201 Needham Street Michael's 2014 100.0 % 20,409 100.0 % 100.0 % 711,662 34.87 163 Highland Avenue Staples, Petco 2015 100.0 % 40,505 100.0 % 100.0 % 1,675,657 41.37 Vermont The Gateway Shopping Center Shaw's (Albertsons), Starbucks 1999 100.0 % 102,854 96.7 % 98.2 % 2,306,912 23.19 Illinois Hobson West Plaza Garden Fresh Markets 1998 100.0 % 98,962 89.8 % 89.8 % 1,245,840 14.03 Indiana Merrillville Plaza Dollar Tree, TJ Maxx, DD's Discount (Ross) 1998 100.0 % 235,926 82.8 % 84.3 % 2,959,547 15.15 Michigan Bloomfield Town Square HomeGoods, TJ Maxx, Dick's Sporting Goods, Burlington 1998 100.0 % 234,951 100.0 % 100.0 % 4,423,656 18.83 Delaware Town Center and Other (1 property) Lowes, Dick's Sporting Goods, Target, Crunch Fitness 2003 100.0 % 729,879 98.4 % 98.4 % 12,802,040 17.83 Market Square Shopping Center Trader Joe's, TJ Maxx 2003 100.0 % 102,047 100.0 % 100.0 % 3,445,866 33.77 Naamans Road Jared Jewelers, American Red Cross 2006 100.0 % 19,865 100.0 % 100.0 % 920,134 46.32 Pennsylvania Plaza 422 Home Depot 1993 100.0 % 156,279 100.0 % 100.0 % 956,954 6.12 Chestnut Hill — 2006 100.0 % 36,492 100.0 % 100.0 % 1,000,572 27.42 Abington Towne Center (f) Target, TJ Maxx 1998 100.0 % 216,871 98.8 % 100.0 % 1,285,513 21.95 Total Suburban Properties 3,737,270 95.2 % 96.0 % $ 65,998,390 $ 19.99 Acadia Share Total Suburban Properties 3,578,391 95.2 % 96.0 % $ 61,016,147 $ 19.35 Total REIT Properties 5,198,538 93.8 % 94.8 % $ 184,516,761 $ 39.91 Acadia Share Total REIT Properties 4,938,049 93.9 % 94.7 % $ 172,193,836 $ 39.30 (a) Excludes properties under various stages of development or redevelopment, see “Development and Redevelopment Activities” section below.
Given the diversity of our markets, properties and characteristics of the individual spaces, the Company cannot make any general representations relating to the expiring rents and the rates at which these spaces may be re-leased. 38 Geographic Concentrations The following table summarizes our operating retail properties by region, excluding development and redevelopment properties, as of December 31, 2024.
Given the diversity of our markets, properties and characteristics of the individual spaces, the Company cannot make any general representations relating to the expiring rents and the rates at which these spaces may be re-leased. 38 Geographic Concentrations The following table summarizes our operating retail properties by region as of December 31, 2025, excluding development and redevelopment properties.
(c) Represents the annual base rent paid to the Company pursuant to a master lease and does not reflect the rent paid by the retail tenants at the property. (d) 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% non-controlling interest holders.
(b) Represents the annual base rent paid to the Company pursuant to a master lease and does not reflect the rent paid by the retail tenants at the property. 34 (c) 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% non-controlling interest holders.
ITEM 2. P ROPERTIES. Retail Properties The discussion and tables in this Item 2. include wholly-owned and partially-owned properties held through our Core Portfolio and Investment Management portfolio. Our Core Portfolio consists of properties either 100% owned by or partially owned through joint venture interests by the Operating Partnership or subsidiaries thereof not including those properties owned through Investment Management.
ITEM 2. P ROPERTIES. Retail Properties The discussion and tables in this Item 2. include wholly-owned and partially-owned properties held through our REIT Portfolio and Investment Management platform. Our REIT Portfolio consists of properties either 100% owned by or partially owned through joint venture interests by the Operating Partnership or subsidiaries thereof not including those properties owned through Investment Management.
See Note 7 for information on the property mortgage debt pertaining to our properties. 31 The following table sets forth more specific information with respect to each of our Core Portfolio operating properties at December 31, 2024: Property (a) Key Tenants Year Acquired Acadia's Interest Gross Leasable Area (GLA) In Place Occupancy Leased Occupancy Annualized Base Rent (ABR) ABR/ Per Square Foot STREET AND URBAN RETAIL Chicago Metro Rush and Walton Streets Collection (6 properties) Lululemon, Reformation, Veronica Beard, St.
See Note 7 for information on the property mortgage debt pertaining to our properties. 32 The following table sets forth more specific information with respect to each of our REIT Portfolio operating properties at December 31, 2025: Property (a) Key Tenants Year Acquired Acadia's Interest Gross Leasable Area (GLA) Economic Occupancy Leased Occupancy Annualized Base Rent (ABR) ABR/ Per Square Foot STREET AND URBAN RETAIL Chicago Metro Rush and Walton Streets Collection (7 properties) Kith, Lululemon, Reformation, Veronica Beard, St.
From time to time, we are a party to various legal proceedings, claims or regulatory inquiries and investigations arising out of, or incident to, our ordinary course of business.
Michigan Avenue 23.1% Chicago, IL 40 ITEM 3. LEGAL PROCEEDINGS. From time to time, we are a party to various legal proceedings, claims or regulatory inquiries and investigations arising out of, or incident to, our ordinary course of business.
A significant portion of our rental revenues are from national retailers and consist of rents received under long-term leases. These leases generally provide for the monthly payment of fixed minimum rent and the tenants’ pro-rata share of the real estate taxes, insurance, utilities, and common area maintenance of the shopping centers.
A significant portion of rental revenues is derived from national retailers under long-term leases, which typically provide for the monthly payment of fixed minimum rent plus the tenants’ pro-rata share of the real estate taxes, insurance, utilities, and common area maintenance.
The above occupancy and rent amounts do not include space which is currently leased, other than “leased occupancy,” but for which rent payment has not yet commenced. Residential and office GLA are excluded. (b) In place occupancy excludes short-term percentage rent. (c) Property is owned by the Company on land subject to a ground lease.
The above occupancy and rent amounts do not include space which is currently leased, other than “leased occupancy,” but for which rent payment has not yet commenced. Residential and office GLA are excluded. (b) In place occupancy excludes short-term percentage rent. (c) Property also includes 93,259 square feet of office space.
The above occupancy and rent amounts do not include space that is currently leased, but for which rent payment has not yet commenced as of December 31, 2024 (other than under “Leased Occupancy”). Residential and office GLA are excluded. (b) Includes one property owned by the Company on land subject to a ground lease.
The above occupancy and rent amounts do not include space that is currently leased, but for which rent payment has not yet commenced as of December 31, 2025 (other than under “Leased Occupancy”). Residential and office GLA are excluded.
(e) Property is owned by the Company on land subject to a ground lease. (f) Property or properties are unconsolidated. (g) Excludes 94,000 square feet of office GLA. (h) Anchor GLA includes a 97,300 square foot Wal-Mart store that is not owned by the Company. This square footage has been excluded for calculating annualized base rent per square foot.
(d) Excludes 94,000 square feet of office GLA. (e) Anchor GLA includes a 97,300 square foot Wal-Mart store that is not owned by the Company. This square footage has been excluded for calculating annualized base rent per square foot. (f) Anchor GLA includes a 157,616 square foot Target store that is not owned by the Company.
As of December 31, 2024, we had the following development or redevelopment projects in various stages of the development process (dollars in millions): Acadia's Pro-rata Share Property (a) AKR Pro-rata share Location Estimated Stabilization Est.
As of December 31, 2025, we had the following current development and future development projects (dollars in millions): Acadia's Pro-rata Share REIT Portfolio Development Property AKR Pro-rata share Location Estimated Stabilization Est.
The Investment Management properties are located in 20 states and the District of Columbia and, as of December 31, 2024, were 92.7% occupied and 95.1% leased (or 91.2% occupied and 94.1% leased at our pro-rata share), excluding the properties under development. Within our Core Portfolio and Investment Management, we had more than 1,300 retail leases as of December 31, 2024.
These properties are located in 20 states and the District of Columbia and were 92.5% occupied and 94.1% leased (or 90.1% occupied and 92.2% leased at our pro-rata share), excluding properties under redevelopment. Across both platforms, we had more than 1,400 retail leases as of December 31, 2025.
The following table sets forth more specific information with respect to each of our Investment Management properties at December 31, 2024: Property (a) Key Tenants Year Acquired Acadia's Interest Gross Leasable Area (GLA) In Place Occupancy Leased Occupancy Annualized Base Rent (ABR) ABR/Per Square Foot Fund II Portfolio Detail New York City Point (b,c) Primark, Target, Sephora, Basis Schools, Alamo Drafthouse, Trader Joe's, Bang Cookies 2007 58.1 % 535,265 78.8 % 86.0 % $ 19,930,465 $ 47.23 Total - Fund II 535,265 78.8 % 86.0 % $ 19,930,465 $ 47.23 Fund III Portfolio Detail New York 640 Broadway ─ 2012 24.5 % 4,547 79.1 % 93.4 % $ 918,550 $ 255.37 Total - Fund III 4,547 79.1 % 93.4 % $ 918,550 $ 255.37 Fund IV Portfolio Detail New York 801 Madison Avenue ─ 2015 23.1 % 2,522 100.0 % 100.0 % $ 300,000 $ 118.95 210 Bowery ─ 2012 23.1 % 2,538 — % — % — — 27 East 61st Street ─ 2014 23.1 % 4,177 — % — % — — 17 East 71st Street The Row 2014 23.1 % 8,432 100.0 % 100.0 % 2,116,939 251.06 1035 Third Avenue (d) ─ 2015 23.1 % 7,634 92.1 % 92.1 % 1,131,623 160.99 34 Property (a) Key Tenants Year Acquired Acadia's Interest Gross Leasable Area (GLA) In Place Occupancy Leased Occupancy Annualized Base Rent (ABR) ABR/Per Square Foot Massachusetts Restaurants at Fort Point Santander Bank 2016 23.1 % 15,711 9.1 % 9.1 % 224,438 157.50 Rhode Island 650 Bald Hill Road (e) Dick's Sporting Goods, Burlington 2015 20.8 % 160,448 85.3 % 85.3 % 2,092,896 15.28 Delaware Eden Square (e) Giant Food, LA Fitness 2014 20.8 % 229,173 95.8 % 97.9 % 3,549,965 16.17 Georgia Broughton Street Portfolio (13 properties) H&M, Warby Parker, Kendra Scott, Starbucks 2014 23.1 % 94,693 90.5 % 93.3 % 3,275,948 38.21 California Union and Fillmore Collection (1 property) Bonobos 2015 20.8 % 1,044 100.0 % 100.0 % 147,585 141.36 Total - Fund IV 526,372 87.9 % 89.3 % $ 12,839,393 $ 27.75 Fund V Portfolio Detail New Mexico Plaza Santa Fe (c) TJ Maxx, Best Buy, Ross Dress for Less 2017 20.1 % 224,152 95.7 % 99.9 % $ 4,115,611 $ 19.19 Texas Wood Ridge Plaza (e) Kirkland's, Office Depot 2022 18.1 % 217,617 90.0 % 91.9 % 4,771,885 24.37 La Frontera Village (e) Kohl's, Hobby Lobby, Burlington, Marshalls 2022 18.1 % 534,549 87.5 % 95.0 % 6,923,194 14.80 Michigan New Towne Center Kohl's, Jo-Ann's, DSW 2017 20.1 % 190,530 100.0 % 100.0 % 2,416,131 12.68 Fairlane Green TJ Maxx, Michaels, Burlington 2017 20.1 % 270,187 98.3 % 98.3 % 5,245,306 19.75 Maryland Frederick County (1 property) (e) Lidl, Advance Auto, Starbucks 2019 18.1 % 236,507 89.1 % 92.3 % 3,917,315 18.58 Connecticut Tri-City Plaza (e) TJ Maxx, HomeGoods, ShopRite 2019 18.1 % 302,709 90.9 % 94.7 % 4,047,174 14.71 New Jersey Midstate ShopRite, Best Buy, DSW, PetSmart 2021 20.1 % 392,889 91.5 % 94.7 % 6,768,205 18.83 New York Shoppes at South Hills (e) ShopRite, At Home, Ashley Furniture 2022 18.1 % 512,908 76.5 % 76.5 % 4,483,090 11.42 Mohawk Commons (e) Lowe's, Target 2023 18.1 % 401,173 97.9 % 100.0 % 5,647,885 14.38 Pennsylvania Monroe Marketplace Kohl's, Dick's Sporting Goods, Giant Food 2021 20.1 % 371,652 100.0 % 100.0 % 4,459,795 12.00 Rhode Island Lincoln Commons Stop and Shop, Marshalls, HomeGoods 2019 20.1 % 460,813 97.1 % 97.1 % 6,032,457 13.48 Vermont Maple Tree Place (f) Shaw's, Dick's Sporting Goods, Best Buy, Old Navy 2023 20.1 % 396,769 83.0 % 95.3 % 6,535,336 19.84 Virginia Landstown Commons Best Buy, Burlington, Ross Dress for Less 2019 20.1 % 380,199 96.4 % 97.1 % 7,651,902 20.89 Florida Palm Coast Landing TJ Maxx, PetSmart, Ross Dress for Less 2019 20.1 % 171,721 96.2 % 97.9 % 3,520,424 21.30 Cypress Creek (c) Hobby Lobby, Total Wine, HomeGoods 2023 20.1 % 239,656 98.5 % 98.5 % 5,080,689 21.51 North Carolina Hickory Ridge Kohl's, Best Buy, Dick's Sporting Goods 2017 20.1 % 380,565 99.3 % 99.3 % 4,783,801 12.66 Alabama Trussville Promenade Wal-Mart, Regal Cinemas 2018 20.1 % 463,681 97.3 % 97.3 % 4,480,140 9.93 Georgia 35 Property (a) Key Tenants Year Acquired Acadia's Interest Gross Leasable Area (GLA) In Place Occupancy Leased Occupancy Annualized Base Rent (ABR) ABR/Per Square Foot Canton Marketplace Dick's Sporting Goods, TJ Maxx, Best Buy 2021 20.1 % 347,966 96.6 % 100.0 % 6,176,580 18.38 Hiram Pavilion Kohl's, HomeGoods 2018 20.1 % 363,391 98.6 % 98.6 % 4,886,285 13.64 California Elk Grove Commons Kohl's, HomeGoods 2018 20.1 % 242,078 98.8 % 100.0 % 5,196,093 21.73 Utah Family Center at Riverdale (e) Target, Home Goods, Best Buy, Sierra Trading (TJX) 2019 18.0 % 372,408 97.9 % 97.9 % 4,096,176 11.23 Total - Fund V 7,474,120 93.8 % 95.9 % $ 111,235,474 $ 15.87 TOTAL FUND PROPERTIES 8,540,304 92.5 % 94.9 % $ 144,923,883 $ 18.35 Other Co-investment Vehicles Detail New York Shops at Grand Avenue (e) Stop & Shop (Ahold), Starbucks 2024 5.0 % 99,837 100.0 % 100.0 % 3,567,567 35.73 Florida Walk at Highwoods Preserve (e) HomeGoods, Michaels 2024 20.0 % 137,756 95.1 % 95.1 % 2,633,949 20.10 Nevada LINQ Promenade (e) Yard House, Brooklyn Bowl, I Love Sugar, Starbucks, Welcome to Las Vegas 2024 15.0 % 182,926 99.1 % 99.6 % $ 14,600,887 $ 80.52 Total - Other Co-investment Vehicles 420,519 98.0 % 98.2 % $ 20,802,403 $ 50.46 TOTAL INVESTMENT MANAGEMENT PROPERTIES 8,960,823 92.7 % 95.1 % $ 165,726,286 $ 19.95 Acadia Share of Total Investment Management Properties 1,934,764 91.2 % 94.1 % $ 39,205,971 $ 22.21 (a) Excludes properties under development or redevelopment, see “Development and Redevelopment Activities” section below.
The following table sets forth more specific information with respect to each of our Investment Management properties at December 31, 2025: Property (a) Key Tenants Year Acquired Acadia's Interest Gross Leasable Area (GLA) Economic Occupancy Leased Occupancy Annualized Base Rent (ABR) ABR/Per Square Foot Fund II Portfolio Detail New York City Point (b) Primark, Target, Sephora, Basis Schools, Alamo Drafthouse, Trader Joe's, Lululemon 2007 76.0 % 531,982 79.6 % 87.6 % $ 20,764,697 $ 49.01 Total - Fund II 531,982 79.6 % 87.6 % $ 20,764,697 $ 49.01 Fund IV Portfolio Detail New York 801 Madison Avenue — 2015 23.1 % 2,522 100.0 % 100.0 % $ 300,000 $ 118.95 210 Bowery — 2012 23.1 % 2,538 — — — — 27 East 61st Street — 2014 23.1 % 4,177 — — — — 17 East 71st Street The Row 2014 23.1 % 8,432 100.0 % 100.0 % 2,129,561 252.56 Massachusetts Restaurants at Fort Point Santander Bank 2016 23.1 % 15,711 9.1 % 9.1 % 224,656 157.65 Rhode Island 650 Bald Hill Road (d) Dick's Sporting Goods, Burlington 2015 20.8 % 160,448 85.3 % 85.3 % 2,092,896 15.28 Georgia Broughton Street Portfolio (14 properties) H&M, Warby Parker, Kendra Scott, Starbucks, Lululemon 2014 23.1 % 94,693 93.3 % 93.3 % 3,492,656 39.54 California Union and Fillmore Collection (1 property) Bonobos 2015 20.8 % 1,044 100.0 % 100.0 % 82,500 79.02 Total - Fund IV 289,565 82.4 % 82.4 % $ 8,322,270 $ 34.87 Fund V Portfolio Detail New Mexico Plaza Santa Fe TJ Maxx, Best Buy, Ross Dress for Less 2017 20.1 % 224,152 99.9 % 99.9 % $ 4,323,989 $ 19.31 Texas Wood Ridge Plaza (d) Skechers, Diamonds Direct, Office Depot 2022 18.1 % 217,273 84.3 % 91.0 % 4,693,229 25.61 La Frontera Village (d) Kohl's, Hobby Lobby, Burlington, Marshalls 2022 18.1 % 534,441 95.2 % 99.5 % 7,937,949 15.60 Michigan New Towne Center Kohl's, DSW 2017 20.1 % 190,530 81.5 % 81.5 % 1,996,075 12.86 Fairlane Green TJ Maxx, Michaels, Burlington 2017 20.1 % 270,187 96.2 % 98.3 % 5,149,277 19.82 Maryland Frederick County (1 property) (d) Lidl, Advance Auto, Starbucks 2019 18.1 % 236,507 77.1 % 79.6 % 3,591,828 19.69 Connecticut Tri-City Plaza (d) TJ Maxx, HomeGoods, ShopRite 2019 18.1 % 295,817 96.2 % 96.9 % 4,632,849 16.27 New Jersey Midstate ShopRite, Best Buy, Ross Dress for Less, PetSmart 2021 20.1 % 392,889 94.9 % 95.4 % 7,320,518 19.64 New York Shoppes at South Hills (d) ShopRite, Ashley Furniture 2022 18.1 % 512,908 77.0 % 77.0 % 4,540,459 11.50 Mohawk Commons (d) Lowe's, Target 2023 18.1 % 399,198 99.4 % 99.4 % 5,809,133 14.64 Pennsylvania Monroe Marketplace Kohl's, Dick's Sporting Goods, Giant Food 2021 20.1 % 371,652 99.6 % 99.6 % 4,460,933 12.05 Rhode Island Lincoln Commons Stop and Shop (Ahold), Marshalls, HomeGoods 2019 20.1 % 460,813 97.1 % 97.1 % 6,208,135 13.87 Vermont 35 Property (a) Key Tenants Year Acquired Acadia's Interest Gross Leasable Area (GLA) Economic Occupancy Leased Occupancy Annualized Base Rent (ABR) ABR/Per Square Foot Maple Tree Place (c) Shaw's, Dick's Sporting Goods, Best Buy, Old Navy 2023 20.1 % 396,778 95.3 % 96.8 % 7,394,723 19.56 Virginia Landstown Commons Best Buy, Burlington, Ross Dress for Less 2019 20.1 % 383,236 97.4 % 97.4 % 8,054,369 21.58 Florida Palm Coast Landing TJ Maxx, PetSmart, Ross Dress for Less 2019 20.1 % 171,721 97.9 % 97.9 % 3,634,204 21.61 Cypress Creek Hobby Lobby, Total Wine, HomeGoods 2023 20.1 % 239,659 100.0 % 100.0 % 5,265,164 21.97 North Carolina Hickory Ridge Kohl's, Best Buy, Dick's Sporting Goods 2017 20.1 % 380,565 96.1 % 96.1 % 4,649,252 12.71 Alabama Trussville Promenade Wal-Mart, Regal Cinemas 2018 20.1 % 463,681 89.6 % 97.3 % 3,957,844 9.53 Georgia Canton Marketplace Dick's Sporting Goods, TJ Maxx, Best Buy 2021 20.1 % 347,966 98.1 % 98.1 % 6,359,342 18.63 Hiram Pavilion Kohl's, HomeGoods 2018 20.1 % 363,391 100.0 % 100.0 % 5,109,256 14.06 California Elk Grove Commons Kohl's, HomeGoods 2018 20.1 % 242,078 99.1 % 100.0 % 5,413,855 22.57 Utah Family Center at Riverdale (d) Target, Home Goods, Best Buy, Sierra Trading (TJX) 2019 18.0 % 372,408 97.9 % 97.9 % 4,261,462 11.68 Total - Fund V 7,467,850 94.1 % 95.4 % $ 114,763,845 $ 16.33 TOTAL FUND PROPERTIES 8,289,397 92.8 % 94.5 % $ 143,850,812 $ 18.70 Other Co-investment Vehicles Detail New York Shops at Grand Avenue (d) Stop & Shop (Ahold), Starbucks 2024 5.0 % 99,837 89.7 % 89.7 % $ 3,292,401 $ 36.78 Florida Walk at Highwoods Preserve (d) HomeGoods, Michaels 2024 20.0 % 137,756 95.1 % 95.1 % 2,663,811 20.32 Pinewood Square TJ Maxx, Ross Dress for Less, Five Below 2025 100.0 % 203,917 97.8 % 97.8 % 4,792,309 24.04 Georgia Avenue at West Cobb — 2025 100.0 % 254,446 77.3 % 77.3 % 4,625,460 23.52 Nevada LINQ Promenade (d) Yard House, Brooklyn Bowl, I Love Sugar, Starbucks, Welcome to Las Vegas, In-N-Out Burger, Magicians Room 2024 15.0 % 181,498 96.1 % 99.3 % 14,175,780 81.28 Total - Other Co-investment Vehicles 877,454 90.1 % 90.8 % $ 29,549,760 $ 37.36 TOTAL INVESTMENT MANAGEMENT PROPERTIES 9,166,851 92.5 % 94.1 % $ 173,400,572 $ 20.44 Acadia Share of Total Investment Management Properties 2,434,627 90.1 % 92.2 % $ 52,246,181 $ 23.83 (a) Excludes properties under development or redevelopment, see “Development and Redevelopment Activities” section below.
(f) Property also includes 18,493 square feet of office space. 36 Major T enants No individual retail tenant accounted for more than 3.0% of total Core Portfolio and Investment Management base rents for the year ended December 31, 2024 or occupied more than 7.7% of total Core Portfolio and Investment Management leased GLA as of December 31, 2024.
(d) Property or properties are unconsolidated. 36 Major T enants No individual retail tenant accounted for more than 3.0% of total base rents across the REIT Portfolio and Investment Management for the year ended December 31, 2025, or occupied more than 6.3% of total leased GLA as of that date.
Our Investment Management segment represents the management of properties owned by our Funds and unconsolidated co-investment joint ventures. As of December 31, 2024, our Core Portfolio consisted of 143 operating properties totaling approximately 5.1 million square feet (or 4.7 million at our pro-rata share) of gross leasable area (“GLA”) excluding 16 properties in various stages of development and redevelopment.
As of December 31, 2025, our REIT Portfolio consisted of 151 operating properties totaling approximately 5.2 million square feet of gross leasable area (“GLA”) (or 4.9 million at our pro-rata share), excluding 25 properties in various stages of development and redevelopment.
The amounts below include our pro-rata share of GLA and annualized base rent for the Operating Partnership’s partial ownership interest in properties including Investment Management (GLA and Annualized Base Rent in thousands): Percentage of Total Represented by Retail Tenant Retail Tenant Number of Stores in Portfolio (a) Total GLA Annualized Base Rent (a) Total Portfolio GLA Annualized Base Rent Target 5 512 $ 9,233 7.7 % 3.0 % TJX Companies (b) 31 368 4,435 5.5 % 1.4 % J.Crew Group, Inc.
The following table presents information for our 20 largest retail tenants by base rent as of December 31, 2025, including our pro-rata share of GLA and annualized base rent for the Operating Partnership’s partial ownership interest in properties within both portfolios (GLA and Annualized Base Rent in thousands): Percentage of Total Represented by Retail Tenant Retail Tenant Number of Stores in Portfolio (a) Total GLA Annualized Base Rent (a) Total Portfolio GLA Annualized Base Rent Target 5 533 $ 9,469 6.3 % 3.0 % J.Crew Group, Inc.
This square footage has been excluded for calculating annualized base rent per square foot. b) The above occupancy and rent amounts do not include space that is currently leased, but for which payment of rent had not yet commenced as of December 31, 2024. c) New York Metro includes the tri-state and surrounding states. 39 Development and Redevelopment Activities As part of our strategy, we invest in retail real estate assets that may require significant development.
This square footage has been excluded for calculating annualized base rent per square foot. (b) The above occupancy and rent amounts do not include space that is currently leased, but for which payment of rent had not yet commenced as of December 31, 2025.
The amounts below include our pro-rata share of GLA and annualized base rent for the Operating Partnership’s partial ownership interest in properties, including Investment Management (GLA and Annualized Base Rent in thousands): Percentage of Total Represented by Region Region GLA (a) % Occupied (b) Annualized Base Rent (b) Annualized Base Rent per Occupied Square Foot GLA Annualized Base Rent Core Portfolio: New York Metro 1,338 92.0 % $ 64,162 $ 52.15 28.2 % 44.0 % Chicago Metro 577 82.4 % 25,198 53.00 12.2 % 17.3 % Mid-Atlantic 1,232 97.5 % 19,455 18.58 25.9 % 13.4 % New England 719 97.7 % 9,954 16.38 15.1 % 6.8 % Washington D.C.
Figures include our pro-rata share of GLA and annualized base rent for the Operating Partnership’s partial ownership interests in properties within both the REIT Portfolio and Investment Management (GLA and Annualized Base Rent in thousands): Percentage of Total Represented by Region Region GLA (a) % Occupied (b) Annualized Base Rent (b) Annualized Base Rent per Occupied Square Foot GLA Annualized Base Rent REIT Portfolio: New York Metro 1,410 92.2 % $ 77,159 $ 59.37 28.6 % 44.8 % Chicago Metro 594 89.0 % 31,643 59.82 12.0 % 18.4 % Mid-Atlantic 1,261 98.9 % 20,411 18.71 25.5 % 11.9 % New England 719 98.3 % 10,323 16.89 14.6 % 6.0 % Washington D.C.
Diversey Collection (4 properties) Starbucks, TJ Maxx, J Crew Factory, Trader Joe's 2011 2012 100.0 % 53,099 79.9 % 79.9 % 1,889,078 44.54 Halsted and Armitage Collection (13 properties) Serena and Lily, Faherty, Allbirds, Warby Parker, Marine Layer, Kiehl's 2011 2012 2019 2020 100.0 % 53,220 85.8 % 100.0 % 2,312,080 50.66 North Lincoln Park Chicago Collection (6 properties) Guitar Center, Carhartt 2011 2014 100.0 % 49,921 49.2 % 49.2 % 888,099 36.16 State and Washington Nordstrom Rack, Uniqlo 2016 100.0 % 65,401 100.0 % 100.0 % 2,768,673 42.33 151 N.
Diversey Collection (4 properties) Starbucks, TJ Maxx, J Crew Factory, Trader Joe's, Sephora 2011 2012 100.0 % 53,099 89.0 % 89.0 % 2,261,842 47.84 Halsted and Armitage Collection (13 properties) Serena and Lily, Faherty, Jenny Kayne, Warby Parker, Kiehl's, Solidcore, Rails, Levain Bakery, Huckberry 2011 2012 2019 2020 100.0 % 53,220 100.0 % 100.0 % 3,249,311 61.05 North Lincoln Park Chicago Collection (6 properties) Guitar Center, Carhartt 2011 2014 100.0 % 49,921 55.5 % 55.5 % 1,057,532 38.20 State and Washington Nordstrom Rack, Uniqlo 2016 100.0 % 65,401 100.0 % 100.0 % 2,788,546 42.64 151 N.
As of December 31, 2024, we owned and operated 49 properties totaling approximately 9.0 million square feet in total (or 1.9 million square feet at our pro-rata share) of GLA in our Investment Management portfolio, excluding two properties under development or redevelopment. In addition to shopping centers, Investment Management has investments in mixed-use properties, which generally include retail activities.
Our Investment Management portfolio included 51 properties totaling approximately 9.2 million square feet in total of GLA (or 2.4 million square feet at our pro-rata share), excluding one property under development or redevelopment. In addition to shopping centers, this portfolio includes mixed-use properties, that generally incorporate retail components.
(c) 5 18 4,411 0.3 % 1.4 % Dicks Sporting Goods, Inc. 7 204 3,745 3.1 % 1.2 % PetSmart, Inc. 14 115 3,536 1.7 % 1.1 % Trader Joe's 5 54 3,389 0.8 % 1.1 % Lululemon 4 12 3,153 0.2 % 1.0 % Walgreens 5 71 2,962 1.1 % 1.0 % ALO Yoga 3 25 2,921 0.4 % 0.9 % Kohl's 7 196 2,738 2.9 % 0.9 % Lowe's 2 164 2,648 2.5 % 0.9 % Fast Retailing (d) 2 32 2,513 0.5 % 0.8 % Royal Ahold (e) 6 146 2,329 2.2 % 0.7 % Supervalu Inc.
(c) 7 40 5,849 0.5 % 1.6 % TJX Companies (b) 32 421 5,129 5.0 % 1.4 % Lululemon 5 24 4,625 0.3 % 1.3 % Dicks Sporting Goods, Inc. 7 204 3,756 2.4 % 1.1 % Trader Joe's 5 57 3,728 0.7 % 1.1 % PetSmart, Inc. 14 115 3,536 1.4 % 1.0 % ALO Yoga 3 24 2,999 0.3 % 0.8 % Walgreens 5 71 2,962 0.8 % 0.8 % Kohl's 7 199 2,750 2.4 % 0.8 % Lowe's 2 164 2,648 2.0 % 0.7 % Fast Retailing (d) 2 32 2,579 0.4 % 0.7 % Supervalu Inc.
The Core Portfolio properties are located in 12 states and the District of Columbia and primarily consist of street retail and dense suburban shopping centers.
These properties are located in 12 states and the District of Columbia and primarily consist of street retail and suburban shopping centers located in densely populated markets. Property sizes range from approximately 1,000 to 800,000 square feet.
No single tenant or property collectively comprised more than 10% of the Company’s Total revenues. b) TJ Maxx (13 locations), HomeGoods (10 locations), Marshalls (6 locations), HomeSense (2 locations) c) Madewell (4 locations), J.Crew Factory (1 location) d) Uniqlo (1 location), Theory (1 location) e) Stop and Shop (4 locations), Giant (2 locations) f) Shaw’s (3 locations) g) Kate Spade (2 locations) h) Old Navy (10 locations), Gap (1 location) i) Grand Seiko (1 location), Betteridge Jewelers (1 location) 37 Lease Exp irations The following tables show scheduled lease expirations on a pro-rata basis for retail tenants in place as of December 31, 2024, assuming that none of the tenants will exercise renewal options (GLA and Annualized Base Rent in thousands): Core Portfolio GLA Annualized Base Rent (a, b) Leases Maturing in Number of Leases Square Feet Percentage of Total Current Annual Rent Percentage of Total Month to Month 1 2 0.0 % $ 93 0.1 % 2025 78 636 15.3 % 24,200 16.6 % 2026 74 622 14.9 % 18,879 13.0 % 2027 64 335 8.0 % 14,020 9.6 % 2028 67 824 19.8 % 23,935 16.4 % 2029 73 636 15.3 % 16,604 11.4 % 2030 20 88 2.1 % 5,935 4.1 % 2031 24 170 4.1 % 6,237 4.3 % 2032 42 212 5.1 % 10,419 7.2 % 2033 45 169 4.0 % 10,817 7.4 % 2034 18 69 1.7 % 3,027 2.1 % Thereafter 23 405 9.7 % 11,505 7.9 % Total 529 4,168 100.0 % $ 145,671 100.0 % Investment Management GLA Annualized Base Rent (a, b) Leases Maturing in Number of Leases Square Feet Percentage of Total Current Annual Rent Percentage of Total Month to Month 2 1 0.0 % $ 7 0.0 % 2025 112 246 14.0 % 4,130 10.5 % 2026 105 136 7.7 % 2,913 7.4 % 2027 119 244 13.8 % 4,780 12.2 % 2028 105 169 9.6 % 3,615 9.2 % 2029 121 267 15.1 % 5,164 13.2 % 2030 40 64 3.6 % 1,264 3.2 % 2031 38 81 4.6 % 1,404 3.6 % 2032 43 167 9.4 % 2,906 7.4 % 2033 45 104 5.9 % 2,682 6.8 % 2034 53 100 5.7 % 2,264 5.8 % Thereafter 25 187 10.6 % 8,077 20.6 % Total 808 1,765 100.0 % $ 39,206 100.0 % a) Base rents do not include percentage rents, additional rents for property expense reimbursements, or contractual rent escalations. b) No single market, except as discussed below under Geographic Concentrations, represents a material amount of rent exposure to the Company.
(b) TJ Maxx (14 locations), HomeGoods (10 locations), Marshalls (6 locations), HomeSense (2 locations) (c) Madewell (4 locations), J.Crew Factory (3 location) (d) Uniqlo (1 location), Theory (1 location) (e) Stop and Shop (5 locations), Giant (2 locations) (f) Shaw’s (3 locations) (g) Old Navy (10 locations), Gap (1 location) (h) Grand Seiko (1 location), Betteridge Jewelers (1 location) 37 Lease Exp irations The following tables show scheduled lease expirations on a pro-rata basis for retail tenants in place as of December 31, 2025, assuming that none of the tenants will exercise renewal options (GLA and Annualized Base Rent in thousands): REIT Portfolio GLA Annualized Base Rent (a, b) Leases Maturing in Number of Leases Square Feet Percentage of Total Current Annual Rent Percentage of Total Month to Month 10 40 0.9 % $ 2,172 1.3 % 2026 79 646 14.7 % 20,203 11.7 % 2027 67 364 8.3 % 16,245 9.4 % 2028 68 873 19.9 % 26,459 15.4 % 2029 69 700 16.0 % 19,388 11.3 % 2030 54 344 7.8 % 17,403 10.1 % 2031 23 170 3.9 % 6,228 3.6 % 2032 44 180 4.1 % 14,879 8.6 % 2033 48 205 4.7 % 14,636 8.5 % 2034 18 85 1.9 % 6,226 3.6 % 2035 40 446 10.2 % 15,112 8.8 % Thereafter 27 329 7.5 % 13,243 7.7 % Total 547 4,382 100.0 % $ 172,194 100.0 % Investment Management GLA Annualized Base Rent (a, b) Leases Maturing in Number of Leases Square Feet Percentage of Total Current Annual Rent Percentage of Total Month to Month 10 5 0.2 % $ 200 0.4 % 2026 122 189 8.6 % 4,127 7.9 % 2027 120 275 12.5 % 5,916 11.3 % 2028 133 309 14.1 % 6,566 12.6 % 2029 129 293 13.3 % 6,716 12.9 % 2030 106 283 12.9 % 4,983 9.5 % 2031 37 87 4.0 % 1,674 3.2 % 2032 42 201 9.2 % 3,045 5.8 % 2033 47 143 6.5 % 3,454 6.6 % 2034 55 110 5.0 % 2,687 5.1 % 2035 49 105 4.8 % 3,492 6.7 % Thereafter 21 193 8.8 % 9,386 18.0 % Total 871 2,193 100.0 % $ 52,246 100.0 % (a) Base rents do not include percentage rents, additional rents for property expense reimbursements, or contractual rent escalations.
(i) Anchor GLA includes a 157,616 square foot Target store that is not owned by the Company. This square footage has been excluded for calculating annualized base rent per square foot.
This square footage has been excluded for calculating annualized base rent per square foot.
Metro 168 82.1 % 9,121 66.29 3.5 % 6.3 % Midwest 570 95.5 % 8,817 16.20 12.0 % 6.1 % Los Angeles Metro 23 100.0 % 4,454 189.81 0.5 % 3.1 % Dallas Metro 122 88.3 % 4,509 42.00 2.6 % 3.1 % Total Core Operating Properties 4,748 93.1 % $ 145,670 $ 34.96 100.0 % 100.0 % Investment Management Portfolio: New York Metro 323 79.0 % $ 12,802 $ 50.17 16.6 % 32.7 % Northeast 627 89.8 % 8,544 15.21 32.4 % 21.8 % Southeast 521 97.2 % 8,637 17.05 26.9 % 22.0 % Southwest 181 90.1 % 2,943 18.04 9.4 % 7.5 % West 143 98.4 % 3,971 28.20 7.4 % 10.1 % Midwest 93 99.0 % 1,540 16.80 4.8 % 3.9 % Mid-Atlantic 46 95.8 % 739 16.17 2.4 % 1.9 % San Francisco Metro 1 100.0 % 31 141.36 0.1 % 0.1 % Total Investment Management Operating Properties 1,935 91.2 % $ 39,206 $ 22.21 100.0 % 100.0 % a) Property GLA includes a total of 255,000 square feet, which is not owned by us.
Metro 276 87.3 % 16,795 69.75 5.6 % 9.8 % Midwest 570 91.1 % 8,629 16.62 11.5 % 5.0 % Los Angeles Metro 23 100.0 % 4,591 195.66 0.5 % 2.7 % Dallas Metro 85 83.7 % 2,643 37.30 1.7 % 1.5 % Total REIT Operating Properties 4,938 93.9 % $ 172,194 $ 39.30 100.0 % 100.0 % Investment Management Portfolio: New York Metro 413 79.6 % $ 16,508 $ 50.17 17.0 % 31.8 % Northeast 624 91.6 % 8,950 15.65 25.6 % 17.1 % Southeast 980 91.6 % 18,201 20.26 40.2 % 34.8 % Southwest 181 94.0 % 3,154 18.53 7.4 % 6.0 % West 143 98.0 % 3,980 28.45 5.9 % 7.6 % Midwest 94 90.1 % 1,436 17.22 3.9 % 2.7 % San Francisco Metro — 100.0 % 17 79.02 — % — % Total Investment Management Operating Properties 2,435 90.1 % $ 52,246 $ 23.83 100.0 % 100.0 % (a) Property GLA includes a total of 255,000 square feet, which is not owned by us.
These properties are diverse in size, ranging from approximately 1,000 to 800,000 square feet and as of December 31, 2024, were 93.1% occupied and 95.8% leased (or 93.1% occupied and 95.8% leased at our pro-rata share), excluding properties under development or redevelopment.
As of December 31, 2025, the REIT Portfolio was 93.8% occupied and 94.8% leased (or 93.9% occupied and 94.7% leased at our pro-rata share), excluding properties under development or redevelopment.
An insignificant portion of our leases also provide for the payment of rent based on a percentage of a tenant’s gross sales in excess of a stipulated annual amount, either in addition to, or in place of, minimum rents, which we refer to as percentage rents.
A small number of leases also include percentage rent provisions, based on a tenant’s gross sales above a stipulated annual threshold, either in addition to or in place of minimum rents. For the year ended December 31, 2025, minimum rents and expense reimbursements accounted for predominantly all of our total revenues.
We pay rent for the use of the land and are responsible for all costs and expenses associated with the building and improvements at all of these locations. No individual property or tenant contributed in excess of 10% of our total revenues for the years ended December 31, 2024, 2023 or 2022.
No individual property or tenant contributed more than 10% of our total revenues for the years ended December 31, 2025, 2024 or 2023.
Minimum rents and expense reimbursements accounted for substantially all of our total revenues for the year ended December 31, 2024. Seven of our Core Portfolio properties and four of our Investment Management properties are subject to long-term ground leases in which a third party owns and has leased the underlying land to us.
Seven REIT Portfolio properties and four Investment Management properties are subject to long-term ground leases, under which a third party owns the underlying land and leases it to us. We pay rent for land use and are responsible for all costs and expenses associated with the buildings and improvements at these locations.
(f) 3 136 2,278 2.0 % 0.7 % Ulta Beauty 16 58 2,199 0.9 % 0.7 % Bob's Discount Furniture 3 75 2,139 1.1 % 0.7 % Tapestry (g) 2 4 1,800 0.1 % 0.6 % Gap (h) 11 66 1,775 1.0 % 0.6 % Watches of Switzerland (i) 2 14 1,756 0.2 % 0.6 % Michaels Stores, Inc. 8 71 1,639 1.1 % 0.5 % Total 141 2,341 $ 61,598 35.0 % 19.8 % a) Does not include tenants that operate at only one Company location.
(g) 11 66 1,810 0.8 % 0.5 % Watches of Switzerland (h) 2 14 1,809 0.2 % 0.5 % Sephora 3 11 1,677 0.1 % 0.5 % Ulta Beauty 15 48 1,673 0.4 % 0.5 % Total 158 2,457 $ 65,533 29.2 % 18.5 % (a) Does not include tenants that operate at only one Company location.
Core properties consist of: City Center, 555 9th Street, 840 N. Michigan Avenue, Brandywine Holdings, Westshore Expressway, Mark Plaza, Bedford Green, Route 6 Mall, Mad River, 664 N. Michigan Avenue and 651-671 West Diversey. Investment Management properties consist of Fund IV: 717 N. Michigan Avenue. 40 ITEM 3. LEGAL PROCEEDINGS.
Michigan Avenue 94.4% Chicago, IL Brandywine Holdings 100.0% Wilmington, DE Westshore Expressway 100.0% Staten Island, NY Mark Plaza 100.0% Edwardsville, PA Bedford Green 100.0% Bedford Hills, NY 2323-2409 Henderson Avenue 100.0% Dallas, TX City Center 100.0% San Francisco, CA Route 6 Mall 100.0% Honesdale, PA 651-671 West Diversey 100.0% Chicago, IL Investment Management 717 N.
State Street Walgreens 2016 100.0 % 27,385 100.0 % 100.0 % 1,573,000 57.44 North and Kingsbury Old Navy, Backcountry 2016 100.0 % 41,791 100.0 % 100.0 % 1,949,790 46.66 Concord and Milwaukee — 2016 100.0 % 13,147 100.0 % 100.0 % 480,419 36.54 California and Armitage — 2016 100.0 % 18,275 78.8 % 78.8 % 744,239 51.71 Roosevelt Galleria Petco, Vitamin Shoppe, Dollar Tree 2015 100.0 % 37,995 89.7 % 89.7 % 823,131 24.15 Sullivan Center Target 2016 100.0 % 176,181 78.9 % 82.2 % 5,209,877 37.49 577,005 82.4 % 86.5 % $ 25,198,306 $ 53.00 New York Metro Soho Collection/West Village (17 properties) (b) Zimmermann, Club Monaco, Madewell, Watches of Switzerland, Stone Island, Frame, Theory, Bang & Olufsen, Marine Layer 2011 2014 2019 2020 2022 2024 100.0 % 54,811 94.3 % 100.0 % $ 17,606,187 $ 340.54 5-7 East 17th Street — 2008 100.0 % 8,658 47.1 % 100.0 % 742,500 182.03 200 West 54th Street — 2007 100.0 % 5,932 90.7 % 90.7 % 1,493,949 277.69 61 Main Street Splendid 2014 100.0 % 3,470 46.1 % 100.0 % 153,072 95.67 181 Main Street TD Bank 2012 100.0 % 11,514 100.0 % 100.0 % 1,091,009 94.75 4401 White Plains Road Walgreens 2011 100.0 % 12,964 100.0 % 100.0 % 625,000 48.21 Bartow Avenue Wingstop 2005 100.0 % 14,824 100.0 % 100.0 % 502,709 33.91 239 Greenwich Avenue Watches of Switzerland 1998 75.0 % 16,621 100.0 % 100.0 % 1,902,510 114.46 252-256 Greenwich Avenue Veronica Beard, The RealReal, Blue Mercury 2014 100.0 % 7,986 100.0 % 100.0 % 1,066,548 133.55 2914 Third Avenue Planet Fitness 2006 100.0 % 40,603 100.0 % 100.0 % 1,114,907 27.46 868 Broadway Dr.
State Street Walgreens 2016 100.0 % 27,385 100.0 % 100.0 % 1,573,000 57.44 North and Kingsbury Old Navy, Backcountry 2016 100.0 % 41,791 100.0 % 100.0 % 2,015,292 48.22 Concord and Milwaukee — 2016 100.0 % 13,147 100.0 % 100.0 % 490,931 37.34 California and Armitage — 2016 100.0 % 18,275 90.8 % 90.8 % 806,791 48.63 Roosevelt Galleria Petco, Vitamin Shoppe, Dollar Tree 2015 100.0 % 37,995 89.7 % 89.7 % 825,979 24.24 Sullivan Center Target 2016 100.0 % 176,181 83.8 % 83.8 % 5,525,371 37.43 593,992 89.0 % 89.0 % $ 31,642,921 $ 59.82 New York Metro Soho Collection/West Village (19 properties) (b) Reiss, Vuori, Zimmermann, Madewell, John Varvatos Watches of Switzerland, Frame, Theory, Bang & Olufsen, Marine Layer 2011 2014 2019 2020 2022 2024 2025 100.0 % 69,643 89.4 % 96.3 % $ 20,503,770 $ 329.32 Flatiron and Union Square Collection (3 properties) Nespresso, Dr.
Removed
Laurent, Brandy Melville 2011 2012 100.0 % 40,590 68.2 % 93.0 % $ 6,559,920 $ 237.08 Clark Street and W.
Added
Our Investment Management segment represents the management of properties owned by our Funds and unconsolidated co-investment joint ventures, as well as two wholly owned properties that we intend to recapitalize with an institutional investor in the near term.
Removed
Martens 2013 100.0 % 2,031 100.0 % 100.0 % 881,322 433.94 313-315 Bowery (c) John Varvatos 2013 100.0 % 6,600 100.0 % 100.0 % 527,076 79.86 120 West Broadway Citizens Bank, Citi Bank 2013 100.0 % 13,838 100.0 % 100.0 % 2,309,127 166.87 2520 Flatbush Avenue Bob's Disc.
Added
Laurent, Brandy Melville, Mango 2011 2012 2013 100.0 % 57,577 95.1 % 95.1 % $ 11,048,326 $ 201.87 Clark Street and W.
Removed
(d) Property also includes 12,371 square feet of 2nd floor office space and a 29,760 square-foot parking garage (13 spaces). (e) Property or properties are unconsolidated.
Added
(f) 3 136 2,278 1.6 % 0.6 % Bob's Discount Furniture 4 81 2,244 1.0 % 0.6 % Royal Ahold (e) 7 133 2,180 1.6 % 0.6 % Five Below 19 84 1,832 1.0 % 0.5 % Gap, Inc.
Removed
The following table sets forth certain information for our 20 largest retail tenants by base rent for leases in place as of December 31, 2024.
Added
No single tenant or property collectively comprised more than 10% of the Company’s Total revenues.
Removed
Sq ft Upon Completion Costs prior to development / redevelopment Incurred costs since development / redevelopment Total Costs to Date Estimated Future Range Estimated Total Range Core Development Henderson Avenue Expansion 100.0% Dallas, TX 2027/2028 176,000 $ 23.9 $ 20.3 $ 44.2 24.0 - 124.0 68.2 - 168.2 Investment Management Development: FUND III Broad Hollow Commons 24.5% Farmingdale, NY 2026/2027 TBD $ 3.0 $ 4.7 $ 7.7 TBD - TBD TBD - TBD (a) As of December 31, 2024, the Company also had properties in various stages of redevelopment.
Added
(b) No single market, except as discussed below under Geographic Concentrations, represents a material amount of rent exposure to the Company.
Added
(c) New York Metro includes the tri-state and surrounding states. 39 Development Activities As part of our strategy, we invest in retail real estate assets that may require significant development or redevelopment.
Added
Sq ft Upon Completion Costs incurred from development / redevelopment Total Costs to Date Estimated Future Range Estimated Total Range Henderson Avenue Expansion 100.0% Dallas, TX 2027/2028 176,000 $101.7 $101.7 $87.3 $106.2 $189.0 $207.9 Future Development Projects AKR Pro-rata share Location REIT Portfolio 555 9th Street 100.0% San Francisco, CA 840 N.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

5 edited+0 added−0 removed30 unchanged
Biggest changeIn addition, we have entered into an employment agreement with our Chief Executive Officer and severance agreements with certain of our executives, which provide that, upon the occurrence of a change in control of us and either the termination of their employment without “cause” or their resignation for “good reason” (each, as defined in the respective agreement), such executive officers would be entitled to certain termination or severance payments made by us (which may include a lump sum payment equal to defined percentages of annual salary and prior years’ average bonuses, paid in accordance with the terms and conditions of the respective agreement), which could deter a change of control of us that could be in the best interests of our shareholders generally.
Biggest changeIn addition, we have entered into an employment agreement with our CEO and severance agreements with certain of our executives, which provide that, upon the occurrence of a change in control of us and either the termination of their employment without “cause” or their resignation for “good reason” (each, as defined in the respective agreement), such executive officers would be entitled to certain termination or severance payments made by us (which may include a lump sum payment equal to defined percentages of annual salary and prior years’ average bonuses, paid in accordance with the terms and conditions of the respective agreement), which could deter a change of control of us that could be in the best interests of our shareholders generally.
Our Bylaws can be amended by our Board by majority vote or by our shareholders, pursuant to a binding proposal properly submitted for consideration at a meeting of shareholders, by the affirmative vote of a majority of all votes entitled to be cast on the matter, and there can be no assurance that this provision will not be amended or eliminated at any time in the future. 20 Additionally, Title 3, Subtitle 8 of the MGCL (“Subtitle 8”) permits our Board, without shareholder approval and regardless of what is currently provided in our Declaration of Trust or Bylaws, to elect to be subject to certain provisions relating to corporate governance that may have the effect of delaying, deferring or preventing a transaction or a change of control of our Company that might involve a premium to the market price of our Common Shares or otherwise be in the best interests of our shareholders.
Our Bylaws can be amended by our Board by majority vote or by our shareholders, pursuant to a binding proposal properly submitted for consideration at a meeting of shareholders, by the affirmative vote of a majority of all votes entitled to be cast on the matter, and there can be no assurance that this provision will not be amended or eliminated at any time in the future. 21 Additionally, Title 3, Subtitle 8 of the MGCL (“Subtitle 8”) permits our Board, without shareholder approval and regardless of what is currently provided in our Declaration of Trust or Bylaws, to elect to be subject to certain provisions relating to corporate governance that may have the effect of delaying, deferring or preventing a transaction or a change of control of our Company that might involve a premium to the market price of our Common Shares or otherwise be in the best interests of our shareholders.
Our success depends on the contribution of key management members. The loss of the services of Kenneth F. Bernstein, President and Chief Executive Officer, or other key executive-level employees could have a material adverse effect on our business, financial condition, and results of operations.
Our success depends on the contribution of key management members. The loss of the services of Kenneth F. Bernstein, President and Chief Executive Officer (“CEO”), or other key executive-level employees could have a material adverse effect on our business, financial condition, and results of operations.
Accordingly, the results of decisions made by our Board as implemented by management may or may not serve the interests of all of our shareholders and could adversely affect our financial condition, cash flows, results of operations, and ability to satisfy our debt service obligations and to make distributions to our shareholders. 19 Concentration of ownership by certain investors may allow these investors to exert influence over the business and affairs of our Company.
Accordingly, the results of decisions made by our Board as implemented by management may or may not serve the interests of all of our shareholders and could adversely affect our financial condition, cash flows, results of operations, and ability to satisfy our debt service obligations and to make distributions to our shareholders. 20 Concentration of ownership by certain investors may allow these investors to exert influence over the business and affairs of our Company.
As of December 31, 2024, six institutional shareholders own 5% or more individually, and 61.9% in the aggregate, of our Common Shares.
As of December 31, 2025, six institutional shareholders own 5% or more individually, and 64.9% in the aggregate, of our Common Shares.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

6 edited+0 added−0 removed9 unchanged
Biggest changeSource: S&P Global Market Intelligence © 2025 At December 31, Index 2019 2020 2021 2022 2023 2024 Acadia Realty Trust $ 100.00 $ 55.91 $ 88.54 $ 60.93 $ 75.77 $ 111.88 Russell 2000 Index 100.00 119.96 137.74 109.59 128.14 142.93 FTSE NAREIT All Equity REITs Index 100.00 94.88 134.06 100.62 112.04 117.56 FTSE NAREIT Equity Shopping Centers Index 100.00 72.36 119.43 104.46 117.03 136.97 42 Recent Sales of Unregistered Securities; Use of Proceeds from Registered Securities None.
Biggest changeAt December 31, Index 2020 2021 2022 2023 2024 2025 Acadia Realty Trust $ 100.00 $ 158.37 $ 108.99 $ 135.53 $ 200.11 $ 177.06 Russell 2000 Index 100.00 114.82 91.35 106.82 119.14 134.40 FTSE NAREIT All Equity REITs Index 100.00 141.30 106.05 118.09 123.90 126.71 FTSE NAREIT Equity Shopping Centers Index 100.00 165.05 144.36 161.74 189.29 182.01 42 Recent Sales of Unregistered Securities; Use of Proceeds from Registered Securities None.
Issuer Purchases of Equity Securities The Company maintains a share repurchase program which authorizes management, at its discretion, to repurchase up to $200.0 million of its outstanding Common Shares. The program may be discontinued or extended at any time. The Company did not repurchase any shares during the years ended December 31, 2024, 2023 or 2022.
Issuer Purchases of Equity Securities The Company maintains a share repurchase program which authorizes management, at its discretion, to repurchase up to $200.0 million of its outstanding Common Shares. The program may be discontinued or extended at any time. The Company did not repurchase any shares during the years ended December 31, 2025, 2024 or 2023.
Total return values for the Russell 2000, the All Equity REITs, the Equity Shopping Centers and the Common Shares were calculated based upon cumulative total return assuming the investment of $100.00 in each of the Russell 2000, the All Equity REITs, the Equity Shopping Centers and our Common Shares on December 31, 2019, and assuming reinvestment of dividends.
Total return values for the Russell 2000, the All Equity REITs, the Equity Shopping Centers and the Common Shares were calculated based upon cumulative total return assuming the investment of $100.00 in each of the Russell 2000, the All Equity REITs, the Equity Shopping Centers and our Common Shares on December 31, 2020, and assuming reinvestment of dividends.
Market Information, Dividends and Holders of Record of our Common Shares At February 10, 2025, there were 224 holders of record of our Common Shares, which are traded on the New York Stock Exchange under the symbol “AKR.” The Company's annual dividend is greater than or equal to at least 90% of its REIT taxable income on an annual basis, determined without regard to the dividends paid deduction and excluding any net capital gains.
Market Information, Dividends and Holders of Record of our Common Shares At February 10, 2026, there were 208 holders of record of our Common Shares, which are traded on the New York Stock Exchange under the symbol “AKR.” The Company's annual dividend is greater than or equal to at least 90% of its REIT taxable income on an annual basis, determined without regard to the dividends paid deduction and excluding any net capital gains.
As of December 31, 2024, management may repurchase up to approximately $122.5 million of the Company’s outstanding Common Shares under this program.
As of December 31, 2025, management may repurchase up to approximately $122.5 million of the Company’s outstanding Common Shares under this program.
The following table provides information related to the 2020 Plan and the Amended and Restated 2020 Plan as of December 31, 2024: Equity Compensation Plan Information (a) (b) (c) Number of securities to be issued upon exercise of outstanding options, warrants and rights Weighted-average exercise price of outstanding options, warrants and rights Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) Equity compensation plans approved by security holders — $ — 3,049,262 Equity compensation plans not approved by security holders — — — Total — $ — 3,049,262 41 Remaining Common Shares available under the 2020 Plan and the Amended and Restated 2020 Plan are as follows: Outstanding Common Shares as of December 31, 2024 119,657,594 Outstanding OP Units as of December 31, 2024 4,709,790 Total Outstanding Common Shares and OP Units 124,367,384 Common Shares and OP Units pursuant to the 2020 Plan and Amended and Restated 2020 Plan 5,929,953 Less: Issuance of Restricted Shares and LTIP Units Granted (2,880,691 ) Number of Common Shares remaining available 3,049,262 Share Price Performance The following performance graph compares the cumulative total shareholder return for our Common Shares for the five-year period commencing December 31, 2019, through December 31, 2024, with the cumulative total return on the Russell 2000 Index (“Russell 2000”), the FTSE NAREIT All Equity REITs Index (the “All Equity REITs”) and the FTSE NAREIT Equity Shopping Centers Index (the “Equity Shopping Centers”) (previously SNL REIT Shopping Center Index which was discontinued) over the same period.
The following table provides information related to the 2020 Plan and the Amended and Restated 2020 Plan as of December 31, 2025: Equity Compensation Plan Information (a) (b) (c) Number of securities to be issued upon exercise of outstanding options, warrants and rights Weighted-average exercise price of outstanding options, warrants and rights Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) Equity compensation plans approved by security holders — $ — 2,301,128 Equity compensation plans not approved by security holders — — — Total — $ — 2,301,128 41 Remaining Common Shares available under the 2020 Plan and the Amended and Restated 2020 Plan are as follows: Outstanding Common Shares as of December 31, 2025 131,036,560 Outstanding OP Units as of December 31, 2025 5,420,517 Total Outstanding Common Shares and OP Units 136,457,077 Common Shares and OP Units pursuant to the 2020 Plan and Amended and Restated 2020 Plan 5,929,953 Less: Issuance of Restricted Shares and LTIP Units Granted (3,628,825 ) Number of Common Shares remaining available 2,301,128 Share Price Performance The following performance graph compares the cumulative total shareholder return for our Common Shares for the five-year period commencing December 31, 2020, through December 31, 2025, with the cumulative total return on the Russell 2000 Index (“Russell 2000”), the FTSE NAREIT All Equity REITs Index (the “All Equity REITs”) and the FTSE NAREIT Equity Shopping Centers Index (the “Equity Shopping Centers”) (previously SNL REIT Shopping Center Index which was discontinued) over the same period.

Item 6. [Reserved]

Selected Financial Data — reserved (removed by SEC in 2021)

47 edited+44 added−44 removed6 unchanged
Biggest changeComparison of Results for the Year Ended December 31, 2024 to the Year Ended December 31, 2023 The results of operations by reportable segment for the year ended December 31, 2024 compared to the year ended December 31, 2023 are summarized in the table below (in millions, totals may not add due to rounding): Year Ended Year Ended December 31, 2024 December 31, 2023 Increase (Decrease) Core IM SF Total Core IM SF Total Core IM SF Total Rental revenue $ 193.6 $ 155.9 $ — $ 349.5 $ 200.8 $ 132.2 $ — $ 333.0 $ (7.2 ) $ 23.7 $ — $ 16.5 Other revenue 6.8 3.3 — 10.2 2.7 2.9 — 5.6 4.1 0.4 — 4.6 Depreciation and amortization (73.5 ) (65.5 ) — (138.9 ) (76.6 ) (59.3 ) — (136.0 ) (3.1 ) 6.2 — 2.9 Property operating expenses (32.4 ) (33.6 ) — (66.0 ) (32.5 ) (29.4 ) — (61.8 ) (0.1 ) 4.2 — 4.2 Real estate taxes (29.6 ) (16.4 ) — (46.0 ) (31.9 ) (14.7 ) — (46.7 ) (2.3 ) 1.7 — (0.7 ) General and administrative expenses — — — (40.6 ) — — — (41.5 ) — — — (0.9 ) Impairment charges (0.5 ) (1.2 ) — (1.7 ) — (3.7 ) — (3.7 ) 0.5 (2.5 ) — (2.0 ) (Loss) gain on disposition of properties (2.2 ) 1.4 — (0.8 ) — — — — (2.2 ) 1.4 — (0.8 ) Operating income 62.1 44.1 — 65.7 62.5 28.0 — 49.1 (0.4 ) 16.1 — 16.6 Interest income — — 25.1 25.1 — — 20.0 20.0 — — 5.1 5.1 Equity in earnings of unconsolidated affiliates inclusive of gains on disposition of properties 4.8 10.4 — 15.2 2.7 (10.4 ) — (7.7 ) 2.1 20.8 — 22.9 Interest expense (36.9 ) (55.7 ) — (92.6 ) (44.5 ) (48.7 ) — (93.3 ) (7.6 ) 7.0 — (0.7 ) Realized and unrealized holding (losses) gains on investments and other (4.1 ) — (1.0 ) (5.0 ) 5.8 25.0 (0.3 ) 30.4 (9.9 ) (25.0 ) (0.7 ) (35.4 ) Income tax provision — — — (0.2 ) — — — (0.3 ) — — — 0.1 Net income (loss) 26.0 (1.2 ) 24.1 8.1 26.5 (6.1 ) 19.7 (1.7 ) (0.5 ) 4.9 4.4 9.8 Net loss attributable to redeemable noncontrolling interests — 7.9 — 7.9 — 8.2 — 8.2 — 0.3 — 0.3 Net loss attributable to noncontrolling interests (1.6 ) 7.2 — 5.6 (1.9 ) 15.3 — 13.4 (0.3 ) 8.1 — 7.8 Net income (loss) attributable to Acadia shareholders $ 24.3 $ 14.0 $ 24.1 $ 21.7 $ 24.6 $ 17.4 $ 19.7 $ 19.9 $ (0.3 ) $ (3.4 ) $ 4.4 $ 1.8 Core Portfolio The results of operations for our Core Portfolio segment are depicted in the table above under the headings labeled “Core.” Segment net income attributable to Acadia for our Core Portfolio decreased $0.3 million for the year ended December 31, 2024 compared to the prior year as a result of the changes further described below.
Biggest changeWhile the ultimate impact remains uncertain, we continue to monitor these developments closely. 45 RESULTS OF OPERATIONS Comparison of Results for the Year Ended December 31, 2025 to the Year Ended December 31, 2024 The results of operations by reportable segment for the year ended December 31, 2025 compared to the year ended December 31, 2024 are summarized in the table below (in millions, totals may not add due to rounding): Year Ended Year Ended December 31, 2025 December 31, 2024 Increase (Decrease) REIT IM SF Total REIT IM SF Total REIT IM SF Total Rental revenue $ 239.2 $ 162.9 $ — $ 402.1 $ 193.6 $ 155.9 $ — $ 349.5 $ 45.6 $ 7.0 $ — $ 52.6 Other revenue 2.9 5.7 — 8.6 6.8 3.3 — 10.2 (3.9 ) 2.4 — (1.6 ) Depreciation and amortization (91.8 ) (65.7 ) — (157.5 ) (73.5 ) (65.5 ) — (138.9 ) 18.3 0.2 — 18.6 Property operating expenses (34.8 ) (36.6 ) — (71.4 ) (32.4 ) (33.6 ) — (66.0 ) 2.4 3.0 — 5.4 Real estate taxes (34.0 ) (18.0 ) — (52.1 ) (29.6 ) (16.4 ) — (46.0 ) 4.4 1.6 — 6.1 General and administrative expenses — — — (45.7 ) — — — (40.6 ) — — — 5.1 Impairment charges — (37.2 ) — (37.2 ) (0.5 ) (1.2 ) — (1.7 ) (0.5 ) 36.0 — 35.5 Gain (loss) on disposition of properties 2.8 (0.2 ) — 2.5 (2.2 ) 1.4 — (0.8 ) 5.0 (1.6 ) — 3.3 Operating income 84.3 10.8 — 49.4 62.1 44.1 — 65.7 22.2 (33.3 ) — (16.3 ) Interest income — — 23.7 23.7 — — 25.1 25.1 — — (1.4 ) (1.4 ) Equity in earnings (losses) of unconsolidated affiliates 2.2 (9.9 ) — (7.7 ) 4.8 10.4 — 15.2 (2.6 ) (20.3 ) — (22.9 ) Interest expense (41.1 ) (54.3 ) — (95.3 ) (36.9 ) (55.7 ) — (92.6 ) 4.2 (1.4 ) — 2.7 Loss on change in control (9.6 ) — — (9.6 ) — — — — (9.6 ) — — (9.6 ) Realized and unrealized holding (losses) gains on investments and other (0.8 ) — 0.7 (0.1 ) (4.1 ) — (1.0 ) (5.0 ) 3.3 — 1.7 4.9 Income tax provision — — — (0.4 ) — — — (0.2 ) — — — (0.2 ) Net income (loss) 35.0 (53.3 ) 24.4 (40.0 ) 26.0 (1.2 ) 24.1 8.1 9.0 (52.1 ) 0.3 (48.1 ) Net loss attributable to redeemable noncontrolling interests — 5.6 — 5.6 — 7.9 — 7.9 — 2.3 — 2.3 Net (income) loss attributable to noncontrolling interests (0.2 ) 51.5 — 51.3 (1.6 ) 7.2 — 5.6 (1.4 ) (44.3 ) — (45.7 ) Net income (loss) attributable to Acadia shareholders $ 34.8 $ 3.7 $ 24.4 $ 16.9 $ 24.3 $ 14.0 $ 24.1 $ 21.7 $ 10.5 $ (10.3 ) $ 0.3 $ (4.8 ) REIT Portfolio Segment net income attributable to Acadia shareholders for our REIT Portfolio increased $10.5 million for the year ended December 31, 2025 compared to the prior year as a result of the changes further described below.
We consider NOI and rent spreads on new and renewal leases for our Core Portfolio to be appropriate supplemental disclosures of Core Portfolio operating performance due to their widespread acceptance and use within the REIT investor and analyst communities.
We consider NOI and rent spreads on new and renewal leases for our REIT Portfolio to be appropriate supplemental disclosures of portfolio operating performance due to their widespread acceptance and use within the REIT investor and analyst communities.
LIQUIDITY AND CAPITAL RESOURCES Uses of Liquidity and Cash Requirements Generally, our principal uses of liquidity are (i) distributions to our shareholders and OP unit holders, (ii) investments which include the funding of our capital committed to the Funds and property acquisitions and development/re-tenanting activities within our Core Portfolio, (iii) distributions to our Investment Management investors, (iv) debt service and loan repayments and (v) share repurchases.
LIQUIDITY AND CAPITAL RESOURCES Uses of Liquidity and Cash Requirements Generally, our principal uses of liquidity are (i) distributions to our shareholders and OP Unit holders, (ii) investments which include the funding of capital committed to our Investment Management platform and property acquisitions and development/re-tenanting activities within our REIT Portfolio, (iii) distributions to our Investment Management investors, (iv) debt service and loan repayments and (v) share repurchases.
Our method of calculating FFO may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. FFO does not represent cash generated from operations as defined by generally accepted accounting principles (“GAAP”) and is not indicative of cash available to fund all cash needs, including distributions.
Our method of calculating FFO may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. FFO does not represent cash generated from operations as defined by accounting principles generally accepted in the United States (“GAAP”) and is not indicative of cash available to fund all cash needs, including distributions.
Substantially all remaining development and redevelopment costs are discretionary, which could be affected by various risks and uncertainties, including, but not limited to, the effects of the current inflationary environment, rising interest rates, and other risks detailed in Item 1A. Risk Factors .
Substantially all remaining development and redevelopment costs are discretionary, and could be affected by various risks and uncertainties, including, but not limited to, the effects of the current inflationary environment, elevated interest rates, the imposition of tariffs and other risks detailed in Item 1A. Risk Factors .
Distributions In order to qualify as a REIT for federal income tax purposes, we must distribute at least 90% of our taxable income to our shareholders. During the year ended December 31, 2024, we paid dividends and distributions on our Common Shares, Common OP Units and Preferred OP Units totaling $81.6 million.
Distributions In order to qualify as a REIT for federal income tax purposes, we must distribute at least 90% of our taxable income to our shareholders. During the year ended December 31, 2025, we paid dividends and distributions on our Common Shares and Preferred OP Units totaling $107.3 million.
As it relates to the remaining maturing debt in 2025 and 2026, we may not have sufficient cash on hand to repay such indebtedness, and, therefore, we expect to refinance at least a portion of this indebtedness or select other alternatives based on market conditions as these loans mature; however, there can be no assurance that we will be able to obtain financing at acceptable terms or at all.
For the remaining indebtedness, we may not have sufficient cash on hand to repay such indebtedness, and, therefore, we expect to refinance at least a portion of this indebtedness or select other alternatives based on market conditions as these loans mature; however, there can be no assurance that we will be able to obtain financing on acceptable terms or at all.
Our ability to obtain financing could be affected by various risks and uncertainties, including, but not limited to, the effects of the current inflationary environment, rising interest rates, and other risks detailed in Part I,
Our ability to obtain financing could be affected by various risks and uncertainties, including, but not limited to, the effects of the current inflationary environment, elevated interest rates, the imposition of tariffs and other risks, including, but not limited to those detailed in Part I,
Net (income) loss attributable to noncontrolling interests for Investment Management includes asset management fees earned by the Company of $8.3 million and $7.2 million for the years ended December 31, 2024 and 2023, respectively.
Net loss attributable to noncontrolling interests for Investment Management includes asset management fees earned by the Company of $9.2 million and $8.3 million for the years ended December 31, 2025 and 2024, respectively.
Consistent with the NAREIT definition, we define FFO as net income (computed in accordance with GAAP), excluding gains (losses) from sales of depreciated property and impairment of depreciable real estate, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures.
Consistent with the NAREIT definition, we define FFO as net income (computed in accordance with GAAP), excluding gains (losses) from sales of depreciated property and impairment of depreciable real estate assets related to the Company’s main business and land held for the development of property for its operating portfolio, plus depreciation and amortization, after adjustments for unconsolidated partnerships and joint ventures.
These unallocated amounts are depicted in the table above under the headings labeled “Total.” Discussions of 2022 items and comparisons between the year ended December 31, 2023 and 2022, respectively, that are not included in this Report can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
Discussions of 2023 items and comparisons between the year ended December 31, 2024 and 2023, respectively, that are not included in this Report can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
Net loss attributable to noncontrolling interests for Investment Management increased $8.1 million for the year ended December 31, 2024 compared to the prior year based on the noncontrolling interests’ share of the variances discussed above.
Net loss attributable to noncontrolling interests for Investment Management decreased $44.3 million for the year ended December 31, 2025 compared to the prior year based on the noncontrolling interests’ share of the variances discussed above.
A reconciliation of net income attributable to Acadia to FFO follows (dollars in thousands, except per share amounts): Year Ended December 31, 2024 2023 2022 Net income (loss) attributable to Acadia shareholders $ 21,650 $ 19,873 $ (35,445 ) Depreciation of real estate and amortization of leasing costs (net of noncontrolling interests' share) 107,450 109,732 104,910 Impairment charges (net of noncontrolling interests' share) (a) 750 852 58,481 Net gain on disposition of properties (net of noncontrolling interests' share) (1,086 ) — (22,137 ) Income (loss) attributable to Common OP Unit holders 1,067 1,282 (1,800 ) Distributions - Preferred OP Units 341 492 492 Funds from operations attributable to Common Shareholders and Common OP Unit holders $ 130,172 $ 132,231 $ 104,501 a) Represents the Company’s total share of impairment charges from consolidated assets ( Note 8 ) and allocated impairment charges from investments in and advances to unconsolidated affiliates ( Note 4 ).
A reconciliation of net income attributable to Acadia to FFO follows (dollars in thousands, except per share amounts): Year Ended December 31, 2025 2024 2023 Net income attributable to Acadia shareholders $ 16,896 $ 21,650 $ 19,873 Depreciation of real estate and amortization of leasing costs (net of noncontrolling interests' share) 128,356 107,450 109,732 Impairment charges (net of noncontrolling interests' share) (a) 9,572 750 852 Net gain on disposition of properties (net of noncontrolling interests' share) (2,614 ) (1,086 ) — Loss on change in control 9,622 — — Income attributable to Common OP Unit holders 785 1,067 1,282 Distributions - Preferred OP Units 268 341 492 Funds from operations attributable to Common Shareholders and Common OP Unit holders - Basic and Diluted $ 162,885 $ 130,172 $ 132,231 (a) Represents the Company’s total share of impairment charges from consolidated assets ( Note 8 ) and allocated impairment charges from investments in and advances to unconsolidated affiliates ( Note 4 ).
Realized and unrealized holding gains (losses) on investments and other for our Core Portfolio decreased $9.9 million for the year ended December 31, 2024 compared to the prior year period primarily due to the fluctuation in unrealized holding gains from its mark-to-market adjustment on its Investment in Albertsons ( Note 8 ).
Realized and unrealized holding losses on investments and other for our REIT Portfolio decreased $3.3 million for the year ended December 31, 2025 compared to the prior year period primarily due to a change in the mark-to-market adjustment on the investment in Albertsons ( Note 8 ).
NON-GAAP FI NANCIAL MEASURES Net Property Operating Income The following discussion of net property operating income (“NOI”) and rent spreads on new and renewal leases includes the activity from both our consolidated and our pro-rata share of unconsolidated properties within our Core Portfolio. Investment Management invests primarily in properties that typically require significant leasing and development.
NON-GAAP FI NANCIAL MEASURES Net Property Operating Income The following discussion of net property operating income (“NOI”) and rent spreads on new and renewal leases includes the activity from both our consolidated and our pro-rata share of unconsolidated properties within our REIT Portfolio.
Taking into consideration $852.0 million of notional principal under variable to fixed-rate swap agreements currently in effect, $1,142.6 million of the portfolio debt, or 73.8%, was fixed at a 5.06% weighted-average interest rate and $405.4 million, or 26.2% was floating at a 7.26% weighted average interest rate as of December 31, 2024.
Taking into consideration $1,216.7 million of notional principal under variable to fixed-rate swap agreements currently in effect, $1,502.8 million of the portfolio debt, or 80.2%, was fixed at a 4.84% weighted-average interest rate and $370.6 million, or 19.8% was floating at a 5.92% weighted average interest rate as of December 31, 2025.
Year Ended December 31, 2024 Core Portfolio New and Renewal Leases Cash Basis Straight- Line Basis Number of new and renewal leases executed 70 70 GLA commencing 626,663 626,663 New base rent $ 32.76 $ 34.09 Expiring base rent $ 30.47 $ 29.28 Percent growth in base rent 7.5 % 16.4 % Average cost per square foot (a) $ 7.35 $ 7.35 Weighted average lease term (years) 5.6 5.6 a) The average cost per square foot includes tenant improvement costs, leasing commissions and tenant allowances. 50 Funds from Operations We consider funds from operations (“FFO”) as defined by the National Association of Real Estate Investment Trusts (“NAREIT”) to be meaningful non-GAAP measure of operating performance for an equity REIT due to its widespread acceptance and use within the REIT and analyst communities.
Year Ended December 31, 2025 REIT Portfolio New and Renewal Leases Cash Basis Straight- Line Basis Number of new and renewal leases executed 87 87 GLA commencing 699,817 699,817 New base rent $ 47.74 $ 50.76 Expiring base rent $ 44.84 $ 42.40 Percent growth in base rent 6.5 % 19.7 % Average cost per square foot (a) $ 9.27 $ 9.27 Weighted average lease term (years) 7.6 7.6 (a) The average cost per square foot includes tenant improvement costs, leasing commissions and tenant allowances. 49 Funds from Operations We consider funds from operations (“FFO”) as defined by the National Association of Real Estate Investment Trusts (“NAREIT”) to be an appropriate supplement disclosure of operating performance for an equity REIT due to its widespread acceptance and use within the REIT and analyst communities.
We believe we manage our properties in a cost-conscious manner to minimize recurring operational expenses and utilize multi-year contracts to alleviate the impact of inflation on our business and our tenants.
We believe we manage our properties in a cost-conscious manner to minimize recurring operational expenses and utilize multi-year contracts to alleviate the impact of inflation on our business and our tenants. We expect to drive value to our portfolio through leasing momentum, active development and redevelopment projects, and our leasing pipeline.
Stated interest rates on our outstanding indebtedness ranged from 3.99% to SOFR + 3.75% with maturities that ranged from January 30, 2025 to April 15, 2035, without regard to available extension options.
Stated interest rates on our outstanding indebtedness ranged from 3.99% to SOFR + 2.75% with maturities that ranged from March 5, 2026 to April 15, 2035, excluding available extension options.
Investment Management (all amounts below are consolidated amounts and are not representative of our proportionate share) The results of operations for our Investment Management segment are depicted in the table above under the headings labeled “IM.” Segment net income attributable to Acadia for Investment Management decreased $3.4 million for the year ended December 31, 2024 compared to the prior year as a result of the changes described below.
Investment Management (all amounts below are consolidated amounts and are not representative of our proportionate share) Segment net income attributable to Acadia shareholders for Investment Management decreased $10.3 million for the year ended December 31, 2025 compared to the prior year as a result of the changes described below.
Gain on disposition of properties for Investment Management increased $1.4 million for the year ended December 31, 2024 compared to the prior year due to the $3.0 million gain on disposition of two properties at Fund IV and an outparcel at Fund V, offset by a $1.2 million loss related to a previously disposed property ( Note 2 ).
The gain on disposition of properties of $1.4 million in 2024 was related to the $3.0 million gain on disposition of two properties at Fund IV and a Fund V outparcel, offset by a $1.2 million loss related to a previously disposed property in 2024 ( Note 2 ).
Fund III was launched in May 2007 with total committed capital of $450.0 million of which our share was $89.6 million. During 2015, we acquired an additional interest, which had an original capital commitment of $20.9 million. • $5.5 million to Fund IV.
During 2015, we acquired an additional interest, which had an original capital commitment of $20.9 million. • $5.5 million to Fund IV – Fund IV was launched in May 2012 with total committed capital of $530.0 million, of which our original share was $122.5 million. • $5.8 million to Fund V – Fund V was launched in August 2016 with total committed capital of $520.0 million, of which our original share was $104.5 million.
Debt A summary of our consolidated debt, which includes the full amount of Fund related obligations and excludes our pro-rata share of debt at our unconsolidated subsidiaries, is as follows (in thousands): December 31, December 31, 2024 2023 Total Debt - Fixed and Effectively Fixed Rate $ 1,142,592 $ 1,454,707 Total Debt - Variable Rate 405,355 426,380 1,547,947 1,881,087 Net unamortized debt issuance costs (10,893 ) (11,186 ) Unamortized premium 212 240 Total Indebtedness $ 1,537,266 $ 1,870,141 As of December 31, 2024, our consolidated indebtedness aggregated $1,547.9 million, excluding unamortized premium of $0.2 million and unamortized loan costs of $10.9 million, and were collateralized by 31 properties and related tenant leases.
Debt A summary of our consolidated debt, which includes the full amount of Investment Management related obligations and excludes our pro-rata share of debt at our unconsolidated subsidiaries, is as follows (in thousands): December 31, December 31, 2025 2024 Total Debt - Fixed and Effectively Fixed Rate $ 1,502,753 $ 1,142,592 Total Debt - Variable Rate 370,614 405,355 1,873,367 1,547,947 Net unamortized debt issuance costs (11,387 ) (10,893 ) Unamortized premium 926 212 Total Indebtedness $ 1,862,906 $ 1,537,266 As of December 31, 2025, our consolidated indebtedness aggregated $1,873.4 million, excluding unamortized premium of $0.9 million and net unamortized loan costs of $11.4 million, and was collateralized by 45 properties and related tenant leases.
ITEM 6. [ RESERVED] Not applicable. ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. OVERVIEW As of December 31, 2024, there were 210 properties (including properties in development or redevelopment), which we own or have an ownership interest in, within our Core Portfolio and Investment Management.
ITEM 6. [ RESERVED] Not applicable. ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. OVERVIEW As of December 31, 2025, we owned or held an ownership interest in 228 properties through our REIT Portfolio and Investment Management platform, including properties in development or redevelopment.
As it relates to the aforementioned maturing debt in 2025 and 2026, we have options to extend consolidated debt aggregating $364.3 million and $53.8 million at December 31, 2024, respectively; however, there can be no assurance 52 that we will be able to successfully execute any or all of its available extension options.
With respect to the debt maturing in 2026 and 2027, we have options to extend consolidated debt aggregating $188.0 million and $252.4 million at December 31, 2025, respectively; however, there can be no assurance that the Company will be able to successfully execute any or all of its available extension options.
Equity in (losses) earnings of unconsolidated affiliates for Investment Management increased $20.8 million for the year ended December 31, 2024 compared to the prior year due to the gain on sale of Frederick Crossing and Paramus Plaza in 2024 ( Note 4 ).
Equity in (losses) earnings of unconsolidated affiliates for Investment Management decreased $20.3 million for the year ended December 31, 2025 compared to the prior year due to the loss on sale on Eden Square in 2025 and the impairment charge on the 650 Bald Hill Road property in 2025, compared to the gain on sale of the Paramus Plaza and Frederick Crossing properties in 2024 ( Note 4 ).
We manage our exposure to fluctuations in interest rates primarily through the use of fixed-rate debt and interest rate swap and cap agreements, which qualify for, and are designated as, hedging instruments.
We manage our exposure to fluctuations in interest rates primarily through the use of fixed-rate debt and interest rate swap and cap agreements, which qualify for, and are designated as, hedging instruments ( Note 8 ). Except for increased interest costs, we have not experienced any material negative impacts at this time.
Interest expense for our Core Portfolio decreased $7.6 million for the year ended December 31, 2024 compared to the prior year primarily due to lower average outstanding borrowings in 2024.
Interest expense for Investment Management decreased $1.4 million for the year ended December 31, 2025 compared to the prior year primarily due to lower average outstanding borrowings in 2025.
In addition, $83.7 million of our total consolidated debt and $71.7 million of our pro-rata share of unconsolidated debt will come due in 2026.
In addition, $309.6 million of our total consolidated debt and $56.1 million of our pro-rata share of unconsolidated debt will come due in 2027.
Other revenues increased $4.1 million for the year ended December 31, 2024 compared to the prior year primarily due to the recognition of a $3.5 million forfeited deposit for a property previously under contract for sale in 2024.
Other revenues decreased $3.9 million for the year ended December 31, 2025 compared to the prior year primarily due to the recognition of a forfeited deposit earned in 2024.
Property operating expenses, other operating and real estate taxes for Investment Management increased $4.2 million for the year ended December 31, 2024 compared to the prior year primarily due to property acquisitions in 2023 and 2024.
Property operating expenses for Investment Management increased $3.0 million for the year ended December 31, 2025 compared to the prior year primarily due to new property acquisitions. Real estate taxes for Investment Management increased $1.6 million for the year ended December 31, 2025 compared to the prior year primarily due to refunds received in the prior year.
The following table summarizes Same-Property NOI for our Core Portfolio (in thousands): Year Ended December 31, 2024 2023 Core Portfolio NOI $ 140,273 $ 140,015 Less properties excluded from Same-Property NOI (11,680 ) (18,392 ) Same-Property NOI $ 128,593 $ 121,623 Percent change from prior year period 5.7 % Components of Same-Property NOI: Same-Property Revenues $ 183,157 $ 175,244 Same-Property Operating Expenses (54,564 ) (53,621 ) Same-Property NOI $ 128,593 $ 121,623 Rent Spreads on Core Portfolio New and Renewal Leases The following table summarizes rent spreads on both a cash basis and straight-line basis for new and renewal leases based on leases executed within our Core Portfolio for the period presented.
The following table summarizes Same-Property NOI for our REIT Portfolio (dollars in thousands): Year Ended December 31, 2025 2024 REIT Portfolio NOI $ 157,624 $ 140,273 Less properties excluded from Same-Property NOI (18,486 ) (8,629 ) Same-Property NOI $ 139,138 $ 131,644 Percent change from prior year period 5.7 % Components of Same-Property NOI: Same-Property Revenues $ 193,257 $ 186,932 Same-Property Operating Expenses (54,119 ) (55,288 ) Same-Property NOI $ 139,138 $ 131,644 Rent Spreads on REIT Portfolio New and Renewal Leases The following table summarizes rent spreads on both a cash basis and straight-line basis for new and renewal leases based on leases executed within our REIT Portfolio for the periods presented.
Interest expense for Investment Management increased $7.0 million for the year ended December 31, 2024 compared to the prior year primarily due to higher average interest rates and increased principal balances from new acquisitions in 2024.
Rental revenues for Investment Management increased $7.0 million for the year ended December 31, 2025 compared to the prior year primarily due to new property acquisitions in 2025 and tenant lease-up subsequent to December 31, 2024.
A reconciliation of consolidated operating income to net operating income - Core Portfolio follows (in thousands): Year Ended December 31, 2024 2023 2022 Consolidated operating income $ 65,659 $ 49,076 $ 68,230 Add back: General and administrative 40,559 41,470 44,066 Depreciation and amortization 138,910 135,984 135,917 Impairment charges 1,678 3,686 33,311 Loss on disposition of properties 834 — — Less: Above/below-market rent, straight-line rent and other adjustments (a) (17,735 ) (20,617 ) (20,869 ) Gain on disposition of properties — — (57,161 ) Consolidated NOI 229,905 209,599 203,494 Redeemable noncontrolling interest in consolidated NOI (6,127 ) (4,420 ) (1,892 ) Noncontrolling interest in consolidated NOI (69,540 ) (59,597 ) (58,277 ) Less: Operating Partnership's interest in Investment Management NOI included above (25,496 ) (19,816 ) (14,476 ) Add: Operating Partnership's share of unconsolidated joint ventures NOI (b) 11,531 14,249 14,381 NOI - Core Portfolio $ 140,273 $ 140,015 $ 143,230 a) Includes straight-line rent reserves. b) Does not include the Operating Partnership’s share of NOI from unconsolidated joint ventures within Investment Management. 49 Same-Property NOI includes Core Portfolio properties that we owned for both the current and prior period presented, but excludes those properties which we acquired, sold or expected to sell, redeveloped and developed during these periods.
A reconciliation of consolidated operating income to net operating income - REIT Portfolio follows (in thousands): Year Ended December 31, 2025 2024 2023 Consolidated operating income $ 49,426 $ 65,659 $ 49,076 Add back: General and administrative 45,664 40,559 41,470 Depreciation and amortization 157,457 138,910 135,984 Impairment charges 37,210 1,678 3,686 (Gain) Loss on disposition of properties (2,515 ) 834 — Less: Above/below-market rent, straight-line rent and other accounts (a) (15,611 ) (17,735 ) (20,617 ) Termination income (b) (8,366 ) — — Consolidated NOI 263,265 229,905 209,599 Redeemable noncontrolling interest in consolidated NOI (6,829 ) (6,127 ) (4,420 ) Noncontrolling interest in consolidated NOI (74,452 ) (69,540 ) (59,597 ) Less: Operating Partnership's interest in Investment Management NOI included above (31,170 ) (25,496 ) (19,816 ) Add: Operating Partnership's share of unconsolidated joint ventures NOI (c) 6,810 11,531 14,249 REIT Portfolio NOI $ 157,624 $ 140,273 $ 140,015 (a) Includes other accounts such as straight-line rent reserves, fee income, current expected credit losses on notes receivables, and dividend income received on our investment in Albertsons ( Note 8 ).
Without regard to available extension options, at December 31, 2024 there is $471.9 million of debt maturing in 2025 at a weighted-average interest rate of 6.82%; there is $5.7 million of scheduled principal amortization due in 2025; and our share of scheduled 2025 principal payments and maturities on our unconsolidated debt was $17.4 million.
Our variable-rate debt includes $32.2 million of debt subject to interest rate caps. 51 Without regard to available extension options, at December 31, 2025, we had (i) $286.4 million of debt maturing in 2026 at a weighted-average interest rate of 6.20%, (ii) $5.9 million of scheduled principal amortization due in 2026; and (iii) $48.3 million of remaining scheduled 2026 principal payments and maturities, representing our pro-rata share of our unconsolidated debt.
Loss on disposition of properties for our Core Portfolio relates to the deconsolidation of the Shops at Grand property in 2024 ( Note 2 ). 47 Equity in (losses) earnings of unconsolidated affiliates for our Core Portfolio increased $2.1 million for the year ended December 31, 2024 compared to the prior year primarily due to tenant lease up and gain on extinguishment of debt from the restructuring of property mortgage debt at a property.
The loss on disposition of property of $2.2 million in 2024 was related to the deconsolidation of the Shops at Grand property ( Note 2 ). 46 Equity in earnings of unconsolidated affiliates for our REIT Portfolio decreased $2.6 million for the year ended December 31, 2025 compared to the prior year primarily due to tenants vacating subsequent to December 31, 2024.
Most of our leases include contractual rent escalations and require tenants to pay their share of operating expenses, including common area maintenance, real estate taxes and insurance, thereby reducing our exposure to increases in costs and operating expenses resulting from inflation.
The elevated levels of inflation in recent years have led to increased costs for certain goods and services and cost of borrowing. However, most of our leases include contractual rent escalations and require tenants to pay their share of operating expenses, including common area maintenance, real estate taxes, and insurance, which help mitigate inflationary impacts on costs and operating expenses.
Depreciation and amortization for Investment Management increased $6.2 million for the year ended December 31, 2024 compared to the prior year primarily due to property acquisitions in 2023 and 2024.
Property operating expenses for our REIT Portfolio increased $2.4 million for the year ended December 31, 2025 compared to the prior year primarily due to new property acquisitions.
At December 31, 2024, we had a total of 18 consolidated projects under development or redevelopment, for which the estimated total cost to complete these projects through 2028 was $45.5 million to $159.5 million.
At December 31, 2025, we had a total of 26 properties under development or redevelopment, for which the estimated total cost to complete these projects through 2028 was $102.7 million to $133.6 million, respectively. These estimates exclude assets for which redevelopment or development plans are still being evaluated and for which costs are not yet determinable.
Capital Commitments During the year ended December 31, 2024, we made capital contributions aggregating $13.0 million to our Funds. At December 31, 2024, our share of the remaining capital commitments to our Funds aggregated $16.3 million as follows: • $0.5 million to Fund III.
Capital Commitments During the year ended December 31, 2025, we made capital contributions aggregating $4.8 million to the Funds.
Real estate taxes for Investment Management increased $1.7 million for the year ended December 31, 2024 compared to the prior year primarily due to property acquisitions in 2023 and 2024. Impairment charges for Investment Management decreased $2.5 million for the year ended December 31, 2024 compared to the prior year ( Note 8 ).
Real estate taxes for our REIT Portfolio increased $4.4 million for the year ended December 31, 2025 compared to the prior year primarily due to (i) $2.0 million from the acquisition of an additional interest and consolidation of the Renaissance Portfolio in 2025, and (ii) $2.0 million from new property acquisitions ( Note 2 ).
Real estate taxes for our Core Portfolio decreased $2.3 million for the year ended December 31, 2024 compared to the prior year primarily due to tax refunds in the current year.
Interest expense for our REIT Portfolio increased $4.2 million for the year ended December 31, 2025 compared to the prior year primarily due to higher average outstanding borrowings in 2025 in conjunction with current year investment activity.
Depreciation and amortization for our Core Portfolio decreased $3.1 million for the year ended December 31, 2024 compared to the prior year primarily due to the write off of in-place lease intangible assets for recaptured tenant space in 2023.
Depreciation and amortization for our REIT Portfolio increased $18.3 million for the year ended December 31, 2025 compared to the prior year primarily due to (i) $16.3 million from new property acquisitions, including the acquisition of an additional interest and consolidation of the Renaissance Portfolio, and (ii) $1.5 million from the acceleration of in-place lease intangible assets for bankrupt tenants in 2025 ( Note 2 , Note 6 ).
Structured Financing The results of operations for our Structured Financing segment are depicted in the table above under the headings labeled “SF.” Interest income for the Structured Financing portfolio increased $5.1 million for the year ended December 31, 2024 compared to the prior year period primarily due to higher cash balances from new note originations and compounding interest on certain of our notes. 48 Unallocated The Company does not allocate general and administrative expense and income taxes to its reportable segments.
These unallocated amounts are depicted in the table above under the headings labeled “Total.” General and administrative expenses increased $5.1 million for the year ended December 31, 2025 compared to the prior year period primarily due to higher compensation expenses, legal expenses, and other transaction costs in 2025.
Revenues for Investment Management increased $23.7 million for the year ended December 31, 2024 compared to the prior year primarily due to (i) $13.7 million from acquisitions in 2023 and 2024, (ii) $5.8 million from new tenant lease-up within Investment Management in 2023 and 2024, and (iii) $5.0 million from higher recoveries as a result of higher property operating expenses in 2024.
Rental revenues for our REIT Portfolio increased $45.6 million for the year ended December 31, 2025 compared to the prior year primarily due to (i) $33.1 million from new property acquisitions, including the acquisition of an additional interest and consolidation of the Renaissance Portfolio in 2025, (ii) $8.4 million related to the termination of a lease at City Center in San Francisco, CA in 2025, and (iii) $4.0 million from net new tenant lease up ( Note 2 ).
Given that Investment Management is primarily comprised of finite-life investment vehicles, these properties are sold following stabilization. For these reasons, we believe NOI and rent spreads are not meaningful measures for our Investment Management investments. NOI represents property revenues less property expenses.
We do not consider NOI and rent spreads to be meaningful measures for our Investment Management investments, as Investment Management invests primarily in properties that typically require significant leasing and development, and is primarily comprised of finite-life investment vehicles. We use NOI, a non-GAAP financial measure, to evaluate the performance of our properties.
Fund IV was launched in May 2012 with total committed capital of $530.0 million of which our share was $122.5 million. • $10.3 million to Fund V. Fund V was launched in August 2016 with total committed capital of $520.0 million of which our share is $104.5 million.
At December 31, 2025, our share of the remaining capital commitments to our Funds aggregated $11.5 million as follows: • $0.2 million to Fund III – Fund III was launched in May 2007 with total committed capital of $450.0 million, of which our original share was $89.6 million.
Removed
Our Core Portfolio consists of those properties either 100% owned, or partially owned through joint venture interests by the Operating Partnership, or subsidiaries thereof, not including those properties owned through Investment Management. These properties primarily consist of street and urban retail, and suburban shopping centers. See Item 2.
Added
These properties primarily consist of street and urban retail, and suburban shopping centers located in high-barrier to entry, supply-constrained markets. For a detailed summary of our wholly owned and partially owned properties and their physical occupancy as of December 31, 2025, see Item 2. Properties .
Removed
Properties for a summary of our wholly-owned and partially-owned retail properties and their physical occupancies at December 31, 2024. The majority of our operating income is derived from rental revenues from operating properties, including expense recoveries from tenants, offset by operating and overhead expenses.
Added
Our revenues are predominantly derived from rental income from operating properties, including tenant expense reimbursements, and are offset by property-level operating costs and corporate overhead. This recurring income stream reflects the stability of our core REIT portfolio and is complemented by value creation through development, redevelopment, and our Investment Management activities.
Removed
Our primary business objective is to acquire and manage commercial retail properties that will provide cash for distributions to shareholders while also creating the potential for capital appreciation to enhance investor returns.
Added
We also invest selectively in first mortgage loans and other real estate-backed notes through our Structured Finance program, either directly or via affiliated entities. This program serves as an additional source of returns and enhances portfolio diversification. We engage in development and redevelopment initiatives to unlock inherent property value and address shifting tenant and market requirements.
Removed
We focus on the following fundamentals to achieve this objective: • Own and operate a Core Portfolio of high-quality retail properties located primarily in high-barrier-to-entry, densely populated metropolitan areas and create value through accretive development and re-tenanting activities coupled with the acquisition of high-quality assets that have the long-term potential to outperform the asset class as part of our Core asset recycling and acquisition initiative. • Generate additional external growth through an opportunistic yet disciplined acquisition program.
Added
As of December 31, 2025, our REIT Portfolio included 13 development properties and 12 redevelopment properties, along with one redevelopment project within Investment Management. For further information, refer to Item 2.
Removed
We target transactions with high inherent opportunity for the creation of additional value through: o value-add investments in street retail properties, located in established and “next generation” submarkets, with re-tenanting or repositioning opportunities, o opportunistic acquisitions of well-located real-estate anchored by distressed retailers, and o other opportunistic acquisitions which may include high-yield acquisitions and purchases of distressed debt. • Some of these investments historically have also included, and may in the future include, joint ventures with private equity and institutional investors for the purpose of making investments in ventures with significant embedded value in their real estate assets.
Added
Properties —Development Activities and Note 2 . 43 SIGNIFICANT ACTIVITIES DURING THE year ended December 31, 2025 AND SUBSEQUENT EVENTS See Note 12 in the Notes to Consolidated Financial Statements for an overview of our three reportable segments: REIT Portfolio, Investment Management and Structured Financing.
Removed
We plan to grow this business and increase revenues earned from our Investment Management Portfolio by increasing our co-investment assets under management in existing or new ventures. • Maintain a strong and flexible balance sheet through conservative financial practices while ensuring access to sufficient capital to fund future growth. 43 SIGNIFICANT DEVELOPMENTS DURING THE year ended December 31, 2024 AND SUBSEQUENT EVENTS Segment Reporting During the second quarter of 2024, we renamed our historical Funds segment as the Investment Management segment.
Added
For purposes of the tables included below, these segments are abbreviated as “REIT”, “IM” and “SF”, respectively.
Removed
No prior period information was recast and the designation change did not impact our consolidated financial statements. Refer to Note 12 .
Added
Investments Acquisitions During the year ended December 31, 2025, the following properties were acquired ( Note 2 ) (dollars in thousands): Property Name Portfolio Ownership Acquisition Date Location GLA Purchase Price REIT Portfolio 106 Spring Street REIT 100% January 9, 2025 New York Metro 5,936 $ 55,137 73 Wooster Street REIT 100% January 9, 2025 New York Metro 8,896 25,459 Renaissance Portfolio (a) REIT 48% January 23, 2025 Washington DC Metro 225,865 117,936 95, 97, and 107 North 6th Street REIT 100% April 9, 2025 New York Metro 21,100 59,668 85 5th Avenue REIT 100% April 11, 2025 New York Metro 13,092 47,014 70 and 93 North 6th Street REIT 100% June 4, 2025 New York Metro 21,713 50,323 2117 N.
Removed
Investments During the year ended December 31, 2024, within our Core Portfolio, we invested in seven Core properties and three Core expansion properties aggregating $132.5 million, inclusive of transaction costs, as follows ( Note 2 ): • In September and November of 2024, we acquired three additional properties in development as part of the overall Henderson Avenue expansion project in Dallas, Texas for an aggregate of $14.3 million. • On September 19, 2024, we acquired the Bleecker Street Portfolio, a four-property retail portfolio (inclusive of a parking garage) in Manhattan, New York for $20.3 million. • On October 11, 2024, we acquired 123-129 N. 6th Street, a retail property located in Brooklyn, New York for $35.3 million. • On October 17, 2024, we acquired 92-94 Greene Street, a retail property located in Manhattan, New York for $43.6 million. • On October 24, 2024, we acquired 109 N. 6th Street, a retail property located in Brooklyn, New York for $19.0 million.
Added
Henderson Avenue REIT 100% July 31, 2025 Dallas Metro — 904 Investment Management Pinewood Square (b) IM 100% March 19, 2025 Southeast 204,002 68,207 The Avenue West Cobb (b) IM 100% September 30, 2025 Southeast 254,446 62,701 (a) On January 23, 2025, we acquired an additional 48% economic ownership interest, increasing our existing 20% interest to 68%, in the Renaissance Portfolio, which is primarily located in Washington D.C.
Removed
During the year ended December 31, 2024, within Investment Management we invested our share of equity for non-controlling interests in two properties aggregating $48.0 million (with an aggregate gross asset value of $309.3 million), inclusive of transaction costs, as follows ( Note 2 , Note 4 ): • On July 3, 2024, we acquired an Investment Management shopping center, the Walk at Highwoods Preserve, located in Tampa, Florida for $31.8 million and subsequently contributed the property to a newly formed unconsolidated joint venture and retained a 20% ownership interest through an investment in a newly formed unconsolidated joint venture which was valued at $6.4 million. • On December 12, 2024, we acquired a 15% interest in an unconsolidated venture for $41.6 million, which purchased the LINQ Promenade, an open-air retail, entertainment, and dining district located in Las Vegas, Nevada for $277.5 million, inclusive of transaction costs.
Added
The 48% interest was acquired for a purchase price of $117.9 million, based upon a gross portfolio fair value of $245.7 million, which included existing aggregate mortgage loan indebtedness of $156.1 million ( Note 7 ). Prior to the acquisition, we accounted for our 20% interest under the equity method of accounting.
Removed
In addition, the venture entered into a new $175.0 million property mortgage loan.
Added
We gained a controlling financial interest as a result of this acquisition, and determined we should consolidate our investment within our REIT Portfolio effective January 23, 2025.
Removed
In January 2025, within our Core Portfolio, we acquired two properties in New York, New York for approximately $80.0 million and acquired an additional 48% interest in an existing unconsolidated venture, the Renaissance portfolio ( Note 4 ), increasing our existing 20% ownership interest to 68%, for approximately $117.0 million ( Note 17 ).
Added
As such, we measured and recognized 100% of the identifiable assets acquired, the liabilities assumed and any noncontrolling interests of the Renaissance Portfolio, at fair value and recognized a $9.6 million loss on change in control representing the difference between the carrying value and fair value of its existing equity method interest immediately before consolidation of the portfolio ( Note 2 ).
Removed
Dispositions On May 16, 2024, we contributed our Shops at Grand property to a newly formed unconsolidated joint venture and retained a 5% non-controlling ownership interest which was valued at $2.4 million, resulting in a loss on deconsolidation of $2.2 million related to transaction costs ( Note 2 ).
Added
(b) As of December 31, 2025, we had two wholly-owned assets within the Investment Management platform that we intend to recapitalize with an institutional investor as part of our Investment Management strategy. During the third quarter of 2025, we increased our ownership of Fund II from 61.67% to 80.0%. Additional details are provided in Note 10 .
Removed
On October 25, 2024, we contributed our Walk at Highwoods Preserve property to a newly formed unconsolidated joint venture and retained a 20% non-controlling ownership interest which was valued at $6.4 million, resulting in a loss on deconsolidation of $0.4 million related to transaction costs ( Note 2 , Note 4 ).
Added
In January 2026, we acquired, through Investment Management, a 20% interest in a real estate venture that purchased a retail shopping center in Queens, New York for $424.4 million ($84.8 million at our share). In connection with the acquisition, the venture entered into a $277.0 million property mortgage loan at closing.
Removed
During the year ended December 31, 2024, we disposed of three consolidated Investment Management properties and two unconsolidated Investment Management investments for gross proceeds totaling $100.3 million, as follows: • On April 3, 2024, Fund IV sold its consolidated 2207 and 2208-2216 Fillmore Street properties for a total sales price of $14.1 million and repaid the related $6.4 million of debt at closing.
Added
We also provided a $41.7 million preferred equity investment to the venture ( Note 17 ).
Removed
Fund IV recognized a gain of $2.4 million, of which the Company’s proportionate share was $0.5 million ( Note 2 ). • On June 28, 2024, Fund V sold a consolidated outparcel at Canton Marketplace for $2.2 million and recognized a gain of $0.6 million, of which the Company’s proportionate share was $0.1 million ( Note 2 ). • On June 28, 2024, Fund IV sold its unconsolidated Paramus Plaza property for a total of $36.8 million and repaid the related debt of $27.9 million.
Added
Dispositions The following properties were disposed of ( Note 2 ) (dollars in thousands): Property Name Portfolio Ownership Disposition Date Location GLA Sales Price Acadia's Share Mad River Station REIT 100% August 19, 2025 Ohio 156,000 $ 15,020 $ 15,020 640 Broadway IM (Fund III) 24.54% September 5, 2025 New York Metro 49,500 49,500 12,147 1035 Third Avenue IM (Fund IV) 20.10% October 1, 2025 New York Metro 23,924 22,000 4,422 In addition, in June 2025, the joint venture that owned the Eden Square property, of which Fund IV has a 90% ownership interest, sold the property to a third-party for $28.0 million and repaid the related $23.3 million property mortgage loan ( Note 4 ). 44 Financing Activity In January 2025, we acquired an additional 48% economic ownership interest in the Renaissance Portfolio ( Note 2 ).
Removed
Fund IV recognized a gain of $4.1 million, of which the Company’s proportionate share was $1.0 million ( Note 4 ). 44 • On September 25, 2024, Fund V sold its unconsolidated Frederick Crossing property for a total of $47.2 million and repaid the related debt of $23.2 million.
Added
At acquisition, the properties were subject to existing mortgage indebtedness with an aggregate outstanding principal balance of $156.1 million, bore interest at SOFR + 2.65% and was scheduled to mature on November 6, 2026. The property mortgage loans were recorded at a fair value of approximately $156.1 million.
Removed
Fund V recognized a gain of $11.6 million, of which the Company’s proportionate share was $2.3 million ( Note 4 ).

… 55 more changes not shown on this page.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

27 edited+5 added−4 removed60 unchanged
Biggest changeItem 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations for a detailed discussion of our consolidated and unconsolidated acquisitions, dispositions and financing activity for the year ended December 31, 2024. Core Portfolio Our Core Portfolio consists primarily of high-quality street retail and urban assets, as well as suburban properties located in high-barrier-to-entry, trade areas.
Biggest changeItem 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations . REIT Portfolio Our REIT Portfolio primarily comprises high-quality street retail and select urban assets, complemented by suburban properties in supply-constrained trade areas. We generally hold these properties for long-term investment and actively manage the portfolio to enhance value through targeted renovation, re-tenanting, and operational improvements.
These laws may impose liability without regard to whether we knew of, or were responsible for, the presence or disposal of those substances. This liability may be imposed on us in connection with the activities of an operator of, or tenant at our properties.
These laws may impose liability without regard to whether we knew of, or were responsible for, the presence or disposal of those substances. This liability may be imposed on us in connection with the activities of an operator or tenant at our properties.
Department of Energy’s Better Buildings Alliance and to have achieved gold status for using green leases to engage our tenants in making our properties more sustainable. 10 We strive to monitor and mitigate climate-related risks to our business. We assess how climate change, natural disasters, and health crises could impact our properties and operations on an ongoing basis.
Department of Energy’s Better Buildings Alliance and to have achieved gold status for using green leases to engage our tenants in making our properties more sustainable. We strive to monitor and mitigate climate-related risks to our business. We assess how climate change, natural disasters, and health crises could impact our properties and operations on an ongoing basis.
In addition, the presence of such substances, or the failure to properly dispose of or remove such substances, may adversely 9 impact our ability to sell or rent an affected property or to borrow using that property as collateral, which, in turn, would reduce our revenues and ability to make distributions.
In addition, the presence of such substances, or the failure to properly dispose of or remove such substances, may adversely impact our ability to sell or rent an affected property or to borrow using that property as collateral, which, in turn, would reduce our revenues and ability to make distributions.
CODE OF ETHICS AND WHISTLEBLOWER POLICIES Our Board adopted a Code of Business Conduct and Ethics applicable to all employees, as well as a “Whistleblower Policy.” Copies of these documents are available in the Investors – Governance page of our website at www.acadiarealty.com.
CODE OF ETHICS AND WHISTLEBLOWER POLICIES Our Board adopted a Code of Business Conduct and Ethics applicable to all employees, as well as a “Whistleblower Policy.” Copies of these documents are available in the Investors – Corporate Governance page of our website at www.acadiarealty.com.
Our financial results depend primarily on leasing space at our properties to tenants on terms favorable to us. Costs associated with real estate investment, such as real estate taxes, insurance, and maintenance costs, generally are not reduced even when a property is not fully occupied, rental rates decrease, or other circumstances cause a reduction in income from the property.
Our financial results depend primarily on leasing space at our properties to tenants on terms favorable to us. Costs associated with real estate investment, such as real estate taxes, insurance, and maintenance costs, generally are not reduced even when a property is not fully occupied, rental rates decrease, or other circumstances cause a reduction in revenue from the property.
The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this Report. 11 ITEM 1A. RIS K FACTORS. Set forth below are the risk factors that we believe are material to our investors.
The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this Report. 12 ITEM 1A. RIS K FACTORS. Set forth below are the risk factors that we believe are material to our investors.
Properties—Major Tenants . 12 The bankruptcy of, or a downturn in the business of, any of our major tenants or a significant number of our smaller tenants may adversely affect our financial condition, cash flows, results of operations and property values.
Properties—Major Tenants . 13 The bankruptcy of, or a downturn in the business of, any of our major tenants or a significant number of our smaller tenants may adversely affect our financial condition, cash flows, results of operations and property values.
In addition, if certain anchor tenants cease to occupy a property, could trigger certain contractual rights for a significant number of other tenants to terminate their leases, or pay a reduced rent based on a percentage of the tenant’s sales at the affected property, which could adversely affect the future income from such property.
In addition, if certain anchor tenants cease to occupy a property, such action could trigger certain contractual rights for a significant number of other tenants to terminate their leases, or pay a reduced rent based on a percentage of the tenant’s sales at the affected property, which could adversely affect the future revenue from such property.
See the Risk Factor entitled, “Our ability to change our portfolio is limited because real estate investments are illiquid” below. 13 Many of our real estate costs are fixed, even if income from our properties decreases, which would cause a decrease in net income.
See the Risk Factor entitled, “Our ability to change our portfolio is limited because real estate investments are illiquid” below. 14 Many of our real estate costs are fixed, even if revenue from our properties decreases, which would cause a decrease in net income.
We derive significant revenues from a concentration of 20 key tenants, which occupy space at more than one property and collectively account for approximately 17.1% of our consolidated revenue.
We derive significant revenues from a concentration of 20 key tenants, which occupy space at more than one property and collectively account for approximately 16.0% of our consolidated revenue.
Our existing properties, as well as properties we may acquire, as commercial facilities, are required to comply with the ADA. See Item 1A. Risk Factors — Compliance with the ADA and fire, safety and other regulations may require us to make unplanned expenditures that could adversely affect our financial condition, cash flows and results of operations.
Our properties, and any properties we may acquire, as commercial facilities, must comply with the ADA and other building, fire, and safety codes. See Item 1A. Risk Factors — Compliance with the ADA and fire, safety and other regulations may require us to make unplanned expenditures that could adversely affect our financial condition, cash flows and results of operations.
CORPORATE HEADQUARTERS Our executive office is located at 411 Theodore Fremd Avenue, Suite 300, Rye, New York 10580, and our telephone number is (914) 288-8100. HUMAN CAPITAL As of December 31, 2024, we had 129 employees, of whom 102 were located at our executive office and 27 were located at regional property management offices.
CORPORATE HEADQUARTERS Our executive office is located at 411 Theodore Fremd Avenue, Suite 300, Rye, New York 10580, and our telephone number is (914) 288-8100. HUMAN CAPITAL As of December 31, 2025, we had 138 employees, of whom 109 were located at our executive office and 29 were located at regional property management offices.
In addition, we may become subject to new compliance requirements and/or new costs or taxes associated with natural resource or energy usage and related emissions (such as a carbon tax), which could increase our operating costs.
We may also be subject to future compliance requirements and/or new costs or taxes associated with natural resource or energy usage and related emissions (such as a carbon tax), which could increase our operating costs.
E-commerce may cause a downturn in the business of our current tenants and affect future leases, which could adversely affect our financial condition. The use of the Internet by retail consumers continues to gain in popularity and the migration toward e-commerce is expected to continue.
E-commerce may cause a downturn in the business of our current tenants and affect future leases, which could adversely affect our financial condition. The use of the Internet by retail consumers remains popular and is expected to continue.
The NCG Committee periodically reviews our corporate responsibility strategy, practices and policies, receives regular updates from management regarding our activities and reports to the full Board for further discussion and evaluation as needed and appropriate.
Our corporate responsibility strategy and practices are overseen by the Board’s Nominating and Corporate Governance (“NCG”) Committee. The NCG Committee periodically reviews our corporate responsibility strategy, practices and policies, receives regular updates from management regarding our activities and reports to the full Board for further discussion and evaluation as needed and appropriate.
COMPANY WEBSITE All of our filings with the SEC, including our annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, and any amendments to such reports, are available at no cost on the Investors page of our website at www.acadiarealty.com, as soon as reasonably practicable after we electronically file such materials with, or furnish them to, the SEC.
Such information is not incorporated by reference into, and is otherwise not part of, this Report. 11 COMPANY WEBSITE All of our filings with the SEC, including our annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, and any amendments to such reports, are available at no cost on the Investors page of our website at www.acadiarealty.com, as soon as reasonably practicable after we electronically file such materials with, or furnish them to, the SEC.
We have significant exposure to the greater New York and Chicago metropolitan regions, from which we derive 44.0% and 17.3% of the annual base rents within our Core Portfolio, respectively. In addition, Investment Management derives 21.8%, 22.0% and 32.7% of its annual base rents from the Northeast, Southeast and New York metropolitan regions of the United States, respectively.
We have significant exposure to the greater New York and Chicago metropolitan regions, from which we derive 44.8% and 18.4% of the annual base rents within our REIT Portfolio, respectively. In addition, Investment Management derives 34.8%, 31.8%, and 17.1%, of its annual base rents from the Southeast, New York, and Northeast metropolitan regions of the United States, respectively.
There can be no assurance that we will be able to retain tenants in any of our properties upon the expiration of their leases. See Item 2. Properties—Lease Expirations for additional information regarding the scheduled lease expirations in our portfolio. In addition, current inflation levels are greater than the contractual rent increases we obtain from our tenant base.
There can be no assurance that we will be able to retain tenants in any of our properties upon the expiration of their leases. See Item 2. Properties—Lease Expirations for additional information regarding the scheduled lease expirations in our portfolio.
We regularly monitor corporate governance developments, recommend best practices, and take into account stakeholder feedback. We believe that sound corporate governance strengthens the accountability of our Board and management and promotes the long-term interests of our shareholders.
We believe that sound corporate governance strengthens the accountability of our Board and management and promotes the long-term interests of our shareholders.
GOVERNMENT REGULATIONS AND ENVIRONMENTAL LAWS We are subject to federal, state and local laws and regulations, including environmental laws and regulations. As of the date of this Report, we do not expect the cost of compliance with such laws and regulations to have a material impact on our capital expenditures, earnings, or competitive position. See Item 1A.
GOVERNMENT REGULATIONS AND ENVIRONMENTAL LAWS We are subject to federal, state and local laws and regulations, including those governing environmental matters, health and safety, and accessibility. Based on current requirements, we do not expect compliance costs to have a material impact on our capital expenditures, earnings, or competitive position. See Item 1A.
To promote career advancement, leadership training opportunities are available to managers and high-potential employees who are identified as potential successors for senior-level roles. We offer a comprehensive benefits package to all eligible employees. All Acadia employees are eligible to participate in our Wellness at Acadia Program which advocates for, and provides resources regarding, nutrition, exercise, mental health, and workplace ergonomics.
To promote career advancement, leadership training opportunities are available to managers and high-potential employees who are identified as potential successors for senior-level roles. 10 We offer a comprehensive benefits package to all eligible employees.
These risks are evaluated alongside other risks for new acquisitions, and necessary mitigation is included in initial capital planning and improvements. The health and well-being of our tenants and their employees and customers are important to us, and we are committed to maintaining safe and secure shopping centers.
These risks are evaluated alongside other risks for new acquisitions, and necessary mitigation is included in initial capital planning and improvements. In addition to environmental sustainability and climate risk management, we view health, safety, and well‑being as integral to the long‑term performance of our portfolio.
Structured Finance Program We also make investments in first property mortgage loans and other notes receivable collateralized by real estate, (which we refer to as our Structured Finance Program or SF), either directly or through entities having an ownership interest therein.
These structures enable us to leverage third-party capital while maintaining meaningful ownership interests. 9 Structured Finance Program We selectively invest in first mortgage loans and other notes receivable generally collateralized by real estate through our Structured Finance (“SF”) program, either directly or through entities in which we hold an interest.
Additional information about our approach to corporate responsibility is available in our Proxy and Corporate Responsibility Report. Such information is not incorporated by reference into, and is not part of, this annual report on Form 10-K.
Additional information about our approach to corporate responsibility is available in our Proxy and Corporate Responsibility Report.
CORPORATE RESPONSIBILITY We seek to drive financial performance while engaging in environmentally and socially responsible business practices grounded in sound corporate governance and compliance with applicable law. Our corporate responsibility strategy and practices are overseen by the Board’s Nominating and Corporate Governance (“NCG”) Committee.
All Acadia employees are eligible to participate in our Wellness at Acadia Program which advocates for, and provides resources regarding, nutrition, exercise, mental health, and workplace ergonomics. CORPORATE RESPONSIBILITY We seek to drive financial performance while engaging in environmentally and socially responsible business practices grounded in sound corporate governance and compliance with applicable law.
As of December 31, 2024, there were four Core Portfolio and one Investment Management development projects, and eight Core Portfolio and one Investment Management redevelopment projects. During the year ended December 31, 2024, we began development of two Core Portfolio properties. See Item 2. Properties—Development Activities and Note 2 .
As of December 31, 2025, we had 13 REIT Portfolio development projects and 12 REIT Portfolio redevelopment projects, as well as one redevelopment project within Investment Management. For additional details, see Item 2. Properties—Development Activities and Note 2 to the consolidated financial statements.
Removed
As we typically hold our Core Portfolio properties for long-term investment, we review our portfolio and implement programs to renovate and re-tenant targeted properties to enhance their market position. This in turn is expected to strengthen the competitive position of our leasing department to attract and retain quality tenants, increasing cash flow, and consequently, property values.
Added
We believe these initiatives strengthen market positioning, attract and retain quality tenants, and support cash flow growth. From time to time, we dispose of non-core assets and redeploy capital into acquisitions or repositioning opportunities with greater potential for appreciation.
Removed
From time to time, we also identify certain properties for disposition and redeploy the capital for acquisitions and for the repositioning of existing properties with greater potential for capital appreciation. Investment Management Our Investment Management investments consist of suburban shopping centers and urban retail assets structured as wholly-owned by our Funds or through jointly-owned investments.
Added
Investment Management Our Investment Management platform invests in suburban shopping centers and urban retail assets through our Funds and other co-investment ventures with institutional partners. While these investments are primarily structured as joint ventures at acquisition, we also acquire assets on a wholly owned basis pending the identification of an institutional partner to recapitalize the asset.
Removed
Development and Redevelopment Activities As part of our investing strategy, we invest in real estate assets that may require significant development. In addition, certain assets may require redevelopment to meet the demand of changing markets.
Added
This program provides an additional avenue for generating returns and diversifying our investment exposure. Development and Redevelopment Activities We pursue development and redevelopment projects to unlock embedded value and meet evolving tenant and market demands.
Removed
As a result, the Company could experience pricing pressure on rents that it is able to charge to new or renewing tenants, such that future rents and rent spreads could be negatively impacted.
Added
The health and well-being of our tenants and their employees and customers are important to us, and we are committed to maintaining safe and secure shopping centers through responsible property management, safety protocols, and ongoing operational oversight. We regularly monitor corporate governance developments, recommended best practices, and take into account stakeholder feedback.
Added
Although overall inflation has moderated, there were periods during 2025 when inflation exceeded the contractual rent increases provided for in many of our leases. To the extent inflation outpaces these contractual rent escalations, we may face pricing pressure on rents for new or renewing tenants, which could adversely affect future rents and rent spreads.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

18 edited+0 added−1 removed3 unchanged
Biggest changeThe following table sets forth information as of December 31, 2024 concerning our long-term debt obligations, including principal cash flows by scheduled maturity and weighted average interest rates of maturing amounts (dollars in millions): Core Consolidated Mortgage and Other Debt Year Scheduled Amortization Maturities Total Weighted Average Interest Rate 2025 $ 2.0 $ — $ 2.0 — % 2026 4.9 — 4.9 — % 2027 4.8 45.1 49.9 4.8 % 2028 1.8 534.4 536.2 4.3 % 2029 1.2 172.1 173.3 5.2 % Thereafter 1.3 1.6 2.9 5.1 % $ 16.0 $ 753.2 $ 769.2 57 Investment Management Consolidated Mortgage and Other Debt Year Scheduled Amortization Maturities Total Weighted Average Interest Rate 2025 $ 3.7 $ 471.9 $ 475.6 6.8 % 2026 2.0 76.8 78.8 6.3 % 2027 1.3 163.4 164.7 6.8 % 2028 0.2 59.4 59.6 6.0 % 2029 — — — — % Thereafter — — — — % $ 7.2 $ 771.5 $ 778.7 Mortgage Debt in Unconsolidated Partnerships (at our Pro-Rata Share) Year Scheduled Amortization Maturities Total Weighted Average Interest Rate 2025 $ 6.2 $ 11.2 $ 17.4 6.5 % 2026 6.1 65.6 71.7 6.6 % 2027 0.6 56.2 56.8 6.2 % 2028 0.1 16.6 16.7 6.0 % 2029 0.3 36.4 36.7 5.8 % Thereafter — 13.7 13.7 5.9 % $ 13.3 $ 199.7 $ 213.0 Without regard to available extension options, in 2025, $477.6 million of our total consolidated debt and $17.4 million of our pro-rata share of unconsolidated outstanding debt will become due.
Biggest changeThe following table sets forth information as of December 31, 2025 concerning our long-term debt obligations, including principal cash flows by scheduled maturity (without regard to available extension options) and weighted average effective interest rates of maturing amounts (dollars in millions): REIT Portfolio Consolidated Mortgage and Other Debt Year Scheduled Amortization Maturities Total Weighted Average Interest Rate 2026 $ 2.4 $ 102.0 $ 104.4 6.1 % 2027 4.8 45.1 49.9 4.8 % 2028 1.8 559.9 561.7 4.1 % 2029 1.2 97.1 98.3 5.5 % 2030 0.3 326.6 326.9 4.4 % Thereafter 1.0 — 1.0 5.9 % $ 11.5 $ 1,130.7 $ 1,142.2 Investment Management Consolidated Mortgage and Other Debt Year Scheduled Amortization Maturities Total Weighted Average Interest Rate 2026 $ 3.5 $ 184.4 $ 187.9 6.3 % 2027 2.2 257.5 259.7 6.1 % 2028 0.3 283.3 283.6 5.5 % 2029 — — — — % 2030 — — — — % Thereafter — — — — % $ 6.0 $ 725.2 $ 731.2 Mortgage Debt in Unconsolidated Partnerships (at our Pro-Rata Share) Year Scheduled Amortization Maturities Total Weighted Average Interest Rate 2026 $ 6.3 $ 42.0 $ 48.3 6.2 % 2027 1.1 55.0 56.1 5.8 % 2028 0.1 16.7 16.8 6.0 % 2029 0.3 36.5 36.8 5.8 % 2030 — — — —% Thereafter — 13.7 13.7 5.9 % $ 7.8 $ 163.9 $ 171.7 56 Without regard to available extension options, in 2026, $292.3 million of our total consolidated debt and $48.3 million of our pro-rata share of unconsolidated outstanding debt will become due.
As we intend on refinancing some or all of such debt at the then-existing market interest rates, which may be greater than the current interest rate, our interest expense would increase by approximately $6.3 million annually if the interest rate on the refinanced debt increased by 100 basis points.
As we intend on refinancing some or all of such debt at the then-existing market interest rates, which may be greater than the current interest rates, our interest expense would increase by approximately $6.6 million annually if the interest rate on the refinanced debt increased by 100 basis points.
After giving effect to noncontrolling interests, our share of this increase would be $1.2 million. We may seek additional variable-rate financing if and when pricing and other commercial and financial terms warrant. As such, we would consider hedging against the interest rate risk related to such additional variable-rate debt through interest rate swaps and protection agreements, or other means.
After giving effect to noncontrolling interests, our share of this increase would be $1.3 million. We may seek additional variable-rate financing if and when pricing and other commercial and financial terms warrant. As such, we would consider hedging against the interest rate risk related to such additional variable-rate debt through interest rate swaps and protection agreements, or other means.
As of December 31, 2024, we were party to 30 interest rate swap and four interest rate cap agreements to hedge our exposure to changes in interest rates with respect to $852.0 million and $111.2 million of SOFR-based variable-rate debt, respectively.
As of December 31, 2024, we were party to 30 interest rate swaps and three interest rate cap agreements to hedge our exposure to changes in interest rates with respect to $852.0 million and $111.2 million of SOFR-based variable-rate debt, respectively.
As of December 31, 2024, we had total property mortgage loans and other notes payable of $1,547.9 million, excluding the unamortized premium of $0.2 million and unamortized debt issuance costs of $10.9 million, of which $1,142.6 million, or 73.8% was fixed-rate, inclusive of debt with rates fixed through the use of derivative financial instruments, and $405.4 million, or 26.2%, was variable-rate based upon SOFR rates plus certain spreads.
Summarized Information as of December 31, 2024 As of December 31, 2024, we had total property mortgage loans and other notes payable of $1.5 billion, excluding the unamortized premium of $0.2 million and unamortized debt issuance costs of $10.9 million, of which $1.1 billion, or 73.8%, was fixed-rate, inclusive of debt with rates fixed through the use of derivative financial instruments, and $405.4 million, or 26.2%, was variable-rate based upon SOFR rates plus certain spreads.
Changes in Market Risk Exposures from December 31, 2023 to December 31, 2024 Our interest rate risk exposure from December 31, 2023, to December 31, 2024, has decreased on an absolute basis, as the $426.4 million of variable-rate debt as of December 31, 2023, has decreased to $405.4 million as of December 31, 2024.
Changes in Market Risk Exposures from December 31, 2024 to December 31, 2025 Our interest rate risk exposure from December 31, 2024, to December 31, 2025, has decreased on an absolute basis, as the $405.4 million of variable-rate debt as of December 31, 2024, has decreased to $370.6 million as of December 31, 2025.
Based on our outstanding debt balances as of December 31, 2024, the fair value of our total consolidated outstanding debt would decrease by approximately $9.8 million if interest rates increase by 1%. Conversely, if interest rates decrease by 1%, the fair value of our total outstanding debt would increase by approximately $9.8 million.
Based on our outstanding debt balances as of December 31, 2025, the fair value of our total consolidated outstanding debt would decrease by approximately $9.4 million if interest rates increase by 1%. Conversely, if interest rates decrease by 1%, the fair value of our total outstanding debt would increase by approximately $6.1 million.
ITEM 7A. QUANTITATIVE AND QUALITAT IVE DISCLOSURES ABOUT MARKET RISK. Information as of December 31, 2024 Our primary market risk exposure is to changes in interest rates related to our property mortgage loans and other debt. See Note 7 for certain quantitative details related to our property mortgage loans and other debt.
ITEM 7A. QUANTITATIVE AND QUALITAT IVE DISCLOSURES ABOUT MARKET RISK. Information as of December 31, 2025 Our primary market risk exposure is to changes in interest rates related to our property mortgage loans and other debt. See Note 7 in the Notes to the consolidated financial statements for certain quantitative details related to our property mortgage loans and other debt.
As it relates to the maturing debt in 2025 and 2026, we have options to extend consolidated debt aggregating $364.3 million and $53.8 million, respectively; however, there can be no assurance that the Company will be able to successfully execute any or all of its available extension options.
As it relates to the maturing debt in 2026 and 2027, we have options to extend consolidated debt aggregating $188.0 million and $252.4 million, respectively; however, there can be no assurance that the Company will be able to successfully execute any or all of its available extension options.
After giving effect to noncontrolling interests, our share of this increase would be $0.9 million. Interest expense on our consolidated variable-rate debt of $405.4 million, net of variable to fixed-rate swap agreements currently in effect, as of December 31, 2024, would increase $4.1 million if interest rates increased by 100 basis points.
After giving effect to noncontrolling interests, our share of this increase would be $1.6 million. Interest expense on our consolidated variable-rate debt of $370.6 million, net of variable to fixed-rate swap agreements currently in effect, as of December 31, 2025, would increase $3.7 million if corresponding rate indices increased by 100 basis points.
Summarized Information as of December 31, 2023 As of December 31, 2023, we had total property mortgage loans and other notes payable of $1,881.1 million, excluding the unamortized premium of $0.2 million and unamortized debt issuance costs of $11.2 million, of which $1,454.7 million, or 77.3% was fixed-rate, inclusive of debt with rates fixed through the use of derivative financial instruments, and $426.4 million, or 22.7%, was variable-rate based upon SOFR or Prime rates plus certain spreads.
As of December 31, 2025, we had total property mortgage loans and other notes payable of $1,873.4 million, excluding the unamortized premium of $0.9 million and net unamortized debt issuance costs of $11.4 million, of which $1,502.8 million, or 80.2% was fixed-rate, inclusive of debt with rates fixed through the use of derivative financial instruments, and $370.6 million, or 19.8%, was variable-rate based upon SOFR or Prime rates plus certain spreads.
Conversely, if interest rates decrease by 1%, the fair value of our total outstanding notes receivable would increase by approximately $0.6 million.
Based on our outstanding notes receivable balances as of December 31, 2025, the fair value of our total outstanding notes receivable would decrease by approximately $1.5 million if interest rates increase by 1%. Conversely, if interest rates decrease by 1%, the fair value of our total outstanding notes receivable would increase by approximately $1.5 million.
Conversely, if interest rates decreased by 1%, the fair value of our total outstanding debt would have increased by approximately $6.6 million.
Based on our outstanding debt balances as of December 31, 2024, the fair value of our total outstanding debt would have decreased by approximately $9.8 million if interest rates increased by 1%. Conversely, if interest rates decreased by 1%, the fair value of our total outstanding debt would have increased by approximately $9.8 million.
In addition, $83.7 million of our total consolidated debt and $71.7 million of our pro-rata share of unconsolidated debt will become due in 2026.
In addition, $309.6 million of our total consolidated debt and $56.1 million of our pro-rata share of unconsolidated debt will become due in 2027.
We determined the estimated fair value of our notes receivable by discounting future cash receipts utilizing a discount rate equivalent to the rate at which similar notes receivable would be originated under conditions then existing. 58 Based on our outstanding notes receivable balances as of December 31, 2024, the fair value of our total outstanding notes receivable would decrease by approximately $0.6 million if interest rates increase by 1%.
As of December 31, 2025, and 2024, we had consolidated notes receivable of $154.9 million and $126.6 million, respectively. We determined the estimated fair value of our notes receivable by discounting future cash receipts utilizing a discount rate equivalent to the rate at which similar notes receivable would be originated under conditions then existing.
As a percentage of our overall debt, our interest rate risk exposure has increased as our variable-rate debt accounted for 22.7% of our consolidated debt as of December 31, 2023 compared to 26.2% as of December 31, 2024. 59
Our interest rate exposure as a percentage of total debt has decreased as our variable-rate debt accounted for 26.2% of our consolidated debt as of December 31, 2024 compared to 19.8% as of December 31, 2025. 57
As of December 31, 2023, we were party to 36 interest rate swap and three interest rate cap agreements to hedge our exposure to changes in interest rates with respect to $1,249.8 million and $151.4 million of SOFR-based variable-rate debt, respectively.
As of December 31, 2025, we were party to 35 interest rate swaps and one interest rate cap agreement to hedge our exposure to changes in interest rates with respect to $1,216.7 million and $32.2 million of variable-rate debt, respectively.
Interest expense on our variable-rate debt of $426.4 million as of December 31, 2023, would have increased $4.3 million if corresponding rate indices increased by 100 basis points. Based on our outstanding debt balances as of December 31, 2023, the fair value of our total outstanding debt would have decreased by approximately $6.9 million if interest rates increased by 1%.
Interest expense on our variable-rate debt of $405.4 million, net of variable to fixed-rate swap agreements currently in effect, as of December 31, 2024, would have increased $4.1 million if corresponding rate indices increased by 100 basis points.
Removed
As of December 31, 2024, and 2023, we had consolidated notes receivable of $126.6 million and $124.9 million, respectively.

Other AKR 10-K year-over-year comparisons